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 February 26, 2024 |
||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Alpha Metallurgical Resources, Inc. | ||||||||
Date: February 26, 2024 |
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 | |||||||||||
Dec. 31, 2023 | Sept. 30, 2023 | Dec. 31, 2022 | |||||||||
Net income |
$176.0 | $93.8 | $220.7 | ||||||||
Net income per diluted share |
$12.88 | $6.65 | $13.37 | ||||||||
Adjusted EBITDA(1) |
$266.3 | $153.9 | $247.9 | ||||||||
Operating cash flow |
$199.4 | $157.2 | $185.0 | ||||||||
Capital expenditures | ($61.5) | ($54.7) | ($61.0) | ||||||||
Tons of coal sold | 4.6 | 4.2 | 3.9 |
(millions) | ||||||||
Three months ended | ||||||||
Dec. 31, 2023 | Sept. 30, 2023 | |||||||
Met Segment | $954.2 | $731.5 | ||||||
All Other | $2.9 | $7.5 |
Met Segment (excl. freight & handling)(1) |
$834.6 | $636.7 | ||||||
All Other (excl. freight & handling)(1) |
$2.9 | $7.5 |
Tons Sold | (millions) | |||||||
Three months ended | ||||||||
Dec. 31, 2023 | Sept. 30, 2023 | |||||||
Met Segment | 4.5 | 4.1 | ||||||
All Other | 0.1 | 0.1 |
(per ton) | ||||||||
Three months ended | ||||||||
Dec. 31, 2023 | Sept. 30, 2023 | |||||||
Met Segment | $183.76 | $154.73 | ||||||
All Other | $70.14 | $68.32 |
(in millions, except per ton data) | ||||||||||||||
Met Segment Sales | Three months ended Dec. 31, 2023 | |||||||||||||
Tons Sold | Coal Revenues | Realization/ton(1) |
% of Met Tons Sold | |||||||||||
Export - Other Pricing Mechanisms | 1.5 | $264.4 | $175.32 | 37% | ||||||||||
Domestic | 1.1 | $212.8 | $191.54 | 27% | ||||||||||
Export - Australian Indexed | 1.5 | $319.0 | $213.41 | 36% | ||||||||||
Total Met Coal Revenues | 4.1 | $796.2 | $193.54 | 100% | ||||||||||
Thermal Coal Revenues | 0.4 | $38.4 | $89.76 | |||||||||||
Total Met Segment Coal Revenues (excl. freight & handling)(1) |
4.5 | $834.6 | $183.76 |
(in millions, except per ton data) | ||||||||
Three months ended | ||||||||
Dec. 31, 2023 | Sept. 30, 2023 | |||||||
Cost of Coal Sales | $668.9 | $564.6 | ||||||
Cost of Coal Sales (excl. freight & handling/idle)(1) |
$543.0 | $461.8 |
(per ton) | ||||||||
Met Segment(1) |
$119.00 | $109.95 | ||||||
All Other(1) |
$60.07 | $84.73 |
2024 Guidance | ||||||||
in millions of tons | Low | High | ||||||
Metallurgical | 15.5 | 16.5 | ||||||
Thermal | 0.9 | 1.3 | ||||||
Met Segment - Total Shipments | 16.4 | 17.8 | ||||||
Committed/Priced1,2,3 |
Committed | Average Price | ||||||
Metallurgical - Domestic | $161.63 | |||||||
Metallurgical - Export | $196.05 | |||||||
Metallurgical Total | 35 | % | $171.33 | |||||
Thermal | 100 | % | $77.14 | |||||
Met Segment |
40 | % | $154.68 | |||||
Committed/Unpriced1,3 |
Committed | |||||||
Metallurgical Total | 55 | % | ||||||
Thermal | — | % | ||||||
Met Segment |
51 | % | ||||||
Costs per ton4 |
Low | High | ||||||
Met Segment | $110.00 | $116.00 | ||||||
In millions (except taxes) | Low | High | ||||||
SG&A5 |
$60 | $66 | ||||||
Idle Operations Expense | $18 | $28 | ||||||
Net Cash Interest Income | $2 | $8 | ||||||
DD&A | $140 | $160 | ||||||
Capital Expenditures | $210 | $240 | ||||||
Capital Contributions to Equity Affiliates6 |
$40 | $50 | ||||||
Tax Rate | 12 | % | 17 | % |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Coal revenues | $ | 957,127 | $ | 821,142 | $ | 3,456,630 | $ | 4,092,987 | |||||||||||||||
Other revenues | 2,864 | 2,306 | 14,787 | 8,605 | |||||||||||||||||||
Total revenues | 959,991 | 823,448 | 3,471,417 | 4,101,592 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of coal sales (exclusive of items shown separately below) | 668,879 | 549,143 | 2,356,138 | 2,285,969 | |||||||||||||||||||
Depreciation, depletion and amortization | 42,638 | 23,930 | 136,869 | 107,620 | |||||||||||||||||||
Accretion on asset retirement obligations | 6,371 | 5,943 | 25,500 | 23,765 | |||||||||||||||||||
Amortization of acquired intangibles, net | 2,065 | 3,460 | 8,523 | 19,498 | |||||||||||||||||||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 26,139 | 23,279 | 82,390 | 71,618 | |||||||||||||||||||
Total other operating loss (income): | |||||||||||||||||||||||
Mark-to-market adjustment for acquisition-related obligations | — | (1,735) | — | 8,880 | |||||||||||||||||||
Other expense (income) | 577 | 2,794 | (1,088) | 3,363 | |||||||||||||||||||
Total costs and expenses | 746,669 | 606,814 | 2,608,332 | 2,520,713 | |||||||||||||||||||
Income from operations | 213,322 | 216,634 | 863,085 | 1,580,879 | |||||||||||||||||||
Other (expense) income: | |||||||||||||||||||||||
Interest expense | (1,601) | (1,747) | (6,923) | (21,802) | |||||||||||||||||||
Interest income | 3,022 | 1,775 | 11,933 | 3,187 | |||||||||||||||||||
Loss on extinguishment of debt | (2,753) | — | (2,753) | — | |||||||||||||||||||
Equity loss in affiliates | (6,681) | (6,028) | (18,263) | (14,346) | |||||||||||||||||||
Miscellaneous (expense) income, net | (763) | 2,298 | (1,620) | 6,832 | |||||||||||||||||||
Total other expense, net | (8,776) | (3,702) | (17,626) | (26,129) | |||||||||||||||||||
Income before income taxes | 204,546 | 212,932 | 845,459 | 1,554,750 | |||||||||||||||||||
Income tax (expense) benefit | (28,530) | 7,748 | (123,503) | (106,205) | |||||||||||||||||||
Net income | $ | 176,016 | $ | 220,680 | $ | 721,956 | $ | 1,448,545 | |||||||||||||||
Basic income per common share | $ | 13.35 | $ | 13.86 | $ | 51.18 | $ | 82.82 | |||||||||||||||
Diluted income per common share | $ | 12.88 | $ | 13.37 | $ | 49.30 | $ | 79.49 | |||||||||||||||
Weighted average shares - basic | 13,187,100 | 15,923,288 | 14,106,466 | 17,490,886 | |||||||||||||||||||
Weighted average shares - diluted | 13,662,021 | 16,504,793 | 14,642,856 | 18,222,397 |
December 31, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 268,207 | $ | 301,906 | |||||||
Short-term investments | — | 46,052 | |||||||||
Trade accounts receivable, net of allowance for credit losses of $234 and $239 as of December 31, 2023 and 2022, respectively | 509,682 | 407,210 | |||||||||
Inventories, net | 231,344 | 200,574 | |||||||||
Short-term deposits | 32 | 84,748 | |||||||||
Short-term restricted cash | — | 24,547 | |||||||||
Prepaid expenses and other current assets | 39,032 | 49,384 | |||||||||
Total current assets | 1,048,297 | 1,114,421 | |||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $558,905 and $491,186 as of December 31, 2023 and 2022, respectively | 588,992 | 442,645 | |||||||||
Owned and leased mineral rights, net of accumulated depletion and amortization of $99,826 and $77,333 as of December 31, 2023 and 2022, respectively | 451,160 | 451,062 | |||||||||
Other acquired intangibles, net of accumulated amortization of $38,543 and $53,719 as of December 31, 2023 and 2022, respectively | 46,579 | 55,102 | |||||||||
Long-term restricted investments | 40,597 | 105,735 | |||||||||
Long-term restricted cash | 115,918 | 28,941 | |||||||||
Deferred income taxes | 8,028 | 11,378 | |||||||||
Other non-current assets | 106,486 | 103,195 | |||||||||
Total assets | $ | 2,406,057 | $ | 2,312,479 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | 3,582 | $ | 3,078 | |||||||
Trade accounts payable | 128,836 | 106,037 | |||||||||
Acquisition-related obligations - current | — | 28,254 | |||||||||
Accrued expenses and other current liabilities | 177,512 | 265,256 | |||||||||
Total current liabilities | 309,930 | 402,625 | |||||||||
Long-term debt | 6,792 | 7,897 | |||||||||
Workers’ compensation and black lung obligations | 189,226 | 188,247 | |||||||||
Pension obligations | 101,908 | 110,836 | |||||||||
Asset retirement obligations | 166,509 | 142,048 | |||||||||
Deferred income taxes | 39,142 | 10,874 | |||||||||
Other non-current liabilities | 18,622 | 20,197 | |||||||||
Total liabilities | 832,129 | 882,724 | |||||||||
Commitments and Contingencies | |||||||||||
Stockholders’ Equity | |||||||||||
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued | — | — |
Common stock - par value $0.01, 50,000,000 shares authorized, 22,058,135 issued and 12,938,679 outstanding at December 31, 2023 and 21,703,163 issued and 15,552,676 outstanding at December 31, 2022 | 221 | 217 | |||||||||
Additional paid-in capital | 834,482 | 815,442 | |||||||||
Accumulated other comprehensive loss | (40,587) | (12,162) | |||||||||
Treasury stock, at cost: 9,119,456 shares at December 31, 2023 and 6,150,487 shares at December 31, 2022 | (1,189,715) | (649,061) | |||||||||
Retained earnings | 1,969,527 | 1,275,319 | |||||||||
Total stockholders’ equity | 1,573,928 | 1,429,755 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,406,057 | $ | 2,312,479 |
Year Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net income | $ | 721,956 | $ | 1,448,545 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation, depletion and amortization | 136,869 | 107,620 | |||||||||
Amortization of acquired intangibles, net | 8,523 | 19,498 | |||||||||
Amortization of debt issuance costs and accretion of debt discount | 1,947 | 8,282 | |||||||||
Loss on extinguishment of debt | 2,753 | — | |||||||||
Mark-to-market adjustment for acquisition-related obligations | — | 8,880 | |||||||||
(Gain) loss on disposal of assets, net | (6,817) | 43 | |||||||||
Accretion on asset retirement obligations | 25,500 | 23,765 | |||||||||
Employee benefit plans, net | 8,376 | (4,492) | |||||||||
Deferred income taxes | 39,722 | (14,521) | |||||||||
Stock-based compensation | 19,017 | 7,484 | |||||||||
Equity loss in affiliates | 18,263 | 14,346 | |||||||||
Other, net | (363) | (761) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Trade accounts receivable, net | (102,477) | 82,774 | |||||||||
Inventories, net | (27,900) | (63,169) | |||||||||
Prepaid expenses and other current assets | 7,596 | (12,031) | |||||||||
Deposits | 80,729 | (84,314) | |||||||||
Other non-current assets | 3,837 | 11,268 | |||||||||
Trade accounts payable | 15,666 | 3,721 | |||||||||
Accrued expenses and other current liabilities | (9,087) | (6,872) | |||||||||
Acquisition-related obligations | (28,254) | (22,264) | |||||||||
Asset retirement obligations | (19,189) | (18,699) | |||||||||
Other non-current liabilities | (45,508) | (25,098) | |||||||||
Net cash provided by operating activities | 851,159 | 1,484,005 | |||||||||
Investing activities: | |||||||||||
Capital expenditures | (245,373) | (164,309) | |||||||||
Proceeds on disposal of assets | 8,173 | 3,623 | |||||||||
Cash paid for business acquired | (11,919) | (24,878) | |||||||||
Purchases of investment securities | (207,065) | (269,420) | |||||||||
Sales and maturities of investment securities | 320,961 | 149,397 | |||||||||
Capital contributions to equity affiliates | (30,812) | (19,556) | |||||||||
Other, net | 35 | (4,214) | |||||||||
Net cash used in investing activities | (166,000) | (329,357) | |||||||||
Financing activities: | |||||||||||
Principal repayments of long-term debt | (2,314) | (450,622) |
Dividend and dividend equivalents paid | (113,013) | (13,360) | |||||||||
Common stock repurchases and related expenses | (540,071) | (521,803) | |||||||||
Proceeds from exercise of warrants | 4,322 | 5,643 | |||||||||
Other, net | (5,352) | (1,726) | |||||||||
Net cash used in financing activities | (656,428) | (981,868) | |||||||||
Net increase in cash and cash equivalents and restricted cash | 28,731 | 172,780 | |||||||||
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 | $ | 384,125 | $ | 355,394 | |||||||
Supplemental cash flow information: | |||||||||||
Cash paid for interest | $ | 5,207 | $ | 25,895 | |||||||
Cash paid for income taxes | $ | 79,221 | $ | 139,663 | |||||||
Cash received for income tax refunds | $ | 30 | $ | 6 | |||||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Financing leases and capital financing - equipment | $ | 3,195 | $ | 9,833 | |||||||
Accrued capital expenditures | $ | 25,004 | $ | 18,456 | |||||||
Accrued common stock repurchases | $ | 8,118 | $ | 3,016 | |||||||
Accrued dividend payable | $ | 2,863 | $ | 88,128 |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash and cash equivalents | $ | 268,207 | $ | 301,906 | |||||||
Short-term restricted cash | — | 24,547 | |||||||||
Long-term restricted cash | 115,918 | 28,941 | |||||||||
Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 384,125 | $ | 355,394 |
Three Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
December 31, 2023 | September 30, 2023 | December 31, 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net income | $ | 176,016 | $ | 93,814 | $ | 220,680 | $ | 721,956 | $ | 1,448,545 | |||||||||||||||||||
Interest expense | 1,601 | 1,746 | 1,747 | 6,923 | 21,802 | ||||||||||||||||||||||||
Interest income | (3,022) | (4,639) | (1,775) | (11,933) | (3,187) | ||||||||||||||||||||||||
Income tax expense (benefit) | 28,530 | 18,964 | (7,748) | 123,503 | 106,205 | ||||||||||||||||||||||||
Depreciation, depletion and amortization | 42,638 | 32,582 | 23,930 | 136,869 | 107,620 | ||||||||||||||||||||||||
Non-cash stock compensation expense | 9,339 | 2,999 | 3,381 | 19,017 | 7,484 | ||||||||||||||||||||||||
Loss on extinguishment of debt | 2,753 | — | — | 2,753 | — | ||||||||||||||||||||||||
Mark-to-market adjustment - acquisition-related obligations | — | — | (1,735) | — | 8,880 | ||||||||||||||||||||||||
Accretion on asset retirement obligations | 6,371 | 6,376 | 5,943 | 25,500 | 23,765 | ||||||||||||||||||||||||
Amortization of acquired intangibles, net | 2,065 | 2,069 | 3,460 | 8,523 | 19,498 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 266,291 | $ | 153,911 | $ | 247,883 | $ | 1,033,111 | $ | 1,740,612 |
Three Months Ended December 31, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 954,181 | $ | 2,946 | $ | 957,127 | |||||||||||
Less: Freight and handling fulfillment revenues | (119,539) | — | (119,539) | ||||||||||||||
Non-GAAP Coal revenues | $ | 834,642 | $ | 2,946 | $ | 837,588 | |||||||||||
Tons sold | 4,542 | 42 | 4,584 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 183.76 | $ | 70.14 | $ | 182.72 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 663,899 | $ | 4,980 | $ | 668,879 | |||||||||||
Depreciation, depletion and amortization - production (1) |
33,295 | 9,030 | 42,325 | ||||||||||||||
Accretion on asset retirement obligations | 3,721 | 2,650 | 6,371 | ||||||||||||||
Amortization of acquired intangibles, net | 2,065 | — | 2,065 | ||||||||||||||
Total Cost of coal sales | $ | 702,980 | $ | 16,660 | $ | 719,640 | |||||||||||
Less: Freight and handling costs | (119,539) | — | (119,539) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(33,295) | (9,030) | (42,325) | ||||||||||||||
Less: Accretion on asset retirement obligations | (3,721) | (2,650) | (6,371) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (2,065) | — | (2,065) | ||||||||||||||
Less: Idled and closed mine costs | (3,876) | (2,457) | (6,333) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 540,484 | $ | 2,523 | $ | 543,007 | |||||||||||
Tons sold | 4,542 | 42 | 4,584 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 119.00 | $ | 60.07 | $ | 118.46 |
Three Months Ended December 31, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 954,181 | $ | 2,946 | $ | 957,127 | |||||||||||
Less: Total Cost of coal sales (per table above) | (702,980) | (16,660) | (719,640) | ||||||||||||||
GAAP Coal margin | $ | 251,201 | $ | (13,714) | $ | 237,487 | |||||||||||
Tons sold | 4,542 | 42 | 4,584 | ||||||||||||||
GAAP Coal margin per ton | $ | 55.31 | $ | (326.52) | $ | 51.81 | |||||||||||
GAAP Coal margin | $ | 251,201 | $ | (13,714) | $ | 237,487 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
33,295 | 9,030 | 42,325 | ||||||||||||||
Add: Accretion on asset retirement obligations | 3,721 | 2,650 | 6,371 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 2,065 | — | 2,065 | ||||||||||||||
Add: Idled and closed mine costs | 3,876 | 2,457 | 6,333 | ||||||||||||||
Non-GAAP Coal margin | $ | 294,158 | $ | 423 | $ | 294,581 | |||||||||||
Tons sold | 4,542 | 42 | 4,584 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 64.76 | $ | 10.07 | $ | 64.26 |
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 December 31, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 804,876 | $ | 16,266 | $ | 821,142 | |||||||||||
Less: Freight and handling fulfillment revenues | (105,911) | 1 | (105,910) | ||||||||||||||
Non-GAAP Coal revenues | $ | 698,965 | $ | 16,267 | $ | 715,232 | |||||||||||
Tons sold | 3,752 | 129 | 3,881 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 186.29 | $ | 126.10 | $ | 184.29 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 541,547 | $ | 7,596 | $ | 549,143 | |||||||||||
Depreciation, depletion and amortization - production (1) |
19,575 | 4,083 | 23,658 | ||||||||||||||
Accretion on asset retirement obligations | 3,412 | 2,531 | 5,943 | ||||||||||||||
Amortization of acquired intangibles, net | 2,517 | 943 | 3,460 | ||||||||||||||
Total Cost of coal sales | $ | 567,051 | $ | 15,153 | $ | 582,204 | |||||||||||
Less: Freight and handling costs | (105,911) | 1 | (105,910) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(19,575) | (4,083) | (23,658) | ||||||||||||||
Less: Accretion on asset retirement obligations | (3,412) | (2,531) | (5,943) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (2,517) | (943) | (3,460) | ||||||||||||||
Less: Idled and closed mine costs | (11,754) | 2,821 | (8,933) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 423,882 | $ | 10,418 | $ | 434,300 | |||||||||||
Tons sold | 3,752 | 129 | 3,881 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 112.97 | $ | 80.76 | $ | 111.90 |
Three Months Ended December 31, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 804,876 | $ | 16,266 | $ | 821,142 | |||||||||||
Less: Total Cost of coal sales (per table above) | (567,051) | (15,153) | (582,204) | ||||||||||||||
GAAP Coal margin | $ | 237,825 | $ | 1,113 | $ | 238,938 | |||||||||||
Tons sold | 3,752 | 129 | 3,881 | ||||||||||||||
GAAP Coal margin per ton | $ | 63.39 | $ | 8.63 | $ | 61.57 | |||||||||||
GAAP Coal margin | $ | 237,825 | $ | 1,113 | $ | 238,938 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
19,575 | 4,083 | 23,658 | ||||||||||||||
Add: Accretion on asset retirement obligations | 3,412 | 2,531 | 5,943 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 2,517 | 943 | 3,460 | ||||||||||||||
Add: Idled and closed mine costs | 11,754 | (2,821) | 8,933 | ||||||||||||||
Non-GAAP Coal margin | $ | 275,083 | $ | 5,849 | $ | 280,932 | |||||||||||
Tons sold | 3,752 | 129 | 3,881 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 73.32 | $ | 45.34 | $ | 72.39 |
Year Ended December 31, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 3,406,643 | $ | 49,987 | $ | 3,456,630 | |||||||||||
Less: Freight and handling fulfillment revenues | (438,783) | (227) | (439,010) | ||||||||||||||
Non-GAAP Coal revenues | $ | 2,967,860 | $ | 49,760 | $ | 3,017,620 | |||||||||||
Tons sold | 16,543 | 529 | 17,072 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 179.40 | $ | 94.06 | $ | 176.76 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 2,303,129 | $ | 53,009 | $ | 2,356,138 | |||||||||||
Depreciation, depletion and amortization - production (1) |
125,716 | 9,952 | 135,668 | ||||||||||||||
Accretion on asset retirement obligations | 14,886 | 10,614 | 25,500 | ||||||||||||||
Amortization of acquired intangibles, net | 8,523 | — | 8,523 | ||||||||||||||
Total Cost of coal sales | $ | 2,452,254 | $ | 73,575 | $ | 2,525,829 | |||||||||||
Less: Freight and handling costs | (438,783) | (227) | (439,010) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(125,716) | (9,952) | (135,668) | ||||||||||||||
Less: Accretion on asset retirement obligations | (14,886) | (10,614) | (25,500) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (8,523) | — | (8,523) | ||||||||||||||
Less: Idled and closed mine costs | (16,983) | (10,015) | (26,998) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 1,847,363 | $ | 42,767 | $ | 1,890,130 | |||||||||||
Tons sold | 16,543 | 529 | 17,072 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 111.67 | $ | 80.84 | $ | 110.72 |
Year Ended December 31, 2023 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 3,406,643 | $ | 49,987 | $ | 3,456,630 | |||||||||||
Less: Total Cost of coal sales (per table above) | (2,452,254) | (73,575) | (2,525,829) | ||||||||||||||
GAAP Coal margin | $ | 954,389 | $ | (23,588) | $ | 930,801 | |||||||||||
Tons sold | 16,543 | 529 | 17,072 | ||||||||||||||
GAAP Coal margin per ton | $ | 57.69 | $ | (44.59) | $ | 54.52 | |||||||||||
GAAP Coal margin | $ | 954,389 | $ | (23,588) | $ | 930,801 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
125,716 | 9,952 | 135,668 | ||||||||||||||
Add: Accretion on asset retirement obligations | 14,886 | 10,614 | 25,500 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 8,523 | — | 8,523 | ||||||||||||||
Add: Idled and closed mine costs | 16,983 | 10,015 | 26,998 | ||||||||||||||
Non-GAAP Coal margin | $ | 1,120,497 | $ | 6,993 | $ | 1,127,490 | |||||||||||
Tons sold | 16,543 | 529 | 17,072 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 67.73 | $ | 13.22 | $ | 66.04 |
Year Ended December 31, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 4,018,515 | $ | 74,472 | $ | 4,092,987 | |||||||||||
Less: Freight and handling fulfillment revenues | (529,043) | (20) | (529,063) | ||||||||||||||
Non-GAAP Coal revenues | $ | 3,489,472 | $ | 74,452 | $ | 3,563,924 | |||||||||||
Tons sold | 15,478 | 900 | 16,378 | ||||||||||||||
Non-GAAP Coal sales realization per ton | $ | 225.45 | $ | 82.72 | $ | 217.60 | |||||||||||
Cost of coal sales (exclusive of items shown separately below) | $ | 2,225,771 | $ | 60,198 | $ | 2,285,969 | |||||||||||
Depreciation, depletion and amortization - production (1) |
100,584 | 6,036 | 106,620 | ||||||||||||||
Accretion on asset retirement obligations | 13,590 | 10,175 | 23,765 | ||||||||||||||
Amortization of acquired intangibles, net | 15,699 | 3,799 | 19,498 | ||||||||||||||
Total Cost of coal sales | $ | 2,355,644 | $ | 80,208 | $ | 2,435,852 | |||||||||||
Less: Freight and handling costs | (529,043) | (20) | (529,063) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) |
(100,584) | (6,036) | (106,620) | ||||||||||||||
Less: Accretion on asset retirement obligations | (13,590) | (10,175) | (23,765) | ||||||||||||||
Less: Amortization of acquired intangibles, net | (15,699) | (3,799) | (19,498) | ||||||||||||||
Less: Idled and closed mine costs | (21,646) | (6,911) | (28,557) | ||||||||||||||
Non-GAAP Cost of coal sales | $ | 1,675,082 | $ | 53,267 | $ | 1,728,349 | |||||||||||
Tons sold | 15,478 | 900 | 16,378 | ||||||||||||||
Non-GAAP Cost of coal sales per ton | $ | 108.22 | $ | 59.19 | $ | 105.53 |
Year Ended December 31, 2022 | |||||||||||||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
Coal revenues | $ | 4,018,515 | $ | 74,472 | $ | 4,092,987 | |||||||||||
Less: Total Cost of coal sales (per table above) | (2,355,644) | (80,208) | (2,435,852) | ||||||||||||||
GAAP Coal margin | $ | 1,662,871 | $ | (5,736) | $ | 1,657,135 | |||||||||||
Tons sold | 15,478 | 900 | 16,378 | ||||||||||||||
GAAP Coal margin per ton | $ | 107.43 | $ | (6.37) | $ | 101.18 | |||||||||||
GAAP Coal margin | $ | 1,662,871 | $ | (5,736) | $ | 1,657,135 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) |
100,584 | 6,036 | 106,620 | ||||||||||||||
Add: Accretion on asset retirement obligations | 13,590 | 10,175 | 23,765 | ||||||||||||||
Add: Amortization of acquired intangibles, net | 15,699 | 3,799 | 19,498 | ||||||||||||||
Add: Idled and closed mine costs | 21,646 | 6,911 | 28,557 | ||||||||||||||
Non-GAAP Coal margin | $ | 1,814,390 | $ | 21,185 | $ | 1,835,575 | |||||||||||
Tons sold | 15,478 | 900 | 16,378 | ||||||||||||||
Non-GAAP Coal margin per ton | $ | 117.22 | $ | 23.54 | $ | 112.08 |
Three Months Ended December 31, 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 | 1,508 | $ | 264,380 | $ | 175.32 | 37 | % | ||||||||||||||||
Domestic | 1,111 | 212,798 | $ | 191.54 | 27 | % | |||||||||||||||||
Export - Australian indexed | 1,495 | 319,048 | $ | 213.41 | 36 | % | |||||||||||||||||
Total Met segment - met coal | 4,114 | 796,226 | $ | 193.54 | 100 | % | |||||||||||||||||
Met segment - thermal coal | 428 | 38,416 | $ | 89.76 | |||||||||||||||||||
Total Met segment Coal revenues | 4,542 | 834,642 | $ | 183.76 | |||||||||||||||||||
All Other Coal revenues | 42 | 2,946 | $ | 70.14 | |||||||||||||||||||
Non-GAAP Coal revenues | 4,584 | 837,588 | $ | 182.72 | |||||||||||||||||||
Add: Freight and handling fulfillment revenues | — | 119,539 | |||||||||||||||||||||
Coal revenues | 4,584 | $ | 957,127 |