BRISTOL, Tenn., Nov. 5, 2021 /PRNewswire/ -- Alpha Metallurgical
Resources, Inc. (NYSE: AMR), a leading U.S. supplier of
metallurgical products for the steel industry, today reported
results for the third quarter ending September 30, 2021.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Sept. 30,
2021
|
June 30,
2021
|
Sept. 30,
2020
|
Net income
(loss)(2)
|
$83.7
|
$(18.6)
|
$(68.5)
|
Net income
(loss)(2) per diluted share
|
$4.43
|
$(1.01)
|
$(3.74)
|
Adjusted
EBITDA(1)
|
$148.2
|
$39.9
|
$12.4
|
Operating cash
flow(3)
|
$96.0
|
$(6.3)
|
$(5.9)
|
Capital
expenditures(3)
|
$(22.3)
|
$(17.6)
|
$(27.8)
|
Tons of coal
sold(2)
|
4.7
|
4.0
|
4.0
|
__________________________________
|
1. These
are non-GAAP financial measures. A reconciliation of Net Income to
Adjusted EBITDA is included in tables accompanying the financial
schedules.
|
2. From
continuing operations.
|
3.
Includes discontinued operations.
|
"We have consistently reiterated that Alpha is well-positioned
to capitalize on market opportunities and this quarter's
outstanding performance is proof of our ability to deliver on those
high expectations," said David
Stetson, Alpha's chair and chief executive officer.
"Additionally, we made meaningful progress on our commitment to
deleveraging the company by reducing our overall long-term debt and
legacy obligations by more than $75
million during the quarter. We expect to continue this
positive momentum to create value for our shareholders, and we look
forward to what we believe will be a productive and successful
2022."
Financial Performance
Alpha reported net income from continuing operations of
$83.7 million, or $4.43 per diluted share, for the third quarter
2021. In the second quarter 2021, the company had a net loss from
continuing operations of $18.6
million or $1.01 per diluted
share.
Total Adjusted EBITDA was $148.2
million for the third quarter, compared with $39.9 million in the second quarter 2021.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2021
|
June 30,
2021
|
Met
Segment
|
$625.4
|
$376.8
|
All
Other
|
$21.7
|
$16.6
|
|
|
|
Met Segment (excl.
freight & handling)(1)
|
$497.2
|
$312.5
|
All Other (excl.
freight & handling)(1)
|
$21.7
|
$16.5
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2021
|
June 30,
2021
|
Met
Segment
|
4.4
|
3.7
|
All
Other
|
0.3
|
0.3
|
__________________________________
|
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
|
|
Sept. 30,
2021
|
June 30,
2021
|
Met
Segment
|
$113.51
|
$83.38
|
All
Other
|
$62.43
|
$60.45
|
__________________________________
|
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
In the third quarter our net realized pricing for the Met
segment was $113.51, while net
realization in the All Other category was $62.43.
"As expected, third quarter met export realizations came in
strong thanks to the robust market and the outstanding work of our
sales team to capitalize on it," said Andy
Eidson, Alpha's president and chief financial officer. "The
vast midyear improvement in the Australian indices is now evident
in our financial performance, with third quarter realizations on
export tons tied to Aussie indices up $91.10, or 134%, from second quarter levels.
Realizations for export tons priced against other mechanisms were
up $23.64, or 23%, from second
quarter realizations."
The table below provides a breakdown of our Met segment coal
sold in the third quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
Met Segment
Sales
|
Three months ended
Sept. 30, 2021
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
Export - Other
Pricing Mechanisms
|
2.2
|
$274.3
|
$125.44
|
56%
|
Domestic
|
1.0
|
$89.2
|
$86.05
|
27%
|
Export -
Australian Indexed
|
0.7
|
$106.1
|
$158.87
|
17%
|
Total Met Coal
Revenues
|
3.9
|
$469.7
|
$120.68
|
100%
|
Thermal Coal
Revenues
|
0.5
|
$27.5
|
$56.38
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
4.4
|
$497.2
|
$113.51
|
|
__________________________________
|
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
|
|
Sept. 30,
2021
|
June 30,
2021
|
Cost of Coal
Sales
|
$488.2
|
$346.8
|
Cost of Coal Sales
(excl. freight &
handling/idle)(1)
|
$352.1
|
$273.8
|
|
|
|
(per ton)
|
Met
Segment(1)
|
$76.62
|
$69.94
|
All
Other(1)
|
$47.47
|
$42.77
|
__________________________________
|
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."
|
"In higher pricing environments, costs of coal sales increase
due to a number of factors outside our direct control, including
royalties and taxes," said Jason
Whitehead, executive vice president and chief operating
officer. "Similar to many other companies, we're also experiencing
some inflationary pressure with the cost of materials increasing.
Despite these challenges, I'm proud of our operations teams for
remaining disciplined and continuing to manage the costs we can
control."
In the third quarter, the company's Met segment cost of coal
sales increased to an average of $76.62 per ton as compared to $69.94 per ton in the prior quarter. Cost of coal
sales for the All Other category increased to $47.47 in the third quarter from a second quarter
average cost of $42.77 per ton.
Liquidity and Capital Resources
"Beyond Alpha's very positive revenue results, we reduced our
long-term debt and legacy obligations by over $75 million during the third quarter," said
Eidson. "In addition to $6.6 million
in scheduled long-term principal payments for the quarter, we
elected to make a voluntary prepayment of $31.0 million in principal on the term loan, and
we repurchased, at a discount, roughly $18.7
million in outstanding principal borrowings from existing
lenders. Coupled with the previously-announced $21.2 million payment in July to extinguish the
reclamation funding obligations with the West Virginia Department
of Environmental Protection (WVDEP), these actions should serve as
a roadmap for what shareholders can expect from us in the coming
quarters as we continue strengthening our balance sheet."
"Subsequent to the quarter end, we made an early payment of
$4 million to the WVDEP eliminate the
legacy obligations related to water treatment in West Virginia. Additionally, we made a payment
of $3.3 million to fully satisfy the
remaining legacy reclamation funding and water treatment
obligations owed to the State of
Kentucky. This follows our early extinguishment of the
West Virginia reclamation funding
obligations that was announced last quarter. These examples further
demonstrate our strong commitment to debt reduction and
deleveraging the company," Eidson said.
Cash provided by operating activities for the third quarter of
2021 was $96.0 million, which
includes the receipt of the $70
million tax refund and related interest, compared to the
prior period in which cash used in operating activities was
$6.3 million. Cash provided by
operating activities includes discontinued operations. Third
quarter 2021 capital expenditures were $22.3
million compared to $17.6
million in capital expenditures in the second
quarter.
As of September 30, 2021, Alpha
had $78.3 million in unrestricted
cash and $121.7 million in restricted
cash, deposits and investments. Total long-term debt, including the
current portion of long-term debt as of September 30, 2021, was $505.2 million. At the end of the third quarter,
the company had total liquidity of $183.3
million, which represents an increase of 38% compared to our
total liquidity at the end of the second quarter, including cash
and cash equivalents of $78.3 million
and $105.0 million of unused
availability under the Asset-Based Revolving Credit Facility (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 September
30, 2021, the company had no borrowings and $120.0 million in letters of credit outstanding
under the ABL.
Operational Update and Planned 2022 Investments
"Alpha's exceptional third quarter performance is a testament to
the continued dedication of our operations teams and the success of
our ongoing portfolio optimization efforts," said Whitehead. "With
Slabcamp, our sole remaining thermal mine, on pace to close in the
summer of next year, our 2022 production guidance reflects the
final stage of our transition to a pure-play metallurgical
resources company. As we look forward to capitalizing on current
market opportunities, 2022 Met segment production is expected to
increase slightly over the already-increased full year 2021
guidance level. I'm confident that our teams across the enterprise
have the ability to deliver on these ambitious goals we've outlined
for the coming year."
During the quarter, a number of key structural milestones were
met to add the fourth section at Road Fork 52, putting the project
ahead of schedule and allowing the section to begin producing in
mid-October. Additionally, the company has recently completed its
budget for 2022, and our capital expenditures guidance for next
year includes several important projects that will help modernize
and strategically improve Alpha's operations and prep plant
infrastructure. These upgrades are expected to provide increased
efficiency and extend the life of these facilities in return for
modest levels of capital investment.
Whitehead commented on the importance of capex projects in 2022:
"As we envision what Alpha can do in the next several years, we
recognize the critical role that preparation plants play in washing
and loading the coal we mine and preparing it for delivery to our
customers. In partnership with our sales teams, we aim to maximize
these facilities, and we believe modest investment in a few of our
plants will allow for additional output and better capabilities for
the specific coal qualities we're sending through each facility.
Additionally, we plan to begin development on the Cedar Grove No. 3
mine and the Glen Alum mine in the coming year. Both of these
locations are adjacent to current Alpha operations in West Virginia, allowing us to leverage
existing infrastructure as we expand into these mines. Lastly, we
have decided to move ahead with adding a fourth section at our
Lynn Branch mine. All together, we
see this group of projects as a boost to the organization's future
efficiency and effectiveness. Furthermore, we believe we can
accomplish each of these in a timely manner and at a very
reasonable investment level. Therefore, at the midpoint, our capex
guidance for next year includes an increased maintenance capital
projection of approximately $120 million
dollars to account for inflation, and roughly $55 million to invest in Alpha's future through
various projects across the organization."
2021 Full-Year Guidance Adjustments
The company is increasing its 2021 cost of coal sales guidance
in light of increased labor costs, inflationary pressure for
certain supplies, such as steel used in roof support and diesel
fuel, as well as higher royalties and taxes due to higher sales
prices. Met segment cost of coal sales are now expected to be
between $73.00 per ton and
$77.00 per ton. Cost of coal sales
for the All Other category is expected to remain in the existing
range of $45.00 per ton and
$49.00 per ton.
Additionally, with depreciation, depletion and amortization
trending lower for the year, we are adjusting DD&A guidance
down to a range of $100 million to
$110 million from the prior range of
$125 million to $145 million.
For 2021, Alpha has committed and priced approximately 96% of
its metallurgical coal within the Met segment at an average price
of $111.28 per ton and 98% of thermal
coal in the Met segment at an average expected price of
$55.76 per ton. In the All Other
category the company is 90% committed and priced at an average
price of $58.33 per ton.
Introducing 2022 Full-Year Guidance
The company is issuing 2022 operating guidance with coal
shipments expected to be in the range of 15.4 million tons to
17.0 million tons. Met segment volume is expected to be between
14.8 million to 16.2 million tons. Within the Met segment, pure
metallurgical coal shipments for the year are expected to be
between 14.0 million to 15.0 million tons, and incidental thermal
shipments in this segment are expected to be between 0.8 million to
1.2 million tons. Our guidance range of 0.6 million tons to 0.8
million tons for the All Other category represents production
expectations from our last remaining thermal operation, the
Slabcamp mine, which is on track to close in the summer of
2022.
For 2022, Alpha has committed and priced approximately 28% of
its metallurgical coal within the Met segment at an average price
of $195.43 per ton and 88% of thermal
coal in the Met segment at an average expected price of
$51.56 per ton. In the All Other
category the company is 89% committed and priced at an average
price of $56.49 per ton.
The company expects 2022 Met segment cost of coal sales per ton
to be between $88.00 and $92.00, and costs for our All Other category are
expected to be in the range of $58.00
to $62.00 per ton.
SG&A is expected to be in the range of $50 million to $54
million, excluding non-recurring expenses and non-cash stock
compensation. Idle operations expense for 2022 is expected to be
between $30 million and $40 million. The company expects cash interest
expense to be in a range of $40
million to $45 million for
2022. Depreciation, depletion and amortization guidance is
anticipated to be between $90 million
and $110 million for the year. Our
overall 2022 capital expenditures guidance of $160 million to $190
million includes a number of planned upgrades expected to
enhance Alpha's longevity and positioning for the future. Lastly,
the company expects its tax rate for 2022 to be in the 5% to 15%
range.
|
2021
Guidance
|
2022
Guidance
|
in millions of
tons
|
Low
|
High
|
Low
|
High
|
Metallurgical
|
13.0
|
14.0
|
14.0
|
|
15.0
|
|
Thermal
|
1.3
|
1.8
|
0.8
|
|
1.2
|
|
Met
Segment
|
14.3
|
15.8
|
14.8
|
|
16.2
|
|
All Other
|
1.3
|
1.7
|
0.6
|
|
0.8
|
|
Total
Shipments
|
15.6
|
17.5
|
15.4
|
|
17.0
|
|
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
Committed
|
Average
Price
|
Metallurgical -
Domestic
|
|
$88.55
|
|
|
$192.29
|
|
Metallurgical -
Export
|
|
$123.02
|
|
|
$226.90
|
|
Metallurgical
Total
|
96
|
%
|
$111.28
|
|
28
|
%
|
$195.43
|
|
Thermal
|
98
|
%
|
$55.76
|
|
88
|
%
|
$51.56
|
|
Met
Segment
|
96
|
%
|
$105.45
|
|
32
|
%
|
$169.79
|
|
All Other
|
90
|
%
|
$58.33
|
|
89
|
%
|
$56.49
|
|
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
Committed
|
|
Metallurgical
Total
|
4
|
%
|
|
23
|
%
|
|
Thermal
|
—
|
%
|
|
—
|
%
|
|
Met
Segment
|
4
|
%
|
|
21
|
%
|
|
All Other
|
3
|
%
|
|
—
|
%
|
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
Low
|
High
|
Met
Segment
|
$73.00
|
|
$77.00
|
|
$88.00
|
|
$92.00
|
|
All Other
|
$45.00
|
|
$49.00
|
|
$58.00
|
|
$62.00
|
|
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
Low
|
High
|
SG&A5
|
$48
|
$52
|
$50
|
|
$54
|
|
Idle Operations
Expense
|
$24
|
$30
|
$30
|
|
$40
|
|
Cash Interest
Expense
|
$51
|
$55
|
$40
|
|
$45
|
|
DD&A
|
$100
|
$110
|
$90
|
|
$110
|
|
Capital
Expenditures
|
$88
|
$98
|
$160
|
|
$190
|
|
Tax
Rate6
|
—
|
%
|
5
|
%
|
5
|
%
|
15
|
%
|
|
Notes:
|
|
|
1.
|
Based on committed
and priced coal shipments as of October 29, 2021. 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.
|
Rate assumes no
further ownership change limitations on the usage of net operating
losses.
|
Conference Call
The company plans to hold a conference call regarding its third
quarter 2021 results on November 5,
2021, 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://investors.alphametresources.com/investors. Analysts who
would like to participate in the conference call should dial
844-200-6205 (domestic toll-free) or 929-526-1599 (international)
approximately 15 minutes prior to start time. Please use the access
code 475225 to join the call.
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
Contact
InvestorRelations@AlphaMetResources.com
Alex Rotonen, CFA
423.956.6882
Media
Contact
CorporateCommunications@AlphaMetResources.com
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures."
These are financial measures which 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," "non-GAAP coal margin," and "Adjusted cost of produced coal
sold." 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. We also use Adjusted
cost of produced coal sold to distinguish the cost of captive
produced coal from the effects of purchased coal. 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
September 30,
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
|
647,129
|
|
|
$
|
335,189
|
|
|
$
|
1,426,039
|
|
|
$
|
1,089,764
|
|
Other
revenues
|
1,712
|
|
|
403
|
|
|
4,330
|
|
|
2,572
|
|
Total
revenues
|
648,841
|
|
|
335,592
|
|
|
1,430,369
|
|
|
1,092,336
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
488,169
|
|
|
309,693
|
|
|
1,182,360
|
|
|
979,180
|
|
Depreciation,
depletion and amortization
|
24,519
|
|
|
49,236
|
|
|
80,261
|
|
|
143,921
|
|
Accretion on asset
retirement obligations
|
6,674
|
|
|
6,737
|
|
|
19,970
|
|
|
19,945
|
|
Amortization of
acquired intangibles, net
|
2,980
|
|
|
2,074
|
|
|
9,402
|
|
|
4,466
|
|
Asset impairment and
restructuring
|
—
|
|
|
(226)
|
|
|
(561)
|
|
|
53,981
|
|
Selling, general and
administrative expenses (exclusive of depreciation, depletion and
amortization shown separately above)
|
15,264
|
|
|
14,501
|
|
|
44,891
|
|
|
42,010
|
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
11,676
|
|
|
3,624
|
|
|
18,009
|
|
|
(13,425)
|
|
Other
income
|
(457)
|
|
|
(1,310)
|
|
|
(5,290)
|
|
|
(2,023)
|
|
Total costs and
expenses
|
548,825
|
|
|
384,329
|
|
|
1,349,042
|
|
|
1,228,055
|
|
Income (loss) from
operations
|
100,016
|
|
|
(48,737)
|
|
|
81,327
|
|
|
(135,719)
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
expense
|
(17,338)
|
|
|
(18,746)
|
|
|
(53,290)
|
|
|
(56,238)
|
|
Interest
income
|
54
|
|
|
376
|
|
|
322
|
|
|
6,874
|
|
Equity loss in
affiliates
|
(643)
|
|
|
(1,295)
|
|
|
(1,161)
|
|
|
(3,085)
|
|
Miscellaneous income
(loss), net
|
1,812
|
|
|
(131)
|
|
|
5,425
|
|
|
(452)
|
|
Total other expense,
net
|
(16,115)
|
|
|
(19,796)
|
|
|
(48,704)
|
|
|
(52,901)
|
|
Income (loss) from
continuing operations before income taxes
|
83,901
|
|
|
(68,533)
|
|
|
32,623
|
|
|
(188,620)
|
|
Income tax (expense)
benefit
|
(208)
|
|
|
45
|
|
|
(211)
|
|
|
2,200
|
|
Net income (loss)
from continuing operations
|
83,693
|
|
|
(68,488)
|
|
|
32,412
|
|
|
(186,420)
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from discontinued
operations before income taxes
|
(429)
|
|
|
(149)
|
|
|
(1,067)
|
|
|
(160,326)
|
|
Loss from discontinued
operations
|
(429)
|
|
|
(149)
|
|
|
(1,067)
|
|
|
(160,326)
|
|
Net income
(loss)
|
$
|
83,264
|
|
|
$
|
(68,637)
|
|
|
$
|
31,345
|
|
|
$
|
(346,746)
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per common share:
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
4.54
|
|
|
$
|
(3.74)
|
|
|
$
|
1.76
|
|
|
$
|
(10.19)
|
|
Loss from discontinued
operations
|
(0.03)
|
|
|
(0.01)
|
|
|
(0.06)
|
|
|
(8.77)
|
|
Net income
(loss)
|
$
|
4.51
|
|
|
$
|
(3.75)
|
|
|
$
|
1.70
|
|
|
$
|
(18.96)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share:
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
4.43
|
|
|
$
|
(3.74)
|
|
|
$
|
1.73
|
|
|
$
|
(10.19)
|
|
Loss from discontinued
operations
|
(0.03)
|
|
|
(0.01)
|
|
|
(0.06)
|
|
|
(8.77)
|
|
Net income
(loss)
|
$
|
4.40
|
|
|
$
|
(3.75)
|
|
|
$
|
1.67
|
|
|
$
|
(18.96)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares – basic
|
18,445,709
|
|
|
18,319,947
|
|
|
18,426,639
|
|
|
18,290,346
|
|
Weighted average
shares – diluted
|
18,913,352
|
|
|
18,319,947
|
|
|
18,783,643
|
|
|
18,290,346
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(Amounts in
thousands, except share and per share data)
|
|
|
September 30,
2021
|
|
December 31,
2020
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
78,283
|
|
|
$
|
139,227
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $325 and $293
as of September 30, 2021 and December 31, 2020
|
335,287
|
|
|
145,670
|
|
Inventories,
net
|
124,534
|
|
|
108,051
|
|
Prepaid expenses and
other current assets
|
31,723
|
|
|
106,252
|
|
Current assets -
discontinued operations
|
1,391
|
|
|
10,935
|
|
Total current
assets
|
571,218
|
|
|
510,135
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$436,205 and $382,423 as of September 30, 2021 and
December 31, 2020
|
356,305
|
|
|
363,620
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization of
$48,968 and $35,143 as of September 30, 2021 and
December 31, 2020
|
449,901
|
|
|
463,250
|
|
Other acquired
intangibles, net of accumulated amortization of $31,349 and $25,700
as of September 30, 2021 and December 31, 2020
|
78,547
|
|
|
88,196
|
|
Long-term restricted
cash
|
84,001
|
|
|
96,033
|
|
Other non-current
assets
|
126,502
|
|
|
149,382
|
|
Non-current assets -
discontinued operations
|
9,477
|
|
|
9,473
|
|
Total
assets
|
$
|
1,675,951
|
|
|
$
|
1,680,089
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
|
7,976
|
|
|
$
|
28,830
|
|
Trade accounts
payable
|
90,335
|
|
|
58,413
|
|
Acquisition-related
obligations – current
|
26,266
|
|
|
19,099
|
|
Accrued expenses and
other current liabilities
|
160,732
|
|
|
140,406
|
|
Current liabilities -
discontinued operations
|
7,095
|
|
|
12,306
|
|
Total current
liabilities
|
292,404
|
|
|
259,054
|
|
Long-term
debt
|
497,191
|
|
|
553,697
|
|
Acquisition-related
obligations - long-term
|
18,966
|
|
|
20,768
|
|
Workers' compensation
and black lung obligations
|
228,858
|
|
|
230,081
|
|
Pension
obligations
|
191,888
|
|
|
218,671
|
|
Asset retirement
obligations
|
141,925
|
|
|
140,074
|
|
Deferred income
taxes
|
479
|
|
|
480
|
|
Other non-current
liabilities
|
29,403
|
|
|
28,072
|
|
Non-current
liabilities - discontinued operations
|
26,740
|
|
|
29,090
|
|
Total
liabilities
|
1,427,854
|
|
|
1,479,987
|
|
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, 20.8 million issued
and 18.4 million outstanding at September 30, 2021 and 20.6
million issued and 18.3 million outstanding at December 31,
2020
|
208
|
|
|
206
|
|
Additional paid-in
capital
|
783,781
|
|
|
779,424
|
|
Accumulated other
comprehensive loss
|
(98,908)
|
|
|
(111,985)
|
|
Treasury stock, at
cost: 2.4 million shares at September 30, 2021 and 2.3 million
shares at December 31, 2020
|
(107,800)
|
|
|
(107,014)
|
|
Accumulated
deficit
|
(329,184)
|
|
|
(360,529)
|
|
Total stockholders'
equity
|
248,097
|
|
|
200,102
|
|
Total liabilities and
stockholders' equity
|
$
|
1,675,951
|
|
|
$
|
1,680,089
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
(Amounts in
thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2021
|
|
2020
|
Operating
activities:
|
|
|
|
Net income
(loss)
|
$
|
31,345
|
|
|
$
|
(346,746)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
80,261
|
|
|
154,466
|
|
Amortization of
acquired intangibles, net
|
9,402
|
|
|
5,180
|
|
Accretion of
acquisition-related obligations discount
|
1,004
|
|
|
2,882
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
9,351
|
|
|
11,087
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
18,009
|
|
|
(13,425)
|
|
Gain on disposal of
assets
|
(5,342)
|
|
|
(2,179)
|
|
Asset impairment and
restructuring
|
(561)
|
|
|
221,453
|
|
Accretion on asset
retirement obligations
|
19,970
|
|
|
23,806
|
|
Employee benefit
plans, net
|
6,685
|
|
|
15,135
|
|
Deferred income
taxes
|
(1)
|
|
|
33,011
|
|
Stock-based
compensation
|
4,351
|
|
|
4,200
|
|
Equity loss in
affiliates
|
1,161
|
|
|
3,085
|
|
Other, net
|
(4,381)
|
|
|
(5,356)
|
|
Changes in operating
assets and liabilities
|
(100,681)
|
|
|
(33,566)
|
|
Net cash provided
by operating activities
|
70,573
|
|
|
73,033
|
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(60,386)
|
|
|
(118,896)
|
|
Proceeds on disposal
of assets
|
7,471
|
|
|
3,131
|
|
Purchases of
investment securities
|
(15,474)
|
|
|
(18,618)
|
|
Maturity of investment
securities
|
10,508
|
|
|
12,678
|
|
Capital contributions
to equity affiliates
|
(4,473)
|
|
|
(3,196)
|
|
Other, net
|
52
|
|
|
68
|
|
Net cash used in
investing activities
|
(62,302)
|
|
|
(124,833)
|
|
Financing
activities:
|
|
|
|
Proceeds from
borrowings on long-term debt
|
—
|
|
|
57,500
|
|
Repurchases of
long-term debt
|
(18,415)
|
|
|
—
|
|
Principal repayments
of long-term debt
|
(61,869)
|
|
|
(58,315)
|
|
Principal repayments
of financing lease obligations
|
(1,527)
|
|
|
(2,291)
|
|
Debt issuance
costs
|
(319)
|
|
|
—
|
|
Common stock
repurchases and related expenses
|
(786)
|
|
|
(171)
|
|
Net cash used in
financing activities
|
(82,916)
|
|
|
(3,277)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
(74,645)
|
|
|
(55,077)
|
|
Cash and cash
equivalents and restricted cash at beginning of period
|
244,571
|
|
|
347,680
|
|
Cash and cash
equivalents and restricted cash at end of period
|
$
|
169,926
|
|
|
$
|
292,603
|
|
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 September
30,
|
|
2021
|
|
2020
|
Cash and cash
equivalents
|
$
|
78,283
|
|
|
$
|
161,434
|
|
Short-term restricted
cash (included in prepaid expenses and other current
assets)
|
7,642
|
|
|
7,104
|
|
Long-term restricted
cash
|
84,001
|
|
|
124,065
|
|
Total cash and cash
equivalents and restricted cash shown in the Condensed Consolidated
Statements of Cash Flows
|
$
|
169,926
|
|
|
$
|
292,603
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
ADJUSTED EBITDA
RECONCILIATION
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Nine Months Ended
September 30,
|
|
June 30,
2021
|
|
September 30,
2021
|
|
September 30,
2020
|
|
2021
|
|
2020
|
Net (loss) income
from continuing operations
|
$
|
(18,590)
|
|
|
$
|
83,693
|
|
|
$
|
(68,488)
|
|
|
$
|
32,412
|
|
|
$
|
(186,420)
|
|
Interest
expense
|
17,962
|
|
|
17,338
|
|
|
18,746
|
|
|
53,290
|
|
|
56,238
|
|
Interest
income
|
(104)
|
|
|
(54)
|
|
|
(376)
|
|
|
(322)
|
|
|
(6,874)
|
|
Income tax expense
(benefit)
|
8
|
|
|
208
|
|
|
(45)
|
|
|
211
|
|
|
(2,200)
|
|
Depreciation,
depletion and amortization
|
27,304
|
|
|
24,519
|
|
|
49,236
|
|
|
80,261
|
|
|
143,921
|
|
Non-cash stock
compensation expense
|
979
|
|
|
1,188
|
|
|
1,078
|
|
|
4,351
|
|
|
4,200
|
|
Mark-to-market
adjustment - acquisition-related obligations
|
3,157
|
|
|
11,676
|
|
|
3,624
|
|
|
18,009
|
|
|
(13,425)
|
|
Accretion on asset
retirement obligations
|
6,648
|
|
|
6,674
|
|
|
6,737
|
|
|
19,970
|
|
|
19,945
|
|
Asset impairment and
restructuring (1)
|
—
|
|
|
—
|
|
|
(226)
|
|
|
(561)
|
|
|
53,981
|
|
Management
restructuring costs (2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
940
|
|
Loss on partial
settlement of benefit obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,230
|
|
Amortization of
acquired intangibles, net
|
2,553
|
|
|
2,980
|
|
|
2,074
|
|
|
9,402
|
|
|
4,466
|
|
Adjusted
EBITDA
|
$
|
39,917
|
|
|
$
|
148,222
|
|
|
$
|
12,360
|
|
|
$
|
217,023
|
|
|
$
|
76,002
|
|
|
(1) Asset impairment and
restructuring for the nine months ended September 30, 2021 was
primarily comprised of a credit to restructuring expense as a
result of the strategic actions announced during the second quarter
of 2020 and subsequent changes to severance and employee-related
benefits. For the three and nine months ended September 30, 2020,
asset impairment and restructuring charges were recorded as a
result of weakening coal market conditions and the strategic
actions with respect to two thermal coal mining
complexes.
|
(2) Management restructuring costs
are related to severance expense associated with senior management
changes during the three months ended March 31, 2020.
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
June 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
376,839
|
|
|
$
|
16,619
|
|
|
$
|
393,458
|
|
Less: Freight and
handling fulfillment revenues
|
(64,329)
|
|
|
(117)
|
|
|
(64,446)
|
|
Non-GAAP Coal
revenues
|
$
|
312,510
|
|
|
$
|
16,502
|
|
|
$
|
329,012
|
|
Tons sold
|
3,748
|
|
|
273
|
|
|
4,021
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
83.38
|
|
|
$
|
60.45
|
|
|
$
|
81.82
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
331,239
|
|
|
$
|
15,524
|
|
|
$
|
346,763
|
|
Depreciation,
depletion and amortization - production (1)
|
25,686
|
|
|
1,438
|
|
|
27,124
|
|
Accretion on asset
retirement obligations
|
3,377
|
|
|
3,271
|
|
|
6,648
|
|
Amortization of
acquired intangibles, net
|
2,635
|
|
|
(82)
|
|
|
2,553
|
|
Total Cost of coal
sales
|
$
|
362,937
|
|
|
$
|
20,151
|
|
|
$
|
383,088
|
|
Less: Freight and
handling costs
|
(64,329)
|
|
|
(117)
|
|
|
(64,446)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(25,686)
|
|
|
(1,438)
|
|
|
(27,124)
|
|
Less: Accretion on
asset retirement obligations
|
(3,377)
|
|
|
(3,271)
|
|
|
(6,648)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,635)
|
|
|
82
|
|
|
(2,553)
|
|
Less: Idled and
closed mine costs
|
(4,790)
|
|
|
(3,732)
|
|
|
(8,522)
|
|
Non-GAAP Cost of coal
sales
|
$
|
262,120
|
|
|
$
|
11,675
|
|
|
$
|
273,795
|
|
Tons sold
|
3,748
|
|
|
273
|
|
|
4,021
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
69.94
|
|
|
$
|
42.77
|
|
|
$
|
68.09
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
376,839
|
|
|
$
|
16,619
|
|
|
$
|
393,458
|
|
Less: Total Cost of
coal sales (per table above)
|
(362,937)
|
|
|
(20,151)
|
|
|
(383,088)
|
|
GAAP Coal
margin
|
$
|
13,902
|
|
|
$
|
(3,532)
|
|
|
$
|
10,370
|
|
Tons sold
|
3,748
|
|
|
273
|
|
|
4,021
|
|
GAAP Coal margin per
ton
|
$
|
3.71
|
|
|
$
|
(12.94)
|
|
|
$
|
2.58
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
13,902
|
|
|
$
|
(3,532)
|
|
|
$
|
10,370
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
25,686
|
|
|
1,438
|
|
|
27,124
|
|
Add: Accretion on
asset retirement obligations
|
3,377
|
|
|
3,271
|
|
|
6,648
|
|
Add: Amortization of
acquired intangibles, net
|
2,635
|
|
|
(82)
|
|
|
2,553
|
|
Add: Idled and closed
mine costs
|
4,790
|
|
|
3,732
|
|
|
8,522
|
|
Non-GAAP Coal
margin
|
$
|
50,390
|
|
|
$
|
4,827
|
|
|
$
|
55,217
|
|
Tons sold
|
3,748
|
|
|
273
|
|
|
4,021
|
|
Non-GAAP Coal margin
per ton
|
$
|
13.44
|
|
|
$
|
17.68
|
|
|
$
|
13.73
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
625,387
|
|
|
$
|
21,742
|
|
|
$
|
647,129
|
|
Less: Freight and
handling fulfillment revenues
|
(128,192)
|
|
|
(18)
|
|
|
(128,210)
|
|
Non-GAAP Coal
revenues
|
$
|
497,195
|
|
|
$
|
21,724
|
|
|
$
|
518,919
|
|
Tons sold
|
4,380
|
|
|
348
|
|
|
4,728
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
113.51
|
|
|
$
|
62.43
|
|
|
$
|
109.75
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
468,706
|
|
|
$
|
19,463
|
|
|
$
|
488,169
|
|
Depreciation,
depletion and amortization - production (1)
|
23,181
|
|
|
1,160
|
|
|
24,341
|
|
Accretion on asset
retirement obligations
|
3,408
|
|
|
3,266
|
|
|
6,674
|
|
Amortization of
acquired intangibles, net
|
3,063
|
|
|
(83)
|
|
|
2,980
|
|
Total Cost of coal
sales
|
$
|
498,358
|
|
|
$
|
23,806
|
|
|
$
|
522,164
|
|
Less: Freight and
handling costs
|
(128,192)
|
|
|
(18)
|
|
|
(128,210)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(23,181)
|
|
|
(1,160)
|
|
|
(24,341)
|
|
Less: Accretion on
asset retirement obligations
|
(3,408)
|
|
|
(3,266)
|
|
|
(6,674)
|
|
Less: Amortization of
acquired intangibles, net
|
(3,063)
|
|
|
83
|
|
|
(2,980)
|
|
Less: Idled and
closed mine costs
|
(4,932)
|
|
|
(2,927)
|
|
|
(7,859)
|
|
Non-GAAP Cost of coal
sales
|
$
|
335,582
|
|
|
$
|
16,518
|
|
|
$
|
352,100
|
|
Tons sold
|
4,380
|
|
|
348
|
|
|
4,728
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
76.62
|
|
|
$
|
47.47
|
|
|
$
|
74.47
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
625,387
|
|
|
$
|
21,742
|
|
|
$
|
647,129
|
|
Less: Total Cost of
coal sales (per table above)
|
(498,358)
|
|
|
(23,806)
|
|
|
(522,164)
|
|
GAAP Coal
margin
|
$
|
127,029
|
|
|
$
|
(2,064)
|
|
|
$
|
124,965
|
|
Tons sold
|
4,380
|
|
|
348
|
|
|
4,728
|
|
GAAP Coal margin per
ton
|
$
|
29.00
|
|
|
$
|
(5.93)
|
|
|
$
|
26.43
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
127,029
|
|
|
$
|
(2,064)
|
|
|
$
|
124,965
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
23,181
|
|
|
1,160
|
|
|
24,341
|
|
Add: Accretion on
asset retirement obligations
|
3,408
|
|
|
3,266
|
|
|
6,674
|
|
Add: Amortization of
acquired intangibles, net
|
3,063
|
|
|
(83)
|
|
|
2,980
|
|
Add: Idled and closed
mine costs
|
4,932
|
|
|
2,927
|
|
|
7,859
|
|
Non-GAAP Coal
margin
|
$
|
161,613
|
|
|
$
|
5,206
|
|
|
$
|
166,819
|
|
Tons sold
|
4,380
|
|
|
348
|
|
|
4,728
|
|
Non-GAAP Coal margin
per ton
|
$
|
36.90
|
|
|
$
|
14.96
|
|
|
$
|
35.28
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
295,376
|
|
|
$
|
39,813
|
|
|
$
|
335,189
|
|
Less: Freight and
handling fulfillment revenues
|
(49,742)
|
|
|
(3,015)
|
|
|
(52,757)
|
|
Non-GAAP Coal
revenues
|
$
|
245,634
|
|
|
$
|
36,798
|
|
|
$
|
282,432
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
3,965
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
73.79
|
|
|
$
|
57.86
|
|
|
$
|
71.23
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
276,248
|
|
|
$
|
33,445
|
|
|
$
|
309,693
|
|
Depreciation,
depletion and amortization - production (1)
|
41,178
|
|
|
7,724
|
|
|
48,902
|
|
Accretion on asset
retirement obligations
|
3,800
|
|
|
2,937
|
|
|
6,737
|
|
Amortization of
acquired intangibles, net
|
2,535
|
|
|
(461)
|
|
|
2,074
|
|
Total Cost of coal
sales
|
$
|
323,761
|
|
|
$
|
43,645
|
|
|
$
|
367,406
|
|
Less: Freight and
handling costs
|
(49,742)
|
|
|
(3,015)
|
|
|
(52,757)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(41,178)
|
|
|
(7,724)
|
|
|
(48,902)
|
|
Less: Accretion on
asset retirement obligations
|
(3,800)
|
|
|
(2,937)
|
|
|
(6,737)
|
|
Less: Amortization of
acquired intangibles, net
|
(2,535)
|
|
|
461
|
|
|
(2,074)
|
|
Less: Idled and
closed mine costs
|
(5,091)
|
|
|
(1,196)
|
|
|
(6,287)
|
|
Non-GAAP Cost of coal
sales
|
$
|
221,415
|
|
|
$
|
29,234
|
|
|
$
|
250,649
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
3,965
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
66.51
|
|
|
$
|
45.97
|
|
|
$
|
63.22
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
295,376
|
|
|
$
|
39,813
|
|
|
$
|
335,189
|
|
Less: Total Cost of
coal sales (per table above)
|
(323,761)
|
|
|
(43,645)
|
|
|
(367,406)
|
|
GAAP Coal
margin
|
$
|
(28,385)
|
|
|
$
|
(3,832)
|
|
|
$
|
(32,217)
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
3,965
|
|
GAAP Coal margin per
ton
|
$
|
(8.53)
|
|
|
$
|
(6.03)
|
|
|
$
|
(8.13)
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
(28,385)
|
|
|
$
|
(3,832)
|
|
|
$
|
(32,217)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
41,178
|
|
|
7,724
|
|
|
48,902
|
|
Add: Accretion on
asset retirement obligations
|
3,800
|
|
|
2,937
|
|
|
6,737
|
|
Add: Amortization of
acquired intangibles, net
|
2,535
|
|
|
(461)
|
|
|
2,074
|
|
Add: Idled and closed
mine costs
|
5,091
|
|
|
1,196
|
|
|
6,287
|
|
Non-GAAP Coal
margin
|
$
|
24,219
|
|
|
$
|
7,564
|
|
|
$
|
31,783
|
|
Tons sold
|
3,329
|
|
|
636
|
|
|
3,965
|
|
Non-GAAP Coal margin
per ton
|
$
|
7.28
|
|
|
$
|
11.89
|
|
|
$
|
8.02
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
1,362,119
|
|
|
$
|
63,920
|
|
|
$
|
1,426,039
|
|
Less: Freight and
handling fulfillment revenues
|
(252,532)
|
|
|
(504)
|
|
|
(253,036)
|
|
Non-GAAP Coal
revenues
|
$
|
1,109,587
|
|
|
$
|
63,416
|
|
|
$
|
1,173,003
|
|
Tons sold
|
11,785
|
|
|
1,030
|
|
|
12,815
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
94.15
|
|
|
$
|
61.57
|
|
|
$
|
91.53
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
1,125,840
|
|
|
$
|
56,520
|
|
|
$
|
1,182,360
|
|
Depreciation,
depletion and amortization - production (1)
|
75,403
|
|
|
4,321
|
|
|
79,724
|
|
Accretion on asset
retirement obligations
|
10,170
|
|
|
9,800
|
|
|
19,970
|
|
Amortization of
acquired intangibles, net
|
9,749
|
|
|
(347)
|
|
|
9,402
|
|
Total Cost of coal
sales
|
$
|
1,221,162
|
|
|
$
|
70,294
|
|
|
$
|
1,291,456
|
|
Less: Freight and
handling costs
|
(252,532)
|
|
|
(504)
|
|
|
(253,036)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(75,403)
|
|
|
(4,321)
|
|
|
(79,724)
|
|
Less: Accretion on
asset retirement obligations
|
(10,170)
|
|
|
(9,800)
|
|
|
(19,970)
|
|
Less: Amortization of
acquired intangibles, net
|
(9,749)
|
|
|
347
|
|
|
(9,402)
|
|
Less: Idled and
closed mine costs
|
(13,325)
|
|
|
(10,215)
|
|
|
(23,540)
|
|
Non-GAAP Cost of coal
sales
|
$
|
859,983
|
|
|
$
|
45,801
|
|
|
$
|
905,784
|
|
Tons sold
|
11,785
|
|
|
1,030
|
|
|
12,815
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
72.97
|
|
|
$
|
44.47
|
|
|
$
|
70.68
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
1,362,119
|
|
|
$
|
63,920
|
|
|
$
|
1,426,039
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,221,162)
|
|
|
(70,294)
|
|
|
(1,291,456)
|
|
GAAP Coal
margin
|
$
|
140,957
|
|
|
$
|
(6,374)
|
|
|
$
|
134,583
|
|
Tons sold
|
11,785
|
|
|
1,030
|
|
|
12,815
|
|
GAAP Coal margin per
ton
|
$
|
11.96
|
|
|
$
|
(6.19)
|
|
|
$
|
10.50
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
140,957
|
|
|
$
|
(6,374)
|
|
|
$
|
134,583
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
75,403
|
|
|
4,321
|
|
|
79,724
|
|
Add: Accretion on
asset retirement obligations
|
10,170
|
|
|
9,800
|
|
|
19,970
|
|
Add: Amortization of
acquired intangibles, net
|
9,749
|
|
|
(347)
|
|
|
9,402
|
|
Add: Idled and closed
mine costs
|
13,325
|
|
|
10,215
|
|
|
23,540
|
|
Non-GAAP Coal
margin
|
$
|
249,604
|
|
|
$
|
17,615
|
|
|
$
|
267,219
|
|
Tons sold
|
11,785
|
|
|
1,030
|
|
|
12,815
|
|
Non-GAAP Coal margin
per ton
|
$
|
21.18
|
|
|
$
|
17.10
|
|
|
$
|
20.85
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
974,098
|
|
|
$
|
115,666
|
|
|
$
|
1,089,764
|
|
Less: Freight and
handling fulfillment revenues
|
(158,258)
|
|
|
(11,392)
|
|
|
(169,650)
|
|
Non-GAAP Coal
revenues
|
$
|
815,840
|
|
|
$
|
104,274
|
|
|
$
|
920,114
|
|
Tons sold
|
9,860
|
|
|
1,907
|
|
|
11,767
|
|
Non-GAAP Coal sales
realization per ton
|
$
|
82.74
|
|
|
$
|
54.68
|
|
|
$
|
78.19
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
|
866,572
|
|
|
$
|
112,608
|
|
|
$
|
979,180
|
|
Depreciation,
depletion and amortization - production (1)
|
121,679
|
|
|
21,217
|
|
|
142,896
|
|
Accretion on asset
retirement obligations
|
10,887
|
|
|
9,058
|
|
|
19,945
|
|
Amortization of
acquired intangibles, net
|
7,875
|
|
|
(3,409)
|
|
|
4,466
|
|
Total Cost of coal
sales
|
$
|
1,007,013
|
|
|
$
|
139,474
|
|
|
$
|
1,146,487
|
|
Less: Freight and
handling costs
|
(158,258)
|
|
|
(11,392)
|
|
|
(169,650)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(121,679)
|
|
|
(21,217)
|
|
|
(142,896)
|
|
Less: Accretion on
asset retirement obligations
|
(10,887)
|
|
|
(9,058)
|
|
|
(19,945)
|
|
Less: Amortization of
acquired intangibles, net
|
(7,875)
|
|
|
3,409
|
|
|
(4,466)
|
|
Less: Idled and
closed mine costs
|
(13,191)
|
|
|
(9,544)
|
|
|
(22,735)
|
|
Non-GAAP Cost of coal
sales
|
$
|
695,123
|
|
|
$
|
91,672
|
|
|
$
|
786,795
|
|
Tons sold
|
9,860
|
|
|
1,907
|
|
|
11,767
|
|
Non-GAAP Cost of coal
sales per ton
|
$
|
70.50
|
|
|
$
|
48.07
|
|
|
$
|
66.86
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
|
974,098
|
|
|
$
|
115,666
|
|
|
$
|
1,089,764
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,007,013)
|
|
|
(139,474)
|
|
|
(1,146,487)
|
|
GAAP Coal
margin
|
$
|
(32,915)
|
|
|
$
|
(23,808)
|
|
|
$
|
(56,723)
|
|
Tons sold
|
9,860
|
|
|
1,907
|
|
|
11,767
|
|
GAAP Coal margin per
ton
|
$
|
(3.34)
|
|
|
$
|
(12.48)
|
|
|
$
|
(4.82)
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
|
(32,915)
|
|
|
$
|
(23,808)
|
|
|
$
|
(56,723)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
121,679
|
|
|
21,217
|
|
|
142,896
|
|
Add: Accretion on
asset retirement obligations
|
10,887
|
|
|
9,058
|
|
|
19,945
|
|
Add: Amortization of
acquired intangibles, net
|
7,875
|
|
|
(3,409)
|
|
|
4,466
|
|
Add: Idled and closed
mine costs
|
13,191
|
|
|
9,544
|
|
|
22,735
|
|
Non-GAAP Coal
margin
|
$
|
120,717
|
|
|
$
|
12,602
|
|
|
$
|
133,319
|
|
Tons sold
|
9,860
|
|
|
1,907
|
|
|
11,767
|
|
Non-GAAP Coal margin
per ton
|
$
|
12.24
|
|
|
$
|
6.61
|
|
|
$
|
11.33
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
262,120
|
|
|
$
|
11,675
|
|
|
$
|
273,795
|
|
Less: cost of
purchased coal sold
|
(24,642)
|
|
|
—
|
|
|
(24,642)
|
|
Adjusted cost of
produced coal sold
|
$
|
237,478
|
|
|
$
|
11,675
|
|
|
$
|
249,153
|
|
Produced tons
sold
|
3,497
|
|
|
273
|
|
|
3,770
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
67.91
|
|
|
$
|
42.77
|
|
|
$
|
66.09
|
|
|
(1) Cost of produced coal sold per
ton for our operations is calculated as non-GAAP cost of produced
coal sold divided by produced tons sold.
|
|
Three Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
335,582
|
|
|
$
|
16,518
|
|
|
$
|
352,100
|
|
Less: cost of
purchased coal sold
|
(32,168)
|
|
|
—
|
|
|
(32,168)
|
|
Adjusted cost of
produced coal sold
|
$
|
303,414
|
|
|
$
|
16,518
|
|
|
$
|
319,932
|
|
Produced tons
sold
|
4,107
|
|
|
348
|
|
|
4,455
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
73.88
|
|
|
$
|
47.47
|
|
|
$
|
71.81
|
|
|
(1) Cost of produced coal sold per
ton for our operations is calculated as non-GAAP cost of produced
coal sold divided by produced tons sold.
|
|
Three Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
221,415
|
|
|
$
|
29,234
|
|
|
$
|
250,649
|
|
Less: cost of
purchased coal sold
|
(12,511)
|
|
|
70
|
|
|
(12,441)
|
|
Adjusted cost of
produced coal sold
|
$
|
208,904
|
|
|
$
|
29,304
|
|
|
$
|
238,208
|
|
Produced tons
sold
|
3,142
|
|
|
636
|
|
|
3,778
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
66.49
|
|
|
$
|
46.08
|
|
|
$
|
63.05
|
|
|
(1) Cost of produced coal sold per
ton for our operations is calculated as non-GAAP cost of produced
coal sold divided by produced tons sold.
|
|
Nine Months Ended
September 30, 2021
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
859,983
|
|
|
$
|
45,801
|
|
|
$
|
905,784
|
|
Less: cost of
purchased coal sold
|
(75,074)
|
|
|
—
|
|
|
(75,074)
|
|
Adjusted cost of
produced coal sold
|
$
|
784,909
|
|
|
$
|
45,801
|
|
|
$
|
830,710
|
|
Produced tons
sold
|
11,028
|
|
|
1,030
|
|
|
12,058
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
71.17
|
|
|
$
|
44.47
|
|
|
$
|
68.89
|
|
|
(1) Cost of produced coal sold per
ton for our operations is calculated as non-GAAP cost of produced
coal sold divided by produced tons sold.
|
|
Nine Months Ended
September 30, 2020
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
|
695,123
|
|
|
$
|
91,672
|
|
|
$
|
786,795
|
|
Less: cost of
purchased coal sold
|
(65,777)
|
|
|
(832)
|
|
|
(66,609)
|
|
Adjusted cost of
produced coal sold
|
$
|
629,346
|
|
|
$
|
90,840
|
|
|
$
|
720,186
|
|
Produced tons
sold
|
9,001
|
|
|
1,894
|
|
|
10,895
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
|
69.92
|
|
|
$
|
47.96
|
|
|
$
|
66.10
|
|
|
(1) Cost of produced coal sold per
ton for our operations is calculated as non-GAAP cost of produced
coal sold divided by produced tons sold.
|
|
Three Months Ended
September 30, 2021
|
(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
|
2,187
|
|
|
$
|
274,328
|
|
|
$
|
125.44
|
|
|
56
|
%
|
Domestic
|
1,037
|
|
|
89,231
|
|
|
$
|
86.05
|
|
|
27
|
%
|
Export - Australian
indexed
|
668
|
|
|
106,125
|
|
|
$
|
158.87
|
|
|
17
|
%
|
Total Met segment -
met coal
|
3,892
|
|
|
$
|
469,684
|
|
|
$
|
120.68
|
|
|
100
|
%
|
Met segment - thermal
coal
|
488
|
|
|
27,511
|
|
|
$
|
56.38
|
|
|
|
Total Met segment
Coal revenues
|
4,380
|
|
|
497,195
|
|
|
$
|
113.51
|
|
|
|
All Other Coal
revenues
|
348
|
|
|
21,724
|
|
|
$
|
62.43
|
|
|
|
Non-GAAP Coal
revenues
|
4,728
|
|
|
$
|
518,919
|
|
|
$
|
109.75
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
|
128,210
|
|
|
|
|
|
Coal
revenues
|
4,728
|
|
|
$
|
647,129
|
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.