Peabody Energy Corp (BTU) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Peabody Q4 2021 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded today, February 10, 2022.

女士們、先生們，早安，歡迎參加 Peabody 2021 年第四季財報電話會議。 (操作員指示) 提醒一下，本次會議將於今天（2022 年 2 月 10 日）錄製。

I would now like to turn the conference over to Alice Tharenos, Vice President of Investor Relations and Communications. Please go ahead, ma'am.

現在，我想將會議交給投資人關係和傳播副總裁 Alice Tharenos。請繼續，女士。

Thank you. Good morning, and thanks for joining Peabody's Earnings Call for the Fourth Quarter of 2021. With me today are President and CEO, Jim Grech; and CFO, Mark Spurbeck. Within the earnings release, you'll find our statement on forward-looking information as well as a reconciliation of non-GAAP financial measures. We encourage you to consider the risk factors referenced there, along with our public filings with the SEC.

謝謝。早安，感謝您參加 Peabody 2021 年第四季財報電話會議。今天與我一起參加的是總裁兼執行長 Jim Grech；和財務長Mark Spurbeck。在收益報告中，您可以找到我們關於前瞻性資訊的聲明以及非公認會計準則財務指標的對帳表。我們鼓勵您考慮其中提到的風險因素，以及我們向美國證券交易委員會提交的公開文件。

With that, I'll now turn the call over to Jim.

說完這些，我現在將電話轉給吉姆。

Thanks, Alice, and good morning, everyone. Peabody recorded robust fourth quarter results demonstrating the capability of our diverse portfolio of mines, which continues to benefit from strong global market fundamentals driven by the vital necessity for coal to produce reliable, affordable energy and steel to fuel the global economy.

謝謝，愛麗絲，大家早安。皮博迪第四季業績表現強勁，證明了我們多元化礦山組合的實力，該組合繼續受益於強勁的全球市場基本面，而推動該市場增長的動力源於煤炭作為可靠、廉價能源和鋼鐵的迫切需求，而這些對於全球經濟而言都是必需的。

Overall, our operations performed well and were in line with our expectations, delivering volumes and results despite industry-wide challenges that were more substantial than we anticipated related to weather and COVID impacts.

總體而言，我們的營運表現良好並符合我們的預期，儘管整個行業面臨的挑戰比我們預期的要大，包括天氣和新冠疫情的影響，但我們仍實現了產量和業績。

With strong market dynamics and significant forward sales commitments, we restarted longwall production at our Shoal Creek Mine, advanced development of Moorvale South and are positioning for increased production at our U.S. thermal segments to meet near-term demand for our products.

憑藉強勁的市場動態和大量的遠期銷售承諾，我們重啟了 Shoal Creek 礦的長壁生產，推進了 Moorvale South 的開發，並準備提高美國熱力部門的產量，以滿足我們產品的近期需求。

Our focus remains to advance options to position the company to be resilient in all market cycles by capturing expanded margins through production and sales strategies while remaining long-term cost-competitive and reducing our debt levels.

我們的重點仍然是透過生產和銷售策略獲取更大的利潤，同時保持長期成本競爭力並降低債務水平，從而推進各種選擇，使公司在所有市場週期中都具有彈性。

I would like to thank our global employees for their continued focus on working safely and efficiently, particularly in light of meeting the challenges presented by the pandemic. In 2021, our recordable injury rate was the lowest in over a decade, an example of the dedication and efforts of our talented workforce. And for the second year in a row, our Rawhide and Twentymile operations had zero reportable incidents during the year.

我要感謝我們全球的員工持續注重安全且有效率的工作，特別是在應對疫情帶來的挑戰的情況下。 2021 年，我們的可記錄傷害率是十多年來最低的，這是我們優秀員工的奉獻精神和努力的體現。連續第二年，我們的 Rawhide 和 Twentymile 業務在年內未發生任何可通報事故。

I'd also like to take the opportunity to complement the workforces at Shoal Creek and Metropolitan for their efforts and performance during the longwall restarts at these locations.

我也想藉此機會讚揚 Shoal Creek 和 Metropolitan 的員工在這些地點的長壁重啟期間所做的努力和所做的表現。

Across the globe, all coal price indices and demand in each of our market segments continues to be strong. The near-term outlook for all our operating segments continues to be favorable with strong market indicators and increased global demand, providing a persuasive story for coal and Peabody.

在全球範圍內，所有煤炭價格指數和各個細分市場的需求持續強勁。在強勁的市場指標和不斷增長的全球需求的推動下，我們所有營運部門的近期前景繼續看好，這為煤炭和皮博迪提供了有說服力的故事。

Seaborne thermal and metallurgical coal markets are expected to remain robust in the near to medium term as supply challenges coincide with a period of elevated demand. Indonesia's January coal export ban, record rainfall in late 2021 across the East Coast of Australia, COVID impacts across the globe and Russian transportation congestion are all factors contributing to constrained supply for seaborne thermal coal.

由於供應挑戰與需求上升期相吻合，預計海運動力煤和冶金煤市場在短期至中期內將保持強勁。印尼1月的煤炭出口禁令、2021年底澳洲東岸創紀錄的降雨量、全球的新冠疫情影響以及俄羅斯的交通擁堵都是導致海運動力煤供應受限的因素。

Additional demand factors included increased industrial production resulting in growing demand for coal-fired electricity generation, high LNG prices resulting in load switching and peak winter demand in the Northern Hemisphere. These supply and demand factors are combining to create an increased price environment for seaborne thermal coal. The seaborne metallurgical coal market has experienced similar supply constraints as the seaborne thermal market.

其他需求因素包括工業產量增加導致燃煤發電需求增加、液化天然氣價格高企導致負載轉換以及北半球冬季需求高峰。這些供需因素共同作用，形成海運動力煤價格上漲的環境。海運冶金煤市場也經歷了與海運動力煤市場類似的供應限制。

Demand is benefiting from high global steel output outside of China, incentivized by strong steel product margins. Key import market consumption is now above pre-pandemic levels. In the U.S., thermal coal market indicators continue to be favorable with increased electricity demand and higher natural gas prices compared to prior year.

受高鋼鐵產品利潤率刺激，中國以外地區全球鋼鐵產量上升，帶動鋼鐵需求成長。目前主要進口市場的消費量已高於疫情前的水準。在美國，由於電力需求增加且天然氣價格較上年同期上漲，動力煤市場指標持續保持良好。

For 2021, electricity demand increased 3% over last year, with coal share of electricity generation increasing to approximately 22%. Total U.S. coal burn was up approximately 15%, while utility consumption of PRB coal increased approximately 22% compared to the prior year.

2021 年，電力需求比去年增加 3%，煤炭發電佔比增加至約 22%。美國煤炭總消耗量上漲約 15%，而 PRB 煤炭的公用事業消耗量與前一年相比上漲約 22%。

Looking ahead, total electricity generation for 2022 is expected to grow by another 1% as the economy continues to recover from COVID impact. U.S. thermal coal prices remain elevated as supplies remain tight. Continued strong U.S. exports as a result of high seaborne thermal prices along with elevated and volatile natural gas prices, reflecting the uncertainty of winter weather and gas storage levels are putting pressure on market sentiment.

展望未來，隨著經濟繼續從新冠疫情的影響中復甦，預計 2022 年的總發電量將再增加 1%。由於供應仍緊張，美國動力煤價格持續高漲。由於海運熱能源價格高企，美國出口持續強勁，加上天然氣價格高漲且波動，反映出冬季天氣和天然氣儲存水準的不確定性，對市場情緒帶來壓力。

Coal stockpiles in the U.S. have fallen by approximately 35 million tons or more than 25% since the end of 2020. All these dynamics set a compelling stage for 2022 in terms of demand and pricing for our coal products.

自 2020 年底以來，美國的煤炭庫存已下降約 3,500 萬噸，降幅超過 25%。所有這些動態為 2022 年我們煤炭產品的需求和定價奠定了堅實的基礎。

Now turning to the fourth quarter, our operations generated substantial cash flows, realizing expanded seaborne margins as a result of continued strong market demand. Our teams delivered on our projected volumes for the quarter despite production challenges.

現在轉向第四季度，我們的營運產生了大量現金流，由於市場需求持續強勁，實現了海運利潤率的擴大。儘管面臨生產挑戰，我們的團隊仍然完成了本季的預期產量。

In addition, we continued efforts to capture near-term returns from incremental 2022 U.S. thermal production with equipment optimizations and new hires. Within our seaborne thermal segment, the Wilpinjong extension and Wambo Open-Cut JV projects have essentially completed development work with operations reaching full production run rates.

此外，我們將繼續努力透過設備優化和新員工招募從 2022 年美國火力發電產量增量中獲取近期回報。在我們的海上熱能領域，Wilpinjong 延伸段和 Wambo Open-Cut JV 專案已基本完成開發工作，營運已達到滿載生產運行率。

Margins continue to expand both due to higher pricing and lower costs. Our seaborne met segment captured margins of $105 per ton due to robust market prices. I'm happy to share that we successfully restarted longwall operations at Shoal Creek late in the quarter and delivered 70,000 tons of high-vol A product into the market at prices levels substantially in line with benchmark prices.

由於定價提高和成本降低，利潤率持續擴大。由於市場價格強勁，我們的海運金屬部門的利潤達到每噸 105 美元。我很高興地告訴大家，我們在本季末成功重啟了 Shoal Creek 的長壁作業，並以與基準價格基本一致的價格向市場交付了 70,000 噸高揮發性 A 產品。

We are on track with development of Moorvale South, which will provide improved quality and extended life at our CMJV complex. We anticipate first coal and development completion in mid-2022. PRB sales volumes were negatively affected by winter weather and COVID impacts to production and rail performance and costs for both our PRB mines and other U.S. thermal mines increased as a result of higher fuel prices and onetime costs associated with efforts to add incremental near-term production to capture market demand.

我們正在順利推進 Moorvale South 的開發，這將提高 CMJV 綜合體的品質並延長其使用壽命。我們預計第一批煤炭和開發將於 2022 年中期完成。冬季天氣和 COVID 對生產和鐵路性能的影響對 PRB 銷售量產生了負面影響，由於燃料價格上漲以及為滿足市場需求而增加近期產量而產生的一次性成本，我們的 PRB 礦山和其他美國熱礦山的成本均有所增加。

We are being disciplined in adding incremental volumes, capturing short-term returns on investments for our stakeholders and remaining focused on the long-term cost competitiveness of our operations. Favorable U.S. coal markets have allowed us to build a strong book of forward business with settlement of several long-term sales agreements and improved prices.

我們在增加增量、為利害關係人獲取短期投資回報、持續關注我們營運的長期成本競爭力方面嚴格遵守紀律。良好的美國煤炭市場讓我們能夠透過達成多項長期銷售協議和提高價格來建立強大的遠期業務。

We continue to explore sales strategies that position us to be the long-term producer of choice, providing our customers long-term supply security. In the PRB at 2021 production levels, we are essentially fully committed for 2022 and 55% committed for 2023, while the other U.S. thermal operations are essentially committed for the next 2 years at these levels.

我們不斷探索銷售策略，使我們成為長期的首選生產商，為我們的客戶提供長期的供應保障。在 2021 年生產水準的 PRB 中，我們基本上已完全承諾 2022 年的生產，並已承諾 55% 的 2023 年的生產，而美國其他熱電業務基本上已承諾在未來 2 年內保持這些水準。

Outside of our operating segment reporting, our ownership share of Middlemount delivered 2 million tons of semi hired and PCI met coal in 2021 with 400,000 tons in the fourth quarter. In the quarter, the operation posted EBITDA margins of 58%, benefiting not only from current market dynamics, but also cost and productivity improvement efforts.

在我們的經營分部報告之外，我們在中山礦的所有權份額在 2021 年交付了 200 萬噸半租煤和 PCI 冶金煤，其中第四季度交付了 40 萬噸。本季度，該公司的 EBITDA 利潤率為 58%，這不僅受益於當前的市場動態，還受益於成本和生產力改善努力。

Our Q4 results are further validation of the value of our globally diversified asset base, which makes us distinctly unique from other coal companies. Our long-term strategy remains to reweight investments towards seaborne markets, maximize U.S. thermal asset cash generation and enhanced financial strength to debt reduction. We are progressing this strategy with multiple initiatives.

我們的第四季業績進一步驗證了我們全球多元化資產基礎的價值，這使我們有別於其他煤炭公司。我們的長期策略仍然是重新調整對海運市場的投資，最大限度地提高美國熱能資產的現金創造能力，並增強財務實力以減少債務。我們正在透過多項措施來推進這項策略。

In our met platform, we are advancing development of Moorvale South to improve quality and extend life at our CMJV. At Shoal Creek, we are ramping up longwall production. And at Metropolitan and the CMJV, we are maintaining productivity and cost improvements. And notably, we are looking at the potential to restart North Goonyella utilizing our existing reserves that we control. At Middlemount, we continue to ramp up production with equipment fleets added last year. At Wambo Underground, we're reviewing economics for development of additional underground panels.

在我們的 Met 平台中，我們正在推進 Moorvale South 的開發，以提高 CMJV 的品質並延長其使用壽命。在 Shoal Creek，我們正在加大長壁開採的力道。在 Metropolitan 和 CMJV，我們正在保持生產力和成本改善。值得注意的是，我們正在研究利用我們控制的現有儲備重啟北古尼拉的可能性。在米德芒特，我們透過去年新增的設備隊繼續提高產量。在 Wambo Underground，我們正在審查開發更多地下面板的經濟性。

In the U.S., we are implementing plans to capture short-term returns on incremental volumes and to give us flexibility in our mine plans to meet customer demand with additional underground production units and development in the ILB in addition to refurbishing and relocating equipment in the PRB.

在美國，我們正在實施計劃，以獲得增量的短期回報，並讓我們的礦山計劃更具靈活性，以滿足客戶的需求，除了翻新和重新安置 PRB 中的設備外，我們還將在 ILB 中增加地下生產單元和開發。

And across the platform, we are focusing on long-term resiliency by maintaining cost structure improvements that we've achieved with continued emphasis on productivity and cost controls and continuing to strengthen the balance sheet with debt and legacy liability reductions.

在整個平台上，我們專注於長期彈性，透過維持已經實現的成本結構改進，繼續強調生產力和成本控制，並繼續透過減少債務和遺留負債來加強資產負債表。

I'll now turn things over to Mark to cover the financials.

我現在將把財務事宜交給馬克。

Thanks, Jim, and good morning, everyone. Fourth quarter revenue was nearly $1.3 billion, an increase of more than 86% from the third quarter and 72% from the prior year, reflecting robust improvements in seaborne pricing and recognition of $149 million of unrealized mark-to-market gains on financial coal hedges.

謝謝，吉姆，大家早安。第四季營收接近 13 億美元，較第三季成長逾 86%，較上年同期成長 72%，這反映了海運定價的強勁改善以及對金融煤炭對沖未實現的 1.49 億美元市價收益的確認。

We recorded net income attributable to common shareholders of $513 million or $3.93 per share. We reported adjusted EBITDA of $444 million, a 54% increase over the $289 million reported in the third quarter and 4x the prior year result.

我們記錄的歸屬於普通股股東的淨利潤為 5.13 億美元，即每股 3.93 美元。我們報告調整後的 EBITDA 為 4.44 億美元，較第三季的 2.89 億美元成長 54%，是去年同期的 4 倍。

In the fourth quarter, we generated free cash flow of $427 million, about 25% of our market capitalization driven by the performance of our seaborne platform and the return of $110 million of cash margin related to financial coal hedges.

第四季度，我們產生了4.27億美元的自由現金流，約占我們市值的25%，這得益於我們海上平台的表現以及與金融煤炭對沖相關的1.1億美元現金保證金的回報。

Importantly, we continue to execute on our commitment to strengthen the balance sheet. We retired an additional $200 million of senior secured debt in the quarter. For the full year, we retired approximately $420 million, more than 25% of the debt outstanding at the beginning of the year, reducing leverage from 6x to 1.2x trailing 12 months EBITDA or just 0.2x on a net basis.

重要的是，我們繼續履行加強資產負債表的承諾。我們在本季又償還了 2 億美元的優先擔保債務。全年而言，我們償還了約 4.2 億美元，超過年初未償債務的 25%，將槓桿率從 6 倍降至過去 12 個月 EBITDA 的 1.2 倍，或按淨值計算僅為 0.2 倍。

And just this morning, we announced a $106 million repurchase offer for the Wilpinjong term loan and notes based on that line's excess cash flows from just the last 6 months. This offer represents more than 25% of the outstanding Wilpinjong debt.

就在今天早上，我們宣布了一項 1.06 億美元的 Wilpinjong 定期貸款和票據回購要約，該要約基於該公司過去 6 個月的超額現金流。此報價佔 Wilpinjong 未償還債務的 25% 以上。

At December 31, we had $954 million of cash and cash equivalents, an increase of $367 million from the fourth quarter and available liquidity was approximately $1 billion.

截至 12 月 31 日，我們擁有 9.54 億美元現金和現金等價物，較第四季增加 3.67 億美元，可用流動資金約 10 億美元。

Turning now to the segment results. The seaborne thermal segment generated EBITDA of $149 million, a 43% increase compared to the third quarter, leveraging a 12% increase in average realized prices. Cost per ton were 5% lower than the prior quarter, primarily due to lower mining ratio, resulting in an EBITDA margin of 50%.

現在來談談分部結果。海運熱能部門的 EBITDA 為 1.49 億美元，較第三季成長 43%，得益於平均實現價格上漲 12%。每噸成本比上一季降低 5％，主要由於採礦率降低，導致 EBITDA 利潤率達到 50％。

Heavy rainfall in the Hunter Valley and COVID-related staffing shortages reduced overburden removal and constrained shipments, which kept sales volumes for the quarter at levels just above the prior quarter. Wilpinjong shipped 3.5 million tons in the quarter including 1.6 million export tons consistent with third quarter levels, while average cost declined to $24 per ton compared to $26 in the prior quarter. Wilpinjong realized an average sales price of $48, resulting in an EBITDA margin of approximately 50%.

獵人谷的強降雨和與疫情相關的人員短缺，導致覆蓋層清除工作減少，發貨量受限，導致本季度的銷售量維持在略高於上一季的水平。威爾平戎本季出貨量為 350 萬噸，其中出口量為 160 萬噸，與第三季水準一致，而平均成本從上一季的每噸 26 美元下降至每噸 24 美元。 Wilpinjong 的平均銷售價格為 48 美元，EBITDA 利潤率約為 50%。

Wilpinjong delivered $85 million of adjusted EBITDA in the quarter, $219 million for the full year and had over $200 million of cash at December 31. The seaborne met segment generated EBITDA of $170 million, a nearly 195% increase compared to the prior quarter, an average realized price of $211 per ton compares favorably to cost of $106, resulting in 50% EBITDA margins.

Wilpinjong 本季的調整後 EBITDA 為 8,500 萬美元，全年為 2.19 億美元，截至 12 月 31 日的現金超過 2 億美元。海運金屬部門的 EBITDA 為 1.7 億美元，比上一季成長近 195%，平均實現價格為每噸 211 美元，與 106 美元的成本相比更為有利，EBITDA 利潤率為 50%。

Fourth quarter met shipments were about 100,000 tons higher than last quarter due to sustained production improvements at Metropolitan and restarting Shoal Creek. Cost per ton were higher to the -- compared to the third quarter due to the Shoal Creek restart, persistent wet weather at the CMJV and higher royalties.

由於 Metropolitan 持續的產量提升和 Shoal Creek 的重啟，第四季度的金屬出貨量比上一季高出約 10 萬噸。由於 Shoal Creek 重啟、CMJV 持續潮濕天氣以及特許權使用費上漲，每噸成本與第三季相比有所上升。

Our seaborne platforms across the board delivered 50% margins in the fourth quarter. In the U.S., our mines delivered $60.9 million of EBITDA. The PRB mines shipped 22.5 million tons in the quarter as winter weather and COVID-related impacts to production and rail performance reduced shipments by an estimated 1 million tons.

我們所有的海上平台在第四季實現了50%的利潤率。在美國，我們的礦場實現了 6,090 萬美元的 EBITDA。由於冬季天氣和新冠疫情對生產及鐵路性能的影響，PRB 礦山本季出貨量為 2,250 萬噸，出貨量減少了約 100 萬噸。

Cost per ton increased $0.75 compared to the third quarter to $10 per ton with about half of that increase related to additional overburden removal and ramping up equipment to achieve higher expected production levels in 2022. Winter weather events, COVID, higher fuel pricing also impacted costs during the quarter.

每噸成本與第三季相比增加 0.75 美元，達到每噸 10 美元，其中約一半的增幅與額外清除覆蓋層和增加設備以實現 2022 年預期的更高生產水準有關。冬季天氣事件、COVID、燃料價格上漲也影響了本季的成本。

The other U.S. thermal mines shipped 4.6 million tons, slightly ahead of the third quarter and generated 20% EBITDA margins. Costs increased compared to the prior quarter due to higher fuel prices and onetime activities to enable higher expected production in 2022.

美國其他熱礦出貨量為 460 萬噸，略高於第三季度，EBITDA 利潤率為 20%。由於燃料價格上漲和為實現 2022 年預期產量更高而採取的一次性活動，成本與上一季相比有所增加。

Now let's turn to our 2022 outlook. Starting with the seaborne thermal segment. We anticipate volume of 17 million to 18 million tons, including about 10 million export tons. Approximately 4 million export tons are priced on average at $80. Costs are expected to increase by about 10% or a little over $3 driven by inflation, fuel prices, royalties and higher repair spend at Wilpinjong.

現在讓我們來展望一下 2022 年。從海上熱力段開始。我們預計產量為 1700 萬至 1800 萬噸，其中包括約 1000 萬噸出口量。約有400萬噸出口產品的平均價格為80美元。受通貨膨脹、燃料價格、特許權使用費以及 Wilpinjong 維修費用增加的影響，成本預計會增加約 10% 或略高於 3 美元。

Based on price volume and about 6 million export tons exposed to currently higher spot prices, substantially higher margins are expected in the new year. Seaborne thermal sales in the first quarter are anticipated to be approximately 750,000 tons lower than ratable guidance due to a scheduled longwall move starting in the quarter at Wambo and the lower volumes at Wilpinjong as they reestablish mine sequencing following the previously mentioned weather events.

根據價格、數量以及目前現貨價格上漲導致的約 600 萬噸出口量，預計新年的利潤率將大幅提高。預計第一季海運熱銷量將比可評級指引低約 75 萬噸，原因是本季開始在 Wambo 進行長壁開採，以及在前面提到的天氣事件之後 Wilpinjong 重新建立礦山排序導致銷量下降。

The seaborne met segment is expected to ship 6.5 million to 7.5 million tons with substantially all tons unpriced providing significant leverage to the spot market. We anticipate production at Shoal Creek to ramp up during the first half of the year with full year production of about 1.5 million tons. Cost of $100 to $110 per ton are projected to be in line with fourth quarter results.

海運冶金礦產預計將出貨 650 萬至 750 萬噸，其中基本上所有噸位均未定價，為現貨市場提供了顯著的槓桿作用。我們預計 Shoal Creek 的產量將在今年上半年提高，全年產量將達到約 150 萬噸。預計每噸成本為 100 至 110 美元，與第四季的業績一致。

In the first quarter, seaborne met volumes are anticipated to be approximately 500,000 tons lower than ratable guidance due to lower volume at Shoal Creek as it ramps up longwall production and mine sequencing at the CMJV. Although we are actively managing and we have considered in our guidance, continued uncertainty regarding COVID impacts to our workforce and supply chain exists and may negatively impact our seaborne operations beyond the guidance provided today.

第一季度，由於 Shoal Creek 加大了 CMJV 的長壁開採和礦場排序，導致產量下降，預計海運金屬產量將比應評指導量低約 50 萬噸。儘管我們正在積極管理並已在指導中考慮到這一點，但 COVID 對我們的勞動力和供應鏈的影響仍然存在不確定性，並且可能對我們的海運業務產生超出今天提供的指導範圍的負面影響。

In the PRB, EBITDA margin per ton is expected to increase 40% in 2022. We are projecting volumes of 88 million to 95 million tons and have 86 million tons priced at an average of $12.40, and any additional production will be open to currently much higher spot prices. Cost per ton are anticipated to increase about 8%, primarily due to higher sales-linked royalties and taxes, higher fuel and certain costs early in the year to increase production above 2021 levels.

在 PRB 中，預計 2022 年每噸 EBITDA 利潤率將成長 40%。我們預計產量將達到 8,800 萬至 9,500 萬噸，其中 8,600 萬噸的平均價格為 12.40 美元，任何額外的產量都將受到目前高得多的現貨價格的影響。預計每噸成本將增加約 8%，主要原因是與銷售相關的特許權使用費和稅收增加、燃料價格上漲以及年初為將產量提高到 2021 年水平以上而產生的某些成本。

Other U.S. thermal volumes are planned to increase by up to 2 million tons to 18 million to 19 million, and we have 18 million tons priced $3 above 2021 prices. Costs are anticipated to increase by $1.50 per ton, resulting in higher margins in 2022. Capital expenditures are anticipated to be approximately $190 million with $80 million earmarked for major projects and growth, including Moorvale South development, final equipment delivery at the Wambo JV and additional equipment refurbishment at our U.S. operations.

美國其他熱能產量計畫增加 200 萬噸，達到 1,800 萬噸至 1,900 萬噸，其中 1,800 萬噸的價格比 2021 年的價格高出 3 美元。預計成本將增加 1.50 美元/噸，導致 2022 年的利潤率更高。預計資本支出約為 1.9 億美元，其中 8,000 萬美元將用於重大項目和成長，包括 Moorvale South 開發、Wambo JV 的最終設備交付以及我們美國業務的額外設備翻新。

In summary, higher margins across all segments are expected to generate increasingly strong cash flows, capitalizing on favorable coal markets and in particular, our seaborne assets delivering the expected torque from higher international coal prices.

總而言之，所有部門的利潤率預計將提高，從而產生越來越強勁的現金流，利用有利的煤炭市場，特別是我們的海運資產，為國際煤炭價格上漲提供預期的動力。

Lastly, we will maintain our disciplined approach to capital allocation, further reducing debt to best position the company for continued success.

最後，我們將繼續保持嚴謹的資本配置方式，進一步減少債務，為公司持續成功做好最佳準備。

I'd now like to turn the call over for questions. Madison?

現在我想將電話轉交給大家提問。麥迪遜？

(Operator Instructions) We'll go ahead and take our first question from David Gagliano with BMO Capital Markets.

（操作員指示）我們將繼續回答 BMO 資本市場的 David Gagliano 提出的第一個問題。

And congratulations on the significant improvements and the strong results. There was a lot covered on those prepared remarks. I just have a few questions for a little bit more detail. But my first one is really a bigger picture question regarding capital allocation. Obviously, balance sheet meaningfully improved, high free cash flow. You talked about a number of internal initiatives, which I'll come back to in a second. What are your capital allocation/capital return plans? And if you could just remind us of any constraints on returning cash to shareholders being associated with the debt, the share re-bonding and also what's a reasonable time line regarding shareholder returns?

並祝賀您取得的重大進步和強勁成果。這些準備好的發言稿涵蓋了許多內容。我只是想更詳細地了解幾個問題。但我的第一個問題實際上是有關資本配置的一個更大的問題。顯然，資產負債表顯著改善，自由現金流較高。您談到了一些內部舉措，稍後我會再次談到這些舉措。您的資本配置/資本回報計畫是什麼？您能否提醒我們，向股東返還現金是否有與債務、股票重新結合相關的限制，以及股東回報的合理時間表是什麼？

Thanks, Dave. Appreciate the comments. To respond to your question about capital allocation, we're very happy with the progress made on our debt reduction levels, $420 million, more than 25% of the debt outstanding at the beginning of the year still leaves us with funded debt of about $1.1 billion. Listen, we've been very clear and transparent that reduction of these debt levels need to continue. We expect to do so in the coming year. From a next step perspective, I would say that we look at leverage on a 1x EBITDA basis in a mid-cycle, significantly lower than the $900 million to $1 billion might be looking at next year plus.

謝謝，戴夫。感謝您的評論。回答您關於資本配置的問題，我們對債務削減水準的進展感到非常高興，4.2 億美元，佔年初未償還債務的 25% 以上，但仍留下約 11 億美元的已償債務。聽著，我們已經非常清楚和透明地表明，需要繼續降低這些債務水準。我們期望在明年實現這一目標。從下一步的角度來看，我想說，我們在中期週期中以 1 倍 EBITDA 為基礎來看待槓桿率，這將明顯低於明年可能達到的 9 億至 10 億美元。

I would think we would probably try to get that down to a mid-cycle EBITDA closer to $500 million. So looking to continue the progress in debt reduction. And your last question there, I believe, was kind of restriction on shareholder returns. You are right, the credit agreement as well as the agreement with our surety providers limits the ability to repurchase shares or pay dividends on our stock throughout the extent of the duration of those agreements, which run through the end of 2024.

我認為我們可能會嘗試將中期 EBITDA 降至接近 5 億美元。因此希望繼續在減債方面取得進展。我認為，您的最後一個問題是對股東回報的限制。您說得對，信用協議以及與我們的擔保提供者達成的協議限制了在這些協議有效期內回購股票或支付股息的能力，這些協議將持續到 2024 年底。

Does it preclude you or just limits? That's -- I'm just curious.

它是否排除你或只是限制？那是——我只是好奇。

It precludes us, unless otherwise agreed to.

除非另有約定，否則它將排除我們。

Okay. And then just on operationally. In your prepared remarks, I believe you mentioned considering restarting North Goonyella. I was wondering if you could talk a little bit about that in more detail. What's the capital cost time line, expected volumes and presumably, the sales process for North Goonyella is now off the table? Is that right?

好的。然後就開始操作吧。在您準備好的演講中，我相信您提到考慮重啟北古尼拉。我想知道您是否可以更詳細地談談這個問題。資本成本時間表是怎麼樣的？預期數量是多少？據推測，北古尼拉 (North Goonyella) 的銷售流程現在已經結束？是嗎？

Dave, this is Jim. Yes, we're in the very early days of looking at the restarting of North Goonyella. And what I mean by early days is we're looking at the permitting or rechecking our engineering and the geology of all that data and running economic models on that. So we started that process and I think by the time we get to the next quarter's earnings call, we can probably have a lot better indication and data as to what we're looking at. So 2 things though to address some of the questions you had.

戴夫，這是吉姆。是的，我們正處於考慮重啟北古尼拉的早期階段。我所說的早期階段是指我們正在研究許可或重新檢查我們的工程和所有數據的地質情況，並在此基礎上運行經濟模型。因此，我們開始了這個過程，我認為，到下一季度的財報電話會議時，我們可能會對我們正在關注的事情有更好的指示和數據。因此，有兩件事可以解答您的一些疑問。

One is the time line. We are looking at mining to the south with those reserves. And the reason that's important is we have complete control of those reserves going to the south. And we have many, many years of mining -- longwall mining that we can do by going south. The development to go south is probably about a 2-year project. So we'll have development coal with the minor sections and then eventually bringing on the longwall. So whenever we initiate that process of starting actual development to longwall starting to run is be about a 2-year process by going to our southern reserves. So as far as capital and all of those other questions you have, again, we're very early in the process. But as we get further along, we'll have that information.

一是時間軸。我們正在考慮向南部開採這些儲備資源。這很重要，因為我們完全掌控著流向南方的儲備資源。我們有許多年的採礦經驗——透過向南開採，我們能夠進行長壁開採。向南的開發大概需要2年的時間。因此，我們將透過小段開採來開發煤炭，然後最終實現長壁開採。因此，無論何時我們啟動實際開發過程，開始運行長壁開採，都需要大約兩年的時間，首先前往我們的南部保護區。至於資本以及您所提出的所有其他問題，我們仍處於這個過程的早期階段。但隨著我們進一步前進，我們就會獲得這些資訊。

Okay. That's helpful. And then just last question for me for now. On the PRB, in the prepared remarks, I believe it was mentioned 55% is priced in 2023. Can you just give us a sense when was that priced? And if you can just talk around averages for the volumes that are already priced, that would be really helpful. And then a somewhat related question. On the -- I think it's $2 million to $9 million of potential spot sales for 2022. I was wondering if you could comment a little more about is there any additional flex beyond that. And when we talk about spot, there's reference prices out there that are kind of all over the place. Can you give us a sense as to what your view is of the spot market right now?

好的。這很有幫助。現在這是我的最後一個問題。關於 PRB，在準備好的評論中，我相信提到 55% 的價格是在 2023 年確定的。您能告訴我們這個價格是什麼時候決定的嗎？如果您能談談已經定價的數量的平均價格，那將會非常有幫助。然後是一個有點相關的問題。我認為 2022 年的潛在現貨銷售額為 200 萬至 900 萬美元。我想知道您是否可以再評論一下除此之外是否還有其他靈活性。當我們談論現貨時，到處都有參考價格。您能否告訴我們您對目前現貨市場的看法？

Dave, I'll do this chronologically and starting with 2022, referencing the guidance targets we have, we have 86 million tons priced for 2022 with a range of 88 million to 95 million of production. So when we're looking at sales that could transact in the current market or this year in these pricing conditions, it's what would be above the 86 million tons up somewhere in that guidance range as to what we'd be looking for. I think you characterized it as spot. The pricing, I would say the way the price indexes are out there, right now, you've seen these pricing in the mid-to-upper $20s is where the spot market is at the moment.

戴夫，我將按時間順序進行，從 2022 年開始，參考我們的指導目標，2022 年的價格為 8600 萬噸，產量範圍為 8800 萬至 9500 萬噸。因此，當我們考慮在當前市場或今年的這些定價條件下可以成交的銷售量時，我們所預期的銷售量將高於該指導範圍內的某個數量。我認為你將其描述為斑點。就定價而言，我想說的是，目前物價指數的現況是，現貨市場的定價在 20 美元中上段。

Now whether that holds for the rest of the year, that remains to be seen. But I will say that there's some interesting developments on the demand side that are occurring that will add to some pull from our domestic markets. We actually have customers coming to us from the Southeast Asia and Atlantic Basin asking for PRB coal and deliveries. And the -- it's a transportation challenge with the rail capacity that we have out west to add even more incremental tons going down to Houston. But the netbacks on those potential deals are attractive.

目前，這一情況是否能持續至今年剩餘時間，仍有待觀察。但我要說的是，需求方面正在發生的一些有趣的發展將增強我們國內市場的吸引力。事實上，我們有來自東南亞和大西洋盆地的客戶來找我們，要求提供 PRB 煤炭和貨物。而且，這對我們西部的鐵路運力構成了運輸挑戰，需要增加更多運往休士頓的貨物噸位。但這些潛在交易的淨回報很有吸引力。

Now the thing is logistically we can -- can we pull it off? But the point I'm trying to make is there's the type of demand that we're seeing in the PRB, we feel is strong. And if somehow or another that the markets remain as strong and there's more export demand that will only add to the pull on that market. But I will caution that there is a transportation issues to work out before we could do anything like that.

現在的問題是，從後勤角度來說我們能──我們能成功嗎？但我想表達的觀點是，我們看到 PRB 中存在著一種需求，我們覺得這種需求很強烈。如果市場以某種方式保持強勁，且出口需求增加，這只會增加對該市場的吸引力。但我要提醒的是，在我們採取這樣的行動之前，需要先解決交通問題。

For 2023, it's too early in the year to give pricing guidance. We're not going to do that. We did price a lot of that coal in our negotiations in the fourth quarter of last year as we took 2022 sales, we also took 2023 and quite honestly 2024 sales with those negotiations. And one final point I'd like to make as you're trying to run your models. The pricing, our average BTU is at about 8,670 across our platform for 2022, not 8,800 or higher BTUs. So you also got to take that into account when you're looking at the pricing for us for 2022 and beyond.

對於 2023 年來說，現在給出定價指引還為時過早。我們不會這麼做。我們確實在去年第四季的談判中對大量煤炭進行了定價，我們考慮了 2022 年的銷售額，我們也考慮了 2023 年，坦白地說，還有 2024 年的銷售額。在您嘗試運行模型時，我想提出最後一點。就定價而言，我們 2022 年平台的平均 BTU 約為 8,670，而不是 8,800 或更高的 BTU。因此，當您查看 2022 年及以後的定價時，您也必須考慮這一點。

We will go ahead and take our next question from Lucas Pipes with B. Riley Securities.

我們將繼續回答 B. Riley Securities 的 Lucas Pipes 提出的下一個問題。

Congratulations on a strong fourth quarter. I wanted to ask a little bit about the cadence of met coal shipments throughout the year, so with Shoal Creek ramping up, what's a good range here in the first quarter, especially given the current price environment, of course, it's particularly attractive. And also with an eye towards Q1, you have I believe 4 million tons of seaborne thermal coal priced. Should we assume that essentially Q1 is fully priced and the 6 million tons of available tons is Q2 through Q4? Or would you maybe say that your committed tons are already kind of spread out throughout the year?

恭喜您第四季業績強勁。我想問全年冶金煤出貨節奏的問題，隨著 Shoal Creek 產量不斷增加，第一季的合理價格區間是多少，尤其是在當前價格環境下，當然是特別有吸引力的。並且著眼於第一季度，我相信海運動力煤的價格為 400 萬噸。我們是否應該假設 Q1 基本上已經完全定價，而 600 萬噸可用噸位是 Q2 到 Q4？或者您可能會說，您承諾的噸位已經分散到全年了？

Jim Grech here. And as far as the met goes, the Shoal Creek is -- Mark gave the guidance for the year, the 1.5 million tons, and that will be ramping up here in the first quarter and into the second quarter. And also, with our CMJV in Australia, we're still going to have some recovery from the rains that we had at the end of last year and getting the water out of the pits. So it won't be ratable when you look at the numbers that we have on the guidance table, and Mark can give you some color on that and also on your questions on the seaborne thermal. So Mark?

這裡是吉姆·格雷奇。就氣象局而言，Shoal Creek 的產量——馬克給出了今年的預期，為 150 萬噸，這一產量將在第一季和第二季增加。此外，透過我們在澳洲的 CMJV，我們仍將從去年年底的降雨中恢復過來，並將水從坑中排出。因此，當您查看我們指導表上的數字時，它將無法評估，馬克可以為您提供一些詳細信息，也可以解答您關於海上熱量的問題。那麼馬克？

Yes. No. hey, thanks. Starting with met, I know that if you look at our midpoint of guidance, 7 million tons for the year, give you about $1,750 per quarter. We mentioned in the prepared remarks, it will be 500,000 tons lower in the quarter. So probably more like 1.25 million tons in that first quarter as we ramp up more to full run rate. And then on seaborne thermal, I think the question -- we also mentioned how we'd be lower than ratable given some of the mine sequencing issues and Wilpinjong getting that overburden removed. So we're going to be down from ratable guidance there, about 750,000 tons for the quarter. And I think your last question was how much of that seaborne thermal is open for pricing. Given lower than ratable, we'll have less than ratable un-priced. It's not fully priced, but there might be about 0.5 million tons that I'd say is on price for that first quarter.

是的。不，嘿，謝謝。從冶金開始，我知道，如果你看一下我們的中點指導，即全年 700 萬噸，那麼每季可獲得約 1,750 美元的收入。我們在準備好的評論中提到，本季將減少 50 萬噸。因此，隨著我們進一步提高至滿載生產力，第一季的產量可能更常達到 125 萬噸。然後關於海上熱能，我認為問題是——我們還提到了，考慮到一些水雷排序問題和 Wilpinjong 清除覆蓋層的問題，我們的評級會低於應評級評級。因此，本季我們的產量將低於可評估指引值，約 75 萬噸。我認為您的最後一個問題是海上熱能的定價有多少。鑑於低於應評估價格，我們將獲得低於應評估價格的未定價價格。雖然還沒有完全定價，但我認為第一季的價格大約有 50 萬噸。

Got it. Very helpful. And on Wilpinjong, I wanted to follow up a little bit on the cost guidance. I believe it's $35 to -- sorry, it's $25 to $28 per short ton on the cost side and that is -- that would be somewhat higher than where you're selling the domestic tons. Are you selling the domestic tons at a loss or is there something else going on with maybe transportation and royalties?

知道了。非常有幫助。關於 Wilpinjong，我想稍微跟進一下成本指導。我認為成本價格為每短噸 35 到 — — 抱歉，是 25 到 28 美元，這比您銷售國內噸位的價格要高一些。您是在虧本銷售國內產品嗎，還是有其他問題，例如運輸和特許權使用費？

Thanks for that question. Let me clarify that cost in our guidance table is a consolidated or all ton cost. The domestic tons incurred less washing, less transportation. So they're at a much lower cost than the export tons. We do not sell the domestic tons at a loss. It is essentially a cost-plus contract. So there's an incremental margin on those domestic tons. But certainly, all of its use comes from the export tons.

謝謝你的提問。讓我澄清一下，我們指導表中的成本是合併成本或所有噸位成本。國內噸位所需的清洗和運輸更少。因此它們的成本比出口噸低得多。我們不會虧本銷售國內噸貨。它本質上是一個成本加成合約。因此，國內產量存在增量利潤。但可以肯定的是，其所有用途均來自出口噸位。

Perfect. Very helpful. Then my last question is on the ATM. What's -- in light of this really strong cash generation here in the fourth quarter and the strong outlook for 2022, what are your expectations around that program?

完美的。非常有幫助。我的最後一個問題是關於 ATM 的。鑑於第四季度強勁的現金創造能力和 2022 年的強勁前景，您對該計劃有何期待？

Yes. So 2 things, Lucas. I think, one, you saw a slowdown on the sales in the fourth quarter, lowest number of shares sold, about 7.7 million during the quarter compared -- since the program started in the second quarter. A lot of that was earlier in the fourth quarter. We did announce in December an extension of that program. It does give us another 7.5 million tons available to us. It is one tool in our bag. But we will use that very judiciously. And it's an option for us, if it's the best option, but you did see a slowdown on it, but very happy with the progress we're making with organic cash flows and ability to continue to reduce bad debt.

是的。所以有兩件事，盧卡斯。我認為，首先，您看到第四季度的銷售放緩，售出的股票數量最低，與第二季度該計劃啟動以來相比，本季度售出的股票數量約為 770 萬股。其中很多都發生在第四季早些時候。我們確實在 12 月宣布延長該計劃。這確實為我們提供了另外750萬噸的可用資源。這是我們包包裡的一個工具。但我們會非常審慎地使用這項手段。如果這是最好的選擇，那麼對我們來說這是一個選擇，但你確實看到了它的增長放緩，但我們對我們在有機現金流和繼續減少壞帳的能力方面取得的進展感到非常高興。

And we'll go ahead and take our next question from Nathan Martin with The Benchmark Company.

我們將繼續回答 The Benchmark Company 的 Nathan Martin 提出的下一個問題。

Congrats on the quarter. I think the bulk of them have probably been touched on, but maybe I'll ask around Middlemount, big quarter-over-quarter step-up in EBITDA contribution, I think about 9 million tons -- excuse me, $9 million to $45 million in the fourth quarter. I was wondering if the $45 million number is somewhat repeatable, assuming that prices remain flat or just any color on there?

恭喜本季取得佳績。我認為其中大部分內容可能已經被提及，但也許我會詢問 Middlemount 的情況，EBITDA 貢獻的季度環比增長幅度很大，我認為大約是 900 萬噸——對不起，第四季度是 900 萬美元到 4500 萬美元。我想知道，假設價格保持不變或只是任何顏色，4500 萬美元這個數字是否可以重複？

Jim Grech here. I'd like to talk about the tonnages first. We've got Middlemount in total was up to about 4 million tons, a little over 4 million tons last year, and we project that to be the same, maybe 100,000 tons more this year. So that's at 100%. And of course, we get our 50%. The other piece that I would say of the cash generation is what we're doing on the cost side. And over the last year to 1.5 year, we've had some significant improvements at the mine, both in productivity and then how the structure of the mine is.

這裡是吉姆·格雷奇。我想先談談噸位。中山礦的總產量已達到約 400 萬噸，去年略高於 400 萬噸，我們預計今年的產量將保持不變，也許多出 10 萬噸。所以這是 100%。當然，我們得到了 50%。關於現金創造我想說的另一點是我們在成本方面所做的努力。在過去的一年到一年半里，我們在礦井方面取得了一些重大改進，包括生產率和礦井結構方面。

We've added another fleet there of excavator and trucks, which allowing for more of that increased output. And we've had a GM there that has come from Peabody in the last year, 1.5 year that he's been there and rebased the mine with the added equipment, and we've also invested in the prep plant. And so we feel from the cost basis and how efficiently the mine is running with the management that we have there, that we feel pretty good about maintaining the cost side of the equation going through this year. And again, the tonnages are going to be in that 50% of a 4.1 million or 4.2 million ton forecast.

我們在那裡增加了另一支挖土機和卡車車隊，以提高產量。去年，我們請了一位來自皮博迪的總經理來這裡工作，他在那裡工作了一年半，重建了礦井，增加了設備，我們也投資了準備工廠。因此，從成本基礎以及礦場的管理效率來看，我們認為，今年維持成本的情況相當不錯。再次，噸位將達到預測值 410 萬噸或 420 萬噸的 50%。

Yes, and maybe I'll just add to just the financials, $71 million for the quarter. $12.5 million of that was related to an insurance recovery from a property claim that we had going back to 2019. From a cash flow return perspective, $45 million in the quarter, I would say -- I think your question is repeatable. And certainly with the -- our share of 2 million tons of production that Jim mentioned and the product they have, it's kind of a 50% semi-hard coking coal and 50% PCI. So realizing 80% or better of premium hard coking coal prices. We certainly expect to continue to generate cash from that asset. It's great exposure. It's a hard -- to met coal that sometimes people forget since it's not in our consolidated operating results.

是的，也許我只想補充一下財務狀況，本季為 7,100 萬美元。其中 1,250 萬美元與我們 2019 年以來的財產索賠的保險追償有關。從現金流回報的角度來看，本季為 4500 萬美元——我想您的問題是可以重複的。當然，正如吉姆所提到的，我們的 200 萬噸產量份額以及他們的產品是 50% 的半硬焦煤和 50% 的 PCI。因此實現了優質硬焦煤價格的80%或更高。我們當然希望繼續從該資產產生現金。這是一次很好的曝光。這是一種很難找到的煤炭，有時人們會忘記它，因為它不在我們的合併經營績效中。

I guess maybe just going back to Shoal Creek real quickly. What's kind of been the reception of that coal? Obviously, your fourth quarter production I think came in a lot higher than most people had expected, over 400,000 tons. Jim, I think you mentioned you sold about 70,000 tons in the quarter. So maybe what's your expectation on inventories for that line going forward? Just any more thoughts?

我想也許只是很快回到 Shoal Creek。煤炭的接受度怎麼樣？顯然，我認為你們第四季的產量比大多數人預期的要高得多，超過 40 萬噸。吉姆，我想你提到你本季銷售了大約 70,000 噸。那麼您對該生產線未來的庫存有何預期？還有其他想法嗎？

Nathan, the -- first off, I'd like to say we're very, very pleased with how the mine has started back up, and we did get that 70,000 tons of sale in Q4 last year pretty much a high-vol level type of pricing. The startup has gone well. I will say something that I'm very keen on because it relates in the dollars and cents, is the safety at the mine has been outstanding as it started back up. So we're going to keep that ramp-up going here through the fourth quarter -- I mean, through the first quarter, that's the 1.5 million ton level for the year. So it won't be completely ratable as you look at the year.

內森，首先，我想說我們對礦場的恢復生產感到非常非常高興，去年第四季度我們的銷量確實達到了 70,000 噸，這幾乎是一種高波動水平的定價。啟動進展順利。我要說的是，我非常熱衷於的一件事，因為它與金錢有關，那就是礦井在恢復生產後，其安全性一直非常出色。因此，我們將在第四季度保持這一成長勢頭——我的意思是，在第一季度，今年的產量水準將達到 150 萬噸。因此，從年份來看，它並不是完全可評級的。

Now as far as the pricing going forward, we're getting a lot of interest in both the Atlantic and Pacific markets more interested than we've seen in over 10 years that, that might even now has been shut down for a little while here. So I would say that the market is waiting for us to get these tons out there with the quality and of course, the cost coming from the United States into these markets. So I think the market is -- we're getting a very strong reception, but we haven't booked any long-term sales yet as we're ramping up. We're just -- we're putting out vessels and taking advantage of the spot market at the moment.

就未來的定價而言，我們對大西洋和太平洋市場都產生了濃厚的興趣，這種興趣比我們過去 10 多年來所見過的要大得多，而這兩個市場現在可能已經關閉了一段時間。所以我想說，市場正在等待我們將這些優質產品、當然還有來自美國的成本投入這些市場。所以我認為市場是——我們受到了非常強烈的歡迎，但由於我們正在加速發展，我們尚未預定任何長期銷售。我們只是——我們正在派船並利用現貨市場。

And maybe one thing I would add, you mentioned production for Shoal Creek in the quarter. I don't think we announced that. You mentioned 400,000. It was just over a little over 100,000. We sold 70,000 tons in the fourth quarter. And just to be clear, maybe add to Jim's comment about the ramp up of production, looking at that 1.5 million tons for the full year, it's certainly not going to be ratable. It's going to be a ramp up. If I had to predict, we probably come in at maybe 600,000 or so tons in the first half of the year with better production there on the back end of the year.

也許我想補充一點，您提到了本季 Shoal Creek 的產量。我認為我們並未宣布過此事。您提到了40萬。數量剛超過10萬。我們第四季銷售了7萬噸。需要明確的是，也許可以補充吉姆關於產量增加的評論，考慮到全年產量為 150 萬噸，這肯定是無法評估的。這將是一個上升的過程。如果一定要我預測的話，那麼我們上半年的產量可能達到 60 萬噸左右，而年底的產量會更好。

Got it. Okay. And just for reference, the 400,000 I mentioned was due to (inaudible) data. So I don't know maybe there's some discrepancy there, it sounds like...

知道了。好的。僅供參考，我提到的 40 萬是由於（聽不清楚）數據。所以我不知道那裡是否存在一些差異，聽起來像...

Yes. It's wrong.

是的。這是錯誤的。

I'm sorry?

對不起？

Yes. If it's so, that was wrong.

是的。如果是這樣，那就錯了。

Okay. Got it. Good to know then. And then maybe just finally, guys, thoughts around transportation logistics. Obviously, you called out issues there, labor, COVID, La Nina. What are we seeing today from a logistics standpoint, both here in the U.S. and Australia? Maybe any thoughts on when you hope things could normalize?

好的。知道了。很高興知道。最後，各位，我想談談關於運輸物流的想法。顯然，你提到了那裡的問題，包括勞動力、新冠肺炎、拉尼娜現象。從物流角度來看，我們目前在美國和澳洲看到了什麼？您希望什麼時候事情能夠恢復正常？

I think in both countries, the COVID impacts are there and have been affecting the logistics, and I think the weather in Australia had more of an impact. But as we're looking at it going forward, Nathan, in the United States here, we are seeing some improvement in the rail as here just recently in the last couple of weeks and we're hoping that momentum carries us through going forward. So it seems to be in a positive direction and hopefully that trend continues.

我認為這兩個國家都受到了新冠疫情的影響，並且已經影響了物流，而且我認為澳洲的天氣影響更大。但當我們展望未來時，內森，在美國，我們看到鐵路在最近幾週出現了一些改善，我們希望這種勢頭能推動我們繼續前進。因此，它似乎朝著正面的方向發展，希望這種趨勢能持續下去。

In Australia, there were some issues with the rains and as I mentioned COVID, but not to -- the limiting factors for us if there are any limiting factors is going to be with our own production here in the first quarter again recovering from all that rain at the end of last year and the COVID absenteeism and we are recovering from both, and that's all incorporated into the full year guidance that we gave out on the tons. So I would say that in Australia, there really isn't the transportation, we're not seeing it as a limiting factor for us here going forward.

在澳大利亞，降雨和新冠疫情帶來了一些問題，但如果說有什麼限制因素的話，那就是我們第一季度的生產需要從去年年底的降雨和新冠疫情導致的缺勤中恢復過來，我們正在從這兩方面恢復，這些都已納入我們給出的全年產量指引中。所以我想說，在澳大利亞，確實不存在交通問題，我們不認為這是我們未來發展的限制因素。

All right, Mr. Grech, it appears there are no further questions at this time.

好的，格雷奇先生，現在似乎沒有其他問題了。

Well, thank you all for joining us today. I'd especially like to thank our employees remaining focused on safety and for continuing to execute on our various productivity and cost improvement initiatives. I'd also like to thank our customers, investors, insurance providers and vendors for your continued support. Operator, that concludes our call.

好吧，感謝大家今天的參加。我特別要感謝我們的員工始終關注安全並繼續執行各種生產力和成本改進措施。我還要感謝我們的客戶、投資者、保險提供者和供應商的持續支持。接線員，我們的通話到此結束。

This concludes the Peabody Q4 2021 Earnings Call. Thank you for participating.

皮博迪 2021 年第四季財報電話會議到此結束。感謝您的參與。