BRISTOL, Tenn., March 7, 2022 /PRNewswire/ -- Alpha Metallurgical
Resources, Inc. (NYSE: AMR), a leading U.S. supplier of
metallurgical products for the steel industry, today reported
results for the fourth quarter and full year ending December 31, 2021.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Dec. 31,
2021
|
Sept. 30,
2021
|
Dec. 31,
2020
|
|
Net income
(loss)(2)
|
$254.5
|
$83.7
|
($55.1)
|
|
Net income
(loss)(2) per diluted share
|
$13.30
|
$4.43
|
($3.00)
|
|
Adjusted
EBITDA(1)
|
$315.8
|
$148.2
|
$7.4
|
|
Operating cash
flow(3)
|
$104.3
|
$96.0
|
$56.2
|
|
Capital
expenditures(3)
|
($22.9)
|
($22.3)
|
$35.1
|
|
Tons of coal
sold(2)
|
4.0
|
4.7
|
3.7
|
|
____________________
|
|
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.
|
"Thanks to the continued dedication of our team, Alpha closed
out the fourth quarter with an impressive $315.8 million in EBITDA and continued
significant reduction in our long-term debt level," said
David Stetson, Alpha's chair and
chief executive officer. "In looking back on 2021, it was truly a
transformational time for the company, complete with a name change
to Alpha Metallurgical Resources at the start of the year and a
series of important steps in solidifying our role as a leading
pure-play metallurgical coal company and building on our role as
the largest U.S. met coal producer. We transitioned our portfolio
towards lower-cost and higher-quality operations, refreshed our
board of directors, and completed refinancing of our ABL.
Importantly, we are also making swift work of our balance sheet
transformation. In a few short months we dramatically reduced the
company's long-term debt and legacy liabilities, further
strengthening the already firm foundation that Alpha enjoys. We
have continued this momentum with an excellent start in 2022 and,
if coal markets remain robust, we expect to be in a position to
eliminate our long-term debt within the calendar year. Given our
cash generation projections for the year, I'm pleased to announce
that our board has approved a $150
million share repurchase program to continue increasing
shareholder value."
Additionally, the board of directors has scheduled the company's
annual meeting of stockholders for May 3,
2022.
Financial Performance
Alpha reported net income from continuing operations of
$254.5 million, or $13.30 per diluted share, for the fourth quarter
2021. In the third quarter 2021, the company had net income from
continuing operations of $83.7
million or $4.43 per diluted
share.
Total Adjusted EBITDA was $315.8
million for the fourth quarter, compared with $148.2 million in the third quarter 2021.
Coal Revenues
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2021
|
Sept. 30,
2021
|
|
Met
Segment
|
$811.5
|
$625.4
|
|
All
Other
|
$15.0
|
$21.7
|
|
|
|
|
Met Segment (excl.
freight & handling)(1)
|
$683.6
|
$497.2
|
|
All Other (excl.
freight & handling)(1)
|
$15.0
|
$21.7
|
|
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2021
|
Sept. 30,
2021
|
|
Met
Segment
|
3.8
|
4.4
|
|
All
Other
|
0.2
|
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
|
|
Dec. 31,
2021
|
Sept. 30,
2021
|
|
Met
Segment
|
$180.66
|
$113.51
|
|
All
Other
|
$62.56
|
$62.43
|
|
____________________
|
|
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
In the fourth quarter our net realized pricing for the Met
segment was $180.66 per ton, while
net realization in the All Other category was $62.56.
"Realizations for the fourth quarter continued to trend upward
as expected, with our export business highlighting the benefit of
the elevated global pricing dynamics in the metallurgical market,"
said Andy Eidson, Alpha's president
and chief financial officer. "We look forward to future quarters
when our 2022 domestic realizations are expected to improve
significantly as a result of the negotiations completed by our
sales team late last year. Even with lower domestic pricing that
had been locked in long ago, our realizations on met coal for the
quarter still came in at an average of $197 per ton."
The table below provides a breakdown of our Met segment coal
sold in the fourth quarter by pricing mechanism.
|
(in millions, except
per ton data)
|
|
Met Segment
Sales
|
Three months ended
Dec. 31, 2021
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
|
Export - Other
Pricing Mechanisms
|
1.4
|
$349.1
|
$251.12
|
42%
|
|
Domestic
|
1.1
|
$95.7
|
$90.87
|
31%
|
|
Export -
Australian Indexed
|
0.9
|
$213.5
|
$239.08
|
27%
|
|
Total Met Coal
Revenues
|
3.3
|
$658.2
|
$197.31
|
100%
|
|
Thermal Coal
Revenues
|
0.4
|
$25.4
|
$56.62
|
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
3.7
|
$683.6
|
$180.66
|
|
|
____________________
|
|
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results of
Operations."
|
Cost of Coal Sales
|
(in millions, except
per ton data)
|
|
Three months
ended
|
|
Dec. 31,
2021
|
Sept. 30,
2021
|
|
Cost of Coal
Sales
|
$497.4
|
$488.2
|
|
Cost of Coal Sales
(excl. freight & handling/idle)(1)
|
$364.4
|
$352.1
|
|
|
(per ton)
|
|
Met
Segment(1)
|
$92.46
|
$76.62
|
|
All
Other(1)
|
$60.77
|
$47.47
|
|
____________________
|
|
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."
|
"As pricing for our products remains higher, we encounter
elevated costs of coal sales levels as a result, especially for
factors such as royalties and taxes which are tied directly to
sales price," said Jason Whitehead,
executive vice president and chief operating officer. "We've
discussed this in prior quarters, but my focus for the operations
teams is to continue positively influencing the factors directly
within our control, such as safety and productivity. These are the
foundational elements that allow us to effectively manage our
costs. On the whole, our teams have done a good job in this
regard."
In the fourth quarter, the company's Met segment cost of coal
sales increased to an average of $92.46 per ton as compared to $76.62 per ton in the prior quarter. Cost of coal
sales for the All Other category increased to $60.77 per ton in the fourth quarter from an
average cost of $47.47 per ton in the
third quarter.
Liquidity and Capital Resources
"As we've reiterated consistently over the last several
quarters, our focus continues to be debt reduction and creating a
fortress balance sheet," said Eidson. "In the fourth quarter, we
made another $50.0 million in
voluntary principal prepayments on the term loan. To put that in
perspective, in the second half of 2021, we paid an aggregate of
$101.1 million in principal, coupled
with the previously announced payments to satisfy certain legacy
liabilities. Since then, we've made another $150.0 million in principal prepayments on the
term loan, bringing our current debt level to under $300 million. Assuming market conditions remain
at levels similar to the last few months, we will be able to
achieve our goal of aggressively paying off our debt in short
order, while also maintaining an appropriate level of liquidity. In
addition, we have enough visibility into near term cash flows to
support the share repurchase program we have announced today."
Cash provided by operating activities increased for the fourth
quarter of 2021 to $104.3 million as
compared to third quarter's $96.0
million. Cash provided by operating activities includes
discontinued operations. Capital expenditures for the fourth
quarter were $22.9 million compared
to $22.3 million for the third
quarter of 2021.
In December 2021, Alpha announced
the successful completion of its ABL refinancing.
As of December 31, 2021, Alpha had
$81.2 million in unrestricted cash
and $131.2 million in restricted
cash, deposits and investments. Total long-term debt, including the
current portion of long-term debt as of December 31, 2021, was $448.6 million. At the end of the fourth quarter,
the company had total liquidity of $115.2
million, including cash and cash equivalents of $81.2 million and $34.0
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 December 31,
2021, the company had no borrowings and $121.0 million in letters of credit outstanding
under the ABL.
Operational and Performance Update
As further optimization of our portfolio, the company closed a
transaction on November 5, 2021 to
divest the idled Delbarton mining complex and associated assets,
which include Delbarton preparation plant and Kielty mine.
Additionally, on December 31, 2021,
the idled Edwight surface mine and certain associated assets were
divested. Together, these divestitures resulted in a reduction in
reclamation obligations of $18.0
million.
Subsequent to the fourth quarter close on February 10, 2022, the fourth section of Lynn
Branch began operation, completing one of the 2022 strategic uses
of capital. We continue to make progress on the other projects in
Alpha's previously disclosed growth capex plan for 2022.
As of February 25, 2022, Alpha has
committed and priced approximately 39% of its metallurgical coal
within the Met segment at an average price of $204.75 per ton and 100% of thermal coal in the
Met segment at an average expected price of $52.46 per ton. In the All Other category the
company is 82% committed and priced at an average price of
$57.24 per ton.
|
2022
Guidance
|
|
in millions of
tons
|
Low
|
High
|
|
Metallurgical
|
14.0
|
15.0
|
|
Thermal
|
0.8
|
1.2
|
|
Met
Segment
|
14.8
|
16.2
|
|
All Other
|
0.6
|
0.8
|
|
Total
Shipments
|
15.4
|
17.0
|
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
|
Metallurgical -
Domestic
|
|
$189.31
|
|
Metallurgical -
Export
|
|
$236.99
|
|
Metallurgical
Total
|
39
%
|
$204.75
|
|
Thermal
|
100
%
|
$52.46
|
|
Met
Segment
|
44
%
|
$180.36
|
|
All Other
|
82
%
|
$57.24
|
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
|
Metallurgical
Total
|
39
%
|
|
|
Thermal
|
—
%
|
|
|
Met
Segment
|
37
%
|
|
|
All Other
|
—
%
|
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
|
Met
Segment
|
$88.00
|
$92.00
|
|
All Other
|
$58.00
|
$62.00
|
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
|
SG&A5
|
$50
|
$54
|
|
Idle Operations
Expense
|
$30
|
$40
|
|
Cash Interest
Expense
|
$40
|
$45
|
|
DD&A
|
$90
|
$110
|
|
Capital
Expenditures
|
$160
|
$190
|
|
Tax
Rate6
|
5
%
|
15
%
|
|
|
Notes:
|
|
1.
|
Based on committed
and priced coal shipments as of February 25, 2022. 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.
|
Share Repurchase Program
Alpha also announced today that its board of directors
authorized a share repurchase program allowing for the expenditure
of up to $150 million for the
repurchase of the company's common stock. Repurchases will be made
from time to time in accordance with applicable securities laws in
the open market, and may include repurchases pursuant to Rule
10b5-1 trading plans. The share repurchase program is effective
immediately and repurchases may begin as soon as March 9th, 2022.
The repurchase program does not obligate the company to acquire
any particular amount of common stock or to acquire shares on any
particular timetable, and the program may be suspended at any time
at the company's discretion. The timing and amount of share
repurchases will 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.
Conference Call
The company plans to hold a conference call regarding its fourth
quarter and full year 2021 results on March
7, 2022, 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
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(Amounts in
thousands, except share and per share data)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Coal
revenues
|
$
826,558
|
|
$
323,360
|
|
$
2,252,597
|
|
$
1,413,124
|
|
Other
revenues
|
1,659
|
|
491
|
|
5,989
|
|
3,063
|
|
Total
revenues
|
828,217
|
|
323,851
|
|
2,258,586
|
|
1,416,187
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
497,382
|
|
301,831
|
|
1,679,742
|
|
1,281,011
|
|
Depreciation,
depletion and amortization
|
29,786
|
|
(4,036)
|
|
110,047
|
|
139,885
|
|
Accretion on asset
retirement obligations
|
6,550
|
|
6,559
|
|
26,520
|
|
26,504
|
|
Amortization of
acquired intangibles, net
|
3,842
|
|
4,748
|
|
13,244
|
|
9,214
|
|
Asset impairment and
restructuring
|
—
|
|
29,897
|
|
(561)
|
|
83,878
|
|
Selling, general and
administrative expenses (exclusive of depreciation, depletion and
amortization shown separately above)
|
19,010
|
|
15,346
|
|
63,901
|
|
57,356
|
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
1,516
|
|
4,676
|
|
19,525
|
|
(8,750)
|
|
Other
income
|
(5,682)
|
|
(200)
|
|
(10,972)
|
|
(2,223)
|
|
Total costs and
expenses
|
552,404
|
|
358,821
|
|
1,901,446
|
|
1,586,875
|
|
Income (loss) from
operations
|
275,813
|
|
(34,970)
|
|
357,140
|
|
(170,688)
|
|
Other (expense)
income:
|
|
|
|
|
|
|
|
|
Interest
expense
|
(16,364)
|
|
(18,290)
|
|
(69,654)
|
|
(74,528)
|
|
Interest
income
|
12
|
|
153
|
|
334
|
|
7,027
|
|
Equity loss in
affiliates
|
(2,988)
|
|
(388)
|
|
(4,149)
|
|
(3,473)
|
|
Miscellaneous income
(loss), net
|
1,442
|
|
(1,519)
|
|
6,867
|
|
(1,972)
|
|
Total other expense,
net
|
(17,898)
|
|
(20,044)
|
|
(66,602)
|
|
(72,946)
|
|
Income (loss) from
continuing operations before income taxes
|
257,915
|
|
(55,014)
|
|
290,538
|
|
(243,634)
|
|
Income tax (expense)
benefit
|
(3,398)
|
|
(36)
|
|
(3,609)
|
|
2,164
|
|
Net income (loss)
from continuing operations
|
254,517
|
|
(55,050)
|
|
286,929
|
|
(241,470)
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations before income taxes
|
2,727
|
|
(45,103)
|
|
1,660
|
|
(205,429)
|
|
Income tax benefit
from discontinued operations
|
201
|
|
—
|
|
201
|
|
—
|
|
Income (loss) from
discontinued operations
|
2,928
|
|
(45,103)
|
|
1,861
|
|
(205,429)
|
|
Net income
(loss)
|
$
257,445
|
|
$
(100,153)
|
|
$
288,790
|
|
$
(446,899)
|
|
|
|
|
|
|
|
|
|
Basic income (loss)
per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
13.77
|
|
$
(3.00)
|
|
$
15.56
|
|
$
(13.20)
|
|
Income (loss) from
discontinued operations
|
0.16
|
|
(2.47)
|
|
0.10
|
|
(11.22)
|
|
Net income
(loss)
|
$
13.93
|
|
$
(5.47)
|
|
$
15.66
|
|
$
(24.42)
|
|
|
|
|
|
|
|
|
|
Diluted income (loss)
per common share:
|
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
13.30
|
|
$
(3.00)
|
|
$
15.20
|
|
$
(13.20)
|
|
Income (loss) from
discontinued operations
|
0.15
|
|
(2.47)
|
|
0.10
|
|
(11.22)
|
|
Net income
(loss)
|
$
13.45
|
|
$
(5.47)
|
|
$
15.30
|
|
$
(24.42)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares - basic
|
18,484,309
|
|
18,322,236
|
|
18,441,175
|
|
18,298,362
|
|
Weighted average
shares - diluted
|
19,135,326
|
|
18,322,236
|
|
18,871,682
|
|
18,298,362
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(Amounts in
thousands, except share and per share data)
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
81,211
|
|
$
139,227
|
|
Trade accounts
receivable, net of allowance for doubtful accounts of $393 and $293
as of December 31, 2021 and 2020, respectively
|
489,241
|
|
145,670
|
|
Inventories,
net
|
129,382
|
|
108,051
|
|
Prepaid expenses and
other current assets
|
47,690
|
|
106,252
|
|
Current assets -
discontinued operations
|
462
|
|
10,935
|
|
Total current
assets
|
747,986
|
|
510,135
|
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$443,856 and $382,423 as of December 31, 2021 and 2020,
respectively
|
362,218
|
|
363,620
|
|
Owned and leased
mineral rights, net of accumulated depletion and amortization of
$52,444 and $35,143 as of December 31, 2021 and 2020,
respectively
|
444,302
|
|
463,250
|
|
Other acquired
intangibles, net of accumulated amortization of $34,221 and $25,700
as of December 31, 2021 and 2020, respectively
|
74,197
|
|
88,196
|
|
Long-term restricted
cash
|
89,426
|
|
96,033
|
|
Other non-current
assets
|
131,057
|
|
149,382
|
|
Non-current assets -
discontinued operations
|
8,526
|
|
9,473
|
|
Total
assets
|
$
1,857,712
|
|
$
1,680,089
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
2,989
|
|
$
28,830
|
|
Trade accounts
payable
|
90,090
|
|
58,413
|
|
Acquisition-related
obligations - current
|
22,405
|
|
19,099
|
|
Accrued expenses and
other current liabilities
|
174,607
|
|
140,406
|
|
Current liabilities -
discontinued operations
|
5,838
|
|
12,306
|
|
Total current
liabilities
|
295,929
|
|
259,054
|
|
Long-term
debt
|
445,562
|
|
553,697
|
|
Acquisition-related
obligations - long-term
|
19,000
|
|
20,768
|
|
Workers' compensation
and black lung obligations
|
208,193
|
|
230,081
|
|
Pension
obligations
|
159,930
|
|
218,671
|
|
Asset retirement
obligations
|
132,013
|
|
140,074
|
|
Deferred income
taxes
|
317
|
|
480
|
|
Other non-current
liabilities
|
26,176
|
|
28,072
|
|
Non-current
liabilities - discontinued operations
|
23,683
|
|
29,090
|
|
Total
liabilities
|
1,310,803
|
|
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 December 31, 2021 and
20.6 million issued and 18.3 million outstanding at
December 31, 2020
|
208
|
|
206
|
|
Additional paid-in
capital
|
784,743
|
|
779,424
|
|
Accumulated other
comprehensive loss
|
(58,503)
|
|
(111,985)
|
|
Treasury stock, at
cost: 2.4 million shares at December 31, 2021 and 2.3 million
shares at December 31, 2020
|
(107,800)
|
|
(107,014)
|
|
Accumulated
deficit
|
(71,739)
|
|
(360,529)
|
|
Total stockholders'
equity
|
546,909
|
|
200,102
|
|
Total liabilities and
stockholders' equity
|
$
1,857,712
|
|
$
1,680,089
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(Amounts in
thousands)
|
|
|
Year Ended
December 31,
|
|
2021
|
|
2020
|
|
Operating
activities:
|
|
|
|
|
Net income
(loss)
|
$
288,790
|
|
$
(446,899)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
Depreciation,
depletion and amortization
|
110,047
|
|
151,455
|
|
Amortization of
acquired intangibles, net
|
13,244
|
|
10,075
|
|
Accretion of
acquisition-related obligations discount
|
1,258
|
|
3,342
|
|
Amortization of debt
issuance costs and accretion of debt discount
|
12,338
|
|
14,772
|
|
Mark-to-market
adjustment for acquisition-related obligations
|
19,525
|
|
(8,750)
|
|
Loss on sale of
business
|
—
|
|
36,113
|
|
Gain on disposal of
assets, net
|
(9,911)
|
|
(2,401)
|
|
Accretion on asset
retirement obligations
|
26,520
|
|
30,658
|
|
Employee benefit
plans, net
|
(1,751)
|
|
14,439
|
|
Deferred income
taxes
|
(163)
|
|
33,123
|
|
Asset impairment and
restructuring
|
(561)
|
|
256,518
|
|
Stock-based
compensation
|
5,315
|
|
4,896
|
|
Equity loss in
affiliates
|
4,149
|
|
3,473
|
|
Other, net
|
(6,570)
|
|
(5,972)
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
Trade accounts
receivable, net
|
(336,240)
|
|
91,190
|
|
Inventories,
net
|
(21,331)
|
|
48,689
|
|
Prepaid expenses and
other current assets
|
61,581
|
|
28,152
|
|
Deposits
|
26,853
|
|
(17,926)
|
|
Other non-current
assets
|
(250)
|
|
(6,753)
|
|
Trade accounts
payable
|
25,154
|
|
(28,620)
|
|
Accrued expenses and
other current liabilities
|
15,961
|
|
15,428
|
|
Acquisition-related
obligations
|
(18,121)
|
|
(32,560)
|
|
Asset retirement
obligations
|
(16,306)
|
|
(19,375)
|
|
Other non-current
liabilities
|
(24,588)
|
|
(43,831)
|
|
Net cash provided
by operating activities
|
174,943
|
|
129,236
|
|
Investing
activities:
|
|
|
|
|
Capital
expenditures
|
(83,300)
|
|
(153,990)
|
|
Proceeds on disposal
of assets
|
8,224
|
|
4,023
|
|
Cash paid on sale of
business
|
—
|
|
(52,192)
|
|
Capital contributions
to equity affiliates
|
(6,677)
|
|
(3,443)
|
|
Purchases of
investment securities
|
(17,985)
|
|
(21,129)
|
|
Maturity of investment
securities
|
13,265
|
|
16,685
|
|
Other, net
|
(3,382)
|
|
77
|
|
Net cash used in
investing activities
|
(89,855)
|
|
(209,969)
|
|
Financing
activities:
|
|
|
|
|
Proceeds from
borrowings on long-term debt
|
—
|
|
57,500
|
|
Repurchases of
long-term debt
|
(18,415)
|
|
—
|
|
Principal repayments
of long-term debt
|
(119,097)
|
|
(76,491)
|
|
Principal repayments
of financing lease obligations
|
(2,064)
|
|
(3,176)
|
|
Debt issuance
costs
|
(6,683)
|
|
—
|
|
Common stock
repurchases and related expenses
|
(786)
|
|
(209)
|
|
Net cash used in
financing activities
|
(147,045)
|
|
(22,376)
|
|
Net decrease in cash
and cash equivalents and restricted cash
|
(61,957)
|
|
(103,109)
|
|
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
|
$
182,614
|
|
$
244,571
|
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
|
Cash paid for
interest
|
$
63,061
|
|
$
49,294
|
|
Cash paid for income
taxes
|
$
176
|
|
$
5
|
|
Cash received for
income tax refunds
|
$
64,498
|
|
$
68,801
|
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
|
Financing leases and
capital financing - equipment
|
$
787
|
|
$
4,411
|
|
Accrued capital
expenditures
|
$
9,964
|
|
$
7,493
|
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 Consolidated Statements of Cash Flows.
|
As of December
31,
|
|
2021
|
|
2020
|
|
Cash and cash
equivalents
|
$
81,211
|
|
$
139,227
|
|
Short-term restricted
cash (included in Prepaid expenses and other current
assets)
|
11,977
|
|
9,311
|
|
Long-term restricted
cash
|
89,426
|
|
96,033
|
|
Total cash and cash
equivalents and restricted cash shown in the Consolidated
Statements of Cash Flows
|
$
182,614
|
|
$
244,571
|
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
|
|
ADJUSTED EBITDA
RECONCILIATION
|
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Year Ended
December 31,
|
|
September 30,
2021
|
|
December 31,
2021
|
|
December 31,
2020
|
|
2021
|
|
2020
|
|
Net income (loss)
from continuing operations
|
$
83,693
|
|
$
254,517
|
|
$
(55,050)
|
|
$
286,929
|
|
$
(241,470)
|
|
Interest
expense
|
17,338
|
|
16,364
|
|
18,290
|
|
69,654
|
|
74,528
|
|
Interest
income
|
(54)
|
|
(12)
|
|
(153)
|
|
(334)
|
|
(7,027)
|
|
Income tax expense
(benefit)
|
208
|
|
3,398
|
|
36
|
|
3,609
|
|
(2,164)
|
|
Depreciation,
depletion and amortization
|
24,519
|
|
29,786
|
|
(4,036)
|
|
110,047
|
|
139,885
|
|
Non-cash stock
compensation expense
|
1,188
|
|
964
|
|
696
|
|
5,315
|
|
4,896
|
|
Mark-to-market
adjustment - acquisition-related obligations
|
11,676
|
|
1,516
|
|
4,676
|
|
19,525
|
|
(8,750)
|
|
Gain on settlement of
acquisition-related obligations
|
—
|
|
(1,125)
|
|
—
|
|
(1,125)
|
|
—
|
|
Accretion on asset
retirement obligations
|
6,674
|
|
6,550
|
|
6,559
|
|
26,520
|
|
26,504
|
|
Asset impairment and
restructuring
|
—
|
|
—
|
|
29,897
|
|
(561)
|
|
83,878
|
|
Management
restructuring costs (1)
|
—
|
|
—
|
|
—
|
|
—
|
|
941
|
|
Loss on partial
settlement of benefit obligations
|
—
|
|
—
|
|
1,735
|
|
—
|
|
2,966
|
|
Amortization of
acquired intangibles, net
|
2,980
|
|
3,842
|
|
4,748
|
|
13,244
|
|
9,214
|
|
Adjusted
EBITDA
|
$
148,222
|
|
$
315,800
|
|
$
7,398
|
|
$
532,823
|
|
$
83,401
|
|
|
(1) 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
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
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
811,528
|
|
$
15,030
|
|
$
826,558
|
|
Less: Freight and
handling fulfillment revenues
|
(127,925)
|
|
(16)
|
|
(127,941)
|
|
Non-GAAP Coal
revenues
|
$
683,603
|
|
$
15,014
|
|
$
698,617
|
|
Tons sold
|
3,784
|
|
240
|
|
4,024
|
|
Non-GAAP Coal sales
realization per ton
|
$
180.66
|
|
$
62.56
|
|
$
173.61
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
481,317
|
|
$
16,065
|
|
$
497,382
|
|
Depreciation,
depletion and amortization - production (1)
|
24,560
|
|
5,041
|
|
29,601
|
|
Accretion on asset
retirement obligations
|
3,401
|
|
3,149
|
|
6,550
|
|
Amortization of
acquired intangibles, net
|
3,922
|
|
(80)
|
|
3,842
|
|
Total Cost of coal
sales
|
$
513,200
|
|
$
24,175
|
|
$
537,375
|
|
Less: Freight and
handling costs
|
(127,925)
|
|
(16)
|
|
(127,941)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(24,560)
|
|
(5,041)
|
|
(29,601)
|
|
Less: Accretion on
asset retirement obligations
|
(3,401)
|
|
(3,149)
|
|
(6,550)
|
|
Less: Amortization of
acquired intangibles, net
|
(3,922)
|
|
80
|
|
(3,842)
|
|
Less: Idled and
closed mine costs
|
(3,533)
|
|
(1,465)
|
|
(4,998)
|
|
Non-GAAP Cost of coal
sales
|
$
349,859
|
|
$
14,584
|
|
$
364,443
|
|
Tons sold
|
3,784
|
|
240
|
|
4,024
|
|
Non-GAAP Cost of coal
sales per ton
|
$
92.46
|
|
$
60.77
|
|
$
90.57
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
811,528
|
|
$
15,030
|
|
$
826,558
|
|
Less: Total Cost of
coal sales (per table above)
|
(513,200)
|
|
(24,175)
|
|
(537,375)
|
|
GAAP Coal
margin
|
$
298,328
|
|
$
(9,145)
|
|
$
289,183
|
|
Tons sold
|
3,784
|
|
240
|
|
4,024
|
|
GAAP Coal margin per
ton
|
$
78.84
|
|
$
(38.10)
|
|
$
71.86
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
298,328
|
|
$
(9,145)
|
|
$
289,183
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
24,560
|
|
5,041
|
|
29,601
|
|
Add: Accretion on
asset retirement obligations
|
3,401
|
|
3,149
|
|
6,550
|
|
Add: Amortization of
acquired intangibles, net
|
3,922
|
|
(80)
|
|
3,842
|
|
Add: Idled and closed
mine costs
|
3,533
|
|
1,465
|
|
4,998
|
|
Non-GAAP Coal
margin
|
$
333,744
|
|
$
430
|
|
$
334,174
|
|
Tons sold
|
3,784
|
|
240
|
|
4,024
|
|
Non-GAAP Coal margin
per ton
|
$
88.20
|
|
$
1.79
|
|
$
83.05
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
289,756
|
|
$
33,604
|
|
$
323,360
|
|
Less: Freight and
handling fulfillment revenues
|
(48,251)
|
|
(1,548)
|
|
(49,799)
|
|
Non-GAAP Coal
revenues
|
$
241,505
|
|
$
32,056
|
|
$
273,561
|
|
Tons sold
|
3,210
|
|
536
|
|
3,746
|
|
Non-GAAP Coal sales
realization per ton
|
$
75.24
|
|
$
59.81
|
|
$
73.03
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
273,984
|
|
$
27,847
|
|
$
301,831
|
|
Depreciation,
depletion and amortization - production (1)
|
2,381
|
|
(6,649)
|
|
(4,268)
|
|
Accretion on asset
retirement obligations
|
3,328
|
|
3,231
|
|
6,559
|
|
Amortization of
acquired intangibles, net
|
5,014
|
|
(266)
|
|
4,748
|
|
Total Cost of coal
sales
|
$
284,707
|
|
$
24,163
|
|
$
308,870
|
|
Less: Freight and
handling costs
|
(48,251)
|
|
(1,548)
|
|
(49,799)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(2,381)
|
|
6,649
|
|
4,268
|
|
Less: Accretion on
asset retirement obligations
|
(3,328)
|
|
(3,231)
|
|
(6,559)
|
|
Less: Amortization of
acquired intangibles, net
|
(5,014)
|
|
266
|
|
(4,748)
|
|
Less: Idled and
closed mine costs
|
(3,445)
|
|
(2,698)
|
|
(6,143)
|
|
Non-GAAP Cost of coal
sales
|
$
222,288
|
|
$
23,601
|
|
$
245,889
|
|
Tons sold
|
3,210
|
|
536
|
|
3,746
|
|
Non-GAAP Cost of coal
sales per ton
|
$
69.25
|
|
$
44.03
|
|
$
65.64
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
289,756
|
|
$
33,604
|
|
$
323,360
|
|
Less: Total Cost of
coal sales (per table above)
|
(284,707)
|
|
(24,163)
|
|
(308,870)
|
|
GAAP Coal
margin
|
$
5,049
|
|
$
9,441
|
|
$
14,490
|
|
Tons sold
|
3,210
|
|
536
|
|
3,746
|
|
GAAP Coal margin per
ton
|
$
1.57
|
|
$
17.61
|
|
$
3.87
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
5,049
|
|
$
9,441
|
|
$
14,490
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
2,381
|
|
(6,649)
|
|
(4,268)
|
|
Add: Accretion on
asset retirement obligations
|
3,328
|
|
3,231
|
|
6,559
|
|
Add: Amortization of
acquired intangibles, net
|
5,014
|
|
(266)
|
|
4,748
|
|
Add: Idled and closed
mine costs
|
3,445
|
|
2,698
|
|
6,143
|
|
Non-GAAP Coal
margin
|
$
19,217
|
|
$
8,455
|
|
$
27,672
|
|
Tons sold
|
3,210
|
|
536
|
|
3,746
|
|
Non-GAAP Coal margin
per ton
|
$
5.99
|
|
$
15.77
|
|
$
7.39
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Year Ended
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
2,173,647
|
|
$
78,950
|
|
$
2,252,597
|
|
Less: Freight and
handling fulfillment revenues
|
(380,457)
|
|
(520)
|
|
(380,977)
|
|
Non-GAAP Coal
revenues
|
$
1,793,190
|
|
$
78,430
|
|
$
1,871,620
|
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
|
Non-GAAP Coal sales
realization per ton
|
$
115.18
|
|
$
61.76
|
|
$
111.15
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
1,607,157
|
|
$
72,585
|
|
$
1,679,742
|
|
Depreciation,
depletion and amortization - production (1)
|
99,963
|
|
9,362
|
|
109,325
|
|
Accretion on asset
retirement obligations
|
13,571
|
|
12,949
|
|
26,520
|
|
Amortization of
acquired intangibles, net
|
13,671
|
|
(427)
|
|
13,244
|
|
Total Cost of coal
sales
|
$
1,734,362
|
|
$
94,469
|
|
$
1,828,831
|
|
Less: Freight and
handling costs
|
(380,457)
|
|
(520)
|
|
(380,977)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(99,963)
|
|
(9,362)
|
|
(109,325)
|
|
Less: Accretion on
asset retirement obligations
|
(13,571)
|
|
(12,949)
|
|
(26,520)
|
|
Less: Amortization of
acquired intangibles, net
|
(13,671)
|
|
427
|
|
(13,244)
|
|
Less: Idled and
closed mine costs
|
(16,858)
|
|
(11,680)
|
|
(28,538)
|
|
Non-GAAP Cost of coal
sales
|
$
1,209,842
|
|
$
60,385
|
|
$
1,270,227
|
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
|
Non-GAAP Cost of coal
sales per ton
|
$
77.71
|
|
$
47.55
|
|
$
75.43
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Year Ended
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
2,173,647
|
|
$
78,950
|
|
$
2,252,597
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,734,362)
|
|
(94,469)
|
|
(1,828,831)
|
|
GAAP Coal
margin
|
$
439,285
|
|
$
(15,519)
|
|
$
423,766
|
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
|
GAAP Coal margin per
ton
|
$
28.22
|
|
$
(12.22)
|
|
$
25.17
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
439,285
|
|
$
(15,519)
|
|
$
423,766
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
99,963
|
|
9,362
|
|
109,325
|
|
Add: Accretion on
asset retirement obligations
|
13,571
|
|
12,949
|
|
26,520
|
|
Add: Amortization of
acquired intangibles, net
|
13,671
|
|
(427)
|
|
13,244
|
|
Add: Idled and closed
mine costs
|
16,858
|
|
11,680
|
|
28,538
|
|
Non-GAAP Coal
margin
|
$
583,348
|
|
$
18,045
|
|
$
601,393
|
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
|
Non-GAAP Coal margin
per ton
|
$
37.47
|
|
$
14.21
|
|
$
35.71
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Year Ended
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
1,263,855
|
|
$
149,269
|
|
$
1,413,124
|
|
Less: Freight and
handling fulfillment revenues
|
(206,509)
|
|
(12,940)
|
|
(219,449)
|
|
Non-GAAP Coal
revenues
|
$
1,057,346
|
|
$
136,329
|
|
$
1,193,675
|
|
Tons sold
|
13,070
|
|
2,443
|
|
15,513
|
|
Non-GAAP Coal sales
realization per ton
|
$
80.90
|
|
$
55.80
|
|
$
76.95
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
1,140,556
|
|
$
140,455
|
|
$
1,281,011
|
|
Depreciation,
depletion and amortization - production (1)
|
124,060
|
|
14,568
|
|
138,628
|
|
Accretion on asset
retirement obligations
|
14,214
|
|
12,290
|
|
26,504
|
|
Amortization of
acquired intangibles, net
|
12,889
|
|
(3,675)
|
|
9,214
|
|
Total Cost of coal
sales
|
$
1,291,719
|
|
$
163,638
|
|
$
1,455,357
|
|
Less: Freight and
handling costs
|
(206,509)
|
|
(12,940)
|
|
(219,449)
|
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(124,060)
|
|
(14,568)
|
|
(138,628)
|
|
Less: Accretion on
asset retirement obligations
|
(14,214)
|
|
(12,290)
|
|
(26,504)
|
|
Less: Amortization of
acquired intangibles, net
|
(12,889)
|
|
3,675
|
|
(9,214)
|
|
Less: Idled and
closed mine costs
|
(16,640)
|
|
(12,240)
|
|
(28,880)
|
|
Non-GAAP Cost of coal
sales
|
$
917,407
|
|
$
115,275
|
|
$
1,032,682
|
|
Tons sold
|
13,070
|
|
2,443
|
|
15,513
|
|
Non-GAAP Cost of coal
sales per ton
|
$
70.19
|
|
$
47.19
|
|
$
66.57
|
|
|
(1) Depreciation, depletion and
amortization - production excludes the depreciation, depletion and
amortization related to selling, general and administrative
functions.
|
|
Year Ended
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Coal
revenues
|
$
1,263,855
|
|
$
149,269
|
|
$
1,413,124
|
|
Less: Total Cost of
coal sales (per table above)
|
(1,291,719)
|
|
(163,638)
|
|
(1,455,357)
|
|
GAAP Coal
margin
|
$
(27,864)
|
|
$
(14,369)
|
|
$
(42,233)
|
|
Tons sold
|
13,070
|
|
2,443
|
|
15,513
|
|
GAAP Coal margin per
ton
|
$
(2.13)
|
|
$
(5.88)
|
|
$
(2.72)
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
(27,864)
|
|
$
(14,369)
|
|
$
(42,233)
|
|
Add: Depreciation,
depletion and amortization - production (1)
|
124,060
|
|
14,568
|
|
138,628
|
|
Add: Accretion on
asset retirement obligations
|
14,214
|
|
12,290
|
|
26,504
|
|
Add: Amortization of
acquired intangibles, net
|
12,889
|
|
(3,675)
|
|
9,214
|
|
Add: Idled and closed
mine costs
|
16,640
|
|
12,240
|
|
28,880
|
|
Non-GAAP Coal
margin
|
$
139,939
|
|
$
21,054
|
|
$
160,993
|
|
Tons sold
|
13,070
|
|
2,443
|
|
15,513
|
|
Non-GAAP Coal margin
per ton
|
$
10.71
|
|
$
8.62
|
|
$
10.38
|
|
|
(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
|
|
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
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Non-GAAP Cost of coal
sales
|
$
349,859
|
|
$
14,584
|
|
$
364,443
|
|
Less: cost of
purchased coal sold
|
(22,798)
|
|
(660)
|
|
(23,458)
|
|
Adjusted cost of
produced coal sold
|
$
327,061
|
|
$
13,924
|
|
$
340,985
|
|
Produced tons
sold
|
3,610
|
|
235
|
|
3,845
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
90.60
|
|
$
59.25
|
|
$
88.68
|
|
|
(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
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Non-GAAP Cost of coal
sales
|
$
222,288
|
|
$
23,601
|
|
$
245,889
|
|
Less: cost of
purchased coal sold
|
(19,993)
|
|
(93)
|
|
(20,086)
|
|
Adjusted cost of
produced coal sold
|
$
202,295
|
|
$
23,508
|
|
$
225,803
|
|
Produced tons
sold
|
2,939
|
|
535
|
|
3,474
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
68.83
|
|
$
43.94
|
|
$
65.00
|
|
|
(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.
|
|
Year Ended
December 31, 2021
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Non-GAAP Cost of coal
sales
|
$
1,209,842
|
|
$
60,385
|
|
$
1,270,227
|
|
Less: cost of
purchased coal sold
|
(97,872)
|
|
(660)
|
|
(98,532)
|
|
Adjusted cost of
produced coal sold
|
$
1,111,970
|
|
$
59,725
|
|
$
1,171,695
|
|
Produced tons
sold
|
14,638
|
|
1,265
|
|
15,903
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
75.96
|
|
$
47.21
|
|
$
73.68
|
|
|
(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.
|
|
Year Ended
December 31, 2020
|
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
|
Non-GAAP Cost of coal
sales
|
$
917,407
|
|
$
115,275
|
|
$
1,032,682
|
|
Less: cost of
purchased coal sold
|
(85,769)
|
|
(925)
|
|
(86,694)
|
|
Adjusted cost of
produced coal sold
|
$
831,638
|
|
$
114,350
|
|
$
945,988
|
|
Produced tons
sold
|
11,941
|
|
2,429
|
|
14,370
|
|
Adjusted cost of
produced coal sold per ton (1)
|
$
69.65
|
|
$
47.08
|
|
$
65.83
|
|
|
(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
December 31, 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
|
1,390
|
|
$
349,055
|
|
$
251.12
|
|
42
%
|
|
Domestic
|
1,053
|
|
95,683
|
|
$
90.87
|
|
31
%
|
|
Export - Australian
indexed
|
893
|
|
213,500
|
|
$
239.08
|
|
27
%
|
|
Total Met segment -
met coal
|
3,336
|
|
$
658,238
|
|
$
197.31
|
|
100
%
|
|
Met segment - thermal
coal
|
448
|
|
25,365
|
|
$
56.62
|
|
|
|
Total Met segment
Coal revenues
|
3,784
|
|
683,603
|
|
$
180.66
|
|
|
|
All Other Coal
revenues
|
240
|
|
15,014
|
|
$
62.56
|
|
|
|
Non-GAAP Coal
revenues
|
4,024
|
|
$
698,617
|
|
$
173.61
|
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
127,941
|
|
|
|
|
|
Coal
revenues
|
4,024
|
|
$
826,558
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.