Alpha Reports Second Quarter 2022 Financial Results
Alpha Metallurgical Resources, Inc. (NYSE: AMR) reported a robust second quarter 2022, achieving net income of $575.4 million and record Adjusted EBITDA of $694.5 million. The company fully paid off its term loan, enhancing financial stability and eliminating long-term debt. Furthermore, Alpha has initiated a $600 million share repurchase program and increased its quarterly dividend to 39.2 cents per share. The leadership transition sees CEO David Stetson retiring at year-end, with President and CFO Andy Eidson succeeding him, aiming to continue the company’s growth trajectory.
- Net income increased to $575.4 million in Q2 2022, up from $401 million in Q1 2022.
- Adjusted EBITDA hit a record $694.5 million, significantly higher than the previous quarter.
- Term loan balance fully paid off in June, reinforcing financial health.
- Share repurchase program authorized for up to $600 million, with $268 million already spent.
- Quarterly dividend raised to 39.2 cents per share, showing commitment to shareholder value.
- Upward adjustment in full-year guidance for thermal shipment volumes.
- Increase in SG&A guidance from $50-$54 million to $55-$59 million due to higher incentive compensation.
CEO Stetson Announces Planned Transition to Executive Board Chairman at Year End; President and CFO Eidson to Assume CEO Role
- Provides details on succession roadmap for Stetson's end of year planned retirement
- Reports second quarter net income from continuing operations of
$575.4 million - Posts record Adjusted EBITDA of
$694.5 million for the second quarter 2022 - Eliminates remaining term-loan balance in June, effectively freeing the company of long-term debt
- Reports
$268 million in buybacks through share repurchase program - Increases quarterly dividend amount to 39.2 cents per share
- Adjusts full-year guidance upward for byproduct thermal shipments from the Met segment and SG&A
BRISTOL, Tenn., Aug. 8, 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 second quarter ending June 30, 2022.
(millions, except per share) | |||
Three months ended | |||
June 30, 2022 | Mar. 31, 2022 | June 30, 2021 | |
Net income (loss)(2) | ( | ||
Net income (loss)(2) per diluted share | ( | ||
Adjusted EBITDA(1) | |||
Operating cash flow(3) | ( | ||
Capital expenditures | ( | ( | ( |
Tons of coal sold(2) | 4.3 | 4.0 | 4.0 |
__________________________________
1. | These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules. |
2. | From continuing operations. |
3. | Includes discontinued operations. |
"After meeting our stated goal of paying off the long-term debt, the Alpha team has posted yet another record quarter, with Adjusted EBITDA of nearly
Stetson continued: "With these recent accomplishments, Alpha has entered a new and exciting chapter, and I believe the end of this calendar year is the right time to hand over the reins of day-to-day leadership of the company to Andy Eidson. Like most public companies, Alpha's board of directors and executive management routinely engage in succession planning to prepare for and effectively handle leadership transitions. Andy and I have therefore worked together closely for many years. Now, as I prepare for retirement, we will focus on a seamless transition. He is exceedingly well prepared to take on the CEO role, and his vision for the company is an extension of what we have demonstrated the last few years - financial discipline, excellence and reliability in all aspects of our work, and a firm commitment to creating and maintaining shareholder value. It has been my great honor to lead Alpha, and I look forward to continuing my involvement as executive chairman of the board of directors."
Financial Performance
For the second quarter 2022, Alpha reported net income from continuing operations of
Total Adjusted EBITDA for the second quarter was a record
Coal Revenues | ||||||
(millions) | ||||||
Three months ended | ||||||
June 30, 2022 | Mar. 31, 2022 | |||||
Met Segment | $ | 1,318.7 | $ | 1,054.3 | ||
All Other | $ | 15.6 | $ | 15.4 | ||
Met Segment (excl. freight & handling)(1) | $ | 1,162.1 | $ | 910.3 | ||
All Other (excl. freight & handling)(1) | $ | 15.6 | $ | 15.4 | ||
Tons Sold | (millions) | |||||
Three months ended | ||||||
June 30, 2022 | Mar. 31, 2022 | |||||
Met Segment | 4.1 | 3.8 | ||||
All Other | 0.3 | 0.3 | ||||
__________________________________
1. | Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Coal Sales Realization(1) | ||
(per ton) | ||
Three months ended | ||
June 30, 2022 | Mar. 31, 2022 | |
Met Segment | ||
All Other | ||
__________________________________
1. | Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations." |
Our net realized pricing for the Met segment was
The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism.
(in millions, except per ton data) | ||||
Met Segment Sales | Three months ended June 30, 2022 | |||
Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |
Export - Other Pricing Mechanisms | 1.3 | 35 % | ||
Domestic | 0.8 | 22 % | ||
Export - Australian Indexed | 1.6 | 43 % | ||
Total Met Coal Revenues | 3.8 | 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 | ||
June 30, 2022 | Mar. 31, 2022 | |
Cost of Coal Sales | ||
Cost of Coal Sales (excl. freight & handling/idle)(1) | ||
(per ton) | ||
Met Segment(1) | ||
All Other(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." |
In the second quarter, Alpha's Met segment cost of coal sales increased to an average of
Liquidity and Capital Resources
On June 3, 2022, Alpha made a voluntary prepayment of
As previously announced, in connection with Alpha's improved financial position, the company received a reduction of
"Thanks to the strength of the metallurgical market in the first half of the year, we fully eliminated our term loan balance, further enhancing our balance sheet," said Andy Eidson, Alpha's president and chief financial officer. "As a result of this good work, we have also received a reduction in collateral requirements and visibility into surety terms and conditions for the coming years. Additionally, Alpha's corporate family rating was recently upgraded due in large part to our discipline in eliminating the debt. These are all positive developments for the company and our many stakeholders."
Cash provided by operating activities in the second quarter significantly increased to
As of June 30, 2022, Alpha had
Dividend Program
On August 4, 2022, Alpha's board declared a quarterly cash dividend payment of
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.
Executive Leadership Succession
Alpha announced today that its chair and chief executive officer, David Stetson, will retire as chief executive officer effective December 31, 2022. Alpha's board of directors has unanimously appointed Mr. Stetson as executive chairman of the board, effective at year end. The board has unanimously appointed president and chief financial officer Andy Eidson to succeed Mr. Stetson as chief executive officer and as a member of the board of directors, effective January 1, 2023 following Mr. Stetson's retirement as CEO at year end.
The board of directors also unanimously approved the following additional leadership changes: Effective August 9, 2022, Alpha's senior vice president and controller, Todd Munsey, will be promoted to executive vice president and chief financial officer. Mr. Eidson's service as chief financial officer will end at the time of Mr. Munsey's appointment, allowing him to focus as president on his transition to the role of chief executive officer. Effective January 1, 2023, current executive vice president and chief operating officer Jason Whitehead will become Alpha's president and chief operating officer.
Lead independent director, Michael Quillen, offered the following statement on Stetson's retirement and Eidson's appointment: "On behalf of the board, we want to thank David Stetson for the exceptional job he has done in leading Alpha. He has guided the executive team in overcoming many hurdles to build the outstanding company that is today announcing yet another record quarter. Having accomplished the goals he set forth when he came on board, David understandably wants to begin transitioning into retirement, and we wish him well in this new phase of life. We are grateful for the opportunity to retain his expertise and vision as executive chairman of the board. Additionally, the board is excited about Andy Eidson's appointment as Alpha's next CEO. He is not only exceptionally capable of building on the firm foundation that David has created, Andy is also bright, well-qualified, and brings a valuable perspective that can help propel Alpha into its next chapter as a more resilient company."
Andy Eidson commented on today's announcement: "I cannot thank David enough for all he has done for Alpha. I can attest to the lasting impact he has made, not only on this company, but also on me, through his leadership and vision. It has been a great honor to be a part of his executive team, and I look forward to continuing the positive momentum he created. I am humbled by the opportunity to serve as Alpha's next chief executive, and, together with the exceptional people in this organization, I will strive toward continuous improvement, safe production each and every day, and further solidifying Alpha's role as the industry leader. I thank the board for the confidence they have shown by offering me this opportunity and I look forward to the path ahead."
Quillen continued: "The board has great confidence in Jason Whitehead as he expands his role to include serving as the company's president, and in Todd Munsey as he takes over the reins as chief financial officer. Both individuals are highly qualified and will continue to serve Alpha well in their new roles. All in all, we believe Alpha continues to be positioned for long-term success with an outstanding, experienced, and industry-leading management team."
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.
2022 Full-Year Guidance Adjustments
"As a result of the European energy crisis caused by the Russian war, the thermal coal markets have shown significant volatility and increasing demand in recent months," said Jason Whitehead, executive vice president and chief operating officer. "We fulfilled some customer requests for incremental thermal tonnage in the second quarter, which has pushed our expected total thermal volumes over the established guidance ranges for the year. Therefore, we are adjusting our shipment guidance to accommodate for these unique circumstances. Additionally, as a result of increased incentive compensation due to performance against budgeted metrics, we are increasing our guidance for selling, general and administrative expenses for the year."
Alpha is increasing SG&A guidance to a range of
The company is increasing its shipment guidance for thermal byproduct tonnage within the Met segment to a range of 1.0 million to 1.4 million tons, up from the prior guidance range of 0.8 million tons to 1.2 million tons. This adjustment also slightly increases the total shipments guidance to a range of 15.6 million tons to 17.2 million tons, up from the prior range of 15.4 million to 17.0 million tons.
As of July 22, 2022, Alpha has committed and priced approximately
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 | ||
Metallurgical - Export | ||
Metallurgical Total | 69 % | |
Thermal | 100 % | |
Met Segment | 73 % | |
All Other | 100 % | |
Committed/Unpriced1,3 | Committed | |
Metallurgical Total | 29 % | |
Thermal | — % | |
Met Segment | 27 % | |
All Other | — % | |
Costs per ton4 | Low | High |
Met Segment | ||
All Other | ||
In millions (except taxes) | Low | High |
SG&A5 | ||
Idle Operations Expense | ||
Cash Interest Expense | ||
DD&A | ||
Capital Expenditures | ||
Tax Rate6 | 5 % | 15 % |
Notes: | |
1. | Based on committed and priced coal shipments as of July 22, 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 second quarter 2022 results on August 8, 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 Contact
InvestorRelations@AlphaMetResources.com
Alex Rotonen, CFA
423.956.6882
Media Contact
CorporateCommunications@AlphaMetResources.com
Emily O'Quinn
423.573.0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures." These are financial measures which either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal sales," "non-GAAP coal margin," and "Adjusted cost of produced coal sold." We use Adjusted EBITDA to measure the operating performance of our segments and allocate resources to the segments. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results or liquidity presented in accordance with GAAP. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, and idled and closed mine costs. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. We also use Adjusted cost of produced coal sold to distinguish the cost of captive produced coal from the effects of purchased coal. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company's operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, and capital investments.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Revenues: | |||||||
Coal revenues | $ 1,334,258 | $ 393,458 | $ 2,403,996 | $ 778,910 | |||
Other revenues | 2,154 | 1,817 | 4,380 | 2,618 | |||
Total revenues | 1,336,412 | 395,275 | 2,408,376 | 781,528 | |||
Costs and expenses: | |||||||
Cost of coal sales (exclusive of items shown separately below) | 625,892 | 346,763 | 1,181,209 | 694,191 | |||
Depreciation, depletion and amortization | 27,730 | 27,304 | 55,765 | 55,742 | |||
Accretion on asset retirement obligations | 5,947 | 6,648 | 11,901 | 13,296 | |||
Amortization of acquired intangibles, net | 5,747 | 2,553 | 11,495 | 6,422 | |||
Asset impairment and restructuring | — | — | — | (561) | |||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 18,158 | 14,645 | 33,244 | 29,627 | |||
Total other operating loss (income): | |||||||
Mark-to-market adjustment for acquisition-related obligations | 4,208 | 3,157 | 13,569 | 6,333 | |||
Other income | (1,516) | (3,608) | (2,144) | (4,833) | |||
Total costs and expenses | 686,166 | 397,462 | 1,305,039 | 800,217 | |||
Income (loss) from operations | 650,246 | (2,187) | 1,103,337 | (18,689) | |||
Other (expense) income: | |||||||
Interest expense | (5,218) | (17,962) | (18,301) | (35,952) | |||
Interest income | 164 | 104 | 348 | 268 | |||
Equity loss in affiliates | (2,136) | (384) | (3,497) | (518) | |||
Miscellaneous income, net | 1,385 | 1,847 | 3,182 | 3,613 | |||
Total other expense, net | (5,805) | (16,395) | (18,268) | (32,589) | |||
Income (loss) from continuing operations before income taxes | 644,441 | (18,582) | 1,085,069 | (51,278) | |||
Income tax expense | (69,012) | (8) | (108,636) | (3) | |||
Net income (loss) from continuing operations | 575,429 | (18,590) | 976,433 | (51,281) | |||
Discontinued operations: | |||||||
Loss from discontinued operations before income taxes | (1,652) | (401) | (1,798) | (638) | |||
Income tax benefit from discontinued operations | 380 | — | 413 | — | |||
Loss from discontinued operations | (1,272) | (401) | (1,385) | (638) | |||
Net income (loss) | $ 574,157 | $ (18,991) | $ 975,048 | $ (51,919) | |||
Basic income (loss) per common share: | |||||||
Income (loss) from continuing operations | $ 31.31 | $ (1.01) | $ 52.85 | $ (2.78) | |||
Loss from discontinued operations | (0.07) | (0.02) | (0.08) | (0.04) | |||
Net income (loss) | $ 31.24 | $ (1.03) | $ 52.77 | $ (2.82) | |||
Diluted income (loss) per common share: | |||||||
Income (loss) from continuing operations | $ 30.03 | $ (1.01) | $ 50.46 | $ (2.78) | |||
Loss from discontinued operations | (0.06) | (0.02) | (0.07) | (0.04) | |||
Net income (loss) | $ 29.97 | $ (1.03) | $ 50.39 | $ (2.82) | |||
Weighted average shares – basic | 18,380,114 | 18,438,699 | 18,476,534 | 18,416,946 | |||
Weighted average shares – diluted | 19,158,848 | 18,438,699 | 19,349,209 | 18,416,946 | |||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||
June 30, 2022 | December 31, 2021 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 161,732 | $ 81,211 | |
Trade accounts receivable, net of allowance for doubtful accounts of | 721,830 | 489,241 | |
Inventories, net | 167,192 | 129,382 | |
Prepaid expenses and other current assets | 57,853 | 47,690 | |
Current assets - discontinued operations | 70 | 462 | |
Total current assets | 1,108,677 | 747,986 | |
Property, plant, and equipment, net of accumulated depreciation and amortization of | 392,074 | 362,218 | |
Owned and leased mineral rights, net of accumulated depletion and amortization of | 429,854 | 444,302 | |
Other acquired intangibles, net of accumulated amortization of | 62,702 | 74,197 | |
Long-term restricted investments | 94,794 | 28,443 | |
Long-term restricted cash | 24,920 | 89,426 | |
Other non-current assets | 94,617 | 102,614 | |
Non-current assets - discontinued operations | 8,508 | 8,526 | |
Total assets | $ 2,216,146 | $ 1,857,712 | |
Liabilities and Stockholders' Equity | |||
Current liabilities: | |||
Current portion of long-term debt | $ 1,927 | $ 2,989 | |
Trade accounts payable | 100,957 | 90,090 | |
Acquisition-related obligations – current | 36,211 | 22,405 | |
Accrued expenses and other current liabilities | 200,268 | 174,607 | |
Current liabilities - discontinued operations | 6,104 | 5,838 | |
Total current liabilities | 345,467 | 295,929 | |
Long-term debt | 2,762 | 445,562 | |
Acquisition-related obligations - long-term | — | 19,000 | |
Workers' compensation and black lung obligations | 202,402 | 208,193 | |
Pension obligations | 155,467 | 159,930 | |
Asset retirement obligations | 133,946 | 132,013 | |
Deferred income taxes | 12,934 | 317 | |
Other non-current liabilities | 20,274 | 26,176 | |
Non-current liabilities - discontinued operations | 23,321 | 23,683 | |
Total liabilities | 896,573 | 1,310,803 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Preferred stock - par value | — | — | |
Common stock - par value | 216 | 208 | |
Additional paid-in capital | 807,603 | 784,743 | |
Accumulated other comprehensive loss | (61,704) | (58,503) | |
Treasury stock, at cost: 3.9 million shares at June 30, 2022 and 2.4 million shares at December 31, 2021 | (322,874) | (107,800) | |
Retained earnings (accumulated deficit) | 896,332 | (71,739) | |
Total stockholders' equity | 1,319,573 | 546,909 | |
Total liabilities and stockholders' equity | $ 2,216,146 | $ 1,857,712 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||
Six Months Ended June 30, | |||
2022 | 2021 | ||
Operating activities: | |||
Net income (loss) | $ 975,048 | $ (51,919) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation, depletion and amortization | 55,765 | 55,742 | |
Amortization of acquired intangibles, net | 11,495 | 6,422 | |
Amortization of debt issuance costs and accretion of debt discount | 7,231 | 6,480 | |
Mark-to-market adjustment for acquisition-related obligations | 13,569 | 6,333 | |
Gain on disposal of assets | (2,172) | (4,878) | |
Accretion on asset retirement obligations | 11,901 | 13,296 | |
Employee benefit plans, net | 232 | 5,744 | |
Deferred income taxes | 12,617 | 3 | |
Stock-based compensation | 2,583 | 3,162 | |
Equity loss in affiliates | 3,497 | 518 | |
Other, net | 567 | (58) | |
Changes in operating assets and liabilities | (290,277) | (66,296) | |
Net cash provided by (used in) operating activities | 802,056 | (25,451) | |
Investing activities: | |||
Capital expenditures | (70,012) | (38,039) | |
Proceeds on disposal of assets | 2,511 | 6,801 | |
Purchases of investment securities | (127,831) | (15,470) | |
Maturity of investment securities | 60,945 | 7,766 | |
Capital contributions to equity affiliates | (8,525) | (1,895) | |
Other, net | (4,237) | 35 | |
Net cash used in investing activities | (147,149) | (40,802) | |
Financing activities: | |||
Principal repayments of long-term debt | (450,362) | (7,521) | |
Principal repayments of financing lease obligations | (1,098) | (1,002) | |
Debt issuance costs | — | (226) | |
Common stock repurchases and related expenses | (194,950) | (680) | |
Proceeds from exercise of stock options | 903 | — | |
Proceeds from exercise of warrants | 4,486 | — | |
Net cash used in financing activities | (641,021) | (9,429) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 13,886 | (75,682) | |
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 | $ 196,500 | $ 168,889 | |
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 June 30, | |||
2022 | 2021 | ||
Cash and cash equivalents | $ 161,732 | $ 72,337 | |
Short-term restricted cash (included in Prepaid expenses and other current assets) | 9,848 | 3,794 | |
Long-term restricted cash | 24,920 | 92,758 | |
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 196,500 | $ 168,889 | |
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||||||||
Three Months Ended | Six Months Ended June 30, | ||||||||
March 31, 2022 | June 30, 2022 | June 30, 2021 | 2022 | 2021 | |||||
Net income (loss) from continuing operations | $ 401,004 | $ 575,429 | $ (18,590) | $ 976,433 | $ (51,281) | ||||
Interest expense | 13,083 | 5,218 | 17,962 | 18,301 | 35,952 | ||||
Interest income | (184) | (164) | (104) | (348) | (268) | ||||
Income tax expense | 39,624 | 69,012 | 8 | 108,636 | 3 | ||||
Depreciation, depletion and amortization | 28,035 | 27,730 | 27,304 | 55,765 | 55,742 | ||||
Non-cash stock compensation expense | 1,182 | 1,401 | 979 | 2,583 | 3,162 | ||||
Mark-to-market adjustment - acquisition-related obligations | 9,361 | 4,208 | 3,157 | 13,569 | 6,333 | ||||
Accretion on asset retirement obligations | 5,954 | 5,947 | 6,648 | 11,901 | 13,296 | ||||
Asset impairment and restructuring | — | — | — | — | (561) | ||||
Amortization of acquired intangibles, net | 5,748 | 5,747 | 2,553 | 11,495 | 6,422 | ||||
Adjusted EBITDA | $ 503,807 | $ 694,528 | $ 39,917 | $ 1,198,335 | $ 68,800 | ||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES | |||||
Three Months Ended March 31, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 1,054,340 | $ 15,398 | $ 1,069,738 | ||
Less: Freight and handling fulfillment revenues | (144,025) | (18) | (144,043) | ||
Non-GAAP Coal revenues | $ 910,315 | $ 15,380 | $ 925,695 | ||
Tons sold | 3,780 | 268 | 4,048 | ||
Non-GAAP Coal sales realization per ton | $ 240.82 | $ 57.39 | $ 228.68 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 539,282 | $ 16,035 | $ 555,317 | ||
Depreciation, depletion and amortization - production (1) | 27,060 | 797 | 27,857 | ||
Accretion on asset retirement obligations | 3,398 | 2,556 | 5,954 | ||
Amortization of acquired intangibles, net | 4,796 | 952 | 5,748 | ||
Total Cost of coal sales | $ 574,536 | $ 20,340 | $ 594,876 | ||
Less: Freight and handling costs | (144,025) | (18) | (144,043) | ||
Less: Depreciation, depletion and amortization - production (1) | (27,060) | (797) | (27,857) | ||
Less: Accretion on asset retirement obligations | (3,398) | (2,556) | (5,954) | ||
Less: Amortization of acquired intangibles, net | (4,796) | (952) | (5,748) | ||
Less: Idled and closed mine costs | (3,604) | (2,646) | (6,250) | ||
Non-GAAP Cost of coal sales | $ 391,653 | $ 13,371 | $ 405,024 | ||
Tons sold | 3,780 | 268 | 4,048 | ||
Non-GAAP Cost of coal sales per ton | $ 103.61 | $ 49.89 | $ 100.06 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended March 31, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 1,054,340 | $ 15,398 | $ 1,069,738 | ||
Less: Total Cost of coal sales (per table above) | (574,536) | (20,340) | (594,876) | ||
GAAP Coal margin | $ 479,804 | $ (4,942) | $ 474,862 | ||
Tons sold | 3,780 | 268 | 4,048 | ||
GAAP Coal margin per ton | $ 126.93 | $ (18.44) | $ 117.31 | ||
GAAP Coal margin | $ 479,804 | $ (4,942) | $ 474,862 | ||
Add: Depreciation, depletion and amortization - production (1) | 27,060 | 797 | 27,857 | ||
Add: Accretion on asset retirement obligations | 3,398 | 2,556 | 5,954 | ||
Add: Amortization of acquired intangibles, net | 4,796 | 952 | 5,748 | ||
Add: Idled and closed mine costs | 3,604 | 2,646 | 6,250 | ||
Non-GAAP Coal margin | $ 518,662 | $ 2,009 | $ 520,671 | ||
Tons sold | 3,780 | 268 | 4,048 | ||
Non-GAAP Coal margin per ton | $ 137.21 | $ 7.50 | $ 128.62 | ||
(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: 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 June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 376,839 | $ 16,619 | $ 393,458 | ||
Less: Freight and handling fulfillment revenues | (64,329) | (117) | (64,446) | ||
Non-GAAP Coal revenues | $ 312,510 | $ 16,502 | $ 329,012 | ||
Tons sold | 3,748 | 273 | 4,021 | ||
Non-GAAP Coal sales realization per ton | $ 83.38 | $ 60.45 | $ 81.82 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 331,239 | $ 15,524 | $ 346,763 | ||
Depreciation, depletion and amortization - production (1) | 25,686 | 1,438 | 27,124 | ||
Accretion on asset retirement obligations | 3,377 | 3,271 | 6,648 | ||
Amortization of acquired intangibles, net | 2,635 | (82) | 2,553 | ||
Total Cost of coal sales | $ 362,937 | $ 20,151 | $ 383,088 | ||
Less: Freight and handling costs | (64,329) | (117) | (64,446) | ||
Less: Depreciation, depletion and amortization - production (1) | (25,686) | (1,438) | (27,124) | ||
Less: Accretion on asset retirement obligations | (3,377) | (3,271) | (6,648) | ||
Less: Amortization of acquired intangibles, net | (2,635) | 82 | (2,553) | ||
Less: Idled and closed mine costs | (4,790) | (3,732) | (8,522) | ||
Non-GAAP Cost of coal sales | $ 262,120 | $ 11,675 | $ 273,795 | ||
Tons sold | 3,748 | 273 | 4,021 | ||
Non-GAAP Cost of coal sales per ton | $ 69.94 | $ 42.77 | $ 68.09 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 376,839 | $ 16,619 | $ 393,458 | ||
Less: Total Cost of coal sales (per table above) | (362,937) | (20,151) | (383,088) | ||
GAAP Coal margin | $ 13,902 | $ (3,532) | $ 10,370 | ||
Tons sold | 3,748 | 273 | 4,021 | ||
GAAP Coal margin per ton | $ 3.71 | $ (12.94) | $ 2.58 | ||
GAAP Coal margin | $ 13,902 | $ (3,532) | $ 10,370 | ||
Add: Depreciation, depletion and amortization - production (1) | 25,686 | 1,438 | 27,124 | ||
Add: Accretion on asset retirement obligations | 3,377 | 3,271 | 6,648 | ||
Add: Amortization of acquired intangibles, net | 2,635 | (82) | 2,553 | ||
Add: Idled and closed mine costs | 4,790 | 3,732 | 8,522 | ||
Non-GAAP Coal margin | $ 50,390 | $ 4,827 | $ 55,217 | ||
Tons sold | 3,748 | 273 | 4,021 | ||
Non-GAAP Coal margin per ton | $ 13.44 | $ 17.68 | $ 13.73 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Six Months Ended June 30, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 2,373,001 | $ 30,995 | $ 2,403,996 | ||
Less: Freight and handling fulfillment revenues | (300,547) | (18) | (300,565) | ||
Non-GAAP Coal revenues | $ 2,072,454 | $ 30,977 | $ 2,103,431 | ||
Tons sold | 7,830 | 522 | 8,352 | ||
Non-GAAP Coal sales realization per ton | $ 264.68 | $ 59.34 | $ 251.85 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 1,149,506 | $ 31,703 | $ 1,181,209 | ||
Depreciation, depletion and amortization - production (1) | 54,262 | 1,047 | 55,309 | ||
Accretion on asset retirement obligations | 6,788 | 5,113 | 11,901 | ||
Amortization of acquired intangibles, net | 9,591 | 1,904 | 11,495 | ||
Total Cost of coal sales | $ 1,220,147 | $ 39,767 | $ 1,259,914 | ||
Less: Freight and handling costs | (300,547) | (18) | (300,565) | ||
Less: Depreciation, depletion and amortization - production (1) | (54,262) | (1,047) | (55,309) | ||
Less: Accretion on asset retirement obligations | (6,788) | (5,113) | (11,901) | ||
Less: Amortization of acquired intangibles, net | (9,591) | (1,904) | (11,495) | ||
Less: Idled and closed mine costs | (6,312) | (5,639) | (11,951) | ||
Non-GAAP Cost of coal sales | $ 842,647 | $ 26,046 | $ 868,693 | ||
Tons sold | 7,830 | 522 | 8,352 | ||
Non-GAAP Cost of coal sales per ton | $ 107.62 | $ 49.90 | $ 104.01 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Six Months Ended June 30, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 2,373,001 | $ 30,995 | $ 2,403,996 | ||
Less: Total Cost of coal sales (per table above) | (1,220,147) | (39,767) | (1,259,914) | ||
GAAP Coal margin | $ 1,152,854 | $ (8,772) | $ 1,144,082 | ||
Tons sold | 7,830 | 522 | 8,352 | ||
GAAP Coal margin per ton | $ 147.24 | $ (16.80) | $ 136.98 | ||
GAAP Coal margin | $ 1,152,854 | $ (8,772) | $ 1,144,082 | ||
Add: Depreciation, depletion and amortization - production (1) | 54,262 | 1,047 | 55,309 | ||
Add: Accretion on asset retirement obligations | 6,788 | 5,113 | 11,901 | ||
Add: Amortization of acquired intangibles, net | 9,591 | 1,904 | 11,495 | ||
Add: Idled and closed mine costs | 6,312 | 5,639 | 11,951 | ||
Non-GAAP Coal margin | $ 1,229,807 | $ 4,931 | $ 1,234,738 | ||
Tons sold | 7,830 | 522 | 8,352 | ||
Non-GAAP Coal margin per ton | $ 157.06 | $ 9.45 | $ 147.84 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Six Months Ended June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 736,732 | $ 42,178 | $ 778,910 | ||
Less: Freight and handling fulfillment revenues | (124,340) | (486) | (124,826) | ||
Non-GAAP Coal revenues | $ 612,392 | $ 41,692 | $ 654,084 | ||
Tons sold | 7,405 | 682 | 8,087 | ||
Non-GAAP Coal sales realization per ton | $ 82.70 | $ 61.13 | $ 80.88 | ||
Cost of coal sales (exclusive of items shown separately below) | $ 657,134 | $ 37,057 | $ 694,191 | ||
Depreciation, depletion and amortization - production (1) | 52,222 | 3,161 | 55,383 | ||
Accretion on asset retirement obligations | 6,762 | 6,534 | 13,296 | ||
Amortization of acquired intangibles, net | 6,686 | (264) | 6,422 | ||
Total Cost of coal sales | $ 722,804 | $ 46,488 | $ 769,292 | ||
Less: Freight and handling costs | (124,340) | (486) | (124,826) | ||
Less: Depreciation, depletion and amortization - production (1) | (52,222) | (3,161) | (55,383) | ||
Less: Accretion on asset retirement obligations | (6,762) | (6,534) | (13,296) | ||
Less: Amortization of acquired intangibles, net | (6,686) | 264 | (6,422) | ||
Less: Idled and closed mine costs | (8,393) | (7,288) | (15,681) | ||
Non-GAAP Cost of coal sales | $ 524,401 | $ 29,283 | $ 553,684 | ||
Tons sold | 7,405 | 682 | 8,087 | ||
Non-GAAP Cost of coal sales per ton | $ 70.82 | $ 42.94 | $ 68.47 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Six Months Ended June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Coal revenues | $ 736,732 | $ 42,178 | $ 778,910 | ||
Less: Total Cost of coal sales (per table above) | (722,804) | (46,488) | (769,292) | ||
GAAP Coal margin | $ 13,928 | $ (4,310) | $ 9,618 | ||
Tons sold | 7,405 | 682 | 8,087 | ||
GAAP Coal margin per ton | $ 1.88 | $ (6.32) | $ 1.19 | ||
GAAP Coal margin | $ 13,928 | $ (4,310) | $ 9,618 | ||
Add: Depreciation, depletion and amortization - production (1) | 52,222 | 3,161 | 55,383 | ||
Add: Accretion on asset retirement obligations | 6,762 | 6,534 | 13,296 | ||
Add: Amortization of acquired intangibles, net | 6,686 | (264) | 6,422 | ||
Add: Idled and closed mine costs | 8,393 | 7,288 | 15,681 | ||
Non-GAAP Coal margin | $ 87,991 | $ 12,409 | $ 100,400 | ||
Tons sold | 7,405 | 682 | 8,087 | ||
Non-GAAP Coal margin per ton | $ 11.88 | $ 18.20 | $ 12.41 | ||
(1) | Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions. |
Three Months Ended March 31, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Non-GAAP Cost of coal sales | $ 391,653 | $ 13,371 | $ 405,024 | ||
Less: cost of purchased coal sold | (27,842) | (37) | (27,879) | ||
Adjusted cost of produced coal sold | $ 363,811 | $ 13,334 | $ 377,145 | ||
Produced tons sold | 3,653 | 267 | 3,920 | ||
Adjusted cost of produced coal sold per ton (1) | $ 99.59 | $ 49.94 | $ 96.21 | ||
(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 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 June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Non-GAAP Cost of coal sales | $ 262,120 | $ 11,675 | $ 273,795 | ||
Less: cost of purchased coal sold | (24,642) | — | (24,642) | ||
Adjusted cost of produced coal sold | $ 237,478 | $ 11,675 | $ 249,153 | ||
Produced tons sold | 3,497 | 273 | 3,770 | ||
Adjusted cost of produced coal sold per ton (1) | $ 67.91 | $ 42.77 | $ 66.09 | ||
(1) | Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold. |
Six Months Ended June 30, 2022 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Non-GAAP Cost of coal sales | $ 842,647 | $ 26,046 | $ 868,693 | ||
Less: cost of purchased coal sold | (61,013) | (37) | (61,050) | ||
Adjusted cost of produced coal sold | $ 781,634 | $ 26,009 | $ 807,643 | ||
Produced tons sold | 7,582 | 521 | 8,103 | ||
Adjusted cost of produced coal sold per ton (1) | $ 103.09 | $ 49.92 | $ 99.67 | ||
(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. |
Six Months Ended June 30, 2021 | |||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||
Non-GAAP Cost of coal sales | $ 524,401 | $ 29,283 | $ 553,684 | ||
Less: cost of purchased coal sold | (42,906) | — | (42,906) | ||
Adjusted cost of produced coal sold | $ 481,495 | $ 29,283 | $ 510,778 | ||
Produced tons sold | 6,921 | 682 | 7,603 | ||
Adjusted cost of produced coal sold per ton (1) | $ 69.57 | $ 42.94 | $ 67.18 | ||
(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 June 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 | 1,299 | $ 417,013 | $ | 321.03 | 35 % | |||
Domestic | 844 | 159,747 | $ | 189.27 | 22 % | |||
Export - Australian indexed | 1,612 | 565,097 | $ | 350.56 | 43 % | |||
Total Met segment - met coal | 3,755 | $ 1,141,857 | $ | 304.09 | 100 % | |||
Met segment - thermal coal | 295 | 20,282 | $ | 68.75 | ||||
Total Met segment Coal revenues | 4,050 | 1,162,139 | $ | 286.95 | ||||
All Other Coal revenues | 254 | 15,597 | $ | 61.41 | ||||
Non-GAAP Coal revenues | 4,304 | $ 1,177,736 | $ | 273.64 | ||||
Add: Freight and handling fulfillment revenues | — | 156,522 | ||||||
Coal revenues | 4,304 | $ 1,334,258 | ||||||
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SOURCE Alpha Metallurgical Resources, Inc.
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