Natural Resource Partners L.P. (NRP) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Natural Resource Partners first-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Natural Resource Partners 2026 年第一季財報電話會議。(接線員指示)

I will now hand the conference over to Tiffany Sammis, Investor Relations. Tiffany, please go ahead.

現在我將把會議交給投資人關係部的 Tiffany Sammis。Tiffany，請開始。

Thank you. Good morning, and welcome to the Natural Resource Partners first-quarter 2026 conference call. Today's call is being webcast, and a replay will be available on our website. Joining me today are Craig Nunez, President and Chief Operating Officer; Chris Zolas, Chief Financial Officer; and Kevin Craig, Executive Vice President.

謝謝。各位早安，歡迎參加 Natural Resource Partners 2026 年第一季電話會議。今天的會議將以網路直播，並可於我們的網站收看重播。今天與我一同出席的有：總裁兼營運長 Craig Nunez；財務長 Chris Zolas；以及執行副總裁 Kevin Craig。

Some of our comments today may include forward-looking statements reflecting NRP's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements. These risks are discussed in NRP's Form 10-K and other Securities and Exchange Commission filings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

我們今天的部分評論可能包含前瞻性陳述，反映 NRP 對未來事件的看法。這些事項涉及風險與不確定性，可能導致我們的實際結果與前瞻性陳述存在重大差異。相關風險已於 NRP 的 Form 10-K 及其他向美國證券交易委員會提交的文件中討論。我們不承擔因任何原因公開修訂或更新任何前瞻性陳述的義務。

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP measures are included in our first (technical difficulty) intend to discuss the operations or outlook for any particular coal lessee or detailed market fundamentals.

我們今天的評論也包含非 GAAP 財務衡量指標。更多細節以及與最直接可比的 GAAP 指標之調節，已包含在我們的第一（技術問題）我們無意討論任何特定煤炭承租戶的營運或展望，或詳細的市場基本面。

Now I would like to turn the call over to Craig Nunez, our President and Chief Operating Officer.

現在我想把電話交給我們的總裁兼營運長 Craig Nunez。

Thank you, Tiffany, and good morning, everyone. I would like to start off by apologizing in advance for my voice. I'm a little under the weather today, and I will do my best to speak clearly so you'll be able to understand me.

謝謝你，Tiffany，各位早安。我想先為我的聲音先行致歉。我今天身體有點不適，我會盡力清楚地發言，讓各位能聽得懂。

NRP generated $34 million of free cash flow in the first quarter of 2026 and $167 million of free cash flow over the last 12 months before accounting for the $39 million capital investment we made into our Soda Ash business during the quarter. Metallurgical and thermal coal producers continue to operate in challenging conditions, while soda ash producers are struggling amid what is arguably the most significant global supply glut in a generation.

NRP 在 2026 年第一季創造了 3,400 萬美元的自由現金流；過去 12 個月的自由現金流為 1.67 億美元（尚未計入本季我們對純鹼業務投入的 3,900 萬美元資本投資）。冶金煤與動力煤生產商仍在充滿挑戰的環境中營運；而純鹼生產商則在可說是一代以來最嚴重的全球供給過剩下苦苦支撐。

To date, we have not experienced any material impact on our Mineral Rights segment from the war in Iran. However, the closure of the Strait of Hormuz has caused some European countries to look at delaying coal plant phaseouts to ensure power security, similar to ongoing discussions in the United States.

截至目前，我們的礦權事業部尚未因伊朗戰爭而受到任何重大影響。然而，荷姆茲海峽的關閉已使部分歐洲國家考慮延後淘汰燃煤電廠，以確保電力安全，這與美國目前持續進行的討論類似。

US metallurgical coal prices are realizing a modest benefit from increased demand for safe haven domestically produced steel. At the same time, sharply higher diesel and shipping costs are compressing producer margins and any slowdown in global industrial activity resulting from elevated energy prices could put downward pressure on steel demand and metallurgical coal pricing.

美國冶金煤價格因國內對「避險」的本土鋼材需求增加而獲得些許支撐。同時，柴油與航運成本大幅上升正在壓縮生產商利潤；而若因能源價格高企導致全球工業活動放緩，可能對鋼鐵需求與冶金煤價格造成下行壓力。

There is another second order effect worth noting. Higher oil prices may also lead to increased US oil production and greater volumes of associated natural gas. Given the limits of LNG export capacity, a portion of this gas may become stranded domestically, placing downward pressure on North American natural gas prices and in turn, on thermal coal demand and pricing. Commodity markets have a way of solving one problem by creating another.

另外還有一個值得注意的第二層效應。較高的油價也可能帶動美國原油增產，並增加伴生天然氣的產量。鑑於 LNG 出口能力受限，其中一部分天然氣可能被迫滯留於國內，對北美天然氣價格造成下行壓力，進而壓抑動力煤需求與價格。商品市場往往會用製造另一個問題的方式來解決一個問題。

In the soda ash market, higher energy and transportation costs, combined with war-related slowdowns in construction activity, particularly across Asia, have worsened condition for an industry already burdened by oversupply. While lower-cost US producers may ultimately gain market share as higher cost competitors struggle, we have not yet seen clear evidence of this shift. In short, the war in Iran has taken an already difficult outlook for Soda Ash and made it worse.

在純鹼市場方面，能源與運輸成本上升，再加上戰爭相關因素導致建築活動放緩（尤其在亞洲），使得原本已受供給過剩拖累的產業環境進一步惡化。雖然成本較低的美國生產商最終可能在高成本競爭者承壓之際取得市占率，但我們尚未看到這種轉變的明確證據。簡言之，伊朗戰爭讓原本已相當艱難的純鹼展望雪上加霜。

Despite these headwinds, NRP continues to generate substantial cash flow and remains on track with our deleveraging strategy. Although outstanding debt increased to $73 million during the quarter as we funded the $39 million investment in Sisecam Wyoming. we subsequently reduced debt to $60 million by quarter end and have paid it down to $45 million as of today.

儘管面臨這些逆風，NRP 仍持續產生可觀的現金流，並按計畫推進我們的去槓桿策略。雖然本季因我們對 Sisecam Wyoming 投入 3,900 萬美元而使未償債務增加至 7,300 萬美元，但我們隨後在季末將債務降至 6,000 萬美元，且截至今日已償還至 4,500 萬美元。

Our objective is straightforward, pay off debt so that more cash can ultimately flow to unitholders.

我們的目標很明確：償還債務，讓更多現金最終能流向單位持有人。

Before the conflict in Iran, both metallurgical and thermal coal markets were showing early signs of stabilization. While we cannot say with confidence that coal prices have reached a cyclical bottom, there are indications that the worst may be behind us.

在伊朗衝突之前，冶金煤與動力煤市場都已出現初步的穩定跡象。雖然我們無法有把握地說煤價已觸及景氣循環底部，但有跡象顯示最糟的情況可能已經過去。

Looking ahead, my primary concern remains our Soda Ash business. Despite being one of the lowest cost producers globally, Sisecam Wyoming is currently struggling to generate positive free cash flow. While we were early to call for a soda ash downturn, I underestimated both its severity and duration. Our prior stress testing did not envision a decline of this magnitude. Had you asked me a year ago whether we would be making a capital infusion earlier this year, I would have said no.

展望未來，我最主要的擔憂仍是我們的純鹼業務。儘管 Sisecam Wyoming 是全球成本最低的生產商之一，但目前仍難以產生正的自由現金流。雖然我們很早就預判純鹼將進入下行週期，但我低估了其嚴重程度與持續時間。我們先前的壓力測試並未設想會出現如此幅度的下滑。如果你在一年前問我，我們是否會在今年稍早進行資本挹注，我會回答不會。

We are re-evaluating our assumptions regarding global soda ash markets in general and Sisecam Wyoming in particular. Recent events have demonstrated that even low-cost producers like us are not immune to prolonged adverse conditions.

我們正在重新評估對全球純鹼市場（整體）以及 Sisecam Wyoming（個別）的假設。近期事件顯示，即便像我們這樣的低成本生產商，也無法免於長期不利環境的影響。

Since acquiring our interest in Sisecam Wyoming 13 years ago, NRP has received $0.5 billion in distributions so far. Annual distributions have ranged widely from a low of negative $39 million to a high of $81 million, averaging roughly $38 million per year. As of today, those distributions already received -- have already delivered to NRP an 11% compound annualized return and a 1.6 to 1 multiple on our investment.

自 13 年前取得我們在 Sisecam Wyoming 的權益以來，NRP 至今已收到 5 億美元的分配。年度分配金額波動很大，最低為負 3,900 萬美元，最高為 8,100 萬美元，平均約每年 3,800 萬美元。截至今日，這些已收到的分配——已為 NRP 帶來 11% 的年複合報酬率，以及相當於投資額 1.6 倍的回收倍數。

Those calculations assign zero residual value for our interest in Sisecam Wyoming. In reality, the reserve information filed with our Form 10-K indicates that at current production levels, Sisecam Wyoming has approximately 50 years of remaining reserves. Simply extrapolating historical average distributions over the 50-year remaining reserve life would equate to roughly $1.9 billion of potential future distributions to NRP, an unusually long runway for a natural resource asset and an important component of NRP's intrinsic value.

上述計算對我們在 Sisecam Wyoming 的權益賦予零的剩餘價值。但實際上，我們在 Form 10-K 中申報的儲量資訊顯示，以目前的產量水準，Sisecam Wyoming 約有 50 年的剩餘儲量。若僅以歷史平均分配額外推至剩餘 50 年的儲量年限，將相當於 NRP 未來可能獲得約 19 億美元的分配；對天然資源資產而言，這是異常長的可見期間，也是 NRP 內在價值的重要組成。

While our internal evaluation of our interest in Sisecam Wyoming is more detailed than that, incorporating projected pricing, cost, capital expenditures and the time value of money through discounted cash flow and internal rate of return calculations, these high-level numbers give you an idea of our view of the economic characteristics of that investment.

雖然我們對 Sisecam Wyoming 權益的內部評估比上述更為細緻，納入了預估價格、成本、資本支出，以及透過折現現金流與內部報酬率計算所反映的貨幣時間價值，但這些高層次數字可讓各位了解我們對該投資經濟特性的看法。

Before turning it over to Chris to cover the financial results, I'd like to leave you with three key takeaways.

在交給 Chris 說明財務結果之前，我想先留給各位三個重點結論。

Number one, NRP's financial health is not dependent on the success of Sisecam Wyoming. Our balance sheet is strong, liquidity is ample and free cash flow generation is exceptionally robust at this stage in the commodity price cycle. Preserving this hard-earned financial strength is our top priority.

第一，NRP 的財務健全狀況並不取決於 Sisecam Wyoming 的成功。我們的資產負債表強勁、流動性充裕，且在本商品價格循環的此一階段，自由現金流的創造能力格外強勁。維持這份來之不易的財務實力是我們的首要優先事項。

Number two, we remain on track to increase NRP unitholder distributions this year, but continue to caution that challenging environments for all three of our key commodities, particularly soda ash, increase the likelihood that some event or combination of events could push that timing back. I expect we will increase distributions in November, but will not be surprised if something happens to cause that to be delayed. We will continue to update you each quarter with our latest thinking.

第二，我們仍按計畫在今年提高 NRP 單位持有人分配，但也持續提醒，三項核心商品的環境皆具挑戰性，尤其是純鹼，這提高了某些事件或多項事件組合可能使時點延後的機率。我預期我們會在 11 月提高分配，但若發生某些事情導致延後，我也不會感到意外。我們將在每一季持續向各位更新我們最新的看法。

And number three, decisions to invest additional capital in Sisecam Wyoming will be evaluated through the same lens we would apply to all investments, maximizing NRP's intrinsic value per unit while maintaining a conservative bias and an appropriate margin of safety. Put simply, every dollar invested is a dollar that cannot be distributed to NRP unitholders today, and that trade-off must be justified by compelling returns on capital and the expectation of higher unitholder distributions in the future.

第三，是否對 Sisecam Wyoming 追加投資資本，將以我們評估所有投資時相同的角度來衡量：在維持保守偏好與適當安全邊際的同時，最大化 NRP 每單位的內在價值。簡言之，每投入 1 美元，就代表今天少了 1 美元可分配給 NRP 單位持有人；這項取捨必須以具吸引力的資本報酬，以及未來更高的單位持有人分配之預期來加以正當化。

For those of you who are new to NRP, I refer you to the unitholder letters in our annual reports for more information on our investment philosophy and approach to capital allocation.

對於剛認識 NRP 的各位，我建議參閱我們年報中的單位持有人信函，以取得更多關於我們投資理念與資本配置方法的資訊。

With that, I'll turn it over to Chris now to cover the financials.

接下來，我把時間交給 Chris 來說明財務狀況。

Thank you, Craig. For 2026, NRP generated $20 million of net income and $33 million of operating cash flow. NRP's free cash flow in the first quarter of 2026 was negative $5 million, which takes into account the $39 million capital investment into Sisecam Wyoming.

謝謝你，Craig。2026 年，NRP 產生 2,000 萬美元的淨利，以及 3,300 萬美元的營運現金流。NRP 在 2026 年第一季的自由現金流為負 500 萬美元，其中已納入對 Sisecam Wyoming 的 3,900 萬美元資本投資。

Of these consolidated amounts, our Mineral Rights segment generated $34 million of net income, $42 million of operating cash flow and $43 million of free cash flow in the first quarter. When compared to the prior year first quarter, Mineral Rights segment net income decreased $12 million and operating cash flow and free cash flow each decreased $1 million.

在這些合併金額中，我們的礦產權利（Mineral Rights）部門於第一季貢獻 3,400 萬美元淨利、4,200 萬美元營運現金流，以及 4,300 萬美元自由現金流。與前一年第一季相比，礦產權利部門淨利減少 1,200 萬美元，營運現金流與自由現金流各減少 100 萬美元。

The decrease in net income was primarily due to lower metallurgical and thermal coal sales volumes as compared to the prior-year period and increased depletion rates at certain thermal properties. The declines in operating and free cash flow were also primarily due to lower metallurgical and thermal coal sales volumes, partially offset by higher recoupments of prior-period minimum payments in the first quarter of 2025 compared to the first quarter of this year.

淨利下滑主要是因為相較前一年同期，冶金煤與動力煤銷售量較低，以及部分動力煤資產的折耗率提高。營運現金流與自由現金流的下滑也主要源於冶金煤與動力煤銷售量較低，但部分被 2025 年第一季相較今年第一季較高的前期最低付款追收（recoupments）所抵銷。

Regarding our met thermal coal royalty mix, metallurgical coal made up approximately 65% of our coal royalty revenues and 45% of coal royalty sales volumes in the first quarter of 2026. For our Soda Ash segment, net income for the first quarter decreased $12 million compared to the prior year quarter. This decrease was driven by lower sales prices and volumes due to the oversupplied international soda ash market and weakened demand for flat glass.

就我們的冶金／動力煤權利金組合而言，2026 年第一季冶金煤約占煤炭權利金收入的 65%，並占煤炭權利金銷售量的 45%。至於我們的純鹼（Soda Ash）部門，第一季淨利較前一年同期減少 1,200 萬美元。此一減少係因國際純鹼市場供給過剩，以及平板玻璃需求走弱，導致銷售價格與銷售量下滑。

Operating cash flow decreased $3 million and free cash flow decreased $42 million when compared to the prior year period. These decreases were due to not receiving a distribution in the first quarter of 2026 as compared to receiving $3 million of distributions in the first quarter of 2025. In addition, free cash flow was further impacted by the $39 million capital investment made in Sisecam Wyoming in the first quarter of 2026.

與前一年同期相比，營運現金流減少 300 萬美元，自由現金流減少 4,200 萬美元。這些減少是因為 2026 年第一季未收到分配，而 2025 年第一季則收到 300 萬美元分配。此外，自由現金流亦進一步受到 2026 年第一季對 Sisecam Wyoming 進行 3,900 萬美元資本投資的影響。

In March of this year, NRP and Sisecam Wyoming's managing partner made a capital investment into Sisecam Wyoming and NRP's pro-rata share was just $39 million. NRP does not expect distributions from Sisecam Wyoming to resume until soda ash market demand rebounds or there is a significant supply response to this weakened market.

今年 3 月，NRP 與 Sisecam Wyoming 的管理合夥人對 Sisecam Wyoming 進行資本投資，而 NRP 按比例分攤的份額為 3,900 萬美元。NRP預期在純鹼市場需求回升，或此一疲弱市場出現顯著供給面回應之前，Sisecam Wyoming 不會恢復分配。

Moving to our Corporate and Financing segment. Q1 2026 net income, operating cash flow and free cash flow each improved $3 million as compared to the prior-year period. These improvements to the Corporate and Financing segment were due to less debt outstanding, resulting in lower interest costs and less cash paid for interest.

接著談我們的公司與融資（Corporate and Financing）部門。2026 年第一季的淨利、營運現金流與自由現金流，相較前一年同期各改善 300 萬美元。公司與融資部門的改善，係因未償債務較少，導致利息成本降低，且支付的利息現金減少。

Regarding our quarterly distributions, in February this year, we paid the fourth-quarter distribution of $0.75 per common unit. In March, we paid a special cash distribution of $0.12 per common unit to help cover unitholder tax liabilities associated with owning NRP's units in 2025. And today, we announced our first-quarter distribution of $0.75 per common unit to be paid later this month.

關於我們的季度分配，今年 2 月我們支付了每普通單位 0.75 美元的第四季分配。3 月，我們支付了每普通單位 0.12 美元的特別現金分配，以協助涵蓋單位持有人因於 2025 年持有 NRP 單位所產生的稅負。而在今天，我們宣布第一季分配為每普通單位 0.75 美元，將於本月稍晚支付。

And with that, I'll turn the call over to our operator for questions.

接下來，我把電話會議交給接線員進行提問。

(Operator Instructions) [Steven Balsam], Yellowgate Investment Management.

(接線員指示) [Steven Balsam]，Yellowgate Investment Management。

Can you discuss the minus $7.8 million loss on the equity and earnings from the Soda Ash segment? Was that a cash loss? Or does it include interest? Maybe if you could just give a little bit more detail on that.

你能談談純鹼部門權益法損益中的負 780 萬美元虧損嗎？那是現金虧損嗎？還是包含利息？如果可以的話，能否再多提供一些細節。

Sure. No, that was -- that was our proportionate share of their net income during the first quarter. So that was their operating results. That includes all cash and noncash amounts. That's the US GAAP number.

當然。不，那是——那是我們按比例認列他們第一季的淨利（損）份額。所以那是他們的營運結果。其中包含所有現金與非現金項目。那是美國 GAAP 的數字。

Understood. So that means the total loss would have been double that. And I guess I'm trying to get a sense of whether that included any impairments or whether that was sort of represented by -- I guess, maybe if you have an idea, I know it comes in the financial statements, what the gross loss would have been like.

了解。所以那表示總虧損會是那個數字的兩倍。我想掌握的是，裡面是否包含任何減損，或那是否大致反映——我想，或許如果你有概念的話，我知道這會在財報裡揭露，整體（gross）虧損大概會是什麼樣子。

Yeah. We have a footnote in our 10-Q that you'll see later here today that will disclose anything significant, but there was no significant onetime items that were in the net income amount.

是的。我們在 10-Q 裡有一則附註，你今天稍晚會看到，會揭露任何重大事項，但淨利（損）金額中沒有任何重大的單次性項目。

Okay. I'll take a look for that. Also talked that coal sales volumes this quarter were down about 20%, 21% versus the prior year, also down versus fourth quarter. Just my quick look, it looks like Illinois Basin was down a lot, Northern Powder River and Gulf Coast.

好的。我會去看那個。另外也提到本季煤炭銷售量較去年同期下降約 20%、21%，也較第四季下降。我快速看了一下，似乎伊利諾伊盆地（Illinois Basin）降幅很大，北部粉河盆地（Northern Powder River）以及墨西哥灣沿岸（Gulf Coast）也是。

Was that -- anything there that you see going forward? Do you have a sense of -- obviously, you guys don't have the production forecast, but do you have a sense of -- was there anything in particular going on there or what you think what things should look like for the year ahead?

那是——你們對未來有看到什麼嗎？你們是否有一些概念——當然，你們不提供產量預測，但你們是否有一些概念——那裡是否有任何特別的情況，或你們認為未來一年整體情況應該會是什麼樣子？

Well, as you know, we don't talk about any lessees particularly. And when we talk about Illinois Basin, we only have one lessee. But we didn't see -- there was not a systemic problem in Illinois Basin that resulted in lower production.

嗯，如你所知，我們不會特別談論任何承租人。而當我們談到伊利諾伊盆地時，我們只有一個承租人。但我們沒有看到——伊利諾伊盆地並不存在導致產量下降的系統性問題。

It was really an issue of mining on adjacent land that was not owned -- had minerals that were not owned by us during the period, and you'll see that happen sometimes. You'll see our production volumes drop and increase rather dramatically from period to period as the operator moves from adjacent property on to us and back off of us again.

這其實是因為在相鄰土地上採礦，而那段期間該土地並非我們所有——其礦產權並不屬於我們；你有時候會看到這種情況。當營運商從相鄰地塊移到我們的地塊、再移回去時，你會看到我們的產量在不同期間之間相當明顯地下滑或回升。

Got it. So nothing systematic.

了解。所以不是系統性的問題。

Correct.

正確。

Great. I just wanted to have another financial statement question, a quick one is in the cash flow statements for cash flow from financing, there was $8.6 million spent during the quarter just on other items net. Can you talk about what that was?

很好。我還有一個財務報表的問題，簡單問一下：在現金流量表的籌資活動現金流中，本季在「其他項目（淨額）」上支出了860萬美元。可以談談那是什麼嗎？

Sure. The biggest item there is taxes associated with equity awards. So when we settle equity awards, they get net settled and those taxes get paid by NRP.

當然。其中最大的一項是與股權獎勵相關的稅款。所以當我們結算股權獎勵時，會以淨額結算，而那些稅款由NRP支付。

That happens every first quarter.

這每年第一季都會發生。

Got it. Okay. And I guess that's also just the payables are probably also just catching up with the bonuses or other payments from the prior year.

了解。好的。我想那也可能只是應付帳款在追補前一年的獎金或其他付款。

One last quick question is just noticed there's noncash, but there was a major increase in depreciation. I think you mentioned that there was increased depletion rates in certain thermal coal. Anything else, the number went from $4 million to $7.6 million this quarter?

最後一個簡短問題：我注意到這是非現金項目，但折舊出現了大幅增加。我想你提到某些動力煤的耗竭率提高。還有其他原因嗎？這季的數字從400萬美元增加到760萬美元？

Yeah, you picked up on it. I mean, that's exactly right. We continually do evaluations of our economic tonnes estimates that drive that depletion calculation. And as we get information from our operators and our lessees about their future mine plans, it can cause some adjustments to those estimates of economic tonnes. And that's what happened last year.

是的，你抓到重點了。沒錯，就是那個原因。我們會持續評估用來計算耗竭的經濟可採噸數估計。而當我們從營運商與承租人那裡取得其未來礦山計畫的資訊時，可能會對經濟可採噸數的估計做出一些調整。去年就是發生了這種情況。

There wasn't just one add there. You noticed there wasn't any associated impairment that was recorded as a result of those adjustments, so.

並不是只有單一項調整。你也注意到，這些調整並沒有導致記錄任何相關的減損，所以。

Again, that's something that fluctuates from time to time. Your estimated reserve quantities will go up, they'll go down. And as they do, it affects your depletion rate each year on your financial statements and on your tax returns.

同樣地，這種情況會不時波動。你估計的儲量數量會上升，也會下降。而當它們變動時，就會影響你在財務報表與報稅時每年的耗竭率。

David Spier, Nitor Capital Management.

David Spier，Nitor Capital Management。

Regarding the Soda ash JV following the contribution, how much debt now remains at the JV?

關於純鹼合資企業（JV）在完成出資後，目前JV還剩下多少債務？

$60 million.

6,000萬美元。

$60 million in total, not to NRP share.

總計6,000萬美元，不是NRP持分的部分。

Correct.

正確。

Got it. And then earlier, when you mentioned you're potentially reevaluating the Soda Ash business, is it possible to further elaborate on potential options?

了解。另外，先前你提到可能正在重新評估純鹼業務，是否可以進一步說明可能的選項？

Well, let me tell you what I mean by re-evaluating. So those of you who follow us for a long time, you know that we are very focused on scenario testing, stress testing our business, trying to evaluate every possible thing or a combination of -- or that could undermine our results.

好，我先說明我所謂的「重新評估」是什麼意思。長期關注我們的人都知道，我們非常重視情境測試、壓力測試我們的業務，試圖評估任何可能的因素或其組合——或任何可能削弱我們業績的情況。

We do the same thing on soda ash. And quite frankly, the environment that we find ourselves in now is one that is worse than we had envisioned in our stress testing. So we have gone back to the drawing board and said, okay, let's start from scratch because since this scenario, this market situation has fallen outside of what we had envisioned was realistically possible, we need to correct our thinking. And so we're just re-evaluating everything along those lines.

我們在純鹼業務上也做同樣的事。坦白說，我們目前所處的環境比我們在壓力測試中所設想的還要糟。因此我們回到起點，說好吧，讓我們從頭開始，因為這個情境、這個市場狀況已經落在我們原先認為「現實上可能」的範圍之外，我們需要修正我們的思考。所以我們正在沿著這些方向重新評估所有事情。

As far as what are the possible scenarios going forward with respect to Sisecam Wyoming, two reasons. I don't have a lot of meat to give you on that.

至於未來針對Sisecam Wyoming可能有哪些情境，有兩個原因。我目前沒有太多具體內容可以提供。

The first is that we don't yet know what the operator of the venture is going to do. They are working, they're evaluating, they're making their decisions of what they would like to propose as a plan going forward.

第一，我們還不知道該合資案的營運方會怎麼做。他們正在作業、正在評估，並在做出他們希望提出的未來計畫決策。

And the second thing is this is a very competitive market that we're in, in the global soda ash business right now, even more competitive now than during normal times. So I don't want to elaborate too much on the possible avenues that the operator may be considering because it could give competitors information that would not be helpful for us for them to have.

第二，我們目前所處的全球純鹼市場競爭非常激烈，甚至比正常時期更具競爭性。因此我不想對營運方可能正在考慮的途徑講得太多，因為那可能會向競爭對手透露資訊，而這對我們並沒有幫助。

And I'd still imagine even in the current depressed environment, it's the partnership's view that this -- the JV is still a large component of the company's value right now?

我仍然想像，即使在目前低迷的環境下，合夥企業的看法是——這個JV仍然是公司價值中很大的一個組成部分，對嗎？

It is our view that this is a world-class asset that has a very long life to it with very significant cash-generating potential in the future that's going through a very difficult time right now. And so yeah, I mean, look, the concern that we have that you should have, I think that everyone should have is, are there signals here that this asset has lost the investment characteristics that attracted us to it in the first place as it is the future going to be materially worse than the past.

我們的看法是，這是一項世界級資產，壽命非常長，未來具有非常可觀的現金創造潛力，只是目前正處於非常艱難的時期。所以是的，我的意思是，你看，我們的擔憂——我認為你也應該擔憂、每個人都應該擔憂的是：是否有任何訊號顯示，這項資產已經失去了當初吸引我們投資它的投資特性？未來是否會比過去實質上更糟？

This asset has been operating for over 60 years. And is the next 50 going to be materially worse than the last 60? And are we unrealistically cleaning to bright memories of the past, allowing ourselves to be misled into making more investments into the future that shouldn't be made. And we're trying to be very careful that we don't fall into that trap.

這項資產已經營運超過60年。接下來的50年會不會比過去60年實質上更糟？我們是否不切實際地緊抓著過去的美好回憶，讓自己被誤導，進而在未來投入更多其實不該投入的投資？我們正努力非常謹慎，避免落入那個陷阱。

We have reached the end of the Q&A session. I will now turn the call back to Craig Nunez for closing remarks.

問答環節到此結束。我現在把電話交回給Craig Nunez作結語。

Thank you very much, operator, and thank you, everyone, for your participation on the call and the questions. And I wish you a very good day, and look forward to speaking to you on our next call.

非常感謝，接線員，也謝謝各位參與本次電話會議並提出問題。祝各位有美好的一天，並期待在下一次電話會議再與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。