Martin Midstream Partners LP (MMLP) 2024 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 third quarter earnings conference call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Sharon Taylor, Chief Financial Officer.

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。（操作員指示） 現在，我想將會議轉交給財務長莎朗·泰勒（Sharon Taylor）。

Please go ahead.

請繼續。

Good morning, and thank you to everyone joining us on the call today. Here in the room are Bob Bondurant, CEO; Randy Tauscher, COO; David Cannon, Controller; and Danny Cavin, Director of FP&A.

早安，感謝今天加入我們電話會議的所有人。會議室裡的是執行長鮑伯‧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。

During this call, we will make forward-looking statements as defined by the SEC. These statements are based upon our current beliefs as well as assumptions made by the management team and information currently available to us. Please refer to our earnings press release issued yesterday afternoon and posted on our website 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 materially from our expectations.

在本次電話會議中，我們將做出 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管理團隊所做的假設以及我們目前可獲得的資訊。請參閱我們昨天下午發布並在我們網站上發布的收益新聞稿以及我們向 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存在重大差異的因素清單。

We will discuss non-GAAP financial measures on today's call. The earnings press release includes a reconciliation of these non-GAAP financial measures to their comparable GAAP financial measures.

我們將在今天的電話會議上討論非公認會計準則財務指標。收益新聞稿包括這些非公認會計原則財務指標與其可比較公認會計原則財務指標的調節表。

And with that, I will turn it over to Bob to discuss third quarter earnings.

接下來，我將把它交給鮑伯討論第三季的收益。

Thanks, Sharon. First, I would like to begin with comments regarding the impact of Hurricane Milton on our people and on our assets. Our Martin team members who operate and manage our Tampa terminal and our trucking operations in Central Florida are all safe and accounted for. We shut down both operations more than 24 hours before landfall. And as a result, our people were able to reposition themselves to safety.

謝謝，莎倫。首先，我想先談談米爾頓颶風對我們的人民和資產的影響。負責營運和管理坦帕碼頭以及佛羅裡達州中部卡車運輸業務的馬丁團隊成員均安全無虞。我們在登陸前 24 小時以上就關閉了這兩項業務。結果，我們的人民能夠重新回到安全的位置。

Regarding our assets, our Tampa terminal had no storm surge issues, but the heavy rain filled our tank farm infield and submerged several of our pumps, which will be repaired. We also have some tank insulation damage that will also need to be repaired. Our trucking terminal located in Mulberry had only very minor damage. All in all, we feel very blessed to have experienced minimal impact to our people and to our locations.

關於我們的資產，我們的坦帕碼頭沒有風暴潮問題，但大雨淹沒了我們的油庫內場，並淹沒了我們的幾個泵，這些泵將被修復。我們還有一些儲罐絕緣損壞，也需要修復。我們位於桑樹的貨運碼頭僅受到非常輕微的損壞。總而言之，我們感到非常幸運，因為我們的員工和所在地受到的影響最小。

Now I would like to focus on our overall third quarter operating performance. For the third quarter, we fell short of guidance by $1.3 million as we had adjusted EBITDA of $25.1 million compared to third quarter guidance of $26.4 million. As I mentioned in yesterday's press release, the primary contributor to our guidance shortfall was an increase in expense related to our long-term incentive plans, which are tied to the fair market value of our common units. As a result, we recognized an additional $1.4 million in expense when compared to guidance.

現在我想重點介紹一下我們第三季的整體營運表現。第三季度，我們比指導值低了 130 萬美元，因為我們將 EBITDA 調整為 2,510 萬美元，而第三季度指導值為 2,640 萬美元。正如我在昨天的新聞稿中提到的，我們的指導缺口的主要原因是與我們的長期激勵計劃相關的費用增加，這些計劃與我們普通單位的公平市場價值掛鉤。因此，與指導相比，我們額外確認了 140 萬美元的費用。

Without this expense recognition, we would have exceeded forecast by $0.1 million. The impact of this expense recognition when compared to guidance negatively impacted our terminalling and storage segment by $0.6 million. Both our sulfur services and our specialty products segments by $0.3 million each and our transportation segment by $0.2 million.

如果沒有此項費用確認，我們將超出預測 10 萬美元。與指導相比，這筆費用確認對我們的終端和儲存部門產生了 60 萬美元的負面影響。我們的硫磺服務和特種產品部門各增加 30 萬美元，運輸部門增加 20 萬美元。

Now I would like to break down our adjusted EBITDA performance by each segment. For the third quarter, our largest cash flow generator was once again our transportation segment, which had adjusted EBITDA of $11.6 million compared to guidance of $10.8 million. Within this segment, our land transportation business had a very stable quarter and had adjusted EBITDA of $6.5 million compared to guidance of $6.4 million. We believe this stability will continue in the fourth quarter in this business.

現在我想按每個部門細分調整後的 EBITDA 業績。第三季度，我們最大的現金流來源再次是我們的運輸部門，調整後的 EBITDA 為 1,160 萬美元，而指引值為 1,080 萬美元。在該細分市場中，我們的陸上運輸業務季度表現非常穩定，調整後的 EBITDA 為 650 萬美元，而指導值為 640 萬美元。我們相信該業務的這種穩定性將在第四季度繼續下去。

Our marine transportation business had adjusted EBITDA of $5.1 million compared to guidance of $4.4 million. While our forecasted utilization was on target with guidance, our average inland day rate exceeded forecast by 8%. We continued to see stability in rates due to tightness in the inland market and as a result, expect stable cash flow in this business line in the fourth quarter.

我們的海運業務調整後的 EBITDA 為 510 萬美元，而指引值為 440 萬美元。雖然我們的預測利用率符合指導目標，但我們的平均內陸日利用率超出了預測 8%。由於內陸市場緊張，我們繼續看到費率穩定，因此預計第四季度該業務線的現金流將穩定。

Our next strongest cash flow generator in the third quarter was our terminalling and storage segment, which had adjusted EBITDA of $8.4 million compared to guidance of $9 million. The missing guidance can be entirely attributed to the increased incentive compensation expense of $0.6 million. Without this charge, our terminalling and storage segment was in line with guidance. Looking toward the fourth quarter, we believe both operations and adjusted EBITDA will remain stable for our terminalling and storage segment.

第三季我們下一個最強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 840 萬美元，而指導值為 900 萬美元。指導方針的缺失完全是由於激勵補償費用增加了 60 萬美元。如果沒有這項費用，我們的終端和儲存部門就符合指導方針。展望第四季度，我們相信我們的碼頭和儲存部門的運作和調整後的 EBITDA 將保持穩定。

Our third largest cash flow generator was our specialty products segment, which had adjusted EBITDA of $4.6 million compared to guidance of $6.5 million, a miss of $1.9 million. Excluding the long-term incentive compensation expense charge of $0.3 million, we missed guidance by $1.6 million. This miss was primarily the result of weak performance from both our packaged lubricant and grease business lines. Both groups saw weaker demand for their products than forecasted. We believe this weak demand is being driven by the slowing US economy.

我們的第三大現金流來源是我們的特種產品部門，該部門調整後的 EBITDA 為 460 萬美元，而指導值為 650 萬美元，比指導值少了 190 萬美元。不包括 30 萬美元的長期激勵補償費用，我們比指導值低了 160 萬美元。這項失誤主要是因為我們的包裝潤滑油和潤滑脂業務線表現疲軟。兩個集團的產品需求均低於預期。我們認為需求疲軟是美國經濟放緩所造成的。

Looking toward the fourth quarter, the overall weaker economy combined with the seasonal reduced demand for our lubricant and grease products should result in softer cash flow in the fourth quarter relative to the other three quarters.

展望第四季度，整體經濟疲軟，加上潤滑油和潤滑脂產品需求季節性減少，應會導致第四季現金流較其他三季疲軟。

Finally, I would like to discuss the performance of our sulfur services segment, which had adjusted EBITDA of $4.2 million compared to guidance of $3.7 million. Without the long-term incentive-based compensation charge of $0.3 million, we would have exceeded guidance in this segment by $0.8 million. The pure sulfur side of our sulfur services segment had adjusted EBITDA of $3.7 million compared to guidance of $3.1 million. The primary driver of this outperformance was the strong volume of sulfur production from our Gulf Coast refinery customers. The daily volume of sulfur handled was 12% greater than our forecast as we logistically manage approximately 3,600 tons per day of sulfur production into or through our Beaumont terminals.

最後，我想討論我們硫磺服務部門的業績，該部門調整後的 EBITDA 為 420 萬美元，而指導值為 370 萬美元。如果沒有 30 萬美元的長期激勵薪酬費用，我們將超出該細分市場的指導價值 80 萬美元。我們硫磺服務部門的純硫磺部分調整後的 EBITDA 為 370 萬美元，而指引值為 310 萬美元。這種優異表現的主要驅動因素是墨西哥灣沿岸煉油廠客戶的硫磺產量強勁。由於我們每天對進入或通過博蒙特碼頭的約 3,600 噸硫磺生產進行物流管理，因此每日處理的硫磺量比我們的預測高出 12%。

Looking toward the fourth quarter, subject to any unexpected refinery turnarounds, we remain optimistic that sulfur production from our refinery customers will continue to remain at these higher levels which should allow us to achieve or exceed guidance in the pure sulfur side of the business. Our fertilizer group had adjusted EBITDA of $0.4 million which was $0.3 million less than EBITDA guidance for the third quarter. While the volume of fertilizers sold in the third quarter was 27% less than forecast, we realized an improvement in actual gross margin per ton relative to guidance. This margin improvement was a result of the mix of fertilizer products sold in the third quarter when compared to our forecast. Looking toward the fourth quarter, we anticipate the normal seasonal trough in cash flow relative to the first and second quarters for the fertilizer business.

展望第四季度，如果煉油廠出現任何意外的好轉，我們仍然樂觀地認為煉油廠客戶的硫磺產量將繼續保持在較高水平，這將使我們能夠實現或超過純硫業務方面的指導。我們的化肥集團調整後的 EBITDA 為 40 萬美元，比第三季 EBITDA 指引少了 30 萬美元。雖然第三季化肥銷量比預測少 27%，但我們意識到每噸實際毛利率相對於指引有所改善。與我們的預測相比，利潤率的提高是由於第三季銷售的化肥產品組合所致。展望第四季度，我們預期化肥業務的現金流量相對於第一季和第二季將出現正常的季節性低谷。

Before I turn the call over to Sharon, I would like to make a few comments regarding our pending transaction with Martin Resource Management Corporation. As you know, MRMC approached MMLP with an initial buyout proposal on May 24, 2024, which was reviewed by our Board's Conflicts Committee which consists of three independent directors and was assisted by independent financial and legal advisers. A robust process ensued and the committee negotiated hard on behalf of the unaffiliated unitholders to maximize value. The pending transaction will deliver nearly $1 more per unit than the initial proposal.

在將電話轉給莎倫之前，我想就我們與馬丁資源管理公司的待處理交易發表一些評論。如您所知，MRMC 於 2024 年 5 月 24 日向 MMLP 提出了初步收購提案，該提案經過了由三名獨立董事組成的董事會衝突委員會的審查，並得到了獨立財務和法律顧問的協助。接下來是一個強有力的過程，委員會代表非附屬單位持有者進行了艱苦的談判，以實現價值最大化。待定交易的每單位收益將比最初提案高出近 1 美元。

In the weeks ahead, we will follow a proxy statement with more detail on the transaction and we look forward to engaging with unitholders as we work to secure the necessary approvals to complete the transaction. While we look forward to keeping you all updated until the proxy is filed, we have no more information to share regarding the pending transaction. As such, the focus of our call today will be on our third quarter performance. We ask that you please keep questions focused on our financial and operational performance.

在未來幾週內，我們將遵循一份包含更多交易細節的委託書，我們期待與單位持有人合作，努力獲得完成交易所需的批准。雖然我們期待在提交代理書之前向您通報最新情況，但我們沒有關於待處理交易的更多資訊可分享。因此，我們今天電話會議的重點將是我們第三季的業績。我們要求您將問題集中在我們的財務和營運績效上。

Now I'll turn the call back over to Sharon.

現在我將把電話轉回給莎倫。

Thank you, Bob. As of September 30, 2024, our total long-term debt outstanding was $486.5 million of which $86.5 million was drawn under our revolving credit facility, and the remaining $400 million consists of our second lien 11.5% notes due February 2028. Our available borrowing capacity under our $150 million revolving credit facility was approximately $54.3 million, including a reduction for approximately $9.2 million of issued letters of credit. Our bank compliant adjusted leverage ratio was 4.14 times at the end of the quarter, and interest coverage was 2.23x. While both our total outstanding debt and adjusted leverage increased from the second quarter due to working capital needs, coupled with the August interest payment on our outstanding notes we remain committed to debt reduction and anticipate exiting the year at a debt level that reduces our adjusted leverage to below 4 times.

謝謝你，鮑伯。截至2024 年9 月30 日，我們的長期未償債務總額為4.865 億美元，其中8,650 萬美元是根據我們的循環信貸安排提取的，其餘4 億美元包括我們於2028 年2 月到期的第二留置權11.5% 票據。我們在 1.5 億美元循環信貸額度下的可用借款能力約為 5,430 萬美元，其中已簽發的信用證減少了約 920 萬美元。截至季末，我們的銀行合規調整槓桿率為4.14倍，利息保障倍數為2.23倍。儘管由於營運資金需求，我們的未償債務總額和調整後槓桿率均較第二季度有所增加，再加上八月份未償還票據的利息支付，我們仍然致力於減少債務，並預計今年結束時的債務水準會降低我們調整後的槓桿率至4倍以下。

At the end of the quarter, the partnership was in full compliance with all of our covenants, banking or otherwise. Capital expenditures in the third quarter were $12.5 million, consisting of $8.6 million in maintenance CapEx and $3.9 million in expansion CapEx. The majority of maintenance CapEx during the quarter was associated with regulatory inspection costs on marine equipment and turnarounds at our fertilizer plants. The expansion CapEx was primarily related to improvements to the oleum tower in Plainview, Texas, in support of the ELSA joint venture.

截至本季末，合作夥伴關係完全符合我們的所有契約、銀行契約或其他契約。第三季的資本支出為 1,250 萬美元，其中包括 860 萬美元的維護資本支出和 390 萬美元的擴張資本支出。本季的大部分維護資本支出與船舶設備的監管檢查成本和我們化肥廠的周轉費用有關。擴張資本支出主要與德州普萊恩維尤發煙硫酸塔的改善有關，以支持 ELSA 合資企業。

Our forecast for full year 2024 capital expenditures now totals $57.4 million, down from the previous $58.4 million discussed during the second quarter conference call. We currently anticipate full year maintenance CapEx to be $34.8 million and full year expansion CapEx to be $22.6 million which includes $18.8 million for the ELSA JV either through improvements to the oleum tower or cash contributions for our 10% ownership of the joint venture. As Bob discussed, overall, the partnership performed well in the third quarter, allowing us to maintain our adjusted EBITDA guidance for full year 2024 of $116.1 million. For the fourth quarter, we have adjusted our forecast slightly for both the Marine and Sulfur Services divisions. You will find our 2024 adjusted EBITDA guidance for each individual business under our four reportable segments in the presentation attached to yesterday's earnings press release. That concludes my remarks for today, and I will turn it back over to Audra for Q&A.

我們對 2024 年全年資本支出的預測目前總計為 5,740 萬美元，低於第二季電話會議期間討論的 5,840 萬美元。我們目前預計全年維護資本支出為3,480 萬美元，全年擴張資本支出為2,260 萬美元，其中包括透過改進發煙硫酸塔或為我們持有合資企業10% 所有權的現金出資而用於ELSA 合資企業的1,880 萬美元。正如鮑伯所討論的，總體而言，該合作關係在第三季度表現良好，使我們能夠維持 2024 年全年調整後 EBITDA 指導價值 1.161 億美元。對於第四季度，我們略微調整了對海洋和硫磺服務部門的預測。您可以在昨天的收益新聞稿所附的簡報中找到我們四個可報告部門下每個業務的 2024 年調整後 EBITDA 指導。我今天的發言到此結束，我將把它轉回奧德拉進行問答。

(Operator Instructions) We'll take our first question from Selman Akyol at Stifel.

（操作員說明）我們將回答 Stifel 的 Selman Akyol 提出的第一個問題。

This is Tim on for Selman. I appreciate you taking my call. So I just wanted to start off in Florida, and I appreciate the update, and I'm glad the personnel are all okay. But just wanted to kind of see if this will have any implications for the remainder of the year as far as cash flow from those assets and potentially any capital that needs to be allocated to kind of fix some of the minor damage there?

這是塞爾曼的提姆。感謝您接聽我的電話。所以我只想從佛羅裡達開始，我很欣賞這個更新，我很高興工作人員都沒事。但只是想看看這是否會對今年剩餘時間產生任何影響，就這些資產的現金流以及可能需要分配的任何資本來修復那裡的一些輕微損害？

Tim, this is Randy. Our Tampa terminal did sustain a little bit of damage installation of some of the tanks. Pumps are going to have to be repaired. So we're going to have a CapEx outlay of somewhere between $0.5 million and $1 million over the fourth quarter and first quarter to cover those expenses. Other than that, we don't expect much impact commercially.

提姆，這是蘭迪。我們的坦帕碼頭確實對一些儲罐的安裝造成了一些損壞。泵必須修理。因此，我們將在第四季和第一季支出 50 萬至 100 萬美元的資本支出來支付這些費用。除此之外，我們預計不會產生太大的商業影響。

Got it. I appreciate that. And then I guess jumping over to ELSA. Just wanted to get any updates there, everything still on track? And then has there been any other indications from Samsung on potential future prospects for growth out of that JV?

知道了。我很欣賞這一點。然後我想跳到 ELSA。只是想在那裡獲得任何更新，一切都在正軌上嗎？那麼三星是否有任何其他跡象表明該合資企業未來的潛在成長前景？

Yes. So the ELSA plant was supposed to begin taking feedstock from Martin in August. We talked about that the last call in July. It hasn't taken feedstock yet. We're ready to provide the feedstock as soon as DSM is ready to take it.

是的。因此，ELSA 工廠原定於 8 月開始從馬丁公司取得原料。我們在七月的最後一次電話會議上討論過這個問題。它還沒有獲取原料。一旦帝斯曼準備好接收原料，我們就準備好提供。

We expect that to be within the month of October. So -- but I'm told not this week. So next week, it should be ready to start taking the feedstock, and that's going to start the whole process of producing ELSA, testing the ELSA, improving their processes and then qualifying it with the customers. So that is imminent.

我們預計這將在 10 月內完成。所以——但我被告知這週不會。因此，下週，它應該準備好開始獲取原料，這將開始生產 ELSA、測試 ELSA、改進工藝，然後與客戶一起驗證其資格的整個過程。所以這迫在眉睫。

In terms of the sales program, I think the sales program is likely to be delayed from what we thought it was going to be. You've probably seen the news articles out there on delays. We've seen some public announcements for that. I think sales in 2025 probably are not going to be as robust as we were hoping they would be. And until we see that development, there's probably not going to be much discussion around the next plant because we need to make sure this plant is commercial first.

就銷售計劃而言，我認為銷售計劃可能會比我們預期的要推遲。您可能已經看過有關延誤的新聞文章。我們已經看到了一些相關的公告。我認為 2025 年的銷售可能不會像我們希望的那樣強勁。在我們看到這一進展之前，可能不會對下一個工廠進行太多討論，因為我們需要確保工廠首先實現商業化。

And I'll add one more comment is that we do have a reservation fee that does begin October 1 that will be earned. But to Randy's point, the sales of the actual ELSA to the customers will be most likely muted for a while.

我要補充一點的是，我們確實從 10 月 1 日開始收取預訂費。但蘭迪認為，真正的 ELSA 向客戶的銷售很可能會在一段時間內保持沉默。

Understood. And then I guess, turning to the barge business that you guys have kind of highlighted strength there, and it's certainly outperformed, but just kind of curious on what you're currently seeing for rates and any updates to contracting there?

明白了。然後我想，轉向駁船業務，你們在那裡有突出的力量，而且它肯定表現出色，但只是對你們目前看到的費率和合約的任何更新感到好奇？

Yes. So the rates are currently $11,000 to $11,500 a day, which is a couple of thousand dollars greater than it was a year ago and the clean rates are currently $9,600 to $9,800 per day, which is on par of where it was a year ago. So we've seen a continued rise in the heated rates. We've seen stable over the last year in the clean rates now. What we are seeing now is a stable market for the unit rates.

是的。因此，目前的費率是每天 11,000 美元到 11,500 美元，比一年前增加了數千美元，而清潔費率目前是每天 9,600 美元到 9,800 美元，與一年前持平。因此，我們看到加熱率持續上升。我們看到去年的清潔率保持穩定。我們現在看到的是單位費率的穩定市場。

We don't see those rates continuing to rise at least through the winter months. They've stabilized out. But we expect that business to do very well in the fourth quarter and the first quarter.

我們認為至少在整個冬季這些利率不會繼續上升。他們已經穩定下來了。但我們預計該業務在第四季和第一季將表現出色。

In terms of the term of the rates, we have one of our third-party tows in dry dock. Other than that, we had 50% of our tows locked up on term into 2025. I think some of those are 5, some of those are 12 months long, yet remaining. And then we have 20% of our remaining fleet on a term contract that is coming to its end during the next 30 or 45 days, and those rates were being negotiated. The rest of them are on spot.

就費率而言，我們在乾船塢中有一艘第三方拖車。除此之外，我們 50% 的拖車已鎖定到 2025 年。我認為其中有些是 5 個月，有些是 12 個月，但還剩下。然後，我們剩餘機隊中 20% 的定期合約將在未來 30 或 45 天內到期，這些費率正在協商中。其餘人都在現場。

Got it. And then one last one, if I could. And I understand if you guys can't answer it. But just regarding the proposed merger, will the vote be kind of a simple majority? Or will it be a majority of the holders outside of inside ownership?

知道了。如果可以的話，還有最後一張。如果你們無法回答，我也能理解。但就擬議的合併而言，投票是否會是簡單多數？還是內部所有權之外的大多數持有人？

Yes. That will be a simple majority vote.

是的。這將是簡單多數票。

We'll move next to Kyle May at Sidoti.

我們將搬到西多蒂的凱爾·梅旁邊。

So I appreciate it's too soon for formal guidance next year, but just wondering if you can give us any preliminary thoughts about capital spend in 2025 just given we're probably getting wrapped up on the capital needed for ELSA. So just curious kind of preliminary thoughts about next year.

因此，我很高興明年給予正式指導，但只是想知道您能否為我們提供有關 2025 年資本支出的初步想法，因為我們可能正在忙於 ELSA 所需的資本。所以只是對明年有點好奇的初步想法。

Yes. So from a growth capital perspective, not near as significant as what we saw this year because of the ELSA. The ELSA still has a few dollars to spend but I think somewhere in the ballpark of $1 million as we believe and will be done with everything we committed to on that project. From a maintenance perspective, we haven't -- really haven't gotten to our budgeting process yet. I will tell you, we don't right now have a planned refinery turnaround for next year, and we have less barges going to the shipyard next year.

是的。因此，從成長資本的角度來看，由於 ELSA，這並不像我們今年看到的那麼重要。ELSA 仍有幾美元可花，但我認為大約 100 萬美元，因為我們相信並將完成我們在該項目上承諾的一切。從維護的角度來看，我們還沒有——真的還沒有進入我們的預算流程。我會告訴你，我們現在沒有計劃明年的煉油廠檢修，明年前往造船廠的駁船也減少了。

So I would think that we would be under the $34.8 million that looks like we're going to achieve this year. But we don't -- we haven't done enough yet to talk with any certainty around that.

因此，我認為今年我們將實現 3,480 萬美元的目標。但我們還沒有——我們還沒有做足夠的事情來對此進行任何確定性的討論。

Okay. Great. That's helpful. And then another question on the ELSA project. I believe previously, you've indicated that once it's fully operational, it could generate about $6 million on an annual basis for Martin.

好的。偉大的。這很有幫助。然後是關於 ELSA 計畫的另一個問題。我相信您之前曾表示，一旦全面投入運營，每年可為馬丁帶來約 600 萬美元的收入。

Can you give us an update on your outlook maybe first on that total amount, once it's fully operational, is that $6 million still a good figure. And then with the slowdown next year, just kind of how you're thinking about that progression to that full run rate?

您能否向我們介紹一下您的展望的最新情況，也許首先是總金額，一旦全面投入使用，600 萬美元仍然是一個不錯的數字。然後，隨著明年經濟放緩，您如何看待全面運作率的進展？

Yes. So as Bob commented, we're getting the reservation fee starting this month. And then when we originally ran the economics and value the ELSA. When the ELSA gets sold to the consumers, about 60% to 70% of the value in the project would come with the reservation fee and the other 30% to 40% would come depending upon the ultimate sales price we get in the volume we would sell. So I would say for 2025, again, we're working on our budget for next year.

是的。正如鮑伯所說，我們將從本月開始收取預訂費用。然後當我們最初運行經濟學並評估 ELSA 時。當 ELSA 出售給消費者時，專案價值的約 60% 至 70% 將包含預訂費，另外 30% 至 40% 將取決於我們獲得的最終銷售價格。所以我想說，對於 2025 年，我們正在製定明年的預算。

We're relying -- remember, we're a minority in this, we're relying on our marketer, Samsung to feed us with that information. We don't have good information yet what their expectations are around 2025.

我們依靠——記住，我們在這方面是少數，我們依靠我們的行銷人員三星向我們提供這些資訊。我們還沒有確切的訊息，他們對 2025 年左右的期望是什麼。

We'll move next to Patrick Fitzgerald at Baird.

我們將搬到貝爾德的帕特里克·菲茨杰拉德旁邊。

So I guess the guidance implies that you're going to have about $55 million or so of borrowings on the revolver at the end of the year. Is that fair?

所以我猜這個指導意味著到年底你將有大約 5500 萬美元左右的左輪手槍借款。這樣公平嗎？

Yes. I think we're going to end up somewhere between $55 million and $60-ish million at year-end.

是的。我認為到年底我們的收入將在 5500 萬美元到 6000 萬美元之間。

Okay. But -- and then the free cash flow outlook, I guess, given your commentary in the last question about CapEx no major projects. Your free cash flow generation will be improved in 2025. Is that fair?

好的。但是，考慮到您在上一個問題中關於資本支出的評論，我想自由現金流前景沒有重大項目。您的自由現金流產生量將在 2025 年改善。這樣公平嗎？

Yes, sir, that's fair. We think -- well, we haven't got our projections out there, but probably somewhere in the neighborhood of $30 million.

是的，先生，這很公平。我們認為——好吧，我們還沒有做出預測，但可能在 3000 萬美元左右。

Awesome. And then just on the acquisition financing. I think there's some confusion out there of how it relates to the MMLP debt structure. So if you could just -- I mean, I don't really think that's a question that would be prohibited, but maybe this, but if you could just talk about like the financing and how it impacts MMLP that would be helpful.

驚人的。然後就是收購融資。我認為它與 MMLP 債務結構的關係存在一些混亂。所以，如果你能——我的意思是，我真的不認為這是一個被禁止的問題，但也許是這樣，但如果你能只是談論融資以及它如何影響 MMLP，那將會有所幫助。

Sure. As far as MMLP, nothing at the MMLP level will change related to our capital structure after the transaction is closed, should it close. So our notes remain outstanding and our credit facility remains outstanding. And we don't -- I believe the credit facility matures in 27 and the notes mature in '28. But there is no consideration at this moment for anything changing within either of those two facilities.

當然。就 MMLP 而言，交易結束後（如果交易結束），與我們的資本結構相關的 MMLP 層級不會發生任何變化。因此，我們的票據仍然未償還，我們的信貸額度也仍然未償還。我相信信貸安排將於 27 年到期，而票據將於 28 年到期。但目前沒有考慮這兩個設施中的任何一個發生任何變化。

And you're not borrowing anything at MMLP to help finance the acquisition, right?

而且您並沒有從 MMLP 借任何東西來幫助融資收購，對吧？

That's correct. No, we are not.

這是正確的。不，我們不是。

Okay. And I guess the only like potential headwind is the -- one of your -- because you have a relationship on, I think, the Smackover Refinery, the Martin resource would just be, I guess, a little bit more levered?

好的。我想唯一的潛在逆風是──你的一個──因為我認為你與斯馬科弗煉油廠有關係，我想馬丁資源的槓桿作用會更大一點？

I'm not sure I understand the question, but I'll go back to the contracts. We have numerous contracts between MRMC and MMLP that are outstanding and will continue to be outstanding. Those have been negotiated prior to this deal and have gone through MMLP's conflicts committee for approval. And then on the MRMC side, they have their own financing, which will be effective with the finalization of the buyout.

我不確定我是否理解這個問題，但我會回到合約。MRMC 和 MMLP 之間有許多尚未履行並將繼續履行的合約。這些內容已在本次交易之前進行了協商，並已通過 MMLP 衝突委員會的批准。然後在 MRMC 方面，他們有自己的融資，這將在收購完成後生效。

All right. And then what would be the -- would there be a kind of increased need to distribute cash up to MRMC so that they could deal with their financing or how that work?

好的。那麼，是否會增加向 MRMC 分配現金的需求，以便他們能夠處理融資問題，或者融資如何運作？

So MRMC as the sole unitholder again, depending on whether or not the deal closes, which is subject to a unitholder vote, MRMC would at that time, be the recipient of any distributions that MMLP should choose to make when they are able to or when we are able to, under the constraints of our current revolving credit facility and the indenture under the notes.

因此，MRMC 再次成為唯一的單位持有人，具體取決於交易是否完成（這取決於單位持有人的投票），屆時MRMC 將成為MMLP 在有能力或在有能力時應選擇進行的任何分配的接收者在我們目前的循環信貸安排和票據下的契約的限制下，我們能夠做到這一點。

And that concludes our Q&A session for today. I will now turn the conference back over to Bob Bondurant for closing remarks.

今天的問答環節就到此結束。我現在將把會議轉回給鮑勃·邦杜蘭特（Bob Bondurant）做閉幕詞。

In closing, I'd like to thank you again for participating in our call today. Circling back to the merger agreement with MRMC, I'll reiterate that we will file a proxy statement in the coming weeks which we'll provide more detail on the transaction. But until the proxy is filed, we have no more information to share. Thanks again, and have a great day.

最後，我要再次感謝您參加我們今天的電話會議。回到與 MRMC 的合併協議，我要重申，我們將在未來幾週內提交一份委託書，其中我們將提供有關交易的更多細節。但在提交委託書之前，我們沒有更多資訊可以分享。再次感謝，祝您有美好的一天。

This concludes today's conference call. Again, thank you for your participation. You may now disconnect.

今天的電話會議到此結束。再次感謝您的參與。您現在可以斷開連線。