Warrior Met Coal Reports Fourth Quarter and Full Year 2024 Results
Met or exceeded all guidance targets for the full year
Continued to make excellent progress in developing its world-class Blue Creek growth project
Outlines favorable guidance for 2025
Warrior reported net income for the fourth quarter of 2024 of
For the full year, Warrior reported net income of
Fourth Quarter and Full Year Highlights
-
Recorded
6% increase in sales volumes and8% increase in production volumes for the full year, run rates not seen since 2019 and record high annual production for Mine 4 of 2.8 million short tons; -
Generated
$367.4 million $488.3 million - Began production at the world-class Blue Creek growth project on time and on budget;
- Commenced two additional continuous miner units at Blue Creek in the fourth quarter for a total of three developing the first longwall panel and produced 209 thousand short tons from the mine for the year;
- Completed the installation of the clean coal storage silos at the rail loadout at Blue Creek, began construction on the dry slurry processing system, and made significant progress on the preparation plant, the overland clean coal belt and the barge loadout in the fourth quarter. All remaining development progress milestones remain on track, with the preparation plant expected to be completed in the middle of 2025 and the longwall startup is expected no later than the second quarter of 2026;
-
Invested
$104.1 million $350.5 million $716.5 million - Provided favorable company performance outlook in 2025 guidance, despite expected weak market conditions.
“During the fourth quarter of 2024, we delivered a strong operational and financial performance despite high-quality steelmaking coal prices reaching the lowest levels since 2021 due to a confluence of excess Chinese steel exports into our customers' markets, weaker demand and ample supply of steelmaking coals,” said Walt Scheller, CEO of Warrior. “Looking back over the last twelve months, 2024 was an extremely successful year for our company as we met or exceeded all guidance targets, achieved sales and production volume run rates not seen since 2019 and produced the first tons from our world-class Blue Creek growth project. We also generated cash from operations of
“Since the launch of the development of Blue Creek nearly three years ago, the project team continues to do an excellent job of managing capital spending and staying on schedule,” Scheller said. “Importantly, we remain confident with our total project capital expenditure estimate of
With the addition of Blue Creek, Warrior expects to increase its annual High Vol A production by 4.8 million short tons, enhance its already advantageous position on the global cost curve, drive its cash costs further into the first quartile globally, improve its profitability and cash flow generation and cement its position as a leading pure play steelmaking coal producer.
Operating Results
Sales volumes in the fourth quarter of 2024 were 1.9 million short tons, compared to 1.5 million short tons in the fourth quarter of 2023, representing a
The Company produced 2.1 million short tons of met coal in the fourth quarter of 2024 compared to 2.0 million short tons in the fourth quarter of 2023. For the full year 2024, the Company produced 8.2 million short tons, or an increase of
Additional Financial Results
Total revenues were
For the full year 2024, total revenues were
Cost of sales for the fourth quarter of 2024 was
Selling, general and administrative expenses for the fourth quarter of 2024 were
Depreciation and depletion expense for the fourth quarter of 2024 were
Income tax expense was
Cash Flow and Liquidity
The Company generated cash flows from operating activities in the fourth quarter of 2024 of
Net working capital, excluding cash, for the fourth quarter of 2024 increased by
Cash flows used in financing activities for the fourth quarter of 2024 were
The Company generated
The existing operations, excluding the investments made for Blue Creek, generated strong cash flows from operations of
The Company’s total liquidity as of December 31, 2024 was
Capital Allocation
On February 11, 2025, the Board of Directors (the "Board") declared a regular quarterly cash dividend of
Any future special dividends or stock repurchases from excess cash flows will be at the discretion of the Board and subject to consideration of several factors including business and market conditions, future financial performance, and other strategic investment opportunities. The Company will also seek to optimize its capital structure to improve returns to stockholders while allowing flexibility for the Company to pursue very selective strategic growth opportunities that can provide compelling stockholder returns.
Company Outlook
The Company's outlook for 2025 is subject to many risks that may impact performance, such as market conditions in the steel and steelmaking coal industries and overall global economic and competitive conditions, all as more fully described under Forward-Looking Statements. The Company's guidance for the full year 2025 is outlined below.
Coal sales |
8.2 - 9.0 million short tons |
Coal production |
7.8 - 8.6 million short tons |
Cash cost of sales (free-on-board port) |
|
Capital expenditures for sustaining existing mines |
|
Capital expenditures for Blue Creek project |
|
Mine development costs for Blue Creek project |
|
Depreciation and depletion |
|
Selling, general and administrative expenses |
|
Interest expense |
|
Interest income |
|
Income tax expense rate |
|
Key factors that may affect outlook include:
- Three planned longwall moves (one in Q2 and two in Q3),
- HCC index pricing, geography of sales and freight rates,
- Exclusion of other non-recurring costs,
- New labor contract, and
- Inflationary pressures.
The Company's guidance for its capital expenditures consists of sustaining capital spending of approximately
The Company's production and sales guidance contains approximately 1.0 million short tons of High Vol A steelmaking coal in 2025 from the continuous miner units from the Blue Creek reserves, which are expected to be sold in the second half of 2025 when the preparation plant comes online.
Environmental, Social and Governance Sustainability
The Company recently published its annual corporate environmental, social and governance sustainability report for 2024, which is located at http://www.warriormetcoal.com/corporate-sustainability/. The report was prepared in accordance with the codified standards of the Sustainability Accounting Standards Board. The Company is committed to transparency and open conversations surrounding environmental, social and governance topics. Although Warrior's underground steelmaking coal operations have a minimal environmental impact compared to surface-mined thermal coal, the Company strives to be an environmental steward by focusing on preservation of the environment, monitoring energy use, reducing greenhouse gas (GHG) emissions and effective land reclamation.
Use of Non-GAAP Financial Measures
This release contains the use of certain non-GAAP financial measures. These non-GAAP financial measures are provided as supplemental information for financial measures prepared in accordance with GAAP. Management believes that these non-GAAP financial measures provide additional insights into the performance of the Company, and they reflect how management analyzes Company performance and compares that performance against other companies. These non-GAAP financial measures may not be comparable to other similarly titled measures used by other entities. The definition of these non-GAAP financial measures and a reconciliation of non-GAAP to GAAP financial measures is provided in the financial tables section of this release.
Conference Call
The Company will hold a conference call to discuss its fourth quarter 2024 results today, February 13, 2025, at 4:30 p.m. ET. To listen to the event live or access an archived recording, please visit http://investors.warriormetcoal.com/. Analysts and investors who would like to participate in the conference call should dial 1-844-340-9047 (domestic) or 1-412-858-5206 (international) 10 minutes prior to the start time and reference the Warrior Met Coal conference call. Telephone playback will also be available from 6:30 p.m. ET February 13, 2025, until 6:30 p.m. ET on February 20, 2025. The replay will be available by calling: 1-877-344-7529 (domestic) or 1-412-317-0088 (international) and entering passcode 8614909.
About Warrior
Warrior is a
Forward-Looking Statements
This press release contains, and the Company’s officers and representatives may from time to time make, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, including statements regarding 2025 guidance, sales and production growth, ability to maintain cost structure, demand, pricing trends, profitability and cash flow generation, management of liquidity, and expenses, competitive advantage, the Company's future ability to create value for stockholders, as well as statements regarding inflationary pressures, the terms of any new labor contract, expected capital expenditures, and the development of, and anticipated production from, the Blue Creek project. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “project,” “target,” “foresee,” “should,” “would,” “could,” “potential,” “outlook,” “guidance” or other similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements represent management’s good faith expectations, projections, guidance, or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation, fluctuations or changes in the pricing or demand for the Company’s coal (or met coal generally) by the global steel industry; the impact of global pandemics, such as the novel coronavirus ("COVID-19") pandemic, on its business and that of its customers, including the risk of a decline in demand for the Company's met coal due to the impact of any such pandemic on steel manufacturers; the impact of inflation on the Company, the impact of geopolitical events, including the effects of the
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors.
WARRIOR MET COAL, INC. |
|||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS |
|||||||||||||||
($ in thousands, except per share) |
|||||||||||||||
|
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
||||||||
Sales |
$ |
291,614 |
|
|
$ |
359,580 |
|
|
$ |
1,499,980 |
|
|
$ |
1,647,992 |
|
Other revenues |
|
5,851 |
|
|
|
4,224 |
|
|
|
25,240 |
|
|
|
28,633 |
|
Total revenues |
|
297,465 |
|
|
|
363,804 |
|
|
|
1,525,220 |
|
|
|
1,676,625 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales (exclusive of items shown separately below) |
|
228,808 |
|
|
|
186,811 |
|
|
|
1,007,297 |
|
|
|
910,269 |
|
Cost of other revenues (exclusive of items shown separately below) |
|
15,958 |
|
|
|
4,683 |
|
|
|
45,449 |
|
|
|
37,486 |
|
Depreciation and depletion |
|
39,167 |
|
|
|
25,573 |
|
|
|
153,982 |
|
|
|
127,356 |
|
Selling, general and administrative |
|
17,626 |
|
|
|
12,991 |
|
|
|
63,078 |
|
|
|
51,817 |
|
Business interruption |
|
115 |
|
|
|
190 |
|
|
|
524 |
|
|
|
8,291 |
|
Total costs and expenses |
|
301,674 |
|
|
|
230,248 |
|
|
|
1,270,330 |
|
|
|
1,135,219 |
|
Operating (loss) income |
|
(4,209 |
) |
|
|
133,556 |
|
|
|
254,890 |
|
|
|
541,406 |
|
Interest expense |
|
(813 |
) |
|
|
(1,647 |
) |
|
|
(4,271 |
) |
|
|
(17,960 |
) |
Interest income |
|
6,973 |
|
|
|
9,464 |
|
|
|
33,047 |
|
|
|
40,699 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,699 |
) |
Other expenses |
|
— |
|
|
|
(146 |
) |
|
|
— |
|
|
|
(1,027 |
) |
Income before income tax expense |
$ |
1,951 |
|
|
$ |
141,227 |
|
|
$ |
283,666 |
|
|
$ |
551,419 |
|
Income tax expense |
|
815 |
|
|
|
12,351 |
|
|
|
33,063 |
|
|
|
72,790 |
|
Net income |
$ |
1,136 |
|
|
$ |
128,876 |
|
|
$ |
250,603 |
|
|
$ |
478,629 |
|
Basic and diluted net income per share: |
|
|
|
|
|
|
|
||||||||
Net income per share—basic |
$ |
0.02 |
|
|
$ |
2.48 |
|
|
$ |
4.79 |
|
|
$ |
9.21 |
|
Net income per share—diluted |
$ |
0.02 |
|
|
$ |
2.47 |
|
|
$ |
4.79 |
|
|
$ |
9.20 |
|
Weighted average number of shares outstanding—basic |
$ |
52,330 |
|
|
|
52,019 |
|
|
|
52,287 |
|
|
|
51,973 |
|
Weighted average number of shares outstanding—diluted |
|
52,405 |
|
|
|
52,122 |
|
|
|
52,345 |
|
|
|
52,045 |
|
Dividends per share: |
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.82 |
|
|
$ |
1.16 |
|
WARRIOR MET COAL, INC. |
|||||||||||||||
QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|||||||||||||||
QUARTERLY SUPPLEMENTAL FINANCIAL DATA: |
|||||||||||||||
|
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
(short tons in thousands)(1) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Tons sold |
|
1,887 |
|
|
|
1,533 |
|
|
|
7,975 |
|
|
|
7,518 |
|
Tons produced |
|
2,108 |
|
|
|
1,970 |
|
|
|
8,247 |
|
|
|
7,646 |
|
Average net selling price |
$ |
154.54 |
|
|
$ |
234.56 |
|
|
$ |
188.09 |
|
|
$ |
219.21 |
|
Cash cost of sales (free on board port) per short ton(2) |
$ |
119.55 |
|
|
$ |
120.69 |
|
|
$ |
125.29 |
|
|
$ |
120.29 |
|
Cost of production % |
|
68 |
% |
|
|
61 |
% |
|
|
64 |
% |
|
|
60 |
% |
Transportation and royalties % |
|
32 |
% |
|
|
39 |
% |
|
|
36 |
% |
|
|
40 |
% |
Cash margin per ton (3) |
$ |
34.99 |
|
|
$ |
113.87 |
|
|
$ |
62.80 |
|
|
$ |
98.92 |
|
(1) 1 short ton is equivalent to 0.907185 metric tons. |
|||||||||||||||
RECONCILIATION OF CASH COST OF SALES (FREE-ON-BOARD PORT) TO COST OF SALES REPORTED UNDER |
|||||||||||||||
(In thousands) |
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Cost of sales |
$ |
228,808 |
|
|
$ |
186,811 |
|
|
$ |
1,007,297 |
|
|
$ |
910,269 |
|
Asset retirement obligation accretion and valuation adjustments |
|
(1,136 |
) |
|
|
(490 |
) |
|
|
(3,243 |
) |
|
|
(2,109 |
) |
Stock compensation expense |
|
(2,089 |
) |
|
|
(1,310 |
) |
|
|
(4,866 |
) |
|
|
(3,841 |
) |
Cash cost of sales (free-on-board port)(2) |
$ |
225,583 |
|
|
$ |
185,011 |
|
|
$ |
999,188 |
|
|
$ |
904,319 |
|
(2) Cash cost of sales (free-on-board port) is based on reported cost of sales and includes items such as freight, royalties, labor, fuel and other similar production and sales cost items, and may be adjusted for other items that, pursuant to GAAP, are classified in the Condensed Statements of Operations as costs other than cost of sales, but relate directly to the costs incurred to produce met coal. Our cash cost of sales per short ton is calculated as cash cost of sales divided by the short tons sold. Cash cost of sales per short ton is a non-GAAP financial measure which is not calculated in conformity with |
|||||||||||||||
(3) Cash margin per ton is defined as average net selling price less cash cost of sales (free-on-board port) per short ton. |
|||||||||||||||
WARRIOR MET COAL, INC. |
|||||||||||||||
QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (CONTINUED) |
|||||||||||||||
RECONCILIATION OF ADJUSTED EBITDA TO AMOUNTS REPORTED UNDER |
|||||||||||||||
|
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
(In thousands) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
$ |
1,136 |
|
|
$ |
128,876 |
|
|
$ |
250,603 |
|
|
$ |
478,629 |
|
Interest (income) expense, net |
|
(6,160 |
) |
|
|
(7,817 |
) |
|
|
(28,776 |
) |
|
|
(22,739 |
) |
Income tax expense |
|
815 |
|
|
|
12,351 |
|
|
|
33,063 |
|
|
|
72,790 |
|
Depreciation and depletion |
|
39,167 |
|
|
|
25,573 |
|
|
|
153,982 |
|
|
|
127,356 |
|
Asset retirement obligation accretion and valuation adjustments |
|
1,538 |
|
|
|
1,649 |
|
|
|
5,435 |
|
|
|
4,535 |
|
Stock compensation expense |
|
7,009 |
|
|
|
3,767 |
|
|
|
22,070 |
|
|
|
18,300 |
|
Other non-cash accretion and valuation adjustments |
|
7,761 |
|
|
|
(1,036 |
) |
|
|
9,114 |
|
|
|
205 |
|
Non-cash mark-to-market loss (gain) on gas hedges |
|
1,835 |
|
|
|
— |
|
|
|
1,835 |
|
|
|
(1,227 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,699 |
|
Business interruption |
|
115 |
|
|
|
190 |
|
|
|
524 |
|
|
|
8,291 |
|
Other expenses |
|
— |
|
|
|
146 |
|
|
|
— |
|
|
|
1,027 |
|
Adjusted EBITDA (4) |
$ |
53,216 |
|
|
$ |
163,699 |
|
|
$ |
447,850 |
|
|
$ |
698,866 |
|
Adjusted EBITDA margin (5) |
|
17.9 |
% |
|
|
45.0 |
% |
|
|
29.4 |
% |
|
|
41.7 |
% |
Adjusted EBITDA per short ton (6) |
$ |
28.20 |
|
|
$ |
106.78 |
|
|
$ |
56.16 |
|
|
$ |
92.96 |
|
(4) Adjusted EBITDA is defined as net income before net interest (income) expense, income tax expense, depreciation and depletion, non-cash asset retirement obligation accretion and valuation adjustments, non-cash stock compensation expense, other non-cash accretion and valuation adjustments, non-cash mark-to-market loss (gain) on gas hedges, loss on early extinguishment of debt, business interruption expenses, and other expenses. Adjusted EBITDA is not a measure of financial performance in accordance with GAAP, and we believe items excluded from Adjusted EBITDA are significant to a reader in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity, or performance under GAAP. We believe that Adjusted EBITDA presents a useful measure of our ability to incur and service debt based on ongoing operations. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. |
|||||||||||||||
(5) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues. |
|||||||||||||||
(6) Adjusted EBITDA per ton is defined as Adjusted EBITDA divided by short tons sold. |
|||||||||||||||
RECONCILIATION OF ADJUSTED NET INCOME TO AMOUNTS REPORTED UNDER |
|||||||||||||||
(In thousands, except per share amounts) |
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
$ |
1,136 |
|
$ |
128,876 |
|
|
$ |
250,603 |
|
$ |
478,629 |
|||
Asset retirement obligation valuation adjustments, net of tax |
|
188 |
|
|
|
1,300 |
|
|
|
188 |
|
|
|
3,576 |
|
Other non-cash valuation adjustments, net of tax |
|
6,458 |
|
|
|
(817 |
) |
|
|
6,458 |
|
|
|
162 |
|
Business interruption, net of tax |
|
102 |
|
|
|
150 |
|
|
|
463 |
|
|
|
6,537 |
|
Loss on early extinguishment of debt, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,225 |
|
Other expenses, net of tax |
|
— |
|
|
|
115 |
|
|
|
— |
|
|
|
810 |
|
Adjusted net income (7) |
$ |
7,884 |
|
|
$ |
129,624 |
|
|
$ |
257,712 |
|
|
$ |
498,939 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of basic shares outstanding |
|
52,330 |
|
|
|
52,019 |
|
|
|
52,287 |
|
|
|
51,973 |
|
Weighted average number of diluted shares outstanding |
|
52,405 |
|
|
|
52,122 |
|
|
|
52,345 |
|
|
|
52,045 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted basic net income per share: |
$ |
0.15 |
|
|
$ |
2.49 |
|
|
$ |
4.93 |
|
|
$ |
9.60 |
|
Adjusted diluted net income per share: |
$ |
0.15 |
|
|
$ |
2.49 |
|
|
$ |
4.92 |
|
|
$ |
9.59 |
|
(7) Adjusted net income is defined as net income net of asset retirement obligation accretion and valuation adjustment, other non-cash accretion and valuation adjustments, business interruption expenses, idle mine expenses, loss on early extinguishment of debt and other expenses, net of tax (based on each respective period's effective tax rate). Adjusted net income is not a measure of financial performance in accordance with GAAP, and we believe items excluded from adjusted net income are significant to the reader in understanding and assessing our results of operations. Therefore, adjusted net income should not be considered in isolation, nor as an alternative to net income under GAAP. We believe adjusted net income is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Adjusted net income may not be comparable to similarly titled measures used by other companies. |
|||||||||||||||
| WARRIOR MET COAL, INC. | |||||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS |
|||||||||||||||
($ in thousands) |
|||||||||||||||
|
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
1,136 |
|
|
$ |
128,876 |
|
|
$ |
250,603 |
|
|
$ |
478,629 |
|
Non-cash adjustments to reconcile net income to net cash provided by operating activities |
|
45,254 |
|
|
|
31,854 |
|
|
|
176,860 |
|
|
|
216,762 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Trade accounts receivable |
|
11,760 |
|
|
|
169,899 |
|
|
|
(42,642 |
) |
|
|
53,601 |
|
Income tax receivable |
|
— |
|
|
|
(7,833 |
) |
|
|
7,833 |
|
|
|
(7,833 |
) |
Inventories |
|
(10,401 |
) |
|
|
(66,409 |
) |
|
|
(18,495 |
) |
|
|
(30,785 |
) |
Prepaid expenses and other receivables |
|
3,223 |
|
|
|
(332 |
) |
|
|
(504 |
) |
|
|
(847 |
) |
Accounts payable |
|
(8,697 |
) |
|
|
(6,850 |
) |
|
|
(2,551 |
) |
|
|
215 |
|
Accrued expenses and other current liabilities |
|
1,610 |
|
|
|
1,860 |
|
|
|
1,207 |
|
|
|
(8,645 |
) |
Other |
|
10,322 |
|
|
|
(5,974 |
) |
|
|
(4,863 |
) |
|
|
11 |
|
Net cash provided by operating activities |
|
54,207 |
|
|
|
245,091 |
|
|
|
367,448 |
|
|
|
701,108 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Purchases of property, plant and equipment, and other |
|
(130,679 |
) |
|
|
(180,854 |
) |
|
|
(457,221 |
) |
|
|
(491,674 |
) |
Mine development costs |
|
(11,516 |
) |
|
|
(1,601 |
) |
|
|
(31,060 |
) |
|
|
(33,112 |
) |
Acquisition, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,421 |
) |
Purchases of investments |
|
— |
|
|
|
— |
|
|
|
(49,721 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(142,195 |
) |
|
|
(182,455 |
) |
|
|
(538,002 |
) |
|
|
(527,207 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net cash used in financing activities |
|
(3,524 |
) |
|
|
(11,250 |
) |
|
|
(68,511 |
) |
|
|
(265,184 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(91,512 |
) |
|
|
51,386 |
|
|
|
(239,065 |
) |
|
|
(91,283 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
590,644 |
|
|
|
686,811 |
|
|
|
738,197 |
|
|
|
829,480 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
499,132 |
|
|
$ |
738,197 |
|
|
$ |
499,132 |
|
|
$ |
738,197 |
|
RECONCILIATION OF FREE CASH FLOW TO AMOUNTS REPORTED UNDER |
|||||||||||||||
(In thousands) |
For the three months ended December 31, |
|
For the twelve months ended December 31, |
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net cash provided by operating activities |
$ |
54,207 |
|
|
$ |
245,091 |
|
|
$ |
367,448 |
|
|
$ |
701,108 |
|
Purchases of property, plant and equipment and mine development costs |
|
(142,195 |
) |
|
|
(182,455 |
) |
|
|
(488,281 |
) |
|
|
(524,786 |
) |
Free cash flow (8) |
$ |
(87,988 |
) |
|
$ |
62,636 |
|
|
$ |
(120,833 |
) |
|
$ |
176,322 |
|
Free cash flow conversion (9) |
|
(165.3 |
)% |
|
|
38.3 |
% |
|
|
(27.0 |
)% |
|
|
25.2 |
% |
(8) Free cash flow is defined as net cash provided by operating activities less purchases of property, plant and equipment and mine development costs. Free cash flow is not a measure of financial performance in accordance with GAAP, and we believe items excluded from net cash provided by operating activities are significant to the reader in understanding and assessing our results of operations. Therefore, free cash flow should not be considered in isolation, nor as an alternative to net cash provided by operating activities under GAAP. We believe free cash flow is a useful measure of performance and we believe it aids some investors and analysts in comparing us against other companies to help analyze our current and future potential performance. Free cash flow may not be comparable to similarly titled measures used by other companies. |
|||||||||||||||
(9) Free cash flow conversion is defined as free cash flow divided by Adjusted EBITDA. |
|||||||||||||||
| WARRIOR MET COAL, INC. | ||||||||
CONDENSED BALANCE SHEETS |
||||||||
($ in thousands) |
||||||||
|
|
December 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
491,547 |
|
|
$ |
738,197 |
|
Short-term investments |
|
|
14,622 |
|
|
|
9,030 |
|
Trade accounts receivable |
|
|
140,867 |
|
|
|
98,225 |
|
Income tax receivable |
|
|
— |
|
|
|
7,833 |
|
Inventories, net |
|
|
207,590 |
|
|
|
183,949 |
|
Prepaid expenses and other receivables |
|
|
32,436 |
|
|
|
31,932 |
|
Total current assets |
|
|
887,062 |
|
|
|
1,069,166 |
|
Restricted cash |
|
|
7,585 |
|
|
|
— |
|
Mineral interests, net |
|
|
72,245 |
|
|
|
80,442 |
|
Property, plant and equipment, net |
|
|
1,549,470 |
|
|
|
1,179,609 |
|
Deferred income taxes |
|
|
3,210 |
|
|
|
5,854 |
|
Long-term investments |
|
|
44,604 |
|
|
|
— |
|
Other long-term assets |
|
|
27,340 |
|
|
|
21,987 |
|
Total assets |
|
$ |
2,591,516 |
|
|
$ |
2,357,058 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
40,178 |
|
|
$ |
36,245 |
|
Accrued expenses |
|
|
85,369 |
|
|
|
81,612 |
|
Short term financing lease liabilities |
|
|
13,208 |
|
|
|
11,463 |
|
Other current liabilities |
|
|
31,675 |
|
|
|
18,350 |
|
Total current liabilities |
|
|
170,430 |
|
|
|
147,670 |
|
Long-term debt |
|
|
153,612 |
|
|
|
153,023 |
|
Asset retirement obligations |
|
|
72,138 |
|
|
|
71,666 |
|
Long-term financing lease liabilities |
|
|
6,217 |
|
|
|
8,756 |
|
Deferred income taxes |
|
|
63,835 |
|
|
|
74,531 |
|
Other long-term liabilities |
|
|
34,467 |
|
|
|
26,966 |
|
Total liabilities |
|
|
500,699 |
|
|
|
482,612 |
|
Stockholders’ Equity: |
|
|
|
|
||||
Common stock, |
|
|
545 |
|
|
|
542 |
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Treasury stock, at cost (2,221,841 shares as of December 31, 2024, and December 31, 2023) |
|
|
(50,576 |
) |
|
|
(50,576 |
) |
Additional paid in capital |
|
|
289,808 |
|
|
|
279,332 |
|
Retained earnings |
|
|
1,851,040 |
|
|
|
1,645,148 |
|
Total stockholders’ equity |
|
|
2,090,817 |
|
|
|
1,874,446 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,591,516 |
|
|
$ |
2,357,058 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250213088475/en/
For Investors:
Dale W. Boyles, 205-554-6129
dale.boyles@warriormetcoal.com
For Media:
D'Andre Wright, 205-554-6131
dandre.wright@warriormetcoal.com
Source: Warrior Met Coal, Inc.
