Achieved net income of $137.0 million and
adjusted EBITDA of $200.2 million
Returned $30.6 million to stockholders through
quarterly dividend and special cash dividend
Continued making excellent progress in the
ongoing development of Blue Creek
Warrior Met Coal, Inc. (NYSE: HCC) (“Warrior” or the “Company”)
today announced results for the first quarter of 2024. Warrior is
the leading dedicated U.S.-based producer and exporter of
high-quality steelmaking coal for the global steel industry.
Warrior reported net income for the first quarter of 2024 of
$137.0 million, or $2.62 per diluted share, a decrease from net
income of $182.3 million, or $3.51 per diluted share, in the first
quarter of 2023. Adjusted net income per share for the first
quarter of 2024 was $2.63 per diluted share compared to adjusted
net income per share of $3.57 per diluted share in the first
quarter of 2023. The Company reported Adjusted EBITDA of $200.2
million in the first quarter of 2024 compared to Adjusted EBITDA of
$259.4 million in the first quarter of 2023.
First Quarter Highlights
- Recorded a 9% increase in sales volumes and a 17% increase in
production volumes, resulting in largest quarterly production in
over three years
- Invested $68.5 million in the continued development of the
world-class Blue Creek growth project and $33.2 million in
sustaining capital expenditures, funded through $104.1 million of
cash flows from operations
- Significantly advanced the Blue Creek project, especially in
the seam access components, which will allow continuous miner
production beginning in the third quarter of 2024
- Returned excess cash to stockholders in the form of a quarterly
dividend and special cash dividend totaling $0.58 per share
- Re-affirmed outlook for 2024
“We delivered very strong performance during the first quarter,
producing more than 2.1 million tons, levels not seen since 2020,
driven primarily by strong operational performance,” commented Walt
Scheller, CEO of Warrior. “We were able to leverage the inventory
levels we had built over the preceding quarters to generate $104.1
million in cash from operations, which we used to fund, among other
things, the continued development of our Blue Creek growth
project.”
“While weaker demand from China and India, coupled with improved
supply from Australia has driven down steelmaking coal prices since
early March, Warrior's results in the first quarter continue to
reflect the strong demand from our contracted customers for our
premium met coal. As a result, despite recent pressure on spot
steelmaking coal prices, we are maintaining our sales and
production guidance for the year,” Mr. Scheller concluded.
Operating Results
Sales volume in the first quarter of 2024 was 2.1 million short
tons compared to 1.9 million short tons in the first quarter of
2023, representing a 9% increase. The 9% increase in sales volume
was driven by higher production from both Mine No. 4 and Mine No. 7
operating at higher capacity levels in 2024 compared to 2023,
driven by the employees returning from the labor strike beginning
in the second quarter of 2023. We transported more volume by rail
to the port during the first quarter of 2024 without any delays due
to the failure of a lock and dam system on the Black Warrior River
in January, which slightly increased our transportation costs.
The Company produced 2.1 million short tons of steelmaking coal
in the first quarter of 2024 compared to 1.8 million short tons in
the first quarter of 2023, representing a 17% increase. Inventory
levels decreased to 892 thousand short tons as of March 31, 2024
from 968 thousand short tons as of December 31, 2023.
Additional Financial Results
Total revenues were $503.5 million for the first quarter of
2024, which compares to total revenues of $509.7 million in the
first quarter of 2023. The average net selling price of the
Company's steelmaking coal decreased 9% from $256.93 per short ton
in the first quarter of 2023 to $233.91 per short ton in the first
quarter of 2024. Our average net selling price realization, which
is net of demurrage and other charges, was approximately 84% of the
Platts Premium Low Vol FOB Australian index price for the first
quarter of 2024.
Cost of sales for the first quarter of 2024 were $285.6 million
compared to $232.6 million for the first quarter of 2023. Cash cost
of sales (free-on-board port) for the first quarter of 2024 were
$284.2 million, or 57% of mining revenues, compared to $231.6
million, or 46% of mining revenues in the same period of 2023. Cash
cost of sales (free-on-board port) per short ton increased to
$133.48 in the first quarter of 2024 from $118.87 in the first
quarter of 2023, due to higher royalty costs on higher royalty
rates in the areas currently being mined and higher labor and
supply related costs on higher production volumes since the end of
the labor strike. The higher labor related costs were primarily due
to the employees returning from the labor strike beginning in the
second quarter of 2023 and wage increases. Our headcount was 33%
higher in the first quarter of this year compared to the first
quarter of 2023. In addition, costs were higher in the first
quarter of 2024 due to higher spending on a higher mix of rail
transportation, repairs and maintenance, both of which should be
temporary, and less mine development credits now that Mine 4 is
producing from the north portal area of the mine.
Selling, general and administrative expenses for the first
quarter of 2024 were $18.7 million, or 3.7% of total revenues and
were slightly higher than the same period last year of 2.8% due to
higher employee-related stock compensation costs.
Depreciation and depletion expenses for the first quarter of
2024 were $40.0 million, or 7.9% of total revenues and were
slightly higher than the same period last year of 7.3%. Warrior
achieved net interest income of $7.0 million during the first
quarter of 2024, which compares to net interest income in the same
period of last year of $1.5 million. Interest income earned on our
cash investments continues to exceed interest expense on our
outstanding notes and equipment leases.
Income tax expense was $19.1 million in the first quarter of
2024 on income of $156.1 million primarily driven by an income tax
benefit for foreign-derived intangible income and depletion
expense. This compares to an income tax expense of $29.1 million on
income of $211.3 million in the first quarter of 2023.
Cash Flow and Liquidity
The Company generated cash flows of $104.1 million from
operating activities in the first quarter of 2024, compared to
$192.9 million in the first quarter of 2023. Capital expenditures
and mine development for the first quarter of 2024 were $101.7
million compared to $82.6 million in the first quarter of 2023,
primarily reflecting the continued development of the Blue Creek
growth project. Free cash flows in the first quarter of 2024 were
$2.4 million compared to $110.3 million in the first quarter of
2023 and were significantly impacted by the timing of higher
accounts receivable on higher sales volumes that should reverse in
the short term.
Net working capital, excluding cash, for the first quarter of
2024 increased by $85.8 million from the fourth quarter of 2023,
primarily reflecting higher trade accounts receivable due to higher
sales volumes and the timing of sales partially offset by the draw
down of inventories.
Cash flows used in financing activities for the first quarter of
2024 were $46.7 million, primarily due to the payment of a regular
quarterly dividend and special dividend totaling $30.6 million,
payments for taxes related to net share settlement of vested equity
awards of $11.8 million and principal repayments of financing lease
obligations of $4.3 million.
The Company’s total liquidity as of March 31, 2024 was $801.3
million, consisting of cash and cash equivalents of $693.9 million
and available liquidity under its ABL Facility of $107.4 million,
net of outstanding letters of credit of $8.7 million.
Capital Allocation
On April 25, 2024, our Board declared a regular quarterly cash
dividend of $0.08 per share, totaling approximately $4.2 million,
which will be paid on May 13, 2024, to stockholders of record as of
the close of business on May 6, 2024.
Progress at Blue Creek
During the first quarter, Warrior invested $68.5 million on the
continued development of the Blue Creek mine, which brings the
total project spend to approximately $434.5 million. The Company
expects to spend $325 to $375 million in 2024 on the continued
development of the Blue Creek mine. As previously disclosed in
2023, the Company initiated important and highly beneficial project
scope changes that will require incremental capital expenditures of
$120 to $130 million over the life of the project while lowering
operating costs, increasing flexibility to manage risks, and making
better use of multi-channel transportation methods. At the same
time, the Company effectively reset the original total baseline
cost of the project of $700 million to include these scope changes
and the impact of inflationary cost increases ranging from 25 to 35
percent in both operating and capital expenditures in relation to
labor, construction materials and certain equipment. The new
baseline project cost ranges from $995 million to $1.075
billion.
“We continued to make excellent progress on the development of
our world-class Blue Creek growth project,” Scheller said. “We
accomplished key milestones on the major components for seam
access, surface infrastructure and coal transportation. The seam
access components, including the production slope, service shaft
and ventilation shaft remain on schedule for completion late in the
second quarter of 2024, which will allow us to begin development of
the initial longwall panel with the first continuous miner unit in
the third quarter of 2024. We remain focused on tight capital
discipline ensuring the project will be completed within budget and
on time, including the longwall startup in the second quarter of
2026.”
With the addition of Blue Creek, Warrior expects to increase its
annual High Vol A production by 4.8 million short tons; enhance its
already advantageous position on the global cost curve; drive its
cash costs further into the first quartile globally; improve its
profitability and cash flow generation; and cement its position as
a leading pure play steelmaking coal producer.
Company Outlook
The Company re-affirmed its outlook for 2024, which is subject
to many risks that may impact performance, such as market
conditions in the steel and steelmaking coal industries and overall
global economic and competitive conditions, all as more fully
described under Forward-Looking Statements. The Company is
re-affirming its guidance for the full year 2024 as outlined
below.
Coal sales
7.4 - 8.2 million short tons
Coal production
7.4 - 8.0 million short tons
Cash cost of sales (free-on-board
port)
$125 - $135 per short ton
Capital expenditures for existing
mines
$100 - $110 million
Blue Creek project and other discretionary
capital expenditures
$335 - $390 million
Mine development costs
$28 - $38 million
Selling, general and administrative
expenses
$55 - $65 million
Interest expense
$13 - $18 million
Interest income
$20 - $25 million
Income tax expense
14% - 18%
Key factors that may affect outlook include:
- Three planned longwall moves remaining (two in Q3 and one in
Q4),
- HCC index pricing, geography of sales and freight rates,
- Exclusion of other non-recurring costs,
- Terms of any new labor contract, and
- Inflationary pressures.
The Company's guidance for its capital expenditures consists of
sustaining capital spending of approximately $100 - $110 million,
including regulatory and gas requirements, and capital spending of
$325 - $375 million for the development of the Blue Creek reserves
and $10 - $15 million for the final 4 North bunker
construction.
The Company's production guidance contains approximately 200,000
short tons of High Vol A steelmaking coal in the second half of
2024 from the continuous miner units from the Blue Creek reserves,
which are expected to be sold in the second half of 2025 after the
preparation plant comes online.
The Company does not provide reconciliations of its outlook for
cash cost of sales (free-on-board port) to cost of sales in
reliance on the unreasonable efforts exception provided for under
Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable,
without unreasonable efforts, to forecast certain items required to
develop the meaningful comparable Generally Accepted Accounting
Principles ("GAAP") cost of sales. These items typically include
non-cash asset retirement obligation accretion expenses, mine
idling expenses and other non-recurring indirect mining expenses
that are difficult to predict in advance in order to include in a
GAAP estimate. The unavailable information could have a significant
impact on the Company's reported financial results.
Use of Non-GAAP Financial Measures
This release contains the use of certain non-GAAP financial
measures. These non-GAAP financial measures are provided as
supplemental information for financial measures prepared in
accordance with GAAP. Management believes that these non-GAAP
financial measures provide additional insights into the performance
of the Company, and they reflect how management analyzes Company
performance and compares that performance against other companies.
These non-GAAP financial measures may not be comparable to other
similarly titled measures used by other entities. The definition of
these non-GAAP financial measures and a reconciliation of non-GAAP
to GAAP financial measures is provided in the financial tables
section of this release.
Conference Call
The Company will hold a conference call to discuss its first
quarter 2024 results today, May 1, 2024, at 4:30 p.m. ET. To listen
to the event, live or access an archived recording, please visit
http://investors.warriormetcoal.com. Analysts and investors who
would like to participate in the conference call should dial
1-844-340-9047 (domestic) or 1-412-858-5206 (international) 10
minutes prior to the start time and reference the Warrior Met Coal
conference call. Telephone playback will also be available from
6:30 p.m. ET on May 1, 2024 until 6:30 p.m. ET on May 8, 2024. The
replay will be available by calling: 1-877-344-7529 (domestic) or
1-412-317-0088 (international) and entering passcode 1740379.
About Warrior
Warrior is a U.S.-based, environmentally and socially minded
supplier to the global steel industry. It is dedicated entirely to
mining non-thermal metallurgical (met) steelmaking coal used as a
critical component of steel production by metal manufacturers in
Europe, South America and Asia. Warrior is a large-scale, low-cost
producer and exporter of premium quality met coal, also known as
hard-coking coal (HCC), operating highly efficient longwall
operations in its underground mines based in Alabama. The HCC that
Warrior produces from the Blue Creek coal seam contains very low
sulfur and has strong coking properties. The premium nature of
Warrior’s HCC makes it ideally suited as a base feed coal for steel
makers. For more information, please visit
www.warriormetcoal.com.
Forward-Looking Statements
This press release contains, and the Company’s officers and
representatives may from time to time make, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements, including statements regarding 2024
guidance, sales and production growth, ability to maintain cost
structure, demand, management of liquidity, cash flows, expenses
and expected capital expenditures and working capital, the
Company's pursuit of strategic growth opportunities, the Company's
future ability to return excess cash to stockholders, as well as
statements regarding production, inflationary pressures, the
development of the Blue Creek project, and the outcome of the
ongoing negotiations with the labor union representing certain of
our hourly employees, including any potential changes to our
production and sales volumes as a result of such outcome. The words
“believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,”
“project,” “target,” “foresee,” “should,” “would,” “could,”
“potential,” “outlook,” “guidance” or other similar expressions are
intended to identify forward-looking statements. However, the
absence of these words does not mean that the statements are not
forward-looking. These forward-looking statements represent
management’s good faith expectations, projections, guidance, or
beliefs concerning future events, and it is possible that the
results described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of the Company’s control,
that could cause actual results to differ materially from the
results discussed in the forward-looking statements, including,
without limitation, fluctuations or changes in the pricing or
demand for the Company’s coal (or met coal generally) by the global
steel industry; the impact of global pandemics, such as the novel
coronavirus ("COVID-19") pandemic, on its business and that of its
customers, including the risk of a decline in demand for the
Company's met coal due to the impact of any such pandemic on steel
manufacturers; the impact of inflation on the Company, the impact
of geopolitical events, including the effects of the Russia-Ukraine
war; the inability of the Company to effectively operate its mines
and the resulting decrease in production; the inability of the
Company to transport its products to customers due to rail
performance issues or the impact of weather and mechanical failures
at the McDuffie Terminal at the Port of Mobile; federal and state
tax legislation; changes in interpretation or assumptions and/or
updated regulatory guidance regarding the Tax Cuts and Jobs Act of
2017; legislation and regulations relating to the Clean Air Act and
other environmental initiatives; regulatory requirements associated
with federal, state and local regulatory agencies, and such
agencies’ authority to order temporary or permanent closure of the
Company’s mines; operational, logistical, geological, permit,
license, labor and weather-related factors, including equipment,
permitting, site access, operational risks and new technologies
related to mining and labor strikes or slowdowns; the timing and
impact of planned longwall moves; the Company’s obligations
surrounding reclamation and mine closure; inaccuracies in the
Company’s estimates of its met coal reserves; any projections or
estimates regarding Blue Creek, including the expected returns from
this project, if any, and the ability of Blue Creek to enhance the
Company's portfolio of assets, the Company's expectations regarding
its future tax rate as well as its ability to effectively utilize
its net operating losses to reduce or eliminate its cash taxes; the
Company's ability to develop Blue Creek; the Company’s ability to
develop or acquire met coal reserves in an economically feasible
manner; significant cost increases and fluctuations, and delay in
the delivery of raw materials, mining equipment and purchased
components; competition and foreign currency fluctuations;
fluctuations in the amount of cash the Company generates from
operations, including cash necessary to pay any special or
quarterly dividend; the Company’s ability to comply with covenants
in its ABL Facility or indenture relating to its senior secured
notes; integration of businesses that the Company may acquire in
the future; adequate liquidity and the cost, availability and
access to capital and financial markets; failure to obtain or renew
surety bonds on acceptable terms, which could affect the Company’s
ability to secure reclamation and coal lease obligations; costs
associated with litigation, including claims not yet asserted; and
other factors described in the Company’s Form 10-K for the year
ended December 31, 2023 and other reports filed from time to time
with the Securities and Exchange Commission (the “SEC”), which
could cause the Company’s actual results to differ materially from
those contained in any forward-looking statement. The Company’s
filings with the SEC are available on its website at
www.warriormetcoal.com and on the SEC's website at www.sec.gov.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Company to predict all such
factors.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF
OPERATIONS
(in thousands, except
per-share amounts)
(Unaudited)
For the three months ended
March 31,
2024
2023
Revenues:
Sales
$
497,998
$
500,491
Other revenues
5,514
9,183
Total revenues
503,512
509,674
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
285,587
232,630
Cost of other revenues (exclusive of items
shown separately below)
9,965
11,438
Depreciation and depletion
40,023
37,213
Selling, general and administrative
18,658
14,516
Business interruption
201
4,217
Total costs and expenses
354,434
300,014
Operating income
149,078
209,660
Interest expense
(1,121
)
(7,443
)
Interest income
8,154
8,903
Other income
—
221
Income before income tax expense
156,111
211,341
Income tax expense
19,122
29,064
Net income
$
136,989
$
182,277
Basic and diluted net income per
share:
Net income per share—basic
$
2.63
$
3.52
Net income per share—diluted
$
2.62
$
3.51
Weighted average number of shares
outstanding—basic
52,163
51,842
Weighted average number of shares
outstanding—diluted
52,217
51,956
Dividends per share:
$
0.58
$
0.95
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL
FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
QUARTERLY SUPPLEMENTAL FINANCIAL
DATA:
(short tons in thousands)(1)
For the three months ended
March 31,
2024
2023
Tons sold
2,129
1,948
Tons produced
2,051
1,759
Average net selling price
$
233.91
$
256.93
Cash cost of sales (free-on-board port)
per short ton(2)
$
133.48
$
118.87
Cost of production %
61
%
58
%
Transportation and royalties %
39
%
42
%
(1) 1 short ton is equivalent to 0.907185
metric tons.
RECONCILIATION OF CASH COST OF SALES
(FREE-ON-BOARD PORT) TO COST OF SALES REPORTED UNDER U.S.
GAAP:
(in thousands)
For the three months ended
March 31,
2024
2023
Cost of sales
$
285,587
$
232,630
Asset retirement obligation accretion
(702
)
(540
)
Stock compensation expense
(713
)
(534
)
Cash cost of sales (free-on-board
port)(2)
$
284,172
$
231,556
(2) Cash cost of sales (free-on-board
port) is based on reported cost of sales and includes items such as
freight, royalties, labor, fuel and other similar production and
sales cost items, and may be adjusted for other items that,
pursuant to GAAP, are classified in the Condensed Statements of
Operations as costs other than cost of sales, but relate directly
to the costs incurred to produce met coal. Our cash cost of sales
per short ton is calculated as cash cost of sales divided by the
short tons sold. Cash cost of sales (free-on-board port) is a
non-GAAP financial measure which is not calculated in conformity
with U.S. GAAP and should be considered supplemental to, and not as
a substitute or superior to financial measures calculated in
conformity with GAAP. We believe cash cost of sales (free-on-board
port) is a useful measure of performance and we believe it aids
some investors and analysts in comparing us against other companies
to help analyze our current and future potential performance. Cash
cost of sales (free-on-board port) may not be comparable to
similarly titled measures used by other companies.
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL
FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(CONTINUED)
(Unaudited)
RECONCILIATION OF ADJUSTED EBITDA TO
AMOUNTS REPORTED UNDER U.S. GAAP:
($ in thousands)
For the three months ended
March 31,
2024
2023
Net income
$
136,989
$
182,277
Interest income, net
(7,033
)
(1,460
)
Income tax expense
19,122
29,064
Depreciation and depletion
40,023
37,213
Asset retirement obligation accretion
1,297
906
Stock compensation expense
9,147
7,702
Other non-cash accretion
451
414
Mark-to-market gain on gas hedges
—
(705
)
Business interruption
201
4,217
Other income
—
(221
)
Adjusted EBITDA(3)
$
200,197
$
259,407
Adjusted EBITDA margin(4)
39.8
%
50.9
%
(3) Adjusted EBITDA is defined as net
income before net interest income, net, income tax expense,
depreciation and depletion, non-cash asset retirement obligation
accretion, non-cash stock compensation expense, other non-cash
accretion, mark-to-market gain on gas hedges, business interruption
expenses and other income. Adjusted EBITDA is not a measure of
financial performance in accordance with GAAP, and we believe items
excluded from Adjusted EBITDA are significant to a reader in
understanding and assessing our financial condition. Therefore,
Adjusted EBITDA should not be considered in isolation, nor as an
alternative to net income, income from operations, cash flows from
operations or as a measure of our profitability, liquidity or
performance under GAAP. We believe that Adjusted EBITDA presents a
useful measure of our ability to incur and service debt based on
ongoing operations. Furthermore, analogous measures are used by
industry analysts 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.
(4) Adjusted EBITDA margin is defined as
Adjusted EBITDA divided by total revenues.
RECONCILIATION OF ADJUSTED NET INCOME
TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands, except per share
amounts)
For the three months ended
March 31,
2024
2023
Net income
$
136,989
$
182,277
Business interruption, net of tax
176
3,637
Other income, net of tax
—
(191
)
Adjusted net income(5)
$
137,165
$
185,723
Weighted average number of shares
outstanding—basic
52,163
51,842
Weighted average number of shares
outstanding—diluted
52,217
51,956
Adjusted net income per share—basic
$
2.63
$
3.58
Adjusted net income per share—diluted
$
2.63
$
3.57
(5) Adjusted net income is defined as net income net of business
interruption expenses and other income, net of tax (based on each
respective period's effective tax rate). Adjusted net income is not
a measure of financial performance in accordance with GAAP, and we
believe items excluded from adjusted net income are significant to
the reader in understanding and assessing our results of
operations. Therefore, adjusted net income should not be considered
in isolation, nor as an alternative to net income under GAAP. We
believe adjusted net income is a useful measure of performance and
we believe it aids some investors and analysts in comparing us
against other companies to help analyze our current and future
potential performance. Adjusted net income may not be comparable to
similarly titled measures used by other companies.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF CASH
FLOWS
(in thousands)
(Unaudited)
For the three months ended
March 31,
2024
2023
OPERATING ACTIVITIES:
Net income
$
136,989
$
182,277
Non-cash adjustments to reconcile net
income to net cash provided by operating activities
53,774
75,098
Changes in operating assets and
liabilities:
Trade accounts receivable
(115,175
)
(56,804
)
Income tax receivable
7,833
—
Inventories
16,162
17,406
Prepaid expenses and other receivables
(5,267
)
(3,140
)
Accounts payable
5,631
(8,463
)
Accrued expenses and other current
liabilities
5,046
(18,032
)
Other
(935
)
4,592
Net cash provided by operating
activities
104,058
192,934
INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(99,703
)
(68,179
)
Mine development costs
(1,987
)
(14,458
)
Acquisitions, net of cash acquired
—
(2,381
)
Net cash used in investing activities
(101,690
)
(85,018
)
FINANCING ACTIVITIES:
Net cash used in financing activities
(46,707
)
(74,848
)
Net (decrease) increase in cash and cash
equivalents
(44,339
)
33,068
Cash and cash equivalents at beginning of
period
738,197
829,480
Cash and cash equivalents at end of
period
$
693,858
$
862,548
RECONCILIATION OF FREE CASH
FLOW TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands)
For the three months ended
March 31,
2024
2023
Net cash provided by operating
activities
$
104,058
$
192,934
Purchases of property, plant and equipment
and mine development costs
(101,690
)
(82,637
)
Free cash flow(6)
$
2,368
$
110,297
Free cash flow conversion(7)
1.2
%
42.5
%
(6) Free cash flow is defined as net cash
provided by operating activities less purchases of property, plant
and equipment and mine development costs. Free cash flow is not a
measure of financial performance in accordance with GAAP, and we
believe items excluded from net cash provided by operating
activities are significant to the reader in understanding and
assessing our results of operations. Therefore, free cash flow
should not be considered in isolation, nor as an alternative to net
cash provided by operating activities under GAAP. We believe free
cash flow is a useful measure of performance and we believe it aids
some investors and analysts in comparing us against other companies
to help analyze our current and future potential performance. Free
cash flow may not be comparable to similarly titled measures used
by other companies.
(7) Free cash flow conversion is defined
as free cash flow divided by Adjusted EBITDA.
WARRIOR MET COAL, INC.
CONDENSED BALANCE
SHEETS
(in thousands, except share
and per-share data)
March 31, 2024
December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
693,858
$
738,197
Short-term investments
9,149
9,030
Trade accounts receivable
213,400
98,225
Income tax receivable
—
7,833
Inventories, net
165,650
183,949
Prepaid expenses and other receivables
37,200
31,932
Total current assets
1,119,257
1,069,166
Mineral interests, net
78,428
80,442
Property, plant and equipment, net
1,253,395
1,179,609
Deferred income taxes
5,752
5,854
Other long-term assets
21,759
21,987
Total assets
$
2,478,591
$
2,357,058
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
43,184
$
36,245
Accrued expenses
80,944
81,612
Short-term financing lease liabilities
11,357
11,463
Other current liabilities
27,557
18,350
Total current liabilities
163,042
147,670
Long-term debt
153,166
153,023
Asset retirement obligations
71,916
71,666
Long-term financing lease liabilities
7,708
8,756
Deferred income taxes
77,434
74,531
Other long-term liabilities
27,125
26,966
Total liabilities
500,391
482,612
Stockholders’ Equity:
Common stock, $0.01 par value,
(140,000,000 shares authorized as of March 31, 2024 and December
31, 2023; 54,519,114 issued and 52,297,273 outstanding as of March
31, 2024; 54,240,764 issued and 52,018,923 outstanding as of
December 31, 2023)
545
542
Preferred stock, $0.01 par value per share
(10,000,000 shares authorized; no shares issued and
outstanding)
—
—
Treasury stock, at cost (2,221,841 shares
as of March 31, 2024 and December 31, 2023)
(50,576
)
(50,576
)
Additional paid in capital
276,731
279,332
Retained earnings
1,751,500
1,645,148
Total stockholders’ equity
1,978,200
1,874,446
Total liabilities and stockholders’
equity
$
2,478,591
$
2,357,058
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240501984123/en/
For Investors: Dale W. Boyles, 205-554-6129
dale.boyles@warriormetcoal.com For Media: D'Andre Wright,
205-554-6131 dandre.wright@warriormetcoal.com
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