Core Natural Resources Inc (CNR) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. And welcome to the CONSOL Energy CIEX Second Quarter 2024 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions) This call is being recorded on Thursday, August 8, 2024.

早安，女士們先生們。歡迎參加 CONSOL Energy CIEX 2024 年第二季財報電話會議。此時，所有線路均處於僅監聽模式。演講結束後，我們將進行問答環節。（操作員說明）此通話錄音時間為 2024 年 8 月 8 日星期四。

I would now like to turn the conference over to Nathan Tucker. Please go ahead.

我現在想把會議交給內森·塔克。請繼續。

Good morning everyone and thank you for joining us. Welcome to CONSOL Energy’s second quarter 2024 earnings conference call.

大家早安，感謝您加入我們。歡迎參加 CONSOL Energy 2024 年第二季財報電話會議。

Any forward-looking statements or comments we make about future events are subject to risk, certain of which we have outlined in our press release and in our SEC filing, and are considered forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. We do not undertake any obligations of updating any forward-looking statements for future events or otherwise.

我們對未來事件做出的任何前瞻性陳述或評論都存在風險，其中某些風險我們已在新聞稿和 SEC 文件中概述，並被視為證券交易所第 21E 條含義內的前瞻性陳述1934 年法案。我們不承擔更新任何針對未來事件或其他情況的前瞻性陳述的義務。

We will also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures, in our 2024 second quarter press release, furnished to the SEC on Form 8-K, which is also posted on our website.

我們還將在2024 年第二季新聞稿中討論某些非GAAP 財務指標，這些指標是根據可比較的GAAP 財務指標進行定義和調整的，該新聞稿以8-K 表格形式提供給SEC，該表格也發佈在我們的網站上。

Additionally, we filed our 10-Q for the quarter ended June 30th, 2024, with the SEC this morning. You can find additional information regarding the company on our website, www.consolenergy.com, which also includes a supplemental slide deck that was posted this morning.

此外，我們今天早上向 SEC 提交了截至 2024 年 6 月 30 日的季度的 10-Q 報表。您可以在我們的網站 www.consolenergy.com 上找到有關該公司的更多信息，該網站還包括今天早上發布的補充幻燈片。

On the call with me today are Jimmy Brock, our Chief Executive Officer; Mitesh Thakkar, our President and Chief Financial Officer; and Bob Braithwaite, our Senior Vice President of Marketing and Sales.

今天與我通話的是我們的執行長吉米布洛克 (Jimmy Brock)； Mitesh Thakkar，我們的總裁兼財務長；以及我們的行銷和銷售資深副總裁 Bob Braithwaite。

In his prepared remarks, Jimmy will highlight our second quarter achievements and discussion our operations and response to the Francis Scott Key Bridge collapse. Mitesh will then provide a market update, financial performance recap, and 2024 outlook. In his closing comments, Jimmy will lay out our key priorities for the remainder of this year. There will be a Q&A session following our prepared remarks in which Bob will also participate.

吉米將在準備好的演講中重點介紹我們第二季度的成就，並討論我們的運營以及對弗朗西斯·斯科特基大橋倒塌的應對措施。隨後，Mitesh 將提供市場更新、財務業績回顧和 2024 年展望。吉米將在結束語中列出我們今年剩餘時間的主要優先事項。在我們準備好的發言之後將有一個問答環節，鮑伯也將參加。

With that, let me turn it over to Jimmy.

那麼，讓我把它交給吉米。

Thank you, Nate. Good morning everyone. During the second quarter, CONSOL Energy posted a strong financial and operational performance. Despite the nearly two-month closure of the Port of Baltimore export channel due to the Francis Scott Key Bridge collapse.

謝謝你，內特。大家早安。第二季度，CONSOL Energy 公佈了強勁的財務和營運業績。儘管由於弗朗西斯·斯科特基大橋倒塌，巴爾的摩港出口航道關閉了近兩個月。

In the quarter, while successfully securing alternative port capacity and prudently managing our production cost, we achieved strong PMC cash margins per ton sold despite the additional transportation cost of moving to an alternative port.

本季度，在成功確保替代港口產能並審慎管理生產成本的同時，儘管轉移到替代港口會產生額外的運輸成本，但我們仍實現了強勁的 PMC 每噸銷售現金利潤。

Let me be clear, the temporary closure of the Port of Baltimore was a Black Swan event, which created unprecedented challenges. Nonetheless, this demonstrated the agility of the CONSOL team and our railroad partner, Norfolk Southern, as we quickly pivoted to identify an alternate route to partially mitigate the impact on our ability to serve our export customers.

我要澄清的是，巴爾的摩港的暫時關閉是一次黑天鵝事件，帶來了前所未有的挑戰。儘管如此，這證明了 CONSOL 團隊和我們的鐵路合作夥伴諾福克南方鐵路的敏捷性，因為我們迅速轉向尋找替代路線，以部分減輕對我們服務出口客戶的能力的影響。

As a result of our agility, we were able to sell approximately 5.8 million tons of our PMC product during the second quarter, including 2.9 million tons into the export market. We also generated approximately $59 million of free cash flow in the quarter, which is a testament to the resiliency of our business model and strong relationships with our logistics partners and customers.

由於我們的敏捷性，我們在第二季度銷售了約 580 萬噸 PMC 產品，其中 290 萬噸銷往出口市場。本季我們也產生了約 5,900 萬美元的自由現金流，證明了我們業務模式的彈性以及與物流合作夥伴和客戶的牢固關係。

On the operations front, beginning with our safety performance. Our Bailey preparation plant, Itmann preparation plant, and the CONSOL Marine Terminal all had zero employee recordable incidents during the second quarter of 2024. Our coal operations finished the quarter with a total recordable incident rate, well below the national average for underground coal mines.

在營運方面，首先從我們的安全績效開始。2024 年第二季度，我們的 Bailey 製備工廠、Itmann 製備工廠和 CONSOL Marine Terminal 的員工可記錄事故均為零。本季末，我們的煤炭作業可記錄的總事故率遠低於全國地下煤礦的平均水準。

Coal production at the Pennsylvania Mining Complex came in at 5.6 million tons in Q2 24 compared to 6.3 million tons in the prior year period. Although production was lower due to us throttling back our operations to align with our reduced export capacity caused by the temporary closure of the Port of Baltimore, our performance was respectable. considering that we produced only 11% fewer tons than in the prior year quarter, by almost immediately securing incremental capacity at an alternative Port in Virginia. As such, we shipped over 1.1 million tons to this port during the quarter.

2024 年第二季度，賓州礦業綜合體的煤炭產量為 560 萬噸，去年同期為 630 萬噸。儘管由於我們限制營運以適應巴爾的摩港暫時關閉導致的出口能力下降，產量有所下降，但我們的業績仍可觀。考慮到我們的產量僅比去年同期減少了 11%，幾乎立即就確保了維吉尼亞州另一個港口的增量產能。因此，本季我們向該港口運送了超過 110 萬噸貨物。

During Q2 2024, we successfully managed our reduced production schedule, maximized our stockpile capacity, and rerouted vessels and trains to continue to fulfill our sales obligations.

2024 年第二季度，我們成功管理了減少的生產計劃，最大限度地提高了庫存能力，並改變了船舶和火車的路線，以繼續履行我們的銷售義務。

Our quick action, and the continued demand for our product, resulted in nearly every customer deferring shipments to later in the year rather than canceling shipments despite us having limited export capacity for approximately two-thirds of the quarter.

我們的快速行動以及對我們產品的持續需求，導致幾乎所有客戶都將發貨推遲到今年晚些時候，而不是取消發貨，儘管我們在本季度約三分之二的時間裡出口能力有限。

Our PMC average cash cost of coal sold per ton for Q2 2024 was $39.82 compared to $36.33 in Q2 2023, mainly due to reduced fixed cost leverage caused by the reduction in tonnage.

2024 年第二季度，我們的 PMC 每噸煤炭銷售平均現金成本為 39.82 美元，而 2023 年第二季度為 36.33 美元，這主要是由於噸位減少導致固定成本槓桿降低。

Looking ahead to the back half of 2024, we expect normal production levels and we have only one longwall move remaining at the PMC for the balance of the year.

展望 2024 年下半年，我們預計產量將保持正常水平，並且在今年剩餘時間裡，PMC 只剩下一項長壁開採工作。

Moving on to the Itmann Complex. During the second quarter, of 2024, sales from the complex, including third-party tons were 164,000 tons compared to 193,000 tons in Q1 2024. This impairment was due to fewer purchased coal tons being shipped due in part to the FSK bridge collapse and the continued impact of equipment delivery delays with a major supplier.

繼續前往伊特曼綜合大樓。2024 年第二季度，該綜合體的銷售量（包括第三方噸數）為 164,000 噸，而 2024 年第一季為 193,000 噸。這一減值是由於 FSK 橋樑倒塌以及主要供應商設備交付延誤的持續影響導致運輸的採購煤噸減少。

However, on a positive note, we successfully achieved near-full staffing levels to allow us to operate all three super sections as we ramp up. We have continued our mains development, which will set this mine up for long-term success.

然而，積極的一面是，我們成功地實現了近乎滿員的人員配備水平，使我們能夠在業務擴張的同時運營所有三個超級部門。我們繼續進行主線開發，這將為礦場的長期成功奠定基礎。

Looking forward to the remainder of the year, as equipment is received, employees are trained, and retreat mining begins, we expect to see efficiency gains and production improvements.

展望今年剩餘時間，隨著設備的接收、員工的培訓以及後退採礦的開始，我們預計將看到效率的提高和產量的提高。

Additionally, there has been some recent pullback in met coal demand, which could serve to help us on the supply chain and employee turnover side as well. Although the ramp-up has been longer than expected at the Itmann Edman, we remain excited about this low-vol product and are eager to produce at full run rate capacity once all the delayed section equipment is received.

此外，近期煤炭需求有所回落，也有助於我們在供應鏈和員工流動方面有所幫助。儘管 Itmann Edman 的產能提升時間比預期要長，但我們仍然對這種低產量產品感到興奮，並渴望在收到所有延遲的部分設備後以滿載生產。

Moving on to the CONSOL Marine Terminal. Despite losing nearly two months of export capability through the Port of Baltimore, we achieved a CMT throughput volume of 2.3 million tons during Q2 2024 and which represents approximately 43% of our Q2 2023 throughput volume.

繼續前往 CONSOL 海運碼頭。儘管巴爾的摩港失去了近兩個月的出口能力，但我們在 2024 年第二季實現了 230 萬噸的 CMT 吞吐量，約佔 2023 年第二季吞吐量的 43%。

When adjusting for the amount of time the CMT was fully opened in the quarter, we essentially kept pace with the shipping levels of Q2 2023, which was our highest throughput quarter ever at CMT.

在調整本季度 CMT 完全開放的時間時，我們基本上與 2023 年第二季的運輸水準保持同步，這是 CMT 有史以來吞吐量最高的季度。

During the temporary closure of the Port of Baltimore, the CMT team accelerated its planned summer shutdown maintenance, which had originally been scheduled to occur early in the third quarter. This acceleration gave us the ability to load and ship vessels during the normal shutdown period, while the mines and railroads performed their maintenance work. As a result, we were able to reduce additional inventory at the port in early July.

在巴爾的摩港暫時關閉期間，CMT團隊加快了原定於第三季初進行的夏季停泊維護計畫。這種加速使我們能夠在正常停運期間裝載和運輸船隻，同時礦場和鐵路進行維護工作。因此，我們能夠在 7 月初減少港口的額外庫存。

For Q2 2024, terminal revenues came in at $12 million and CMT operating cash costs were $6.1 million. Accordingly, CMT adjusted EBITDA finished at $5.2 million compared to $23.9 million in the prior year period.

2024 年第二季度，碼頭收入為 1,200 萬美元，CMT 營運現金成本為 610 萬美元。因此，CMT 調整後 EBITDA 為 520 萬美元，而去年同期為 2,390 萬美元。

With that, let me turn the call over to Mitesh to provide the marketing and financial updates.

接下來，讓我將電話轉給 Mitesh，以提供行銷和財務方面的最新資訊。

Thank you, Jimmy and good morning everyone. Let me start with an update on the marketing front and our contracting progress. During 2Q 2024, we sold 5.8 million tons of PMC coal at an average coal revenue per ton sold of $66.83 compared to 6.4 million tons at $81.27 in the year ago period.

謝謝你，吉米，大家早安。讓我先介紹一下行銷方面的最新情況和我們的簽約進度。2024 年第二季度，我們銷售了 580 萬噸 PMC 煤炭，每噸銷售的平均煤炭收入為 66.83 美元，而去年同期為 640 萬噸，每噸銷售收入為 81.27 美元。

During the quarter, we incurred incremental transportation costs of approximately $10 per ton on those tons that were redirected to the alternative port in Virginia. This incremental shipping cost impaired our average core revenue by approximately $2 per ton sold.

本季度，我們因轉運至維吉尼亞州的替代港口而產生了每噸約 10 美元的增量運輸成本。這種增加的運輸成本使我們的平均核心收入每銷售噸減少約 2 美元。

Remarkably, we sold only 9% fewer tons than in the prior year period, demonstrating our team's diligence, agility and strong relationships. On the international front, as previously mentioned, we were restricted in our ability to export during 2Q 2024 until late May.

值得注意的是，我們的銷售量僅比去年同期減少了 9%，這反映了我們團隊的勤奮、敏捷和牢固的關係。在國際方面，如前所述，我們在 2024 年第二季至 5 月底之前的出口能力受到限制。

By securing incremental export capacity at an alternative port, we were able to take advantage of strong Indian industrial demand ahead of its monsoon season, which began in early June.

透過確保替代港口的出口能力增量，我們能夠在六月初開始的季風季節之前利用印度強勁的工業需求。

Additionally, during the quarter, we successfully moved tons into the industrial and crossover metallurgical markets, specifically in Egypt, Brazil, and China. Furthermore, as India exits its monsoon season during the third quarter, we expect demand to pick back up due to lower retail inventories and construction activities resuming. This quarter highlighted the importance of having a healthy sales mix of domestic and international contracts as well as our flexibility to quickly pay better.

此外，在本季度，我們成功地將大量鋼材轉移到工業和交叉冶金市場，特別是埃及、巴西和中國。此外，隨著印度在第三季結束季風季節，我們預計需求將因零售庫存下降和建築活動恢復而回升。本季度凸顯了擁有健康的國內和國際合約銷售組合以及我們快速支付更好費用的靈活性的重要性。

Looking ahead internationally, we expect India to remain a major customer of our high CV thermal coal, specifically for use in industrial application as it continues its aggressive infrastructure buildout.

展望國際，我們預計印度仍將是我們高CV動力煤的主要客戶，特別是在工業應用領域，因為它繼續積極進行基礎設施建設。

In our recently announced budget, India's finance minister highlighted that infrastructure spending remains a priority for the country in order to meet Prime Minister Modi's target of making India a developed nation by 2047.

在我們最近公佈的預算中，印度財政部長強調，為了實現莫迪總理到 2047 年使印度成為已開發國家的目標，基礎設施支出仍然是該國的優先事項。

Infrastructure spending accounts for one of India's highest budget expenditures second only to defense spending. Since 2022, India has nearly doubled its allocated spending towards infrastructure buildout. We expect this trend to continue and create a steady upward demand co, particularly for our high heat content product.

基礎設施支出是印度最高的預算支出之一，僅次於國防支出。自2022年以來，印度用於基礎建設的支出幾乎增加了一倍。我們預計這種趨勢將持續下去，並創造穩定上升的需求，特別是對於我們的高熱含量產品。

Simultaneously, India is also going through a consolidation phase in its cement industry where smaller regional producers are being rolled into larger global players who have demonstrated an ability to take a longer term view and enter into long-term contracts with companies such as CONSOL.

同時，印度的水泥產業也正在經歷整合階段，較小的區域生產商正在被整合為較大的全球參與者，這些參與者已表現出具有長遠眼光並與CONSOL 等公司簽訂長期合約的能力。

While the industry remains very regional and fragmented, it continues to grow at a healthy pace to support the country's aspirations. In the domestic market, due to the recent heat wave experienced across much of the country, we have seen increased coal burn and decreased coal stockpiles at domestic power plants, specifically in the markets we serve.

儘管該行業仍然具有很強的區域性和分散性，但它繼續以健康的速度成長，以支持國家的願望。在國內市場，由於最近全國大部分地區經歷了熱浪，我們看到國內電廠（特別是我們服務的市場）的燃煤增加和煤炭庫存減少。

According to EBA, net coal burned increased by approximately 32% in June when compared to May 2024, which resulted in reduction in stockpiles. During the month of July, we saw increased PJM West power prices, which were up approximately 50% compared to June.

EBA 的數據顯示，與 2024 年 5 月相比，6 月煤炭淨燃燒量增加了約 32%，導致庫存減少。7 月份，我們看到 PJM West 電價上漲，與 6 月份相比上漲了約 50%。

We believe this will lead to a further increase in coal burn and reduction in power plant stockpiles even as low natural gas prices continue to weigh on the fuel mix. Additionally, this heat wave led to an increase in scheduled trains with many of our domestic customers.

我們認為，儘管天然氣價格持續低迷，燃料結構繼續承壓，但這仍將導致煤炭燃燒進一步增加，發電廠庫存減少。此外，這場熱浪導致我們許多國內客戶的定期列車數量增加。

Looking forward domestically, along with the recent heat wave, that are long-term indicators for potential growth and demand. In late July, the latest PJM 2025-2026 capacity auction settled at just under $270 per megawatt day, an increase of more than 800% compared to prices just one year ago.

展望國內，加上最近的熱浪，這是潛在成長和需求的長期指標。7 月下旬，最新的 PJM 2025-2026 年產能拍賣成交價略低於每兆瓦日 270 美元，與一年前的價格相比上漲了 800% 以上。

This appears to be a clear message that the supply/demand balance is tightening, a sharp increase of electric demand to meet the requirements of factories, data centers and broader electrification needs, risk straining our electric grids and underscores the need for maintaining our existing coal fleet.

這似乎是一個明確的訊息，即供需平衡正在收緊，電力需求急劇增加，以滿足工廠、數據中心和更廣泛的電氣化需求，風險使我們的電網緊張，並強調了維持現有煤炭的必要性艦隊。

These capacity auctions provide a critical revenue source for power plants in the region and lease payments aim to ensure that generators are ready to solve the grid whenever the PJM RTO needs them.

這些容量拍賣為該地區的發電廠提供了重要的收入來源，而租賃付款旨在確保發電機在 PJM RTO 需要時隨時準備好解決電網問題。

As such, a significant increase of pricing in the most recent auction is a clear investment signal and could very well extend the life of coal-fired power plants in the PJM.

因此，最近拍賣中定價的大幅上漲是一個明確的投資訊號，並且很可能延長 PJM 燃煤電廠的壽命。

Furthermore, as discussed in the past, we remain convinced that the expected increased energy consumption due to the buildout of artificial intelligence, electric vehicles, data centers and other technological advances will expand the reliance on electricity as a source of energy.

此外，正如過去所討論的，我們仍然相信，由於人工智慧、電動車、資料中心和其他技術進步的發展，預計能源消耗將增加，這將擴大對電力作為能源的依賴。

Our buildup of the transmission lines and distribution grids will be needed in order to handle this increased demand, which will require large amounts of capital and long lead-times and could face opposition from affected communities. These factors could slow renewables growth and the development of data centers to prolong the use of fossil fuels and extend the energy transition overall.

為了滿足這種不斷增長的需求，我們需要建造輸電線路和配電網，這將需要大量資金和較長的交付時間，並可能面臨受影響社區的反對。這些因素可能會減緩再生能源的成長和資料中心的發展，以延長化石燃料的使用並延長整體能源轉型。

CONSOL will continue to support its domestic customers and everyday Americans through its ability to provide an economic, reliable, and dispatchable source of energy even as it expands its reach to play a significant role in global infrastructure buildout.

CONSOL 將繼續透過其提供經濟、可靠和可調度能源的能力來支持其國內客戶和普通美國人，同時擴大其影響範圍，在全球基礎設施建設中發揮重要作用。

Moving on to the contracting front. The tailwinds I just mentioned have helped us increase our contracted book since we last reported. At the PMC, we are near fully contracted in 2024 based on the midpoint of our production guidance, and we have 14.5 million tons contracted for 2025.

繼續到承包方面。自上次報告以來，我剛才提到的有利因素幫助我們增加了合約書。在 PMC，根據我們生產指導的中點，我們在 2024 年幾乎完全簽訂了合同，並且我們在 2025 年簽訂了 1,450 萬噸合同。

Consistent with the anticipated increase in domestic demand, we recently completed a fixed-price multiyear contract for 4 million tons with the domestic utility to be delivered through 2028, which followed another long-term contract that we previously announced in 1Q 2024.

與國內需求增長的預期一致，我們最近與國內公用事業公司簽訂了一份400 萬噸的固定價格多年期合同，將於2028 年交付，此前我們曾於2024 年第一季度宣布了另一份長期合約.

Now, let me provide a quick update on our financial results before moving on to our 2024 guidance and outlook. This morning, we reported a strong second quarter 2024 financial performance despite the operational headwinds previously discussed. We generated net income of $58 million or $1.96 per diluted share and adjusted EBITDA of $125 million.

現在，讓我快速介紹一下我們的財務業績，然後再介紹 2024 年的指導和展望。今天上午，我們報告了 2024 年第二季度的強勁財務業績，儘管存在先前討論過的營運阻力。我們的淨利潤為 5,800 萬美元，即稀釋後每股收益 1.96 美元，調整後 EBITDA 為 1.25 億美元。

Furthermore, we spent $55 million in CapEx as we continue to invest in our assets and received some previously delayed equipment at the PMC. Accordingly, we generated $59 million of free cash flow compared to our 124 free cash flow of $41 million despite the reduced tonnage.

此外，我們在資本支出上花費了 5500 萬美元，因為我們繼續投資我們的資產並在 PMC 中接收了一些先前延遲的設備。因此，儘管噸位減少，但我們仍產生了 5,900 萬美元的自由現金流，而 124 年的自由現金流為 4,100 萬美元。

Finally, we deployed $130 million through a 10b5-1 plan towards share buybacks and reduced outstanding debt by $3 million. At the beginning of 2024, we expected the second quarter to be our strongest quarter of the year due to a seasonally strong shipment schedule and the absence of longwall moves.

最後，我們透過 10b5-1 計畫部署了 1.3 億美元用於股票回購，並將未償債務減少了 300 萬美元。2024 年初，我們預計第二季將是今年表現最強勁的季度，因為季節性出貨計畫強勁且沒有長壁開採活動。

However, the temporary closure of the Port of Portmore significantly impacted our second quarter financial results. As such, we are working on a business interruption recovery claim with our insurance providers.

然而，波特莫爾港的暫時關閉嚴重影響了我們第二季的財務表現。因此，我們正在與保險公司一起處理業務中斷恢復索賠。

Now, let me provide a quick update on our outlook for 2024. On the pricing front, given our strong performance in 2Q 2024, despite the increased transportation costs, we are increasing the bottom end of our average coal revenue per ton sold range by $1 to an updated range of $63.50 to $66.50.

現在，讓我快速更新一下我們對 2024 年的展望。在定價方面，鑑於我們在 2024 年第二季度的強勁表現，儘管運輸成本增加，我們仍將每噸銷售平均煤炭收入範圍的下限提高 1 美元，更新至 63.50 美元至 66.50 美元。

Additionally, we are moving up the bottom end of our PMC sales volume guidance range by 0.5 million tons to an updated range of 24.5 million to 26 million tons, reflecting our expectations of strong operational performance and the slightly earlier-than-expected resumption of exports out of Baltimore.

此外，我們將 PMC 銷量指導範圍的下限上調 50 萬噸，達到 2450 萬噸至 2600 萬噸的更新範圍，反映了我們對強勁運營業績的預期以及略早於預期恢復出口的預期離開巴爾的摩。

For our Itmann Mining complex, we are maintaining our sales volume guidance range of 700,000 to 900,000 tons and remain optimistic about our ability to achieve a full ramp-up by the end of this year given our recent success on the staffing front, but still subject to expected equipment deliveries staying on schedule.

對於我們的伊特曼礦業綜合體，我們維持70 萬噸至90 萬噸的銷售指導範圍，鑑於我們最近在人員配置方面取得的成功，我們對今年年底前實現全面增長的能力保持樂觀，但仍受制於預計設備交付按計畫進行。

Lastly, the capital expenditures front, based on the easing of supply chain bottlenecks and equipment delivery backlogs, we are increasing our CapEx guidance range by $10 million to a range of $165 million to $190 million from the previous range of $155 million to $180 million.

最後，在資本支出方面，基於供應鏈瓶頸和設備交付積壓的緩解，我們將資本支出指導範圍從先前的1.55億美元至1.8億美元提高了1000萬美元，達到1.65億美元至1.9億美元。

With that, let me turn it back to Jimmy.

說到這裡，讓我把話題轉回吉米身上。

Thank you, Mitesh. Let me now provide an update on our capital allocation strategy. Through a 10b5-1 plan put into place in Q1 2024, we deployed $13 million of our free cash flow to repurchase shares of our outstanding common stock in the second quarter.

謝謝你，米特什。現在讓我介紹一下我們的資本配置策略的最新情況。透過 2024 年第一季實施的 10b5-1 計劃，我們在第二季部署了 1,300 萬美元的自由現金流來回購已發行普通股。

Year-to-date, through the end of Q2 2024, we have spent $71 million return on free cash flow to our shareholders in the form of share buybacks. Since restarting our share repurchase program in late 2022, we've retired 6.1 million shares or approximately 18% of our public float through June 30, 2024.

年初至今，截至 2024 年第二季末，我們以股票回購的形式向股東提供了 7,100 萬美元的自由現金流回報。自 2022 年底重啟股票回購計畫以來，截至 2024 年 6 月 30 日，我們已回購了 610 萬股股票，約佔公眾持股的 18%。

Due to the uncertainty surrounding the Francis Scott Key bridge collapse and the timing of free cash flow generation in the quarter, which was heavily weighted toward the back half of June, we repurchased fewer shares than we have in recent quarters.

由於弗朗西斯斯科特基大橋倒塌的不確定性以及本季自由現金流產生的時間（在 6 月下半月的比重很大），我們回購的股票比最近幾季少。

As we move through the second half of 2024, we remain focused on returning value to our shareholders. As you know, we have consistently disclosed that our vision since 2022 has been to maximize cash flow generation, while maintaining a strong balance sheet and liquidity, returning capital to shareholders, and when prudent, allocating capital towards growth and diversification opportunities.

進入 2024 年下半年，我們仍然專注於為股東回報價值。如您所知，我們一直揭露，自2022 年以來，我們的願景是最大限度地產生現金流，同時保持強勁的資產負債表和流動性，向股東返還資本，並在審慎的情況下將資本分配給成長和多元化機會。

During Q2, we slowed our return of capital efforts as we navigated uncertainties around the temporary closure and shipment restrictions at the Port of Baltimore. Our vision has not changed as we look towards the rest of the year.

第二季度，由於巴爾的摩港暫時關閉和運輸限制帶來的不確定性，我們放慢了資本回報的速度。展望今年剩餘時間，我們的願景沒有改變。

For the remainder of 2024, we will be focused on a few key areas that we believe are crucial for our company. First, we will continue to focus on running our operations safely and consistently. We have plans in place to mitigate as most of the financial impact of the Port of Baltimore incident as possible. This includes the insurance recovery claim that Mitesh highlighted previously and additional production where possible.

在 2024 年剩餘時間裡，我們將重點放在我們認為對公司至關重要的幾個關鍵領域。首先，我們將繼續專注於安全、一致地經營我們的業務。我們已製定計劃，盡可能減輕巴爾的摩港事件造成的大部分財務影響。這包括米特什之前強調的保險賠償索賠以及可能的額外生產。

Second, we are focusing our efforts on managing our spending levels and constantly identifying ways to mitigate the impact of inflationary pressures. Third, we are prioritizing post-summer contracting as we leverage our high-quality product to layer in multiple long-term fixed-price contracts.

其次，我們將重點放在管理支出水準上，並不斷尋找減輕通膨壓力影響的方法。第三，我們優先考慮夏季後合約，因為我們利用我們的高品質產品來簽訂多個長期固定價格合約。

Domestically, we have already layered in such contracts and will continue to look for similar opportunities. The recent PJM auction results provide another indication of improving long-term demand in the domestic market.

在國內，我們已經簽訂了此類合同，並將繼續尋找類似的機會。最近的 PJM 拍賣結果再次顯示國內市場的長期需求正在改善。

Internationally, we anticipate strong industrial demand, specifically in India, post monsoon season as we look to continue filling out more of our book in 2025 and beyond.

在國際上，我們預計季風季節過後工業需求將強勁，特別是在印度，因為我們希望在 2025 年及以後繼續充實我們的書籍。

Finally, we remain focused on creating long-term value for our shareholders. Our balance sheet is extremely strong, and we built additional flexibility during the second quarter despite navigating reduced export capacity. We are dedicated to prioritizing the highest rate of return and the most advantageous use of our capital.

最後，我們仍然專注於為股東創造長期價值。我們的資產負債表非常強勁，儘管出口能力下降，但我們在第二季建立了額外的靈活性。我們致力於優先考慮最高的回報率和最有利的資本利用。

Let me finish by acknowledging again the hard work of our employees. This quarter, we truly showcased our best asset, our people. Across the organization, we effectively work together to mitigate the effects of the Port of Baltimore incident as much as possible.

最後，我要再次感謝員工的辛勤工作。本季度，我們真正展示了我們最好的資產——我們的員工。在整個組織中，我們有效地共同努力，盡可能減輕巴爾的摩港事件的影響。

The team successfully optimized our sales book and secured additional export capacity, produced to the market, manage cost and accelerated some maintenance work to ensure we were ready to throttle up when the channel reopened. I am very grateful for our team members' dedication and extremely pleased with how this unprecedented quarter was managed.

團隊成功優化了我們的銷售帳簿，確保了額外的出口能力，向市場生產，管理成本並加快了一些維護工作，以確保我們準備好在通路重新開放時加速。我非常感謝我們團隊成員的奉獻精神，並對這個前所未有的季度的管理方式感到非常滿意。

With that, I will hand the call back over to Nate.

這樣，我會將電話轉回給內特。

Thank you, Jamie. We will now move to the Q&A session of our call. At this time, I'd like to ask our operator to please provide the instructions to our callers.

謝謝你，傑米。我們現在將進入電話問答環節。此時，我想請我們的接線生向我們的來電者提供說明。

(Operator Instructions)

（操作員說明）

Nathan Martin of Benchmark Company

Benchmark 公司的內森馬丁 (Nathan Martin)

Thanks, operator. Good morning everyone and congrats on the results, especially given the unfortunate events in Baltimore.

謝謝，接線生。大家早安，祝賀結果，特別是考慮到巴爾的摩發生的不幸事件。

Thank you, Nate.

謝謝你，內特。

Maybe I'll start on the pricing side. For the second quarter in a row, price per ton actually above full year guidance despite what I think, Mitesh, you said was about a $2 per ton impact due to the alternative transportation you guys had to utilize. Can we talk about the drivers there? Is part of it just a lower shipment denominator in the second quarter? Or is this mix related? It would be great to get some more details.

也許我會從定價方面開始。連續第二個季度，每噸價格實際上高於全年指導，儘管我認為，Mitesh，你說由於你們必須使用替代運輸，每噸的影響約為 2 美元。我們可以談談那裡的司機嗎？部分原因是第二季出貨量分母較低嗎？或是這個組合有關係嗎？如果能獲得更多詳細資訊就太好了。

Yes, a lot of that was mix related, Nate. Right now, if you look at our entire portfolio, the average cost our average price of our domestic tons exceeds our export tons, and we focused on shipping as much domestic tons dooring the bridge outage we can, which ultimately boosted our price in the second quarter.

是的，其中很多都與混合有關，內特。Right now, if you look at our entire portfolio, the average cost our average price of our domestic tons exceeds our export tons, and we focused on shipping as much domestic tons dooring the bridge outage we can, which ultimately boosted our price in the second四分之一.

Was any of that crossover met as well, did that benefit, Bob?

鮑勃，是否也遇到了這種交叉，這有好處嗎？

Yes. It was. We focused on shipping as much as we could in the domestic market I'm sorry, the cross-seller metallurgical market as well. China was certainly a big taker of that product in the second quarter. We actually moved over 800,000 tons of China year-to-date, and it looks like we're going to be well north of 1 million by the time it's all said and done.

是的。是的。抱歉，我們盡可能專注於國內市場的運輸，還有跨賣家冶金市場。中國在第二季無疑是該產品的大買家。今年迄今為止，我們實際上已經在中國運輸了超過 80 萬噸，而且看起來當一切塵埃落定時，我們的運輸量將遠遠超過 100 萬噸。

Okay, great. And then maybe related, I know you guys increased the low end of your full year price for tonne guidance, but even so that would imply second half realizations kind of take a step down. So, what's driving that assumption? Maybe curious what API2 kind of price assumptions you're including there as well?

好的，太好了。然後也許相關的是，我知道你們提高了全年指導價格的低端，但即便如此，這也意味著下半年的實現會有所下降。那麼，是什麼推動了這個假設呢？也許好奇您還在那裡包含了哪些 API2 類型的價格假設？

Well, as you know, we reported this morning, we're near fully contracted. We have close to 25 million tons put to bed for this year. As we contracted out for the second half, we were able to increase our lower end of the guidance really two reasons. One, the channel opened, I'd say, a week or two ahead of schedule, which certainly helped us.

嗯，正如你所知，我們今天早上報道說，我們幾乎完全簽約了。今年我們已投產近 2500 萬噸。由於我們在下半年簽訂了合同，我們能夠提高指導的下限，這實際上有兩個原因。第一，我想說，該頻道比原計劃提前了一兩週開放，這當然對我們有幫助。

And then secondly, the balance of the open tons that we did sell were higher than we anticipated as they moved into the crossover market. As I mentioned, China continues to be a big taker of those. We our midpoint of our pricing guidance is based on $110 API2 price.

其次，當它們進入交叉市場時，我們出售的未平倉噸數的餘額高於我們的預期。正如我所提到的，中國仍然是這些產品的主要接受者。我們的定價指引中位數是基於 110 美元的 API2 價格。

So, as you know, today, we're closer to 120. And the sensitivity there is about $0.09 across the entire portfolio. So, if we have around 120 for the back half of the year, that would imply an additional near-dollar uplift from the midpoint of the pricing guidance.

所以，如您所知，今天我們已經接近 120 了。整個投資組合的敏感度約為 0.09 美元。因此，如果今年下半年的價格約為 120 美元，則意味著價格將比指導價格的中點額外上漲近美元。

Okay. So, we could maybe see a little bit of an uplift if things kind of stay where they are. Okay, got it. Maybe shifting over to your update on the contracting side. You only added about 1 million tons, I think, in 2025 at 14.5 million tons now. I look back in 2030 and in 2022 for that matter, you guys added roughly 3 million tons between the first and second quarter.

好的。因此，如果事情保持原狀，我們可能會看到一點點的提升。好的，明白了。也許會轉移到簽約方的更新。我認為 2025 年你們只增加了大約 100 萬噸，現在是 1450 萬噸。我回顧 2030 年和 2022 年，第一季和第二季之間增加了約 300 萬噸。

So, and we're sitting materially higher from total commitments as well. So, just curious kind of what's changed there? Are you guys a little bit behind where you want to be? I think Jimmy mentioned that you're kind of prioritizing contracting post summer? Or is this maybe just due to heavier export mix? Just would be great to get your thoughts there, too.

因此，我們的總承諾也大幅提高。那麼，只是好奇那裡發生了什麼變化呢？你們是不是有點落後於你們想要達成的目標？我想吉米有提到你會優先考慮夏季後的合約？或者這可能只是由於出口組合增加所致？如果您也能表達您的想法，那就太好了。

No, I'd say a couple of things, Nate. Number one, we are in the middle of some negotiations domestically. So, I'd say stay tuned there. I think we'll put some more volume to bed before the next earnings call domestically.

不，我想說幾件事，內特。第一，我們正在國內進行一些談判。所以，我想說請繼續關注。我認為我們會在下一次國內財報電話會議之前增加一些交易量。

And then on the export side, we're being patient. We certainly had opportunities to contract further out. But right now, pet coke prices are, I would say, near the floor and then you have freight rates vessel freight rates that are near all-time highs.

然後在出口方面，我們保持耐心。我們當然有機會進一步簽約。但我想說，目前石油焦價格已接近最低水平，船舶運費也接近歷史最高水準。

So, when you look at that in these negotiations that we've been, we didn't think that this price was reasonable. So, we decided to kind of take a pause there. The demand is certainly still there. And I think back half of the year, we'll be successful in concluding some more volume to the export market.

所以，當你看看我們一直在進行的這些談判時，我們並不認為這個價格是合理的。所以，我們決定在那裡暫停一下。需求肯定仍然存在。我認為今年下半年，我們將成功為出口市場增加更多數量。

But then I'll also say this as Mitesh mentioned, this PJM auction is really opening up a lot of eyes, and I think there's going to be more demand domestically as well, which should boost prices. So, we always sell to the best market, and we're going to continue to do that. We have an idea in the back of our head where we're willing to contract today.

但我也要說，正如 Mitesh 所提到的，這次 PJM 拍賣確實讓許多人大開眼界，我認為國內的需求也會增加，這應該會推高價格。因此，我們總是向最好的市場銷售，我們將繼續這樣做。我們腦子裡有一個想法，我們今天願意簽訂合約。

And as we just mentioned, too, on the call, we did a four-year deal. And the average price in that four-year deal across the term was close to $60 and that's kind of where our goalposts are right now. And as we see as we move forward, we're going to expect to continue to contract near that level.

正如我們剛才在電話會議上提到的，我們簽訂了一份為期四年的協議。四年合約的平均價格接近 60 美元，這就是我們目前的目標。正如我們所看到的，隨著我們的前進，我們預計將繼續在該水平附近收縮。

And Nate also remember that there is inherent lumpiness in our contracting in general. And with us becoming more export-oriented than typical. I think that also impairs our ability to do long-term contracting. Although as Bob mentioned up, a lot of domestic opportunities are opening up that could counterbalance that.

內特還記得，我們​​的合約總體上存在著固有的混亂性。我們變得比典型的更以出口為導向。我認為這也削弱了我們簽訂長期合約的能力。儘管正如鮑伯所提到的，許多國內機會正在出現，可以抵消這一點。

Okay. Appreciate those thoughts, guys. And then maybe just one last one of sticking with 25, that 14.5 million tonnes. Bob, could you kind of give us your usual breakdown of what buckets those go into and then maybe the approximate price they're contracted at?

好的。夥計們，欣賞這些想法。然後也許只是堅持 25 噸，也就是 1450 萬噸的最後一噸。鮑勃，您能否向我們提供一下您通常將這些產品分為哪些類別的詳細信息，以及它們簽訂合約的大概價格？

Yes. So, it's about $2.5 million linked to power. $6.9 million is domestic and fixed, balance is export. And all the I should say, all the 300,000 tons are have ceilings and floors and are index-linked. 300,000 tons of that would be fixed.

是的。因此，大約有 250 萬美元與電力相關。 690 萬美元為國內固定金額，餘額為出口金額。我要說的是，所有30萬噸都是有上限和下限的，並且都是與指數掛鉤的。其中30萬噸將得到修復。

Our current sensitivity right now, to give you an idea, is about $0.14 per every dollar change in API2 based on a 26 million tonne production rate. I will tell you that we're forecasting 10-so, $100 API2 price in that number. As you know, it's higher today. And at $100 API2 price, we're looking at low 60s across the 14.5 million tons.

根據 2,600 萬噸的生產率，我們目前的敏感度約為 API2 每變化 1 美元，帶來的影響約為 0.14 美元。我會告訴你，我們預測 API2 的價格為 10 美元左右，即 100 美元。如您所知，今天的價格更高。以 100 美元的 API2 價格計算，我們預計 1,450 萬噸的產量將低於 60 美元。

Okay, great. Very helpful guys. I appreciate the time and best of luck in the second half.

好的，太好了。非常有幫助的人。我很感激下半場的時間和祝你好運。

Thanks, Nate.

謝謝，內特。

Thanks Nate.

謝謝內特。

(Operator Instructions)

（操作員說明）

Lucas Pipes of B. Riley Securities.

B. Riley 證券公司的 Lucas Pipes。

Thank you very much, operator. Good morning, everyone. Way to manage that challenge in Q2. I wanted to ask about 2025. Bob, did you mention kind of where that average price of the contracted business, 14.5 million tons with that $100 per metric ton API2 assumption?

非常感謝您，接線生。大家早安。在第二季度應對這項挑戰的方法。我想問一下2025年的情況。鮑勃，您是否提到合約業務的平均價格為 1450 萬噸，API2 假設為每噸 100 美元？

Low 60s, Lucas.

六十多歲了，盧卡斯。

Low 60s. And then the sensitivity you mentioned, $0.14 based on 26 million tons. Just to clarify there, is that making an assumption on additional export sales? Obviously, like on I would assume on higher export sales sensitivity could be higher. So, I just wanted to make sure it's clear.

60年代低。然後是你提到的敏感性，基於 2600 萬噸計算為 0.14 美元。只是為了澄清一下，這是對額外出口銷售的假設嗎？顯然，就像我假設的那樣，出口銷售敏感度可能會更高。所以，我只是想確保一切都清楚。

Yes. So, to be clear, the volume that we currently have under contract, every dollar movement will be $0.14 based on 26 million. So, if we were to add to that, if we were to add to the, I would say, index-linked book, that certainly would change the sensitivity.

是的。因此，需要明確的是，我們目前合約下的交易量，每美元變動將是 0.14 美元，基於 2,600 萬美元。因此，如果我們要添加到這一點，如果我們要添加到索引連結的書籍中，那肯定會改變敏感度。

Got it. So, it's a 5-plus million tons of exports today. And based on those tons, the sensitive is $0.14.

知道了。所以，今天的出口量超過了五百萬噸。基於這些噸數，敏感度為 0.14 美元。

That is correct.

這是正確的。

Very helpful. Thank you for that clarification. I wanted to switch to capital returns. And Jimmy, Mitesh, understandably, in the second quarter, you were a bit reluctant on the buyback side. But now with you have managing the situation so well, strong cash flow outlook for the second half. How do you think about kind of the minimum allocation of available free cash flow to buybacks? Should we anticipate kind of a catch-up in the second half of this year? Thank you very much.

非常有幫助。謝謝你的澄清。我想轉向資本回報。吉米、米特什，可以理解的是，在第二季度，你們在回購方面有點不願意。但現在你已經很好地控制了局勢，下半年的現金流前景強勁。您如何看待可用自由現金流用於回購的最低分配？我們是否應該預期今年下半年會出現追趕？非常感謝。

Yes. Well, Lucas, as I said in my prepared remarks, our vision hasn't really changed. We remain we want to maximize cash flow generation. We want to maintain a strong balance sheet and liquidity, and then we want to return capital back to our shareholders. And when prudent, we always look at it, allocating capital toward compelling growth or diversification opportunities that we have.

是的。好吧，盧卡斯，正如我在準備好的演講中所說，我們的願景並沒有真正改變。我們仍然希望最大限度地產生現金流。我們希望保持強勁的資產負債表和流動性，然後將資本回饋給股東。當謹慎時，我們總是會關注它，將資本分配給我們擁有的引人注目的成長或多元化機會。

Now, in the second half of this year in 2024, we'll be looking at several capital and market opportunities, including refinancing those Medco bonds at Baltimore, exercising the according features to upside our revolver, and renewing the securitization facility that could impact our ability to buy back shares in the market. But our vision and goal has not changed one bit on that. We still want to return capital to our shareholders and we want to return at the highest rate of return.

現在，在 2024 年下半年，我們將關註一些資本和市場機會，包括對巴爾的摩的 Medco 債券進行再融資、運用相應的功能來提升我們的左輪手槍，以及更新可能影響我們的證券化設施。上回購股票的能力。但我們的願景和目標在這方面並沒有絲毫改變。我們仍然希望將資本返還給股東，並且希望以最高的回報率進行回報。

That's helpful. Thank you for that color. Very helpful. In terms of Itmann and the more challenging met coal price environment, could you speak a little bit to where that asset sits on the cost curve today? And any guidance how that might change with the continued productivity improvements? Thank you very much.

這很有幫助。謝謝你的那個顏色。非常有幫助。就伊特曼和更具挑戰性的煤炭價格環境而言，您能否談談該資產目前在成本曲線上的位置？隨著生產力的持續提高，這種情況可能會如何改變？非常感謝。

Yes. Well, obviously, we could we want to increase the production at Itmann. It still Lucas, one on a positive, like I said in the remarks, we have been able to hire some people that get the workforce up fully staffed, we believe we can run five of those sections, which is definitely going to happen on the production side. And we were restricted a little bit there, too, during Q2 with our the bridge outage because of our third-party tons that we're bringing in and running through the plant.

是的。嗯，顯然，我們可能想增加伊特曼的產量。這仍然是盧卡斯，積極的一面，就像我在評論中所說的那樣，我們已經能夠僱用一些人來讓員工隊伍配備齊全，我們相信我們可以運行其中的五個部分，這肯定會發生在生產端。在第二季度期間，我們也受到了一些限制，橋樑停運，因為我們引入並通過工廠運行第三方噸位。

But we still need the equipment there to where we can get. And we're very hopeful we just had a meeting with our suppliers. We're very hopeful to get those two miners as they have promised here in the third quarter.

但我們仍然需要那裡的設備才能到達。我們非常希望剛剛與供應商舉行了一次會議。我們非常希望能夠像他們在第三季所承諾的那樣得到這兩名礦工。

And if we do, we think we're going to see improved production, just like I said in the remarks, we'll begin the pillar inspection, and I think it's going to be a lot it's really hard to hold those guys accountable down there and drive them when we really don't have the equipment. They've got a lot of breakdowns because of these delays we have. And I think we'll be able to wrap and give you better cost guidance once we get some steady production, and we know what we're doing there. But I'll say this, it is improving.

如果我們這樣做，我們認為我們將看到生產的改善，就像我在評論中所說的那樣，我們將開始支柱檢查，我認為這將是很多，很難讓這些人承擔責任當我們確實沒有設備時，就開車去那裡。由於我們的這些延誤，他們遇到了許多故障。我認為，一旦我們獲得穩定的生產，我們將能夠總結並為您提供更好的成本指導，並且我們知道我們在那裡做什麼。但我要說的是，它正在改善。

I appreciate the color. To you and the team, continued best of luck.

我很欣賞它的顏色。祝您和團隊繼續好運。

Thanks, Lucas.

謝謝，盧卡斯。

thank you, Lucas.

謝謝你，盧卡斯。

There are no further questions at this time. That concludes our question and answer session. I'd like to Nathan Tucker for closing remarks.

目前沒有其他問題。我們的問答環節到此結束。請內森·塔克致閉幕詞。

Thank you. On behalf of the console team, I'd like to thank you for joining us this morning and for your support of Consolidated G and go back to your questions. And we look forward to speaking with you on our next call. Thanks.

謝謝。我謹代表控制台團隊感謝您今天早上加入我們並感謝您對 Consolidated G 的支持，然後回到您的問題。我們期待在下次通話中與您交談。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。