- Posts third quarter net income of $93.8 million, or $6.65 per diluted share
- Announces Adjusted EBITDA of $153.9
million for the quarter
- Continues progress on buyback program, with nearly
$940 million returned to shareholders
since program inception as of October 27,
2023
- Announces $300 million
increase in authorization for the share repurchase program,
bringing total authorization to $1.5
billion
- Declares quarterly dividend of $0.50 per share, after which the dividend program
will cease
- Issues 2024 operational guidance
- Announces completed refinancing of Asset-Based Revolving
Credit Facility (ABL)
- Completes transition to pure-play metallurgical producer
with the closure of last remaining thermal mine, Slabcamp
BRISTOL, Tenn.,
Nov. 2,
2023 /PRNewswire/ -- Alpha Metallurgical Resources,
Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products
for the steel industry, today reported financial results for the
third quarter ending September 30,
2023.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Sept. 30,
2023
|
June 30,
2023
|
Sept. 30,
2022
|
|
Net
income
|
$93.8
|
$181.4
|
$252.8
|
|
Net income per
diluted share
|
$6.65
|
$12.16
|
$14.27
|
|
Adjusted
EBITDA(1)
|
$153.9
|
$258.5
|
$296.2
|
|
Operating cash
flow
|
$157.2
|
$317.2
|
$497.0
|
|
Capital
expenditures
|
($54.7)
|
($54.9)
|
($33.3)
|
|
Tons of coal
sold
|
4.2
|
4.3
|
4.1
|
|
|
|
|
|
|
|
|
1. These are
non-GAAP financial measures. A reconciliation of Net Income to
Adjusted EBITDA is included in tables accompanying the financial
schedules.
|
"As we recently disclosed, our third quarter results were
impacted by some challenging events that resulted in lowered
shipment guidance for the year," said Andy
Eidson, Alpha's chief executive officer. "Part of this was
due to a mechanical failure experienced during the quarter at
Dominion Terminal Associates, the Newport
News facility where we export a majority of our coal. The
port infrastructure is in need of capital investment to minimize
downtime and operational interruptions. Therefore, we are
developing plans to make the necessary investments over a period of
several years, both to spread out the expenditures and to
methodically work through the improvements in the least disruptive
way, allowing for use of the facility while renovations occur."
Eidson continued: "Despite the challenges of Q3, our team
continues to operate safely, perform well, and advance our
long-term goals. The share buyback program is a significant example
of our ability to execute, with nearly $940
million in repurchases completed since the start of the
program and approximately $560
million left on the board's newly-increased authorization.
Following the dividend payment for this quarter, we will
consolidate our capital return efforts to focus on share
repurchases and expect to continue with that approach as long as
buybacks make sense from a market, trading price, and valuation
perspective. Additionally, we have successfully refinanced our ABL,
achieving superior terms to the previous facility thanks to the
company's improved financial position, the most important of which
was achieving a four-year term on the facility. On the operational
side, our years-long transition to a pure-play metallurgical coal
producer is now complete following the closure of Slabcamp, our
final remaining thermal mine. Our outlook for 2024 is bright, with
a solid base of committed tonnage to domestic customers and the
balance of our output available for export."
Financial Performance
Alpha reported net income of $93.8
million, or $6.65 per diluted
share, for the third quarter 2023, as compared to net income of
$181.4 million, or $12.16 per diluted share, in the second
quarter.
For the third quarter, total Adjusted EBITDA was $153.9 million, compared to $258.5 million in the second quarter.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2023
|
June 30,
2023
|
|
Met
Segment
|
$731.5
|
$834.0
|
|
All
Other
|
$7.5
|
$19.8
|
|
Met Segment (excl.
freight & handling)(1)
|
$636.7
|
$715.8
|
|
All Other (excl.
freight & handling)(1)
|
$7.5
|
$19.8
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2023
|
June 30,
2023
|
|
Met
Segment
|
4.1
|
4.1
|
|
All
Other
|
0.1
|
0.2
|
|
|
|
|
|
|
|
|
1. Represents Non-GAAP coal revenues
which is defined and reconciled under "Non-GAAP Financial Measures"
and "Results of Operations."
|
Coal Sales Realization(1)
|
(per ton)
|
|
Three months
ended
|
|
Sept. 30,
2023
|
June 30,
2023
|
|
Met
Segment
|
$154.73
|
$172.51
|
|
All
Other
|
$68.32
|
$99.66
|
|
|
|
|
|
|
|
|
|
1. Represents Non-GAAP coal sales
realization which is defined and reconciled under "Non-GAAP
Financial Measures" and "Results of Operations."
|
Third quarter net realized pricing for the Met segment was
$154.73 per ton and net realization
in the All Other category was $68.32
per ton.
The table below provides a breakdown of our Met segment coal
sold in the third quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
|
Met Segment
Sales
|
Three months ended
Sept. 30, 2023
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
|
Export - Other
Pricing Mechanisms
|
1.4
|
$190.5
|
$136.76
|
37 %
|
|
Domestic
|
1.1
|
$210.1
|
$192.93
|
29 %
|
|
Export - Australian
Indexed
|
1.3
|
$204.4
|
$158.56
|
34 %
|
|
Total Met Coal
Revenues
|
3.8
|
$605.0
|
$160.43
|
100 %
|
|
Thermal Coal
Revenues
|
0.3
|
$31.7
|
$92.22
|
|
|
Total Met Segment
Coal Revenues
(excl. freight & handling)(1)
|
4.1
|
$636.7
|
$154.73
|
|
|
|
|
|
|
|
|
|
|
1. Represents Non-GAAP coal sales
realization which is defined and reconciled under "Non-GAAP
Financial Measures" and "Results of Operations."
|
Cost of Coal Sales
|
(in millions, except
per ton data)
|
|
Three months
ended
|
|
Sept. 30,
2023
|
June 30,
2023
|
|
Cost of Coal
Sales
|
$564.6
|
$583.5
|
|
Cost of Coal Sales
(excl. freight &
handling/idle)(1)
|
$461.8
|
$458.9
|
|
|
|
|
(per ton)
|
|
Met
Segment(1)
|
$109.95
|
$106.35
|
|
All
Other(1)
|
$84.73
|
$88.59
|
|
|
|
|
|
|
|
|
|
1. Represents Non-GAAP cost of coal
sales and Non-GAAP cost of coal sales per ton which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
Alpha's Met segment cost of coal sales increased to an average
of $109.95 per ton in the third
quarter, compared to $106.35 per ton
in the second quarter of 2023. Cost of coal sales for the All Other
category improved to $84.73 per ton
in the third quarter, compared to $88.59 per ton in the second quarter.
Liquidity and Capital Resources
Cash provided by operating activities in the third quarter
decreased to $157.2 million as
compared to $317.2 million in the
second quarter. Capital expenditures for the third quarter were
$54.7 million compared to
$54.9 million for the second
quarter.
As of September 30, 2023, the company had total liquidity
of $390.1 million, including cash and
cash equivalents of $296.1 million and $94.1 million of unused availability under the
ABL. As of September 30, 2023, the company had no borrowings
and $60.9 million in letters of
credit outstanding under the ABL. Total long-term debt, including
the current portion of long-term debt as of September 30,
2023, was $10.5 million and consisted
primarily of equipment financing obligations.
Asset-Based Revolving Credit Facility (ABL)
Refinance
The company successfully completed the refinancing of its
Asset-Based Revolving Credit Facility, which was previously set to
expire in December 2024. On
October 27, 2023, the company
terminated its existing ABL agreement and entered into a new
facility that matures in October
2027, with Regions Bank as the administrative agent and lead
arranger along with ServisFirst Bank and Texas Capital Bank serving
as joint lead arrangers.
The new ABL facility allows the company to borrow cash or obtain
letters of credit on a revolving basis up to $155 million. Under the terms of the agreement,
interest on letters of credit will be 3.3 percent.
The terms of the credit facility include customary
representations and warranties, customary affirmative and negative
covenants, and customary events of default.
'We are pleased to complete the process of refinancing the ABL,
which serves as an important tool for the company," said
Todd Munsey, Alpha's chief financial
officer. "Alpha's improved credit metrics positively influenced our
ability to negotiate more favorable terms and a longer duration
than our prior facility, all of which benefits the company and
further strengthens our financial position."
Dividend Program
On October 31, 2023, Alpha's board of directors declared a
quarterly cash dividend payment of $0.50 per share, which will become payable on
December 15, 2023 for holders of record as of December 1,
2023.
As previously announced, the fixed dividend program will cease
at year-end to fully focus the company's capital return efforts on
its share buyback program.
Share Repurchase Program
On October 31, 2023, Alpha's board
of directors increased its authorization for the company's share
repurchase program by $300 million,
bringing the authorization to $1.5
billion for the repurchase of the company's common stock. As
of October 27, 2023, the company has
acquired approximately 6.1 million shares of common stock at a cost
of approximately $940 million. The
number of common stock shares outstanding as of October 27, 2023 was 13,283,594, not including
the potentially dilutive effect of unvested equity awards.
The timing and amount of share repurchases will continue to be
determined by the company's management based on its evaluation of
market conditions, the trading price of the stock, applicable legal
requirements, compliance with the provisions of the company's debt
agreements, and other factors.
Dominion Terminal Associates Multi-Year Capital Investment
Plan
The Dominion Terminal Associates (DTA) facility in Newport News, Virginia, in which Alpha has a
sixty-five percent ownership interest, is in need of capital
investment to maximize functionality and minimize downtime due to
mechanical issues.
Together with DTA leadership and ownership partners, Alpha is
evaluating a needs assessment and rough timeline for the
recommended work. Beyond the company's share of routine operating
costs which are expected to be approximately $20 million in 2024, Alpha expects that it will
invest up to an incremental $25
million per year for infrastructure and equipment upgrades
at DTA over the next 6 years.
Eidson commented on the capital spending needs: "DTA is one of
Alpha's most important strategic assets because it connects us with
our customers across the globe. We rely on its equipment to unload
our coal from railcars, sort it into stockpiles, and then load the
product into seafaring vessels, all of which occurs on a tight
timeline. As we have experienced this year, a mechanical repair or
equipment outage can disrupt these intricate logistics schedules,
causing delays in shipments and revenue. Therefore, Alpha is
proactively planning for a multi-year investment that we expect
will significantly reduce downtime and benefit the company well
into the future."
Issuance of 2024 Operational Guidance
The company is issuing operational guidance for the 2024
calendar year. Due to the closure of Slabcamp, Alpha's last
remaining thermal coal mine, the company expects virtually all of
its 2024 financial activity to be reported within the Met
segment.
For sales volumes, the company expects to ship between 15.5
million and 16.5 million metallurgical tons in 2024, as well as
incidental thermal coal of between 0.9 million and 1.3 million
tons, bringing total expected 2024 shipments to a range of 16.4
million to 17.8 million tons.
For cost of coal sales, Alpha is guiding to a range of
$110.00 to $116.00 per ton.
The 2024 guidance range for selling, general and administrative
costs is $60 million to $66 million, excluding non-recurring expenses and
non-cash stock compensation. Idle operations expense is anticipated
to be between $18 million and
$28 million. The company expects net
cash interest income of between $2
million to $8 million, and
depreciation, depletion and amortization between $140 million to $160
million.
Capital expenditures for 2024 are expected to be between
$210 million and $240 million, which includes sustaining
maintenance capital, planned projects to invest in mine
development, and some carryover from 2023 due to timing and
availability of supplies and contract labor.
In connection with expected capital investments at DTA, Alpha is
guiding to a 2024 range of $40
million to $50 million for
capital contributions to equity affiliates. The cash contribution
range includes both the cash needed for normal operations of the
facility along with the amounts expected to be spent in 2024
related to the facility upgrades.
In 2024, the company expects a tax rate of between 12% to
17%.
2023 Performance Update
The company is increasing its 2023 guidance range for
depreciation, depletion and amortization to a range of $135 million to $145
million, up from the prior guidance of $115 million to $135
million.
As of October 25, 2023 for the 2023 calendar year, Alpha
has committed and priced approximately 88% of its metallurgical
coal within the Met segment at an average price of $182.08 per ton and 100% of thermal coal in the
Met segment at an average expected price of $102.45 per ton. In the All Other category, the
company is 95% committed and priced at an average price of
$92.23 per ton.
|
2023
Guidance
|
2024
Guidance
|
|
in millions of
tons
|
Low
|
High
|
Low
|
High
|
|
Metallurgical
|
14.8
|
15.2
|
15.5
|
16.5
|
|
Thermal
|
1.0
|
1.4
|
0.9
|
1.3
|
|
Met
Segment
|
15.8
|
16.6
|
|
|
|
All Other
|
0.5
|
0.7
|
|
|
|
Total
Shipments
|
16.3
|
17.3
|
16.4
|
17.8
|
|
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
Committed
|
Average
Price
|
|
Metallurgical -
Domestic
|
|
$192.92
|
|
$161.91
|
|
Metallurgical -
Export
|
|
$176.67
|
|
|
|
Metallurgical
Total
|
88 %
|
$182.08
|
25 %
|
$161.91
|
|
Thermal
|
100 %
|
$102.45
|
98 %
|
$76.85
|
|
Met
Segment
|
90 %
|
$174.19
|
30 %
|
$143.95
|
|
All Other
|
95 %
|
$92.23
|
|
|
|
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
Committed
|
|
|
Metallurgical
Total
|
12 %
|
|
49 %
|
|
|
Thermal
|
— %
|
|
— %
|
|
|
Met
Segment
|
10 %
|
|
46 %
|
|
|
All Other
|
— %
|
|
|
|
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
Low
|
High
|
|
Met Segment
|
$110.00
|
$113.00
|
$110.00
|
$116.00
|
|
All Other
|
$87.00
|
$93.00
|
|
|
|
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
Low
|
High
|
|
SG&A5
|
$59
|
$65
|
$60
|
$66
|
|
Idle Operations
Expense
|
$21
|
$31
|
$18
|
$28
|
|
Net Cash Interest
Income
|
$3
|
$5
|
$2
|
$8
|
|
DD&A
|
$135
|
$145
|
$140
|
$160
|
|
Capital
Expenditures
|
$250
|
$280
|
$210
|
$240
|
|
Capital Contributions
to
Equity Affiliates6
|
$28
|
$30
|
$40
|
$50
|
|
Tax Rate
|
12 %
|
17 %
|
12 %
|
17 %
|
|
Notes:
|
|
|
1.
|
Based on committed and
priced coal shipments as of October 25, 2023. Committed percentage
based on the midpoint of shipment guidance range.
|
|
2.
|
Actual average per-ton
realizations on committed and priced tons recognized in future
periods may vary based on actual freight expense in future periods
relative to assumed freight expense embedded in projected average
per-ton realizations.
|
|
3.
|
Includes estimates of
future coal shipments based upon contract terms and anticipated
delivery schedules. Actual coal shipments may vary from these
estimates.
|
|
4.
|
Note: The Company is
unable to present a quantitative reconciliation of its
forward-looking non-GAAP cost of coal sales per ton sold financial
measures to the most directly comparable GAAP measures without
unreasonable efforts due to the inherent difficulty in forecasting
and quantifying with reasonable accuracy significant items required
for the reconciliation. The most directly comparable GAAP measure,
GAAP cost of sales, is not accessible without unreasonable efforts
on a forward-looking basis. The reconciling items include freight
and handling costs, which are a component of GAAP cost of sales.
Management is unable to predict without unreasonable efforts
freight and handling costs due to uncertainty as to the end market
and FOB point for uncommitted sales volumes and the final shipping
point for export shipments. These amounts have historically varied
and may continue to vary significantly from quarter to quarter and
material changes to these items could have a significant effect on
our future GAAP results.
|
|
5.
|
Excludes expenses
related to non-cash stock compensation and non-recurring
expenses.
|
|
6.
|
The 2024 guidance
amount includes contributions to fund normal operations at our DTA
export facility of approximately $20 million and expected capital
investments related to the facility upgrades of $25
million.
|
Conference Call
The company plans to hold a conference call regarding its third
quarter 2023 results on November 2, 2023, at 10:00 a.m. Eastern time. The conference call will
be available live on the investor section of the company's website
at https://alphametresources.com/investors. Analysts who would like
to participate in the conference call should dial 877-407-0832
(domestic toll-free) or 201-689-8433 (international) approximately
15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations
across Virginia and West Virginia. With customers across the
globe, high-quality reserves and significant port capacity, Alpha
reliably supplies metallurgical products to the steel industry. For
more information, visit www.AlphaMetResources.com.
Forward-Looking Statements
This news release includes forward-looking
statements. These forward-looking statements are based on
Alpha's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Alpha's
control. Forward-looking statements in this news release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Alpha
to predict these events or how they may affect Alpha. Except
as required by law, Alpha has no duty to, and does not intend to,
update or revise the forward-looking statements in this news
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this news release may not
occur.
INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures."
These are financial measures that either exclude or include amounts
that are not excluded or included in the most directly comparable
measures calculated and presented in accordance with generally
accepted accounting principles in the
United States ("U.S. GAAP" or "GAAP"). Specifically, we make
use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP
coal revenues," "non-GAAP cost of coal sales," and "non-GAAP coal
margin." We use Adjusted EBITDA to measure the operating
performance of our segments and allocate resources to the segments.
Adjusted EBITDA does not purport to be an alternative to net income
(loss) as a measure of operating performance or any other measure
of operating results, financial performance, or liquidity presented
in accordance with GAAP. Moreover, this measure is not calculated
identically by all companies and therefore may not be comparable to
similarly titled measures used by other companies. Adjusted EBITDA
is presented because management believes it is a useful indicator
of the financial performance of our coal operations. We use
non-GAAP coal revenues to present coal revenues generated,
excluding freight and handling fulfillment revenues. Non-GAAP coal
sales realization per ton for our operations is calculated as
non-GAAP coal revenues divided by tons sold. We use non-GAAP cost
of coal sales to adjust cost of coal sales to remove freight and
handling costs, depreciation, depletion and amortization -
production (excluding the depreciation, depletion and amortization
related to selling, general and administrative functions),
accretion on asset retirement obligations, amortization of acquired
intangibles, net, and idled and closed mine costs. Non-GAAP cost of
coal sales per ton for our operations is calculated as non-GAAP
cost of coal sales divided by tons sold. Non-GAAP coal margin per
ton for our coal operations is calculated as non-GAAP coal sales
realization per ton for our coal operations less non-GAAP cost of
coal sales per ton for our coal operations. The presentation of
these measures should not be considered in isolation, or as a
substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP
results to provide a more complete understanding of the factors and
trends affecting the business than GAAP results alone. The
definition of these non-GAAP measures may be changed periodically
by management to adjust for significant items important to an
understanding of operating trends and to adjust for items that may
not reflect the trend of future results by excluding transactions
that are not indicative of our core operating performance.
Furthermore, analogous measures are used by industry analysts to
evaluate the Company's operating performance. Because not all
companies use identical calculations, the presentations of these
measures may not be comparable to other similarly titled measures
of other companies and can differ significantly from company to
company depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which companies
operate, and capital investments.
Included below are reconciliations of non-GAAP financial
measures to GAAP financial measures.
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Coal
revenues
|
$
738,998
|
|
$
867,849
|
|
$
2,499,503
|
|
$
3,271,845
|
|
Other
revenues
|
2,822
|
|
1,919
|
|
11,923
|
|
6,299
|
|
Total
revenues
|
741,820
|
|
869,768
|
|
2,511,426
|
|
3,278,144
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown
separately below)
|
564,608
|
|
554,055
|
|
1,687,259
|
|
1,736,826
|
|
Depreciation,
depletion and amortization
|
32,582
|
|
27,925
|
|
94,231
|
|
83,690
|
|
Accretion on asset
retirement obligations
|
6,376
|
|
5,921
|
|
19,129
|
|
17,822
|
|
Amortization of
acquired intangibles, net
|
2,069
|
|
4,543
|
|
6,458
|
|
16,038
|
|
Selling, general and
administrative expenses
(exclusive of depreciation, depletion and
amortization shown separately above)
|
18,053
|
|
15,095
|
|
56,251
|
|
48,339
|
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-
related obligations
|
—
|
|
(2,954)
|
|
—
|
|
10,615
|
|
Other expense
(income)
|
973
|
|
2,713
|
|
(1,665)
|
|
569
|
|
Total costs and
expenses
|
624,661
|
|
607,298
|
|
1,861,663
|
|
1,913,899
|
|
Income from
operations
|
117,159
|
|
262,470
|
|
649,763
|
|
1,364,245
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest
expense
|
(1,746)
|
|
(1,754)
|
|
(5,322)
|
|
(20,055)
|
|
Interest
income
|
4,639
|
|
1,058
|
|
8,911
|
|
1,412
|
|
Equity loss in
affiliates
|
(6,660)
|
|
(4,821)
|
|
(11,582)
|
|
(8,318)
|
|
Miscellaneous
(expense) income, net
|
(614)
|
|
1,594
|
|
(857)
|
|
4,534
|
|
Total other expense,
net
|
(4,381)
|
|
(3,923)
|
|
(8,850)
|
|
(22,427)
|
|
Income before income
taxes
|
112,778
|
|
258,547
|
|
640,913
|
|
1,341,818
|
|
Income tax
expense
|
(18,964)
|
|
(5,730)
|
|
(94,973)
|
|
(113,953)
|
|
Net income
|
$
93,814
|
|
$
252,817
|
|
$
545,940
|
|
$
1,227,865
|
|
|
|
|
|
|
|
|
|
Basic income per common
share
|
$
6.88
|
|
$
14.77
|
|
$
37.87
|
|
$
68.14
|
|
Diluted income per
common share
|
$
6.65
|
|
$
14.27
|
|
$
36.46
|
|
$
65.31
|
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic
|
13,633,640
|
|
17,119,328
|
|
14,416,289
|
|
18,019,161
|
|
Weighted average shares
– diluted
|
14,110,488
|
|
17,718,517
|
|
14,973,168
|
|
18,800,674
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in
thousands, except share and per share data)
|
|
|
September 30,
2023
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
296,059
|
|
$
301,906
|
|
Short-term
investments
|
—
|
|
46,052
|
|
Trade accounts
receivable, net of allowance for credit losses of $250 and $239 as
of
September 30, 2023 and December 31, 2022,
respectively
|
432,401
|
|
407,210
|
|
Inventories,
net
|
271,805
|
|
200,574
|
|
Short-term
deposits
|
6,736
|
|
84,748
|
|
Short-term restricted
cash
|
—
|
|
24,547
|
|
Prepaid expenses and
other current assets
|
41,945
|
|
49,384
|
|
Total current
assets
|
1,048,946
|
|
1,114,421
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$547,451 and $491,186 as of September 30, 2023 and
December 31, 2022, respectively
|
539,904
|
|
442,645
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$95,541 and $77,333 as of September 30, 2023 and
December 31, 2022, respectively
|
446,364
|
|
451,062
|
|
Other acquired
intangibles, net of accumulated amortization of $47,498 and $53,719
as
of September 30, 2023 and December 31, 2022,
respectively
|
48,644
|
|
55,102
|
|
Long-term restricted
investments
|
71,269
|
|
105,735
|
|
Long-term restricted
cash
|
83,004
|
|
28,941
|
|
Deferred income
taxes
|
9,080
|
|
11,378
|
|
Other non-current
assets
|
105,749
|
|
103,195
|
|
Total assets
|
$
2,352,960
|
|
$
2,312,479
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
3,438
|
|
$
3,078
|
|
Trade accounts
payable
|
121,472
|
|
106,037
|
|
Acquisition-related
obligations – current
|
181
|
|
28,254
|
|
Accrued expenses and
other current liabilities
|
190,119
|
|
265,256
|
|
Total current
liabilities
|
315,210
|
|
402,625
|
|
Long-term
debt
|
7,064
|
|
7,897
|
|
Workers' compensation
and black lung obligations
|
180,072
|
|
188,247
|
|
Pension
obligations
|
90,938
|
|
110,836
|
|
Asset retirement
obligations
|
148,100
|
|
142,048
|
|
Deferred income
taxes
|
35,282
|
|
10,874
|
|
Other non-current
liabilities
|
18,221
|
|
20,197
|
|
Total
liabilities
|
794,887
|
|
882,724
|
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred stock - par
value $0.01, 5.0 million shares authorized, none issued
|
—
|
|
—
|
|
Common stock - par
value $0.01, 50.0 million shares authorized, 22.0 million issued
and
13.4 million outstanding at September 30, 2023 and 21.7
million issued and 15.5 million
outstanding at December 31, 2022
|
220
|
|
217
|
|
Additional paid-in
capital
|
825,143
|
|
815,442
|
|
Accumulated other
comprehensive loss
|
(16,343)
|
|
(12,162)
|
|
Treasury stock, at
cost: 8.6 million shares at September 30, 2023 and 6.2 million
shares
at December 31, 2022
|
(1,051,185)
|
|
(649,061)
|
|
Retained
earnings
|
1,800,238
|
|
1,275,319
|
|
Total stockholders'
equity
|
1,558,073
|
|
1,429,755
|
|
Total liabilities and
stockholders' equity
|
$
2,352,960
|
|
$
2,312,479
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in
thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
545,940
|
|
$
1,227,865
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
94,231
|
|
83,690
|
|
Amortization of
acquired intangibles, net
|
6,458
|
|
16,038
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
1,585
|
|
7,757
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
—
|
|
10,615
|
|
Gain on disposal of
assets
|
(6,089)
|
|
(2,607)
|
|
Accretion on asset
retirement obligations
|
19,129
|
|
17,822
|
|
Employee benefit
plans, net
|
9,989
|
|
1,312
|
|
Deferred income
taxes
|
27,898
|
|
11,406
|
|
Stock-based
compensation
|
9,678
|
|
4,103
|
|
Equity loss in
affiliates
|
11,582
|
|
8,318
|
|
Other, net
|
(123)
|
|
432
|
|
Changes in operating
assets and liabilities
|
(68,472)
|
|
(87,714)
|
|
Net cash provided
by operating activities
|
651,806
|
|
1,299,037
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
(183,836)
|
|
(103,351)
|
|
Proceeds from disposal
of assets
|
7,855
|
|
3,010
|
|
Cash paid for business
acquired
|
(11,919)
|
|
—
|
|
Purchases of
investment securities
|
(166,515)
|
|
(181,539)
|
|
Sales and maturities
of investment securities
|
249,598
|
|
117,380
|
|
Capital contributions
to equity affiliates
|
(21,844)
|
|
(13,832)
|
|
Other, net
|
24
|
|
(4,232)
|
|
Net cash used in
investing activities
|
(126,637)
|
|
(182,564)
|
|
Financing
activities:
|
|
|
|
|
Principal repayments
of long-term debt
|
(1,686)
|
|
(450,484)
|
|
Dividend and dividend
equivalents paid
|
(99,731)
|
|
(6,807)
|
|
Common stock
repurchases and related expenses
|
(403,385)
|
|
(391,166)
|
|
Proceeds from exercise
of warrants
|
4,322
|
|
4,771
|
|
Other, net
|
(1,020)
|
|
(447)
|
|
Net cash used in
financing activities
|
(501,500)
|
|
(844,133)
|
|
Net increase in cash
and cash equivalents and restricted cash
|
23,669
|
|
272,340
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
355,394
|
|
182,614
|
|
Cash and cash
equivalents and restricted cash at end of period
|
$
379,063
|
|
$
454,954
|
|
|
|
|
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
|
Financing leases and
capital financing - equipment
|
$
2,059
|
|
$
2,083
|
|
Accrued capital
expenditures
|
$
11,618
|
|
$
10,527
|
|
Accrued common stock
repurchases
|
$
6,275
|
|
$
5,864
|
|
Accrued dividend
payable
|
$
9,418
|
|
$
6,898
|
The following table provides a reconciliation of cash and cash
equivalents and restricted cash reported within the Condensed
Consolidated Balance Sheets that sum to the total of the same such
amounts shown in the Condensed Consolidated Statements of Cash
Flows.
|
As of September
30,
|
|
2023
|
|
2022
|
|
Cash and cash
equivalents
|
$
296,059
|
|
$
404,430
|
|
Short-term restricted
cash
|
—
|
|
18,800
|
|
Long-term restricted
cash
|
83,004
|
|
31,724
|
|
Total cash and cash
equivalents and restricted cash shown in the
Condensed Consolidated Statements of Cash Flows
|
$
379,063
|
|
$
454,954
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA
RECONCILIATION
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Nine Months Ended
September 30,
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
2023
|
|
2022
|
|
Net income
|
$
93,814
|
|
$
181,355
|
|
$
252,817
|
|
$
545,940
|
|
$ 1,227,865
|
|
Interest
expense
|
1,746
|
|
1,856
|
|
1,754
|
|
5,322
|
|
20,055
|
|
Interest
income
|
(4,639)
|
|
(2,754)
|
|
(1,058)
|
|
(8,911)
|
|
(1,412)
|
|
Income tax
expense
|
18,964
|
|
33,598
|
|
5,730
|
|
94,973
|
|
113,953
|
|
Depreciation, depletion
and
amortization
|
32,582
|
|
32,226
|
|
27,925
|
|
94,231
|
|
83,690
|
|
Non-cash stock
compensation
expense
|
2,999
|
|
3,645
|
|
1,520
|
|
9,678
|
|
4,103
|
|
Mark-to-market
adjustment -
acquisition-related obligations
|
—
|
|
—
|
|
(2,954)
|
|
—
|
|
10,615
|
|
Accretion on asset
retirement
obligations
|
6,376
|
|
6,376
|
|
5,921
|
|
19,129
|
|
17,822
|
|
Amortization of
acquired
intangibles, net
|
2,069
|
|
2,192
|
|
4,543
|
|
6,458
|
|
16,038
|
|
Adjusted
EBITDA
|
$
153,911
|
|
$
258,494
|
|
$
296,198
|
|
$
766,820
|
|
$ 1,492,729
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
September 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
731,481
|
|
$
7,517
|
|
$
738,998
|
|
Less: Freight and
handling fulfillment revenues
|
(94,770)
|
|
(2)
|
|
(94,772)
|
|
Non-GAAP Coal
revenues
|
$
636,711
|
|
$
7,515
|
|
$
644,226
|
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
|
Non-GAAP Coal sales
realization per ton
|
$
154.73
|
|
$
68.32
|
|
$
152.48
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
552,737
|
|
$
11,871
|
|
$
564,608
|
|
Depreciation, depletion
and amortization - production (1)
|
31,893
|
|
377
|
|
32,270
|
|
Accretion on asset
retirement obligations
|
3,722
|
|
2,654
|
|
6,376
|
|
Amortization of
acquired intangibles, net
|
2,069
|
|
—
|
|
2,069
|
|
Total Cost of coal
sales
|
$
590,421
|
|
$
14,902
|
|
$
605,323
|
|
Less: Freight and
handling costs
|
(94,770)
|
|
(2)
|
|
(94,772)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(31,893)
|
|
(377)
|
|
(32,270)
|
|
Less: Accretion on
asset retirement obligations
|
(3,722)
|
|
(2,654)
|
|
(6,376)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,069)
|
|
—
|
|
(2,069)
|
|
Less: Idled and closed
mine costs
|
(5,507)
|
|
(2,549)
|
|
(8,056)
|
|
Non-GAAP Cost of coal
sales
|
$
452,460
|
|
$
9,320
|
|
$
461,780
|
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
|
Non-GAAP Cost of coal
sales per ton
|
$
109.95
|
|
$
84.73
|
|
$
109.30
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
731,481
|
|
$
7,517
|
|
$
738,998
|
|
Less: Total Cost of
coal sales (per table above)
|
(590,421)
|
|
(14,902)
|
|
(605,323)
|
|
GAAP Coal
margin
|
$
141,060
|
|
$
(7,385)
|
|
$
133,675
|
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
|
GAAP Coal margin per
ton
|
$
34.28
|
|
$
(67.14)
|
|
$
31.64
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
141,060
|
|
$
(7,385)
|
|
$
133,675
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
31,893
|
|
377
|
|
32,270
|
|
Add: Accretion on asset
retirement obligations
|
3,722
|
|
2,654
|
|
6,376
|
|
Add: Amortization of
acquired intangibles, net
|
2,069
|
|
—
|
|
2,069
|
|
Add: Idled and closed
mine costs
|
5,507
|
|
2,549
|
|
8,056
|
|
Non-GAAP Coal
margin
|
$
184,251
|
|
$
(1,805)
|
|
$
182,446
|
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
|
Non-GAAP Coal margin
per ton
|
$
44.78
|
|
$
(16.41)
|
|
$
43.18
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
833,974
|
|
$
19,833
|
|
$
853,807
|
|
Less: Freight and
handling fulfillment revenues
|
(118,222)
|
|
—
|
|
(118,222)
|
|
Non-GAAP Coal
revenues
|
$
715,752
|
|
$
19,833
|
|
$
735,585
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Coal sales
realization per ton
|
$
172.51
|
|
$
99.66
|
|
$
169.18
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
563,495
|
|
$
20,019
|
|
$
583,514
|
|
Depreciation, depletion
and amortization - production (1)
|
31,649
|
|
287
|
|
31,936
|
|
Accretion on asset
retirement obligations
|
3,721
|
|
2,655
|
|
6,376
|
|
Amortization of
acquired intangibles, net
|
2,192
|
|
—
|
|
2,192
|
|
Total Cost of coal
sales
|
$
601,057
|
|
$
22,961
|
|
$
624,018
|
|
Less: Freight and
handling costs
|
(118,222)
|
|
—
|
|
(118,222)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(31,649)
|
|
(287)
|
|
(31,936)
|
|
Less: Accretion on
asset retirement obligations
|
(3,721)
|
|
(2,655)
|
|
(6,376)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,192)
|
|
—
|
|
(2,192)
|
|
Less: Idled and closed
mine costs
|
(4,022)
|
|
(2,389)
|
|
(6,411)
|
|
Non-GAAP Cost of coal
sales
|
$
441,251
|
|
$
17,630
|
|
$
458,881
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Cost of coal
sales per ton
|
$
106.35
|
|
$
88.59
|
|
$
105.54
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
833,974
|
|
$
19,833
|
|
$
853,807
|
|
Less: Total Cost of
coal sales (per table above)
|
(601,057)
|
|
(22,961)
|
|
(624,018)
|
|
GAAP Coal
margin
|
$
232,917
|
|
$
(3,128)
|
|
$
229,789
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
GAAP Coal margin per
ton
|
$
56.14
|
|
$
(15.72)
|
|
$
52.85
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
232,917
|
|
$
(3,128)
|
|
$
229,789
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
31,649
|
|
287
|
|
31,936
|
|
Add: Accretion on asset
retirement obligations
|
3,721
|
|
2,655
|
|
6,376
|
|
Add: Amortization of
acquired intangibles, net
|
2,192
|
|
—
|
|
2,192
|
|
Add: Idled and closed
mine costs
|
4,022
|
|
2,389
|
|
6,411
|
|
Non-GAAP Coal
margin
|
$
274,501
|
|
$
2,203
|
|
$
276,704
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Coal margin
per ton
|
$
66.16
|
|
$
11.07
|
|
$
63.64
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
840,638
|
|
$
27,211
|
|
$
867,849
|
|
Less: Freight and
handling fulfillment revenues
|
(122,585)
|
|
(3)
|
|
(122,588)
|
|
Non-GAAP Coal
revenues
|
$
718,053
|
|
$
27,208
|
|
$
745,261
|
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
|
Non-GAAP Coal sales
realization per ton
|
$
184.31
|
|
$
109.27
|
|
$
179.80
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
534,718
|
|
$
19,337
|
|
$
554,055
|
|
Depreciation, depletion
and amortization - production (1)
|
26,747
|
|
906
|
|
27,653
|
|
Accretion on asset
retirement obligations
|
3,390
|
|
2,531
|
|
5,921
|
|
Amortization of
acquired intangibles, net
|
3,591
|
|
952
|
|
4,543
|
|
Total Cost of coal
sales
|
$
568,446
|
|
$
23,726
|
|
$
592,172
|
|
Less: Freight and
handling costs
|
(122,585)
|
|
(3)
|
|
(122,588)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(26,747)
|
|
(906)
|
|
(27,653)
|
|
Less: Accretion on
asset retirement obligations
|
(3,390)
|
|
(2,531)
|
|
(5,921)
|
|
Less: Amortization of
acquired intangibles, net
|
(3,591)
|
|
(952)
|
|
(4,543)
|
|
Less: Idled and closed
mine costs
|
(3,580)
|
|
(2,530)
|
|
(6,110)
|
|
Non-GAAP Cost of coal
sales
|
$
408,553
|
|
$
16,804
|
|
$
425,357
|
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
|
Non-GAAP Cost of coal
sales per ton
|
$
104.86
|
|
$
67.49
|
|
$
102.62
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
840,638
|
|
$
27,211
|
|
$
867,849
|
|
Less: Total Cost of
coal sales (per table above)
|
(568,446)
|
|
(23,726)
|
|
(592,172)
|
|
GAAP Coal
margin
|
$
272,192
|
|
$
3,485
|
|
$
275,677
|
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
|
GAAP Coal margin per
ton
|
$
69.86
|
|
$
14.00
|
|
$
66.51
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
272,192
|
|
$
3,485
|
|
$
275,677
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
26,747
|
|
906
|
|
27,653
|
|
Add: Accretion on asset
retirement obligations
|
3,390
|
|
2,531
|
|
5,921
|
|
Add: Amortization of
acquired intangibles, net
|
3,591
|
|
952
|
|
4,543
|
|
Add: Idled and closed
mine costs
|
3,580
|
|
2,530
|
|
6,110
|
|
Non-GAAP Coal
margin
|
$
309,500
|
|
$
10,404
|
|
$
319,904
|
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
|
Non-GAAP Coal margin
per ton
|
$
79.44
|
|
$
41.78
|
|
$
77.18
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 2,452,462
|
|
$
47,041
|
|
$ 2,499,503
|
|
Less: Freight and
handling fulfillment revenues
|
(319,244)
|
|
(227)
|
|
(319,471)
|
|
Non-GAAP Coal
revenues
|
$ 2,133,218
|
|
$
46,814
|
|
$ 2,180,032
|
|
Tons sold
|
12,001
|
|
487
|
|
12,488
|
|
Non-GAAP Coal sales
realization per ton
|
$
177.75
|
|
$
96.13
|
|
$
174.57
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,639,230
|
|
$
48,029
|
|
$ 1,687,259
|
|
Depreciation, depletion
and amortization - production (1)
|
92,421
|
|
922
|
|
93,343
|
|
Accretion on asset
retirement obligations
|
11,165
|
|
7,964
|
|
19,129
|
|
Amortization of
acquired intangibles, net
|
6,458
|
|
—
|
|
6,458
|
|
Total Cost of coal
sales
|
$ 1,749,274
|
|
$
56,915
|
|
$ 1,806,189
|
|
Less: Freight and
handling costs
|
(319,244)
|
|
(227)
|
|
(319,471)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(92,421)
|
|
(922)
|
|
(93,343)
|
|
Less: Accretion on
asset retirement obligations
|
(11,165)
|
|
(7,964)
|
|
(19,129)
|
|
Less: Amortization of
acquired intangibles, net
|
(6,458)
|
|
—
|
|
(6,458)
|
|
Less: Idled and closed
mine costs
|
(13,107)
|
|
(7,558)
|
|
(20,665)
|
|
Non-GAAP Cost of coal
sales
|
$ 1,306,879
|
|
$
40,244
|
|
$ 1,347,123
|
|
Tons sold
|
12,001
|
|
487
|
|
12,488
|
|
Non-GAAP Cost of coal
sales per ton
|
$
108.90
|
|
$
82.64
|
|
$
107.87
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 2,452,462
|
|
$
47,041
|
|
$ 2,499,503
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,749,274)
|
|
(56,915)
|
|
(1,806,189)
|
|
GAAP Coal
margin
|
$
703,188
|
|
$
(9,874)
|
|
$
693,314
|
|
Tons sold
|
12,001
|
|
487
|
|
12,488
|
|
GAAP Coal margin per
ton
|
$
58.59
|
|
$
(20.28)
|
|
$
55.52
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
703,188
|
|
$
(9,874)
|
|
$
693,314
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
92,421
|
|
922
|
|
93,343
|
|
Add: Accretion on asset
retirement obligations
|
11,165
|
|
7,964
|
|
19,129
|
|
Add: Amortization of
acquired intangibles, net
|
6,458
|
|
—
|
|
6,458
|
|
Add: Idled and closed
mine costs
|
13,107
|
|
7,558
|
|
20,665
|
|
Non-GAAP Coal
margin
|
$
826,339
|
|
$
6,570
|
|
$
832,909
|
|
Tons sold
|
12,001
|
|
487
|
|
12,488
|
|
Non-GAAP Coal margin
per ton
|
$
68.86
|
|
$
13.49
|
|
$
66.70
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 3,213,639
|
|
$
58,206
|
|
$ 3,271,845
|
|
Less: Freight and
handling fulfillment revenues
|
(423,132)
|
|
(21)
|
|
(423,153)
|
|
Non-GAAP Coal
revenues
|
$ 2,790,507
|
|
$
58,185
|
|
$ 2,848,692
|
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
|
Non-GAAP Coal sales
realization per ton
|
$
237.98
|
|
$
75.47
|
|
$
227.95
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,684,224
|
|
$
52,602
|
|
$ 1,736,826
|
|
Depreciation, depletion
and amortization - production (1)
|
81,009
|
|
1,953
|
|
82,962
|
|
Accretion on asset
retirement obligations
|
10,178
|
|
7,644
|
|
17,822
|
|
Amortization of
acquired intangibles, net
|
13,182
|
|
2,856
|
|
16,038
|
|
Total Cost of coal
sales
|
$ 1,788,593
|
|
$
65,055
|
|
$ 1,853,648
|
|
Less: Freight and
handling costs
|
(423,132)
|
|
(21)
|
|
(423,153)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(81,009)
|
|
(1,953)
|
|
(82,962)
|
|
Less: Accretion on
asset retirement obligations
|
(10,178)
|
|
(7,644)
|
|
(17,822)
|
|
Less: Amortization of
acquired intangibles, net
|
(13,182)
|
|
(2,856)
|
|
(16,038)
|
|
Less: Idled and closed
mine costs
|
(9,892)
|
|
(9,732)
|
|
(19,624)
|
|
Non-GAAP Cost of coal
sales
|
$ 1,251,200
|
|
$
42,849
|
|
$ 1,294,049
|
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
|
Non-GAAP Cost of coal
sales per ton
|
$
106.70
|
|
$
55.58
|
|
$
103.55
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Nine Months Ended
September 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 3,213,639
|
|
$
58,206
|
|
$ 3,271,845
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,788,593)
|
|
(65,055)
|
|
(1,853,648)
|
|
GAAP Coal
margin
|
$ 1,425,046
|
|
$
(6,849)
|
|
$ 1,418,197
|
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
|
GAAP Coal margin per
ton
|
$
121.53
|
|
$
(8.88)
|
|
$
113.48
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$ 1,425,046
|
|
$
(6,849)
|
|
$ 1,418,197
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
81,009
|
|
1,953
|
|
82,962
|
|
Add: Accretion on asset
retirement obligations
|
10,178
|
|
7,644
|
|
17,822
|
|
Add: Amortization of
acquired intangibles, net
|
13,182
|
|
2,856
|
|
16,038
|
|
Add: Idled and closed
mine costs
|
9,892
|
|
9,732
|
|
19,624
|
|
Non-GAAP Coal
margin
|
$ 1,539,307
|
|
$
15,336
|
|
$ 1,554,643
|
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
|
Non-GAAP Coal margin
per ton
|
$
131.27
|
|
$
19.89
|
|
$
124.40
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2023
|
|
(In thousands,
except for per ton data)
|
Tons
Sold
|
|
Coal
Revenues
|
|
Non-GAAP
Coal sales
realization per
ton
|
|
% of Met Tons
Sold
|
|
Export - other pricing
mechanisms
|
1,393
|
|
$
190,503
|
|
$
136.76
|
|
37 %
|
|
Domestic
|
1,089
|
|
210,106
|
|
$
192.93
|
|
29 %
|
|
Export - Australian
indexed
|
1,289
|
|
204,378
|
|
$
158.56
|
|
34 %
|
|
Total Met segment - met
coal
|
3,771
|
|
604,987
|
|
$
160.43
|
|
100 %
|
|
Met segment - thermal
coal
|
344
|
|
31,724
|
|
$
92.22
|
|
|
|
Total Met segment Coal
revenues
|
4,115
|
|
636,711
|
|
$
154.73
|
|
|
|
All Other Coal
revenues
|
110
|
|
7,515
|
|
$
68.32
|
|
|
|
Non-GAAP Coal
revenues
|
4,225
|
|
644,226
|
|
$
152.48
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
94,772
|
|
|
|
|
|
Coal
revenues
|
4,225
|
|
$
738,998
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.