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Alpha Metallurgical Resources(AMR) - 2020 Q1 - Quarterly Report
2020-05-11 12:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38735 CONTURA ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 81-3015061 (State or other jurisdicti ...
Alpha Metallurgical Resources(AMR) - 2019 Q4 - Earnings Call Transcript
2020-03-18 23:20
Contura Energy, Inc. (CTRA) Q4 2019 Earnings Conference Call March 18, 2020 2:00 PM ET Company Participants David Stetson - Chief Executive Officer Andy Eidson - Chief Financial Officer Jason Whitehead - Chief Operating Officer Emily O'Quinn - VP, Corporate Communications Conference Call Participants Mark Levin - Seaport Global Securities LLC Lucas Pipes - B. Riley FBR, Inc. Daniel Scott - Clarksons Platou Securities Operator Good day and welcome to the Contura Energy Fourth Quarter 2019 Results Conference ...
Alpha Metallurgical Resources(AMR) - 2019 Q4 - Annual Report
2020-03-18 11:50
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38735 CONTURA ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 81-3015061 (State or other jurisdiction of ...
Alpha Metallurgical Resources(AMR) - 2019 Q3 - Earnings Call Transcript
2019-11-14 19:15
Contura Energy, Inc. (CTRA) Q3 2019 Earnings Conference Call November 14, 2019 10:00 AM ET Company Participants Alex Rotonen - Vice President of Investor Relations David Stetson - Chief Executive Officer Andy Eidson - Chief Financial Officer Jason Whitehead - Chief Operating Officer Conference Call Participants Mark Levin - Seaport Global Lucas Pipes - B. Riley FBR Operator Ladies and gentlemen, thank you for standing by and welcome to the Contura Energy Third Quarter 2019 Earnings Call. At this time, all ...
Alpha Metallurgical Resources(AMR) - 2019 Q3 - Quarterly Report
2019-11-14 12:40
Part I [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Contura Energy reported a significant net loss for Q3 and the nine-month period of 2019, reversing prior-year net incomes, with total assets slightly decreasing and liabilities increasing [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Contura Energy reported a Q3 2019 net loss of $68.5 million and a nine-month net loss of $175.4 million, driven by increased costs despite higher revenues from the Alpha Merger | Financial Metric | Three Months Ended Sep 30, 2019 ($) | Three Months Ended Sep 30, 2018 ($) | Nine Months Ended Sep 30, 2019 ($) | Nine Months Ended Sep 30, 2018 ($) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $525,864 | $447,871 | $1,791,184 | $1,459,121 | | **(Loss) Income from Operations** | ($26,211) | $23,848 | $58,519 | $176,389 | | **Net (Loss) Income** | ($68,532) | $11,894 | ($175,378) | $142,623 | | **Diluted (Loss) Income Per Share** | ($3.60) | $1.15 | ($9.22) | $13.81 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2019, total assets slightly decreased to $2.67 billion, cash declined, total liabilities increased to $1.80 billion, and stockholders' equity decreased | Balance Sheet Item | September 30, 2019 ($) | December 31, 2018 ($) | | :--- | :--- | :--- | | **Cash and cash equivalents** | $152,638 | $233,599 | | **Total current assets** | $770,464 | $829,601 | | **Total assets** | $2,669,888 | $2,746,058 | | **Total current liabilities** | $330,177 | $355,236 | | **Total liabilities** | $1,800,950 | $1,674,918 | | **Total stockholders' equity** | $868,938 | $1,071,140 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2019, operating cash flow decreased, while investing and financing cash outflows significantly increased, leading to a $94.1 million net decrease in cash | Cash Flow Activity (Nine Months Ended) | September 30, 2019 ($) | September 30, 2018 ($) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $137,578 | $176,316 | | **Net cash used in investing activities** | ($167,579) | ($71,539) | | **Net cash used in financing activities** | ($64,110) | ($14,873) | | **Net (decrease) increase in cash** | ($94,111) | $89,904 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the Alpha Merger's goodwill allocation, significant losses from discontinued PRB operations due to Blackjewel's bankruptcy, adoption of ASC 842, and subsequent resolution of PRB liabilities - The company finalized the purchase price allocation for the Alpha Merger, resulting in goodwill of **$124.4 million**, attributed to anticipated synergies and deferred income taxes[36](index=36&type=chunk) - The bankruptcy of Blackjewel, the buyer of the company's former PRB operations, led to the re-recognition of asset retirement obligations and a significant loss from discontinued operations[42](index=42&type=chunk)[45](index=45&type=chunk) - Subsequent to the quarter end, the company entered into the ESM Transaction, paying **$90 million** to have Eagle Specialty Materials assume the PRB mines and their associated reclamation liabilities, expecting to resolve the issue[159](index=159&type=chunk)[161](index=161&type=chunk) - The company adopted the new lease accounting standard ASC 842 on January 1, 2019, recording operating lease right-of-use assets of **$11.8 million** and corresponding lease liabilities[31](index=31&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=46&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2019 revenue growth driven by the Alpha Merger, offset by increased costs, while highlighting strong liquidity and the post-quarter resolution of PRB mine liabilities [Results of Operations](index=47&type=section&id=Results%20of%20Operations) Q3 2019 revenues increased by **17.4%** due to higher volumes from the Alpha Merger, but significant cost increases, including a **446.1%** surge in DD&A, resulted in only a slight rise in Adjusted EBITDA | Metric (Q3 2019 vs Q3 2018) | Q3 2019 ($M) | Q3 2018 ($M) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | $525.9M | $447.9M | +17.4% | | **Tons Sold (Thousands)** | 5,765 | 3,879 | +48.6% | | **Cost of Coal Sales** | $467.7M | $397.2M | +17.7% | | **Depreciation, Depletion & Amortization** | $60.8M | $11.1M | +446.1% | | **Adjusted EBITDA** | $40.0M | $38.8M | +3.1% | - The increase in revenue was primarily driven by a **1.9 million ton** increase in coal sales volume, mainly from operations acquired in the Alpha Merger[196](index=196&type=chunk) - The CAPP - Met segment's Adjusted EBITDA increased by **$10.9 million (22.8%)** due to higher sales volumes and an improved coal margin per ton[233](index=233&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2019, total liquidity stood at **$354.1 million**, with operating cash flow at **$137.6 million**, and future capital expenditures are expected to increase due to a **$61 million** Cumberland mine project - Total liquidity was **$354.1 million** as of September 30, 2019, comprising cash, investments, and available credit[276](index=276&type=chunk) - The company accelerated a **$61 million** capital project for a new impoundment at its Cumberland mine, increasing estimated capital expenditures by **$29 million** in 2020 and **$17 million** in 2021[279](index=279&type=chunk) - Cash, cash equivalents, and restricted cash decreased by **$94.1 million** during the first nine months of 2019, driven by increased capital expenditures, debt refinancing, and stock repurchases[281](index=281&type=chunk) [Contractual Obligations](index=64&type=section&id=Contractual%20Obligations) Contractual obligations significantly increased due to the Alpha Merger and Blackjewel bankruptcy, with asset retirement obligations totaling **$933.0 million** and black lung benefit obligations at **$250.1 million** | Obligation (Undiscounted) | Total Estimated Cash Flow ($) | | :--- | :--- | | **Asset Retirement Obligation** | $933,024 | | **Black Lung Benefit Obligation** | $250,140 | | **Contingent Revenue Obligation** | $61,966 | [Critical Accounting Policies and Estimates](index=65&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) An interim goodwill impairment test was performed due to market decline, concluding no impairment as of August 31, 2019, but management warns of future risk if conditions worsen - An interim goodwill impairment test was conducted as of August 31, 2019, due to market capitalization decline and lower coal prices. No impairment was recorded, but goodwill may be at risk if market conditions worsen[298](index=298&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=65&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company manages market risks from commodity prices, credit exposure, and interest rates, with **32%** of 2020 CAPP-Met coal production committed and priced, and interest rate sensitivity of **$2.8 million** for a 50 basis point change - As of November 4, 2019, **32%** of the company's **13.0 million tons** of CAPP-Met coal for 2020 is committed and priced[300](index=300&type=chunk) - The company is exposed to variable interest rates on its Term Loan Credit Facility. A **50 basis point (0.50%)** change in interest rates would alter annual interest expense by approximately **$2.8 million**[305](index=305&type=chunk) [Controls and Procedures](index=66&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes to internal control over financial reporting during Q3 2019 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[306](index=306&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[307](index=307&type=chunk) Part II [Legal Proceedings](index=67&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, with detailed information available in Note 18(d) of the Condensed Consolidated Financial Statements - For details on legal proceedings, the company directs readers to Note 18(d) in the financial statements[309](index=309&type=chunk) [Risk Factors](index=67&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant customer concentration risk, with its ten largest customers accounting for approximately **60.1%** of total coal revenues in 2018 - The company's **10 largest customers** accounted for approximately **60.1%** of total coal revenues for the year ended December 31, 2018, posing a significant customer concentration risk[311](index=311&type=chunk) [Share Repurchases](index=67&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2019, Contura Energy repurchased **1,029,303 shares** of common stock at an average price of **$31.54** per share as part of its capital return program | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | **Q3 2019 Total** | 1,029,303 | $31.54 | [Mine Safety Disclosures](index=68&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures, as required by the Dodd-Frank Act, are provided in Exhibit 95 of this quarterly report - Mine safety disclosures required by the Dodd-Frank Act are included in Exhibit 95 of the Form 10-Q[316](index=316&type=chunk) [Exhibits](index=68&type=section&id=Item%206.%20Exhibits) A complete list of documents filed as part of this Quarterly Report on Form 10-Q is available in the Exhibit Index - A full list of exhibits filed with the report is available in the Exhibit Index[317](index=317&type=chunk)
Alpha Metallurgical Resources(AMR) - 2019 Q2 - Earnings Call Transcript
2019-08-14 20:26
Contura Energy, Inc. (CTRA) Q2 2019 Earnings Conference Call August 14, 2019 10:00 AM ET Company Participants Alex Rotonen - VP, IR David Stetson - CEO Andy Eidson - CFO Kevin Stanley - Chief Commercial Officer Conference Call Participants Mark Levin - Seaport Global Daniel Scott - Clarksons Dan Day - B. Riley FBR Operator Good morning, my name is Carol, and I will be your operator today. At this time, I would like to welcome everyone to the Contura Energy Second Quarter 2019 Earnings Call. [Operator Instru ...
Alpha Metallurgical Resources(AMR) - 2019 Q2 - Quarterly Report
2019-08-14 11:47
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38735 CONTURA ENERGY, INC. (Exact name of registrant as specified in its charter) Delaware 81-3015061 (State or other jurisdictio ...
Alpha Metallurgical Resources(AMR) - 2019 Q1 - Earnings Call Transcript
2019-05-15 19:44
Contura Energy, Inc. (CTRA) Q1 2019 Earnings Conference Call May 15, 2019 10:00 AM ET Company Participants Alex Rotonen – Vice President-Investor Relations Andy Eidson – Interim Co-Chief Executive Officer and Chief Financial Officer Mark Manno – Interim Co-Chief Executive Officer, Chief Administrative & Legal Officer and Secretary Kevin Stanley – Executive Vice President and Chief Commercial Officer Conference Call Participants Lucas Pipes – B. Riley FBR Mark Levin – Seaport Global Scott Schier – Clarksons ...
Alpha Metallurgical Resources(AMR) - 2019 Q1 - Quarterly Report
2019-05-15 15:33
[Part I - Financial Information](index=7&type=section&id=Part%20I%20-%20Financial%20Information) This section presents the company's financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) Q1 2019 revenues rose to $609.1 million due to Alpha Merger, but net income from continuing operations fell to $8.0 million, with positive operating cash flow [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2019 revenues increased 26.3% due to the Alpha Merger, but income from operations and net income from continuing operations declined sharply due to higher costs | Financial Metric | Three Months Ended March 31, 2019 (in thousands) | Three Months Ended March 31, 2018 (in thousands) | | :--- | :--- | :--- | | **Total Revenues** | $609,114 | $482,332 | | **Income from Operations** | $17,781 | $67,816 | | **Net Income from Continuing Operations** | $7,990 | $58,300 | | **Net Income** | $6,815 | $56,941 | | **Diluted EPS from Continuing Operations** | $0.41 | $5.66 | | **Diluted Net EPS** | $0.35 | $5.53 | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2019, total assets increased slightly to $2.76 billion due to the Alpha Merger, with stable liabilities and increased stockholders' equity | Balance Sheet Item | March 31, 2019 (in thousands) | December 31, 2018 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $820,418 | $829,601 | | **Total Assets** | $2,756,051 | $2,746,058 | | **Total Current Liabilities** | $355,194 | $355,236 | | **Total Liabilities** | $1,675,407 | $1,674,918 | | **Total Stockholders' Equity** | $1,080,644 | $1,071,140 | [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2019 operating cash flow was $14.6 million, a significant improvement, while investing and financing activities led to a $42.5 million decrease in cash | Cash Flow Activity | Three Months Ended March 31, 2019 (in thousands) | Three Months Ended March 31, 2018 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | $14,611 | $(30,335) | | **Net cash used in investing activities** | $(45,323) | $(31,348) | | **Net cash used in financing activities** | $(11,786) | $(6,309) | | **Net decrease in cash and cash equivalents and restricted cash** | $(42,498) | $(67,992) | [Notes to Condensed Consolidated Financial Statements](index=15&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the Alpha Merger's impact, purchase price allocation, revenue disaggregation, new accounting standards, and specifics on debt and contingencies [Note 2: Mergers and Acquisitions](index=17&type=section&id=%282%29%20Mergers%20and%20Acquisitions) This note details the November 2018 Alpha Natural Resources merger, valued at $688.5 million, with preliminary goodwill of $107.5 million recorded - On November 9, 2018, Contura completed its merger with Alpha Natural Resources Holdings, Inc. and ANR, Inc., acquiring **100%** of the outstanding shares[38](index=38&type=chunk) | Purchase Price Component | Provisional Amount (in thousands) | | :--- | :--- | | Fair value of common stock issued | $703,365 | | Issued and redeemed equity awards | $32,217 | | Net balances due to Alpha settled | $(47,048) | | **Total Purchase Price** | **$688,534** | - Provisional goodwill increased by **$11.9 million** during the quarter due to measurement-period adjustments, reaching **$107.5 million** as of March 31, 2019. This goodwill is not deductible for tax purposes and has been allocated to the CAPP-Met reportable segment[45](index=45&type=chunk) [Note 4: Revenue](index=21&type=section&id=%284%29%20Revenue) Q1 2019 total coal revenues were $607.0 million, primarily from metallurgical and thermal coal, with CAPP-Met as the largest segment and $686.7 million in future fixed-price contract obligations | Q1 2019 Coal Revenues | CAPP - Met (in thousands) | CAPP - Thermal (in thousands) | NAPP (in thousands) | Trading and Logistics (in thousands) | Consolidated (in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Met** | $335,720 | $6,414 | $1,935 | $53,588 | $397,657 | | **Thermal** | $10,101 | $50,901 | $68,920 | $2,197 | $132,119 | | **Freight & Handling** | — | — | — | $77,184 | $77,184 | | **Total** | **$345,821** | **$57,315** | **$70,855** | **$132,969** | **$606,960** | | Period | Estimated Revenue (in thousands) | | :--- | :--- | | Remainder of 2019 | $211,559 | | 2020 | $225,340 | | 2021 | $95,590 | | 2022 | $69,943 | | 2023 | $84,268 | | **Total** | **$686,700** | [Note 20: Segment Information](index=38&type=section&id=%2820%29%20Segment%20Information) The company operates four segments, with CAPP-Met generating the highest Q1 2019 revenue and Adjusted EBITDA, contributing to a consolidated Adjusted EBITDA of $83.4 million, with export sales at 57% of total coal revenues | Q1 2019 Segment Results | CAPP - Met (in thousands) | CAPP - Thermal (in thousands) | NAPP (in thousands) | Trading and Logistics (in thousands) | All Other (in thousands) | Consolidated (in thousands) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $346,499 | $57,607 | $71,701 | $132,603 | $704 | $609,114 | | **Adjusted EBITDA** | $91,703 | $(4,283) | $4,754 | $9,929 | $(18,721) | $83,382 | - Export coal revenues were **$343.3 million**, representing **57%** of total coal revenues for the three months ended March 31, 2019, a decrease from **88%** in the same period of 2018[169](index=169&type=chunk) - As of March 31, 2019, **two customers** each accounted for over **10%** of the total accounts receivable balance[171](index=171&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q1 2019 revenue growth to the Alpha Merger, despite declining coal margins due to lower prices and higher costs, while liquidity remains strong at $378.3 million, with a new $555 million term loan facility planned [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Q1 2019 revenue increased 26.3% to $609.1 million due to higher sales volume, but average coal sales realization decreased, and costs surged, leading to an 86.3% fall in net income from continuing operations to $8.0 million | Revenue Component | Q1 2019 (in thousands) | Q1 2018 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Met Coal** | $397,657 | $346,650 | 14.7% | | **Thermal Coal** | $132,119 | $56,049 | 135.7% | | **Total Revenues** | $609,114 | $482,332 | 26.3% | | Cost Component | Q1 2019 (in thousands) | Q1 2018 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Cost of coal sales** | $438,510 | $295,078 | 48.6% | | **Depreciation, depletion and amortization** | $61,271 | $11,588 | 428.7% | | **Selling, general and administrative** | $20,951 | $19,157 | 9.4% | | **Total costs and expenses** | $591,333 | $414,516 | 42.7% | - The sales mix shifted towards thermal coal, which accounted for **47.6%** of volume in Q1 2019 compared to **35.0%** in Q1 2018, while met coal's share decreased from **65.0%** to **52.4%**[232](index=232&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2019, total liquidity was $378.3 million, including $182.0 million in cash and $196.3 million from the ABL facility, with operating cash flow at $14.6 million, and a new $555 million term loan facility committed - Total liquidity as of March 31, 2019 was **$378.3 million**, which includes **$182.0 million** in cash and cash equivalents and **$196.3 million** available under the ABL facility[260](index=260&type=chunk) | Cash Flow Summary | Q1 2019 (in thousands) | Q1 2018 (in thousands) | | :--- | :--- | :--- | | **Operating Activities** | $14,611 | $(30,335) | | **Investing Activities** | $(45,323) | $(31,348) | | **Financing Activities** | $(11,786) | $(6,309) | - On May 15, 2019, the company executed a commitment letter to refinance its existing Term Loan Credit Facility with a new 5-year, **$555 million** First Lien Facility[272](index=272&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=60&type=page&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces commodity price, credit, and interest rate risks, managing commodity risk with fixed-price contracts, noting a 50 basis point interest rate change impacts annual expense by $2.6 million, and mitigating credit risk through customer evaluations - As of May 7, 2019, the company has sales commitments for **98%** of its **7.2 million tons** of NAPP coal, **79%** of its **9.8 million tons** of CAPP-Met coal, and **100%** of its **4.4 million tons** of CAPP-Thermal coal for 2019[290](index=290&type=chunk) - A **50 basis point (0.50%)** increase or decrease in interest rates would change the company's annual interest expense by approximately **$2.6 million**[295](index=295&type=chunk) - Credit risk is managed by evaluating each customer's creditworthiness and using mitigation strategies such as letters of credit, cash collateral, or credit insurance when necessary[293](index=293&type=chunk) [Controls and Procedures](index=60&type=page&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2019, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2019, the CEO and CFO concluded that the company's disclosure controls and procedures were **effective** at a reasonable assurance level[296](index=296&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, the internal controls[298](index=298&type=chunk) [Part II - Other Information](index=61&type=section&id=Part%20II%20-%20Other%20Information) This section covers legal proceedings, risk factors, unregistered equity sales, and mine safety disclosures [Legal Proceedings](index=61&type=page&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including contract disputes, personal injury, and environmental matters, with further details in Note 19(d) - For a description of the Company's legal proceedings, readers are referred to Note 19, part (d), of the unaudited Condensed Consolidated Financial Statements[300](index=300&type=chunk) [Risk Factors](index=61&type=page&id=Item%201A.%20Risk%20Factors) This section refers to the Annual Report on Form 10-K for detailed risk factors, noting no new or materially changed risks in this quarterly report - The report directs readers to the 'Risk Factors' section of the company's Annual Report on Form 10-K for the year ended December 31, 2018 for a comprehensive discussion of potential risks[301](index=301&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=page&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2019, the company repurchased 71,036 common shares to satisfy employee tax withholdings on stock grants, not as part of a public repurchase program | Period | Total Shares Purchased | Average Price Paid per Share ($) | | :--- | :--- | :--- | | Jan 1 - Jan 31, 2019 | 9,699 | $64.03 | | Feb 1 - Feb 28, 2019 | 6,188 | $61.27 | | Mar 1 - Mar 31, 2019 | 55,149 | $57.50 | | **Total** | **71,036** | **N/A** | - The share repurchases were authorized to satisfy employees' statutory tax withholdings upon the vesting of stock grants and are recorded as treasury stock[303](index=303&type=chunk) [Mine Safety Disclosures](index=61&type=page&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety violation information, as required by the Dodd-Frank Act, is included as Exhibit 95 to this quarterly report - Information concerning mine safety violations as required by Section 1503(a) of the Dodd-Frank Act is included in Exhibit 95 to the Quarterly Report[304](index=304&type=chunk)
Alpha Metallurgical Resources(AMR) - 2018 Q4 - Earnings Call Transcript
2019-04-03 18:20
Contura Energy, Inc. (CTRA) Q4 2018 Earnings Conference Call April 3, 2019 9:00 AM ET Company Participants Alex Rotonen - Vice President, Investor Relations Kevin Crutchfield - Chief Executive Officer Andrew Eidson - Executive Vice President and Chief Financial Officer Conference Call Participants Scott Schier - Clarksons Platou Securities Mark Levin - Seaport Global Securities LLC Matthew Key - B. Riley FBR, Inc. Operator Good morning. My name is Denise, and I'll be your conference operator today. At this ...