001-38735 |
81-3015061 |
||||
(Commission File Number) |
(IRS Employer Identification No.) |
340 Martin Luther King Jr. Blvd.
Bristol, Tennessee 37620
| ||||||||
(Address of Principal Executive Offices, zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | AMR | New York Stock Exchange |
TABLE OF CONTENTS | ||
Exhibit 99.1 | Press Release dated November 2, 2023 |
||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Alpha Metallurgical Resources, Inc. | ||||||||
Date: November 2, 2023 |
By: |
/s/ J. Todd Munsey | ||||||
Name: J. Todd Munsey | ||||||||
Title: Chief Financial Officer |
Exhibit No. | Description | ||||
Exhibit 99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
FOR IMMEDIATE RELEASE |
(millions, except per share) | |||||||||||
Three months ended | |||||||||||
Sept. 30, 2023 | June 30, 2023 | Sept. 30, 2022 | |||||||||
Net income |
$93.8 | $181.4 | $252.8 | ||||||||
Net income per diluted share |
$6.65 | $12.16 | $14.27 | ||||||||
Adjusted EBITDA(1) |
$153.9 | $258.5 | $296.2 | ||||||||
Operating cash flow |
$157.2 | $317.2 | $497.0 | ||||||||
Capital expenditures | ($54.7) | ($54.9) | ($33.3) | ||||||||
Tons of coal sold | 4.2 | 4.3 | 4.1 |
(millions) | ||||||||
Three months ended | ||||||||
Sept. 30, 2023 | June 30, 2023 | |||||||
Met Segment | $731.5 | $834.0 | ||||||
All Other | $7.5 | $19.8 |
Met Segment (excl. freight & handling)(1) |
$636.7 | $715.8 | ||||||
All Other (excl. freight & handling)(1) |
$7.5 | $19.8 |
Tons Sold | (millions) | |||||||
Three months ended | ||||||||
Sept. 30, 2023 | June 30, 2023 | |||||||
Met Segment | 4.1 | 4.1 | ||||||
All Other | 0.1 | 0.2 |
(per ton) | ||||||||
Three months ended | ||||||||
Sept. 30, 2023 | June 30, 2023 | |||||||
Met Segment | $154.73 | $172.51 | ||||||
All Other | $68.32 | $99.66 |
(in millions, except per ton data) | ||||||||||||||
Met Segment Sales | Three months ended Sept. 30, 2023 | |||||||||||||
Tons Sold | Coal Revenues | Realization/ton(1) |
% of Met Tons Sold | |||||||||||
Export - Other Pricing Mechanisms | 1.4 | $190.5 | $136.76 | 37% | ||||||||||
Domestic | 1.1 | $210.1 | $192.93 | 29% | ||||||||||
Export - Australian Indexed | 1.3 | $204.4 | $158.56 | 34% | ||||||||||
Total Met Coal Revenues | 3.8 | $605.0 | $160.43 | 100% | ||||||||||
Thermal Coal Revenues | 0.3 | $31.7 | $92.22 | |||||||||||
Total Met Segment Coal Revenues (excl. freight & handling)(1) |
4.1 | $636.7 | $154.73 |
(in millions, except per ton data) | ||||||||
Three months ended | ||||||||
Sept. 30, 2023 | June 30, 2023 | |||||||
Cost of Coal Sales | $564.6 | $583.5 | ||||||
Cost of Coal Sales (excl. freight & handling/idle)(1) |
$461.8 | $458.9 |
(per ton) | ||||||||
Met Segment(1) |
$109.95 | $106.35 | ||||||
All Other(1) |
$84.73 | $88.59 |
2023 Guidance | 2024 Guidance | |||||||||||||
in millions of tons | Low | High | Low | High | ||||||||||
Metallurgical | 14.8 | 15.2 | 15.5 | 16.5 | ||||||||||
Thermal | 1.0 | 1.4 | 0.9 | 1.3 | ||||||||||
Met Segment | 15.8 | 16.6 | ||||||||||||
All Other | 0.5 | 0.7 | ||||||||||||
Total Shipments | 16.3 | 17.3 | 16.4 | 17.8 | ||||||||||
Committed/Priced1,2,3 |
Committed | Average Price | Committed | Average Price | ||||||||||
Metallurgical - Domestic | $192.92 | $161.91 | ||||||||||||
Metallurgical - Export | $176.67 | |||||||||||||
Metallurgical Total | 88 | % | $182.08 | 25 | % | $161.91 | ||||||||
Thermal | 100 | % | $102.45 | 98 | % | $76.85 | ||||||||
Met Segment |
90 | % | $174.19 | 30 | % | $143.95 | ||||||||
All Other | 95 | % | $92.23 | |||||||||||
Committed/Unpriced1,3 |
Committed | Committed | ||||||||||||
Metallurgical Total | 12 | % | 49 | % | ||||||||||
Thermal | — | % | — | % | ||||||||||
Met Segment |
10 | % | 46 | % | ||||||||||
All Other | — | % | ||||||||||||
Costs per ton4 |
Low | High | Low | High | ||||||||||
Met Segment | $110.00 | $113.00 | $110.00 | $116.00 | ||||||||||
All Other | $87.00 | $93.00 | ||||||||||||
In millions (except taxes) | Low | High | Low | High | ||||||||||
SG&A5 |
$59 | $65 | $60 | $66 | ||||||||||
Idle Operations Expense | $21 | $31 | $18 | $28 | ||||||||||
Net Cash Interest Income | $3 | $5 | $2 | $8 | ||||||||||
DD&A | $135 | $145 | $140 | $160 | ||||||||||
Capital Expenditures | $250 | $280 | $210 | $240 | ||||||||||
Capital Contributions to Equity Affiliates6 |
$28 | $30 | $40 | $50 | ||||||||||
Tax Rate | 12 | % | 17 | % | 12 | % | 17 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Coal revenues | $ | 738,998 | $ | 867,849 | $ | 2,499,503 | $ | 3,271,845 | |||||||||||||||
Other revenues | 2,822 | 1,919 | 11,923 | 6,299 | |||||||||||||||||||
Total revenues | 741,820 | 869,768 | 2,511,426 | 3,278,144 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | 564,608 | 554,055 | 1,687,259 | 1,736,826 | |||||||||||||||||||
Depreciation, depletion and amortization | 32,582 | 27,925 | 94,231 | 83,690 | |||||||||||||||||||
Accretion on asset retirement obligations | 6,376 | 5,921 | 19,129 | 17,822 | |||||||||||||||||||
Amortization of acquired intangibles, net | 2,069 | 4,543 | 6,458 | 16,038 | |||||||||||||||||||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 18,053 | 15,095 | 56,251 | 48,339 | |||||||||||||||||||
Total other operating loss (income): | |||||||||||||||||||||||
Mark-to-market adjustment for acquisition-related obligations | — | (2,954) | — | 10,615 | |||||||||||||||||||
Other expense (income) | 973 | 2,713 | (1,665) | 569 | |||||||||||||||||||
Total costs and expenses | 624,661 | 607,298 | 1,861,663 | 1,913,899 | |||||||||||||||||||
Income from operations | 117,159 | 262,470 | 649,763 | 1,364,245 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (1,746) | (1,754) | (5,322) | (20,055) | |||||||||||||||||||
Interest income | 4,639 | 1,058 | 8,911 | 1,412 | |||||||||||||||||||
Equity loss in affiliates | (6,660) | (4,821) | (11,582) | (8,318) | |||||||||||||||||||
Miscellaneous (expense) income, net | (614) | 1,594 | (857) | 4,534 | |||||||||||||||||||
Total other expense, net | (4,381) | (3,923) | (8,850) | (22,427) | |||||||||||||||||||
Income before income taxes | 112,778 | 258,547 | 640,913 | 1,341,818 | |||||||||||||||||||
Income tax expense | (18,964) | (5,730) | (94,973) | (113,953) | |||||||||||||||||||
Net income | $ | 93,814 | $ | 252,817 | $ | 545,940 | $ | 1,227,865 | |||||||||||||||
Basic income per common share | $ | 6.88 | $ | 14.77 | $ | 37.87 | $ | 68.14 | |||||||||||||||
Diluted income per common share | $ | 6.65 | $ | 14.27 | $ | 36.46 | $ | 65.31 | |||||||||||||||
Weighted average shares – basic |
13,633,640 | 17,119,328 | 14,416,289 | 18,019,161 | |||||||||||||||||||
Weighted average shares – diluted |
14,110,488 | 17,718,517 | 14,973,168 | 18,800,674 |
September 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 296,059 | $ | 301,906 | |||||||
Short-term investments | — | 46,052 | |||||||||
Trade accounts receivable, net of allowance for credit losses of $250 and $239 as of September 30, 2023 and December 31, 2022, respectively | 432,401 | 407,210 | |||||||||
Inventories, net | 271,805 | 200,574 | |||||||||
Short-term deposits | 6,736 | 84,748 | |||||||||
Short-term restricted cash | — | 24,547 | |||||||||
Prepaid expenses and other current assets | 41,945 | 49,384 | |||||||||
Total current assets | 1,048,946 | 1,114,421 | |||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $547,451 and $491,186 as of September 30, 2023 and December 31, 2022, respectively | 539,904 | 442,645 | |||||||||
Owned and leased mineral rights, net of accumulated depletion and amortization of $95,541 and $77,333 as of September 30, 2023 and December 31, 2022, respectively | 446,364 | 451,062 | |||||||||
Other acquired intangibles, net of accumulated amortization of $47,498 and $53,719 as of September 30, 2023 and December 31, 2022, respectively | 48,644 | 55,102 | |||||||||
Long-term restricted investments | 71,269 | 105,735 | |||||||||
Long-term restricted cash | 83,004 | 28,941 | |||||||||
Deferred income taxes | 9,080 | 11,378 | |||||||||
Other non-current assets | 105,749 | 103,195 | |||||||||
Total assets | $ | 2,352,960 | $ | 2,312,479 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 3,438 | $ | 3,078 | |||||||
Trade accounts payable | 121,472 | 106,037 | |||||||||
Acquisition-related obligations – current |
181 | 28,254 | |||||||||
Accrued expenses and other current liabilities | 190,119 | 265,256 | |||||||||
Total current liabilities | 315,210 | 402,625 | |||||||||
Long-term debt | 7,064 | 7,897 | |||||||||
Workers’ compensation and black lung obligations | 180,072 | 188,247 | |||||||||
Pension obligations | 90,938 | 110,836 | |||||||||
Asset retirement obligations | 148,100 | 142,048 | |||||||||
Deferred income taxes | 35,282 | 10,874 | |||||||||
Other non-current liabilities | 18,221 | 20,197 | |||||||||
Total liabilities | 794,887 | 882,724 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued | — | — |
Common stock - par value $0.01, 50.0 million shares authorized, 22.0 million issued and 13.4 million outstanding at September 30, 2023 and 21.7 million issued and 15.5 million outstanding at December 31, 2022 | 220 | 217 | |||||||||
Additional paid-in capital | 825,143 | 815,442 | |||||||||
Accumulated other comprehensive loss | (16,343) | (12,162) | |||||||||
Treasury stock, at cost: 8.6 million shares at September 30, 2023 and 6.2 million shares at December 31, 2022 | (1,051,185) | (649,061) | |||||||||
Retained earnings | 1,800,238 | 1,275,319 | |||||||||
Total stockholders’ equity | 1,558,073 | 1,429,755 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,352,960 | $ | 2,312,479 |
Nine Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 545,940 | $ | 1,227,865 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | 94,231 | 83,690 | |||||||||
Amortization of acquired intangibles, net | 6,458 | 16,038 | |||||||||
Amortization of debt issuance costs and accretion of debt discount | 1,585 | 7,757 | |||||||||
Mark-to-market adjustment for acquisition-related obligations | — | 10,615 | |||||||||
Gain on disposal of assets | (6,089) | (2,607) | |||||||||
Accretion on asset retirement obligations | 19,129 | 17,822 | |||||||||
Employee benefit plans, net | 9,989 | 1,312 | |||||||||
Deferred income taxes | 27,898 | 11,406 | |||||||||
Stock-based compensation | 9,678 | 4,103 | |||||||||
Equity loss in affiliates | 11,582 | 8,318 | |||||||||
Other, net | (123) | 432 | |||||||||
Changes in operating assets and liabilities | (68,472) | (87,714) | |||||||||
Net cash provided by operating activities | 651,806 | 1,299,037 | |||||||||
Investing activities: | |||||||||||
Capital expenditures | (183,836) | (103,351) | |||||||||
Proceeds from disposal of assets | 7,855 | 3,010 | |||||||||
Cash paid for business acquired | (11,919) | — | |||||||||
Purchases of investment securities | (166,515) | (181,539) | |||||||||
Sales and maturities of investment securities | 249,598 | 117,380 | |||||||||
Capital contributions to equity affiliates | (21,844) | (13,832) | |||||||||
Other, net | 24 | (4,232) | |||||||||
Net cash used in investing activities | (126,637) | (182,564) | |||||||||
Financing activities: | |||||||||||
Principal repayments of long-term debt | (1,686) | (450,484) | |||||||||
Dividend and dividend equivalents paid | (99,731) | (6,807) | |||||||||
Common stock repurchases and related expenses | (403,385) | (391,166) | |||||||||
Proceeds from exercise of warrants | 4,322 | 4,771 | |||||||||
Other, net | (1,020) | (447) | |||||||||
Net cash used in financing activities | (501,500) | (844,133) | |||||||||
Net increase in cash and cash equivalents and restricted cash | 23,669 | 272,340 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 355,394 | 182,614 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 379,063 | $ | 454,954 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Financing leases and capital financing - equipment | $ | 2,059 | $ | 2,083 |
Accrued capital expenditures | $ | 11,618 | $ | 10,527 | |||||||
Accrued common stock repurchases | $ | 6,275 | $ | 5,864 | |||||||
Accrued dividend payable | $ | 9,418 | $ | 6,898 |
As of September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 296,059 | $ | 404,430 | |||||||
Short-term restricted cash | — | 18,800 | |||||||||
Long-term restricted cash | 83,004 | 31,724 | |||||||||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 379,063 | $ | 454,954 |
Three Months Ended | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
September 30, 2023 | June 30, 2023 | September 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net income | $ | 93,814 | $ | 181,355 | $ | 252,817 | $ | 545,940 | $ | 1,227,865 | |||||||||||||||||||
Interest expense | 1,746 | 1,856 | 1,754 | 5,322 | 20,055 | ||||||||||||||||||||||||
Interest income | (4,639) | (2,754) | (1,058) | (8,911) | (1,412) | ||||||||||||||||||||||||
Income tax expense | 18,964 | 33,598 | 5,730 | 94,973 | 113,953 | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 32,582 | 32,226 | 27,925 | 94,231 | 83,690 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 2,999 | 3,645 | 1,520 | 9,678 | 4,103 | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | (2,954) | — | 10,615 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 6,376 | 6,376 | 5,921 | 19,129 | 17,822 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 2,069 | 2,192 | 4,543 | 6,458 | 16,038 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 153,911 | $ | 258,494 | $ | 296,198 | $ | 766,820 | $ | 1,492,729 |
Three Months Ended September 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 731,481 | $ | 7,517 | $ | 738,998 | |||||||||||
Less: Freight and handling fulfillment revenues | (94,770) | (2) | (94,772) | ||||||||||||||
Non-GAAP Coal revenues | $ | 636,711 | $ | 7,515 | $ | 644,226 | |||||||||||
Tons sold | 4,115 | 110 | 4,225 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 154.73 | $ | 68.32 | $ | 152.48 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 552,737 | $ | 11,871 | $ | 564,608 | |||||||||||
Depreciation, depletion and amortization - production (1) |
31,893 | 377 | 32,270 | ||||||||||||||
Accretion on asset retirement obligations | 3,722 | 2,654 | 6,376 | ||||||||||||||
Amortization of acquired intangibles, net | 2,069 | — | 2,069 | ||||||||||||||
Total Cost of coal sales | $ | 590,421 | $ | 14,902 | $ | 605,323 | |||||||||||
Less: Freight and handling costs | (94,770) | (2) | (94,772) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(31,893) | (377) | (32,270) | ||||||||||||||
Less: Accretion on asset retirement obligations | (3,722) | (2,654) | (6,376) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (2,069) | — | (2,069) | ||||||||||||||
Less: Idled and closed mine costs | (5,507) | (2,549) | (8,056) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 452,460 | $ | 9,320 | $ | 461,780 | |||||||||||
Tons sold | 4,115 | 110 | 4,225 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 109.95 | $ | 84.73 | $ | 109.30 |
Three Months Ended September 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 731,481 | $ | 7,517 | $ | 738,998 | |||||||||||
Less: Total Cost of coal sales (per table above) | (590,421) | (14,902) | (605,323) | ||||||||||||||
GAAP Coal margin | $ | 141,060 | $ | (7,385) | $ | 133,675 | |||||||||||
Tons sold | 4,115 | 110 | 4,225 | ||||||||||||||
GAAP Coal margin per ton | $ | 34.28 | $ | (67.14) | $ | 31.64 | |||||||||||
GAAP Coal margin | $ | 141,060 | $ | (7,385) | $ | 133,675 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
31,893 | 377 | 32,270 | ||||||||||||||
Add: Accretion on asset retirement obligations | 3,722 | 2,654 | 6,376 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 2,069 | — | 2,069 | ||||||||||||||
Add: Idled and closed mine costs | 5,507 | 2,549 | 8,056 | ||||||||||||||
Non-GAAP Coal margin | $ | 184,251 | $ | (1,805) | $ | 182,446 | |||||||||||
Tons sold | 4,115 | 110 | 4,225 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 44.78 | $ | (16.41) | $ | 43.18 |
Three Months Ended June 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 833,974 | $ | 19,833 | $ | 853,807 | |||||||||||
Less: Freight and handling fulfillment revenues | (118,222) | — | (118,222) | ||||||||||||||
Non-GAAP Coal revenues | $ | 715,752 | $ | 19,833 | $ | 735,585 | |||||||||||
Tons sold | 4,149 | 199 | 4,348 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 172.51 | $ | 99.66 | $ | 169.18 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 563,495 | $ | 20,019 | $ | 583,514 | |||||||||||
Depreciation, depletion and amortization - production (1) |
31,649 | 287 | 31,936 | ||||||||||||||
Accretion on asset retirement obligations | 3,721 | 2,655 | 6,376 | ||||||||||||||
Amortization of acquired intangibles, net | 2,192 | — | 2,192 | ||||||||||||||
Total Cost of coal sales | $ | 601,057 | $ | 22,961 | $ | 624,018 | |||||||||||
Less: Freight and handling costs | (118,222) | — | (118,222) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(31,649) | (287) | (31,936) | ||||||||||||||
Less: Accretion on asset retirement obligations | (3,721) | (2,655) | (6,376) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (2,192) | — | (2,192) | ||||||||||||||
Less: Idled and closed mine costs | (4,022) | (2,389) | (6,411) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 441,251 | $ | 17,630 | $ | 458,881 | |||||||||||
Tons sold | 4,149 | 199 | 4,348 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 106.35 | $ | 88.59 | $ | 105.54 |
Three Months Ended June 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 833,974 | $ | 19,833 | $ | 853,807 | |||||||||||
Less: Total Cost of coal sales (per table above) | (601,057) | (22,961) | (624,018) | ||||||||||||||
GAAP Coal margin | $ | 232,917 | $ | (3,128) | $ | 229,789 | |||||||||||
Tons sold | 4,149 | 199 | 4,348 | ||||||||||||||
GAAP Coal margin per ton | $ | 56.14 | $ | (15.72) | $ | 52.85 | |||||||||||
GAAP Coal margin | $ | 232,917 | $ | (3,128) | $ | 229,789 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
31,649 | 287 | 31,936 | ||||||||||||||
Add: Accretion on asset retirement obligations | 3,721 | 2,655 | 6,376 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 2,192 | — | 2,192 | ||||||||||||||
Add: Idled and closed mine costs | 4,022 | 2,389 | 6,411 | ||||||||||||||
Non-GAAP Coal margin | $ | 274,501 | $ | 2,203 | $ | 276,704 | |||||||||||
Tons sold | 4,149 | 199 | 4,348 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 66.16 | $ | 11.07 | $ | 63.64 |
Three Months Ended September 30, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 840,638 | $ | 27,211 | $ | 867,849 | |||||||||||
Less: Freight and handling fulfillment revenues | (122,585) | (3) | (122,588) | ||||||||||||||
Non-GAAP Coal revenues | $ | 718,053 | $ | 27,208 | $ | 745,261 | |||||||||||
Tons sold | 3,896 | 249 | 4,145 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 184.31 | $ | 109.27 | $ | 179.80 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 534,718 | $ | 19,337 | $ | 554,055 | |||||||||||
Depreciation, depletion and amortization - production (1) |
26,747 | 906 | 27,653 | ||||||||||||||
Accretion on asset retirement obligations | 3,390 | 2,531 | 5,921 | ||||||||||||||
Amortization of acquired intangibles, net | 3,591 | 952 | 4,543 | ||||||||||||||
Total Cost of coal sales | $ | 568,446 | $ | 23,726 | $ | 592,172 | |||||||||||
Less: Freight and handling costs | (122,585) | (3) | (122,588) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(26,747) | (906) | (27,653) | ||||||||||||||
Less: Accretion on asset retirement obligations | (3,390) | (2,531) | (5,921) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (3,591) | (952) | (4,543) | ||||||||||||||
Less: Idled and closed mine costs | (3,580) | (2,530) | (6,110) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 408,553 | $ | 16,804 | $ | 425,357 | |||||||||||
Tons sold | 3,896 | 249 | 4,145 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 104.86 | $ | 67.49 | $ | 102.62 |
Three Months Ended September 30, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 840,638 | $ | 27,211 | $ | 867,849 | |||||||||||
Less: Total Cost of coal sales (per table above) | (568,446) | (23,726) | (592,172) | ||||||||||||||
GAAP Coal margin | $ | 272,192 | $ | 3,485 | $ | 275,677 | |||||||||||
Tons sold | 3,896 | 249 | 4,145 | ||||||||||||||
GAAP Coal margin per ton | $ | 69.86 | $ | 14.00 | $ | 66.51 | |||||||||||
GAAP Coal margin | $ | 272,192 | $ | 3,485 | $ | 275,677 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
26,747 | 906 | 27,653 | ||||||||||||||
Add: Accretion on asset retirement obligations | 3,390 | 2,531 | 5,921 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 3,591 | 952 | 4,543 | ||||||||||||||
Add: Idled and closed mine costs | 3,580 | 2,530 | 6,110 | ||||||||||||||
Non-GAAP Coal margin | $ | 309,500 | $ | 10,404 | $ | 319,904 | |||||||||||
Tons sold | 3,896 | 249 | 4,145 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 79.44 | $ | 41.78 | $ | 77.18 |
Nine Months Ended September 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 2,452,462 | $ | 47,041 | $ | 2,499,503 | |||||||||||
Less: Freight and handling fulfillment revenues | (319,244) | (227) | (319,471) | ||||||||||||||
Non-GAAP Coal revenues | $ | 2,133,218 | $ | 46,814 | $ | 2,180,032 | |||||||||||
Tons sold | 12,001 | 487 | 12,488 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 177.75 | $ | 96.13 | $ | 174.57 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 1,639,230 | $ | 48,029 | $ | 1,687,259 | |||||||||||
Depreciation, depletion and amortization - production (1) |
92,421 | 922 | 93,343 | ||||||||||||||
Accretion on asset retirement obligations | 11,165 | 7,964 | 19,129 | ||||||||||||||
Amortization of acquired intangibles, net | 6,458 | — | 6,458 | ||||||||||||||
Total Cost of coal sales | $ | 1,749,274 | $ | 56,915 | $ | 1,806,189 | |||||||||||
Less: Freight and handling costs | (319,244) | (227) | (319,471) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(92,421) | (922) | (93,343) | ||||||||||||||
Less: Accretion on asset retirement obligations | (11,165) | (7,964) | (19,129) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (6,458) | — | (6,458) | ||||||||||||||
Less: Idled and closed mine costs | (13,107) | (7,558) | (20,665) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 1,306,879 | $ | 40,244 | $ | 1,347,123 | |||||||||||
Tons sold | 12,001 | 487 | 12,488 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 108.90 | $ | 82.64 | $ | 107.87 |
Nine Months Ended September 30, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 2,452,462 | $ | 47,041 | $ | 2,499,503 | |||||||||||
Less: Total Cost of coal sales (per table above) | (1,749,274) | (56,915) | (1,806,189) | ||||||||||||||
GAAP Coal margin | $ | 703,188 | $ | (9,874) | $ | 693,314 | |||||||||||
Tons sold | 12,001 | 487 | 12,488 | ||||||||||||||
GAAP Coal margin per ton | $ | 58.59 | $ | (20.28) | $ | 55.52 | |||||||||||
GAAP Coal margin | $ | 703,188 | $ | (9,874) | $ | 693,314 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
92,421 | 922 | 93,343 | ||||||||||||||
Add: Accretion on asset retirement obligations | 11,165 | 7,964 | 19,129 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 6,458 | — | 6,458 | ||||||||||||||
Add: Idled and closed mine costs | 13,107 | 7,558 | 20,665 | ||||||||||||||
Non-GAAP Coal margin | $ | 826,339 | $ | 6,570 | $ | 832,909 | |||||||||||
Tons sold | 12,001 | 487 | 12,488 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 68.86 | $ | 13.49 | $ | 66.70 |
Nine Months Ended September 30, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 3,213,639 | $ | 58,206 | $ | 3,271,845 | |||||||||||
Less: Freight and handling fulfillment revenues | (423,132) | (21) | (423,153) | ||||||||||||||
Non-GAAP Coal revenues | $ | 2,790,507 | $ | 58,185 | $ | 2,848,692 | |||||||||||
Tons sold | 11,726 | 771 | 12,497 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 237.98 | $ | 75.47 | $ | 227.95 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 1,684,224 | $ | 52,602 | $ | 1,736,826 | |||||||||||
Depreciation, depletion and amortization - production (1) |
81,009 | 1,953 | 82,962 | ||||||||||||||
Accretion on asset retirement obligations | 10,178 | 7,644 | 17,822 | ||||||||||||||
Amortization of acquired intangibles, net | 13,182 | 2,856 | 16,038 | ||||||||||||||
Total Cost of coal sales | $ | 1,788,593 | $ | 65,055 | $ | 1,853,648 | |||||||||||
Less: Freight and handling costs | (423,132) | (21) | (423,153) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(81,009) | (1,953) | (82,962) | ||||||||||||||
Less: Accretion on asset retirement obligations | (10,178) | (7,644) | (17,822) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (13,182) | (2,856) | (16,038) | ||||||||||||||
Less: Idled and closed mine costs | (9,892) | (9,732) | (19,624) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 1,251,200 | $ | 42,849 | $ | 1,294,049 | |||||||||||
Tons sold | 11,726 | 771 | 12,497 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 106.70 | $ | 55.58 | $ | 103.55 |
Nine Months Ended September 30, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 3,213,639 | $ | 58,206 | $ | 3,271,845 | |||||||||||
Less: Total Cost of coal sales (per table above) | (1,788,593) | (65,055) | (1,853,648) | ||||||||||||||
GAAP Coal margin | $ | 1,425,046 | $ | (6,849) | $ | 1,418,197 | |||||||||||
Tons sold | 11,726 | 771 | 12,497 | ||||||||||||||
GAAP Coal margin per ton | $ | 121.53 | $ | (8.88) | $ | 113.48 | |||||||||||
GAAP Coal margin | $ | 1,425,046 | $ | (6,849) | $ | 1,418,197 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
81,009 | 1,953 | 82,962 | ||||||||||||||
Add: Accretion on asset retirement obligations | 10,178 | 7,644 | 17,822 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 13,182 | 2,856 | 16,038 | ||||||||||||||
Add: Idled and closed mine costs | 9,892 | 9,732 | 19,624 | ||||||||||||||
Non-GAAP Coal margin | $ | 1,539,307 | $ | 15,336 | $ | 1,554,643 | |||||||||||
Tons sold | 11,726 | 771 | 12,497 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 131.27 | $ | 19.89 | $ | 124.40 |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||
(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 | 1,393 | $ | 190,503 | $ | 136.76 | 37 | % | ||||||||||||||||
Domestic | 1,089 | 210,106 | $ | 192.93 | 29 | % | |||||||||||||||||
Export - Australian indexed | 1,289 | 204,378 | $ | 158.56 | 34 | % | |||||||||||||||||
Total Met segment - met coal | 3,771 | 604,987 | $ | 160.43 | 100 | % | |||||||||||||||||
Met segment - thermal coal | 344 | 31,724 | $ | 92.22 | |||||||||||||||||||
Total Met segment Coal revenues | 4,115 | 636,711 | $ | 154.73 | |||||||||||||||||||
All Other Coal revenues | 110 | 7,515 | $ | 68.32 | |||||||||||||||||||
Non-GAAP Coal revenues | 4,225 | 644,226 | $ | 152.48 | |||||||||||||||||||
Add: Freight and handling fulfillment revenues | — | 94,772 | |||||||||||||||||||||
Coal revenues | 4,225 | $ | 738,998 |