Warrior Met Coal Inc (HCC) 2025 Q2 法說會逐字稿

Good afternoon. My name is Wyatt, and I will be your conference call operator today. At this time, I would like to welcome everyone to the Warrior's second-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.我叫懷亞特，今天我將擔任您的電話會議接線生。現在，我歡迎大家參加勇士隊2025年第二季財務業績電話會議。（操作員指示）此通話正在錄音，可在公司網站上重播。

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總監 Brian Chopin。請繼續。

Good afternoon, and welcome, everyone, to Warrior's second-quarter 2025 earnings conference call. 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. 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.

下午好，歡迎大家參加 Warrior 2025 年第二季財報電話會議。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》，本次電話會議中做出的某些陳述，包括與我們預期的未來業務和財務業績有關的陳述，可能被視為前瞻性陳述。前瞻性陳述就其性質而言，涉及不同程度的不確定事項。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 statements 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陳述，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'll also be discussing certain non-GAAP financial measures, which are defined and reconciled to comparable GAAP financial measures, and our second-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，這些指標的定義和協調與可比較的 GAAP 財務指標，以及我們以 8-K 表格形式向美國證券交易委員會提交的第二季度新聞稿，該新聞稿也發佈在我們的網站上。

Additionally, we will be filing our Form 10-Q for the second quarter into June 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 second-quarter supplemental slide deck that was posted this afternoon.

此外，我們將於今天下午向美國證券交易委員會提交截至 2025 年 6 月 30 日的第二季 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二季度補充幻燈片。

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 will be happy to answer any questions.

今天與我一起參加電話會議的有執行長 Walt Scheller 先生和財務長 Dale Boyles 先生。正式發言後，我們將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 second-quarter 2025 results. After my remarks, Dale will review our results in additional detail, and then 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 年第二季業績。在我發言之後，戴爾將更詳細地回顧我們的結果，然後您將有機會提問。

I'm pleased that we delivered strong operational results, maintained positive cash margins, and generated positive operating cash flows during the second quarter. These outcomes reflect the strength of our cost discipline, the flexibility of our variable cost structure, and the resilience of our team in managing volatile market conditions. I'm also excited to announce the acceleration of the Blue Creek longwall startup to early first quarter 2026.

我很高興我們在第二季度取得了強勁的營運業績，保持了正的現金利潤率，並產生了正的營運現金流。這些成果反映了我們成本紀律的強度、可變成本結構的靈活性以及我們團隊應對動盪市場條件的韌性。我也很高興地宣布，Blue Creek 長壁開採計畫的啟動將加速至 2026 年第一季初。

During the second quarter, we achieved the first commercial sales of steelmaking coal from Blue Creek, which was one quarter ahead of schedule. We also achieved other critical milestones in the development of the mine that allowed us to accelerate the longwall startup. More about this in a few moments.

第二季度，我們實現了藍溪煉鋼煤的首次商業銷售，比計劃提前了一個季度。我們還在礦山開發過程中取得了其他重要里程碑，這使我們能夠加速長壁開採的啟動。稍後我們將對此進行詳細介紹。

Our markets remained under significant pressure this quarter, extending the weakness that has been firmly set for the past several quarters. The drivers underlying the weakness are the same: excess Chinese steel exports, lackluster global steel demand, and well-supplied steelmaking coal market.

本季我們的市場仍然承受著巨大的壓力，延續了過去幾季以來的疲軟態勢。造成疲軟的因素是相同的：中國鋼鐵出口過剩、全球鋼鐵需求低迷、煉鋼煤市場供應充足。

First, exports of low-priced Chinese steel are up over 9% for the first five months of the year compared to 2024, which is already a record year for Chinese steel exports.

首先，今年前五個月中國低價鋼材出口量較2024年成長9%以上，2024年已經是中國鋼材出口創紀錄的一年。

Second, with the exception of India, forecasted global demand for steel has been revised downwards as a result of trade uncertainty and tempered global economic activity.

其次，除印度外，由於貿易不確定性和全球經濟活動放緩，全球鋼鐵需求預測均已下調。

And third, the seaborne steelmaking coal markets remained under pressure due to strong supply, especially in the second tier segment as demonstrated by strong Chinese domestic steelmaking coal production and the slowdown in Chinese imports.

第三，海運煉鋼煤市場因供應強勁而持續承壓，尤其是二線市場，中國國內煉鋼煤產量強勁，而中國進口量放緩，就是明證。

Pricing for our segment was also impacted by the continued resale of previously sold cargoes as well as healthy inventory levels across most of the global supply chain. The continued market weakness, which I just described, resulted in average premium low-ball steelmaking coal index prices declining 24% compared to the second quarter last year and declining 33% year over year through June.

我們部門的定價也受到先前售出的貨物的持續轉售以及全球大部分供應鏈的健康庫存水準的影響。我剛剛描述的持續的市場疲軟導致平均溢價低價煉鋼煤指數價格與去年第二季度相比下降了 24%，截至 6 月的同比下降了 33%。

Our primary index, the PLV FOB Australia, stayed above the low points observed during the first quarter of 2025 and averaged $167 per short ton, which is nearly the same as the first quarter this year. Contrary to PLV FOB Australia pricing, the main second tier indices, which are the Australian LV HCC and US HVA price indices, both established their year-to-date low points in the second quarter. It averaged $131 and $154 per short ton, respectively.

我們的主要指數 PLV FOB 澳洲保持在 2025 年第一季的低點之上，平均為每短噸 167 美元，與今年第一季幾乎相同。與 PLV FOB 澳洲定價相反，主要的二級指數，即澳洲 LV HCC 和美國 HVA 價格指數，均在第二季度創下了年初至今的低點。平均價格分別為每短噸 131 美元和 154 美元。

The relative price of the LV HCC index price compared to the PLV index continues to be a major story with values significantly lower than historical values. The relative price for the second quarter averaged 78%, which was well below the 88% average for the 3.5 years, or reached a multiyear low point of 76% during the second quarter.

LV HCC 指數價格與 PLV 指數的相對價格繼續成為一個主要主題，其價值明顯低於歷史價值。第二季相對價格平均為78%，遠低於三年半88%的平均值，或在第二季達到76%的多年來最低點。

In addition, the PLV CFR China recorded a new low price point near the end of June of $143 per short ton while averaging $151 per short ton for the second quarter. The arbitrage between the Australian FOB and China CFR indices remained close for almost the entire quarter on the back of an extremely low Chinese domestic pricing. This fact, combined with the retaliatory tariff by China on US imports, made for sales from the US into China on economical, and therefore, we've not sold any volume into China this year.

此外，PLV CFR 中國價格在 6 月底創下每短噸 143 美元的新低價，而第二季平均價格為每短噸 151 美元。由於中國國內價格極低，澳洲離岸價和中國到岸價指數之間的套利幾乎整個季度都保持接近。這一事實，加上中國對美國進口產品徵收的報復性關稅，使得美國對中國的銷售變得經濟，因此，今年我們沒有向中國銷售任何產品。

We achieved a gross price realization of 80% for the second quarter, which is a function of relative index pricing, product mix, geography, tariffs, and trade rates. This result was lower than our annual target range of 85% to 90% primarily due to three things.

我們第二季的總價格實現率達到了 80%，這是相對指數定價、產品組合、地理位置、關稅和貿易率的函數。這結果低於我們 85% 至 90% 的年度目標範圍，主要原因有三。

First, the LV HCC index price relative to the PLV index price has widened, as I previously mentioned. Second, we sold a higher mix of high volume product versus premium low volume product. And third, the higher high volume has been sold primarily into the Pacific Basin on a CFR basis and net of freight costs.

首先，正如我之前提到的，LV HCC 指數價格相對於 PLV 指數價格的差距已經擴大。其次，我們銷售的高容量產品與優質低容量產品的比例更高。第三，較大批量的貨物主要以成本加運費價格（CFR）並扣除運費後銷往太平洋航運。

According to the World Steel Association monthly report, global pig iron production decreased by 1.3% for the first six months of 2025 as compared to the prior-year period. Pig iron production in China, which is the world's largest production region, decreased by 0.8% for the same period. The rest of the world's pig iron production experienced a decline of 2.3% for the first six months of 2025.India remains a bright spot with a growth rate of 7.1% and is expected to continue growing with new blast wrench capacity expected to come online this year.

根據世界鋼鐵協會每月報告，2025年前六個月全球生鐵產量年減1.3%。作為全球最大生鐵生產國的中國，同期生鐵產量下降了0.8%。2025 年前六個月，世界其他地區的生鐵產量下降了 2.3%。印度仍然是一個亮點，成長率為 7.1%，預計今年新的爆破扳手產能將上線，並將繼續成長。

Now, let me turn to our second-quarter results in detail. Our strong sales volume was driven by the first commercial sales from our Blue Creek mine occurring earlier than anticipated. Our second-quarter sales volume was 2.2 million short tons compared to 2.1 million in last year's same quarter, representing a 6% increase.

現在，讓我詳細介紹一下我們的第二季業績。我們的強勁銷售量得益於 Blue Creek 礦的首次商業銷售比預期來得早。我們第二季的銷售量為 220 萬短噸，而去年同期的銷售量為 210 萬短噸，增加了 6%。

We sold 239,000 tons of Blue Creek development steelmaking coal during the second quarter, which is a quarter earlier than anticipated and already included in our annual volume guidance. The Blue Creek tons with contractual volumes sold primarily into Asia.

我們在第二季度銷售了 239,000 噸 Blue Creek 開發煉鋼煤，比預期提前了一個季度，並且已經包含在我們的年度銷售指南中。Blue Creek 的合約產量主要銷往亞洲。

Our sales by geography for the second quarter break down as follows: 52% into Asia, 37% into Europe, and 11% into South America. The second quarter marks the first time in our history where sales into Asia were greater than 50% of total sales volume and did not include any sales into China.

我們第二季按地區劃分的銷售額分佈如下：亞洲佔 52%，歐洲佔 37%，南美洲佔 11%。第二季是我們歷史上第一次在亞洲的銷售額佔總銷售額的 50% 以上，並且不包括在中國的任何銷售額。

Our spot volume is 4% for the second quarter of 2025, which is primarily sold into Europe. For the full year, our spot volume is expected to be approximately 15% or less of total sales volume.

我們的現貨量在 2025 年第二季為 4%，主要銷往歐洲。全年來看，我們的現貨量預計約佔總銷售量的 15% 或更少。

Production volume in the second quarter of 2025 was 2.3 million short tons compared to 2.2 million in the same quarter of last year, representing a 6% increase. Our existing mines continued to perform well, and the continuous miner units at our Blue Creek mine produced 348,000 short tons during the second quarter and drove the overall increase in production volume.

2025 年第二季的產量為 230 萬短噸，而去年同期為 220 萬短噸，增加了 6%。我們現有的礦場持續表現良好，我們 Blue Creek 礦場的連續採礦機組在第二季生產了 348,000 短噸，推動了整體產量的成長。

Our coal inventory levels remained consistent at 1.1 million tons at the end of the second quarter compared to the end of the first quarter 2025.

與 2025 年第一季末相比，我們第二季末的煤炭庫存水準保持不變，為 110 萬噸。

During the second quarter, we spent $94 million on CapEx and mine development. Of that amount, CapEx spending totaled $75 million. Mine development costs for Blue Creek Project were $19 million during the second quarter and continue to be below budget as we focused on cost control.

第二季度，我們在資本支出和礦場開發上花費了 9,400 萬美元。其中，資本支出總額為 7,500 萬美元。第二季度，Blue Creek 專案的礦場開發成本為 1,900 萬美元，由於我們注重成本控制，因此成本繼續低於預算。

As we ramp up operations toward the long-wall startup, we expect our Blue Creek mine development costs to increase in the second half of 2025. Apart from the $52 million in Blue Creek capital expenditures, we tightly manage our capital expenditures of the existing mines to $23 million.

隨著我們加大長壁開採的投入，我們預計 Blue Creek 礦場的開發成本將在 2025 年下半年增加。除了 Blue Creek 的 5,200 萬美元資本支出外，我們還嚴格控制現有礦場的資本支出，使其控制在 2,300 萬美元。

Now, let me provide you with an exciting update on our transformational Blue Creek growth project, which is ahead of schedule and on budget. The project team continue to make excellent progress during the second quarter with overall development and achieve certain milestones earlier than planned. If you allow me a moment to give our team credit, that is unheard of with large scale projects in this industry. As a result of those achievements, we've accelerated the longwall startup at Blue Creek to early first quarter 2026.

現在，讓我向您提供有關我們的轉型藍溪成長專案的令人興奮的最新消息，該專案提前完成並且符合預算。專案團隊在第二季度繼續取得良好進展，整體發展順利，並比計劃提前實現了某些里程碑。如果您允許我稍微讚揚我們的團隊，那麼這對於我們行業中的大型專案來說是聞所未聞的。由於這些成就，我們將 Blue Creek 的長壁開採啟動時間提前至 2026 年第一季初。

As previously mentioned, we achieved another milestone in the development of Blue Creek by selling 239,000 tons of steelmaking coal during the second quarter. These were the first commercial sales from this project and were also ahead of schedule. This marks a critical inflection point in the development of this premier asset, representing the beginning of a transition from capital investment to revenue generation.

如前所述，我們在第二季度銷售了 239,000 噸煉鋼煤，在 Blue Creek 的發展中取得了另一個里程碑。這是該項目的首次商業銷售，也提前完成了計劃。這標誌著這項優質資產開發的關鍵轉折點，代表著從資本投資到創收的轉變的開始。

The development of the first longwall panel during the second quarter produced 348,000 short tons of steelmaking coal and remain on track to produce 1 million short tons for the full year 2025. We are pleased with the progress thus far in the development and effective management of costs. We've received the final delivery of the remaining longwall shields during the second quarter, which are already to be set up underground in the next few months. In addition, our recruiting and hiring efforts for this new mine continue to be on track.

第二季開發的第一條長壁工作面生產了 348,000 短噸煉鋼煤，預計 2025 年全年產量將達到 100 萬短噸。我們對迄今為止在成本開發和有效管理方面取得的進展感到滿意。我們已於第二季度收到了剩餘長壁盾構機的最後一批交付，這些盾構機將在未來幾個月內安裝到地下。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。

We also continued to make excellent progress as we completed the installation of the truck dump, rail loadout, and Module A of the preparation plant, which allowed us the ability to send the first loads of steelmaking coal to the Port of Mobile for our first shipments to customers. We continue to ramp Module B and C at the preparation plant with the full commissioning expected in the fourth quarter of this year.

我們也繼續取得了優異的進展，完成了卡車卸料、鐵路裝載和準備廠 A 模組的安裝，這使我們能夠將第一批煉鋼煤運送到莫比爾港，然後向客戶進行首批裝運。我們將繼續在準備工廠中提升模組 B 和 C 的產量，預計今年第四季全面投入使用。

We strategically invested another $52 million of capital expenditures in the second quarter and $107 million year to date in the Blue Creek development. That brings the total project capital expenditures to date to $823 million, which remains on budget. Our baseline total project estimate remains unchanged, from $995 million to $1.075 billion.

我們在第二季度策略性地向 Blue Creek 開發案又投資了 5,200 萬美元的資本支出，今年迄今已投資 1.07 億美元。這使得迄今為止的項目總資本支出達到 8.23 億美元，仍在預算之內。我們的基本項目總預算保持不變，從 9.95 億美元增加到 10.75 億美元。

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

現在我請戴爾更詳細地介紹我們的第二季業績。

Thanks, Walt. As Walt noted earlier, our second-quarter results demonstrate the strength of our business model, especially during adverse market conditions. We have high-quality assets, strong customer demand, and a variable cost structure that allows us to navigate volatile market conditions.

謝謝，沃爾特。正如沃爾特之前指出的那樣，我們的第二季業績證明了我們商業模式的實力，尤其是在不利的市場條件下。我們擁有高品質的資產、強勁的客戶需求以及靈活的成本結構，使我們能夠應對動盪的市場環境。

In addition to a variable cost structure, especially for transportation and multi-cost, we have a strong and disciplined approach to managing all costs, including our SG&A and capital spending. We continue to make efforts to control what we can control despite adverse market conditions to generate positive financial results and outperform expectations.

除了變動成本結構（特別是運輸和多成本）之外，我們還採取強而有力且嚴謹的方法來管理所有成本，包括銷售、一般和行政費用以及資本支出。儘管市場條件不利，我們仍繼續努力控制我們能夠控制的事情，以產生積極的財務表現並超越預期。

For the second quarter, Warrior recorded net income on a GAAP basis of about $6 million or $0.11 cents per diluted share compared to net income of $71 million or $1.35 per diluted share in the same quarter of 2024. These decreases in quarterly results were primarily driven by 30% lower average net selling prices in a weak market price environment, partially offset by higher sales volume and a strong focus on controlling our costs as evidenced by our ability to drive down our cash cost of sales per ton by 18% from last year.

第二季度，Warrior 按 GAAP 計算的淨收入約為 600 萬美元或每股攤薄收益 0.11 美元，而 2024 年同期的淨收入為 7,100 萬美元或每股攤薄收益 1.35 美元。季度業績下降的主要原因是，在疲軟的市場價格環境下，平均淨銷售價格下降了 30%，但銷量增加和對成本控制的高度重視部分抵消了這一影響，因為我們能夠將每噸現金銷售成本較去年同期降低 18%。

We reported adjusted EBITDA $54 million in the second quarter of 2025 compared to $116 million in the same quarter of last year. Adjusted EBITDA margin was 18% in the second quarter of 2025 compared to 29% in the same quarter of last year.

我們報告稱，2025 年第二季調整後的 EBITDA 為 5,400 萬美元，而去年同期為 1.16 億美元。2025 年第二季調整後 EBITDA 利潤率為 18%，而去年同期為 29%。

On a per ton basis, our adjusted EBITDA margin was $24 per short ton for the second quarter of this year compared to $55 in the last year's second quarter. The decrease in quarterly results was primarily driven by 30% lower average net selling prices and a 13% higher mix of high-vol A coal sold versus premium low-vol coal. This was partially offset by lower production cost, lower variable cost for transportation and royalties, and 6% higher sales volume.

以每噸計算，今年第二季我們的調整後 EBITDA 利潤率為每短噸 24 美元，而去年第二季為 55 美元。季度業績下降的主要原因是平均淨售價下降 30%，以及高揮發性 A 煤的銷售比例相對於優質低揮發性煤高出 13%。但生產成本降低、運輸和特許權使用費變動成本降低以及 6% 的銷售量成長部分抵消了這一影響。

Total revenues were $298 million in the second quarter of this year compared to $397 million in the second quarter of 2024. The total decrease of $99 million was primarily due to the decrease in average gross selling prices of $120 million and a higher mix of high-vol A volume sold of $12 million, partially offset by the impact of higher sales volumes of $22 million.

今年第二季總營收為 2.98 億美元，而 2024 年第二季總營收為 3.97 億美元。總計減少 9,900 萬美元，主要是由於平均總銷售價格下降 1.2 億美元，以及高波動性 A 類產品銷量增加 1,200 萬美元，但被 2,200 萬美元的銷售增加的影響部分抵消。

In addition, the merge and other charges were $7 million lower compared to the second quarter of 2024. This resulted in an average net selling price of $130 per short ton in the second quarter of 2025 compared to $186 per short ton in the same quarter of last year.

此外，與 2024 年第二季相比，合併和其他費用減少了 700 萬美元。這導致 2025 年第二季的平均淨售價為每短噸 130 美元，而去年同期為每短噸 186 美元。

Cash cost of sales in the second quarter of 2025 was $225 million, or 78% of mining revenues, compared to $260 million, or 67% of mining revenues, in the second quarter of last year. Of the $35 million net decrease in cash cost of sales, $50 million of the decrease was driven primarily by the lower variable transportation and royalty cost on 24% lower average steelmaking coal price indices.

2025 年第二季的現金銷售成本為 2.25 億美元，佔採礦收入的 78%，而去年第二季的現金銷售成本為 2.6 億美元，佔採礦收入的 67%。在 3,500 萬美元的現金銷售成本淨減少中，5,000 萬美元的減少主要由於平均煉鋼煤價格指數下降 24% 導致的變動運輸和特許權使用費降低。

In addition, we rationalize and tightly manage our spending on supplies, repairs, and maintenance expenses. These decreases were partially offset by a $15 million increase in cost associated with a 6% increase in sales volume.

此外，我們還合理化並嚴格管理供應、維修和維護費用。這些減少部分被與銷售量增加 6% 相關的 1,500 萬美元成本增加所抵銷。

Cash cost of sales per short ton FOB port was approximately $101 in the second quarter of this year compared to $124 in the second quarter of 2024. The decrease was primarily related to the lower variable transportation royalty cost of $15 per ton on lower steelmaking coal prices, $5 per ton of tightly managing our overall spending at the legacy mines, and a further $3 per ton from the initial sales of low-cost Blue Creek tons.

今年第二季每短噸離岸價港口的現金銷售成本約為 101 美元，而 2024 年第二季為 124 美元。下降的主要原因是，煉鋼煤價格較低導致每噸可變運輸特許權使用費降低 15 美元，嚴格管理原有礦山的總體支出導致每噸可變運輸特許權使用費降低 5 美元，以及首次銷售低成本 Blue Creek 噸導致每噸可變運輸特許權使用費降低 3 美元。

While we're able to tightly manage our spending during the second quarter, some costs such as repairs and maintenance may be higher in the second half of the year. Underground mining places a significant strain on machinery and equipment, often resulting in unexpected breakdowns that require investment in repairs and maintenance to restore their operational status.

雖然我們能夠在第二季嚴格管理支出，但下半年維修和維護等一些成本可能會更高。地下採礦對機械設備造成了極大的壓力，經常導致意外故障，需要投資維修和保養才能恢復其運作狀態。

Our cash cost of production for the second quarter of 2025 was 67% of our total cash cost per short ton, compared to 61% in the same quarter last year. Overall, transportation and royalty costs were 33% of our cash cost of sales per short ton in the second quarter this year on lower average net selling prices, compared to 39% in the same quarter last year.

2025 年第二季度，我們的現金生產成本佔每短噸總現金成本的 67%，去年同期為 61%。總體而言，由於平均淨售價較低，今年第二季運輸和特許權使用費佔每短噸現金銷售成本的 33%，而去年同期這一比例為 39%。

As a result of the lower average net selling price, our cash margin per short ton was $29 in the second quarter this year compared to $62 in the same quarter of last year.

由於平均淨售價較低，今年第二季我們的每短噸現金利潤為 29 美元，而去年同期為 62 美元。

SG&A expenses were $12 million in the second quarter of 2025 and were about $4 million lower than the second quarter of last year as we continued to manage our overall spending. This decrease was primarily due to lower employee-related expenses and professional fees.

2025 年第二季的銷售、一般及行政費用為 1,200 萬美元，由於我們繼續管理整體支出，比去年第二季低約 400 萬美元。這一下降主要是由於員工相關費用和專業費用的降低。

Appreciation and depletion expenses (sic - see press release, "depreciation and depletion expenses") were $43 million in the second quarter of 2025 and were higher than the same quarter last year, primarily due to the additional assets placed into service at Blue Creek.

2025 年第二季的增值和耗損費用（原文如此 - 請參閱新聞稿「折舊和耗損費用」）為 4,300 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 second quarter this year due to lower average cash balances and lower rates of return combined with higher interest expense on newly leased equipment.

由於平均現金餘額較低、回報率較低以及新租賃設備的利息支出較高，今年第二季我們從現金投資中獲得的淨利息收入較低。

Turning to cash flow, during the second quarter of 2025, free cash flow was negative $57 million. This was the result of cash flows generated by operating activities of $37 million, thus cash used for capital expenditures and mine development of $94 million.

談到現金流，2025 年第二季度，自由現金流為負 5,700 萬美元。這是經營活動產生的現金流為 3,700 萬美元的結果，因此用於資本支出和礦山開發的現金為 9,400 萬美元。

Working capital increased by $14 million during the second quarter and was heavily influenced by higher inventory of blue creek supplies. This was partially offset by lower accounts receivable.

第二季營運資本增加了 1,400 萬美元，主要受到 Blue Creek Supply 庫存增加的影響。這被較低的應收帳款部分抵消。

It's important to understand that while our total free cash flow was negative for the second quarter and year to date, the underlying business had generating positive free cash flow if you exclude the strategic investments we were making in the Blue Creek.

重要的是要明白，雖然我們的第二季度和今年迄今為止的總自由現金流為負，但如果不包括我們在 Blue Creek 進行的戰略投資，基礎業務就會產生正的自由現金流。

The underlying business generated approximately $40 million of free cash flow in the second quarter, excluding the Blue Creek CapEx spending, mine development, and working capital impact. This demonstrates the strength of the underlying business during these challenging market conditions and low pricing environments.

不包括 Blue Creek 資本支出、礦場開發和營運資金影響，基礎業務在第二季產生了約 4,000 萬美元的自由現金流。這表明在充滿挑戰的市場條件和低價格環境下，基礎業務仍然保持強勁。

Our total available liquidity at the end of the second quarter of 2025 was $545 million and consisted of cash and cash equivalents of $383 million, short and long-term investments of $48 million, and $114 million available under our ABL facility.

截至 2025 年第二季末，我們的總可用流動資金為 5.45 億美元，其中包括 3.83 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 融資可用資金。

Now that I've discussed the second-quarter results compared to last year, let me highlight some of the achievements compared to the first quarter of 2025. Our second-quarter adjusted EBITDA of $54 million, with $14 million higher than the first quarter of 2025, primarily due to 2% higher sales and production volumes and $11 per ton lower cash cost. This improvement was partially offset by $5 per ton of lower average net selling prices, which I addressed in my earlier comments.

我已經討論了與去年相比的第二季業績，現在讓我重點介紹一下與 2025 年第一季相比的一些成就。我們第二季的調整後 EBITDA 為 5,400 萬美元，比 2025 年第一季高出 1,400 萬美元，主要原因是銷售和生產量成長 2% 且現金成本降低 11 美元/噸。這一改善被每噸 5 美元的較低平均淨銷售價格部分抵消，我在之前的評論中提到了這一點。

Approximately two-thirds of the cost reductions came from our highly focused and disciplined approach to cost control, operational efficiencies, and the sales mix of Blue Creek coal with its inherently lower cost structure. The remaining one-third of cost reductions came from lower variable transportation and royalty costs.

大約三分之二的成本削減來自於我們高度集中和嚴謹的成本控制方法、營運效率以及具有較低成本結構的 Blue Creek 煤炭銷售組合。其餘三分之一的成本削減來自於較低的變動運輸和特許權使用費。

Let me turn to our outlook and guidance for the full year 2025. As outlined in our earnings release, we have updated our guidance for the full year 2025 to better reflect the challenging market conditions and pricing environment we expect for the remainder of this year. We believe our customers markets will continue to be challenged from a demand standpoint over the next several quarters.

讓我來談談我們對 2025 年全年的展望和指導。正如我們的收益報告中所述，我們已更新 2025 年全年指引，以更好地反映我們預計今年剩餘時間將面臨的嚴峻市場條件和定價環境。我們相信，未來幾個季度，我們的客戶市場將繼續面臨需求的挑戰。

From a supply standpoint, we believe that current pricing levels are making a substantial portion of global supply uneconomical and that supply rationalization is needed to better balance the overall market. In addition, there continues to be uncertainty surrounding global trade and tariffs that could put additional pressure on seaborne pricing.

從供應角度來看，我們認為目前的定價水準使得全球很大一部分供應變得不經濟，需要進行供應合理化以更好地平衡整體市場。此外，全球貿易和關稅仍存在不確定性，這可能會對海運定價造成額外壓力。

And finally, one last note on the One Big Beautiful Bill Act that was enacted into law on July 4 of this year. The Act contains some provisions that we expect will be beneficial to Warrior, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act and making a permanent deduction of approximately 33% on our foreign-derived income.

最後，最後說一下今年 7 月 4 日頒布的「一項偉大的美麗法案」。該法案包含一些我們預計對 Warrior 有利的條款，例如永久延長《減稅與就業法案》中某些即將到期的條款，並對我們的外國收入永久扣除約 33%。

In addition, the Act classifies metallurgical coal as a critical mineral eligible for the tax credit under the Section 45X of the Internal Revenue Code. The 45X tax credit is based upon a 2.5% credit of defined eligible production costs from 2026 through 2029 and will vary per year depending upon variable production costs during those periods. We are currently assessing the bill's impact on our financial statements, but we do expect it to impact us positively.

此外，該法案將冶金煤列為符合《國內稅收法典》第 45X 條規定的稅收抵免資格的關鍵礦產。45X 稅收抵免是基於 2026 年至 2029 年期間定義的合格生產成本的 2.5% 抵免，並且每年都會根據這些期間的變動生產成本而變化。我們目前正在評估法案對我們財務報表的影響，但我們確實預期它會對我們產生正面的影響。

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

現在我將把話題轉回給華特，聽取他的最後評論。

Thanks, Dale. Our forward-looking view remains intact. We believe our customers' markets will continue to face headwinds due to the persistence of excess Chinese steel exports and then a backdrop of weaker global economic activity. Although we're watching closely for the potential of capacity rationalization in Chinese steel production, it is not clear how and when that will occur. We're optimistic about the possibility of new trade agreements with key global partners, yet we'll proceed with caution until these agreements are officially secured.

謝謝，戴爾。我們的前瞻性觀點依然不變。我們相信，由於中國鋼鐵出口持續過剩以及全球經濟活動疲軟的背景，我們客戶的市場將繼續面臨逆風。儘管我們密切關注中國鋼鐵生產產能合理化的潛力，但目前尚不清楚這將如何發生以及何時發生。我們對與主要全球合作夥伴達成新的貿易協定的可能性持樂觀態度，但在這些協議正式達成之前，我們將謹慎行事。

While we recognize that we're operating in an uncertain environment, we're confident that our 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.

雖然我們意識到我們正處於一個不確定的環境中，但我們相信，我們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 would like to open the call for questions. Operator?

現在，我們開始回答問題。操作員？

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Guys, congratulations on such a strong quarter and for the pull forward of Blue Creek. My first question, your updated cost guidance of $110 to $120 per ton, despite a downward revision, I think still implies that costs would be towards the higher end of that range in the second half to reach the midpoint. To me, this seems somewhat unlikely based on the strong performance here today. So my question is, how should we think about cost cadence between here and the end of the year?

夥計們，祝賀你們本季取得如此強勁的業績，並祝賀 Blue Creek 取得如此大的進步。我的第一個問題是，您更新的成本指導價為每噸 110 至 120 美元，儘管有所下調，但我認為仍然意味著下半年成本將接近該範圍的高端，達到中點。對我來說，根據今天的強勁表現，這似乎不太可能。所以我的問題是，我們該如何考慮從現在到年底的成本節奏？

Hey, Nick. Thanks for the question. Yeah, it's to account for -- we had a strong quarter where we really managed our costs. But as I said in my prepared remarks, look, things happen. And you've got to plan for those. So we have planned for that in the back half that it may happen. But we're going to continue to tightly manage all of our costs and have the vines perform at their optimal capacity. But we're also just planning for things to swing the other way. We have things break and you have to repair them. So we're averaging year to date about $107 a ton, which is near the bottom end of our year -- full-year guidance. So I'm planning for just a little upside -- I'm sorry, a little downside on the rest of the year.

嘿，尼克。謝謝你的提問。是的，這是考慮到——我們有一個強勁的季度，我們真正控制了成本。但正如我在準備好的發言中所說的那樣，看，事情發生了。你必須為這些做好計劃。因此，我們在後半段已經為可能發生的情況做好了計劃。但我們將繼續嚴格管理所有成本，確保葡萄藤發揮最佳性能。但我們也正在為事情朝另一個方向發展做準備。我們的東西壞了，你必須修理它們。因此，今年迄今為止我們的平均價格約為每噸 107 美元，接近我們全年指導價的底端。因此，我計劃在今年剩餘時間內只出現一點上漲——抱歉，出現一點下跌。

Got it. Okay, thanks for that, Dale. My second question was, with Brazilian tariffs being implemented, I believe that market has historically been around 20% of volumes. How should we think about the potential for diversion, and which markets would you favor if there was a need for diversion and how could that impact realizations?

知道了。好的，謝謝你，戴爾。我的第二個問題是，隨著巴西關稅的實施，我認為市場歷史上的出口量一直保持在 20% 左右。我們應該如何看待轉移的可能性，如果需要轉移，您會青睞哪些市場，以及這會如何影響實現？

This is Walt. I think what's really going on is it's the additional high-vol A tons that are coming into the market that typically do not flow into South America. South America was a larger part of our market when we were moving more of a mid-vol product out of mine for down into South America. And now that's a high-vol. So we saw some coal flowing there, but not what used to.

這是沃特。我認為真正發生的情況是，大量高揮發性 A 噸原油進入市場，而這些原油通常不會流入南美洲。當我們將更多的中等產量產品從礦場運往南美洲時，南美洲佔據了我們市場的很大一部分。現在，這是一個高音量。因此，我們看到一些煤炭在那裡流動，但不像以前那樣了。

And if you back out the Blue Creek tons, we're probably at about the same level in terms of the number of tons going to South America. It's just on a percentage basis the number has dropped down. And I think that'll pretty much continue. And as we've said before, the high-vol A tons right now especially are moving heavily into Asia.

如果你剔除 Blue Creek 的噸位，那麼我們運往南美洲的噸位可能處於大致相同的水平。只是從百分比來看，這個數字下降了。我認為這種情況將會持續下去。正如我們之前所說，目前高波動性的 A 噸原油正大量流入亞洲。

Got it. So well, maybe just a quick follow-up on that. I mean, is -- what is your dialogue with Brazilian steelmakers look like today? I mean, has there been a need to divert those tons or are they still willing to take them today?

知道了。那麼好吧，也許只是對此進行快速跟進。我的意思是—您今天與巴西鋼鐵製造商的對話是什麼樣的？我的意思是，是否有必要轉移這些噸位，或者他們今天是否仍然願意接收它們？

No, they're still taking them.

不，他們仍在服用。

All right. Well, I appreciate the perspective, and guys, keep up the good work.

好的。好吧，我很欣賞你的觀點，夥計們，繼續努力。

George Eadie, UBS.

瑞銀的喬治·艾迪。

Yeah. Good evening, Walt, Dale, and Brian. Hope you're well. Can I ask about Blue Creek, please? So well done firstly on bringing this forward. That's a clear win. I have two questions here. Just firstly on costs, I'm looking back at the Blue Creek project update from February. Your cash cost of sales guidance here was $90 to $105 a short ton. Can I ask where does that fit firstly today in light of the pretty good Q2 cash performance as well, and is there potential for this to go lower and how much of that is dependent on the denominator getting to 6 million tons?

是的。晚上好，沃爾特、戴爾和布萊恩。希望你一切都好。可以問一下 Blue Creek 嗎？首先，很好地提出了這一點。這顯然是一場勝利。我這裡有兩個問題。首先關於成本，我回顧了二月的 Blue Creek 專案更新。您在此處的現金銷售成本指導價為每短噸 90 至 105 美元。我可以問一下，鑑於第二季的現金表現相當不錯，今天這個數字首先處於什麼位置，是否有可能進一步下降，以及其中有多少取決於分母是否達到 600 萬噸？

Yeah. Well, thanks, George. That guidance was based on a PLV price of $250, with a price relativity to that's closer to the 10-year average, which is not where we are today. So that's going to be a little higher than where we are today. And we're just coming out of the gate, just ramping up. So I don't want to really give you a separate number for Blue Creek other than it positively impacted the quarter as we start to ramp. The full benefit of that will be seen next year when the long wall comes up. We don't have all this cost in there yet.

是的。好吧，謝謝，喬治。該指引基於 250 美元的 PLV 價格，其價格相對性更接近 10 年平均水平，但目前並非如此。所以這會比我們現在的水準高一點。我們才剛起步，正在加速發展。因此，除了在我們開始增加產量時對本季產生積極影響之外，我真的不想給你 Blue Creek 的單獨數字。明年長牆建成後，我們就能充分看到其帶來的好處。我們還沒有把所有這些費用都算進去。

Right, okay, thanks for that. Dale, just on the volume piece though, you talked to 6 million tons though, but the expanded capacity option would be dependent on market conditions. Can I ask just how you're thinking about that at today's levels? I mean, sales into Asia are now over half as a group. Well, I think said before, selling into the Pacific Basin is a drag. On my calcs at the moment, spotless freight into India is sort of like, it's even low-110s a short ton. How do you feel looking at that given it's a pretty weak price environment?

好的，好的，謝謝。戴爾，就產量而言，您談到了 600 萬噸，但擴大產能的選擇將取決於市場條件。我可以問一下，從今天的水平來看，您是如何看待這個問題的嗎？我的意思是，目前亞洲的銷售額佔整體銷售額的一半以上。嗯，我想之前說過，向太平洋盆地出售是一種拖累。根據我目前的計算，運往印度的無塵貨物價格約為每短噸 110 美元以下。鑑於目前的價格環境相當疲軟，您對此有何感想？

Well, I think what we're really doing with those tons is knowing that they're going to move into Asia, and they are, as we've said, they're much lower cost tons, and that's based on the mine reserve, the thicker coal. And our expectations and what we've seen are consistent with what we had projected. So we haven't seen anything that would cause us to believe that that's not doable.

嗯，我認為我們真正要做的事情是知道它們將運往亞洲，而且正如我們所說的那樣，它們的成本要低得多，這是基於礦山儲量和更厚的煤炭。我們的期望和所見與我們的預測一致。因此，我們還沒有看到任何讓我們相信這是不可行的事情。

On the 6 million tons and when will we do that? What we've said is that that's going to be dependent on our placement of those tons into contractual agreements. And as we start to get ourselves to a point where we're contracted to the same as we are at the other mines, let's say up to 80%, then we'll expand volume. What we're not going to do is flood the spot market with a bunch of tons and destroy the market. But as we put those tons to bed, we're going to bring additional tons on.

關於 600 萬噸，我們什麼時候能做到？我們所說的是，這將取決於我們將這些噸位納入合約協議的情況。當我們的承包比例達到與其他礦山相同的水準時，比如說達到 80%，我們就會擴大產量。我們不會做的是向現貨市場投放大量原油並破壞市場。但當我們把這些噸位處理好後，我們就會繼續運送更多的噸位。

Yeah, okay, thanks. Well, so can you give us an idea of what pricing was like in the quarter for Blue Creek? I mean, compared to the average of $130, I'm guessing was a bit lower, like was it sort of $120? We're thinking, I guess, my sort of questioning is you called out three drags for gross realization and there's going to be more high-vol A going forward and more sales into the Pacific Basin. So I guess, is there risk to that 85% to 90% target gross realization going forward now?

是的，好的，謝謝。那麼，您能否向我們介紹一下 Blue Creek 本季的定價情況？我的意思是，與平均 130 美元相比，我猜會低一點，大概是 120 美元吧？我想，我們在想，我提出的問題是您指出了總實現額的三個阻力，並且未來將會有更多的高波動性 A 和更多的太平洋盆地銷售。所以我猜，現在實現 85% 到 90% 的目標是否有風險？

Yeah. George, this is Dale. Yes, there is, as you know, what happened in the quarter, right? Our gross price realization was 80%. But the biggest driver of those three factors was the price relativity. That spread widened and got as low as 76% during the quarter, which is significantly lower than the 3.5-year average of 88%.

是的。喬治，這是戴爾。是的，正如您所知，本季發生了什麼，對嗎？我們的總價格實現率為80%。但這三個因素中最大的驅動因素是價格相對性。本季度，這一差距進一步擴大，最低達到 76%，遠低於 3.5 年平均值 88%。

So while the PLV didn't move much, the LV HCC dropped during the quarter. So that right there has a big drag on our net realized prices as well as freight rates, right? So we feel good about what we're doing in developing these markets in Asia that we've never sold into. And Blue Creek is the perfect product to go into those markets, especially with low cost in this part of the cycle.

因此，雖然 PLV 沒有太大變化，但 LV HCC 在本季有所下降。那麼這對我們的淨實現價格和運費有很大的拖累，對嗎？因此，我們對在亞洲開發這些我們從未進入過的市場所做的事情感到很滿意。Blue Creek 是進入這些市場的完美產品，尤其是在這個週期階段成本較低。

Okay, thanks for that, guys. All the best.

好的，謝謝大家。一切順利。

Katja Jancic, BMO Capital Markets.

Katja Jancic，BMO 資本市場。

Hi. Thank you for taking my questions. Maybe staying on Blue Creek, given that the longwall is ahead of schedule, how should we think about overall production and sales volume next year? I think in the past, it was around 3 million tons if I'm not mistaken.

你好。感謝您回答我的問題。也許繼續留在藍溪，考慮到長壁開採提前完成，我們應該如何考慮明年的整體產量和銷售？我認為，如果我沒記錯的話，過去的數量大約是300萬噸。

Yeah. I think -- this is Walt. Thanks for the question. I think we can probably safely assume if we're starting a quarter earlier than we had said that the tons will go up accordingly. And we haven't put a number out there, but I think we're approaching four next year given what we're looking at and the fact that that longwall comes online more quickly.

是的。我認為——這是沃特。謝謝你的提問。我認為，我們可以放心地假設，如果我們比之前說的提前一個季度開始，噸位就會相應增加。我們還沒有公佈具體數字，但考慮到我們正在考慮的情況以及長壁開採更快上線的事實，我認為明年我們將接近 4 個。

Yeah, and depending on the timing, Katja, when it comes on next year, we said early first quarter, which could be anywhere from January 1 to the middle of February, kind of our thought process there. So really going to be dependent on that timing.

是的，Katja，這取決於時間安排，說到明年，我們說的是第一季初，可能是從 1 月 1 日到 2 月中旬的任何時間，這就是我們的想法。所以這確實要取決於那個時機。

So when we do release guidance for 2026, we'll hopefully have a little more accurate number.

因此，當我們發布 2026 年的指導時，我們希望能夠得到更準確的數字。

And I think you mentioned most of the, least right now, Blue Creek volume goes to Asia. And I'm assuming that's going to be the same trend going forward. Are those contracts more tied to CFR or FOB basis?

我認為您提到了大部分，至少目前，Blue Creek 的銷量都銷往亞洲。我認為未來的趨勢也會如此。這些合約是否與 CFR 或 FOB 基礎更相關？

Right now, it's CFR primarily.

目前，主要是 CFR。

And longer term, is it -- are you planning to -- or is there a probability that you're going to tie it more to FOB essentially?

從長遠來看，您是否計劃這樣做，或者是否有可能將其與 FOB 更多地聯繫起來？

I think that will happen over time. When we look at where we are in the market right now, I think we're at the low point and where the customer has quite a bit of leverage. So I think when you're looking at both the average pricing and the transportation, right now we're kind of the, I would say, the tougher part of the market from our standpoint.

我認為隨著時間的推移這將會發生。當我們審視我們目前在市場上的狀況時，我認為我們正處於低谷，而客戶擁有相當大的影響力。因此，我認為，當你同時考慮平均價格和運輸時，從我們的角度來看，我們現在處於市場中比較困難的部分。

Yeah. Especially based over the life of the mine, 40, 50 years. Yeah, we do think that things will change in the next part of the cycle.

是的。特別是基於礦山的壽命，40、50年。是的，我們確實認為在周期的下一階段情況會改變。

And maybe one last one, if I may. On the 45X, is there any preliminary estimates that you could give us how much it could impact your -- how much you can get impacted by it?

如果可以的話，我還有最後一個問題。關於 45X，您能否提供一些初步估計，告訴我們它會對您的影響有多大？您會受到多大影響？

Yeah. We're still looking at all the details of that Bill and to calculate. And a lot of us, our costs are variable, so it's going to depend on met coal pricing. So it could be somewhat of a larger range. It could be $30 million to $40 million per year. It could be a little higher than that, just depending on where met coal prices go and our transportation and royalty cost. So that's just a rough, rough estimate. But we'll be digging into the details and have a better idea as we get into '26.

是的。我們仍在研究法案的所有細節並進行計算。我們許多人的成本都是可變的，所以這將取決於煤炭定價。因此其範圍可能會更大一些。每年可能達到 3000 萬至 4000 萬美元。實際價格可能會略高一些，這取決於煤炭價格的走向以及我們的運輸和特許權使用費。所以這只是一個粗略的估計。但隨著我們進入 26 年，我們將深入研究細節並有更好的想法。

(Operator Instructions) Nathan Martin, The benchmark Company.

（操作員指示）Nathan Martin，基準公司。

Thanks, operator. Good afternoon, guys. Just wanted to touch on the updated cash cost guidance real quick down to $110 to $120 per ton. Dale, I think you previously assumed, $200 per metric ton average premium low-vol price for your prior guidance range. What's incorporated in that new range, please?

謝謝，接線生。大家下午好。只是想快速談談更新後的現金成本指導價，降至每噸 110 至 120 美元。戴爾，我想您之前假設，您之前的指導範圍內優質低揮發性原油的平均價格為每公噸 200 美元。請問這個新系列包含什麼內容？

Yeah, Nate, good follow-up question there because earlier I didn't factor in it. As I said, there might be some additional costs that come back later in the second half. But if prices do average a little bit higher in the second half, it's kind of factored into that range. So we're still at about a $175 to $200 range price.

是的，內特，這是一個很好的後續問題，因為之前我沒有考慮到這一點。正如我所說，下半年可能會出現一些額外的成本。但如果下半年平均價格確實略高一些，那麼它就會被納入該範圍。所以我們的價格仍然在 175 美元到 200 美元之間。

Okay, Dale, I appreciate that. That's helpful. And then maybe just taking a step back for a second and looking at the markets in general, you guys know that many of the challenges that we've been seeing kind of persist and are negatively impacting customer demand and pricing clearly. So I guess that backdrop, just curious, what's driving the increase in production and sales guidance that you guys are sitting down for the full year?

好的，戴爾，我很感激。這很有幫助。然後也許只是退一步來看看整個市場，你們知道我們看到的許多挑戰仍然存在並且明顯對客戶需求和定價產生負面影響。所以我猜這個背景只是好奇，是什麼推動了你們全年產量和銷售預期的成長？

Our increased sales volume and production? What's driving those numbers is -- our mines are running very, very well. And for us, the best way to maintain a low cost structure is to maintain a high-volume number. And Blue Creek has a lot of inventory and, we have high contracted volumes, and we're going to push.

我們的銷售量和產量增加了嗎？推動這些數字的原因是——我們的礦場運作得非常非常好。對我們來說，維持低成本結構的最佳方式就是維持高產量。Blue Creek 擁有大量庫存，我們的合約量很高，我們將會加強。

Okay, got it. Well, maybe just one final question. It'd great maybe to get your thoughts on the recently announced Pacific/Norfolk Southern merger. Just given you're now shipping with Norfolk Southern at Blue Creek, just curious if you guys have any thoughts about that combination how it could impact your business.

好的，明白了。好吧，也許只剩下最後一個問題了。我很想知道您對最近宣布的太平洋鐵路和諾福克南方鐵路合併的看法。鑑於您現在在 Blue Creek 與 Norfolk Southern 合作運輸，我很好奇你們對於這種組合將如何影響您的業務有何看法。

I think, interestingly, the area where we'll be shipping from and to is, I'm not going to say it's a closed loop, but it's a relatively closed loop where the railroad is able to dedicate a certain number of sets and they just basically run in a circle and there's not a lot of interference for them from spot to spot. So it's very good business for the rail provider, and it's very good business for us.

我認為，有趣的是，我們的運輸起點和終點區域，我不會說它是一個閉環，但它是一個相對閉環，鐵路能夠專用一定數量的列車組，它們基本上在一個圓圈中運行，並且它們在各個點之間不會受到太多幹擾。因此，這對鐵路供應商來說是非常好的業務，對我們來說也是非常好的業務。

But I don't think we'll see a lot of impact from that. But also, don't forget we also have the new barge loadout that's going in that will come online. If we see more of a struggle in terms of rail performance, we can shift to better barge performance.

但我不認為這會產生太大的影響。但是，也不要忘記，我們還有即將上線的新駁船裝載。如果我們發現鐵路性能方面存在更多困難，我們可以轉向更好的駁船性能。

Got it. I'll leave it there. Appreciate the time, guys, and best of luck in the second half.

知道了。我就把它留在那裡。感謝你們的時間，夥計們，祝你們下半場好運。

George Eadie, UBS.

瑞銀的喬治·艾迪。

Hi, sorry. Dale, just a quick on the cost. Can you just remind us the cost base roughly how much is variable versus fixed and also maybe as well royalties, how to best think about what sort of percent of the variable cost base that's averaged through cycles?

你好，抱歉。戴爾，我只是想簡單談談成本問題。您能否提醒我們一下成本基礎中大約有多少是可變的，有多少是固定的，還有特許權使用費，如何最好地考慮在各個週期內平均可變成本基礎的百分比？

Yeah. George, I would just suggest looking at the percentages we provide in our press release. Cost of production, 67% year-to-date. Transportation royalties, a third of our cash cost. We don't go into the variability. We can't get into that detail of the transportation royalties.

是的。喬治，我只是建議看看我們在新聞稿中提供的百分比。生產成本，年初至今為 67%。運輸特許權使用費，占我們現金成本的三分之一。我們不去探究變化性。我們無法詳細了解運輸特許權使用費。

Okay, just one other as well. SG&A was down 35% QonQ and sort of tracking $5 million to $15 million below the guidance range. Any sort of reason that would jump in half two or any reason you won't be below guidance, I guess?

好的，還有另外一個。銷售、一般及行政費用較上月下降 35%，比指導範圍低 500 萬至 1,500 萬美元。我想，有沒有什麼理由可以讓你跳到第二步，或是有什麼理由讓你不會低於指導？

Well, as we ramp up Blue Creek, we do have some additional needs there that may come online later this year to kind of get to that higher end of that range. So that's what's built into the guidance.

好吧，隨著我們加大 Blue Creek 的投入，我們確實有一些額外的需求，這些需求可能會在今年稍後上線，以達到該範圍的高端。這就是指南中的內容。

Hello, Mr. Eadie, any further questions?

您好，Eadie 先生，還有其他問題嗎？

Sorry, no. I was in -- yeah, thanks, guys. That's all.

抱歉，不行。我參加了——是的，謝謝大家。就這樣。

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

好的，完美。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 today's conference. 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。