- Posts net income from continuing operations of $251.8 million, or $14.21 per diluted share, for the
quarter
- Reports third quarter Adjusted EBITDA of $294.9 million
- Generates quarterly operating cash flow of $497.0 million
- Announces 4.5 million tons of 2023 domestic sales
commitments at an average price of $192.27 per ton
- Announces cumulative $452
million in buybacks through share repurchase program as of
October 31, 2022
- Increases share buyback authorization to $1 billion from prior level of $600 million
- Announces one-time, special dividend of $5.00 per share
- Increases quarterly dividend amount to 41.8 cents per share
BRISTOL,
Tenn., Nov. 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 third quarter ending September 30, 2022.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Sept. 30,
2022
|
June 30,
2022
|
Sept. 30,
2021
|
Net
income(1)
|
$251.8
|
$575.4
|
$83.7
|
Net
income(1) per diluted share
|
$14.21
|
$30.03
|
$4.43
|
Adjusted
EBITDA(2)
|
$294.9
|
$694.5
|
$148.2
|
Operating cash
flow(3)
|
$497.0
|
$465.9
|
$96.0
|
Capital
expenditures
|
($33.3)
|
($41.9)
|
($22.3)
|
Tons of coal
sold
|
4.1
|
4.3
|
4.7
|
__________________________________
1.
|
From continuing
operations.
|
2.
|
These are non-GAAP
financial measures. A reconciliation of Net Income to Adjusted
EBITDA is included in tables accompanying the financial
schedules.
|
3.
|
Includes discontinued
operations.
|
"Alpha's third quarter results represent another solid
performance from our team," said David
Stetson, Alpha's chair and chief executive officer. "Evident
within this quarter's numbers is the natural impact of the coal
indices' drop from their early-2022 historic highs. Even still,
indices remain at levels that are considered very strong from a
historical average perspective, and Alpha's nearly $300 million in Adjusted EBITDA for the quarter
is likewise a strong showing for our company."
Stetson continued: "To further enhance our already-robust
capital return efforts, I am pleased to announce that Alpha's board
has approved a 400-million-dollar
increase to the existing share repurchase authorization, bringing
the total authorization to an impressive $1
billion. In addition, the board has increased the fixed
dividend to 41.8 cents per share and
approved a one-time, special dividend of five dollars per share in recognition of the
extraordinarily positive performance of the Alpha team this year.
We remain committed, as always, to prudently returning capital to
shareholders."
Financial Performance
Alpha reported net income from continuing operations of
$251.8 million, or $14.21 per diluted share, for the third quarter
2022. In the second quarter of 2022, the company had net income
from continuing operations of $575.4
million, or $30.03 per diluted
share.
For the third quarter, total Adjusted EBITDA was $294.9 million, compared to $694.5 million in the second quarter
2022.
Coal
Revenues
|
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2022
|
June 30,
2022
|
Met
Segment
|
$840.6
|
$1,318.7
|
All
Other
|
$27.2
|
$15.6
|
|
|
|
Met Segment (excl.
freight & handling)(1)
|
$718.1
|
$1,162.1
|
All Other (excl.
freight & handling)(1)
|
$27.2
|
$15.6
|
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Sept. 30,
2022
|
June 30,
2022
|
Met
Segment
|
3.9
|
4.1
|
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
|
|
Sept. 30,
2022
|
June 30,
2022
|
Met
Segment
|
$184.31
|
$286.95
|
All
Other
|
$109.27
|
$61.41
|
__________________________________
1.
|
Represents Non-GAAP
coal sales realization which is defined and reconciled under
"Non-GAAP Financial Measures" and "Results of
Operations."
|
|
Third quarter net realized pricing for the Met segment was
$184.31 per ton and net realization
in the All Other category was $109.27. Met segment realizations for the third
quarter, as compared to first half realizations, reflect the
downward movement of coal indices off their historic highs in early
2022.
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, 2022
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
Export - Other
Pricing Mechanisms
|
1.4
|
$299.2
|
$208.81
|
41 %
|
Domestic
|
0.9
|
$189.2
|
$200.24
|
27 %
|
Export - Australian
Indexed
|
1.1
|
$184.8
|
$161.58
|
32 %
|
Total Met Coal
Revenues
|
3.5
|
$673.3
|
$191.17
|
100 %
|
Thermal Coal
Revenues
|
0.4
|
$44.8
|
$119.69
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
3.9
|
$718.1
|
$184.31
|
|
__________________________________
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,
2022
|
June 30,
2022
|
Cost of Coal
Sales
|
$555.5
|
$625.9
|
Cost of Coal Sales
(excl. freight & handling/idle)(1)
|
$425.4
|
$463.7
|
|
(per ton)
|
Met
Segment(1)
|
$104.86
|
$111.36
|
All
Other(1)
|
$67.48
|
$49.90
|
__________________________________
1.
|
Represents Non-GAAP
cost of coal sales and Non-GAAP cost of coal sales per ton which is
defined and reconciled under "Non-GAAP Financial Measures" and
"Results of Operations."
|
Alpha's third quarter Met segment cost of coal sales decreased
to an average of $104.86 per ton,
with reduced sales-related costs from royalties and severance taxes
accounting for the drop from the second quarter level of
$111.36. Cost of coal sales for the
All Other category increased to $67.48 per ton in the third
quarter 2022 against an average cost of $49.90 per ton in the second quarter 2022. The
higher costs in third quarter are attributable to higher
sales-related costs and the impacts of late-stage mining at our
Slabcamp mine.
Liquidity and Capital
Resources
Cash provided by operating activities in the third quarter
increased to $497.0 million as
compared to $465.9 million in the
second quarter 2022. Cash provided by operating activities includes
discontinued operations. Capital expenditures for the third quarter
2022 were $33.3 million compared to
$41.9 million for the second quarter
of 2022.
As of September 30, 2022, Alpha
had $404.4 million in unrestricted
cash and $150.8 million in restricted
cash, deposits and investments. Total long-term debt, including the
current portion of long-term debt as of September 30, 2022, was $4.7 million. At the end of the third quarter,
the company had total liquidity of $495.5
million, including cash and cash equivalents of $404.4 million and $91.1 million of unused availability under
the ABL. The future available capacity under the ABL is subject to
inventory and accounts receivable collateral requirements and the
maintenance of certain financial ratios. As of September 30, 2022, the company had no borrowings
and $63.9 million in letters of
credit outstanding under the ABL.
2023 Domestic Sales
Commitments
On September 13, 2022, Alpha
announced that the company has committed approximately 4.5 million
tons of metallurgical coal to domestic customers for shipment in
the calendar year 2023. Those 4.5 million tons are committed at an
average price of $192.27 per ton.
"As we advance through our budgeting process to finalize our
expectations for the coming year, we are pleased to have a firm
foundation of 4.5 million tons of domestically-committed coal on
which we can continue to build," said Andy
Eidson, Alpha's president. "Our sales team continues to do
an excellent job of working with new and longstanding customers,
and we are taking a close look at the full scope of international
opportunities available to Alpha in 2023. Together in coordination
with our operations teams, we will round out our guidance
projections and plans for 2023. We are optimistic about Alpha's
outlook for next year and we will provide more detail around our
2023 expectations in the coming weeks."
Dividend Program
On November 4, 2022, Alpha's board of directors declared a
quarterly cash dividend payment of $0.418 per share, increased from the prior level
of $0.392 per share, which will
become payable on January 3, 2023 for
holders of record as of December 15,
2022. Alpha's board also declared a one-time, special
dividend of $5.00 per share, also
payable on January 3, 2023 for
holders of record as of December 15,
2022.
Any decision to pay future cash dividends will be made by the
board and depend on Alpha's future earnings and financial condition
and other relevant factors.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a
share repurchase program allowing for the expenditure of up to
$600 million for the repurchase of
the company's common stock. On November
4, Alpha's board increased this authorization by
$400 million, bringing the total
authorization to $1 billion. As of
October 31, 2022, the company has
acquired 3.1 million shares of common stock at a cost of
$452 million, which has reduced the
outstanding share count by roughly 14 percent from the time the
program began. The number of common stock shares outstanding as of
October 31, 2022 is 15,943,649.
The timing and amount of share repurchases will continue to be
determined by the company's management based on its evaluation of
market conditions, the trading price of the stock, applicable legal
requirements, compliance with the provisions of the company's debt
agreements, and other factors.
2022 Guidance
As of October 28, 2022, Alpha has
committed and priced approximately 87% of its metallurgical coal
within the Met segment at an average price of $243.30 per ton and 100% of thermal coal in the
Met segment at an average expected price of $97.43 per ton. In the All Other category the
company is 100% committed and priced at an average price of
$77.69 per ton.
|
2022
Guidance
|
in millions of
tons
|
Low
|
High
|
Metallurgical
|
14.0
|
15.0
|
Thermal
|
1.0
|
1.4
|
Met
Segment
|
15.0
|
16.4
|
All Other
|
0.6
|
0.8
|
Total
Shipments
|
15.6
|
17.2
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
Metallurgical -
Domestic
|
|
$192.03
|
Metallurgical -
Export
|
|
$265.02
|
Metallurgical
Total
|
87 %
|
$243.30
|
Thermal
|
100 %
|
$97.43
|
Met
Segment
|
89 %
|
$228.76
|
All Other
|
100 %
|
$77.69
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
Metallurgical
Total
|
13 %
|
|
Thermal
|
— %
|
|
Met
Segment
|
11 %
|
|
All Other
|
— %
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
Met Segment
|
$101.00
|
$107.00
|
All Other
|
$58.00
|
$62.00
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
SG&A5
|
$55
|
$59
|
Idle Operations
Expense
|
$30
|
$40
|
Cash Interest
Expense
|
$18
|
$22
|
DD&A
|
$90
|
$110
|
Capital
Expenditures
|
$160
|
$190
|
Tax
Rate6
|
5 %
|
15 %
|
Notes:
|
1.
|
Based on committed and
priced coal shipments as of October 28, 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.
|
|
|
Conference Call
The company plans to hold a conference call regarding its third
quarter 2022 results on November 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
877-407-0832 (domestic toll-free) or 201-689-8433 (international)
approximately 15 minutes prior to start time.
About Alpha Metallurgical
Resources
Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations
across Virginia and West Virginia. With customers across the
globe, high-quality reserves and significant port capacity, Alpha
reliably supplies metallurgical products to the steel industry. For
more information, visit www.AlphaMetResources.com.
Forward-Looking
Statements
This news release includes forward-looking
statements. These forward-looking statements are based on
Alpha's expectations and beliefs concerning future events and
involve risks and uncertainties that may cause actual results to
differ materially from current expectations. These factors are
difficult to predict accurately and may be beyond Alpha's
control. Forward-looking statements in this news release or
elsewhere speak only as of the date made. New uncertainties
and risks arise from time to time, and it is impossible for Alpha
to predict these events or how they may affect Alpha. Except
as required by law, Alpha has no duty to, and does not intend to,
update or revise the forward-looking statements in this news
release or elsewhere after the date this release is issued. In
light of these risks and uncertainties, investors should keep in
mind that results, events or developments discussed in any
forward-looking statement made in this news release may not
occur.
Investor & Media Contact: Emily
O'Quinn
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial
Measures
The discussion below contains "non-GAAP financial measures."
These are financial measures 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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
867,849
|
|
$
647,129
|
|
$
3,271,845
|
|
$
1,426,039
|
Other
revenues
|
1,919
|
|
1,712
|
|
6,299
|
|
4,330
|
Total
revenues
|
869,768
|
|
648,841
|
|
3,278,144
|
|
1,430,369
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items
shown separately below)
|
555,502
|
|
488,169
|
|
1,736,711
|
|
1,182,360
|
Depreciation,
depletion and amortization
|
27,925
|
|
24,519
|
|
83,690
|
|
80,261
|
Accretion on asset
retirement obligations
|
5,921
|
|
6,674
|
|
17,822
|
|
19,970
|
Amortization of
acquired intangibles, net
|
4,543
|
|
2,980
|
|
16,038
|
|
9,402
|
Asset impairment and
restructuring
|
—
|
|
—
|
|
—
|
|
(561)
|
Selling, general and
administrative
expenses (exclusive of depreciation,
depletion and amortization shown
separately above)
|
15,095
|
|
15,264
|
|
48,339
|
|
44,891
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for
acquisition-related obligations
|
(2,954)
|
|
11,676
|
|
10,615
|
|
18,009
|
Other expense
(income)
|
2,713
|
|
(457)
|
|
569
|
|
(5,290)
|
Total costs and
expenses
|
608,745
|
|
548,825
|
|
1,913,784
|
|
1,349,042
|
Income from
operations
|
261,023
|
|
100,016
|
|
1,364,360
|
|
81,327
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
expense
|
(1,695)
|
|
(17,338)
|
|
(19,996)
|
|
(53,290)
|
Interest
income
|
1,064
|
|
54
|
|
1,412
|
|
322
|
Equity loss in
affiliates
|
(4,821)
|
|
(643)
|
|
(8,318)
|
|
(1,161)
|
Miscellaneous income,
net
|
1,702
|
|
1,812
|
|
4,884
|
|
5,425
|
Total other expense,
net
|
(3,750)
|
|
(16,115)
|
|
(22,018)
|
|
(48,704)
|
Income from continuing
operations before
income taxes
|
257,273
|
|
83,901
|
|
1,342,342
|
|
32,623
|
Income tax
expense
|
(5,437)
|
|
(208)
|
|
(114,073)
|
|
(211)
|
Net income from
continuing operations
|
251,836
|
|
83,693
|
|
1,228,269
|
|
32,412
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Income (loss) from
discontinued operations
before income taxes
|
1,273
|
|
(429)
|
|
(525)
|
|
(1,067)
|
Income tax (expense)
benefit from
discontinued operations
|
(292)
|
|
—
|
|
121
|
|
—
|
Income (loss) from
discontinued operations
|
981
|
|
(429)
|
|
(404)
|
|
(1,067)
|
Net income
|
$
252,817
|
|
$
83,264
|
|
$
1,227,865
|
|
$
31,345
|
|
|
|
|
|
|
|
|
Basic income per common
share:
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
14.71
|
|
$
4.54
|
|
$
68.16
|
|
$
1.76
|
Income (loss) from
discontinued operations
|
0.06
|
|
(0.03)
|
|
(0.02)
|
|
(0.06)
|
Net income
|
$
14.77
|
|
$
4.51
|
|
$
68.14
|
|
$
1.70
|
|
|
|
|
|
|
|
|
Diluted income per
common share:
|
|
|
|
|
|
|
|
Income from continuing
operations
|
$
14.21
|
|
$
4.43
|
|
$
65.33
|
|
$
1.73
|
Income (loss) from
discontinued operations
|
0.06
|
|
(0.03)
|
|
(0.02)
|
|
(0.06)
|
Net income
|
$
14.27
|
|
$
4.40
|
|
$
65.31
|
|
$
1.67
|
|
|
|
|
|
|
|
|
Weighted average shares
– basic
|
17,119,328
|
|
18,445,709
|
|
18,019,161
|
|
18,426,639
|
Weighted average shares
– diluted
|
17,718,517
|
|
18,913,352
|
|
18,800,674
|
|
18,783,643
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
(Amounts in
thousands, except share and per share data)
|
|
|
September 30,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
404,430
|
|
$
81,211
|
Trade accounts
receivable, net of allowance for doubtful accounts of $375 and $393
as of
September 30, 2022 and December 31, 2021,
respectively
|
487,352
|
|
489,241
|
Inventories,
net
|
178,559
|
|
129,382
|
Prepaid expenses and
other current assets
|
76,999
|
|
47,690
|
Current assets -
discontinued operations
|
57
|
|
462
|
Total current
assets
|
1,147,397
|
|
747,986
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$497,149 and $443,856 as of September 30, 2022 and
December 31, 2021, respectively
|
404,171
|
|
362,218
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$73,446 and $52,444 as of September 30, 2022 and
December 31, 2021, respectively
|
423,763
|
|
444,302
|
Other acquired
intangibles, net of accumulated amortization of $50,259 and $34,221
as
of September 30, 2022 and December 31, 2021,
respectively
|
58,561
|
|
74,197
|
Long-term restricted
investments
|
92,384
|
|
28,443
|
Long-term restricted
cash
|
31,724
|
|
89,426
|
Other non-current
assets
|
93,332
|
|
102,614
|
Non-current assets -
discontinued operations
|
8,521
|
|
8,526
|
Total assets
|
$
2,259,853
|
|
$
1,857,712
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
1,711
|
|
$
2,989
|
Trade accounts
payable
|
101,584
|
|
90,090
|
Acquisition-related
obligations – current
|
30,131
|
|
22,405
|
Accrued expenses and
other current liabilities
|
203,902
|
|
174,607
|
Current liabilities -
discontinued operations
|
4,014
|
|
5,838
|
Total current
liabilities
|
341,342
|
|
295,929
|
Long-term
debt
|
2,987
|
|
445,562
|
Acquisition-related
obligations - long-term
|
—
|
|
19,000
|
Workers' compensation
and black lung obligations
|
200,827
|
|
208,193
|
Pension
obligations
|
152,184
|
|
159,930
|
Asset retirement
obligations
|
135,082
|
|
132,013
|
Deferred income
taxes
|
11,723
|
|
317
|
Other non-current
liabilities
|
20,794
|
|
26,176
|
Non-current liabilities
- discontinued operations
|
23,245
|
|
23,683
|
Total
liabilities
|
888,184
|
|
1,310,803
|
Commitments and
Contingencies
|
|
|
|
Stockholders'
Equity
|
|
|
|
Preferred stock - par
value $0.01, 5.0 million shares authorized, none issued
|
—
|
|
—
|
Common stock - par
value $0.01, 50.0 million shares authorized, 21.6 million issued
and
16.3 million outstanding at September 30, 2022 and 20.8
million issued and 18.4 million
outstanding at December 31, 2021
|
217
|
|
208
|
Additional paid-in
capital
|
811,012
|
|
784,743
|
Accumulated other
comprehensive loss
|
(60,886)
|
|
(58,503)
|
Treasury stock, at
cost: 5.3 million shares at September 30, 2022 and 2.4 million
shares
at December 31, 2021
|
(521,094)
|
|
(107,800)
|
Retained earnings
(accumulated deficit)
|
1,142,420
|
|
(71,739)
|
Total stockholders'
equity
|
1,371,669
|
|
546,909
|
Total liabilities and
stockholders' equity
|
$
2,259,853
|
|
$
1,857,712
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
|
(Amounts in
thousands)
|
|
|
Nine Months Ended
September 30,
|
|
2022
|
|
2021
|
Operating
activities:
|
|
|
|
Net income
|
$
1,227,865
|
|
$
31,345
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
83,690
|
|
80,261
|
Amortization of
acquired intangibles, net
|
16,038
|
|
9,402
|
Amortization of debt
issuance costs and accretion of debt discount
|
7,757
|
|
9,351
|
Mark-to-market
adjustment for acquisition-related obligations
|
10,615
|
|
18,009
|
Gain on disposal of
assets
|
(2,607)
|
|
(5,342)
|
Accretion on asset
retirement obligations
|
17,822
|
|
19,970
|
Employee benefit
plans, net
|
1,312
|
|
6,685
|
Deferred income
taxes
|
11,406
|
|
(1)
|
Stock-based
compensation
|
4,103
|
|
4,351
|
Equity loss in
affiliates
|
8,318
|
|
1,161
|
Other, net
|
432
|
|
(3,938)
|
Changes in operating
assets and liabilities
|
(87,714)
|
|
(100,681)
|
Net cash provided
by operating activities
|
1,299,037
|
|
70,573
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(103,351)
|
|
(60,386)
|
Proceeds on disposal
of assets
|
3,010
|
|
7,471
|
Purchases of
investment securities
|
(181,539)
|
|
(15,474)
|
Maturity of investment
securities
|
117,380
|
|
10,508
|
Capital contributions
to equity affiliates
|
(13,832)
|
|
(4,473)
|
Other, net
|
(4,232)
|
|
52
|
Net cash used in
investing activities
|
(182,564)
|
|
(62,302)
|
Financing
activities:
|
|
|
|
Repurchases of
long-term debt
|
—
|
|
(18,415)
|
Principal repayments
of long-term debt
|
(450,484)
|
|
(61,869)
|
Dividend and dividend
equivalents paid
|
(6,807)
|
|
—
|
Common stock
repurchases and related expenses
|
(391,166)
|
|
(786)
|
Proceeds from exercise
of warrants
|
4,771
|
|
—
|
Other, net
|
(447)
|
|
(1,846)
|
Net cash used in
financing activities
|
(844,133)
|
|
(82,916)
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
272,340
|
|
(74,645)
|
Cash and cash
equivalents and restricted cash at beginning of period
|
182,614
|
|
244,571
|
Cash and cash
equivalents and restricted cash at end of period
|
$
454,954
|
|
$
169,926
|
|
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,
|
|
2022
|
|
2021
|
Cash and cash
equivalents
|
$
404,430
|
|
$
78,283
|
Short-term restricted
cash (included in Prepaid expenses and other current
assets)
|
18,800
|
|
7,642
|
Long-term restricted
cash
|
31,724
|
|
84,001
|
Total cash and cash
equivalents and restricted cash shown in the Condensed Consolidated
Statements of Cash Flows
|
$
454,954
|
|
$
169,926
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
ADJUSTED EBITDA
RECONCILIATION
|
(Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Nine Months Ended
September 30,
|
|
June 30,
2022
|
|
September 30,
2022
|
|
September 30,
2021
|
|
2022
|
|
2021
|
Net income from
continuing
operations
|
$
575,429
|
|
$
251,836
|
|
$
83,693
|
|
$ 1,228,269
|
|
$
32,412
|
Interest
expense
|
5,218
|
|
1,695
|
|
17,338
|
|
19,996
|
|
53,290
|
Interest
income
|
(164)
|
|
(1,064)
|
|
(54)
|
|
(1,412)
|
|
(322)
|
Income tax
expense
|
69,012
|
|
5,437
|
|
208
|
|
114,073
|
|
211
|
Depreciation, depletion
and
amortization
|
27,730
|
|
27,925
|
|
24,519
|
|
83,690
|
|
80,261
|
Non-cash stock
compensation
expense
|
1,401
|
|
1,520
|
|
1,189
|
|
4,103
|
|
4,351
|
Mark-to-market
adjustment -
acquisition-related obligations
|
4,208
|
|
(2,954)
|
|
11,676
|
|
10,615
|
|
18,009
|
Accretion on asset
retirement
obligations
|
5,947
|
|
5,921
|
|
6,674
|
|
17,822
|
|
19,970
|
Asset impairment and
restructuring
|
—
|
|
—
|
|
—
|
|
—
|
|
(561)
|
Amortization of
acquired intangibles,
net
|
5,747
|
|
4,543
|
|
2,980
|
|
16,038
|
|
9,402
|
Adjusted
EBITDA
|
$
694,528
|
|
$
294,859
|
|
$
148,223
|
|
$ 1,493,194
|
|
$
217,023
|
ALPHA METALLURGICAL
RESOURCES, INC. AND SUBSIDIARIES
|
RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
June 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 1,318,661
|
|
$
15,597
|
|
$ 1,334,258
|
Less: Freight and
handling fulfillment revenues
|
(156,522)
|
|
—
|
|
(156,522)
|
Non-GAAP Coal
revenues
|
$ 1,162,139
|
|
$
15,597
|
|
$ 1,177,736
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
Non-GAAP Coal sales
realization per ton
|
$
286.95
|
|
$
61.41
|
|
$
273.64
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
610,224
|
|
$
15,668
|
|
$
625,892
|
Depreciation, depletion
and amortization - production (1)
|
27,202
|
|
250
|
|
27,452
|
Accretion on asset
retirement obligations
|
3,390
|
|
2,557
|
|
5,947
|
Amortization of
acquired intangibles, net
|
4,795
|
|
952
|
|
5,747
|
Total Cost of coal
sales
|
$
645,611
|
|
$
19,427
|
|
$
665,038
|
Less: Freight and
handling costs
|
(156,522)
|
|
—
|
|
(156,522)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(27,202)
|
|
(250)
|
|
(27,452)
|
Less: Accretion on
asset retirement obligations
|
(3,390)
|
|
(2,557)
|
|
(5,947)
|
Less: Amortization of
acquired intangibles, net
|
(4,795)
|
|
(952)
|
|
(5,747)
|
Less: Idled and closed
mine costs
|
(2,708)
|
|
(2,993)
|
|
(5,701)
|
Non-GAAP Cost of coal
sales
|
$
450,994
|
|
$
12,675
|
|
$
463,669
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
Non-GAAP Cost of coal
sales per ton
|
$
111.36
|
|
$
49.90
|
|
$
107.73
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
June 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 1,318,661
|
|
$
15,597
|
|
$ 1,334,258
|
Less: Total Cost of
coal sales (per table above)
|
(645,611)
|
|
(19,427)
|
|
(665,038)
|
GAAP Coal
margin
|
$
673,050
|
|
$
(3,830)
|
|
$
669,220
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
GAAP Coal margin per
ton
|
$
166.19
|
|
$
(15.08)
|
|
$
155.49
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
673,050
|
|
$
(3,830)
|
|
$
669,220
|
Add: Depreciation,
depletion and amortization - production (1)
|
27,202
|
|
250
|
|
27,452
|
Add: Accretion on asset
retirement obligations
|
3,390
|
|
2,557
|
|
5,947
|
Add: Amortization of
acquired intangibles, net
|
4,795
|
|
952
|
|
5,747
|
Add: Idled and closed
mine costs
|
2,708
|
|
2,993
|
|
5,701
|
Non-GAAP Coal
margin
|
$
711,145
|
|
$
2,922
|
|
$
714,067
|
Tons sold
|
4,050
|
|
254
|
|
4,304
|
Non-GAAP Coal margin
per ton
|
$
175.59
|
|
$
11.50
|
|
$
165.91
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
840,638
|
|
$
27,211
|
|
$
867,849
|
Less: Freight and
handling fulfillment revenues
|
(122,585)
|
|
(3)
|
|
(122,588)
|
Non-GAAP Coal
revenues
|
$
718,053
|
|
$
27,208
|
|
$
745,261
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
Non-GAAP Coal sales
realization per ton
|
$
184.31
|
|
$
109.27
|
|
$
179.80
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
534,718
|
|
$
20,784
|
|
$
555,502
|
Depreciation, depletion
and amortization - production (1)
|
26,747
|
|
906
|
|
27,653
|
Accretion on asset
retirement obligations
|
3,390
|
|
2,531
|
|
5,921
|
Amortization of
acquired intangibles, net
|
3,591
|
|
952
|
|
4,543
|
Total Cost of coal
sales
|
$
568,446
|
|
$
25,173
|
|
$
593,619
|
Less: Freight and
handling costs
|
(122,585)
|
|
(3)
|
|
(122,588)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(26,747)
|
|
(906)
|
|
(27,653)
|
Less: Accretion on
asset retirement obligations
|
(3,390)
|
|
(2,531)
|
|
(5,921)
|
Less: Amortization of
acquired intangibles, net
|
(3,591)
|
|
(952)
|
|
(4,543)
|
Less: Idled and closed
mine costs
|
(3,580)
|
|
(3,978)
|
|
(7,558)
|
Non-GAAP Cost of coal
sales
|
$
408,553
|
|
$
16,803
|
|
$
425,356
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
Non-GAAP Cost of coal
sales per ton
|
$
104.86
|
|
$
67.48
|
|
$
102.62
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Three Months Ended
September 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
840,638
|
|
$
27,211
|
|
$
867,849
|
Less: Total Cost of
coal sales (per table above)
|
(568,446)
|
|
(25,173)
|
|
(593,619)
|
GAAP Coal
margin
|
$
272,192
|
|
$
2,038
|
|
$
274,230
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
GAAP Coal margin per
ton
|
$
69.86
|
|
$
8.18
|
|
$
66.16
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
272,192
|
|
$
2,038
|
|
$
274,230
|
Add: Depreciation,
depletion and amortization - production (1)
|
26,747
|
|
906
|
|
27,653
|
Add: Accretion on asset
retirement obligations
|
3,390
|
|
2,531
|
|
5,921
|
Add: Amortization of
acquired intangibles, net
|
3,591
|
|
952
|
|
4,543
|
Add: Idled and closed
mine costs
|
3,580
|
|
3,978
|
|
7,558
|
Non-GAAP Coal
margin
|
$
309,500
|
|
$
10,405
|
|
$
319,905
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
Non-GAAP Coal margin
per ton
|
$
79.44
|
|
$
41.79
|
|
$
77.18
|
|
|
(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.
|
|
Nine Months Ended
September 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 3,213,639
|
|
$
58,206
|
|
$ 3,271,845
|
Less: Freight and
handling fulfillment revenues
|
(423,132)
|
|
(21)
|
|
(423,153)
|
Non-GAAP Coal
revenues
|
$ 2,790,507
|
|
$
58,185
|
|
$ 2,848,692
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
Non-GAAP Coal sales
realization per ton
|
$
237.98
|
|
$
75.47
|
|
$
227.95
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,684,224
|
|
$
52,487
|
|
$ 1,736,711
|
Depreciation, depletion
and amortization - production (1)
|
81,009
|
|
1,953
|
|
82,962
|
Accretion on asset
retirement obligations
|
10,178
|
|
7,644
|
|
17,822
|
Amortization of
acquired intangibles, net
|
13,182
|
|
2,856
|
|
16,038
|
Total Cost of coal
sales
|
$ 1,788,593
|
|
$
64,940
|
|
$ 1,853,533
|
Less: Freight and
handling costs
|
(423,132)
|
|
(21)
|
|
(423,153)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(81,009)
|
|
(1,953)
|
|
(82,962)
|
Less: Accretion on
asset retirement obligations
|
(10,178)
|
|
(7,644)
|
|
(17,822)
|
Less: Amortization of
acquired intangibles, net
|
(13,182)
|
|
(2,856)
|
|
(16,038)
|
Less: Idled and closed
mine costs
|
(9,892)
|
|
(9,617)
|
|
(19,509)
|
Non-GAAP Cost of coal
sales
|
$ 1,251,200
|
|
$
42,849
|
|
$ 1,294,049
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
Non-GAAP Cost of coal
sales per ton
|
$
106.70
|
|
$
55.58
|
|
$
103.55
|
|
|
(1)
|
Depreciation, depletion
and amortization - production excludes the depreciation, depletion
and amortization related to selling, general and administrative
functions.
|
|
Nine Months Ended
September 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 3,213,639
|
|
$
58,206
|
|
$ 3,271,845
|
Less: Total Cost of
coal sales (per table above)
|
(1,788,593)
|
|
(64,940)
|
|
(1,853,533)
|
GAAP Coal
margin
|
$ 1,425,046
|
|
$
(6,734)
|
|
$ 1,418,312
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
GAAP Coal margin per
ton
|
$
121.53
|
|
$
(8.73)
|
|
$
113.49
|
|
|
|
|
|
|
GAAP Coal
margin
|
$ 1,425,046
|
|
$
(6,734)
|
|
$ 1,418,312
|
Add: Depreciation,
depletion and amortization - production (1)
|
81,009
|
|
1,953
|
|
82,962
|
Add: Accretion on asset
retirement obligations
|
10,178
|
|
7,644
|
|
17,822
|
Add: Amortization of
acquired intangibles, net
|
13,182
|
|
2,856
|
|
16,038
|
Add: Idled and closed
mine costs
|
9,892
|
|
9,617
|
|
19,509
|
Non-GAAP Coal
margin
|
$ 1,539,307
|
|
$
15,336
|
|
$ 1,554,643
|
Tons sold
|
11,726
|
|
771
|
|
12,497
|
Non-GAAP Coal margin
per ton
|
$
131.27
|
|
$
19.89
|
|
$
124.40
|
|
|
(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.
|
|
Three Months Ended
June 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
450,994
|
|
$
12,675
|
|
$
463,669
|
Less: cost of purchased
coal sold
|
(33,171)
|
|
—
|
|
(33,171)
|
Adjusted cost of
produced coal sold
|
$
417,823
|
|
$
12,675
|
|
$
430,498
|
Produced tons
sold
|
3,929
|
|
254
|
|
4,183
|
Adjusted cost of
produced coal sold per ton (1)
|
$
106.34
|
|
$
49.90
|
|
$
102.92
|
|
|
(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, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
408,553
|
|
$
16,803
|
|
$
425,356
|
Less: cost of purchased
coal sold
|
(21,222)
|
|
—
|
|
(21,222)
|
Adjusted cost of
produced coal sold
|
$
387,331
|
|
$
16,803
|
|
$
404,134
|
Produced tons
sold
|
3,795
|
|
249
|
|
4,044
|
Adjusted cost of
produced coal sold per ton (1)
|
$
102.06
|
|
$
67.48
|
|
$
99.93
|
|
|
(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.
|
|
Nine Months Ended
September 30, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$ 1,251,200
|
|
$
42,849
|
|
$ 1,294,049
|
Less: cost of purchased
coal sold
|
(82,235)
|
|
(37)
|
|
(82,272)
|
Adjusted cost of
produced coal sold
|
$ 1,168,965
|
|
$
42,812
|
|
$ 1,211,777
|
Produced tons
sold
|
11,377
|
|
770
|
|
12,147
|
Adjusted cost of
produced coal sold per ton (1)
|
$
102.75
|
|
$
55.60
|
|
$
99.76
|
|
|
(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.
|
|
Three Months Ended
September 30, 2022
|
(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
|
1,433
|
|
$
299,218
|
|
$
208.81
|
|
41 %
|
Domestic
|
945
|
|
189,224
|
|
$
200.24
|
|
27 %
|
Export - Australian
indexed
|
1,144
|
|
184,848
|
|
$
161.58
|
|
32 %
|
Total Met segment - met
coal
|
3,522
|
|
$
673,290
|
|
$
191.17
|
|
100 %
|
Met segment - thermal
coal
|
374
|
|
44,763
|
|
$
119.69
|
|
|
Total Met segment Coal
revenues
|
3,896
|
|
718,053
|
|
$
184.31
|
|
|
All Other Coal
revenues
|
249
|
|
27,208
|
|
$
109.27
|
|
|
Non-GAAP Coal
revenues
|
4,145
|
|
$
745,261
|
|
$
179.80
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
122,588
|
|
|
|
|
Coal
revenues
|
4,145
|
|
$
867,849
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.