Alpha Metallurgical Resources Inc (AMR) 2024 Q3 法說會逐字稿

Greetings and welcome to the Alpha Metallurgical Resources third quarter 2024 results conference call (Operator Instructions) I will now turn the conference over to your host, Emily o'quinn, Senior Vice President, Investor Relations and Communications. You may now begin.

問候並歡迎參加 Alpha Metallurgical Resources 2024 年第三季業績電話會議（操作員說明）現在我將把會議交給東道主艾米麗·奧奎恩 (Emily o'quinn)，她是投資者關係和傳播部高級副總裁。你現在可以開始了。

Thank you, Rob and good morning, everyone before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements and actual results may differ materially from those discussed for more information regarding forward-looking statements and some of the factors that can affect them. Please refer to the company's third quarter, 2024 earnings release and the associated sec filing. Please also see those documents for information about our use of non gaap measures and their reconciliation to GAAP measures participating on the call today are Alpha's Chief Executive Officer, Andy Edson and our President and Chief Operating Officer, Jason Whitehead Add. Additionally, also participating on the call are Todd me, our Chief Financial Officer and Dan Horn, our Chief Commercial Officer with that. I will turn the call over to Andy.

謝謝羅布，大家早上好，在我們開始之前，請允許我提醒您，在我們準備好的發言中，我們對預期業務和財務業績的評論包含前瞻性陳述，實際結果可能與討論的結果存在重大差異，以獲取更多資訊前瞻性陳述以及可能影響它們的一些因素。請參閱該公司 2024 年第三季收益發布和相關的 SEC 文件。另請參閱這些文件，以了解有關我們使用非 GAAP 衡量標準及其與 GAAP 衡量標準的調整的資訊。此外，我們的財務長 Todd me 和我們的商務長 Dan Horn 也參加了電話會議。我會把電話轉給安迪。

Thanks Emily and good morning. Everyone following our prerelease. A couple of weeks ago, we distributed our definitive third quarter results this morning, which included adjusted EBITDA of $49 million and 4.1 million tons shipped in the quarter.

謝謝艾米麗，早安。大家都在關注我們的預發布。幾週前，我們今天早上發布了最終的第三季業績，其中包括 4,900 萬美元的調整後 EBITDA 和該季度的 410 萬噸出貨量。

Our results for the quarter were negatively impacted by decreased coal pricing and soft market conditions as well as some challenging geology and weather related issues that weighed on our productivity and consequently our costs as we continue our focus on reducing costs. During this market downturn, we've made some small but meaningful changes to our production expectations which are reflected in our guidance assumptions for next year.

我們本季的業績受到煤炭價格下跌和市場環境疲軟以及一些具有挑戰性的地質和天氣相關問題的負面影響，這些問題影響了我們的生產力，從而影響了我們的成本，因為我們繼續專注於降低成本。在這次市場低迷期間，我們對生產預期做了一些小但有意義的改變，這些改變反映在我們明年的指導假設中。

In general. These actions include reducing some Saturday and evening production shifts and removing sections in certain mine locations to better match production and qualities to demand while also being mindful of our cost profile as compared to the current coal markets.

一般來說。這些行動包括減少週六和晚上的生產輪班，以及拆除某些礦區的部分，以更好地匹配產量和品質與需求，同時也注意與當前煤炭市場相比我們的成本狀況。

In addition to these kinds of changes that are normal responses to changing market conditions. We're also in the process of ramping down at our Haha checkmate Pton mine moving toward a hot idle status. Before the end of this year, the chess processing plant also known as outrun will also idle. Want the checkmate production ceases. This is the only mine or complex within the footprint that's being idled due to the current market conditions. With checkmate being our newest mine, it was still in ramp up mode which means costs were still meaningfully higher than what we would have expected to see at full productive capacity.

除了這些變化之外，這是對不斷變化的市場條件的正常反應。我們也正在逐步關閉 Haha 將死 Pton 礦場，使其進入熱閒置狀態。今年年底前，又名outrun的棋牌加工廠也將閒置。想要將死生產停止。這是該區域內唯一因當前市場狀況而閒置的礦場或綜合體。由於 Checkmate 是我們最新的礦山，它仍處於爬坡模式，這意味著成本仍然明顯高於我們在滿載生產時的預期。

Highball indexes have dropped by roughly a third since development band began a year ago at Checkmate making them on une economic and present market conditions.

自一年前 Checkmate 開始開發以來，Highball 指數已經下降了大約三分之一，這使得它們在經濟和當前的市場條件下表現不佳。

We're also conscious of the current highball market which is looking im balance and oversupplied at the moment.

我們也意識到目前的高杯酒市場目前看起來不平衡且供應過剩。

Taking a mind off line is a decision. We never take lightly because it obviously impacts employees and their jobs.

放下思維是一個決定。我們從不掉以輕心，因為這顯然會影響員工及其工作。

However, after issuing a war notice to checkmate employees in early October, we've been successful in transferring many of our checkmate employees into other open positions within the company allowing us to retain their expertise while staffing critical vacancies at other locations.

然而，在 10 月初向將死員工發出戰爭通知後，我們成功地將許多將死員工轉移到公司內的其他空缺職位，使我們能夠保留他們的專業知識，同時在其他地點填補關鍵空缺。

In recent weeks, we've concluded our annual budgeting process which produced our 2025 expectations including the guidance we issued this morning at the midpoint. You'll see that we expect to ship$ 16.7 million tons of coal next year or about 400,000 tons.

最近幾週，我們已經完成了年度預算流程，該流程產生了我們對 2025 年的預期，其中包括我們今天早上發布的指導意見。您會看到，我們預計明年將運輸 1,670 萬噸煤炭，約 40 萬噸。

Less than this year's guidance midpoint, our 2025 domestic comit commitments also compare similarly with $3.7 million tons committed or 22% of our overall sales book for next year at an average price of $152.51 which is about $8 lower year over year on a similar relative volume, especially given the increasingly challenging market conditions we've experienced. I'm pleased that we were able to lock in a volume that allows us to plan for a portion of our 2025 cash flows as we look for opportunities to capture upside in the export market.

低於今年指導中點，我們的2025 年國內委員會承諾也與承諾的370 萬噸美元類似，占我們明年總銷售量的22%，平均價格為152.51 美元，在類似的相對量下，同比下降約8 美元，特別是考慮到我們所經歷的日益具有挑戰性的市場條件。我很高興我們能夠鎖定一個數量，使我們能夠在尋找抓住出口市場上漲機會的機會時規劃 2025 年的部分現金流。

As we've discussed in detail in recent calls, the management team remains focused on our liquidity position and protecting our ability to continue weathering this period of lower prices between July 1 and the end of the third quarter. Our total liquidity increased by $150 million or 42%.

正如我們在最近的電話會議中詳細討論的那樣，管理團隊仍然關注我們的流動性狀況，並保護我們在 7 月 1 日至第三季末期間繼續度過這段較低價格時期的能力。我們的總流動資金增加了 1.5 億美元，即 42%。

The additional cash on the balance sheet allows us to fund the capital needs of our existing portfolio while continuing to invest in important projects like the Kingston Wildcat mine, formerly known as Kingston Seul, which is our new logo mine in development, Jason will talk more about Wildcat in a moment despite the difficult circumstances, we're currently seeing in steel demand and met coal pricing. I remain optimistic about alpha's long term prospects.

資產負債表上的額外現金使我們能夠為現有投資組合的資本需求提供資金，同時繼續投資於金斯頓野貓礦（以前稱為金斯頓Seul）等重要項目，這是我們正在開發的新標誌礦，傑森將談論更多儘管情況困難，但我們目前看到鋼鐵需求和煤炭定價都得到了滿足。我對阿爾法的長期前景保持樂觀。

Mines like Kingston WCA are an exciting complement and quality enhancement to our existing portfolio.

像 Kingston WCA 這樣的礦山是對我們現有產品組合的令人興奮的補充和品質增強。

The alpha team continues to operate safely and responsibly even in the face of challenging conditions.

即使面對充滿挑戰的條件，阿爾法團隊仍會繼續安全、負責任地運作。

October has gotten the fourth quarter off to a good start. So we hope to keep that momentum and finish this year. Strong, our strong balance sheet and a lack of long term debt, provide greater flexibility to manage the business in periods of market weakness.

十月為第四季開了個好頭。因此，我們希望保持這一勢頭並在今年結束。強勁，我們強大的資產負債表和缺乏長期債務，為在市場疲軟時期管理業務提供了更大的靈活性。

We remain focused on safety and efficiency as we monitor the market for opportunities.

在監控市場機會的同時，我們仍然專注於安全和效率。

So with that, I'll turn the call over to Todd for additional information about our quarterly financial results.

因此，我會將電話轉給托德，以獲取有關我們季度財務業績的更多資訊。

Thanks Andy adjusted that for the third quarter was $49 million down from $116 million. In Q2, we sold $4.1 million times in Q3 compared to $4.6 million in the second quarter.

感謝安迪將第三季的營收從 1.16 億美元減少到了 4,900 萬美元。在第二季度，我們在第三季度銷售了 410 萬美元，而第二季度為 460 萬美元。

Met segment realizations decreased quarter over quarter with an average third quarter, realization of $132.76 compared to $141.86. For the second quarter, export met tons priced against Atlantic indices and other pricing mechanisms. In the third quarter realized $129.31 per ton. While export coal priced on Australian indices realized $128.61.

Met 細分市場的實現額季比下降，第三季的平均實現額為 132.76 美元，而第三季的平均實現額為 141.86 美元。第二季度，出口量根據大西洋指數和其他定價機制定價。第三季實現每噸129.31美元。而以澳洲指數計算的出口煤炭價格為 128.61 美元。

These are compared to realizations of $135.47 per ton and $153.52 respectively. In the second quarter, the Q3 realization for our metallurgical sales was a total weighted average of $136.35 per ton down from $145.94 per ton. In the prior quarter. Realizations in the incidental thermal portion of the met segment increased to $76.33 per ton. In the third quarter as compared to $75.82 per ton. In the second quarter, cost of coal sales for our met segment increased to $114.27 per ton. In the third quarter, up from $109.31 per ton. In Q2, the primary driver of the cost increase was reduced productivity quarter over quarter SG&A excluding noncash stock compensation and non-recurring items decreased to $13.4 million in the third quarter. As compared to $14.2 million in Q2 CapEx for the quarter was $31.5 million down from $61.1 million in Q2.

相比之下，實現價格分別為每噸 135.47 美元和 153.52 美元。第二季度，我們的冶金銷售第三季的加權平均實現總額為每噸 136.35 美元，低於每噸 145.94 美元。在上一季。氣象部門的附帶熱部分的實現增加至每噸 76.33 美元。第三季則為每噸 75.82 美元。第二季度，我們冶金部門的煤炭銷售成本增加至每噸 114.27 美元。第三季度，價格從每噸 109.31 美元上漲。第二季度，成本增加的主要驅動因素是生產力環比下降，SG&A（不包括非現金股票補償和非經常性項目）在第三季度下降至 1,340 萬美元。與第二季的 1,420 萬美元資本支出相比，本季資本支出較第二季的 6,110 萬美元減少了 3,150 萬美元。

Moving to the balance sheet and cash flows as of September 30th 2024 we had $484.6 million in unrestricted cash, an increase of $148.5 million or roughly 44% from our June 30th unrestricted cash figure of $336.1 million.

轉向資產負債表和現金流，截至2024 年9 月30 日，我們擁有4.846 億美元的非限制性現金，比6 月30 日的非限制性現金3.361 億美元增加了1.485 億美元，約44% 。

We had $97.5 million in unused availability under our A bl at the end of the quarter, partially offset by a minimum required liquidity of $75 million.

截至本季末，我們的 A bl 下有 9,750 萬美元未使用的可用資金，部分被最低要求的 7,500 萬美元流動性所抵銷。

As of the end of September alpha had total liquidity of $507 million up from $356.7 million. At the end of the second quarter, cash provided by operating activities was $189.5 million in the third quarter, up from $138.1 million. In Q2, the third quarter, cash flows were positively impacted by a decrease in working capital of $144.5 million.

截至 9 月底，Alpha 的流動性總額從 3.567 億美元增至 5.07 億美元。截至第二季末，經營活動提供的現金為 1.895 億美元，高於第三季的 1.381 億美元。第三季度，現金流受到營運資金減少 1.445 億美元的正面影響。

As of September 30th, our A bl facility had no borrowings and $57.5 million of letters of credit outstanding down slightly from $59.4 million in the prior quarter.

截至 9 月 30 日，我們的 A bl 設施沒有借款，未償還信用證為 5,750 萬美元，略低於上一季的 5,940 萬美元。

In terms of our committed position for 2024 at the midpoint of guidance, 86% of our metallurgical tonnage in the met segment is committed and priced at an average price of $152.42.

就我們對 2024 年指導中點的承諾定位而言，我們在冶金領域的 86% 的冶金噸位已承諾，平均價格為 152.42 美元。

Another 14% of our met tonnage for the year is committed but not yet priced. The thermal byproduct portion of the Met segment is fully committed and priced at the midpoint of guidance at an average price of $75.97 due to the continued softness in the in the met coal markets. We did not repurchase any shares in the third quarter under the company's share buyback program.

今年另外 14% 的冶金噸位已承諾但尚未定價。由於冶金煤炭市場持續疲軟，冶金部門的熱力副產品部分已完全承諾，價格處於指導中點，平均價格為 75.97 美元。我們在第三季沒有根據公司的股票回購計畫回購任何股票。

As of October 31st, the number of common stock shares outstanding was approximately $13 million.

截至 10 月 31 日，已發行普通股數量約 1,300 萬美元。

The remaining stock buyback program authorization permits approximately $400 million in additional repurchases contingent on cash flow levels and market conditions. We have repurchased a total of 6.6 million shares under the existing plan at an average price of $165.74.

剩餘的股票回購計畫授權允許根據現金流水準和市場狀況進行約 4 億美元的額外回購。根據現有計劃，我們總共回購了 660 萬股股票，平均價格為 165.74 美元。

Looking ahead to next year, we issued 2025 guidance this morning, we expect to ship between 15 and 16 million tons of metallurgical coal as well as between one and 1.4 million tons of thermal coal byproduct.

展望明年，我們今天早上發布了2025年指導意見，預計將運輸15至1600萬噸冶金煤以及1至140萬噸動力煤副產品。

Together. This brings total anticipated shipment guidance to a range of 16.0 to $17.4 million tons for 2025 cost of coal sales. We are guiding to a range of $103 to $108 per ton.

一起。這使得 2025 年煤炭銷售成本的預期總出貨量指引範圍為 16.0 至 1,740 萬噸。我們的指導價為每噸 103 美元至 108 美元。

Selling general and administrative costs are expected to be between $53 million and $59 million next year excluding nonrecurring expenses and noncash stock compensation.

明年的一般銷售和管理費用預計將在 5,300 萬美元至 5,900 萬美元之間，不包括非經常性費用和非現金股票補償。

A reduction of approximately 11% as compared to 2020 four's guidance range.

與 2020 年第四季指導範圍相比減少約 11%。

Idle operations expense is anticipated to be between $18million and $28 million. We expect net cash interest income of $2 million to $10 million in depreciation, depletion and amortization of 165 to $185 million.

閒置營運費用預計在 1,800 萬美元至 2,800 萬美元之間。我們預計淨現金利息收入為 200 萬至 1,000 萬美元，折舊、消耗和攤提為 165 至 1.85 億美元。

Capital expenditures for 2025 are expected to be between $152 million and $182 million which includes sustaining maintenance, capital investments in mine development for the Kingston wildcat mine and some carry over from 2024 due to timing and availability of supplies and contract labor.

2025 年的資本支出預計在1.52 億至1.82 億美元之間，其中包括金斯頓野貓礦的持續維護、礦山開發資本投資，以及由於供應和合約工的時間安排和可用性而從2024 年結轉的一些資金。

We also anticipate capital contributions to equity affiliates in a range of $44 million to $54 million which includes both cash needed for normal operations of the DT A facility as well as amounts expected to be spent in 2025 related to infrastructure and facility upgrades at the port.

我們也預計對股權附屬公司的注資範圍為 4,400 萬至 5,400 萬美元，其中包括 DTA 設施正常運作所需的現金以及預計 2025 年與港口基礎設施和設施升級相關的支出。

Lastly, the company expects a cash tax rate of between 0 to 5% next year in terms of our committed and price position for 2025. Our metallurgical tonnage at the midpoint of guidance is 24% committed at an average price of $152.51 with another 35% committed and unpriced. The incidental thermal tonnage at the midpoint of guidance is already 96% committed at an average price of $79.90.

最後，根據我們對 2025 年的承諾和價格定位，公司預計明年的現金稅率將在 0% 至 5% 之間。我們的冶金噸位指導中位數是 24%，平均價格為 152.51 美元，另外 35% 是未定價的。指導中點的附帶熱噸位已承諾 96%，平均價格為 79.90 美元。

The remaining 4% at the midpoint of incidental thermal guidance is uncommitted.

附帶熱引導中點的剩餘 4% 未承諾。

I'll now turn the call over to Jason to provide an update on operations.

我現在將把電話轉給 Jason，以提供最新的營運情況。

Thanks Todd and good morning, everyone in our guidance for next year, we're projecting cost of coal sales in a range of $103 to $108 per ton.

謝謝托德，大家早上好，在我們明年的指導中，我們預計煤炭銷售成本在每噸 103 美元到 108 美元之間。

The midpoint of which is $7.50 lower than the midpoint of our current 2024 guidance range of $110 million to $116million .

其中中點比我們目前 2024 年指引範圍 1.1 億至 1.16 億美元的中點低 7.50 美元。

Roughly two thirds of this reduction is expected to be realized through reduced purchase coal cost to both the lower than expected volumes and the lower pricing environment that we're experiencing.

大約三分之二的削減預計將透過降低煤炭採購成本來實現，即低於預期的數量和我們正在經歷的較低的定價環境。

We also believe that we will realize savings of a little more than $2 per ton in 2025 through improved pricing on supplies and maintenance such as diesel fuel, steel roof support and a reduction in third party mining services expenses.

我們也相信，透過提高柴油、鋼頂支撐等供應和維護的定價以及減少第三方採礦服務費用，到 2025 年，我們將實現每噸節省 2 美元多一點。

Those items along with anticipated lower sales related expenses are the primary drivers behind the decrease in cost guidance year over year.

這些項目以及預期較低的銷售相關費用是成本指導年減的主要驅動力。

We've discussed in the past Alpha's investment in manufacturing and rebuild facilities on several previous calls.

我們過去在幾次電話會議中討論過 Alpha 對製造和重建設施的投資。

We've grown our capabilities over the last few years and when third party and OEM manufacturers were diminishing and often unavailable, it allowed us to maintain our fleet in a condition that is set to weather market declines.

在過去幾年中，我們的能力不斷增強，當第三方和 OEM 製造商不斷減少且經常無法使用時，我們能夠將我們的機隊維持在能夠抵禦市場下滑的狀態。

It's these investments that have helped shore up our mining fleet into a healthy state that allows us to scale back investments here in the near term without negatively impacting safety or productivity.

正是這些投資幫助我們的採礦隊保持健康狀態，使我們能夠在短期內縮減投資，而不會對安全或生產力產生負面影響。

Moving to our CapEx guidance for next year, you also see we reduced our expectations around sustaining maintenance CapEx to roughly $7 per ton at the midpoint of volume guidance. As opposed to the $10 per ton. Rule of thumb that we've most recently been using again. This is due to the exceptional health of the AM R fleet and it's backed up by flattening in some cases, reversal of inflationary pressure on materials and supplies as compared to the last couple of years at the midpoint of shipment guidance, we're expecting to sell 16.7 million tons next year, which at $7 per ton corresponds to about $117 million in sustaining maintenance. CapEx for our existing portfolio of mines.

轉向明年的資本支出指導，您還會看到我們將維持維護資本支出的預期降低至成交量指導中點的每噸約 7 美元。而每噸 10 美元。我們最近再次使用的經驗法則。這是由於 AM R 機隊的異常健康狀況，並且在某些情況下得到了平緩的支持，與過去幾年出貨指導中點相比，材料和供應的通脹壓力逆轉，我們預計明年銷售1,670 萬噸，以每噸7 美元計算，相當於維持維修費用約1.17 億美元。我們現有礦山投資組合的資本支出。

The other two categories, development and rollover CapEx are largely devoted to our Kingston Wildcat mine.

其他兩個類別（開發和展期資本支出）主要用於我們的 Kingston Wildcat 礦場。

At the midpoint of guidance, we expect to spend around $40 million of development CapEx and another approximately $10 million in carryover from this year, almost all of which will go to Wildcat as a reminder, this is the mine we've been working on in Fayette County, West Virginia, which was previously named Kingston Seul. After the name of the coal seam.

在指導的中點，我們預計將花費約4000 萬美元的開發資本支出，並從今年起再支出約1000 萬美元的結轉資金，幾乎所有這些都將用於Wildcat，以提醒您，這是我們一直在開發的礦山西弗吉尼亞州費耶特縣，以前稱為金斯頓蘇爾。後因煤層而得名。

It will be part of our Midwest Virginia surface region. As our teams progressed on the preparatory ground work for this mine. They decided to rename the mine Wildcat in appreciation for its location, our ties to the community and the rich local history of facts, West Virginia where the Wildcats of Pax High School won the state basketball championship in 1,954.

它將成為我們弗吉尼亞州中西部地表區域的一部分。隨著我們的團隊在該礦井的準備工作中取得進展。他們決定將礦井重新命名為 Wildcat，以表彰其地理位置、我們與社區的聯繫以及西弗吉尼亞州豐富的當地歷史，帕克斯高中野貓隊 (Wildcats of Pax High School) 於 1,954 年贏得了州籃球冠軍。

In terms of development plans, we're currently working on the slope at Kingston Wildcat, which will continue throughout most of the next year.

在開發計劃方面，我們目前正在金斯頓野貓 (Kingston Wildcat) 的斜坡上進行工作，該工作將在明年的大部分時間裡持續進行。

This mine will produce low ball product that we're excited to bring to market while we anticipate the first production cuts to occur late in 2025. More significant tonnage levels are not expected until 2026 at its full run rate. We expect wildcat to produce up to 1 million tons annually.

該礦將生產低球產品，我們很高興將其推向市場，同時我們預計首次減產將於 2025 年底發生。預計到 2026 年滿載運轉時，噸位才會達到更高水準。我們預計野貓年產量可達 1​​00 萬噸。

Lastly, on these quarterly updates, we often communicate somehow of safety and environmental achievements.

最後，在這些季度更新中，我們經常以某種方式傳達安全和環境成就。

This time, I want to send my sincere appreciation to a group of alpha, senior leaders and remarkable employees that volunteered their time to aid Western North Carolina. In the aftermath of hurricane Leen, they assisted in recovery efforts and road rehabilitation work that allowed residents access to their homes and businesses between bat cave and chimney rock, North Carolina.

這次，我想向一群自願貢獻時間援助北卡羅來納州西部的阿爾法、高級領導和傑出員工表示誠摯的謝意。萊恩颶風過後，他們協助恢復工作和道路修復工作，使居民能夠進入北卡羅來納州蝙蝠洞和煙囪岩之間的住宅和企業。

I want to thank those who prompted me for consideration and the numerous volunteers who wanted to be involved to help to those who made the connections there on the ground, orchestrated the tactical plans, transported and loaned equipment. And finally, the group of miners who are now dubbed the West Virginia boys who impressed folks all over Central Appalachia with their skill level drive and fortitude.

我要感謝那些促使我考慮的人，以及眾多希望參與其中的志願者，他們為那些在當地建立聯繫、精心策劃戰術計劃、運輸和借用設備的人提供幫助。最後，這群礦工現在被稱為“西維吉尼亞男孩”，他們的技術水平、動力和毅力給阿巴拉契亞中部各地的人們留下了深刻的印象。

This group of individuals is a testament to Alpha's strength and I couldn't be prouder to know and work with such an impressive group of individuals. Thank you with those operational updates and I'll turn the call over to Dan for an update on the markets.

這群人證明了 Alpha 的實力，能夠認識這樣一群令人印象深刻的人並與他們一起工作，我感到非常自豪。感謝您提供這些運營更新信息，我將把電話轉給丹，以了解市場的最新情況。

Thanks Jason and good morning, everyone lower coal prices continued throughout the third quarter of 2024 as a result of sustained weakness in global steel demand.

謝謝傑森，大家早安，由於全球鋼鐵需求持續疲軟，2024 年第三季煤炭價格持續走低。

World Steel Association's most recent short range outlook published in mid October included significant downward revisions for steel demand in 2024 especially in China and other developed economies facing manufacturing weakness, economic headwinds and geopolitical uncertainties.

世界鋼鐵協會10月中旬發布的最新短期展望包括對2024年鋼鐵需求的大幅下調，特別是在中國和其他面臨製造業疲軟、經濟逆風和地緣政治不確定性的已開發經濟體。

WS A projects a moderate rebound in steel demand in 2025 and the potential for broadbased moderate growth in 2025 and 2026.

WS A 預計 2025 年鋼鐵需求將溫和反彈，並有可能在 2025 年和 2026 年實現廣泛溫和成長。

Important factors that could fuel such growth were identified as the stabilization of China's real estate sector monetary policies such as interest rate adjustments to spur economic activity and the trajectory of infrastructure spending in major global economies.

可能推動這種成長的重要因素被認為是中國房地產行業貨幣政策的穩定，例如刺激經濟活動的利率調整以及全球主要經濟體的基礎設施支出軌跡。

Metallurgical coal prices continued to decline during the third quarter of all2,024 four indices that alpha closely monitors fell 10% or more throughout the quarter. With the australian premium low index representing the most significant drop of 16.5%.

冶金煤價格第三季持續下跌，阿爾法密切關注的2,024個四項指數全季跌幅均在10%以上。其中澳洲保費低指數跌幅最大，達 16.5%。

The OCPLV index decreased from $245.20 per metric ton on July 1 to $204.75 per metric ton. On September 30th 2024 the US East Coast low index fell from $218 per metric ton at the beginning of the quarter to 189 per metric ton. The quarter close East Coast highball A index decreased from $212 per metric ton in July to $184 per metric ton at the end of September. And finally, the US East coast highball B index moved from 190 per metric ton to $171 per metric ton. At quarter end.

OCPLV 指數從 7 月 1 日的每噸 245.20 美元下跌至每噸 204.75 美元。2024 年 9 月 30 日，美國東岸低位指數從季度初的每噸 218 美元下跌至每噸 189 美元。本季收盤東岸高球 A 指數從 7 月的每噸 212 美元下降至 9 月底的每噸 184 美元。最後，美國東岸高球 B 指數從每噸 190 美元上漲至每噸 171 美元。季度末。

Following the quarter, close, all four indices remain relatively stable. As of October 30th. The US East coast low ball, high ball A and high ball B indices measured 1 91 85 and 170 per ton respectively.

本季收盤後，所有四個指數均保持相對穩定。截至 10 月 30 日。美國東岸低球指數、高球A指數、高球B指數分別為每噸1、91、85和170。

The OCPLV index softened slightly from quarter close levels to $204 per metric ton. As of the same date in the Seaborne thermal market. The AP I two index was $104.85 per metric ton on July 1 increasing to $119.40 per metric ton on September 30th and on October 30th, the AP I two index was $121.15 per metric ton.

OCPLV 指數從季度收盤水準小幅走軟至每噸 204 美元。截至同日海運熱力市場。7 月 1 日，AP I 二級指數為每噸 104.85 美元，9 月 30 日昇至每噸 119.40 美元，10 月 30 日，AP I 二級指數為每噸 121.15 美元。

In terms of current market dynamics, we still see soft pricing and little spot demand. While we continue to consider the low and medium all markets relatively balanced, high vol coal is in oversupply, which has also put pressure on pricing.

就目前的市場動態而言，我們仍然看到價格疲軟和現貨需求很少。雖然我們繼續認為中低端市場相對平衡，但高波動率煤炭供應過剩，這也給定價帶來了壓力。

Recent weeks of extreme weather have brought about some challenges that result in rail delays across some of our operating footprint. Although these impacts have been localized and we have worked to overcome them as best we can turning to next year. We announced this morning that we have 3.7 million tons of coal contracted at an average price of $152.51 per ton for shipment to domestic metallurgical customers in 2025.

最近幾週的極端天氣帶來了一些挑戰，導致我們部分營運區域的鐵路延誤。儘管這些影響已經局部化，但我們已盡力克服這些影響，我們將轉向明年。我們今天早上宣布，我們已簽訂合同，在 2025 年向國內冶金客戶運送 370 萬噸煤炭，平均價格為每噸 152.51 美元。

I want to thank the sales team for their hard work in successfully including these concluding these domestic negotiations, especially in light of the lackluster market conditions. Over the last several months, we are pleased with where we landed within the guidance we issued this morning, we also disclosed our expectation of spending between $44 million and $54 million to fund DT A next year. This estimate includes office portion of both normal operating capital as well as the special capital investments needed to upgrade equipment and infrastructure at this important coal terminal.

我要感謝銷售團隊的辛勤工作，特別是在市場狀況低迷的情況下，成功完成了這些國內談判。在過去的幾個月裡，我們對今天早上發布的指導方針感到滿意，我們還披露了明年為 DT A 提供資金的預期支出 4,400 萬至 5,400 萬美元。這項估計包括正常營運資本的辦公室部分以及升級這個重要煤炭碼頭的設備和基礎設施所需的特殊資本投資。

We remain in close contact with our colleagues at DTA to best plan for outages that will result in the least amount of disruption possible to our shipping operations.

我們與 DTA 的同事保持密切聯繫，以製定最佳的停運計劃，將對我們的運輸業務造成的干擾降至最低。

And with that operator, we are now ready to open the call for questions.

透過該接線員，我們現在準備好開始提問。

Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. One moment please. While we poll for questions.

謝謝。此時，我們將進行問答環節。如果您想提問，請按電話鍵盤上的星號一。請稍等一下。當我們投票詢問問題時。

Our first question comes from Lucas Pipes with B Riley Securities. Please proceed with your question.

我們的第一個問題來自 B Riley Securities 的 Lucas Pipes。請繼續你的問題。

Thank you very much operator. Good morning everyone. Andy and team for I, I want to commend you on your, your rehabilitation efforts in the aftermath of Aline. That's, that's really great to see you and thank you for that. I know a lot of work and thought goes into your guidance and budget and really, really respect what you put forward this morning.

非常感謝運營商。大家早安。安迪和我的團隊，我想讚揚你們在艾琳事件後為康復所做的努力。也就是說，很高興見到你並為此表示感謝。我知道您的指導和預算需要做很多工作和思考，並且非常非常尊重您今天早上提出的建議。

Andy and Jason, if you could maybe comment on the cost outlook for 2025 versus 2024.

Andy 和 Jason，您能否評論一下 2025 年與 2024 年的成本前景。

I assume there are a few buckets and you mentioned those in your prepared remarks between sales sensitive costs, lower purchase or tons. But could you could you expand on those and maybe put a dollar figure next to each of those buckets? Thank you very much.

我假設有幾個桶，您在準備好的評論中提到了銷售敏感成本、較低的採購量或噸數之間的那些。但你能否擴展這些內容，並在每個桶子旁邊放一個美元數字？非常感謝。

Yeah,

是的，

Hey Lucas and thanks for the compliment, by the way, I, I don't know that we want to share too much detail because it is, I won't say it's still in development, but we are, we are looking at additional things, additional actions that we want may want to take between now and next year. But as Jason mentioned, you know, well, over half will be related to purchase coal and that's just a, that's not a change in philosophy or anything else like that. It's just taking advantage of different opportunities internal to the business rather than purchasing coal. So, both in quantity and in just the result of the market being lower, we're going to be able to get a lower true blended cost of sales out including our, our organic tons and purchase tons. We'll be able to see some, some reduction in the cost there.

嘿盧卡斯，謝謝你的讚美，順便說一句，我，我不知道我們想分享太多細節，因為它是，我不會說它仍在開發中，但我們正在尋找更多細節從現在到明年，我們可能希望採取一些額外的行動。但正如傑森所提到的，你知道，超過一半將與購買煤炭有關，這只是，這不是哲學或其他類似的變化。它只是利用企業內部的不同機會，而不是購買煤炭。因此，無論是在數量上還是在市場走低的結果上，我們都將能夠獲得更低的真實混合銷售成本，包括我們的有機噸和採購噸。我們將能夠看到那裡的成本下降。

We've had a significant effort on our sourcing side. The sourcing team has done absolutely phenomenal work the past six months, really of talking to vendors, finding new vendors and, and really trying to take costs out of the system wherever possible, we've been able to reclaim at least a small portion of the postcovid inflation. We think there's, there's hopefully more to come there, but just a lot of really good work and being mindful of, of areas of leakage that we can recover.

我們在採購方面付出了巨大的努力。在過去的六個月裡，採購團隊做了絕對出色的工作，確實與供應商交談，尋找新的供應商，並且真正嘗試盡可能地從系統中消除成本，我們已經能夠回收至少一小部分後新冠時期的通貨膨脹。我們認為，希望還會有更多的工作要做，但我們需要做很多非常好的工作，並注意我們可以恢復的洩漏區域。

And then, as we mentioned, we've, had some changes in the operating lineup, whether it's taking a section out of a certain line where we could possibly there, there are opportunities to possibly see productivity enhancements by reducing reducing manpower certain months, which is, is a little bit against the grain. But I think we're proving in certain instances that it actually works.

然後，正如我們所提到的，我們對營運陣容進行了一些變化，無論是從我們可能存在的某個生產線中取出一部分，都有機會透過減少某些月份的人力來提高生產力，也就是說，有點違背常理。但我認為我們正在某些情況下證明它確實有效。

So it's, kind of a broad initiative. We know our costs need to be lower particularly in this market. We're hopeful that once we get these procedures implemented and these, these new philosophies installed that this will also yield benefits in, in the more robust market, but I certainly need it right now. And Jason, anything you want to add on that.

所以這是一項廣泛的倡議。我們知道我們的成本需要降低，特別是在這個市場上。我們希望，一旦我們實施了這些程序，這些新的理念也將在更強勁的市場中產生效益，但我現在當然需要它。傑森，還有什麼你想補充的嗎？

I think, you did a really good job, Andy of, of summing up a lot of stuff, you know, in just a, just a few short minutes. I really don't have anything to add.

我認為，安迪，你做得非常好，在短短幾分鐘內就總結了很多事情。我真的沒有什麼好補充的。

Thank you. And, just to follow up on this point, if I heard you right about half of the call it, $7.50 savings is related to purchase tons. And could you remind us how many tons did you purchase in this year? And what would be the outlook for next year? Thank you.

謝謝。而且，為了跟進這一點，如果我聽對了一半的話，節省 7.50 美元與購買噸數有關。您能告訴我們您今年採購了多少噸嗎？明年的前景如何？謝謝。

Well, the year is not finished yet. Lucas. So I don't want to, I don't want to, because part of it would be a prediction on what we do in the fourth quarter. So I'll probably just leave the answer where it is.

嗯，這一年還沒結束。盧卡斯.所以我不想，我不想，因為其中一部分是對我們第四季所做工作的預測。所以我可能會把答案留在原處。

Okay. But it's, about half. Right. I heard that right. Half of the 750 is related to.

好的。但大約是一半。正確的。我沒聽錯。一半與750有關。

Roughly, could be 50% could be 40%. I'm kind of going off the cuff here.

粗略地說，可能是50%，也可能是40%。我在這裡有點即興。

And then we have a separate $2 for supplies and maintenance and service providers. And then there's a remainder there, maybe call it two bucks or so that, would be related to higher, maybe higher cost production, things like that been taken out.

然後我們還有 2 美元用於供應品、維護和服務提供者。然後還有剩餘的部分，也許可以稱之為兩美元左右，這與更高的、可能更高成本的生產有關，類似的東西已經被去除了。

Right. And then, I mean, there's all and also layered in there somewhere is just the year over whatever the year, over year impact will be on sales related costs, which we, you know, we, we're kind of looking at the market being kind of in a similar situation next year as we've seen the past couple of quarters here. So the full year impact of that is also a small contribution to the cost reduction.

正確的。然後，我的意思是，那裡有所有的東西，也有分層的地方，無論一年，一年的影響都會對銷售相關成本產生影響，我們，你知道，我們正在關注市場明年的情況與我們過去幾季看到的情況類似。因此，這對全年的影響也是對成本降低的一個小小的貢獻。

Very helpful. Thank you for all the color similar question on, on on CapEx and SG&A first on the CapEx side, you described kind of $7 per ton versus $10 per ton in terms of sustaining CapEx.

非常有幫助。感謝您提出所有顏色類似的問題，首先是關於資本支出和SG&A，在資本支出方面，您描述了在維持資本支出方面每噸7美元與每噸10美元。

Do you think the $7 is sustainable for a couple of years or is this more a kind of a 2025 response to market conditions? How would you frame that up and on the SG&A side?

您認為 7 美元的價格可以持續幾年，還是這更像是對 2025 年市場狀況的反應？您如何在SG&A 方面建立這個框架？

Very meaningful reductions there? Great to see. What do you think of some of the biggest drivers there? Thank you very much.

那裡的削減非常有意義？很高興看到。您對那裡一些最大的驅動因素有何看法？非常感謝。

Now, this is Jason, I think less than $10 is, is definitely sustainable. You know, for more than one year for me to say, is $7 sustainable for 25 and 26. You know, it may be a bit of a stretch. I think it just depends on, you know, what, where we look like we are in our operations at the, you know, at the end of next year, how many continuous miners we we plan to deploy? But you know, $7 we're very comfortable with for 2025. And again, you know, I, I would say you could probably split the difference and, and expect something in that eight or $9 range for 2026.

現在，這就是 Jason，我認為不到 10 美元，絕對是可持續的。你知道，我想說，對於 25 歲和 26 歲的人來說，一年多的時間裡，7 美元是可持續的。你知道，這可能有點牽強。我認為這取決於，你知道，我們的營運狀況，你知道，到明年年底，我們計劃部署多少台連續採礦機？但你知道，2025 年我們對 7 美元感到非常滿意。再說一次，你知道，我想說，你可能可以平分差價，並期望 2026 年的價格在 8 美元或 9 美元範圍內。

Obviously subject to change at the drop of a hat. You know, there's a lot of, variables and a lot of moving pieces to try to nail down.

顯然，隨時可能發生變化。你知道，有很多變數和很多變化因素需要確定。

And I, well, before I moved to the SG&A side, Lucas, the, you know, the movement, the improvement we've seen on CapEx is it's really a result of the, the efforts of the operations team over the past few years to develop additional capabilities. I mean, the creation from the ground up of Maxim manufacturing, last, the beginning of last year has been a real help as far as cutting out pieces of the supply chain, whether it's actual dollars or whether it's just waiting time or lead times for equipment. But our maintenance team has really made good use of all these new assets to bring down CapEx. And you know, we'll see how, what, what the total impact is in the years to come. But I know there's going to be a significant impact from that as as time goes on on the SG&A side.

我，嗯，在我轉到 SG&A 方面之前，Lucas，我​​們在資本支出方面看到的進展，這確實是過去幾年營運團隊努力的結果開發額外的能力。我的意思是，Maxim 製造從頭開始創建，最後，去年初，就削減供應鏈的各個部分而言，無論是實際的美元還是只是等待時間或交貨時間，都提供了真正的幫助。但我們的維護團隊確實很好地利用了所有這些新資產來降低資本支出。你知道，我們將看到未來幾年的整體影響是如何、是什麼、是什麼。但我知道，隨著時間的推移，SG&A 方面將會產生重大影響。

So the naturally, we don't just look at operating costs when we're trying to take dollars out of the system, we, we got a little bit aggressive. A lot of this is from outside spend. We, we had, we did have a couple of one off things that have hit us this year, that we don't expect to recur next year, but we're pretty confident we've taken real dollars out of the system.

因此，自然地，當我們試圖從系統中獲取資金時，我們不僅僅關注營運成本，我們，我們有點激進。其中很大一部分來自外部支出。我們，我們，我們確實有一些一次性的事情今年對我們造成了打擊，我們預計明年不會再發生，但我們非常有信心我們已經從系統中取出了真正的美元。

I'm going to look at six or $7 million but as a percentage when you're able to take your SGN A down by over 10% which, and I think we're already pretty lean to begin with. I really appreciate the the back office folks who who have been digging around for every penny and really just trying to make this as lean as we possibly can be.

我會考慮 6 或 700 萬美元，但當你能夠將你的 SGN A 下降超過 10% 時，我認為我們一開始就已經相當精簡了。我真的很感謝後台辦公室的工作人員，他們一直在努力挖掘每一分錢，並努力使我們的工作盡可能精簡。

Andy. Congratulations on all these efforts. Really great to see. Keep up, keep up the great work.

安迪.祝賀所有這些努力。真的很高興看到。堅持下去，繼續偉大的工作。

Thank you, Lucas.

謝謝你，盧卡斯。

Our next question comes from Nathan Martin with the benchmark company. Please proceed with your question.

我們的下一個問題來自基準公司的 Nathan Martin。請繼續你的問題。

Thanks, operator.

謝謝，接線生。

Good morning everybody. Hey maybe just, hey, how's it going? Maybe just to follow up on, on Lucas's initial question regarding cost per ton, guidance and Andy, maybe you kind of answered this but just to put a finer point on it, that guidance of 103 to 108 for 2025 cost per ton. You know, kind of what met price are you assuming, you know, in that range?

大家早安。嘿，也許只是，嘿，怎麼樣？也許只是為了跟進盧卡斯關於每噸成本、指導和安迪的最初問題，也許你回答了這個問題，但只是為了更詳細地說明這一點，即2025 年每噸成本為103 至108 的指導。你知道，你假設在這個範圍內的滿足價格是多少？

You know, like I mentioned, I, I don't want to stick to a specific flag in the ground because we, we're not in the business of projecting prospects for, for people. We do, we do have our internal thoughts on it, but we're kind of looking at the world we're looking at 2025 being similar to what we've seen. The past couple of quarters, probably leaning more heavily in this, the current environment. There could be some recency bias there. Maybe that's given us a little bit of a more pessimistic view of it.

你知道，就像我提到的，我，我不想堅持地面上的特定旗幟，因為我們，我們不從事為人們預測前景的業務。我們確實對此有自己的內在想法，但我們認為 2025 年的世界與我們所看到的類似。過去幾個季度，可能更傾向於當前的環境。那裡可能存在一些新近偏差。也許這讓我們對此產生了一些更悲觀的看法。

But at this point, that's kind of the best we've got to go on. Don't, really see anything in Dan's comments to give us a view of a major move upward going into the beginning of next year, we remain hopeful and I think once we get past the past the election next week, maybe some things will start taking shape as far as people positioning, seeing where economic activity starts drumming back up and in different areas of the world. But for right now, I think we're pretty comfortable saying that next year is going, our view is for planning purposes, it's going to look a little bit like what we're currently seeing.

但在這一點上，這是我們必須繼續下去的最好的方法。不要，真的從丹的評論中看到任何讓我們看到明年初將出現重大進展的觀點，我們仍然充滿希望，我認為一旦我們度過了下週的選舉，也許有些事情就會開始就人員定位而言，正在形成，看看經濟活動開始復甦的地方以及世界不同地區。但就目前而言，我認為我們可以輕鬆地說明年即將到來，我們的觀點是出於規劃目的，它看起來會有點像我們目前所看到的。

Okay. Got it. I appreciate that, that Andy. And then maybe taking a step back to the fourth quarter here. Lucas asked about CapEx, we're kind of going forward to 25 but I just looked at, you know, the full year 24 guidance of $210million to $240 million. I think it does imply kind of a $20 million plus up to quarter of a quarter. Does that math sound right? Or, or could there be an opportunity maybe for 24 CapEx also to kind of come in a little bit lower than you think.

好的。知道了。我很欣賞那個安迪。然後也許可以回到第四季。盧卡斯問及資本支出，我們預計將達到 25 年，但我剛剛查看了 24 年全年指導，即 2.1 億至 2.4 億美元。我認為這確實意味著 2000 萬美元加上最多四分之一的資金。這個數學聽起來正確嗎？或者，或者 24 資本支出是否有可能比您想像的要低。

Well, I mean, we've, we reiterated guidance a couple of weeks ago and, and so I think we're, you know, I, I'm not sure where we will end some of the timing again. Things that we're not able to actually get done in 24 will just bleed into the first of 25.

嗯，我的意思是，我們幾週前重申了指導意見，所以我認為我們，你知道，我，我不確定我們將在哪裡再次結束一些時間。我們實際上無法在 24 年內完成的事情只會在 25 年內完成。

So I, I think the range is comfortable because I can't really point as to whether we're going to be on the top end or the bottom end of that range as usual. I think we typically hit it right down the fairway. I wouldn't expect it to be very different here, but again, there, there is some timing exposure.

所以我，我認為這個範圍是舒適的，因為我無法真正指出我們是否會像往常一樣處於該範圍的頂端或底端。我認為我們通常會在球道上擊球。我不認為這裡會有很大不同，但同樣，那裡也有一些時間曝光。

Okay. Yeah, and that, and you're right. And that's why I was just wondering because if you hit down the fairway, it would be a pretty meaningful, meaningful jump up, quarter to quarter and the fourth quarter. So, and you did mention some carry over, I think spending in the 25. So just wondering if that was kind of accounting for that, that movement.

好的。是的，還有，你是對的。這就是為什麼我只是想知道，因為如果你擊中球道，這將是一個非常有意義的、有意義的跳躍，從一個季度到另一個季度，以及第四節。所以，你確實提到了一些結轉，我認為支出在 25 歲。所以只是想知道這是否可以解釋那個運動。

Yeah, I mean, that's a problem. That's a problem with fourth quarter. You know, not only you're looking at the bridge of a quarter, you're looking at the bridge to a whole new year. And so it, it gets a little bit challenging.

是的，我的意思是，這是一個問題。這是第四季的問題。你知道，你不僅看到了四分之一的橋樑，而且還看到了通往整個新一年的橋樑。所以，它變得有點具有挑戰性。

A 11 week of timing can make a big difference.

11 週的時間安排可以產生很大的差異。

Got it. And then maybe, then for, full year shipments, I think you guys said, you know, a couple of weeks back now expected to be at the high end of the range. So again, that would imply an uptick in sales here in the fourth quarter. But how should we think about kind of cost per ton? I mean, all else being equal, should it be down quarter a quarter? Just given you more to a higher denominator? Maybe a little bit of pressure on the pricing side to just helping out on sales related costs. Are there any other variables to consider such as the lingering weather or geologic issues you guys brought up?

知道了。然後，也許，對於全年出貨量，我想你們幾週前就說過，現在預計將處於該範圍的高端。同樣，這意味著第四季度的銷售額將會上升。但我們該如何考慮每噸的成本呢？我的意思是，在其他條件相同的情況下，它應該下降四分之一嗎？只是給你更多的更高的分母？也許定價方面會承受一點壓力，以幫助降低銷售相關成本。是否還有其他變數需要考慮，例如你們提出的揮之不去的天氣或地質問題？

No, I think, and again, going back to the, the, the geologic issues, whether those are temporary things, I mean, sometimes you just, you'll have a period where nothing, no individual big thing goes wrong, but you have a handful of smaller things. I mean, Jason reminds me often that we've got, we've got 70 operating mining units out there and at any point in time, you could probably expect to have, I don't know, 34 5% of those having some kind of small issue to deal with.

不，我想，再說一遍，回到地質問題，這些是否是暫時的事情，我的意思是，有時你只是，你會經歷一段時期，沒有任何事情，沒有個別大事出錯，但是你有一些較小的東西。我的意思是，傑森經常提醒我，我們有，我們有 70 個正在運營的採礦單位，在任何時間點，你可能會期望擁有，我不知道，34 5％的人擁有一些一個需要處理的小問題。

So that's two or 32 or three operations that could be dealing with some, some issues. And this quarter, we had a little bit more than that and it did contribute to some decreases in productivity. I would note that as far as our room ande appears we're still at the top of the food chain there, but still, it's, it was below where we typically would have performed productivity wise.

因此，這需要 2、32 或 3 個操作來處理一些、一些問題。本季度，我們的情況比這個多一點，這確實導致了生產力的下降。我要指出的是，就我們的房間而言，我們仍然處於食物鏈的頂端，但仍然低於我們通常表現出的生產力水平。

But that along with some of the weather that hit at the end, near the end of the quarter that caused, you know, whether it's power outages or things like that, that make it a little bit challenging to keep the operations up and running. That, that was, those are the contributions to, to what was going on there. But just speaking about fourth quarter cost again, similar to CapEx, we reiterated guidance on on the cost range.

但是，加上接近季度末時發生的一些天氣，無論是停電還是類似的情況，都使得保持運作正常運作變得有點困難。那就是，那些是對那裡正在發生的事情的貢獻。但再次談到第四季的成本，與資本支出類似，我們重申了對成本範圍的指引。

So if you take in now you have access to 33 quarters of actuals, you can kind of back into what we're thinking on the fourth quarter, I would remind you that there are a lot of holidays, a lot of vacation days in the fourth quarter. And so that typically does lead to a slight uptick in cost, just compared to a normal quarter. I'm not sure if I consider the third quarter a normal quarter for us, but I think it's all going to all going to fall into place. And stay pretty tightly within the range of the yearly guides for cost we've established.

因此，如果您現在可以存取 33 個季度的實際數據，您可以回顧我們對第四季度的想法，我想提醒您，有很多假期，很多假期。因此，與正常季度相比，這通常確實會導致成本略有上升。我不確定我是否認為第三季度對我們來說是一個正常的季度，但我認為一切都會水到渠成。並嚴格保持在我們制定的年度成本指南範圍內。

Okay. Makes sense. And just maybe one more, you know, just, just looking at at 2025 specifically the shipment guidance. I mean, obviously you guys talked about the, the difficult decision to put checkmate PTON on, hot idle. Are there any other, assumptions or things you guys are looking at in the guidance as far as other rationalizations? Anything like that, that, that we should be mindful of?

好的。有道理。也許還有一個，你知道，只是看看 2025 年的出貨指南。我的意思是，顯然你們談到了將死 PTON 置於熱閒置狀態的艱難決定。就其他合理化而言，你們在指引中是否還有其他假設或事物？有什麼類似的事情我們該注意嗎？

No, I mean, there's, we're constantly evaluating the portfolio and that's kind of how we, that's how we came to the decision on on Checkmate. It just didn't match with the market at the moment. It's when its time comes, it's going to be a hugely productive mind. But it's just really tough to get through the development phase while this market is sitting where it is. As far as the rest of the portfolio and it's always everything's being looked at constantly, but no, there's, there's nothing material to talk about at the moment. We're, we're pretty pleased with where we're positioned, not just from the portfolio but across the entire company, the balance sheet, everything else. I think we're we're feeling pretty good about things even in a pretty tough market.

不，我的意思是，我們不斷評估產品組合，這就是我們做出關於 Checkmate 的決定的方式。只是與現在的市場不符。當時機成熟時，它將成為一個非常有成效的頭腦。但當這個市場處於現狀時，要度過開發階段確實很困難。至於投資組合的其餘部分，一切都在不斷地被關注，但不，目前沒有什麼可談論的。我們對我們的定位非常滿意，不僅是在投資組合上，而且在整個公司、資產負債表和其他一切方面。我認為即使在一個非常艱難的市場中，我們也感覺很好。

Got it. Thanks andy, I really appreciate the time and information and best of luck to you and the team in the fourth quarter.

知道了。謝謝安迪，我非常感謝您的時間和信息，並祝您和團隊在第四季度好運。

Yeah, thank you, Nate.

是的，謝謝你，內特。

We have reached the end of the question and answer session. I will now turn the call over to Andy Edson for closing remarks.

我們的問答環節已經結束。我現在將把電話轉給安迪·埃德森（Andy Edson）做總結發言。

Thank you, Rob. And before we wrap up, I did want to echo Jason's comments regarding the team's efforts in North Carolina. Alpha as a company is blessed with an inordinate number of people who are very generous. They're, they're very they're high character people.

謝謝你，羅布。在我們結束之前，我確實想回應傑森關於球隊在北卡羅來納州所做努力的評論。Alpha 作為一家公司，擁有眾多且非常慷慨的員工。他們是非常有品格的人。

And this group is a great example of that high character. And I'm really proud of what they were able to accomplish. And I appreciate how they represented, not just Alpha as a company, but the entire coal mining industry.

這個群體就是這種高尚品格的一個很好的例子。我對他們所取得的成就感到非常自豪。我很欣賞他們不僅代表了阿爾法公司，也代表了整個煤炭開採產業。

I think they, they brought a lot of positive attention and they showed what coal miners can do. So I thank them for that and I think that's it. I think that's all we've got for you today. Thanks for calling in and everyone have a great weekend.

我認為他們帶來了很多積極的關注，他們展示了煤礦工人的能力。所以我為此感謝他們，我想就是這樣。我想這就是我們今天為您帶來的全部內容。感謝您的來電，祝大家週末愉快。

This concludes today's conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。