| FOR IMMEDIATE RELEASE |  | ||||
Alpha Announces Fourth Quarter and Full Year 2021 Results
•Reports record net income from continuing operations of $254.5 million for the fourth quarter 2021
•Posts record Adjusted EBITDA of $315.8 million for the fourth quarter 2021
•Further reduces long-term debt with early principal payments of $50 million on the term loan within the quarter
•Announces $150 million share repurchase program
•Completes refinancing of Asset-Based Revolving Credit Facility (ABL)
BRISTOL, Tenn., March 7, 2022 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported results for the fourth quarter and full year ending December 31, 2021.
| (millions, except per share) | |||||||||||
| Three months ended | |||||||||||
Dec. 31, 2021 | Sept. 30, 2021 | Dec. 31, 2020 | |||||||||
Net income (loss)(2) | $254.5 | $83.7 | ($55.1) | ||||||||
Net income (loss)(2) per diluted share | $13.30 | $4.43 | ($3.00) | ||||||||
Adjusted EBITDA(1) | $315.8 | $148.2 | $7.4 | ||||||||
Operating cash flow(3) | $104.3 | $96.0 | $56.2 | ||||||||
Capital expenditures(3) | ($22.9) | ($22.3) | $35.1 | ||||||||
Tons of coal sold(2) | 4.0 | 4.7 | 3.7 | ||||||||
__________________________________
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.
"Thanks to the continued dedication of our team, Alpha closed out the fourth quarter with an impressive $315.8 million in EBITDA and continued significant reduction in our long-term debt
level," said David Stetson, Alpha's chair and chief executive officer. "In looking back on 2021, it was truly a transformational time for the company, complete with a name change to Alpha Metallurgical Resources at the start of the year and a series of important steps in solidifying our role as a leading pure-play metallurgical coal company and building on our role as the largest U.S. met coal producer. We transitioned our portfolio towards lower-cost and higher-quality operations, refreshed our board of directors, and completed refinancing of our ABL. Importantly, we are also making swift work of our balance sheet transformation. In a few short months we dramatically reduced the company's long-term debt and legacy liabilities, further strengthening the already firm foundation that Alpha enjoys. We have continued this momentum with an excellent start in 2022 and, if coal markets remain robust, we expect to be in a position to eliminate our long-term debt within the calendar year. Given our cash generation projections for the year, I'm pleased to announce that our board has approved a $150 million share repurchase program to continue increasing shareholder value."
Additionally, the board of directors has scheduled the company's annual meeting of stockholders for May 3, 2022.
Financial Performance
Alpha reported net income from continuing operations of $254.5 million, or $13.30 per diluted share, for the fourth quarter 2021. In the third quarter 2021, the company had net income from continuing operations of $83.7 million or $4.43 per diluted share.
Total Adjusted EBITDA was $315.8 million for the fourth quarter, compared with $148.2 million in the third quarter 2021.
Coal Revenues
| (millions) | ||||||||
| Three months ended | ||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | |||||||
| Met Segment | $811.5 | $625.4 | ||||||
| All Other | $15.0 | $21.7 | ||||||
Met Segment (excl. freight & handling)(1) | $683.6 | $497.2 | ||||||
All Other (excl. freight & handling)(1) | $15.0 | $21.7 | ||||||
| Tons Sold | (millions) | |||||||
| Three months ended | ||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | |||||||
| Met Segment | 3.8 | 4.4 | ||||||
| All Other | 0.2 | 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 | ||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | |||||||
| Met Segment | $180.66 | $113.51 | ||||||
| All Other | $62.56 | $62.43 | ||||||
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
In the fourth quarter our net realized pricing for the Met segment was $180.66 per ton, while net realization in the All Other category was $62.56.
"Realizations for the fourth quarter continued to trend upward as expected, with our export business highlighting the benefit of the elevated global pricing dynamics in the metallurgical market," said Andy Eidson, Alpha's president and chief financial officer. "We look forward to future quarters when our 2022 domestic realizations are expected to improve significantly as a result of the negotiations completed by our sales team late last year. Even with lower domestic pricing that had been locked in long ago, our realizations on met coal for the quarter still came in at an average of $197 per ton."
The table below provides a breakdown of our Met segment coal sold in the fourth quarter by pricing mechanism.
| (in millions, except per ton data) | ||||||||||||||
| Met Segment Sales | Three months ended Dec. 31, 2021 | |||||||||||||
| Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |||||||||||
| Export - Other Pricing Mechanisms | 1.4 | $349.1 | $251.12 | 42% | ||||||||||
| Domestic | 1.1 | $95.7 | $90.87 | 31% | ||||||||||
| Export - Australian Indexed | 0.9 | $213.5 | $239.08 | 27% | ||||||||||
| Total Met Coal Revenues | 3.3 | $658.2 | $197.31 | 100% | ||||||||||
| Thermal Coal Revenues | 0.4 | $25.4 | $56.62 | |||||||||||
Total Met Segment Coal Revenues (excl. freight & handling)(1) | 3.7 | $683.6 | $180.66 | |||||||||||
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Cost of Coal Sales
| (in millions, except per ton data) | ||||||||
| Three months ended | ||||||||
| Dec. 31, 2021 | Sept. 30, 2021 | |||||||
| Cost of Coal Sales | $497.4 | $488.2 | ||||||
Cost of Coal Sales (excl. freight & handling/idle)(1) | $364.4 | $352.1 | ||||||
| (per ton) | ||||||||
Met Segment(1) | $92.46 | $76.62 | ||||||
All Other(1) | $60.77 | $47.47 | ||||||
__________________________________
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."
"As pricing for our products remains higher, we encounter elevated costs of coal sales levels as a result, especially for factors such as royalties and taxes which are tied directly to sales price," said Jason Whitehead, executive vice president and chief operating officer. "We've discussed this in prior quarters, but my focus for the operations teams is to continue positively influencing the factors directly within our control, such as safety and productivity. These are the foundational elements that allow us to effectively manage our costs. On the whole, our teams have done a good job in this regard."
In the fourth quarter, the company's Met segment cost of coal sales increased to an average of $92.46 per ton as compared to $76.62 per ton in the prior quarter. Cost of coal sales for the All Other category increased to $60.77 per ton in the fourth quarter from an average cost of $47.47 per ton in the third quarter.
Liquidity and Capital Resources
"As we've reiterated consistently over the last several quarters, our focus continues to be debt reduction and creating a fortress balance sheet," said Eidson. "In the fourth quarter, we made another $50.0 million in voluntary principal prepayments on the term loan. To put that in perspective, in the second half of 2021, we paid an aggregate of $101.1 million in principal, coupled with the previously announced payments to satisfy certain legacy liabilities. Since then, we've made another $150.0 million in principal prepayments on the term loan, bringing our current debt level to under $300 million. Assuming market conditions remain at levels similar to the last few months, we will be able to achieve our goal of aggressively paying off our debt in short order, while also maintaining an appropriate level of liquidity. In addition, we have enough visibility into near term cash flows to support the share repurchase program we have announced today."
Cash provided by operating activities increased for the fourth quarter of 2021 to $104.3 million as compared to third quarter's $96.0 million. Cash provided by operating activities includes discontinued operations. Capital expenditures for the fourth quarter were $22.9 million compared to $22.3 million for the third quarter of 2021.
In December 2021, Alpha announced the successful completion of its ABL refinancing.
As of December 31, 2021, Alpha had $81.2 million in unrestricted cash and $131.2 million in restricted cash, deposits and investments. Total long-term debt, including the current portion of long-term debt as of December 31, 2021, was $448.6 million. At the end of the fourth quarter, the company had total liquidity of $115.2 million, including cash and cash equivalents of $81.2 million and $34.0 million of unused availability under the ABL. The future available capacity under the ABL is subject to inventory and accounts receivable collateral requirements and the
maintenance of certain financial ratios. As of December 31, 2021, the company had no borrowings and $121.0 million in letters of credit outstanding under the ABL.
Operational and Performance Update
As further optimization of our portfolio, the company closed a transaction on November 5, 2021 to divest the idled Delbarton mining complex and associated assets, which include Delbarton preparation plant and Kielty mine. Additionally, on December 31, 2021, the idled Edwight surface mine and certain associated assets were divested. Together, these divestitures resulted in a reduction in reclamation obligations of $18.0 million.
Subsequent to the fourth quarter close on February 10, 2022, the fourth section of Lynn Branch began operation, completing one of the 2022 strategic uses of capital. We continue to make progress on the other projects in Alpha's previously disclosed growth capex plan for 2022.
As of February 25, 2022, Alpha has committed and priced approximately 39% of its metallurgical coal within the Met segment at an average price of $204.75 per ton and 100% of thermal coal in the Met segment at an average expected price of $52.46 per ton. In the All Other category the company is 82% committed and priced at an average price of $57.24 per ton.
| 2022 Guidance | ||||||||
| in millions of tons | Low | High | ||||||
| Metallurgical | 14.0 | 15.0 | ||||||
| Thermal | 0.8 | 1.2 | ||||||
| Met Segment | 14.8 | 16.2 | ||||||
| All Other | 0.6 | 0.8 | ||||||
| Total Shipments | 15.4 | 17.0 | ||||||
Committed/Priced1,2,3 | Committed | Average Price | ||||||
| Metallurgical - Domestic | $189.31 | |||||||
| Metallurgical - Export | $236.99 | |||||||
| Metallurgical Total | 39 | % | $204.75 | |||||
| Thermal | 100 | % | $52.46 | |||||
Met Segment | 44 | % | $180.36 | |||||
| All Other | 82 | % | $57.24 | |||||
Committed/Unpriced1,3 | Committed | |||||||
| Metallurgical Total | 39 | % | ||||||
| Thermal | — | % | ||||||
Met Segment | 37 | % | ||||||
| All Other | — | % | ||||||
Costs per ton4 | Low | High | ||||||
| Met Segment | $88.00 | $92.00 | ||||||
| All Other | $58.00 | $62.00 | ||||||
| In millions (except taxes) | Low | High | ||||||
SG&A5 | $50 | $54 | ||||||
| Idle Operations Expense | $30 | $40 | ||||||
| Cash Interest Expense | $40 | $45 | ||||||
| DD&A | $90 | $110 | ||||||
| Capital Expenditures | $160 | $190 | ||||||
Tax Rate6 | 5 | % | 15 | % | ||||
Notes:
1.Based on committed and priced coal shipments as of February 25, 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.
Share Repurchase Program
Alpha also announced today that its board of directors authorized a share repurchase program allowing for the expenditure of up to $150 million for the repurchase of the company's common stock. Repurchases will be made from time to time in accordance with applicable securities laws in the open market, and may include repurchases pursuant to Rule 10b5-1 trading plans. The share repurchase program is effective immediately and repurchases may begin as soon as March 9, 2022.
The repurchase program does not obligate the company to acquire any particular amount of common stock or to acquire shares on any particular timetable, and the program may be suspended at any time at the company's discretion. The timing and amount of share repurchases will 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.
Conference Call
The company plans to hold a conference call regarding its fourth quarter and full year 2021 results on March 7, 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 844-200-6205 (domestic toll-free) or 929-526-1599 (international) approximately 15 minutes prior to start time. Please use the access code 475225 to join the call.
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
Alex Rotonen, CFA
423.956.6882
Media Contact
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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Coal revenues | $ | 826,558 | $ | 323,360 | $ | 2,252,597 | $ | 1,413,124 | |||||||||||||||
| Other revenues | 1,659 | 491 | 5,989 | 3,063 | |||||||||||||||||||
| Total revenues | 828,217 | 323,851 | 2,258,586 | 1,416,187 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of coal sales (exclusive of items shown separately below) | 497,382 | 301,831 | 1,679,742 | 1,281,011 | |||||||||||||||||||
| Depreciation, depletion and amortization | 29,786 | (4,036) | 110,047 | 139,885 | |||||||||||||||||||
| Accretion on asset retirement obligations | 6,550 | 6,559 | 26,520 | 26,504 | |||||||||||||||||||
| Amortization of acquired intangibles, net | 3,842 | 4,748 | 13,244 | 9,214 | |||||||||||||||||||
| Asset impairment and restructuring | — | 29,897 | (561) | 83,878 | |||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 19,010 | 15,346 | 63,901 | 57,356 | |||||||||||||||||||
| Total other operating loss (income): | |||||||||||||||||||||||
| Mark-to-market adjustment for acquisition-related obligations | 1,516 | 4,676 | 19,525 | (8,750) | |||||||||||||||||||
| Other income | (5,682) | (200) | (10,972) | (2,223) | |||||||||||||||||||
| Total costs and expenses | 552,404 | 358,821 | 1,901,446 | 1,586,875 | |||||||||||||||||||
| Income (loss) from operations | 275,813 | (34,970) | 357,140 | (170,688) | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (16,364) | (18,290) | (69,654) | (74,528) | |||||||||||||||||||
| Interest income | 12 | 153 | 334 | 7,027 | |||||||||||||||||||
| Equity loss in affiliates | (2,988) | (388) | (4,149) | (3,473) | |||||||||||||||||||
| Miscellaneous income (loss), net | 1,442 | (1,519) | 6,867 | (1,972) | |||||||||||||||||||
| Total other expense, net | (17,898) | (20,044) | (66,602) | (72,946) | |||||||||||||||||||
| Income (loss) from continuing operations before income taxes | 257,915 | (55,014) | 290,538 | (243,634) | |||||||||||||||||||
| Income tax (expense) benefit | (3,398) | (36) | (3,609) | 2,164 | |||||||||||||||||||
| Net income (loss) from continuing operations | 254,517 | (55,050) | 286,929 | (241,470) | |||||||||||||||||||
| Discontinued operations: | |||||||||||||||||||||||
| Income (loss) from discontinued operations before income taxes | 2,727 | (45,103) | 1,660 | (205,429) | |||||||||||||||||||
| Income tax benefit from discontinued operations | 201 | — | 201 | — | |||||||||||||||||||
| Income (loss) from discontinued operations | 2,928 | (45,103) | 1,861 | (205,429) | |||||||||||||||||||
| Net income (loss) | $ | 257,445 | $ | (100,153) | $ | 288,790 | $ | (446,899) | |||||||||||||||
| Basic income (loss) per common share: | |||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 13.77 | $ | (3.00) | $ | 15.56 | $ | (13.20) | |||||||||||||||
| Income (loss) from discontinued operations | 0.16 | (2.47) | 0.10 | (11.22) | |||||||||||||||||||
| Net income (loss) | $ | 13.93 | $ | (5.47) | $ | 15.66 | $ | (24.42) | |||||||||||||||
| Diluted income (loss) per common share: | |||||||||||||||||||||||
| Income (loss) from continuing operations | $ | 13.30 | $ | (3.00) | $ | 15.20 | $ | (13.20) | |||||||||||||||
| Income (loss) from discontinued operations | 0.15 | (2.47) | 0.10 | (11.22) | |||||||||||||||||||
| Net income (loss) | $ | 13.45 | $ | (5.47) | $ | 15.30 | $ | (24.42) | |||||||||||||||
| Weighted average shares - basic | 18,484,309 | 18,322,236 | 18,441,175 | 18,298,362 | |||||||||||||||||||
| Weighted average shares - diluted | 19,135,326 | 18,322,236 | 18,871,682 | 18,298,362 | |||||||||||||||||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
| December 31, 2021 | December 31, 2020 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 81,211 | $ | 139,227 | |||||||
| Trade accounts receivable, net of allowance for doubtful accounts of $393 and $293 as of December 31, 2021 and 2020, respectively | 489,241 | 145,670 | |||||||||
| Inventories, net | 129,382 | 108,051 | |||||||||
| Prepaid expenses and other current assets | 47,690 | 106,252 | |||||||||
| Current assets - discontinued operations | 462 | 10,935 | |||||||||
| Total current assets | 747,986 | 510,135 | |||||||||
| Property, plant, and equipment, net of accumulated depreciation and amortization of $443,856 and $382,423 as of December 31, 2021 and 2020, respectively | 362,218 | 363,620 | |||||||||
| Owned and leased mineral rights, net of accumulated depletion and amortization of $52,444 and $35,143 as of December 31, 2021 and 2020, respectively | 444,302 | 463,250 | |||||||||
| Other acquired intangibles, net of accumulated amortization of $34,221 and $25,700 as of December 31, 2021 and 2020, respectively | 74,197 | 88,196 | |||||||||
| Long-term restricted cash | 89,426 | 96,033 | |||||||||
| Other non-current assets | 131,057 | 149,382 | |||||||||
| Non-current assets - discontinued operations | 8,526 | 9,473 | |||||||||
| Total assets | $ | 1,857,712 | $ | 1,680,089 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 2,989 | $ | 28,830 | |||||||
| Trade accounts payable | 90,090 | 58,413 | |||||||||
| Acquisition-related obligations - current | 22,405 | 19,099 | |||||||||
| Accrued expenses and other current liabilities | 174,607 | 140,406 | |||||||||
| Current liabilities - discontinued operations | 5,838 | 12,306 | |||||||||
| Total current liabilities | 295,929 | 259,054 | |||||||||
| Long-term debt | 445,562 | 553,697 | |||||||||
| Acquisition-related obligations - long-term | 19,000 | 20,768 | |||||||||
| Workers’ compensation and black lung obligations | 208,193 | 230,081 | |||||||||
| Pension obligations | 159,930 | 218,671 | |||||||||
| Asset retirement obligations | 132,013 | 140,074 | |||||||||
| Deferred income taxes | 317 | 480 | |||||||||
| Other non-current liabilities | 26,176 | 28,072 | |||||||||
| Non-current liabilities - discontinued operations | 23,683 | 29,090 | |||||||||
| Total liabilities | 1,310,803 | 1,479,987 | |||||||||
| 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, 20.8 million issued and 18.4 million outstanding at December 31, 2021 and 20.6 million issued and 18.3 million outstanding at December 31, 2020 | 208 | 206 | |||||||||
| Additional paid-in capital | 784,743 | 779,424 | |||||||||
| Accumulated other comprehensive loss | (58,503) | (111,985) | |||||||||
| Treasury stock, at cost: 2.4 million shares at December 31, 2021 and 2.3 million shares at December 31, 2020 | (107,800) | (107,014) | |||||||||
| Accumulated deficit | (71,739) | (360,529) | |||||||||
| Total stockholders’ equity | 546,909 | 200,102 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,857,712 | $ | 1,680,089 | |||||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Operating activities: | |||||||||||
| Net income (loss) | $ | 288,790 | $ | (446,899) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | 110,047 | 151,455 | |||||||||
| Amortization of acquired intangibles, net | 13,244 | 10,075 | |||||||||
| Accretion of acquisition-related obligations discount | 1,258 | 3,342 | |||||||||
| Amortization of debt issuance costs and accretion of debt discount | 12,338 | 14,772 | |||||||||
| Mark-to-market adjustment for acquisition-related obligations | 19,525 | (8,750) | |||||||||
| Loss on sale of business | — | 36,113 | |||||||||
| Gain on disposal of assets, net | (9,911) | (2,401) | |||||||||
| Accretion on asset retirement obligations | 26,520 | 30,658 | |||||||||
| Employee benefit plans, net | (1,751) | 14,439 | |||||||||
| Deferred income taxes | (163) | 33,123 | |||||||||
| Asset impairment and restructuring | (561) | 256,518 | |||||||||
| Stock-based compensation | 5,315 | 4,896 | |||||||||
| Equity loss in affiliates | 4,149 | 3,473 | |||||||||
| Other, net | (6,570) | (5,972) | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Trade accounts receivable, net | (336,240) | 91,190 | |||||||||
| Inventories, net | (21,331) | 48,689 | |||||||||
| Prepaid expenses and other current assets | 61,581 | 28,152 | |||||||||
| Deposits | 26,853 | (17,926) | |||||||||
| Other non-current assets | (250) | (6,753) | |||||||||
| Trade accounts payable | 25,154 | (28,620) | |||||||||
| Accrued expenses and other current liabilities | 15,961 | 15,428 | |||||||||
| Acquisition-related obligations | (18,121) | (32,560) | |||||||||
| Asset retirement obligations | (16,306) | (19,375) | |||||||||
| Other non-current liabilities | (24,588) | (43,831) | |||||||||
| Net cash provided by operating activities | 174,943 | 129,236 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures | (83,300) | (153,990) | |||||||||
| Proceeds on disposal of assets | 8,224 | 4,023 | |||||||||
| Cash paid on sale of business | — | (52,192) | |||||||||
| Capital contributions to equity affiliates | (6,677) | (3,443) | |||||||||
| Purchases of investment securities | (17,985) | (21,129) | |||||||||
| Maturity of investment securities | 13,265 | 16,685 | |||||||||
| Other, net | (3,382) | 77 | |||||||||
| Net cash used in investing activities | (89,855) | (209,969) | |||||||||
| Financing activities: | |||||||||||
| Proceeds from borrowings on long-term debt | — | 57,500 | |||||||||
| Repurchases of long-term debt | (18,415) | — | |||||||||
| Principal repayments of long-term debt | (119,097) | (76,491) | |||||||||
| Principal repayments of financing lease obligations | (2,064) | (3,176) | |||||||||
| Debt issuance costs | (6,683) | — | |||||||||
| Common stock repurchases and related expenses | (786) | (209) | |||||||||
| Net cash used in financing activities | (147,045) | (22,376) | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (61,957) | (103,109) | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 244,571 | 347,680 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 182,614 | $ | 244,571 | |||||||
| Supplemental cash flow information: | |||||||||||
| Cash paid for interest | $ | 63,061 | $ | 49,294 | |||||||
| Cash paid for income taxes | $ | 176 | $ | 5 | |||||||
| Cash received for income tax refunds | $ | 64,498 | $ | 68,801 | |||||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||||||
| Financing leases and capital financing - equipment | $ | 787 | $ | 4,411 | |||||||
| Accrued capital expenditures | $ | 9,964 | $ | 7,493 | |||||||
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 Consolidated Statements of Cash Flows.
| As of December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Cash and cash equivalents | $ | 81,211 | $ | 139,227 | |||||||
| Short-term restricted cash (included in Prepaid expenses and other current assets) | 11,977 | 9,311 | |||||||||
| Long-term restricted cash | 89,426 | 96,033 | |||||||||
| Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 182,614 | $ | 244,571 | |||||||
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
| Three Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
| September 30, 2021 | December 31, 2021 | December 31, 2020 | 2021 | 2020 | |||||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 83,693 | $ | 254,517 | $ | (55,050) | $ | 286,929 | $ | (241,470) | |||||||||||||||||||
| Interest expense | 17,338 | 16,364 | 18,290 | 69,654 | 74,528 | ||||||||||||||||||||||||
| Interest income | (54) | (12) | (153) | (334) | (7,027) | ||||||||||||||||||||||||
| Income tax expense (benefit) | 208 | 3,398 | 36 | 3,609 | (2,164) | ||||||||||||||||||||||||
| Depreciation, depletion and amortization | 24,519 | 29,786 | (4,036) | 110,047 | 139,885 | ||||||||||||||||||||||||
| Non-cash stock compensation expense | 1,188 | 964 | 696 | 5,315 | 4,896 | ||||||||||||||||||||||||
| Mark-to-market adjustment - acquisition-related obligations | 11,676 | 1,516 | 4,676 | 19,525 | (8,750) | ||||||||||||||||||||||||
| Gain on settlement of acquisition-related obligations | — | (1,125) | — | (1,125) | — | ||||||||||||||||||||||||
| Accretion on asset retirement obligations | 6,674 | 6,550 | 6,559 | 26,520 | 26,504 | ||||||||||||||||||||||||
| Asset impairment and restructuring | — | — | 29,897 | (561) | 83,878 | ||||||||||||||||||||||||
Management restructuring costs (1) | — | — | — | — | 941 | ||||||||||||||||||||||||
| Loss on partial settlement of benefit obligations | — | — | 1,735 | — | 2,966 | ||||||||||||||||||||||||
| Amortization of acquired intangibles, net | 2,980 | 3,842 | 4,748 | 13,244 | 9,214 | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 148,222 | $ | 315,800 | $ | 7,398 | $ | 532,823 | $ | 83,401 | |||||||||||||||||||
(1) Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020.
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
| Three Months Ended September 30, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 625,387 | $ | 21,742 | $ | 647,129 | |||||||||||
| Less: Freight and handling fulfillment revenues | (128,192) | (18) | (128,210) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 497,195 | $ | 21,724 | $ | 518,919 | |||||||||||
| Tons sold | 4,380 | 348 | 4,728 | ||||||||||||||
| Non-GAAP Coal sales realization per ton | $ | 113.51 | $ | 62.43 | $ | 109.75 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 468,706 | $ | 19,463 | $ | 488,169 | |||||||||||
Depreciation, depletion and amortization - production (1) | 23,181 | 1,160 | 24,341 | ||||||||||||||
| Accretion on asset retirement obligations | 3,408 | 3,266 | 6,674 | ||||||||||||||
| Amortization of acquired intangibles, net | 3,063 | (83) | 2,980 | ||||||||||||||
| Total Cost of coal sales | $ | 498,358 | $ | 23,806 | $ | 522,164 | |||||||||||
| Less: Freight and handling costs | (128,192) | (18) | (128,210) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (23,181) | (1,160) | (24,341) | ||||||||||||||
| Less: Accretion on asset retirement obligations | (3,408) | (3,266) | (6,674) | ||||||||||||||
| Less: Amortization of acquired intangibles, net | (3,063) | 83 | (2,980) | ||||||||||||||
| Less: Idled and closed mine costs | (4,932) | (2,927) | (7,859) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 335,582 | $ | 16,518 | $ | 352,100 | |||||||||||
| Tons sold | 4,380 | 348 | 4,728 | ||||||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 76.62 | $ | 47.47 | $ | 74.47 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended September 30, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 625,387 | $ | 21,742 | $ | 647,129 | |||||||||||
| Less: Total Cost of coal sales (per table above) | (498,358) | (23,806) | (522,164) | ||||||||||||||
| GAAP Coal margin | $ | 127,029 | $ | (2,064) | $ | 124,965 | |||||||||||
| Tons sold | 4,380 | 348 | 4,728 | ||||||||||||||
| GAAP Coal margin per ton | $ | 29.00 | $ | (5.93) | $ | 26.43 | |||||||||||
| GAAP Coal margin | $ | 127,029 | $ | (2,064) | $ | 124,965 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) | 23,181 | 1,160 | 24,341 | ||||||||||||||
| Add: Accretion on asset retirement obligations | 3,408 | 3,266 | 6,674 | ||||||||||||||
| Add: Amortization of acquired intangibles, net | 3,063 | (83) | 2,980 | ||||||||||||||
| Add: Idled and closed mine costs | 4,932 | 2,927 | 7,859 | ||||||||||||||
| Non-GAAP Coal margin | $ | 161,613 | $ | 5,206 | $ | 166,819 | |||||||||||
| Tons sold | 4,380 | 348 | 4,728 | ||||||||||||||
| Non-GAAP Coal margin per ton | $ | 36.90 | $ | 14.96 | $ | 35.28 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 811,528 | $ | 15,030 | $ | 826,558 | |||||||||||
| Less: Freight and handling fulfillment revenues | (127,925) | (16) | (127,941) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 683,603 | $ | 15,014 | $ | 698,617 | |||||||||||
| Tons sold | 3,784 | 240 | 4,024 | ||||||||||||||
| Non-GAAP Coal sales realization per ton | $ | 180.66 | $ | 62.56 | $ | 173.61 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 481,317 | $ | 16,065 | $ | 497,382 | |||||||||||
Depreciation, depletion and amortization - production (1) | 24,560 | 5,041 | 29,601 | ||||||||||||||
| Accretion on asset retirement obligations | 3,401 | 3,149 | 6,550 | ||||||||||||||
| Amortization of acquired intangibles, net | 3,922 | (80) | 3,842 | ||||||||||||||
| Total Cost of coal sales | $ | 513,200 | $ | 24,175 | $ | 537,375 | |||||||||||
| Less: Freight and handling costs | (127,925) | (16) | (127,941) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (24,560) | (5,041) | (29,601) | ||||||||||||||
| Less: Accretion on asset retirement obligations | (3,401) | (3,149) | (6,550) | ||||||||||||||
| Less: Amortization of acquired intangibles, net | (3,922) | 80 | (3,842) | ||||||||||||||
| Less: Idled and closed mine costs | (3,533) | (1,465) | (4,998) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 349,859 | $ | 14,584 | $ | 364,443 | |||||||||||
| Tons sold | 3,784 | 240 | 4,024 | ||||||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 92.46 | $ | 60.77 | $ | 90.57 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 811,528 | $ | 15,030 | $ | 826,558 | |||||||||||
| Less: Total Cost of coal sales (per table above) | (513,200) | (24,175) | (537,375) | ||||||||||||||
| GAAP Coal margin | $ | 298,328 | $ | (9,145) | $ | 289,183 | |||||||||||
| Tons sold | 3,784 | 240 | 4,024 | ||||||||||||||
| GAAP Coal margin per ton | $ | 78.84 | $ | (38.10) | $ | 71.86 | |||||||||||
| GAAP Coal margin | $ | 298,328 | $ | (9,145) | $ | 289,183 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) | 24,560 | 5,041 | 29,601 | ||||||||||||||
| Add: Accretion on asset retirement obligations | 3,401 | 3,149 | 6,550 | ||||||||||||||
| Add: Amortization of acquired intangibles, net | 3,922 | (80) | 3,842 | ||||||||||||||
| Add: Idled and closed mine costs | 3,533 | 1,465 | 4,998 | ||||||||||||||
| Non-GAAP Coal margin | $ | 333,744 | $ | 430 | $ | 334,174 | |||||||||||
| Tons sold | 3,784 | 240 | 4,024 | ||||||||||||||
| Non-GAAP Coal margin per ton | $ | 88.20 | $ | 1.79 | $ | 83.05 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 289,756 | $ | 33,604 | $ | 323,360 | |||||||||||
| Less: Freight and handling fulfillment revenues | (48,251) | (1,548) | (49,799) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 241,505 | $ | 32,056 | $ | 273,561 | |||||||||||
| Tons sold | 3,210 | 536 | 3,746 | ||||||||||||||
| Non-GAAP Coal sales realization per ton | $ | 75.24 | $ | 59.81 | $ | 73.03 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 273,984 | $ | 27,847 | $ | 301,831 | |||||||||||
Depreciation, depletion and amortization - production (1) | 2,381 | (6,649) | (4,268) | ||||||||||||||
| Accretion on asset retirement obligations | 3,328 | 3,231 | 6,559 | ||||||||||||||
| Amortization of acquired intangibles, net | 5,014 | (266) | 4,748 | ||||||||||||||
| Total Cost of coal sales | $ | 284,707 | $ | 24,163 | $ | 308,870 | |||||||||||
| Less: Freight and handling costs | (48,251) | (1,548) | (49,799) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (2,381) | 6,649 | 4,268 | ||||||||||||||
| Less: Accretion on asset retirement obligations | (3,328) | (3,231) | (6,559) | ||||||||||||||
| Less: Amortization of acquired intangibles, net | (5,014) | 266 | (4,748) | ||||||||||||||
| Less: Idled and closed mine costs | (3,445) | (2,698) | (6,143) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 222,288 | $ | 23,601 | $ | 245,889 | |||||||||||
| Tons sold | 3,210 | 536 | 3,746 | ||||||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 69.25 | $ | 44.03 | $ | 65.64 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 289,756 | $ | 33,604 | $ | 323,360 | |||||||||||
| Less: Total Cost of coal sales (per table above) | (284,707) | (24,163) | (308,870) | ||||||||||||||
| GAAP Coal margin | $ | 5,049 | $ | 9,441 | $ | 14,490 | |||||||||||
| Tons sold | 3,210 | 536 | 3,746 | ||||||||||||||
| GAAP Coal margin per ton | $ | 1.57 | $ | 17.61 | $ | 3.87 | |||||||||||
| GAAP Coal margin | $ | 5,049 | $ | 9,441 | $ | 14,490 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) | 2,381 | (6,649) | (4,268) | ||||||||||||||
| Add: Accretion on asset retirement obligations | 3,328 | 3,231 | 6,559 | ||||||||||||||
| Add: Amortization of acquired intangibles, net | 5,014 | (266) | 4,748 | ||||||||||||||
| Add: Idled and closed mine costs | 3,445 | 2,698 | 6,143 | ||||||||||||||
| Non-GAAP Coal margin | $ | 19,217 | $ | 8,455 | $ | 27,672 | |||||||||||
| Tons sold | 3,210 | 536 | 3,746 | ||||||||||||||
| Non-GAAP Coal margin per ton | $ | 5.99 | $ | 15.77 | $ | 7.39 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Year Ended December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 2,173,647 | $ | 78,950 | $ | 2,252,597 | |||||||||||
| Less: Freight and handling fulfillment revenues | (380,457) | (520) | (380,977) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 1,793,190 | $ | 78,430 | $ | 1,871,620 | |||||||||||
| Tons sold | 15,569 | 1,270 | 16,839 | ||||||||||||||
| Non-GAAP Coal sales realization per ton | $ | 115.18 | $ | 61.76 | $ | 111.15 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 1,607,157 | $ | 72,585 | $ | 1,679,742 | |||||||||||
Depreciation, depletion and amortization - production (1) | 99,963 | 9,362 | 109,325 | ||||||||||||||
| Accretion on asset retirement obligations | 13,571 | 12,949 | 26,520 | ||||||||||||||
| Amortization of acquired intangibles, net | 13,671 | (427) | 13,244 | ||||||||||||||
| Total Cost of coal sales | $ | 1,734,362 | $ | 94,469 | $ | 1,828,831 | |||||||||||
| Less: Freight and handling costs | (380,457) | (520) | (380,977) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (99,963) | (9,362) | (109,325) | ||||||||||||||
| Less: Accretion on asset retirement obligations | (13,571) | (12,949) | (26,520) | ||||||||||||||
| Less: Amortization of acquired intangibles, net | (13,671) | 427 | (13,244) | ||||||||||||||
| Less: Idled and closed mine costs | (16,858) | (11,680) | (28,538) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 1,209,842 | $ | 60,385 | $ | 1,270,227 | |||||||||||
| Tons sold | 15,569 | 1,270 | 16,839 | ||||||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 77.71 | $ | 47.55 | $ | 75.43 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Year Ended December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 2,173,647 | $ | 78,950 | $ | 2,252,597 | |||||||||||
| Less: Total Cost of coal sales (per table above) | (1,734,362) | (94,469) | (1,828,831) | ||||||||||||||
| GAAP Coal margin | $ | 439,285 | $ | (15,519) | $ | 423,766 | |||||||||||
| Tons sold | 15,569 | 1,270 | 16,839 | ||||||||||||||
| GAAP Coal margin per ton | $ | 28.22 | $ | (12.22) | $ | 25.17 | |||||||||||
| GAAP Coal margin | $ | 439,285 | $ | (15,519) | $ | 423,766 | |||||||||||
Add: Depreciation, depletion and amortization - production (1) | 99,963 | 9,362 | 109,325 | ||||||||||||||
| Add: Accretion on asset retirement obligations | 13,571 | 12,949 | 26,520 | ||||||||||||||
| Add: Amortization of acquired intangibles, net | 13,671 | (427) | 13,244 | ||||||||||||||
| Add: Idled and closed mine costs | 16,858 | 11,680 | 28,538 | ||||||||||||||
| Non-GAAP Coal margin | $ | 583,348 | $ | 18,045 | $ | 601,393 | |||||||||||
| Tons sold | 15,569 | 1,270 | 16,839 | ||||||||||||||
| Non-GAAP Coal margin per ton | $ | 37.47 | $ | 14.21 | $ | 35.71 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Year Ended December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 1,263,855 | $ | 149,269 | $ | 1,413,124 | |||||||||||
| Less: Freight and handling fulfillment revenues | (206,509) | (12,940) | (219,449) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 1,057,346 | $ | 136,329 | $ | 1,193,675 | |||||||||||
| Tons sold | 13,070 | 2,443 | 15,513 | ||||||||||||||
| Non-GAAP Coal sales realization per ton | $ | 80.90 | $ | 55.80 | $ | 76.95 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 1,140,556 | $ | 140,455 | $ | 1,281,011 | |||||||||||
Depreciation, depletion and amortization - production (1) | 124,060 | 14,568 | 138,628 | ||||||||||||||
| Accretion on asset retirement obligations | 14,214 | 12,290 | 26,504 | ||||||||||||||
| Amortization of acquired intangibles, net | 12,889 | (3,675) | 9,214 | ||||||||||||||
| Total Cost of coal sales | $ | 1,291,719 | $ | 163,638 | $ | 1,455,357 | |||||||||||
| Less: Freight and handling costs | (206,509) | (12,940) | (219,449) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (124,060) | (14,568) | (138,628) | ||||||||||||||
| Less: Accretion on asset retirement obligations | (14,214) | (12,290) | (26,504) | ||||||||||||||
| Less: Amortization of acquired intangibles, net | (12,889) | 3,675 | (9,214) | ||||||||||||||
| Less: Idled and closed mine costs | (16,640) | (12,240) | (28,880) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 917,407 | $ | 115,275 | $ | 1,032,682 | |||||||||||
| Tons sold | 13,070 | 2,443 | 15,513 | ||||||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 70.19 | $ | 47.19 | $ | 66.57 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Year Ended December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Coal revenues | $ | 1,263,855 | $ | 149,269 | $ | 1,413,124 | |||||||||||
| Less: Total Cost of coal sales (per table above) | (1,291,719) | (163,638) | (1,455,357) | ||||||||||||||
| GAAP Coal margin | $ | (27,864) | $ | (14,369) | $ | (42,233) | |||||||||||
| Tons sold | 13,070 | 2,443 | 15,513 | ||||||||||||||
| GAAP Coal margin per ton | $ | (2.13) | $ | (5.88) | $ | (2.72) | |||||||||||
| GAAP Coal margin | $ | (27,864) | $ | (14,369) | $ | (42,233) | |||||||||||
Add: Depreciation, depletion and amortization - production (1) | 124,060 | 14,568 | 138,628 | ||||||||||||||
| Add: Accretion on asset retirement obligations | 14,214 | 12,290 | 26,504 | ||||||||||||||
| Add: Amortization of acquired intangibles, net | 12,889 | (3,675) | 9,214 | ||||||||||||||
| Add: Idled and closed mine costs | 16,640 | 12,240 | 28,880 | ||||||||||||||
| Non-GAAP Coal margin | $ | 139,939 | $ | 21,054 | $ | 160,993 | |||||||||||
| Tons sold | 13,070 | 2,443 | 15,513 | ||||||||||||||
| Non-GAAP Coal margin per ton | $ | 10.71 | $ | 8.62 | $ | 10.38 | |||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended September 30, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 335,582 | $ | 16,518 | $ | 352,100 | |||||||||||
| Less: cost of purchased coal sold | (32,168) | — | (32,168) | ||||||||||||||
| Adjusted cost of produced coal sold | $ | 303,414 | $ | 16,518 | $ | 319,932 | |||||||||||
| Produced tons sold | 4,107 | 348 | 4,455 | ||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 73.88 | $ | 47.47 | $ | 71.81 | |||||||||||
(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 December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 349,859 | $ | 14,584 | $ | 364,443 | |||||||||||
| Less: cost of purchased coal sold | (22,798) | (660) | (23,458) | ||||||||||||||
| Adjusted cost of produced coal sold | $ | 327,061 | $ | 13,924 | $ | 340,985 | |||||||||||
| Produced tons sold | 3,610 | 235 | 3,845 | ||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 90.60 | $ | 59.25 | $ | 88.68 | |||||||||||
(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 December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 222,288 | $ | 23,601 | $ | 245,889 | |||||||||||
| Less: cost of purchased coal sold | (19,993) | (93) | (20,086) | ||||||||||||||
| Adjusted cost of produced coal sold | $ | 202,295 | $ | 23,508 | $ | 225,803 | |||||||||||
| Produced tons sold | 2,939 | 535 | 3,474 | ||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 68.83 | $ | 43.94 | $ | 65.00 | |||||||||||
(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.
| Year Ended December 31, 2021 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 1,209,842 | $ | 60,385 | $ | 1,270,227 | |||||||||||
| Less: cost of purchased coal sold | (97,872) | (660) | (98,532) | ||||||||||||||
| Adjusted cost of produced coal sold | $ | 1,111,970 | $ | 59,725 | $ | 1,171,695 | |||||||||||
| Produced tons sold | 14,638 | 1,265 | 15,903 | ||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 75.96 | $ | 47.21 | $ | 73.68 | |||||||||||
(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.
| Year Ended December 31, 2020 | |||||||||||||||||
| (In thousands, except for per ton data) | Met | All Other | Consolidated | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 917,407 | $ | 115,275 | $ | 1,032,682 | |||||||||||
| Less: cost of purchased coal sold | (85,769) | (925) | (86,694) | ||||||||||||||
| Adjusted cost of produced coal sold | $ | 831,638 | $ | 114,350 | $ | 945,988 | |||||||||||
| Produced tons sold | 11,941 | 2,429 | 14,370 | ||||||||||||||
Adjusted cost of produced coal sold per ton (1) | $ | 69.65 | $ | 47.08 | $ | 65.83 | |||||||||||
(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 December 31, 2021 | |||||||||||||||||||||||
| (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 | 1,390 | $ | 349,055 | $ | 251.12 | 42 | % | ||||||||||||||||
| Domestic | 1,053 | 95,683 | $ | 90.87 | 31 | % | |||||||||||||||||
| Export - Australian indexed | 893 | 213,500 | $ | 239.08 | 27 | % | |||||||||||||||||
| Total Met segment - met coal | 3,336 | $ | 658,238 | $ | 197.31 | 100 | % | ||||||||||||||||
| Met segment - thermal coal | 448 | 25,365 | $ | 56.62 | |||||||||||||||||||
| Total Met segment Coal revenues | 3,784 | 683,603 | $ | 180.66 | |||||||||||||||||||
| All Other Coal revenues | 240 | 15,014 | $ | 62.56 | |||||||||||||||||||
| Non-GAAP Coal revenues | 4,024 | $ | 698,617 | $ | 173.61 | ||||||||||||||||||
| Add: Freight and handling fulfillment revenues | — | 127,941 | |||||||||||||||||||||
| Coal revenues | 4,024 | $ | 826,558 | ||||||||||||||||||||