- Reports second quarter net income of $181.4 million, or $12.16 per diluted share
- Posts Adjusted EBITDA of $258.5
million for the quarter
- Maintains robust progress of share buyback program by
returning more than $850 million to
shareholders since program inception as of July 31, 2023, with nearly $350 million in board authorization
remaining
- Declares quarterly dividend of $0.50 per share
- Announces board decision to cease fixed dividend program at
year end, consolidating focus and exclusive capital return priority
to the share buyback program
- Reduces full-year volume guidance for thermal coal within
the Met segment to 1.0 million to 1.4 million tons
BRISTOL, Tenn. ,
Aug. 4,
2023 /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
second quarter ending June 30,
2023.
|
(millions, except per
share)
|
|
Three months
ended
|
|
June 30,
2023
|
Mar. 31,
2023
|
June 30,
2022
|
|
Net
income
|
$181.4
|
$270.8
|
$574.2
|
|
Net income per
diluted share
|
$12.16
|
$17.01
|
$29.97
|
|
Adjusted
EBITDA(1)
|
$258.5
|
$354.4
|
$692.9
|
|
Operating cash
flow
|
$317.2
|
$177.4
|
$465.9
|
|
Capital
expenditures
|
($54.9)
|
($74.2)
|
($41.9)
|
|
Tons of coal
sold
|
4.3
|
3.9
|
4.3
|
__________________________________
|
1. These are
non-GAAP financial measures. A reconciliation of Net Income to
Adjusted EBITDA is included in tables accompanying the financial
schedules.
|
"Our team successfully navigated some challenges in the quarter,
as we announced in late June," said Andy
Eidson, Alpha's chief executive officer. "The resulting
shipment delays, coupled with the continued decline of
metallurgical indices, influenced our results for the second
quarter. Even with some challenging circumstances to overcome, our
teams performed well this quarter and they safely and swiftly
addressed the issues we experienced."
Eidson continued: "In addition to executing on our safety and
operational performance expectations, our share buyback program
remains a high priority and an area where we have delivered
significant progress. As of the end of July, we have cumulatively
repurchased over $850 million dollars' worth of our common stock
since the buyback program's inception, which represents
approximately 30% of shares outstanding at the start of the
program. Building on the success of our share repurchase program,
the board has decided to cease our fixed dividend program after the
next quarterly dividend declaration and payment, both of which we
expect to occur before year end. This move consolidates our focus,
bolstering the already-robust share repurchase program by allowing
all available capital return dollars to flow into our buyback
program, subject, as always, to market conditions, the trading
price of our stock, and our evaluation of the expected return on
investment of future share purchases."
Financial Performance
Alpha reported net income of $181.4
million, or $12.16 per diluted
share, for the second quarter 2023, as compared to net income of
$270.8 million, or $17.01 per diluted share, in the first
quarter.
For the second quarter, total Adjusted EBITDA was $258.5 million, compared to $354.4 million in the first quarter.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
June 30,
2023
|
Mar. 31,
2023
|
|
Met
Segment
|
$834.0
|
$887.0
|
|
All
Other
|
$19.8
|
$19.7
|
|
|
|
|
Met Segment (excl.
freight & handling)(1)
|
$715.8
|
$780.8
|
|
All Other (excl.
freight & handling)(1)
|
$19.8
|
$19.5
|
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
June 30,
2023
|
Mar. 31,
2023
|
|
Met
Segment
|
4.1
|
3.7
|
|
All
Other
|
0.2
|
0.2
|
__________________________________
|
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
|
|
June 30,
2023
|
Mar. 31,
2023
|
|
Met
Segment
|
$172.51
|
$208.93
|
|
All
Other
|
$99.66
|
$109.36
|
__________________________________
|
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
Second quarter net realized pricing for the Met segment was
$172.51 per ton and net realization
in the All Other category was $99.66
per ton.
The table below provides a breakdown of our Met segment coal
sold in the second quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
|
Met Segment
Sales
|
Three months ended
June 30, 2023
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
|
Export - Other
Pricing Mechanisms
|
1.5
|
$271.1
|
$175.69
|
39 %
|
|
Domestic
|
1.1
|
$222.3
|
$193.98
|
29 %
|
|
Export - Australian
Indexed
|
1.2
|
$194.4
|
$159.62
|
32 %
|
|
Total Met Coal
Revenues
|
3.9
|
$687.8
|
$176.04
|
100 %
|
|
Thermal Coal
Revenues
|
0.2
|
$28.0
|
$115.50
|
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
4.1
|
$715.8
|
$172.51
|
|
__________________________________
|
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
|
|
June 30,
2023
|
Mar. 31,
2023
|
|
Cost of Coal
Sales
|
$583.5
|
$539.1
|
|
Cost of Coal Sales
(excl. freight & handling/idle)(1)
|
$458.9
|
$426.5
|
|
|
|
(per ton)
|
|
Met
Segment(1)
|
$106.35
|
$110.56
|
|
All
Other(1)
|
$88.59
|
$74.69
|
__________________________________
|
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 improved to an average of
$106.35 per ton in the second
quarter, compared to $110.56 per ton
in the first quarter of 2023. Cost of coal sales for the All Other
category increased to $88.59 per ton
in the second quarter, compared to $74.69 per ton in the first quarter. Higher costs
in the quarter are due largely to expected inefficiencies
associated with the Slabcamp mine's approaching end of life.
Liquidity and Capital Resources
Cash provided by operating activities in the second quarter
increased to $317.2 million as
compared to $177.4 million in the
first quarter. The second quarter operating cash flows were
positively impacted by a decrease in working capital of
$81.8 million. The primary driver was
a reduction in accounts receivable. Capital expenditures for the
second quarter were $54.9 million
compared to $74.2 million for the
first quarter.
As of June 30, 2023, the company
had total liquidity of $405.5
million, including cash and cash equivalents of $312.4 million and $93.1
million of unused availability under the ABL. The future
available capacity under the ABL is subject to inventory and
accounts receivable collateral requirements and the maintenance of
certain financial ratios. As of June 30,
2023, the company had no borrowings and $61.9 million in letters of credit outstanding
under the ABL. Total long-term debt, including the current portion
of long-term debt as of June 30,
2023, was $11.2 million and
consists primarily of equipment financing obligations.
Dividend Program
On August 2, 2023, Alpha's board of directors declared a
quarterly cash dividend payment of $0.50 per share, which will become payable on
October 3, 2023 for holders of record
as of September 15, 2023.
To fully focus the company's capital return efforts on its share
buyback program, Alpha's board has decided to cease the fixed
dividend program following the next quarterly dividend, expected to
be declared and paid in fourth quarter 2023, which will depend on
Alpha's future earnings and financial condition and other relevant
factors.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a
share repurchase program allowing for the expenditure of up to
$1.2 billion for the repurchase of
the company's common stock. As of July
31, 2023, the company has acquired approximately 5.7 million
shares of common stock at a cost of approximately $850 million. The number of common stock shares
outstanding as of July 31, 2023 was
13,687,474, not including 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.
Operational Update
As previously announced in June, Alpha temporarily halted
production as a safety precaution at the Road Fork 52 Mine due to a
ventilation issue likely stemming from a previously mined and
worked-out area. Ventilation adjustments were made and acceptable
air quality levels were reestablished in the mine, which was
temporarily shut down for approximately six days. This resulted in
the delayed shipment of coal to customers, who received force
majeure letters notifying them of these circumstances. The Road
Fork 52 Mine is back to normal production levels and Alpha expects
to be able to make up the delayed tons impacted by this issue in
the third quarter.
A separate and previously announced mechanical failure occurred
in June at the Dominion Terminal Associates (DTA) facility in
Newport News, Virginia, in which
Alpha has a sixty-five percent ownership interest. One of DTA's
stacker/reclaimer machines experienced a mechanical failure that
caused it to be inoperable for a period of approximately three days
in June while it was repaired and brought back to full capacity.
This down time hampered train unloading capability and created
related vessel loading delays for roughly 250,000 short tons of
Alpha shipments for export customers who received force majeure
letters. Alpha fulfilled these shipments in July.
2023 Guidance Adjustment and Performance Update
Alpha is reducing full year 2023 guidance for the thermal coal
volumes within the Met segment. The new thermal coal guidance range
within the Met segment is 1.0 million to 1.4 million tons, down
from the prior range of 1.4 million to 1.8 million tons.
As of July 27, 2023, Alpha has
committed and priced approximately 71% of its metallurgical coal
within the Met segment at an average price of $189.15 per ton and 100% of thermal coal in the
Met segment at an average expected price of $99.67 per ton. In the All Other category the
company is 100% committed and priced at an average price of
$90.47 per ton.
|
2023
Guidance
|
|
in millions of
tons
|
Low
|
High
|
|
Metallurgical
|
15.0
|
16.0
|
|
Thermal
|
1.0
|
1.4
|
|
Met
Segment
|
16.0
|
17.4
|
|
All Other
|
0.3
|
0.6
|
|
Total
Shipments
|
16.3
|
18.0
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
|
Metallurgical -
Domestic
|
|
$193.11
|
|
Metallurgical -
Export
|
|
$186.00
|
|
Metallurgical
Total
|
71 %
|
$189.15
|
|
Thermal
|
100 %
|
$99.67
|
|
Met
Segment
|
75 %
|
$178.42
|
|
All Other
|
100 %
|
$90.47
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
|
Metallurgical
Total
|
29 %
|
|
|
Thermal
|
— %
|
|
|
Met
Segment
|
25 %
|
|
|
All Other
|
— %
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
|
Met Segment
|
$106.00
|
$112.00
|
|
All Other
|
$87.00
|
$93.00
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
|
SG&A5
|
$59
|
$65
|
|
Idle Operations
Expense
|
$21
|
$31
|
|
Cash Interest
Expense
|
$2
|
$10
|
|
DD&A
|
$115
|
$135
|
|
Capital
Expenditures
|
$250
|
$280
|
|
Tax Rate
|
12 %
|
17 %
|
|
|
|
Notes:
|
|
1.
|
Based on committed and
priced coal shipments as of July 27, 2023. 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.
|
Conference Call
The company plans to hold a conference call regarding its second
quarter 2023 results on August 4,
2023, 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.
INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
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 or liquidity presented in accordance with
GAAP. 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, and capital investments.
Included below are reconciliations of non-GAAP financial
measures to GAAP financial measures.
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Coal
revenues
|
$
853,807
|
|
$
1,334,258
|
|
$
1,760,505
|
|
$
2,403,996
|
|
Other
revenues
|
4,564
|
|
2,154
|
|
9,101
|
|
4,380
|
|
Total
revenues
|
858,371
|
|
1,336,412
|
|
1,769,606
|
|
2,408,376
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
583,514
|
|
627,429
|
|
1,122,651
|
|
1,182,771
|
|
Depreciation,
depletion and amortization
|
32,226
|
|
27,730
|
|
61,649
|
|
55,765
|
|
Accretion on asset
retirement obligations
|
6,376
|
|
5,947
|
|
12,753
|
|
11,901
|
|
Amortization of
acquired intangibles, net
|
2,192
|
|
5,747
|
|
4,389
|
|
11,495
|
|
Selling, general and
administrative expenses (exclusive of depreciation,
depletion
and amortization shown
separately above)
|
17,506
|
|
18,158
|
|
38,198
|
|
33,244
|
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
—
|
|
4,208
|
|
—
|
|
13,569
|
|
Other
income
|
(1,546)
|
|
(1,516)
|
|
(2,638)
|
|
(2,144)
|
|
Total costs and
expenses
|
640,268
|
|
687,703
|
|
1,237,002
|
|
1,306,601
|
|
Income from
operations
|
218,103
|
|
648,709
|
|
532,604
|
|
1,101,775
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest
expense
|
(1,856)
|
|
(5,218)
|
|
(3,576)
|
|
(18,301)
|
|
Interest
income
|
2,754
|
|
170
|
|
4,272
|
|
354
|
|
Equity loss in
affiliates
|
(3,174)
|
|
(2,136)
|
|
(4,922)
|
|
(3,497)
|
|
Miscellaneous
(expense) income, net
|
(874)
|
|
1,264
|
|
(243)
|
|
2,940
|
|
Total other expense,
net
|
(3,150)
|
|
(5,920)
|
|
(4,469)
|
|
(18,504)
|
|
Income before income
taxes
|
214,953
|
|
642,789
|
|
528,135
|
|
1,083,271
|
|
Income tax
expense
|
(33,598)
|
|
(68,632)
|
|
(76,009)
|
|
(108,223)
|
|
Net income
|
$
181,355
|
|
$
574,157
|
|
$
452,126
|
|
$
975,048
|
|
|
|
|
|
|
|
|
|
Basic income per common
share
|
$
12.63
|
|
$
31.24
|
|
$
30.52
|
|
$
52.77
|
|
Diluted income per
common share
|
$
12.16
|
|
$
29.97
|
|
$
29.34
|
|
$
50.39
|
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic
|
14,362,072
|
|
18,380,114
|
|
14,814,099
|
|
18,476,534
|
|
Weighted average shares
– diluted
|
14,910,633
|
|
19,158,848
|
|
15,410,994
|
|
19,349,209
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in
thousands, except share and per share data)
|
|
|
June 30,
2023
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
312,400
|
|
$
301,906
|
|
Short-term
investments
|
—
|
|
46,052
|
|
Trade accounts
receivable, net of allowance for credit losses of $205 and $239 as
of
June 30, 2023 and
December 31, 2022, respectively
|
432,014
|
|
407,210
|
|
Inventories,
net
|
270,461
|
|
200,574
|
|
Short-term
deposits
|
7,001
|
|
84,748
|
|
Short-term restricted
cash
|
—
|
|
24,547
|
|
Prepaid expenses and
other current assets
|
56,431
|
|
49,384
|
|
Total current
assets
|
1,078,307
|
|
1,114,421
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization
of
$525,470 and $491,186
as of June 30, 2023 and December 31, 2022, respectively
|
514,859
|
|
442,645
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$89,403 and $77,333 as
of June 30, 2023 and December 31, 2022, respectively
|
452,501
|
|
451,062
|
|
Other acquired
intangibles, net of accumulated amortization of $45,429 and
$53,719
as of June 30, 2023 and
December 31, 2022, respectively
|
50,713
|
|
55,102
|
|
Long-term restricted
investments
|
75,961
|
|
105,735
|
|
Long-term restricted
cash
|
71,299
|
|
28,941
|
|
Deferred income
taxes
|
9,422
|
|
11,378
|
|
Other non-current
assets
|
104,770
|
|
103,195
|
|
Total assets
|
$
2,357,832
|
|
$
2,312,479
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
3,486
|
|
$
3,078
|
|
Trade accounts
payable
|
106,216
|
|
106,037
|
|
Acquisition-related
obligations– current
|
296
|
|
28,254
|
|
Accrued expenses and
other current liabilities
|
185,738
|
|
265,256
|
|
Total current
liabilities
|
295,736
|
|
402,625
|
|
Long-term
debt
|
7,761
|
|
7,897
|
|
Workers' compensation
and black lung obligations
|
183,003
|
|
188,247
|
|
Pension
obligations
|
106,844
|
|
110,836
|
|
Asset retirement
obligations
|
146,817
|
|
142,048
|
|
Deferred income
taxes
|
33,295
|
|
10,874
|
|
Other non-current
liabilities
|
17,642
|
|
20,197
|
|
Total
liabilities
|
791,098
|
|
882,724
|
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred stock - par
value $0.01, 5.0 million shares authorized, none issued
|
—
|
|
—
|
|
Common stock - par
value $0.01, 50.0 million shares authorized, 21.9 million issued
and 13.9 million
outstanding at June 30,
2023 and 21.7 million issued and 15.5 million outstanding at
December 31, 2022
|
219
|
|
217
|
|
Additional paid-in
capital
|
818,221
|
|
815,442
|
|
Accumulated other
comprehensive loss
|
(15,891)
|
|
(12,162)
|
|
Treasury stock, at
cost: 8.0 million shares at June 30, 2023 and 6.2 million
shares at December 31, 2022
|
(949,202)
|
|
(649,061)
|
|
Retained
earnings
|
1,713,387
|
|
1,275,319
|
|
Total stockholders'
equity
|
1,566,734
|
|
1,429,755
|
|
Total liabilities and
stockholders' equity
|
$
2,357,832
|
|
$
2,312,479
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in
thousands)
|
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
452,126
|
|
$
975,048
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
61,649
|
|
55,765
|
|
Amortization of
acquired intangibles, net
|
4,389
|
|
11,495
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
1,060
|
|
7,231
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
—
|
|
13,569
|
|
Gain on disposal of
assets
|
(5,578)
|
|
(2,172)
|
|
Accretion on asset
retirement obligations
|
12,753
|
|
11,901
|
|
Employee benefit
plans, net
|
6,463
|
|
232
|
|
Deferred income
taxes
|
25,440
|
|
12,617
|
|
Stock-based
compensation
|
6,679
|
|
2,583
|
|
Equity loss in
affiliates
|
4,922
|
|
3,497
|
|
Other, net
|
(66)
|
|
567
|
|
Changes in operating
assets and liabilities
|
(75,231)
|
|
(290,277)
|
|
Net cash provided
by operating activities
|
494,606
|
|
802,056
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
(129,111)
|
|
(70,012)
|
|
Proceeds from disposal
of assets
|
6,839
|
|
2,511
|
|
Cash paid for business
acquired
|
(11,919)
|
|
—
|
|
Purchases of
investment securities
|
(158,835)
|
|
(127,831)
|
|
Sales and maturities
of investment securities
|
236,650
|
|
60,945
|
|
Capital contributions
to equity affiliates
|
(14,943)
|
|
(8,525)
|
|
Other, net
|
18
|
|
(4,237)
|
|
Net cash used in
investing activities
|
(71,301)
|
|
(147,149)
|
|
Financing
activities:
|
|
|
|
|
Principal repayments
of long-term debt
|
(1,050)
|
|
(450,362)
|
|
Dividend and dividend
equivalents paid
|
(92,649)
|
|
—
|
|
Common stock
repurchases and related expenses
|
(301,201)
|
|
(194,950)
|
|
Proceeds from exercise
of warrants
|
559
|
|
4,486
|
|
Other, net
|
(659)
|
|
(195)
|
|
Net cash used in
financing activities
|
(395,000)
|
|
(641,021)
|
|
Net increase in cash
and cash equivalents and restricted cash
|
28,305
|
|
13,886
|
|
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
|
$
383,699
|
|
$
196,500
|
|
|
|
|
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
|
Financing leases and
capital financing - equipment
|
$
1,994
|
|
$
1,426
|
|
Accrued capital
expenditures
|
$
13,948
|
|
$
10,703
|
|
Accrued common stock
repurchases
|
$
6,642
|
|
$
5,197
|
|
Accrued dividend
payable
|
$
9,541
|
|
$
6,977
|
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 June
30,
|
|
2023
|
|
2022
|
|
Cash and cash
equivalents
|
$
312,400
|
|
$
161,732
|
|
Short-term restricted
cash
|
—
|
|
9,848
|
|
Long-term restricted
cash
|
71,299
|
|
24,920
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed
Consolidated
Statements of Cash Flows
|
$
383,699
|
|
$
196,500
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA
RECONCILIATION
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months Ended
June 30,
|
|
June 30,
2023
|
|
March 31,
2023
|
|
June 30,
2022
|
|
2023
|
|
2022
|
|
Net income
|
$
181,355
|
|
$
270,771
|
|
$
574,157
|
|
$
452,126
|
|
$
975,048
|
|
Interest
expense
|
1,856
|
|
1,720
|
|
5,218
|
|
3,576
|
|
18,301
|
|
Interest
income
|
(2,754)
|
|
(1,518)
|
|
(170)
|
|
(4,272)
|
|
(354)
|
|
Income tax
expense
|
33,598
|
|
42,411
|
|
68,632
|
|
76,009
|
|
108,223
|
|
Depreciation, depletion
and amortization
|
32,226
|
|
29,423
|
|
27,730
|
|
61,649
|
|
55,765
|
|
Non-cash stock
compensation expense
|
3,645
|
|
3,034
|
|
1,401
|
|
6,679
|
|
2,583
|
|
Mark-to-market
adjustment - acquisition-related obligations
|
—
|
|
—
|
|
4,208
|
|
—
|
|
13,569
|
|
Accretion on asset
retirement obligations
|
6,376
|
|
6,377
|
|
5,947
|
|
12,753
|
|
11,901
|
|
Amortization of
acquired intangibles, net
|
2,192
|
|
2,197
|
|
5,747
|
|
4,389
|
|
11,495
|
|
Adjusted
EBITDA
|
$
258,494
|
|
$
354,415
|
|
$
692,870
|
|
$
612,909
|
|
$
1,196,531
|
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
833,974
|
|
$
19,833
|
|
$
853,807
|
|
Less: Freight and
handling fulfillment revenues
|
(118,222)
|
|
—
|
|
(118,222)
|
|
Non-GAAP Coal
revenues
|
$
715,752
|
|
$
19,833
|
|
$
735,585
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Coal sales
realization per ton
|
$
172.51
|
|
$
99.66
|
|
$
169.18
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
563,495
|
|
$
20,019
|
|
$
583,514
|
|
Depreciation, depletion
and amortization - production (1)
|
31,649
|
|
287
|
|
31,936
|
|
Accretion on asset
retirement obligations
|
3,721
|
|
2,655
|
|
6,376
|
|
Amortization of
acquired intangibles, net
|
2,192
|
|
—
|
|
2,192
|
|
Total Cost of coal
sales
|
$
601,057
|
|
$
22,961
|
|
$
624,018
|
|
Less: Freight and
handling costs
|
(118,222)
|
|
—
|
|
(118,222)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(31,649)
|
|
(287)
|
|
(31,936)
|
|
Less: Accretion on
asset retirement obligations
|
(3,721)
|
|
(2,655)
|
|
(6,376)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,192)
|
|
—
|
|
(2,192)
|
|
Less: Idled and closed
mine costs
|
(4,022)
|
|
(2,389)
|
|
(6,411)
|
|
Non-GAAP Cost of coal
sales
|
$
441,251
|
|
$
17,630
|
|
$
458,881
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Cost of coal
sales per ton
|
$
106.35
|
|
$
88.59
|
|
$
105.54
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
833,974
|
|
$
19,833
|
|
$
853,807
|
|
Less: Total Cost of
coal sales (per table above)
|
(601,057)
|
|
(22,961)
|
|
(624,018)
|
|
GAAP Coal
margin
|
$
232,917
|
|
$
(3,128)
|
|
$
229,789
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
GAAP Coal margin per
ton
|
$
56.14
|
|
$
(15.72)
|
|
$
52.85
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
232,917
|
|
$
(3,128)
|
|
$
229,789
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
31,649
|
|
287
|
|
31,936
|
|
Add: Accretion on asset
retirement obligations
|
3,721
|
|
2,655
|
|
6,376
|
|
Add: Amortization of
acquired intangibles, net
|
2,192
|
|
—
|
|
2,192
|
|
Add: Idled and closed
mine costs
|
4,022
|
|
2,389
|
|
6,411
|
|
Non-GAAP Coal
margin
|
$
274,501
|
|
$
2,203
|
|
$
276,704
|
|
Tons sold
|
4,149
|
|
199
|
|
4,348
|
|
Non-GAAP Coal margin
per ton
|
$
66.16
|
|
$
11.07
|
|
$
63.64
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
March 31, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
887,007
|
|
$
19,691
|
|
$
906,698
|
|
Less: Freight and
handling fulfillment revenues
|
(106,252)
|
|
(225)
|
|
(106,477)
|
|
Non-GAAP Coal
revenues
|
$
780,755
|
|
$
19,466
|
|
$
800,221
|
|
Tons sold
|
3,737
|
|
178
|
|
3,915
|
|
Non-GAAP Coal sales
realization per ton
|
$
208.93
|
|
$
109.36
|
|
$
204.40
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
522,998
|
|
$
16,139
|
|
$
539,137
|
|
Depreciation, depletion
and amortization - production (1)
|
28,879
|
|
258
|
|
29,137
|
|
Accretion on asset
retirement obligations
|
3,722
|
|
2,655
|
|
6,377
|
|
Amortization of
acquired intangibles, net
|
2,197
|
|
—
|
|
2,197
|
|
Total Cost of coal
sales
|
$
557,796
|
|
$
19,052
|
|
$
576,848
|
|
Less: Freight and
handling costs
|
(106,252)
|
|
(225)
|
|
(106,477)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(28,879)
|
|
(258)
|
|
(29,137)
|
|
Less: Accretion on
asset retirement obligations
|
(3,722)
|
|
(2,655)
|
|
(6,377)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,197)
|
|
—
|
|
(2,197)
|
|
Less: Idled and closed
mine costs
|
(3,578)
|
|
(2,620)
|
|
(6,198)
|
|
Non-GAAP Cost of coal
sales
|
$
413,168
|
|
$
13,294
|
|
$
426,462
|
|
Tons sold
|
3,737
|
|
178
|
|
3,915
|
|
Non-GAAP Cost of coal
sales per ton
|
$
110.56
|
|
$
74.69
|
|
$
108.93
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
March 31, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
887,007
|
|
$
19,691
|
|
$
906,698
|
|
Less: Total Cost of
coal sales (per table above)
|
(557,796)
|
|
(19,052)
|
|
(576,848)
|
|
GAAP Coal
margin
|
$
329,211
|
|
$
639
|
|
$
329,850
|
|
Tons sold
|
3,737
|
|
178
|
|
3,915
|
|
GAAP Coal margin per
ton
|
$
88.09
|
|
$
3.59
|
|
$
84.25
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
329,211
|
|
$
639
|
|
$
329,850
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
28,879
|
|
258
|
|
29,137
|
|
Add: Accretion on asset
retirement obligations
|
3,722
|
|
2,655
|
|
6,377
|
|
Add: Amortization of
acquired intangibles, net
|
2,197
|
|
—
|
|
2,197
|
|
Add: Idled and closed
mine costs
|
3,578
|
|
2,620
|
|
6,198
|
|
Non-GAAP Coal
margin
|
$
367,587
|
|
$
6,172
|
|
$
373,759
|
|
Tons sold
|
3,737
|
|
178
|
|
3,915
|
|
Non-GAAP Coal margin
per ton
|
$
98.36
|
|
$
34.67
|
|
$
95.47
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 1,318,661
|
|
$
15,597
|
|
$ 1,334,258
|
|
Less: Freight and
handling fulfillment revenues
|
(156,522)
|
|
—
|
|
(156,522)
|
|
Non-GAAP Coal
revenues
|
$ 1,162,139
|
|
$
15,597
|
|
$ 1,177,736
|
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
|
Non-GAAP Coal sales
realization per ton
|
$
286.95
|
|
$
61.41
|
|
$
273.64
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
610,224
|
|
$
17,205
|
|
$
627,429
|
|
Depreciation, depletion
and amortization - production (1)
|
27,202
|
|
250
|
|
27,452
|
|
Accretion on asset
retirement obligations
|
3,390
|
|
2,557
|
|
5,947
|
|
Amortization of
acquired intangibles, net
|
4,795
|
|
952
|
|
5,747
|
|
Total Cost of coal
sales
|
$
645,611
|
|
$
20,964
|
|
$
666,575
|
|
Less: Freight and
handling costs
|
(156,522)
|
|
—
|
|
(156,522)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(27,202)
|
|
(250)
|
|
(27,452)
|
|
Less: Accretion on
asset retirement obligations
|
(3,390)
|
|
(2,557)
|
|
(5,947)
|
|
Less: Amortization of
acquired intangibles, net
|
(4,795)
|
|
(952)
|
|
(5,747)
|
|
Less: Idled and closed
mine costs
|
(2,708)
|
|
(4,531)
|
|
(7,239)
|
|
Non-GAAP Cost of coal
sales
|
$
450,994
|
|
$
12,674
|
|
$
463,668
|
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
|
Non-GAAP Cost of coal
sales per ton
|
$
111.36
|
|
$
49.90
|
|
$
107.73
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 1,318,661
|
|
$
15,597
|
|
$ 1,334,258
|
|
Less: Total Cost of
coal sales (per table above)
|
(645,611)
|
|
(20,964)
|
|
(666,575)
|
|
GAAP Coal
margin
|
$
673,050
|
|
$
(5,367)
|
|
$
667,683
|
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
|
GAAP Coal margin per
ton
|
$
166.19
|
|
$
(21.13)
|
|
$
155.13
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
673,050
|
|
$
(5,367)
|
|
$
667,683
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
27,202
|
|
250
|
|
27,452
|
|
Add: Accretion on asset
retirement obligations
|
3,390
|
|
2,557
|
|
5,947
|
|
Add: Amortization of
acquired intangibles, net
|
4,795
|
|
952
|
|
5,747
|
|
Add: Idled and closed
mine costs
|
2,708
|
|
4,531
|
|
7,239
|
|
Non-GAAP Coal
margin
|
$
711,145
|
|
$
2,923
|
|
$
714,068
|
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
|
Non-GAAP Coal margin
per ton
|
$
175.59
|
|
$
11.51
|
|
$
165.91
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Six Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 1,720,981
|
|
$
39,524
|
|
$ 1,760,505
|
|
Less: Freight and
handling fulfillment revenues
|
(224,474)
|
|
(225)
|
|
(224,699)
|
|
Non-GAAP Coal
revenues
|
$ 1,496,507
|
|
$
39,299
|
|
$ 1,535,806
|
|
Tons sold
|
7,886
|
|
377
|
|
8,263
|
|
Non-GAAP Coal sales
realization per ton
|
$
189.77
|
|
$
104.24
|
|
$
185.87
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,086,493
|
|
$
36,158
|
|
$ 1,122,651
|
|
Depreciation, depletion
and amortization - production (1)
|
60,528
|
|
545
|
|
61,073
|
|
Accretion on asset
retirement obligations
|
7,443
|
|
5,310
|
|
12,753
|
|
Amortization of
acquired intangibles, net
|
4,389
|
|
—
|
|
4,389
|
|
Total Cost of coal
sales
|
$ 1,158,853
|
|
$
42,013
|
|
$ 1,200,866
|
|
Less: Freight and
handling costs
|
(224,474)
|
|
(225)
|
|
(224,699)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(60,528)
|
|
(545)
|
|
(61,073)
|
|
Less: Accretion on
asset retirement obligations
|
(7,443)
|
|
(5,310)
|
|
(12,753)
|
|
Less: Amortization of
acquired intangibles, net
|
(4,389)
|
|
—
|
|
(4,389)
|
|
Less: Idled and closed
mine costs
|
(7,600)
|
|
(5,009)
|
|
(12,609)
|
|
Non-GAAP Cost of coal
sales
|
$
854,419
|
|
$
30,924
|
|
$
885,343
|
|
Tons sold
|
7,886
|
|
377
|
|
8,263
|
|
Non-GAAP Cost of coal
sales per ton
|
$
108.35
|
|
$
82.03
|
|
$
107.15
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Six Months Ended
June 30, 2023
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 1,720,981
|
|
$
39,524
|
|
$ 1,760,505
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,158,853)
|
|
(42,013)
|
|
(1,200,866)
|
|
GAAP Coal
margin
|
$
562,128
|
|
$
(2,489)
|
|
$
559,639
|
|
Tons sold
|
7,886
|
|
377
|
|
8,263
|
|
GAAP Coal margin per
ton
|
$
71.28
|
|
$
(6.60)
|
|
$
67.73
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
562,128
|
|
$
(2,489)
|
|
$
559,639
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
60,528
|
|
545
|
|
61,073
|
|
Add: Accretion on asset
retirement obligations
|
7,443
|
|
5,310
|
|
12,753
|
|
Add: Amortization of
acquired intangibles, net
|
4,389
|
|
—
|
|
4,389
|
|
Add: Idled and closed
mine costs
|
7,600
|
|
5,009
|
|
12,609
|
|
Non-GAAP Coal
margin
|
$
642,088
|
|
$
8,375
|
|
$
650,463
|
|
Tons sold
|
7,886
|
|
377
|
|
8,263
|
|
Non-GAAP Coal margin
per ton
|
$
81.42
|
|
$
22.21
|
|
$
78.72
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Six Months Ended
June 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 2,373,001
|
|
$
30,995
|
|
$ 2,403,996
|
|
Less: Freight and
handling fulfillment revenues
|
(300,547)
|
|
(18)
|
|
(300,565)
|
|
Non-GAAP Coal
revenues
|
$ 2,072,454
|
|
$
30,977
|
|
$ 2,103,431
|
|
Tons sold
|
7,830
|
|
522
|
|
8,352
|
|
Non-GAAP Coal sales
realization per ton
|
$
264.68
|
|
$
59.34
|
|
$
251.85
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,149,506
|
|
$
33,265
|
|
$ 1,182,771
|
|
Depreciation, depletion
and amortization - production (1)
|
54,262
|
|
1,047
|
|
55,309
|
|
Accretion on asset
retirement obligations
|
6,788
|
|
5,113
|
|
11,901
|
|
Amortization of
acquired intangibles, net
|
9,591
|
|
1,904
|
|
11,495
|
|
Total Cost of coal
sales
|
$ 1,220,147
|
|
$
41,329
|
|
$ 1,261,476
|
|
Less: Freight and
handling costs
|
(300,547)
|
|
(18)
|
|
(300,565)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(54,262)
|
|
(1,047)
|
|
(55,309)
|
|
Less: Accretion on
asset retirement obligations
|
(6,788)
|
|
(5,113)
|
|
(11,901)
|
|
Less: Amortization of
acquired intangibles, net
|
(9,591)
|
|
(1,904)
|
|
(11,495)
|
|
Less: Idled and closed
mine costs
|
(6,312)
|
|
(7,202)
|
|
(13,514)
|
|
Non-GAAP Cost of coal
sales
|
$
842,647
|
|
$
26,045
|
|
$
868,692
|
|
Tons sold
|
7,830
|
|
522
|
|
8,352
|
|
Non-GAAP Cost of coal
sales per ton
|
$
107.62
|
|
$
49.89
|
|
$
104.01
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Six Months Ended
June 30, 2022
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$ 2,373,001
|
|
$
30,995
|
|
$ 2,403,996
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,220,147)
|
|
(41,329)
|
|
(1,261,476)
|
|
GAAP Coal
margin
|
$ 1,152,854
|
|
$
(10,334)
|
|
$ 1,142,520
|
|
Tons sold
|
7,830
|
|
522
|
|
8,352
|
|
GAAP Coal margin per
ton
|
$
147.24
|
|
$
(19.80)
|
|
$
136.80
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$ 1,152,854
|
|
$
(10,334)
|
|
$ 1,142,520
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
54,262
|
|
1,047
|
|
55,309
|
|
Add: Accretion on asset
retirement obligations
|
6,788
|
|
5,113
|
|
11,901
|
|
Add: Amortization of
acquired intangibles, net
|
9,591
|
|
1,904
|
|
11,495
|
|
Add: Idled and closed
mine costs
|
6,312
|
|
7,202
|
|
13,514
|
|
Non-GAAP Coal
margin
|
$ 1,229,807
|
|
$
4,932
|
|
$ 1,234,739
|
|
Tons sold
|
7,830
|
|
522
|
|
8,352
|
|
Non-GAAP Coal margin
per ton
|
$
157.06
|
|
$
9.45
|
|
$
147.84
|
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 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
|
1,543
|
|
$
271,083
|
|
$
175.69
|
|
39 %
|
|
Domestic
|
1,146
|
|
222,299
|
|
$
193.98
|
|
29 %
|
|
Export - Australian
indexed
|
1,218
|
|
194,419
|
|
$
159.62
|
|
32 %
|
|
Total Met segment - met
coal
|
3,907
|
|
687,801
|
|
$
176.04
|
|
100 %
|
|
Met segment - thermal
coal
|
242
|
|
27,951
|
|
$
115.50
|
|
|
|
Total Met segment Coal
revenues
|
4,149
|
|
715,752
|
|
$
172.51
|
|
|
|
All Other Coal
revenues
|
199
|
|
19,833
|
|
$
99.66
|
|
|
|
Non-GAAP Coal
revenues
|
4,348
|
|
735,585
|
|
$
169.18
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
118,222
|
|
|
|
|
|
Coal
revenues
|
4,348
|
|
$
853,807
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.
