Alpha Stories Third Quarter 2022 Monetary Outcomes

November 7, 2022

  • Posts web earnings from persevering with operations of $251.8 million, or $14.21 per diluted share, for the quarter
  • Stories third quarter Adjusted EBITDA of $294.9 million
  • Generates quarterly working money circulation of $497.0 million
  • Broadcasts 4.5 million tons of 2023 home gross sales commitments at a median worth of $192.27 per ton
  • Broadcasts cumulative $452 million in buybacks by means of share repurchase program as of October 31, 2022
  • Will increase share buyback authorization to $1 billion from prior stage of $600 million
  • Broadcasts one-time, particular dividend of $5.00 per share
  • Will increase quarterly dividend quantity to 41.8 cents per share

BRISTOL, Tenn., Nov. 7, 2022 /PRNewswire/ — Alpha Metallurgical Assets, Inc. (NYSE: AMR), a number one U.S. provider of metallurgical merchandise for the metal business, at present reported outcomes for the third quarter ending September 30, 2022.


(hundreds of thousands, besides per share)


Three months ended


Sept. 30, 2022

June 30, 2022

Sept. 30, 2021

Internet earnings(1)

$251.8

$575.4

$83.7

Internet earnings(1) per diluted share

$14.21

$30.03

$4.43

Adjusted EBITDA(2)

$294.9

$694.5

$148.2

Working money circulation(3)

$497.0

$465.9

$96.0

Capital expenditures

($33.3)

($41.9)

($22.3)

Tons of coal offered

4.1

4.3

4.7

__________________________________

1.

From persevering with operations.

2.

These are non-GAAP monetary measures. A reconciliation of Internet Revenue to Adjusted EBITDA is included in tables accompanying the monetary schedules.

3.

Consists of discontinued operations.

“Alpha’s third quarter outcomes signify one other strong efficiency from our workforce,” stated David Stetson, Alpha’s chair and chief government officer. “Evident inside this quarter’s numbers is the pure influence of the coal indices’ drop from their early-2022 historic highs. Even nonetheless, indices stay at ranges which are thought-about very sturdy from a historic common perspective, and Alpha’s almost $300 million in Adjusted EBITDA for the quarter is likewise a powerful displaying for our firm.”

Stetson continued: “To additional improve our already-robust capital return efforts, I’m happy to announce that Alpha’s board has accepted a 400-million-dollar enhance to the present share repurchase authorization, bringing the entire authorization to a formidable $1 billion. As well as, the board has elevated the fastened dividend to 41.8 cents per share and accepted a one-time, particular dividend of 5 {dollars} per share in recognition of the terribly constructive efficiency of the Alpha workforce this 12 months. We stay dedicated, as all the time, to prudently returning capital to shareholders.”

Monetary Efficiency

Alpha reported web earnings from persevering with operations of $251.8 million, or $14.21 per diluted share, for the third quarter 2022. Within the second quarter of 2022, the corporate had web earnings from persevering with operations of $575.4 million, or $30.03 per diluted share.

For the third quarter, whole Adjusted EBITDA was $294.9 million, in comparison with $694.5 million within the second quarter 2022. 

Coal Revenues


(hundreds of thousands)


Three months ended


Sept. 30, 2022

June 30, 2022

Met Section

$840.6

$1,318.7

All Different

$27.2

$15.6




Met Section (excl. freight & dealing with)(1)

$718.1

$1,162.1

All Different (excl. freight & dealing with)(1)

$27.2

$15.6




Tons Bought

(hundreds of thousands)


Three months ended


Sept. 30, 2022

June 30, 2022

Met Section

3.9

4.1

All Different

0.2

0.3

__________________________________

1.

Represents Non-GAAP coal revenues which is outlined and reconciled beneath “Non-GAAP Monetary Measures” and “Outcomes of Operations.”

Coal Gross sales Realization(1)


(per ton)


Three months ended


Sept. 30, 2022

June 30, 2022

Met Section

$184.31

$286.95

All Different

$109.27

$61.41

__________________________________

1.

Represents Non-GAAP coal gross sales realization which is outlined and reconciled beneath “Non-GAAP Monetary Measures” and “Outcomes of Operations.”


Third quarter web realized pricing for the Met section was $184.31 per ton and web realization within the All Different class was $109.27. Met section realizations for the third quarter, as in comparison with first half realizations, mirror the downward motion of coal indices off their historic highs in early 2022.

The desk beneath supplies a breakdown of our Met section coal offered within the third quarter by pricing mechanism.


(in hundreds of thousands, besides per ton knowledge)

Met Section Gross sales

Three months ended Sept. 30, 2022


Tons Bought

Coal Revenues

Realization/ton(1)

% of Met Tons Bought

Export – Different Pricing Mechanisms

1.4

$299.2

$208.81

41 %

Home

0.9

$189.2

$200.24

27 %

Export – Australian Listed

1.1

$184.8

$161.58

32 %

Whole Met Coal Revenues

3.5

$673.3

$191.17

100 %

Thermal Coal Revenues

0.4

$44.8

$119.69


Whole Met Section Coal Revenues (excl. freight & dealing with)(1)

3.9

$718.1

$184.31


__________________________________

1.

Represents Non-GAAP coal gross sales realization which is outlined and reconciled beneath “Non-GAAP Monetary Measures” and “Outcomes of Operations.”

Value of Coal Gross sales


(in hundreds of thousands, besides per ton knowledge)


Three months ended


Sept. 30, 2022

June 30, 2022

Value of Coal Gross sales

$555.5

$625.9

Value of Coal Gross sales (excl. freight & dealing with/idle)(1)

$425.4

$463.7


(per ton)

Met Section(1)

$104.86

$111.36

All Different(1)

$67.48

$49.90

__________________________________

1.

Represents Non-GAAP price of coal gross sales and Non-GAAP price of coal gross sales per ton which is outlined and reconciled beneath “Non-GAAP Monetary Measures” and “Outcomes of Operations.”

Alpha’s third quarter Met section price of coal gross sales decreased to a median of $104.86 per ton, with diminished sales-related prices from royalties and severance taxes accounting for the drop from the second quarter stage of $111.36. Value of coal gross sales for the All Different class elevated to $67.48 per ton within the third quarter 2022 towards a median price of $49.90 per ton within the second quarter 2022. The upper prices in third quarter are attributable to larger sales-related prices and the impacts of late-stage mining at our Slabcamp mine.

Liquidity and Capital Assets

Money offered by working actions within the third quarter elevated to $497.0 million as in comparison with $465.9 million within the second quarter 2022. Money offered by working actions consists of discontinued operations. Capital expenditures for the third quarter 2022 have been $33.3 million in comparison with $41.9 million for the second quarter of 2022. 

As of September 30, 2022, Alpha had $404.4 million in unrestricted money and $150.8 million in restricted money, deposits and investments. Whole long-term debt, together with the present portion of long-term debt as of September 30, 2022, was $4.7 million. On the finish of the third quarter, the corporate had whole liquidity of $495.5 million, together with money and money equivalents of $404.4 million and $91.1 million of unused availability beneath the ABL. The long run obtainable capability beneath the ABL is topic to stock and accounts receivable collateral necessities and the upkeep of sure monetary ratios. As of September 30, 2022, the corporate had no borrowings and $63.9 million in letters of credit score excellent beneath the ABL.

2023 Home Gross sales Commitments

On September 13, 2022, Alpha introduced that the corporate has dedicated roughly 4.5 million tons of metallurgical coal to home prospects for cargo within the calendar 12 months 2023. These 4.5 million tons are dedicated at a median worth of $192.27 per ton.

“As we advance by means of our budgeting course of to finalize our expectations for the approaching 12 months, we’re happy to have a agency basis of 4.5 million tons of domestically-committed coal on which we will proceed to construct,” stated Andy Eidson, Alpha’s president. “Our gross sales workforce continues to do a superb job of working with new and longstanding prospects, and we’re taking an in depth take a look at the total scope of worldwide alternatives obtainable to Alpha in 2023. Collectively in coordination with our operations groups, we’ll spherical out our steering projections and plans for 2023. We’re optimistic about Alpha’s outlook for subsequent 12 months and we’ll present extra element round our 2023 expectations within the coming weeks.”

Dividend Program

On November 4, 2022, Alpha’s board of administrators declared a quarterly money dividend cost of $0.418 per share, elevated from the prior stage of $0.392 per share, which can turn out to be payable on January 3, 2023 for holders of document as of December 15, 2022. Alpha’s board additionally declared a one-time, particular dividend of $5.00 per share, additionally payable on January 3, 2023 for holders of document as of December 15, 2022.

Any determination to pay future money dividends will likely be made by the board and rely upon Alpha’s future earnings and monetary situation and different related components.

Share Repurchase Program

As beforehand introduced, Alpha’s board of administrators approved a share repurchase program permitting for the expenditure of as much as $600 million for the repurchase of the corporate’s frequent inventory. On November 4, Alpha’s board elevated this authorization by $400 million, bringing the entire authorization to $1 billion. As of October 31, 2022, the corporate has acquired 3.1 million shares of frequent inventory at a value of $452 million, which has diminished the excellent share rely by roughly 14 p.c from the time this system started. The variety of frequent inventory shares excellent as of October 31, 2022 is 15,943,649.

The timing and quantity of share repurchases will proceed to be decided by the corporate’s administration primarily based on its analysis of market situations, the buying and selling worth of the inventory, relevant authorized necessities, compliance with the provisions of the corporate’s debt agreements, and different components.

2022 Steerage

As of October 28, 2022, Alpha has dedicated and priced roughly 87% of its metallurgical coal throughout the Met section at a median worth of $243.30 per ton and 100% of thermal coal within the Met section at a median anticipated worth of $97.43 per ton. Within the All Different class the corporate is 100% dedicated and priced at a median worth of $77.69 per ton.


2022 Steerage

in hundreds of thousands of tons

Low

Excessive

Metallurgical

14.0

15.0

Thermal

1.0

1.4

Met Section

15.0

16.4

All Different

0.6

0.8

Whole Shipments

15.6

17.2




Dedicated/Priced1,2,3

Dedicated

Common Worth

Metallurgical – Home


$192.03

Metallurgical – Export


$265.02

Metallurgical Whole

87 %

$243.30

Thermal

100 %

$97.43

Met Section

89 %

$228.76

All Different

100 %

$77.69




Dedicated/Unpriced1,3

Dedicated


Metallurgical Whole

13 %


Thermal

— %


Met Section

11 %


All Different

— %





Prices per ton4

Low

Excessive

Met Section

$101.00

$107.00

All Different

$58.00

$62.00




In hundreds of thousands (besides taxes)

Low

Excessive

SG&A5

$55

$59

Idle Operations Expense

$30

$40

Money Curiosity Expense

$18

$22

DD&A

$90

$110

Capital Expenditures

$160

$190

Tax Charge6

5 %

15 %

Notes:

1.

Based mostly on dedicated and priced coal shipments as of October 28, 2022. Dedicated proportion primarily based on the midpoint of cargo steering vary.

2.

Precise common per-ton realizations on dedicated and priced tons acknowledged in future intervals could differ primarily based on precise freight expense in future intervals relative to assumed freight expense embedded in projected common per-ton realizations.

3.

Consists of estimates of future coal shipments primarily based upon contract phrases and anticipated supply schedules. Precise coal shipments could differ from these estimates.

4.

Be aware: The Firm is unable to current a quantitative reconciliation of its forward-looking non-GAAP price of coal gross sales per ton offered monetary measures to essentially the most straight comparable GAAP measures with out unreasonable efforts as a result of inherent issue in forecasting and quantifying with cheap accuracy vital objects required for the reconciliation. Essentially the most straight comparable GAAP measure, GAAP price of gross sales, just isn’t accessible with out unreasonable efforts on a forward-looking foundation. The reconciling objects embody freight and dealing with prices, that are a element of GAAP price of gross sales. Administration is unable to foretell with out unreasonable efforts freight and dealing with prices as a result of uncertainty as to the top market and FOB level for uncommitted gross sales volumes and the ultimate delivery level for export shipments. These quantities have traditionally diversified and will proceed to differ considerably from quarter to quarter and materials modifications to those objects may have a major impact on our future GAAP outcomes.

5.

Excludes bills associated to non-cash inventory compensation and non-recurring bills.

6.

Charge assumes no additional possession change limitations on the utilization of web working losses.



Convention Name

The corporate plans to carry a convention name relating to its third quarter 2022 outcomes on November 7, 2022, at 10:00 a.m. Japanese time. The convention name will likely be obtainable stay on the investor part of the corporate’s web site at https://traders.alphametresources.com/traders. Analysts who wish to take part within the convention name ought to dial 877-407-0832 (home toll-free) or 201-689-8433 (worldwide) roughly quarter-hour prior to start out time.

About Alpha Metallurgical Assets

Alpha Metallurgical Assets (NYSE: AMR) is a Tennessee-based mining firm with operations throughout Virginia and West Virginia. With prospects throughout the globe, high-quality reserves and vital port capability, Alpha reliably provides metallurgical merchandise to the metal business. For extra data, go to www.AlphaMetResources.com.

Ahead-Wanting Statements

This information launch consists of forward-looking statements. These forward-looking statements are primarily based on Alpha’s expectations and beliefs regarding future occasions and contain dangers and uncertainties that will trigger precise outcomes to vary materially from present expectations. These components are tough to foretell precisely and could also be past Alpha’s management. Ahead-looking statements on this information launch or elsewhere communicate solely as of the date made. New uncertainties and dangers come up now and again, and it’s unimaginable for Alpha to foretell these occasions or how they could have an effect on Alpha. Besides as required by legislation, Alpha has no obligation to, and doesn’t intend to, replace or revise the forward-looking statements on this information launch or elsewhere after the date this launch is issued. In mild of those dangers and uncertainties, traders ought to needless to say outcomes, occasions or developments mentioned in any forward-looking assertion made on this information launch could not happen. 

Investor & Media Contact: Emily O’Quinn
[email protected] 
[email protected] 
(423) 573-0369

FINANCIAL TABLES FOLLOW

Non-GAAP Monetary Measures

The dialogue beneath incorporates “non-GAAP monetary measures.” These are monetary measures which both exclude or embody quantities that aren’t excluded or included in essentially the most straight comparable measures calculated and introduced in accordance with typically accepted accounting rules in america (“U.S. GAAP” or “GAAP”). Particularly, we make use of the non-GAAP monetary measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP price of coal gross sales,” “non-GAAP coal margin,” and “Adjusted price of produced coal offered.” We use Adjusted EBITDA to measure the working efficiency of our segments and allocate assets to the segments. Adjusted EBITDA doesn’t purport to be a substitute for web earnings (loss) as a measure of working efficiency or some other measure of working outcomes or liquidity introduced in accordance with GAAP. We use non-GAAP coal revenues to current coal revenues generated, excluding freight and dealing with success revenues. Non-GAAP coal gross sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons offered. We use non-GAAP price of coal gross sales to regulate price of coal gross sales to take away freight and dealing with prices, depreciation, depletion and amortization – manufacturing (excluding the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities), accretion on asset retirement obligations, amortization of acquired intangibles, web, and idled and closed mine prices. Non-GAAP price of coal gross sales per ton for our operations is calculated as non-GAAP price of coal gross sales divided by tons offered. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal gross sales realization per ton for our coal operations much less non-GAAP price of coal gross sales per ton for our coal operations. We additionally use Adjusted price of produced coal offered to differentiate the price of captive produced coal from the consequences of bought coal. The presentation of those measures shouldn’t be thought-about in isolation, or as an alternative choice to evaluation of our outcomes as reported beneath GAAP.

Administration makes use of non-GAAP monetary measures to complement GAAP outcomes to supply a extra full understanding of the components and traits affecting the enterprise than GAAP outcomes alone. The definition of those non-GAAP measures could also be modified periodically by administration to regulate for vital objects vital to an understanding of working traits and to regulate for objects that won’t mirror the development of future outcomes by excluding transactions that aren’t indicative of our core working efficiency. Moreover, analogous measures are utilized by business analysts to guage the Firm’s working efficiency. As a result of not all firms use equivalent calculations, the shows of those measures will not be akin to different equally titled measures of different firms and might differ considerably from firm to firm relying on long-term strategic selections relating to capital construction, the tax jurisdictions during which firms function, and capital investments.

Included beneath are reconciliations of non-GAAP monetary measures to GAAP monetary measures.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Quantities in 1000’s, besides share and per share knowledge)



Three Months Ended September 30,


9 Months Ended September 30,


2022


2021


2022


2021

Revenues:








Coal revenues

$              867,849


$              647,129


$          3,271,845


$          1,426,039

Different revenues

1,919


1,712


6,299


4,330

Whole revenues

869,768


648,841


3,278,144


1,430,369

Prices and bills:








Value of coal gross sales (unique of things
proven individually beneath)

555,502


488,169


1,736,711


1,182,360

Depreciation, depletion and amortization

27,925


24,519


83,690


80,261

Accretion on asset retirement obligations

5,921


6,674


17,822


19,970

Amortization of acquired intangibles, web

4,543


2,980


16,038


9,402

Asset impairment and restructuring




(561)

Promoting, basic and administrative
bills (unique of depreciation,
depletion and amortization proven
individually above)

15,095


15,264


48,339


44,891

Whole different working loss (earnings):








Mark-to-market adjustment for
acquisition-related obligations

(2,954)


11,676


10,615


18,009

Different expense (earnings)

2,713


(457)


569


(5,290)

Whole prices and bills

608,745


548,825


1,913,784


1,349,042

Revenue from operations

261,023


100,016


1,364,360


81,327

Different (expense) earnings:








Curiosity expense

(1,695)


(17,338)


(19,996)


(53,290)

Curiosity earnings

1,064


54


1,412


322

Fairness loss in associates

(4,821)


(643)


(8,318)


(1,161)

Miscellaneous earnings, web

1,702


1,812


4,884


5,425

Whole different expense, web

(3,750)


(16,115)


(22,018)


(48,704)

Revenue from persevering with operations earlier than
earnings taxes

257,273


83,901


1,342,342


32,623

Revenue tax expense

(5,437)


(208)


(114,073)


(211)

Internet earnings from persevering with operations

251,836


83,693


1,228,269


32,412

Discontinued operations:








Revenue (loss) from discontinued operations
earlier than earnings taxes

1,273


(429)


(525)


(1,067)

Revenue tax (expense) profit from
discontinued operations

(292)



121


Revenue (loss) from discontinued operations

981


(429)


(404)


(1,067)

Internet earnings

$              252,817


$                83,264


$          1,227,865


$                31,345









Primary earnings per frequent share:








Revenue from persevering with operations

$                  14.71


$                    4.54


$                  68.16


$                    1.76

Revenue (loss) from discontinued operations

0.06


(0.03)


(0.02)


(0.06)

Internet earnings

$                  14.77


$                    4.51


$                  68.14


$                    1.70









Diluted earnings per frequent share:








Revenue from persevering with operations

$                  14.21


$                    4.43


$                  65.33


$                    1.73

Revenue (loss) from discontinued operations

0.06


(0.03)


(0.02)


(0.06)

Internet earnings

$                  14.27


$                    4.40


$                  65.31


$                    1.67









Weighted common shares – primary

17,119,328


18,445,709


18,019,161


18,426,639

Weighted common shares – diluted

17,718,517


18,913,352


18,800,674


18,783,643

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Quantities in 1000’s, besides share and per share knowledge)



September 30, 2022


December 31, 2021

Property




Present property:




Money and money equivalents

$             404,430


$               81,211

Commerce accounts receivable, web of allowance for uncertain accounts of $375 and $393 as of
September 30, 2022 and December 31, 2021, respectively

487,352


489,241

Inventories, web

178,559


129,382

Pay as you go bills and different present property

76,999


47,690

Present property – discontinued operations

57


462

Whole present property

1,147,397


747,986

Property, plant, and gear, web of collected depreciation and amortization of
$497,149 and $443,856 as of September 30, 2022 and December 31, 2021, respectively

404,171


362,218

Owned and leased mineral rights, web of collected depletion and amortization of
$73,446 and $52,444 as of September 30, 2022 and December 31, 2021, respectively

423,763


444,302

Different acquired intangibles, web of collected amortization of $50,259 and $34,221 as
of September 30, 2022 and December 31, 2021, respectively

58,561


74,197

Lengthy-term restricted investments

92,384


28,443

Lengthy-term restricted money

31,724


89,426

Different non-current property

93,332


102,614

Non-current property – discontinued operations

8,521


8,526

Whole property

$          2,259,853


$          1,857,712

Liabilities and Stockholders’ Fairness




Present liabilities:




Present portion of long-term debt

$                  1,711


$                  2,989

Commerce accounts payable

101,584


90,090

Acquisition-related obligations – present

30,131


22,405

Accrued bills and different present liabilities

203,902


174,607

Present liabilities – discontinued operations

4,014


5,838

Whole present liabilities

341,342


295,929

Lengthy-term debt

2,987


445,562

Acquisition-related obligations – long-term


19,000

Employees’ compensation and black lung obligations

200,827


208,193

Pension obligations

152,184


159,930

Asset retirement obligations

135,082


132,013

Deferred earnings taxes

11,723


317

Different non-current liabilities

20,794


26,176

Non-current liabilities – discontinued operations

23,245


23,683

Whole liabilities

888,184


1,310,803

Commitments and Contingencies




Stockholders’ Fairness




Most popular inventory – par worth $0.01, 5.0 million shares approved, none issued


Frequent inventory – par worth $0.01, 50.0 million shares approved, 21.6 million issued and
16.3 million excellent at September 30, 2022 and 20.8 million issued and 18.4 million
excellent at December 31, 2021

217


208

Further paid-in capital

811,012


784,743

Collected different complete loss

(60,886)


(58,503)

Treasury inventory, at price: 5.3 million shares at September 30, 2022 and a couple of.4 million shares
at December 31, 2021

(521,094)


(107,800)

Retained earnings (collected deficit)

1,142,420


(71,739)

Whole stockholders’ fairness

1,371,669


546,909

Whole liabilities and stockholders’ fairness

$          2,259,853


$          1,857,712

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Quantities in 1000’s)



9 Months Ended September 30,


2022


2021

Working actions:




Internet earnings

$             1,227,865


$                  31,345

Changes to reconcile web earnings to web money offered by working actions:




Depreciation, depletion and amortization

83,690


80,261

Amortization of acquired intangibles, web

16,038


9,402

Amortization of debt issuance prices and accretion of debt low cost

7,757


9,351

Mark-to-market adjustment for acquisition-related obligations

10,615


18,009

Achieve on disposal of property

(2,607)


(5,342)

Accretion on asset retirement obligations

17,822


19,970

Worker profit plans, web

1,312


6,685

Deferred earnings taxes

11,406


(1)

Inventory-based compensation

4,103


4,351

Fairness loss in associates

8,318


1,161

Different, web

432


(3,938)

Adjustments in working property and liabilities

(87,714)


(100,681)

Internet money offered by working actions

1,299,037


70,573

Investing actions:




Capital expenditures

(103,351)


(60,386)

Proceeds on disposal of property

3,010


7,471

Purchases of funding securities

(181,539)


(15,474)

Maturity of funding securities

117,380


10,508

Capital contributions to fairness associates

(13,832)


(4,473)

Different, web

(4,232)


52

Internet money utilized in investing actions

(182,564)


(62,302)

Financing actions:




Repurchases of long-term debt


(18,415)

Principal repayments of long-term debt

(450,484)


(61,869)

Dividend and dividend equivalents paid

(6,807)


Frequent inventory repurchases and associated bills

(391,166)


(786)

Proceeds from train of warrants

4,771


Different, web

(447)


(1,846)

Internet money utilized in financing actions

(844,133)


(82,916)

Internet enhance (lower) in money and money equivalents and restricted money

272,340


(74,645)

Money and money equivalents and restricted money at starting of interval

182,614


244,571

Money and money equivalents and restricted money at finish of interval

$                454,954


$                169,926


The next desk supplies a reconciliation of money and money equivalents and restricted money reported throughout the Condensed Consolidated Steadiness Sheets that sum to the entire of the identical such quantities proven within the Condensed Consolidated Statements of Money Flows.


As of September 30,


2022


2021

Money and money equivalents

$                404,430


$                  78,283

Brief-term restricted money (included in Pay as you go bills and different present property)

18,800


7,642

Lengthy-term restricted money

31,724


84,001

Whole money and money equivalents and restricted money proven within the Condensed Consolidated Statements of Money Flows

$                454,954


$                169,926

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Quantities in 1000’s)



Three Months Ended


9 Months Ended September 30,


June 30, 2022


September 30, 2022


September 30, 2021


2022


2021

Internet earnings from persevering with
operations

$       575,429


$             251,836


$               83,693


$     1,228,269


$          32,412

Curiosity expense

5,218


1,695


17,338


19,996


53,290

Curiosity earnings

(164)


(1,064)


(54)


(1,412)


(322)

Revenue tax expense

69,012


5,437


208


114,073


211

Depreciation, depletion and
amortization

27,730


27,925


24,519


83,690


80,261

Non-cash inventory compensation
expense

1,401


1,520


1,189


4,103


4,351

Mark-to-market adjustment –
acquisition-related obligations

4,208


(2,954)


11,676


10,615


18,009

Accretion on asset retirement
obligations

5,947


5,921


6,674


17,822


19,970

Asset impairment and restructuring





(561)

Amortization of acquired intangibles,
web

5,747


4,543


2,980


16,038


9,402

Adjusted EBITDA

$       694,528


$             294,859


$             148,223


$     1,493,194


$        217,023

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS



Three Months Ended June 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      1,318,661


$           15,597


$      1,334,258

Much less: Freight and dealing with success revenues

(156,522)



(156,522)

Non-GAAP Coal revenues

$      1,162,139


$           15,597


$      1,177,736

Tons offered

4,050


254


4,304

Non-GAAP Coal gross sales realization per ton

$           286.95


$              61.41


$           273.64







Value of coal gross sales (unique of things proven individually beneath)

$         610,224


$           15,668


$         625,892

Depreciation, depletion and amortization – manufacturing (1)

27,202


250


27,452

Accretion on asset retirement obligations

3,390


2,557


5,947

Amortization of acquired intangibles, web

4,795


952


5,747

Whole Value of coal gross sales

$         645,611


$           19,427


$         665,038

Much less: Freight and dealing with prices

(156,522)



(156,522)

Much less:  Depreciation, depletion and amortization – manufacturing (1)

(27,202)


(250)


(27,452)

Much less: Accretion on asset retirement obligations

(3,390)


(2,557)


(5,947)

Much less: Amortization of acquired intangibles, web

(4,795)


(952)


(5,747)

Much less: Idled and closed mine prices

(2,708)


(2,993)


(5,701)

Non-GAAP Value of coal gross sales

$         450,994


$           12,675


$         463,669

Tons offered

4,050


254


4,304

Non-GAAP Value of coal gross sales per ton

$           111.36


$              49.90


$           107.73



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended June 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      1,318,661


$           15,597


$      1,334,258

Much less: Whole Value of coal gross sales (per desk above)

(645,611)


(19,427)


(665,038)

GAAP Coal margin

$         673,050


$            (3,830)


$         669,220

Tons offered

4,050


254


4,304

GAAP Coal margin per ton

$           166.19


$            (15.08)


$           155.49







GAAP Coal margin

$         673,050


$            (3,830)


$         669,220

Add: Depreciation, depletion and amortization – manufacturing (1)

27,202


250


27,452

Add: Accretion on asset retirement obligations

3,390


2,557


5,947

Add: Amortization of acquired intangibles, web

4,795


952


5,747

Add: Idled and closed mine prices

2,708


2,993


5,701

Non-GAAP Coal margin

$         711,145


$              2,922


$         714,067

Tons offered

4,050


254


4,304

Non-GAAP Coal margin per ton

$           175.59


$              11.50


$           165.91



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$         840,638


$           27,211


$         867,849

Much less: Freight and dealing with success revenues

(122,585)


(3)


(122,588)

Non-GAAP Coal revenues

$         718,053


$           27,208


$         745,261

Tons offered

3,896


249


4,145

Non-GAAP Coal gross sales realization per ton

$           184.31


$           109.27


$           179.80







Value of coal gross sales (unique of things proven individually beneath)

$         534,718


$           20,784


$         555,502

Depreciation, depletion and amortization – manufacturing (1)

26,747


906


27,653

Accretion on asset retirement obligations

3,390


2,531


5,921

Amortization of acquired intangibles, web

3,591


952


4,543

Whole Value of coal gross sales

$         568,446


$           25,173


$         593,619

Much less: Freight and dealing with prices

(122,585)


(3)


(122,588)

Much less:  Depreciation, depletion and amortization – manufacturing (1)

(26,747)


(906)


(27,653)

Much less: Accretion on asset retirement obligations

(3,390)


(2,531)


(5,921)

Much less: Amortization of acquired intangibles, web

(3,591)


(952)


(4,543)

Much less: Idled and closed mine prices

(3,580)


(3,978)


(7,558)

Non-GAAP Value of coal gross sales

$         408,553


$           16,803


$         425,356

Tons offered

3,896


249


4,145

Non-GAAP Value of coal gross sales per ton

$           104.86


$              67.48


$           102.62



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$         840,638


$           27,211


$         867,849

Much less: Whole Value of coal gross sales (per desk above)

(568,446)


(25,173)


(593,619)

GAAP Coal margin

$         272,192


$              2,038


$         274,230

Tons offered

3,896


249


4,145

GAAP Coal margin per ton

$              69.86


$                8.18


$              66.16







GAAP Coal margin

$         272,192


$              2,038


$         274,230

Add: Depreciation, depletion and amortization – manufacturing (1)

26,747


906


27,653

Add: Accretion on asset retirement obligations

3,390


2,531


5,921

Add: Amortization of acquired intangibles, web

3,591


952


4,543

Add: Idled and closed mine prices

3,580


3,978


7,558

Non-GAAP Coal margin

$         309,500


$           10,405


$         319,905

Tons offered

3,896


249


4,145

Non-GAAP Coal margin per ton

$              79.44


$              41.79


$              77.18



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$         625,387


$           21,742


$         647,129

Much less: Freight and dealing with success revenues

(128,192)


(18)


(128,210)

Non-GAAP Coal revenues

$         497,195


$           21,724


$         518,919

Tons offered

4,380


348


4,728

Non-GAAP Coal gross sales realization per ton

$           113.51


$              62.43


$           109.75







Value of coal gross sales (unique of things proven individually beneath)

$         468,706


$           19,463


$         488,169

Depreciation, depletion and amortization – manufacturing (1)

23,181


1,160


24,341

Accretion on asset retirement obligations

3,408


3,266


6,674

Amortization of acquired intangibles, web

3,063


(83)


2,980

Whole Value of coal gross sales

$         498,358


$           23,806


$         522,164

Much less: Freight and dealing with prices

(128,192)


(18)


(128,210)

Much less:  Depreciation, depletion and amortization – manufacturing (1)

(23,181)


(1,160)


(24,341)

Much less: Accretion on asset retirement obligations

(3,408)


(3,266)


(6,674)

Much less: Amortization of acquired intangibles, web

(3,063)


83


(2,980)

Much less: Idled and closed mine prices

(4,932)


(2,927)


(7,859)

Non-GAAP Value of coal gross sales

$         335,582


$           16,518


$         352,100

Tons offered

4,380


348


4,728

Non-GAAP Value of coal gross sales per ton

$              76.62


$              47.47


$              74.47



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$         625,387


$           21,742


$         647,129

Much less: Whole Value of coal gross sales (per desk above)

(498,358)


(23,806)


(522,164)

GAAP Coal margin

$         127,029


$            (2,064)


$         124,965

Tons offered

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 – manufacturing (1)

23,181


1,160


24,341

Add: Accretion on asset retirement obligations

3,408


3,266


6,674

Add: Amortization of acquired intangibles, web

3,063


(83)


2,980

Add: Idled and closed mine prices

4,932


2,927


7,859

Non-GAAP Coal margin

$         161,613


$              5,206


$         166,819

Tons offered

4,380


348


4,728

Non-GAAP Coal margin per ton

$              36.90


$              14.96


$              35.28



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


9 Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      3,213,639


$           58,206


$      3,271,845

Much less: Freight and dealing with success revenues

(423,132)


(21)


(423,153)

Non-GAAP Coal revenues

$      2,790,507


$           58,185


$      2,848,692

Tons offered

11,726


771


12,497

Non-GAAP Coal gross sales realization per ton

$           237.98


$              75.47


$           227.95







Value of coal gross sales (unique of things proven individually beneath)

$      1,684,224


$           52,487


$      1,736,711

Depreciation, depletion and amortization – manufacturing (1)

81,009


1,953


82,962

Accretion on asset retirement obligations

10,178


7,644


17,822

Amortization of acquired intangibles, web

13,182


2,856


16,038

Whole Value of coal gross sales

$      1,788,593


$           64,940


$      1,853,533

Much less: Freight and dealing with prices

(423,132)


(21)


(423,153)

Much less:  Depreciation, depletion and amortization – manufacturing (1)

(81,009)


(1,953)


(82,962)

Much less: Accretion on asset retirement obligations

(10,178)


(7,644)


(17,822)

Much less: Amortization of acquired intangibles, web

(13,182)


(2,856)


(16,038)

Much less: Idled and closed mine prices

(9,892)


(9,617)


(19,509)

Non-GAAP Value of coal gross sales

$      1,251,200


$           42,849


$      1,294,049

Tons offered

11,726


771


12,497

Non-GAAP Value of coal gross sales per ton

$           106.70


$              55.58


$           103.55



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


9 Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      3,213,639


$           58,206


$      3,271,845

Much less: Whole Value of coal gross sales (per desk above)

(1,788,593)


(64,940)


(1,853,533)

GAAP Coal margin

$      1,425,046


$            (6,734)


$      1,418,312

Tons offered

11,726


771


12,497

GAAP Coal margin per ton

$           121.53


$              (8.73)


$           113.49







GAAP Coal margin

$      1,425,046


$            (6,734)


$      1,418,312

Add: Depreciation, depletion and amortization – manufacturing (1)

81,009


1,953


82,962

Add: Accretion on asset retirement obligations

10,178


7,644


17,822

Add: Amortization of acquired intangibles, web

13,182


2,856


16,038

Add: Idled and closed mine prices

9,892


9,617


19,509

Non-GAAP Coal margin

$      1,539,307


$           15,336


$      1,554,643

Tons offered

11,726


771


12,497

Non-GAAP Coal margin per ton

$           131.27


$              19.89


$           124.40



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


9 Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      1,362,119


$           63,920


$      1,426,039

Much less: Freight and dealing with success revenues

(252,532)


(504)


(253,036)

Non-GAAP Coal revenues

$      1,109,587


$           63,416


$      1,173,003

Tons offered

11,785


1,030


12,815

Non-GAAP Coal gross sales realization per ton

$              94.15


$              61.57


$              91.53







Value of coal gross sales (unique of things proven individually beneath)

$      1,125,840


$           56,520


$      1,182,360

Depreciation, depletion and amortization – manufacturing (1)

75,403


4,321


79,724

Accretion on asset retirement obligations

10,170


9,800


19,970

Amortization of acquired intangibles, web

9,749


(347)


9,402

Whole Value of coal gross sales

$      1,221,162


$           70,294


$      1,291,456

Much less: Freight and dealing with prices

(252,532)


(504)


(253,036)

Much less:  Depreciation, depletion and amortization – manufacturing (1)

(75,403)


(4,321)


(79,724)

Much less: Accretion on asset retirement obligations

(10,170)


(9,800)


(19,970)

Much less: Amortization of acquired intangibles, web

(9,749)


347


(9,402)

Much less: Idled and closed mine prices

(13,325)


(10,215)


(23,540)

Non-GAAP Value of coal gross sales

$         859,983


$           45,801


$         905,784

Tons offered

11,785


1,030


12,815

Non-GAAP Value of coal gross sales per ton

$              72.97


$              44.47


$              70.68



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


9 Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Coal revenues

$      1,362,119


$           63,920


$      1,426,039

Much less: Whole Value of coal gross sales (per desk above)

(1,221,162)


(70,294)


(1,291,456)

GAAP Coal margin

$         140,957


$            (6,374)


$         134,583

Tons offered

11,785


1,030


12,815

GAAP Coal margin per ton

$              11.96


$              (6.19)


$              10.50







GAAP Coal margin

$         140,957


$            (6,374)


$         134,583

Add: Depreciation, depletion and amortization – manufacturing (1)

75,403


4,321


79,724

Add: Accretion on asset retirement obligations

10,170


9,800


19,970

Add: Amortization of acquired intangibles, web

9,749


(347)


9,402

Add: Idled and closed mine prices

13,325


10,215


23,540

Non-GAAP Coal margin

$         249,604


$           17,615


$         267,219

Tons offered

11,785


1,030


12,815

Non-GAAP Coal margin per ton

$              21.18


$              17.10


$              20.85



(1)

Depreciation, depletion and amortization – manufacturing excludes the depreciation, depletion and amortization associated to promoting, basic and administrative capabilities.


Three Months Ended June 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Non-GAAP Value of coal gross sales

$         450,994


$           12,675


$         463,669

Much less: price of bought coal offered

(33,171)



(33,171)

Adjusted price of produced coal offered

$         417,823


$           12,675


$         430,498

Produced tons offered

3,929


254


4,183

Adjusted price of produced coal offered per ton (1)

$           106.34


$              49.90


$           102.92



(1)

Value of produced coal offered per ton for our operations is calculated as non-GAAP price of produced coal offered divided by produced tons offered.


Three Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Non-GAAP Value of coal gross sales

$         408,553


$           16,803


$         425,356

Much less: price of bought coal offered

(21,222)



(21,222)

Adjusted price of produced coal offered

$         387,331


$           16,803


$         404,134

Produced tons offered

3,795


249


4,044

Adjusted price of produced coal offered per ton (1)

$           102.06


$              67.48


$              99.93



(1)

Value of produced coal offered per ton for our operations is calculated as non-GAAP price of produced coal offered divided by produced tons offered.


Three Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Non-GAAP Value of coal gross sales

$         335,582


$           16,518


$         352,100

Much less: price of bought coal offered

(32,168)



(32,168)

Adjusted price of produced coal offered

$         303,414


$           16,518


$         319,932

Produced tons offered

4,107


348


4,455

Adjusted price of produced coal offered per ton (1)

$              73.88


$              47.47


$              71.81



(1)

Value of produced coal offered per ton for our operations is calculated as non-GAAP price of produced coal offered divided by produced tons offered.


9 Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Non-GAAP Value of coal gross sales

$      1,251,200


$           42,849


$      1,294,049

Much less: price of bought coal offered

(82,235)


(37)


(82,272)

Adjusted price of produced coal offered

$      1,168,965


$           42,812


$      1,211,777

Produced tons offered

11,377


770


12,147

Adjusted price of produced coal offered per ton (1)

$           102.75


$              55.60


$              99.76



(1)

Value of produced coal offered per ton for our operations is calculated as non-GAAP price of produced coal offered divided by produced tons offered.


9 Months Ended September 30, 2021

(In 1000’s, apart from per ton knowledge)

Met


All Different


Consolidated

Non-GAAP Value of coal gross sales

$         859,983


$           45,801


$         905,784

Much less: price of bought coal offered

(75,074)



(75,074)

Adjusted price of produced coal offered

$         784,909


$           45,801


$         830,710

Produced tons offered

11,028


1,030


12,058

Adjusted price of produced coal offered per ton (1)

$              71.17


$              44.47


$              68.89



(1)

Value of produced coal offered per ton for our operations is calculated as non-GAAP price of produced coal offered divided by produced tons offered.


Three Months Ended September 30, 2022

(In 1000’s, apart from per ton knowledge)

Tons Bought


Coal Revenues


Non-GAAP
Coal gross sales
realization per
ton


% of Met Tons
Bought

Export – different pricing mechanisms

1,433


$       299,218


$         208.81


41 %

Home

945


189,224


$         200.24


27 %

Export – Australian listed

1,144


184,848


$         161.58


32 %

Whole Met section – met coal

3,522


$       673,290


$         191.17


100 %

Met section – thermal coal

374


44,763


$         119.69



Whole Met section Coal revenues

3,896


718,053


$         184.31



All Different Coal revenues

249


27,208


$         109.27



Non-GAAP Coal revenues

4,145


$       745,261


$         179.80



Add: Freight and dealing with success revenues


122,588





Coal revenues

4,145


$       867,849





SOURCE Alpha Metallurgical Assets, Inc.

See also  PNC REPORTS FULL YEAR 2022 NET INCOME OF $6.1 BILLION, $13.85 DILUTED EPS OR $13.96 AS ADJUSTED