Warrior Met Coal Inc (HCC) 2023 Q2 法說會逐字稿

Good afternoon. My name is Keith, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior Second Quarter 2023 Financial Results Conference Call. (Operator Instructions). This call is being recorded and will be available on the company's website.

下午好。我叫基思，今天我將擔任你們的會議操作員。此刻，我歡迎大家參加勇士2023年第二季度財務業績電話會議。 （操作員說明）。此次通話正在錄音中，並將在公司網站上公佈。

Before we begin, I have been asked to note that today's discussion may contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements, please refer to the company's press releases and SEC filings. I have also been asked to note that the company has posted reconciliations of non-GAAP financial measures discussed during this call in the tables accompanying the company's earnings press release located in the Investors section of the company's website at www.warriormetcoal.com. In addition to the earnings release, the company has posted a brief supplemental slide presentation to the Investors section of its site at www.warriormetcoal.com.

在我們開始之前，我被要求注意，今天的討論可能包含前瞻性陳述，實際結果可能與討論的結果存在重大差異。有關前瞻性陳述的更多信息，請參閱公司的新聞稿和 SEC 文件。我還被要求注意，該公司已在該公司網站 www.warriormetcoal.com 投資者部分的公司收益新聞稿隨附的表格中發布了本次電話會議期間討論的非公認會計準則財務指標的調節表。除了收益發布外，該公司還在其網站 www.warriormetcoal.com 的投資者部分發布了簡短的補充幻燈片演示。

Here today to discuss the company's results are Mr. Walt Scheller, Chief Executive Officer; and Mr. Dale Boyles, Chief Financial Officer. Mr. Scheller, you may begin your remarks.

今天，首席執行官沃爾特·謝勒 (Walt Scheller) 先生在此討論公司的業績；以及首席財務官 Dale Boyles 先生。謝勒先生，您可以開始發言了。

Thanks, operator. Hello, everyone, and thank you for taking the time to join us today to discuss our second quarter 2023 results. After my remarks, Dale will review our results in additional detail, and then you'll have the opportunity to ask questions. We were pleased to deliver another strong quarter in which we were able to leverage our operational excellence to grow sales and production volumes by 15% over last year's second quarter, which, as you may remember, set record highs for several metrics, including coal pricing.

謝謝，接線員。大家好，感謝您今天抽出時間加入我們討論我們 2023 年第二季度的業績。在我發言後，戴爾將更詳細地審查我們的結果，然後您將有機會提出問題。我們很高興再次實現強勁的季度業績，我們能夠利用卓越的運營能力，將銷量和產量比去年第二季度增長 15%，您可能還記得，其中包括煤炭定價在內的多項指標均創下歷史新高。

The big change to note from a year ago at this time is that hard coking coal pricing is 46% lower, which resulted in a decreased average net realized selling price for our premium coal in the second quarter of 48%. In contrast to this softening during the quarter, we saw a positive improvement in the performance of our logistics partners, including continued progress in logistic upgrades at the McDuffie Terminal. Most importantly, the significant overhaul to ship loader number one belt structure discussed last quarter, which was out of service, most of the second quarter, has now been completed.

與一年前相比，此時值得注意的重大變化是硬焦煤定價下降了 46%，這導致第二季度優質煤炭的平均淨實現售價下降了 48%。與本季度的疲軟形成鮮明對比的是，我們看到物流合作夥伴的業績出現了積極改善，包括麥克達菲碼頭物流升級的持續進展。最重要的是，上季度討論過的對裝船機一號皮帶結構的重大檢修，該結構在第二季度的大部分時間裡已經停止使用，現在已經完成。

The result of this and other improvements to the terminal means that most of our outbound logistics metrics are returning to normal ranges, allowing our vessels to be loaded within the schedule and deliver to our customers on time. However, the overhaul timing and severe weather disruptions slightly impacted our vessel loadings in the second quarter.

碼頭的這一改進和其他改進意味著我們的大部分出境物流指標正在恢復到正常範圍，使我們的船隻能夠在時間表內裝載並按時交付給我們的客戶。然而，檢修時間和惡劣天氣乾擾對我們第二季度的船舶裝載量產生了輕微影響。

Nonetheless, the export terminal remains a long-term work in progress, and we remain committed to working with the Alabama State Port Authority to achieve a beneficial outcome. Looking at demand, output from the global steel producers was largely in line with our expectations for the second quarter. Most steel producing regions experienced stable output, although below previous year's comparable results.

儘管如此，出口碼頭仍然是一項長期工作，我們仍然致力於與阿拉巴馬州港務局合作，以取得有益的成果。從需求來看，全球鋼鐵生產商的產量基本符合我們對第二季度的預期。大多數鋼鐵產區產量穩定，但低於去年同期水平。

Global steel prices have pulled back from their highs in April, indicating softer demand emerging from certain segments. The promise of a broader economic recovery in China has yet to deliver material results as the country has struggled to find ways to stimulate its property sector and domestic consumption. As a result, despite strong production metrics during the quarter, we expect Chinese steel production to be lower in the second half of the year to be in line with China's stated goal of lower year-over-year output.

全球鋼鐵價格已從 4 月份高點回落，表明某些領域的需求疲軟。中國經濟更廣泛復甦的承諾尚未取得實質性成果，因為該國一直在努力尋找刺激房地產行業和國內消費的方法。因此，儘管本季度生產指標強勁，但我們預計中國下半年鋼鐵產量將下降，以符合中國既定的同比產量下降的目標。

During the second quarter, the supply of steelmaking coal mainly coming from Australia saw a noticeable improvement as evidenced by the increased flow of seaborne coal. Favorable weather in Australia and better performing logistics in the U.S. contributed to the improved supply of steelmaking coal. However, year-to-date, exports from Australia continued to trail the same period last year, primarily due to a very weak first quarter this year.

二季度，主要來自澳大利亞的煉鋼煤供應明顯改善，海運煤炭流量增加。澳大利亞的有利天氣和美國較好的物流狀況有助於改善煉鋼煤炭的供應。然而，今年迄今為止，澳大利亞的出口繼續落後於去年同期，這主要是由於今年第一季度非常疲軟。

Mongolian exports continue to outperform expectations with significantly higher volumes than the previous year's results. Our primary pricing index, the PLV, FOB Australia declined by $62 per short ton over the course of the quarter. Most of the correction occurred in April, while the index remained range-bound for the last 2 months of the quarter. The index closed the quarter at $211 per short ton, which represents about a 22% correction from its high point in April and about a 40% correction from its highest point established in February.

蒙古出口繼續超出預期，出口量顯著高於去年。我們的主要定價指數 PLV（澳大利亞離岸價）在本季度每短噸下降了 62 美元。大部分修正發生在 4 月份，而該指數在本季度最後 2 個月仍保持區間波動。該指數本季度收於每短噸 211 美元，較 4 月份的高點回調約 22%，較 2 月份的最高點回調約 40%。

Similarly, the PLV CFR China Index corrected heavily in the first part of the quarter from $286 per short ton to approximately $203 per short where it remains stable for the remainder of the quarter. According to the World Steel Association monthly report, global pig iron production increased by approximately 1% in the first 6 months of 2023 as compared to the same period last year. The production increase was mainly driven by strong results from Chinese production, which grew by 2.7% during the period.

同樣，PLV CFR 中國指數在本季度前半段大幅調整，從每短噸 286 美元調整至每短噸約 203 美元，並在本季度剩餘時間內保持穩定。根據世界鋼鐵協會月度報告，2023年前6個月全球生鐵產量較去年同期增長約1%。產量增長主要得益於中國產量的強勁業績，期內產量增長了 2.7%。

Additionally, India continued its higher trend by growing 6.8% during the period. Our second quarter sales volume of 1.8 million short tons was 15% higher than the comparable quarter last year. The increase was driven by the improved performance of our rail transportation provider and the McDuffie Terminal, which enabled us to export more product. In addition, better-than-expected production drove an increase in sales volume for the quarter.

此外，印度繼續保持較高的趨勢，在此期間增長了 6.8%。我們第二季度的銷量為 180 萬短噸，比去年同期增長 15%。這一增長是由我們的鐵路運輸提供商和麥克達菲碼頭的業績改善推動的，這使我們能夠出口更多產品。此外，好於預期的生產帶動了本季度銷量的增長。

Our sales by geography in the second quarter breaks down as follows: 47% into Europe, 19% into South America, 33% into Asia and 1% into the U.S. The increase in Asian sales were primarily driven by spot volume sold into China during the second quarter. Production volume in the second quarter was better than expected and totaled 1.9 million short tons compared to 1.7 million short tons in the same quarter of last year, representing a 15% increase.

我們第二季度的銷售額按地區劃分如下：47% 銷往歐洲，19% 銷往南美洲，33% 銷往亞洲，1% 銷往美國。亞洲銷售額的增長主要是由本季度銷往中國的現貨量推動的。第二季度。第二季度產量好於預期，總計190萬短噸，較去年同期的170萬短噸增長15%。

This is the highest quarterly production output since the first quarter of 2021. Both mines operated at higher capacity levels in this quarter with a 54% higher headcount compared to the prior year's comparable quarter. In addition, we began to see the impact on production of the eligible employees that return to work from the labor strike, although we expect the full impact of their return to show up over the second half of this year.

這是自 2021 年第一季度以來的最高季度產量。這兩個礦山本季度的產能水平較高，員工人數比去年同期增加了 54%。此外，我們開始看到因罷工而返回工作崗位的合格員工對生產的影響，儘管我們預計他們返回工作的全面影響將在今年下半年顯現出來。

This should also improve our production cost per short ton. The higher production over sales volume in the second quarter drove our coal inventory up to 760,000 short tons from 659,000 at the end of the first quarter. Now that our logistics partners and the terminal are performing better than in recent past, we expect to draw down inventory over the second half of this year.

這也應該會提高我們每短噸的生產成本。第二季度產銷比的提高使得我們的煤炭庫存從一季度末的 659,000 短噸增至 760,000 短噸。現在我們的物流合作夥伴和碼頭的表現比最近更好，我們預計將在今年下半年減少庫存。

We were pleased to welcome back the approximately 250 eligible union representative workers that returned to work during the second quarter, while we negotiate in good faith toward a new labor contract. This addition to our workforce should also drive incremental production and sales volumes of approximately 500,000 short tons, primarily occurring in the second half of this year, as reflected in our recently revised guidance.

我們很高興地歡迎大約 250 名符合資格的工會代表工人在第二季度重返工作崗位，同時我們真誠地就新的勞動合同進行談判。正如我們最近修訂的指導意見所反映的那樣，我們勞動力的增加還將推動約 500,000 短噸的產量和銷量增量，主要發生在今年下半年。

During the second quarter, we spent $147 million on CapEx and mine development. CapEx spending was $136 million, which included $97 million on the Blue Creek project, which I'll discuss more in a moment. At the halfway point of the year, we've spent about 45% of our midpoint of targeted CapEx spending for the year. Mine development spending was $11 million during the second quarter. We expect development of Mine 4 will be completed in the third quarter.

第二季度，我們在資本支出和礦山開發上花費了 1.47 億美元。資本支出為 1.36 億美元，其中包括 Blue Creek 項目的 9700 萬美元，我稍後將詳細討論該項目。今年年中，我們的支出已佔全年目標資本支出中點的 45% 左右。第二季度礦山開發支出為 1100 萬美元。我們預計 Mine 4 的開發將於第三季度完成。

Turning to the development of our world-class Blue Creek asset. During the second quarter, we continued to make substantial progress on the project, and I'm pleased to share that our work remains on schedule. As you may remember, we relaunched the development of Blue Creek mine in May 2022. At that time, the company estimated total capital expenditures for the project to range from $650 million to $700 million over the projected 5-year development period. This estimate was derived in late 2021 based on engineering feasibility studies and the best available information at the time.

談到我們世界級 Blue Creek 資產的開發。在第二季度，我們繼續在該項目上取得實質性進展，我很高興地告訴大家，我們的工作仍然按計劃進行。您可能還記得，我們於 2022 年 5 月重新啟動了 Blue Creek 礦的開發。當時，該公司估計該項目在預計 5 年開發期內的總資本支出在 6.5 億美元至 7 億美元之間。這一估計是在 2021 年底根據工程可行性研究和當時最佳可用信息得出的。

With the understanding the company would be able to better understand the needs of the project as development continued. Since then, based on further information and changed circumstances from the initial assumptions, the company has continued to refine and derisk the project to enhance the value-generating ability at Blue Creek, including making the project scope changes that should result in lower operating costs, increased flexibility to manage risk and the availability of multichannel transportation methods.

有了這些了解，隨著開發的繼續，公司將能夠更好地了解項目的需求。此後，根據進一步的信息和初始假設的情況變化，該公司繼續完善該項目並消除風險，以提高 Blue Creek 的價值創造能力，包括對項目範圍進行變更，以降低運營成本，提高管理風險的靈活性和多渠道運輸方法的可用性。

These changes will require incremental capital expenditures, a compelling investment, which we are confident will enhance the value-creating potential of a completed Blue Creek. We do not believe these changes will impact the time line of the project. Let me share some details on the new scope of work. While we originally planned to transport coal from Blue Creek mine by an overland belt to a third-party owned and operated barge load-out facility, we now plan to build a belt conveyor system to a railroad load out to transport the majority of the coal, which we expect will result in lower operating costs and move volumes faster to the port.

這些變化將需要增量資本支出，這是一項引人注目的投資，我們相信這將增強藍溪竣工後的價值創造潛力。我們認為這些變化不會影響項目的時間表。讓我分享一些有關新工作範圍的細節。雖然我們最初計劃通過陸路皮帶將煤炭從 Blue Creek 礦運輸到第三方擁有和運營的駁船裝卸設施，但我們現在計劃建造一個帶式輸送機系統到鐵路裝卸，以運輸大部分煤炭，我們預計這將降低運營成本並更快地將貨物運送到港口。

We will also build and operate a barge load out ourselves rather than utilizing a third-party provider. This change in scope is expected to increase the total capital expenditures for the Blue Creek mine by approximately $120 million to $130 million over the remainder of the project development period. We believe that the potential economic benefits associated with this scope change should provide Warrior with an inherently robust and cost-competitive outbound logistics model that will provide additional flexibility to manage multichannel transportation methods.

我們還將自行建造和運營一艘駁船，而不是利用第三方提供商。這一範圍的變化預計將使 Blue Creek 礦在項目開發剩餘期間的總資本支出增加約 1.2 億至 1.3 億美元。我們相信，與這一範圍變化相關的潛在經濟效益應該為 Warrior 提供一個本質上穩健且具有成本競爭力的出站物流模型，該模型將為管理多渠道運輸方法提供額外的靈活性。

In addition, the company has experienced inflationary cost increases ranging from 25% to 35% in both operating expenses and capital expenditures for its existing mining operations since late 2021. The company is also experiencing inflationary pressures at Blue Creek, especially in relation to labor, construction materials and certain equipment that is expected to continue during the remainder of the project development period.

此外，自 2021 年底以來，該公司現有採礦業務的運營費用和資本支出都經歷了 25% 至 35% 的通貨膨脹成本上漲。該公司在 Blue Creek 也面臨著通貨膨脹壓力，特別是在勞動力、預計在項目開發的剩餘時間內將繼續使用建築材料和某些設備。

As a number of key material contracts are currently being negotiated and due to uncertainty regarding future inflation rates, the company is not providing an estimate of the impact of inflation at this time. However, as the company negotiates and enters into contracts for the larger project components, the company expects that more information will become available to allow to provide revised guidance.

由於許多關鍵材料合同目前正在談判中，並且由於未來通脹率的不確定性，該公司目前沒有提供對通脹影響的估計。然而，隨著公司就較大項目組成部分進行談判並簽訂合同，公司預計將獲得更多信息，以便提供修訂後的指導。

While cost inflation has impacted the cost side of the equation and the project economics, these inflationary pressures are expected to be offset by an inflationary increase in the long-term price assumption for steelmaking coal. Subject to the considerations discussed above, our revised estimate of capital expenditures in 2023 for the development of Blue Creek mine is approximately $250 million to $300 million and is subject to change. The increase in 2023 capital expenditures estimate is primarily driven by the change in transportation scope discussed previously.

雖然成本通脹影響了成本方面和項目經濟性，但這些通脹壓力預計將被煉鋼煤炭長期價格假設的通脹上漲所抵消。根據上述考慮因素，我們對 2023 年 Blue Creek 礦開發資本支出的修訂估計約為 2.5 億至 3 億美元，並且可能會發生變化。 2023 年資本支出預估的增加主要是由之前討論的運輸範圍的變化推動的。

The company currently expects development spending at Blue Creek to be the highest in 2023 and 2024, with 2024 being a similar amount to 2023 that is subject to change. I'll now ask Dale to address our second quarter results in greater detail.

該公司目前預計 Blue Creek 的開發支出將在 2023 年和 2024 年達到最高水平，其中 2024 年的支出與 2023 年的支出類似，但可能會發生變化。我現在請戴爾更詳細地介紹我們第二季度的業績。

Thanks, Walt. For the second quarter of 2023, the company recorded net income on a GAAP basis of $82 million or $1.58 per diluted share, representing a significant decrease over the record-setting net income of $297 million or $5.74 per diluted share in the same quarter of last year. Non-GAAP adjusted net income for the second quarter, excluding the nonrecurring business interruption expenses, was $1.63 per diluted share. This compares to an all-time record high of adjusted net income of $5.87 per diluted share in the same quarter of 2022. These decreases quarter-over-quarter were primarily driven by the softening steelmaking coal market since the record highs that we saw in the second quarter of 2022. We reported adjusted EBITDA of $130 million in the second quarter of 2023 compared to an all-time record setting $431 million in the second quarter of last year.

謝謝，沃爾特。 2023年第二季度，該公司按公認會計準則計算的淨利潤為8200萬美元，即稀釋後每股收益1.58美元，較上年同期創紀錄的淨利潤2.97億美元，即稀釋後每股收益5.74美元大幅下降。年。不計非經常性業務中斷費用，第二季度非公認會計準則調整後淨利潤為每股稀釋每股 1.63 美元。相比之下，2022 年同一季度調整後每股攤薄淨利潤為 5.87 美元，創下歷史新高。這些環比下降主要是由於煉鋼煤炭市場自 2020 年創下歷史新高以來的疲軟所致。 2022 年第二季度。我們報告2023 年第二季度調整後EBITDA 為1.3 億美元，而去年第二季度創下了4.31 億美元的歷史紀錄。

The quarterly decrease was primarily driven by the 48% lower average net realized selling prices of our steelmaking coal and a softening coal market, additional employee-related costs due to higher head count and the cumulative impact of inflation on supplies and electricity. These were partially offset by the 15% increase in sales volume. Our adjusted EBITDA margin was 34% in the second quarter of 2023 compared to 69% in the same quarter of last year. Total revenues were $380 million in the second quarter of 2023 compared to $625 million in the second quarter of last year. This 39% decrease was primarily due to the 48% lower average net realized selling prices of our steelmaking coals, offset partially by the 15% increase in sales volume.

季度下降的主要原因是煉鋼煤炭的平均淨實現銷售價格下降 48%、煤炭市場疲軟、員工人數增加導致的額外員工相關成本以及通貨膨脹對供應和電力的累積影響。這些被銷量增長 15% 部分抵消。 2023 年第二季度，我們調整後的 EBITDA 利潤率為 34%，而去年同期為 69%。 2023 年第二季度的總收入為 3.8 億美元，而去年第二季度的總收入為 6.25 億美元。下降 39% 的主要原因是煉鋼煤的平均淨實現銷售價格下降 48%，但銷量增長 15% 部分抵消了這一影響。

Other revenues were higher in the second quarter of 2023, primarily due to the fact that the prior year included a mark-to-market loss of $15 million on our gas hedges. In addition, gas revenues were lower in the second quarter of this year due to a 70% decrease in natural gas prices. The Platts Premium Low Vol FOB Australian Index price on average was $184 per short ton lower in the second quarter of 2023 compared to the same quarter of last year. The index price averaged $220 per short ton for the second quarter.

2023 年第二季度的其他收入較高，主要是由於上一年我們的天然氣對沖按市值計算的損失為 1500 萬美元。此外，由於天然氣價格下跌70%，今年第二季度天然氣收入有所下降。 2023 年第二季度，Platts Premium Low Vol FOB 澳大利亞指數平均價格比去年同期低 184 美元/短噸。第二季度該指數平均價格為每短噸 220 美元。

Demurrage and other charges reduced our gross price realization to an average net selling price of $209 per short ton in the second quarter of 2023 compared to $404 per short ton in the same quarter of last year. The merge and other charges were $9 million lower compared to last year's second quarter, of which demurrage was the largest decrease of $6 million. Higher demurrage and other charges in the second quarter of last year were the result of temporary delays in vessel loadings due to severe weather and port congestion. Cash cost of sales were $229 million or 62% of mining revenues in the second quarter compared to $190 million or 30% of mining revenues in the second quarter of 2022.

滯期費和其他費用將我們的毛價實現減少至 2023 年第二季度的平均淨售價為每短噸 209 美元，而去年同期為每短噸 404 美元。與去年第二季度相比，合併費用和其他費用減少了 900 萬美元，其中滯期費減少最多，減少了 600 萬美元。去年第二季度滯期費和其他費用較高，是由於惡劣天氣和港口擁堵導致船舶裝貨暫時延誤的結果。第二季度現金銷售成本為 2.29 億美元，佔礦業收入的 62%，而 2022 年第二季度為 1.9 億美元，佔礦業收入的 30%。

Of the $39 million increase in cash cost of sales, $29 million was due to the 15% increase in sales volumes and $10 million was attributed to higher production costs, primarily on higher headcount, plus 15% higher production volumes and the impact of inflation. Our headcount was 54% higher this second quarter compared to the last year due to a focus on hiring workers during the labor strike and partly related to the workers that returned from the labor strike in the second quarter of this year. Production costs include the wages, onboarding and training costs associated with the workers that returned over the quarter, and we should see an improvement in our cost per ton later this year as we get the incremental volumes.

在現金銷售成本增加 3,900 萬美元中，2,900 萬美元是由於銷量增加 15%，1,000 萬美元是由於生產成本增加（主要是由於員工人數增加、產量增加 15% 以及通貨膨脹的影響）。與去年相比，我們第二季度的員工人數增加了 54%，這是由於我們重點關注在罷工期間招聘工人，部分原因是今年第二季度從罷工中返回的工人。生產成本包括與本季度返回的工人相關的工資、入職和培訓成本，隨著產量的增加，我們應該會在今年晚些時候看到每噸成本的改善。

Inflation accounted for approximately $3 million of the higher cost or $1.50 per short ton, resulting from higher cost for supplies and electricity. Cash cost of sales per short ton, FOB port, was approximately $129 in the second quarter compared to $123 in the second quarter of 2022. While premium steelmaking coal prices were 46% lower in the second quarter of this year compared to last year. Our average net realized selling prices were 48% lower. This resulted in lower transportation and royalty costs on a per ton basis, which were offset by higher wages and employee benefits on 54% higher headcount that drove higher production volumes and associated production costs such as supplies, repairs and maintenance. Transportation and royalty costs were 41% of our cash cost per ton in the second quarter compared to 54% in the same quarter last year.

由於供應和電力成本上漲，通貨膨脹導致成本上漲約 300 萬美元，即每短噸 1.50 美元。第二季度每短噸的現金銷售成本（FOB 港口）約為 129 美元，而 2022 年第二季度為 123 美元。而今年第二季度優質煉鋼煤價格比去年下降了 46%。我們的平均淨實現售價下降了 48%。這導致每噸運輸和特許權使用費降低，但員工人數增加 54%，工資和員工福利增加，從而推動產量和相關生產成本（如供應、維修和保養）增加，從而抵消了這一成本。第二季度，運輸和特許權使用費佔每噸現金成本的 41%，而去年同期為 54%。

Despite the higher production costs and inflation, cash margins were $80 per short ton in the second quarter. SG&A expenses were about $13 million or 3.5% of total revenues in the second quarter of 2023 and were slightly higher than last year's second quarter, primarily due to an increase in employee-related expenses. The interest income earned on our cash investments well exceeded the interest expense on our outstanding notes and equipment leases during the second quarter of 2023, primarily due to our high cash balances, earning good investment returns.

儘管生產成本和通貨膨脹較高，第二季度現金利潤仍為每短噸 80 美元。 2023 年第二季度的 SG&A 費用約為 1300 萬美元，佔總收入的 3.5%，略高於去年第二季度，主要是由於員工相關費用的增加。 2023年第二季度，我們的現金投資賺取的利息收入遠超過未償還票據和設備租賃的利息支出，這主要是由於我們現金餘額較高，獲得了良好的投資回報。

Our second quarter income tax expense reflects an income tax benefit for depletion expense and foreign-derived intangible income. During the second quarter, we incurred incremental nonrecurring business interruption expenses of $4 million, which were lower by 44% than last year. The decrease is primarily due to the end of the labor strike. These nonrecurring expenses were primarily for incremental safety and security, legal and labor negotiations and other expenses. We expect to incur ongoing legal expenses associated with the ongoing labor negotiations.

我們第二季度的所得稅費用反映了消耗費用和外國無形收入的所得稅優惠。第二季度，我們增加了非經常性業務中斷費用 400 萬美元，比去年下降了 44%。減少主要是由於罷工的結束。這些非經常性費用主要用於增加安全保障、法律和勞工談判以及其他費用。我們預計會產生與正在進行的勞資談判相關的持續法律費用。

Turning to cash flow. During the second quarter of 2023, free cash flow was a negative $22 million, primarily due to the higher Blue Creek CapEx spending. This was the result of cash flows generated by operating activities of $125 million, less cash used for capital expenditures and mine development costs of $147 million. Free cash flow in the second quarter of 2023 was negatively impacted by a $7 million increase in net working capital from the first quarter of 2023.

轉向現金流。 2023 年第二季度，自由現金流為負 2200 萬美元，主要是由於 Blue Creek 資本支出增加。這是由於經營活動產生的現金流量為 1.25 億美元，減去用於資本支出和礦山開發成本的現金 1.47 億美元。 2023 年第二季度的自由現金流受到 2023 年第一季度淨營運資本增加 700 萬美元的負面影響。

Increase in net working capital was primarily due to an increase in inventories as a result of higher production, combined with lower accrued expenses. Despite the higher capital spending associated with the Blue Creek project to date, we have generated free cash flow of $87 million, of which $46 million was returned to stockholders in the form of a special dividend earlier this year on top of the regular quarterly dividends.

淨營運資本的增加主要是由於產量增加導致庫存增加，加上應計費用減少。儘管迄今為止與Blue Creek 項目相關的資本支出較高，但我們已經產生了8700 萬美元的自由現金流，其中4600 萬美元在今年早些時候以特別股息的形式返還給股東，除了定期季度股息之外。

Our total available liquidity at the end of the second quarter was $951 million, representing a decrease of $35 million or 4% over the record high first quarter and consisted of cash and cash equivalents of $827 million and $123 million available under our ABL facility. As Walt described earlier, the multichannel transportation scope change for the new Blue Creek mine is expected to provide flexibility, optionality and to derisk a single mode of transporting our coal down the river.

第二季度末我們的可用流動資金總額為9.51 億美元，比第一季度創紀錄的高點減少了3500 萬美元，即4%，其中包括我們ABL 設施下可用的現金和現金等價物8.27 億美元和1.23 億美元。正如沃爾特之前所描述的，新藍溪礦的多渠道運輸範圍變化預計將提供靈活性、選擇性，並消除沿河運輸煤炭的單一模式的風險。

In addition, we expect to benefit from a reduction in total transportation costs from not using a third party to build and operate the barge load out and move the coal faster to the port. The incremental capital of $120 million to $130 million for the total scope changes did not have a material impact on the original project economic of NPV and IRR at the illustrative $150 Met Coal price. We have spent approximately $173 million on the project to date and have sufficient liquidity on hand to cover the expected $250 million to $300 million to be spent in 2023.

此外，由於不使用第三方建造和運營駁船裝載並將煤炭更快地運送到港口，我們預計將受益於總運輸成本的降低。總範圍變更帶來的 1.2 億至 1.3 億美元的增量資本，對於以 150 美元的煤炭價格計算的原始項目 NPV 和 IRR 經濟性沒有產生重大影響。迄今為止，我們已在該項目上花費了約 1.73 億美元，手頭有足夠的流動資金來支付 2023 年預計支出的 2.5 億至 3 億美元。

While the scope changes will require additional capital expenditures, we believe our strong cash flow generation and current available liquidity as well as the ability to finance a portion of the total expenditures through equipment leases, allows us to be opportunistic as we evaluate any additional funding options for Blue Creek with the goal of maintaining an efficient and low cost of capital.

雖然範圍變更將需要額外的資本支出，但我們相信，我們強大的現金流產生和當前可用的流動性以及通過設備租賃為部分總支出提供資金的能力，使我們能夠在評估任何額外的融資方案時抓住機會Blue Creek 的目標是保持高效且低成本的資本。

Finally, turning to our outlook and guidance for 2023. We believe we are on track to achieve our revised targets as outlined in the outlook section of our earnings release. I'll now turn it back to Walt for his final comments.

最後，轉向我們對 2023 年的展望和指導。我們相信，我們有望實現收益發布的展望部分中概述的修訂目標。現在我將把它轉回沃爾特以徵求他的最終意見。

Thanks, Dale. Before we move on to Q&A, I'd like to make some final comments. Looking ahead to the second half of 2023, our expectations remain consistent with the previous quarter. We believe steel production will remain vulnerable to the risk of contracting industrial output, and we believe the world's largest producer, China, will temper its production in the second half to meet its target of lower year-over-year production. Still making coal supply should remain relatively stable for the same period.

謝謝，戴爾。在我們進行問答之前，我想做一些最後的評論。展望2023年下半年，我們的預期與上一季度保持一致。我們認為，鋼鐵生產仍將面臨工業產出收縮的風險，並且我們認為全球最大的生產國中國將在下半年控制產量，以實現同比產量下降的目標。仍使得同期煤炭供應量應保持相對穩定。

As such, we view our markets as being largely balanced and with the ability to absorb changes in demand or supply without resulting in large price swings. We expect spot activity international markets to remain subdued, leading us to redirect more of our spot volume towards Southeast Asia CFR based opportunities. For Warrior, we expect 2023 to be a significant turning point in the development of our world-class Blue Creek mine, which we expect will result in the creation of significant long-term stockholder value.

因此，我們認為我們的市場基本平衡，有能力吸收需求或供應的變化，而不會導致價格大幅波動。我們預計國際市場現貨活動將保持低迷，這導致我們將更多現貨交易轉向基於東南亞 CFR 的機會。對於 Warrior 來說，我們預計 2023 年將成為我們世界級 Blue Creek 礦山開發的重要轉折點，我們預計這將創造顯著的長期股東價值。

Over the course of the rest of the year, we should expect to begin groundbreaking for the larger infrastructure components, such as the new coal preparation plant, bathhouse with mine offices and overland belt conveyor and the rail and barge load outs. We're extremely excited about this organic growth project, which we expect to be transformational for Warrior and allow us to build upon our proven track record of creating value for our stockholders.

在今年剩下的時間裡，我們預計大型基礎設施部分將開始破土動工，例如新的選煤廠、帶有礦井辦公室的浴室、陸上帶式輸送機以及鐵路和駁船裝卸。我們對這個有機增長項目感到非常興奮，我們希望該項目能夠為 Warrior 帶來變革，並使我們能夠在為股東創造價值的良好記錄的基礎上再接再厲。

As we have previously indicated, we expect the first development tons from continuous miner units at Blue Creek in the third quarter of 2024, with the longwall scheduled to start up in the second quarter of 2026. With that, we'd like to open the call for questions. Operator?

正如我們之前所指出的，我們預計 Blue Creek 的連採機裝置將於 2024 年第三季度實現第一批開發噸數，長壁開採計劃於 2026 年第二季度啟動。致電詢問。操作員？

(Operator Instructions) And the first question comes from Lucas Pipes with B. Riley Securities.

（操作員說明）第一個問題來自 B. Riley Securities 的 Lucas Pipes。

Thank you very much, operator. Good afternoon, everyone. Walt and Dale, my first question is on the change of scope around Blue Creek. Just back of the envelope, it came up with a roughly $7 or so cost reduction per ton at the port, thanks to transportation savings. Is that the right way to think about it? And any comments on the economics?

非常感謝您，接線員。大家下午好。沃爾特和戴爾，我的第一個問題是關於藍溪周圍範圍的變化。簡單來說，由於節省了運輸費用，港口每噸成本降低了大約 7 美元左右。這是正確的思考方式嗎？對經濟有什麼評論嗎？

Well, I'm not sure how you got to your $7. But yes, as I said in my prepared remarks, we originally were going to use a third party to own and operate as well as build the barge load out. So the cost associated with that really offset all the incremental CapEx pretty much to make it neutral on the overall project economics.

好吧，我不知道你是怎麼拿到 7 美元的。但是，是的，正如我在準備好的發言中所說，我們最初打算使用第三方來擁有和運營以及建造駁船負載。因此，與此相關的成本實際上抵消了所有增量資本支出，使其對整個項目的經濟效益保持中性。

So yes, the $7 was just backing in taking the midpoint of that $120 million to $130 million, assuming a rate of return similar to Blue Creek and then it was -- again, I did this very quickly, roughly $7. Okay, maybe switching topics. You built inventory during the second quarter, McDuffie, you noted has made some progress. Can you give us a status update as to where the terminal sits today when the terminal started to improve during the second quarter and the pace of destocking on the inventory side for the second half of the year?

所以，是的，7 美元只是支持取 1.2 億美元到 1.3 億美元的中點，假設回報率與 Blue Creek 類似，然後它是 - 再次，我很快就做到了，大約 7 美元。好吧，或許可以換個話題。麥克達菲，您在第二季度建立了庫存，您指出已經取得了一些進展。您能否向我們介紹一下當前碼頭在第二季度開始改善時的最新狀況以及下半年庫存方面的去庫存步伐？

Well, the biggest event was the work on the number two or number one loader. And that was -- as soon as they have completed that work, it instantaneously improved their performance rates more than doubled their capacity to load vessels. So it was really getting that back online on the -- on some of the other tasks, a lot of the belt availability and just improvements in the general operation of the port have also made tremendous incremental improvements.

嗯，最大的事件是第二號或第一號裝載機的工作。那就是——一旦他們完成這項工作，他們的性能立即提高了一倍多，裝載船隻的能力增加了一倍多。因此，確實是在其他一些任務上重新上線，大量的皮帶可用性以及港口總體運營的改進也取得了巨大的漸進式改進。

And what we're seeing is load rates that are similar to what we have seen at our peak production level. So we're -- they're back to where we think they need to be. We think there's still more improvement to get there. Again, we're driving -- we are now driving toward the improvements necessary to bring Blue Creek online at full production. So even though they may be at rates that are okay for now, we're driving towards better and better performance to allow Blue Creek to operate well or sell the coal.

我們看到的負載率與我們在峰值生產水平下看到的負載率相似。所以我們——他們回到了我們認為他們需要的地方。我們認為要實現這一目標還需要進一步改進。再次強調，我們正在努力進行必要的改進，以使 Blue Creek 全面投入生產。因此，儘管目前的價格可能還不錯，但我們正在努力實現越來越好的業績，以使 Blue Creek 能夠良好運營或出售煤炭。

And then one last one for me before I jump back in the queue. You noted the press release that you will seek to optimize your capital structure to improve returns to stockholders. Could you comment on what optimization you may have in mind? Is that reducing leverage, is that increasing capital returns? I just wondered if you could elaborate on what you meant with optimizing your capital structure.

然後在我重新回到隊列之前為我準備最後一張。您在新聞稿中指出，您將尋求優化資本結構，以提高股東回報。您能評論一下您可能想到的優化嗎？是減少槓桿，還是增加資本回報？我只是想知道您是否可以詳細說明優化資本結構的含義。

I mean that's really all-encompassing of the things you just mentioned, looking at potential debt paydown as we benefited the last 1.5 years of these really high prices. We're well positioned to not only fund Blue Creek but pay capital returns during the development as well as pay down debt. So we're just kind of looking at what makes sense at the time and make sure that we are well positioned, spike Blue Creek, the spending there. So we're trying to accomplish a little bit of all those things and just being really positioned for the future.

我的意思是，這確實是您剛才提到的所有內容，考慮到潛在的債務償還，因為我們在過去 1.5 年中受益於這些非常高的價格。我們處於有利位置，不僅可以為 Blue Creek 提供資金，還可以在開發期間支付資本回報並償還債務。因此，我們只是看看當時什麼是有意義的，並確保我們處於有利位置，從而增加藍溪的支出。因此，我們正在努力完成所有這些事情中的一點點，並為未來做好準備。

And the next question comes from Nathan Martin with Benchmark.

下一個問題來自 Benchmark 的 Nathan Martin。

Maybe a quick one to start as it relates to the new transportation initiative at Blue Creek. Which railroad load out are you guys going to be building your conveyor system to?

也許是一個快速開始，因為它與藍溪的新交通計劃有關。你們要建造哪條鐵路的輸送機系統？

We'll be developing a rail load out, a little West from the mine. We really haven't given any of that public information -- made any of that information public yet.

我們將在礦井西邊一點處開發鐵路裝載。我們確實還沒有提供任何公開信息——尚未公開任何信息。

A lot of that is still under negotiation. So we just haven't finalized the terms of these agreements. It's a little premature. We have enough to know that the additional cost is going to take, but this is a really good opportunity to derisk this project and to have multiple transportation modes rather than putting 5 million tons on the river. We have the ability to do both now.

其中很多仍在談判中。所以我們只是還沒有敲定這些協議的條款。現在有點早了。我們充分了解將會產生額外成本，但這是一個真正的好機會，可以消除該項目的風險，並採用多種運輸方式，而不是在河上排放 500 萬噸。我們現在有能力做到這兩點。

No, that makes sense. I was just curious if it was going to be CSX since I know they serve your mines now if there was optionality where you guys are looking to build that new load-out.

不，這是有道理的。我只是好奇是否會是 CSX，因為我知道他們現在為你們的礦山服務，如果你們有選擇建造新的裝載設備的話。

The Blue Creek mine in our existing facilities.

我們現有設施中的 Blue Creek 礦。

Great. Maybe looking at the quarter real quickly then realized price per ton, a little lower than anticipated, similarly lower than your historical average utilization versus the quarterly benchmark. Any color you guys could provide there? Was it a mix thing? Was different indices, timing to merge? Just any additional thoughts would be helpful.

偉大的。也許快速查看本季度，然後實現每噸價格，略低於預期，同樣低於與季度基準相比的歷史平均利用率。你們那裡可以提供什麼顏色嗎？這是一個混合的事情嗎？不同的指數是否有合併的時機？任何額外的想法都會有所幫助。

I think we had our spot volumes that were above what would be considered normal and the CFR sales versus FOB sales were probably a little higher. And between those 2, it dropped the realization a bit.

我認為我們的現貨量高於正常水平，並且 CFR 銷售與 FOB 銷售相比可能略高一些。在這兩者之間，它稍微降低了認識。

Great. And then maybe along those lines, I appreciate your market comments in your prepared remarks. It would be great maybe to get your thoughts on the recent increases we've seen in the Met prices, specifically that Chinese -- CFR China price is up, I think, $30 or more the last month. You did note some spot business to China. So it would seem that, that market maybe has gotten a little more attractive. But it would just be great to get your thoughts on how you're balancing your export mix from here?

偉大的。也許沿著這些思路，我很欣賞你在準備好的發言中發表的市場評論。如果能了解您對近期 Met 價格上漲的看法，特別是中國的 CFR 中國價格上漲，我認為上個月上漲了 30 美元或更多，那就太好了。您確實注意到了一些針對中國的現貨業務。因此，這個市場似乎變得更具吸引力了。但如果能從這裡了解您對如何平衡出口組合的想法，那就太好了？

I think our export mix, I think we've shifted a bit and remained shifted a bit from what was traditional where we were in the mid-50s going into Europe. And I think we'll see that number down a little bit, and we'll continue to see Asia make up a higher percentage.

我認為我們的出口結構與 50 年代中期進入歐洲時的傳統出口結構相比，已經發生了一些變化，並且仍然保持著一些變化。我認為我們會看到這個數字略有下降，並且我們將繼續看到亞洲所佔的比例更高。

And part of that is due to the fact that we've just moved into a new mining area at Mine No. 4, which -- in which the quality changes a little bit. So the customer mix will change a little bit with that. So for right now, we expect to be moving a little more into West Southeast Asia.

部分原因是我們剛剛搬進了 4 號礦的新礦區，其中的質量發生了一些變化。因此，客戶結構將會隨之發生一些變化。因此，目前我們預計將更多地進入東南亞西部。

Could you elaborate a little bit on the quality mix change there?

您能否詳細說明一下那裡的質量組合變化？

We've -- and we've talked about it before, we've moved from the -- what would be the South Western or Southeastern part of the coal mine up into the Northwestern part of the coal mine where the vol goes up a little bit, and it's closer to a high vol A than it was previously.

我們之前已經討論過，我們已經從煤礦的西南部或東南部轉移到煤礦的西北部，那裡的火山量上升了一點點，而且比以前更接近高 vol A。

So the quality we've known where it was going, and we've been working with customers on that. So it's just shifted a little bit. It's more like the coal quality was -- the Mine 4 coal quality was in this same area back in about 2014, I believe, was when we were mining up in an area similar to where we've just moved to.

因此，我們知道質量的發展方向，並且我們一直在與客戶合作解決這個問題。所以它只是移動了一點點。這更像是煤炭質量——我相信，大約 2014 年，4 號礦的煤炭質量就在同一地區，當時我們在與我們剛剛搬到的地區相似的地區進行採礦。

Very helpful. And then maybe one final one. It would be great to get your thoughts on possible cadence of shipments here in the back half of the year in 3Q, 4Q. I mean any expectation for one quarter to outperform versus the other. You talked about probably drawing down some inventory. Do you expect that to kind of be ratable? And then also, I know you've got a couple of longwall, I think, 2 in Q3 and 1 in Q4.

很有幫助。然後也許是最後一件事。如果能了解您對今年下半年第三季度、第四季度可能的發貨節奏的想法，那就太好了。我的意思是對一個季度的表現優於另一個季度的任何預期。您談到可能會減少一些庫存。您認為這會受到好評嗎？另外，我知道你們有幾個長壁開採，我認為，第 3 季度有 2 個，第 4 季度有 1 個。

I think it will be ratable. I think the only caveat there is weather. We're moving into hurricane season, and it's easy to have some days or a week or so where the port struggles a bit due to adverse weather. So that can affect the quarter pretty easily, especially if it happens around the end of the quarter. But I would expect it to be kind of consistent performance right now.

我認為這將是值得評價的。我認為唯一需要注意的是天氣。我們即將進入颶風季節，港口很容易在幾天或一周左右的時間內因惡劣天氣而陷入困境。因此，這很容易影響本季度，特別是如果它發生在季度末左右。但我希望現在的表現能夠保持一致。

(Operator Instructions) And the next question comes from Alex Hacking with Citi.

（操作員說明）下一個問題來自花旗銀行的 Alex Hacking。

So on Blue Creek, you talk about the CapEx and inflationary pressure that we've seen since the project was originally scoped. I mean, should we be thinking about that original budget of, I think it was $650 million to $700 million, potentially being 20% to 30% higher, like another $150 million? Or am I thinking about that completely wrong?

在 Blue Creek 上，您談到了自該項目最初確定範圍以來我們所看到的資本支出和通脹壓力。我的意思是，我們是否應該考慮最初的預算，我認為是 6.5 億至 7 億美元，可能會高出 20% 至 30%，比如另外 1.5 億美元？還是我的想法完全錯誤？

Well, that sums up with what our original expectations were, and that's the inflation we've seen across the board in our operations and the new project is not immune to it. Now we can't project where we'll end up with that. But to date, as we're looking at it, that's where our inflationary pressures have been.

嗯，這就是我們最初的預期，這就是我們在運營中看到的全面通脹，而新項目也不能倖免。現在我們無法預測我們最終會得到什麼結果。但迄今為止，正如我們所看到的，這就是我們的通脹壓力所在。

Just wanted to make sure I was kind of interpreting correctly. And then I guess, on the development tons that are going to start coming out next year, I'm not sure if you've quantified that for '24 and '25 and a really basic question, what's the accounting treatment of those development tons, if it's a material amount to be sold.

只是想確保我的解釋正確。然後我想，關於明年將開始出現的開發噸，我不確定你是否已經量化了“24”和“25”以及一個非常基本的問題，這些開發噸的會計處理是什麼，如果要出售的材料數量。

Well, the tons will start coming out that -- we should start producing the tons in the middle of next year. But you have to remember, we have to build a preparation plant and have a way to get those tons to market. And we'll be -- we're working on that to try to figure out, are we better off to just stockpile that, clean it, take it to market immediately, which will have a higher cost on it because transportation will be significantly different than it will be once the transportation modes are completed. So we're still working through what is the best way to handle that coal and that will take us a little bit of time.

好吧，成噸的產品將會開始生產——我們應該在明年年中開始生產成噸的產品。但你必須記住，我們必須建造一個製備工廠，並有辦法將這些噸產品推向市場。我們正在努力弄清楚，我們是否最好只是儲存起來，清理它，立即將其推向市場，這會產生更高的成本，因為運輸將顯著增加與交通方式完成後的情況不同。因此，我們仍在研究處理煤炭的最佳方法，這將花費我們一些時間。

What's the current sort of expectation for the timing of the prep plant?

目前對準備工廠的時間安排有何期望？

The timing of the prep plant, I believe, is mid '25. I think second quarter or third quarter of '25, and we believe the plant will -- somewhere in '25.

我認為準備工廠的時間是 25 年中旬。我認為 25 年第二季度或第三季度，我們相信該工廠將在 25 年某個時間建成。

The next question is a follow-up from Lucas Pouch with B. Riley Securities.

下一個問題是 Lucas Pouch 與 B. Riley Securities 的後續問題。

Thank you for taking my follow-up question. it's back to Blue Creek, so just to make sure I understand the 25%, 35% inflationary comment right. That is separate or in addition to the additional scope and the transportation expenditures [valid]. Is that right?

感謝您接受我的後續問題。回到 Blue Creek，所以只是為了確保我正確理解 25%、35% 通貨膨脹的評論。這是單獨的或附加在額外範圍和運輸支出中的[有效]。是對的嗎？

That's correct.

這是正確的。

Very helpful. So we kind of -- we take the original estimate. We can apply our range 25%, 35%, and then we add the transportation cost kind of on top of that for a very rough ballpark?

很有幫助。所以我們採用最初的估計。我們可以應用我們的範圍 25%、35%，然後我們在此基礎上添加運輸成本，以獲得一個非常粗糙的大概？

Yes. The scope changes on top of that, yes.

是的。除此之外，範圍也發生了變化，是的。

And then I want to follow up on the capital structure optimization. Dale, you mentioned you made reduced leverage, are you looking at refinancing the debt or is maybe a preferred way to take -- reduce the cash balance just pay off some debt with cash that you have on the balance sheet? Just I'm trying to get a little bit better understanding for how you're thinking about that optimization.

然後我想跟進一下資本結構的優化。戴爾，您提到您降低了槓桿率，您是否正在考慮對債務進行再融資，或者可能是一種首選方式——減少現金餘額，只是用資產負債表上的現金償還一些債務？我只是想更好地了解您如何考慮優化。

Well, that's certainly an option. But look, we've accumulated quite a bit of cash as we talked about the inflation, the future of Blue Creek. We're trying to balance those things and we paid some additional capital returns this year. So we definitely don't want to put ourselves in a bad position with the remainder of Blue Creek.

嗯，這當然是一個選擇。但是看，當我們談論通貨膨脹和藍溪的未來時，我們已經積累了相當多的現金。我們正在努力平衡這些事情，今年我們支付了一些額外的資本回報。因此，我們絕對不想讓自己與藍溪的其餘部分處於不利的境地。

We're just 15 months, 16 months into the project. So -- but at the same time, we're looking at every piece of the capital structure. We're looking at that, how do we position ourselves better. So should we pay some down now or pay it down later. So it's a little of all those things. So we're not leaning toward either one too much, but that could change. We would like to keep our options open and execute the best one for the company.

我們項目剛開始 15 個月、16 個月。所以，但與此同時，我們正在研究資本結構的每一個部分。我們正在考慮如何更好地定位自己。那麼我們是應該現在還清還是以後還清呢？所以這只是所有這些事情中的一點。所以我們並不太傾向於其中任何一個，但這可能會改變。我們願意保留我們的選擇權，並執行對公司最好的選擇。

That's helpful. Now are there call premiums to think about prepayment penalties, things like that?

這很有幫助。現在是否有電話保費來考慮提前還款罰款之類的事情？

Yes, there are. So we have to think about all those and where do we stand with total cash and total liquidity, spending almost $0.5 billion in capital this year is a pretty significant concern. So you have to think about that as well.

是的，有。因此，我們必須考慮所有這些問題，以及我們的現金總額和流動性總額處於什麼位置，今年花費近 5 億美元的資本是一個相當重要的問題。所以你也必須考慮這一點。

That's all very helpful. And then another one on this balance sheet. Can you remind us what your targets are through the development of Blue Creek for minimum liquidity, minimum cash?

這一切都非常有幫助。然後是該資產負債表上的另一項。您能否提醒我們，您通過開發 Blue Creek 以實現最低流動性、最低現金的目標是什麼？

Well, we haven't changed those. I think we set a minimum liquidity of $250 million once the project started. Most of that will be cash, and that's what we figured we would stay and we've been well ahead of that, which we've been very fortunate to accumulate so much cash with high prices, especially last year in such a record setting quarter.

好吧，我們還沒有改變這些。我認為項目啟動後我們設定的最低流動性為 2.5 億美元。其中大部分將是現金，這就是我們認為我們會留下來的，我們已經遠遠領先於這一點，我們非常幸運能夠以高價積累如此多的現金，特別是去年在如此創紀錄的季度。

And this concludes the question-and-answer session. I would like to turn the floor to Mr. Scheller for any closing comments.

問答環節到此結束。我想請謝勒先生髮表最後評論。

That concludes our call this afternoon. Thank you again for joining us today, and we appreciate your interest in Warrior.

我們今天下午的電話會議到此結束。再次感謝您今天加入我們，我們感謝您對 Warrior 的興趣。

Thank you. As mentioned, the conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。如前所述，會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。