Alpha Metallurgical Resources(US:AMR)2024-02-25 16:00Financial Performance - Q4 2023 net income of $176.0 million, or $12.88 per diluted share, compared to $93.8 million, or $6.65 per diluted share, in Q3 2023[1][6] - Q4 2023 Adjusted EBITDA of $266.3 million, up from $153.9 million in Q3 2023[1][6] - Net income for Q4 2023 was $176.0 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, compared to $13.86 in Q4 2022, a 3.7% decline[29] - Net income for the year ended December 31, 2023, was $721.956 million, compared to $1.448545 billion in 2022[32] - Adjusted EBITDA for the year ended December 31, 2023, was $1.033111 billion, down from $1.740612 billion in 2022[35] Coal Sales and Revenues - Met segment coal sales realization increased to $183.76 per ton in Q4 2023 from $154.73 per ton in Q3 2023[6] - Coal revenues for Q4 2023 were $957.1 million, compared to $821.1 million in Q4 2022, representing a 16.6% increase[29] - Total revenues for Q4 2023 reached $959.9 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 $837.588 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 $954.181 million[36] - Coal revenues for the three months ended December 31, 2023, were $957,127 thousand, with a GAAP coal margin of $237,487 thousand[37] - Non-GAAP coal margin for the same period was $294,581 thousand, with a per ton margin of $64.26[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] - Coal revenues for the three months ended December 31, 2022, were $821,142 thousand, with a GAAP coal margin of $238,938 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] - Coal revenues for 2023 totaled $3,456,630 thousand, with Met coal contributing $3,406,643 thousand and All Other coal contributing $49,987 thousand[43] - Non-GAAP coal revenues for 2023 were $3,017,620 thousand, with a sales realization per ton of $176.76[43] - Coal revenues for 2022 totaled $4,092,987 thousand, with Met coal contributing $4,018,515 thousand and All Other coal contributing $74,472 thousand[45] - Non-GAAP coal revenues for 2022 were $3,563,924 thousand, with a sales realization per ton of $217.60[45] Cost of Coal Sales - Met segment cost of coal sales rose to $119.00 per ton in Q4 2023 from $109.95 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-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-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-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-GAAP cost of coal sales per ton in 2023 was $110.72, with Met coal at $111.67 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, with Met coal at $108.22 per ton and All Other coal at $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 $164.87 per share[14] - Total liquidity as of December 31, 2023, was $287.3 million, including $268.2 million in cash and cash equivalents[13] - Cash and cash equivalents decreased to $268.2 million as of December 31, 2023, from $301.9 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 $355.394 million at the end of 2022[33] Capital Expenditures and Investments - 2024 capital expenditures guidance: $210 to $240 million[21] - Capital expenditures in 2023 increased to $245.373 million, up from $164.309 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] - 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] - 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 $2.312 billion in 2022, a 4.1% increase[30] - Trade accounts receivable increased to $509.7 million as of December 31, 2023, from $407.2 million in 2022, a 25.2% rise[30] - Total liabilities decreased to $832.1 million as of December 31, 2023, from $882.7 million in 2022, a 5.7% reduction[30] - Retained earnings grew to $1.969 billion as of December 31, 2023, from $1.275 billion in 2022, a 54.4% increase[31] - Treasury stock increased to $1.189 billion as of December 31, 2023, from $649.1 million in 2022, an 83.3% rise[31] Cash Flow - Q4 2023 operating cash flow increased to $199.4 million from $157.2 million in Q3 2023[11] - Net cash provided by operating activities in 2023 was $851.159 million, down from $1.484005 billion in 2022[32] Depreciation and Amortization - Depreciation, depletion, and amortization for production in 2023 was $42.325 million, compared to $33.295 million in 2022[36] - Accretion on asset retirement obligations in 2023 was $6.371 million, up from $3.721 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-GAAP coal margin for 2023 was $1,127,490 thousand, with a margin per ton of $66.04[44]