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Reconciliation of Non-GAAP measures
Included in this presentation, we have disclosed certain non-GAAP measures as defined by Regulation G. The following reconciles these items to net income (loss) as reported under GAAP.
Adjusted EBITDA is defined as net income attributable to the Company before the effect of net interest expense, income taxes, depreciation, depletion and amortization, accretion on asset
retirement obligations, amortization of sales contracts and non-operating expenses. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding
transactions that are not indicative of the Company's core operating performance.
Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in
understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, nor as a measure of our profitability,
liquidity or performance under generally accepted accounting principles. The Company uses Adjusted EBITDA to measure the operating performance of its segments and allocate resources to
the segments. Furthermore, analogous measures are used by industry analysts and investors to evaluate our operating performance. Investors should be aware that our presentation of
Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The table below shows how we calculate Adjusted EBITDA.
Year Ended
12/31/23
Year Ended
12/31/22
Year Ended
12/31/21
Year Ended
12/31/20
Year Ended
12/31/19
Year Ended
12/31/18
Year Ended
12/31/17
Period from
10/2/16-
12/31/16
(In thousands)
Net income (loss) $ 464,038 $ 1,330,914 $ 337,573 $ (344,615) $ 233,799 $ 312,577 $ 238,450 $ 33,449
Income tax provision (benefit) 87,514 (251,926) 1,874 (7) 248 (52,476) (35,255) 1,156
Interest expense, net (2,438) 13,162 23,344 10,624 6,794 13,689 24,256 10,754
Depreciation, depletion and amortization 146,418 133,300 120,327 121,552 111,621 130,670 176,449 33,401
Accretion on asset retirement obligations 21,170 17,721 21,748 19,887 20,548 27,970 30,209 7,633
Asset Impairment and restructuring - - - 221,380 - - - -
Gain on property insurance recovery related to Mountain Laurel longwall - - - (23,518) - - - -
Loss (Gain) on divestitures - - 24,225 (1,505) 13,312 - (21,297) -
Net loss resulting from early retirement of debt and debt restructuring 1,126 14,420 - - - 485 2,547 -
Non-service related postretirement benefit costs (3,786) 2,841 4,339 3,884 2,053 3,202 1,940 (32)
Reorganization items, net - - - (26) (24) 1,661 2,398 759
Costs associated with proposed joint venture with Peabody Energy - - - 16,087 13,816 - - -
Preference Rights Lease Application settlement income - - - - (39,000) - - -
Fresh start coal inventory fair value adjustment - - - - - - - 7,345
Adjusted EBITDA 714,042 1,260,432 533,430 23,743 363,167 437,778 419,697 94,465
EBITDA from idled or otherwise disposed operations 15,986 (828) 2,469 15,858 12,926 2,492 3,253 1,596
Selling, general and administrative expenses 98,871 105,355 92,342 82,397 95,781 100,300 87,952 23,193
Other 14,404 10,857 (9,702) 3,359 (14,488) 4,099 (6,398) (1,511)
Reported segment Adjusted EBITDA from coal operations $ 843,303 $ 1,375,816 $ 618,539 $ 125,357 $ 457,386 $ 544,669 $ 504,504 $ 117,743
Segment Adjusted EBITDA MET Thermal
Corporate and
Other Consolidated
(In Thousands)
Year Ended December 31, 2023 $ 717,834 $ 125,469 $ (129,261) $ 714,042
Year Ended December 31, 2022 1,021,932 353,884 (115,384) 1,260,432
Year Ended December 31, 2021 442,830 175,709 (85,109) 533,430
Year Ended December 31, 2020 91,322 34,035 (101,614) 23,743
Year Ended December 31, 2019 305,363 152,023 (94,219) 363,167
Year Ended December 31, 2018 349,524 195,145 (106,891) 437,778
Year Ended December 31, 2017 243,616 260,888 (84,807) 419,697
October 2 through December 31, 2016 30,819 86,924 (23,278) 94,465
Since Emergence $ 3,203,240 $ 1,384,077 $ (740,563) $ 3,846,754 |