SunCoke Energy Inc (SXC) 2023 Q3 法說會逐字稿

Good morning, everyone, and welcome to the SunCoke Energy Third Quarter 2023 Earnings Call. My name is Chad, and I'll be coordinating your call today. (Operator Instructions) I'd now like to hand over to Shantanu Agrawal, VP Finance to begin. Please go ahead.

大家早安，歡迎參加 SunCoke Energy 2023 年第三季財報電話會議。我叫查德，今天我將協調您的電話。 （操作員指示）我現在請財務副總裁 Shantanu Agrawal 開始。請繼續。

Thank you, Chad. Good morning, and thank you for joining us this morning to discuss SunCoke Energy's Third Quarter 2023 results. With me today are Mike Rippey, Chief Executive Officer; Katherine Gates, President; and Mark Marinko, Senior Vice President and Chief Financial Officer. Following management's prepared remarks, we'll open the call for Q&A. This conference call is being webcast live on the Investor Relations section of our website, and a replay will be available later today. If we do not get to your questions on the call today, please feel free to reach out to our Investor Relations team. .

謝謝你，查德。早安，感謝您今天早上加入我們討論 SunCoke Energy 的 2023 年第三季業績。今天與我在一起的有執行長 Mike Rippey；凱瑟琳蓋茨，總統；馬克‧馬林科 (Mark Marinko)，資深副總裁兼財務長。在管理階層準備好要演講後，我們將開始問答環節。本次電話會議將在我們網站的投資者關係部分進行網路直播，今天稍後將進行重播。如果我們在今天的電話會議上沒有回答您的問題，請隨時聯絡我們的投資者關係團隊。 。

Before I turn things over to Katherine, let me remind you that the various remarks we make on today's call regarding future expectations constitute forward-looking statements. The cautionary language regarding forward-looking statements in our SEC filings apply to the remarks we make today. These documents are available on our website as are reconciliations to non-GAAP financial measures discussed on today's call.

在我將事情交給凱瑟琳之前，讓我提醒您，我們在今天的電話會議上就未來預期發表的各種言論均構成前瞻性陳述。我們向美國證券交易委員會提交的文件中有關前瞻性聲明的警告性語言也適用於我們今天發表的言論。這些文件以及今天電話會議上討論的非公認會計原則財務指標的調節表均可在我們的網站上取得。

With that, I'll now turn things over to Katherine.

這樣，我現在就把事情交給凱瑟琳。

Thanks, Shantanu. Good morning, and thank you for joining us on today's call. Earlier today, we announced SunCoke Energy's Third Quarter Results. Before I turn it over to Mark to review the results in detail, I do want to share a few highlights from Q3. I'd like to start by thanking all of our SunCoke employees for their contributions to our third quarter results. Our domestic coke plants operated well and continued to run at full capacity. When compared to last year's record third quarter results, we delivered lower contribution margins on noncontracted blast coke sales. Similarly, our logistics terminals continued to operate well, but saw lower volumes and pricing driven by weaker demand during the quarter.

謝謝，山塔努。早安，感謝您參加今天的電話會議。今天早些時候，我們公佈了 SunCoke Energy 第三季業績。在我將其交給馬克詳細審查結果之前，我確實想分享第三季的一些亮點。首先，我要感謝所有 SunCoke 員工為我們第三季業績做出的貢獻。國內焦化廠運作良好，持續滿載運轉。與去年創紀錄的第三季業績相比，我們的非合約高爐焦炭銷售貢獻率較低。同樣，我們的物流碼頭繼續運作良好，但本季需求疲軟導致銷售和價格下降。

Through our collective efforts, we delivered consolidated adjusted EBITDA of $65.4 million. We continue to successfully navigate through challenging market conditions with all of our noncontracted blast furnace coke sales finalized for the remainder of the year. Earlier today, we announced a $0.10 per share dividend payable to shareholders on December 1, 2023. From a balance sheet perspective, we ended the third quarter with a strong liquidity position of $475.9 million. Our gross leverage was approximately 1.91x on a trailing 12-month adjusted EBITDA basis at the end of the quarter. Finally, we continue to execute against our 2023 objectives and remain well positioned to achieve the high end of our full year adjusted EBITDA guidance range of $250 million to $265 million. With that, I'll turn it over to Mark to review our third quarter earnings in detail. Mark?

透過我們的集體努力，我們實現了 6540 萬美元的綜合調整後 EBITDA。我們繼續成功應對充滿挑戰的市場條件，今年剩餘時間我們所有的非合約高爐焦炭銷售均已完成。今天早些時候，我們宣布將於 2023 年 12 月 1 日向股東派發每股 0.10 美元的股息。從資產負債表的角度來看，我們第三季末的流動性狀況強勁，為 4.759 億美元。截至本季末，以過去 12 個月調整後 EBITDA 計算，我們的總槓桿率約為 1.91 倍。最後，我們將繼續執行 2023 年的目標，並保持良好的狀態，以實現全年調整後 EBITDA 指導範圍的上限（2.5 億美元至 2.65 億美元）。這樣，我將把它交給馬克來詳細審查我們第三季的收益。標記？

Thanks, Katherine. Turning to Slide 4. Net income attributable to SunCoke was $0.08 per share in the third quarter of 2023, down $0.41 versus the prior year period. Tax adjustments of $0.29 per share impacted EPS, primarily due to tax law changes in the U.S. and Brazil in both 2022 and 2023. Excluding the impact of these adjustments, EPS was lower by $0.12 per share quarter-over-quarter, primarily driven by lower contribution margins on noncontracted blast coke sales, partially offset by favorable coal-to-coke yields.

謝謝，凱瑟琳。轉向投影片 4。2023 年第三季 SunCoke 的淨利潤為每股 0.08 美元，比去年同期下降 0.41 美元。每股0.29 美元的稅收調整影響了每股收益，主要是由於2022 年和2023 年美國和巴西的稅法變化。排除這些調整的影響，每股收益環比下降0.12 美元，主要是由於2022 年和2023 年美國和巴西稅法變化。非合約高爐焦炭銷售的貢獻利潤，部分被有利的煤焦產量所抵銷。

Adjusted EBITDA for the third quarter 2023 was $65.4 million, a decrease of $18.3 million from record results of third quarter 2022. The decrease in adjusted EBITDA was primarily driven by the lower contribution margins on noncontracted blast coke sales, partially offset by favorable coal-to-coke yields and lower transloading volumes and pricing in our Logistics segment.

2023 年第三季調整後EBITDA 為6,540 萬美元，比2022 年第三季創紀錄的業績減少1,830 萬美元。調整後EBITDA 的下降主要是由於非合約高爐焦炭銷售貢獻率較低，部分被有利的煤焦炭銷售所抵消。- 我們物流部門的焦炭產量以及較低的轉運量和定價。

Moving to Slide 5 to discuss our Domestic Coke business performance in detail. Third quarter domestic coke adjusted EBITDA was $64 million and coke sales volumes were 1,016,000 tons. While the domestic coke fleet has continued to run at full capacity, the decrease in adjusted EBITDA as compared to the record prior year period was primarily driven by lower contribution margin on our noncontracted blast coke sales, partially offset by higher coal-to-coke yields. As Katherine mentioned, we continue to successfully navigate through difficult market conditions and all our coke sales are finalized for the rest of the year.

請前往投影片 5，詳細討論我們的國內焦炭業務績效。第三季國內焦炭調整後 EBITDA 為 6,400 萬美元，焦炭銷售量為 1,016,000 噸。雖然國內焦炭船隊繼續滿載運行，但與去年同期創紀錄水平相比，調整後 EBITDA 下降的主要原因是我們的非合約高爐焦炭銷售貢獻率較低，部分被煤焦產量上升所抵消。正如凱瑟琳所提到的，我們繼續成功度過困難的市場條件，今年剩餘時間我們所有的焦炭銷售都已完成。

Given the solid year-to-date performance of our Domestic Coke segment, we are well positioned to deliver domestic coke adjusted EBITDA on the high end of our guidance range of $234 million to $242 million. Now moving on to Slide 6 to discuss our Logistics business. Our Logistics business generated $8.4 million of adjusted EBITDA and handled combined throughput volumes of approximately 5 million tons during the third quarter of 2023 as compared to $12.9 million and 5.7 million tons, respectively, during the same prior year period.

鑑於我們國內焦炭部門今年迄今的穩健表現，我們處於有利地位，可以在我們指導範圍的高端（2.34 億美元至 2.42 億美元）內交付國內焦炭調整後的 EBITDA。現在轉到投影片 6，討論我們的物流業務。我們的物流業務在 2023 年第三季產生了 840 萬美元的調整後 EBITDA，處理的綜合吞吐量約為 500 萬噸，而去年同期分別為 1,290 萬美元和 570 萬噸。

The decrease in adjusted EBITDA was primarily due to lower throughput volumes and a lower API2 price adjustment benefit at CMT. We continue to see volatility in thermal coal pricing as evidenced by CMT recognizing a limited API2 price adjustment benefit during the third quarter. However, we expect the API2 price adjustment to recover during the fourth quarter. Based on our year-to-date performance and anticipation of continued volatility in the market, we expect to deliver Logistics full year adjusted EBITDA at the low end of our guidance range of $47 million to $50 million.

調整後 EBITDA 的下降主要是由於 CMT 吞吐量下降和 API2 價格調整效益下降。我們繼續看到動力煤定價的波動，CMT 承認第三季 API2 價格調整收益有限就證明了這一點。不過，我們預計 API2 價格調整將在第四季恢復。根據我們今年迄今的業績以及對市場持續波動的預期，我們預計物流全年調整後 EBITDA 將達到我們指導範圍 4700 萬美元至 5000 萬美元的下限。

Now turning to Slide 7 to discuss our liquidity position for Q3. SunCoke ended the third quarter with a cash balance of approximately $126 million. Cash flow from operating activities generated approximately $94 million. For the quarter, cash flow was favorably impacted by working capital changes, mainly the timing of receivables and payables. We expect this favorability to reverse in the fourth quarter. We paid $8.4 million in dividends at the rate of $0.10 per share this quarter and spent $34.1 million on CapEx. In total, we ended the quarter with a strong liquidity position of approximately $476 million.

現在轉向投影片 7 討論我們第三季的流動性狀況。 SunCoke 第三季末的現金餘額約為 1.26 億美元。經營活動產生的現金流量約為 9,400 萬美元。本季度，現金流量受到營運資本變動（主要是應收帳款和應付帳款的時間安排）的有利影響。我們預計這種偏好將在第四季扭轉。本季我們以每股 0.10 美元的價格支付了 840 萬美元的股息，並在資本支出上花費了 3,410 萬美元。總的來說，本季末我們的流動性部位強勁，約 4.76 億美元。

With that, I will turn it back over to Katherine.

這樣，我會將其轉回給凱瑟琳。

Thanks, Mark. Wrapping up on Slide 8. safety, environmental and operational performance are top priorities for our company. We remain focused on safely executing against our operating and capital plan for full utilization of our cokemaking assets. As mentioned in our second quarter earnings call, we completed the foundry expansion project on time and on budget. This project allows us to grow our foundry market participation while maintaining flexibility to make either blast or foundry coke. We will continue to pursue a balanced opportunistic approach to capital allocation as we've demonstrated in the past.

謝謝，馬克。投影片 8 結束。安全、環境和營運績效是我們公司的首要任務。我們仍然專注於安全地執行我們的營運和資本計劃，以充分利用我們的煉焦資產。正如我們在第二季財報電話會議中所提到的，我們按時、按預算完成了代工廠擴建工程。此專案使我們能夠擴大鑄造市場的參與度，同時保持生產高爐焦或鑄造焦的靈活性。正如我們過去所展示的那樣，我們將繼續追求平衡的機會主義資本配置方法。

We continuously evaluate the capital needs of the business and our capital structure, and we'll make capital allocation decisions accordingly. As mentioned earlier, despite challenging market conditions, we were able to finalize all of our noncontracted blast furnace coke sales for the year. Finally, based on the reliability and performance of our operating segments, we look to achieve the high end of our full year consolidated adjusted EBITDA guidance of $250 million to $265 million.

我們不斷評估業務的資本需求和資本結構，並據此做出資本配置決策。如前所述，儘管市場條件充滿挑戰，我們還是完成了今年所有非合約高爐焦炭銷售。最後，根據我們營運部門的可靠性和業績，我們希望實現全年綜合調整後 EBITDA 指引的上限，即 2.5 億至 2.65 億美元。

With that, let's go ahead and open up the call for Q&A.

接下來，讓我們開始進行問答環節。

(Operator Instructions) Our first question today comes from Lucas Pipes of B. Riley.

（操作員說明）我們今天的第一個問題來自 B. Riley 的 Lucas Pipes。

Just a few quick ones. The first one is on the blast furnace coke side, and you mentioned kind of the weaker contributions there during the quarter. I wondered if you could remind us how those tons are typically priced and what causes variability in the contribution margin.

就幾個快速的。第一個是高爐焦炭方面，您提到了本季的貢獻較弱。我想知道您是否可以提醒我們這些噸通常是如何定價的以及導致邊際收益變化的原因。

So thanks, Lucas. Appreciate the question. So the contribution margins are dependent on what the spot blast furnace coke price sales are. And so this quarter, we've just seen lower contribution margins based on the spot sales that we had remaining for this year.

謝謝，盧卡斯。感謝這個問題。因此，邊際貢獻取決於現貨高爐焦炭的銷售價格。因此，本季度，根據今年剩餘的現貨銷售，我們剛剛看到了較低的貢獻利潤率。

And Lucas, I would add that, this is Shantanu, is like we are comparing this against the Q3 2022 last year quarter, right, which was one of the highest points from spot market perspective where the blast coke was trading at. So the comparison is kind of a little bit unfair. And if you look at our quarterly performance over the last 3 quarters, it is more in line with that. So it is just kind of the comparison -- it's coming off of a really high record quarter of last year.

我想補充一點，盧卡斯，這是尚塔努，就像我們正在將其與去年季度的2022 年第三季度進行比較，對吧，從現貨市場的角度來看，這是高爐焦炭交易的最高點之一。所以這種比較有點不公平。如果你看看我們過去三個季度的季度業績，你會發現更符合這一點。所以這只是一種比較——它是從去年一個非常高的創紀錄季度中得出的。

Got it. Got it. No, that's helpful. What are typically the lags or the lead times in that segment? So are you selling blast furnace spot coke today for Q4 or Q1 next year, for Q2 next year? How does that kind of typically flow through the business?

知道了。知道了。不，這很有幫助。該細分市場的延遲時間或提前時間通常是多少？那麼，你們今天銷售的是明年第四季的高爐現貨焦炭，還是明年第一季、明年第二季的高爐現貨焦炭？這種情況通常如何在業務中進行？

It's typically, Lucas, about 3 to 6 months.

Lucas，通常需要大約 3 到 6 個月。

It's like quarter, right, basically, that's what we have said before.

就像四分之一，對，基本上就是我們之前說過的。

Got it. Got it. And this is essentially like the supply/demand for coke, kind of with that outlook, that kind of sets the price and the margin?

知道了。知道了。這本質上就像焦炭的供需一樣，在這種前景下，這決定了價格和利潤？

It does, Lucas.

確實如此，盧卡斯。

And remind me is that true for both domestic and export? Or should we differentiate between the 2?

請提醒我，國內和出口都是如此嗎？或者我們應該區分兩者？

No. It's the same whether we're selling into the North American market or into the seaborne market.

不會。無論我們是銷往北美市場還是海運市場，都是一樣的。

And is the seaborne market currently open given where international coal prices are relative to met coal prices?

鑑於國際煤炭價格與冶金煤炭價格的相對關係，海運市場目前是否開放？

I mean, yes, the prices are a little bit depressed on the international seaborne market, right? Like there's a price at which the product will clear. It is definitely depressed, but we kind of look at all our options and see where our coke can go.

我的意思是，是的，國際海運市場的價格有點低迷，對吧？就像產品有一個清算價格一樣。這確實令人沮喪，但我們會考慮所有的選擇，看看我們的可樂可以去哪裡。

Okay. Okay. And then couple of questions on Slide 8. The first is the foundry coke expansion project. And I wondered 2 things. First, can you remind us on the timing of that project and then also the capital intensity of that project.

好的。好的。然後是幻燈片 8 上的幾個問題。第一個是鑄造焦炭擴建項目。我想知道兩件事。首先，您能否提醒我們該專案的時間安排以及該專案的資本強度。

Yes. So we completed that project actually before in Q2. And so that was actually finished a little bit early. We had originally said we would have it done by Q3. So we got that done on time. And we don't give the specifics. But as we said, we expected this to be -- typically, our CapEx is around $80 million to $85 million. We were at $95 million, so we had built in approximately $12 million to $15 million for that project, Lucas.

是的。所以我們實際上在第二季之前就完成了該專案。所以這實際上是提前完成的。我們最初說過我們會在第三季完成。所以我們按時完成了。我們不提供具體細節。但正如我們所說，我們預計我們的資本支出通常約為 8000 萬至 8500 萬美元。我們的資金為 9500 萬美元，因此我們為該項目投入了大約 1200 萬至 1500 萬美元，盧卡斯。

$12 million to $15 million. Got it. And is it operating at full capacity today?

1200萬至1500萬美元。知道了。今天它是否滿載運轉？

It is. The screener itself is operating at full capacity. As we have said, our sales are finalized for the year.

這是。篩選機本身正在滿載運轉。正如我們所說，我們今年的銷售額已經完成。

Okay. And then on Slide 8, I don't see a mentioning of Granite City. Should we assume that project is kind of off the table or a low priority at this point?

好的。然後在幻燈片 8 上，我沒有看到提及花崗岩城。我們是否應該假設該項目目前已不被考慮或優先順序較低？

That would be a no and no. So we are continuing to work with U.S. Steel on the GPI project. So that is continuing to move forward, and it is a very, very high priority for us. I think it can be unsatisfying to have to wait to hear an announcement on this type of project. And Lucas, it's a complex project, but we've continued to work with U.S. Steel, and they've continued to work with us. And we just -- we really have a strong belief that if this is consummated, it's going to be meaningfully rewarding to our shareholders. And so it's really -- it's worth the time to continue to move forward with U.S. Steel on this.

那將是一個不和不。因此，我們將繼續與美國鋼鐵公司就 GPI 專案進行合作。因此，這將繼續向前推進，這對我們來說是非常非常重要的優先事項。我認為必須等待聽到此類項目的公告可能會令人不滿意。盧卡斯，這是一個複雜的項目，但我們繼續與美國鋼鐵公司合作，他們也繼續與我們合作。我們真的堅信，如果這個目標得以實現，將為我們的股東帶來有意義的回報。因此，確實值得花時間繼續與美國鋼鐵公司在這方面取得進展。

And in light of the strategic process that U.S. Steel is running, has there been more or less activity since August?

鑑於美國鋼鐵公司正在實施的戰略流程，自 8 月以來活動是增加還是減少了？

We have continued to move forward. The activity remains the same.

我們繼續前進。活動不變。

The next question is from Nathan Martin from The Benchmark Company.

下一個問題來自 The Benchmark Company 的 Nathan Martin。

Just maybe 1 more, Katherine, on the Granite City GPI opportunity. Can you talk about maybe any of the biggest hurdles kind of remaining there on those negotiations?

凱瑟琳，關於花崗岩城 GPI 機會，也許還有 1 個。您能談談這些談判中可能存在的最大障礙嗎？

I would just say, in saying it was complex, I mean, whether we're talking about the capital, we're talking about the siting, we're talking about all of those elements of it, those things just take time. They are absolutely things that we can work through, but they do take time.

我只想說，說它很複雜，我的意思是，無論我們是在談論首都，我們是在談論選址，我們是在談論它的所有這些元素，這些事情都需要時間。這些絕對是我們可以解決的事情，但它們確實需要時間。

Okay. Got it. Maybe shifting over to the Domestic Coke segment. Obviously, you maintain your expectations for full year adjusted EBITDA at the high end of the range. If my math is correct, that only implies EBITDA of around $49 million in the fourth quarter to get you to that high end of the range, which would -- should be down about $15 million quarter-over-quarter. So I guess the question is, given all your coke sales are finalized, I'm wondering what are the headwinds you see in the fourth quarter that caused you to believe maybe a sequential decline like that is possible? Or maybe are you baking a little bit of conservatism into your guidance?

好的。知道了。也許會轉向國產可樂領域。顯然，您對全年調整後 EBITDA 的預期維持在區間的高端。如果我的數學是正確的，這只意味著第四季度的 EBITDA 約為 4900 萬美元，才能達到該範圍的上限，而這應該比上一季下降約 1500 萬美元。所以我想問題是，鑑於您所有的可樂銷售都已完成，我想知道您在第四季度看到的不利因素是什麼，使您相信可能會出現這樣的連續下降？或者也許您在指導中加入了一點保守主義？

I appreciate the question. Yes -- no, we're really pleased with our year-to-date performance, and we have a significant amount of planned outage work in the fourth quarter. That's contemplated in our guidance. And I think we've said before, certain of our planned outages are largely expensed. And so this is really -- it's not dissimilar to, for example, last year and some of our other fourth quarters, Nathan. And it's -- actually it's why we don't give quarterly guidance. But with those planned outages and this planned work, we still remain well positioned to achieve the high end of our guidance range.

我很欣賞這個問題。是的 - 不，我們對今年迄今為止的表現非常滿意，並且我們在第四季度有大量計劃停駛工作。我們的指南中已經考慮到了這一點。我想我們之前已經說過，我們計劃中的某些停電大部分都是費用化的。所以，這確實與去年和我們其他一些第四季的情況沒有什麼不同，內森。事實上，這就是我們不提供季度指導的原因。但透過這些計劃中的停電和計劃中的工作，我們仍然處於有利位置，可以實現指導範圍的高端。

So Katherine, just maybe a little bit more on the planned outages. Are those going to affect adjusted EBITDA per ton? I mean, clearly, your sales volume guidance stayed around 4 million. So I guess that doesn't necessarily get affected much. How does that kind of affect the operations output?

凱瑟琳，請您稍微介紹一下計畫中的停電情況。這些會影響每噸調整後的 EBITDA 嗎？我的意思是，很明顯，你們的銷售指導保持在 400 萬左右。所以我想這不一定會受到太大影響。這對營運產出有何影響？

So with these outages, there's higher O&M when they occur. It does affect our EBITDA per ton, but that's fully contemplated in our guidance. It was contemplated at the beginning of the year.

因此，隨著這些中斷的發生，維運成本會更高。它確實會影響我們每噸的 EBITDA，但我們的指導方針已充分考慮到這一點。今年年初就曾考慮過。

Okay. Maybe I'll move over to the logistics business. I mean there, I guess you did adjust your full year guidance to the low end of the prior range, which actually looks like it would imply a $5 million or so quarter-over-quarter EBITDA increase. Would be great to get your thoughts maybe on some puts and takes there in the fourth quarter. Also curious what you guys are assuming for full year throughput. I think original guidance was 22 million tons, with maybe 10 million from CMT. Is there any updates on that front?

好的。也許我會轉向物流業。我的意思是，我猜您確實將全年指導調整至先前範圍的低端，這實際上看起來意味著 EBITDA 環比增長 500 萬美元左右。如果您能了解您對第四季度的一些看跌期權和看跌期權的想法，那就太好了。也很好奇你們對全年吞吐量的假設。我認為最初的指導是 2200 萬噸，其中 CMT 可能有 1000 萬噸。這方面有什麼更新嗎？

So with respect to what we're seeing for fourth quarter, as Mark mentioned, the API2 price adjustment is recovering for us. So that's part of what you're seeing coming through. And then we do expect to see higher volumes on logistics.

因此，就我們在第四季度看到的情況而言，正如 Mark 所提到的，API2 價格調整正在為我們恢復。這就是你所看到的情況的一部分。然後我們確實預計物流量將會增加。

To add to that, Nate, on a full year basis, our guidance was 10 million -- approximately 10 million tons for CMT and approximately 12 million for other logistics business. So we are going to be a little bit short of that on a full year basis. So if you look at kind of what we have performed earlier in the year that's kind of what Q4 is going to look like. But overall, the volumes will come in a little bit short, but we are guiding towards the lower end of the EBITDA guidance.

Nate 補充道，就全年而言，我們的指導為 1000 萬噸——CMT 約為 1000 萬噸，其他物流業務約為 1200 萬噸。因此，我們全年的業績將略顯不足。因此，如果你看看我們今年早些時候的表現，那就是第四季度的樣子。但整體而言，銷售量將略顯不足，但我們的目標是 EBITDA 指引的下限。

Okay. Yes, Shantanu, that's kind of what's going to be my next question. So that makes sense that you may be a little short on a shipment guidance standpoint. I guess it would also be helpful, though, if you guys could give some more color around the split between coal shipments and other shipments at CMT. That was kind of the bulk of the quarter-over-quarter decline it looked like from a shipment perspective. Is it more weakness in coal? Or is it some of the other products you guys are moving through the terminal?

好的。是的，尚塔努，這就是我的下一個問題。因此，從發貨指導的角度來看，您可能有點缺乏，這是有道理的。不過，我想如果你們能夠對 CMT 煤炭運輸和其他運輸之間的劃分提供更多說明，也會有所幫助。從出貨量的角度來看，這佔了季度環比下降的大部分。煤炭是否更加疲軟？或者是你們正在透過終端移動的其他一些產品？

It's mostly coal. Yes. I mean, Nate, I mean on the CMT side, most of the variability comes from the coal side. The ancillary business is kind of more or less stable from a quarter-to-quarter basis. And obviously, it comes from what the demand is, and that is kind of reflected in the API2 pricing, which drives the demand of the coal. So most of the variability comes from the coal.

主要是煤炭。是的。我的意思是，內特，我的意思是在 CMT 方面，大部分的變化來自於煤炭方面。從季度到季度來看，輔助業務或多或少保持穩定。顯然，它來自於需求是什麼，這在 API2 定價中得到了反映，它推動了煤炭的需求。因此，大部分變異來自於煤炭。

Okay. Got it. Very helpful. And then maybe just 1 last kind of modeling question for me. CapEx, Mark mentioned it was $34 million in the third quarter. I think that's what's your year-to-date spend already about $85 million, you maintain guidance of $95 million. It's a pretty big fall off, I guess, in the fourth quarter, roughly $10 million. Is it the right way to think about it or am I missing something?

好的。知道了。很有幫助。對我來說，也許只是最後一種建模問題。馬克提到第三季的資本支出為 3,400 萬美元。我認為這就是您今年迄今為止的支出，大約為 8500 萬美元，您維持 9500 萬美元的指導。我猜第四季的跌幅相當大，大約是 1000 萬美元。這是正確的思考方式還是我錯過了什麼？

No, that's the right way to think about it. I mentioned earlier that we have our own planned outages at our coke plants, and those are really higher O&M. They're not CapEx heavy. So that's really what we're -- that's what we're seeing in the fourth quarter. So it's -- we're low on CapEx there, but what we have seen is that we've seen the inflationary pressures related to our maintenance CapEx, and that's throughout the year. We actually have some nominal capital spend on preliminary engineering work on the GPI project as well. So both that inflationary pressure and the GPI project was not anticipated at the time that we gave our CapEx guidance. So we actually anticipate CapEx coming in slightly above our guidance of the $95 million.

不，這是正確的思考方式。我之前提到過，我們的焦炭廠有自己的計畫停運，這些確實是更高的營運和維護。它們的資本支出並不重。這就是我們在第四季看到的情況。所以，我們的資本支出很低，但我們看到的是，我們已經看到了與維護資本支出相關的通膨壓力，而且是全年的。實際上，我們在 GPI 專案的初步工程工作上也有一些名目資本支出。因此，在我們給出資本支出指引時，並未預期到通膨壓力和 GPI 項目。因此，我們實際上預計資本支出將略高於我們 9500 萬美元的指引。

Got it. So slightly above $95 million, okay. So maybe it's again, a little more than that $10 million, which would seem like it would be a little bit light just based on your run rate, okay?

知道了。略高於 9500 萬美元，好吧。所以也許又是，比那 1000 萬美元多一點，僅根據您的運行率，這似乎有點輕，好嗎？

Yes.

是的。

Great. That's very helpful. And then one more thing, actually, Katherine. The tax law changes you guys highlighted, is that just kind of a onetime thing? Or is there a new kind of tax rate we should assume going forward?

偉大的。這非常有幫助。實際上，還有一件事，凱瑟琳。你們強調稅法改變了，這只是一次性的事嗎？或者我們未來是否應該假設一種新的稅率？

No. This is absolutely a onetime thing.

不，這絕對是一次性的事情。

We have no further questions in the question queue. So I'd now like to hand back to Katherine Gates, President of SunCoke Energy.

問題隊列中沒有其他問題了。現在我想請 SunCoke Energy 總裁凱瑟琳蓋茲 (Katherine Gates) 發言。

All right. Well, thank you all for joining us today, and thank you for your continued interest in SunCoke.

好的。好的，感謝大家今天加入我們，也感謝您對 SunCoke 的持續關注。

This does conclude today's conference call. You may now disconnect your lines. Have a lovely day.

今天的電話會議到此結束。現在您可以斷開線路。祝你愉快。