CVR Partners LP (UAN) 2023 Q3 法說會逐字稿

Greetings, and welcome to the CVR Partners LP Third Quarter 2023 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 CVR Partners LP 2023 年第三季電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Richard Roberts, Director of FP&A and IR. Thank you, Mr. Roberts, you may begin.

現在我很高興向您介紹主持人，FP&A 和 IR 總監 Richard Roberts。謝謝您，羅伯茲先生，您可以開始了。

Thank you, Camilla. Good morning, everyone. We appreciate your participation in today's call. With me today are Mark Pytosh, our Chief Executive Officer; Dane Neumann, our Chief Financial Officer; and other members of management.

謝謝你，卡米拉。大家，早安。我們感謝您參加今天的電話會議。今天與我在一起的有我們的執行長 Mark Pytosh； Dane Neumann，我們的財務長；以及其他管理層成員。

Prior to discussing our 2023 third quarter results, let me remind you that this conference call may contain forward-looking statements as that term is defined under federal securities laws. For this purpose, any statements made during this call are not statements of historical facts may be deemed to be forward-looking statements.

在討論 2023 年第三季業績之前，請允許我提醒您，本次電話會議可能包含前瞻性陳述，因為該術語是根據聯邦證券法定義的。為此目的，本次電話會議期間所做的任何不屬於歷史事實的陳述都可能被視為前瞻性陳述。

You are cautioned that these statements may be affected by important factors set forth in our filings with the Securities and Exchange Commission and in our latest earnings release. As a result, actual operations or results may differ materially from the results discussed in the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

請注意，這些聲明可能會受到我們向美國證券交易委員會提交的文件以及最新收益報告中列出的重要因素的影響。因此，實際營運或結果可能與前瞻性陳述中討論的結果有重大差異。我們沒有義務公開更新任何前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。

This call also includes various non-GAAP financial measures. The disclosures related to such non-GAAP measures, including reconciliation to the most directly comparable GAAP financial measures are included in our 2023 third quarter earnings release that we filed with the SEC for the period.

此次電話會議也包括各種非公認會計準則財務指標。與此類非 GAAP 指標相關的揭露，包括與最直接可比較的 GAAP 財務指標的調節，均包含在我們向 SEC 提交的 2023 年第三季財報中。

Let me also remind you that we are a variable distribution MLP. We will review our previously established reserves, current cash usage, evaluate future anticipated cash needs and may reserve amounts for other future cash needs as determined by our general partner's Board. As a result, our distributions, if any, will vary from quarter-to-quarter due to several factors, including, but not limited to, operating performance, fluctuations in the prices received for finished products, capital expenditures and cash reserves deemed necessary or appropriate by the Board of Directors of our general partner.

我還要提醒您，我們是一個變數分佈 MLP。我們將審查我們先前建立的儲備金、目前的現金使用情況，評估未來的預期現金需求，並可能為我們的普通合夥人董事會確定的其他未來現金需求儲備金額。因此，我們的分配（如果有）將因多種因素而每個季度有所不同，包括但不限於經營業績、成品價格的波動、資本支出和被認為必要的現金儲備或由我們的普通合夥人董事會適當決定。

With that said, I'll turn the call over to Mark Pytosh, our Chief Executive Officer. Mark?

話雖如此，我會將電話轉給我們的執行長馬克‧皮托什 (Mark Pytosh)。標記？

Thank you, Richard. Good morning, everyone, and thank you for joining us for today's call. To summarize the financial highlights for the third quarter of 2023 include net sales of $131 million, net income of $1 million, EBITDA of $32 million and the Board of Directors declared a third quarter distribution of $1.55 per common unit, which will be paid on November 20 to unit holders of record at the close of the market on November 13.

謝謝你，理查。大家早安，感謝您參加我們今天的電話會議。總結 2023 年第三季的財務亮點包括淨銷售額 1.31 億美元、淨利 100 萬美元、EBITDA 3,200 萬美元，董事會宣布第三季分配為每普通單位 1.55 美元，將於 11 月支付11 月13 日收盤時，將向有記錄的單位持有者發放20 份。

Our facilities continue to run well during the third quarter of 2023 with consolidated ammonia plant utilization of 99%. Combined ammonia production for the third quarter of 2023 was 217,000 gross tons of which 68,000 net tons were available for sale and UAN production was 358,000 tons.

我們的設施在 2023 年第三季持續運作良好，氨廠綜合利用率為 99%。 2023年第三季合成氨產量為217,000總噸，其中可供銷售的淨噸為68,000噸，UAN產量為358,000噸。

During the quarter, we sold approximately 387,000 tons of UAN at an average price of $223 per ton and approximately 62,000 tons of ammonia at an average price of $365 per ton. Relative to the third quarter of 2022, UAN and ammonia sales volumes were higher as a result of both facilities completing planned turnarounds in the third quarter of 2022.

本季度，我們以每噸平均價格 223 美元的價格出售了約 387,000 噸 UAN，以每噸平均價格 365 美元的價格出售了約 62,000 噸氨。相對於 2022 年第三季度，由於兩個工廠均在 2022 年第三季度完成了計劃週轉，UAN 和氨銷量較高。

Prices for the third quarter declined from the third quarter last year with ammonia prices falling 56% and UAN prices falling 48%. Following the reset of nitrogen fertilizer prices in July, prices steadily rose throughout the summer, driven by a combination of strong demand and reduced supply as a result of planned and unplanned outages across the industry.

第三季的價格較去年第三季有所下降，其中氨價格下降了 56%，UAN 價格下降了 48%。 7月氮肥價格調整後，在需求旺盛和全行業計劃內和計劃外停產導致供應減少的共同推動下，整個夏季價格穩步上漲。

Looking ahead, we believe market conditions have firmed for the fourth quarter, and we're optimistic about nitrogen fertilizer demand for 2024, which I will discuss in my closing remarks.

展望未來，我們認為第四季市場狀況已經堅挺，我們對 2024 年氮肥需求持樂觀態度，我將在結束語中對此進行討論。

I will now turn the call over to Dane to discuss our financial results.

我現在將把電話轉給戴恩，討論我們的財務表現。

Thank you, Mark. For the third quarter of 2023, we reported net sales of $131 million and operating income of $8 million. Net income for the quarter was $1 million or $0.07 per common unit and EBITDA was $32 million. Relative to the third quarter of 2022, the increase in EBITDA was primarily due to higher production and sales volumes and lower operating expenses as both facilities completed planned turnarounds in the prior year period.

謝謝你，馬克。 2023 年第三季度，我們的淨銷售額為 1.31 億美元，營業收入為 800 萬美元。該季度淨利潤為 100 萬美元，即每普通單位 0.07 美元，EBITDA 為 3,200 萬美元。與 2022 年第三季相比，EBITDA 的成長主要是由於產量和銷售量的增加以及營運費用的降低，因為兩家工廠都在去年同期完成了計畫的周轉。

Direct operating expenses for the third quarter of 2023 were $58 million. Excluding inventory impacts, direct operating expenses decreased by approximately $38 million relative to the third quarter of 2022, primarily driven by a combination of lower turnaround and repair and maintenance expenses, along with reduced stock-based compensation expense.

2023 年第三季的直接營運費用為 5,800 萬美元。排除庫存影響，直接營運費用較 2022 年第三季減少約 3,800 萬美元，主要是由於週轉費用、維修和維護費用減少，以及股票薪酬費用減少。

During the third quarter of 2023, we spent $8 million on capital projects, which was primarily maintenance capital. We estimate total capital spending for 2023 to be approximately $29 million to $32 million, of which $26 million to $28 million is expected to be maintenance capital. During the third quarter, we amended our ABL Credit Facility to increase the maximum availability from $35 million to $50 million and extended the maturity from 2024 to 2028.

2023 年第三季度，我們在資本項目上花費了 800 萬美元，其中主要是維護資本。我們預計 2023 年的總資本支出約為 2,900 萬至 3,200 萬美元，其中 2,600 萬至 2,800 萬美元預計用於維護資本。第三季度，我們修改了 ABL 信貸安排，將最高可用額度從 3,500 萬美元增加到 5,000 萬美元，並將期限從 2024 年延長到 2028 年。

We ended the quarter with total liquidity of $137 million, which consisted of $89 million in cash and availability under the ABL facility of $48 million. Within our cash balance of $89 million, we had $30 million related to customer prepayments for the future delivery of product.

截至本季末，我們的流動資金總額為 1.37 億美元，其中包括 8,900 萬美元現金和 ABL 融資下的 4,800 萬美元可用資金。在我們 8,900 萬美元的現金餘額中，我們有 3,000 萬美元與客戶未來交付產品的預付款相關。

In assessing our cash available for distribution, we generated EBITDA of $32 million and had net cash needs of $16 million for interest costs, maintenance CapEx and other reserves. Within that total is a release of $8 million from the reserve taken in the second quarter of 2023 for expected working capital needs, along with $6 million of reserves for future turnarounds and planned capital projects.

在評估可用於分配的現金時，我們產生了 3,200 萬美元的 EBITDA，並且用於利息成本、維護資本支出和其他儲備的淨現金需求為 1,600 萬美元。其中，從 2023 年第二季提取的儲備金中釋放了 800 萬美元，用於滿足預期的營運資金需求，以及用於未來週轉和計畫資本項目的 600 萬美元儲備金。

As a result, there was $16 million of cash available for distribution, and the Board of Directors of our general partner declared a distribution of $1.55 per common unit. The remainder of the working capital reserve taken in the second quarter of 2023 may be released in the future if determined by the Board.

因此，有 1600 萬美元的現金可供分配，我們的普通合夥人董事會宣布每個普通單位分配 1.55 美元。如果董事會決定，2023年第二季提取的剩餘營運資金儲備可能會在未來釋放。

Looking ahead to the fourth quarter of 2023, we estimate our ammonia utilization rate to be between 90% and 95%. We expect direct operating expenses, excluding inventory impacts, to be between $55 million and $60 million and total capital spending to be between $10 million and $15 million.

展望2023年第四季度，我們預期氨利用率將在90%至95%之間。我們預計直接營運費用（不包括庫存影響）將在 5,500 萬美元至 6,000 萬美元之間，總資本支出將在 1,000 萬美元至 1,500 萬美元之間。

With that, I will turn the call back over to Mark.

這樣，我會將電話轉回馬克。

Thanks, Dane. In summary, we were pleased with our third quarter results. We had another quarter of strong production from our facilities and we navigated the resetting of the nitrogen fertilizer market this summer. We believe market conditions are firming, and we are well positioned for the fourth quarter and 2024.

謝謝，丹恩。總而言之，我們對第三季的業績感到滿意。我們的工廠又實現了四分之一的強勁產量，並在今年夏天引導了氮肥市場的重新調整。我們相信市場狀況正在堅挺，我們為第四季和 2024 年做好了充分準備。

With harvest nearly complete and weather conditions being favorable, fall ammonia application began last week, a little earlier than normal. Weather permitting over the next month, we expect a strong fall ammonia application season this year and have a good book of orders. Overall, grain market conditions remained steady and bode well for nitrogen fertilizer demand for 2024.

隨著收穫即將完成且天氣條件有利，秋季施氨肥已於上週開始，比正常情況稍早。如果下個月天氣允許，我們預計今年秋季氨應用季節將會強勁，並有大量訂單。整體而言，糧食市場狀況保持穩定，這對2024年氮肥需求來說是個好兆頭。

Current USDA estimates indicate 95 million acres of corn were planted in the spring of 2023, a 7% increase compared to 89 million acres in 2022. Planted soybean acres are estimated to be 84 million in 2023, down 5% from 2022 levels of 88 million.

美國農業部目前的估計顯示，2023 年春季玉米種植面積為9,500 萬英畝，比2022 年的8,900 萬英畝增加7%。2023 年大豆種植面積估計為8,400 萬英畝，比2022 年的8,800 萬英畝下降5 % 。

With the drought conditions during the spring in the Midwest, yield estimates were reduced to 173 bushels per acre for corn and 50 bushels per acre for soybeans. The USDA is now projecting grain inventory carryout levels to be approximately 15% for corn and 5% per soybeans resulting in inventories near the 10-year average for corn and at the low end of the range for soybeans.

由於中西部地區春季乾旱，玉米產量預估下調至每英畝 173 蒲式耳，大豆產量預估下調至每英畝 50 蒲式耳。美國農業部目前預測玉米庫存結轉水平約為 15%，大豆庫存結轉水平約為 5%，導致玉米庫存接近 10 年平均水平，而大豆庫存則處於該範圍的低端。

Grain prices have remained steady with December corn at $4.80 per bushel and November soybeans at nearly $13 per bushel. These grain prices, coupled with the lower reset fertilizer prices, support attractive farmer economics, which should bode well for nitrogen fertilizer demand for 2024.

穀物價格保持穩定，12 月玉米價格為每蒲式耳 4.80 美元，11 月大豆價格接近每蒲式耳 13 美元。這些糧食價格，加上較低的重置化肥價格，支持了有吸引力的農民經濟，這對 2024 年氮肥需求來說是個好兆頭。

We believe that the length of this upward cycle -- demand cycle will, in large part, be driven by grain prices staying at elevated levels, and we see fundamentals for grains remaining steady. Since July, production in nitrogen fertilizer has experienced a combination of unplanned production outages, a heavy plant turnaround schedule and natural gas availability issues in several geographies. These supply issues, coupled with steady demand from customers to replenish inventories depleted in the spring, have tightened supply-demand balances and have led to significant firming of prices in the market.

我們認為，這個上升週期（即需求週期）的長度在很大程度上將由糧食價格保持在較高水準推動，我們認為糧食基本面保持穩定。自7月以來，氮肥生產在多個地區經歷了計劃外停產、工廠檢修計劃繁重以及天然氣供應問題等一系列問題。這些供應問題，加上客戶補充春季庫存耗盡的穩定需求，導致供需平衡收緊，並導致市場價格大幅強勁。

As I mentioned on the last earnings call, customer purchasing patterns have evolved to more ratable purchasing due to higher carrying costs over the past year from higher interest rates. We think this buying pattern matches well with our production schedule.

正如我在上次財報電話會議上提到的，由於過去一年利率上升帶來的持有成本更高，客戶的購買模式已經演變為更可評估的購買。我們認為這種購買模式與我們的生產計劃非常吻合。

Geopolitical risk continue to represent a wildcard for the nitrogen fertilizer industry with meaningful fertilizer production capacity residing in countries across the Middle East and North Africa. As we enter the fourth quarter, the current fourth quarter price for TTF natural gas has been in the range of $12 to $18 per MMBtu, which should drive Europe back to the high end of the global nitrogen production cost curve.

地緣政治風險仍然是氮肥產業的一個不確定因素，中東和北非國家擁有重要的化肥產能。隨著我們進入第四季度，TTF 天然氣目前第四季度的價格一直在每 MMBtu 12 美元至 18 美元之間，這應該會推動歐洲回到全球氮氣生產成本曲線的高端。

Natural gas prices in the U.S. have been in the range of $3 to $3.50 per MMBtu in October, placing the U.S. at the low end of the global cost curve. Europe has been importing some ammonia, and we expect this to continue in the coming months. We do not believe that the structural natural gas market issues in Europe have been resolved and will likely remain in effect over the next 2 to 3 years.

10 月美國天然氣價格一直在每 MMBtu 3 美元至 3.50 美元之間，使美國處於全球成本曲線的低端。歐洲一直在進口一些氨，我們預計這種情況將在未來幾個月繼續下去。我們認為歐洲的結構性天然氣市場問題尚未解決，並且可能在未來 2 至 3 年內持續存在。

On our decarbonization efforts, we continue to make progress on the installation of the nitrous oxide abatement unit in the #1 acid plant at the Coffeyville facility and expect that project to be completed by 2025. We also continue to explore various CO2 sequestration opportunities for the East Dubuque Facility, which, if approved, could reduce its carbon footprint over the next several years.

在我們的脫碳工作中，我們繼續在科菲維爾工廠#1 酸廠安裝一氧化二氮減排裝置方面取得進展，預計該項目將於 2025 年完成。我們也繼續探索各種二氧化碳封存機會東迪比克設施如果獲得批准，可以在未來幾年減少其碳足跡。

Two of the major CO2 pipeline projects in the Upper Midwest have faced opposition and one project sponsored by Navigator and Valero has been canceled. Ultimately, we believe these hurdles will lead to a longer development schedule. We've not made commitments to any projects at this point, but we will continue to monitor their progress.

中西部北部的兩個主要二氧化碳管道項目面臨反對，由 Navigator 和 Valero 贊助的一個項目已被取消。最終，我們相信這些障礙將導致更長的開發進度。目前我們尚未對任何專案做出承諾，但我們將繼續監控他們的進度。

We also continue to pursue the certification of production at Coffeyville as blue ammonia and UAN and have received customer interest in low-carbon nitrogen fertilizer. We continue to evaluate brownfield development projects at both the production facilities that could be attractive targeted capacity increases to our existing footprint. The Board elected to continue reserving capital that we expect to spend over the next 2 to 3 years to progress these potential projects.

我們也繼續尋求科菲維爾生產藍氨和 UAN 的認證，並已收到客戶對低碳氮肥的興趣。我們將繼續評估兩個生產設施的棕地開發項目，這些項目可能會對我們現有的佔地面積進行有針對性的產能增加。董事會決定繼續保留我們預計在未來 2 至 3 年內用於推進這些潛在項目的資本。

The third quarter continued to demonstrate the benefits of focusing on reliability and performance. In the quarter, we executed on all the critical elements of our business plan, which include safely and reliably operating our plants with a keen focus on the health and safety of our employees, contractors and communities; prudently managing cost; being judicious with capital but targeting select investments in reliability projects and incremental additions to production capacity; maximizing our marketing and logistics capabilities; and targeting opportunities to reduce our carbon footprint.

第三季繼續展示了關注可靠性和性能的好處。本季度，我們執行了業務計劃的所有關鍵要素，其中包括安全可靠地運作我們的工廠，並專注於員工、承包商和社區的健康和安全；審慎管理成本；明智地利用資本，但有針對性地對可靠性項目進行選擇性投資，並逐步增加產能；最大限度地提高我們的行銷和物流能力；並尋找減少碳足跡的機會。

In closing, I'd like to thank our employees for their excellent execution, achieving 99% ammonia utilization and solid delivery on our marketing and logistics plans, resulting in a distribution of $1.55 per common unit for the third quarter and over $16 declared year-to-date.

最後，我要感謝我們的員工出色的執行力，實現了99% 的氨利用率，並可靠地交付了我們的營銷和物流計劃，導致第三季度每個普通單位的分配為1.55 美元，年度分配額超過16 美元。迄今為止。

With that, we're ready to answer questions, Camilla.

卡米拉，我們準備好回答問題了。

(Operator Instructions) Our first question comes from the line of Rob McGuire with Granite Research.

（操作員說明）我們的第一個問題來自 Granite Research 的 Rob McGuire。

The strike at East Dubuque, is there any color that you can provide us around the strike. Have there been strikes in the past. If so, was it a prolonged strike? And is that impacting your utilization? Or do you anticipate that impacting utilization in the fourth quarter?

東迪比克的罷工，您能為我們提供任何有關罷工的顏色嗎？過去有過罷工嗎？如果是的話，這是否是一場長期罷工？這會影響您的使用率嗎？或者您預計這會影響第四季的使用率嗎？

Yes, Rob. We -- the strike started about 2 weeks ago with the local union there. We've been bargaining in good faith and expect to continue to do so, but we don't expect any disruption in the operations, any change in utilization based on that. We're fully manned and we expect to run safely and reliably on a continuous basis 24/7.

是的，羅布。我們——大約兩週前，當地工會開始了罷工。我們一直在真誠地討價還價，並希望繼續這樣做，但我們預計營運不會受到任何干擾，利用率也會因此而發生任何變化。我們已完全有人值守，我們希望能夠 24/7 連續安全可靠地運作。

Yes. I noticed that your targeted East Dubuque ammonia utilization for the fourth quarter is 85% to 90%. And in the past quarter, you -- across the board, you put up, I think, 99%. Is that -- is the fourth quarter in line with the last quarter? Or is that a little lower? And are there other issues there that could be impacting utilization?

是的。我注意到你們第四季東迪比克氨利用率的目標是 85% 到 90%。在過去的一個季度裡，我認為，你在所有方面都付出了 99% 的努力。第四季與上季是否一致？或者說是稍微低一點？還有其他可能影響利用率的問題嗎？

Yes. It's not -- it's unrelated to the strike. We had a mechanical issue right at the end of the third quarter and that carried into October that we completed a repair a few weeks ago. And so that's why we lowered our forecast for the utilization. It's not related to the strike.

是的。這不是——這與罷工無關。我們在第三季末遇到了機械問題，並一直持續到十月，我們在幾週前完成了修復。這就是我們降低利用率預測的原因。這與罷工無關。

Okay. I appreciate that. And then last quarter, you talked about how customers were only advanced purchasing by, say, 2 to 3 months versus the normal 4 to 6 months. Did that buying pattern persists throughout all of the third quarter? And is it currently occurring in the fourth quarter as well?

好的。我很感激。上個季度，您談到了客戶如何提前 2 到 3 個月購買，而正常情況是 4 到 6 個月。這種購買模式是否持續整個第三季？目前第四季也發生這種情況嗎？

Yes. It's been -- it's really been pretty consistently -- we're buying 2 to 3 months at a time. I would tell you that we do expect the prepay season to be normal, which is typically towards the end of the calendar year, there would be prepay purchasing for the spring, particularly for ammonia application. So we do expect that to be consistent with past practice. But I would say, generally, the customers are more ratably buying. They're not carrying as much inventory for lengthy periods of time.

是的。我們每次購買 2 到 3 個月的商品，確實非常一致。我想告訴您，我們確實預期預付款季節是正常的，通常是在日曆年末，春季會有預付款採購，特別是氨應用。因此，我們確實希望這與過去的做法保持一致。但我想說的是，一般來說，顧客的購買意願更高。他們不會在很長一段時間內持有那麼多庫存。

Is that -- what do you think is causing that?

那是──你認為是什麼原因造成的？

Cost -- basically cost of money is probably double digits for a retailer or a farmer and so to carry fertilizer, if you bought it in July, carry it until April, if you have a 10% or 12% cost of money, that's a pretty expensive carry for 9 months. So that's -- I would say that that's the biggest driver.

成本- 基本上，對於零售商或農民來說，資金成本可能是兩位數，因此攜帶化肥，如果您在7 月購買，則攜帶到4 月，如果您有10% 或12% 的資金成本，那就是9個月的攜帶費相當昂貴。所以我想說這是最大的驅動力。

Got it. And can you give us an idea of how much fourth quarter production has been sold so far? And you mentioned spring sales. Have any spring sales begun at this point?

知道了。您能否告訴我們迄今為止第四季度的產量已售出多少？你提到了春季銷售。現在春季促銷已經開始了嗎？

So first, on the fourth quarter, we're largely sold through the fourth quarter at this point. I don't want to say exactly where we are, but we're in good hands for the fourth quarter. And we have made some sales into the first quarter -- or spring. And so we have a window on kind of what spring is beginning to look like.

首先，在第四季度，我們在第四季度的大部分時間都已售出。我不想確切地說出我們的處境，但我們第四季的情況很好。我們在第一季（即春季）取得了一些銷售。這樣我們就有了一個了解春天即將開始的樣子的窗口。

All right. And then I'm going to hold you to this, but do you have an opinion, Mark, on where ammonia and UAN pricing will end up in the fourth quarter relative to the third quarter?

好的。然後我會堅持這一點，但馬克，你對氨和 UAN 定價相對於第三季第四季的最終結果有什麼看法嗎？

We don't give that kind of information. So I don't want to put it out there. If you listen to the first part of my comments, we've had a nice lift in both ammonia and UAN since July (inaudible) in the marketplace. And that we do see that carrying into '24 and so there's been a significant increase.

我們不提供此類資訊。所以我不想把它放在那裡。如果您聽過我的評論的第一部分，您會發現自 7 月（聽不清楚）以來，我們的氨和 UAN 在市場上都有了不錯的提升。我們確實看到這種情況進入 24 年，因此出現了顯著的增長。

If you look at the publications, you can kind of see where fertilizer prices are today, and that's kind of where the market is. And again, that's the pricing that carried late into -- later in the fourth quarter and into the 2024 season.

如果您查看出版物，您可以看到今天化肥價格的情況，這就是市場的情況。再說一次，這個定價會持續到第四季後期和 2024 年季節。

That's fair. And just lastly, you built up a healthy reserve for maintenance CapEx. Can you discuss what's led to that buildup? And will it continue?

這還算公平。最後，您為維護資本支出建立了良好的儲備。您能討論一下是什麼導致了這種累積嗎？還會繼續嗎？

Yes. So we have several projects that we're pursuing, and we're continuing to do work, and we're reserving for -- these are combination of reliability and expansion projects. And we'll continue to reserve. As you could see probably from earlier this year until now, we've kind of lowered that quarterly carry on that or the amount we're reserving, but it will all depend on kind of the outcome of those projects.

是的。因此，我們正在進行幾個項目，我們正在繼續工作，我們正在預留——這些是可靠性和擴展項目的結合。我們將繼續保留。正如您可能看到的那樣，從今年早些時候到現在，我們已經降低了季度結轉或我們保留的金額，但這完全取決於這些項目的結果。

So if we reach a conclusion that we're not going to move forward with one or more of the projects and we will either stop reserving or we'll probably let that reserve [loose]. But right now, we have several promising projects that we're reserving for specifically that we think are going to make sense for the plants longer term.

因此，如果我們得出的結論是，我們不會繼續推進一個或多個項目，那麼我們要么停止保留，要么可能會[放鬆]保留該保留。但目前，我們有幾個有前途的項目，我們正在專門保留這些項目，我們認為從長遠來看，這些項目對工廠有意義。

Okay. I appreciate that. I know I said last question, but I got one other. Just any thoughts on Russian imports of UAN and how that's impacting the market here in the [States]?

好的。我很感激。我知道我說了最後一個問題，但我還有另一個問題。您對俄羅斯進口 UAN 有何想法以及這對[美國]市場有何影響？

If you go all the way back last year to the beginning, we had a disruption of the flow of Russian UAN here, but that only lasted until the summer of '22, and we've -- largely the markets sort of normalized since the summer '22. We haven't seen any changes in the marketplace there for Russian UAN, it's been sort of steady and consistent.

如果你追溯到去年年初，我們這裡的俄羅斯 UAN 流動受到了乾擾，但這只持續到 22 年夏天，自夏天'22。我們沒有看到俄羅斯 UAN 市場發生任何變化，它一直保持穩定和一致。

And it was only really disrupted in the first 6 months of the war that broke out in the Ukraine, but it's kind of reverted back to normal, I'd say, at this point. It's been that way for over like a year, almost 1.5 years now.

它只是在烏克蘭爆發戰爭的前六個月才真正受到干擾，但我想說，此時它已經恢復正常了。這樣的情況已經有一年多了，到現在快1.5年了。

We have reached the end of our question-and-answer session. And now I'd like to turn the floor back over to management for any closing comments.

我們的問答環節已經結束。現在我想將發言權交還給管理層以徵求結束語。

Well, again, I want to thank everyone for joining the call this morning, and we look forward to reviewing our fourth quarter results in February. Thank you very much.

好吧，我再次感謝大家今天早上參加電話會議，我們期待在二月回顧我們的第四季度業績。非常感謝。

This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。