Alpha Announces Financial Results for Fourth Quarter and Full Year 2024
Alpha Metallurgical Resources (NYSE: AMR) reported challenging fourth quarter 2024 results, with a net loss of $2.1 million ($0.16 per diluted share), compared to net income of $3.8 million in Q3. The company posted Adjusted EBITDA of $53.2 million for Q4, up from $49.0 million in Q3.
Key financial metrics include Met segment pricing at $127.84 per ton and reduced cost of coal sales to $108.82 per ton. The company maintained strong liquidity of $519.4 million, including $481.6 million in cash. Notable developments include a $15 million reduction in letters of credit and continued share repurchase program execution, with 6.6 million shares bought at approximately $165.74 per share.
For 2025, AMR revised guidance downward, reducing metallurgical coal shipment volumes to 14.5-15.5 million tons and increasing cost guidance to $103.00-$110.00 per ton, citing weak market conditions and weather impacts.
Alpha Metallurgical Resources (NYSE: AMR) ha riportato risultati difficili per il quarto trimestre del 2024, con una perdita netta di 2,1 milioni di dollari (0,16 dollari per azione diluita), rispetto a un utile netto di 3,8 milioni di dollari nel terzo trimestre. L'azienda ha registrato un EBITDA rettificato di 53,2 milioni di dollari per il quarto trimestre, in aumento rispetto ai 49,0 milioni di dollari del terzo trimestre.
I principali indicatori finanziari includono i prezzi del segmento Met a 127,84 dollari per tonnellata e una riduzione del costo delle vendite di carbone a 108,82 dollari per tonnellata. L'azienda ha mantenuto una forte liquidità di 519,4 milioni di dollari, di cui 481,6 milioni in contante. Sviluppi notevoli includono una riduzione di 15 milioni di dollari nelle lettere di credito e l'esecuzione continua del programma di riacquisto di azioni, con 6,6 milioni di azioni acquistate a circa 165,74 dollari per azione.
Per il 2025, AMR ha rivisto al ribasso le previsioni, riducendo i volumi di spedizione di carbone metallurgico a 14,5-15,5 milioni di tonnellate e aumentando le previsioni dei costi a 103,00-110,00 dollari per tonnellata, citando condizioni di mercato deboli e impatti meteorologici.
Alpha Metallurgical Resources (NYSE: AMR) reportó resultados desafiantes para el cuarto trimestre de 2024, con una pérdida neta de 2,1 millones de dólares (0,16 dólares por acción diluida), en comparación con una ganancia neta de 3,8 millones de dólares en el tercer trimestre. La compañía publicó un EBITDA ajustado de 53,2 millones de dólares para el cuarto trimestre, un aumento desde los 49,0 millones de dólares en el tercer trimestre.
Las métricas financieras clave incluyen precios del segmento Met a 127,84 dólares por tonelada y una reducción en el costo de las ventas de carbón a 108,82 dólares por tonelada. La compañía mantuvo una fuerte liquidez de 519,4 millones de dólares, incluyendo 481,6 millones en efectivo. Los desarrollos notables incluyen una reducción de 15 millones de dólares en cartas de crédito y la ejecución continua del programa de recompra de acciones, con 6,6 millones de acciones compradas a aproximadamente 165,74 dólares por acción.
Para 2025, AMR revisó sus proyecciones a la baja, reduciendo los volúmenes de envío de carbón metalúrgico a 14,5-15,5 millones de toneladas y aumentando la guía de costos a 103,00-110,00 dólares por tonelada, citando condiciones de mercado débiles y efectos climáticos.
알파 메탈러지컬 리소스(뉴욕증권거래소: AMR)는 2024년 4분기 어려운 실적을 보고했으며, 210만 달러의 순손실을 기록했습니다(희석주당 0.16달러). 이는 3분기 380만 달러의 순이익에 비해 감소한 수치입니다. 이 회사는 4분기 조정 EBITDA 5320만 달러를 기록했으며, 이는 3분기 4900만 달러에서 증가한 것입니다.
주요 재무 지표에는 메트(Met) 부문 가격이 톤당 127.84달러, 석탄 판매 비용이 톤당 108.82달러로 감소한 것이 포함됩니다. 회사는 5억 1940만 달러의 강력한 유동성을 유지하고 있으며, 그 중 4억 8160만 달러는 현금입니다. 주목할 만한 발전 사항으로는 신용장 1500만 달러 감소와 660만 주를 약 165.74달러에 매입하는 주식 매입 프로그램의 지속적인 실행이 있습니다.
2025년을 위해 AMR은 가이던스를 하향 조정하여 메탈러지컬 석탄 선적 물량을 1450만-1550만 톤으로 줄이고, 비용 가이던스를 톤당 103.00-110.00달러로 늘렸으며, 이는 약한 시장 상황과 날씨의 영향을 언급하고 있습니다.
Alpha Metallurgical Resources (NYSE: AMR) a annoncé des résultats difficiles pour le quatrième trimestre 2024, avec une perte nette de 2,1 millions de dollars (0,16 dollar par action diluée), comparée à un bénéfice net de 3,8 millions de dollars au troisième trimestre. L'entreprise a affiché un EBITDA ajusté de 53,2 millions de dollars pour le quatrième trimestre, en hausse par rapport à 49,0 millions de dollars au troisième trimestre.
Les indicateurs financiers clés incluent le prix du segment Mét à 127,84 dollars par tonne et une réduction du coût des ventes de charbon à 108,82 dollars par tonne. L'entreprise a maintenu une forte liquidité de 519,4 millions de dollars, dont 481,6 millions en espèces. Parmi les développements notables, on trouve une réduction de 15 millions de dollars dans les lettres de crédit et l'exécution continue du programme de rachat d'actions, avec 6,6 millions d'actions achetées à environ 165,74 dollars par action.
Pour 2025, AMR a revu ses prévisions à la baisse, réduisant les volumes d'expédition de charbon métallurgique à 14,5-15,5 millions de tonnes et augmentant les prévisions de coûts à 103,00-110,00 dollars par tonne, citant des conditions de marché faibles et des impacts météorologiques.
Alpha Metallurgical Resources (NYSE: AMR) berichtete über herausfordernde Ergebnisse im vierten Quartal 2024, mit einem Nettoverlust von 2,1 Millionen Dollar (0,16 Dollar pro verwässerter Aktie), verglichen mit einem Nettogewinn von 3,8 Millionen Dollar im dritten Quartal. Das Unternehmen meldete ein bereinigtes EBITDA von 53,2 Millionen Dollar für das vierte Quartal, ein Anstieg von 49,0 Millionen Dollar im dritten Quartal.
Wichtige Finanzkennzahlen umfassen die Preise im Met-Segment von 127,84 Dollar pro Tonne und die gesenkten Kosten für Kohleverkäufe von 108,82 Dollar pro Tonne. Das Unternehmen hielt eine starke Liquidität von 519,4 Millionen Dollar, einschließlich 481,6 Millionen Dollar in bar. Zu den bemerkenswerten Entwicklungen gehört eine Reduzierung der Akkreditive um 15 Millionen Dollar und die fortgesetzte Durchführung des Aktienrückkaufprogramms, bei dem 6,6 Millionen Aktien zu einem Preis von etwa 165,74 Dollar pro Aktie zurückgekauft wurden.
Für 2025 hat AMR die Prognosen nach unten korrigiert, indem die Volumina der metallurgischen Kohlesendungen auf 14,5-15,5 Millionen Tonnen gesenkt und die Kostenschätzungen auf 103,00-110,00 Dollar pro Tonne erhöht wurden, was auf schwache Marktbedingungen und Wetterauswirkungen hinweist.
- Adjusted EBITDA increased to $53.2M in Q4 from $49.0M in Q3
- Strong liquidity position of $519.4M
- Reduced letters of credit by $15M
- Lower Met segment cost of coal sales at $108.82/ton vs $114.27/ton in Q3
- Net loss of $2.1M in Q4 2024 vs $3.8M profit in Q3
- Reduced 2025 met coal shipment guidance to 14.5-15.5M tons
- Increased 2025 cost guidance to $103-$110 per ton
- Operating cash flow decreased to $56.3M from $189.5M in Q3
Insights
Alpha Metallurgical Resources' Q4 2024 results reveal significant operational challenges, with the company reporting a
The sequential decline in operating cash flow from
Alpha's downward revision of 2025 guidance is a notable red flag - reducing metallurgical coal shipment targets while simultaneously increasing cost projections creates a concerning margin squeeze scenario. The revised shipment guidance of 14.5-15.5 million tons (down from 15.0-16.0 million) coupled with higher cost projections of
Despite these challenges, Alpha maintains a solid liquidity position with
Forward contract pricing shows further potential pressure, with 2025 committed metallurgical coal at
The metallurgical coal market weakness highlighted in Alpha's results reflects broader structural challenges facing coal producers. The company's per-ton metrics tell a compelling story: Q4 realized pricing for metallurgical coal at
Alpha's forward contracting position is particularly revealing - having only
The company's reference to "severe weather in January and February" impacting operations points to the increasing operational volatility facing coal producers. These weather-related disruptions compound existing market challenges and may become more frequent, introducing additional production uncertainty.
Capital expenditures increased to
The reduction in letters of credit by
- Reports net loss of
$2.1 million - Posts Adjusted EBITDA of
$53.2 million - Reduces 2025 volume guidance for metallurgical coal shipments to 14.5 million to 15.5 million tons
- Increases full-year cost of coal sales guidance range to
$103.00 $110.00 - Reduced letters of credit outstanding by
$15 million
(millions, except per share) | |||
Three months ended | |||
Dec. 31, 2024 | Sept. 30, 2024 | Dec. 31, 2023 | |
Net (loss) income | ( | ||
Net (loss) income per diluted share | ( | ||
Adjusted EBITDA(1) | |||
Operating cash flow | |||
Capital expenditures | ( | ( | ( |
Tons of coal sold | 4.1 | 4.1 | 4.6 |
__________________________________ |
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules. |
"As expected, the weak metallurgical coal market negatively impacted our results for the fourth quarter," said Andy Eidson, Alpha's chief executive officer. "We continue to see lower levels of met coal demand which is keeping pricing subdued. As always, we strive to accurately assess the landscape and take actions as necessary to match our business to those realities. The adjustments we're announcing today to our full year 2025 guidance for met coal shipment volumes and costs of coal sales are reflective of lower amounts of purchased coal than previously expected, as well as the impact of severe weather in both January and February on our operating plans. As we look ahead, our priorities continue to be the safe operation of our mines and the financial protection of the business against these difficult market circumstances."
Financial Performance
Alpha reported a net loss of
Total Adjusted EBITDA was
Coal Revenues
(millions) | ||
Three months ended | ||
Dec. 31, 2024 | Sept. 30, 2024 | |
Met Segment | ||
Met Segment (excl. freight & handling)(1) | ||
Tons Sold | (millions) | |
Three months ended | ||
Dec. 31, 2024 | Sept. 30, 2024 | |
Met Segment | 4.1 | 4.1 |
__________________________________ |
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, 2024 | Sept. 30, 2024 | |
Met Segment | ||
__________________________________ |
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
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, 2024 | |||
Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |
Export - Other Pricing Mechanisms | 1.7 | 46 % | ||
Domestic | 1.0 | 26 % | ||
Export - Australian Indexed | 1.0 | 28 % | ||
Total Met Coal Revenues | 3.7 | 100 % | ||
Thermal Coal Revenues | 0.3 | |||
Total Met Segment Coal Revenues (excl. freight & handling)(1) | 4.1 | |||
__________________________________ |
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, 2024 | Sept. 30, 2024 | |
Met Segment | ||
Met Segment (excl. freight & handling/idle)(1) | ||
(per ton) | ||
Met Segment(1) | ||
__________________________________ |
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Alpha's Met segment cost of coal sales decreased to an average of
Liquidity and Capital Resources
Cash provided by operating activities in the fourth quarter decreased to
As of December 31, 2024, the company had total liquidity of
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to
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.
2025 Guidance Adjustments and Performance Update
Alpha is reducing its full-year 2025 guidance for metallurgical coal shipment volumes. The new metallurgical coal shipments guidance range is 14.5 million tons to 15.5 million tons, down from the prior range of 15.0 million tons to 16.0 million tons. Additionally, the company is increasing its 2025 cost of coal sales guidance range to
As of February 20, 2025, Alpha has committed and priced approximately
2025 Guidance | ||
in millions of tons | Low | High |
Metallurgical | 14.5 | 15.5 |
Thermal | 1.0 | 1.4 |
Met Segment - Total Shipments | 15.5 | 16.9 |
Committed/Priced1,2,3 | Committed | Average Price |
Metallurgical - Domestic | ||
Metallurgical - Export | ||
Metallurgical Total | 32 % | |
Thermal | 95 % | |
Met Segment | 37 % | |
Committed/Unpriced1,3 | Committed | |
Metallurgical Total | 57 % | |
Thermal | — % | |
Met Segment | 53 % | |
Costs per ton4 | Low | High |
Met Segment | ||
In millions (except taxes) | Low | High |
SG&A5 | ||
Idle Operations Expense | ||
Net Cash Interest Income | ||
DD&A | ||
Capital Expenditures | ||
Capital Contributions to Equity Affiliates6 | ||
Cash Tax Rate | 0 % | 5 % |
Notes: | |
1. | Based on committed and priced coal shipments as of February 20, 2025. Committed percentage based on the midpoint of shipment guidance range. |
2. | Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations. |
3. | Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. |
4. | Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. |
5. | Excludes expenses related to non-cash stock compensation and non-recurring expenses. |
6. | Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades. |
Annual Meeting of Stockholders
The board of directors has scheduled the annual meeting of stockholders for May 7, 2025.
Conference Call
The company plans to hold a conference call regarding its fourth quarter results on February 28, 2025, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.
About Alpha Metallurgical Resources
Alpha Metallurgical Resources (NYSE: AMR) is a
Forward-Looking Statements
This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the
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
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company's operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures. For comparability purposes, certain immaterial segment information for the three and twelve months ended December 31, 2023 have been recast to conform to the current year presentation.
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, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Revenues: | |||||||
Coal revenues | $ 615,383 | $ 957,127 | $ 2,946,579 | $ 3,456,630 | |||
Other revenues | 1,964 | 2,864 | 10,706 | 14,787 | |||
Total revenues | 617,347 | 959,991 | 2,957,285 | 3,471,417 | |||
Costs and expenses: | |||||||
Cost of coal sales (exclusive of items shown separately below) | 540,754 | 668,879 | 2,451,601 | 2,356,138 | |||
Depreciation, depletion and amortization | 40,836 | 42,638 | 167,331 | 136,869 | |||
Accretion on asset retirement obligations | 6,324 | 6,371 | 25,050 | 25,500 | |||
Amortization of acquired intangibles, net | 1,675 | 2,065 | 6,700 | 8,523 | |||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 16,831 | 26,139 | 74,000 | 82,390 | |||
Other operating loss (income) | 936 | 577 | 4,749 | (1,088) | |||
Total costs and expenses | 607,356 | 746,669 | 2,729,431 | 2,608,332 | |||
Income from operations | 9,991 | 213,322 | 227,854 | 863,085 | |||
Other (expense) income: | |||||||
Interest expense | (583) | (1,601) | (3,811) | (6,923) | |||
Interest income | 4,952 | 3,022 | 18,208 | 11,933 | |||
Loss on extinguishment of debt | — | (2,753) | — | (2,753) | |||
Equity loss in affiliates | (5,734) | (6,681) | (20,302) | (18,263) | |||
Miscellaneous expense, net | (2,940) | (763) | (11,199) | (1,620) | |||
Total other expense, net | (4,305) | (8,776) | (17,104) | (17,626) | |||
Income before income taxes | 5,686 | 204,546 | 210,750 | 845,459 | |||
Income tax expense | (7,815) | (28,530) | (23,171) | (123,503) | |||
Net (loss) income | $ (2,129) | $ 176,016 | $ 187,579 | $ 721,956 | |||
Basic (loss) income per common share | $ (0.16) | $ 13.35 | $ 14.41 | $ 51.18 | |||
Diluted (loss) income per common share | $ (0.16) | $ 12.88 | $ 14.28 | $ 49.30 | |||
Weighted average shares - basic | 13,020,122 | 13,187,100 | 13,013,469 | 14,106,466 | |||
Weighted average shares - diluted | 13,020,122 | 13,662,021 | 13,134,806 | 14,642,856 | |||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share data) | |||
December 31, 2024 | December 31, 2023 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 481,578 | $ 268,207 | |
Trade accounts receivable, net of allowance for credit losses of December 31, 2024 and 2023, respectively | 362,141 | 509,682 | |
Inventories, net | 169,269 | 231,344 | |
Prepaid expenses and other current assets | 23,681 | 39,064 | |
Total current assets | 1,036,669 | 1,048,297 | |
Property, plant, and equipment, net of accumulated depreciation and amortization of | 634,871 | 588,992 | |
Owned and leased mineral rights, net of accumulated depletion and amortization of | 443,467 | 451,160 | |
Other acquired intangibles, net of accumulated amortization of of December 31, 2024 and 2023, respectively | 39,879 | 46,579 | |
Long-term restricted cash | 122,583 | 115,918 | |
Long-term restricted investments | 43,131 | 40,597 | |
Deferred income taxes | 6,516 | 8,028 | |
Other non-current assets | 111,592 | 106,486 | |
Total assets | $ 2,438,708 | $ 2,406,057 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ 2,916 | $ 3,582 | |
Trade accounts payable | 96,633 | 128,836 | |
Accrued expenses and other current liabilities | 151,560 | 177,512 | |
Total current liabilities | 251,109 | 309,930 | |
Long-term debt | 2,868 | 6,792 | |
Workers' compensation and black lung obligations | 182,961 | 189,226 | |
Pension obligations | 100,597 | 101,908 | |
Asset retirement obligations | 189,805 | 166,509 | |
Deferred income taxes | 40,486 | 39,142 | |
Other non-current liabilities | 21,385 | 18,622 | |
Total liabilities | 789,211 | 832,129 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock - par value | — | — | |
Common stock - par value 13,016,390 outstanding at December 31, 2024 and 22,058,135 issued and 12,938,679 outstanding at December 31, 2023 | 224 | 221 | |
Additional paid-in capital | 839,804 | 834,482 | |
Accumulated other comprehensive loss | (50,082) | (40,587) | |
Treasury stock, at cost: 9,366,935 shares at December 31, 2024 and 9,119,456 shares at December 31, 2023 | (1,296,916) | (1,189,715) | |
Retained earnings | 2,156,467 | 1,969,527 | |
Total stockholders' equity | 1,649,497 | 1,573,928 | |
Total liabilities and stockholders' equity | $ 2,438,708 | $ 2,406,057 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) | |||
Year Ended December 31, | |||
2024 | 2023 | ||
Operating activities: | |||
Net income | $ 187,579 | $ 721,956 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 167,331 | 136,869 | |
Amortization of acquired intangibles, net | 6,700 | 8,523 | |
Amortization of debt issuance costs and accretion of debt discount | 1,118 | 1,947 | |
Loss on extinguishment of debt | — | 2,753 | |
Gain on disposal of assets, net | (169) | (6,817) | |
Accretion on asset retirement obligations | 25,050 | 25,500 | |
Employee benefit plans, net | 14,551 | 8,376 | |
Deferred income taxes | 5,563 | 39,722 | |
Stock-based compensation | 12,318 | 19,017 | |
Equity loss in affiliates | 20,302 | 18,263 | |
Other, net | 787 | (363) | |
Changes in operating assets and liabilities | |||
Trade accounts receivable, net | 145,379 | (102,477) | |
Inventories, net | 64,203 | (27,900) | |
Prepaid expenses and other current assets | 14,658 | 7,596 | |
Deposits | 408 | 80,729 | |
Other non-current assets | 1,199 | 3,837 | |
Trade accounts payable | (19,339) | 15,666 | |
Accrued expenses and other current liabilities | (5,972) | (9,087) | |
Acquisition-related obligations | — | (28,254) | |
Asset retirement obligations | (27,903) | (19,189) | |
Other non-current liabilities | (33,844) | (45,508) | |
Net cash provided by operating activities | 579,919 | 851,159 | |
Investing activities: | |||
Capital expenditures | (198,848) | (245,373) | |
Proceeds on disposal of assets | 1,029 | 8,173 | |
Cash paid for business acquired | — | (11,919) | |
Purchases of investment securities | (48,730) | (207,065) | |
Sales and maturities of investment securities | 48,036 | 320,961 | |
Capital contributions to equity affiliates | (32,504) | (30,812) | |
Other, net | 31 | 35 | |
Net cash used in investing activities | (230,986) | (166,000) | |
Financing activities: | |||
Principal repayments of long-term debt | (2,243) | (2,314) | |
Dividend and dividend equivalents paid | (3,077) | (113,013) | |
Common stock repurchases and related expenses | (122,299) | (540,071) | |
Other, net | (1,278) | (1,030) | |
Net cash used in financing activities | (128,897) | (656,428) | |
Net increase in cash and cash equivalents and restricted cash | 220,036 | 28,731 | |
Cash and cash equivalents and restricted cash at beginning of period | 384,125 | 355,394 | |
Cash and cash equivalents and restricted cash at end of period | $ 604,161 | $ 384,125 | |
Supplemental cash flow information: | |||
Cash paid for interest | $ 2,662 | $ 5,207 | |
Cash paid for income taxes | $ 12,144 | $ 79,221 | |
Cash received for income tax refunds | $ 3,765 | $ 30 | |
Supplemental disclosure of noncash investing and financing activities: | |||
Financing leases and capital financing - equipment | $ 1 | $ 3,195 | |
Accrued capital expenditures | $ 15,523 | $ 25,004 | |
Accrued common stock repurchases and stock repurchase excise tax | $ — | $ 8,118 | |
Accrued dividend payable | $ 424 | $ 2,863 | |
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, | |||
2024 | 2023 | ||
Cash and cash equivalents | $ 481,578 | $ 268,207 | |
Long-term restricted cash | 122,583 | 115,918 | |
Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ 604,161 | $ 384,125 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands) | |||||||||
Three Months Ended | Year Ended December 31, | ||||||||
December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | |||||
Net (loss) income | $ (2,129) | $ 3,804 | $ 176,016 | $ 187,579 | $ 721,956 | ||||
Interest expense | 583 | 1,041 | 1,601 | 3,811 | 6,923 | ||||
Interest income | (4,952) | (5,145) | (3,022) | (18,208) | (11,933) | ||||
Income tax expense (benefit) | 7,815 | (4,087) | 28,530 | 23,171 | 123,503 | ||||
Depreciation, depletion and amortization | 40,836 | 42,414 | 42,638 | 167,331 | 136,869 | ||||
Non-cash stock compensation expense | 3,001 | 3,013 | 9,339 | 12,318 | 19,017 | ||||
Loss on extinguishment of debt | — | — | 2,753 | — | 2,753 | ||||
Accretion on asset retirement obligations | 6,324 | 6,326 | 6,371 | 25,050 | 25,500 | ||||
Amortization of acquired intangibles, net | 1,675 | 1,675 | 2,065 | 6,700 | 8,523 | ||||
Adjusted EBITDA | $ 53,153 | $ 49,041 | $ 266,291 | $ 407,752 | $ 1,033,111 | ||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS | |||||
Three Months Ended | |||||
(In thousands, except for per ton data) | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||
Coal revenues | $ 615,383 | $ 669,783 | $ 957,127 | ||
Coal revenues - All Other | — | — | (2,946) | ||
Coal revenues - Met | 615,383 | 669,783 | 954,181 | ||
Less: Freight and handling fulfillment revenues - Met | (96,087) | (119,093) | (119,539) | ||
Non-GAAP Coal revenues - Met | $ 519,296 | $ 550,690 | $ 834,642 | ||
Non-GAAP Coal sales realization per ton - Met | $ 127.84 | $ 132.76 | $ 183.76 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 540,754 | $ 598,725 | $ 668,879 | ||
Depreciation, depletion and amortization - production (1) | 40,525 | 42,108 | 42,325 | ||
Accretion on asset retirement obligations | 6,324 | 6,326 | 6,371 | ||
Amortization of acquired intangibles, net | 1,675 | 1,675 | 2,065 | ||
Total Cost of coal sales | 589,278 | 648,834 | 719,640 | ||
Total Cost of coal sales - All Other | — | — | (18,101) | ||
Total Cost of coal sales - Met | 589,278 | 648,834 | 701,539 | ||
Less: Freight and handling costs - Met | (96,087) | (119,093) | (119,539) | ||
Less: Depreciation, depletion and amortization - production - Met (1) | (40,525) | (42,108) | (33,295) | ||
Less: Accretion on asset retirement obligations - Met | (6,324) | (6,326) | (3,721) | ||
Less: Amortization of acquired intangibles, net - Met | (1,675) | (1,675) | (2,065) | ||
Less: Idled and closed mine costs - Met | (2,650) | (5,625) | (2,435) | ||
Non-GAAP Cost of coal sales - Met | $ 442,017 | $ 474,007 | $ 540,484 | ||
Non-GAAP Cost of coal sales per ton - Met | $ 108.82 | $ 114.27 | $ 119.00 | ||
GAAP Coal margin - Met | $ 26,105 | $ 20,949 | $ 252,642 | ||
GAAP Coal margin per ton - Met | $ 6.43 | $ 5.05 | $ 55.62 | ||
Non GAAP Coal margin - Met | $ 77,279 | $ 76,683 | $ 294,158 | ||
Non GAAP Coal margin per ton - Met | $ 19.02 | $ 18.49 | $ 64.76 | ||
Tons sold - Met | 4,062 | 4,148 | 4,542 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Year Ended December 31, | |||
2024 | 2023 | ||
Coal revenues | $ 2,946,579 | $ 3,456,630 | |
Coal revenues - All Other | — | (49,987) | |
Coal revenues - Met | 2,946,579 | 3,406,643 | |
Less: Freight and handling fulfillment revenues - Met | (503,306) | (438,783) | |
Non-GAAP Coal revenues - Met | $ 2,443,273 | $ 2,967,860 | |
Non-GAAP Coal sales realization per ton - Met | $ 142.66 | $ 179.40 | |
Cost of coal sales (exclusive of items shown separately below) | $ 2,451,601 | $ 2,356,138 | |
Depreciation, depletion and amortization - production (1) | 166,105 | 135,668 | |
Accretion on asset retirement obligations | 25,050 | 25,500 | |
Amortization of acquired intangibles, net | 6,700 | 8,523 | |
Total Cost of coal sales | 2,649,456 | 2,525,829 | |
Total Cost of coal sales - All Other | — | (71,978) | |
Total Cost of coal sales - Met | 2,649,456 | 2,453,851 | |
Less: Freight and handling costs - Met | (503,306) | (438,783) | |
Less: Depreciation, depletion and amortization - production - Met (1) | (166,105) | (125,716) | |
Less: Accretion on asset retirement obligations - Met | (25,050) | (14,886) | |
Less: Amortization of acquired intangibles, net - Met | (6,700) | (8,523) | |
Less: Idled and closed mine costs - Met | (29,868) | (18,580) | |
Non-GAAP Cost of coal sales - Met | $ 1,918,427 | $ 1,847,363 | |
Non-GAAP Cost of coal sales per ton - Met | $ 112.01 | $ 111.67 | |
GAAP Coal margin - Met | $ 297,123 | $ 952,792 | |
GAAP Coal margin per ton - Met | $ 17.35 | $ 57.59 | |
Non GAAP Coal margin - Met | $ 524,846 | $ 1,120,497 | |
Non GAAP Coal margin per ton - Met | $ 30.64 | $ 67.73 | |
Tons sold - Met | 17,127 | 16,543 | |
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended December 31, 2024 | |||||||
(In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP | % of Met Tons | |||
Export - other pricing mechanisms | 1,693 | $ 206,948 | $ 122.24 | 46 % | |||
Domestic | 984 | 156,390 | $ 158.93 | 26 % | |||
Export - Australian indexed | 1,045 | 130,324 | $ 124.71 | 28 % | |||
Total Met segment - met coal | 3,722 | 493,662 | $ 132.63 | 100 % | |||
Met segment - thermal coal | 340 | 25,634 | $ 75.39 | ||||
Non-GAAP Coal revenues | 4,062 | 519,296 | $ 127.84 | ||||
Add: Freight and handling fulfillment revenues | — | 96,087 | |||||
Coal revenues | 4,062 | $ 615,383 | |||||
INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369
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SOURCE ALPHA METALLURGICAL RESOURCES, INC.
FAQ
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