알파 메탈러지컬 리소시스(AMR) 2026년 3분기 실적 발표 콘퍼런스콜: 2027년 전망

핵심 요약

• 알파 메탈러지컬 리소스(Alpha Metallurgical Resources)는 출하량이 2분기 350만 톤에서 390만 톤으로 증가함에 따라 2026년 3분기 조정 EBITDA가 전 분기 2,560만 달러에서 증가한 2,940만 달러를 기록했다고 발표했다.
• 원료탄 부문의 석탄 판매원가는 전 분기 톤당 103.07달러에서 106.93달러로 상승한 반면, 원료탄 가중평균 실현가격은 톤당 124.52달러로 대체로 보합세를 유지했다.
• 9월 30일 기준 연말 유동성은 현금 및 현금성 자산 3억 3,410만 달러를 포함해 총 4억 4,340만 달러였다. ABL 대출 약정 차입금은 없었다.
• 경영진은 2027년 출하량을 1,430만~1,570만 톤, 석탄 판매원가를 톤당 104~110달러로 예상하고 있다.
• 알파는 2027년 인도분으로 내수 고객사와 톤당 평균 고정가격 135.48달러에 350만 톤 규모의 계약을 체결했다.
• 경영진은 손상된 DTA 스태커 리클레이머를 교체해야 할 것으로 보고 있으며, 예상 소요 기간은 약 2년이다. 대체 터미널 설비가 계획된 출하량을 뒷받침할 것으로 예상되지만, 물류는 여전히 상당한 물량 확대를 제한하는 요인으로 남아 있다.

주요 재무 데이터

대서양 지수 및 기타 메커니즘 연동 가격이 책정된 수출용 원료탄 실현가격은 2분기 톤당 109.08달러에서 107.03달러를 기록했다. 호주 지수 연동 석탄 실현가격은 143.82달러에서 150.46달러로 상승했다.

9월 30일 기준 알파는 3억 3,410만 달러의 현금 및 현금성 자산을 보유했으며, 7,500만 달러의 최소 유동성 요건이 적용되는 미사용 ABL 한도는 1억 8,430만 달러였다. ABL 차입금은 없었으며 미결제 신용장은 4,070만 달러였다.

사업 및 운영 실적

3분기 출하량은 1분기 360만 톤과 2분기 350만 톤에서 개선되었다. 경영진은 투입 비용 인플레이션 속도가 완화되기는 했으나 비용 압박이 실적에 계속 영향을 미쳤다고 밝혔다.

알파는 생산 믹스를 고휘발분 탄 비중을 줄이고 저휘발분 및 중휘발분 원료탄 비중을 늘리는 방향으로 전환하고 있다. 와일드캣(Wildcat) 광산은 증산 중이며 해상 운송 시장에 최소 수십만 톤의 저휘발분 탄을 추가 공급할 것으로 예상되나, 내수 고객사들 역시 관심을 보이고 있다.

알파의 2027년 내수 계약 물량은 350만 톤이며 톤당 평균 고정가격은 135.48달러다. 경영진은 2027년 내수 품질 믹스에서 고휘발분 탄이 차지하는 비중이 2026년보다 커져 평균 계약 가격에 영향을 미쳤다고 언급했다.

DTA의 손상된 SR1 스태커 리클레이머는 수리 대신 교체될 예정이다. 경영진은 맞춤형 설계, 엔지니어링, 시공 및 설치에 약 2년이 걸릴 수 있다고 추산했다. 알파는 교체가 진행되는 동안 햄프턴 로즈(Hampton Roads)의 다른 터미널 설비를 활용할 계획이다.

경영진 가이던스

판관비 가이던스는 일회성 비용과 비현금성 주식 보상을 제외한다. 관계기업 출자금에는 DTA에 대한 현금 출자가 포함된다.

2026년의 경우 가이던스 중간값 기준 원료탄 물량의 87%는 계약 및 가격 결정이 완료되었으며 평균 가격은 톤당 126.69달러였다. 추가로 12%는 계약은 체결되었으나 아직 가격이 결정되지 않았다. 부산 연료탄 물량은 전량 계약 및 가격 결정이 완료되었으며 평균 가격은 톤당 76.06달러였다.

리스크 및 주목할 부문

• 비용 압박: 원료탄 부문 석탄 판매원가가 전 분기 대비 증가했다. 경영진의 2027년 가이던스는 경유 가격을 갤런당 5달러대 초중반으로 가정하고 있다.
• DTA 가동 차질: 손상된 스태커 리클레이머 교체에 약 2년이 소요될 수 있다. 경영진은 관련 대규모 자본 지출은 없을 것으로 예상하지만, 보험금 수령 시점은 아직 정확히 가늠하기 이르다고 밝혔다.
• 물류 역량: 대체 터미널이 유연성을 제공하지만, 경영진은 현재 계획된 생산 속도를 크게 웃도는 실질적 물량 증가는 어렵다고 밝혔다. 출하 목표를 달성하려면 터미널과 철도의 안정적인 운용 실적이 필수적이다.
• 석탄 시장 변동성: 경영진은 지정학적 갈등, 글로벌 경기 여건, 전 세계 철강 수요 부진을 불확실성 요인으로 꼽았다.
• 지수 동향: 호주 프리미엄 저휘발분 탄 지수는 9월 30일 미터톤당 272.10달러에서 11월 5일 기준 262.20달러로 하락한 반면, 미국 동부 해안 지수 변동은 석탄 품질별로 엇갈렸다.

애널리스트 Q&A 주요 내용

경영진은 대부분의 투입 비용 상승분이 이미 알파의 원가 구조에 반영되었으며, 2027년에는 현재 수준에서 실질적인 증가가 발생하지 않을 것으로 예상한다고 밝혔다. 알파는 사업장 전반에서 연간 약 2,000만~2,200만 갤런의 경유를 소비하므로 연료 가격이 중요한 원가 민감도 요인으로 작용한다.

생산 증가 가능성과 관련해 경영진은 다른 수출 터미널을 추가로 이용할 수 있음에도 DTA가 여전히 제약 요인으로 작용하고 있다고 말했다. 알파는 계획된 2027년 생산 속도에는 무리가 없다고 판단하지만, 터미널과 철도의 강력한 실적 뒷받침 없이는 가이던스 상단을 크게 웃도는 물량 확대는 어렵다고 보고 있다.

와일드캣 광산의 증산으로 저휘발분 탄 공급 여력이 늘어날 전망이다. 경영진은 상업적 의사결정 시 판매 가격이 호주 지수나 미국 동부 해안 지수 중 특정 지수와 연동되는지 여부보다는 순수익률에 집중할 것이라고 밝혔다.

자본 배분과 관련해 알파는 잠재적 거래를 계속 검토하고 있으나, 재무적 가치 증대뿐만 아니라 지리적 및 품질 측면의 시너지 효과가 전제되어야 한다는 입장이다. 경영진은 현재 세 가지 조건을 모두 충족하는 인수 기회는 거의 없다고 밝혔다.

2027년 계획된 개발 지출에는 맥클루어(McClure) 선탄장과 딥 마인 41(Deep Mine 41)을 지원하는 버지니아주 폐석 저류지 공사, 로드 포크 52(Road Fork 52)를 지원하는 케플러(Kepler) 선탄장의 잠재적 공사, 장기 프로젝트에 대한 제한적인 사전 작업 등이 포함된다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Greetings. Welcome to the Alpha Metallurgical Resources Third Quarter 2026 Results Conference Call. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may begin.

Emily O'Quinn

Thank you, Rob. Good morning, everyone. Before we get started, let me remind you that during our prepared remarks, our comments regarding anticipated business and financial performance contain forward-looking statements, and actual results may differ materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's third quarter 2026 earnings release and the associated SEC filing. Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures.

On the call today, I'm joined by Alpha's Chief Executive Officer, Andy Eidson; and Chief Financial Officer, Todd Munsey, who will provide prepared remarks. Also participating on the call are our President and Chief Operating Officer, Jason Whitehead; and our Chief Commercial Officer, Dan Horn. Following the prepared remarks, we will be available to answer questions.

With that, I'll turn the call over to Andy.

Charles Eidson

Thanks, Emily, and good morning, everyone. Today, we released our definitive third quarter financial results, which include adjusted EBITDA of $29.4 million and 3.9 million tons shipped. Our third quarter volumes improved compared to the first 2 quarters of the year, which were 3.6 million and 3.5 million tons, respectively. Cost pressures continue to influence our financial results, and we remain committed to managing these cost challenges and continually evaluating the portfolio against the needs of the metallurgical coal market.

Speaking of the market, we have completed our annual budgeting process that culminates in the operational guidance expectations we issued today. I'll let Todd cover those in detail, but it's important to note that our 2027 guidance reflects current expectations for the coming calendar year, which includes our analysis of potential financial impacts and 2027 terminal capabilities at DTA in Newport News. Following the storm-related damage that occurred in June, DTA management has worked diligently to keep operations moving and collaborate with the various parties about potential go-forward plans.

As a result of these conversations, DTA believes the stacker reclaimer referred to as SR1 will need to be replaced as opposed to repaired, and they've been in close contact with DTA's insurance provider about covering the replacement cost as well as potentially certain other expenses incurred due to the damage. As such, it's important to note that we do not anticipate significant capital outlays in association with the stacker reclaimer replacement process. As far as timing is concerned, a total replacement of the stacker reclaimer would be a fully custom build requiring specialized design, engineering, construction and installation.

Such work will likely require a lengthy time line, with current estimates in the 2-year ballpark. This is why we've worked so hard to establish a logistical framework that minimizes our disruption -- the disruption to our sales and logistics processes and allows us to keep coal moving to our customers while DTA addresses the damaged stacker reclaimer. This includes a plan to also utilize our throughput capacity at other Hampton Roads terminals in addition to DTA. As evidenced by our more normalized third quarter shipment volumes, we are optimistic about our ability to move all the tons we need to in 2027 and beyond.

As we look to next year, our guidance includes 3.5 million tons that we plan to sell to domestic customers in 2027 at an average price of $135.48 per ton. We're pleased to announce the results of the domestic negotiations, which are fixed-price annual contracts. Each year's negotiation is a little different depending on the market backdrop and a variety of factors. For example, high-vol made up a greater proportion of our 2027 domestic quality mix than in 2026, which influences the average price achieved for the total domestic book. All in all, we're pleased with these commitments, and we look forward to building the rest of our 2027 sales around opportunities in the seaborne market.

As usual, our teams are doing great work throughout the Alpha organization, and several operations have received recognition for their efforts. On the environmental front, our Paramont team in Virginia was recently honored with 3 Excellence in Mining awards from the Metallurgical Coal Producers Association. Virginia Energy also awarded them with 3 Safety Awards at their recent ceremony. Both of Alpha's mine rescue teams continue stacking wins as well, including first and second place finishes across many categories of competition in the National Mine Rescue contest that was held in August. We're extremely proud of our Paramont team that earned the top honor of National Grand Champion this year with a perfect score for the competition. These miners continually train, practice and challenge themselves so they're prepared to respond when their skills are needed. So congratulations to all those team members.

I'll now turn the call over to Todd for a review of our financial results for the third quarter.

Todd Munsey

Thanks, Andy. Good morning, everyone. Adjusted EBITDA for the third quarter was $29.4 million, up from $25.6 million in the second quarter. We sold 3.9 million tons in Q3, up from 3.5 million tons in Q2. Met segment realizations increased quarter-over-quarter with an average realization of $121.09 in the third quarter compared to $118.71 in the second quarter. Export Met tons priced against Atlantic indices and other pricing mechanisms in the third quarter realized $107.03 per ton, while export coal priced on the Australian indices realized $150.46 per ton.

These results are compared to realizations of $109.08 per ton and $143.82 per ton, respectively, in the second quarter. The realization for our metallurgical sales in the third quarter was a total weighted average of $124.52 per ton, roughly flat against the second quarter average of $124.30 per ton. Realizations in the incidental thermal portion of the Met segment were also essentially flat quarter-over-quarter at $79.44 per ton in Q3 compared to $79.36 per ton in Q2. Cost of coal sales for our Met segment increased to $106.93 per ton in the third quarter, up from $103.07 per ton in the second quarter. SG&A, excluding noncash stock compensation and nonrecurring items, increased to $15 million in the third quarter compared to $13.7 million in the second quarter.

Moving to the balance sheet and cash flows. As of September 30, we had $334.1 million in cash and cash equivalents as compared to $338.5 million of cash and short-term investments as of June 30. We had $184.3 million in unused availability under our ABL at the end of the third quarter, partially offset by a minimum required liquidity of $75 million. As of the end of September, Alpha had total liquidity of $443.4 million, down slightly from $447.8 million at the end of June. CapEx for the third quarter was $33.8 million, down from $45.1 million in Q2. Cash provided by operating activities was $46.9 million in the third quarter, up from $39.9 million in the second quarter. As of September 30, our ABL facility had no borrowings and $40.7 million of letters of credit outstanding.

Looking ahead, we issued 2027 operational guidance this morning. For sales volumes, we expect to ship between 13.1 million and 14.1 million metallurgical tons as well as another 1.2 million to 1.6 million tons of incidental thermal coal, bringing total 2027 shipment expectations to a range of 14.3 million to 15.7 million tons for the year. For 2027 cost of coal sales, we are guiding to a range of $104 to $110 per ton. Selling, general and administrative costs are expected to be between $53 million and $59 million in 2027, excluding nonrecurring expenses and noncash stock compensation. Idle expense is expected to be between $25 million and $33 million. We anticipate 2027 net cash interest income of between $2 million and $4 million and depreciation, depletion and amortization of $148 million to $162 million.

Capital expenditures, including carryover development and maintenance capital, are expected to be in the range of $145 million to $165 million. Contributions to equity affiliates are expected to be in the range of $28 million to $37 million, which include cash contributions for DTA. Lastly, we are projecting a 2027 cash tax rate of between 0% and 5%.

In terms of our committed position for 2026, at the midpoint of guidance, 87% of our metallurgical tonnage in the Met segment is committed and priced at an average price of $126.69. Another 12% of our Met tonnage for the year is committed, but not yet priced. The thermal byproduct portion of the Met segment is fully committed and priced at the midpoint of guidance at an average price of $76.06.

Coal markets remain subject to uncertainty and volatility resulting from geopolitical conflicts and global economic conditions. Improving indicators and manufacturing conditions across key Alpha markets suggest that economic conditions are stable with almost all in growth territory. While global steel demand remains weak, supply related factors such as mine closure announcements temporarily influenced metallurgical coal indices to rise toward the end of the third quarter with further volatility continuing after the quarter close.

The Australian Premium Low Vol index increased from $244 per metric ton on July 1 to $272.10 per metric ton on September 30. The U.S. East Coast Low Vol index rose from $190 per metric ton at the beginning of the quarter to $210 per metric ton by the end of September. The U.S. East Coast High Vol A index increased from $157 per metric ton at the start of the quarter to $195 per metric ton at the quarter's close. And the U.S. East Coast High Vol B index rose from $147 per metric ton to $170 per metric ton at the end of the quarter. Since then, the Australian Premium Low Vol index has decreased to $262.20 per metric ton as of November 5, representing a drop of roughly 4% since quarter close.

U.S. East Coast Low Vol is unchanged from quarter close, at $210 per ton. U.S. East Coast High Vol A has declined about 3% to $190 per ton, while High Vol B has risen slightly to $174.50 per ton as of November 5. In the seaborne thermal market, the API2 index was $115.50 per metric ton at the beginning of July and increased to $141.40 per metric ton at the end of September. Since then, the API2 index has moved down to $136.30 per metric ton as of November 5.

With that, operator, we are now ready to open the call for questions.

Operator

[Operator Instructions] Our first question comes from George Eadie with UBS.

질의응답

George Eadie

Can I ask on the cost front? So cash costs only 2% higher year-on-year at midpoint, even if I adjust for marginally higher midpoint sales volumes. Can you maybe just talk through what goes into that and sort of potential cost sensitivities for things like diesel? And I guess it sort of seems like a very low year-on-year cost increase given a lot in this sector are talking about a lot of input and broader sort of cost pressures.

Charles Eidson

George, this is Andy. I appreciate the question. Yes, we're actually pretty pleased with where our cost guidance is coming out for next year, although it is up a bit. I mean we've really seen the vast majority of the input cost impacts have already found their way into the system for us. So again, we would hope that there would be some relief on the diesel side. Hopefully, that situation gets resolved sometime in the near future.

And even then, it will take a while to work its way through the system. But we're just -- we're not saying that the input cost increases have flatlined, but the rate of increase has tailed back quite a bit. And once you bake in the impact of the diesel and all the oil adjuncts, I think we're -- currently, our run rate is pretty well reflective of that. So next year, we don't see a material amount of increase from there.

George Eadie

What diesel price did you assume in guidance for '27, Andy?

Charles Eidson

Off the top of my head, I don't know. Yes, I think it was low to mid-5s on a per gallon cost.

George Eadie

Okay. And then like what's the sensitivity, if you were to sort of estimate ballpark per ton on your cash cost, if that went back to sort of, say, mid-3s, like what's the potential production cash cost?

Charles Eidson

Well, I'll leave you to do the math on that, but we do run in the low 20 million gallons of diesel across all operations. So 20 million to 22 million gallons. So you could figure what the sensitivity is on that across all the tons.

George Eadie

Okay. Yes, that's perfect. And then just one more, sort of getting back to the 16 million ton per annum levels. Can you talk through how that looks? And if DTA sort of being down for the 2-year ballpark you guys flagged, is a constraint? Or I guess another way of asking was if markets got a lot stronger next year, could you push beyond that 15.7 million upper end, do you think? Or like what is the constraining limit to higher volumes for you guys at the moment?

Charles Eidson

Yes. I mean DTA obviously will be a constraint. Our sales and logistics team has done a really nice job, as I mentioned in the comments -- the prepared comments. They've done a nice job of finding flexibility and optionality with other export terminal access. So there will be a point in which we can't expand any further. I'm not going to throw out a number for that because, again, the team is pretty creative in finding new paths to get tons where we need them to go. But I think we're comfortable with our current run rate. I don't think there's a huge amount of upside to that.

And we're going to need the terminals to operate well, we're going to need the railroads to perform well to hit all of our numbers the way we want to. But I think we're going to be able to get there. And it's not going to look that different year-over-year comparing to 2026. From a quality perspective, it's going to look a little bit different because, again, I think we are moving around in our -- as has been our plan, we are shifting as a lot of other folks are. We've been working on a multiyear plan to shift more of our production from higher-ranked coals from the low-vol and mid-vol and a little bit less on the high-vol side. So that will continue to develop. But I think logistically, all of that fits pretty well into what we've got planned for 2027.

Operator

Our next question comes from Nick Giles with B. Riley Securities.

Nick Giles

It was good to hear that there's more high-vol coal in the domestic mix, which I assume leaves more low-vol coals to send into the seaborne market. So I was wondering if you could just quantify that mix shift, maybe how many incremental tons of low-vol would you be able to send -- export next year?

Charles Eidson

Nick, I'll throw that one over to Dan. That one is definitely -- he's got the numbers at his fingertips there.

Daniel Horn

Thanks, Andy. Well, let's start by saying that the high-vol that moved into the domestic market, that's coal that is a little -- let's say, a little lower value coal, and that was reflected in the overall comments that we have there in the pricing. But as we ramp up the low-vol mine, our new Wildcat mine, it's kind of dynamic. So you can't really compare our portfolio in '26 to what it's going to look like in '27. So as Wildcat ramps up, we'll have more low-vol available.

And broadly speaking, that's -- at this moment, that's all available for the seaborne market, but we've had a lot of interest in the domestic market, too, as it ramps up. But I won't give you a number, but it's several hundred thousand tons at least that would be available to go seaborne easily as well as our usual mix of high-vol and quite a bit of medium-vol, which is always sought after.

Nick Giles

Got it. Okay. I mean any sense for how much of that would be PLV linked? Or I guess, kind of what do the commercial discussions look like today in terms of getting more tons sold on a PLV basis?

Daniel Horn

Yes. I don't have -- there's -- I'll say this, there's quite a bit of interest from customers that we would sell against the Aussie indices, but I can't quantify that. The Wildcat coal is a premium coal that should -- that will achieve a premium to a lot of other U.S. low-vols, we think. So whether we sell it against an Aussie index or very strongly against the U.S. East Coast index, I mean, we're happy. We focus on the net return, not just the index.

Nick Giles

Makes sense. No, I appreciate that. Maybe just shifting gears to the stacker reclaimer. It's good to hear that you feel like that's fully covered from an insurance perspective. But how should we think about the timing of those insurance reimbursements versus any capital outlays that may be required? Or said differently, is there a scenario where you might have to invest in the new stacker reclaimer and kind of wait a few quarters for the insurance reimbursements to come in?

Charles Eidson

Yes. I think it's probably a little too early to comment on that one, Nick. I don't expect there to be too much of a sequencing problem from that respect, certainly not a multi-quarter type of reimbursement gap. Obviously, you may have a few weeks or a few months, but we're pretty pleased with how our insurance -- or DTA's insurance carriers has responded thus far. They've been very helpful and constructive in helping us move along this process relatively quickly. So yes, I don't expect an impact. But again, it's probably too early in the process to be making too many prognostications there.

Nick Giles

Okay. No, fair enough, Andy. Maybe just one last one from me on the capital allocation front. Would just be good to get an update on what you're seeing among your kind of smaller peers in Central App. Are there any opportunities out there to pick up some tons at a discount? Or have you heard any rumblings of kind of more capacity that's come offline?

Charles Eidson

Really not in a position to comment on any of those folks. I mean they'll have to speak for themselves. There's -- as we've always taken the position, we look at anything and everything. We want things to be a good strategic fit. If things are available, we want it to be either -- or not either, but a combination of geographically synergistic, quality synergistic and accretive from a financial standpoint. And those boxes, all 3 boxes are kind of hard to check right now when you look around the chessboard.

But there are some things out there that we can look at. But again, we're really focused on managing our own portfolio, particularly in markets like this, making sure that we're optimizing our outcomes and optimizing both the productivity and the profitability of the portfolio.

Operator

[Operator Instructions] Our next question comes from Nathan Martin with StoneX.

Nathan Martin

I had a question on DTA as well. I mean just given the fact that you said the repair/replacement time line could be extended into a year or 2. Just curious, do you see any opportunity to improve logistics or lower transportation or port costs in the meantime?

Charles Eidson

In the meantime, before we get to a repaired DTA? Probably not. I mean that's more of a focus on just getting the tons moved where we can as best we can. On the other side of DTA and during the repair, could there be some opportunities? Yes, I mean, any time you're looking at older equipment that's going to have to be replaced for any reason, you're going to hope to find some opportunities to improve things and whether it's from a throughput capacity standpoint or from a cost reduction. So -- but that will -- that's for future conversations as we actually get into the nuts and bolts of mechanically fixing and replacing the SR.

Nathan Martin

All right. Understood, Andy. I appreciate that. And then maybe looking at CapEx for '27. Guidance falls roughly flat year-over-year. I noticed an updated slide in your deck with kind of the breakdown there, but maybe you can provide a little more detail around the development projects you plan to spend capital on in '27 because I see that's kind of ticked up a little bit there.

Charles Eidson

Yes. I mean some of that is related to existing operations. We do have some refuse impoundment needs in Virginia that will obviously extend the life and help with managing the waste cost at the McClure prep plant, where Deep Mine 41 is handled. So that's obviously something that we're very focused on. Likewise, some potential work at the Kepler prep plant, where Road Fork 52 reports. And Road Fork 52, Deep Mine 41 definitely being at the top of our list as far as the portfolio of mines that we have.

Any development -- any other development, we're looking at other -- kind of our next projects, which are a little bit longer dated, a couple, 3 years out, just doing a little bit of prospective work there, not necessarily committing to a project, but making sure things are moving to the extent where if we want to pursue a project, we're not losing any time. So not a whole lot to report on that just yet.

Nathan Martin

All right. I appreciate that. And then maybe a final question for Dan. Dan, how should we think about the quality mix of what you guys have left to sell here for '26? I think you're roughly 80% committed and priced at the midpoint of guidance, so seemingly a few tons left to put to bed. How should we think about that as we head to the end of the year?

Daniel Horn

Yes, Nate, probably the typical blend. Maybe a little heavier with the low-vol. As Wildcat ramps up, we're producing a little more of that. So I don't think -- probably the same roughly blend. Still a fair half high-vol maybe and maybe the rest mid and low, something like that. But again, with -- going forward -- I'm sorry, going forward, more low. Our plan is and it will happen that we're going to have more low-vol in our mix and more medium-vol as we go forward. That's certainly the plan, and less high-vol. But the rest of the year is pretty well known. It's right in front of us.

Operator

We have reached the end of the question-and-answer session. I would now turn the call over to Andy Eidson for closing remarks.

Charles Eidson

Well, thanks, everyone, for dialing into the call and checking in online. We appreciate your interest in Alpha, and we hope you all have a great weekend.

Operator

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.