false000170471500017047152024-11-012024-11-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________

FORM 8-K
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): November 1, 2024

 ALPHA METALLURGICAL RESOURCES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation) 
001-38735
81-3015061
(Commission File Number)
(I.R.S. Employer Identification No.)
 
340 Martin Luther King Jr. Blvd.
Bristol, Tennessee 37620
(Address of principal executive offices, zip code)
 
(423) 573-0300
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAMRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company      ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 





Item 2.02 Results of Operations and Financial Condition. 

On November 1, 2024, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing earnings and other financial results for its fiscal quarter ended September 30, 2024. The press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits. 

(d) Exhibits
Exhibit 99.1
Press Release dated November 1, 2024
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
Alpha Metallurgical Resources, Inc.
Date: November 1, 2024
By:
/s/ J. Todd Munsey
Name: J. Todd Munsey
Title: Chief Financial Officer




EXHIBIT INDEX
Exhibit No.Description
Exhibit 99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




FOR IMMEDIATE RELEASE
imagea.jpg
        

                                                                 
Alpha Announces Third Quarter 2024 Financial Results

•Posts third quarter net income of $3.8 million, or $0.29 per diluted share
•Reports Adjusted EBITDA of $49.0 million for the quarter
•Increases quarter-over-quarter total liquidity by 42% or $150.3 million
•Announces sales commitments to domestic customers for shipment in 2025
•Introduces guidance for full year 2025

BRISTOL, Tenn., November 1, 2024 - 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, 2024.

(millions, except per share)
Three months ended
Sep. 30, 2024June 30, 2024Sep. 30, 2023
Net income
$3.8$58.9$93.8
Net income per diluted share
$0.29$4.49$6.65
Adjusted EBITDA(1)
$49.0$116.0$153.9
Operating cash flow
$189.5$138.1$157.2
Capital expenditures($31.5)($61.1)($54.7)
Tons of coal sold4.14.64.2
__________________________________
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.


"Our third quarter results reflect the softness of metallurgical coal markets, which is driven by weak global steel demand," said Andy Eidson, Alpha's chief executive officer. "A slowdown in manufacturing activity, increased economic headwinds, and geopolitical uncertainties across the world have exerted downward pressure on steel demand, which impacts met coal demand and pricing. Despite these external factors, we continue to focus internally on safely running our operations and working to protect our business with a strong balance sheet. This means we have
amrpressreleasefootera.jpg

been taking a close look at our costs across the board and making some changes to help the organization withstand this period of lower revenue generation."

Eidson continued: "Looking ahead to 2025, we are issuing guidance for next year and announcing our domestic sales commitments, which include 3.7 million tons contracted at an average price of $152.51 per ton. We are pleased with our committed tonnage for 2025, especially in light of the challenging market dynamics that served as a backdrop to this negotiation season, and we will seek opportunities to capture potential upside in the export market if the metallurgical markets rebound and begin to move higher."

Financial Performance

Alpha reported net income of $3.8 million, or $0.29 per diluted share, for the third quarter 2024, as compared to net income of $58.9 million, or $4.49 per diluted share, in the second quarter.

Total Adjusted EBITDA was $49.0 million for the third quarter, compared to $116.0 million in the second quarter.


Coal Revenues
(millions)
Three months ended
Sep. 30, 2024June 30, 2024
Met Segment$669.8$800.1
Met Segment (excl. freight & handling)(1)
$550.7$645.7

Tons Sold(millions)
Three months ended
Sep. 30, 2024June 30, 2024
Met Segment4.14.6
__________________________________
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
Sep. 30, 2024June 30, 2024
Met Segment$132.76$141.86
__________________________________
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 $132.76 per ton.
2



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 SalesThree months ended Sep. 30, 2024
Tons SoldCoal Revenues
Realization/ton(1)
% of Met Tons Sold
Export - Other Pricing Mechanisms1.9$241.0$129.3148%
Domestic0.9$145.9$160.3523%
Export - Australian Indexed1.1$144.8$128.6129%
Total Met Coal Revenues3.9$531.8$136.35100%
Thermal Coal Revenues0.2$18.9$76.33
Total Met Segment Coal Revenues (excl. freight & handling)(1)
4.1$550.7$132.76
__________________________________
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
Sep. 30, 2024June 30, 2024
Met Segment$598.7$663.8
Met Segment (excl. freight & handling/idle)(1)
$474.0$497.6

(per ton)
Met Segment(1)
$114.27$109.31

__________________________________
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 $114.27 per ton in the third quarter, compared to $109.31 per ton in the second quarter. The increase in costs for the third quarter is primarily related to reduced productivity quarter-over-quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the third quarter increased to $189.5 million as compared to $138.1 million in the second quarter. The third quarter cash flows were positively impacted by a decrease in working capital of $144.5 million. The primary drivers of the working capital release were a reduction to accounts receivable and inventory. Capital expenditures for the third quarter were $31.5 million compared to $61.1 million for the second quarter.

3


As of September 30, 2024, the company had total liquidity of $507.0 million, including cash and cash equivalents of $484.6 million and $97.5 million of unused availability under the ABL, partially offset by a minimum required liquidity of $75.0 million as required by the ABL. Total liquidity increased by $150.3 million relative to the second quarter. As of September 30, 2024, the company had no borrowings and $57.5 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, 2024, was $6.7 million.


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 October 31, 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 October 31, 2024 was 13,016,010. 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.


2025 Domestics Sales Commitments

Alpha has committed approximately 3.7 million tons of metallurgical coal to domestic customers for shipment in the 2025 calendar year at an average price of $152.51 per ton.


Issuance of 2025 Operational Guidance

The company is issuing operational guidance for the 2025 calendar year. For sales volumes, Alpha expects to ship between 15.0 million and 16.0 million metallurgical tons in 2025 as well as another 1.0 million to 1.4 million tons of incidental thermal coal, bringing total 2025 shipment expectations to a range of 16.0 million to 17.4 million tons for the year.

Alpha expects its 2025 cost of coal sales to be between $103.00 and $108.00 per ton.

The guidance range for selling, general and administrative (SG&A) costs is $53 million to $59 million in 2025, excluding non-recurring expenses and non-cash stock compensation. Idle operations expense is expected to be between $18 million and $28 million. The company anticipates 2025 net cash interest income of $2 million to $10 million, and depreciation, depletion and amortization of $165 million to $185 million.

4


The company expects capital expenditures in the range of $152 million to $182 million, which includes sustaining maintenance capital as well as development capital to continue progress on its Kingston Wildcat (formerly named Kingston Sewell) mine.

2025 contributions to equity affiliates are expected in the range of $44 million to $54 million, which include planned capital investments in Dominion Terminal Associates. The guidance range for cash contributions includes both cash contributions for normal operations of the facility as well as Alpha's 2025 share of the investments in DTA's facility upgrade program.

The company expects a tax rate of between 0% and 5% for calendar year 2025.


2024 Performance Update

As of October 23, 2024, for the 2024 calendar year, Alpha has committed and priced approximately 86% of its metallurgical coal for 2024 at an average price of $152.42 per ton and 100% of thermal coal for the year at an average expected price of $75.97 per ton.

5


2024 Guidance2025 Guidance
in millions of tonsLowHighLowHigh
Metallurgical15.5 16.5 15.0 16.0 
Thermal0.9 1.3 1.0 1.4 
Met Segment - Total Shipments16.4 17.8 16.0 17.4 
Committed/Priced1,2,3
CommittedAverage PriceCommittedAverage Price
Metallurgical - Domestic$160.73 $152.51 
Metallurgical - Export$149.28 
Metallurgical Total86 %$152.42 24 %$152.51 
Thermal100 %$75.97 96 %$79.90 
Met Segment
88 %$145.90 29 %$135.27 
Committed/Unpriced1,3
CommittedCommitted
Metallurgical Total14 %35 %
Thermal— %— %
Met Segment
12 %32 %
Costs per ton4
LowHighLowHigh
Met Segment$110.00 $116.00 $103.00 $108.00 
In millions (except taxes)LowHighLowHigh
SG&A5
$60 $66 $53 $59 
Idle Operations Expense$25 $33 $18 $28 
Net Cash Interest Income$10 $14 $2 $10 
DD&A$160 $180 $165 $185 
Capital Expenditures$210 $240 $152 $182 
Capital Contributions to Equity Affiliates6
$32 $42 $44 $54 
Tax Rate5 %10 %0 %5 %
Notes:    
1.Based on committed and priced coal shipments as of October 23, 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.
6




Conference Call
The company plans to hold a conference call regarding its third quarter results on November 1, 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.
7


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 and nine months ended September 30, 2023 have been recast to conform to the current year presentation.


8


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,
2024202320242023
Revenues:
Coal revenues$669,783 $738,998 $2,331,196 $2,499,503 
Other revenues2,114 2,822 8,742 11,923 
Total revenues671,897 741,820 2,339,938 2,511,426 
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)598,725 564,608 1,910,847 1,687,259 
Depreciation, depletion and amortization42,414 32,582 126,495 94,231 
Accretion on asset retirement obligations6,326 6,376 18,726 19,129 
Amortization of acquired intangibles, net1,675 2,069 5,025 6,458 
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)15,987 18,053 57,169 56,251 
Other operating loss (income)1,461 973 3,813 (1,665)
Total costs and expenses666,588 624,661 2,122,075 1,861,663 
Income from operations5,309 117,159 217,863 649,763 
Other (expense) income:
Interest expense(1,041)(1,746)(3,228)(5,322)
Interest income5,145 4,639 13,256 8,911 
Equity loss in affiliates(7,011)(6,660)(14,568)(11,582)
Miscellaneous expense, net(2,685)(614)(8,259)(857)
Total other expense, net(5,592)(4,381)(12,799)(8,850)
(Loss) income before income taxes(283)112,778 205,064 640,913 
Income tax benefit (expense)4,087 (18,964)(15,356)(94,973)
Net income$3,804 $93,814 $189,708 $545,940 
Basic income per common share$0.29 $6.88 $14.58 $37.87 
Diluted income per common share$0.29 $6.65 $14.43 $36.46 
Weighted average shares – basic
13,017,820 13,633,640 13,011,234 14,416,289 
Weighted average shares – diluted
13,092,019 14,110,488 13,146,566 14,973,168 
9


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share data)
September 30, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$484,560 $268,207 
Trade accounts receivable, net of allowance for credit losses of $1,287 and $234 as of September 30, 2024 and December 31, 2023, respectively
375,869 509,682 
Inventories, net200,108 231,344 
Prepaid expenses and other current assets32,427 39,064 
Total current assets1,092,964 1,048,297 
Property, plant, and equipment, net of accumulated depreciation and amortization of $647,259 and $558,905 as of September 30, 2024 and December 31, 2023, respectively
620,929 588,992 
Owned and leased mineral rights, net of accumulated depletion and amortization of $120,206 and $99,826 as of September 30, 2024 and December 31, 2023, respectively
441,708 451,160 
Other acquired intangibles, net of accumulated amortization of $43,568 and $38,543 as of September 30, 2024 and December 31, 2023, respectively
41,554 46,579 
Long-term restricted investments42,512 40,597 
Long-term restricted cash121,077 115,918 
Deferred income taxes8,857 8,028 
Other non-current assets109,818 106,486 
Total assets$2,479,419 $2,406,057 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt$3,101 $3,582 
Trade accounts payable111,448 128,836 
Accrued expenses and other current liabilities190,085 177,512 
Total current liabilities304,634 309,930 
Long-term debt3,582 6,792 
Workers’ compensation and black lung obligations182,062 189,226 
Pension obligations104,610 101,908 
Asset retirement obligations170,643 166,509 
Deferred income taxes41,088 39,142 
Other non-current liabilities22,173 18,622 
Total liabilities828,792 832,129 
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, 22,382,945 issued and 13,016,010 outstanding at September 30, 2024 and 22,058,135 issued and 12,938,679 outstanding at December 31, 2023
224 221 
Additional paid-in capital836,803 834,482 
Accumulated other comprehensive loss(48,080)(40,587)
Treasury stock, at cost: 9,366,935 shares at September 30, 2024 and 9,119,456 shares at December 31, 2023
(1,296,916)(1,189,715)
Retained earnings 2,158,596 1,969,527 
Total stockholders’ equity1,650,627 1,573,928 
Total liabilities and stockholders’ equity$2,479,419 $2,406,057 
10


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in thousands)
Nine Months Ended September 30,
20242023
Operating activities:
Net income$189,708 $545,940 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization126,495 94,231 
Amortization of acquired intangibles, net5,025 6,458 
Amortization of debt issuance costs and accretion of debt discount839 1,585 
Loss (gain) on disposal of assets31 (6,089)
Accretion on asset retirement obligations18,726 19,129 
Employee benefit plans, net15,123 9,989 
Deferred income taxes3,254 27,898 
Stock-based compensation9,317 9,678 
Equity loss in affiliates14,568 11,582 
Other, net(97)(123)
Changes in operating assets and liabilities140,672 (68,472)
Net cash provided by operating activities523,661 651,806 
Investing activities:
Capital expenditures(156,167)(183,836)
Proceeds on disposal of assets763 7,855 
Cash paid for business acquired— (11,919)
Purchases of investment securities(37,015)(166,515)
Sales and maturities of investment securities36,529 249,598 
Capital contributions to equity affiliates(22,865)(21,844)
Other, net24 24 
Net cash used in investing activities(178,731)(126,637)
Financing activities:
Principal repayments of long-term debt(1,748)(1,686)
Dividend and dividend equivalents paid(3,077)(99,731)
Common stock repurchases and related expenses(117,648)(403,385)
Other, net(945)3,302 
Net cash used in financing activities(123,418)(501,500)
Net increase in cash and cash equivalents and restricted cash221,512 23,669 
Cash and cash equivalents and restricted cash at beginning of period384,125 355,394 
Cash and cash equivalents and restricted cash at end of period$605,637 $379,063 
Supplemental disclosure of noncash investing and financing activities:
Financing leases and capital financing - equipment$1 $2,059 
Accrued capital expenditures$6,845 $11,618 
Accrued common stock repurchases and stock repurchase excise tax$4,652 $6,275 
Accrued dividend payable$424 $9,418 


11


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,
20242023
Cash and cash equivalents$484,560 $296,059 
Long-term restricted cash121,077 83,004 
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$605,637 $379,063 

12


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
Three Months EndedNine Months Ended September 30,
September 30, 2024June 30, 2024September 30, 202320242023
Net income$3,804 $58,909 $93,814 $189,708 $545,940 
Interest expense1,041 1,101 1,746 3,228 5,322 
Interest income(5,145)(4,140)(4,639)(13,256)(8,911)
Income tax (benefit) expense(4,087)5,278 18,964 15,356 94,973 
Depreciation, depletion and amortization42,414 43,380 32,582 126,495 94,231 
Non-cash stock compensation expense3,013 3,535 2,999 9,317 9,678 
Accretion on asset retirement obligations6,326 6,257 6,376 18,726 19,129 
Amortization of acquired intangibles, net1,675 1,675 2,069 5,025 6,458 
Adjusted EBITDA$49,041 $115,995 $153,911 $354,599 $766,820 



13


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS

Three Months Ended
(In thousands, except for per ton data)September 30, 2024June 30, 2024September 30, 2023
Coal revenues$669,783 $800,130 $738,998 
Coal revenues - All Other— — (7,517)
Coal revenues - Met669,783 800,130 731,481 
Less: Freight and handling fulfillment revenues(119,093)(154,402)(94,770)
Non-GAAP Coal revenues - Met$550,690 $645,728 $636,711 
Non-GAAP Coal sales realization per ton - Met$132.76 $141.86 $154.73 
Cost of coal sales (exclusive of items shown separately below)$598,725 $663,809 $564,608 
Depreciation, depletion and amortization - production (1)
42,108 43,076 32,270 
Accretion on asset retirement obligations6,326 6,257 6,376 
Amortization of acquired intangibles, net1,675 1,675 2,069 
Total Cost of coal sales648,834 714,817 605,323 
Total Cost of coal sales - All Other— — (14,056)
Total Cost of coal sales - Met648,834 714,817 591,267 
Less: Freight and handling costs - Met(119,093)(154,402)(94,770)
Less: Depreciation, depletion and amortization - production - Met (1)
(42,108)(43,076)(31,893)
Less: Accretion on asset retirement obligations - Met(6,326)(6,257)(3,722)
Less: Amortization of acquired intangibles, net - Met(1,675)(1,675)(2,069)
Less: Idled and closed mine costs - Met(5,625)(11,818)(6,353)
Non-GAAP Cost of coal sales - Met$474,007 $497,589 $452,460 
Non-GAAP Cost of coal sales per ton - Met$114.27 $109.31 $109.95 
GAAP Coal margin - Met$20,949 $85,313 $140,214 
GAAP Coal margin per ton - Met$5.05 $18.74 $34.07 
Non GAAP Coal margin - Met$76,683 $148,139 $184,251 
Non GAAP Coal margin per ton - Met$18.49 $32.54 $44.78 
Tons sold - Met4,148 4,552 4,115 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


14


Nine Months Ended
September 30, 2024September 30, 2023
Coal revenues$2,331,196 $2,499,503 
Coal revenues - All Other— (47,041)
Coal revenues - Met2,331,196 2,452,462 
Less: Freight and handling fulfillment revenues(407,219)(319,244)
Non-GAAP Coal revenues - Met$1,923,977 $2,133,218 
Non-GAAP Coal sales realization per ton - Met$147.26 $177.75 
Cost of coal sales (exclusive of items shown separately below)$1,910,847 $1,687,259 
Depreciation, depletion and amortization - production (1)
125,580 93,343 
Accretion on asset retirement obligations18,726 19,129 
Amortization of acquired intangibles, net5,025 6,458 
Total Cost of coal sales2,060,178 1,806,189 
Total Cost of coal sales - All Other— (53,877)
Total Cost of coal sales - Met2,060,178 1,752,312 
Less: Freight and handling costs - Met(407,219)(319,244)
Less: Depreciation, depletion and amortization - production - Met (1)
(125,580)(92,421)
Less: Accretion on asset retirement obligations - Met(18,726)(11,165)
Less: Amortization of acquired intangibles, net - Met(5,025)(6,458)
Less: Idled and closed mine costs - Met(27,218)(16,145)
Non-GAAP Cost of coal sales - Met$1,476,410 $1,306,879 
Non-GAAP Cost of coal sales per ton - Met$113.00 $108.90 
GAAP Coal margin - Met$271,018 $700,150 
GAAP Coal margin per ton - Met$20.74 $58.34 
Non GAAP Coal margin - Met$447,567 $826,339 
Non GAAP Coal margin per ton - Met$34.26 $68.86 
Tons sold - Met13,065 12,001 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


15


Three Months Ended September 30, 2024
(In thousands, except for per ton data)Tons SoldCoal RevenuesNon-GAAP Coal sales realization per ton% of Met Tons Sold
Export - other pricing mechanisms1,864 $241,027 $129.31 48 %
Domestic910 145,922 $160.35 23 %
Export - Australian indexed1,126 144,810 $128.61 29 %
Total Met segment - met coal 3,900 531,759 $136.35 100 %
Met segment - thermal coal248 18,931 $76.33 
Non-GAAP Coal revenues4,148 550,690 $132.76 
Add: Freight and handling fulfillment revenues— 119,093 
Coal revenues4,148 $669,783 
16

v3.24.3
Cover
Nov. 01, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 01, 2024
Entity Registrant Name ALPHA METALLURGICAL RESOURCES, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-38735
Entity Tax Identification Number 81-3015061
Entity Address, Address Line One 340 Martin Luther King Jr. Blvd.
Entity Address, City or Town Bristol
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37620
City Area Code 423
Local Phone Number 573-0300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol AMR
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001704715
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