Warrior Met Coal Inc (HCC) 2025 Q1 法說會逐字稿

Good afternoon. My name is Dovin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Warrior first-quarter 2025 financial results conference call. (Operator Instructions) This call is being recorded and will be available for replay on the company's website.

午安.我叫 Dovin，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Warrior 2025 年第一季財務業績電話會議。（操作員指示）此通話將被錄音，並將在公司網站上重播。

I would like to turn the call over to Brian Chopin, Chief Accounting Officer and Controller. Please go ahead.

我想將電話轉給首席會計官兼財務主管 Brian Chopin。請繼續。

Good afternoon and welcome, everyone, to Warriors' first-quarter 2025 earnings conference call.

大家下午好，歡迎參加勇士隊 2025 年第一季財報電話會議。

Before we begin, let me remind you that certain statements made during this call, including statements relating to our expected future business and financial performance, may be considered forward-looking statements according to the Private Securities Litigation Reform Act.

在我們開始之前，請允許我提醒您，根據《私人證券訴訟改革法案》，本次電話會議中所做的某些聲明，包括與我們預期的未來業務和財務業績有關的聲明，可能被視為前瞻性聲明。

Forward-looking statements by their nature address matters that are to different degrees uncertain. These uncertainties, which are described in more detail in the company's annual and quarterly reports filed with the SEC may cause our actual future results to be materially different from those expected in our forward-looking statements.

前瞻性陳述本質上處理的是不同程度不確定的問題。這些不確定性在公司向美國證券交易委員會提交的年度和季度報告中有更詳細的描述，可能會導致我們未來的實際結果與前瞻性陳述中預期的結果有重大差異。

We do not undertake to update our forward-looking statement whether as a result of new information, future events, or otherwise, except as may be required by law. For more information regarding forward-looking statements, please refer to the company's press releases and SEC filings.

我們不承諾更新我們的前瞻性聲明，無論是由於新資訊、未來事件或其他原因，除非法律要求。有關前瞻性陳述的更多信息，請參閱本公司的新聞稿和美國證券交易委員會 (SEC) 文件。

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

我們還將討論某些非 GAAP 財務指標，這些指標在我們以 8-K 表格形式提交給美國證券交易委員會的第一季度新聞稿中定義並與可比較 GAAP 財務指標進行協調，該新聞稿也發佈在我們的網站上。

Additionally, we will be following our Form 10-Q for the quarter ending March 30, 2025, with the SEC this afternoon. You can find additional information regarding the company on our website at www.warriormetcoal.com, which also includes a first-quarter supplemental slide deck that was posted this afternoon.

此外，今天下午我們將向美國證券交易委員會提交截至 2025 年 3 月 30 日的季度 10-Q 表。您可以在我們的網站 www.warriormetcoal.com 上找到有關該公司的更多信息，其中還包括今天下午發布的第一季度補充幻燈片。

Today on the call with me are Mr. Walt Scheller, Chief Executive Officer; and Mr. Dale Boyles, Chief Financial Officer. After our formal remarks, we'll be happy to answer any questions.

今天與我一起通話的是執行長 Walt Scheller 先生；以及財務長 Dale Boyles 先生。正式發言後，我們很樂意回答任何問題。

With that, I will now turn the call over to Walt.

說完這些，我現在將電話轉給沃特。

Thanks, Brian. Hello, everyone, and thank you for taking the time to join us today to discuss our first-quarter 2025 results. After my remarks, Dale will review our results in additional detail, and you'll have the opportunity to ask questions.

謝謝，布萊恩。大家好，感謝您今天抽出時間與我們一起討論我們的 2025 年第一季業績。在我發言之後，戴爾將更詳細地回顧我們的結果，您將有機會提出問題。

While weak market conditions continued as we expected through the first quarter, I'm pleased with our relentless focus on our operations, which enabled us to deliver an increase in volumes, performed well from a cost perspective, and generated positive cash margins.

儘管正如我們預期的那樣，第一季市場狀況仍然疲軟，但我對我們對營運的不懈關注感到滿意，這使我們能夠增加銷量，從成本角度來看表現良好，並產生了正的現金利潤率。

This operational backbone gives us the ability to drive strong performance relative to the market despite the current macro headwinds. At the same time, we continue to make excellent progress at Blue Creek, with the work this quarter keeping us on budget and on schedule for the startup of the longwall at this world-class growth project.

儘管當前宏觀經濟面臨阻力，這項營運支柱仍使我們能夠實現相對於市場的強勁業績。同時，我們在 Blue Creek 繼續取得優異進展，本季度的工作使我們在預算和進度上都能夠按時啟動這個世界級增長項目的長壁開採工作。

So let me start by looking at the current dynamics of the market for steelmaking coal. We've seen a dramatic change in the steelmaking coal markets where average premium, low volume index prices have dropped by 40% or $112 per short ton compared to last year's first quarter. First-quarter premium low-vol prices averaged $280 per short ton in the first quarter of 2024 compared to $168 per short ton in the first quarter of this year. In addition, average index pricing for our high-vol A product has decreased 43% in that same time period.

首先讓我來看看煉鋼煤市場的當前動態。我們看到煉鋼煤市場發生了巨大變化，與去年第一季相比，平均溢價、低量指數價格下降了 40%，即每短噸 112 美元。2024 年第一季優質低揮發性原油平均價格為每短噸 280 美元，而今年第一季為每短噸 168 美元。此外，我們的高波動性 A 產品的平均指數價格在同一時期下降了 43%。

We've now seen four consecutive quarters of weakening steelmaking coal prices. While we cannot control market fundamentals, we can control our response to these weaker markets by tightly managing our spending at the mines, operating the mines as efficiently as possible and rationalizing all other spending throughout the organization.

我們現在已經看到煉鋼煤價格連續四個季度走弱。雖然我們無法控制市場基本面，但我們可以透過嚴格管理礦山支出、盡可能高效地運營礦山以及合理化整個組織的所有其他支出來控制我們對這些疲軟市場的反應。

On the supply and demand side, overall market fundamentals for the past quarter were weak, but generally in line with our expectations. Chinese steel exports remained at elevated levels and continued to stress our customers' domestic and export markets while global demand for steel was challenging.

供需方面，過去一個季度整體市場基本面疲軟，但整體符合我們的預期。在全球鋼鐵需求面臨挑戰的背景下，中國鋼鐵出口仍處於高位，並繼續給我們客戶的國內和出口市場帶來壓力。

On the steelmaking coal side, supply remained healthy while some customers engaged in a resale of cargos, both of which contributed to a weaker pricing environment for our markets. However, we were again reminded of how vulnerable the steelmaking coal supply chain is, with several mining events occurring at other steelmaking coal facilities during the first quarter, which could potentially impact the reliability of supply for several quarters this year.

在煉鋼煤方面，供應保持健康，而一些客戶則轉售貨物，這兩者都導致我們市場定價環境疲軟。然而，我們再次意識到煉鋼煤供應鏈的脆弱性，第一季其他煉鋼煤設施發生了幾起採礦事件，可能會影響今年幾季的供應可靠性。

Trade flows have also been impacted following China's decision to apply retaliatory tariffs on US steelmaking coals, which is essentially halted coal trade between both countries. It is too early to quantify or for that matter adequately assess the impacts of US trade policy announcements will have on the flow of steelmaking coals, but we continue to monitor the situation closely.

中國決定對美國煉鋼用煤徵收報復性關稅，實質上停止了兩國之間的煤炭貿易，貿易流量也受到了影響。現在量化或充分評估美國貿易政策公告對煉鋼煤炭流動的影響還為時過早，但我們將繼續密切關注局勢。

Prices at these levels are especially challenging for other steelmaking coal producers higher on the cost curve than we are. Even the recent disruptions in global mining production have only had an insignificant impact on seaborne pricing. Our cost discipline continues to be a key differentiator for us in this environment.

這種價格水準對於成本曲線高於我們的其他煉鋼煤生產商來說尤其具有挑戰性。即使最近全球礦業生產中斷也只對海運價格產生了微不足道的影響。在這種環境下，成本控制仍然是我們的關鍵差異化因素。

As I noted earlier, average premium steelmaking coal prices have now declined for four straight quarters since last year's first quarter. Our primary index, the PLV FOB Australia ended the first quarter at $153 per short ton, which was $25 per short ton lower than the end of the fourth quarter of 2024 and averaged $168 for the first quarter of 2025.

正如我之前提到的，自去年第一季以來，優質煉鋼煤平均價格已連續四個季度下降。我們的主要指數 PLV FOB 澳洲第一季末的價格為每短噸 153 美元，比 2024 年第四季末每短噸低 25 美元，2025 年第一季平均價格為 168 美元。

Similar declines were observed in the Platts LV HCC index for our high-vol A product sold primarily in Asia, which ended the first quarter at $126 per short ton. This was $15 per short ton lower than the end of the previous quarter. We achieved the gross price realization of 83% for the first quarter, which was a function of product mix, geography, tariffs, and freight rates.

我們主要在亞洲銷售的高揮發性 A 產品的普氏 LV HCC 指數也出現了類似的下降，第一季末的價格為每短噸 126 美元。這比上一季末每短噸低 15 美元。第一季度，我們實現了 83% 的總價格實現率，這取決於產品結構、地理位置、關稅和運費。

This result was slightly lower than our annual targeted range of 85% to 90% and could be lower throughout this year as spreads have widened more in the last 12 months than historically. According to the World Steel Association monthly report, global pig iron production decreased by 0.2% in the first three months of 2025 as compared to the prior year period.

這一結果略低於我們 85% 至 90% 的年度目標範圍，並且由於過去 12 個月利差擴大幅度超過歷史水平，今年全年的利差可能會更低。根據世界鋼鐵協會每月報告，2025年前三個月全球生鐵產量年減0.2%。

Pig iron production in China, which is the world's largest production region, grew by 0.8% for the same period. The rest of the world's pig iron production experienced a decline of 2.2% for the first three months of 2025. India remains a bright spot with a growth rate of 6.2% and is expected to continue growing with new blast furnace capacity expected to come online this year.

作為全球最大的生鐵生產國，中國的生鐵產量在同一時期增加了0.8%。2025年前三個月，全球其他地區的生鐵產量下降了2.2%。印度仍然是一個亮點，成長率達到 6.2%，預計今年隨著新高爐產能的投產，印度將繼續成長。

Now let me turn to our first-quarter results. Importantly, our strong sales volume was driven by excellent performance from our existing mines. Our first-quarter sales volume was $2.2 million short tons compared to $2.1 million short tons in last year's same quarter, representing a 2% increase. This increase is particularly notable given the market dynamics I described earlier.

現在讓我來談談我們的第一季業績。重要的是，我們強勁的銷售量是由現有礦場的出色表現所推動的。我們第一季的銷售量為 220 萬短噸，而去年同期的銷售量為 210 萬短噸，增加了 2%。考慮到我之前描述的市場動態，這種成長尤其值得注意。

Our sales by geography for the first quarter break down as follows 43% into Asia, 37% into Europe, and 20% in South America. Most of the sales into Asia during the first quarter were customers in India and other Southeast Asian countries. There were no sales into China during the first quarter of this year. Our spot volume was 8% for the first quarter of 2025, which is primarily sold into Europe.

我們第一季的銷售額按地區劃分如下：亞洲佔 43%，歐洲佔 37%，南美洲佔 20%。第一季亞洲的大部分銷售來自印度和其他東南亞國家的客戶。今年第一季度，中國沒有銷售。2025 年第一季我們的現貨量為 8%，主要銷往歐洲。

For the full year, our spot volume is expected to be approximately 15% of total sales volume. Production volume in the first quarter of 2025 was $2.3 million short tons compared to $2.1 million short tons in the same quarter of last year, representing a 10% increase.

全年來看，我們的現貨量預計約佔總銷售量的15%。2025 年第一季的產量為 230 萬短噸，而去年同期的產量為 210 萬短噸，增加了 10%。

Our existing mines continued to perform well, and the continuous mining units at our Blue Creek mine produced 251,000 short tons during the first quarter and drove the overall increase in production volume. Our coal inventory remained nearly the same at $1.1 million short tons at the end of the first quarter compared to the fourth-quarter 2024.

我們現有的礦場持續表現良好，其中藍溪礦場的連續採礦機組在第一季生產了251,000短噸，推動了整體產量的成長。與 2024 年第四季相比，我們第一季末的煤炭庫存幾乎保持不變，為 110 萬短噸。

During the first quarter, we spent $79 million on CapEx and mine development. Of that amount, CapEx spending totaled $69 million. Mine development costs for the Blue Creek project were $11 million during the quarter and were below budget. We expect our mine development costs to continue to grow throughout 2025 and until the longwall production starts at Blue Creek, which is expected to occur no later than the second quarter of 2026. Excluding the Blue Creek capital expenditures invested during the first quarter, we tightly managed all the other capital spending to $13 million.

第一季度，我們在資本支出和礦場開發上花費了 7,900 萬美元。其中，資本支出總額為 6,900 萬美元。本季度，Blue Creek 計畫的礦場開發成本為 1,100 萬美元，低於預算。我們預計，我們的礦場開發成本將在 2025 年全年持續成長，直到 Blue Creek 開始長壁生產，預計最晚將在 2026 年第二季開始。除第一季投資的 Blue Creek 資本支出外，我們將所有其他資本支出嚴格控制在 1,300 萬美元。

Turning to our transformational Blue Creek growth project, during the first quarter, we continued to make excellent overall progress while remaining on budget and on schedule. The development of the first longwall panel produced 251,000 short tons of steelmaking coal and remains on track to produce $1 million short tons for the full-year 2025.

談到我們的轉型藍溪成長項目，在第一季度，我們繼續取得了出色的整體進展，同時保持了預算和進度。第一個長壁面板的開發生產了 251,000 短噸煉鋼煤，並預計在 2025 年全年生產價值 100 萬美元的短噸。

We're pleased with the progress that has been made to date in the development as well as our tight management of costs. We started taking delivery of the longwall shields during the first quarter, and we expect to have all shields on site during the second quarter this year. In addition, our recruiting and hiring efforts for this new mine continue to be on track.

我們對迄今為止的開發進展以及嚴格的成本管理感到滿意。我們在第一季開始接收長壁盾構機，預計今年第二季所有盾構機將全部到達現場。此外，我們針對這座新礦場的招募和僱用工作仍在繼續進行。

In the first quarter, we continued to make excellent progress on building out the surface infrastructure at Blue Creek, including the overland clean coal belt and barge loadout. We made considerable progress on the dry slurry processing system, the refuse area, and the preparation plant.

第一季度，我們在建造藍溪地面基礎設施方面繼續取得了良好進展，包括陸上潔淨煤帶和駁船裝載。我們在乾泥漿處理系統、垃圾處理區和準備廠方面取得了長足的進展。

We're excited to announce that in the last few days subsequent to the end of the first quarter, we hit two major milestones at Blue Creek earlier than expected. We completed the A module preparation plant, and we started washing coal and preparing it for sale. At the preparation plant, we continue to make significant progress on the B and C modules, and the full commissioning of those modules remains on schedule.

我們很高興地宣布，在第一季結束後的幾天裡，我們比預期更早在 Blue Creek 實現了兩個重要里程碑。我們完成了A模組準備工廠，並開始洗煤並準備出售。在準備工廠，我們繼續在 B 和 C 模組上取得重大進展，這些模組的全面調試仍按計劃進行。

In addition, we recently completed the truck dump at the rail load out to move the coal from the preparation plant to the rail load out. Also, we completed the rail load out where we began loading our first trains to move the Blue Creek coal to the Port of Mobile. We expect to begin shipping small amounts of Blue Creek product in the second quarter ahead of schedule. We plan to post short videos of these key milestone achievements to our website soon.

此外，我們最近完成了鐵路裝卸站的卡車傾卸，以便將煤炭從選煤廠運送到鐵路裝卸站。此外，我們也完成了鐵路裝載，開始裝載第一批火車，將藍溪煤炭運往莫比爾港。我們預計將於第二季提前開始運送少量 Blue Creek 產品。我們計劃很快在我們的網站上發布這些重要里程碑成就的短片。

We could not have achieved these major milestones early without our project team continuing to do an excellent job of managing the schedule and capital spending. All remaining key development progress milestones remain on track, including the aforementioned $55 million invested in capital expenditures in the first quarter.

如果我們的專案團隊沒有繼續出色地管理進度和資本支出，我們就不可能提前實現這些重要里程碑。所有剩餘的關鍵開發進度里程碑仍在按計劃進行，包括前面提到的第一季投資的 5,500 萬美元資本支出。

The total project investment to date is $772 million, which has been 100% funded from internally generated cash flows from existing operations. Equally important, we believe that we have sufficient liquidity on hand to complete the project. We remain focused on tight capital spending discipline until the project is fully completed.

迄今為止，該項目總投資為 7.72 億美元，全部由現有營運產生的內部現金流提供資金。同樣重要的是，我們相信我們有足夠的流動資金來完成這個專案。在專案全面完成之前，我們將繼續嚴格遵守資本支出紀律。

The total $772 million invested in the development of Blue Creek to this point is more than 70% of the expected total project capital expenditure. Absent any unexpected or unusual event, we continue to believe we will deliver the project on schedule as planned and within our total capital expenditure estimate of approximately $995 million to $1.1 billion. This estimate excludes the impact of any trade and tariff policy announcement that may be implemented, which could increase the final total estimated cost.

迄今為止，對 Blue Creek 開發的投資總額已達 7.72 億美元，佔預計項目總資本支出的 70% 以上。如果沒有任何意外或異常事件，我們仍然相信我們將按計劃按時交付該項目，並且在我們的總資本支出估計約 9.95 億美元至 11 億美元範圍內。此估算不包括可能實施的任何貿易和關稅政策公告的影響，這可能會增加最終的總估算成本。

While at this point, there's too much uncertainty to quantify any potential impacts of the recent trade and tariff policy announcements, we will continue to monitor the situation, and we will provide any updates at the appropriate times.

雖然目前存在太多不確定性，無法量化最近的貿易和關稅政策公告的任何潛在影響，但我們將繼續監測情況，並在適當的時候提供任何更新。

Blue Creek represents one of the last remaining untapped premium, high-quality high-vol A coal reserves in the US, and we anticipate this product will generate strong margins. We expect incremental annualized production of at least $4.8 million short tons after the startup of the longwall, ramping to a nameplate capacity of $6 million short tons as market conditions dictate.

Blue Creek 是美國最後幾個尚未開發的優質、高揮發性 A 煤儲量之一，我們預計產品將產生豐厚的利潤。我們預計，長壁開採啟動後，年產量增量至少為 480 萬短噸，並根據市場情況逐步提升至 600 萬短噸的額定產能。

This will enhance and strengthen our already strong global cost curve positioning and deliver incremental profit and cash flows.

這將增強和鞏固我們已經很強大的全球成本曲線定位，並帶來增量利潤和現金流。

I'll now ask Dale to address our first-quarter results in greater detail.

現在我請戴爾更詳細地介紹我們的第一季業績。

Thanks, Walt. I'd like to make one overall note on our financial strength and market positioning before diving into the numbers. We have built our company to thrive in most market price environments with strong customer contractual relationships, high-quality products that realize premium prices, a low and variable cost structure, and strong balance sheet.

謝謝，沃爾特。在深入研究這些數字之前，我想先對我們的財務實力和市場定位做一個總體說明。我們建立了強大的客戶合約關係、實現了溢價的高品質產品、低且可變的成本結構以及強勁的資產負債表，使我們的公司在大多數市場價格環境中都能蓬勃發展。

As a result, we believe demand for our products will continue even in the current market conditions and in the face of uncertainty of trade and tariff policy changes. We also have the flexibility to continue to rationalize and manage our cost and capital spending. These are unique assets.

因此，我們相信，即使在當前市場條件下以及面臨貿易和關稅政策變化的不確定性的情況下，我們產品的需求仍將持續下去。我們也可以靈活地繼續合理化和管理我們的成本和資本支出。這些都是獨特的資產。

In addition, we have the remaining capital anticipated to be needed to fund the completion of the Blue Creek project with cash on our balance sheet. We do not expect to slow down or suspend the project if these market conditions continue to persist for a prolonged period. All of which means we can both weather the storm and emerge well positioned for the future.

此外，我們預計還需要剩餘資金來資助完成 Blue Creek 項目，我們的資產負債表上有現金。如果這些市場狀況持續較長時間，我們預計不會放慢或暫停該專案。所有這些都意味著我們既可以渡過難關，又可以為未來做好充分準備。

Now let us look at more detail on our first-quarter financial results. For the first quarter of 2025, Warrior recorded a net loss on a GAAP basis of $8 million or $0.16 per diluted share compared to net income of $137 million or $2.62 per diluted share in the same quarter of 2024. These decreases in quarter-over-quarter results were primarily driven by 42% lower realized average net selling prices, partially offset by lower variable cost for transportation and royalties, other lower production cost spending, and 2% higher sales volume.

現在讓我們更詳細地了解第一季的財務表現。2025 年第一季度，Warrior 按 GAAP 計算的淨虧損為 800 萬美元，即每股攤薄虧損 0.16 美元，而 2024 年同期的淨收入為 1.37 億美元，即每股攤薄虧損 2.62 美元。季度業績環比下降的主要原因是實際平均淨售價下降 42%，但運輸和特許權使用費變動成本下降、其他生產成本支出下降以及銷售量增長 2% 部分抵消了這一影響。

We reported adjusted EBITDA of $40 million in the first quarter of 2025 compared to $200 million in the same quarter of last year. Our adjusted EBITDA margin was 13% in the first quarter of 2025 compared to 40% in the same quarter of last year. On a per ton basis, our adjusted EBITDA margin was $18 per short ton for the first quarter of 2025 compared to $94 in last year's first quarter.

我們報告稱，2025 年第一季的調整後 EBITDA 為 4,000 萬美元，而去年同期為 2 億美元。2025 年第一季度，我們的調整後 EBITDA 利潤率為 13%，而去年同期為 40%。以每噸計算，我們 2025 年第一季的調整後 EBITDA 利潤率為每短噸 18 美元，而去年第一季為 94 美元。

As I previously mentioned, these decreases in quarter-over-quarter results were primarily driven by 42% lower realized average net selling prices, partially offset by lower variable costs for transportation and royalties, other lower production cost spending, and 2% higher sales volume.

正如我之前提到的，季度業績環比下降主要是由於實際平均淨售價下降 42%，但運輸和特許權使用費的變動成本下降、其他生產成本支出下降以及銷售量增長 2% 部分抵消了這一影響。

Total revenues were $300 million in the first quarter of this year compared to $504 million in the first quarter of 2024. This overall decrease of $204 million was primarily due to the decrease in average gross selling prices of $222 million, partially offset by the impact of higher sales volume of $9 million.

今年第一季的總營收為 3 億美元，而 2024 年第一季的總營收為 5.04 億美元。2.04 億美元的整體下降主要是由於平均總銷售價格下降了 2.22 億美元，但被 900 萬美元的銷售量增加的影響部分抵消。

In addition, demurrage and other charges were $9 million lower compared to the first quarter of 2024 and resulted in an average net selling price of $136 per short ton in the first quarter of 2025 compared to $234 per short ton in the same quarter of last year.

此外，滯期費和其他費用與 2024 年第一季相比減少了 900 萬美元，導致 2025 年第一季的平均淨售價為每短噸 136 美元，而去年同期為每短噸 234 美元。

Cash cost of sales in the first quarter of 2025 was $244 million or 83% of mining revenues compared to $284 million or 57% of mining revenues in the first quarter of last year. Of the $40 million net decrease in cash cost of sales, $46 million of the decrease was driven primarily by the lower variable transportation royalty costs on 42% lower steelmaking coal prices.

2025 年第一季的現金銷售成本為 2.44 億美元，佔採礦收入的 83%，而去年第一季的現金銷售成本為 2.84 億美元，佔採礦收入的 57%。在 4,000 萬美元的現金銷售成本淨減少中，4,600 萬美元的減少主要是由於煉鋼煤價格下降 42% 導致的變動運輸使用費成本降低。

In addition, we rationalized and tightly managed our spending on supplies and other repairs and maintenance expenses. These decreases were partially offset by a $6 million increase in sales volumes. Cash cost of sales per short ton, FOB port, was approximately $112 in the first quarter this year compared to $133 in the first quarter of 2024. The decrease was primarily related to the lower variable transportation and royalty costs and lower steelmaking coal prices and tightly managing our overall spending at the mines.

此外，我們也合理化並嚴格管理供應品和其他維修和維護費用的支出。這些下降被 600 萬美元的銷售額成長部分抵消。今年第一季度，離岸價港口每短噸現金銷售成本約為 112 美元，而 2024 年第一季為 133 美元。下降主要與變動運輸成本和特許權使用費降低、煉鋼煤價格降低以及嚴格管理礦山總體支出有關。

We entered the first quarter below the bottom end of our 2025 guidance range for cash cost of sales per short ton. This result was primarily due to the lower actual steelmaking coal prices in the first quarter compared to our price assumption for the full year. Our cash cost of production for the first quarter of 2025 was 66% of our total cash cost per short ton compared to 61% in the same quarter last year.

第一季度，我們的每短噸現金銷售成本低於 2025 年指引範圍的下限。這結果主要是由於第一季實際煉鋼煤價格低於我們對全年價格的假設。2025 年第一季度，我們的現金生產成本佔每短噸總現金成本的 66%，去年同期為 61%。

Overall, transportation and royalty costs were 34% of our cash cost of sales per short ton in the first quarter this year on lower average net selling prices compared to 39% in the same quarter last year. As a result of the lower average net selling price, our cash margin per short ton was $23 in the first quarter this year compared to $100 in the same quarter of last year.

總體而言，今年第一季度，運輸和特許權使用費佔每短噸現金銷售成本的 34%，平均淨售價較低，而去年同期為 39%。由於平均淨售價較低，我們今年第一季每短噸的現金利潤為 23 美元，而去年同期為 100 美元。

SG&A expenses were about $18 million in the first quarter of 2025 and were slightly lower than the first quarter of last year. This was primarily due to a decrease in employee-related stock compensation expenses. Appreciation and depletion expenses were $45 million in the first quarter of 2025 and were higher than last year, primarily due to the additional assets placed into service at Blue Creek.

2025 年第一季的銷售、一般及行政費用約為 1,800 萬美元，略低於去年第一季。這主要是由於員工相關股票薪酬費用的減少。2025 年第一季的增值和耗損費用為 4,500 萬美元，高於去年同期，主要原因是 Blue Creek 投入了更多資產。

Our net interest income earned from cash investments was lower in the first quarter this year due to lower average cash balances and lower rates of return. Our effective income tax rate for the first quarter was approximately 42% because of the pre-tax loss.

由於平均現金餘額較低和回報率較低，今年第一季我們從現金投資中獲得的淨利息收入較低。由於稅前虧損，我們第一季的有效所得稅率約為 42%。

Turning the cash flow. During the first quarter of 2025, free cash flow was a negative $68 million. This was the result of cash flows generated by operating activities of $11 million, thus cash used for capital expenditures and mine development of $79 million.

扭轉現金流。2025 年第一季度，自由現金流為負 6,800 萬美元。這是經營活動產生的現金流為 1,100 萬美元的結果，因此用於資本支出和礦山開發的現金為 7,900 萬美元。

Excluding the investment in developing Blue Creek of $66 million during the first quarter of 2025, free cash flow is nearly break even. Our total available liquidity at the end of the first quarter of 2025 was $617 million and consisted of cash and cash equivalents of $455 million, short and long-term investments of $48 million and $114 million available under our ABL facility.

不計2025年第一季開發Blue Creek的6,600萬美元投資，自由現金流幾乎達到收支平衡。截至 2025 年第一季末，我們的總可用流動資金為 6.17 億美元，其中包括 4.55 億美元的現金和現金等價物、4,800 萬美元的短期和長期投資以及 1.14 億美元的 ABL 融資額度。

Now let's turn to our outlook and guidance for the full-year 2025. We expect the weak market conditions we have seen over the last few quarters could persist for a prolonged period and could continue to put downward pressure on steelmaking coal prices.

現在讓我們來談談 2025 年全年的展望和指導。我們預計，過去幾季的疲軟市場狀況可能會持續較長時間，並可能繼續對煉鋼煤價格造成下行壓力。

In addition, any new tariffs or trade wars could put additional pressure on seaborne pricing. Despite these expected market conditions, we have a favorable operational performance outlook for 2025, and this anticipate both higher sales and production volumes. We expect the demand from our contracted customers to remain stable while we also expect spot demand to continue to be stronger in the Pacific Basin compared to our traditional markets in the Atlantic.

此外，任何新的關稅或貿易戰都可能給海運定價帶來額外的壓力。儘管預期市場狀況如此，但我們對 2025 年的營運業績前景看好，預計銷售量和產量都會增加。我們預計，來自我們簽約客戶的需求將保持穩定，同時，我們也預計，與大西洋傳統市場相比，太平洋盆地的現貨需求將繼續強勁。

We will continue to pursue our successful strategy of focusing on contracted customers with value-added spot activity. We are entering 2025 with a stronger contracted volume of approximately 85% and spot volume of 15%.

我們將繼續推行我們的成功策略，專注於為簽約客戶提供增值現貨活動。邁入 2025 年，我們的合約量將成長約 85%，現貨量將成長 15%。

With this context, we are keeping our initial 2025 guidance unchanged until there is additional clarity on the impact of the recent trade and tariff policy announcements. At this time, it's extremely difficult to estimate the impact of these recent policy decisions on our business due to the uncertainty and market volatility.

在此背景下，我們將維持 2025 年的初始指引不變，直到最近的貿易和關稅政策公告的影響更加明朗。目前，由於不確定性和市場波動，很難估計這些近期政策決定對我們業務的影響。

We expect to provide further updates to our financial outlook in connection with our second-quarter earnings call to be held in early August 2025.

我們預計將在 2025 年 8 月初舉行的第二季財報電話會議上進一步更新我們的財務前景。

I'll now turn it back to Walt for his final comments.

現在我將把話題轉回給華特，請他發表最後的評論。

Thanks, Dale. As we look forward, we believe the global steel market will continue to face challenges for the rest of the year due to China's overcapacity and the uncertainty caused by recent changes in trade and tariff policies.

謝謝，戴爾。展望未來，我們認為，由於中國產能過剩以及近期貿易和關稅政策變化造成的不確定性，全球鋼鐵市場在今年剩餘時間內將繼續面臨挑戰。

However, we expect some of these headwinds to be balanced with an increase in steelmaking coal demand from India during the year as new steel production is commissioned. We also expect the recent mining events to cause temporary tightness in the steelmaking coal availability, which could lead to slightly higher prices compared to the previous quarter.

然而，我們預計，隨著新鋼廠投產，印度今年對煉鋼煤的需求將會增加，從而抵消部分不利因素。我們也預計，最近的採礦事件將導致煉鋼煤供應暫時緊張，這可能導致價格較上一季略有上漲。

But until there's a meaningful change in the global steel market fundamentals, it is unlikely that steelmaking coal prices will return to their previous levels. While we recognize that we're operating in an uncertain environment, a world-class asset base, highly flexible cost structure, and a high performing workforce will allow us to navigate successfully through the remainder of this year and beyond.

但在全球鋼鐵市場基本面發生重大變化之前，煉鋼煤價格不太可能回到先前的水平。雖然我們認識到我們正處於一個不確定的環境中，但世界一流的資產基礎、高度靈活的成本結構和高績效的員工隊伍將使我們能夠成功度過今年剩餘時間及以後的時間。

With that, we'd like to open the call for questions. Operator?

現在，我們開始回答問題。操作員？

(Operator Instructions) Katja Jancic, BMO Capital Markets.

（操作員指示）Katja Jancic，BMO 資本市場。

Maybe starting on the pricing side. I think, Walt you mentioned that price utilization could stay below the 85%. So given the current market environment, is it fair to assume somewhere between 80% to 85%, or how should we think about it?

也許從定價方面開始。我認為，沃爾特，你提到價格利用率可能會保持在 85% 以下。那麼，考慮到當前的市場環境，假設 80% 到 85% 之間的某個數字是否公平，或者我們應該如何考慮？

I think that's reasonable. We're still hopeful it will be above that, but I think that's reasonable, 80% to 85%.

我認為這是合理的。我們仍然希望它會高於這個數字，但我認為 80% 到 85% 是合理的。

And then in this environment, given how good your costs were this quarter, is the $120 per ton something we should be considering in the near term? Or what are some of the moving pieces there?

那麼在這種環境下，考慮到本季你們的成本狀況良好，我們是否應該在短期內考慮每噸 120 美元的價格？或那裡有哪些活動部件？

This is Dale. Well, as far as the low end of the range, that was because the prices that average what they did in the quarter was much lower than our assumption for the year. So it really depends on where prices go on the remainder of the year. We've seen them bounce up a little bit here in the last couple of weeks, so it's really going to be price dependent because our transportation royalties are variable.

這是戴爾。嗯，就該範圍的低端而言，那是因為該季度的平均價格遠低於我們對今年的假設。所以這實際上取決於今年剩餘時間的價格走勢。我們看到它們在過去幾週內略有反彈，因此這實際上取決於價格，因為我們的運輸使用費是可變的。

So prices continue to go down from here. We could see some more improvement as well as our management of our cost as well. But if met coal prices rise, we'll see a rise in our variable cost as well.

因此價格將從現在開始持續下降。我們也看到了一些改進以及成本管理的改善。但如果煤炭價格上漲，我們的變動成本也會上升。

So sorry, I can't give you a really good example unless you can give me an exact met coal price for the year.

很抱歉，除非您能給我今年準確的煤炭價格，否則我無法給您一個很好的例子。

Yeah. I was more thinking about near term, right? If prices stay at these levels in 2Q, I assume that this cost level would still be sustainable. Is that fair?

是的。我比較考慮的是短期問題，對嗎？如果第二季價格保持在這些水平，我認為這個成本水平仍然是可持續的。這樣公平嗎？

Yeah, it's fair.

是的，這很公平。

One more, if I may. If I'm not mistaken, your longwall shields are imported from Europe. Based on the current situation, are you responsible for the 10% tariffs that are in place?

如果可以的話，我再說一個。如果我沒記錯的話，你們的長壁盾構機是從歐洲進口的。根據目前的情況，你們對現行的10%關稅負有責任嗎？

With those shields, when they'll all be delivered, we will not incur any tariff impacts on those shields.

有了這些盾牌，當它們全部交付時，我們將不會對這些盾牌產生任何關稅影響。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

My first question was just back on the realizations. You listed a number of factors that drove things lower, and I was wondering if you could add some color around that. I mean, should we think about transportation differentials and higher sales to Asia as some of the biggest drivers? Or any color you could add around the type of discounts that US producers are ultimately taking to send tons to Asia?

我的第一個問題只是關於認識。您列舉了一些導致價格下跌的因素，我想知道您是否可以對此進行一些說明。我的意思是，我們是否應該將運輸差異和對亞洲的銷售增加視為最大的驅動因素？或者您能否補充一些關於美國生產商最終採取何種折扣方式來將貨物運往亞洲的資訊？

Yeah, thanks, Nick. Yes, those factors are what drove it, and it really depends on where we sell our volumes into Asia, right? So, the transportation we saw last year rates as high as $50, $55 a ton. We're more in that mid-30s now, so it's come down quite substantially over time. But with the trade and tariff noise, those rates have started to rise recently, given potential with the landed vessel charge that was talked about there for a while.

是的，謝謝，尼克。是的，這些因素是推動因素，而且這實際上取決於我們在亞洲的哪個地方銷售我們的產品，對嗎？因此，我們看到去年的運輸費用高達每噸 50 美元、55 美元。現在我們處於 30 多歲左右，因此隨著時間的推移，它已經大幅下降了。但隨著貿易和關稅的波動，考慮到一段時間以來人們討論的登陸船費用的潛力，這些費率最近已經開始上漲。

So those are the things that can kind of drive those things as well as the difference between the relativity between the PLV and the high-vol A that prices off of Platts. So those are really the biggest factors.

因此，這些都是可以推動這些事情的因素，以及 PLV 和根據普氏價格計算的高波動 A 之間的相對性差異。所以這些確實是最重要的因素。

Got it, thanks for that, Dale. Maybe just back to the shipment side. I mean, shipments were higher than expected based on the midpoint of your guidance and when taking into account Blue Creek volumes in the second half. So curious how we should think about volumes in the second quarter. Is it fair to assume that they could step down?

明白了，謝謝你，戴爾。也許只是回到裝運方面。我的意思是，根據您的指導中點以及考慮到下半年 Blue Creek 的銷量，出貨量高於預期。我很好奇我們應該如何看待第二季的銷售量。假設他們會下台是否公平？

Well, if you look at our historical what we sell in the second half of the year, the fourth quarter is very light. So I'm not going to give guidance on the second quarter just to say that look, for the year, we're within our range, we're 85% contracted for the year. So volumes can shift between quarters if a customer calls and all of a sudden moves the vessel that's supposed to ship the last day, moves it two days into the next quarter, that happens. So we don't read too much into the difference between the quarters. We're really focused on the year.

嗯，如果你看一下我們歷史上下半年的銷售情況，你會發現第四季的銷售量非常清淡。因此，我不會對第二季度做出任何預測，我只是想說，就今年而言，我們的業績在我們的預期範圍內，今年的合約完成了 85%。因此，如果客戶打電話來並突然將原本應該在最後一天發貨的船隻移到下個季度兩天，那麼交易量可能會在不同季度之間發生變化。所以我們不要太在意季度之間的差異。我們確實專注於這一年。

Hey, fair enough. And one more if I could, there's obviously been a lot of pain out there in the US met markets, and so I was wondering if you could comment on the overall production outlook. Do you have any rough estimate for how much production could have come offline during this period and what level of US production is ultimately at risk?

嘿，夠公平的。如果可以的話，我再問一句，美國農產品市場顯然遭受了極大的痛苦，所以我想知道您是否可以對整體生產前景發表評論。您是否粗略估計在此期間有多少產量可能停產以及美國產量最終面臨多大風險？

I think that's really difficult to say because even today we're hearing more rumors of different things going on in different operations. We know where we sit on the cost curve and we know there's a lot of pain being incurred right now throughout the industry, so I wouldn't be terribly surprised to see some curtailments, but sometimes those take a little time.

我認為這真的很難說，因為即使在今天，我們仍然聽到更多關於不同行動中發生的不同事情的傳言。我們知道我們在成本曲線上的位置，也知道整個行業現在都面臨著很多痛苦，因此如果看到一些削減，我不會感到非常驚訝，但有時這些需要一點時間。

Fair enough. Well, I want to commend you on your ability to navigate these tough markets, so keep up the good work.

很公平。好吧，我想讚揚你駕馭這些艱難市場的能力，所以繼續努力。

George Eadie, UBS.

瑞銀的喬治·艾迪。

My first question is on Blue Creek and the remaining $220 million to $300 million CapEx. Could you maybe just clarify what it is specifically or at least what the big parts are, and when it will be spent over the next 12 months?

我的第一個問題是關於 Blue Creek 和剩餘的 2.2 億至 3 億美元資本支出。您能否具體解釋一下這筆錢是什麼，或至少說明它的主要部分是什麼，以及它在未來 12 個月的什麼時候使用？

So a lot of this is final construction, right. So labor, a lot of things like that. The majority of the large purchases of steel equipment. I would say we have the majority of that already on hand. So this is really finishing out the project.

所以其中很多都是最終的施工，對吧。勞動，諸如此類的事情還有很多。大部分採購的是大型鋼鐵設備。我想說我們已經掌握了其中的大部分。所以這實際上完成了這個項目。

So if you look at our estimate was $225 million to $250 million for this year. So that's what we look to spend this year, and the $55 million in the first quarter is right on target with that. Then it steps down significantly in 2026.

所以如果你看一下我們今年的估計，那就是 2.25 億至 2.5 億美元。這就是我們今年的支出計劃，第一季的 5,500 萬美元正好符合這個目標。然後在 2026 年大幅下降。

It's the build out of those other two modules we talked about with the prep plant, the labor to do that. It's the overland belt, finishing construction of that, which is to come online in the fourth quarter. Plus, we continue to work on the barge loadout. So those are the three big -- when Dale talked about the labor, those are the three big buckets of the project that are continuing throughout this year.

它是由我們在準備工廠中討論過的另外兩個模組建造而成的，需要勞動力來完成。這是陸上運輸帶，目前正在建設中，預計將在第四季度投入使用。此外，我們也將繼續致力於駁船裝載工作。所以這就是三大——當戴爾談到勞動力時，這就是該項目今年將持續進行的三大任務。

Yeah, that's good. Thanks for clarifying that. And maybe the working cap, so $32 million build this quarter. Is that mostly attributable to Blue Creek? And how should we maybe think about that over the coming quarters? Will we see a similar trend potentially, Dale?

是的，很好。感謝您澄清這一點。也許是工作上限，所以本季建設資金為 3,200 萬美元。這主要歸因於 Blue Creek 嗎？那麼在接下來的幾季裡我們該如何考慮這個問題呢？我們有可能看到類似的趨勢嗎，戴爾？

Yes. As we mentioned, we did start washing some of the Blue Creek coal, and our inventory has been building from the production there. So as we start to wash that coal and get it delivered to the port and then sold, we'll start to turn some of that working cap in the second half.

是的。正如我們所提到的，我們確實開始清洗一些 Blue Creek 煤炭，並且我們的庫存一直在從那裡生產的煤炭中累積。因此，當我們開始清洗煤炭並將其運送到港口然後出售時，我們將在下半年開始轉換部分工作上限。

So I would imagine you're going to see -- over the second and early third quarter, you're going to see a working capital build and then we'll start to see some improvement in the second half late.

所以我想你會看到——在第二季和第三季初，你會看到營運資本的增加，然後我們將在下半年後期開始看到一些改善。

Yes, okay. Thanks very much. And then just last one. Guidance, what met coal price was that based on?

是的，好的。非常感謝。然後是最後一個。請問一下，煤炭價格是根據什麼制定的？

It's based on $200 and that's metric. So whatever that is, $185-ish.

它以 200 美元為基準，是公制。所以不管是多少，價格都在 185 美元左右。

(Operator Instructions) Nathan Martin, Benchmark Company.

（操作員指示）Nathan Martin，Benchmark Company。

Maybe first a clarification question. Well, I might have heard this incorrectly, but I think you've mentioned you price your high-vol A product off the Platts US low-vol HCC index, not the US high-vol A. Did I hear that correctly?

也許首先要澄清一個問題。好吧，我可能聽錯了，但我認為您提到過，您的高波動性 A 產品的定價是基於普氏美國低波動性 HCC 指數，而不是美國高波動性 A。我聽得對嗎？

You did. And how it gets priced depends on where the customer is. So it varies, but yes, that's correct.

你做到了。而如何定價則取決於顧客所在地。所以它是有變化的，但是是的，這是正確的。

Okay, got it. As we've seen, I guess Aussie PLV price has increased some which is positive, but those US prices have not quite kept pace and that discount spread has widened, as I think you guys also called out. So I'm interested to get your thoughts on the published US prices if you think those are reflective of the current market, and do you think this discount can tighten up?

好的，明白了。正如我們所見，我認為澳洲 PLV 價格有所上漲，這是積極的一面，但美國價格並沒有跟上步伐，而且折扣幅度已經擴大，我想你們也提到了這一點。因此，如果您認為美國公佈的價格反映了當前的市場情況，我很想聽聽您對這些價格的看法，您認為這個折扣可以收緊嗎？

Over time, I expect the discount to tighten up. I can't tell you how or when that will happen, especially when you look at some of the operations that are having production issues this year and some of the tons that I think are under quite a bit more cost pressure right now. So I would expect it to tighten up. I don't know how quickly and how much, but that would be my expectation over time.

隨著時間的推移，我預計折扣將會縮小。我無法告訴你這將如何發生或何時發生，特別是當你看到今年一些業務出現生產問題，以及我認為目前面臨更大成本壓力的一些產量時。因此我預計它會收緊。我不知道速度有多快，也不知道有多少，但隨著時間的推移，這將是我的預期。

And then Walt, do you just -- do you see that what you're hearing from customers is kind of reflective of that index that Platts publishes, or are there any discounts or premiums for that matter?

那麼沃爾特，您是否認為您從客戶那裡聽到的消息在某種程度上反映了普氏能源資訊發布的指數，或者是否存在任何折扣或溢價？

I think it's pretty much reflective of what the pricing is.

我認為這基本上反映了定價情況。

Okay, got it. I appreciate that. And then good to hear, i.e., the rail loadout, the prep plant module A being completed early. As you guys begin to start trucking that Blue Creek coal over to the loadout and shipping it, how should we think about the impact on cost per ton of the operations?

好的，明白了。我很感激。然後很高興聽到，即鐵路裝載，準備工廠模組 A 提前完成。當你們開始用卡車將 Blue Creek 煤炭運至裝貨場並進行裝運時，我們應該如何考慮這對每噸作業成本的影響？

Well, Nate, this is Dale. That won't have a dramatic impact of the volume this year, small comparative to the run rate volume, so it'll have some benefit, but it won't stand out this year like it will starting next year.

嗯，內特，這是戴爾。這不會對今年的銷量產生巨大影響，與運行率銷量相比影響很小，因此會有一些好處，但今年不會像明年那樣突出。

Okay, Dale. Yeah, I was just thinking it might actually be a little bit of a drag or drive costs higher just because I would assume transportation costs would be a little bit higher from trucking. Is that not the case though?

好的，戴爾。是的，我只是覺得這實際上可能會帶來一點拖累，或者導致成本上升，因為我認為卡車運輸的成本會更高一些。但事實不是這樣嗎？

Look, the cost is going to be great coming out of Blue Creek, but the additional trucking for a short, short period of time shouldn't add any significant material cost to that. And we're really focused on the cost right now and all the items that we have control over. So to the extent we can mitigate that, so there's really no impact, we'll do that.

你看，從 Blue Creek 出來成本會很高，但在短時間內增加卡車運輸不應該增加任何顯著的材料成本。我們現在真正關注的是成本以及我們能夠控制的所有項目。因此，只要我們能夠減輕這種影響，那麼實際上就不會產生影響，我們就會這樣做。

That makes sense. And then, as you just mentioned, Dale, hoping to get maybe some more of your thoughts around what meaningful levers you could use to trim or defer some CapEx if need be during this persistently weak market.

這很有道理。然後，正如您剛才提到的，戴爾，希望能夠更多地了解您的想法，在當前持續疲軟的市場中，如果需要的話，您可以使用哪些有意義的槓桿來削減或推遲一些資本支出。

I think what we're doing is we're squeezing our existing operations pretty hard and making sure we're only spending on things that we absolutely have to have in the short term and we'll continue to do that. And we're constantly looking for every nickel and dime we can save in this type of a situation. And we've kind of tried to design ourselves for this type of situation so that we're able to respond and thrive in this kind of a market as well as the upper end, so we're pulling the levers we need to pull.

我認為我們正在做的是，我們正在盡力壓縮現有運營，並確保我們只在短期內絕對需要的東西上花錢，我們將繼續這樣做。在這種情況下，我們一直在尋找可以節省每一分錢的方法。我們已經嘗試針對這種情況進行設計，以便我們能夠在這種市場以及高端市場中做出反應並蓬勃發展，因此我們正在採取必要的措施。

And we have the added benefit. Look, we have over $500 million of cash sitting on the balance sheet. So as one brought up earlier, you have a maximum amount of $300 million left to spend, so that still leaves you with another $200 million of cash if you need it for other things in a worst case.

而且我們還有額外的好處。你看，我們的資產負債表上有超過 5 億美元的現金。因此，正如之前提到的，您最多可以支出 3 億美元，因此，如果您在最壞的情況下需要用於其他事情，您仍然可以再獲得 2 億美元現金。

Got it, very helpful. I'll leave it there, guys. Appreciate the time and best of luck.

明白了，非常有幫助。我就把它留在那裡了，夥計們。感謝您的時間並祝您好運。

At this time, there are no further questions. I will now turn the call over to Mr. Scheller for any comments.

目前，沒有其他問題。現在我將把電話轉給謝勒先生，請他發表任何評論。

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

今天下午的通話到此結束。再次感謝您今天加入我們。感謝您對 Warrior 的關注。

Thank you. And that concludes our conference for today. Thank you all for participating. You may now disconnect.

謝謝。今天的會議到此結束。感謝大家的參與。您現在可以斷開連線。