Martin Midstream Partners LP (MMLP) 2023 Q3 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the MMLP's Third Quarter Earnings Conference Call. Today's conference is being recorded. (Operator Instructions).

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 MMLP 第三季財報電話會議。今天的會議正在錄製中。 （操作員說明）。

At this time, I would like to turn the conference over to Sharon Taylor, Chief Financial Officer. Please go ahead.

現在，我想把會議交給財務長莎朗·泰勒(Sharon Taylor)。請繼續。

Thank you, operator, and good morning, everyone, and thank you for joining us today. In the room are Bob Bondurant, CEO; Randy Tauscher, COO; David Cannon, Controller; and Danny Cavin, Director of FP&A.

謝謝您，接線員，大家早安，謝謝您今天加入我們。房間裡有執行長鮑伯‧邦杜蘭特 (Bob Bondurant)；蘭迪·陶舍爾，營運長；大衛‧坎農 (David Cannon)，財務長；以及 FP&A 總監 Danny Cavin。

I'll begin with our cautionary statement. During this call, management may be making forward-looking statements as defined by the SEC. These statements are based upon our current beliefs as well as assumptions and information currently available to us. Please refer to our press release issued yesterday afternoon as well as our latest filings with the SEC for a list of factors that could impact the future performance of Martin, and cause our actual results to differ from our expectations.

我將從我們的警告聲明開始。在本次電話會議中，管理階層可能會做出 SEC 定義的前瞻性聲明。這些陳述是基於我們目前的信念以及我們目前可獲得的假設和資訊。請參閱我們昨天下午發布的新聞稿以及我們向 SEC 提交的最新文件，以了解可能影響馬丁未來業績並導致我們的實際結果與我們的預期不同的因素清單。

We will discuss non-GAAP financial measures on today's call such as adjusted EBITDA, distributable cash flow and free cash flow. In addition, we will refer to adjusted EBITDA after giving effect to the exit of the butane optimization business. You will find a reconciliation of these non-GAAP measures to their nearest GAAP measures in our earnings press release posted on our website.

我們將在今天的電話會議上討論非公認會計原則財務指標，例如調整後的 EBITDA、可分配現金流量和自由現金流。此外，我們將參考丁烷優化業務退出生效後調整後的EBITDA。您可以在我們網站上發布的收益新聞稿中找到這些非 GAAP 衡量標準與其最接近的 GAAP 衡量標準的調整表。

Now I will turn the call over to Bob to discuss second quarter results by segment.

現在我將把電話轉給鮑勃，並按部門討論第二季度的業績。

Thanks, Sharon. I would now like to discuss the performance of Martin Midstream's operations comparing the actual results of the third quarter to our third quarter revised guidance. As a reminder, the third quarter is typically our weakest cash flow quarter relative to the other 3 quarters of the year, primarily due to the seasonality in our fertilizer business, which is historically weaker in Q3.

謝謝，莎倫。我現在想討論馬丁中游的營運業績，將第三季的實際結果與我們第三季修訂後的指引進行比較。提醒一下，與一年中其他三個季度相比，第三季度通常是我們現金流最弱的季度，這主要是由於我們化肥業務的季節性，歷史上第三季度較弱。

For the third quarter, we had adjusted EBITDA of $26.2 million compared to our third quarter revised guidance of $25.1 million, an improvement over guidance of $1.1 million or 4.4%. For the trailing 12 months ending September 30, 2023, excluding the results of our recently Exit Butane Optimization business, we had adjusted EBITDA of $117.1 million.

第三季度，我們調整後的 EBITDA 為 2,620 萬美元，而第三季修訂後的指引為 2,510 萬美元，比指引提高了 110 萬美元，即 4.4%。截至 2023 年 9 月 30 日的過去 12 個月，不包括我們最近退出丁烷優化業務的結果，我們調整後的 EBITDA 為 1.171 億美元。

For the third quarter, our largest cash flow generator was our Transportation segment, which had adjusted EBITDA of $9.5 million compared to revised guidance of $12 million. Within this segment, our land transportation business had adjusted EBITDA of $6.7 million compared to a revised guidance of $8.5 million.

第三季度，我們最大的現金流來源是運輸部門，調整後的 EBITDA 為 950 萬美元，而修訂後的指引為 1,200 萬美元。在該細分市場中，我們的陸路運輸業務調整後的 EBITDA 為 670 萬美元，而修訂後的指引為 850 萬美元。

The miss in adjusted EBITDA compared to our forecast for the land transportation business was primarily due to an 8% reduction in forecasted miles driven. While the third quarter had the strongest daily low count of the year, our long-haul load count was down due to a slowing demand primarily from our specialty industrial customers. We believe this is due to the weakening U.S. economy. As a result of the weakened economic outlook, which we believe will negatively impact the transportation requirements from our specialty industrial customer base, we have lowered guidance for land transportation for the fourth quarter by $1.1 million.

與我們對陸上運輸業務的預測相比，調整後 EBITDA 未達到預期的主要原因是預測行駛里程減少了 8%。雖然第三季出現了今年以來最強勁的每日低點數量，但我們的長途貨運量有所下降，原因主要是我們的特種工業客戶的需求放緩。我們認為這是由於美國經濟疲軟造成的。由於經濟前景疲軟，我們認為這將對我們的特種工業客戶群的運輸需求產生負面影響，因此我們將第四季度的陸路運輸指導下調了 110 萬美元。

Our Marine Transportation business had adjusted EBITDA of $2.8 million compared to guidance of $3.5 million. While we missed guidance in the third quarter, we do see continued strength in both demand and daily market rates in the inland barge market. Compared to the second quarter, our average inland 2 barge tow day rate increased over 3%. However, negatively impacting our third quarter performance was a decrease in overall fleet utilization compared to forecast as one of our inland tows went into the shipyard for a lengthy dry dock. This inland tow is now currently working at an improved day rate.

我們的海運業務調整後的 EBITDA 為 280 萬美元，而指引值為 350 萬美元。雖然我們錯過了第三季的指引，但我們確實看到內陸駁船市場的需求和每日市場運價持續強勁。與第二季相比，我們內陸2艘駁船的平均拖航日率增加了3%以上。然而，由於我們的一艘內陸拖船進入造船廠進行漫長的乾船塢，因此與預測相比，整體船隊利用率有所下降，這對我們第三季度的業績產生了負面影響。目前，這條內陸拖車的日費率有所提高。

The other negative impact to third quarter performance was a onetime charge to Marine Transportation's unallocated SG&A. Looking toward the end of the year, we feel comfortable with our existing fourth quarter guidance for Marine Transportation. Our second strongest cash flow generator in the third quarter was our Terminalling and Storage segment which had adjusted EBITDA of $8.2 million compared to guidance of $9.1 million.

對第三季業績的另一個負面影響是對海洋運輸公司未分配的銷售、一般管理費用的一次性費用。展望今年年底，我們對現有的第四季海運指引感到滿意。我們第三季第二強勁的現金流來源是我們的終端和儲存部門，該部門調整後的 EBITDA 為 820 萬美元，而指導值為 910 萬美元。

We had a slight 1% revenue decrease compared to guidance and a 3% increase in total expenses some of which were onetime charges. Now I would like to discuss the performance of our Specialty Products business segment, which was our third largest cash flow generator in the third quarter. In this segment, we had adjusted EBITDA of $6.8 million compared to guidance of $5.2 million.

與指導相比，我們的收入略有下降 1%，總支出增加了 3%，其中一些是一次性費用。現在我想討論一下我們的特種產品業務部門的業績，該部門是我們第三季第三大現金流來源。在該細分市場中，我們將 EBITDA 調整為 680 萬美元，而指引值為 520 萬美元。

While our combined NGL and propane groups met their third quarter guidance, our Packaged Lubricant and our Grease businesses combined to exceed third quarter guidance by $1.7 million. Our sales volume for packaged lubricants and grease both approximated our forecast but margins for both business lines exceeded forecast. Our packaged lubricant margins on a per gallon basis exceeded forecast by 35% and our grease margin on a per pound basis exceeded forecast by 19%.

雖然我們合併後的 NGL 和丙烷集團達到了第三季的指導目標，但我們的包裝潤滑劑和潤滑脂業務合計超出了第三季指引目標 170 萬美元。我們的包裝潤滑油和潤滑脂銷售量都接近我們的預測，但兩條業務線的利潤率都超出了預測。我們的包裝潤滑油利潤率（每加侖）超出預期 35%，潤滑脂利潤率（每磅）超出預期 19%。

Finally, I would like to discuss our Sulfur Services segment. This segment had adjusted EBITDA of $5.4 million compared to guidance of $3.1 million. Our fertilizer group had adjusted EBITDA of $2.2 million, exceeding third quarter guidance by $2.1 million, as we had forecasted a breakeven quarter. Our overall fertilizer sales volume exceeded forecast by 13% as we had unforecasted liquid fertilizer sales to the South American export market.

最後，我想討論一下我們的硫磺服務部門。該部門調整後的 EBITDA 為 540 萬美元，而指導值為 310 萬美元。我們的化肥集團調整後的 EBITDA 為 220 萬美元，超出第三季指引 210 萬美元，正如我們預測的季度盈虧平衡。由於我們對南美出口市場的液體肥料銷售量超出預期，我們的肥料整體銷售量超出了預期 13%。

We also had unforecasted dispersal sales to the U.S. markets as our customer base began to perceive the continued decline in dispersal pricing had floored due to upward pressure in sulfur commodity prices, the primary feedstock for dispersal. Also by having unforecasted liquid and dispersal sales in the third quarter, it allowed us to improve manufacturing utilization at 2 of our fertilizer plants, which also contributed to improved profitability.

我們對美國市場的分散銷售也出現了意想不到的情況，因為我們的客戶群開始意識到，由於分散的主要原料硫磺商品價格的上漲壓力，分散定價的持續下降已經觸底。此外，由於第三季的液體和分散銷售無法預測，我們提高了兩家化肥廠的生產利用率，這也有助於提高獲利能力。

The pure sulfur side of our Sulfur Services segment had adjusted EBITDA of $3.2 million, which exceeded guidance by $0.2 million. We continue to see strong sulfur production from our refinery suppliers, which continues to support this business line with greater volumes and profitability than originally forecasted.

我們硫磺服務部門的純硫磺部分調整後的 EBITDA 為 320 萬美元，比指導值高出 20 萬美元。我們繼續看到煉油廠供應商的硫磺產量強勁，這將繼續為該業務線提供比最初預測更大的產量和獲利能力。

To summarize, in the third quarter, we had strength in our margin businesses offset to a certain degree by underperformance in some of our fee-based business lines. However, on a combined basis, Martin Midstream exceeded guidance by $1.1 million, confirming that in spite of certain cash flow variability between segments, overall, our restructured refinery services business model is designed to deliver long-term stable and sustainable cash flows.

總而言之，第三季度，我們的保證金業務表現強勁，在一定程度上被一些中間業務線的表現不佳所抵消。然而，在合併的基礎上，Martin Midstream 超出了指導值110 萬美元，這證實儘管各部門之間存在一定的現金流變化，但總體而言，我們重組後的煉油廠服務業務模式旨在提供長期穩定且可持續的現金流。

Now I'd like to turn the call over to Sharon to discuss our balance sheet, capital resources, leverage and capital investment.

現在我想把電話轉給莎倫，討論我們的資產負債表、資本資源、槓桿和資本投資。

Thank you, Bob. Total long-term debt outstanding on September 30 consisted of $62.5 million drawn on our $175 million revolver that matures in 2027, and $400 million of senior secured second lien notes due 2028 for a total of $462.5 million, which is an increase of $2.5 million from the end of last quarter.

謝謝你，鮑伯。截至9 月30 日，未償長期債務總額包括從2027 年到期的1.75 億美元左輪手槍中提取的6,250 萬美元，以及2028 年到期的4 億美元高級有擔保第二留置權票據，總計4.625億美元，比上年增加了250 萬美元。上季末。

The slight increase quarter-over-quarter was expected as the semiannual payment for interest related to our outstanding notes was due in August of the quarter. Our total bank compliant leverage was 3.95x at the end of the quarter compared to 4.14x on June 30. A 0.19x reduction driven by an increase in our trailing 12-month EBITDA after giving effect to the exit of the Butane Optimization business.

由於與我們未償還票據相關的半年度利息支付將於本季 8 月到期，因此預計將比去年同期略有增長。截至本季末，我們的銀行合規總槓桿率為3.95 倍，而6 月30 日為4.14 倍。丁烷優化業務退出生效後，我們過去12 個月的EBITDA 增加，導致槓桿率降低了0.19 倍。

Rounding out our financial ratios. First lien leverage was 0.53x and interest coverage was 2.2x. Liquidity under the revolving credit facility was approximately $84 million, and the partnership was in compliance with all covenants at the end of the quarter. Now let's focus on capitalized spending during the quarter and how that projects for the rest of 2023.

完善我們的財務比率。第一留置權槓桿為 0.53 倍，利息倍數為 2.2 倍。循環信貸安排下的流動性約為 8,400 萬美元，截至本季末，合作夥伴關係遵守了所有契約。現在讓我們專注於本季的資本支出以及 2023 年剩餘時間的預測。

Maintenance capital expenditures for the quarter were $7.2 million, a slight increase from our forecast of $7.1 million. We are now forecasting maintenance CapEx to be $7.4 million in the fourth quarter, bringing our total for the year to $29.4 million, which is an increase of $2.8 million from our guidance. The majority of this increase is within the Shore-based segment related to repairs on the Galveston Bulkhead and to the Port Arthur dock structure.

本季的維護資本支出為 720 萬美元，比我們預測的 710 萬美元略有增加。我們目前預測第四季的維護資本支出為 740 萬美元，使全年總資本支出達到 2,940 萬美元，比我們的指導增加了 280 萬美元。這一增長大部分發生在與加爾維斯頓艙壁和亞瑟港碼頭結構維修相關的岸基部分。

Growth CapEx was $3.4 million for the quarter or $2.1 million less than forecasted. Capital expenditures related to the Oleum Tower, which will provide feedstock to the DSM Semichem joint venture was $2.6 million of the quarterly total. The original budget for 2023 related to the Oleum Tower was $12.7 million. However, we are now forecasting a total spend of only $7.2 million for the year as construction costs are now more heavily weighted to the latter months of the project in the first quarter of 2024.

本季成長資本支出為 340 萬美元，比預期少 210 萬美元。與發煙硫酸塔相關的資本支出佔季度總額的 260 萬美元，該塔將為 DSM Semichem 合資企業提供原料。與發煙硫酸塔相關的 2023 年原始預算為 1,270 萬美元。然而，我們現在預測今年的總支出僅為 720 萬美元，因為建築成本現在更側重於 2024 年第一季專案的後幾個月。

Accordingly, the total growth CapEx forecast for 2023 is reduced as we now expect 2023 spend to be approximately $10.1 million compared to our guidance of $17.5 million. For clarity, year-to-date gross CapEx expenditures through the third quarter were $6.1 million, with an additional $4 million forecasted for the fourth quarter.

因此，我們降低了 2023 年總成長資本支出預測，因為我們現在預計 2023 年支出約為 1,010 萬美元，而我們的指引為 1,750 萬美元。為清楚起見，第三季迄今的資本支出總額為 610 萬美元，預計第四季將增加 400 萬美元。

Distributable cash flow for the quarter was $5 million and adjusted free cash flow was $1.5 million. Finally, 2023 EBITDA guidance remains unchanged at $115.4 million after giving effect to the exit of the butane business. We have adjusted fourth quarter guidance for the Land Transportation division down by approximately $1 million, but all other segments remain the same.

該季度可分配現金流為 500 萬美元，調整後自由現金流為 150 萬美元。最後，在丁烷業務退出生效後，2023 年 EBITDA 指引維持在 1.154 億美元不變。我們已將陸路運輸部門第四季的指導下調了約 100 萬美元，但所有其他部門保持不變。

For the full guidance by business line, please refer to Slide 3 of the third quarter earnings summary presentation released along with our earnings yesterday evening and available on our website.

有關按業務線劃分的完整指導，請參閱昨天晚上與我們的收益一起發布的第三季度收益摘要演示文稿的幻燈片 3，並可在我們的網站上獲取。

This concludes my prepared remarks, so I'll turn the call back to the operator for Q&A.

我準備好的演講到此結束，因此我會將電話轉回給接線員進行問答。

(Operator Instructions) We'll take our first question from Kyle May from Sidoti & Company.

（操作員說明）我們將回答 Sidoti & Company 的 Kyle May 提出的第一個問題。

Bob, wondering if you could maybe expand on the lower mileage in the Transportation segment for this quarter. And I know you mentioned you've already made some adjustments for the fourth quarter, but just kind of how you're thinking about that aspect of the business and then when it could potentially turn around.

鮑勃，想知道您是否可以擴大本季交通運輸領域較低的里程數。我知道您提到您已經對第四季度進行了一些調整，但只是您如何考慮業務的這方面以及何時可能扭轉局面。

Yes. So big picture, as I made in my comments, was our total load count was the highest average per day in the quarter. So what does that mean? How is your mileage down when your load count is up? And we've had a shift to a shorter haul kind of scenario around refinery bases, et cetera, because the demand in long hauling is down. .

是的。正如我在評論中所說，我們的總負載數是本季每日平均最高的。那麼這意味著什麼呢？當您的負載計數增加時，您的里程數會如何減少？我們已經轉向圍繞煉油廠基地等的短途運輸，因為長途運輸的需求下降了。 。

A lot of it coming from the chemical industry, some from longer term from the lubricant business, just the demand because the economic slowdown is happening. So when you think about it, as you run shorter hauls, that's more expensive. You've got a higher pay rate to keep a driver employed. He's got to get paid even though he's running shorter versus longer-term haul. So that's one piece of it.

其中很多來自化學工業，有些來自潤滑油產業的長期需求，只是因為經濟放緩而產生的需求。因此，當您考慮一下時，當您運行較短的航線時，費用會更高。你有更高的工資來讓司機繼續工作。即使他的運行時間較短，但與長期運行相比，他也必須得到報酬。這就是其中的一部分。

Another piece is the frequency of short hauls, as you have more over time, repair and maintenance related to that. So bigger picture, if you will, a shorter haul rate has probably a higher operating cost for mile what it does versus a long haul. So all that kind of plays into the equation. So when is this going to turn around? We've seen late in the third quarter a pickup in our Chemical Holland, and it's carried over a little bit into October. So hopefully, that's boding well for us. We're going to also try to increase our customer base. We have a fleet of chemical traders that need to be -- have a higher utilization.

另一部分是短程運輸的頻率，因為隨著時間的推移，與此相關的維修和保養會越來越多。因此，如果您願意的話，從更大的角度來看，與長途運輸相比，短途運輸的里程營運成本可能更高。所以所有這些都參與其中。那麼這種情況什麼時候才能扭轉呢？我們看到荷蘭化學公司在第三季末有所回升，並將其延續到十月。希望這對我們來說是個好兆頭。我們還將嘗試增加我們的客戶群。我們擁有一支化學品貿易商隊伍，需要更高的使用率。

So we're going to try and expand our chemical base -- customer base, if you will. So all that combined, I think we're going to see a slower fourth quarter overall, but probably, it will trend along with the U.S. economy probably late first quarter into the second quarter. That's our instinct. Any addition?

因此，如果您願意的話，我們將嘗試擴大我們的化學基礎—客戶群。因此，所有這些綜合起來，我認為我們將看到第四季度整體放緩，但很可能，它會隨著美國經濟的發展趨勢而變化，可能從第一季末到第二季。這是我們的本能。有什麼補充嗎？

Yes. This is Randy. I'd just add that we have a seasonality aspect to the chemical and lubricant business and typically, we'd see a little slowdown beginning around Thanksgiving time through the first of the year. But the element of the 4Q that we normally see an improvement is from the LPGs, particularly if we have any kind of long and sustained winter from the propane side, but our butane business -- or our customers in the butane business and our propane business typically elevates for the trucking department quite a bit in the fourth quarter and the first quarter.

是的。這是蘭迪。我想補充一點，我們的化學品和潤滑油業務具有季節性，通常情況下，我們會看到從感恩節前後到今年第一年開始略有放緩。但我們通常看到的第四季度改善的因素來自液化石油氣，特別是如果我們丙烷方面有任何漫長而持續的冬季，但我們的丁烷業務——或者我們丁烷業務和丙烷業務的客戶通常，卡車運輸部門在第四季和第一季會大幅提升。

Okay. Great. That's helpful. And then I also wanted to ask about, I believe, the release mentioned in some of your prepared comments. Talked about delays in the semiconductor manufacturing facility. Just wonder if you can give us kind of an update on the current status of development. And then should we expect any delays in the overall project completion?

好的。偉大的。這很有幫助。然後我還想問一下，我相信，您在一些準備好的評論中提到的發布。談到了半導體製造工廠的延誤。只是想知道您是否能為我們提供有關當前開發狀態的最新資訊。那麼我們是否應該預期整個專案的完成會出現延遲？

This is Randy, again. So the answer to that is we expect a slight delay in the project completion. And now I'm talking about our OEM plant to the second quarter of 2024 -- from late first quarter 2024. And then, yes, I mean, absolutely when our intended customers are announcing delays of their plant, our demand will be kicked down the road a little bit likely much of it into 2025. .

這又是蘭迪。所以答案是我們預計專案完成會稍微延遲。現在我談論的是我們的OEM 工廠到2024 年第二季度- 從2024 年第一季末開始。然後，是的，我的意思是，絕對當我們的目標客戶宣布推遲他們的工廠時，我們的需求將會被降低這條路有點可能大部分會進入 2025 年。

(Operator Instructions) We'll go next to Selman Akyol with Stifel.

（操作員指示）我們將與 Stifel 一起前往 Selman Akyol 旁邊。

This is [Tim] on for Selman. Previously, you guys had highlighted some potential projects in and around Beaumont. Just wondering if you could expand on what kind of projects you guys are seeing and potentially the scale of those projects?

這是塞爾曼的[提姆]。此前，你們強調了博蒙特及其周邊地區的一些潛在項目。只是想知道您是否可以擴展一下您正在看到的項目類型以及這些項目的潛在規模？

Yes. So the scale of those projects to us would be very similar to what you saw on our high purity deal. So we're not -- we're talking a couple of tens of millions of dollars that would be our contribution to the project that we had discussed previously. Now those projects have slowed down in 1 case. The project has been deferred because of the inability to get the carbon capture managed on their side. So I'd say there's -- we're still talking to people, and there's more to come on that, but nothing else to report at this time.

是的。因此，我們這些項目的規模與您在我們的高純度交易中看到的非常相似。所以我們不是——我們說的是幾千萬美元，這將是我們對我們之前討論過的項目的貢獻。現在這些項目有1個已經放緩。該項目已被推遲，因為他們無法管理碳捕獲。所以我想說的是——我們仍在與人們交談，還有更多的事情要做，但目前沒有其他可報告的。

Got it. And you guys have also mentioned some onetime SG&A and OpEx cost within a couple of your segments. Is there any way for you guys to quantify how much that impact was for the quarter? And obviously, since they were one time, we should see a step-up in 4Q cash flow.

知道了。你們也提到了你們幾個細分市場中的一些一次性 SG&A 和 OpEx 成本。你們有什麼方法可以量化這個季度的影響有多大嗎？顯然，既然它們曾經存在過，我們應該會看到第四季現金流的增加。

So I want to clarify first, we are talking about the onetime expenses in the Marine group.

所以我想先澄清一下，我們談論的是海軍陸戰隊的一次性開銷。

Correct. And then I think there was also some -- I thought you guys had mentioned some expenses within Terminalling and Storage.

正確的。然後我認為還有一些 - 我想你們已經提到了終端和存儲方面的一些費用。

So we have what -- some of those are related to in both Terminalling and in the Marine group, is some phantom units that we gave out to management in July. So a couple of things happened in June, we already had 2 tranches of those -- on the books, and the unit price had come down to a point where we made an adjustment in June. And then we issued another tranche to our employees in July.

因此，我們有一些與終端和海軍陸戰隊相關的部分，是我們在 7 月向管理層提供的一些虛擬單位。因此，六月發生了一些事情，我們已經在帳面上有了兩部分，單價已經下降到我們在六月進行調整的程度。然後我們在 7 月向員工發放了另一筆款項。

And so that tranche, the came on in the third quarter. And so when you look at those SG&A costs, you had a reduction in the second quarter and an additional tranche in the third quarter. So that's some of those differences there.

所以這一部分是在第三季發生的。因此，當你查看這些 SG&A 成本時，你會發現第二季度有所減少，第三季又增加了一部分。這就是其中的一些差異。

Got it. Makes sense. And then the last one for me is just wondering if you could give an update on your guys' business down in Florida, in Tampa.

知道了。說得通。我的最後一個問題是想知道您是否可以介紹一下您在佛羅裡達州坦帕的業務的最新情況。

Yes. The trucking business in Tampa has continued to be strong. We're getting the types of returns in Tampa that we see throughout our trucking business, and that's been a good growth area for us. And we would anticipate for the rest of this winter and next spring and early next summer that the phosphate business do quite well, and there will be a lot of need for us moving products around there.

是的。坦帕的卡車運輸業務持續強勁。我們在坦帕獲得了我們在整個貨運業務中看到的回報，這對我們來說是一個很好的成長領域。我們預計，在今年冬天的剩餘時間、明年春天和明夏初，磷酸鹽業務表現相當不錯，我們將有很大的需要在那裡轉移產品。

And there are no further questions at this time. I would like to turn the conference over to Bob Bondurant for closing remarks.

目前沒有其他問題。我想請鮑伯‧邦杜蘭特（Bob Bondurant）刊登閉幕詞。

Thank you, Audra. We are pleased with our third quarter results, beating guidance by a little over $1 million as our diversified refinery services model continues to return stable cash flows, allowing us to continue to strengthen the balance sheet and get closer to our leverage goal of below 3.75x. .

謝謝你，奧德拉。我們對第三季的業績感到滿意，由於我們的多元化煉油服務模式繼續返回穩定的現金流，該業績超出指導值略高於100 萬美元，使我們能夠繼續強化資產負債表，並更接近低於3.75 倍的槓桿目標。 。

During the call, we discussed the delayed start-up of the ELSA plant. Even with the delay, we remain positive about the strategic alliance with Samsung C&T America and Dongjin USA, Inc. expanding our existing asset base to fuel growth and grow both revenue and cash flows with low capital requirements. Finally, I want to say that here at Martin, we are saddened by the recent attacks on Israel, the ongoing conflict and unimaginable human suffering.

在電話會議中，我們討論了 ELSA 工廠延遲啟動的問題。即使出現延遲，我們仍然對與 Samsung C&T America 和 Dongjin USA, Inc. 的策略聯盟持樂觀態度，擴大我們現有的資產基礎，以推動成長，並以較低的資本要求增加收入和現金流。最後，我想說，在馬丁這裡，我們對以色列最近遭受的襲擊、持續不斷的衝突和難以想像的人類苦難感到悲痛。

Our hearts go out to every person and family impacted by these horrific events, and we pray for resolution to the complex time. That concludes our call. Thanks for joining us shortly. Good day.

我們的心與每個受到這些可怕事件影響的人和家庭同在，我們祈禱能夠解決這複雜的時刻。我們的通話到此結束。感謝您很快加入我們。再會。

And that does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。