Fuel Forward: The Digest’s 2019 Enhanced Multi-Slide Guide to Renewable Energy Group

Chad Stone: Moving to the balance sheet on Slide 16, cash on hand was unchanged during the quarter, but marketable securities were reduced as they matured. This is in addition to increased draws on our lines of credit funding working capital. Receivables and inventory were substantially higher at quarter-end, while we also reduced payables. We normally build inventory during the slower winter months, taking full advantage of our production capability and historically lower seasonal feedstock prices, with the expectation that we’ll see better prices during our peak demand season in the summer.