(ARLP) 2023 Q4 法說會逐字稿

Greetings.

問候。

Welcome to Alliance Resource Partners, L.P., fourth-quarter 2023 earnings conference call.

歡迎參加 Alliance Resource Partners, L.P. 2023 年第四季財報電話會議。

(Operator Instructions) Please note this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

At this time, it's my pleasure to turn the conference over to Cary P. Marshall, Senior Vice President and Chief Financial Officer.

這次，我很高興將會議交給資深副總裁兼財務長 Cary P. Marshall。

Mr. Marshall, you may now begin.

馬歇爾先生，您現在可以開始了。

Thank you, operator, and welcome everyone.

謝謝運營商，歡迎大家。

Earlier this morning, Alliance Resource Partners released its fourth-quarter and full-year 2023 financial and operating results, and we will now discuss those results as well as our perspective on current market conditions and outlook for 2024.

今天早些時候，Alliance Resource Partners 發布了 2023 年第四季和全年財務和營運業績，我們現在將討論這些結果以及我們對當前市場狀況和 2024 年前景的看法。

Following our prepared remarks, we will open the call to answer your questions.

在我們準備好的發言之後，我們將召開電話會議來回答您的問題。

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.

在開始之前，請注意，我們今天的一些言論可能包括前瞻性陳述，這些陳述受到我們不時向美國證券交易委員會提交的文件中包含的各種風險、不確定性和假設的影響，也反映在今天上午的新聞稿中。

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.

雖然這些前瞻性陳述是基於我們目前掌握的信息，但如果這些風險或不確定性中的一項或多項成為現實，或者如果我們的基本假設被證明是不正確的，則實際結果可能與我們預測或預期的結果有重大差異。

In providing these remarks, the partnership has no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law to do so.

在提供這些言論時，合作夥伴沒有義務公開更新或修改任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求這樣做。

Finally, we will also be discussing certain non-GAAP financial measures.

最後，我們也將討論某些非公認會計準則財務指標。

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.

這些非GAAP 財務指標與最直接可比較的GAAP 財務指標之間差異的定義和調節包含在ARLP 新聞稿的末尾，該新聞稿已發佈在我們的網站上，並以8-K 表格的形式提交給SEC 。

With the required preliminaries out of the way, I will begin with a review of our results for the fourth quarter and full year; give an overview of our 2024 guidance; then turn the call over to Joe Craft, our Chairman, President, and Chief Executive Officer, for his comments.

在完成必要的準備工作後，我將首先回顧我們第四季和全年的業績；概述我們的 2024 年指導方針；然後將電話轉給我們的董事長、總裁兼執行長 Joe Craft，徵求他的意見。

During 2023, we delivered another record full year in terms of revenues, coal sales price per ton, oil and gas royalty volumes, and net income.

2023 年，我們在收入、每噸煤炭銷售價格、石油和天然氣特許權使用費以及淨利潤方面再次創下全年紀錄。

We accomplished these records in a challenging year for the global economy, pressured by high interest rates, global/geopolitical unrest, and continued volatility in commodity prices.

我們在全球經濟充滿挑戰的一年中實現了這些記錄，受到高利率、全球/地緣政治動盪以及大宗商品價格持續波動的壓力。

Operationally, we had to contend with reduced volumes across the Appalachia region primarily caused by lower recoveries, fewer operating units at MC Mining, and challenging geologic conditions that delayed development of the new district at our Mettiki longwall operations.

在營運方面，我們必須應對阿巴拉契亞地區產量減少的問題，這主要是由於採收率較低、MC Mining 的營運單位減少以及地質條件的挑戰導致 Mettiki 長壁作業新區的開發延遲。

Notwithstanding these obstacles, we achieved our outstanding results through a combination of our well-contracted order book, tight focus on operating efficiencies, and investment for longer-term strategic positioning with our customers.

儘管存在這些障礙，我們透過精心簽訂的訂單、對營運效率的嚴格關注以及對客戶長期策略定位的投資，取得了出色的業績。

Full-year revenues were $2.6 billion, an increase from $2.4 billion in 2022.

全年營收為 26 億美元，較 2022 年的 24 億美元增加。

Net income was $630.1 million, up from $586.2 million, And earnings per unit increased nearly 10% from $4.39 in 2022 to $4.81 in 2023.

淨利潤為 6.301 億美元，高於 5.862 億美元，每單位收益成長近 10%，從 2022 年的 4.39 美元增至 2023 年的 4.81 美元。

Looking more closely at the fourth-quarter comparisons, total revenues were $625.4 million in the 2023 quarter compared to $704.2 million in the 2022 quarter.

仔細觀察第四季的比較，2023 年季度的總收入為 6.254 億美元，而 2022 年季度的總收入為 7.042 億美元。

The year-over-year decline was driven primarily by lower coal prices, lower oil and gas prices, and reduced coal sales volumes in Appalachia, which more than offset record oil and gas royalty volumes and higher transportation and other revenues.

年比下降的主要原因是煤炭價格下降、石油和天然氣價格下降以及阿巴拉契亞地區煤炭銷量減少，這遠遠抵消了創紀錄的石油和天然氣特許權使用費以及運輸和其他收入的增加。

Total coal sales price per ton was $60.60 for the 2023 quarter, a decrease of 10.7% versus the 2022 quarter.

2023 年季度煤炭總銷售價格為每噸 60.60 美元，比 2022 年季度下降 10.7%。

Softer demand in both domestic and international markets resulting from a mild start to winter and lower natural gas prices negatively impacted coal pricing.

冬季開局溫和，導致國內和國際市場需求疲軟，天然氣價格下跌，對煤炭價格產生負面影響。

This was partially offset by the positive impacts of our contracted order book.

這被我們合約訂單的正面影響部分抵消。

On a sequential basis, coal sales price per ton was 6.7% lower.

噸煤銷售價格季減6.7%。

As it relates to volumes, total coal production of 7.9 million tons was 6.6% lower compared to the 2022 quarter, while coal sales volumes decreased 7.5% to 8.6 million tons compared to the 2022 quarter.

從數量來看，煤炭總產量為 790 萬噸，較 2022 年季度下降 6.6%，煤炭銷量較 2022 年季度下降 7.5%，至 860 萬噸。

Illinois Basin coal sales volumes increased by 2.1% and 6.1% compared to the 2022 and sequential quarters, respectively.

與 2022 年和連續幾季相比，伊利諾州盆地煤炭銷售量分別成長 2.1% 和 6.1%。

The increase is the result of higher volumes from our Hamilton and Warrior mines compared to the 2022 quarter and from our Gibson South operation sequentially.

這一增長是由於與 2022 年季度相比，我們的 Hamilton 和 Warrior 礦場以及 Gibson South 礦場的產量有所增加。

Coal sales volumes in Appalachia were down 27.4% and 8.8%, respectively, compared to the 2022 and sequential quarters.

與 2022 年和連續幾季相比，阿巴拉契亞地區的煤炭銷售量分別下降了 27.4% 和 8.8%。

The reduced volumes across the region was primarily caused by lower recoveries, reduced operating units at MC Mining, a scheduled longwall move at our Tunnel Ridge mine, and challenging geologic conditions at our Mettiki longwall operation that delayed the development of a new longwall district.

該地區產量減少的主要原因是採收率較低、MC Mining 運營單位減少、Tunnel Ridge 礦山預定的長壁移動以及 Mettiki 長壁作業的地質條件嚴峻，推遲了新長壁區的開發。

Additionally, 2023 quarter coal inventory and tons sold were negatively impacted by approximately 0.6 million tons due to an unexpected temporary outage at a third-party Gulf Coast export terminal we used for export market sales.

此外，由於我們用於出口市場銷售的第三方墨西哥灣沿岸出口碼頭意外暫時停電，2023 年季度煤炭庫存和銷售噸數受到約 60 萬噸的負面影響。

In our royalty segment's total revenues were $53 million in the 2023 quarter, down 1.9% year over year but essentially unchanged sequentially.

2023 年季度，我們的特許權使用費部門的總收入為 5,300 萬美元，年減 1.9%，但與上一季基本持平。

The year-over-year decrease in revenues reflects lower realized oil and gas commodity pricing that more than offset record oil and gas volumes and increases in coal royalty revenue per ton.

收入的同比下降反映了石油和天然氣商品的實際定價較低，這足以抵消創紀錄的石油和天然氣產量以及每噸煤炭特許權收入的增長。

Specifically, coal royalty revenue per ton was up 24.3% compared to the 2022 quarter, while lower commodity prices led to oil and gas royalties' average realized sales prices being down 19.7% per BOE versus the 2022 quarter.

具體而言，每噸煤炭特許權收入較 2022 年季度增長 24.3%，而大宗商品價格下降導致石油和天然氣特許權使用費平均實現銷售價格每桶當量較 2022 年季度下降 19.7%。

Sequentially, coal royalty revenue per ton was 0.9% lower, and oil and gas royalties and average sales prices were up 0.9% per BOE.

隨後，每噸煤炭特許權使用費收入下降了 0.9%，每桶油當量石油和天然氣特許權使用費和平均銷售價格上漲了 0.9%。

Oil and gas royalty volumes increased 13.1% on a BOE basis to a new record, while coal royalty tons sold declined 5.4% year over year.

以京東方計算，石油和天然氣特許權使用費銷量成長 13.1%，創下新紀錄，而煤炭特許權使用費銷量較去年同期下降 5.4%。

The record volumes from oil and gas resulted from increased drilling and completion activities on our interests and acquisitions of additional oil and gas mineral interests.

石油和天然氣產量創歷史新高，是由於我們權益的鑽探和完井活動增加以及收購了更多石油和天然氣礦產權益。

Turning to costs, segment adjusted EBITDA expense per ton sold for our coal operations was $42.91, an increase of 7.9% and 4.2% versus the 2022 and sequential quarters, respectively.

說到成本，我們煤炭業務每噸銷售的部門調整後 EBITDA 費用為 42.91 美元，比 2022 年和連續幾季分別成長 7.9% 和 4.2%。

The impacts of lower volumes I just discussed in Appalachia and higher cost purchased coal more than offset improvements in the Illinois Basin.

我剛才討論的阿巴拉契亞地區產量下降和煤炭採購成本上升的影響遠遠抵消了伊利諾伊州盆地的改善。

Specifically, the Illinois Basin saw higher volumes and lower expenses at the Hamilton mine as compared to the 2022 quarter when the facility experienced an unexpected outage that lasted four weeks.

具體而言，與 2022 年季度相比，伊利諾伊盆地漢密爾頓礦的產量更高，費用更低，當時該設施經歷了持續四週的意外停電。

Last quarter, we gave additional color to our Appalachia longwall operation at Mettiki.

上個季度，我們為 Mettiki 的阿巴拉契亞長壁作業增添了更多色彩。

It was idle for the entire third quarter and end of the fourth quarter, but returned to production in late December.

整個第三季和第四季末都處於閒置狀態，但在 12 月底恢復生產。

In 2024, we expect to move the longwall again, skipping over a region of adverse geology, and resume production under much more favorable mining conditions in March.

2024 年，我們預計將再次移動長壁開採，跳過不良地質區域，並在 3 月在更有利的採礦條件下恢復生產。

This is expected to benefit overall production volumes and cost in Appalachia in 2024 when compared to the back half of 2023, which is reflected in the guidance I will discuss in a moment.

與 2023 年下半年相比，預計這將有利於 2024 年阿巴拉契亞的整體產量和成本，這反映在我稍後討論的指導中。

Our net income in the 2023 quarter was $115.4 million, 46.8% lower as compared to the 2022 quarter.

我們 2023 年季度的淨利潤為 1.154 億美元，比 2022 年季度下降 46.8%。

The decrease reflects the previously discussed lower coal sales volumes and realized prices, higher production expenses, and lower realized prices in oil and gas royalties, partially offset by higher coal royalty sales price per ton realizations and record volumes in oil and gas royalties.

這一下降反映了先前討論的煤炭銷售和實現價格下降、生產費用增加以及石油和天然氣特許權使用費實現價格下降，但部分被每噸煤炭特許權銷售價格上漲和石油和天然氣特許權使用費創紀錄數量所抵消。

EBITDA for the quarter was $185.4 million, down 37.6% as compared to the 2022 quarter.

該季度 EBITDA 為 1.854 億美元，較 2022 年季度下降 37.6%。

Now turning to our balance sheet and uses of cash.

現在轉向我們的資產負債表和現金使用。

Alliance generated free cash flow for the full year 2023 of $421.6 million.

Alliance 2023 年全年自由現金流為 4.216 億美元。

During the 2023 quarter, we completed two acquisitions of mineral interest totaling $24.8 million for 3,236 net royalty acres in the Permian, Anadarko, and Williston basins.

在 2023 年季度，我們完成了兩次礦產權益收購，總計 2,480 萬美元，涉及二疊紀盆地、阿納達科盆地和威利斯頓盆地的 3,236 英畝淨特許權使用費英畝。

Additionally, during the 2023 quarter, we paid a quarterly distribution of $0.70 per unit equating to an annualized rate of $2.80 per unit.

此外，在 2023 年季度，我們支付了每單位 0.70 美元的季度分配，相當於每單位年化利率為 2.80 美元。

This distribution level is unchanged sequentially and as compared to the 2022 quarter.

與 2022 年季度相比，這一分配水準連續保持不變。

Lastly, we reduced our debt outstanding by $22.9 million, resulting in total and net leverage ratios of 0.37 and 0.31 times, respectively, total debt to trailing 12 months adjusted EBITDA.

最後，我們將未償債務減少了 2,290 萬美元，總債務與過去 12 個月調整後 EBITDA 的總槓桿率和淨槓桿率分別為 0.37 倍和 0.31 倍。

Total liquidity was $492.1 million at year end, which included $59.8 million of cash on the balance sheet.

截至年底，流動性總額為 4.921 億美元，其中包括資產負債表上的 5,980 萬美元現金。

Turning to our initial guidance detailed in this morning's release, 2024 is shaping up to be a solid year for ARLP with a well contracted order book and the opportunity to flex additional export tons should market conditions warrant the move.

談到我們今天早上發布的初步指導意見，2024 年對於 ARLP 來說將是堅實的一年，訂單簿收縮良好，如果市場條件允許的話，還有機會增加出口噸位。

As you will notice, we have provided some additional color to our outlook by detailing both estimated realized pricing and cost per ton by region.

正如您所注意到的，我們透過按地區詳細介紹預計實現價格和每噸成本，為我們的前景提供了一些額外的色彩。

Our expected realized full year 2024 price is based on a combination of our contracted order book and our expectations for additional contracting, both domestic and export, for the open position.

我們預計 2024 年全年實現的價格是基於我們的合約訂單簿和我們對未平倉頭寸的額外合約（國內和出口）的預期的結合。

We expect the logistic issues that pressured the second half of 2023, including low river system water levels and an extended outage at the third-party export terminal we utilized in the Gulf of Mexico, to no longer impact 2024 results.

我們預計，給 2023 年下半年帶來壓力的物流問題（包括河流系統水位較低以及我們在墨西哥灣使用的第三方出口碼頭長時間停電）將不再影響 2024 年業績。

We anticipate ARLP's overall coal sales volumes in 2024 to be in a range of 34 million to 35.8 million tons, with over 90% of these volumes committed and priced at attractive levels similar to the 2023 averaged realized pricing.

我們預計 ARLP 到 2024 年的煤炭總銷量將在 3,400 萬噸至 3,580 萬噸之間，其中超過 90% 的銷量已承諾，且定價與 2023 年平均實現定價類似，具有吸引力。

Specifically, our committed tonnage for 2024 is 32.5 million tons, including 28.4 million domestically and 4.1 million to the export markets.

具體來說，我們2024年的承諾噸位為3,250萬噸，其中國內2,840萬噸，出口市場410萬噸。

Coal sales prices in the Illinois Basin are expected to range between $54.50 and $56 per ton compared to $55.21 per ton in 2023; and in Appalachia, in the range of $80.50 to $83.50 per ton compared to $86.98 per ton sold in 2023.

伊利諾州盆地的煤炭銷售價格預計在每噸 54.50 美元至 56 美元之間，而 2023 年為每噸 55.21 美元；在阿巴拉契亞地區，價格在每噸 80.50 美元至 83.50 美元之間，而 2023 年的售價為每噸 86.98 美元。

On the cost side, we expect full-year 2024 segment adjusted EBITDA expense per ton in the Illinois Basin to be in a range of $35.25 to $37.25 per ton as compared to $34.84 in 2023; and in Appalachia, $54.25 to $57.25 per ton has compared to $53.15 per ton in 2023.

在成本方面，我們預計伊利諾伊州盆地 2024 年全年每噸部門調整後 EBITDA 費用將在每噸 35.25 美元至 37.25 美元之間，而 2023 年為每噸 34.84 美元；在阿巴拉契亞，2023 年的價格為每噸 54.25 美元至 57.25 美元，而 2023 年為每噸 53.15 美元。

During the full year 2024, we have three scheduled longwall moves at Hamilton, three at Tunnel Ridge, and two at Mettiki; with one of the moves at Mettiki and one in Hamilton scheduled in March.

2024 年全年，我們計劃在漢密爾頓進行 3 次長壁作業，在 Tunnel Ridge 進行 3 次，在 Mettiki 進行 2 次；計劃於三月在梅蒂基（Mettiki）和漢密爾頓（Hamilton）進行一項搬遷。

In our oil and gas royalty segment, we expect sales of 1.4 million to 1.5 million barrels of oil, 5.6 million to 6 million MCF of natural gas, and 675,000 to 725,000 barrels of liquid.

在我們的石油和天然氣特許權使用費領域，我們預計將銷售140萬至150萬桶石油、560萬至600萬立方英尺天然氣以及675,000至725,000桶液體。

Segment adjusted EBITDA expense is expected to be approximately 12% of oil and gas royalties revenues for the year.

部門調整後的 EBITDA 費用預計將佔本年度石油和天然氣特許權使用費收入的 12% 左右。

In 2024, we are anticipating $450 million to $500 million in total capital expenditures.

到 2024 年，我們預計總資本支出將達到 4.5 億至 5 億美元。

Consistent with messaging in recent quarters, 2023 and 2024 are years of elevated capital expenditures as we make long-term strategic investments in our River View, Warrior, Hamilton, and Tunnel Ridge mines to ensure they remain reliable, low-cost operations for many years to come.

與最近幾季的消息一致，2023 年和2024 年是資本支出增加的年份，因為我們對River View、Warrior、Hamilton 和Tunnel Ridge 礦山進行長期戰略投資，以確保它們多年來保持可靠、低成本的運作來。

Starting in 2025, we anticipate our capital expenditures to return to more normalized levels of $6.75 to $7.75 per ton produced.

從 2025 年開始，我們預計資本支出將恢復到每噸生產 6.75 美元至 7.75 美元的更正常水準。

Additionally, we remain committed to investing in our oil and gas minerals business, the amount of which will be dependent upon the opportunities available that meet our underwriting standards.

此外，我們仍然致力於投資我們的石油和天然氣礦產業務，其金額將取決於符合我們承保標準的可用機會。

Next, we remain focused on continuing to improve our balance sheet, maintaining flexibility and strong liquidity.

接下來，我們仍將重點放在持續改善資產負債表、維持靈活性和強勁的流動性。

We expect to retire the $285 million outstanding on our senior notes periodically throughout the balance of 2024 using a combination of operating cash flows and a number of attractive financing options currently available to us, including increases to our existing facilities, equipment financings, and utilizing the collateral value of our high-quality and unencumbered royalty assets, all of which are at various stages of execution today.

我們預計將在2024 年餘下的時間內定期償還我們高級票據上未償還的2.85 億美元，結合經營現金流和我們目前可用的一些有吸引力的融資選擇，包括增加我們現有的設施、設備融資以及利用我們高品質且無負擔的特許權使用費資產的抵押價值，所有這些資產目前都處於不同的執行階段。

Thereafter, we will continue to evaluate the highest return and best use of excess cash flow.

此後，我們將繼續評估超額現金流的最高回報和最佳利用。

This includes returning capital to our unitholders in the form of cash distributions or unit repurchases and accretive growth opportunities that extend beyond our base business.

這包括以現金分配或單位回購的形式向我們的單位持有人返還資本，以及超越我們的基礎業務的增值成長機會。

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

接下來，我將把電話轉給 Joe，徵求他對市場的評論以及他對 ARLP 的展望。

Joe?

喬？

Thank you, Cary, and good morning, everyone.

謝謝你，卡里，大家早安。

I wanted to begin my comments by thanking and congratulating the entire Alliance organization for their resilience, continued hard work, and dedication.

我想先感謝並祝賀整個聯盟組織的韌性、持續的辛勤工作和奉獻精神。

We're delivering another record year for total revenue, realized pricing per ton sold, oil and gas royalty volumes, and net income.

我們的總收入、每噸銷售的實現定價、石油和天然氣特許權使用費以及淨收入再創歷史新高。

Cary did an excellent job summarizing our 2023 results and outlining our guidance for the upcoming year, as well as explaining the factors that contributed to our success in 2023.

Cary 出色地總結了我們 2023 年的業績，概述了我們對來年的指導，並解釋了促成我們在 2023 年取得成功的因素。

As we look to 2024, our coal sales book is expected to be equally as strong as last year and be the anchor to deliver another solid year of revenue.

展望 2024 年，我們的煤炭銷售預計將與去年一樣強勁，並成為實現另一個穩健收入年度的支柱。

Our dependability and the reliability of our coal quality are highly valued by our customers, evidenced by the premium pricing we have received relative to the spot market and recent commitments with domestic customers for multi-year contracts.

我們的可靠性和煤炭品質的可靠性受到客戶的高度評價，我們相對於現貨市場獲得的溢價以及最近與國內客戶簽訂的多年合約的承諾就證明了這一點。

We are entering 2024 with over 90% of our coal sales volumes committed and priced at similar levels relative to 2023.

進入 2024 年，我們承諾 90% 以上的煤炭銷量，價格與 2023 年相似。

We are expecting our production to be more consistent than 2023, believing we have moved beyond the several negative geologic areas that we faced this past year.

我們預計我們的產量將比 2023 年更加穩定，相信我們已經超越了去年面臨的幾個負面地質區域。

As we think about the outlook for the coal industry and the markets we serve, several key themes emerge, underscoring the critical need for reliable, affordable, baseload fuel for electric generation.

當我們思考煤炭產業和我們所服務的市場的前景時，出現了幾個關鍵主題，強調了對可靠、負擔得起的發電基本負載燃料的迫切需求。

The first relates to increasing market expectations for nationwide energy demand.

首先是市場對全國能源需求的預期不斷提高。

Over the past year, we should all take notice that grid planners have nearly doubled five-year load growth forecast in support of ongoing investment in US, industrial, and manufacturing sectors, as well as citing rising energy needs associated with data centers and artificial intelligence.

在過去的一年裡，我們都應該注意到，電網規劃者將五年負載成長預測提高了近一倍，以支持美國工業和製造業的持續投資，並指出與資料中心和人工智慧相關的能源需求不斷成長。

While the speed of electrifying the transportation sector may have slowed, the enthusiasm for AI has accelerated.

儘管交通運輸業電氣化的速度可能已經放緩，但人們對人工智慧的熱情正在加速。

The power demand requirements for data center cannot be understated, highlighted by recent estimates that electric demand from operational and announced data centers in the US will reach over 30 gigawatts in the coming years, with some individual sites needing upwards of 600 megawatts of power.

資料中心的電力需求不容低估，最近的估計表明，未來幾年美國已營運和已宣布的資料中心的電力需求將達到 30 兆瓦以上，其中一些單一站點的電力需求將超過 600 兆瓦。

These increased revisions are not temporary fluctuations, but represent fundamental changes to energy consumption patterns.

這些增加的修正不是暫時的波動，而是代表能源消費模式的根本改變。

Just last week, the governor of Indiana announced Facebook parent, Meta, will build an $800 million data center on a 600-acre site in Jeffersonville, Indiana, across the river from Louisville, Kentucky.

就在上週，印第安納州州長宣布 Facebook 母公司 Meta 將在印第安納州傑斐遜維爾 (Jeffersonville) 佔地 600 英畝的場地上建造一座耗資 8 億美元的資料中心，與肯塔基州路易斯維爾隔河相望。

And the governor said that his state aims to be the AI capital of the Midwest, while Kentucky's governor for several years has declared Kentucky as the undisputed electric battery production capital of the United States of America.

州長表示，該州的目標是成為中西部的人工智慧之都，而肯塔基州州長多年來一直宣稱肯塔基州是美國無可爭議的電池生產之都。

Both of these messages suggest more to come, more proof to support our belief that low growth in our key markets will be exceptionally strong over this decade.

這兩個訊息都預示著更多的未來，更多的證據支持我們的信念，即我們的主要市場的低成長將在這十年中異常強勁。

Furthermore, we are observing a renewed emphasis and urgency by regulatory bodies, such as ERC and NERC, to ensure power grid reliability, a fundamental attribute coal-fired generation provides.

此外，我們注意到 ERC 和 NERC 等監管機構再次強調並緊迫地確保電網可靠性，這是燃煤發電的基本屬性。

In the markets we serve, regulators, elected officials, and leaders focused on economic development are evaluating actions needed to ensure reliable electricity capacity is available to meet this growing electric demand, especially in peak times.

在我們服務的市場中，監管機構、民選官員和關注經濟發展的領導人正在評估所需採取的行動，以確保提供可靠的電力容量，以滿足不斷增長的電力需求，特別是在高峰時段。

Impacts from weather, time and time again, displayed the weakness of the grid domestically and unfortunately, at times, the danger to consumers.

天氣的影響一次又一次地暴露出國內電網的弱點，不幸的是，有時會給消費者帶來危險。

Two weeks ago, after what was a relatively mild start to this winter, the US experienced a cold snap in which over three-quarters of the country was exposed to below freezing temperatures, and hundreds of thousands were without power.

兩週前，在今年冬天相對溫和的開局之後，美國經歷了一場寒流，全國四分之三以上的地區面臨冰點以下的氣溫，數十萬人斷電。

From Texas to the eastern United States, winter demand approach record levels, and the states' grid operators asked for consumers to curb consumption due to a capacity shortage.

從德州到美國東部，冬季需求接近創紀錄水平，各州電網營運商因容量短缺而要求消費者限制消費。

It is times like that when wind turbines are often unable to turn and natural gas pipelines can be constrained in their ability to deliver that the grid is tested, and failure can have catastrophic consequences.

在這樣的時代，風力渦輪機經常無法轉動，天然氣管道的輸送能力可能受到限制，電網需要接受測試，而故障可能會帶來災難性的後果。

Having the strategic flexibility of coal on the ground elevates the service and reliability we provide to unmatched levels.

擁有煤炭在當地的戰略靈活性將我們提供的服務和可靠性提升到無與倫比的水平。

It's for reasons similar to these that we believe the US will continue to see delays in extensions in the premature closure of critical coal plants and why we are committed to serve these markets for many years to come.

正是出於類似的原因，我們相信美國將繼續看到關鍵燃煤電廠過早關閉的延期延期，以及為什麼我們致力於在未來許多年為這些市場提供服務。

Over the past year, utilities have extended the plant operating life of approximately 10 gigawatts of coal generating capacity as a result of increasing electricity demand and delays in the construction of replacement generation, particularly renewables.

去年，由於電力需求增加以及替代發電（尤其是可再生能源）建設的推遲，公用事業公司延長了約 10 吉瓦燃煤發電能力的工廠運作壽命。

We acknowledge the US grid will evolve with time, but policy decision makers must be responsible and practical in doing so.

我們承認美國電網將隨著時間的推移而發展，但政策決策者必須負責任且務實地這樣做。

And currency policy needs to reflect the realities of exploding demand and of the laws of physics that dictate how electricity is generated, transmitted, and delivered.

貨幣政策需要反映需求爆炸式增長的現實以及決定電力如何產生、傳輸和傳輸的物理定律。

We believe we are well-positioned to be part of a long-term solution, supplying reliable, affordable, baseload energy for consumers and creating long-term value for our unit holders.

我們相信，我們有能力成為長期解決方案的一部分，為消費者提供可靠、負擔得起的基本負載能源，並為我們的單位持有者創造長期價值。

Now, turning to strategic updates related to our business.

現在，轉向與我們業務相關的策略更新。

In 2024, we expect to complete the major infrastructure projects at Tunnel Ridge, Hamilton, Warrior, and the River View complex.

2024 年，我們預計將完成 Tunnel Ridge、Hamilton、Warrior 和 River View 綜合大樓的主要基礎設施項目。

As Cary mentioned, ARLP will start to recognize the benefits from these strategic investments in 2025, as capital expenditures will be significantly lower and our mines will be more productive, ensuring we maintain our position as the most reliable low-cost producer in the United States -- in the eastern United States over the next decade.

正如 Cary 所提到的，ARLP 將在 2025 年開始認識到這些戰略投資的好處，因為資本支出將顯著降低，我們的礦山生產力將更高，從而確保我們保持美國最可靠的低成本生產商的地位——未來十年在美國東部。

Turning to our royalty segment, we remain committed to growing our oil and gas royalties business, which delivered record volumes in 2023.

談到我們的特許權使用費領域，我們仍然致力於發展我們的石油和天然氣特許權使用費業務，該業務在 2023 年實現了創紀錄的交易量。

Over the past year, we acquired $111 million in additional oil and gas minerals, primarily concentrated in the Permian Basin.

去年，我們額外收購了 1.11 億美元的石油和天然氣礦產，主要集中在二疊紀盆地。

This marks our largest investment year since 2019.

這是我們自 2019 年以來最大的投資年度。

We love the cash flow potential the segment offers via hedge-free exposure to commodity price and organic growth.

我們喜歡該部門透過大宗商品價格的無對沖風險和有機成長所提供的現金流潛力。

As we look to 2024, I would comment that during periods of commodity price volatility, the size and timing of acquisitions can be difficult to predict, as our growth strategy relies on strict underwriting standards or investment that we will not compromise in tight markets.

展望2024 年，我想說的是，在大宗商品價格波動期間，收購的規模和時機可能很難預測，因為我們的成長策略依賴嚴格的承保標準或投資，而我們不會在緊張的市場中妥協。

We also remain committed to pursuing growth opportunities beyond coal and oil and gas royalties.

我們也持續致力於尋求煤炭、石油和天然氣特許權使用費以外的成長機會。

As we advance these initiatives, our investment decisions will be selective, aligned with our core competencies, and focus on areas where we can add significant strategic value.

隨著我們推動這些舉措，我們的投資決策將是有選擇性的，與我們的核心競爭力保持一致，並重點關注我們可以增加重大戰略價值的領域。

Let me be clear.

讓我說清楚。

We are not interested in building a portfolio of passive venture-capital-style investments.

我們對建立被動創投式投資組合不感興趣。

Initial position should be thought of as potential platforms for future lines of business with long-term growth and cash flow generation.

初始定位應被視為具有長期成長和現金流產生的未來業務線的潛在平台。

To that end, two weeks ago, we announced that our wholly owned subsidiary, Matrix Design Group, entered into an agreement with Infinitum to develop and distribute high-efficiency, reliable motors and advanced motor controllers designed specifically for the mining industry.

為此，兩週前，我們宣布我們的全資子公司 Matrix Design Group 與 Infinitum 達成協議，開發和分銷專為採礦業設計的高效、可靠的馬達和先進馬達控制器。

This collaboration represents a natural progression and extension of our initial investment in Infinitum back in 2022.

此次合作代表了我們 2022 年對 Infinitum 初始投資的自然進展和延伸。

We believe their groundbreaking motor technology will bring much needed innovation to the mining industry by delivering more efficient and higher-performing production equipment.

我們相信，他們的突破性馬達技術將透過提供更有效率、性能更高的生產設備，為採礦業帶來急需的創新。

Specific to Alliance, we believe their technology will improve our mining processes, reduce capital and operating costs, and help extend the life of certain mining equipment.

具體到 Alliance，我們相信他們的技術將改善我們的採礦流程，降低資本和營運成本，並有助於延長某些採礦設備的使用壽命。

Additionally, while we are unable to publicly quantify any potential revenue impacts at this time, we believe the relationship could lead to new revenue streams for Matrix by selling additional products to third-party mining customers and OEMs around the world, like Matrix is currently doing as a technology leader for underground proximity detection systems.

此外，雖然我們目前無法公開量化任何潛在的收入影響，但我們相信這種關係可以透過向世界各地的第三方挖礦客戶和OEM 銷售更多產品，為Matrix 帶來新的收入來源，就像Matrix目前所做的那樣作為地下接近檢測系統的技術領導者。

In closing, our business continues to be a generator of strong cash flows that positions us to continue improving our balance sheet by simultaneously pursuing the highest and best uses for our capital.

最後，我們的業務仍然是強勁現金流的產生者，這使我們能夠透過同時追求資本的最高和最佳用途來繼續改善我們的資產負債表。

I am proud of ARLP's performance in 2023 and encouraged by the opportunities in front of us as we gear up for what should be another successful year in 2024.

我為 ARLP 在 2023 年的表現感到自豪，並為我們面前的機會感到鼓舞，因為我們正在為 2024 年又一個成功的一年做好準備。

That concludes our prepared comments.

我們準備好的評論到此結束。

I'll now ask the operator to open the call for questions.

我現在請接線生開始提問。

Operator?

操作員？

Thank you.

謝謝。

We'll now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

Nathan Martin, The Benchmark Company.

內森馬丁，基準公司。

Yeah.

是的。

Thanks, operator.

謝謝，接線生。

Good morning, Joe. Good morning, Cary.

早安，喬。早安，卡里。

Thanks for taking my questions.

感謝您回答我的問題。

good morning.

早安.

I wanted to start with the distribution this quarter.

我想從本季的分配開始。

Coverage ratio was 1.8 times, it looks like, for the full year '23, though it did dip to 1.3 times in the fourth quarter.

看起來，23 年全年的覆蓋率是 1.8 倍，儘管在第四季度確實下降到了 1.3 倍。

I know you guys have said you're okay with the distribution dipping down temporarily, but it seems like keeping it closer 2 times is where you prefer to be, obviously.

我知道你們已經說過，你們可以接受分佈暫時下降，但顯然，你們更願意將分佈保持在 2 倍左右。

But it would be great to get your thoughts there on the distribution and the coverage.

但如果能了解您對發行和覆蓋範圍的想法，那就太好了。

I think you mentioned last quarter that your Board Meeting will be behind you by the time this call came around.

我想您在上個季度提到，在這次電話會議召開時，您的董事會會議將在您身後舉行。

So maybe any takeaways from those conversations as well.

也許從這些對話中也能得到一些收穫。

Thank you.

謝謝。

Thank you for the question.

感謝你的提問。

So we did finish of the year, as you mentioned, with those coverage ratios that are included in our press release.

因此，正如您所提到的，我們確實在年底完成了我們新聞稿中包含的覆蓋率。

As we look to 2024, as we've indicated, we believe '24 has the potential to be just as good as 2023.

正如我們所指出的，展望 2024 年，我們相信 '24 有潛力與 2023 年一樣好。

There are opportunities as we go looking towards '25.

當我們展望 25 世紀時，機會是存在的。

We're also optimistic about our opportunities in '25.

我們對 25 年的機會也持樂觀態度。

We just talked about -- the capital will be coming down substantially in '25 versus '24.

我們剛剛談到——與 24 年相比，25 年資本將大幅下降。

We believe our operating costs will be lower primarily because of the efficiency of projects we've talked about.

我們相信我們的營運成本將會降低，主要是因為我們所討論的項目的效率。

We believe natural gas should be higher price in 2025 because of the LNG terminals that are coming online in the back half of 2024 in the United States.

我們認為，由於美國液化天然氣接收站將於 2024 年下半年投入使用，2025 年天然氣價格應該會更高。

So there's a lot to be optimistic about.

所以有很多值得樂觀的地方。

We signed some long-term contracts that give us some stability through 2028.

我們簽署了一些長期合同，使我們在 2028 年之前保持一定的穩定性。

Yet at the same time, we do have not as much contracted in '25 as we have in '24, where we've got over 90%.

但同時，我們在 25 年的收縮率確實沒有 24 年那麼多，當時我們的收縮率超過了 90%。

So I think as we move through the year, the Board will make a decision on a quarter-by-quarter basis as to whether to maintain the distribution at the 70% level.

因此，我認為，隨著今年的進展，董事會將逐季做出決定，決定是否維持 70% 的分配水準。

I believe we're in a position to do so, and that would be my expectation.

我相信我們有能力做到這一點，這也是我的期望。

And the other factor that we'll have to consider is, how does the market data react to our continued growth and our continued opportunities that we have in front of us?

我們必須考慮的另一個因素是，市場數據對我們的持續成長和眼前的持續機會有何反應？

As I have mentioned in the past, we've been disappointed that our, again, price didn't track the distribution increase that we gave in 2023.

正如我過去提到的，我們對我們的價格再次未能跟上 2023 年分配成長的情況感到失望。

So it will be a quarter-by-quarter decision, but we're -- as Cary mentioned in his prepared remarks, we're very focused on growing our company, maintaining and growing our cash flow, and returning that to the shareholders as similar to what we've been doing over the last 25 years.

因此，這將是一個逐季度的決定，但正如卡里在他準備好的演講中提到的那樣，我們非常專注於發展我們的公司，維持和增加我們的現金流，並將其返還給股東與我們過去25 年一直在做的事情類似。

I appreciate the color there, Joe. Maybe next, just a bit of a multi-pronged question.

我很欣賞那裡的顏色，喬。也許接下來，只是一個多管齊下的問題。

You just mentioned some of the contracts that you guys did it looks like an additional 12 million tons over that 2024 to 2028 period.

您剛才提到了你們簽訂的一些合同，看起來在 2024 年至 2028 年期間會額外增加 1200 萬噸。

First, is it possible to get a breakdown of how those tons were spread throughout that time period and then maybe some more color on what the pricing look like?

首先，是否有可能詳細了解這些噸在該時間段內的分佈情況，然後可能對定價情況有更多了解？

And then second, for this year, specifically, in '24, what portion of those committed tons are fixed price and what portion are open to market pricing still at this point?

其次，今年，特別是在 24 年，這些承諾噸數中的哪些部分是固定價格，哪些部分目前仍對市場定價開放？

I would assume the domestic tons are largely fixed.

我認為國內噸位基本固定。

But are your export tons tied to an index, like [API2] or something, where you could have some volatility?

但是您的出口量是否與指數掛鉤，例如 [API2] 或其他指數，您可能會出現一些波動？

Are there any floors or ceilings in those contracts, maybe like some of your peers have had?

這些合約中是否有任何下限或上限，也許就像您的一些同行一樣？

So as far as the actual volume beyond 2024, I don't have those numbers right now.

因此，就 2024 年之後的實際數量而言，我現在沒有這些數字。

I don't know if you've got those, Cary.

我不知道你是否有這些，卡里。

But to the pricing, the pricing in '24 of our contract book is comparable to what our 2023 average revenues are.

但就定價而言，我們合約書 24 年的定價與我們 2023 年的平均收入相當。

Our domestic contracts do have escalators in them.

我們的國內合約確實有自動扶梯。

Some are big, some are actually indices.

有些很大，有些其實是指數。

Our export volumes, I believe it just goes through 2024.

我相信我們的出口量只會持續到 2024 年。

I don't think we have any in [the out] years, and those are fixed prices.

我認為我們在未來幾年內不會有任何價格，而且這些價格都是固定的。

Some of them do have -- they do tie to indices.

其中一些確實與指數相關。

Specifically, our metallurgical contracts are tied to some indices that will fluctuate based on what the market is.

具體來說，我們的冶金合約與一些指數掛鉤，這些指數會根據市場狀況而波動。

What did I miss from your question?

我從你的問題中漏掉了什麼？

Yeah.

是的。

I think, Nate, just in a follow-up in terms of the out year thing.

內特，我想，這只是去年事情的後續。

If you go back and look at where we were guiding last quarter -- just in terms of commitments, if you look in the out years of those 12 million tons, they do go, as we mentioned, out to 2028.

如果你回顧一下我們上季度的指導方針——僅就承諾而言，如果你看看這 1200 萬噸的未來幾年，正如我們提到的，它們確實會持續到 2028 年。

Most of those volumes that go out for that period of time are in the 1.5 million-ton range once you get beyond the 2024 period.

一旦 2024 年之後，該時期的大部分出貨量都在 150 萬噸範圍內。

So if you look at 2025 to 2028, that would give you an indication of the [low] contract.

因此，如果您關注 2025 年至 2028 年，您會發現合約的價格[低]。

Some of them will scale up and scale down, but they may be [2 million] one year and then scale down to closer to [1 million] in a quarter as you get toward the tail end of it.

其中一些會擴大或縮小，但一年可能會達到[200萬]，然後在接近尾聲時會在一個季度內縮小到接近[100萬]。

But generally speaking, it's fairly significant volume as you go over that 2025 through 2028 time period.

但總的來說，從 2025 年到 2028 年這段時間，這個數字相當可觀。

And the message is, they understand that they need to start layering in some volume.

傳達的訊息是，他們明白他們需要開始以一定數量分層。

And they're basically giving us confidence that those plants are needed not only through the '28 time period, but beyond.

他們基本上讓我們相信，這些植物不僅在 28 世紀期間需要，而且在以後的時期也需要。

So we are hearing from our customers that the expectations are that with grid reliability, with the growth in electrification, that the existing fleet of coal plants need to stay open longer.

因此，我們從客戶那裡得知，隨著電網的可靠性和電氣化的發展，現有的燃煤電廠需要保持更長時間的運作。

And we will see that play out.

我們將會看到這結果。

The Biden administration continues to suggest that they don't need to keep the plants open, whereas Republican candidates have all suggested that we do.

拜登政府繼續表示他們不需要保持工廠開放，而共和黨候選人都建議我們這樣做。

So I think that -- we believe that the law of physics is going to require -- and the growth in demand -- that these plants will stay open.

所以我認為——我們相信物理定律將要求——以及需求的增長——這些工廠將保持開放。

And we're very confident that our production volumes will be sustained for the next five to six to seven years.

我們非常有信心我們的產量將在未來五到六到七年內保持穩定。

That's very helpful, guys.

這非常有幫助，夥計們。

And then maybe just to wrap that up.

然後也許只是為了總結一下。

I mean, really, I guess my questions revolve around maybe, what gets you to the low or the high end of your full-year '24 price-per-ton guidance.

我的意思是，實際上，我想我的問題可能圍繞著什麼讓你達到 24 年全年每噸價格指導的低點或高端。

You've got 32.5 million tons, it looks like, committed and priced.

看起來，你已經承諾並定價了 3250 萬噸。

Maybe what's the assumption there in API2 price, if that's what your export volumes are tied to?

如果 API2 價格與您的出口量掛鉤，那麼也許 API2 價格的假設是什麼？

And we've seen some pressure there, obviously.

顯然，我們已經看到了一些壓力。

You mentioned that domestic contracts, where your pricing goes -- it's been above the spot rates, so that's a positive.

您提到國內合同，您的定價高於即期匯率，所以這是積極的。

Just trying to get a sense of maybe what gets to the low or high end of that range.

只是想了解該範圍的低端或高端。

Thank you.

謝謝。

The whole range is going to be dependent on the export market.

整個範圍將取決於出口市場。

So we're seeing the export pricing on the indexes drop probably $10 to $12 in the last month.

因此，我們看到上個月指數的出口定價可能下降了 10 美元至 12 美元。

We don't believe that's sustainable.

我們不認為這是可持續的。

We believe that the pricing will get back in the API2 level that's greater than $110 to $120 range because we believe that that's what the world supply will demand for those products.

我們相信定價將回到 API2 水平，即高於 110 美元至 120 美元的範圍，因為我們相信這就是全球供應對這些產品的需求。

We do believe that demand is stable.

我們確實相信需求是穩定的。

However, the pricing right now is a little soft.

不過，目前的定價有點軟。

And so the whole swing will be how we place those export tons throughout 2024.

因此，整個變化將取決於我們如何安排 2024 年的出口噸數。

That will be the determining factor as to the ranges that you spoke to.

這將是您所說的範圍的決定因素。

But when you look at the total compared to our UI position, it doesn't move the needle that much because we have so little tons that are needed to be placed for 2024.

但是，當您將總數與我們的 UI 位置進行比較時，您會發現它並沒有太大變化，因為我們 2024 年需要放置的數量非常少。

Great.

偉大的。

I appreciate those comments, guys.

我很欣賞這些評論，夥計們。

I'll pass it along to the next caller.

我會將其傳遞給下一個來電者。

Thanks for your time, and best of luck here in '24.

感謝您抽出寶貴時間，祝您 24 年好運。

Thank you.

謝謝。

Mark Reichman, Noble Capital Markets.

馬克‧賴克曼（Mark Reichman），諾布爾資本市場。

Thank you, and good morning.

謝謝你，早安。

Morning.

早晨。

So going into the fourth quarter, the delta between what was committed and priced in 2023 and your guidance, that was expected to be what happened in the export market.

因此，進入第四季度，2023 年的承諾和定價與您的指南之間的增量預計將是出口市場發生的情況。

So the tons sold came in at the low end compared to the guidance.

因此，與指導相比，銷售噸數處於低端。

So when do you expect that delta between committed and priced and what was sold to carry over into 2024?

那麼，您預期承諾和定價與銷售量之間的增量何時會延續到 2024 年？

Will that mainly be in the first quarter?

主要是在第一季嗎？

And I assume that's already baked into the 2024 guidance.

我認為這已經納入 2024 年指導方針中。

Yes, that's right.

恩，那就對了。

That's right, Mark.

沒錯，馬克。

We would expect those tonnages to roll over into the first quarter, and it is baked into the guidance that we provided.

我們預計這些噸位將延續到第一季度，並將其納入我們提供的指導中。

Okay.

好的。

And then during the last conference call, you didn't expect much in the way of fourth quarter outside coal purchases.

在上次電話會議中，您對第四季度煤炭採購以外的情況沒有太多期望。

But sequentially, the number increased over [20 million] from

但隨後，這個數字從

[11.5 million].

[1150 萬]。

So did the adverse conditions at Mettiki, did those just extend beyond your expectations?

那麼 Mettiki 的不利條件是否超出了您的預期？

And do you think we're done with the outside coal purchases?

您認為我們已經完成外部煤炭採購了嗎？

So yeah.

嗯是的。

So we -- in the last earnings call, we felt like the longwall would be up and running by the end of November, and it was actually delayed to the end of December.

因此，在上次財報電話會議中，我們認為長壁開採將在 11 月底啟動並運行，但實際上推遲到 12 月底。

So we did have some shipments that we needed to buy, some coal that we thought we would be able to produce that we came up with short.

所以我們確實有一些需要購買的貨物，一些我們認為能夠生產但我們發現短缺的煤炭。

And we may have to actually buy some in the first quarter.

我們可能必須在第一季實際購買一些。

The longwall did come up the last week of December.

12 月的最後一周，長壁確實出現了。

It is operating as expected.

它正在按預期運行。

But depending on whether the timing of shipments is possible, we may have some purchases in the first quarter.

但根據出貨時間是否可行，我們可能會在第一季進行一些採購。

I don't believe we are anticipating anything beyond that.

我不相信我們會期待除此之外的任何事。

Okay.

好的。

That was -- at least when I compared to what our estimates look like, I think we were at the low end.

至少當我與我們的估計進行比較時，我認為我們處於低端。

But that was a difference.

但這是有差別的。

And then just lastly, I know it's too early to talk about revenues.

最後，我知道現在談論收入還為時過早。

But this agreement between Infinitum and Matrix, rather than revenue numbers, can you just maybe highlight the economics of becoming a global distributor for Infinitum?

但是 Infinitum 和 Matrix 之間的這份協議，而不是收入數字，您能否強調一下成為 Infinitum 全球經銷商的經濟效益？

And are there any shared arrangements on the development of new mining products?

在新礦產品的開發上有沒有共同的安排？

So I mean, will they just get the margin from the sale of Infinitum's projects -- products?

所以我的意思是，他們會從 Infinitum 計畫——產品的銷售中獲得利潤嗎？

Or are there some other -- when they go in and install a project for a mining customer, are there other sources of revenue?

或者還有其他的——當他們為採礦客戶安裝一個專案時，還有其他收入來源嗎？

What does the revenue sub-stack and revenue stack look like for Matrix when they enter an arrangement like that with Infinitum?

當 Matrix 與 Infinitum 進行類似的安排時，其收入子堆疊和收入堆疊會是什麼樣子？

Well, the initial projects that we're working on, they basically are making equipment effectively.

嗯，我們正在進行的最初項目，他們基本上是在有效地製造設備。

We are going to be testing our operations in 2024.

我們將於 2024 年測試我們的營運。

That will start, I believe, in the second quarter of this year.

我相信這將在今年第二季開始。

Cary, do you have those -- more specifics?

卡里，你有那些──更具體的訊息嗎？

And then that will roll in.

然後這就會滾滾而來。

And then we will start that hopefully be marketing those in 2025.

然後我們將開始希望在 2025 年進行行銷。

Yeah, that's right.

是啊，沒錯。

That's right, Joe. The products, it goes back similar to what we did with IntelliZone, where we're providing proof of concept for these underground.

沒錯，喬。這些產品與我們在 IntelliZone 中所做的類似，我們為這些地下產品提供概念驗證。

And so we have been in discussions with the regulatory agencies here for underground mining and do anticipate those going underground here certainly by the second quarter.

因此，我們一直在與這裡的監管機構討論地下採礦問題，並預計到第二季肯定會進入地下開採。

We're hoping to push it even a little bit quicker than that.

我們希望能比這更快一點。

And then we've got another motor technology that we're also working on that would also need [MC] approval.

然後我們還有另一種馬達技術正在研究，也需要 [MC] 批准。

And that, too -- we would think that that would be manufactured and then sold into 2025.

我們認為這也將在 2025 年生產並銷售。

Our initial focus will be domestically, but then it, too, would be rolling out similar to our proximity device and IntelliZone that is currently being marketed in South Africa and Australia.

我們最初的重點將是在國內，但隨後它也將推出類似於我們目前在南非和澳洲銷售的近距離設備和 IntelliZone。

Well, that's very helpful.

嗯，這很有幫助。

So I think that we look at -- to try to give you some idea.

所以我認為我們正在研究——試圖給你一些想法。

So I think we've got invested around $67 million in Infinitum.

所以我認為我們已經向 Infinitum 投資了大約 6700 萬美元。

And we believe that cash flow that we'll receive just from these two announcements are going to give us an attractive double-digit return, just on that investment, as a byproduct of that relationship.

我們相信，僅從這兩項公告中獲得的現金流將為我們帶來有吸引力的兩位數回報，僅就該投資而言，作為這種關係的副產品。

And that will, I mean, anticipate what we would get on an actual investment in Infinitum.

我的意思是，這將預測我們對 Infinitum 的實際投資會得到什麼。

So that gives you an idea of the scale of the opportunity just from this one or these two products that we are talking or ready to design, build, and sell into the marketplace.

因此，您可以透過我們正在談論或準備設計、建造和銷售到市場的這一或這兩種產品來了解機會的規模。

Well, that's really helpful.

嗯，這真的很有幫助。

And I appreciate that.

我很欣賞這一點。

I really didn't have too many questions on the guidance.

我對指導確實沒有太多問題。

I thought that was pretty straightforward and looked pretty good.

我認為這非常簡單，而且看起來也不錯。

So thank you very much.

非常感謝。

Thank you, Mark.

謝謝你，馬克。

David Marsh, Singular Research.

大衛馬什，奇異研究。

Hi, guys.

嗨，大家好。

Thank you for taking the questions.

感謝您提出問題。

Appreciate it, and congrats on a really great year.

對此表示讚賞，並祝賀您度過了非常美好的一年。

Just as we start to look forward into '24, I guess some of my questions echo a little bit some of the questions previously.

正當我們開始展望 24 世紀時，我想我的一些問題與之前的一些問題有所呼應。

I mean, particularly in Appalachia, it looks like you guys had some margin compression.

我的意思是，特別是在阿巴拉契亞，看起來你們的利潤受到了一些壓縮。

Was that in part or largely due to your production shortfall there and your need to purchase other externally produced coal?

這部分或很大程度上是由於你們那裡的產量短缺以及你們需要購買其他外部生產的煤炭嗎？

Yeah.

是的。

I mean, that's right, David.

我的意思是，沒錯，大衛。

I mean that there was margin compression in Appalachia primarily driven by the items that we talked about with the production issues, particularly in the back half of the year, that we experienced within the region.

我的意思是，阿巴拉契亞地區的利潤率壓縮主要是由我們討論的生產問題引起的，特別是在今年下半年，我們在該地區經歷過。

And so we're saying that we had -- the longwall at Mettiki didn't operate the second half of the year.

所以我們說，Mettiki 的長壁開採在今年下半年沒有運行。

So that now is operating, so you're going to see us go -- that volume to come back into the market.

所以現在正在運作，所以你會看到我們離開——那個數量回到市場。

At MC, we went from four units to three units starting, I believe, in September or October.

在 MC，我相信從九月或十月開始，我們從四個單元變成了三個單元。

So we are planning to operate at three units at MC.

因此，我們計劃在 MC 中運作三個單位。

We do have some new equipment there, so we think that our cost should be rather relatively stable in '24 there.

我們那裡確實有一些新設備，所以我們認為我們的成本在 24 年應該會相對穩定。

And then, David, if you look into 2024 in terms of the compression that you see on the margins on that side of it, that's primarily on the top line, driven as we had some higher price contracts that we shipped on in 2023 that expired.

然後，大衛，如果你從利潤率的壓縮角度來看待 2024 年，那主要是在營收方面，這是因為我們在 2023 年交付了一些價格較高的合同，但這些合同已經到期。

And the market environment is a little bit lower as we look at where we're contracted in 2024 related to the Appalachia region.

當我們考慮 2024 年與阿巴拉契亞地區相關的合約時，市場環境會稍微低一些。

Right, understood.

對了，明白了。

So just pulling that thread forward on the Appalachia EBITDA expense per ton.

因此，只需將阿巴拉契亞每噸 EBITDA 費用的線索向前推進即可。

We should naturally expect that to decline from the fourth-quarter level, correct?

我們自然應該預期這一數字會比第四季的水平有所下降，對嗎？

And then what would the trajectory be of that?

那麼它的軌跡會是什麼呢？

I mean, do you think you can get back down into the 40s or is that -- are we living in a 50s kind of world in terms of expense per ton there?

我的意思是，你認為你可以回到 40 年代嗎？還是說，就每噸的費用而言，我們是否生活在 50 年代的世界？

I'd say you're looking at the 50s, not the 40s.

我想說你看到的是50年代，而不是40年代。

The industry has experienced inflation like all others.

與其他行業一樣，該行業也經歷過通貨膨脹。

So all of our cost is going up somewhat just because of inflation, but then you factor in going from four units to three.

因此，由於通貨膨脹，我們所有的成本都會上升，但你會考慮從四個單位增加到三個單位。

Another factor in Appalachia in 2024 is we're in the process of moving to the new reserves we bought at Tunnel Ridge.

2024 年阿巴拉契亞的另一個因素是我們正在遷移到我們在隧道嶺購買的新保護區。

And so we do have shorter panels in 2024 compared to historic as well as projected in '25 forward.

因此，與歷史以及 25 年的預測相比，我們 2024 年的面板確實更短。

So we're probably going to have some reduction in volume at Tunnel Ridge that enters into that mix.

因此，我們可能會減少隧道嶺進入該混合物的體積。

But yeah, you're looking at -- probably mid-50s in Appalachia for the year would be the estimate right now, somewhere in that, which is what we've guided to, the $54.25 to $57.25.

但是，是的，你會看到，阿巴拉契亞地區今年的預估價格可能是 50 多歲，在我們指導的範圍內，即 54.25 美元至 57.25 美元之間。

Yeah.

是的。

And I mean, are we going to -- I'm just trying to get an understanding of trajectory on it.

我的意思是，我們是否要——我只是想了解它的軌跡。

Will it start closer to the Q4 level and gradually decline throughout the year?

會不會開始接近第四季的水平，然後全年逐漸下降？

Or is it going to just -- is there going to be a pop down and then a flat throughout the year?

或者說，全年會出現先是下跌，然後持平的情況嗎？

Right now, our first quarter appears to -- it looks like it will be in the low end of the range, if not lower than the range.

目前，我們的第一季似乎將處於該範圍的低端，甚至低於該範圍。

So if we can get the volume out in Mettiki that we're anticipating first quarter, it should be a good quarter.

因此，如果我們能夠在 Mettiki 實現我們預期的第一季銷量，那麼這應該是一個不錯的季度。

And then when you look at the trajectory beyond 2024 into '25, we should start seeing the benefits of us getting into the new reserves at Tunnel Ridge.

然後，當你觀察 2024 年到 25 年的軌跡時，我們應該開始看到我們進入 Tunnel Ridge 的新儲備的好處。

So we should see some decline in the 2025 time period, depending on inflation (multiple speakers) and then inflation could take some of that away from us.

因此，我們應該會看到 2025 年期間出現一些下降，取決於通貨膨脹（多個發言者），然後通貨膨脹可能會帶走我們的一部分。

Yeah, sure.

好，當然。

Absolutely.

絕對地。

Absolutely.

絕對地。

Well, that's excellent.

嗯，那太好了。

That's very, very helpful.

這非常非常有幫助。

And then just lastly from me, in terms of -- as you look at your cash flow and your opportunity set with that cash flow, could you just rank it in terms of priorities, expansion CapEx into the new lines of business that you've been pursuing versus debt reduction and potential increased distribution?

最後，我想說的是，當你審視你的現金流以及用該現金流設定的機會時，你能否按照優先順序將其排序，將資本支出擴展到你已經開展的新業務領域。是否一直在追求債務削減和潛在的增加分配？

So I think our priority, as Cary mentioned, will be pay down the debt.

所以我認為，正如卡里所提到的，我們的首要任務是償還債務。

We will be paying down the senior notes in '24 potentially in the first quarter of next year.

我們可能會在明年第一季償還 24 年的優先票據。

However, he's also looking at financing -- a refinancing. we're entering into some facilities that will give us capacity to grow.

然而，他也在考慮融資——再融資。我們正在建造一些設施，這將使我們有能力發展。

Some of them will be funded, but most -- hopefully, some of it will be unfunded and be revolver-type arrangements.

其中一些將得到資助，但大多數——希望其中一些將沒有資助，並且是左輪手槍式的安排。

So then as far as growth, we've talked about oil and gas.

那麼就成長而言，我們討論了石油和天然氣。

We'll continue to invest there.

我們將繼續在那裡投資。

We will still have opportunities to invest in other items.

我們仍然有機會投資其他項目。

There's nothing on the horizon that I can give you any specifics on how we would allocate that capital.

目前我無法向您提供有關我們如何分配資金的任何具體資訊。

But we are continuing to look at multiple areas of investment.

但我們正在繼續關注多個投資領域。

And so we've got a capital allocation process that will evaluate investments and future cash flow growth, which we do put as a priority.

因此，我們有一個資本分配流程，用於評估投資和未來現金流成長，我們確實將其作為優先事項。

And then alternatively, we will look at the whether there are other uses for that capital.

然後，我們也會考慮該資本是否有其他用途。

I mean, I think that distributions have continued to be high on our priority list.

我的意思是，我認為發行版仍然是我們優先考慮的事項。

So it's my goal that distributions will be consistent, but we got to evaluate the future on a quarter-by-quarter basis, as we talked about.

因此，我的目標是分佈保持一致，但正如我們所討論的，我們必須逐季度評估未來。

So that will include not only just near the -- future markets, but, just as important, the opportunities in front of us to make investments.

因此，這不僅包括未來市場，而且同樣重要的是，我們面前的投資機會。

Got it.

知道了。

Thank you very much that.

非常感謝你。

That's all I have.

這就是我的全部。

Dave Storms, Stonegate Capital.

戴夫‧斯托姆斯 (Dave Storms)，Stonegate Capital。

Good morning.

早安.

Hello.

你好。

Morning.

早晨。

Just a couple of quick ones for me.

對我來說只有幾個快速的。

Curious as to how you're thinking about the labor outlook now that we're through the holidays and maybe labor might start picking up.

很好奇您如何看待勞動力前景，因為我們已經過了假期，也許勞動力可能會開始回升。

I know you mentioned that you might be sticking with the three units at Mettiki, I believe it was.

我知道你提到你可能會堅持使用 Mettiki 的三個單位，我相信是的。

But with some of these capital improvement projects expected to be completed this year, is that going to require increased hiring?

但由於其中一些資本改善項目預計將於今年完成，這是否需要增加招募？

So we have seen an improvement in our retention and our availability of labor, specifically in Illinois Basin as an example.

因此，我們看到我們的勞動力保留率和可用性有所改善，特別是以伊利諾伊州盆地為例。

So we do have the Henderson County mine that we are developing that should become operational -- well, it is operational as we're ramping, but it should get to where we will be increasing staffing at that mine by the end of 2024.

因此，我們正在開發的亨德森縣礦山確實應該投入運營——嗯，隨著我們的產能擴張，它已經投入運營，但到 2024 年底，我們應該會增加該礦山的人員配置。

During 2024, as that ramps up, we expect that plant or that mine will have more production starting in '25 that -- effectively, what we're doing at River View is basically having two portals instead of one.

到 2024 年，隨著產量的增加，我們預計工廠或礦場將從 25 年開始生產更多的產品——實際上，我們在 River View 所做的基本上是擁有兩個門戶，而不是一個。

And that second portal, it will be at Henderson County.

第二個門戶將位於亨德森縣。

So there will be some hiring there.

所以那裡將會有一些招募。

There still is need of some hiring at our mines just back to normal attrition, not what we've been experiencing in the last two or three years, but what we would consider to be normal.

我們的礦場仍然需要進行一些招聘，以恢復正常的人員流失，這不是我們過去兩三年所經歷的情況，而是我們認為正常的情況。

So I think on a labor front, we're in a better position than we have been historically.

因此，我認為在勞工方面，我們的處境比歷史上更好。

At MC Mining, we still see challenges.

在MC Mining，我們仍然看到挑戰。

So we're currently not anticipating increasing that mine back to four units.

因此，我們目前預計不會將該礦增加到四個單位。

It's possible, but that's the one area that we're continuing to see challenges of being able to attract sufficient numbers to commit to bringing back that unit.

這是有可能的，但這是我們繼續面臨挑戰的一個領域，即如何吸引足夠的人來致力於帶回該單位。

But I think everywhere else, we've been encouraged by the recent activity of people wanting to come work for us.

但我認為在其他地方，最近人們想來為我們工作的活動讓我們感到鼓舞。

Very helpful.

很有幫助。

Thank you.

謝謝。

And then just on the inventory front, how comfortable you are with your current inventory levels?

然後就庫存而言，您對當前的庫存水準感到滿意嗎？

Are you expecting to continue to fund those off?

您是否希望繼續資助這些計畫？

I know they were impacted by tat temporary outage.

我知道他們受到了臨時停電的影響。

Now that, hopefully, things are starting to normalize, would you expect your inventory levels to continue to track down slightly?

現在，希望事情開始正常化，您是否預計您的庫存水準會繼續略有下降？

I think our goal is to maintain -- more than likely, just as a working inventory level, given the amount of tons we're putting in the export market, it's right at 1 million tons a month.

我認為我們的目標是維持——很有可能，就像工作庫存水準一樣，考慮到我們投入出口市場的噸數，它恰好是每月 100 萬噸。

But it will fluctuate based on timing of vessels because the vessels take -- it may be on the 30th, it may be on the 2nd.

但它會根據船隻的時間而波動，因為船隻可能在 30 號，也可能在 2 號。

So there could be 60,000 to 100,000 tons right there that could put us in a position, if we can be a little higher than that.

因此，如果我們能比這個數字高一點的話，那裡可能有 60,000 到 100,000 噸，可以讓我們處於有利位置。

But our goal would be to maintain inventory right at that 1 million ton a month level.

但我們的目標是將庫存維持在每月 100 萬噸的水準。

Right now, I think it's around [1.3 million], something of that nature.

現在，我認為大約是[130萬]，屬於這種性質。

So it's going to be in that swing area, I would say.

所以我想說，它將在那個搖擺區域。

Understood.

明白了。

And then last one for me on a macro level.

最後一個是宏觀層面上的。

I thought I saw that LNG export terminal constructions have been paused in the US.

我想我看到美國的液化天然氣出口終端建設已經暫停。

Do you anticipate that -- if this becomes prolonged pause that it will increased demand for international coal, as consumers need to switch from LNG to coal?

您是否預計，如果這種停頓時間延長，將增加對國際煤炭的需求，因為消費者需要從液化天然氣轉向煤炭？

Or is this not something that you really have on our radar at this point?

或者我們目前還沒有真正關注到這一點？

The pause is not in construction.

暫停不是在施工中。

It's on records on new permits.

新許可證上有記錄。

That may be -- permits would be under -- currently under regulatory review.

這可能是——許可證將在——目前正在接受監管審查。

But as far as the terminals that are under construction, they're continuing to be completed.

但就正在建造的航站樓而言，它們仍在繼續完成。

And the permits that have been issued that are not under construction, it's our understanding that those two are allowed to proceed.

已頒發的許可證尚未在施工中，據我們了解，這兩個許可證都可以繼續施工。

So we don't anticipate any interruption in the demand and/or supply for LNG until the end of the decade as a result of these permits.

因此，我們預計在本十年末之前，液化天然氣的需求和/或供應不會因這些許可證而出現任何中斷。

So we believe that these permits -- these plants that have been permitted will, in fact, be developed and that the demand for LNG will continue to be strong for the remaining decade.

因此，我們相信，這些許可證——這些已獲得許可的工廠實際上將會開發，並且在接下來的十年裡，對液化天然氣的需求將繼續強勁。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

At this time, this concludes our question-and-answer session.

至此，我們的問答環節就結束了。

And I hand the call back to Mr. Cary Marshall for closing remarks.

我將電話轉回給卡里·馬歇爾先生，讓其致閉幕詞。

Thank you, operator.

謝謝你，接線生。

And to everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance.

對於參加電話會議的每個人，我們感謝您今天早上的寶貴時間，也感謝您對 Alliance 的持續支持和關注。

Our next call to discuss our first-quarter 2024 financial and operating results is currently expected to occur in April, and we hope everyone will join us again at that time.

我們下次討論 2024 年第一季財務與營運績效的電話會議目前預計將於 4 月舉行，我們希望大家屆時能再次加入我們。

This concludes our call for the day.

我們今天的電話會議到此結束。

Thank you.

謝謝。

Thank you.

謝謝。

You may now disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。