Alliance Resource Partners LP (ARLP) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Alliance Resource Partners second-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Alliance Resource Partners 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Cary Marshall, Senior Vice President and Chief Financial Officer. Thank you, sir. You may begin.

現在我很榮幸介紹本次會議主持人，資深副總裁兼財務長 Cary Marshall。謝謝您，先生。您可以開始了。

Thank you, operator. Good morning, and welcome, everyone.

謝謝接線員。各位早安，歡迎大家。

Earlier today, Alliance Resource Partners released its second-quarter 2026 financial and operating results. We will review the quarter, discuss our outlook for the remainder of 2026, and then open the call to answer your questions.

今天稍早，Alliance Resource Partners 已公布 2026 年第二季財務與營運結果。我們將回顧本季表現，討論 2026 年剩餘期間的展望，接著開放提問。

Before beginning, a reminder that some of our remarks today may include forward-looking statements, which are 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，相關內容不時載於我們向美國證券交易委員會（SEC）提交的申報文件中，並亦反映於今早的新聞稿。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發生，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, in 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。這些非 GAAP 財務衡量指標與最直接可比之 GAAP 財務衡量指標之差異定義與調節表，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 that, I will begin with a review of our second-quarter 2026 results, expand on our recently closed Oil & Gas Royalties acquisition, and discuss our updated guidance for 2026 before turning the call over to Joe Craft, our Chairman, President, and Chief Executive Officer, for his comments.

接下來，我將先回顧 2026 年第二季業績，進一步說明我們近期完成的 Oil & Gas Royalties 收購案，並在把電話交給我們的董事長、總裁兼執行長 Joe Craft 發表評論之前，討論我們更新後的 2026 年指引。

Overall, results for the second quarter of 2026, which we refer to as the 2026 quarter, were higher on a year-over-year and sequential basis. Compared to the prior year, which we refer to as the 2025 quarter, total revenues increased to $551.6 million, net income attributable to ARLP increased 33.9% to $79.6 million or $0.61 per basic and diluted limited partner unit, and adjusted EBITDA increased 14.7% to $185.7 million.

整體而言，2026 年第二季（我們稱為 2026 季度）的結果，無論與去年同期或與前一季相比皆有所提升。與去年同期（我們稱為 2025 季度）相比，總營收增加至 5.516 億美元；歸屬於 ARLP 的淨利增加 33.9% 至 7,960 萬美元，或每基本及稀釋後有限合夥單位 0.61 美元；調整後 EBITDA 增加 14.7% 至 1.857 億美元。

Compared to the first quarter of 2026, which we refer to as the sequential quarter, total revenues increased 6.9%, net income increased $70.5 million, and adjusted EBITDA increased 19.8%. These results were driven primarily by higher coal sales volumes, improved coal operating cost performance, record results from our Oil & Gas Royalties segment, and higher income from our equity method investments, with net income comparisons also affected by impairment charges recorded in the prior periods.

與 2026 年第一季（我們稱為前一季）相比，總營收增加 6.9%，淨利增加 7,050 萬美元，調整後 EBITDA 增加 19.8%。這些結果主要受煤炭銷售量增加、煤炭營運成本表現改善、我們 Oil & Gas Royalties 部門創紀錄的表現，以及權益法投資收益增加所帶動；此外，淨利比較亦受到前期認列之減損費用影響。

Turning to our Coal Operations segment. Total coal sales volumes were 8.6 million tons in the 2026 quarter, up 2.1% compared to the 2025 quarter and up 8.9% compared to the sequential quarter. Total coal production was 8.2 million tons, up 1.5% year-over-year and 3% sequentially.

接著談我們的煤炭營運（Coal Operations）部門。2026 季度煤炭總銷售量為 860 萬噸，較 2025 季度增加 2.1%，較前一季增加 8.9%。煤炭總產量為 820 萬噸，年增 1.5%，季增 3%。

Segment adjusted EBITDA from coal operations was $151.7 million, up 6.9% year-over-year and 21.3% sequentially. Our average coal sales price per ton was $54.87 in the 2026 quarter, down 5.3% year-over-year and 2.7% sequentially, reflecting the expected roll-off of higher-priced legacy contracts at Tunnel Ridge and a lower percentage of Mettiki sales in Appalachia.

煤炭營運部門的調整後 EBITDA 為 1.517 億美元，年增 6.9%，季增 21.3%。2026 季度每噸平均煤炭銷售價格為 54.87 美元，年減 5.3%，季減 2.7%，反映 Tunnel Ridge 較高價格的舊合約如預期到期退出，以及阿帕拉契亞地區 Mettiki 銷售占比降低。

Segment adjusted EBITDA expense per ton was $38.68, improving 6.3% year-over-year and 6.6% sequentially. This cost improvement was a key contributor to the quarter's stronger coal operating results and reflects the significant investments we have made in our minds over the past few years to ensure they can operate efficiently and at lower cost.

部門調整後 EBITDA 每噸費用為 38.68 美元，年減（改善）6.3%，季減（改善）6.6%。此成本改善是本季煤炭營運結果轉強的關鍵貢獻因素，並反映我們過去幾年在礦場上的重大投資，以確保其能更有效率且以更低成本運作。

In the Illinois Basin, coal sales volumes were 6.4 million tons, down 4.5% year-over-year and up 4.9% sequentially. Our River View complex delivered strong productivity and sales performance, helping partially offset lower Hamilton shipments associated with our planned extended longwall during the 2026 quarter. Illinois Basin coal sales price per ton was $51.87, up modestly year-over-year and sequentially, while segment adjusted EBITDA expense per ton was $35.99.

在伊利諾伊盆地（Illinois Basin），煤炭銷售量為 640 萬噸，年減 4.5%，季增 4.9%。我們的 River View 複合礦區展現強勁的生產力與銷售表現，部分抵銷了 2026 季度因計畫性延長長壁（longwall）作業而導致 Hamilton 出貨量較低的影響。伊利諾伊盆地每噸煤炭銷售價格為 51.87 美元，年比與季比皆小幅上升，而部門調整後 EBITDA 每噸費用為 35.99 美元。

in Appalachia, coal sales volumes were 2.2 million tons, up 27.6% compared to the 2025 quarter and up 22.3% compared to the sequential quarter, primarily due to increased production at Tunnel Ridge. Appalachia coal sales price per ton decline to $63.57, reflecting the expected roll-off of higher-priced legacy contracts at Tunnel Ridge.

在阿帕拉契亞（Appalachia），煤炭銷售量為 220 萬噸，較 2025 季度增加 27.6%，較前一季增加 22.3%，主要因 Tunnel Ridge 產量提升。阿帕拉契亞每噸煤炭銷售價格降至 63.57 美元，反映 Tunnel Ridge 較高價格的舊合約如預期到期退出。

One of the most notable highlights in the region was segment adjusted EBITDA expense per ton at $46.22, which improved 29.7% year-over-year and 25.7% sequentially due to higher productivity and improved recoveries at Tunnel Ridge. ARLP ended the 2026 quarter with total coal inventory of 0.8 million tons, down 0.3 million tons from both the 2025 quarter and the sequential quarter.

該地區最顯著的亮點之一，是部門調整後 EBITDA 每噸費用為 46.22 美元，年減（改善）29.7%，季減（改善）25.7%，係因 Tunnel Ridge 生產力提升與回收率改善所致。ARLP 於 2026 季度末的煤炭總庫存為 80 萬噸，較 2025 季度及前一季均減少 30 萬噸。

Shifting to our Royalty segments. Total Royalties revenues were $69.3 million, and segment adjusted EBITDA was $51 million in the 2026 quarter. Our Oil & Gas Royalties segment delivered record quarterly revenue of $46.5 million, up 31.1% year-over-year and record segment adjusted EBITDA of $38 million, up 27.2% year over year.

接著談我們的權利金（Royalty）部門。2026 季度權利金總營收為 6,930 萬美元，部門調整後 EBITDA 為 5,100 萬美元。我們的 Oil & Gas Royalties 部門創下單季營收 4,650 萬美元的紀錄，年增 31.1%；部門調整後 EBITDA 亦創紀錄達 3,800 萬美元，年增 27.2%。

While BOE volumes of 936,000, were up 6.4% year-over-year and down 8.4% sequentially, higher average realized sales price per BOE was the main driver to the favorable variances during the 2026 quarter, increasing 22.7% year-over-year and 22.1% sequentially.

雖然 BOE 產量 936,000（桶油當量）年增 6.4%、季減 8.4%，但 2026 季度有利差異的主要驅動因素為每 BOE 平均實現銷售價格較高，年增 22.7%，季增 22.1%。

The Coal Royalty segment adjusted EBITDA was $13 million, up 9.7% year-over-year and 5.7% sequentially, driven by higher royalty tons sold, primarily from Tunnel Ridge and the River View complex. As it relates to our balance sheet and cash flow, as of June 30, 2026, total debt and finance leases outstanding were $590.2 million, and we had $111.2 million of cash.

煤炭權利金（Coal Royalty）部門調整後 EBITDA 為 1,300 萬美元，年增 9.7%，季增 5.7%，主要受權利金銷售噸數增加所帶動，來源以 Tunnel Ridge 與 River View 複合礦區為主。就資產負債表與現金流而言，截至 2026 年 6 月 30 日，未償還的總債務與融資租賃為 5.902 億美元，現金為 1.112 億美元。

In anticipation of the closing of the AllDale III & IV acquisition on July 1, we drew $56 million on our revolving credit facility at quarter end to fund part of that purchase price. As a result, our total and net leverage ratios were 0.82 times and 0.67 times debt to trailing 12 months adjusted EBITDA.

為因應7月1日AllDale III & IV收購案的交割，我們於季末自循環信用額度提取5,600萬美元，以支付部分收購價款。因此，我們的總槓桿比率與淨槓桿比率分別為0.82倍與0.67倍（以債務對過去12個月調整後EBITDA計）。

We ended the 2026 quarter with total liquidity of $424 million, which also included $312.8 million of borrowings available under our revolving credit facilities. In addition, we held 646 bitcoins, valued at $37.8 million based upon a bitcoin price of $50,559 per coin as of June 30, 2026, which was down 14.1% sequentially and resulted in a $6.3 million decrease in the fair value of digital assets and an impact of $0.05 per basic and diluted limited partner unit for the 2026 quarter. For the 2026 quarter, distributable cash flow is $108.2 million, and our distribution coverage ratio was 1.39 times, representing a 39% increase compared to the sequential quarter.

截至2026年該季度末，我們的總流動性為4.24億美元，其中亦包含可於循環信用額度下動用的3.128億美元借款額度。此外，我們持有646枚比特幣，按截至2026年6月30日每枚比特幣50,559美元計算，價值3,780萬美元，較前一季下降14.1%，導致數位資產公允價值減少630萬美元，並對2026年該季度每個基本及稀釋後有限合夥單位造成0.05美元的影響。2026年該季度可分配現金流為1.082億美元，分配覆蓋率為1.39倍，較前一季增加39%。

Turning to our Oil & Gas Royalties acquisition. Subsequent to quarter end, on July 1, 2026, we completed the previously announced acquisition of certain general partner and limited partner interest in AllDale Minerals III, LP and AllDale Minerals IV, LP for $206.2 million, subject to customary post-closing adjustments.

接下來談我們的油氣權利金收購案。於季末後的2026年7月1日，我們完成先前公告之收購，取得AllDale Minerals III, LP與AllDale Minerals IV, LP之特定普通合夥人及有限合夥人權益，交易金額為2.062億美元，並須依慣例進行交割後調整。

As described in our June press release, the transaction implied an aggregate gross valuation for the AllDale III and AllDale IV funds of $410 million and involved the acquisition of $306.2 million of third-party interest across the two funds with the difference between the gross valuation and the $306.2 million of third-party interest acquired reflecting existing interest already owned by ARLP and craft related parties.

如我們6月新聞稿所述，該交易隱含AllDale III與AllDale IV基金合計總估值為4.10億美元，並涉及收購兩檔基金合計3.062億美元的第三方權益；總估值與所收購3.062億美元第三方權益之差額，反映ARLP與craft相關方既有持有之權益。

ARLP acquired $206.2 million of the third-party interest while craft-related parties separately acquired $100 million of the AllDale III limited partner interest, and both ARLP and the craft related parties rolled forward their existing ownership interest.

ARLP收購其中2.062億美元的第三方權益，而craft相關方則另行收購AllDale III之1億美元有限合夥人權益；同時，ARLP與craft相關方均將其既有持股權益延續至交易後。

After closing the transaction, Alliance owns and controls 100% of the noneconomic general partner interest and has an approximate 61% economic interest across the two funds. ARLP did not acquire interest from the craft-related parties, and the entire transaction structure was reviewed and approved by our Conflicts Committee, which is comprised entirely of independent directors.

交易交割後，Alliance持有並控制100%的非經濟性普通合夥人權益，且於兩檔基金合計擁有約61%的經濟權益。ARLP並未向craft相關方收購其權益；整體交易架構已由我們的利益衝突委員會審閱並核准，該委員會完全由獨立董事組成。

The net benefit of the transaction structured ARLP is twofold: First, participation by the craft related parties allowed us to complete the acquisition at its full scale while maintaining a disciplined investment level and improving our expected returns on investment capital; and second, it preserves liquidity and financial flexibility for our team to continue advancing our ground game acquisition efforts where we remain active with acquisitions exceeding $15 million in each of the last three quarters.

此交易架構對ARLP的淨效益有兩點：第一，craft相關方的參與使我們得以在維持嚴謹投資水準的同時，以完整規模完成收購，並提升我們對投資資本的預期報酬；第二，該架構保留流動性與財務彈性，使團隊得以持續推進我們的「地面作戰」收購工作；我們仍積極進行收購，且過去三個季度每季收購金額均超過1,500萬美元。

We funded our $206.2 million acquisition using a combination of cash on hand, borrowings under our revolving credit facility, and a new $150 million term loan at Alliance Minerals LLC. The term loan has an 18-month maturing, scheduled amortization, and bears interest at SOFR plus a pricing grid ranging from 175 basis points to 225 basis points based on the amount of the loan outstanding. Looking forward, we expect to prioritize reducing leverage and maintaining financial flexibility while continuing to evaluate disciplined minerals acquisition opportunities.

我們以手頭現金、循環信用額度借款，以及由Alliance Minerals LLC新增的1.5億美元定期貸款之組合，為2.062億美元收購案提供資金。該定期貸款期限為18個月，採分期攤還，利率為SOFR加上依未償貸款金額而定的定價級距，介於175個基點至225個基點。展望未來，我們預期將優先降低槓桿並維持財務彈性，同時持續評估具紀律的礦產收購機會。

Turning to updated 2026 guidance. We are maintaining our overall coal sales volume guidance of 33.75 million to 35.25 million tons, coal sales price guidance of $54 to $56 per ton, and total segment adjusted EBITDA expense guidance of $37 to $39 per ton. We view these ranges as balanced with any upside continuing to depend largely on summer burn activity and the pace of utility inventory draws over the remainder of the year.

接下來更新2026年指引。我們維持整體煤炭銷售量指引為3,375萬至3,525萬噸、煤炭銷售價格指引為每噸54至56美元，以及各事業部調整後EBITDA成本指引為每噸37至39美元。我們認為上述區間已兼顧平衡；任何上行空間仍主要取決於夏季燃煤需求活動，以及今年剩餘期間公用事業庫存去化的速度。

Contracting activity is a significant positive during the quarter, which Joe will discuss in more detail in a moment. But in short, we're essentially fully committed and priced for 2026 at the midpoint of guidance, with strong momentum already building for 2027.

本季度的簽約活動是一項顯著利多，Joe稍後會更詳細說明。簡而言之，我們在2026年基本上已於指引中位數水準完成幾乎全部承諾與定價，且2027年的強勁動能已在形成。

In the Oil & Gas Royalties segment, we are increasing full year volume guidance to reflect the AllDale III & IV acquisition beginning in the third quarter of 2026. We now estimate 1.95 million to 2.05 million barrels of oil, 10 million to 10.5 million Mcf of natural gas, and 1.1 million to 1.2 million barrels of natural gas liquids for the full year. Because the AllDale III & IV acquisition closed on July 1, 2026, production, revenue, and income will be reported on a consolidated basis beginning in the third quarter, with amounts attributable to the craft-related parties' ownership reflected as noncontrolling interest.

在油氣權利金事業部方面，我們上調全年產量指引，以反映AllDale III & IV收購案自2026年第三季開始貢獻。我們目前估計全年原油為195萬至205萬桶、天然氣為1,000萬至1,050萬Mcf，以及天然氣液為110萬至120萬桶。由於AllDale III & IV收購案於2026年7月1日交割，產量、營收與收益將自第三季起以合併基礎列報；其中歸屬於craft相關方持股的金額將以非控制權益反映。

Combining that interest in the existing noncontrolling interest in Cavalier Minerals JV, our guidance includes an estimated $13 million to $15 million of net income attributable to noncontrolling interest, reflecting six months of AllDale III & IV and a full year of Cavalier.

將該等權益與Cavalier Minerals合資企業既有的非控制權益合併考量後，我們的指引包含估計1,300萬至1,500萬美元歸屬於非控制權益的淨利，反映AllDale III & IV六個月以及Cavalier全年之影響。

Please note the AllDale III & IV acquisition did include hedges related to oil and gas. So we have also included a summary of the commodity derivatives that were assumed as a part of the acquisition in our earnings release.

請注意，AllDale III & IV收購案包含與油氣相關的避險部位。因此，我們亦在財報新聞稿中納入本次收購所承接之商品衍生性金融商品摘要。

And with that, I'll turn the call over to Joe for his comments. Joe?

接下來，我把電話交給Joe發表他的評論。Joe？

Thank you, Cary. And good morning, everyone. Thank you for joining our call today.

謝謝你，Cary。各位早安。感謝各位今天參加我們的電話會議。

Alliance delivered a superb second quarter, highlighted by coal's improved operating performance, record Oil & Gas Royalties results, and meaningful commercial transactions, headlined by our minerals acquisitions and another exceptional quarter of booking sales by our marketing team, who secured 21.2 million tons of new commitments.

Alliance第二季表現極為出色，亮點包括煤炭營運表現改善、油氣權利金創紀錄的成果，以及具意義的商業交易；其中以我們的礦產收購最為突出，並且我們行銷團隊再度締造卓越的一季簽約銷售，取得2,120萬噸的新承諾。

New domestic sales commitments totaled 18.5 million tons spread out over the next five years. There was a brief period of time during this 2026 quarter when export pricing presented at attractive opportunities, and we secured 2.7 million tons of export commitments over the 2026 to 2028 time period.

新增的國內銷售承諾合計1,850萬噸，分布於未來五年。在2026年該季度期間，出口定價曾短暫出現具吸引力的機會，我們因此在2026年至2028年期間取得270萬噸的出口承諾。

On the production side, I want to give a shout out to all of our coal operations teams whose performance with seller across the board.

在生產方面，我想向我們所有煤炭營運團隊致敬，他們的表現全面優異。

At Tunnel Ridge, our longwall move from Panel '27 to Panel '28 was the second fastest [12-month] face-to-face move in the mine's history, and the operation closed June with its highest shipping months since 2023. Hamilton brought its longwall back online in mid-May and has shown consistent improvements in key operating metrics, and recovery yields this month have been at record levels for that coal mine.

在Tunnel Ridge，我們的長壁工作面由第「27」區移至第「28」區的搬遷，是該礦史上第二快的（12個月）面對面搬遷；該營運單位於6月的出貨量亦創下自2023年以來的最高月度水準。Hamilton於5月中旬讓長壁系統恢復運轉，關鍵營運指標持續改善，本月回收率更達到該煤礦的歷史新高。

At our River View complex, strong productivity at (inaudible) Henderson mine and the River View mine, have positioned us ahead of our internal production targets for both the 2026 quarter and year-to-date. Gibson South and (inaudible) continued to be steady performers contributing to our outstanding results in the Illinois Basin.

在我們的River View綜合礦區，（聽不清）Henderson礦與River View礦的高生產力，使我們在2026年該季度及年初至今的內部產量目標上均領先進度。Gibson South與（聽不清）持續穩定發揮，為我們在伊利諾伊盆地的亮眼成果做出貢獻。

At Mettiki mining, we moved from a four-day to a five-day production schedule on the strength of new business secured by our marketing team. A good example of our commercial and operating teams working in tandem. With 2026 longwall moves behind us and no additional moves expected until 2027, we believe our whole operations are well positioned to meaningfully increase production and cash flow generation during the second half of the year. We also expect to see cost improvements across the portfolio as productivity gains flow through the system and our key mines operate at more normalized run rates. Our strong contracted sales book helped limit the impact of lower domestic coal demand in the first half of this year that was caused by mild weather and lower natural gas prices.

在 Mettiki 礦區，憑藉我們行銷團隊新取得的業務，我們已將生產排程由每週四天提升至每週五天。這是我們商務與營運團隊協同合作的良好例證。隨著 2026 年的長壁面搬遷作業已告一段落，且預期要到 2027 年才會有新增搬遷，我們認為整體營運已具備良好條件，可在下半年顯著提升產量與現金流創造能力。我們也預期，隨著生產力提升逐步在系統中反映，且主要礦場回到較正常的運轉率，整體資產組合的成本將有所改善。我們強勁的合約銷售訂單簿，有助於降低今年上半年因天氣溫和與天然氣價格較低所導致的國內煤炭需求下滑之影響。

As Cary mentioned, we are essentially fully committed at the midpoint of guidance, and we now have 29.4 million tons committed and priced for 2027 delivery. We believe this level of forward commitment reflects both the strategic importance of our coal supply and the covenants customers place in ARLP's ability to deliver.

如 Cary 所提到的，以指引區間中點來看，我們基本上已接近全數承諾；此外，我們目前已有 2,940 萬噸承諾並完成定價，將於 2027 年交付。我們認為，這樣的遠期承諾水準反映了我們煤炭供應的策略重要性，以及客戶對 ARLP 交付能力所賦予的契約性要求。

Turning to the broader markets. PJM capacity auction results earlier this month serve as another important reminder of the structural tightness developing in power markets. The 2028, 2029 base residual auction cleared at the $325 per megawatt day cap for the third consecutive auction, while total clear capacity remained well short of PJM's reliability requirement. We believe these results reinforce the value of dispatchable coal-fired generation needed to maintain system reliability. Recent operating conditions have already put that scarcity to the test.

接著談更廣泛的市場。本月稍早 PJM 容量拍賣結果，再次重要地提醒我們電力市場正出現結構性的供給吃緊。2028、2029 年度的基礎剩餘拍賣（Base Residual Auction）已連續第三次以每兆瓦日 325 美元的上限價格結算，而總結算容量仍明顯低於 PJM 的可靠度需求。我們認為，這些結果強化了為維持系統可靠度所需之可調度燃煤發電的價值。近期的運轉狀況已經讓這種稀缺性面臨考驗。

On July 1, PJM served a preliminary hourly peak, 161.9 gigawatts and had to invoke top weather maximum generation and load management procedures. It posted another maximum generation alert on July 15, and [MISO] was under a similar alert that same day with demand above 120 gigawatts.

7 月 1 日，PJM 出現初步的每小時尖峰負載 1,619 億瓦（161.9 GW），並不得不啟動最高等級的炎熱天氣最大發電與負載管理程序。7 月 15 日又發布另一則最大發電警報，而同一天 [MISO] 也處於類似警報狀態，需求超過 1,200 億瓦（120 GW）。

The Department of Energy has continued to lean on its Section 202C emergency authority to keep generation available in both markets and separately authorized PJM to draw on backup generation in data centers and other large facilities as an emergency reliability resource. In our view, these events reinforce the point we have been making: As electricity demand grows, the grid need reliable, dispatchable baseload capacity from all existing resources.

能源部（DOE）持續運用其《第 202C 條》緊急權限，以確保兩個市場的發電能力可用；並另行授權 PJM 在緊急可靠度資源的名義下，動用資料中心及其他大型設施的備援發電。在我們看來，這些事件再次印證我們一直強調的觀點：隨著用電需求成長，電網需要來自所有既有資源的可靠、可調度基載容量。

Federal policy is also acknowledging that preserving and modernizing existing cogeneration can be a faster and more cost-effective way to support reliability. The DOE recently announced up to $500 million of Defense Production Act Title III funding for 13 coal-fired plants, six of which we sell to, aimed at improving efficiency and extending plant life. Last week, President Trump announced a major expansion of the voluntary rate payer protection pledge, which has been signed on to by most electric utilities that serve the data center build out. The pledge is intended to prevent other electricity rate payers from bearing the cost of electricity for data centers.

聯邦政策也正在承認，保留並現代化既有的汽電共生（cogeneration）設施，可能是支撐可靠度更快速且更具成本效益的方式。DOE 近期宣布，將透過《國防生產法》第三章（Title III）提供最高 5 億美元資金給 13 座燃煤電廠，其中 6 座為我們的客戶，目標在提升效率並延長電廠壽命。上週，川普總統宣布大幅擴大自願性的「用戶費率支付者保護承諾」（rate payer protection pledge），多數為資料中心擴建提供服務的電力公用事業已簽署加入。該承諾旨在避免其他電價支付者承擔資料中心用電成本。

Holding amicus power, one of the best ways to provide power for data centers is to take advantage of the existing coal fleet. They went on to say the existing coal fleet is being underutilized and can generate more of the electricity that is needed by data centers without incurring the cost of new power plants and expensive infrastructure that can take years to build.

在 Amicus Power 看來，為資料中心供電的最佳方式之一，是善用既有的燃煤機組。他們進一步表示，現有燃煤機組目前未被充分利用，且可在不必承擔新建電廠及昂貴基礎設施（可能需多年才能建成）成本的情況下，發出更多資料中心所需的電力。

Turning to Oil & Gas Royalties, the segment delivered another record quarter, and the July 1 closing of the AllDale III & IV acquisition marks the next phase of growth for this platform. With this transaction, our cumulative investment in Oil & Gas Royalties now exceeds $1 billion, a significant milestone in the evolution of this platform. I'll repeat what I stated, when we announced the transaction in June, this acquisition accelerates the continued growth of our Oil & Gas Royalties segment adds scale and development upside across multiple U.S. basins, is anchored by a meaningful Permian position and expands our natural gas footprint with entry into the Haynesville, a resource play well-positioned to benefit from the long-term LNG export demand growth. We expect this acquisition to be immediately accretive to ARLP's free cash flow per unit, increasing our estimated distributable cash flow per unit by 8% to 9% next year.

接著談油氣權利金（Oil & Gas Royalties）。該部門再度繳出創紀錄的一季，而 7 月 1 日完成 AllDale III & IV 收購案交割，標誌著此平台下一階段的成長。透過這筆交易，我們在油氣權利金的累計投資現已超過 10 億美元，這是此平台演進過程中的重要里程碑。我重申我們在 6 月宣布交易時所說的：此收購將加速油氣權利金部門的持續成長，並在美國多個盆地擴大規模與開發上行空間；其核心為具相當規模的二疊紀盆地（Permian）布局，同時透過進入海恩斯維爾（Haynesville）擴大我們的天然氣版圖。海恩斯維爾作為資源型開發區，具備良好條件可受惠於長期 LNG 出口需求成長。我們預期此收購將立即增厚 ARLP 每單位自由現金流，並使我們對明年每單位可分配現金流的估計提高 8% 至 9%。

Looking ahead, our strategic priorities remain unchanged, maintaining a strong, conservatively managed balance sheet, investing with discipline in our core businesses. and positioning Alliance for continued growth while delivering attractive after-tax returns to our unitholders.

展望未來，我們的策略優先事項維持不變：維持強健且保守管理的資產負債表，以紀律投資於核心業務，並在為單位持有人帶來具吸引力的稅後報酬之同時，讓 Alliance 具備持續成長的定位。

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

以上為我們預先準備的發言，接下來我請接線員開放提問。

(Operator Instructions) Matthew Key, Texas Capital Securities.

(接線員指示) Matthew Key，Texas Capital Securities。

I wanted to start just on capital allocation and how you guys are thinking about it for the remainder of the year. Obviously, you just executed a pretty big acquisition on the Oil & Gas Royalties segment. But I was wondering if there would be more of an appetite for incremental M&A as we progress through the remainder of 2026?

我想先從資本配置談起，請問你們如何看待今年剩餘時間的資本配置。顯然，你們剛在油氣權利金部門完成了一筆相當大的收購。但我想了解的是，隨著 2026 年接下來的時間推進，你們是否會更有意願進行額外的併購（M&A）？

Yes. So in addition to the announcement we made July 1, we did also invest in about $16 million of oil and gas reserves during the quarter, which is like, I think, the third quarter in a row that we've been able to do ground game acquisitions at that level. So we have included in our plan for the year, giving them the opportunity to continue that at that pace. We'll continue to look at other deals if they're attractive to us. in the coal space, we do have some reserve issues we're looking at.

是的。除了我們在 7 月 1 日發布的公告之外，我們在本季也投資了約 1,600 萬美元於油氣儲量；我想這大概是我們連續第三季能以這樣的規模進行在地型（ground game）的收購。因此，我們已將此節奏的延續納入今年的計畫，讓他們有機會持續以同樣步調推進。若其他交易對我們具吸引力，我們也會持續評估。在煤炭領域，我們確實有一些正在檢視的儲量議題。

There could be some small investments that we're planning to make.

我們也可能規劃進行一些小型投資。

And we're also looking at different things that will continue to allow us to meet our goals and objectives. We're pleased with the investment we made in the Gavin power plant. So we continue to have that on our list of things to consider as we move forward. So we feel like we're in a great position, and we do have some opportunities. We're excited about as we look forward with the growing energy demand due to the data center investments.

同時，我們也在評估其他不同事項，以持續協助我們達成目標與目的。我們對於在 Gavin 電廠所做的投資感到滿意。因此，隨著我們往前推進，這仍會列在我們的評估清單中。我們覺得目前處於非常有利的位置，也確實有一些機會。隨著資料中心投資帶動能源需求成長，我們對未來展望感到振奮。

Got it. No, that's very helpful. And I just wanted to ask about volume cadence over the second half of '26. Obviously, no major longwall moves in the back half of this year. So should we be thinking 3Q, 4Q should look pretty similar from a volume and cost perspective?

了解。這非常有幫助。我也想問一下 2026 年下半年的出貨量節奏。顯然，今年下半年沒有重大的長壁面搬遷。因此，從出貨量與成本角度來看，我們是否應該預期第三季、第四季會相當類似？

Or are there any kind of other moving parts we should be considered as we model the back half?

或者在建模下半年時，還有其他變動因素需要納入考量？

I think with the Hamilton starting up mid-May, it's going to be producing at a higher run rate than what you've seen in the second quarter -- in the first quarter. So you're going to see probably a doubling of that production in the third quarter versus the second quarter. And that will drive costs lower for the Illinois Basin. We're also -- I think that would be the major issue as you're thinking about both the third quarter, which would continue into the fourth quarter. Cary, if you have anything to add to that?

我認為 Hamilton 在 5 月中旬啟動後，其運轉率會高於你在第二季——以及第一季——所看到的水準。因此，你可能會看到第三季相較第二季的產量大約翻倍。而這將帶動伊利諾伊盆地（Illinois Basin）的成本下降。另外——我想在你思考第三季（並延續到第四季）時，這會是主要因素。Cary，你有要補充的嗎？

Yes. Yes. I think, Matt, as you take a look at the back half of the year, we did, what, roughly $16.5 million sales in the first half. So that implies a pickup in the back half of the year about -- to get to the midpoint of the guidance range, another 18 million tons of sales or so. I think it's reasonable to expect that, that can be spread out pretty evenly between the last two quarters.

是的。是的。我想，Matt，當你看今年下半年時，我們上半年大概做了約1,650萬美元的銷售額。因此，這意味著下半年要達到指引區間的中點，銷售量需要回升——大約還要再賣出1,800萬噸左右。我認為合理的預期是，這些量可以在最後兩個季度之間相當平均地分配。

As Joe mentioned, we will see a pickup in the Illinois Basin just because we'll have Hamilton back online in the back half of the year, and so that's obviously leading to a lot of that pickup in volumes.

正如Joe提到的，我們會看到伊利諾伊盆地的出貨量回升，因為Hamilton將在今年下半年重新上線，因此這顯然會帶動相當大一部分的量增。

But I think when you look at the back half, it's definitely reasonable to assume, just in total kind of that volume cadence about $9 million each one of the quarters to get to the midpoint of the range.

但我認為，當你看下半年時，整體而言，假設那種出貨節奏是合理的——每個季度大約900萬美元，以達到區間中點。

Nathan Martin, Benchmark.

Nathan Martin，Benchmark。

Congrats on closing the AllDale transaction. Maybe just following on Matt's questions for the back half of the year. We saw a pretty significant quarter-over-quarter decline in realized price per ton for the Appalachia segment. I know you guys mentioned there's increased sales mix of lower priced to Ridge tons there. I think some of the sales price are coming to Mettiki as well.

恭喜完成AllDale交易交割。也許延續Matt對下半年的問題。我們看到阿帕拉契亞分部每噸實現價格（realized price）環比大幅下降。我知道你們提到那裡低價產品的銷售組合占比提高、相對於Ridge噸。我想也有一些銷售價格正在轉到Mettiki。

But how should we think about the realizations in the second half? Do you expect them to kind of remain at those levels? Could they improve? Or could they draw down a little bit more as some of those contracts roll off that you guys talked about?

那麼我們應該如何看待下半年的實現價格？你們預期會大致維持在目前水準嗎？有可能改善嗎？或者隨著你們提到的一些合約到期，還可能再下滑一些？

I think we're pretty stable on pricing for both the Illinois Basin and the Appalachian Basin for the rest of the year comparable to the second quarter revenue numbers based on our contracts. It will depend on the actual timing of some of those shipments, but it should be pretty consistent with the second quarter revenues on a per ton basis.

我認為今年剩餘時間，無論是伊利諾伊盆地或阿帕拉契亞盆地，價格都相當穩定，依據我們的合約，會與第二季的營收數字大致可比。這會取決於部分出貨的實際時間點，但按每噸計，應該會與第二季的營收相當一致。

Okay. Got it. Joe, I appreciate that. And then committed in price, 21.2 million tons as you guys said for '26, all the way out to 2031, just since last quarter. How would you categorize the pricing on those tons versus maybe your price per ton guidance for full year '26?

好的。了解。Joe，謝謝你的說明。另外，你們提到自上季以來，已為2026年鎖定價格承諾2,120萬噸，一路延伸到2031年。你會如何將這些噸位的定價，與你們對2026年全年每噸價格指引做比較？

I'd say they're within basically where the indexes are trading today with some inflation or factored in going forward. So there will be some increases to those contracts, but that would be in the basin mid-50s and then Northern at mid-60s, would be the price targets.

我會說基本上落在目前指數交易水準附近，並把未來的部分通膨因素納入。因此這些合約會有一些調升，但目標價格大概是：盆地（Basin）在每噸50多美元中段，而北部（Northern）在每噸60多美元中段。

Okay. Very helpful. Appreciate that. And then I guess just one other question. Costs has been much better than expected, offsetting that lower pricing in Appalachia.

好的。非常有幫助。謝謝。那我想再問一個問題。成本表現比預期好很多，抵消了阿帕拉契亞較低的定價。

I think, Cary, you kind of just talked about this on the previous question. Should we kind of expect those costs to remain where they are? Or maybe it can get a little bit better? It looks, like just carrying them forward, we'd probably be at the lower end of the cost per ton guidance for the full year, but I would appreciate any thoughts there.

我想，Cary，你在上一個問題中也談到這點。我們是否可以預期這些成本會維持在目前水準？或者還可能再好一些？看起來如果照目前水準延續下去，我們可能會落在全年每噸成本指引的低端，但也希望聽聽你的看法。

Well, I think if you kind of look in the back half of the year, when you look at where our cost guidance is, it does imply to kind of get to the midpoint of where our cost guidance range is, about a 10% reduction on a going-forward basis in the back half of the year compared to what we experienced in the first half of the year. So I think that's kind of a good marker that's out there, maybe shaded a little bit more to the Illinois Basin than Appalachia, but we should see cost improvements at both of those regions going forward, somewhere in the neighborhood of that 10% of what I'm talking about or what I just mentioned previously.

嗯，我認為如果你看今年下半年，對照我們的成本指引，它其實意味著：要達到成本指引區間的中點，下半年相較於上半年我們所經歷的水準，未來的運行基礎上大約需要降低10%。所以我認為這是一個不錯的參考指標；可能會稍微更偏向伊利諾伊盆地而非阿帕拉契亞，但未來我們在這兩個區域都應該會看到成本改善，大致就在我剛提到的、約10%的幅度附近。

(Operator Instructions) Mark Reichman, Noble Capital Markets.

（接線員指示）Mark Reichman，Noble Capital Markets。

Yes. So you now have 29.4 million tons committed in price for 2027. So you added, what, about 5.6 million tons domestically and more than doubled the exports to 2.7 million. I was just curious what are utilities telling you about their expected coal burn over the next several years? And do you believe the increase in the electricity demand I mean, what are your expectations for 2027 versus 2026 in terms of your overall production and sales profile?

是的。所以你們現在已為2027年鎖定價格承諾2,940萬噸。也就是說，你們新增了大約560萬噸的國內量，出口量更是增加一倍以上到270萬噸。我只是好奇，公用事業客戶對未來幾年預期的燃煤消耗量（coal burn）是怎麼說的？另外，對於電力需求增加，你們怎麼看——就整體產量與銷售輪廓而言，你們對2027年相較2026年的預期是什麼？

As we looked at '27, I think we will what we've already got embedded pretty much is Hamilton running at the second half run rate for the full year. So that should be another 1 million tons, could be a little higher depending on the market. So that's the major change. Our River View complex has been running really well. Tunnel Ridge has been run well.

我們在看2027年時，我認為我們已經基本把Hamilton以「下半年運行速率」跑滿全年這件事納入了。因此那應該會多出100萬噸，視市場情況可能還會更高一些。這是主要的變化。我們的River View礦區群運行得非常好。Tunnel Ridge也運行得很好。

But I think that as we would look at it today, we're probably 1 million to 1.3 million more volume next year if things go as planned. Based on our current utilization, we do feel that the demand will be available for us.

但我認為，以我們今天的看法，如果一切按計畫進行，明年的量大概會多100萬到130萬噸。基於我們目前的產能利用率，我們確實認為市場需求足以支撐我們。

Everything is always -- market conditions, whether it's weather or natural gas prices, but data centers are coming online, so the demand will go up and depending on what percentage coal gets versus gas will depend somewhat on gas prices, but also back to my prepared remarks, we do believe that in PJM, that there is excess capacity in the coal plants, they're going to need to be called upon to meet the demand that's being discussed by all of our customers in PJM. If you listen to all their earnings calls, they talk about the pipeline that they have at data centers coming online. They're all projecting increases 3% at least on a year-over-year basis of engine -- electric generation on an annual basis for the next three years or so.

一切都還是取決於市場條件——不論是天氣或天然氣價格；但資料中心正在上線，因此需求會上升，而煤相對於天然氣能拿到多少占比，某種程度取決於氣價。不過也回到我事先準備的發言，我們確實相信在PJM，燃煤電廠仍有多餘產能，為了滿足所有PJM客戶所討論的需求成長，這些電廠將需要被調度上來。如果你聽他們所有的法說會，他們都在談資料中心上線的專案管線。他們都在預測，未來三年左右，每年電力發電量（electric generation）至少會有3%的年增率。

You referenced Defense Production -- you referenced the Defense Production Act Title III funding and my understanding, that $425 million of the $500 million would fund the 12 coal plant modernization projects across Kentucky, North Carolina, Tennessee, Oklahoma, Wisconsin and West Virginia. I mean, doesn't that kind of fall into your wheelhouse? I mean, are a lot of those coal-fired plants customers are yours?

你提到《國防生產法》——你提到《國防生產法》第三章（Title III）的資金，我的理解是，在5億美元中有4.25億美元將用於肯塔基、北卡羅來納、田納西、奧克拉荷馬、威斯康辛與西維吉尼亞等地的12個燃煤電廠現代化專案。我的意思是，這不正好落在你們的業務範圍內嗎？這些燃煤電廠中，有很多是你們的客戶嗎？

6 of those 13 are our customers, and they're all looking to be operating to well into the next decade.

其中13家裡有6家是我們的客戶，而且他們都希望能營運到下個十年之後很長一段時間。

Right. Now I think, Matt, you kind of touched on this, but how should investors kind of think about the balance between a debt reduction, additional royalty acquisitions, unit distributions and maybe even potential unit repurchases over the next 12 to 24 months?

好的。那我想，Matt，你剛才也稍微提到，但投資人應該如何看待未來12到24個月之間，在降低負債、進一步收購權利金資產（royalty acquisitions）、單位分配（unit distributions），甚至可能的單位回購（unit repurchases）之間的平衡？

Well, I think, as I mentioned, again, in my remarks, we'll look to maintain growth in the Oil & Gas Royalties segment. I think on the coal side, we're going to continue to maintain our operations by investing the capital we need there. Our matrix will not be capital intensive, but there are some opportunities for growth there that we may deploy some capital, and we intend to want to reward our shareholders, unitholders with a very attractive after-tax return. So we will see what develops. I think with the LNG terminals come online, there is opportunity for natural gas prices to rise.

嗯，我想，正如我提到的，再次在我的發言中，我們將致力於維持油氣權利金（Oil & Gas Royalties）業務板塊的成長。我認為在煤炭方面，我們將透過投入所需資本來持續維持我們的營運。我們的資產組合不會是資本密集型，但那裡確實有一些成長機會，我們可能會部署部分資本；同時，我們也希望以非常具吸引力的稅後報酬回饋我們的股東與單位持有人。所以我們會看看後續發展如何。我認為隨著LNG終端陸續上線，天然氣價格有機會上升。

So we're feeling it both for what we're doing on the oil and gas mineral side as well as how we're positioned in the coal industry. So we feel really good about our future.

因此，無論是我們在油氣礦權端所做的事情，或是我們在煤炭產業中的布局，我們都能感受到這股趨勢。所以我們對公司的未來感到非常樂觀。

Michael Mathison, Sidoti.

Michael Mathison，Sidoti。

Congratulations on the quarter. A couple of questions about the balance sheet. It looks like inventories are down quite a bit from March and December. What drove that? And would you expect inventories to stay at this new lower level?

恭喜本季表現。我有幾個關於資產負債表的問題。看起來存貨相較於3月和12月下降了不少。是什麼原因造成的？你們預期存貨會維持在這個新的較低水準嗎？

What primarily drove it was Hamilton in the second quarter. Again, they were not operating at -- we had that planned longwall move really for the first half, so when you look at the inventory we had built going into the year in large part that was to satisfy the Hamilton contracts we had. And we have had good shipments. We had over 3 million tons last month. We have 3 million tons this month.

主要原因是第二季的Hamilton。再說一次，他們並未在——我們在上半年確實規劃了那次長壁（longwall）搬遷，因此當你看年初我們建立的存貨時，其中很大一部分是為了滿足我們與Hamilton的合約。而且我們的出貨表現良好。上個月我們出貨超過300萬噸。這個月也有300萬噸。

As Cary mentioned, we've got strong contractual commitments, should continue at that pace. So we're essentially producing, or we've got contracts already covered at what our production level is, and we do believe that there will be opportunities to maintain these inventories at this level for the rest of the year.

如Cary所提到的，我們有強勁的合約承諾，應可持續維持這樣的節奏。所以基本上，我們的產量——或者說我們的產量水準——已經有合約覆蓋；我們也相信，今年剩餘時間會有機會把存貨維持在目前這個水準。

I think realistically, I mean this is anywhere from 0.5 million tons to 0.75 million tons is kind of a normal run rate, Michael. So we are kind of right in that level right now. Obviously, we'd like them to be as low as possible. But generally, that's where we we will target and end up kind of in that range.

我想更務實地說，Michael，一般正常的運行水準大概是50萬噸到75萬噸。所以我們現在大致就在這個水準。當然，我們希望存貨越低越好。但通常我們的目標會落在這個區間，最後也會大致維持在這個範圍內。

It's reasonable to be at 1 million. So we don't like to be above 1 million. So the -- by being under that, back to the range Cary just mentioned, we're doing a great job this year at managing our inventories.

維持在100萬噸是合理的。所以我們不希望高於100萬噸。因此——能低於100萬噸、回到Cary剛提到的區間，代表我們今年在存貨管理上做得非常好。

Okay. Excellent. Also on the balance sheet, it looked like trade receivables are up quite a bit. Is that just seasonality? Or were there other factors at play?

好的。很棒。另外在資產負債表上，看起來應收帳款增加了不少。這只是季節性因素嗎？還是有其他因素影響？

I wouldn't say there's other factors. Well, I mean, the factors at play get to be how much you ship during that month. And so as Joe said, we had a really strong shipping month in June. And so that plays into what the receivables look like at a quarter end at a particular point in time. And so that was the biggest piece of why the trade receivables were higher.

我不會說有其他因素。嗯，我的意思是，影響因素主要在於當月出貨量有多少。正如Joe所說，我們6月的出貨非常強勁。因此，這會影響到在季末特定時點的應收帳款水準。所以這是應收帳款較高的最大原因。

Okay. Turning back to the income statement. What drove income in equity method investments so much higher in the quarter?

好的。回到損益表。本季按權益法認列之投資收益為何大幅提高？

So our equity method investments, the benefit, Joe mentioned the Gavin, our investment in the Gavin power plant. And that was one of the primary drivers. They had a really strong quarter. And so our investment in that Gavin power plant continues to be very positive. So that was one particular piece of it as well as our investment in the NGP fund.

我們的權益法投資方面，收益——Joe提到的Gavin，也就是我們對Gavin發電廠的投資。那是主要驅動因素之一。他們本季表現非常強勁。因此，我們對Gavin發電廠的投資持續帶來非常正面的貢獻。這是其中一個部分，另外還包括我們對NGP基金的投資。

Both of those had really strong quarters. And so that's primarily what's driving -- what's going on within -- in that number for the quarter. It's hard to say whether something like that is realistic each and every quarter going forward. It would obviously be great if it was. I think, in the past, we've guided that particular area to around [3 million] benefit per quarter.

這兩項本季都非常強勁。因此，這基本上就是推動——也就是本季該數字變動的主要原因。很難說未來每一季都能否維持這樣的水準。如果可以，當然會非常好。我想過去我們對這一項的指引大約是每季帶來約[300萬]的收益。

I think that's probably a reasonable one. It will look a little different going forward, too, because we did make this AllDale III & IV acquisition, and there were some benefits from our previous investment in AllDale III that was flowing through that line item that will now go into another area.

我認為那大概是合理的。未來看起來也會有些不同，因為我們完成了AllDale III & IV的收購；而我們先前對AllDale III的投資所帶來的一些收益原本會流入這個科目，之後將會轉到其他項目中。

But I do think that, that number around [3 million] a quarter is a reasonable one as we look for the balance of this year.

但我確實認為，當我們看今年剩餘期間時，每季約[300萬]左右的數字是合理的。

This concludes our question-and-answer session. I would like to turn the floor back over to Mr. Marshall for closing comments.

問答環節到此結束。我想把時間交還給Marshall先生作結語。

Thank you, operator. And to everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance. We expect to report third quarter 2026 financial and operating results in late October, and we look forward to speaking with you then.

謝謝，接線員。也感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，以及各位對Alliance持續的支持與關注。我們預計在10月下旬公布2026年第三季的財務與營運結果，並期待屆時再與各位交流。

This concludes our call for the day. Thank you.

今天的電話會議到此結束。謝謝。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議至此結束。您可以掛斷電話，祝您有美好的一天。