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Alpha Metallurgical Resources(AMR) - 2023 Q4 - Annual Results
AMRAlpha Metallurgical Resources(AMR)2024-02-25 16:00

Financial Performance - Q4 2023 net income of 176.0million,or176.0 million, or 12.88 per diluted share, compared to 93.8million,or93.8 million, or 6.65 per diluted share, in Q3 2023[1][6] - Q4 2023 Adjusted EBITDA of 266.3million,upfrom266.3 million, up from 153.9 million in Q3 2023[1][6] - Net income for Q4 2023 was 176.0million,downfrom176.0 million, down from 220.7 million in Q4 2022, a 20.3% decrease[29] - Basic income per common share for Q4 2023 was 13.35,comparedto13.35, compared to 13.86 in Q4 2022, a 3.7% decline[29] - Net income for the year ended December 31, 2023, was 721.956million,comparedto721.956 million, compared to 1.448545 billion in 2022[32] - Adjusted EBITDA for the year ended December 31, 2023, was 1.033111billion,downfrom1.033111 billion, down from 1.740612 billion in 2022[35] Coal Sales and Revenues - Met segment coal sales realization increased to 183.76pertoninQ42023from183.76 per ton in Q4 2023 from 154.73 per ton in Q3 2023[6] - Coal revenues for Q4 2023 were 957.1million,comparedto957.1 million, compared to 821.1 million in Q4 2022, representing a 16.6% increase[29] - Total revenues for Q4 2023 reached 959.9million,upfrom959.9 million, up from 823.4 million in Q4 2022, a 16.6% growth[29] - Non-GAAP coal revenues for the three months ended December 31, 2023, were 837.588million,withasalesrealizationof837.588 million, with a sales realization of 182.72 per ton[36] - Tons sold in the three months ended December 31, 2023, were 4.584 million, with coal revenues contributing 954.181million[36]−CoalrevenuesforthethreemonthsendedDecember31,2023,were954.181 million[36] - Coal revenues for the three months ended December 31, 2023, were 957,127 thousand, with a GAAP coal margin of 237,487thousand[37]−Non−GAAPcoalmarginforthesameperiodwas237,487 thousand[37] - Non-GAAP coal margin for the same period was 294,581 thousand, with a per ton margin of 64.26[37]−CoalrevenuesforthethreemonthsendedSeptember30,2023,were64.26[37] - Coal revenues for the three months ended September 30, 2023, were 738,998 thousand, with a non-GAAP coal sales realization per ton of 152.48[39]−CoalrevenuesforthethreemonthsendedDecember31,2022,were152.48[39] - Coal revenues for the three months ended December 31, 2022, were 821,142 thousand, with a GAAP coal margin of 238,938thousand[42]−Non−GAAPcoalmarginforthethreemonthsendedDecember31,2022,was238,938 thousand[42] - Non-GAAP coal margin for the three months ended December 31, 2022, was 280,932 thousand, with a per ton margin of 72.39[42]−Coalrevenuesfor2023totaled72.39[42] - Coal revenues for 2023 totaled 3,456,630 thousand, with Met coal contributing 3,406,643thousandandAllOthercoalcontributing3,406,643 thousand and All Other coal contributing 49,987 thousand[43] - Non-GAAP coal revenues for 2023 were 3,017,620thousand,withasalesrealizationpertonof3,017,620 thousand, with a sales realization per ton of 176.76[43] - Coal revenues for 2022 totaled 4,092,987thousand,withMetcoalcontributing4,092,987 thousand, with Met coal contributing 4,018,515 thousand and All Other coal contributing 74,472thousand[45]−Non−GAAPcoalrevenuesfor2022were74,472 thousand[45] - Non-GAAP coal revenues for 2022 were 3,563,924 thousand, with a sales realization per ton of 217.60[45]CostofCoalSales−Metsegmentcostofcoalsalesroseto217.60[45] Cost of Coal Sales - Met segment cost of coal sales rose to 119.00 per ton in Q4 2023 from 109.95pertoninQ32023[10]−2024guidance:Metsegmentcostofcoalsalespertonprojectedbetween109.95 per ton in Q3 2023[10] - 2024 guidance: Met segment cost of coal sales per ton projected between 110.00 to 116.00[21]−Non−GAAPcostofcoalsalesforthethreemonthsendedDecember31,2023,was116.00[21] - Non-GAAP cost of coal sales for the three months ended December 31, 2023, was 543.007 million, with a cost per ton of 118.46[36]−Non−GAAPcostofcoalsalesforthethreemonthsendedSeptember30,2023,was118.46[36] - Non-GAAP cost of coal sales for the three months ended September 30, 2023, was 461,780 thousand, with a per ton cost of 109.30[39]−Non−GAAPcostofcoalsalesforthethreemonthsendedDecember31,2022,was109.30[39] - Non-GAAP cost of coal sales for the three months ended December 31, 2022, was 434,300 thousand, with a per ton cost of 111.90[41]−Non−GAAPcostofcoalsalespertonin2023was111.90[41] - Non-GAAP cost of coal sales per ton in 2023 was 110.72, with Met coal at 111.67pertonandAllOthercoalat111.67 per ton and All Other coal at 80.84 per ton[43] - Non-GAAP cost of coal sales per ton in 2022 was 105.53,withMetcoalat105.53, with Met coal at 108.22 per ton and All Other coal at 59.19perton[45]ShareholderReturnsandLiquidity−Sharerepurchaseprogram:59.19 per ton[45] Shareholder Returns and Liquidity - Share repurchase program: 1.1 billion returned to shareholders since inception, with 6.6 million shares repurchased at an average price of 164.87pershare[14]−TotalliquidityasofDecember31,2023,was164.87 per share[14] - Total liquidity as of December 31, 2023, was 287.3 million, including 268.2millionincashandcashequivalents[13]−Cashandcashequivalentsdecreasedto268.2 million in cash and cash equivalents[13] - Cash and cash equivalents decreased to 268.2 million as of December 31, 2023, from 301.9millionin2022,an11.2301.9 million in 2022, an 11.2% drop[30] - Total cash and cash equivalents and restricted cash at the end of 2023 was 384.125 million, compared to 355.394millionattheendof2022[33]CapitalExpendituresandInvestments−2024capitalexpendituresguidance:355.394 million at the end of 2022[33] Capital Expenditures and Investments - 2024 capital expenditures guidance: 210 to 240million[21]−Capitalexpendituresin2023increasedto240 million[21] - Capital expenditures in 2023 increased to 245.373 million, up from 164.309millionin2022[32]OperationalMetrics−2024guidance:Metallurgicalcoalshipmentsexpectedbetween15.5to16.5milliontons,with35164.309 million in 2022[32] Operational Metrics - 2024 guidance: Metallurgical coal shipments expected between 15.5 to 16.5 million tons, with 35% committed and priced at an average of 171.33 per ton[19][20] - Tons sold for the three months ended December 31, 2023, were 4,584 thousand, with a GAAP coal margin per ton of 51.81[37]−TonssoldforthethreemonthsendedSeptember30,2023,were4,225thousand,withanon−GAAPcoalsalesrealizationpertonof51.81[37] - Tons sold for the three months ended September 30, 2023, were 4,225 thousand, with a non-GAAP coal sales realization per ton of 152.48[39] - Tons sold for the three months ended December 31, 2022, were 3,881 thousand, with a GAAP coal margin per ton of 61.57[42]−Totaltonssoldin2023were17,072,withMetcoalaccountingfor16,543tonsandAllOthercoalaccountingfor529tons[43]−Totaltonssoldin2022were16,378,withMetcoalaccountingfor15,478tonsandAllOthercoalaccountingfor900tons[45]BalanceSheetandFinancialPosition−TotalassetsasofDecember31,2023,were61.57[42] - Total tons sold in 2023 were 17,072, with Met coal accounting for 16,543 tons and All Other coal accounting for 529 tons[43] - Total tons sold in 2022 were 16,378, with Met coal accounting for 15,478 tons and All Other coal accounting for 900 tons[45] Balance Sheet and Financial Position - Total assets as of December 31, 2023, were 2.406 billion, up from 2.312billionin2022,a4.12.312 billion in 2022, a 4.1% increase[30] - Trade accounts receivable increased to 509.7 million as of December 31, 2023, from 407.2millionin2022,a25.2407.2 million in 2022, a 25.2% rise[30] - Total liabilities decreased to 832.1 million as of December 31, 2023, from 882.7millionin2022,a5.7882.7 million in 2022, a 5.7% reduction[30] - Retained earnings grew to 1.969 billion as of December 31, 2023, from 1.275billionin2022,a54.41.275 billion in 2022, a 54.4% increase[31] - Treasury stock increased to 1.189 billion as of December 31, 2023, from 649.1millionin2022,an83.3649.1 million in 2022, an 83.3% rise[31] Cash Flow - Q4 2023 operating cash flow increased to 199.4 million from 157.2millioninQ32023[11]−Netcashprovidedbyoperatingactivitiesin2023was157.2 million in Q3 2023[11] - Net cash provided by operating activities in 2023 was 851.159 million, down from 1.484005billionin2022[32]DepreciationandAmortization−Depreciation,depletion,andamortizationforproductionin2023was1.484005 billion in 2022[32] Depreciation and Amortization - Depreciation, depletion, and amortization for production in 2023 was 42.325 million, compared to 33.295millionin2022[36]−Accretiononassetretirementobligationsin2023was33.295 million in 2022[36] - Accretion on asset retirement obligations in 2023 was 6.371 million, up from 3.721millionin2022[36]CoalMargins−GAAPcoalmarginfor2023was3.721 million in 2022[36] Coal Margins - GAAP coal margin for 2023 was 930,801 thousand, with a margin per ton of 54.52[44]−Non−GAAPcoalmarginfor2023was54.52[44] - Non-GAAP coal margin for 2023 was 1,127,490 thousand, with a margin per ton of $66.04[44]