Alliance Resource Partners LP (ARLP) 2023 Q3 法說會逐字稿

Hello, and welcome to the Alliance Resource Partners' Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Senior Vice President, CFO, Cary Marshall, Please go ahead, sir.

各位好，歡迎參加 Alliance Resource Partners 2023 年第三季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我很榮幸將電話交給資深副總裁兼財務長 Cary Marshall。先生，請開始。

Thank you, operator, and welcome, everyone. Earlier this morning, Alliance Resource Partners released its third quarter 2023 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and outlook for the balance of 2023. Following our prepared remarks, we will open the call to answer your questions.

謝謝接線員，也歡迎各位。今天稍早，Alliance Resource Partners 已公布 2023 年第三季財務與營運結果；我們現在將討論這些結果，以及我們對目前市場狀況與 2023 年剩餘期間展望的看法。在我們的預先準備發言之後，我們將開放來電回答各位的問題。

Before beginning, a reminder that some of our remarks today may include forward-looking statements subject to a variety of risks, uncertainties and assumptions contained in our filings from time to time with the Securities and Exchange Commission and are also reflected in this morning's press release. While these forward-looking statements are based on information currently available to us, if one or more of these risks or uncertainties materialize, or if our underlying assumptions prove incorrect, actual results may vary materially from those we projected or expected. In providing these remarks the partnership has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, unless required by law to do so.

在開始之前，提醒各位，我們今天的部分發言可能包含前瞻性陳述，該等陳述受多項風險、不確定性與假設影響，相關內容載於我們不時向美國證券交易委員會提交的文件中，並亦反映於今天早上的新聞稿。雖然這些前瞻性陳述係基於我們目前可得之資訊，但若一項或多項風險或不確定性實現，或我們的基本假設證明不正確，實際結果可能與我們所預測或預期者有重大差異。除非法律要求，合夥企業無義務因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述。

Finally, we will also be discussing certain non-GAAP financial measures, definitions, and reconciliations of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures are contained at the end of ARLP's press release, which has been posted on our website and furnished to the SEC on Form 8-K.

最後，我們也將討論若干非 GAAP 財務衡量指標；其定義，以及這些非 GAAP 財務衡量指標與最直接可比較之 GAAP 財務衡量指標之差異調節表，均載於 ARLP 新聞稿末尾。該新聞稿已張貼於我們網站，並以 Form 8-K 提供給 SEC。

With the required preliminaries out of the way, I will begin with a review of our results for the third quarter, then turn the call over to Joe Craft, our Chairman, President and Chief Executive Officer, for his comments.

在完成必要的例行說明後，我將先回顧我們第三季的業績，接著把電話交給我們的董事長、總裁兼執行長 Joe Craft，請他發表評論。

Total revenues in the 2023 quarter increased slightly to $636.5 million compared to $632.5 million in the 2022 quarter. The modest year-over-year improvement was driven primarily by higher transportation and other revenues partially offset by lower oil and gas royalties. Total coal sales price per ton rose to $64.94 per ton for the 2023 quarter, an increase of 8.3% versus the 2022 quarter and continues to reflect the positive impacts of our contracted order book. On a sequential basis, coal sales price per ton was 3.2% higher.

2023 年第三季總營收小幅增加至 6.365 億美元，較 2022 年第三季的 6.325 億美元略增。年增的溫和改善主要來自運輸及其他收入增加，但部分被油氣權利金下降所抵銷。2023 年第三季每噸煤炭平均銷售價格上升至 64.94 美元，較 2022 年第三季增加 8.3%，並持續反映我們已簽約訂單組合的正面影響。以季比而言，每噸煤炭銷售價格提高 3.2%。

In our royalty segment, total revenues were $53.1 million, down 9% year-over-year, but up 6.2% sequentially. Our results versus the prior year period reflect lower realized oil and gas commodity pricing that more than offset record oil and gas volumes and increases in coal royalty revenue per ton. Specifically, coal royalty revenue per ton was up 13.5% compared to the 2022 quarter. While lower commodity prices led to oil and gas royalties' average realized sales prices being down 31.2% per barrel of oil equivalent versus the 2022 quarter. Sequentially, coal royalty revenue per ton was up 3.7% and oil and gas royalties average sales prices were up 2.1% per barrel of oil equivalent.

在我們的權利金事業部門，總營收為 5,310 萬美元，年減 9%，但季增 6.2%。相較去年同期，我們的結果反映已實現的油氣商品價格較低，其影響超過創新高的油氣產量以及每噸煤炭權利金收入的增加。具體而言，每噸煤炭權利金收入較 2022 年第三季增加 13.5%。同時，較低的商品價格使油氣權利金的平均已實現銷售價格較 2022 年第三季每桶油當量下降 31.2%。以季比而言，每噸煤炭權利金收入增加 3.7%，油氣權利金平均銷售價格較每桶油當量上升 2.1%。

As it relates to volume, coal production decreased 7% to 8.4 million tons, while coal sales volumes decreased 7.9% to 8.5 million tons compared to the 2022 quarter. Compared to the sequential quarter, coal sales volumes decreased 5% due to lower sales volumes in our Appalachia segment. Coal sales volumes in Appalachia were down 15.2% compared to the sequential quarters due to lock outages, customer plant maintenance, a reduction in operating shifts at our MC Mining operation and challenging geologic conditions at our Mettiki longwall operation that has delayed development of a new longwall district. Coal royalty tons sold declined 11.8% year-over-year, while oil and gas royalty volumes increased 28.2% on a barrel of oil equivalent basis year-over-year. The increased volumes from oil and gas resulted from the acquisition of additional oil and gas mineral interest and increased drilling and completion activities on our acreage.

就銷量而言，煤炭產量下降 7% 至 840 萬噸，而煤炭銷售量較 2022 年第三季下降 7.9% 至 850 萬噸。與上一季相比，煤炭銷售量下降 5%，原因是我們阿帕拉契亞（Appalachia）事業部門的銷售量較低。阿帕拉契亞的煤炭銷售量較上一季下降 15.2%，主因為停工（lock）停產、客戶電廠維修、我們 MC Mining 作業減少營運班次，以及 Mettiki 長壁（longwall）作業面臨具挑戰性的地質條件，導致新的長壁採區開發延後。煤炭權利金銷售噸數年減 11.8%，而油氣權利金產量以每桶油當量計年增 28.2%。油氣產量增加係因收購更多油氣礦權權益，以及我們土地上的鑽井與完井活動增加所致。

Turning to cost, segment-adjusted EBITDA expense per ton sold for our coal operations was $41.19 per ton, an increase of 13.8% and 8.8% respectively versus the 2022 and sequential quarters. Higher labor, maintenance, purchase coal and sales related expenses per ton, particularly in Appalachia, all contributed to the higher cost. The Appalachia segment-adjusted EBITDA expense per ton increased by $11.06 per ton and $12.80 per ton respectively compared to the 2022 and sequential quarters. Of the total increases, approximately $3.97 per ton and $5.91 per ton respectively were attributable to Mettiki, which has the longwall idle during the full 2023 quarter. The longwall at Mettiki is expected to be back in production in the new longwall district in late November. Brokerage bought and sold at a profit in our Appalachia segment, some high-cost coal, during the 2023 quarter, which accounted for approximately $3.07 and $1.59 per ton of the increased expense compared to the 2022 and sequential quarters.

轉向成本方面，我們煤炭營運的分部調整後 EBITDA 每售出一噸的費用為 41.19 美元，較 2022 年第三季及上一季分別增加 13.8% 與 8.8%。每噸的人力、維修、外購煤以及銷售相關費用上升（尤其在阿帕拉契亞）皆促成成本提高。阿帕拉契亞分部調整後 EBITDA 每噸費用較 2022 年第三季及上一季分別增加 11.06 美元與 12.80 美元。在總增幅中，約每噸 3.97 美元與 5.91 美元分別可歸因於 Mettiki，該礦的長壁設備在 2023 年第三季整季處於停工狀態。Mettiki 的長壁預期將於 11 月下旬在新的長壁採區恢復生產。2023 年第三季，我們在阿帕拉契亞分部以經紀方式買入並以獲利售出部分高成本煤炭，這使得相較 2022 年第三季及上一季的費用增加中，約每噸分別有 3.07 美元與 1.59 美元來自此因素。

The balance of the Appalachia cost increase during the 2023 quarter was due to a 20% drop in production at our MC Mining operation and adverse mining conditions and equipment availability at our Tunnel Ridge Mine, which resulted in several lost unit shifts during the 2023 quarter.

2023 年第三季阿帕拉契亞其餘的成本增加，係因我們 MC Mining 作業產量下滑 20%，以及 Tunnel Ridge 礦場的不利採礦條件與設備可用性問題，導致 2023 年第三季出現多次單位班次損失。

Our net income in 2023 was $153.7 million, 8.4% lower as compared to the 2022 quarter. The decrease reflects lower coal sales volumes, higher production expenses, and lower realized prices in oil and gas royalties, partially offset by higher coal sales price per ton realizations and higher volumes in oil and gas royalties. EBITDA for the quarter was $227.6 million, down 10.3% as compared to the prior year period.

我們 2023 年第三季淨利為 1.537 億美元，較 2022 年第三季下降 8.4%。下降反映煤炭銷售量較低、生產費用較高，以及油氣權利金已實現價格較低；但部分被每噸煤炭已實現銷售價格較高及油氣權利金產量較高所抵銷。本季 EBITDA 為 2.276 億美元，較去年同期下降 10.3%。

Now turning to our balance sheet and uses of cash. Alliance generated $123.7 million of free cash flow in the 2023 quarter. Our total and net leverage ratios were 0.36 and 0.17x respectively. Total debt to trailing 12 months adjusted EBITDA. Total liquidity was $629.5 million at quarter end, which included approximately $197.2 million of cash on the balance sheet. During the 2023 quarter we paid a quarterly distribution of $0.70 per unit, equating to an annualized rate of $2.80 per unit. This distribution level is unchanged sequentially and up 40% versus the prior year quarter. Additionally, we reduced our outstanding senior notes balance by $54.6 million and completed 2 strategic new venture investments in Ascend Elements and Infinitum during the 2023 quarter, totaling approximately $50 million.

接著談資產負債表與現金用途。Alliance 在 2023 年第三季產生自由現金流 1.237 億美元。我們的總槓桿與淨槓桿比率分別為 0.36 倍與 0.17 倍（總負債／過去 12 個月調整後 EBITDA）。季末總流動性為 6.295 億美元，其中包含資產負債表上約 1.972 億美元的現金。2023 年第三季我們支付每單位 0.70 美元的季度配息，折合年化每單位 2.80 美元。此配息水準較上一季持平，較去年同期提高 40%。此外，我們將未償還的優先票據餘額減少 5,460 萬美元，並於 2023 年第三季完成對 Ascend Elements 與 Infinitum 兩項策略性新創投資，合計約 5,000 萬美元。

Now turning to our updated guidance detailed in this morning's release. We have elected to slightly adjust our full year 2023 coal sales volumes and pricing, which will be highly dependent upon logistics during the fourth quarter. We now anticipate ARLP's overall coal sales volumes in 2023 to be in the range of 34.5 to 35 million tons. Our committed tonnage for 2023 is 35 million tons. Of that total, 29.7 million is committed domestically and 5.3 million tons are committed to the export markets.

現在轉到我們在今早新聞稿中詳述的最新指引。我們決定對 2023 全年煤炭銷售量與定價進行小幅調整，而這將高度取決於第四季的物流情況。我們目前預期 ARLP 於 2023 年整體煤炭銷售量將落在 3,450 萬至 3,500 萬噸之間。我們 2023 年已承諾的銷售量為 3,500 萬噸。其中，2,970 萬噸為國內市場承諾量，530 萬噸為出口市場承諾量。

We are encouraged by improving coal export market fundamentals based on recent international benchmark pricing. We believe there could be some incremental sales opportunities in late 2023 in the export markets. For 2024, we currently have 27.3 million tons committed, comprised of 25.7 million tons in the domestic markets and 1.6 million tons for the export markets. As we look to 2024, we do believe there is opportunity in 2024 for us to ship more tons into the export markets in 2024 versus 2023 levels based on current export market fundamentals.

根據近期國際基準價格，我們對煤炭出口市場基本面改善感到鼓舞。我們認為在 2023 年末，出口市場可能會出現一些額外的增量銷售機會。就 2024 年而言，我們目前已承諾 2,730 萬噸，其中 2,570 萬噸為國內市場，160 萬噸為出口市場。展望 2024 年，基於目前出口市場基本面，我們確實認為 2024 年相較於 2023 年水準，我們有機會向出口市場出貨更多噸數。

Sales pricing for the year is expected to be slightly lower than at the time of our last update. We have chosen to modestly adjust our outlook for average coal price realizations for 2023 to a new range of $64.50 to $66 per ton from $65 to $66 per ton previously communicated.

預期本年度的銷售定價將較我們上次更新時略低。我們選擇小幅調整 2023 年平均煤價實現值的展望區間，從先前溝通的每噸 65 至 66 美元，調整為新的每噸 64.50 至 66 美元。

On the cost side, we have narrowed our full year 2023 segment adjusted EBITDA expense per ton to the new range of $39.50 to $40.50 per ton from the previous range of $38 to $41 per ton. We have fourth quarter 2023 longwall moves scheduled at our Hamilton mine in the Illinois Basin and our Tunnel Ridge operation in Appalachia. We do expect Appalachia segment-adjusted EBITDA expense per ton in the fourth quarter to be approximately 8% to 10% higher than 2023 quarter cost per ton. While Illinois Basin fourth quarter cost per ton are anticipated to be in line with the 2023 quarter.

在成本方面，我們已將 2023 全年分部調整後 EBITDA 每噸費用區間，從先前的每噸 38 至 41 美元，縮窄至新的每噸 39.50 至 40.50 美元。我們已在伊利諾伊盆地的 Hamilton 礦場以及阿帕拉契亞的 Tunnel Ridge 作業區，排定於 2023 年第四季進行長壁採煤設備移設（longwall moves）。我們確實預期阿帕拉契亞分部在第四季的分部調整後 EBITDA 每噸費用，將較 2023 年第三季每噸成本高出約 8% 至 10%。而伊利諾伊盆地第四季每噸成本則預期與 2023 年第三季大致持平。

In our oil and gas segment we are reiterating our guidance ranges for the full year, and all of our other guidance items are unchanged.

在我們的油氣分部方面，我們重申全年指引區間，其他所有指引項目均維持不變。

And with that, I will turn the call over to Joe for comments on the market and his outlook for ARLP. Joe?

接下來，我將把電話會議交給 Joe，請他就市場與他對 ARLP 的展望發表評論。Joe？

Thank you, Cary, and good morning, everyone. I want to begin my comments by thanking the entire Alliance organization for their continued hard work and dedication. I am proud of all that has been accomplished through the first 3 quarters of the year as we are on track to achieve another record year, beating last year's full year's revenue and net income numbers. Our well-contracted coal order book enabled us to navigate an otherwise challenging operating environment during the 2023 quarter. Our coal segment achieved higher realized pricing per time sold relative to both the 2022 and sequential quarters, a theme that continues to favorably impact year-to-date results, particularly with regards to EBITDA and net income.

謝謝你，Cary，各位早安。我想先在評論開始時，感謝 Alliance 全體同仁持續的辛勤付出與投入。我為今年前三季所達成的一切感到自豪；我們正朝著再創紀錄的一年邁進，全年營收與淨利有望超越去年全年水準。我們煤炭訂單簿的合約覆蓋度很高，使我們得以在 2023 年第三季這個充滿挑戰的營運環境中順利應對。我們煤炭分部每噸銷售的實現價格，較 2022 年同期與前一季均更高；這一趨勢持續對年初至今的結果帶來正面影響，特別是在 EBITDA 與淨利方面。

However, we did face some difficult mining conditions in Appalachia at all 3 mines during the 2023 quarter, which resulted in higher operating costs and fewer tons produced versus previous expectations. Mild weather experienced in the first half of the year combined with lower natural gas prices throughout the year have impacted coal consumption in 2023, preventing us from topping last year's record coal sales volumes. As we look to next year we have seen a recent increase in the natural gas forward curve as well as a jump in API 2 pricing due in large part to the conflict in the Middle East. At projected pricing levels, we believe that our export potential in 2024 will improve markedly as compared to the back half of 2023.

然而，在 2023 年第三季，我們在阿帕拉契亞的 3 座礦場都遭遇了一些艱難的採礦條件，導致營運成本上升，且產量噸數低於先前預期。上半年偏暖的天氣，加上全年天然氣價格較低，影響了 2023 年的煤炭消耗，使我們無法超越去年創紀錄的煤炭銷售量。展望明年，我們近期看到天然氣遠期曲線上升，以及 API 2 價格大幅跳升，主要原因之一是中東衝突。在目前的預測價格水準下，我們認為 2024 年的出口潛力將較 2023 年下半年明顯改善。

Our oil and gas royalty segment reported continued growth in the 2023 quarter resulting in record production volumes, underscoring the success of recent acquisitions in core parts of the prolific Permian Basin. Although average realized pricing per BOE during the 2023 quarter was lower compared to near record levels in the 2022 quarter, our royalty portfolio is well-positioned to provide significant cash flow via hedge-free exposure to commodity price and cost-free organic growth. We expect additional growth in production will lead to record production volumes in 2024 as we continue to invest in minerals.

我們的油氣權利金分部在 2023 年第三季持續成長，帶動產量創下新高，凸顯我們近期在高產的二疊紀盆地（Permian Basin）核心區域進行收購的成功。儘管 2023 年第三季每桶油當量（BOE）的平均實現價格，較 2022 年第三季接近紀錄的水準為低，但我們的權利金投資組合具備良好定位，可透過不使用避險（hedge-free）而直接曝險於商品價格、以及無成本的內生成長，提供可觀的現金流。我們預期產量的進一步成長將在 2024 年帶來創紀錄的產量水準，因為我們將持續投資於礦權（minerals）。

The strong cash flow generation of our underlying businesses positions us to continue improving our balance sheet and pursue the highest and best uses for our capital. During the quarter, we paid our regular distribution, repurchased and redeemed a portion of our outstanding senior notes and announced 2 exciting investments made by our new ventures group.

我們底層業務強勁的現金流創造能力，使我們得以持續改善資產負債表，並追求資本的最高與最佳用途。本季期間，我們支付了例行分配，回購並贖回了部分未償還的優先票據（senior notes），並宣布由我們新創事業團隊完成的兩項令人振奮的投資。

The first was a $25 million investment in Ascend Elements, which is a U.S.-based manufacturer and recycler of sustainable engineered battery materials for EVs. The investment was part of their $460 million Series D funding round, which when combined with a $480 million DOE grant will help advance the construction of North America's first commercial scale manufacturing facility producing cathode materials for EV batteries located essentially in our backyard in Hopkinsville, Kentucky. Beyond our initial contribution, we plan to evaluate additional partnership opportunities with Ascend to expand our investment in the battery recycling industry and support the critical materials infrastructure needed to facilitate the onshoring of U.S. battery manufacturing.

第一項是對 Ascend Elements 投資 2,500 萬美元；該公司為美國本土的製造商與回收商，為電動車（EV）提供永續的工程化電池材料。本次投資屬於其 4.6 億美元的 D 輪融資的一部分；若再加上美國能源部（DOE）4.8 億美元的補助，將有助於推進北美第一座商業規模的製造設施建設，該設施將生產電動車電池用的正極材料，地點幾乎就在我們的後院——肯塔基州霍普金斯維爾（Hopkinsville）。除初始出資外，我們也計畫評估與 Ascend 的其他合作機會，以擴大我們在電池回收產業的投資，並支持促進美國電池製造回流（onshoring）所需的關鍵材料基礎設施。

The second investment included an additional $25 million in Infinitum, a Texas-based developer and manufacturer of high efficiency electric motors as part of their ongoing Series E equity raise. If you recall, we originally invested Infinitum in April of 2022. And with today's announcement, our total investment in Infinitum is now $67 million, making us a meaningful investor in the company. We believe Infinitum's patented Aircore motor technology has significant market potential. And our technology division, Matrix, is actively exploring opportunities to collaborate with Infinitum and incorporate the technology into our current mining operations.

第二項投資是對 Infinitum 追加 2,500 萬美元；Infinitum 為德州的高效率電動馬達開發與製造商，本次追加投資屬於其持續進行的 E 輪股權募資的一部分。各位若還記得，我們最初是在 2022 年 4 月投資 Infinitum。隨著今天的公告，我們對 Infinitum 的總投資額已達 6,700 萬美元，使我們成為該公司具重要意義的投資人。我們相信 Infinitum 具專利的 Aircore 馬達技術擁有顯著的市場潛力。而我們的技術事業部 Matrix 也正積極探索與 Infinitum 合作的機會，並將該技術導入我們現有的採礦作業。

In closing, I am proud of ARLP's performance year-to-date, and encouraged by the opportunities in front of us. We remain focused on finishing the year strong and gearing up for what should be another successful year in 2024.

最後，我為 ARLP 年初至今的表現感到自豪，也對眼前的機會感到振奮。我們仍專注於強勁地完成今年，並為 2024 年可能再度成功的一年做好準備。

That concludes our prepared comments, and I'll now ask the operator to open the call for questions. Operator?

以上是我們事先準備的評論內容，接下來我將請接線員開放提問。接線員？

(Operator Instructions) Our first question is coming from Nathan Martin from Benchmark Company.

（接線員指示）我們的第一個問題來自 Benchmark Company 的 Nathan Martin。

Just maybe a quick clarification to start. Cary, you mentioned Appalachian cost per ton could be up 8% to 10% in the fourth quarter. Just want to confirm that's versus the 3Q '23 results, so that [54 84]. And you also said a minute ago that IB cost, the Illinois Basin cost should be flat. Was that also with the third quarter '23?

我先做個快速釐清。Cary，你提到阿帕拉契亞第四季每噸成本可能上升 8% 到 10%。我想確認一下，這是相對於 2023 年第三季的結果，也就是那個 [54 84]。你剛剛也提到 IB 成本，也就是伊利諾伊盆地的成本應該持平。那也是相對於 2023 年第三季嗎？

Yes, that's right, Nate.

是的，沒錯，Nate。

Okay, perfect. Kind of moving on, I think when we talked last quarter, obviously the expectation was sales would outpace production in the second half to help draw down inventories, I think to around 0.5 million tons or so by the year end. Unfortunately that didn't really work out here in the third quarter because some of the items you guys mentioned, I think it's only about 100,000 ton draw. What do you need from a logistics standpoint to kind of get you to the high or the low end of your revised full year guidance? Are there any carryover effects from some of those 3Q items you guys mentioned, like the lock outages, customer maintenance, et cetera?

好的，太好了。接著往下問，我想我們上季討論時，顯然原本預期下半年銷售會超過產量，以協助降低庫存，我記得目標是到年底降到大約 50 萬噸左右。不幸的是，第三季這裡並沒有真正如預期發生，因為你們提到的一些因素，我想大概只減少了約 10 萬噸。從物流角度來看，你們需要哪些條件，才能讓你們達到修正後全年指引的高端或低端？第三季你們提到的一些事項，例如船閘停運、客戶維修等等，是否會有任何延續影響？

Yes, so when you look at the sales range, we show that our contracted position for 2023 is 35 million. That's what we are targeting to ship in the -- for the full year. There could be logistical impacts, it could drop that to the 34.5. The tons are sold, whatever would not be delivered would be really primarily driven by making sure that we have the proper transportation and deliveries, vessel loadings, et cetera, occurring during the fourth quarter.

是的，所以當你看銷售區間時，我們顯示我們在 2023 年的已簽約部位是 3,500 萬噸。這就是我們全年目標出貨的數量。可能會有物流方面的影響，可能會把它降到 3,450 萬噸。這些噸數都已售出，任何未能交付的部分，主要會是因為要確保我們在第四季有適當的運輸與交付、船舶裝載等作業順利進行。

Whatever doesn't occur in the fourth quarter, we'll roll over into 2025. So part of our mix, when you get into sales price and you get into the volume, it does try to focus on what will be the specific contracts that are being served in the particular years. So when you think in terms of the pricing, it's really not from one quarter to the next, I mean the revenue's going to be basically the same, it's just a timing issue. Cary mentioned in his prepared remarks that there is potential that we could pick up some additional export ton sales in the fourth quarter. If that were to happen, those would be at a little lower price than what our contract tons would be rolled over into 2024.

第四季未能完成的部分，我們會延後到 2025 年。所以在我們的組合中，當你看銷售價格與銷量時，確實會著重於特定年度實際履約的合約。就定價而言，這真的不是一季到下一季的問題，我是說，營收基本上會差不多，主要只是時間點的問題。Cary 在他事先準備的發言中提到，第四季我們有可能再增加一些出口噸數的銷售。如果真的發生，那些噸數的價格會比我們合約噸數延續到 2024 年的價格略低一些。

So that's the issue. So from a volume perspective, if we can ship what we want to ship and what we plan to ship, we will be in inventory levels near where we talked about last quarter, I believe. If for some reason we get delayed and we go to the 34.5, then that's going to push those inventory levels up. So it's a matter of logistics on shipping. I think from a production standpoint, our production impact for the quarter in both Mettiki and MC Mining is going to continue into the fourth quarter. So we've had some people trying to retain sufficient people. And our MC Mining has been a challenge for us.

所以問題就在這裡。從銷量角度來看，如果我們能如願、如計畫出貨，我們的庫存水位會接近我們上季所談到的水準，我相信是這樣。但如果因為某些原因延遲而降到 3,450 萬噸，那就會把庫存水位推高。所以這取決於出貨物流。我認為從生產角度來看，我們在本季 Mettiki 與 MC Mining 的生產影響會延續到第四季。我們一直有人在努力留住足夠的人力。而我們的 MC Mining 對我們來說一直是個挑戰。

So we had to reduce a unit of production at MC Mining towards the back end of the last quarter. That's going to continue into the fourth quarter. And then at Mettiki, as Cary mentioned, the longwall is not expected to start until the end of November. So we'll pick up a little bit of tons with the longwall production, but still we are, our production is limiting our ability to ship some export tons coming out of those 2 operations.

因此我們在上一季後段不得不在 MC Mining 減少一個生產單元。這情況會延續到第四季。然後在 Mettiki，如 Cary 所提到，長壁採煤預期要到 11 月底才會啟動。所以我們會因長壁生產而增加一些噸數，但即便如此，我們的產量仍限制了我們從這兩個營運據點出貨部分出口噸數的能力。

I think the only other thing I would add to that, Nate, is when I made reference to the lock outages and the customer maintenance issues, those are flowing now, the customers that we were referring to in our comments are back online now. And so the tons there are flowing as well.

Nate，我想我唯一要補充的是，當我提到船閘停運以及客戶維修問題時，那些情況現在已經在改善了；我們在評論中提到的客戶現在都已恢復上線。因此那邊的噸數也正在流動。

Very helpful guys. Appreciate that. And then maybe continue with the export theme for a second. You mentioned improving export coal demand based on the recent trends in the API 2 price as well as emerging opportunities in the market. Can you talk about what those emerging opportunities entail? And then second, you mentioned '24 export potential, that you should improve markedly versus '23. So how many export tons do you expect this year? And then how should we think about ARLP's export tonnage over the next few years?

非常有幫助，各位。感謝。接著也許再延伸一下出口主題。你們提到根據 API 2 價格近期趨勢以及市場上新出現的機會，出口煤需求正在改善。你能談談那些新出現的機會具體是什麼嗎？第二，你提到 2024 年的出口潛力相較 2023 年應該會明顯改善。那今年你們預期會有多少出口噸數？另外，我們應該如何看待 ARLP 未來幾年的出口噸數？

So right now we're targeting 5.3 which is what we've got contracted. We could pick up another couple of vessels in 2023. So that number could go up a little bit. It's also possible that number could slide a little bit depending on vessels for this particular year. As we look the next year, as we said previously, we believe we have a strong domestic market share for right at 30 million tons. We do think, however, in 2024 that there's still continuing overhang of inventory at our utilities. And we expect that the market pricing for export's going to be better than the domestic market.

目前我們的目標是 530 萬噸，也就是我們已簽約的數量。我們在 2023 年可能還會再拿到一兩艘船的合約，所以這個數字可能會再小幅上升。同時也有可能因為今年特定的船期安排，這個數字會小幅下滑。展望明年，如我們先前所說，我們相信我們在國內市場約有 3,000 萬噸的強勁市占。不過我們也認為，2024 年公用事業端仍會持續有庫存過高的壓力。我們預期出口市場的定價會優於國內市場。

So we may be a tad lower than the 29.7, maybe it's 28, don't know for sure. And whatever that would be, it would flow into the export market. As we think of our sales for 2024 right now, I think a conservative estimate is consistent with what we're doing in 2023. But we do have -- we believe we would have the potential based on what we're seeing in the export market right now to possibly expand that to 36 million if the export market opportunities do in fact occur as we're projecting. So, there could be that spread of maybe going as high as 7.5 million to 8 million tons in the export market next year. It's going to be depend between the domestic and export opportunities that are presented to us in 2024.

所以我們可能會比 2,970 萬噸略低一點，也許是 2,800 萬噸，還不確定。無論少掉多少，都會流向出口市場。就我們目前對 2024 年的銷售來看，我認為保守估計會與我們 2023 年的做法一致。但我們確實相信，根據我們現在在出口市場看到的情況，如果我們預期的出口市場機會真的出現，我們有可能把總量擴大到 3,600 萬噸。因此，明年出口市場可能會有一個區間，最高可能到 750 萬到 800 萬噸。這將取決於 2024 年國內與出口市場提供給我們的機會之間的取捨。

Got it, Joe. And then just maybe wrapping up with a question on the domestic side. I think you mentioned last quarter there were a number of customers out with RFPs looking to fill their books up for '24 and beyond, I think many for multi-year periods. You mentioned some of the issues we've had this year with the high utility stockpiles, low net gas prices, but it'd be great to get your updated thoughts on what you guys are seeing in the market and how that demand looks for the next couple years.

了解，Joe。最後再用一個問題收尾，關於國內市場。我記得你上季提到有不少客戶正在發 RFP（徵求提案）以補足他們 2024 年及之後的合約量，很多是多年期。你也提到今年公用事業庫存偏高、天然氣淨價偏低等問題。不過很希望聽聽你們對目前市場觀察的最新看法，以及未來幾年的需求展望。

Yes, we are seeing a couple -- we're participating in a couple of solicitations right now for tonnage in the 2025 to 2028 time period. Again for 2024, there is some solicitations also. There is more volumes in the out years than it is in 2024. When we look at the tonnage we were able to book in the third quarter, we actually booked 1.1 million tons of opportunity, but it's mostly in 2023. And then that has allowed for some rollover into 2024 as we look at that position.

是的，我們目前正在參與幾個招標案——是針對 2025 到 2028 年期間的噸數。同樣地，2024 年也有一些招標案。遠期年度的量比 2024 年要多。當我們看第三季能夠簽下的噸數時，我們其實簽下了 110 萬噸的機會，但大多是在 2023 年。接著，當我們看這個部位時，也讓一部分能夠延續到 2024 年。

So again we're very comfortable that 2025, the market reopens to where we will be at that 30 million ton level, at least on domestic sales. And we would like to expect that that's going to continue through the balance of this decade that we would be at that 30 million ton level domestically and feel that the contracts will definitely be there for us as we progress looking forward for the next -- until the end of the decade. And then the export market, we'll just have to read that and see if it's going to be in that 7 to 8 million ton level or slide back, slide it up. Just depends on whatever the market is going to be at the time.

所以我們再次強調，我們對 2025 年市場重新開放、使我們至少在國內銷售達到 3,000 萬噸水準感到非常有信心。我們也希望並預期，在本十年剩餘期間，我們在國內都能維持在 3,000 萬噸的水準，並且認為隨著我們往前推進、展望未來直到十年末，合約一定會在那裡等著我們。至於出口市場，我們就必須持續觀察，看看是否會落在 700 萬到 800 萬噸的水準，或是回落、或是上升。這完全取決於當時的市場狀況。

Next question is coming from Mark Reichman from NOBLE Capital Markets.

下一個問題來自 NOBLE Capital Markets 的 Mark Reichman。

So just continuing that discussion on 2024. So I mean for 2023, from the last quarter, it looked like you picked up 500,000 tons in the export market, and for 2024 you picked up an additional 400,000 tons kind of split evenly between domestic and export. Now that's a little slower than where you were last year third quarter compared to the second quarter. So is this just a timing or do you think -- I mean, do you -- are you looking at it from the standpoint that, yes, this overhang it's slowing things down a little bit. It could weigh on domestic pricing, but you'll make some of that up in the export market, or do you feel like the domestically it's just kind of a timing that you would kind of at the very least be kind of even for -- with 2023 levels?

那就延續剛才對 2024 年的討論。我的意思是，對於 2023 年，從上季來看，你們在出口市場似乎新增了 50 萬噸；而對於 2024 年，你們又新增了 40 萬噸，且大致平均分配在國內與出口之間。現在這個速度比起去年第三季相較第二季的進度要慢一些。所以這只是時間點的問題嗎？還是你認為——我的意思是，你是否從這個角度看：是的，這個庫存壓力讓進度慢了一點，可能會壓抑國內定價，但你們會在出口市場補回一部分；或者你覺得國內其實只是時間點問題，至少會與 2023 年的水準大致持平？

We think consumption in the U.S. domestic market for coal in '24 will be very comparable to '23. And we know that was impacted by natural gas prices. We are seeing natural gas prices rise compared to where it's been in 2023. So there could be some upside to that. But there is still the increased inventory that the utilities have to, they would like to work down. And maybe that's 20-day supply at both the Illinois Basin and Northern App. So we're not anticipating the increase in sales, as I just mentioned, to the domestic market. So we do believe we will be selling more tons in the export market in '24 than '23 as we look at our book of business today. So again we're looking at 35 million tons of sales this year, 35 million next year, possibly going to 36 depending on what the demand is for coal.

我們認為，美國國內市場在 24 年的煤炭消費量將與 23 年非常相近。我們也知道，23 年的表現受到天然氣價格影響。我們看到天然氣價格相較於 2023 年的水準正在上升，因此可能會帶來一些上行空間。但公用事業公司仍有增加的庫存需要、也希望去化。伊利諾伊盆地（Illinois Basin）與北阿巴拉契亞（Northern App.）可能都約有 20 天的供應量。因此，如我剛才提到的，我們不預期對國內市場的銷售會增加。相較之下，根據我們目前的業務訂單（book of business）來看，我們確實相信 24 年在出口市場的銷售噸數會高於 23 年。再次強調，我們今年預計銷售 3,500 萬噸，明年也是 3,500 萬噸，視煤炭需求而定，可能會到 3,600 萬噸。

Okay. No, that's very helpful. And then also, this quarter I had not assumed any outside coal purchases during the quarter. And you had some in the second quarter. Do you expect any in the fourth quarter?

好的。不，這非常有幫助。另外，本季我原本假設本季不會有任何外部煤炭採購，但你們在第二季有一些。你們預期第四季會有嗎？

So those purchases were really caused by our longwall not producing in the third quarter. So when we look in the fourth quarter, Cary, do we -- I don't think we have very much in the fourth quarter.

那些採購主要是因為我們的長壁採煤（longwall）在第三季沒有生產所致。所以我們看第四季時，Cary，我們——我認為第四季不會有太多。

Maybe just a modest amount. It's not very much at all Mark.

可能只有少量而已。真的不多，Mark。

Okay. Great. And then just lastly on capital allocation. Joe, you did a very articulated kind of your capital allocation strategy on the last quarter call. But the company is finding some very promising investments outside its traditional businesses. So I mean, if you were to, wanting to increase, let's say, the amount of investments outside the traditional businesses, how are you thinking about claims on cash flow for 2024 being the debt repayment, the dividend or the distribution versus growth expenditures?

好的。很好。最後想問資本配置。Joe，你在上一季電話會議上非常清楚地闡述了你們的資本配置策略。但公司正在傳統業務之外找到一些非常有前景的投資。因此，如果你們想提高、比如說，提高傳統業務之外的投資金額，你們如何看待 2024 年現金流的資金用途排序：償債、股利或分配（distribution），以及成長性支出（growth expenditures）之間的取捨？

Yes. I think when we're -- to respond to that question, we have been evaluating opportunities to refinance some of the senior notes as opposed to paying them off. That would free that cash flow up. So there's about 4 different avenues we're evaluating. And we find that they're promising. It's more likely than not we'll be able to do that. So that's going to free up. So we're $285 million today, Cary?

是的。我想回應這個問題時，我們一直在評估是否要為部分優先票據（senior notes）進行再融資，而不是直接償還。那樣可以釋放現金流。所以我們正在評估大約 4 條不同的途徑，而且我們認為都很有希望。更可能的情況是我們能做到。這將會釋放出資金。Cary，我們目前是 2.85 億美元，對嗎？

That's right. Yes.

沒錯。是的。

Yes. So assuming that we can refinance that $285 million, that's going to free up some capital that allows us to follow the path that I talked about last quarter on our capital allocations.

是的。所以假設我們能為這 2.85 億美元完成再融資，這將釋放出一些資本，讓我們能沿著我上季談到的資本配置路徑來執行。

The next question is coming from David Marsh from Singular Research.

下一個問題來自 Singular Research 的 David Marsh。

I just wanted to follow up actually on kind of where that last line of questioning was going with regard to the acquisitions outside of the coal space into some of the newer ventures. Could you just talk about kind of the long-term plan and thought process in terms of how large these external investments could grow? And obviously I think it's pretty exciting that the acquisition into the electric vehicle battery recycling space. Could you just talk about any other spaces that you're looking at outside of the traditional coal and oil and gas spaces that could be potentially on the horizon?

我想追問一下，延續剛才那一串問題的方向：關於在煤炭領域之外、進入一些較新的事業所做的收購。你們能否談談長期規劃與思考邏輯：這些外部投資未來可能成長到多大規模？另外，收購進入電動車電池回收領域顯然相當令人振奮。你們也能否談談，除了傳統的煤炭與油氣領域之外，還有沒有在觀察其他可能在未來出現的領域？

Yes. So I think we mentioned in our release, as well as in Cary's comments and mine as well that both of our investments and -- well, the investment in Ascend as well as the investment that we've made in Infinitum we believe not only are they investments in those companies, but we believe that they will provide strategic opportunities for us that we could invest. And it's a little premature to give the exact dollar amounts as to what that could be, but it could be sizable.

是的。我想我們在新聞稿中提到過，也在 Cary 的評論以及我的評論中提到，我們的兩項投資——也就是對 Ascend 的投資，以及我們對 Infinitum 的投資——我們相信它們不僅是對那些公司的財務投資，我們也相信它們將為我們提供可進一步投入的策略性機會。現在要給出確切的金額還有點太早，但規模可能會相當可觀。

So what we're looking for with those relationships are the ability to invest in businesses that we can bring online that would be sustainable for many years and that can generate cash flow that actually can be financeable as well. So that's our goal within those 2 investments. We have focused within our technology group at Matrix to focus on the battery space, and that battery space can be anything from what we're talking about with Ascend. It could be with battery recycling, it can also be in battery storage, whether it be for industrial, whether it be for commercial, whether it be for utility-grade battery storage that we think is necessary.

因此，我們希望透過這些合作關係，能夠投資於我們可以導入營運（bring online）的業務，這些業務能夠在多年內具備永續性，並能產生現金流，而且也能夠被融資（financeable）。這就是我們在這兩項投資中的目標。我們在 Matrix 的技術團隊聚焦於電池領域，而電池領域可以涵蓋很多方向，從我們與 Ascend 討論的內容開始，可能是電池回收，也可能是電池儲能，不論是工業用、商業用，或是我們認為必要的公用事業級（utility-grade）電池儲能。

There could be, in addition to the recycling other aspects of battery technology, we're looking at some manufacturing work that can apply to the transmission area and the build-out of the grid, utilizing our machine shops that we have within that are being managed by the Matrix group as well. We're also looking at Matrix and their products that they're developing.

除了回收之外，在電池技術的其他面向也可能有機會；我們也在看一些製造相關的工作，可應用於輸電領域與電網擴建（grid build-out），並利用我們的機械工廠（machine shops），這些工廠也由 Matrix 團隊管理。我們也在關注 Matrix 以及他們正在開發的產品。

We've talked in the past about them growing their cash flow with innovative products that they are bringing to market. Specifically their IntelliZone, which is the product that we have now that has been providing the cash flow. That's being broadened internationally, and we believe that has growth potential, and we're booking or we are booking orders for 2024 in that specific area of Matrix. In addition, they've got OmniPro, which is -- we've talked about, that's also going to be rolling out in 2024, which is a collision avoidance camera type technology for the forklift industry. We think that within that technology company we have, there are a lot of exciting things that their R&D group are looking at that we think will be adding meaningfully as we look over the next 5 to 6 years.

我們過去談過，他們透過將創新產品推向市場來提升現金流。具體來說是 IntelliZone，這是我們目前已有、並一直在提供現金流的產品。該產品正在向國際市場擴展，我們相信它具有成長潛力，而且我們正在為 2024 年在 Matrix 的這個特定領域預訂（booking）訂單。此外，他們還有 OmniPro——我們也談過——這也將在 2024 年推出，這是一種用於堆高機產業的防碰撞攝影機類型技術。我們認為，在我們擁有的這家科技公司裡，他們的研發團隊正在研究許多令人振奮的事情，我們相信在未來 5 到 6 年的展望中，這些將帶來有意義的貢獻。

Meaningfully growing that particular segment. So hopefully it will be large enough to be a segment in 3 to 4 years if we can bring these things to market like we're currently anticipating. So those are some of the ideas that we have. And obviously we're continuing to believe in our minerals segment and continuing to want to invest in that so that that can continue to grow, as well as the other new venture concepts that I just outlined.

讓該特定事業部門有意義地成長。因此，如果我們能如目前預期般把這些產品推向市場，希望在 3 到 4 年內它能大到足以成為一個獨立的事業分部（segment）。以上是我們的一些想法。當然，我們也持續看好我們的礦產事業分部（minerals segment），並持續希望投資其中，使其能夠繼續成長，同時也包括我剛才概述的其他新事業概念。

It's certainly very compelling for divesting away from the core business and making it a little bit more interesting with some potential upside kickers. So that's compelling. With regard to the distribution, which you guys continue to maintain very solid distribution, obviously, where the units are trading now, dividend yield is very attractive. Would the cash flow at this point in time and the outlook support possibly an increase in that distribution as we start to head into next year? Or given where the units are trading, is the Board perhaps evaluating maybe repurchasing some of the units?

這確實很有吸引力，能從核心業務逐步分散，讓公司更有趣，並帶來一些潛在的上行加成（upside kickers）。這很吸引人。關於分配（distribution），你們持續維持非常穩健的分配水準；以目前單位（units）的交易價格來看，股利殖利率非常有吸引力。以目前的現金流與展望，是否支持在我們進入明年時可能提高分配？或者，考量單位目前的交易價格，董事會是否可能在評估回購部分單位？

I think that as we look to next year, we're still in our planning process. However, I've sort of given you some indication that we're looking at next year pretty much being a mirror of this year as far as where we are right now thinking that our cash flow would be, and it could. And so when we think of distribution, we have the capability to maintain or grow. I think that right now, we're focused on finishing out this year strong, and we are committed, as I've repeated the last 2 calls with our distribution at the level it is.

我認為，展望明年時，我們仍在規劃流程中。不過，我已經給了你一些訊號：就我們目前的看法，明年的情況大致會是今年的鏡像，包含我們認為現金流可能落點的水準，而且確實有可能如此。因此談到分配，我們有能力維持或成長。我想目前我們的重點是把今年的表現收好，我也如同過去兩次電話會議重申的，我們承諾會維持目前這個分配水準。

This year, to be frank, we're a little disappointed that the market hasn't appreciated those by the unit price not reflecting to where we've got a yield. That's probably higher than it should be. In other words, our unit price should be higher than where it is. But the Board will -- once we finalize our plan, present that to them, we'll have a preliminary review with them in December, but the final plan will be approved in January, and we'll be in a position to better answer your question as to what the future distribution policy will be at our January call.

坦白說，今年我們有點失望，市場並未反映出我們的單位價格所對應的殖利率；那個殖利率可能高於應有水準。換句話說，我們的單位價格應該比目前更高。不過董事會——一旦我們把計畫定案並提交給他們，我們會在 12 月與他們進行初步審查，但最終計畫將於 1 月核准；屆時在 1 月的電話會議上，我們將能更好地回答您關於未來配息政策會是什麼的問題。

(Operator Instructions) Our next question is coming from David Storms from Stonegate.

（接線員指示）我們的下一個問題來自 Stonegate 的 David Storms。

Just wanted to go back, earlier in the call you had mentioned that logistics are going to be the big driver of what your shipped tons look like to close out the year. Are there any variables, any notable variables in logistics channels that you're keeping a particular eye on?

我想回到先前的部分，您在電話會議較早時提到，物流將是決定您今年結束前出貨噸數表現的主要驅動因素。在物流通路方面，有沒有任何變數、任何值得注意的變數，是您特別在關注的？

The primary is just our export shipments. So we do have inventory at the pier, but we're going to need to continue to shift coal from our mines to the piers. And we've had some low water in the Mississippi that has slowed some of the barge movements. So it's really just a matter of timing of barge availability to be able to ship our tons to be able to also match when the vessels come in and what the loading dates actually turn out to be. So that's the primary logistical issue that we'd be faced. I don't think with our domestic customers, there are any concerns about parts availability, water, et cetera, but it's more on the export side to where we could have some timing issues on vessel loadings.

主要就是我們的出口出貨。因此我們在碼頭確實有庫存，但我們需要持續把煤從礦場轉運到碼頭。另外，密西西比河水位偏低，已經放慢了一些駁船運輸的移動速度。所以這真的就是駁船可用性的時間點問題：我們要能把噸數運出去，同時也要配合船舶進港的時間，以及實際的裝載日期最後會落在何時。這是我們面臨的主要物流議題。我不認為在國內客戶方面會有零件供應、水位等等的疑慮；比較是在出口端，可能會在船舶裝載時程上出現一些時間點的問題。

Understood. And then you also mentioned in the call just some challenges around labor and equipment in the quarter. Should we expect that, that will be all wrapped up before the end of fiscal year '24?

了解。另外您也在電話會議中提到，本季在人力與設備方面有一些挑戰。我們是否可以預期，這些問題會在 2024 會計年度結束前全部解決？

From an equipment standpoint, yes, that was isolated at basically both MC Mining and at Tunnel Ridge. Tunnel Ridge has already corrected itself. We've gotten the repairs. The delays are behind us. At MC Mining, we've had new deliveries for equipment to replace the older equipment that were delayed that caused some of the impact on production. And I think all that -- those items are expected to be delivered now as we speak. So we do believe by the end of the year, from an equipment standpoint, that will be behind us as far as head count. Right now we're planning to run MC at 3 units.

就設備而言，是的，那是局部事件，基本上發生在 MC Mining 與 Tunnel Ridge 兩處。Tunnel Ridge 已經修正完成，我們已完成維修，延誤已經過去。在 MC Mining，我們原本要交付用來汰換舊設備的新設備，但交付延遲，對產量造成了一些影響。我認為這些——這些項目目前都預期正在交付中。因此我們相信到年底，從設備角度來看，這些問題將會過去。至於人力編制方面，目前我們規劃讓 MC 以 3 個單元運作。

So that's still in the balance. So that still could be an issue for MC Mining. So that could be 1 unit of production. But at all other mines, we're expecting that we'll be fully staffed to be able to meet our production levels that we're able to do this year and continue into next year. We are actually seeing some improvement in the Illinois Basin. So we've done some reevaluation of our approach to try to recruit by opening our Henderson County mine, that's opened a new market for some workers that we're starting to see some increased applicant flow that's encouraging for our River View mine.

所以這部分仍在權衡之中，因此對 MC Mining 來說仍可能是個問題；那可能會影響 1 個單元的產量。但在其他所有礦場，我們預期人力將會補足，能夠達成我們今年可達到的產量水準並延續到明年。我們其實在伊利諾伊盆地看到一些改善。因此我們重新評估了招募方式，透過開放我們的 Henderson County 礦場，開啟了新的勞動市場；我們開始看到申請人流量增加，這對我們的 River View 礦場而言是令人鼓舞的。

That's great to hear. And then lastly, I would just love to get your thoughts on the domestic regulatory environment. Anything that you're watching with the upcoming election cycle or anything of that nature?

很高興聽到。最後，我也想請教您對國內監管環境的看法。對於即將到來的選舉週期或類似因素，有沒有什麼是您在關注的？

All right. From a regulatory standpoint, the biggest use related to our customers. I mentioned about that in the last quarter. Not a lot has progressed in that area. There's 8 different regulations that EPA has proposed. There's only one that's been finalized, and they're still out there. At the same time, what we've seen really starting from the last call through today, and I think it's going to continue is that we're starting to -- the industry is starting to value the need for reliability. And because there is a concern of reliability and what the impact of these regulations may have on reliability of electricity generation, that may have slowed down the process here. I don't know for -- I don't really know why we haven't seen much progress, not complaining.

好的。從監管角度來看，最大的議題與我們的客戶相關。我在上一季提過這點。那方面沒有太多進展。EPA 已提出 8 項不同的法規提案，目前只有 1 項已定案，其餘仍在那裡。同時，從上次電話會議到今天我們看到的情況——而且我認為會持續——是我們開始……整個產業開始重視可靠性的需求。由於大家擔心可靠性，以及這些法規可能對發電可靠性造成的影響，這可能讓流程放慢。我不太清楚——我真的不太知道為什麼我們沒有看到太多進展，也不是在抱怨。

But it's still out there. It's still an issue. However, I think the demand that's needed has been a recognition that -- it's similar to what you look at where the administration is on oil, right? I mean, they want to make doggone sure that gasoline prices are reasonable to low. So they're going to try to encourage enough supply to come on the market in an election year. I would hope that they don't want to see blackouts and brownouts on the electric side in an election year either. So maybe things will delay, be delayed until after the election. It's hard to know. But they're still out there from EPA perspective at the same time. They're just artificial compliance dates. There's no reason why they have to be on the certain dates that they got in, proposed. And so we haven't seen the final. They've got comments. So we've got to wait and see what the final rules are to really be able to answer your question.

但它仍然存在，仍然是個問題。不過，我認為對所需需求的認知——這有點像你看政府對石油的立場，對吧？我的意思是，他們想要非常確保汽油價格合理偏低。因此在選舉年，他們會試著鼓勵足夠的供給進入市場。我也希望他們在選舉年不會想在電力端看到停電或限電。所以也許事情會延後到選後。很難說。但從 EPA 的角度來看，這些仍然存在。同時，那些只是人為設定的合規日期；沒有理由一定要落在他們所提議的那些特定日期。而且我們還沒看到最終版本。他們已收到意見回饋，所以我們必須等著看最終規則是什麼，才能真正回答您的問題。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Cary for any further or closing comments.

我們的問答環節到此結束。我想把時間交回給 Cary，請他做進一步或結語評論。

Thank you, operator, and to everyone on the call. We appreciate your time this morning as well and also your continued support and interest in Alliance. Our next call to discuss our fourth quarter 2023 financial and operating results is currently expected to occur in January. And we hope everyone will join us again at that time. This concludes our call for the day. Thank you.

謝謝您，接線員，也謝謝所有參與電話會議的各位。我們感謝大家今天早上的時間，也感謝各位持續對 Alliance 的支持與關注。我們下一次用來討論 2023 年第四季財務與營運結果的電話會議，目前預期將在 1 月舉行。我們也希望屆時大家能再次加入。本日電話會議到此結束。謝謝。

Thank you. That does conclude today's teleconference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您今天的參與。