- Posts fourth quarter net income of $176.0 million, or $12.88 per diluted share
- Announces Adjusted EBITDA of $266.3
million for the quarter
- Continues progress on buyback program, with approximately
$1.1 billion returned to shareholders
since program inception
- Announces changes to company's board of directors
BRISTOL,
Tenn., Feb. 26, 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 fourth quarter and full year ending
December 31, 2023.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Dec. 31,
2022
|
Net
income
|
$176.0
|
$93.8
|
$220.7
|
Net income per
diluted share
|
$12.88
|
$6.65
|
$13.37
|
Adjusted
EBITDA(1)
|
$266.3
|
$153.9
|
$247.9
|
Operating cash
flow
|
$199.4
|
$157.2
|
$185.0
|
Capital
expenditures
|
($61.5)
|
($54.7)
|
($61.0)
|
Tons of coal
sold
|
4.6
|
4.2
|
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.
|
"Our fourth quarter results reflect a team effort to finish the
year strong, and I'm pleased to report we were successful in that
endeavor," said Andy Eidson, Alpha's
chief executive officer. "Building on this positive momentum, Alpha
completed the year having generated over a billion dollars in 2023
Adjusted EBITDA and having invested more than a billion dollars
into our share repurchase program since its inception. We did all
of this while maintaining better-than-national-average safety and
environmental compliance performance and continuing to provide
first class service to our customers."
Financial Performance
Alpha reported net income of $176.0
million, or $12.88 per diluted
share, for the fourth quarter 2023, as compared to net income of
$93.8 million, or $6.65 per diluted share, in the third
quarter.
For the fourth quarter, total Adjusted EBITDA was $266.3 million, compared to $153.9 million in the third quarter.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Met
Segment
|
$954.2
|
$731.5
|
All
Other
|
$2.9
|
$7.5
|
Met Segment (excl.
freight & handling)(1)
|
$834.6
|
$636.7
|
All Other (excl.
freight & handling)(1)
|
$2.9
|
$7.5
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Met
Segment
|
4.5
|
4.1
|
All
Other
|
0.1
|
0.1
|
|
|
|
|
|
|
|
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
|
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Met
Segment
|
$183.76
|
$154.73
|
All
Other
|
$70.14
|
$68.32
|
|
|
|
|
|
|
|
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
Fourth quarter net realized pricing for the Met segment was
$183.76 per ton and net realization
in the All Other category was $70.14
per ton.
The table below provides a breakdown of our Met segment coal
sold in the fourth quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
Met Segment
Sales
|
Three months ended
Dec. 31, 2023
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
Export - Other
Pricing Mechanisms
|
1.5
|
$264.4
|
$175.32
|
37 %
|
Domestic
|
1.1
|
$212.8
|
$191.54
|
27 %
|
Export - Australian
Indexed
|
1.5
|
$319.0
|
$213.41
|
36 %
|
Total Met Coal
Revenues
|
4.1
|
$796.2
|
$193.54
|
100 %
|
Thermal Coal
Revenues
|
0.4
|
$38.4
|
$89.76
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
4.5
|
$834.6
|
$183.76
|
|
|
|
|
|
|
|
|
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
|
|
Dec. 31,
2023
|
Sept. 30,
2023
|
Cost of Coal
Sales
|
$668.9
|
$564.6
|
Cost of Coal Sales
(excl. freight & handling/idle)(1)
|
$543.0
|
$461.8
|
|
(per ton)
|
Met
Segment(1)
|
$119.00
|
$109.95
|
All
Other(1)
|
$60.07
|
$84.73
|
|
|
|
|
|
|
|
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 $119.00 per ton in the fourth
quarter, compared to $109.95 per ton
in the third quarter of 2023. The increase was primarily driven by
higher sales-related costs and purchased coal costs, both of which
were impacted by higher coal indices during the quarter, as well as
higher labor costs. Cost of coal sales for the All Other category
improved to $60.07 per ton in the
fourth quarter, compared to $84.73
per ton in the third quarter.
Liquidity and Capital Resources
Cash provided by operating activities in the fourth quarter
increased to $199.4 million as
compared to $157.2 million in the
third quarter 2023. Capital expenditures for the fourth quarter
were $61.5 million compared to
$54.7 million for the third
quarter.
As of December 31, 2023, the company had total liquidity of
$287.3 million, including cash and
cash equivalents of $268.2 million
and $94.1 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 December 31, 2023, the company
had no borrowings and $60.9 million
in letters of credit outstanding under the ABL. Total long-term
debt, including the current portion of long-term debt as of
December 31, 2023, was $10.4
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 February
19, 2024, the company has acquired approximately 6.6 million
shares of common stock at a cost of approximately $1.1 billion, or approximately $164.87 per share. The number of common stock
shares outstanding as of February 19,
2024 was 12,994,558, which includes the impact of 220,067
net shares issued in December 2023
and January 2024. The shares issued
in these periods resulted from vestings of previously granted
equity awards under the company's incentive plans. 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.
Composition of Alpha's Board of Directors & 2024 Annual
Meeting
Per the company's corporate governance guidelines, director
candidates may not stand for election beyond the age of 75 years.
Having reached this age limit, Michael J.
Quillen and Albert E. Ferrara,
Jr. will not stand for election at the 2024 annual meeting
of stockholders and will leave the board, effective before market
open on Monday, February 26, 2024,
after significant tenures. Mr. Ferrara, the company's
longest-serving director, has served on the board since the
company's formation in July 2016,
while Mr. Quillen, who founded predecessor company Alpha Natural
Resources in 2002, has served since November
2020. In addition, Elizabeth A.
Fessenden, a director since February
2021, has elected to step down from the board, effective
before market open on February 26,
2024. None of these departures is a result of disagreements
with the company. In connection with these departures, the board
has determined to reduce its size from nine directors to seven,
effective February 26, 2024.
Additionally, a new director, Shelly
Lombard, has been appointed to join the board, effective at
market close on February 26, 2024.
Ms. Lombard is a financial expert bringing over 35 years of
experience in finance on Wall Street and analyzing investments. She
has served on a number of publicly traded company boards, including
as chair of several audit committees.
"We cannot thank Mike, Al and Liz enough for their service to
Alpha and the wisdom they've brought to our boardroom," said
David Stetson, board chairman.
"Together, the board, management and broader Alpha workforce have
achieved incredible success over the last few years. Mike, Al and
Liz are to be commended for their involvement in these
accomplishments. As we look ahead, we are excited to welcome Shelly
to the board. With her deep finance background and market
experience, I am confident she will be a valuable contributor."
Ms. Lombard has been appointed, effective upon joining the
board, as chair of the audit committee.
Mr. Gorzynski has been appointed lead independent director,
effective February 26,
2024.
Alpha announced the company's director nominees for the 2024
annual meeting of stockholders: Joanna
Baker de Neufville, Kenneth S.
Courtis, Andy Eidson,
Michael Gorzynski, Shelly Lombard, Danny
Smith and David J.
Stetson.
The board of directors has scheduled the annual meeting for
May 2, 2024.
Operational and Performance Update
As previously announced, due to the 2023 closure of Alpha's last
thermal mine, the company expects all of its 2024 financial
activity to be reported within the Met segment. This change is
reflected in the following guidance table.
As of February 14, 2024, at the
midpoint of guidance, Alpha has committed and priced approximately
35% of its metallurgical coal at an average price of $171.33 per ton and 100% of thermal coal at an
average expected price of $77.14 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
|
|
$161.63
|
Metallurgical -
Export
|
|
$196.05
|
Metallurgical
Total
|
35 %
|
$171.33
|
Thermal
|
100 %
|
$77.14
|
Met
Segment
|
40 %
|
$154.68
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
Metallurgical
Total
|
55 %
|
|
Thermal
|
— %
|
|
Met
Segment
|
51 %
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
Met Segment
|
$110.00
|
$116.00
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
SG&A5
|
$60
|
$66
|
Idle Operations
Expense
|
$18
|
$28
|
Net Cash Interest
Income
|
$2
|
$8
|
DD&A
|
$140
|
$160
|
Capital
Expenditures
|
$210
|
$240
|
Capital Contributions
to Equity Affiliates6
|
$40
|
$50
|
Tax Rate
|
12 %
|
17 %
|
Notes:
1. Based on committed and priced coal shipments as of
February 14, 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 historically varied and may continue to vary
significantly from quarter to quarter and material changes to these
items could have a significant effect on our future GAAP
results.
5. Excludes expenses related to non-cash
stock compensation and non-recurring expenses.
6.
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 fourth
quarter and full year 2023 results on February 26, 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.
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures."
These are financial measures that either exclude or include amounts
that are not excluded or included in the most directly comparable
measures calculated and presented in accordance with generally
accepted accounting principles in the
United States ("U.S. GAAP" or "GAAP"). Specifically, we make
use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP
coal revenues," "non-GAAP cost of coal sales," and "non-GAAP coal
margin." We use Adjusted EBITDA to measure the operating
performance of our segments and allocate resources to the segments.
Adjusted EBITDA does not purport to be an alternative to net income
(loss) as a measure of operating performance or any other measure
of operating results, financial performance, or liquidity presented
in accordance with GAAP. Moreover, this measure is not calculated
identically by all companies and therefore may not be comparable to
similarly titled measures used by other companies. Adjusted EBITDA
is presented because management believes it is a useful indicator
of the financial performance of our coal operations. We use
non-GAAP coal revenues to present coal revenues generated,
excluding freight and handling fulfillment revenues. Non-GAAP coal
sales realization per ton for our operations is calculated as
non-GAAP coal revenues divided by tons sold. We use non-GAAP cost
of coal sales to adjust cost of coal sales to remove freight and
handling costs, depreciation, depletion and amortization -
production (excluding the depreciation, depletion and amortization
related to selling, general and administrative functions),
accretion on asset retirement obligations, amortization of acquired
intangibles, net, and idled and closed mine costs. Non-GAAP cost of
coal sales per ton for our operations is calculated as non-GAAP
cost of coal sales divided by tons sold. Non-GAAP coal margin per
ton for our coal operations is calculated as non-GAAP coal sales
realization per ton for our coal operations less non-GAAP cost of
coal sales per ton for our coal operations. The presentation of
these measures should not be considered in isolation, or as a
substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP
results to provide a more complete understanding of the factors and
trends affecting the business than GAAP results alone. The
definition of these non-GAAP measures may be changed periodically
by management to adjust for significant items important to an
understanding of operating trends and to adjust for items that may
not reflect the trend of future results by excluding transactions
that are not indicative of our core operating performance.
Furthermore, analogous measures are used by industry analysts to
evaluate the Company's operating performance. Because not all
companies use identical calculations, the presentations of these
measures may not be comparable to other similarly titled measures
of other companies and can differ significantly from company to
company depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which companies
operate, capital investments and other factors.
Included below are reconciliations of non-GAAP financial
measures to GAAP financial measures.
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
957,127
|
|
$
821,142
|
|
$
3,456,630
|
|
$
4,092,987
|
Other
revenues
|
2,864
|
|
2,306
|
|
14,787
|
|
8,605
|
Total
revenues
|
959,991
|
|
823,448
|
|
3,471,417
|
|
4,101,592
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
668,879
|
|
549,143
|
|
2,356,138
|
|
2,285,969
|
Depreciation,
depletion and amortization
|
42,638
|
|
23,930
|
|
136,869
|
|
107,620
|
Accretion on asset
retirement obligations
|
6,371
|
|
5,943
|
|
25,500
|
|
23,765
|
Amortization of
acquired intangibles, net
|
2,065
|
|
3,460
|
|
8,523
|
|
19,498
|
Selling, general and
administrative expenses (exclusive of depreciation, depletion and
amortization shown separately above)
|
26,139
|
|
23,279
|
|
82,390
|
|
71,618
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
—
|
|
(1,735)
|
|
—
|
|
8,880
|
Other expense
(income)
|
577
|
|
2,794
|
|
(1,088)
|
|
3,363
|
Total costs and
expenses
|
746,669
|
|
606,814
|
|
2,608,332
|
|
2,520,713
|
Income from
operations
|
213,322
|
|
216,634
|
|
863,085
|
|
1,580,879
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
expense
|
(1,601)
|
|
(1,747)
|
|
(6,923)
|
|
(21,802)
|
Interest
income
|
3,022
|
|
1,775
|
|
11,933
|
|
3,187
|
Loss on extinguishment
of debt
|
(2,753)
|
|
—
|
|
(2,753)
|
|
—
|
Equity loss in
affiliates
|
(6,681)
|
|
(6,028)
|
|
(18,263)
|
|
(14,346)
|
Miscellaneous
(expense) income, net
|
(763)
|
|
2,298
|
|
(1,620)
|
|
6,832
|
Total other expense,
net
|
(8,776)
|
|
(3,702)
|
|
(17,626)
|
|
(26,129)
|
Income before income
taxes
|
204,546
|
|
212,932
|
|
845,459
|
|
1,554,750
|
Income tax (expense)
benefit
|
(28,530)
|
|
7,748
|
|
(123,503)
|
|
(106,205)
|
Net income
|
$
176,016
|
|
$
220,680
|
|
$
721,956
|
|
$
1,448,545
|
|
|
|
|
|
|
|
|
Basic income per common
share
|
$
13.35
|
|
$
13.86
|
|
$
51.18
|
|
$
82.82
|
Diluted income per
common share
|
$
12.88
|
|
$
13.37
|
|
$
49.30
|
|
$
79.49
|
|
|
|
|
|
|
|
|
Weighted average shares
- basic
|
13,187,100
|
|
15,923,288
|
|
14,106,466
|
|
17,490,886
|
Weighted average shares
- diluted
|
13,662,021
|
|
16,504,793
|
|
14,642,856
|
|
18,222,397
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Amounts in
thousands, except share and per share data)
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
268,207
|
|
$
301,906
|
Short-term
investments
|
—
|
|
46,052
|
Trade accounts
receivable, net of allowance for credit losses of $234 and $239 as
of December 31, 2023 and 2022, respectively
|
509,682
|
|
407,210
|
Inventories,
net
|
231,344
|
|
200,574
|
Short-term
deposits
|
32
|
|
84,748
|
Short-term restricted
cash
|
—
|
|
24,547
|
Prepaid expenses and
other current assets
|
39,032
|
|
49,384
|
Total current
assets
|
1,048,297
|
|
1,114,421
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$558,905 and $491,186 as of December 31, 2023 and 2022,
respectively
|
588,992
|
|
442,645
|
Owned and leased
mineral rights, net of accumulated depletion and amortization of
$99,826 and $77,333 as of December 31, 2023 and 2022,
respectively
|
451,160
|
|
451,062
|
Other acquired
intangibles, net of accumulated amortization of $38,543 and $53,719
as of December 31, 2023 and 2022, respectively
|
46,579
|
|
55,102
|
Long-term restricted
investments
|
40,597
|
|
105,735
|
Long-term restricted
cash
|
115,918
|
|
28,941
|
Deferred income
taxes
|
8,028
|
|
11,378
|
Other non-current
assets
|
106,486
|
|
103,195
|
Total assets
|
$
2,406,057
|
|
$
2,312,479
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
3,582
|
|
$
3,078
|
Trade accounts
payable
|
128,836
|
|
106,037
|
Acquisition-related
obligations - current
|
—
|
|
28,254
|
Accrued expenses and
other current liabilities
|
177,512
|
|
265,256
|
Total current
liabilities
|
309,930
|
|
402,625
|
Long-term
debt
|
6,792
|
|
7,897
|
Workers' compensation
and black lung obligations
|
189,226
|
|
188,247
|
Pension
obligations
|
101,908
|
|
110,836
|
Asset retirement
obligations
|
166,509
|
|
142,048
|
Deferred income
taxes
|
39,142
|
|
10,874
|
Other non-current
liabilities
|
18,622
|
|
20,197
|
Total
liabilities
|
832,129
|
|
882,724
|
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, 22,058,135 issued
and 12,938,679 outstanding at December 31, 2023 and 21,703,163
issued and 15,552,676 outstanding at December 31,
2022
|
221
|
|
217
|
Additional paid-in
capital
|
834,482
|
|
815,442
|
Accumulated other
comprehensive loss
|
(40,587)
|
|
(12,162)
|
Treasury stock, at
cost: 9,119,456 shares at December 31, 2023 and 6,150,487
shares at December 31, 2022
|
(1,189,715)
|
|
(649,061)
|
Retained
earnings
|
1,969,527
|
|
1,275,319
|
Total stockholders'
equity
|
1,573,928
|
|
1,429,755
|
Total liabilities and
stockholders' equity
|
$
2,406,057
|
|
$
2,312,479
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Amounts in
thousands)
|
|
|
Year Ended December
31,
|
|
2023
|
|
2022
|
Operating
activities:
|
|
|
|
Net income
|
$
721,956
|
|
$
1,448,545
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
136,869
|
|
107,620
|
Amortization of
acquired intangibles, net
|
8,523
|
|
19,498
|
Amortization of debt
issuance costs and accretion of debt discount
|
1,947
|
|
8,282
|
Loss on extinguishment
of debt
|
2,753
|
|
—
|
Mark-to-market
adjustment for acquisition-related obligations
|
—
|
|
8,880
|
(Gain) loss on
disposal of assets, net
|
(6,817)
|
|
43
|
Accretion on asset
retirement obligations
|
25,500
|
|
23,765
|
Employee benefit
plans, net
|
8,376
|
|
(4,492)
|
Deferred income
taxes
|
39,722
|
|
(14,521)
|
Stock-based
compensation
|
19,017
|
|
7,484
|
Equity loss in
affiliates
|
18,263
|
|
14,346
|
Other, net
|
(363)
|
|
(761)
|
Changes in operating
assets and liabilities
|
|
|
|
Trade accounts
receivable, net
|
(102,477)
|
|
82,774
|
Inventories,
net
|
(27,900)
|
|
(63,169)
|
Prepaid expenses
and other current assets
|
7,596
|
|
(12,031)
|
Deposits
|
80,729
|
|
(84,314)
|
Other
non-current assets
|
3,837
|
|
11,268
|
Trade accounts
payable
|
15,666
|
|
3,721
|
Accrued expenses
and other current liabilities
|
(9,087)
|
|
(6,872)
|
Acquisition-related obligations
|
(28,254)
|
|
(22,264)
|
Asset retirement
obligations
|
(19,189)
|
|
(18,699)
|
Other
non-current liabilities
|
(45,508)
|
|
(25,098)
|
Net cash provided
by operating activities
|
851,159
|
|
1,484,005
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(245,373)
|
|
(164,309)
|
Proceeds on disposal
of assets
|
8,173
|
|
3,623
|
Cash paid for business
acquired
|
(11,919)
|
|
(24,878)
|
Purchases of
investment securities
|
(207,065)
|
|
(269,420)
|
Sales and maturities
of investment securities
|
320,961
|
|
149,397
|
Capital contributions
to equity affiliates
|
(30,812)
|
|
(19,556)
|
Other, net
|
35
|
|
(4,214)
|
Net cash used in
investing activities
|
(166,000)
|
|
(329,357)
|
Financing
activities:
|
|
|
|
Principal repayments
of long-term debt
|
(2,314)
|
|
(450,622)
|
Dividend and dividend
equivalents paid
|
(113,013)
|
|
(13,360)
|
Common stock
repurchases and related expenses
|
(540,071)
|
|
(521,803)
|
Proceeds from exercise
of warrants
|
4,322
|
|
5,643
|
Other, net
|
(5,352)
|
|
(1,726)
|
Net cash used in
financing activities
|
(656,428)
|
|
(981,868)
|
Net increase in cash
and cash equivalents and restricted cash
|
28,731
|
|
172,780
|
Cash and cash
equivalents and restricted cash at beginning of period
|
355,394
|
|
182,614
|
Cash and cash
equivalents and restricted cash at end of period
|
$
384,125
|
|
$
355,394
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
Cash paid for
interest
|
$
5,207
|
|
$
25,895
|
Cash paid for income
taxes
|
$
79,221
|
|
$
139,663
|
Cash received for
income tax refunds
|
$
30
|
|
$
6
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
Financing leases and
capital financing - equipment
|
$
3,195
|
|
$
9,833
|
Accrued capital
expenditures
|
$
25,004
|
|
$
18,456
|
Accrued common stock
repurchases
|
$
8,118
|
|
$
3,016
|
Accrued dividend
payable
|
$
2,863
|
|
$
88,128
|
The following table provides a reconciliation of cash and cash
equivalents and restricted cash reported within the Consolidated
Balance Sheets that sum to the total of the same such amounts shown
in the Consolidated Statements of Cash Flows.
|
As of December
31,
|
|
2023
|
|
2022
|
Cash and cash
equivalents
|
$
268,207
|
|
$
301,906
|
Short-term restricted
cash
|
—
|
|
24,547
|
Long-term restricted
cash
|
115,918
|
|
28,941
|
Total cash and cash
equivalents and restricted cash shown in the Consolidated
Statements of Cash Flows
|
$
384,125
|
|
$
355,394
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA
RECONCILIATION
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Year Ended December
31,
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
|
2023
|
|
2022
|
Net income
|
$
176,016
|
|
$
93,814
|
|
$
220,680
|
|
$
721,956
|
|
$ 1,448,545
|
Interest
expense
|
1,601
|
|
1,746
|
|
1,747
|
|
6,923
|
|
21,802
|
Interest
income
|
(3,022)
|
|
(4,639)
|
|
(1,775)
|
|
(11,933)
|
|
(3,187)
|
Income tax expense
(benefit)
|
28,530
|
|
18,964
|
|
(7,748)
|
|
123,503
|
|
106,205
|
Depreciation, depletion
and amortization
|
42,638
|
|
32,582
|
|
23,930
|
|
136,869
|
|
107,620
|
Non-cash stock
compensation expense
|
9,339
|
|
2,999
|
|
3,381
|
|
19,017
|
|
7,484
|
Loss on extinguishment
of debt
|
2,753
|
|
—
|
|
—
|
|
2,753
|
|
—
|
Mark-to-market
adjustment - acquisition-related obligations
|
—
|
|
—
|
|
(1,735)
|
|
—
|
|
8,880
|
Accretion on asset
retirement obligations
|
6,371
|
|
6,376
|
|
5,943
|
|
25,500
|
|
23,765
|
Amortization of
acquired intangibles, net
|
2,065
|
|
2,069
|
|
3,460
|
|
8,523
|
|
19,498
|
Adjusted
EBITDA
|
$
266,291
|
|
$
153,911
|
|
$
247,883
|
|
$ 1,033,111
|
|
$ 1,740,612
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
December 31, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
954,181
|
|
$
2,946
|
|
$
957,127
|
Less: Freight and
handling fulfillment revenues
|
(119,539)
|
|
—
|
|
(119,539)
|
Non-GAAP Coal
revenues
|
$
834,642
|
|
$
2,946
|
|
$
837,588
|
Tons sold
|
4,542
|
|
42
|
|
4,584
|
Non-GAAP Coal sales
realization per ton
|
$
183.76
|
|
$
70.14
|
|
$
182.72
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
663,899
|
|
$
4,980
|
|
$
668,879
|
Depreciation, depletion
and amortization - production (1)
|
33,295
|
|
9,030
|
|
42,325
|
Accretion on asset
retirement obligations
|
3,721
|
|
2,650
|
|
6,371
|
Amortization of
acquired intangibles, net
|
2,065
|
|
—
|
|
2,065
|
Total Cost of coal
sales
|
$
702,980
|
|
$
16,660
|
|
$
719,640
|
Less: Freight and
handling costs
|
(119,539)
|
|
—
|
|
(119,539)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(33,295)
|
|
(9,030)
|
|
(42,325)
|
Less: Accretion on
asset retirement obligations
|
(3,721)
|
|
(2,650)
|
|
(6,371)
|
Less: Amortization of
acquired intangibles, net
|
(2,065)
|
|
—
|
|
(2,065)
|
Less: Idled and closed
mine costs
|
(3,876)
|
|
(2,457)
|
|
(6,333)
|
Non-GAAP Cost of coal
sales
|
$
540,484
|
|
$
2,523
|
|
$
543,007
|
Tons sold
|
4,542
|
|
42
|
|
4,584
|
Non-GAAP Cost of coal
sales per ton
|
$
119.00
|
|
$
60.07
|
|
$
118.46
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
954,181
|
|
$
2,946
|
|
$
957,127
|
Less: Total Cost of
coal sales (per table above)
|
(702,980)
|
|
(16,660)
|
|
(719,640)
|
GAAP Coal
margin
|
$
251,201
|
|
$
(13,714)
|
|
$
237,487
|
Tons sold
|
4,542
|
|
42
|
|
4,584
|
GAAP Coal margin per
ton
|
$
55.31
|
|
$
(326.52)
|
|
$
51.81
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
251,201
|
|
$
(13,714)
|
|
$
237,487
|
Add: Depreciation,
depletion and amortization - production (1)
|
33,295
|
|
9,030
|
|
42,325
|
Add: Accretion on asset
retirement obligations
|
3,721
|
|
2,650
|
|
6,371
|
Add: Amortization of
acquired intangibles, net
|
2,065
|
|
—
|
|
2,065
|
Add: Idled and closed
mine costs
|
3,876
|
|
2,457
|
|
6,333
|
Non-GAAP Coal
margin
|
$
294,158
|
|
$
423
|
|
$
294,581
|
Tons sold
|
4,542
|
|
42
|
|
4,584
|
Non-GAAP Coal margin
per ton
|
$
64.76
|
|
$
10.07
|
|
$
64.26
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
731,481
|
|
$
7,517
|
|
$
738,998
|
Less: Freight and
handling fulfillment revenues
|
(94,770)
|
|
(2)
|
|
(94,772)
|
Non-GAAP Coal
revenues
|
$
636,711
|
|
$
7,515
|
|
$
644,226
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
Non-GAAP Coal sales
realization per ton
|
$
154.73
|
|
$
68.32
|
|
$
152.48
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
552,737
|
|
$
11,871
|
|
$
564,608
|
Depreciation, depletion
and amortization - production (1)
|
31,893
|
|
377
|
|
32,270
|
Accretion on asset
retirement obligations
|
3,722
|
|
2,654
|
|
6,376
|
Amortization of
acquired intangibles, net
|
2,069
|
|
—
|
|
2,069
|
Total Cost of coal
sales
|
$
590,421
|
|
$
14,902
|
|
$
605,323
|
Less: Freight and
handling costs
|
(94,770)
|
|
(2)
|
|
(94,772)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(31,893)
|
|
(377)
|
|
(32,270)
|
Less: Accretion on
asset retirement obligations
|
(3,722)
|
|
(2,654)
|
|
(6,376)
|
Less: Amortization of
acquired intangibles, net
|
(2,069)
|
|
—
|
|
(2,069)
|
Less: Idled and closed
mine costs
|
(5,507)
|
|
(2,549)
|
|
(8,056)
|
Non-GAAP Cost of coal
sales
|
$
452,460
|
|
$
9,320
|
|
$
461,780
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
Non-GAAP Cost of coal
sales per ton
|
$
109.95
|
|
$
84.73
|
|
$
109.30
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
731,481
|
|
$
7,517
|
|
$
738,998
|
Less: Total Cost of
coal sales (per table above)
|
(590,421)
|
|
(14,902)
|
|
(605,323)
|
GAAP Coal
margin
|
$
141,060
|
|
$
(7,385)
|
|
$
133,675
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
GAAP Coal margin per
ton
|
$
34.28
|
|
$
(67.14)
|
|
$
31.64
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
141,060
|
|
$
(7,385)
|
|
$
133,675
|
Add: Depreciation,
depletion and amortization - production (1)
|
31,893
|
|
377
|
|
32,270
|
Add: Accretion on asset
retirement obligations
|
3,722
|
|
2,654
|
|
6,376
|
Add: Amortization of
acquired intangibles, net
|
2,069
|
|
—
|
|
2,069
|
Add: Idled and closed
mine costs
|
5,507
|
|
2,549
|
|
8,056
|
Non-GAAP Coal
margin
|
$
184,251
|
|
$
(1,805)
|
|
$
182,446
|
Tons sold
|
4,115
|
|
110
|
|
4,225
|
Non-GAAP Coal margin
per ton
|
$
44.78
|
|
$
(16.41)
|
|
$
43.18
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
804,876
|
|
$
16,266
|
|
$
821,142
|
Less: Freight and
handling fulfillment revenues
|
(105,911)
|
|
1
|
|
(105,910)
|
Non-GAAP Coal
revenues
|
$
698,965
|
|
$
16,267
|
|
$
715,232
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Coal sales
realization per ton
|
$
186.29
|
|
$
126.10
|
|
$
184.29
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
541,547
|
|
$
7,596
|
|
$
549,143
|
Depreciation, depletion
and amortization - production (1)
|
19,575
|
|
4,083
|
|
23,658
|
Accretion on asset
retirement obligations
|
3,412
|
|
2,531
|
|
5,943
|
Amortization of
acquired intangibles, net
|
2,517
|
|
943
|
|
3,460
|
Total Cost of coal
sales
|
$
567,051
|
|
$
15,153
|
|
$
582,204
|
Less: Freight and
handling costs
|
(105,911)
|
|
1
|
|
(105,910)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(19,575)
|
|
(4,083)
|
|
(23,658)
|
Less: Accretion on
asset retirement obligations
|
(3,412)
|
|
(2,531)
|
|
(5,943)
|
Less: Amortization of
acquired intangibles, net
|
(2,517)
|
|
(943)
|
|
(3,460)
|
Less: Idled and closed
mine costs
|
(11,754)
|
|
2,821
|
|
(8,933)
|
Non-GAAP Cost of coal
sales
|
$
423,882
|
|
$
10,418
|
|
$
434,300
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Cost of coal
sales per ton
|
$
112.97
|
|
$
80.76
|
|
$
111.90
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
804,876
|
|
$
16,266
|
|
$
821,142
|
Less: Total Cost of
coal sales (per table above)
|
(567,051)
|
|
(15,153)
|
|
(582,204)
|
GAAP Coal
margin
|
$
237,825
|
|
$
1,113
|
|
$
238,938
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
GAAP Coal margin per
ton
|
$
63.39
|
|
$
8.63
|
|
$
61.57
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
237,825
|
|
$
1,113
|
|
$
238,938
|
Add: Depreciation,
depletion and amortization - production (1)
|
19,575
|
|
4,083
|
|
23,658
|
Add: Accretion on asset
retirement obligations
|
3,412
|
|
2,531
|
|
5,943
|
Add: Amortization of
acquired intangibles, net
|
2,517
|
|
943
|
|
3,460
|
Add: Idled and closed
mine costs
|
11,754
|
|
(2,821)
|
|
8,933
|
Non-GAAP Coal
margin
|
$
275,083
|
|
$
5,849
|
|
$
280,932
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Coal margin
per ton
|
$
73.32
|
|
$
45.34
|
|
$
72.39
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Year Ended December
31, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 3,406,643
|
|
$
49,987
|
|
$ 3,456,630
|
Less: Freight and
handling fulfillment revenues
|
(438,783)
|
|
(227)
|
|
(439,010)
|
Non-GAAP Coal
revenues
|
$ 2,967,860
|
|
$
49,760
|
|
$ 3,017,620
|
Tons sold
|
16,543
|
|
529
|
|
17,072
|
Non-GAAP Coal sales
realization per ton
|
$
179.40
|
|
$
94.06
|
|
$
176.76
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 2,303,129
|
|
$
53,009
|
|
$ 2,356,138
|
Depreciation, depletion
and amortization - production (1)
|
125,716
|
|
9,952
|
|
135,668
|
Accretion on asset
retirement obligations
|
14,886
|
|
10,614
|
|
25,500
|
Amortization of
acquired intangibles, net
|
8,523
|
|
—
|
|
8,523
|
Total Cost of coal
sales
|
$ 2,452,254
|
|
$
73,575
|
|
$ 2,525,829
|
Less: Freight and
handling costs
|
(438,783)
|
|
(227)
|
|
(439,010)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(125,716)
|
|
(9,952)
|
|
(135,668)
|
Less: Accretion on
asset retirement obligations
|
(14,886)
|
|
(10,614)
|
|
(25,500)
|
Less: Amortization of
acquired intangibles, net
|
(8,523)
|
|
—
|
|
(8,523)
|
Less: Idled and closed
mine costs
|
(16,983)
|
|
(10,015)
|
|
(26,998)
|
Non-GAAP Cost of coal
sales
|
$ 1,847,363
|
|
$
42,767
|
|
$ 1,890,130
|
Tons sold
|
16,543
|
|
529
|
|
17,072
|
Non-GAAP Cost of coal
sales per ton
|
$
111.67
|
|
$
80.84
|
|
$
110.72
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Year Ended December
31, 2023
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 3,406,643
|
|
$
49,987
|
|
$ 3,456,630
|
Less: Total Cost of
coal sales (per table above)
|
(2,452,254)
|
|
(73,575)
|
|
(2,525,829)
|
GAAP Coal
margin
|
$
954,389
|
|
$
(23,588)
|
|
$
930,801
|
Tons sold
|
16,543
|
|
529
|
|
17,072
|
GAAP Coal margin per
ton
|
$
57.69
|
|
$
(44.59)
|
|
$
54.52
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
954,389
|
|
$
(23,588)
|
|
$
930,801
|
Add: Depreciation,
depletion and amortization - production (1)
|
125,716
|
|
9,952
|
|
135,668
|
Add: Accretion on asset
retirement obligations
|
14,886
|
|
10,614
|
|
25,500
|
Add: Amortization of
acquired intangibles, net
|
8,523
|
|
—
|
|
8,523
|
Add: Idled and closed
mine costs
|
16,983
|
|
10,015
|
|
26,998
|
Non-GAAP Coal
margin
|
$ 1,120,497
|
|
$
6,993
|
|
$ 1,127,490
|
Tons sold
|
16,543
|
|
529
|
|
17,072
|
Non-GAAP Coal margin
per ton
|
$
67.73
|
|
$
13.22
|
|
$
66.04
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Year Ended December
31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 4,018,515
|
|
$
74,472
|
|
$ 4,092,987
|
Less: Freight and
handling fulfillment revenues
|
(529,043)
|
|
(20)
|
|
(529,063)
|
Non-GAAP Coal
revenues
|
$ 3,489,472
|
|
$
74,452
|
|
$ 3,563,924
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Coal sales
realization per ton
|
$
225.45
|
|
$
82.72
|
|
$
217.60
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 2,225,771
|
|
$
60,198
|
|
$ 2,285,969
|
Depreciation, depletion
and amortization - production (1)
|
100,584
|
|
6,036
|
|
106,620
|
Accretion on asset
retirement obligations
|
13,590
|
|
10,175
|
|
23,765
|
Amortization of
acquired intangibles, net
|
15,699
|
|
3,799
|
|
19,498
|
Total Cost of coal
sales
|
$ 2,355,644
|
|
$
80,208
|
|
$ 2,435,852
|
Less: Freight and
handling costs
|
(529,043)
|
|
(20)
|
|
(529,063)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(100,584)
|
|
(6,036)
|
|
(106,620)
|
Less: Accretion on
asset retirement obligations
|
(13,590)
|
|
(10,175)
|
|
(23,765)
|
Less: Amortization of
acquired intangibles, net
|
(15,699)
|
|
(3,799)
|
|
(19,498)
|
Less: Idled and closed
mine costs
|
(21,646)
|
|
(6,911)
|
|
(28,557)
|
Non-GAAP Cost of coal
sales
|
$ 1,675,082
|
|
$
53,267
|
|
$ 1,728,349
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Cost of coal
sales per ton
|
$
108.22
|
|
$
59.19
|
|
$
105.53
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Year Ended December
31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 4,018,515
|
|
$
74,472
|
|
$ 4,092,987
|
Less: Total Cost of
coal sales (per table above)
|
(2,355,644)
|
|
(80,208)
|
|
(2,435,852)
|
GAAP Coal
margin
|
$ 1,662,871
|
|
$
(5,736)
|
|
$ 1,657,135
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
GAAP Coal margin per
ton
|
$
107.43
|
|
$
(6.37)
|
|
$
101.18
|
|
|
|
|
|
|
GAAP Coal
margin
|
$ 1,662,871
|
|
$
(5,736)
|
|
$ 1,657,135
|
Add: Depreciation,
depletion and amortization - production (1)
|
100,584
|
|
6,036
|
|
106,620
|
Add: Accretion on asset
retirement obligations
|
13,590
|
|
10,175
|
|
23,765
|
Add: Amortization of
acquired intangibles, net
|
15,699
|
|
3,799
|
|
19,498
|
Add: Idled and closed
mine costs
|
21,646
|
|
6,911
|
|
28,557
|
Non-GAAP Coal
margin
|
$ 1,814,390
|
|
$
21,185
|
|
$ 1,835,575
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Coal margin
per ton
|
$
117.22
|
|
$
23.54
|
|
$
112.08
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
|
|
Three Months Ended
December 31, 2023
|
(In thousands,
except for per ton data)
|
Tons
Sold
|
|
Coal
Revenues
|
|
Non-GAAP
Coal sales
realization
per ton
|
|
% of Met Tons
Sold
|
Export - other pricing
mechanisms
|
1,508
|
|
$
264,380
|
|
$
175.32
|
|
37 %
|
Domestic
|
1,111
|
|
212,798
|
|
$
191.54
|
|
27 %
|
Export - Australian
indexed
|
1,495
|
|
319,048
|
|
$
213.41
|
|
36 %
|
Total Met segment - met
coal
|
4,114
|
|
796,226
|
|
$
193.54
|
|
100 %
|
Met segment - thermal
coal
|
428
|
|
38,416
|
|
$
89.76
|
|
|
Total Met segment Coal
revenues
|
4,542
|
|
834,642
|
|
$
183.76
|
|
|
All Other Coal
revenues
|
42
|
|
2,946
|
|
$
70.14
|
|
|
Non-GAAP Coal
revenues
|
4,584
|
|
837,588
|
|
$
182.72
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
119,539
|
|
|
|
|
Coal
revenues
|
4,584
|
|
$
957,127
|
|
|
|
|
INVESTOR & MEDIA CONTACT:
EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
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SOURCE Alpha Metallurgical Resources, Inc.