- Posts net income of $220.7
million, or $13.37 per diluted
share, for the quarter
- Reports fourth quarter Adjusted EBITDA of $247.9 million
- Returns roughly $517 million
to shareholders through buybacks in 2022
- Returns approximately $100
million to shareholders through dividends declared in
2022
- Increases share buyback authorization to $1.2 billion from prior level of $1 billion
- Increases quarterly dividend to $0.44 from $0.418
per share
BRISTOL,
Tenn., Feb. 23, 2023 /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, 2022.
|
(millions, except per
share)
|
|
Three months
ended
|
|
Dec. 31,
2022
|
Sept. 30,
2022
|
Dec. 31,
2021
|
Net
income
|
$220.7
|
$252.8
|
$257.4
|
Net income per
diluted share
|
$13.37
|
$14.27
|
$13.45
|
Adjusted
EBITDA(1)
|
$247.9
|
$296.2
|
$318.5
|
Operating cash
flow
|
$185.0
|
$497.0
|
$104.3
|
Capital
expenditures
|
($61.0)
|
($33.3)
|
($22.9)
|
Tons of coal
sold
|
3.9
|
4.1
|
4.0
|
__________________________________
1. These are
non-GAAP financial measures. A reconciliation of Net Income to
Adjusted EBITDA is included in tables accompanying the financial
schedules.
|
"2022 was an extremely successful year for our company," said
Andy Eidson, Alpha's chief executive
officer. "Even with the previously-announced fourth quarter issues
that prevented us from finishing as strong as we would have liked,
the year as a whole brought about record performance in Adjusted
EBITDA and operating cash flow as well as the successful
elimination of our term loan debt. In 2022, we returned more than
half a billion dollars of capital to our stockholders in the form
of share repurchases and we declared another $100 million in dividends in 2022, the most
recent of which we paid on January 3,
2023. Additionally, the Alpha board has approved an increase
in the share repurchase authorization of $200 million to further demonstrate our
commitment to our capital return program. We look forward to
bringing this positive momentum into the rest of 2023."
Financial Performance
Alpha reported net income of $220.7
million, or $13.37 per diluted
share, for the fourth quarter 2022. In the third quarter of 2022,
the company had net income of $252.8
million, or $14.27 per diluted
share.
For the fourth quarter, total Adjusted EBITDA was $247.9 million, compared to $296.2 million in the third quarter
2022.
Todd Munsey, chief financial
officer, commented on the fourth quarter results: "As mentioned in
our earnings pre-announcement, fourth quarter volumes were weaker
than expected, largely due to challenging geology and
transportation issues, both of which have continued to improve as
we have worked through the first quarter of 2023."
Coal Revenues
|
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2022
|
Sept. 30,
2022
|
Met
Segment
|
$804.9
|
$840.6
|
All
Other
|
$16.3
|
$27.2
|
Met Segment (excl.
freight & handling)(1)
|
$699.0
|
$718.1
|
All Other (excl.
freight & handling)(1)
|
$16.3
|
$27.2
|
|
|
Tons Sold
|
(millions)
|
|
Three months
ended
|
|
Dec. 31,
2022
|
Sept. 30,
2022
|
Met
Segment
|
3.8
|
3.9
|
All
Other
|
0.1
|
0.2
|
__________________________________
1.
Represents Non-GAAP coal revenues which is defined and reconciled
under "Non-GAAP Financial Measures" and "Results of
Operations."
|
Coal Sales Realization(1)
|
(per ton)
|
|
Three months
ended
|
|
Dec. 31,
2022
|
Sept. 30,
2022
|
Met
Segment
|
$186.29
|
$184.31
|
All
Other
|
$126.10
|
$109.27
|
__________________________________
1.
Represents Non-GAAP coal sales realization which is defined and
reconciled under "Non-GAAP Financial Measures" and "Results
of Operations."
|
Fourth quarter net realized pricing for the Met segment was
$186.29 per ton and net realization
in the All Other category was $126.10.
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, 2022
|
|
Tons
Sold
|
Coal
Revenues
|
Realization/ton(1)
|
% of Met Tons
Sold
|
Export - Other
Pricing Mechanisms
|
1.1
|
$218.3
|
$196.88
|
33 %
|
Domestic
|
0.9
|
$170.2
|
$195.01
|
26 %
|
Export - Australian
Indexed
|
1.4
|
$253.4
|
$183.59
|
41 %
|
Total Met Coal
Revenues
|
3.4
|
$641.9
|
$190.94
|
100 %
|
Thermal Coal
Revenues
|
0.4
|
$57.0
|
$146.24
|
|
Total Met Segment
Coal Revenues (excl. freight &
handling)(1)
|
3.8
|
$698.9
|
$186.29
|
|
__________________________________
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,
2022
|
Sept. 30,
2022
|
Cost of Coal
Sales
|
$549.1
|
$554.1
|
Cost of Coal Sales
(excl. freight & handling/idle)(1)
|
$434.3
|
$425.4
|
|
(per ton)
|
Met
Segment(1)
|
$112.97
|
$104.86
|
All
Other(1)
|
$80.76
|
$67.48
|
__________________________________
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 fourth quarter Met segment cost of coal sales increased
to an average of $112.97 per ton.
Third quarter cost of coal sales for the Met segment was
$104.86. Cost of coal sales for the
All Other category increased to $80.76 per ton in the fourth
quarter 2022 against an average cost of $67.48 per ton in the third quarter 2022. The
higher costs in fourth quarter were attributable to operational
challenges and approximately $2.00
per ton of discretionary incentive compensation to our
employees.
Liquidity and Capital Resources
Cash provided by operating activities in the fourth quarter
decreased to $185.0 million as
compared to $497.0 million in the
third quarter 2022. Third quarter 2022 operating cash flow included
an approximate $235 million reduction
in accounts receivable as a result of coal indices softening from
historical highs reached earlier in the year. In addition, the
fourth quarter operating cash was reduced by a reclass to deposits
of approximately $85 million related
to the previously announced quarterly and special dividend. Capital
expenditures for the fourth quarter 2022 were $61.0 million compared to $33.3 million for the third quarter of 2022.
As of December 31, 2022, the
company had total liquidity of $441.1
million, including cash and cash equivalents of $301.9 million, short-term investments of
$46.1 million, and $93.1 million of unused availability under the
ABL. The future available capacity under the ABL is subject to
inventory and accounts receivable collateral requirements and the
maintenance of certain financial ratios. As of December 31, 2022, the company had no borrowings
and $61.9 million in letters of
credit outstanding under the ABL. Total long-term debt, including
the current portion of long-term debt as of December 31, 2022, was $11
million.
Dividend Program
On February 21, 2023, Alpha's board of directors declared a
quarterly cash dividend payment of $0.44 per share, increased from the prior
quarter's dividend of $0.418 per
share, which will become payable on April 3,
2023 for holders of record as of March 15, 2023.
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
In 2022, Alpha's board of directors authorized a share
repurchase program allowing for the expenditure of up to
$1 billion for the repurchase of the
company's common stock. On February 21,
2023, Alpha's board increased this authorization by
$200 million, bringing the total
authorization of the share repurchase program to $1.2 billion. As of January 31, 2023, the company has acquired
approximately 3.8 million shares of common stock at a cost of
approximately $560 million. The
number of common stock shares outstanding as of January 31, 2023 was 15,326,644, not including
the potentially dilutive effect of unexercised warrant shares or
unvested equity awards.
The timing and amount of share repurchases will continue to be
determined by the company's management based on its evaluation of
market conditions, the trading price of the stock, applicable legal
requirements, compliance with the provisions of the company's debt
agreements, and other factors.
Operational and Performance Update
During the fourth quarter, in our continuing efforts to secure
in-demand supplies and services, our subsidiary Maxxim Rebuild Co.,
LLC ("Maxxim") purchased certain assets of Industrial Plating and
Machine, Inc., which manufactures essential mining equipment
components, including gear cases. In addition, in January 2023, Maxxim completed a series of
transactions to acquire a number of coal trucks and related
equipment and facilities.
As of February 14, 2023, Alpha has
committed and priced approximately 38% of its metallurgical coal
within the Met segment at an average price of $195.89 per ton and 52% of thermal coal in the
Met segment at an average expected price of $119.79 per ton. In the All Other category the
company is 97% committed and priced at an average price of
$94.08 per ton.
|
2023
Guidance
|
in millions of
tons
|
Low
|
High
|
Metallurgical
|
15.0
|
16.0
|
Thermal
|
1.4
|
1.8
|
Met
Segment
|
16.4
|
17.8
|
All Other
|
0.3
|
0.6
|
Total
Shipments
|
16.7
|
18.4
|
|
|
|
Committed/Priced1,2,3
|
Committed
|
Average
Price
|
Metallurgical -
Domestic
|
|
$193.17
|
Metallurgical -
Export
|
|
$207.66
|
Metallurgical
Total
|
38 %
|
$195.89
|
Thermal
|
52 %
|
$119.79
|
Met
Segment
|
39 %
|
$186.39
|
All Other
|
97 %
|
$94.08
|
|
|
|
Committed/Unpriced1,3
|
Committed
|
|
Metallurgical
Total
|
38 %
|
|
Thermal
|
— %
|
|
Met
Segment
|
34 %
|
|
All Other
|
— %
|
|
|
|
|
Costs per
ton4
|
Low
|
High
|
Met Segment
|
$106.00
|
$112.00
|
All Other
|
$87.00
|
$93.00
|
|
|
|
In millions
(except taxes)
|
Low
|
High
|
SG&A5
|
$59
|
$65
|
Idle Operations
Expense
|
$21
|
$31
|
Cash Interest
Expense
|
$2
|
$10
|
DD&A
|
$115
|
$135
|
Capital
Expenditures
|
$250
|
$280
|
Tax Rate
|
15 %
|
20 %
|
|
|
|
|
Notes:
|
1.
|
Based on committed and
priced coal shipments as of February 14, 2023. Committed percentage
based on the midpoint of shipment guidance range.
|
2.
|
Actual average per-ton
realizations on committed and priced tons recognized in future
periods may vary based on actual freight expense in future periods
relative to assumed freight expense embedded in projected average
per-ton realizations.
|
3.
|
Includes estimates of
future coal shipments based upon contract terms and anticipated
delivery schedules. Actual coal shipments may vary from these
estimates.
|
4.
|
Note: The Company is
unable to present a quantitative reconciliation of its
forward-looking non-GAAP cost of coal sales per ton sold financial
measures to the most directly comparable GAAP measures without
unreasonable efforts due to the inherent difficulty in forecasting
and quantifying with reasonable accuracy significant items required
for the reconciliation. The most directly comparable GAAP measure,
GAAP cost of sales, is not accessible without unreasonable efforts
on a forward-looking basis. The reconciling items include freight
and handling costs, which are a component of GAAP cost of sales. Management is unable
to predict without unreasonable efforts freight and handling costs
due to uncertainty as to the end market and FOB point for
uncommitted sales volumes and the final shipping point for export
shipments. These amounts have historically varied and may continue
to vary significantly from quarter to quarter and material changes
to these items could have a significant effect on our future GAAP
results.
|
5.
|
Excludes expenses
related to non-cash stock compensation and non-recurring
expenses.
|
Additionally, the board of directors has scheduled the company's
annual meeting of stockholders for May 3,
2023.
Conference Call
The company plans to hold a conference call regarding its fourth
quarter and full year 2022 results on February 23, 2023, at 10:00 a.m. Eastern time. The conference call will
be available live on the investor section of the company's website
at https://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 that either exclude or include amounts
that are not excluded or included in the most directly comparable
measures calculated and presented in accordance with generally
accepted accounting principles in the
United States ("U.S. GAAP" or "GAAP"). Specifically, we make
use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP
coal revenues," "non-GAAP cost of coal sales," "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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
Coal
revenues
|
$
821,142
|
|
$
826,558
|
|
$
4,092,987
|
|
$
2,252,624
|
Other
revenues
|
2,306
|
|
1,658
|
|
8,605
|
|
6,062
|
Total
revenues
|
823,448
|
|
828,216
|
|
4,101,592
|
|
2,258,686
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items
shown separately below)
|
549,143
|
|
494,554
|
|
2,285,969
|
|
1,677,782
|
Depreciation,
depletion and amortization
|
23,930
|
|
29,786
|
|
107,620
|
|
110,047
|
Accretion on asset
retirement obligations
|
5,943
|
|
6,550
|
|
23,765
|
|
26,520
|
Amortization of
acquired intangibles, net
|
3,460
|
|
3,842
|
|
19,498
|
|
13,244
|
Asset impairment and
restructuring
|
—
|
|
—
|
|
—
|
|
(561)
|
Selling, general and
administrative
expenses (exclusive of depreciation,
depletion and amortization shown
separately above)
|
23,279
|
|
19,010
|
|
71,618
|
|
63,901
|
Total other operating
loss (income):
|
|
|
|
|
|
|
|
Mark-to-market
adjustment for
acquisition-related obligations
|
(1,735)
|
|
1,516
|
|
8,880
|
|
19,525
|
Other expense
(income)
|
2,794
|
|
(5,682)
|
|
3,363
|
|
(10,972)
|
Total costs and
expenses
|
606,814
|
|
549,576
|
|
2,520,713
|
|
1,899,486
|
Income from
operations
|
216,634
|
|
278,640
|
|
1,580,879
|
|
359,200
|
Other (expense)
income:
|
|
|
|
|
|
|
|
Interest
expense
|
(1,747)
|
|
(16,364)
|
|
(21,802)
|
|
(69,654)
|
Interest
income
|
1,775
|
|
13
|
|
3,187
|
|
336
|
Equity loss in
affiliates
|
(6,028)
|
|
(2,988)
|
|
(14,346)
|
|
(4,149)
|
Miscellaneous income,
net
|
2,298
|
|
1,341
|
|
6,832
|
|
6,465
|
Total other expense,
net
|
(3,702)
|
|
(17,998)
|
|
(26,129)
|
|
(67,002)
|
Income before income
taxes
|
212,932
|
|
260,642
|
|
1,554,750
|
|
292,198
|
Income tax benefit
(expense)
|
7,748
|
|
(3,197)
|
|
(106,205)
|
|
(3,408)
|
Net income
|
$
220,680
|
|
$
257,445
|
|
$
1,448,545
|
|
$
288,790
|
|
|
|
|
|
|
|
|
Basic income per common
share
|
$
13.86
|
|
$
13.93
|
|
$
82.82
|
|
$
15.66
|
Diluted income per
common share:
|
$
13.37
|
|
$
13.45
|
|
$
79.49
|
|
$
15.30
|
|
|
|
|
|
|
|
|
Weighted average shares
- basic
|
15,923,288
|
|
18,484,309
|
|
17,490,886
|
|
18,441,175
|
Weighted average shares
- diluted
|
16,504,793
|
|
19,135,326
|
|
18,222,397
|
|
18,871,682
|
ALPHA
METALLURGICAL RESOURCES, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS (Amounts in thousands, except share and per share
data)
|
|
|
December 31,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
301,906
|
|
$
81,211
|
Short-term
investments
|
46,052
|
|
—
|
Trade accounts
receivable, net of allowance for doubtful accounts of $239 and $393
as
of December 31, 2022 and 2021, respectively
|
407,210
|
|
489,241
|
Inventories,
net
|
200,574
|
|
129,382
|
Short-term
deposits
|
84,748
|
|
425
|
Short-term restricted
cash
|
24,547
|
|
11,977
|
Prepaid expenses and
other current assets
|
49,384
|
|
35,750
|
Total current
assets
|
1,114,421
|
|
747,986
|
Property, plant, and
equipment, net of accumulated depreciation and amortization of
$491,186 and $443,856 as of December 31, 2022 and 2021,
respectively
|
442,645
|
|
362,218
|
Owned and leased
mineral rights, net of accumulated depletion and amortization
of
$77,333 and $52,444 as of December 31, 2022 and 2021,
respectively
|
451,062
|
|
444,302
|
Other acquired
intangibles, net of accumulated amortization of $53,719 and $34,221
as
of December 31, 2022 and 2021, respectively
|
55,102
|
|
74,197
|
Long-term restricted
investments
|
105,735
|
|
30,949
|
Long-term restricted
cash
|
28,941
|
|
89,426
|
Deferred income
taxes
|
11,378
|
|
—
|
Other non-current
assets
|
103,195
|
|
108,634
|
Total assets
|
$
2,312,479
|
|
$
1,857,712
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
3,078
|
|
$
2,989
|
Trade accounts
payable
|
106,037
|
|
90,093
|
Acquisition-related
obligations - current
|
28,254
|
|
22,405
|
Accrued expenses and
other current liabilities
|
265,256
|
|
180,442
|
Total current
liabilities
|
402,625
|
|
295,929
|
Long-term
debt
|
7,897
|
|
445,562
|
Acquisition-related
obligations - long-term
|
—
|
|
19,000
|
Workers' compensation
and black lung obligations
|
188,247
|
|
231,876
|
Pension
obligations
|
110,836
|
|
159,930
|
Asset retirement
obligations
|
142,048
|
|
132,013
|
Deferred income
taxes
|
10,874
|
|
317
|
Other non-current
liabilities
|
20,197
|
|
26,176
|
Total
liabilities
|
882,724
|
|
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, 21.7 million
issued
and 15.5 million outstanding at December 31, 2022 and 20.8 million
issued and 18.4
million outstanding at December 31, 2021
|
217
|
|
208
|
Additional paid-in
capital
|
815,442
|
|
784,743
|
Accumulated other
comprehensive loss
|
(12,162)
|
|
(58,503)
|
Treasury stock, at
cost: 6.2 million shares at December 31, 2022 and 2.4 million
shares
at December 31, 2021
|
(649,061)
|
|
(107,800)
|
Retained earnings
(accumulated deficit)
|
1,275,319
|
|
(71,739)
|
Total stockholders'
equity
|
1,429,755
|
|
546,909
|
Total liabilities and
stockholders' equity
|
$
2,312,479
|
|
$
1,857,712
|
ALPHA
METALLURGICAL RESOURCES, INC. AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH
FLOWS (Amounts in thousands)
|
|
|
Year Ended December
31,
|
|
2022
|
|
2021
|
Operating
activities:
|
|
|
|
Net income
|
$
1,448,545
|
|
$
288,790
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation,
depletion and amortization
|
107,620
|
|
110,047
|
Amortization of
acquired intangibles, net
|
19,498
|
|
13,244
|
Accretion of
acquisition-related obligations discount
|
233
|
|
1,258
|
Amortization of debt
issuance costs and accretion of debt discount
|
8,282
|
|
12,338
|
Mark-to-market
adjustment for acquisition-related obligations
|
8,880
|
|
19,525
|
Loss (gain) on
disposal of assets, net
|
43
|
|
(9,911)
|
Accretion on asset
retirement obligations
|
23,765
|
|
26,520
|
Employee benefit
plans, net
|
(4,492)
|
|
(1,751)
|
Deferred income
taxes
|
(14,521)
|
|
(163)
|
Asset impairment and
restructuring
|
—
|
|
(561)
|
Stock-based
compensation
|
7,484
|
|
5,315
|
Equity loss in
affiliates
|
14,346
|
|
4,149
|
Other, net
|
(994)
|
|
(6,570)
|
Changes in operating
assets and liabilities
|
|
|
|
Trade accounts
receivable, net
|
82,774
|
|
(336,240)
|
Inventories,
net
|
(63,169)
|
|
(21,331)
|
Prepaid expenses and
other current assets
|
(12,031)
|
|
61,581
|
Deposits
|
(84,314)
|
|
26,853
|
Other non-current
assets
|
11,268
|
|
(250)
|
Trade accounts
payable
|
3,721
|
|
25,154
|
Accrued expenses and
other current liabilities
|
(6,872)
|
|
15,961
|
Acquisition-related
obligations
|
(22,264)
|
|
(18,121)
|
Asset retirement
obligations
|
(18,699)
|
|
(16,306)
|
Other non-current
liabilities
|
(25,098)
|
|
(24,588)
|
Net cash provided
by operating activities
|
1,484,005
|
|
174,943
|
Investing
activities:
|
|
|
|
Capital
expenditures
|
(164,309)
|
|
(83,300)
|
Proceeds on disposal
of assets
|
3,623
|
|
8,224
|
Cash paid for business
acquired
|
(24,878)
|
|
—
|
Capital contributions
to equity affiliates
|
(19,556)
|
|
(6,677)
|
Purchases of
investment securities
|
(269,420)
|
|
(17,985)
|
Maturity of investment
securities
|
149,397
|
|
13,265
|
Other, net
|
(4,214)
|
|
(3,382)
|
Net cash used in
investing activities
|
(329,357)
|
|
(89,855)
|
Financing
activities:
|
|
|
|
Repurchases of
long-term debt
|
—
|
|
(18,415)
|
Principal repayments
of long-term debt
|
(450,622)
|
|
(119,097)
|
Dividend and dividend
equivalents paid
|
(13,360)
|
|
—
|
Common stock
repurchases and related expenses
|
(521,803)
|
|
(786)
|
Proceeds from exercise
of warrants
|
5,643
|
|
—
|
Other, net
|
(1,726)
|
|
(8,747)
|
Net cash used in
financing activities
|
(981,868)
|
|
(147,045)
|
Net increase
(decrease) in cash and cash equivalents and restricted
cash
|
172,780
|
|
(61,957)
|
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
|
$
355,394
|
|
$
182,614
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
Cash paid for
interest
|
$
25,895
|
|
$
63,061
|
Cash paid for income
taxes
|
$
139,663
|
|
$
176
|
Cash received for
income tax refunds
|
$
6
|
|
$
64,498
|
Supplemental
disclosure of noncash investing and financing
activities:
|
|
|
|
Financing leases and
capital financing - equipment
|
$
9,833
|
|
$
787
|
Accrued capital
expenditures
|
$
18,456
|
|
$
9,964
|
Accrued common stock
repurchases
|
$
3,016
|
|
$
—
|
Accrued dividend
payable
|
$
88,128
|
|
$
—
|
The following table provides a reconciliation of cash and cash
equivalents and restricted cash reported within the 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,
|
|
2022
|
|
2021
|
Cash and cash
equivalents
|
$
301,906
|
|
$
81,211
|
Short-term restricted
cash
|
24,547
|
|
11,977
|
Long-term restricted
cash
|
28,941
|
|
89,426
|
Total cash and cash
equivalents and restricted cash shown in the
Consolidated Statements of Cash Flows
|
$
355,394
|
|
$
182,614
|
ALPHA
METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED
EBITDA RECONCILIATION (Amounts in
thousands)
|
|
|
Three Months
Ended
|
|
Year Ended December
31,
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
|
2022
|
|
2021
|
Net income
|
$
220,680
|
|
$
252,817
|
|
$
257,445
|
|
$ 1,448,545
|
|
$
288,790
|
Interest
expense
|
1,747
|
|
1,754
|
|
16,364
|
|
21,802
|
|
69,654
|
Interest
income
|
(1,775)
|
|
(1,059)
|
|
(13)
|
|
(3,187)
|
|
(336)
|
Income tax (benefit)
expense
|
(7,748)
|
|
5,730
|
|
3,197
|
|
106,205
|
|
3,408
|
Depreciation, depletion
and
amortization
|
23,930
|
|
27,925
|
|
29,786
|
|
107,620
|
|
110,047
|
Non-cash stock
compensation
expense
|
3,381
|
|
1,520
|
|
964
|
|
7,484
|
|
5,315
|
Mark-to-market
adjustment -
acquisition-related obligations
|
(1,735)
|
|
(2,954)
|
|
1,516
|
|
8,880
|
|
19,525
|
Gain on settlement of
acquisition-
related obligations
|
—
|
|
—
|
|
(1,125)
|
|
—
|
|
(1,125)
|
Accretion on asset
retirement obligations
|
5,943
|
|
5,921
|
|
6,550
|
|
23,765
|
|
26,520
|
Asset impairment and
restructuring
|
—
|
|
—
|
|
—
|
|
—
|
|
(561)
|
Amortization of
acquired
intangibles, net
|
3,460
|
|
4,543
|
|
3,842
|
|
19,498
|
|
13,244
|
Adjusted
EBITDA
|
$
247,883
|
|
$
296,197
|
|
$
318,526
|
|
$ 1,740,612
|
|
$
534,481
|
ALPHA
METALLURGICAL RESOURCES, INC. AND
SUBSIDIARIES RESULTS OF
OPERATIONS
|
|
|
Three Months Ended
December 31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
804,876
|
|
$
16,266
|
|
$
821,142
|
Less: Freight and
handling fulfillment revenues
|
(105,911)
|
|
1
|
|
(105,910)
|
Non-GAAP Coal
revenues
|
$
698,965
|
|
$
16,267
|
|
$
715,232
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Coal sales
realization per ton
|
$
186.29
|
|
$
126.10
|
|
$
184.29
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$
541,547
|
|
$
7,596
|
|
$
549,143
|
Depreciation, depletion
and amortization - production (1)
|
19,575
|
|
4,083
|
|
23,658
|
Accretion on asset
retirement obligations
|
3,412
|
|
2,531
|
|
5,943
|
Amortization of
acquired intangibles, net
|
2,517
|
|
943
|
|
3,460
|
Total Cost of coal
sales
|
$
567,051
|
|
$
15,153
|
|
$
582,204
|
Less: Freight and
handling costs
|
(105,911)
|
|
1
|
|
(105,910)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(19,575)
|
|
(4,083)
|
|
(23,658)
|
Less: Accretion on
asset retirement obligations
|
(3,412)
|
|
(2,531)
|
|
(5,943)
|
Less: Amortization of
acquired intangibles, net
|
(2,517)
|
|
(943)
|
|
(3,460)
|
Less: Idled and closed
mine costs
|
(11,754)
|
|
2,821
|
|
(8,933)
|
Non-GAAP Cost of coal
sales
|
$
423,882
|
|
$
10,418
|
|
$
434,300
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Cost of coal
sales per ton
|
$
112.97
|
|
$
80.76
|
|
$
111.90
|
|
(1)
Depreciation, depletion and amortization - production excludes the
depreciation, depletion and amortization related to
selling, general and administrative functions.
|
|
Three Months Ended
December 31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$
804,876
|
|
$
16,266
|
|
$
821,142
|
Less: Total Cost of
coal sales (per table above)
|
(567,051)
|
|
(15,153)
|
|
(582,204)
|
GAAP Coal
margin
|
$
237,825
|
|
$
1,113
|
|
$
238,938
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
GAAP Coal margin per
ton
|
$
63.39
|
|
$
8.63
|
|
$
61.57
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
237,825
|
|
$
1,113
|
|
$
238,938
|
Add: Depreciation,
depletion and amortization - production (1)
|
19,575
|
|
4,083
|
|
23,658
|
Add: Accretion on asset
retirement obligations
|
3,412
|
|
2,531
|
|
5,943
|
Add: Amortization of
acquired intangibles, net
|
2,517
|
|
943
|
|
3,460
|
Add: Idled and closed
mine costs
|
11,754
|
|
(2,821)
|
|
8,933
|
Non-GAAP Coal
margin
|
$
275,083
|
|
$
5,849
|
|
$
280,932
|
Tons sold
|
3,752
|
|
129
|
|
3,881
|
Non-GAAP Coal margin
per ton
|
$
73.32
|
|
$
45.34
|
|
$
72.39
|
|
|
|
|
|
|
(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
|
|
$
19,337
|
|
$
554,055
|
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
|
|
$
23,726
|
|
$
592,172
|
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)
|
|
(2,531)
|
|
(6,111)
|
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)
|
|
(23,726)
|
|
(592,172)
|
GAAP Coal
margin
|
$
272,192
|
|
$
3,485
|
|
$
275,677
|
Tons sold
|
3,896
|
|
249
|
|
4,145
|
GAAP Coal margin per
ton
|
$
69.86
|
|
$
14.00
|
|
$
66.51
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
272,192
|
|
$
3,485
|
|
$
275,677
|
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
|
|
2,531
|
|
6,111
|
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
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
|
|
$
13,237
|
|
$
494,554
|
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
|
|
$
21,347
|
|
$
534,547
|
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)
|
|
1,363
|
|
(2,170)
|
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)
|
|
(21,347)
|
|
(534,547)
|
GAAP Coal
margin
|
$
298,328
|
|
$
(6,317)
|
|
$
292,011
|
Tons sold
|
3,784
|
|
240
|
|
4,024
|
GAAP Coal margin per
ton
|
$
78.84
|
|
$
(26.32)
|
|
$
72.57
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
298,328
|
|
$
(6,317)
|
|
$
292,011
|
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
|
|
(1,363)
|
|
2,170
|
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.
|
|
Year Ended December
31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 4,018,515
|
|
$
74,472
|
|
$ 4,092,987
|
Less: Freight and
handling fulfillment revenues
|
(529,043)
|
|
(20)
|
|
(529,063)
|
Non-GAAP Coal
revenues
|
$ 3,489,472
|
|
$
74,452
|
|
$ 3,563,924
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Coal sales
realization per ton
|
$
225.45
|
|
$
82.72
|
|
$
217.60
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 2,225,771
|
|
$
60,198
|
|
$ 2,285,969
|
Depreciation, depletion
and amortization - production (1)
|
100,584
|
|
6,036
|
|
106,620
|
Accretion on asset
retirement obligations
|
13,590
|
|
10,175
|
|
23,765
|
Amortization of
acquired intangibles, net
|
15,699
|
|
3,799
|
|
19,498
|
Total Cost of coal
sales
|
$ 2,355,644
|
|
$
80,208
|
|
$ 2,435,852
|
Less: Freight and
handling costs
|
(529,043)
|
|
(20)
|
|
(529,063)
|
Less:
Depreciation, depletion and amortization - production
(1)
|
(100,584)
|
|
(6,036)
|
|
(106,620)
|
Less: Accretion on
asset retirement obligations
|
(13,590)
|
|
(10,175)
|
|
(23,765)
|
Less: Amortization of
acquired intangibles, net
|
(15,699)
|
|
(3,799)
|
|
(19,498)
|
Less: Idled and closed
mine costs
|
(21,646)
|
|
(6,911)
|
|
(28,557)
|
Non-GAAP Cost of coal
sales
|
$ 1,675,082
|
|
$
53,267
|
|
$ 1,728,349
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Cost of coal
sales per ton
|
$
108.22
|
|
$
59.19
|
|
$
105.53
|
|
(1)
Depreciation, depletion and amortization - production excludes the
depreciation, depletion and amortization related to
selling, general and administrative functions.
|
|
Year Ended December
31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Coal
revenues
|
$ 4,018,515
|
|
$
74,472
|
|
$ 4,092,987
|
Less: Total Cost of
coal sales (per table above)
|
(2,355,644)
|
|
(80,208)
|
|
(2,435,852)
|
GAAP Coal
margin
|
$ 1,662,871
|
|
$
(5,736)
|
|
$ 1,657,135
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
GAAP Coal margin per
ton
|
$
107.43
|
|
$
(6.37)
|
|
$
101.18
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$ 1,662,871
|
|
$
(5,736)
|
|
$ 1,657,135
|
Add: Depreciation,
depletion and amortization - production (1)
|
100,584
|
|
6,036
|
|
106,620
|
Add: Accretion on asset
retirement obligations
|
13,590
|
|
10,175
|
|
23,765
|
Add: Amortization of
acquired intangibles, net
|
15,699
|
|
3,799
|
|
19,498
|
Add: Idled and closed
mine costs
|
21,646
|
|
6,911
|
|
28,557
|
Non-GAAP Coal
margin
|
$ 1,814,390
|
|
$
21,185
|
|
$ 1,835,575
|
Tons sold
|
15,478
|
|
900
|
|
16,378
|
Non-GAAP Coal margin
per ton
|
$
117.22
|
|
$
23.54
|
|
$
112.08
|
|
(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
|
|
$
78,977
|
|
$ 2,252,624
|
Less: Freight and
handling fulfillment revenues
|
(380,457)
|
|
(520)
|
|
(380,977)
|
Non-GAAP Coal
revenues
|
$ 1,793,190
|
|
$
78,457
|
|
$ 1,871,647
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
Non-GAAP Coal sales
realization per ton
|
$
115.18
|
|
$
61.78
|
|
$
111.15
|
|
|
|
|
|
|
|
Cost of coal sales
(exclusive of items shown separately below)
|
$ 1,607,157
|
|
$
70,625
|
|
$ 1,677,782
|
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
|
|
$
92,509
|
|
$ 1,826,871
|
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)
|
|
(9,720)
|
|
(26,578)
|
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
|
|
$
78,977
|
|
$ 2,252,624
|
Less: Total Cost of
coal sales (per table above)
|
(1,734,362)
|
|
(92,509)
|
|
(1,826,871)
|
GAAP Coal
margin
|
$
439,285
|
|
$
(13,532)
|
|
$
425,753
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
GAAP Coal margin per
ton
|
$
28.22
|
|
$
(10.66)
|
|
$
25.28
|
|
|
|
|
|
|
|
GAAP Coal
margin
|
$
439,285
|
|
$
(13,532)
|
|
$
425,753
|
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
|
|
9,720
|
|
26,578
|
Non-GAAP Coal
margin
|
$
583,348
|
|
$
18,072
|
|
$
601,420
|
Tons sold
|
15,569
|
|
1,270
|
|
16,839
|
Non-GAAP Coal margin
per ton
|
$
37.47
|
|
$
14.23
|
|
$
35.72
|
|
(1)
Depreciation, depletion and amortization - production excludes the
depreciation, depletion and amortization related to
selling, general and administrative functions.
|
|
Three Months Ended
December 31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$
423,882
|
|
$
10,418
|
|
$
434,300
|
Less: cost of purchased
coal sold
|
(37,238)
|
|
—
|
|
(37,238)
|
Adjusted cost of
produced coal sold
|
$
386,644
|
|
$
10,418
|
|
$
397,062
|
Produced tons
sold
|
3,561
|
|
130
|
|
3,691
|
Adjusted cost of
produced coal sold per ton (1)
|
$
108.58
|
|
$
80.14
|
|
$
107.58
|
|
(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
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.
|
|
Year Ended December
31, 2022
|
(In thousands,
except for per ton data)
|
Met
|
|
All
Other
|
|
Consolidated
|
Non-GAAP Cost of coal
sales
|
$ 1,675,082
|
|
$
53,267
|
|
$ 1,728,349
|
Less: cost of purchased
coal sold
|
(119,473)
|
|
(37)
|
|
(119,510)
|
Adjusted cost of
produced coal sold
|
$ 1,555,609
|
|
$
53,230
|
|
$ 1,608,839
|
Produced tons
sold
|
14,938
|
|
900
|
|
15,838
|
Adjusted cost of
produced coal sold per ton (1)
|
$
104.14
|
|
$
59.14
|
|
$
101.58
|
|
(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.
|
|
Three Months Ended December 31,
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
|
1,109
|
|
$
218,337
|
|
$
196.88
|
|
33 %
|
Domestic
|
873
|
|
170,240
|
|
$
195.01
|
|
26 %
|
Export - Australian
indexed
|
1,380
|
|
253,355
|
|
$
183.59
|
|
41 %
|
Total Met segment - met
coal
|
3,362
|
|
$
641,932
|
|
$
190.94
|
|
100 %
|
Met segment - thermal
coal
|
390
|
|
57,033
|
|
$
146.24
|
|
|
Total Met segment Coal
revenues
|
3,752
|
|
698,965
|
|
$
186.29
|
|
|
All Other Coal
revenues
|
129
|
|
16,267
|
|
$
126.10
|
|
|
Non-GAAP Coal
revenues
|
3,881
|
|
$
715,232
|
|
$
184.29
|
|
|
Add: Freight and
handling fulfillment revenues
|
—
|
|
105,910
|
|
|
|
|
Coal
revenues
|
3,881
|
|
$
821,142
|
|
|
|
|
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SOURCE Alpha Metallurgical Resources, Inc.