- Reports first quarter net income of $127.0 million, or $9.59 per diluted share
- Generates Adjusted EBITDA of $189.6
million for the quarter
BRISTOL, Tenn., May 6, 2024 /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 first quarter ending March 31, 2024.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Mar. 31,
2024
|
Dec. 31,
2023
|
Mar. 31,
2023
|
|
Net
income
|
$127.0
|
$176.0
|
$270.8
|
|
Net income per
diluted share
|
$9.59
|
$12.88
|
$17.01
|
|
Adjusted
EBITDA(1)
|
$189.6
|
$266.3
|
$354.4
|
|
Operating cash
flow
|
$196.1
|
$199.4
|
$177.4
|
|
Capital
expenditures
|
($63.6)
|
($61.5)
|
($74.2)
|
|
Tons of coal
sold
|
4.4
|
4.6
|
3.9
|
|
__________________________________
|
|
1.
These are non-GAAP financial measures. A reconciliation of Net
Income to Adjusted EBITDA is included in tables accompanying the
financial schedules.
|
"Despite challenges and softening coal market conditions toward
the end of Q1, we are reporting another solid quarter of
performance thanks to the diligence of our teams throughout the
organization," said Andy Eidson,
Alpha's chief executive officer. "While further market
deterioration has occurred in the weeks since quarter-close, Alpha
remains well positioned to continue adapting to and weathering
these market realities and the resulting volatility."
Financial Performance
Alpha reported net income of $127.0
million, or $9.59 per diluted
share, for the first quarter 2024, as compared to net income of
$176.0 million, or $12.88 per diluted share, in the fourth quarter
2023.
Total Adjusted EBITDA was $189.6
million for the first quarter, compared to $266.3 million in the fourth quarter
2023.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Mar. 31,
2024
|
Dec. 31,
2023
|
|
Met
Segment
|
$861.3
|
$954.2
|
|
Met Segment (excl.
freight & handling)(1)
|
$727.6
|
$834.6
|
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Mar. 31,
2024
|
Dec. 31,
2023
|
|
Met
Segment
|
4.4
|
4.5
|
|
__________________________________
|
|
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
|
|
Mar. 31,
2024
|
Dec. 31,
2023
|
|
Met
Segment
|
$166.68
|
$183.76
|
|
__________________________________
|
|
1.
|
Represents Non-GAAP
coal sales realization which is defined and reconciled under
"Non-GAAP Financial Measures" and "Results of
Operations."
|
First quarter net realized pricing for the Met segment was
$166.68 per ton.
The table below provides a breakdown of our Met segment coal
sold in the first quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
|
Met Segment
Sales
|
Three months ended
Mar. 31, 2024
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
|
Export - Other
Pricing Mechanisms
|
2.0
|
$344.6
|
$172.24
|
51 %
|
|
Domestic
|
0.9
|
$149.6
|
$164.89
|
23 %
|
|
Export - Australian
Indexed
|
1.1
|
$201.4
|
$193.70
|
26 %
|
|
Total Met Coal
Revenues
|
4.0
|
$695.6
|
$176.20
|
100 %
|
|
Thermal Coal
Revenues
|
0.4
|
$32.0
|
$76.53
|
|
|
Total Met Segment
Coal Revenues
(excl. freight & handling)(1)
|
4.4
|
$727.6
|
$166.68
|
|
|
__________________________________
|
|
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
|
|
Mar. 31,
2024
|
Dec. 31,
2023 (2)
|
|
Met
Segment
|
$648.3
|
$662.5
|
|
Met Segment (excl.
freight & handling/idle)(1)
|
$504.8
|
$540.5
|
|
|
|
(per ton)
|
|
Met
Segment(1)
|
$115.65
|
$119.00
|
|
__________________________________
|
|
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."
|
|
2.
|
For comparability
purposes, certain immaterial segment information for the three
months ended December 31, 2023 has been recast to conform to the
current year presentation.
|
Alpha's Met segment cost of coal sales decreased to an average
of $115.65 per ton in the first
quarter, compared to $119.00 per ton
in the fourth quarter 2023.
Liquidity and Capital Resources
Cash provided by operating activities in the first quarter
decreased to $196.1 million as
compared to $199.4 million in the
fourth quarter 2023. Capital expenditures for the first quarter
were $63.6 million compared to
$61.5 million for the fourth quarter
2023.
As of March 31, 2024, the company had total liquidity of
$288.1 million, including cash and
cash equivalents of $269.4 million
and $93.7 million of unused
availability under the ABL, partially offset by a minimum required
liquidity of $75.0 million as
required by the ABL. As of March 31, 2024, the company
had no borrowings and $61.3 million
in letters of credit outstanding under the ABL. Total long-term
debt, including the current portion of long-term debt as of
March 31, 2024, was $9.4 million
and consisted primarily of equipment financing obligations.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a
share repurchase program allowing for the expenditure of up to
$1.5 billion for the repurchase of
the company's common stock. As of April 30,
2024, the company has acquired approximately 6.6 million
shares of common stock at a cost of approximately $1.1 billion, or approximately $165.74 per share. The number of common stock
shares outstanding as of April 30,
2024 was 13,007,215. The outstanding share count does
not include 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.
Results of Alpha's 2024 Annual Meeting of
Stockholders
The company's annual meeting of stockholders was held on
May 2, 2024, and stockholders elected
all seven members of Alpha's board of directors to one-year terms.
Stockholders also approved an amendment to the company's
certificate of incorporation that replaces stockholder
supermajority voting requirements with majority voting
requirements. The complete voting results from the annual meeting
have been filed with the Securities and Exchange Commission on Form
8-K.
2024 Guidance Adjustments and Performance Update
Alpha is increasing its full-year guidance for idle operations
expense to between $25 million and
$33 million, up from the previously
announced range of $18 million to
$28 million. Additionally, the
company is reducing its 2024 tax rate guidance to a range of 10% to
15%, down from the prior range of 12% to 17%.
As of April 24, 2024, at the
midpoint of guidance, Alpha has committed and priced approximately
49% of its metallurgical coal for the year at an average price of
$168.26 per ton and 100% of thermal
coal for the year at an average expected price of $76.10 per ton.
|
2024
Guidance
|
|
in millions of
tons
|
Low
|
High
|
|
Metallurgical
|
15.5
|
16.5
|
|
Thermal
|
0.9
|
1.3
|
|
Met Segment - Total
Shipments
|
16.4
|
17.8
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
|
Metallurgical -
Domestic
|
|
$161.41
|
|
Metallurgical -
Export
|
|
$175.50
|
|
Metallurgical
Total
|
49 %
|
$168.26
|
|
Thermal
|
100 %
|
$76.10
|
|
Met
Segment
|
53 %
|
$155.48
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
|
Metallurgical
Total
|
49 %
|
|
|
Thermal
|
— %
|
|
|
Met
Segment
|
46 %
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
|
Met Segment
|
$110.00
|
$116.00
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
|
SG&A5
|
$60
|
$66
|
|
Idle Operations
Expense
|
$25
|
$33
|
|
Net Cash Interest
Income
|
$2
|
$8
|
|
DD&A
|
$140
|
$160
|
|
Capital
Expenditures
|
$210
|
$240
|
|
Capital Contributions
to Equity Affiliates6
|
$40
|
$50
|
|
Tax Rate
|
10 %
|
15 %
|
|
|
Notes:
|
|
|
|
1.
|
Based on committed and
priced coal shipments as of April 24, 2024. 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 varied historically
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.
|
Includes contributions
to fund normal operations at our DTA export facility and expected
capital investments related to the facility upgrades.
|
|
|
Conference Call
The company plans to hold a conference call regarding its first
quarter results on May 6, 2024, 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. See Alpha's filings with the U.S. Securities and
Exchange Commission for more information.
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
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, capital investments and other factors.
Included below are reconciliations of non-GAAP financial
measures to GAAP financial measures. For comparability purposes,
certain immaterial segment information for the three months ended
March 31, 2023 and December 31, 2023 have been recast to conform to
the current year presentation.
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Revenues:
|
|
|
|
|
Coal
revenues
|
$
861,283
|
|
$
906,698
|
|
Other
revenues
|
2,789
|
|
4,537
|
|
Total
revenues
|
864,072
|
|
911,235
|
|
Costs and
expenses:
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
648,313
|
|
539,137
|
|
Depreciation,
depletion and amortization
|
40,701
|
|
29,423
|
|
Accretion on asset
retirement obligations
|
6,143
|
|
6,377
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
2,197
|
|
Selling, general and
administrative expenses (exclusive of
depreciation, depletion and amortization shown separately
above)
|
22,377
|
|
20,692
|
|
Other operating loss
(income)
|
2,985
|
|
(1,092)
|
|
Total costs and
expenses
|
722,194
|
|
596,734
|
|
Income from
operations
|
141,878
|
|
314,501
|
|
Other (expense)
income:
|
|
|
|
|
Interest
expense
|
(1,086)
|
|
(1,720)
|
|
Interest
income
|
3,971
|
|
1,518
|
|
Equity loss in
affiliates
|
(1,640)
|
|
(1,748)
|
|
Miscellaneous
(expense) income, net
|
(1,963)
|
|
631
|
|
Total other expense,
net
|
(718)
|
|
(1,319)
|
|
Income before income
taxes
|
141,160
|
|
313,182
|
|
Income tax
expense
|
(14,165)
|
|
(42,411)
|
|
Net income
|
$
126,995
|
|
$
270,771
|
|
|
|
|
|
Basic income per common
share
|
$
9.77
|
|
$
17.74
|
|
Diluted income per
common share
|
$
9.59
|
|
$
17.01
|
|
|
|
|
|
Weighted average shares
– basic
|
13,002,127
|
|
15,266,895
|
|
Weighted average shares
– diluted
|
13,236,596
|
|
15,916,378
|
|
ALPHA METALLURGICAL RESOURCES, INC.
AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
(Amounts in
thousands, except share and per share data)
|
|
|
March 31,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
269,386
|
|
$
268,207
|
|
Trade accounts
receivable, net of allowance for credit losses of $217 and $234 as
of
March 31, 2024 and December 31, 2023,
respectively
|
526,222
|
|
509,682
|
|
Inventories,
net
|
246,033
|
|
231,344
|
|
Prepaid expenses and
other current assets
|
34,868
|
|
39,064
|
|
Total current
assets
|
1,076,509
|
|
1,048,297
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$588,735 and $558,905 as of March 31, 2024 and
December 31, 2023, respectively
|
607,637
|
|
588,992
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$106,429 and $99,826 as of March 31, 2024 and
December 31, 2023, respectively
|
449,892
|
|
451,160
|
|
Other acquired
intangibles, net of accumulated amortization of $40,218 and $38,543
as
of March 31, 2024 and December 31, 2023,
respectively
|
44,904
|
|
46,579
|
|
Long-term restricted
investments
|
38,055
|
|
40,597
|
|
Long-term restricted
cash
|
121,927
|
|
115,918
|
|
Deferred income
taxes
|
8,284
|
|
8,028
|
|
Other non-current
assets
|
113,601
|
|
106,486
|
|
Total assets
|
$
2,460,809
|
|
$
2,406,057
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
3,392
|
|
$
3,582
|
|
Trade accounts
payable
|
151,453
|
|
128,836
|
|
Accrued expenses and
other current liabilities
|
186,444
|
|
177,512
|
|
Total current
liabilities
|
341,289
|
|
309,930
|
|
Long-term
debt
|
6,034
|
|
6,792
|
|
Workers' compensation
and black lung obligations
|
186,023
|
|
189,226
|
|
Pension
obligations
|
101,800
|
|
101,908
|
|
Asset retirement
obligations
|
172,758
|
|
166,509
|
|
Deferred income
taxes
|
41,226
|
|
39,142
|
|
Other non-current
liabilities
|
20,535
|
|
18,622
|
|
Total
liabilities
|
869,665
|
|
832,129
|
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred stock - par
value $0.01, 5,000,000 shares authorized, none issued
|
—
|
|
—
|
|
Common stock - par
value $0.01, 50,000,000 shares authorized, 22,371,165 issued
and
13,007,215 outstanding at March 31, 2024 and 22,058,135 issued
and 12,938,679
outstanding at December 31, 2023
|
224
|
|
221
|
|
Additional paid-in
capital
|
830,536
|
|
834,482
|
|
Accumulated other
comprehensive loss
|
(39,837)
|
|
(40,587)
|
|
Treasury stock, at
cost: 9,363,950 shares at March 31, 2024 and 9,119,456
shares
at December 31, 2023
|
(1,295,639)
|
|
(1,189,715)
|
|
Retained
earnings
|
2,095,860
|
|
1,969,527
|
|
Total stockholders'
equity
|
1,591,144
|
|
1,573,928
|
|
Total liabilities and
stockholders' equity
|
$
2,460,809
|
|
$
2,406,057
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
|
(Amounts in
thousands)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
126,995
|
|
$
270,771
|
|
Adjustments to
reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
40,701
|
|
29,423
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
2,197
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
280
|
|
534
|
|
Loss (gain) on
disposal of assets
|
1,610
|
|
(2,363)
|
|
Accretion on asset
retirement obligations
|
6,143
|
|
6,377
|
|
Employee benefit
plans, net
|
3,833
|
|
3,261
|
|
Deferred income
taxes
|
1,614
|
|
14,432
|
|
Stock-based
compensation
|
2,769
|
|
3,034
|
|
Equity loss in
affiliates
|
1,640
|
|
1,748
|
|
Other, net
|
(197)
|
|
126
|
|
Changes in operating
assets and liabilities
|
9,011
|
|
(152,153)
|
|
Net cash provided
by operating activities
|
196,074
|
|
177,387
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
(63,618)
|
|
(74,248)
|
|
Proceeds on disposal
of assets
|
287
|
|
3,478
|
|
Cash paid for business
acquired
|
—
|
|
(11,919)
|
|
Purchases of
investment securities
|
(7,230)
|
|
(141,750)
|
|
Sales and maturities
of investment securities
|
10,172
|
|
204,660
|
|
Capital contributions
to equity affiliates
|
(8,476)
|
|
(8,124)
|
|
Other, net
|
6
|
|
12
|
|
Net cash used in
investing activities
|
(68,859)
|
|
(27,891)
|
|
Financing
activities:
|
|
|
|
|
Principal repayments
of long-term debt
|
(632)
|
|
(438)
|
|
Dividend and dividend
equivalents paid
|
(3,000)
|
|
(85,979)
|
|
Common stock
repurchases and related expenses
|
(116,089)
|
|
(144,919)
|
|
Other, net
|
(306)
|
|
(116)
|
|
Net cash used in
financing activities
|
(120,027)
|
|
(231,452)
|
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
7,188
|
|
(81,956)
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
384,125
|
|
355,394
|
|
Cash and cash
equivalents and restricted cash at end of period
|
$
391,313
|
|
$
273,438
|
|
|
|
|
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
|
Financing leases and
capital financing - equipment
|
$
—
|
|
$
1,753
|
|
Accrued capital
expenditures
|
$
14,525
|
|
$
13,703
|
|
Accrued common stock
repurchases and stock repurchase excise tax
|
$
4,665
|
|
$
5,995
|
|
Accrued dividend
payable
|
$
525
|
|
$
8,973
|
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 March
31,
|
|
2024
|
|
2023
|
|
Cash and cash
equivalents
|
$
269,386
|
|
$
222,507
|
|
Long-term restricted
cash
|
121,927
|
|
50,931
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed
Consolidated Statements of Cash Flows
|
$
391,313
|
|
$
273,438
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Net income
|
$
126,995
|
|
$
176,016
|
|
$
270,771
|
|
Interest
expense
|
1,086
|
|
1,601
|
|
1,720
|
|
Interest
income
|
(3,971)
|
|
(3,022)
|
|
(1,518)
|
|
Income tax
expense
|
14,165
|
|
28,530
|
|
42,411
|
|
Depreciation, depletion
and amortization
|
40,701
|
|
42,638
|
|
29,423
|
|
Non-cash stock
compensation expense
|
2,769
|
|
9,339
|
|
3,034
|
|
Loss on extinguishment
of debt
|
—
|
|
2,753
|
|
—
|
|
Accretion on asset
retirement obligations
|
6,143
|
|
6,371
|
|
6,377
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
2,065
|
|
2,197
|
|
Adjusted
EBITDA
|
$
189,563
|
|
$
266,291
|
|
$
354,415
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
|
RESULTS OF
OPERATIONS
|
|
|
Three Months
Ended
|
|
(In thousands,
except for per ton data)
|
March 31,
2024
|
|
December 31,
2023
|
|
March 31,
2023
|
|
Coal
revenues
|
$
861,283
|
|
$
957,127
|
|
$
906,698
|
|
Coal revenues - All
Other
|
—
|
|
(2,946)
|
|
(19,691)
|
|
Coal revenues -
Met
|
861,283
|
|
954,181
|
|
887,007
|
|
Less: Freight and
handling fulfillment revenues
|
(133,724)
|
|
(119,539)
|
|
(106,252)
|
|
Non-GAAP Coal revenues
- Met
|
$
727,559
|
|
$
834,642
|
|
$
780,755
|
|
Non-GAAP Coal sales
realization per ton - Met
|
$
166.68
|
|
$
183.76
|
|
$
208.93
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
648,313
|
|
$
668,879
|
|
$
539,137
|
|
Depreciation, depletion
and amortization - production (1)
|
40,396
|
|
42,325
|
|
29,137
|
|
Accretion on asset
retirement obligations
|
6,143
|
|
6,371
|
|
6,377
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
2,065
|
|
2,197
|
|
Total Cost of coal
sales
|
696,527
|
|
719,640
|
|
576,848
|
|
Total Cost of coal
sales - All Other
|
—
|
|
(18,101)
|
|
(17,921)
|
|
Total Cost of coal
sales - Met
|
696,527
|
|
701,539
|
|
558,927
|
|
Less: Freight and
handling costs - Met
|
(133,724)
|
|
(119,539)
|
|
(106,252)
|
|
Less: Depreciation,
depletion and amortization - production -
Met (1)
|
(40,396)
|
|
(33,295)
|
|
(28,879)
|
|
Less: Accretion on
asset retirement obligations - Met
|
(6,143)
|
|
(3,721)
|
|
(3,722)
|
|
Less: Amortization of
acquired intangibles, net - Met
|
(1,675)
|
|
(2,065)
|
|
(2,197)
|
|
Less: Idled and closed
mine costs - Met
|
(9,775)
|
|
(2,435)
|
|
(4,709)
|
|
Non-GAAP Cost of coal
sales - Met
|
$
504,814
|
|
$
540,484
|
|
$
413,168
|
|
Non-GAAP Cost of coal
sales per ton - Met
|
$
115.65
|
|
$
119.00
|
|
$
110.56
|
|
|
|
|
|
|
|
GAAP Coal margin -
Met
|
$
164,756
|
|
$
252,642
|
|
$
328,080
|
|
GAAP Coal margin per
ton - Met
|
$
37.74
|
|
$
55.62
|
|
$
87.79
|
|
|
|
|
|
|
|
Non GAAP Coal margin -
Met
|
$
222,745
|
|
$
294,158
|
|
$
367,587
|
|
Non GAAP Coal margin
per ton - Met
|
$
51.03
|
|
$
64.76
|
|
$
98.36
|
|
|
|
|
|
|
|
Tons sold -
Met
|
4,365
|
|
4,542
|
|
3,737
|
|
(1)
|
Depreciation,
depletion and amortization - production excludes the depreciation,
depletion and amortization related to selling, general and
administrative functions.
|
|
Three Months Ended
March 31, 2024
|
|
(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
|
2,001
|
|
$
344,643
|
|
$
172.24
|
|
51 %
|
|
Domestic
|
907
|
|
149,559
|
|
$
164.89
|
|
23 %
|
|
Export - Australian
indexed
|
1,040
|
|
201,443
|
|
$
193.70
|
|
26 %
|
|
Total Met segment - met
coal
|
3,948
|
|
695,645
|
|
$
176.20
|
|
100 %
|
|
Met segment - thermal
coal
|
417
|
|
31,914
|
|
$
76.53
|
|
|
|
Non-GAAP Coal
revenues
|
4,365
|
|
727,559
|
|
$
166.68
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
133,724
|
|
|
|
|
|
Coal
revenues
|
4,365
|
|
$
861,283
|
|
|
|
|
INVESTOR & MEDIA CONTACT:
EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
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SOURCE Alpha Metallurgical Resources, Inc.
