Alliance Resource Partners LP (ARLP) 2026 Q3 法說會逐字稿

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

各位好，歡迎參加 Alliance Resource Partners LP 2026 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I will now turn the conference over to your host, Cary Marshall, Senior Vice President and Chief Financial Officer. Please go ahead.

現在我將把會議交給主持人——資深副總裁兼財務長 Cary Marshall。請開始。

Thank you, operator. Good morning, and welcome everyone. Earlier today, Alliance Resource Partners released its third 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.

謝謝接線員。各位早安，歡迎大家。今天稍早，Alliance Resource Partners 已公布其 2026 年第三季財務與營運結果。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，相關內容載於我們不時向美國證券交易委員會（SEC）提交的文件中，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資訊，但若一項或多項風險或不確定性成真，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。在提供上述發言時，除非法律要求，合夥企業並無義務因新資訊、未來事件或其他原因而公開更新或修訂任何前瞻性陳述。

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

最後，我們也將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比較之 GAAP 財務衡量指標之差異定義與調節表，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 third quarter 2026 results, including the first full quarter of contribution from our AllDale III and IV 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. Before I get into the numbers, one note on presentation.

接下來，我將先回顧我們 2026 年第三季的業績，其中包含 AllDale III 與 IV 收購案貢獻的第一個完整季度，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，說明我們更新後的 2026 年指引。在我進入數字之前，先就呈現方式說明一點。

Beginning this quarter, we redefined how adjusted EBITDA is calculated to include non-controlling interests. As a result, we will be reporting adjusted EBITDA attributable to ARLP, which excludes amounts attributable to non-controlling interests in AllDale III and IV and Cavalier Minerals within our oil and gas royalties segment. Prior periods have been adjusted to conform to this presentation. Overall, results for the third quarter of 2026, which we refer to as the 2026 quarter, were higher on a year-over-year and sequential basis.

自本季起，我們重新定義調整後 EBITDA 的計算方式，以納入非控制權益。因此，我們將揭露歸屬於 ARLP 的調整後 EBITDA，該數字排除在我們油氣權利金事業部中 AllDale III 與 IV 以及 Cavalier Minerals 的非控制權益所歸屬之金額。先前期間已調整以符合此呈現方式。整體而言，2026 年第三季（我們稱為 2026 季度）的結果，無論年增或季增皆有所提升。

Compared to the prior year, which we refer to as the 2025 quarter, total revenues increased 5.5% to $603 million. Net income attributable to ARLP increased 46.8% to $139.6 million, or $1.08 per basic and diluted limited partner unit, and adjusted EBITDA attributable to ARLP increased 26.3% to $233.9 million.

與前一年（我們稱為 2025 季度）相比，總營收增加 5.5% 至 6.03 億美元。歸屬於 ARLP 的淨利增加 46.8% 至 1.396 億美元，或每基本及稀釋有限合夥單位 1.08 美元；歸屬於 ARLP 的調整後 EBITDA 增加 26.3% 至 2.339 億美元。

Compared to the second quarter of 2026, which we refer to as the sequential quarter, total revenues increased 9.3%, net income attributable to ARLP increased 75.5%, and adjusted EBITDA attributable to ARLP increased 26.4%. Net income in the 2026 quarter benefited from a $16.5 million increase in the fair value of our digital assets and a $6.3 million non-cash gain from remeasuring our previously held equity interest in AllDale III in connection with the AllDale III and IV acquisition. Partially offsetting these items were higher income tax expenses and a $7.3 million loss on derivative instruments assumed in the acquisition, of which $6.7 million was unrealized.

與 2026 年第二季（我們稱為前一季/季比季度）相比，總營收增加 9.3%，歸屬於 ARLP 的淨利增加 75.5%，歸屬於 ARLP 的調整後 EBITDA 增加 26.4%。2026 季度的淨利受惠於我們數位資產公允價值增加 1,650 萬美元，以及因 AllDale III 與 IV 收購案而對先前持有之 AllDale III 股權重新衡量所產生的 630 萬美元非現金收益。部分抵銷上述項目的因素包括較高的所得稅費用，以及收購中承接之衍生性金融工具產生 730 萬美元損失，其中 670 萬美元為未實現損失。

Income from our equity method investments was $12.8 million in the 2026 quarter, compared to $4.5 million in the 2025 quarter and $9.5 million in the sequential quarter. The increase was driven primarily by higher income and valuations by our investments in the Gavin Power Plant and the NGP Fund, both of which continue to perform well. As a reminder, results from these investments can vary from quarter to quarter as valuations change.

2026 季度來自權益法投資的收益為 1,280 萬美元，相較之下，2025 季度為 450 萬美元，前一季為 950 萬美元。增加主要來自我們對 Gavin 發電廠與 NGP 基金之投資收益與估值提高，兩者皆持續表現良好。提醒各位，這些投資的結果可能因估值變動而在各季度間有所波動。

Turning to coal operations, sales volumes were 9.3 million tons, up 7.4% year-over-year and 9.2% sequentially. Segment adjusted EBITDA increased to $186.8 million, up 18.6% year-over-year and 23.1% sequentially as higher volumes and lower per ton expenses more than offset lower average pricing. Our average coal sales price per ton was $53.93 in the 2026 quarter, down 8.3% year-over-year and 1.7% sequentially, primarily due to a higher sales mix of lower priced Tunnel Ridge volumes.

接著看煤炭營運，銷售量為 930 萬噸，年增 7.4%，季增 9.2%。事業部調整後 EBITDA 增至 1.868 億美元，年增 18.6%，季增 23.1%；較高的銷量與每噸成本下降，足以抵銷平均售價下滑的影響。2026 季度我們的煤炭平均銷售價格為每噸 53.93 美元，年減 8.3%，季減 1.7%，主要因較低價的 Tunnel Ridge 銷售占比提高。

Segment adjusted EBITDA expense per ton was $35.64, improving 13.1% year-over-year and 7.9% sequentially. The reduction in per ton expense more than offset lower average pricing, increasing the spread between sales price and segment adjusted EBITDA expense to $18.29 per ton from $16.19 per ton in the sequential quarter.

事業部調整後 EBITDA 每噸費用為 35.64 美元，年減（改善）13.1%，季減（改善）7.9%。每噸費用的下降幅度超過平均售價下滑，使銷售價格與事業部調整後 EBITDA 費用之間的價差由前一季每噸 16.19 美元擴大至每噸 18.29 美元。

In the Illinois Basin, coal sales volumes were 7 million tons, up 6.4% year-over-year and 10.5% sequentially, driven by the resumption of longwall production at Hamilton. Illinois Basin coal sales price per ton was $51.16, in line with comparable periods, while segment adjusted EBITDA expense per ton improved to $31.77, down 10.2% year-over-year and 11.1% sequentially due to higher production at Hamilton and improved per ton costs at our Riverview complex. Illinois Basin segment adjusted EBITDA was $139.8 million, up 32.6% year-over-year and 34.1% sequentially.

在伊利諾伊盆地（Illinois Basin），煤炭銷售量為 700 萬噸，年增 6.4%，季增 10.5%，主要受惠於 Hamilton 長壁採煤恢復生產。伊利諾伊盆地煤炭每噸銷售價格為 51.16 美元，與可比期間大致一致；而事業部調整後 EBITDA 每噸費用改善至 31.77 美元，年減 10.2%，季減 11.1%，原因為 Hamilton 產量提高以及我們 Riverview 綜合礦區每噸成本改善。伊利諾伊盆地事業部調整後 EBITDA 為 1.398 億美元，年增 32.6%，季增 34.1%。

In Appalachia, coal sales volumes were 2.3 million tons, up 10.7% compared to the '25 quarter and up 5.7% compared to the sequential quarter on strong sales at Tunnel Ridge. Appalachia coal sales price per ton was $62.35, down 25.1% year-over-year and 1.9% sequentially, primarily due to the higher sales mix of lower priced Tunnel Ridge volumes that I mentioned a moment ago. Segment adjusted EBITDA expense per ton was $46.25, improving 19.9% year-over-year and essentially flat sequentially due to increased production at Tunnel Ridge and a higher sales mix of lower cost Tunnel Ridge volumes.

在阿帕拉契亞（Appalachia），煤炭銷售量為 230 萬噸，較 2025 季度增加 10.7%，較前一季增加 5.7%，主要受 Tunnel Ridge 強勁銷售帶動。阿帕拉契亞煤炭每噸銷售價格為 62.35 美元，年減 25.1%，季減 1.9%，主要因我剛才提到較低價的 Tunnel Ridge 銷售占比提高。事業部調整後 EBITDA 每噸費用為 46.25 美元，年減（改善）19.9%，季比基本持平，原因為 Tunnel Ridge 產量增加以及較低成本的 Tunnel Ridge 銷售占比提高。

Shifting to our royalty segments, total royalty revenues were $87.5 million, up 52.5% year-over-year and 26.4% sequentially, and segment adjusted EBITDA attributable to ARLP was $61.8 million, up 40% year-over-year and 22.8% sequentially. The 2026 quarter was the first full quarter including AllDale III and IV in our oil and gas royalty segment. Oil and gas royalty revenues were a record $59.8 million and BOE volumes were a record 1.45 million, up 61.3% year-over-year and 54.9% sequentially, primarily due to the acquisition.

轉到我們的權利金事業部，權利金總營收為 8,750 萬美元，年增 52.5%，季增 26.4%；歸屬於 ARLP 的事業部調整後 EBITDA 為 6,180 萬美元，年增 40%，季增 22.8%。2026 季度是我們油氣權利金事業部納入 AllDale III 與 IV 的第一個完整季度。油氣權利金營收創新高達 5,980 萬美元，BOE 產量亦創新高達 145 萬，年增 61.3%，季增 54.9%，主要由收購案所帶動。

Average sales price per BOE was $41.21, up 15.5% year-over-year as higher realized crude oil prices more than offset the greater natural gas weighting following the acquisition. Sequentially, average price declined 16.6%, primarily due to lower realized crude oil prices and a higher natural gas mix.

每 BOE 的平均銷售價格為 41.21 美元，年增 15.5%，因較高的已實現原油價格足以抵銷收購後天然氣比重提高的影響。按季比較，平均價格下降 16.6%，主要由於已實現原油價格較低以及天然氣組合占比提高。

Oil and gas royalty segment adjusted EBITDA attributable to ARLP was $43.6 million, up 61.4% year-over-year and 16.8% sequentially. Coal royalties segment adjusted EBITDA was $18.2 million, up 6.2% year-over-year and 40% sequentially, driven by higher royalty tons sold primarily from Tunnel Ridge and Hamilton.

歸屬於 ARLP 的油氣權利金事業部調整後 EBITDA 為 4,360 萬美元，年增 61.4%，且按季增 16.8%。煤炭權利金事業部調整後 EBITDA 為 1,820 萬美元，年增 6.2%，且按季增 40%，主要受 Tunnel Ridge 與 Hamilton 權利金銷售噸數增加所帶動。

As of September 30, 2026, total debt and finance leases outstanding were $679.9 million and our total and net leverage ratios were 0.89x and 0.78x debt to trailing 12 months adjusted EBITDA attributable to ARLP. Net debt, which we define as total debt and finance leases less cash, was $595 million at September 30, compared to $479 million on June 30, 2026. That increase of $116 million is well below the $206.2 million AllDale III and IV purchase price we paid on July 1.

截至 2026 年 9 月 30 日，未償還的總債務及融資租賃為 6.799 億美元；我們的總槓桿與淨槓桿比率分別為 0.89 倍與 0.78 倍（以債務除以過去 12 個月歸屬於 ARLP 的調整後 EBITDA 計算）。淨債務（我們定義為總債務及融資租賃減去現金）於 9 月 30 日為 5.95 億美元，相較 2026 年 6 月 30 日的 4.79 億美元增加。該 1.16 億美元的增幅遠低於我們於 7 月 1 日支付的 AllDale III 與 IV 2.062 億美元收購價款。

We ended the 2026 quarter with total liquidity of $430.8 million. Additionally, we held 673 Bitcoins valued at $56.3 million at quarter end. Our cash flow trends continued to strengthen during the quarter. Free cash flow was $198.6 million in the 2026 quarter. Distributable cash flow increased to $136.8 million in the 2026 quarter, up approximately 29% year-over-year and up 27% sequentially. Our distribution coverage ratio increased to 1.76 x, representing a significant improvement relative to comparable periods.

我們在 2026 年該季度結束時的總流動性為 4.308 億美元。此外，我們在季末持有 673 枚比特幣，價值 5,630 萬美元。本季度我們的現金流趨勢持續轉強。2026 年該季度自由現金流為 1.986 億美元。2026 年該季度可分配現金流增至 1.368 億美元，年增約 29%，且按季增 27%。我們的配息覆蓋率提升至 1.76 倍，較可比期間顯著改善。

Turning to our updated 2026 guidance, with one quarter remaining in the year, we are tightening our guidance ranges. In coal operations, we now expect total coal sales volumes of 34.5 million to 35.5 million tons, which raises the midpoint of our prior range with coal sales price per ton of $54.25 to $54.75, and segment adjusted EBITDA expense per ton of $37.50 to $38.50.

接著談我們更新後的 2026 年指引，鑑於今年僅剩一個季度，我們將收斂指引區間。在煤炭營運方面，我們目前預期煤炭總銷售量為 3,450 萬至 3,550 萬噸，較先前區間的中點上調；每噸煤炭銷售價格為 54.25 至 54.75 美元，事業部調整後 EBITDA 成本（費用）每銷售噸為 37.50 至 38.50 美元。

In the oil and gas royalty segment, our tightened volume ranges reflect a slightly higher natural gas weighting following the acquisition of the AllDale III and IV acquisition, and we have also tightened our consolidated guidance ranges. Reflecting the consolidation of our AllDale III and IV, our consolidated guidance now includes ranges for both net income and adjusted EBITDA attributable to non-controlling interests, which are detailed in our press release. As is our usual practice, we expect to provide 2027 guidance with our fourth quarter results in February.

在油氣權利金事業部方面，我們收斂後的產量區間反映收購 AllDale III 與 IV 後天然氣比重略為提高；同時我們也收斂了合併口徑的指引區間。反映 AllDale III 與 IV 併入後，我們的合併指引現納入歸屬於非控制性權益的淨利與調整後 EBITDA 區間，詳見我們的新聞稿。依照我們一貫作法，我們預期將於 2 月公布第四季結果時提供 2027 年指引。

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. We had an outstanding third quarter led by strong shipments from our coal operations, Hamilton's return to longwall production, and solid operating performance at Tunnel Ridge and our Riverview complex.

謝謝你，Cary，各位早安。感謝各位今天加入我們的電話會議。我們第三季表現非常出色，主要受惠於煤炭營運強勁出貨、Hamilton 重返長壁採煤生產，以及 Tunnel Ridge 與我們 Riverview 綜合礦區穩健的營運表現。

Segment adjusted EBITDA at our coal operations increased 18.6% year-over-year and 23.1% sequentially. Segment adjusted EBITDA expense per ton sold declined 13.1% year-over-year and 7.9% sequentially. Additionally, as Cary said, our oil and gas royalty segment results benefited from our first full quarter, including AllDale III and AllDale IV.

我們煤炭營運的事業部調整後 EBITDA 年增 18.6%，按季增 23.1%。每銷售噸的事業部調整後 EBITDA 成本（費用）年減 13.1%，按季減 7.9%。此外，如 Cary 所說，我們油氣權利金事業部的結果受惠於包含 AllDale III 與 AllDale IV 在內的第一個完整季度。

Before turning to operations results, I wanted to take a moment to congratulate our mine rescue teams for their exceptional performance at the National Mine Rescue Competition hosted in Tennessee during August. Members from our Alliance Coal team took the stage 12 times during the award ceremony this year, including individual recognition for a national champion, a national runner-up, and three state team championships.

在談營運成果之前，我想先花點時間恭賀我們的礦山救援隊，於 8 月在田納西州舉辦的全國礦山救援競賽中展現卓越表現。今年頒獎典禮上，我們 Alliance Coal 團隊成員共 12 次登台領獎，其中包含個人獎項：全國冠軍、全國亞軍，以及三項州級隊伍冠軍。

On the production side, our coal operations teams delivered across the board. At Hamilton, the longwall returned to production following an extended move, set monthly production records in July and August, and was our lowest cost operation in the 2026 quarter. That performance was the primary driver of a 10.2% year-over-year and 11.1% sequential improvement in Illinois Basin segment adjusted EBITDA expense per ton.

在生產方面，我們的煤炭營運團隊全面交出亮眼成績。在 Hamilton，長壁採煤在完成一段較長的搬遷後恢復生產，並於 7 月與 8 月創下月度產量紀錄，同時也是 2026 年該季度我們成本最低的營運單位。該表現是伊利諾伊盆地事業部每噸調整後 EBITDA 成本（費用）年減 10.2% 且按季改善 11.1% 的主要驅動因素。

Tunnel Ridge continued to deliver strong sales, helping hold Appalachia segments adjusted EBITDA expense per ton essentially flat sequentially and lower by 19.9% versus the 2025 quarter. These improvements are the direct result of capital we invested in our operations over the past several years, leading to a lower cost, more reliable platform.

Tunnel Ridge 持續展現強勁銷售，協助使阿帕拉契亞事業部每噸調整後 EBITDA 成本（費用）按季基本持平，且較 2025 年該季度下降 19.9%。這些改善直接來自我們過去數年對營運投入的資本，使平台成本更低、可靠性更高。

One additional development from the quarter involves our Mettiki operation. You may recall we issued a WARN notice in the first quarter of 2026 and suspended mining operations. We are pleased to announce a new multi-year coal supply agreement with our largest historical customer that will allow the mine and nearly 150 miners to return to coal production operations.

本季度另一項進展與我們的 Mettiki 營運有關。各位或許記得，我們在 2026 年第一季發布 WARN 通知並暫停採礦作業。我們很高興宣布，已與我們歷史上最大的客戶簽訂一份新的多年期煤炭供應協議，將使該礦場以及近 150 名礦工得以重返煤炭生產作業。

The mine has been transitioning from longwall mining to what we plan to be a two-room and pillar mining sections, two shifts a day by the end of the first quarter of 2027 to better align production with customer demand. As a result of winning this business, 2027 production from the Mettiki mine is expected to be approximately 550,000 tons higher than 2026. EBITDA expense per ton next year should be lower than 2026 as well.

該礦場正從長壁採煤轉型為我們規劃的兩個房柱式採煤區段，並預計在 2027 年第一季末前達到每日兩班制，以更好地使產量與客戶需求對齊。由於取得這筆業務，預期 Mettiki 礦場 2027 年產量將較 2026 年增加約 55 萬噸。明年的每噸 EBITDA 成本（費用）也應低於 2026 年。

On the commercial side, domestic coal burn improved in the third quarter after a soft first half of the year. Sustained late summer heat drove record September power demand and coal-fired generation in September was up more than 40% year-over-year in PJM and roughly 25% to 33% across the Southeast, the Carolinas, and Tennessee. That burn drew Eastern U.S. domestic coal inventories down to slightly below last year's levels.

在商務面，國內燃煤量在第三季於上半年疲弱後有所改善。夏末持續高溫帶動 9 月用電需求創紀錄；PJM 地區 9 月燃煤發電量年增逾 40%，而美國東南部、卡羅萊納地區與田納西州約年增 25% 至 33%。該燃煤消耗使美國東部國內煤炭庫存降至略低於去年水準。

Near-term solicitation activity remains measured as customers take a wait and see approach heading into winter. But we view that as a matter of timing, not a change in underlying demand. We continue to convert this constructive market into contracted volumes.

短期招標活動仍偏審慎，因客戶在進入冬季前採取觀望態度。但我們認為這是時點問題，而非基本需求出現變化。我們持續將這個有利的市場環境轉化為合約量。

During the 2026 quarter, we added 4.2 million committed and priced tons through 2028, and we remain essentially fully committed at the midpoint of our 2026 sales volume guidance with 31.7 million tons committed in price for 2027, which includes 700,000 tons to be shipped to meet Mettiki's new sales commitment I just talked about. We expect to enter next year with substantial visibility and the operating capacity to capture additional demand as commercial opportunities develop.

在 2026 年該季度，我們新增了至 2028 年合計 420 萬噸已承諾且已定價的銷售量；同時，在 2026 年銷售量指引中點水準下，我們仍幾乎已全數承諾，且 2027 年已有 3,170 萬噸完成價格承諾，其中包含 70 萬噸將出貨以履行我剛才提到的 Mettiki 新銷售承諾。我們預期在進入明年時將具備高度能見度，並擁有可掌握額外需求的營運產能，隨著商務機會逐步浮現。

Export markets have become a more meaningful component of our sales portfolio with 3.7 million tons committed and priced for 2026 and 3 million tons for 2027. Export volumes have come in well above our expectations entering this year.

出口市場已成為我們銷售組合中更具意義的組成部分，2026年已承諾並定價3.7百萬噸，2027年為3百萬噸。今年以來的出口量遠高於我們年初的預期。

Seaborne thermal prices strengthened through the quarter, with API2 rising from about $105 per ton at the start of the quarter to about $140 per ton by the end of September. And industry analysts have raised their outlook for U.S. thermal coal exports for both this year and next. Market conditions remain dynamic, and we remain cautiously optimistic that additional export opportunities could provide upside to our sales volumes next year.

海運動力煤價格在本季走強，API2從季初每噸約105美元上升至9月底每噸約140美元。此外，產業分析師也上調了對美國動力煤出口在今年及明年的展望。市場狀況仍然多變，我們仍保持審慎樂觀，認為額外的出口機會可能在明年為我們的銷售量帶來上行空間。

Turning to the broader markets, we believe the fundamentals supporting coal demand continue to build. Electricity load in the markets we serve is growing while permitting interconnection and supply chain constraints are slowing the pace at which new generation can come online. According to Enverus, GE Vernova, the leading gas turbine manufacturer, is now sold out of new turbine deliveries until 2031. We believe this dynamic will extend the runway for the existing coal fleet.

談到更廣泛的市場，我們認為支撐煤炭需求的基本面仍在持續增強。我們所服務市場的用電負載正在成長，而許可、併網以及供應鏈限制正在放慢新發電能力上線的速度。根據Enverus資料，領先的燃氣渦輪製造商GE Vernova目前的新渦輪交付已售罄至2031年。我們認為這種態勢將延長現有燃煤機組的可用期。

On data center demand, specifically, the market is becoming more disciplined, and we think that is a healthy development. Utilities and grid operators are increasingly counting only contracted financially committed data center load in their forecast. Even on the stricter basis, the market still expects demand growth to be substantial and new generation is taking years longer to build than planned.

就資料中心需求而言，市場正變得更有紀律，我們認為這是健康的發展。公用事業公司與電網營運商在其預測中，愈來愈只納入已簽約且已作出財務承諾的資料中心負載。即使在更嚴格的口徑下，市場仍預期需求成長將相當可觀，而新發電能力的建置時間也比原先規劃長了好幾年。

Both trends point to the same conclusion. The existing coal fleet will be needed longer and running it harder is the fastest and most affordable way to serve that load. We expect the impact to become increasingly visible in our customer's coal burn as data center-driven demand materializes with the more meaningful impact beginning in late 2027 and into 2028.

兩項趨勢都指向同一個結論。現有燃煤機組將需要運轉更久，而加大其運轉強度是滿足該負載最快且最具成本效益的方式。我們預期，隨著資料中心驅動的需求逐步落地，其影響將在我們客戶的煤炭燃燒量上愈來愈明顯，較具實質的影響將自2027年末開始並延續至2028年。

Affordability is central to this discussion. We continue to see evidence that existing coal generation remains cost competitive.

可負擔性是這項討論的核心。我們持續看到證據顯示，現有燃煤發電仍具成本競爭力。

And one example is a recent Indiana study by Always On Energy Research, which concluded that existing coal plants become increasingly cost competitive the harder they run, and 75% of the state's coal plants could produce electricity more cheaply than the new combined cycle gas. The same analysis found that Indiana's existing combined cycle gas fleet already ran at 83% utilization in 2024, leaving limited room to serve new load, which makes the existing coal fleet well-suited to meet incremental demand.

其中一個例子是Always On Energy Research近期針對印第安納州的研究，結論指出現有燃煤電廠運轉越高負載，其成本競爭力越強，且該州75%的燃煤電廠發電成本可低於新建的燃氣複循環機組。同一分析亦發現，印第安納州現有燃氣複循環機組群在2024年的利用率已達83%，可用於承接新增負載的空間有限，這使得現有燃煤機組群非常適合用來滿足增量需求。

Federal policy continues to recognize the value of the existing coal fleet, and the administration continues to take the steps necessary to protect it. In September, the EPA finalized a rule repealing most of the 2024 greenhouse gas standards for power plants, including the carbon capture requirements for existing coal units, and proposed repealing the remaining standards.

聯邦政策持續認可現有燃煤機組群的價值，而政府也持續採取必要措施加以保護。9月，EPA最終敲定一項規則，廢除2024年針對電廠的大部分溫室氣體標準，其中包括對現有燃煤機組的碳捕集要求，並提議廢除其餘標準。

More broadly, there is growing recognition among all stakeholders that leadership in artificial intelligence and the security of the grid are national security priorities for our country, and both depend on abundant, reliable, and affordable electricity. Taken together, we believe these actions support extending the operating lives of existing coal plants as critical grid resources.

更廣泛而言，各方利害關係人日益認知到，在人工智慧領域的領導地位以及電網安全屬於我國的國家安全優先事項，而兩者都依賴充足、可靠且可負擔的電力。綜合來看，我們認為這些行動支持延長現有燃煤電廠作為關鍵電網資源的運轉年限。

Turning to oil and gas royalties, I want to briefly highlight our record results, which included the first full quarter with the AllDale III and IV acquisition. As we continue to scale the portfolio, oil and gas royalties is contributing a more meaningful share of ARLP's consolidated free cash flow, highlighting the growing importance of the segment within our overall business. If today's higher crude oil prices remain elevated, we could be in a position to have another record quarter to finish the year.

接著談油氣權利金，我想簡要強調我們的創紀錄成果，其中包含完成AllDale III與IV收購後的第一個完整季度。隨著我們持續擴大投資組合，油氣權利金對ARLP合併自由現金流的貢獻占比愈來愈高，凸顯該業務分部在整體業務中的重要性日益提升。若目前較高的原油價格維持在高檔，我們有機會以另一個創紀錄季度為今年收尾。

We are also excited to increase our exposure to gas-weighted resource plays in the Haynesville, given the long-term tailwinds from LNG exports and power demand. Going forward, we will remain disciplined in reinvesting the after-tax cash flows generated by the oil and gas business in existing regions that meet our risk-adjusted return thresholds.

我們也很期待提高在Haynesville以天然氣為主的資源開發案之曝險，因為LNG出口與電力需求帶來長期利多。展望未來，我們將持續保持紀律，把油氣業務所產生的稅後現金流再投資於符合我們風險調整後報酬門檻的既有區域。

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

以上為我們事先準備的發言，接下來我將請接線員開放提問。

(Operator Instructions) Matthew Key, Texas Capital Securities.

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

Good morning and great job on the quarter. I wanted to start off on Mettiki first. Congrats on the multi-year coal supply agreement there. I was wondering if you could provide some more color on what changed there as you kind of navigated that process. It seems like a great outcome. It should be a pretty meaningful tailwind in 2027.

早安，本季表現很出色。我想先從Mettiki談起。恭喜你們在那裡簽下多年期的煤炭供應協議。我想請你們多補充一些細節，說明在推進該流程的過程中有哪些變化。看起來是個很好的結果。在2027年應該會帶來相當有意義的順風。

I think that we had just continued conversations of the importance of our operation to their security of supply as they look at their demand for electricity caused by the data center contracts that they have signed. They have spent quite a bit of time looking at capital improvements at the Mount Storm plant and through just continued conversations. I think they recognize the value that we bring by giving them sustainable coal production at a level that if we were not there would make it a lot more risky for them. So we appreciate their trust in us and we really are excited to be able to provide opportunities for the miners in that region.

我認為我們只是持續溝通，強調我們的營運對他們供應安全的重要性，因為他們在評估由其已簽署的資料中心合約所帶動的用電需求。他們也花了不少時間評估Mount Storm電廠的資本改善，並透過持續的對話。我想他們認知到我們所帶來的價值：在一個若沒有我們就會讓他們承擔更高風險的水準上，提供可持續的煤炭產量。因此我們感謝他們對我們的信任，也很期待能為該地區的礦工提供更多機會。

We do believe that even though it is not at the scale we would like by converting to a continuous miner operation, it will give us a little bit more opportunities to participate in the export met market because we can be a little bit more selective in mining the seams that gives us a better quality product to access the export met market. So like I say, it is great that we got the additional volume. We can keep the mine open, and we do believe that that will improve our results in 2027. As you know, we did have some loss in 2026 while we were waiting for this contract to materialize.

我們確實相信，雖然透過轉為連續採煤機作業的規模仍未達到我們理想的程度，但這將讓我們有更多機會參與出口冶金煤市場，因為我們可以在開採煤層時更具選擇性，產出品質更佳的產品以進入出口冶金煤市場。所以如我所說，能取得額外的銷量非常好。我們可以讓礦場持續運作，而且我們確實相信這將改善我們在2027年的業績。如你所知，在等待這份合約落實期間，我們在2026年確實出現了一些虧損。

Got it. That is helpful. The next one would be for me, just comment on the strong cost performance in the ILB. I know a big factor in that was the resumption of longwall production at Hamilton, but I am curious about your view about how sustainable that cost performance is as we look out to the coming quarters. Basically, was this a uniquely strong quarter for the segment, or should we consider this close to a new normal in the Illinois Basin?

了解。這很有幫助。下一題想請你們評論一下伊利諾伊盆地（ILB）強勁的成本表現。我知道其中一個重要因素是Hamilton長壁採煤恢復生產，但我想了解你們對於未來幾季這種成本表現可持續性的看法。基本上，這是該分部特別強勁的一季，還是我們應該把它視為伊利諾伊盆地接近新的常態？

I think that as you look to the fourth quarter, it should be comparable. It is normal in that sense. But as you look at 2027, given the fact that Hamilton was down half the year, we should see improvement in 2027 relative to 2026. We have potential with the export market. If it gives us some more demand next year, that we could expand volume a little bit more. So we do have some excess capacity if the market would allow us to do that. If we do have that ability to mine a few more tons, that could help our costs as well. So we feel very good that we can maintain costs at the level we are with inflation pressures that are occurring throughout the supply chain. So again, it is a tribute to our operations for their focus on productivity and being a low-cost producer.

我認為展望第四季，表現應該會相近。就這個意義而言屬於正常水準。但展望2027年，鑑於Hamilton有半年的時間停產，我們在2027年相較2026年應會看到改善。我們也有出口市場的潛力。如果明年出口市場帶來更多需求，我們可以把產量再擴大一些。因此若市場允許，我們確實有一些閒置產能可供運用。若我們有能力多採幾噸，這也能幫助降低成本。因此，即使供應鏈各環節都面臨通膨壓力，我們仍對能把成本維持在目前水準感到非常有信心。再次強調，這要歸功於我們營運團隊專注於生產力並成為低成本生產者。

Great. Well, I appreciate the time and best of luck moving forward.

很好。那麼，感謝您撥冗，也祝您接下來一切順利。

Nathan Martin, StoneX Group.

Nathan Martin，StoneX Group。

Thanks, operator. Good morning, Joe. Good morning, Cary. Congrats on closing the AllDale transaction. Joe, just wanted to come back to the export opportunity comments you made, how that could possibly provide some upside to sales volumes next year. How would you frame that potential upside versus the 35 million ton midpoint of this year's sales guidance? Would you have to make any operational changes or investments to produce those incremental tons? Thanks.

謝謝，接線員。早安，Joe。早安，Cary。恭喜完成 AllDale 交易交割。Joe，我想回到你提到的出口機會相關評論，這可能在明年為銷售量帶來一些上行空間。相較於今年銷售指引 3,500 萬噸的中位數，你會如何界定這個潛在上行幅度？為了生產這些增量噸數，你們是否需要做任何營運調整或投資？謝謝。

The answer to your latter question, no, we don't need to make any additional investments or operational changes to be in position to produce more. The reason I feel somewhat optimistic is the price curve is very constructive for export shipments. However, we are facing some logistical headwinds. Barge capacity has become very tight due to aggregate movements that are necessary for Elon Musk's project down in Louisiana. We're competing, I guess, for barges that in the Illinois Basin, that could impede our ability to grow beyond where we are.

針對你後一個問題，答案是不需要，我們不必做任何額外投資或營運調整，就能具備提高產量的條件。我之所以稍微樂觀，是因為價格曲線對出口出貨非常有利。不過，我們也面臨一些物流方面的逆風。由於路易斯安那州那個 Elon Musk 專案所需的骨材運輸，駁船運能變得非常吃緊。我們等於是在競爭駁船；在伊利諾伊盆地那邊，這可能會妨礙我們在現有水準之上進一步成長。

Also the increased cost in both ocean freight as well as the barge business is eating up a lot of the margins that historically when we've talked about $125 as sort of a threshold, we'll have to see that stabilize a little bit. But the real key is can we get the tons outside the country? If we can clear up some of the logistical issues, we're pretty confident that we could exceed our volume this year, maybe by 500,000 tons or 1 million tons.

另外，海運運費以及駁船業務的成本上升，正在侵蝕相當多的利潤；過去我們談到 125 美元作為某種門檻，現在得看它是否能稍微穩定下來。但真正的關鍵是：我們能不能把噸數運到國外？如果能解決一些物流問題，我們相當有信心今年的出貨量可以超過今年水準，可能多 50 萬噸或 100 萬噸。

Okay, great. Along those lines, Joe, you mentioned $125 is to kind of be that threshold. What kind of net backs are you guys seeing right now with API2 prices currently in at least the high 140s, I think, last I looked?

好的，很好。就這點延伸一下，Joe，你提到 125 美元算是一個門檻。以目前 API2 價格至少在 140 多美元高檔（我上次看是 140 多美元後段）來看，你們現在看到的淨回收（netbacks）大概是多少？

Again, it varies by operation. If we go to Mettiki, it has a sulfur discount to it. If we go to Gibson, it's pretty consistent with what the domestic markets are, and the discount varies by customer. So prefer not to talk about that given the fact that we're continuing to negotiate with our trading partners on that.

同樣地，這會因不同礦區而異。如果看 Mettiki，它會有硫含量折價。如果看 Gibson，它與國內市場的水準相當一致，而折價幅度會因客戶而不同。因此，考量到我們仍在與貿易夥伴就此持續談判，我們傾向不在這裡討論。

Okay. I appreciate that. Maybe one final question, just coming back to Mettiki. You mentioned the export met possibility there. Can you remind us how many tons we could see come out of that operation?

了解。我理解。最後一個問題，回到 Mettiki。你提到那邊有出口冶金煤（met）的可能性。可以提醒我們，那個礦區大概能產出多少噸嗎？

We think we could expand it another couple hundred thousand tons beyond the Dominion contract. The Dominion contract's for 700,000 tons next year. So we feel like it's possible we could have 150,000-200,000 tons in the met market. If the market's there.

我們認為在 Dominion 合約之外，還可以再擴增幾十萬噸。Dominion 合約是明年 70 萬噸。所以我們覺得，如果市場存在，我們可能會有 15 萬到 20 萬噸可以進入冶金煤市場。前提是市場有需求。

Makes sense. Thank you. Appreciate the time, and I'll pass along.

合理。謝謝。感謝你撥冗，我就先把時間交回去。

Mark Reichman, Noble Capital Markets.

Mark Reichman，Noble Capital Markets。

Thank you. You've been doing a great job signing, committing new volumes. I was just kind of wondering how those 2027 committed and priced volumes, how the pricing is looking there relative to the 2026 pricing.

謝謝。你們在簽約、承諾新增銷量方面做得很出色。我想請教一下，那些已承諾且已定價的 2027 年銷量，其定價相對於 2026 年的定價看起來如何？

Market has been trending up, so we've been able to capture some of that. I think it's a little early to project exactly where it'll be, but we do expect 2027 revenues to be equal to, if not slightly higher than where we are on a consolidated basis for the coal segment. In the out years, so 2028, the pricing is a little bit stronger to where, again, we should be able to maintain, if not grow our revenue on a per ton basis for the next two years. A lot of that gas prices, but we'll have to see.

市場一直在走升，所以我們也能掌握到其中一部分上行。我認為現在要精準預測會落在哪裡還稍早，但我們確實預期，就煤炭事業的合併口徑而言，2027 年營收將與目前相當，甚至可能略高。再往後幾年，例如 2028 年，定價又更強一些；因此我們應該能在未來兩年維持、甚至提高每噸營收。這其中很大一部分取決於天然氣價格，但還要再觀察。

Well, that's very helpful. On the equity method investments, I was just curious, you had $12.8 million versus, I think it was $9.5 million in the second quarter. How much of the third quarter contribution came from Gavin versus other equity investments? Is that $3 million quarterly guidance, is that still appropriate? Or is there a way to think about how much investors should expect in terms of recurring income from those investments?

這非常有幫助。關於權益法投資，我有點好奇：你們第三季是 1,280 萬美元，而第二季我記得是 950 萬美元。第三季的貢獻中，有多少是來自 Gavin，相較於其他權益法投資？你們先前提到每季 300 萬美元的指引，現在仍然合適嗎？或者，有沒有一個方式可以讓投資人理解，這些投資可帶來多少可重複性的經常性收益？

Yeah, Mark, on that one, as I mentioned in my remarks, those two investments continue to perform well. If you look at that total number there, about 85% of that was associated with Gavin, our investment there. The remaining piece of it would be the NGP Fund investment. Both those investments continue to perform well. It's really hard to predict what that number's going to be on a quarter-to-quarter basis.

好的，Mark，這題如我在發言中提到的，那兩項投資持續表現良好。如果看那個總數，大約 85% 與我們在 Gavin 的投資有關。其餘部分則是 NGP Fund 的投資。這兩項投資都持續表現不錯。但要逐季預測那個數字會是多少，確實非常困難。

We're invested in funds there, so we're subject to fund investment accounting there. So that kind of gets revalued really at the end of each quarter. The way that we look at it in some of our past guidance where we've talked about $3 million of distributions. We kind of focus on the distribution number that comes out of it. Now, the distributions have been strong the last couple of quarters, $8.5 million this quarter.

我們投資的是基金，因此會受到基金投資會計處理的影響。所以基本上會在每季末進行重估。我們在過去一些指引中談到每季 300 萬美元的配息（distributions），我們比較聚焦在實際配息金額。現在，最近幾季的配息都很強勁，本季是 850 萬美元。

I think it was $10.7 million the quarter before. We still think as we look at that $3 million to $4 million per quarter is just a good number to count on. That's kind of how we look at it in terms of distributions coming in. What that earnings is going to be is going to bounce around there, and that's really hard to project. But that's how we look at it, and so we count $3 million to $4 million per quarter just in terms of cash distributions coming in.

前一季我記得是 1,070 萬美元。我們仍認為，以每季 300 萬到 400 萬美元作為可依賴的水準是合理的。這就是我們看待配息流入的方式。至於認列的收益會如何變動，會有波動，而且真的很難預測。但我們的看法就是這樣，因此在現金配息流入方面，我們以每季 300 萬到 400 萬美元作為估計。

Just on the oil and gas business, which has really performed well. When you think about 2027 royalty production, and I don't want to get ahead of guidance, but how much of the production do you anticipate would come from existing producing wells versus new drilling on undeveloped acreage? I'm assuming the operators, the development activity has gone up in response to the commodity prices. But do you think because of that, you're going to see some pretty strong organic growth in 2027, really without the need for additional acquisitions? Or are you still pretty much focused on continuing to make acquisitions where they're available?

再問一下油氣業務，表現確實非常好。當你們思考 2027 年的權利金產量時（我不想超前你們的指引），你預期其中有多少產量會來自既有的生產井，多少會來自未開發礦權上的新鑽井？我假設營運商因應商品價格而提高了開發活動。但你是否認為因此在 2027 年你們會看到相當強的內生成長，基本上不需要額外併購？還是你們仍然主要聚焦在只要有合適標的就持續進行併購？

Yeah, I think we'll definitely continue to focus on making acquisitions. Our focus is to continue to reinvest that cash flow that we have within that business there. I do think when you look at volume growth, I think even if we didn't make acquisitions, you would continue to see volume growth associated with our existing assets that we have there. So, we're very optimistic in terms of what the volumes will be for us next year in terms of looking at the year-over-year growth.

是的，我認為我們肯定會持續專注於進行併購。我們的重點是持續把我們在該業務內產生的現金流再投資回去。我確實認為，從出貨量成長來看，即使我們不做併購，您仍會看到我們現有資產所帶來的出貨量成長。因此，就明年出貨量以及年對年成長而言，我們非常樂觀。

We're right in the middle of doing our reserve studies for the fourth quarter right now. So when we get to February and we talk about what our guidance is there, we'll have a pretty good handle of it at that point in time. But we should see some pretty good volume growth next year just because from the fact that we'll get a full year benefit from our AllDale III and IV acquisition as well.

我們目前正處於進行第四季儲量研究的中段。因此，等到二月我們談到相關指引時，屆時我們應該能掌握得相當清楚。不過，明年我們應該會看到相當不錯的出貨量成長，原因之一是我們也將享有 AllDale III 與 IV 併購案帶來的全年效益。

And we are seeing privates invest. Back to your theory of with these high prices, there are people that are going and trying to increase their volumes to take advantage of that higher price environment.

而且我們也看到私人資本正在投入。回到您的理論，在這樣的高價格下，有些人會試著提高出貨量，以把握較高價格環境所帶來的機會。

Right. Well, thank you very much. I really appreciate that, and it was a great quarter.

好的。非常感謝。我真的很感激，這是一個很棒的季度。

Michael Mathison, Sidoti & Company.

Sidoti & Company 的 Michael Mathison。

Good morning, and congratulations on the quarter.

早安，恭喜本季表現。

Thank you.

謝謝。

Yeah, just coming to my questions. Some of the good news you saved to the end, which is reopening the Mettiki mine. I recall that you had a very big asset write-down in Q1 regarding to shutting the mine. What does reopening mean in terms of that carrying value?

好的，進入我的問題。你們把一些好消息留到最後，也就是重啟 Mettiki 礦場。我記得你們在第一季因關閉該礦場而做了相當大幅度的資產減記。重啟對該資產帳面價值意味著什麼？

I think, as we reopen, we don't plan to. We'll do some investments in equipment, but it's not really going to change what that carrying value is on the balance sheet. So that number will continue to remain where that is. We are making investment. We did write it down to the point where most of the assets on the balance sheet are mobile-type assets there. So don't really anticipate any additional adjustments in terms of balance sheet adjustments at this point in time associated with restarting the operation.

我想，隨著我們重啟，我們不打算（調整帳面價值）。我們會在設備上做一些投資，但這不太會改變資產負債表上的帳面價值。因此，那個數字將會維持在目前的水準。我們確實會進行投資。我們已將其減記到資產負債表上大多數資產屬於可移動類型資產的程度。所以，就目前而言，與重啟營運相關的資產負債表調整，我們不太預期會有任何額外調整。

Great. Thank you for that. Coming to the impact of the AllDale acquisitions, you took on some debt. You didn't fund the whole thing with debt. Much of it was cash, but there was some increase in debt. Do you foresee paying that debt down, or would you expect to just continue to operate at this leverage level?

很好。謝謝你的說明。談到 AllDale 併購案的影響，你們承擔了一些債務。你們並非全部用債務來籌資。其中很大一部分是現金，但債務確實有所增加。你們是否預期會償還這些債務，還是會維持在目前的槓桿水準下持續營運？

No, I mean, the debt facility, we did two things to fund that acquisition. We did draw at the end of the last quarter on our existing revolving credit facilities for about three-quarters of that total transaction. We did enter into a new $150 million short-term debt facility at minerals. That is an 18-month facility. We do anticipate amortizing that down on a quarterly basis. We made our first quarterly payment right at the end of September associated with that.

不，我是說，為了這筆併購的融資，我們做了兩件事。我們在上一季季末，從既有的循環信用額度中動用資金，約占整體交易金額的四分之三。另外，我們在礦產業務新增了一筆 1.5 億美元的短期債務融資。那是一筆 18 個月期的融資。我們確實預期會按季攤還（償還）該融資。我們在九月底就已就此做了第一筆季度還款。

We will use the minerals cash flow to pay that facility down. We will still have a good amount of additional cash flow over and above that to continue to invest in additional minerals assets, and financing markets are very supportive of this asset class, and there is additional debt capacity. In the event we see a more sizable type acquisition other than just funding out of cash flow, there could be opportunities to enter into other facilities or continue on with this facility as well to support that growth.

我們將使用礦產業務的現金流來償還該融資。在此之外，我們仍會有相當可觀的額外現金流，可持續投資於更多礦產資產；而融資市場對這類資產類別非常支持，且仍有額外的舉債空間。若我們看到規模更大的併購案，而不只是用現金流來支應，則可能有機會再建立其他融資安排，或也可能繼續使用這項融資安排來支持成長。

Okay, great. Thanks. Very helpful. Looking at another use of cash, your distribution coverage ratio was 1.76 in the quarter. That is a three-year high. Is there any possibility of an increase in the quarterly distribution, or would you be prioritizing the debt paydown instead, or other uses of cash?

好的，很好。謝謝。非常有幫助。再看另一個現金用途，你們本季的配息覆蓋率是 1.76。這是三年來的新高。季度配息是否有可能上調？或者你們會優先用於償債，或其他現金用途？

I would say we would more than likely be keeping our powder dry on that. We have got several things that we are considering. If the deal flow is there for minerals, I think we would continue to invest in that. As Cary just said, we could potentially go higher than what their net cash is. We are looking at other opportunities to how we could what the capital allocation would be. But I think right now we want to stay at the 1.5 coverage ratio or greater. I think that is a target that we must sustain beyond one quarter before we would consider increasing distribution.

我會說，我們更可能會先保留實力、暫不動用。我們正在考量幾件事情。如果礦產方面的交易機會（deal flow）存在，我認為我們會持續投資。正如 Cary 剛才所說，我們可能會把投資規模提高到超過他們的淨現金水準。我們也在看其他機會，以及資本配置會如何安排。但我認為目前我們希望維持在 1.5 倍或以上的覆蓋率。我認為在我們考慮提高配息之前，這是我們必須在不只一個季度內持續達成的目標。

Sure. Well, thank you. That's very helpful. Again, congratulations on the great results.

了解。謝謝，這非常有幫助。再次恭喜你們的優異成果。

Thank you, Michael.

謝謝你，Michael。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Marshall for any final comments.

謝謝。各位女士先生，問答環節到此結束。我將把時間交回給 Marshall 先生，請他做最後的補充。

Thank you, operator. To everyone on the call, we appreciate your time this morning and also your continued support and interest in Alliance. We expect to report fourth quarter and full year 2026 financial and operating results in early February and look forward to speaking with you then. This concludes our call for the day. Thank you.

謝謝，接線員。致電會的各位，我們感謝大家今天早上的時間，也感謝各位持續對 Alliance 的支持與關注。我們預計在二月初公布 2026 年第四季及全年財務與營運結果，並期待屆時再與各位交流。今天的電話會議到此結束。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。