Alpha Metallurgical Resources Inc (AMR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Alpha Metallurgical Resources second 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 年第二季業績電話會議。（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 now 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。現在你可以開始了。

Thank you, Rob, and good morning, everyone.

謝謝你，羅布，大家早安。

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.

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表現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。

For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's second quarter 2025 earnings release and the associated SEC filing. Please also see these documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures.

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 年第二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, and good morning, everyone. Today, we announced our second quarter financial results, which include adjusted EBITDA of $46.1 million and 3.9 million tons shipped in the quarter.

謝謝，艾米麗，大家早安。今天，我們公佈了第二季度的財務業績，其中包括本季調整後的 EBITDA 為 4,610 萬美元，出貨量為 390 萬噸。

In spite of the difficult market backdrop, the team executed at a world-class level, particularly from an operating cost perspective. We achieved significant quarter-over-quarter improvement in cost of coal sales bringing our costs down by more than $10 per ton as compared to the first quarter. This represents the best cost performance for the company since 2021.

儘管市場環境艱難，但該團隊的表現仍達到了世界一流的水平，尤其是從營運成本的角度來看。我們的煤炭銷售成本較上季顯著改善，與第一季相比，每噸成本下降了 10 美元以上。這是該公司自2021年以來的最佳成本效益。

As a result, we have lowered cost guidance for the year, along with additional adjustments to our 2025 expectations for SG&A, net cash interest income and idle operations expense that Todd will cover in more detail.

因此，我們降低了今年的成本預期，並對 2025 年銷售、一般及行政費用 (SG&A)、淨現金利息收入和閒置營運費用的預期進行了額外調整，Todd 將對此進行更詳細的介紹。

As we've demonstrated in prior years, we remain committed to fine-tuning guidance as we gain a better understanding of how the year is shaping up. The adjustments we're communicating today reflect our latest thinking about the back half of 2025 and our projected performance in the coming months.

正如我們在前幾年所表明的那樣，隨著我們對今年情況的了解不斷加深，我們將繼續致力於對指導進行微調。我們今天傳達的調整反映了我們對 2025 年下半年的最新想法以及對未來幾個月業績的預測。

Metallurgical coal markets continue to be challenged with lingering concerns about weak steel demand and lackluster global economic growth expectations. Despite seemingly positive public statements, in recent weeks from China committing to address their industrial overcapacity and despite announcements about trade deals between the United States and some countries, broader uncertainty remains around the global economy and what impact higher tariffs may have.

由於對鋼鐵需求疲軟和全球經濟成長預期低迷的擔憂揮之不去，冶金煤市場繼續面臨挑戰。儘管最近幾週中國公開表態承諾解決工業產能過剩問題，美國與一些國家宣布達成貿易協議，但全球經濟以及提高關稅可能產生的影響仍然存在更大的不確定性。

Met coal indexes have stayed depressed in recent weeks. And in the case of US East Coast High Vol A and High Vol B, both pricing mechanisms reached multiyear lows that were last seen in spring of 2021. With that said, we also see continuing supply disruptions across almost all producer regions for various reasons. Combined with the potential impact of Chinese evolution measures, the market could be heading toward a better supply-demand balance. This is a dynamic situation that we will continue to monitor closely.

近幾週冶金煤指數持續低迷。就美國東海岸高波動率 A 和高波動率 B 而言，兩種定價機制都達到了多年來的最低點，上一次出現是在 2021 年春季。話雖如此，我們也看到由於各種原因，幾乎所有生產地區的供應都持續中斷。結合中國改革措施的潛在影響，市場可能正走向更好的供需平衡。這是一個動態的情況，我們將繼續密切關注。

Especially in a cyclical business like ours with significant volatility, it's impossible to mark the top or bottom of the cycle when it's happening. The catalyst that caused our market to shift in meaningful ways often reveal themselves in hindsight rather than real time.

特別是在我們這種週期性產業中，波動性很大，在週期發生時不可能標記出週期的頂部或底部。導致我們的市場發生重大轉變的催化劑往往在事後才顯現出來，而不是即時顯現。

One way we have responded to this uncertainty is to strengthen our balance sheet and our liquidity position, and that simultaneously has positioned us for future opportunities when steel demand and market conditions improve. I'm pleased to report that we ended the second quarter with $557 million in total liquidity, nearly 15% higher than at the end of the first quarter, with the majority of that growth coming from an increase in our ABL facility.

我們應對這種不確定性的一種方法是加強我們的資產負債表和流動性狀況，同時這也使我們在鋼鐵需求和市場條件改善時為未來的機會做好了準備。我很高興地報告，我們第二季末的總流動資金為 5.57 億美元，比第一季末高出近 15%，其中大部分成長來自我們的 ABL 設施的增加。

This morning, we announced the Board's decision to restart the buyback program on an opportunistic basis. While the program has been inactive for roughly over the last five quarters, our commitment to shareholder return has not changed. We remain dedicated to cautiously observing the market shifts and the timing of the amount of share repurchases will depend on a number of factors, including, but not limited to market conditions, stock price and applicable legal requirements and covenants.

今天上午，我們宣布了董事會決定擇機重啟回購計畫。儘管該計劃在過去五個季度中一直處於停頓狀態，但我們對股東回報的承諾並未改變。我們將繼續致力於謹慎觀察市場變化，股票回購數量的時機將取決於許多因素，包括但不限於市場條件、股票價格和適用的法律要求和契約。

With that, I will turn the call over to Todd for additional information on our second quarter financial results.

說完這些，我將把電話轉給托德，以獲取有關我們第二季度財務業績的更多資訊。

Thanks, Andy. Adjusted EBITDA for the second quarter was $46.1 million, up from $5.7 million in the first quarter. We sold 3.9 million tons in Q2, up from 3.8 million tons sold in Q1. Met segment realizations increased quarter-over-quarter with an average realization of $119.43 in the second quarter, up from $118.61 in Q1. Export met tons priced against Atlantic indices and other pricing mechanisms in the second quarter, realized $113.82 per ton, while export coal priced on Australian indices realized $109.75. These results are compared to realizations of $119.39 per ton and $107.44, respectively, in the first quarter.

謝謝，安迪。第二季調整後 EBITDA 為 4,610 萬美元，高於第一季的 570 萬美元。我們第二季的銷售量為 390 萬噸，高於第一季的 380 萬噸。大都會部門實現金額季比增加，第二季平均實現額為 119.43 美元，高於第一季的 118.61 美元。第二季度，以大西洋指數和其他定價機制定價的出口煤炭價格為每噸113.82美元，而以澳洲指數定價的出口煤炭價格為每噸109.75美元。相較之下，第一季的出口煤炭價格分別為每噸119.39美元和107.44美元。

The realization for our metallurgical sales in Q2 was a total weighted average of $122.84 per ton, up from $122.08 per ton in Q1. Realizations in the incidental thermal portion of the met segment decreased to $78.01 per ton in Q2 as compared to $79.39 per ton in the first quarter.

我們第二季冶金銷售的總加權平均實現金額為每噸 122.84 美元，高於第一季的每噸 122.08 美元。冶金部門附帶熱能部分的實現價格在第二季下降至每噸 78.01 美元，而第一季為每噸 79.39 美元。

Cost of coal sales for our met segment decreased to $100.06 per ton in the second quarter, down from $110.34 per ton in Q1. Increased productivity, lower labor cost and reduced repair and maintenance expenditures were the primary drivers of the decrease in costs.

我們冶金部門的煤炭銷售成本在第二季下降至每噸 100.06 美元，低於第一季的每噸 110.34 美元。生產力提高、勞動成本降低以及維修和維護費用減少是成本下降的主要驅動力。

SG&A, excluding noncash stock compensation and nonrecurring items decreased to $11.9 million in the second quarter as compared to $12.6 million in the first quarter. CapEx for the quarter was $34.6 million, down from $38.5 million in Q1.

第二季度，銷售、一般及行政費用（不包括非現金股票薪酬和非經常性項目）下降至 1,190 萬美元，而第一季為 1,260 萬美元。本季資本支出為 3,460 萬美元，低於第一季的 3,850 萬美元。

Moving to the balance sheet and cash flows. As of June 30, 2025, we had $449 million in unrestricted cash, compared to $448 million of unrestricted cash as of March 31. We had $182.9 million in unused availability under our ABL at the end of the second quarter, partially offset by a minimum required liquidity of $75 million. As of the end of June, Alpha had total liquidity of $556.9 million, up from $485.8 million at the end of March.

轉到資產負債表和現金流量。截至 2025 年 6 月 30 日，我們擁有 4.49 億美元的非限制現金，而截至 3 月 31 日的非限制現金為 4.48 億美元。截至第二季末，我們的 ABL 下有 1.829 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 6 月底，Alpha 的總流動資金為 5.569 億美元，高於 3 月底的 4.858 億美元。

Cash provided by operating activities was $53.2 million in Q2, up from $22.2 million in the first quarter. As of June 30, our ABL facility had no borrowings and $42.1 million of letters of credit outstanding.

第二季經營活動提供的現金為 5,320 萬美元，高於第一季的 2,220 萬美元。截至 6 月 30 日，我們的 ABL 設施沒有借款，未償還信用證為 4,210 萬美元。

We are lowering our cost of coal sale guidance for the year to a range of $101 per ton to $107 per ton, down from the prior range of $103 to $110 per ton. The company is also reducing its 2025 guidance for selling, general and administrative expenses to a range of $48 million to $54 million, down from the previous range of $53 million to $59 million.

我們將今年煤炭銷售成本指導價從之前的每噸 103 美元至 110 美元下調至每噸 101 美元至 107 美元。該公司還將 2025 年銷售、一般及行政開支預期從先前的 5,300 萬至 5,900 萬美元下調至 4,800 萬至 5,400 萬美元。

We are increasing idle operations expense guidance for the year, moving to a range of $21 million to $29 million, up from the prior range of $18 million to $28 million. Lastly, we expect increased net cash interest income for the year and are moving this guidance to between $6 million and $12 million, up from the previously established range of $2 million to $10 million.

我們提高了今年的閒置營運費用預期，從先前的 1,800 萬美元至 2,800 萬美元增至 2,100 萬美元至 2,900 萬美元。最後，我們預計今年的淨現金利息收入將增加，並將這項預期從先前設定的 200 萬美元至 1,000 萬美元上調至 600 萬美元至 1,200 萬美元之間。

In terms of our committed position for 2025, at the midpoint of guidance, 69% of our metallurgical tonnage in the met segment is committed and priced at an average price of $127.37. Another 31% 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 $80.52.

就我們2025年的承諾狀況而言，在指引中位數，冶金部門69%的冶金噸位已承諾，平均價格為127.37美元。另有31%的年度冶金噸位已承諾，但尚未定價。冶金部門的熱能副產品部分已全部投入生產，價格處於指導價的中間點，平均價格為 80.52 美元。

Lastly, we have closely followed federal legislation related to metallurgical coals designation as a critical mineral. Of note is the passage of the One Big Beautiful Bill Act, which amends Section 45X of the internal revenue code.

最後，我們密切關注有關將冶金煤指定為關鍵礦物的聯邦立法。值得注意的是《一項偉大的美麗法案》的通過，該法案修訂了《國內稅收法典》第 45X 條。

Section 45X is commonly referred to as the advanced manufacturing production credit and allows certain manufacturers to claim a tax credit for a percentage of their production costs. With President Trump's signing of the One Big Beautiful Bill Act, metallurgical coal has been added to the list of applicable critical minerals and met coal produced between 2026 and 2029, will be eligible for the refundable tax credit.

第 45X 條通常被稱為先進製造業生產抵免，允許某些製造商就其生產成本的一定比例申請稅收抵免。隨著川普總統簽署《一項偉大的美麗法案》，冶金煤已被添加到適用的關鍵礦產清單中，2026 年至 2029 年期間生產的冶金煤將有資格獲得可退還的稅收抵免。

We are still analyzing the financial impact of this credit on Alpha. Based on preliminary analysis, we estimate that the cash benefit of the tax credit may be in the range of $30 million to $50 million annually, dependent upon the amount of qualifying production costs incurred in a given year.

我們仍在分析這筆貸款對 Alpha 的財務影響。根據初步分析，我們估計稅收抵免的現金收益每年可能在 3,000 萬至 5,000 萬美元之間，具體取決於當年發生的合格生產成本的金額。

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, and good morning, everyone. As I mentioned in our last earnings call, after the challenging winter months in January and February, we saw evidence of our cost reduction efforts beginning in March and continuing into April. And I'm pleased to report that we were able to build on that positive momentum within the second quarter.

謝謝，托德，大家早安。正如我在上次收益電話會議上提到的那樣，在經歷了充滿挑戰的一月和二月的冬季之後，我們看到了從三月開始並持續到四月的成本削減努力的證據。我很高興地報告，我們能夠在第二季度延續這一積極勢頭。

I want to commend the operations teams for once again showing why they are the very best at what they do. Cost reduction efforts carried out in Q2 were twofold, a 10% increase over Q1 in tons per man hour contributed to lower labor and other fixed costs, and the teams achieved these efficiency gains while reducing supply and maintenance expenses. So hats off to everyone for their continued relentless efforts in reducing spend and laser focus on safe production.

我要讚揚營運團隊，他們再次證明了自己在各自領域是最優秀的。第二季實施的成本削減措施是雙重的，工時噸數比第一季增加了 10%，這有助於降低勞動力和其他固定成本，團隊在提高效率的同時也降低了供應和維護費用。因此，我們向大家致敬，感謝他們為減少開支和高度重視安全生產所做的不懈努力。

At $100.06 per ton, the second quarter cost of coal sales represents our best quarterly performance since 2021. Given the challenging met coal pricing environment, we are also incurring lower sales-related costs. There's been a lot of good work throughout the organization to analyze our spending at the mine level and look for ways to safely reduce or eliminate unnecessary costs.

第二季煤炭銷售成本為每噸 100.06 美元，創下 2021 年以來最佳季度業績。鑑於冶金煤定價環境的挑戰，我們也降低了與銷售相關的成本。整個組織做了大量出色的工作來分析我們在礦山層面的支出並尋找安全地減少或消除不必要成本的方法。

This work continues and remains important, especially as some of our suppliers are passing along increased costs because of tariff impacts on their respective businesses. While we are proud of achieving our best cost performance in years, there's still more work to be done, and I look forward to our continued progress in these areas.

這項工作仍在繼續，並且仍然很重要，特別是因為我們的一些供應商正在轉嫁因關稅對其各自業務的影響而增加的成本。雖然我們為多年來取得的最佳成本效益而感到自豪，但仍有更多工作要做，我期待我們在這些領域繼續取得進展。

Looking ahead, our Kingston team continues to develop work on the Kingston Wildcat, our new low vol mine. The slope development is now approaching 1,625 feet, approximately 93% of the way from the surface to the coal horizon. The mine is approaching the final stages before development production begins with significant progress occurring on the supporting infrastructure around the mine.

展望未來，我們的金斯頓團隊將繼續開發我們的新低產量礦山金斯頓野貓 (Kingston Wildcat)。目前，斜坡發展已接近 1,625 英尺，約佔從地表到煤層距離的 93%。該礦正在接近開發生產開始前的最後階段，礦場周圍的配套基礎設施正在取得重大進展。

We are still on track with our previously communicated schedule with expectations of first coal production and the ability to ship coal late this year. As we approach the slope bottom, our sales teams have had opportunities to take potential customers on site tours, we are seeing a lot of excitement building around this premium product as it comes close to hitting the market.

我們仍按照先前溝通的計劃進行，預計今年稍後生產出第一批煤炭並能夠運送煤炭。當我們接近斜坡底部時，我們的銷售團隊有機會帶領潛在客戶進行現場參觀，我們看到人們對這款優質產品感到非常興奮，因為它即將進入市場。

With those operational updates, I will now turn the call over to Dan for some details on the market.

有了這些營運更新，我現在將把電話轉給丹，詢問一些有關市場的細節。

Thanks, Jason, and good morning, everyone. Metallurgical coal markets heavily influenced by depressed steel demand, continue to experience lackluster pricing and, in some cases, further deterioration over the course of the second quarter of 2025. The quarter brought continued economic uncertainty due to policy changes, geopolitical unrest and ongoing trade negotiations and shifting trade policies across the globe.

謝謝，傑森，大家早安。受鋼鐵需求低迷的影響，冶金煤市場在 2025 年第二季繼續經歷價格低迷，在某些情況下甚至進一步惡化。由於政策變化、地緣政治動盪、正在進行的貿易談判以及全球貿易政策的變化，本季經濟不確定性持續存在。

Further information from the United States about exemptions to its proposed tariffs and trade agreements negotiated between certain countries and the American administration have provided some insight into the isolated impacts of the change in trade strategy. However, significant uncertainty remains about the broader implications of the trade war and how it will influence global growth prospects.

美國關於其擬議關稅豁免的進一步資訊以及某些國家與美國政府談判達成的貿易協定，為了解貿易戰略變化的孤立影響提供了一些見解。然而，貿易戰的更廣泛影響及其將如何影響全球成長前景仍然存在很大的不確定性。

Many economists cite trade uncertainty in their projections of slowing growth for the remainder of 2025 and potentially higher inflation levels as a result. Global economic conditions will continue to be shaped by changes in trade, monetary and fiscal policies and the metallurgical coal market will also be influenced by these factors.

許多經濟學家預測2025年剩餘時間經濟成長將放緩，並可能因此導致通膨水準上升，貿易不確定性就是其中的原因。全球經濟狀況將繼續受到貿易、貨幣和財政政策變化的影響，冶金煤市場也將受到這些因素的影響。

Of the four indices that Alpha closely monitors the US East Coast High Vol B Index represents the largest move within the quarter, a reduction of 5.1%. The Australian Premium Low Vol Index increased from $169 per metric ton on April 1, 2025, to $173.50 per metric ton on June 30. The U.S. East Coast Low Vol Index rose from $174 per metric ton in April to $175 per metric ton in June. U.S. East Coast High Vol A Index fell from $168 per metric ton at the beginning of the quarter to $161 per metric ton at quarter close. And the U.S. East Coast High Vol B Index decreased from $157 per metric ton to $149 per metric ton at quarter end.

在 Alpha 密切關注的四個指數中，美國東海岸高波動 B 指數本季波動幅度最大，下跌了 5.1%。澳洲優質低波動指數從 2025 年 4 月 1 日的每公噸 169 美元上漲至 6 月 30 日的每公噸 173.50 美元。美國東海岸低波動指數從 4 月的每公噸 174 美元上漲至 6 月的每公噸 175 美元。美國東岸高波動率 A 指數從本季初的每公噸 168 美元跌至季末的每公噸 161 美元。而美國東岸高波動 B 指數在季末從每公噸 157 美元下跌至每公噸 149 美元。

Since the quarter closed, the Australian Premium Low Vol Index has seen modest improvement, while the 3 US East Coast indices have remained roughly flat or fluctuated slightly lower. As of August 7, the Australian Premium Low Vol Index increased from quarter close levels to $183.20 per metric ton. The U.S. East Coast Low Vol, High-Vol A and High Vol B indices measured $175, $157 and $147.50 per ton, respectively, as of the same date.

自本季結束以來，澳洲優質低波動指數略有改善，而美國東岸的 3 個指數則基本上保持平穩或略有波動。截至 8 月 7 日，澳洲優質低波動指數從季度收盤水準上漲至每公噸 183.20 美元。截至同一日期，美國東海岸低波動率、高波動率 A 指數和高波動率 B 指數分別為每噸 175 美元、157 美元和 147.50 美元。

In the seaborne thermal market, the API2 Index was $106 per metric ton as of April 1 and increased to $107.75 per metric ton on June 30. Since then, the API2 Index has dropped to $103.75 per metric ton as of August 7.

在海運熱力市場，截至 4 月 1 日，API2 指數為每公噸 106 美元，6 月 30 日上漲至每公噸 107.75 美元。自此以後，截至 8 月 7 日，API2 指數已降至每公噸 103.75 美元。

With regard to logistics, the team at DTA completed the previously discussed Q2 outages in connection with the multiyear infrastructure enhancement project. We are pleased to report that the planned work during these periods occurring on time and with minimal disruption at the facility.

在物流方面，DTA 團隊完成了先前討論過的與多年基礎設施增強項目相關的第二季停駛。我們很高興地報告，這些期間的計劃工作按時進行，並且對設施的干擾最小。

While the coal markets remain challenging, we maintain our focus on providing excellent service as we fulfill contracts with our long-term customers. As is customary at this time of year, we are currently engaged in discussions with North American customers about contracting these tons for 2026. Those conversations are ongoing, and we will announce the result of these negotiations at the appropriate time.

儘管煤炭市場依然充滿挑戰，但我們在履行與長期客戶的合約時仍致力於提供優質服務。按照每年這個時候的慣例，我們目前正在與北美客戶討論 2026 年簽訂這些噸位的合約。這些對話仍在進行中，我們將在適當的時候宣布談判的結果。

Operator, we are now ready to open the call for questions.

接線員，我們現在可以開始回答問題了。

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

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

Guys, your cost improvements quarter-on-quarter were astounding. So I want to commend you on that. Can you walk us through where the savings came from? I mean how much was attributable to lower labor costs, how much to repair and maintenance, and how much on other operating efficiencies? And my second question is really, can you speak to the sustainability of these costs?

夥計們，你們每季的成本改善是驚人的。因此我想就此向你表示讚揚。您能告訴我們省下的錢是從哪裡來的嗎？我的意思是，有多少是因為勞動成本降低，有多少是因為維修和保養，有多少是因為其他營運效率？我的第二個問題是，您能談談這些成本的可持續性嗎？

Nick, thanks for the comment. I appreciate that. As far as the piece parts of the cost breakdown, I'll probably look to Jason or Todd to comment on that.

尼克，謝謝你的評論。我很感激。至於成本分攤的各個部分，我可能會請 Jason 或 Todd 對此發表評論。

I think the bigger move and if you look at it relative to Q1, which was on the trend we've been, it was atypically high just because of some weather issues and other things we discussed in the Q1 earnings call. Some of this has been mean reversion, particularly on the surface mines.

我認為，如果將其與第一季進行比較，就會發現更大的變化，這是我們一直以來的趨勢，由於一些天氣問題以及我們在第一季財報電話會議上討論的其他問題，這一變化異常高。其中一些已經出現均值回歸，特別是在露天礦場。

But just across the board, the higher productivity, getting more tons out, increasing the denominator, that was a force multiplier on the initiatives that we've been taking on internally, particularly the operations team, to take down the absolute dollars of expense we've been seeing in supplies and maintenance.

但從整體來看，更高的生產力、更多的產量、更大的分母，對我們內部採取的舉措，特別是營運團隊採取的舉措產生了力量倍增器，以降低我們在供應和維護方面看到的絕對費用。

So it's kind of a twofold attack. Comments on the sustainability, I don't want to get too early into Q3, but we're doing pretty well. I do think that the changes we've made are kind of fundamental to what we do. And we're certainly hopeful that we can maintain this run rate. But again, I'll turn it over to Jason and Todd for more detailed comments.

所以這是一種雙重攻擊。關於永續性的評論，我不想過早進入第三季度，但我們做得很好。我確實認為我們所做的改變對於我們的工作來說是根本性的。我們當然希望能夠維持這一運行率。但我還是會將其交給 Jason 和 Todd 來徵求更詳細的評論。

And thanks, Andy. Nick, this is Jason. I don't really have a lot to add. Andy said it. I would say roughly, it's -- the savings was 50-50 on productivity and then actual spend. But the productivity being up around 10% quarter-over-quarter really helps a lot. And as Andy mentioned, the first quarter was rough with a lot of weather-related delays and absenteeism and things like that.

謝謝你，安迪。尼克，這是傑森。我其實沒有什麼好補充的。安迪說過。我粗略地說，生產力和實際支出的節省比例是 50-50。但生產力季增 10% 左右確實有很大幫助。正如安迪所提到的，第一季的情況很艱難，出現了許多與天氣有關的延誤、缺勤等情況。

Guys, that's really helpful. Maybe just a follow-up. As we start to think about 2026, Andy, you used the word fundamental, how much further improvement could we see? I know some of that will come from the 45X tax credit. But is it fair to assume that we could see 2026 costs dip below the $100 mark.

夥計們，這真的很有幫助。也許只是後續行動。安迪，當我們開始思考 2026 年時，您使用了「根本」這個詞，我們還能看到多大的改善？我知道其中一部分將來自 45X 稅收抵免。但我們可以合理地假設，2026 年的成本將降至 100 美元以下。

Well, Nick, you've put me in the spot here because I typically don't like to talk about '26 before we have a budget in front of us, so I really don't want to comment there. I mean I'm always hopeful and Jason always, he really drives the ops team to find every nickel and dime they can. So look, we missed sub-$100 by $0.07. So is it possible? Certainly, it's possible. And we're going to do everything that we possibly can to continue pulling down.

好吧，尼克，你讓我陷入了困境，因為我通常不喜歡在我們有預算之前談論 26 年，所以我真的不想對此發表評論。我的意思是我總是充滿希望，傑森也總是如此，他真的推動著營運團隊去尋找他們能找到的每一分錢。瞧，我們離 100 美元以下只差 0.07 美元。這可能嗎？當然有可能。我們將竭盡全力繼續拆除。

I think we've already found all the lowest hanging fruit. It gets more difficult. And obviously, the curve gets steeper as you dig deeper in. But Jason always refers to the land of opportunity. Every time you think you found everything there is, you stumble on something else. So we're hopeful we can continue to make improvements. We'll just have to wait and see to the degree that we can achieve those gains.

我認為我們已經找到了所有最容易實現的目標。這變得更加困難。顯然，隨著挖掘的深入，曲線會變得更加陡峭。但傑森總是提到機遇之地。每次你以為你找到了一切，你就會偶然發現其他的東西。因此我們希望能夠繼續取得進展。我們只需拭目以待，看看我們能在多大程度上實現這些收益。

Andy, I appreciate that and don't want to get too ahead of myself there either, so I do appreciate that. But my next question is really turning to how you're approaching domestic contracting? I mean even if you priced in line with others on a 2025 basis, I think that could imply a downward move of over 10%. So how are you holding the line here, especially as steel makers might be looking for pricing to be more market based in nature?

安迪，我很感激這一點，我也不想太超越自己，所以我真的很感激這一點。但我的下一個問題是您如何處理國內承包問題？我的意思是，即使你以 2025 年的價格與其他公司的價格一致，我認為這可能意味著價格下跌 10% 以上。那麼，您如何堅持這一立場，特別是當鋼鐵製造商可能希望定價更加以市場為基礎時？

Nick, this is Dan. We're going into this like we do probably every year at this time. We go in with our view of the market and remind the buyers, and I'll remind you that we're selling a 12-month term piece of business, we're not selling a spot ton today. There's a world of difference between the two.

尼克，這是丹。我們將會像每年這個時候一樣進行這樣的活動。我們帶著對市場的看法進入市場並提醒買家，我要提醒你們，我們出售的是 12 個月的定期業務，我們今天不出售現貨。兩者之間有著天壤之別。

And so our view is that we need to sustain our business in 2026, we need pricing that works for us over 12 months. Of course, there's an eye on what today price is, you can't ignore that. But we're going in without giving you numbers saying that we need pricing that sustains us next year regardless of what the seaborne market does.

因此，我們的觀點是，我們需要在 2026 年維持我們的業務，我們需要在 12 個月內適合我們的定價。當然，你也要關註今天的價格，你不能忽視這一點。但我們不會給出具體數字，只是說無論海運市場如何變化，我們都需要能夠維持明年營運的定價。

Dan, I appreciate that. Maybe one more for you. I mean, in 2Q, there was almost a swap sequentially in volume terms of tons that were priced using other pricing mechanisms versus ones that were priced using Australian indices. Any color you can add on that? Really nice to see that realizations were able to tick up quarter-on-quarter. I know that can't be said for everyone.

丹，我很感激。也許還給你一個。我的意思是，在第二季度，使用其他定價機制定價的噸數與使用澳洲指數定價的噸數幾乎在數量上進行了順序互換。您可以添加什麼顏色嗎？很高興看到實現量逐季上升。我知道並不是每個人都能做到這一點。

I would just say that in any given quarter, you might -- it's not unusual for us to have heavier shipments to Asia, for example, or maybe next quarter more to Europe. It can happen. It's up to the buyer schedule. We certainly don't plan that. It's up to the buyers bringing in their vessels. So it was -- in the course of the whole year, the tons are the tons, but in any quarter-to-quarter, you can see some variability. We don't control that.

我只想說，在任何一個季度，你可能會——例如，我們向亞洲的出貨量增加，或者下個季度向歐洲的出貨量增加，這並不罕見。這是有可能發生的。這取決於買家的時間表。我們當然沒有這樣的計劃。這取決於買家是否攜帶船隻。所以，在全年中，噸數就是噸數，但在任何一個季度中，你都可以看到一些變化。我們無法控制這一點。

Nathan Martin, The Benchmark Company.

內森馬丁（Nathan Martin），基準公司。

Just to echo Nick's comments, congrats on the strong cost quarter. Sticking with that, just for a second, guys, the updated cash cost guidance for the full year, what net price are you assuming in the back half of the year?

只是為了回應尼克的評論，祝賀本季成本強勁。堅持這一點，夥計們，請稍等片刻，更新後的全年現金成本指導，您假設下半年的淨價格是多少？

Yeah. I think we're just kind of holding flat with where we are. I mean we've already got the domestic piece, the fixed price portion has been there all year long. I think we're just kind of holding us where we are. If you look across from January to now, there's not been a whole lot of variation. So it's a pretty tight band. And that's usually how we do it.

是的。我認為我們只是維持現狀而已。我的意思是我們已經獲得了國內部分，固定價格部分已經存在一整年了。我認為我們只是維持現狀而已。如果回顧一下從一月到現在的情況，你會發現變化並不大。所以這是一個非常緊密的樂團。我們通常就是這麼做的。

Okay, Andy. Got it. And I guess maybe taking a step back, macro type question. Alpha sells a large portion of its exports to India and Brazil. So it would be great to get your thoughts around some of the recent escalation in trade tensions and tariffs there. And how you think that could impact your business? Have you had any conversations with the customers?

好的，安迪。知道了。我想也許退一步來說，這是一個宏觀類型的問題。Alpha 的出口產品大多銷往印度和巴西。因此，我很想聽聽您對近期貿易緊張局勢和關稅升級的看法。您認為這會對您的業務產生什麼影響？您與顧客進行過交談嗎？

Yeah, this is Dan. At this point, we haven't had any pushback or negative feedback along those lines. In fact, we continue to get solicitations from the two countries you mentioned, business as usual. So to date, we've had no negative feedback at all.

是的，這是丹。到目前為止，我們還沒有收到任何這方面的反對或負面回饋。事實上，我們繼續收到您提到的兩個國家的邀請，一切照常。所以到目前為止，我們還沒有收到任何負面回饋。

Okay, Dan. I appreciate that. Everyone's focused, I think, on the persistently weak export markets for the most part; but Alpha is one of, if not, I guess, the largest seller of met coal to domestic markets, where again, pricing is more favorable this year, at least to export.

好的，丹。我很感激。我認為，每個人的注意力都集中在持續疲軟的出口市場上；但我認為，Alpha 是國內市場冶金煤最大的銷售商之一，今年國內定價更加優惠，至少對出口而言是如此。

I was hoping you could share with us, first, how many domestic tons you guys now have contracted for 2025? And then have you been able to pick up any business given the hardship some of your peers have had in this market as we've had idlings, bankruptcies, et cetera.

我希望你們能與我們分享一下，首先，你們現在簽訂了 2025 年的國內合約有多少噸？那麼，考慮到您的一些同行在這個市場上遇到的困難，例如關閉、破產等等，您是否能夠接手任何業務？

Well, in this year, we're -- I think the number is somewhere around 3.5 million tons, plus or minus that we'll ship. We really haven't picked up. There's not been much spot activity domestically this year. Some years, there is, I would say, not so much.

嗯，今年我們的出貨量大約是 350 萬噸左右，左右浮動。我們確實沒有接電話。今年國內的現貨活動不多。有些年份，我想說，情況沒那麼嚴重。

And the customers will largely dictate how much we get. Obviously, price negotiations are highly important, but so are the -- they have royalties to certain brands to certain goals for technical reasons. You don't see as much substitution and in and out that you do on the seaborne market. It's a little more steady state most from year to year, if that's helpful.

而顧客將在很大程度上決定我們能得到多少。顯然，價格談判非常重要，但出於技術原因，他們對某些品牌的某些目標收取版稅也很重要。你不會看到像海運市場那樣多的替代和進出。如果有幫助的話，它每年都會變得更加穩定。

Yeah, that makes perfect sense, Dan. I appreciate that. And then maybe while I have you, just coming back to DTA, I appreciate your prepared remarks. Can you just remind us, are you guys still expecting to spend, I think, roughly around $25 million a year or so on that project? And then again, when are you hoping that, that gets completed?

是的，這很有道理，丹。我很感激。然後也許當我有你的時候，回到 DTA，我很欣賞你準備好的發言。您能否提醒我們一下，您是否仍計劃在該專案上每年花費約 2500 萬美元左右？那麼，您希望什麼時候完成呢？

Yeah, this is Andy, Nate. That's about the same cadence. I don't think that's changed any. I think, repairs and enhancements should be finished by what, 2028? zip code.

是的，這是安迪，內特。這大約是相同的節奏。我認為這沒有任何改變。我認為修復和改進應該在 2028 年之前完成嗎？郵遞區號.

Okay. Great. And then just one final one while I have you too. I mean just given Alpha is a customer of both Eastern rails, just wondering if you could show your thoughts on the recently announced Union Pacific, Norfolk Southern merger and how you think that potential combination could impact your business?

好的。偉大的。然後，當我還有你的時候，再說最後一次。我的意思是，鑑於 Alpha 是東部鐵路公司的客戶，我只是想知道您是否可以談談對最近宣布的聯合太平洋公司和諾福克南方鐵路公司合併的看法，以及您認為這種潛在的合併將如何影響您的業務？

Yeah, that's a tough one to figure. And obviously, I would defer to Dan on any specific comments. But I mean our relationship with Norfolk Southern has always been extremely strong. They've done a nice job for us. And we're very comfortable with them. So it's a little bit of the -- we don't know what we don't know in relation to UP. So it's -- we'll just have to wait and see on that as well. But we've had really good service with Norfolk Southern. And so it's hard to imagine it can get materially better.

是的，這是一個很難理解的問題。顯然，對於任何具體評論我都會聽從丹的意見。但我的意思是，我們與諾福克南方公司的關係一直非常牢固。他們為我們做了出色的工作。我們對他們非常滿意。所以，對於 UP，我們有點不知道我們不知道什麼。所以——我們也只能拭目以待了。但諾福克南方鐵路給我們的服務確實很好。因此很難想像它會在實質上變得更好。

Yeah, I'll just add, Alpha's footprint, we don't have many operations west of the Mississippi nor do we have -- do we ship any met coal in that out west. Our network is essentially mining coal in Central App and taking it to the ports of Hampton Roads, and we'd hope that there would be minimal impact because of that.

是的，我只想補充一下，Alpha 的足跡，我們在密西西比河以西沒有太多的業務，我們也沒有 - 我們有沒有向西部運送任何煤炭。我們的網路主要是在中央阿帕奇開採煤炭，然後將其運送到漢普頓錨地的港口，我們希望這樣做將產生的影響降到最低。

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。

Thanks again for everyone who dialed in to be with us this morning. We appreciate your interest and your support of Alpha, and we hope you all have a great weekend.

再次感謝今天早上撥通電話與我們一起參加節目的所有人。我們感謝您對 Alpha 的關注和支持，並祝大家週末愉快。

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。您現在可以斷開您的線路，我們感謝您的參與。