Alpha Metallurgical Resources Inc (AMR) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Alpha Metallurgical Resources first-quarter 2025 results conference call. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎您參加 Alpha Metallurgical Resources 2025 年第一季業績電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may begin.

現在，我將會議交給主持人、投資者關係和傳播部高級副總裁 Emily O'Quinn。你可以開始了。

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 first-quarter 2025 earnings release and the associated SEC filings. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures.

謝謝你，羅布，大家早安。在我們開始之前，請允許我提醒您，在我們準備好的評論中，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有重大差異。有關前瞻性陳述以及可能影響前瞻性陳述的一些因素的更多信息，請參閱公司 2025 年第一季度收益報告和相關的 SEC 文件。另請參閱這些文件，以了解我們使用非 GAAP 指標及其與 GAAP 指標的協調資訊。

Participating on the call today are Alpha's Chief Executive Officer, Andy Eidson; and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Munsey, our Chief Financial Officer; and Dan Horn, our Chief Commercial Officer.

今天參加電話會議的有 Alpha 的執行長 Andy Eidson；以及我們的總裁兼營運長 Jason Whitehead。參加電話會議的還有我們的財務長 Todd Munsey 和我們的商務長 Dan Horn。

With that, I will turn the call over to Andy.

說完這些，我會把電話轉給安迪。

Thanks, Emily. Good morning, everyone. Today, we announced financial results for the first quarter of 2025. These include adjusted EBITDA of $5.7 million and 3.8 million tonnes shipped in the quarter. As we announced on our last earnings call, the extreme weather of January and February negatively impacted our first-quarter results, most notably in cost of coal sales and tonnes shipped.

謝謝，艾米麗。大家早安。今天，我們公佈了2025年第一季的財務業績。其中包括本季調整後的 EBITDA 為 570 萬美元和 380 萬噸出貨量。正如我們在上次收益電話會議上宣布的那樣，一月和二月的極端天氣對我們的第一季業績產生了負面影響，最明顯的是煤炭銷售成本和運輸噸數。

As a reminder, the severe weather caused a confluence of events, which included loss shifts from absenteeism, power outages, snow, and flooding impacts as well as transportation delays at and around our operations, but also along the way to DTA, which experienced its own share of inclement weather. Additionally, we had a few mines that dealt with geologic challenges independent of the weather, but once those issues subsided, we posted improved cost of coal sales numbers both in March and April.

需要提醒的是，惡劣天氣引發了一系列事件，包括因缺勤、停電、降雪和洪水影響而造成的損失，以及我們運營地及週邊地區的交通延誤，而且在前往 DTA 的途中，DTA 也遭遇了惡劣天氣。此外，我們還有一些礦井面臨著與天氣無關的地質挑戰，但一旦這些問題消退，我們在 3 月和 4 月公佈的煤炭銷售成本數字都有所改善。

Metallurgical coal indexes remained depressed in the first quarter, and these poor pricing conditions continue to weigh on our realizations. From a global macro perspective, weak steel demand persists now with increased levels of uncertainty around the impact of tariffs and shifting trade policies. Barring a significant event or boost to global economic activity, we expect the coming months to remain challenging, and we maintain a cautious outlook for the rest of the year.

第一季冶金煤指數依然低迷，這些糟糕的定價條件持續對我們的實現造成壓力。從全球宏觀角度來看，鋼鐵需求持續疲軟，關稅影響和貿易政策變化的不確定性增加。除非發生重大事件或全球經濟活動受到提振，否則我們預計未來幾個月仍將充滿挑戰，我們對今年剩餘時間的前景持謹慎態度。

As we have communicated for several quarters, our focus continues to be on liquidity and safeguarding the company's ability to financially weather these market conditions. To that end, we've taken some difficult actions, including cutting additional production at higher cost operations and reducing wages across the enterprise. These kinds of decisions are never taken lightly as we recognize the negative impact they can have on our workforce and their families. However, we believe these are necessary responses to the difficult circumstances of the current marketplace.

正如我們幾個季度以來所傳達的那樣，我們的重點仍然是流動性和保障公司在財務上抵禦這些市場狀況的能力。為此，我們採取了一些艱難的行動，包括削減成本較高的額外生產業務和降低整個企業的薪資。我們從來不會輕易做出此類決定，因為我們意識到它們會對我們的員工及其家庭產生負面影響。然而，我們認為，這些都是針對當前市場困難情勢的必要反應。

Looking at the balance of 2025, we've announced further adjustments to sales volume guidance considering the reduced production profile we anticipate for the year. At the midpoint of our adjusted guidance, we now expect to ship 15.3 million tonnes of coal this year, down 1.4 million tonnes from our initial midpoint of 16.7 million tonnes announced in November of 2024. We've also reduced our CapEx guidance by $27 million at the midpoint, bringing the range down to $130 million to $150 million.

展望 2025 年，考慮到我們預計今年的產量將下降，我們宣布將進一步調整銷售量指引。在我們調整後的指引中位數中，我們目前預計今年煤炭運送量為 1,530 萬噸，比 2024 年 11 月宣布的初始中位數 1,670 萬噸減少 140 萬噸。我們還將資本支出指導中期削減了 2,700 萬美元，將範圍降至 1.3 億美元至 1.5 億美元。

We believe these adjustments are possible without compromising safety anywhere in the organization. We're also confident that our Kingston Wildcat project can continue on schedule, even with the downward revision to our planned development CapEx for the year. In keeping with our focus on liquidity, Todd and his team have successfully secured an amendment to our asset-based lending facility, which closed earlier this week. This is a positive development and another example of actions we're taking to protect the business.

我們相信這些調整是可能的，並且不會損害組織內任何地方的安全。我們也相信，即使我們今年計劃的開發資本支出被下調，我們的金斯頓野貓項目仍能按計劃繼續進行。為了保持我們對流動性的關注，Todd 和他的團隊成功地對我們的資產抵押貸款工具進行了修訂，該修訂已於本週早些時候完成。這是一個積極的發展，也是我們為保護業務而採取行動的另一個例子。

For more information on the amended and extended ABL and our Q1 financial results, I'll turn the call over to Todd.

有關修訂和延長的 ABL 以及我們的第一季度財務業績的更多信息，我將把電話轉給 Todd。

Thanks, Andy. We are pleased to announce the increase of the size of our ABL facility from its prior level of $155 million to $225 million. The company may also request an increase to the capacity of the facility of up to an additional $75 million, provided that $25 million shall be solely for cash collateralized letters of credit. Along with the ABL's increase in size, we have extended its maturity to May of 2029. Detailed terms of the agreement may be found in this morning's press release and SEC filings. The amended facility provides Alpha access to additional liquidity, and we value the optionality that this facility provides.

謝謝，安迪。我們很高興地宣布，我們的 ABL 設施規模從先前的 1.55 億美元增加到 2.25 億美元。該公司還可以要求將該設施的容量增加至多 7,500 萬美元，但其中 2,500 萬美元必須僅用於現金抵押信用證。隨著ABL規模的擴大，我們將其到期日延長至2029年5月。該協議的詳細條款可以在今天上午的新聞稿和美國證券交易委員會 (SEC) 文件中找到。修改後的融資工具為 Alpha 提供了額外的流動性，我們重視此融資工具提供的選項。

Turning now to our financial results for the quarter. Adjusted EBITDA for the first quarter was $5.7 million, down from $53 million in the fourth quarter of 2024. We sold 3.8 million tonnes in Q1, down from the 4.1 million tonnes sold in Q4. Met segment realizations decreased quarter over quarter with an average realization of $118.61 in Q1, down from $127.84 for the fourth quarter. Export met tonnes priced against Atlantic indices, and other pricing mechanisms in the first quarter realized $119.39 per tonne, while export coal priced on Australian indices realized $107.44.

現在來談談本季的財務表現。第一季調整後 EBITDA 為 570 萬美元，低於 2024 年第四季的 5,300 萬美元。我們第一季的銷售量為 380 萬噸，低於第四季的 410 萬噸。大都會部門實現金額與上一季相比有所下降，第一季平均實現額為 118.61 美元，低於第四季的 127.84 美元。第一季度，以大西洋指數和其他定價機制定價的出口金屬噸價格為每噸 119.39 美元，而以澳洲指數定價的出口煤炭價格為每噸 107.44 美元。

These results are compared to realizations of $122.24 per tonne and $124.71, respectively, in the fourth quarter. The realization for our metallurgical sales in Q1 was a total weighted average of $122.08 per tonne down from $132.63 per tonne in Q4. Realizations in the incidental thermal portion of the Met segment increased to $79.39 per tonne in Q1 as compared to $75.39 per tonne in the fourth quarter.

相比之下，第四季的實際價格分別為每噸 122.24 美元和 124.71 美元。我們第一季冶金銷售額的加權平均總額為每噸 122.08 美元，低於第四季的每噸 132.63 美元。第一季度，Met 部門附帶熱能部分的實現價格上升至每噸 79.39 美元，而第四季度為每噸 75.39 美元。

Cost of coal sales for our Met segment increased to $110.34 per tonne in the first quarter, up from $108.82 per tonne in Q4. This increase in cost was primarily driven by the previously disclosed weather-related issues. SG&A, excluding noncash stock compensation and nonrecurring items, decreased to $12.6 million in the first quarter as compared to $14.3 million in the fourth quarter. CapEx for the quarter was $38.5 million, down from $42.7 million in Q4.

我們 Met 部門的煤炭銷售成本從第四季度的每噸 108.82 美元上升至第一季的每噸 110.34 美元。成本增加主要是由於先前揭露的天氣相關問題所致。第一季銷售、一般及行政費用（不包括非現金股票薪酬及非經常性項目）下降至 1,260 萬美元，而第四季為 1,430 萬美元。本季資本支出為 3,850 萬美元，低於第四季的 4,270 萬美元。

Moving to the balance sheet and cash flows. As of March 31, 2025, we had $448 million in unrestricted cash compared to $481.6 million of unrestricted cash as of December 31, 2024. We had $112.9 million in unused availability under our ABL at the end of the first quarter, partially offset by a minimum required liquidity of $75 million. As of the end of March, Alpha had total liquidity of $485.8 million down from $519.4 million at the end of December. Cash provided by operating activities was $22.2 million in the first quarter, down from $56.3 million in Q4. As of March 31, our ABL facility had no borrowings and $42.1 million of letters of credit outstanding.

轉到資產負債表和現金流量。截至 2025 年 3 月 31 日，我們擁有 4.48 億美元的非限制現金，而截至 2024 年 12 月 31 日，我們擁有 4.816 億美元的非限制現金。截至第一季末，我們的 ABL 下有 1.129 億美元的未使用可用資金，部分被 7,500 萬美元的最低流動資金要求所抵銷。截至 3 月底，Alpha 的總流動資金為 4.858 億美元，低於 12 月底的 5.194 億美元。第一季經營活動提供的現金為 2,220 萬美元，低於第四季的 5,630 萬美元。截至 3 月 31 日，我們的 ABL 設施沒有借款，未償還信用證為 4,210 萬美元。

Looking to guidance. We reduced our metallurgical coal shipment guidance for the year to a range of 13.8 million to 14.8 million tonnes, and our thermal coal sales volumes to a range of 800,000 to 1.2 million tonnes. These adjustments bring our total shipment expectations for the year down to a range of 14.6 million to 16 million tonnes. We also lowered CapEx guidance to a new range of $130 million to $150 million for 2025, which equates to a reduction of $27 million at the midpoint from our prior range. The $27 million is comprised of approximately $8 million in development CapEx and $19 million in maintenance capital.

尋求指導。我們將全年冶金煤運送量預期下調至 1,380 萬噸至 1,480 萬噸，動力煤銷售量預期下調至 80 萬噸至 120 萬噸。這些調整使我們對今年的總出貨量預期降至1,460萬噸至1,600萬噸之間。我們也將 2025 年的資本支出指引下調至 1.3 億美元至 1.5 億美元的新範圍，相當於比先前的範圍中點減少 2,700 萬美元。這 2,700 萬美元包括約 800 萬美元的開發資本支出和 1,900 萬美元的維護資本。

In terms of our committed position for 2025, at the midpoint of guidance, 50% of our metallurgical tonnage in the Met segment is committed and priced at an average price of $133.04, another 45% 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 $80.75. Due to the continued softness in the met coal markets, we did not repurchase any shares in the first quarter under the company's share buyback program.

就我們對 2025 年的承諾情況而言，在指導中期，我們在冶金部門的 50% 冶金噸位已承諾，平均價格為 133.04 美元，另外 45% 的年度冶金噸位已承諾，但尚未定價。冶金煤部門的熱電副產品部分已全部承接，價格為指導價的中點，平均價格為80.75美元。由於冶金煤市場持續疲軟，我們在第一季未根據公司股票回購計畫回購任何股票。

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

現在我將把電話轉給傑森，讓他提供有關營運的最新情況。

Thanks, Todd. Good morning, everyone. Looking at the first-quarter results, our operation experienced significant challenges related to severe weather that caused our costs to go up. Further contributing to the atypical high cost in the quarter were some geologic challenges on three of our active underground mining sections. All three sections were required to mine through undesirable areas in order to develop access into better reserves. Once we got past the weather-related issues, I'm pleased to report that we did post better costs in March and expect those improvements to remain through the second quarter.

謝謝，托德。大家早安。從第一季的業績來看，我們的營運遇到了與惡劣天氣相關的重大挑戰，導致我們的成本上升。我們三個活躍的地下採礦區面臨的一些地質挑戰進一步導致了本季成本異常高昂。所有三個部分都需要透過不良區域進行開採，以便開發更好的儲量。一旦我們解決了與天氣有關的問題，我很高興地報告，我們確實在三月公佈了更好的成本，並預計這種改善將持續到第二季​​。

We also expect that the momentum to continue as the impact of additional actions we've taken to reduce costs begin to flow through the business. While difficult decisions to make, we recently idled roughly 500,000 tonnes of production on an annualized basis between the closure of our long branch surface line in Virginia and the idling of a section or approximately one-third of our productive capacity at our Jerry Fork mine in West Virginia.

我們也預計，隨著我們為降低成本而採取的額外措施的影響開始在整個業務中顯現，這種勢頭將繼續下去。雖然做出這些決定很困難，但最近我們在維吉尼亞州的長支地面生產線關閉，以及我們在西維吉尼亞州的傑裡福克礦場的部分或約三分之一的生產能力閒置，導致我們每年閒置了約 50 萬噸的產量。

These two operations were among Alpha's higher-cost mines, which factored into our decision making. In both instances, we look for opportunities to match impacted miners with other job opportunities in the company. These efforts reduced the overall number of layoffs and helped skill human resources needs in other parts of the company.

這兩個礦場都是 Alpha 成本較高的礦場，影響了我們的決策。在這兩種情況下，我們都會尋找機會將受影響的礦工與公司內的其他工作機會配對。這些努力減少了整體裁員人數，並幫助滿足了公司其他部門的人力資源技能需求。

Additionally, at the end of March, we announced market-driven pay reductions across the organization to better align our compensation rates with the vastly weakened market conditions. As we've said on several calls in the past, the labor market coming out of COVID was extremely tight and demanded significant incremental investment to attract and retain our skilled workforce. Now that market conditions have changed so significantly, these wage adjustments, which just went into effect a couple of weeks ago, better match our business to the market reality.

此外，3 月底，我們宣佈在全公司範圍內實施市場驅動的減薪措施，以使我們的薪酬率更好地適應大幅疲軟的市場狀況。正如我們過去在幾次電話會議上所說的那樣，新冠疫情爆發後，勞動力市場極其緊張，需要大量的增量投資來吸引和留住我們的熟練勞動力。現在市場條件發生瞭如此巨大的變化，幾週前剛生效的這些工資調整使我們的業務更好地適應市場現實。

Turning to the work happening on Kingston Wildcat. We continue to see progress across many aspects of the mine-development project. Wildcat is our new low-vol mine in Pax, West Virginia. The slope development now is approximately 75% complete with our crews having pushed to a depth of over 1,300 feet. Construction is underway on supporting structures like the raw coal load-out at Pax and the off-loader facility at our Mammoth preparation plant.

談談金斯頓野貓隊正在進行的工作。我們繼續看到礦山開發項目的許多方面都取得了進展。Wildcat 是我們位於西維吉尼亞州帕克斯的新的低揮發性礦。目前，斜坡開發已完成約 75%，我們的工作人員已推進至超過 1,300 英尺的深度。目前，Pax 的原煤裝載設施和 Mammoth 選煤廠的卸載設施等支撐結構正在建設中。

Importantly, we believe we can continue the project safely and on our existing time line while trimming roughly $8 million from the development CapEx budget for this year. We remain optimistic about the ability to begin taking development cuts in coal at the end of 2025 and wrapping up in 2026 to a full run rate, which we expect to be approximately 1 million tonnes per year.

重要的是，我們相信我們可以安全地按照現有的時間表繼續該項目，同時削減今年開發資本支出預算約 800 萬美元。我們對於在 2025 年底開始削減煤炭開發量並在 2026 年達到滿載運轉的能力保持樂觀，我們預計滿載運轉量約為每年 100 萬噸。

With those operational updates, I'll now turn the call over to Dan for some detail on the market.

有了這些營運更新，我現在將把電話轉給丹，以了解一些有關市場的細節。

Thanks, Jason, and good morning, everyone. Metallurgical coal markets remained under pressure during the first few months of 2025, with pricing levels deteriorating during Q1 because of depressed steel demand across the globe. Increased economic uncertainty exacerbated by significant shifts in trade policy in recent weeks is expected to produce continued volatility.

謝謝，傑森，大家早安。2025 年前幾個月，冶金煤市場仍面臨壓力，由於全球鋼鐵需求低迷，第一季物價水準惡化。最近幾週貿易政策的重大轉變加劇了經濟不確定性，預計將造成持續的波動。

During the first quarter of 2025, all four indices that Alpha closely monitors fell 8% or more throughout the quarter, with the Australian premium low-vol index representing the most significant drop of 15.5%. The Australian premium low-vol index decreased from $199.90 per metric tonne at the beginning of January to $169 per metric tonne at the end of March. US East Coast low-vol index fell from $190 per metric tonne in January to $174 per metric tonne in March. The US East Coast high-vol index decreased from $185 per metric tonne at the beginning of the quarter to $168 per metric tonne a quarter close. And finally, the East Coast high vol-B by index moved from $153 per metric tonne to $157 per metric tonne at quarter end.

2025 年第一季度，Alpha 密切關注的所有四個指數在整個季度都下跌了 8% 或更多，其中澳洲優質低波動率指數跌幅最大，達到 15.5%。澳洲優質低揮發性原油指數從 1 月初的每公噸 199.90 美元跌至 3 月底的每公噸 169 美元。美國東海岸低揮發性原油指數從 1 月的每公噸 190 美元跌至 3 月的每公噸 174 美元。美國東岸高波動率原油指數從本季初的每公噸 185 美元下跌至季末的每公噸 168 美元。最後，東海岸高波動率 B 指數在季度末從每公噸 153 美元上漲至每公噸 157 美元。

In recent weeks, all four indices have increased from their quarter end levels. As of May 8, 2025, the Australian premium low-vol index increased from quarter close levels to $190.50 per metric tonne. The US East Coast low-vol, high-volatile-A, and high-volatile-B indices measured $181, $172.50 and $159 per tonne, respectively, as of the same date. The seaborne market -- in the seaborne thermal market, the API2 index was $111.30 per metric tonne at the beginning of January and decreased to $104.25 per metric tonne on March 31, 2025. Since then, the API2 index has dropped to $98.80 per metric tonne as of May 8.

最近幾週，四大指數均較季末水準上漲。截至 2025 年 5 月 8 日，澳洲優質低波動指數從季度收盤水準上漲至每公噸 190.50 美元。截至同一日期，美國東海岸低波動性指數、高波動性 A 指數和高波動性 B 指數分別為每噸 181 美元、172.50 美元和 159 美元。海運市場－海運熱能市場，API2指數在2025年1月初為每公噸111.30美元，到2025年3月31日降至每公噸104.25美元。自此以後，截至 5 月 8 日，API2 指數已跌至每公噸 98.80 美元。

While the indices have been moving slightly higher in recent weeks, isolated circumstances are most likely influencing these movements higher. The broad macroeconomic factors that underpin metallurgical markets, like steel demand and economic growth, continue to show weakness. The uncertainty created by the threat of trade wars has also weighed on growth projections for the near term.

儘管近幾週指數略有上漲，但孤立的情況很可能是導致這些走勢上漲的原因。鋼鐵需求和經濟成長等支撐冶金市場的宏觀經濟因素持續表現疲軟。貿易戰威脅造成的不確定性也對近期的成長預測造成了壓力。

In the World Economic Outlook published on April 22, 2025, the International Monetary Fund projected a slowdown in economic growth across the world because of newly announced US tariffs that, if sustained, will be the highest in the century and likely result in considerably higher global rate if counter tariffs are imposed. The IMF also noted the likelihood of inflation rising in connection with the higher tariff rates.

國際貨幣基金組織在2025年4月22日發布的《世界經濟展望》中預測，由於美國新宣布的關稅，全球經濟成長將放緩。如果美國繼續徵收關稅，其關稅將是本世紀最高的，如果美國也徵收反制關稅，全球經濟成長率很可能導致大幅上升。國際貨幣基金組織也指出，關稅上調可能會導致通貨膨脹上升。

The authors of the report acknowledge the complexities and unpredictability of potentially worsening trade tensions, tightened financial conditions, and the effect of tariffs on exchange rates. Importantly, the IMF noted that easing trade policy stances or new trade agreements could immediately and positively influence global growth prospects. An example of this rapidly shifting environment lies in the proposed action put forward by the United States Trade Representative in its Section 301 investigation of China's targeting of the maritime, logistics and shipbuilding sectors for dominance.

報告的作者承認，貿易緊張局勢可能惡化、金融狀況收緊以及關稅對匯率的影響具有複雜性和不可預測性。重要的是，國際貨幣基金組織指出，放鬆貿易政策立場或新的貿易協定可以立即對全球成長前景產生正面影響。這種快速變化的環境的一個例子是美國貿易代表在 301 條款調查中提出的針對中國瞄準海運、物流和造船業主導地位的行動建議。

Like many other companies and trade organizations, Office submitted a letter during the public comment period expressing concern about the proposed vessel fees and their potential negative impacts on our business. Following hearings and the comment period, the Office of the US Trade Representative provided revised guidance on the vessel fee structure and time line.

與許多其他公司和貿易組織一樣，辦公室在公眾意見徵詢期間提交了一封信，表達了對擬議的船舶費用及其對我們業務的潛在負面影響的擔憂。經過聽證會和評論期後，美國貿易代表辦公室就船舶費用結構和時間表提供了修訂後的指導。

We are grateful that the most recent guidance details are, in our opinion, much improved and include exemptions for empty vessels coming into American ports. If the projected action moves forward based on the revised proposal, we no longer believe Alpha will experience any related material adverse impacts. We continue to watch the shifting tariff and trade landscape for any other potential impacts to Alpha.

我們感到慶幸的是，我們認為最新的指導細節有了很大的改進，其中包括對進入美國港口的空船的豁免。如果預期的行動根據修訂後的提案繼續推進，我們不再認為 Alpha 將遭受任何相關的重大不利影響。我們將繼續關注關稅和貿易格局的變化，以了解對 Alpha 的任何其他潛在影響。

Lastly, the team at DTA is currently working through the two-week outage we mentioned on our last call. As a reminder, this outage is part of the multi-year program to upgrade equipment and infrastructure at the facility. We worked with DTA leadership in advance to plan for this period of downtime and minimize disruption to our shipping operations. However, it's reasonable to expect some shipments could be delayed as a result. We expect full utilization of the facility to resume by May 18.

最後，DTA 團隊目前正在解決我們上次通話中提到的為期兩週的停電問題。提醒一下，此次停電是該工廠多年設備和基礎設施升級計畫的一部分。我們提前與 DTA 領導層合作，為這段停機時間做好規劃，並盡量減少對航運業務的干擾。然而，可以合理地預期一些貨物可能會因此而延遲。我們預計設施將於 5 月 18 日全面恢復使用。

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

接線員，現在我們可以開始提問了。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

For Jason's comments, it sounds like there have been some more recent cost-cutting measures and you've maintained your cost guidance. So I imagine that these measures have mostly offset the loss of fixed cost absorption. But curious if you had any additional thoughts on how we should really think about cadence of costs from here?

對於傑森的評論，聽起來最近有一些削減成本的措施，而且你維持了成本指引。因此我想這些措施基本上抵消了固定成本吸收的損失。但我很好奇，您是否對我們應該如何真正考慮從現在開始的成本節奏還有其他想法嗎？

Hey, Nick, yes, that was an important thing to us as you picked up on. We've now taken well over 1 million tonnes out of our original guidance from last November as far as production and sales. And while we did blip up our cost guidance a little bit back in February, being able to take that many tonnes out while continuing to hold guidance relatively firm is a pretty good accomplishment. The team has worked really hard to do that.

嘿，尼克，是的，正如你所注意到的，這對我們來說是一件重要的事情。就產量和銷售而言，我們現在已經比去年 11 月的最初預期高出了 100 萬噸。雖然我們在二月確實稍微上調了成本預期，但能夠在繼續保持相對穩固的預期的同時，產出那麼多噸的產量，已經是一個相當不錯的成就了。團隊為此付出了巨大的努力。

I do think as we continue through the year, we'll maintain more pressure. Obviously, all options remain on the table, and there could be some other opportunities where some mines maybe aren't performing the way we need them to in this market. But I think at this point, we feel like we're in pretty good shape with the portfolio. And also, I think we've -- the team has done a really nice job of focusing on the areas to improve that can be improved.

我確實認為，隨著這一年的推進，我們將承受更大的壓力。顯然，所有選擇都仍然存在，並且可能有一些其他機會，一些礦山可能沒有按照我們在市場上需要的方式運作。但我認為目前我們的投資組合狀況非常好。而且，我認為我們——團隊在專注於可以改進的領域方面做得非常好。

There are always more opportunities. Jason likes to refer to the land of opportunity. We've always got more room to make improvements, and we stay pretty acutely focused on that.

總是會有更多的機會。傑森喜歡提及機遇之地。我們始終有更多改進的空間，並且我們對此保持高度關注。

Andy, that's very helpful. I appreciate that. Just on really the volumes and the CapEx. I mean, the -- should we think about your $35 million CapEx cut at the midpoint? Should we think about this as primarily growth related. And so what would you ultimately need to see to bring some of these growth projects back into production? And maybe just in response to your comments just then, I mean, is there a way to quantify potential downside we could see to guidance from here if the market remains unchanged?

安迪，這非常有幫助。我很感激。僅涉及數量和資本支出。我的意思是——我們是否應該考慮在中期削減 3500 萬美元的資本支出？我們是否應該認為這主要與成長有關？那麼，您最終需要看到什麼才能使這些成長項目重新投入生產？也許只是為了回應您剛才的評論，我的意思是，如果市場保持不變，有沒有辦法量化我們從這裡可以看到的潛在下行風險？

This is Jason, and I'll take the first part of that, at least. But I think most of the capital reductions are related to the closures that we announced earlier today, and it's really about just re-racking and re-deploying the assets from those closures to offset items that were budgeted for other operations in the company.

我是傑森，至少我會講第一部分。但我認為大部分資本削減都與我們今天早些時候宣布的關閉有關，實際上只是重新整合和重新部署關閉的資產，以抵消公司其他業務預算的項目。

Additionally, there's a little bit of growth CapEx that we've decided to take on in-house and take margins away from third-party providers, and we see some real opportunity there to reduce spend. So really, I don't see any impact on the future of the business by any of these changes.

此外，我們決定將少量成長資本支出轉移到內部，並從第三方供應商那裡獲取利潤，我們看到了一些減少支出的真正機會。所以實際上，我並不認為這些變化會對業務的未來產生任何影響。

Yes. And Nick, just to reiterate, we're still full steam ahead on the Kingston Wildcat project. In our view, this is one of the more important projects we've had in a long time, considering it's a premium low vol product, just over 1 million tonnes per year expected when it's at its full run rate.

是的。尼克，我再次重申一下，我們仍在全力推進金斯頓野貓計畫。我們認為，這是我們長期以來最重要的項目之一，因為它是一種優質低揮發性產品，預計滿負荷運轉時年產量將略高於 100 萬噸。

So we're continuing that project, as Jason mentioned, The team found some opportunities to bring some of that capital in-house to do some of the work with our own team and reduce the installation costs, but the project is still 100% moving forward.

因此，我們正在繼續這個項目，正如 Jason 所提到的，團隊找到了一些機會，將部分資金帶入內部，與我們自己的團隊一起完成一些工作，並降低安裝成本，但該項目仍在 100％ 向前推進。

That's good to hear. Thanks for that both, Jason and Andy, Just one more, if I could, on the realization side. Realizations obviously remained under pressure. So Dan, I was wondering if you could just speak to mix in the quarters ahead and kind of what you're seeing out there for end market, whether it be from a CFR basis, some of the transportation differentials. Any considerations as we model future quarters?

聽到這個消息真好。謝謝 Jason 和 Andy 兩位，如果可以的話，我再說一個關於實現方面的問題。實現顯然仍面臨壓力。所以丹，我想知道你是否可以談談未來幾季的組合情況，以及你所看到的終端市場狀況，無論是從 CFR 基礎來看，還是一些運輸差異。在我們對未來季度進行建模時，有哪些考量？

Yes, Nick. Well, we don't -- at Alpha, we do very little CFR business. The majority of it is all FOB vessel. So certainly, the freight market has been kind of exciting for a while. It's calmed down. And just with the global slowdown, ocean freight generally is -- rates are not very high compared to historical.

是的，尼克。嗯，我們沒有——在 Alpha，我們很少做 CFR 業務。大部分都是FOB船。因此，貨運市場一段時間以來確實一直很活躍。已經平靜了。由於全球經濟放緩，海運費率與歷史水準相比一般並不高。

So the challenge in the coming quarters is simply the steel business. You tell us how good the steel business will be, we'll tell you how much the prices move up because we believe they will as demand increases, but we're simply not seeing the growth in steel demand that we thought we'd see.

因此，未來幾季的挑戰只是鋼鐵業務。您告訴我們鋼鐵業將會有多好，我們會告訴您價格上漲多少，因為我們相信隨著需求的增加價格會上漲，但我們根本沒有看到鋼鐵需求像我們想像的那樣增長。

Thanks a lot, Dan. Guys, continue. Best of luck. Thank you.

非常感謝，丹。夥計們，繼續。祝你好運。謝謝。

Thanks, Nick.

謝謝，尼克。

Nathan Martin, Benchmark Company.

內森馬丁（Nathan Martin），Benchmark 公司。

Full-year shipment guidance trim was 700,000 tonnes at the midpoint. Is that all export? Is there any domestic in there? Maybe how many tonnes do you guys expect to ship domestic versus export in '25 at this point?

全年出貨量指引中位數為削減70萬噸。這些都是出口嗎？那裡有家產嗎？也許你們現在預計 25 年國內運輸量和出口量分別是多少噸？

And then with the two operations coming offline, Jason, I think you said a Long Branch and Jerry Fork, does that impact really your quality mix at all? It sounds like cost per ton, they are a little bit higher cost, but you guys still feel confident in guidance.

然後隨著這兩項業務的下線，傑森，我想你說的是 Long Branch 和 Jerry Fork，這真的會對您的品質組合產生影響嗎？這聽起來像是每噸成本，它們的成本有點高，但你們仍然對指導充滿信心。

Yes, Nate, this is Dan. On the -- those tonnes that came offline are going to -- would be export tonnes. The Jerry Fork mine does ship some domestic business, but we'll continue to be able to ship those orders. So think of that reduction as coming off of the seaborne market.

是的，內特，這是丹。那些下線的噸位將會被用來作為出口噸位。傑裡福克礦確實運送一些國內業務，但我們將繼續能夠運送這些訂單。因此，可以認為這種減少是來自海運市場。

I'll take part of the question you aimed at Jason there, too. The coal that came off is all high vol. Some of it is rather high quality, but it's all high vol. There's no medium vol or low vol in that number.

我也會回答你向傑森提出的部分問題。採出的煤都是高揮發性的。其中一些質量相當高，但音量都很高。該數字中沒有中等波動或低波動。

Thanks, Dan. Appreciate that. And then maybe going back to the last question that Nick asked as far as your average realized price per tonne for you guys and really most of your peers, probably a little bit lower than most had expected here in the first quarter. Do you guys believe there's some discounting maybe going on to published indices at this point to move coal? Just would appreciate any thoughts you have there, Dan.

謝謝，丹。非常感謝。然後也許回到尼克問的最後一個問題，你們以及大多數同行的每噸平均實現價格可能比大多數人對第一季的預期要低一點。你們是否認為目前發布的煤炭運輸指數可能會出現一些折扣？丹，我很感激你的任何想法。

Well, yes, I think I've said this before on these calls, Nate. In a weak market, there tends to be more discounting against the indices in a strong market, you tend to see flat or even premiums. And we're obviously in a weaker market. So short answer is, yes. There's some discount against the indices.

嗯，是的，我想我之前在電話裡說過這個，內特。在疲軟的市場中，相對於指數的折扣往往更大；而在強勁的市場中，你往往會看到持平甚至溢價。顯然，我們正處於一個較弱的市場。所以簡短的回答是，是的。與指數相比有一些折扣。

But not in every case, I can tell you we recently concluded a piece of business where we got a premium to the index. So it's not universal that every tonne is sold at a discount.

但並非在所有情況下，我可以告訴你，我們最近完成了一筆交易，我們從指數中獲得了溢價。因此，並不是每噸都打折出售。

Okay. Great. Nice to hear. And then maybe just one more bigger picture. I think Andy, last quarter, you talked about keeping your eyes open for potential opportunities to fortify your operations. Any updates there, what you're seeing in the marketplace?

好的。偉大的。很高興聽到。然後也許再畫一張更大的圖。我認為安迪，上個季度，您談到要密切關注潛在的機會來加強您的營運。有什麼更新嗎？您在市場上看到了什麼？

No. And it's pretty obviously, there are a lot of opportunities out there, a lot of distressed companies and things being shopped at this point. When we kind of go through the filter of what's available, we have to find something that -- accretion is the challenge here. We don't want to be approaching assets that could put an additional strain on the enterprise, while we don't have great visibility on when this thing turns around. So it's a little bit challenging to pursue M&A right now.

不。顯然，現在有很多機會，有很多陷入困境的公司和東西正在被收購。當我們對可用資源進行篩選時，我們必須找到一些東西——這裡的挑戰是累積。我們不想接觸可能為企業帶來額外壓力的資產，同時我們也不清楚情況何時會好轉。因此，現在進行併購有點困難。

And also, we've got find something that truly makes Alpha better. And so for that reason, we've remained focused on the internal opportunities, particularly the Kingston Wildcat mine as our main focus for now because it most definitely will make the portfolio stronger in the very near term. So right now, it's kind of still a wait and see. We're always open to options, but we've not seen anything that we're ready to act upon just yet.

而且，我們還找到了一些真正讓 Alpha 變得更好的東西。因此，我們一直專注於內部機會，特別是金斯頓野貓礦，這是我們目前的主要關注點，因為它肯定會在短期內使投資組合更加強大。所以現在，我們仍需拭目以待。我們始終對各種選擇持開放態度，但目前我們還沒有看到任何我們準備採取行動的方案。

Yes, I think that's probably the prudent thing, makes sense. I appreciate that, Andy. I'll leave it there, guys. And the best of lot going forward.

是的，我認為這可能是謹慎的做法，很有道理。我很感激，安迪。我就把它留在那裡了，夥計們。祝未來一切順利。

Thanks, Nate. Appreciate you.

謝謝，內特。感謝你。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

I know it's early here, but as we start to think later in the year around domestic contracting, your domestic book is providing some insulation in this weak market. So would there be any consideration to increase those volumes? How are you thinking about the domestic opportunity as we head into the summer?

我知道現在還為時過早，但隨著我們開始考慮今年晚些時候的國內合同，您的國內合約將為這個疲軟的市場提供一些緩衝。那麼是否會考慮增加這些數量呢？隨著夏季的到來，您如何看待國內的機會？

Thanks, Nick. It is -- as you said, it's a little early. We'll be looking at our portfolio, what the customers' needs are. Broadly speaking, we don't ever have a number in mind when we approach the domestic market. We take it as it comes.

謝謝，尼克。正如您所說，現在還為時過早。我們將審視我們的產品組合，並了解客戶的需求。整體來說，當我們進入國內市場時，我們心裡並沒有一個具體的數字。我們順其自然。

We meet with the customers, see where they're -- we have common ground and where we found. So I really don't have a firm answer for you there. Certainly, at this point in time, the domestic market is among the higher pricing in our book, but that can change within a matter of months. So it's something we'll be looking at over the summer months here at Alpha.

我們與客戶會面，了解他們在哪裡——我們有共同點，並且發現了什麼。所以我真的無法給你一個確切的答案。當然，目前國內市場在我們看來是定價較高的市場之一，但這種情況可能會在幾個月內發生變化。所以這是我們在 Alpha 這裡夏季幾個月會研究的事情。

Thanks for that, Dan. And maybe if I could just sneak in one more. Just back to the market -- the US market specifically, and there's been for several months now, a word of a lot of your smaller competitors that might be struggling. There's been some -- there's been plenty of evidence of that.

謝謝你，丹。也許我可以再偷偷溜進去一次。回到市場——特別是美國市場，幾個月來，一直有傳言稱許多規模較小的競爭對手可能正在苦苦掙扎。已經有一些——已經有大量證據證明這一點。

Do you think -- are there still some kind of small mom-and-pop tons that could come out of the market? Or do you think most of the pain has been inflicted at this point?

您是否認為—市場上是否還會有一些小型夫妻店退出市場？還是您認為大部分痛苦已經造成了？

Yes. I think we still think there's some tons that could come out.

是的。我認為我們仍然認為還有許多事情可能會發生。

Yes. The question at this point, Nick, is -- and it's been a grind since, I guess, probably Thanksgiving of last year, the amount of liquidity being consumed off of balance sheets across the industry and how much longer some of the less well-capitalized companies can last. So I think Dan's dead on, there are likely more tonnes that have exposure in this particular market. So we'll just -- we'll have to see how that develops.

是的。尼克，現在的問題是──我想，大概從去年感恩節開始，整個產業的資產負債表上消耗的流動性量以及一些資本不足的公司還能維持多久，這一直是一個難題。所以我認為丹說得完全正確，在這個特定的市場上可能會有更多的黃金被曝光。所以我們只需要看看事情會如何發展。

Got it. And apologies, I promise this will be my last question. But you are very well capitalized. And so that offers some protection in these tough markets. Has this market and its prolonged nature changed the way you're thinking about your cash balance through the cycle?

知道了。抱歉，我保證這是我的最後一個問題。但你的資本非常充足。因此，這在這些艱難的市場中提供了一些保護。這個市場及其長期性質是否改變了您對整個週期內現金餘額的看法？

Well, that's a good question. I mean it's something that we constantly evaluate, and it's -- the answer will always be different depending on where you are in the cycle. And we had a really good, call it, 2.5-year run where everyone kind of gravitated towards the same answers on how they wanted to treat their balance sheet. I think we've been -- I think we were repressioned in our approach about this time last year and how we decided to handle our balance sheet.

嗯，這是個好問題。我的意思是，這是我們不斷評估的事情，而且答案總是會有所不同，這取決於你在周期中的位置。我們度過了一段非常愉快的時光，可以說，兩年半的時間裡，每個人對於如何處理資產負債表都趨向於相同的答案。我認為我們——我認為我們在去年這個時候的做法以及我們處理資產負債表的方式上受到了壓抑。

We'll -- I'm not sure we would do anything different moving forward. So it's a tough question to answer, but it's one that we ask ourselves every day.

我們——我不確定我們是否會採取任何不同的行動。這是一個很難回答的問題，但我們每天都會問自己這個問題。

Fair enough. Andy and team, I think, your foresight was as good as any. So continued best of luck and thanks for taking all my questions.

很公平。安迪和團隊，我認為，你們的遠見卓識非常出色。祝您好運，感謝您回答我的所有問題。

Thank you, Nick. Appreciate you.

謝謝你，尼克。感謝你。

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

問答環節已結束。現在我將把電話交給安迪‧艾德森 (Andy Eidson) 來做結束語。

Well, thanks again, everyone, for joining the call this morning. We appreciate your interest in Alpha. We hope you all have a great weekend. Take care.

好吧，再次感謝大家參加今天早上的電話會議。感謝您對 Alpha 的關注。我們希望大家度過一個愉快的週末。小心。

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。現在您可以斷開線路，感謝您的參與。