Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q1 2023 Earnings Conference Call May 8, 2023 10:00 AM ET Company Participants Emily O'Quinn - Senior Vice President, Investor Relations and Communications Andy Eidson - Chief Executive Officer Todd Munsey - Chief Financial Officer Jason Whitehead - President and Chief Operating Officer Dan Horn - Chief Commercial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - Benchmark Company Operator Greetings, and welcome to the Alpha ...

FORWARD LOOKING STATEMENTS This document 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. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: • the ...

[Cautionary Note Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially - This report contains forward-looking statements involving risks and uncertainties related to future prospects, developments, and business strategies. These statements are based on current expectations and are subject to factors that could cause actual results to differ materially[6](index=6&type=chunk) - Key factors that may cause actual results to differ from forward-looking statements include coal price fluctuations, transportation costs, environmental regulations, market demand for coal and steel, inflationary pressures, cybersecurity threats, and geopolitical events like the war in Ukraine[8](index=8&type=chunk)[10](index=10&type=chunk) [Part I - Financial Information](index=7&type=section&id=Part%20I%20-%20Financial%20Information) This section provides the unaudited condensed consolidated financial statements and related notes for the first quarter, detailing operations, financial position, and cash flows [Financial Statements](index=7&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three-month periods ended March 31, 2023, and 2022. It includes the statements of operations, comprehensive income, balance sheets, cash flows, and stockholders' equity, along with detailed notes providing context on revenue, capital stock, commitments, and segment performance Condensed Consolidated Statements of Operations (Unaudited) | Indicator (in thousands, except per share data) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total revenues** | $911,235 | $1,071,964 | | **Income from operations** | $314,501 | $453,066 | | **Net income** | $270,771 | $400,891 | | **Diluted income per common share** | $17.01 | $20.52 | Condensed Consolidated Balance Sheets (Unaudited) | Indicator (in thousands) | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $1,092,487 | $1,114,421 | | **Total assets** | $2,349,117 | $2,312,479 | | **Total current liabilities** | $316,608 | $402,625 | | **Total liabilities** | $800,542 | $882,724 | | **Total stockholders' equity** | $1,548,575 | $1,429,755 | Condensed Consolidated Statements of Cash Flows (Unaudited) | Indicator (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $177,387 | $336,125 | | **Net cash used in investing activities** | $(27,891) | $(3,552) | | **Net cash used in financing activities** | $(231,452) | $(219,700) | | **Net (decrease) increase in cash** | $(81,956) | $112,873 | [Note 2: Revenue](index=14&type=section&id=(2)%20Revenue) Revenue is primarily earned from the sale of metallurgical (met) and thermal coal to domestic and international customers. The company disaggregates revenue to show the different pricing and contract structures between export markets (spot/short-term contracts) and domestic markets (longer-term, fixed-price contracts) Coal Revenues by Product and Market (in thousands) | Category | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Met Coal Revenues** | $857,979 | $1,047,993 | | **Thermal Coal Revenues** | $48,719 | $21,745 | | **Total Coal Revenues** | **$906,698** | **$1,069,738** | | **Export Coal Revenues** | $678,131 | $894,525 | | **Domestic Coal Revenues** | $228,567 | $175,213 | - As of March 31, 2023, the company expects to recognize an estimated **$147.9 million** in revenue from unsatisfied performance obligations, with **$110.6 million** expected in the remainder of 2023 and **$37.3 million** in 2024[38](index=38&type=chunk) [Note 6: Capital Stock](index=17&type=section&id=(6)%20Capital%20Stock) This note details the company's capital stock activities, including its share repurchase program and dividend policy. In Q1 2023, the board increased the share repurchase authorization and declared a quarterly cash dividend - On February 21, 2023, the Board of Directors increased the common share repurchase program authorization by **$200 million**, bringing the total authorization to **$1.2 billion**[49](index=49&type=chunk) - As of March 31, 2023, the company had repurchased approximately **4.4 million shares** for an aggregate price of **$654.5 million** under the program[49](index=49&type=chunk) - A quarterly cash dividend of **$0.44 per share** was declared on February 21, 2023, payable on April 3, 2023[51](index=51&type=chunk) [Note 15: Commitments and Contingencies](index=21&type=section&id=(15)%20Commitments%20and%20Contingencies) The company has significant off-balance sheet financial instruments, primarily surety bonds and letters of credit, to secure obligations for reclamation, workers' compensation, and black lung benefits. A potential regulatory change by the Department of Labor could materially increase collateral requirements for self-insured black lung obligations Off-Balance Sheet Financial Instruments as of March 31, 2023 (in thousands) | Instrument | Amount | | :--- | :--- | | Surety Bonds | $166,543 | | Letters of Credit | $61,927 | - The Department of Labor (DOL) has proposed new regulations that could substantially increase the collateral required for self-insured federal black lung obligations. The company estimates it could be required to provide approximately **$80 million to $100 million** of collateral, which would have a materially adverse effect on liquidity[96](index=96&type=chunk) [Note 16: Segment Information](index=24&type=section&id=(16)%20Segment%20Information) The company operates under one reportable segment, 'Met,' which includes its metallurgical coal mining operations. The 'All Other' category includes corporate overhead and former thermal operations. The Met segment is the primary driver of revenue and profitability Segment Performance for Three Months Ended March 31, 2023 (in thousands) | Segment | Total Revenues | Adjusted EBITDA | | :--- | :--- | :--- | | Met | $889,938 | $362,008 | | All Other | $21,297 | $(7,593) | | **Consolidated** | **$911,235** | **$354,415** | - Export coal revenues represented **75% of total coal revenues** in Q1 2023, down from **84%** in Q1 2022. India was the only country with export revenue exceeding **10% of total revenues** in both periods[109](index=109&type=chunk) - Customer concentration increased, with the top 10 customers accounting for **78% of total revenues** in Q1 2023, compared to **73%** in Q1 2022. Four customers individually exceeded **10% of total revenues**[109](index=109&type=chunk) [Note 17: Subsequent Events](index=26&type=section&id=(17)%20Subsequent%20Events) After the quarter ended, the Board of Directors declared an increased quarterly cash dividend - On May 3, 2023, the Board declared a quarterly cash dividend of **$0.50 per share**, an increase from the previous **$0.44 per share**. The dividend is payable on July 5, 2023[112](index=112&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance for Q1 2023, noting that while results were strong historically, they were impacted by softening metallurgical coal markets and moderating prices compared to the historic highs of early 2022. The analysis covers market conditions, operational results by segment, liquidity, capital resources, and cash flows [Market Overview](index=29&type=section&id=Market%20Overview) In Q1 2023, metallurgical coal markets softened due to recessionary concerns, uneven manufacturing demand, and persistent inflation. While prices declined from early 2022 peaks, the World Steel Association projects a 2.3% rebound in steel demand for the year, though regional performance varies significantly - Metallurgical coal indices ended Q1 2023 roughly flat after a mid-quarter peak, with further softening in April. For example, the Australian Premium Low Volatile index ended the quarter at **$301.00/ton** but fell to **$231.50/ton** by April 27, 2023[127](index=127&type=chunk) - Global crude steel production increased by **1.7%** in March 2023 year-over-year, driven by China (**+6.9%**) and India (**+2.7%**), while the EU (**-5.6%**) and North America (**-2.6%**) saw declines[129](index=129&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Comparing Q1 2023 to Q1 2022, total revenues decreased by 15.0% to $911.2 million, primarily due to lower coal sales realizations in the Met segment as prices moderated. Despite lower revenues, total costs and expenses also decreased by 3.6%, leading to a net income of $270.8 million, down from $400.9 million in the prior-year period Revenue and Sales Volume Comparison | Indicator (in thousands, except tons) | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Coal revenues** | $906,698 | $1,069,738 | (15.2)% | | **Total revenues** | $911,235 | $1,071,964 | (15.0)% | | **Tons sold** | 3,915 | 4,048 | (3.3)% | Met Segment Non-GAAP Performance per Ton | Indicator | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | **Non-GAAP Coal Sales Realization** | $208.93 | $240.82 | (13.2)% | | **Non-GAAP Cost of Coal Sales** | $110.56 | $103.61 | 6.7% | | **Non-GAAP Coal Margin** | $98.36 | $137.21 | (28.3)% | Adjusted EBITDA by Segment (in thousands) | Segment | Q1 2023 | Q1 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Met segment operations | $362,008 | $513,301 | (29.5)% | | All Other category | $(7,593) | $(9,640) | 21.2% | | **Total** | **$354,415** | **$503,661** | **(29.6)%** | [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity remains solid, with total liquidity of $315.6 million as of March 31, 2023, comprising cash and credit facility availability. Key uses of cash include capital expenditures, debt service, and shareholder returns. A significant future risk is the potential for increased collateral requirements for black lung obligations Total Liquidity as of March 31, 2023 (in thousands) | Component | Amount | | :--- | :--- | | Cash and cash equivalents | $222,507 | | Credit facility availability | $93,123 | | **Total liquidity** | **$315,630** | - The company expects to spend between **$250.0 million** and **$280.0 million** on capital expenditures during 2023[183](index=183&type=chunk) Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash from Operations | $177,387 | $336,125 | | Net cash used in Investing | $(27,891) | $(3,552) | | Net cash used in Financing | $(231,452) | $(219,700) | [Quantitative and Qualitative Disclosures about Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to commodity price risk, interest rate risk, and foreign currency risk. Commodity risk for coal sales is managed via supply agreements, while supply costs like diesel fuel are managed through strategic sourcing. Interest rate risk is minimal with no outstanding floating-rate debt. Foreign currency risk is indirect, affecting the competitiveness of its U.S. dollar-denominated coal in international markets - The company manages coal price risk through sales agreements. As of April 27, 2023, **51%** of its **15.5 million tons** of total committed metallurgical coal for 2023 was priced at an average of **$203.86 per ton**[137](index=137&type=chunk)[138](index=138&type=chunk) - For 2023, **83.3%** of the company's budgeted **22.2 million gallons** of diesel fuel usage is priced at an average of **$3.60 per gallon**[198](index=198&type=chunk)[199](index=199&type=chunk) - As of March 31, 2023, there were no cash borrowings outstanding under the floating-rate ABL facility, minimizing direct interest rate risk[200](index=200&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation as of March 31, 2023, the company's CEO and CFO concluded that its disclosure controls and procedures were effective. There were no material changes in internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2023[203](index=203&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[204](index=204&type=chunk) [Part II - Other Information](index=44&type=section&id=Part%20II%20-%20Other%20Information) This section provides additional information on legal proceedings, risk factors, equity security sales, and mine safety disclosures [Legal Proceedings](index=44&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 15(d) of the financial statements for a description of the company's legal proceedings, which arise in the normal course of business - For a description of legal proceedings, the report refers to Note 15, part (d), of the Condensed Consolidated Financial Statements[207](index=207&type=chunk) [Risk Factors](index=44&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the more detailed 'Risk Factors' section in the company's Annual Report on Form 10-K for the year ended December 31, 2022, for a comprehensive discussion of potential risks - The report incorporates by reference the risk factors discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2022[208](index=208&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=44&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section outlines the company's capital return activities, including the declaration of a quarterly dividend and significant share repurchases made during the first quarter of 2023 under its board-authorized program - The Board of Directors declared a quarterly cash dividend of **$0.44 per share** during the three months ended March 31, 2023[209](index=209&type=chunk) Common Stock Repurchases in Q1 2023 | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Approx. Value Remaining for Repurchase (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Jan 2023 | 315,740 | $155.43 | 278,750 | $507,713 | | Feb 2023 | 265,768 | $162.37 | 247,535 | $667,659 | | Mar 2023 | 343,753 | $158.38 | 343,753 | $613,217 | | **Total** | **925,261** | | **870,038** | | - On February 21, 2023, the Board increased the total authorization for the common share repurchase program to **$1.2 billion**[211](index=211&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Information regarding mine safety violations and other regulatory matters as required by the Dodd-Frank Act is provided in Exhibit 95 of this quarterly report - Mine safety disclosures required by Section 1503(a) of the Dodd-Frank Act are included in Exhibit 95 to this Form 10-Q[213](index=213&type=chunk) [Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section refers to the Exhibit Index, which lists all documents filed as part of this Quarterly Report on Form 10-Q, including certifications and the Mine Safety Disclosure exhibit - A full list of exhibits filed with the report is available in the Exhibit Index[214](index=214&type=chunk)[218](index=218&type=chunk)

Financial Data and Key Metrics Changes - In Q4 2022, adjusted EBITDA was $248 million, down from $296 million in Q3 2022 [12] - Free cash flow for 2022 was $1.3 billion, allowing the company to pay off its term loan balance, resulting in no long-term debt [3] - Total liquidity as of December 31, 2022, was $441.1 million, down from $495.5 million at the end of Q3 2022 [15] Business Line Data and Key Metrics Changes - The company sold 3.9 million tons of coal in Q4 2022, with 3.8 million tons from the metallurgical segment [12] - Average realization for metallurgical sales was $190.94 per ton in Q4, essentially flat compared to $191.17 per ton in Q3 [13] - Cost of coal sales in the metallurgical segment increased to $112.97 per ton in Q4, up from $104.86 per ton in Q3 [14] Market Data and Key Metrics Changes - The Australian Premium Low Volatility Index increased from $270.50 per metric ton on October 1 to $294.50 per ton by year-end [26] - As of February 21, 2023, the Australian Premium Low Index was $388 per ton, and the U.S. East Coast Low-Vol index was at $342 [27] - The API 2 index for thermal coal fell from $310.85 per metric ton at the start of Q4 2022 to $190.50 by December 30, 2022 [29] Company Strategy and Development Direction - The company plans to continue protecting its balance sheet while maintaining cash and liquidity targets, with a focus on share repurchases [10] - New departments, Maxim Manufacturing and Maxim Transportation, were created to address supply chain issues and improve operational efficiency [22][23] - The company is focused on cost management to remain well-positioned for any pricing environment that may develop [10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about 2023, noting that geological and transportation issues affecting Q4 results appear to be largely resolved [7] - The company is taking steps to manage supply chain, trucking, and labor challenges, which are common across the industry [8][9] - Management remains excited about market share production capabilities and solidifying its role as an industry leader [11] Other Important Information - The board declared a quarterly cash dividend of $0.44 per share, an increase from the previous quarter's $0.41 per share [16] - The company repurchased 813,000 shares at a cost of $128 million in Q4 2022, with a total of approximately $560 million spent on share repurchases since the program began [17] Q&A Session Summary Question: Can you comment on cost inflation and its cyclical vs structural nature? - Management indicated that both labor and supplies appear to be sticky, making it challenging to manage costs in the near term [32] Question: Does the recent bonding requirement for black lung obligations suggest more M&A opportunities? - Management noted that while consolidation makes sense, current market valuations make it difficult to justify sizable M&A transactions [35] Question: What is the quality breakdown of the uncommitted MET coal? - Management stated that there is a mix of high and mid-quality coal available, with good demand expected, especially in Western Europe [40] Question: How is the cadence of shipments expected to progress through 2023? - Management expects a ratable cadence for thermal shipments, with some increases in summer months, while metallurgical shipments will also be steady throughout the year [54] Question: Are there concerns about labor constraints affecting production growth? - Management expressed confidence in their current labor force, noting improvements from training programs and a transition to newer, more efficient operations [56]

Reserves and Production - The company has a substantial reserve base of 336.7 million tons of proven and probable reserves as of December 31, 2022, including 322.7 million tons of metallurgical reserves and 14.0 million tons of thermal reserves[19]. - The company has approximately 527.3 million tons of in situ bituminous coal resources as of December 31, 2022, supporting its operational capabilities[19]. - In 2022, the company produced approximately 13.9 million tons of met coal, representing 21% of the total U.S. production of 67.8 million tons[58]. - The company produced approximately 2.2 million tons of thermal coal in 2022, which is less than 1% of the total U.S. thermal production of 524.5 million tons[58]. - The Kingston mining complex has one active underground mine and four active surface mines, with mine lives ranging from 2 to 12 years[30]. - The Marfork mining complex has three active underground mines and two active surface mines, producing High-Vol. A quality met coal with mine lives ranging from 1 to 19 years[31]. - The Power Mountain complex plans to develop a second underground mine in 2023, which will produce High-Vol. B quality met coal[33]. Operations and Infrastructure - The company operates 15 underground mines, nine surface mines, and eight coal preparation plants, with a focus on producing metallurgical coal for the steel industry[18]. - The Bandmill Preparation Plant has a processing capacity of 1,200 tons per hour and a utilization rate of 69%[36]. - The DTA export terminal has a loading capacity of up to 6,500 tons per hour and a storage capacity of 1.7 million net tons[40]. - The company holds a 65.0% interest in Dominion Terminal Associates, providing coal blending, storage capacity, and transportation flexibility[18]. Financial Performance and Revenue - In 2022, met coal accounted for approximately 95% of the company's coal revenues, up from 92% in 2021[50]. - Coal export revenues accounted for approximately 81% of the company's coal revenues for the year ended December 31, 2022[173]. - Metallurgical coal (met coal) accounted for approximately 95% of the company's coal revenues for the year ended December 31, 2022[174]. - Thermal coal accounted for approximately 5% of the company's coal revenues for the year ended December 31, 2022[187]. - The company derived 81% of its coal revenues from sales to customers outside the U.S. for the year ended December 31, 2022[186]. - Coal sales to the largest customer accounted for approximately 25% of total revenues, while sales to the top 10 customers represented about 70% of total revenues[180]. Strategic Focus and Growth - The company shifted its strategic focus to metallurgical coal production, having sold its thermal coal mining operations in Pennsylvania to accelerate this transition[25]. - The company is continuously evaluating opportunities for strategic acquisitions and joint ventures to enhance its asset portfolio and drive growth in target markets[20]. - The company has a history of strategic mergers and acquisitions, including the merger with Alpha Natural Resources Holdings, Inc. in 2018, which expanded its operational footprint[25]. Risk Management and Compliance - The company is actively managing risks related to coal prices, transportation costs, and regulatory changes that could impact its operations[12]. - The permitting process for coal mining has become increasingly stringent, with potential delays due to regulatory and administrative requirements[88]. - The company must comply with the Surface Mining Control and Reclamation Act (SMCRA) and its state analogues, which include complex permit requirements[85]. - The Clean Air Act and its state laws impose direct and indirect impacts on coal mining operations, affecting demand for coal[95]. - The company is subject to ongoing litigation regarding the EPA's air quality standards, which may affect operational costs and regulatory compliance[101]. Environmental and Regulatory Challenges - Global climate change initiatives are expected to decrease coal-fired power plant capacity and utilization, leading to the phasing out of many existing plants and reducing demand for thermal coal[114]. - Several banks and financial institutions are limiting financing for new coal-fired power plants, which may adversely affect future global demand for coal[124]. - Non-governmental organizations are actively campaigning to minimize or eliminate coal use for electricity generation, potentially leading to a decline in coal prices and sales[125]. - The Clean Water Act (CWA) imposes restrictions on coal mining operations regarding the discharge of pollutants into U.S. waters, creating potential compliance costs and operational delays[129]. - The Endangered Species Act may delay or prohibit mining permits, with specific species like the Guyandotte River Crayfish and Big Sandy River Crayfish requiring additional protective measures[138]. Workforce and Safety - The company had approximately 3,730 employees as of December 31, 2022, with 73% being hourly workers[63]. - The company achieved a Non-fatal days lost (NFDL) safety incident rate that was 54% better than the U.S. industry average for 2022[71]. - Stringent health and safety standards under the Federal Mine Safety and Health Act require mandatory inspections and enforcement actions, impacting operational costs for coal mining companies[149]. Financial Liabilities and Taxes - As of December 31, 2022, the company had accrued $179.0 million for reclamation liabilities and mine closures, including $37.0 million of current liabilities[78]. - The company recorded expenses related to the Abandoned Mine Land Fund fees of $2.0 million and $2.5 million for the years ended December 31, 2022 and 2021, respectively[91]. - The excise tax on coal sold was $1.10 per ton for deep-mined coal and $0.55 per ton for surface-mined coal in 2021, resulting in expenses of $5.7 million, which decreased to $2.6 million in 2022 when the tax was adjusted to $0.50 and $0.25 respectively[150].

Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q3 2022 Earnings Conference Call November 7, 2022 10:00 AM ET Company Participants Emily O'Quinn - Senior Vice President of Corporate Communications David Stetson - Chairman and Chief Executive Officer Andy Eidson - President Todd Munsey - Executive Vice President and Chief Financial Officer Jason Whitehead - Executive Vice President and Chief Operating Officer Daniel Horn - Executive Vice President and Chief Commercial Officer Conference Call Participants Luca ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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 ALPHA METALLURGICAL RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 81-3015061 (State ...

Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q2 2022 Earnings Conference Call August 8, 2022 10:00 AM ET Company Participants Emily O'Quinn - SVP, Corporate Communications David Stetson - Chairman and CEO Andy Eidson - President and CFO Jason Whitehead - EVP and COO Daniel Horn - EVP and Chief Commercial Officer Conference Call Participants Lucas Pipes - B. Riley Securities Nathan Martin - The Benchmark Company Jonathan Everett - Cowen Operator Greetings, and welcome to the Alpha Metallurgical Resources S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 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 ALPHA METALLURGICAL RESOURCES, INC. (Exact name of registrant as specified in its charter) Delaware 81-3015061 (State or ot ...