- Reports second quarter net income of $58.9 million, or $4.49 per diluted share
- Generates Adjusted EBITDA of $116.0
million for the quarter
- Increases quarter-over-quarter total liquidity by nearly 25%
or $68.6 million
BRISTOL,
Tenn., Aug. 5, 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 second quarter ending June 30, 2024.
|
(millions, except per
share)
|
|
Three months
ended
|
|
June 30,
2024
|
Mar. 31,
2024
|
June 30,
2023
|
|
Net
income
|
$58.9
|
$127.0
|
$181.4
|
|
Net income per
diluted share
|
$4.49
|
$9.59
|
$12.16
|
|
Adjusted
EBITDA(1)
|
$116.0
|
$189.6
|
$258.5
|
|
Operating cash
flow
|
$138.1
|
$196.1
|
$317.2
|
|
Capital
expenditures
|
($61.1)
|
($63.6)
|
($54.9)
|
|
Tons of coal
sold
|
4.6
|
4.4
|
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.
|
"As we discussed in our first quarter reporting
disclosures, weakening steel demand has negatively impacted
metallurgical coal markets," said Andy
Eidson, Alpha's chief executive officer. "Waning demand,
coupled with significant geopolitical uncertainty across the world,
brought about the expected market challenges we faced in Q2 that
have intensified in Q3. Despite these external circumstances, the
Alpha team performed well within the areas we can control, hitting
ambitious shipping milestones, producing well, and most of all,
operating safely throughout the quarter."
Financial Performance
Alpha reported net income of $58.9 million, or $4.49 per diluted share, for the second quarter
2024, as compared to net income of $127.0
million, or $9.59 per diluted
share, in the first quarter.
Total Adjusted EBITDA was $116.0 million for the second quarter, compared
to $189.6 million in the first
quarter.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
June 30,
2024
|
Mar. 31,
2024
|
|
Met
Segment
|
$800.1
|
$861.3
|
|
Met Segment (excl.
freight & handling)(1)
|
$645.7
|
$727.6
|
|
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
June 30,
2024
|
Mar. 31,
2024
|
|
Met
Segment
|
4.6
|
4.4
|
|
__________________________________
|
|
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,
2024
|
Mar. 31,
2024
|
|
Met
Segment
|
$141.86
|
$166.68
|
|
__________________________________
|
|
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 $141.86 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, 2024
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
|
Export - Other
Pricing Mechanisms
|
2.1
|
$282.3
|
$135.47
|
49 %
|
|
Domestic
|
0.9
|
$142.4
|
$159.25
|
20 %
|
|
Export - Australian
Indexed
|
1.3
|
$201.0
|
$153.52
|
31 %
|
|
Total Met Coal
Revenues
|
4.3
|
$625.6
|
$145.94
|
100 %
|
|
Thermal Coal
Revenues
|
0.3
|
$20.1
|
$75.82
|
|
|
Total Met Segment
Coal Revenues
(excl. freight & handling)(1)
|
4.6
|
$645.7
|
$141.86
|
|
|
__________________________________
|
|
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,
2024
|
Mar. 31,
2024
|
|
Met
Segment
|
$663.8
|
$648.3
|
|
Met Segment (excl.
freight & handling/idle)(1)
|
$497.6
|
$504.8
|
|
|
|
|
(per ton)
|
|
Met
Segment(1)
|
$109.31
|
$115.65
|
|
__________________________________
|
|
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 decreased
to an average of $109.31 per ton in
the second quarter, compared to $115.65 per ton in the first quarter. The primary
drivers of the cost reduction were lower sales-related costs, as a
result of softening coal prices, and a reduction in third-party
purchased coal costs in the quarter.
Liquidity and Capital Resources
Cash provided by operating activities in the
second quarter decreased to $138.1
million as compared to $196.1
million in the first quarter. Capital expenditures for the
second quarter were $61.1 million
compared to $63.6 million for the
first quarter.
As of June 30, 2024, the company had total
liquidity of $356.7 million,
including cash and cash equivalents of $336.1 million and $95.6
million of unused availability under the ABL, partially
offset by a minimum required liquidity of $75.0 million as required by the ABL. Total
liquidity increased by $68.6 million
relative to the first quarter. As of June 30, 2024, the
company had no borrowings and $59.4
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, 2024, was
$8.6 million.
Share Repurchase Program
As previously announced, Alpha's board of
directors authorized a share repurchase program allowing for the
expenditure of up to $1.5 billion for
the repurchase of the company's common stock. As of July 31, 2024, the company has acquired
approximately 6.6 million shares of common stock at a cost of
approximately $1.1 billion, or
approximately $165.74 per share. The
number of common stock shares outstanding as of July 31, 2024 was 13,016,010. The outstanding
share count does not include the potentially dilutive effect of
unvested equity awards.
The timing and amount of share repurchases will
continue to be determined by the company's management based on its
evaluation of market conditions, the trading price of the stock,
applicable legal requirements, compliance with the provisions of
the company's debt agreements, and other factors.
2024 Performance Update
As of July 24,
2024, at the midpoint of guidance, Alpha has committed and
priced approximately 71% of its metallurgical coal for 2024 at an
average price of $157.97 per ton and
100% of thermal coal for the year at an average expected price of
$75.96 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
|
|
$161.38
|
|
Metallurgical -
Export
|
|
$156.05
|
|
Metallurgical
Total
|
71 %
|
$157.97
|
|
Thermal
|
100 %
|
$75.96
|
|
Met
Segment
|
73 %
|
$150.36
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
|
Metallurgical
Total
|
29 %
|
|
|
Thermal
|
— %
|
|
|
Met
Segment
|
27 %
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
|
Met
Segment
|
$110.00
|
$116.00
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
|
SG&A5
|
$60
|
$66
|
|
Idle Operations
Expense
|
$25
|
$33
|
|
Net Cash Interest
Income
|
$2
|
$8
|
|
DD&A
|
$140
|
$160
|
|
Capital
Expenditures
|
$210
|
$240
|
|
Capital Contributions
to Equity Affiliates6
|
$40
|
$50
|
|
Tax Rate
|
10 %
|
15 %
|
|
Notes:
|
|
1.
|
Based on committed and
priced coal shipments as of July 24, 2024. Committed percentage
based on the midpoint of shipment guidance range.
|
|
2.
|
Actual average per-ton
realizations on committed and priced tons recognized in future
periods may vary based on actual freight expense in future periods
relative to assumed freight expense embedded in projected average
per-ton realizations.
|
|
3.
|
Includes estimates of
future coal shipments based upon contract terms and anticipated
delivery schedules. Actual coal shipments may vary from these
estimates.
|
|
4.
|
Note: The Company is
unable to present a quantitative reconciliation of its
forward-looking non-GAAP cost of coal sales per ton sold financial
measures to the most directly comparable GAAP measures without
unreasonable efforts due to the inherent difficulty in forecasting
and quantifying with reasonable accuracy significant items required
for the reconciliation. The most directly comparable GAAP measure,
GAAP cost of sales, is not accessible without unreasonable efforts
on a forward-looking basis. The reconciling items include freight
and handling costs, which are a component of GAAP cost of sales.
Management is unable to predict without unreasonable efforts
freight and handling costs due to uncertainty as to the end market
and FOB point for uncommitted sales volumes and the final shipping
point for export shipments. These amounts have varied historically
and may continue to vary significantly from quarter to quarter and
material changes to these items could have a significant effect on
our future GAAP results.
|
|
5.
|
Excludes expenses
related to non-cash stock compensation and non-recurring
expenses.
|
|
6.
|
Includes contributions
to fund normal operations at our DTA export facility and
expected capital investments related to the facility
upgrades.
|
Conference Call
The company plans to hold a conference call
regarding its second quarter results on August 5, 2024, at
10:00 a.m. Eastern time. The
conference call will be available live on the investor section of
the company's website at https://alphametresources.com/investors.
Analysts who would like to participate in the conference call
should dial 877-407-0832 (domestic toll-free) or 201-689-8433
(international) approximately 15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a
Tennessee-based mining company
with operations across Virginia
and West Virginia. With customers
across the globe, high-quality reserves and significant port
capacity, Alpha reliably supplies metallurgical products to the
steel industry. For more information, visit
www.AlphaMetResources.com.
Forward-Looking Statements
This news release includes forward-looking
statements. These forward-looking statements are based on
Alpha's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Alpha's
control. Forward-looking statements in this news release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Alpha
to predict these events or how they may affect Alpha. Except
as required by law, Alpha has no duty to, and does not intend to,
update or revise the forward-looking statements in this news
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this news release may not
occur. See Alpha's filings with the U.S. Securities and
Exchange Commission for more information.
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial
measures." These are financial measures that either exclude or
include amounts that are not excluded or included in the most
directly comparable measures calculated and presented in accordance
with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP").
Specifically, we make use of the non-GAAP financial measures
"Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal
sales," and "non-GAAP coal margin." We use Adjusted EBITDA to
measure the operating performance of our segments and allocate
resources to the segments. Adjusted EBITDA does not purport to be
an alternative to net income as a measure of operating performance
or any other measure of operating results, financial performance,
or liquidity presented in accordance with GAAP. Moreover, this
measure is not calculated identically by all companies and
therefore may not be comparable to similarly titled measures used
by other companies. Adjusted EBITDA is presented because management
believes it is a useful indicator of the financial performance of
our coal operations. We use non-GAAP coal revenues to present coal
revenues generated, excluding freight and handling fulfillment
revenues. Non-GAAP coal sales realization per ton for our
operations is calculated as non-GAAP coal revenues divided by tons
sold. We use non-GAAP cost of coal sales to adjust cost of coal
sales to remove freight and handling costs, depreciation, depletion
and amortization - production (excluding the depreciation,
depletion and amortization related to selling, general and
administrative functions), accretion on asset retirement
obligations, amortization of acquired intangibles, net, and idled
and closed mine costs. Non-GAAP cost of coal sales per ton for our
operations is calculated as non-GAAP cost of coal sales divided by
tons sold. Non-GAAP coal margin per ton for our coal operations is
calculated as non-GAAP coal sales realization per ton for our coal
operations less non-GAAP cost of coal sales per ton for our coal
operations. The presentation of these measures should not be
considered in isolation, or as a substitute for analysis of our
results as reported under GAAP.
Management uses non-GAAP financial measures to
supplement GAAP results to provide a more complete understanding of
the factors and trends affecting the business than GAAP results
alone. The definition of these non-GAAP measures may be changed
periodically by management to adjust for significant items
important to an understanding of operating trends and to adjust for
items that may not reflect the trend of future results by excluding
transactions that are not indicative of our core operating
performance. Furthermore, analogous measures are used by industry
analysts to evaluate the Company's operating performance. Because
not all companies use identical calculations, the presentations of
these measures may not be comparable to other similarly titled
measures of other companies and can differ significantly from
company to company depending on long-term strategic decisions
regarding capital structure, the tax jurisdictions in which
companies operate, capital investments and other factors.
Included below are reconciliations of non-GAAP
financial measures to GAAP financial measures. For comparability
purposes, certain immaterial segment information for the three and
six months ended June 30, 2023 have
been recast to conform to the current year presentation.
|
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,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Coal
revenues
|
$
800,130
|
|
$
853,807
|
|
$
1,661,413
|
|
$
1,760,505
|
|
Other
revenues
|
3,839
|
|
4,564
|
|
6,628
|
|
9,101
|
|
Total
revenues
|
803,969
|
|
858,371
|
|
1,668,041
|
|
1,769,606
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown
separately below)
|
663,809
|
|
583,514
|
|
1,312,122
|
|
1,122,651
|
|
Depreciation,
depletion and amortization
|
43,380
|
|
32,226
|
|
84,081
|
|
61,649
|
|
Accretion on asset
retirement obligations
|
6,257
|
|
6,376
|
|
12,400
|
|
12,753
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
2,192
|
|
3,350
|
|
4,389
|
|
Selling, general and
administrative expenses
(exclusive of depreciation, depletion and
amortization shown separately above)
|
18,805
|
|
17,506
|
|
41,182
|
|
38,198
|
|
Other operating
(income) loss
|
(633)
|
|
(1,546)
|
|
2,352
|
|
(2,638)
|
|
Total costs and
expenses
|
733,293
|
|
640,268
|
|
1,455,487
|
|
1,237,002
|
|
Income from
operations
|
70,676
|
|
218,103
|
|
212,554
|
|
532,604
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest
expense
|
(1,101)
|
|
(1,856)
|
|
(2,187)
|
|
(3,576)
|
|
Interest
income
|
4,140
|
|
2,754
|
|
8,111
|
|
4,272
|
|
Equity loss in
affiliates
|
(5,917)
|
|
(3,174)
|
|
(7,557)
|
|
(4,922)
|
|
Miscellaneous expense,
net
|
(3,611)
|
|
(874)
|
|
(5,574)
|
|
(243)
|
|
Total other expense,
net
|
(6,489)
|
|
(3,150)
|
|
(7,207)
|
|
(4,469)
|
|
Income before income
taxes
|
64,187
|
|
214,953
|
|
205,347
|
|
528,135
|
|
Income tax
expense
|
(5,278)
|
|
(33,598)
|
|
(19,443)
|
|
(76,009)
|
|
Net income
|
$
58,909
|
|
$
181,355
|
|
$
185,904
|
|
$
452,126
|
|
|
|
|
|
|
|
|
|
Basic income per common
share
|
$
4.53
|
|
$
12.63
|
|
$
14.29
|
|
$
30.52
|
|
Diluted income per
common share
|
$
4.49
|
|
$
12.16
|
|
$
14.11
|
|
$
29.34
|
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic
|
13,013,684
|
|
14,362,072
|
|
13,007,905
|
|
14,814,099
|
|
Weighted average shares
– diluted
|
13,111,010
|
|
14,910,633
|
|
13,173,803
|
|
15,410,994
|
|
ALPHA METALLURGICAL RESOURCES, INC.
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in
thousands, except share and per share data)
|
|
|
June 30,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
336,148
|
|
$
268,207
|
|
Trade accounts
receivable, net of allowance for credit losses of $291 and $234 as
of
June 30, 2024 and December 31, 2023,
respectively
|
505,094
|
|
509,682
|
|
Inventories,
net
|
221,815
|
|
231,344
|
|
Prepaid expenses and
other current assets
|
32,866
|
|
39,064
|
|
Total current
assets
|
1,095,923
|
|
1,048,297
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$621,187 and $558,905 as of June 30, 2024 and
December 31, 2023, respectively
|
626,380
|
|
588,992
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$113,757 and $99,826 as of June 30, 2024 and December 31,
2023, respectively
|
448,138
|
|
451,160
|
|
Other acquired
intangibles, net of accumulated amortization of $41,893 and $38,543
as
of June 30, 2024 and December 31, 2023,
respectively
|
43,229
|
|
46,579
|
|
Long-term restricted
investments
|
42,196
|
|
40,597
|
|
Long-term restricted
cash
|
119,107
|
|
115,918
|
|
Deferred income
taxes
|
8,627
|
|
8,028
|
|
Other non-current
assets
|
109,352
|
|
106,486
|
|
Total assets
|
$
2,492,952
|
|
$
2,406,057
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
3,263
|
|
$
3,582
|
|
Trade accounts
payable
|
122,522
|
|
128,836
|
|
Accrued expenses and
other current liabilities
|
182,869
|
|
177,512
|
|
Total current
liabilities
|
308,654
|
|
309,930
|
|
Long-term
debt
|
5,301
|
|
6,792
|
|
Workers' compensation
and black lung obligations
|
183,325
|
|
189,226
|
|
Pension
obligations
|
111,290
|
|
101,908
|
|
Asset retirement
obligations
|
175,814
|
|
166,509
|
|
Deferred income
taxes
|
43,877
|
|
39,142
|
|
Other non-current
liabilities
|
21,121
|
|
18,622
|
|
Total
liabilities
|
849,382
|
|
832,129
|
|
Commitments and
Contingencies
|
|
|
|
|
Stockholders'
Equity
|
|
|
|
|
Preferred stock - par
value $0.01, 5,000,000 shares authorized, none issued
|
—
|
|
—
|
|
Common stock - par
value $0.01, 50,000,000 shares authorized, 22,382,945 issued
and
13,016,010 outstanding at June 30, 2024 and 22,058,135 issued
and 12,938,679
outstanding at December 31, 2023
|
224
|
|
221
|
|
Additional paid-in
capital
|
833,790
|
|
834,482
|
|
Accumulated other
comprehensive loss
|
(48,320)
|
|
(40,587)
|
|
Treasury stock, at
cost: 9,366,935 shares at June 30, 2024 and 9,119,456 shares
at
December 31, 2023
|
(1,296,916)
|
|
(1,189,715)
|
|
Retained
earnings
|
2,154,792
|
|
1,969,527
|
|
Total stockholders'
equity
|
1,643,570
|
|
1,573,928
|
|
Total liabilities and
stockholders' equity
|
$
2,492,952
|
|
$
2,406,057
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in
thousands)
|
|
|
Six Months Ended
June 30,
|
|
2024
|
|
2023
|
|
Operating
activities:
|
|
|
|
|
Net income
|
$
185,904
|
|
$
452,126
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
84,081
|
|
61,649
|
|
Amortization of
acquired intangibles, net
|
3,350
|
|
4,389
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
559
|
|
1,060
|
|
Gain on disposal of
assets
|
(321)
|
|
(5,578)
|
|
Accretion on asset
retirement obligations
|
12,400
|
|
12,753
|
|
Employee benefit
plans, net
|
9,592
|
|
6,463
|
|
Deferred income
taxes
|
6,341
|
|
25,440
|
|
Stock-based
compensation
|
6,304
|
|
6,679
|
|
Equity loss in
affiliates
|
7,557
|
|
4,922
|
|
Other, net
|
(516)
|
|
(66)
|
|
Changes in operating
assets and liabilities
|
18,948
|
|
(75,231)
|
|
Net cash provided
by operating activities
|
334,199
|
|
494,606
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
(124,718)
|
|
(129,111)
|
|
Proceeds on disposal
of assets
|
594
|
|
6,839
|
|
Cash paid for business
acquired
|
—
|
|
(11,919)
|
|
Purchases of
investment securities
|
(26,940)
|
|
(158,835)
|
|
Sales and maturities
of investment securities
|
26,179
|
|
236,650
|
|
Capital contributions
to equity affiliates
|
(15,659)
|
|
(14,943)
|
|
Other, net
|
13
|
|
18
|
|
Net cash used in
investing activities
|
(140,531)
|
|
(71,301)
|
|
Financing
activities:
|
|
|
|
|
Principal repayments
of long-term debt
|
(1,191)
|
|
(1,050)
|
|
Dividend and dividend
equivalents paid
|
(3,077)
|
|
(92,649)
|
|
Common stock
repurchases and related expenses
|
(117,648)
|
|
(301,201)
|
|
Other, net
|
(622)
|
|
(100)
|
|
Net cash used in
financing activities
|
(122,538)
|
|
(395,000)
|
|
Net increase in cash
and cash equivalents and restricted cash
|
71,130
|
|
28,305
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
384,125
|
|
355,394
|
|
Cash and cash
equivalents and restricted cash at end of period
|
$
455,255
|
|
$
383,699
|
|
|
|
|
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
|
Financing leases and
capital financing - equipment
|
$
1
|
|
$
1,994
|
|
Accrued capital
expenditures
|
$
6,379
|
|
$
13,948
|
|
Accrued common stock
repurchases and stock repurchase excise tax
|
$
4,652
|
|
$
6,642
|
|
Accrued dividend
payable
|
$
424
|
|
$
9,541
|
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,
|
|
2024
|
|
2023
|
|
Cash and cash
equivalents
|
$
336,148
|
|
$
312,400
|
|
Long-term restricted
cash
|
119,107
|
|
71,299
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed
Consolidated Statements of Cash Flows
|
$
455,255
|
|
$
383,699
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA
RECONCILIATION
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months Ended
June 30,
|
|
June 30,
2024
|
|
March 31,
2024
|
|
June 30,
2023
|
|
2024
|
|
2023
|
|
Net income
|
$
58,909
|
|
$
126,995
|
|
$
181,355
|
|
$
185,904
|
|
$
452,126
|
|
Interest
expense
|
1,101
|
|
1,086
|
|
1,856
|
|
2,187
|
|
3,576
|
|
Interest
income
|
(4,140)
|
|
(3,971)
|
|
(2,754)
|
|
(8,111)
|
|
(4,272)
|
|
Income tax
expense
|
5,278
|
|
14,165
|
|
33,598
|
|
19,443
|
|
76,009
|
|
Depreciation, depletion
and
amortization
|
43,380
|
|
40,701
|
|
32,226
|
|
84,081
|
|
61,649
|
|
Non-cash stock
compensation expense
|
3,535
|
|
2,769
|
|
3,645
|
|
6,304
|
|
6,679
|
|
Accretion on asset
retirement
obligations
|
6,257
|
|
6,143
|
|
6,376
|
|
12,400
|
|
12,753
|
|
Amortization of
acquired
intangibles, net
|
1,675
|
|
1,675
|
|
2,192
|
|
3,350
|
|
4,389
|
|
Adjusted
EBITDA
|
$
115,995
|
|
$
189,563
|
|
$
258,494
|
|
$
305,558
|
|
$
612,909
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF
OPERATIONS
|
|
|
Three Months
Ended
|
|
(In thousands,
except for per ton data)
|
June 30,
2024
|
|
March 31,
2024
|
|
June 30,
2023
|
|
Coal
revenues
|
$
800,130
|
|
$
861,283
|
|
$
853,807
|
|
Coal revenues - All
Other
|
—
|
|
—
|
|
(19,833)
|
|
Coal revenues -
Met
|
800,130
|
|
861,283
|
|
833,974
|
|
Less: Freight and
handling fulfillment revenues
|
(154,402)
|
|
(133,724)
|
|
(118,222)
|
|
Non-GAAP Coal revenues
- Met
|
$
645,728
|
|
$
727,559
|
|
$
715,752
|
|
Non-GAAP Coal sales
realization per ton - Met
|
$
141.86
|
|
$
166.68
|
|
$
172.51
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
663,809
|
|
$
648,313
|
|
$
583,514
|
|
Depreciation, depletion
and amortization - production (1)
|
43,076
|
|
40,396
|
|
31,936
|
|
Accretion on asset
retirement obligations
|
6,257
|
|
6,143
|
|
6,376
|
|
Amortization of
acquired intangibles, net
|
1,675
|
|
1,675
|
|
2,192
|
|
Total Cost of coal
sales
|
714,817
|
|
696,527
|
|
624,018
|
|
Total Cost of coal
sales - All Other
|
—
|
|
—
|
|
(21,900)
|
|
Total Cost of coal
sales - Met
|
714,817
|
|
696,527
|
|
602,118
|
|
Less: Freight and
handling costs - Met
|
(154,402)
|
|
(133,724)
|
|
(118,222)
|
|
Less: Depreciation,
depletion and amortization - production -
Met (1)
|
(43,076)
|
|
(40,396)
|
|
(31,649)
|
|
Less: Accretion on
asset retirement obligations - Met
|
(6,257)
|
|
(6,143)
|
|
(3,721)
|
|
Less: Amortization of
acquired intangibles, net - Met
|
(1,675)
|
|
(1,675)
|
|
(2,192)
|
|
Less: Idled and closed
mine costs - Met
|
(11,818)
|
|
(9,775)
|
|
(5,083)
|
|
Non-GAAP Cost of coal
sales - Met
|
$
497,589
|
|
$
504,814
|
|
$
441,251
|
|
Non-GAAP Cost of coal
sales per ton - Met
|
$
109.31
|
|
$
115.65
|
|
$
106.35
|
|
|
|
|
|
|
|
GAAP Coal margin -
Met
|
$
85,313
|
|
$
164,756
|
|
$
231,856
|
|
GAAP Coal margin per
ton - Met
|
$
18.74
|
|
$
37.74
|
|
$
55.88
|
|
|
|
|
|
|
|
Non GAAP Coal margin -
Met
|
$
148,139
|
|
$
222,745
|
|
$
274,501
|
|
Non GAAP Coal margin
per ton - Met
|
$
32.54
|
|
$
51.03
|
|
$
66.16
|
|
|
|
|
|
|
|
Tons sold -
Met
|
4,552
|
|
4,365
|
|
4,149
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Six Months
Ended
|
|
June 30,
2024
|
|
June 30,
2023
|
|
Coal
revenues
|
$
1,661,413
|
|
$
1,760,505
|
|
Coal revenues - All
Other
|
—
|
|
(39,524)
|
|
Coal revenues -
Met
|
1,661,413
|
|
1,720,981
|
|
Less: Freight and
handling fulfillment revenues
|
(288,126)
|
|
(224,474)
|
|
Non-GAAP Coal revenues
- Met
|
$
1,373,287
|
|
$
1,496,507
|
|
Non-GAAP Coal sales
realization per ton - Met
|
$
154.01
|
|
$
189.77
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
1,312,122
|
|
$
1,122,651
|
|
Depreciation, depletion
and amortization - production (1)
|
83,472
|
|
61,073
|
|
Accretion on asset
retirement obligations
|
12,400
|
|
12,753
|
|
Amortization of
acquired intangibles, net
|
3,350
|
|
4,389
|
|
Total Cost of coal
sales
|
1,411,344
|
|
1,200,866
|
|
Total Cost of coal
sales - All Other
|
—
|
|
(39,821)
|
|
Total Cost of coal
sales - Met
|
1,411,344
|
|
1,161,045
|
|
Less: Freight and
handling costs - Met
|
(288,126)
|
|
(224,474)
|
|
Less: Depreciation,
depletion and amortization - production - Met
(1)
|
(83,472)
|
|
(60,528)
|
|
Less: Accretion on
asset retirement obligations - Met
|
(12,400)
|
|
(7,443)
|
|
Less: Amortization of
acquired intangibles, net - Met
|
(3,350)
|
|
(4,389)
|
|
Less: Idled and closed
mine costs - Met
|
(21,593)
|
|
(9,792)
|
|
Non-GAAP Cost of coal
sales - Met
|
$
1,002,403
|
|
$
854,419
|
|
Non-GAAP Cost of coal
sales per ton - Met
|
$
112.41
|
|
$
108.35
|
|
|
|
|
|
GAAP Coal margin -
Met
|
$
250,069
|
|
$
559,936
|
|
GAAP Coal margin per
ton - Met
|
$
28.04
|
|
$
71.00
|
|
|
|
|
|
Non GAAP Coal margin -
Met
|
$
370,884
|
|
$
642,088
|
|
Non GAAP Coal margin
per ton - Met
|
$
41.59
|
|
$
81.42
|
|
|
|
|
|
Tons sold -
Met
|
8,917
|
|
7,886
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2024
|
|
(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
|
2,084
|
|
$
282,310
|
|
$
135.47
|
|
49 %
|
|
Domestic
|
894
|
|
142,373
|
|
$
159.25
|
|
20 %
|
|
Export - Australian
indexed
|
1,309
|
|
200,952
|
|
$
153.52
|
|
31 %
|
|
Total Met segment - met
coal
|
4,287
|
|
625,635
|
|
$
145.94
|
|
100 %
|
|
Met segment - thermal
coal
|
265
|
|
20,093
|
|
$
75.82
|
|
|
|
Non-GAAP Coal
revenues
|
4,552
|
|
645,728
|
|
$
141.86
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
154,402
|
|
|
|
|
|
Coal
revenues
|
4,552
|
|
$
800,130
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.