08/08/2022 | Press release | Distributed by Public on 08/08/2022 05:35
(millions, except per share) | |||
Three months ended | |||
June 30, 2022
|
Mar. 31, 2022
|
June 30, 2021
|
|
Net income (loss)(2)
|
$575.4 | $401.0 | ($18.6) |
Net income (loss)(2) per diluted share
|
$30.03 | $20.52 | ($1.01) |
Adjusted EBITDA(1)
|
$694.5 | $503.8 | $39.9 |
Operating cash flow(3)
|
$465.9 | $336.1 | ($6.3) |
Capital expenditures | ($41.9) | ($28.1) | ($17.6) |
Tons of coal sold(2)
|
4.3 | 4.0 | 4.0 |
(millions) | ||
Three months ended | ||
June 30, 2022 | Mar. 31, 2022 | |
Met Segment | $1,318.7 | $1,054.3 |
All Other | $15.6 | $15.4 |
Met Segment (excl. freight & handling)(1)
|
$1,162.1 | $910.3 |
All Other (excl. freight & handling)(1)
|
$15.6 | $15.4 |
Tons Sold | (millions) | |
Three months ended | ||
June 30, 2022 | Mar. 31, 2022 | |
Met Segment | 4.1 | 3.8 |
All Other | 0.3 | 0.3 |
(per ton) | ||
Three months ended | ||
June 30, 2022 | Mar. 31, 2022 | |
Met Segment | $286.95 | $240.82 |
All Other | $61.41 | $57.39 |
(in millions, except per ton data) | ||||
Met Segment Sales | Three months ended June 30, 2022 | |||
Tons Sold | Coal Revenues |
Realization/ton(1)
|
% of Met Tons Sold | |
Export - Other Pricing Mechanisms | 1.3 | $417.0 | $321.03 | 35% |
Domestic | 0.8 | $159.7 | $189.27 | 22% |
Export - Australian Indexed | 1.6 | $565.1 | $350.56 | 43% |
Total Met Coal Revenues | 3.8 | $1,141.9 | $304.09 | 100% |
Thermal Coal Revenues | 0.3 | $20.3 | $68.75 | |
Total Met Segment Coal Revenues (excl. freight & handling)(1)
|
4.1 | $1,162.2 | $286.95 |
(in millions, except per ton data) | ||
Three months ended | ||
June 30, 2022 | Mar. 31, 2022 | |
Cost of Coal Sales | $625.9 | $555.3 |
Cost of Coal Sales (excl. freight & handling/idle)(1)
|
$463.7 | $405.0 |
(per ton) | ||
Met Segment(1)
|
$111.36 | $103.61 |
All Other(1)
|
$49.90 | $49.89 |
2022 Guidance | ||||
in millions of tons | Low | High | ||
Metallurgical | 14.0 | 15.0 | ||
Thermal | 1.0 | 1.4 | ||
Met Segment | 15.0 | 16.4 | ||
All Other | 0.6 | 0.8 | ||
Total Shipments | 15.6 | 17.2 | ||
Committed/Priced1,2,3
|
Committed | Average Price | ||
Metallurgical - Domestic | $189.87 | |||
Metallurgical - Export | $303.51 | |||
Metallurgical Total | 69 | % | $260.69 | |
Thermal | 100 | % | $89.91 | |
Met Segment
|
73 | % | $240.42 | |
All Other | 100 | % | $83.38 | |
Committed/Unpriced1,3
|
Committed | |||
Metallurgical Total | 29 | % | ||
Thermal | - | % | ||
Met Segment
|
27 | % | ||
All Other | - | % | ||
Costs per ton4
|
Low | High | ||
Met Segment | $101.00 | $107.00 | ||
All Other | $58.00 | $62.00 | ||
In millions (except taxes) | Low | High | ||
SG&A5
|
$55 | $59 | ||
Idle Operations Expense | $30 | $40 | ||
Cash Interest Expense | $18 | $22 | ||
DD&A | $90 | $110 | ||
Capital Expenditures | $160 | $190 | ||
Tax Rate6
|
5 | % | 15 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2022 | 2021 | 2022 | 2021 | |||||
Revenues: | ||||||||
Coal revenues | $ | 1,334,258 | $ | 393,458 | $ | 2,403,996 | $ | 778,910 |
Other revenues | 2,154 | 1,817 | 4,380 | 2,618 | ||||
Total revenues | 1,336,412 | 395,275 | 2,408,376 | 781,528 | ||||
Costs and expenses: | ||||||||
Cost of coal sales (exclusive of items shown separately below) | 625,892 | 346,763 | 1,181,209 | 694,191 | ||||
Depreciation, depletion and amortization | 27,730 | 27,304 | 55,765 | 55,742 | ||||
Accretion on asset retirement obligations | 5,947 | 6,648 | 11,901 | 13,296 | ||||
Amortization of acquired intangibles, net | 5,747 | 2,553 | 11,495 | 6,422 | ||||
Asset impairment and restructuring | - | - | - | (561) | ||||
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 18,158 | 14,645 | 33,244 | 29,627 | ||||
Total other operating loss (income): | ||||||||
Mark-to-market adjustment for acquisition-related obligations | 4,208 | 3,157 | 13,569 | 6,333 | ||||
Other income | (1,516) | (3,608) | (2,144) | (4,833) | ||||
Total costs and expenses | 686,166 | 397,462 | 1,305,039 | 800,217 | ||||
Income (loss) from operations | 650,246 | (2,187) | 1,103,337 | (18,689) | ||||
Other (expense) income: | ||||||||
Interest expense | (5,218) | (17,962) | (18,301) | (35,952) | ||||
Interest income | 164 | 104 | 348 | 268 | ||||
Equity loss in affiliates | (2,136) | (384) | (3,497) | (518) | ||||
Miscellaneous income, net | 1,385 | 1,847 | 3,182 | 3,613 | ||||
Total other expense, net | (5,805) | (16,395) | (18,268) | (32,589) | ||||
Income (loss) from continuing operations before income taxes | 644,441 | (18,582) | 1,085,069 | (51,278) | ||||
Income tax expense | (69,012) | (8) | (108,636) | (3) | ||||
Net income (loss) from continuing operations | 575,429 | (18,590) | 976,433 | (51,281) | ||||
Discontinued operations: | ||||||||
Loss from discontinued operations before income taxes | (1,652) | (401) | (1,798) | (638) | ||||
Income tax benefit from discontinued operations | 380 | - | 413 | - | ||||
Loss from discontinued operations | (1,272) | (401) | (1,385) | (638) | ||||
Net income (loss) | $ | 574,157 | $ | (18,991) | $ | 975,048 | $ | (51,919) |
Basic income (loss) per common share: | ||||||||
Income (loss) from continuing operations | $ | 31.31 | $ | (1.01) | $ | 52.85 | $ | (2.78) |
Loss from discontinued operations | (0.07) | (0.02) | (0.08) | (0.04) | ||||
Net income (loss) | $ | 31.24 | $ | (1.03) | $ | 52.77 | $ | (2.82) |
Diluted income (loss) per common share: | ||||||||
Income (loss) from continuing operations | $ | 30.03 | $ | (1.01) | $ | 50.46 | $ | (2.78) |
Loss from discontinued operations | (0.06) | (0.02) | (0.07) | (0.04) | ||||
Net income (loss) | $ | 29.97 | $ | (1.03) | $ | 50.39 | $ | (2.82) |
Weighted average shares - basic
|
18,380,114 | 18,438,699 | 18,476,534 | 18,416,946 | ||||
Weighted average shares - diluted
|
19,158,848 | 18,438,699 | 19,349,209 | 18,416,946 |
June 30, 2022 | December 31, 2021 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 161,732 | $ | 81,211 |
Trade accounts receivable, net of allowance for doubtful accounts of $473 and $393 as of June 30, 2022 and December 31, 2021, respectively | 721,830 | 489,241 | ||
Inventories, net | 167,192 | 129,382 | ||
Prepaid expenses and other current assets | 57,853 | 47,690 | ||
Current assets - discontinued operations | 70 | 462 | ||
Total current assets | 1,108,677 | 747,986 | ||
Property, plant, and equipment, net of accumulated depreciation and amortization of $478,210 and $443,856 as of June 30, 2022 and December 31, 2021, respectively | 392,074 | 362,218 | ||
Owned and leased mineral rights, net of accumulated depletion and amortization of $66,891 and $52,444 as of June 30, 2022 and December 31, 2021, respectively | 429,854 | 444,302 | ||
Other acquired intangibles, net of accumulated amortization of $45,716 and $34,221 as of June 30, 2022 and December 31, 2021, respectively | 62,702 | 74,197 | ||
Long-term restricted investments | 94,794 | 28,443 | ||
Long-term restricted cash | 24,920 | 89,426 | ||
Other non-current assets | 94,617 | 102,614 | ||
Non-current assets - discontinued operations | 8,508 | 8,526 | ||
Total assets | $ | 2,216,146 | $ | 1,857,712 |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Current portion of long-term debt | $ | 1,927 | $ | 2,989 |
Trade accounts payable | 100,957 | 90,090 | ||
Acquisition-related obligations- current
|
36,211 | 22,405 | ||
Accrued expenses and other current liabilities | 200,268 | 174,607 | ||
Current liabilities - discontinued operations | 6,104 | 5,838 | ||
Total current liabilities | 345,467 | 295,929 | ||
Long-term debt | 2,762 | 445,562 | ||
Acquisition-related obligations - long-term | - | 19,000 | ||
Workers' compensation and black lung obligations | 202,402 | 208,193 | ||
Pension obligations | 155,467 | 159,930 | ||
Asset retirement obligations | 133,946 | 132,013 | ||
Deferred income taxes | 12,934 | 317 | ||
Other non-current liabilities | 20,274 | 26,176 | ||
Non-current liabilities - discontinued operations | 23,321 | 23,683 | ||
Total liabilities | 896,573 | 1,310,803 | ||
Commitments and Contingencies | ||||
Stockholders' Equity | ||||
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued | - | - |
Common stock - par value $0.01, 50.0 million shares authorized, 21.6 million issued and 17.7 million outstanding at June 30, 2022 and 20.8 million issued and 18.4 million outstanding at December 31, 2021 | 216 | 208 | ||
Additional paid-in capital | 807,603 | 784,743 | ||
Accumulated other comprehensive loss | (61,704) | (58,503) | ||
Treasury stock, at cost: 3.9 million shares at June 30, 2022 and 2.4 million shares at December 31, 2021 | (322,874) | (107,800) | ||
Retained earnings (accumulated deficit) | 896,332 | (71,739) | ||
Total stockholders' equity | 1,319,573 | 546,909 | ||
Total liabilities and stockholders' equity | $ | 2,216,146 | $ | 1,857,712 |
Six Months Ended June 30, | ||||
2022 | 2021 | |||
Operating activities: | ||||
Net income (loss) | $ | 975,048 | $ | (51,919) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||
Depreciation, depletion and amortization | 55,765 | 55,742 | ||
Amortization of acquired intangibles, net | 11,495 | 6,422 | ||
Amortization of debt issuance costs and accretion of debt discount | 7,231 | 6,480 | ||
Mark-to-market adjustment for acquisition-related obligations | 13,569 | 6,333 | ||
Gain on disposal of assets | (2,172) | (4,878) | ||
Accretion on asset retirement obligations | 11,901 | 13,296 | ||
Employee benefit plans, net | 232 | 5,744 | ||
Deferred income taxes | 12,617 | 3 | ||
Stock-based compensation | 2,583 | 3,162 | ||
Equity loss in affiliates | 3,497 | 518 | ||
Other, net | 567 | (58) | ||
Changes in operating assets and liabilities | (290,277) | (66,296) | ||
Net cash provided by (used in) operating activities | 802,056 | (25,451) | ||
Investing activities: | ||||
Capital expenditures | (70,012) | (38,039) | ||
Proceeds on disposal of assets | 2,511 | 6,801 | ||
Purchases of investment securities | (127,831) | (15,470) | ||
Maturity of investment securities | 60,945 | 7,766 | ||
Capital contributions to equity affiliates | (8,525) | (1,895) | ||
Other, net | (4,237) | 35 | ||
Net cash used in investing activities | (147,149) | (40,802) | ||
Financing activities: | ||||
Principal repayments of long-term debt | (450,362) | (7,521) | ||
Principal repayments of financing lease obligations | (1,098) | (1,002) | ||
Debt issuance costs | - | (226) | ||
Common stock repurchases and related expenses | (194,950) | (680) | ||
Proceeds from exercise of stock options | 903 | - | ||
Proceeds from exercise of warrants | 4,486 | - | ||
Net cash used in financing activities | (641,021) | (9,429) | ||
Net increase (decrease) in cash and cash equivalents and restricted cash | 13,886 | (75,682) | ||
Cash and cash equivalents and restricted cash at beginning of period | 182,614 | 244,571 | ||
Cash and cash equivalents and restricted cash at end of period | $ | 196,500 | $ | 168,889 |
As of June 30, | ||||
2022 | 2021 | |||
Cash and cash equivalents | $ | 161,732 | $ | 72,337 |
Short-term restricted cash (included in Prepaid expenses and other current assets) | 9,848 | 3,794 | ||
Long-term restricted cash | 24,920 | 92,758 | ||
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 196,500 | $ | 168,889 |
Three Months Ended | Six Months Ended June 30, | |||||||||
March 31, 2022 | June 30, 2022 | June 30, 2021 | 2022 | 2021 | ||||||
Net income (loss) from continuing operations | $ | 401,004 | $ | 575,429 | $ | (18,590) | $ | 976,433 | $ | (51,281) |
Interest expense | 13,083 | 5,218 | 17,962 | 18,301 | 35,952 | |||||
Interest income | (184) | (164) | (104) | (348) | (268) | |||||
Income tax expense | 39,624 | 69,012 | 8 | 108,636 | 3 | |||||
Depreciation, depletion and amortization | 28,035 | 27,730 | 27,304 | 55,765 | 55,742 | |||||
Non-cash stock compensation expense | 1,182 | 1,401 | 979 | 2,583 | 3,162 | |||||
Mark-to-market adjustment - acquisition-related obligations | 9,361 | 4,208 | 3,157 | 13,569 | 6,333 | |||||
Accretion on asset retirement obligations | 5,954 | 5,947 | 6,648 | 11,901 | 13,296 | |||||
Asset impairment and restructuring | - | - | - | - | (561) | |||||
Amortization of acquired intangibles, net | 5,748 | 5,747 | 2,553 | 11,495 | 6,422 | |||||
Adjusted EBITDA | $ | 503,807 | $ | 694,528 | $ | 39,917 | $ | 1,198,335 | $ | 68,800 |
Three Months Ended March 31, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 1,054,340 | $ | 15,398 | $ | 1,069,738 |
Less: Freight and handling fulfillment revenues | (144,025) | (18) | (144,043) | |||
Non-GAAP Coal revenues | $ | 910,315 | $ | 15,380 | $ | 925,695 |
Tons sold | 3,780 | 268 | 4,048 | |||
Non-GAAP Coal sales realization per ton | $ | 240.82 | $ | 57.39 | $ | 228.68 |
Cost of coal sales (exclusive of items shown separately below) | $ | 539,282 | $ | 16,035 | $ | 555,317 |
Depreciation, depletion and amortization - production (1)
|
27,060 | 797 | 27,857 | |||
Accretion on asset retirement obligations | 3,398 | 2,556 | 5,954 | |||
Amortization of acquired intangibles, net | 4,796 | 952 | 5,748 | |||
Total Cost of coal sales | $ | 574,536 | $ | 20,340 | $ | 594,876 |
Less: Freight and handling costs | (144,025) | (18) | (144,043) | |||
Less: Depreciation, depletion and amortization - production (1)
|
(27,060) | (797) | (27,857) | |||
Less: Accretion on asset retirement obligations | (3,398) | (2,556) | (5,954) | |||
Less: Amortization of acquired intangibles, net | (4,796) | (952) | (5,748) | |||
Less: Idled and closed mine costs | (3,604) | (2,646) | (6,250) | |||
Non-GAAP Cost of coal sales | $ | 391,653 | $ | 13,371 | $ | 405,024 |
Tons sold | 3,780 | 268 | 4,048 | |||
Non-GAAP Cost of coal sales per ton | $ | 103.61 | $ | 49.89 | $ | 100.06 |
Three Months Ended March 31, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 1,054,340 | $ | 15,398 | $ | 1,069,738 |
Less: Total Cost of coal sales (per table above) | (574,536) | (20,340) | (594,876) | |||
GAAP Coal margin | $ | 479,804 | $ | (4,942) | $ | 474,862 |
Tons sold | 3,780 | 268 | 4,048 | |||
GAAP Coal margin per ton | $ | 126.93 | $ | (18.44) | $ | 117.31 |
GAAP Coal margin | $ | 479,804 | $ | (4,942) | $ | 474,862 |
Add: Depreciation, depletion and amortization - production (1)
|
27,060 | 797 | 27,857 | |||
Add: Accretion on asset retirement obligations | 3,398 | 2,556 | 5,954 | |||
Add: Amortization of acquired intangibles, net | 4,796 | 952 | 5,748 | |||
Add: Idled and closed mine costs | 3,604 | 2,646 | 6,250 | |||
Non-GAAP Coal margin | $ | 518,662 | $ | 2,009 | $ | 520,671 |
Tons sold | 3,780 | 268 | 4,048 | |||
Non-GAAP Coal margin per ton | $ | 137.21 | $ | 7.50 | $ | 128.62 |
Three Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 1,318,661 | $ | 15,597 | $ | 1,334,258 |
Less: Freight and handling fulfillment revenues | (156,522) | - | (156,522) | |||
Non-GAAP Coal revenues | $ | 1,162,139 | $ | 15,597 | $ | 1,177,736 |
Tons sold | 4,050 | 254 | 4,304 | |||
Non-GAAP Coal sales realization per ton | $ | 286.95 | $ | 61.41 | $ | 273.64 |
Cost of coal sales (exclusive of items shown separately below) | $ | 610,224 | $ | 15,668 | $ | 625,892 |
Depreciation, depletion and amortization - production (1)
|
27,202 | 250 | 27,452 | |||
Accretion on asset retirement obligations | 3,390 | 2,557 | 5,947 | |||
Amortization of acquired intangibles, net | 4,795 | 952 | 5,747 | |||
Total Cost of coal sales | $ | 645,611 | $ | 19,427 | $ | 665,038 |
Less: Freight and handling costs | (156,522) | - | (156,522) | |||
Less: Depreciation, depletion and amortization - production (1)
|
(27,202) | (250) | (27,452) | |||
Less: Accretion on asset retirement obligations | (3,390) | (2,557) | (5,947) | |||
Less: Amortization of acquired intangibles, net | (4,795) | (952) | (5,747) | |||
Less: Idled and closed mine costs | (2,708) | (2,993) | (5,701) | |||
Non-GAAP Cost of coal sales | $ | 450,994 | $ | 12,675 | $ | 463,669 |
Tons sold | 4,050 | 254 | 4,304 | |||
Non-GAAP Cost of coal sales per ton | $ | 111.36 | $ | 49.90 | $ | 107.73 |
Three Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 1,318,661 | $ | 15,597 | $ | 1,334,258 |
Less: Total Cost of coal sales (per table above) | (645,611) | (19,427) | (665,038) | |||
GAAP Coal margin | $ | 673,050 | $ | (3,830) | $ | 669,220 |
Tons sold | 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 - production (1)
|
27,202 | 250 | 27,452 | |||
Add: Accretion on asset retirement obligations | 3,390 | 2,557 | 5,947 | |||
Add: Amortization of acquired intangibles, net | 4,795 | 952 | 5,747 | |||
Add: Idled and closed mine costs | 2,708 | 2,993 | 5,701 | |||
Non-GAAP Coal margin | $ | 711,145 | $ | 2,922 | $ | 714,067 |
Tons sold | 4,050 | 254 | 4,304 | |||
Non-GAAP Coal margin per ton | $ | 175.59 | $ | 11.50 | $ | 165.91 |
Three Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 376,839 | $ | 16,619 | $ | 393,458 |
Less: Freight and handling fulfillment revenues | (64,329) | (117) | (64,446) | |||
Non-GAAP Coal revenues | $ | 312,510 | $ | 16,502 | $ | 329,012 |
Tons sold | 3,748 | 273 | 4,021 | |||
Non-GAAP Coal sales realization per ton | $ | 83.38 | $ | 60.45 | $ | 81.82 |
Cost of coal sales (exclusive of items shown separately below) | $ | 331,239 | $ | 15,524 | $ | 346,763 |
Depreciation, depletion and amortization - production (1)
|
25,686 | 1,438 | 27,124 | |||
Accretion on asset retirement obligations | 3,377 | 3,271 | 6,648 | |||
Amortization of acquired intangibles, net | 2,635 | (82) | 2,553 | |||
Total Cost of coal sales | $ | 362,937 | $ | 20,151 | $ | 383,088 |
Less: Freight and handling costs | (64,329) | (117) | (64,446) | |||
Less: Depreciation, depletion and amortization - production (1)
|
(25,686) | (1,438) | (27,124) | |||
Less: Accretion on asset retirement obligations | (3,377) | (3,271) | (6,648) | |||
Less: Amortization of acquired intangibles, net | (2,635) | 82 | (2,553) | |||
Less: Idled and closed mine costs | (4,790) | (3,732) | (8,522) | |||
Non-GAAP Cost of coal sales | $ | 262,120 | $ | 11,675 | $ | 273,795 |
Tons sold | 3,748 | 273 | 4,021 | |||
Non-GAAP Cost of coal sales per ton | $ | 69.94 | $ | 42.77 | $ | 68.09 |
Three Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 376,839 | $ | 16,619 | $ | 393,458 |
Less: Total Cost of coal sales (per table above) | (362,937) | (20,151) | (383,088) | |||
GAAP Coal margin | $ | 13,902 | $ | (3,532) | $ | 10,370 |
Tons sold | 3,748 | 273 | 4,021 | |||
GAAP Coal margin per ton | $ | 3.71 | $ | (12.94) | $ | 2.58 |
GAAP Coal margin | $ | 13,902 | $ | (3,532) | $ | 10,370 |
Add: Depreciation, depletion and amortization - production (1)
|
25,686 | 1,438 | 27,124 | |||
Add: Accretion on asset retirement obligations | 3,377 | 3,271 | 6,648 | |||
Add: Amortization of acquired intangibles, net | 2,635 | (82) | 2,553 | |||
Add: Idled and closed mine costs | 4,790 | 3,732 | 8,522 | |||
Non-GAAP Coal margin | $ | 50,390 | $ | 4,827 | $ | 55,217 |
Tons sold | 3,748 | 273 | 4,021 | |||
Non-GAAP Coal margin per ton | $ | 13.44 | $ | 17.68 | $ | 13.73 |
Six Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 2,373,001 | $ | 30,995 | $ | 2,403,996 |
Less: Freight and handling fulfillment revenues | (300,547) | (18) | (300,565) | |||
Non-GAAP Coal revenues | $ | 2,072,454 | $ | 30,977 | $ | 2,103,431 |
Tons sold | 7,830 | 522 | 8,352 | |||
Non-GAAP Coal sales realization per ton | $ | 264.68 | $ | 59.34 | $ | 251.85 |
Cost of coal sales (exclusive of items shown separately below) | $ | 1,149,506 | $ | 31,703 | $ | 1,181,209 |
Depreciation, depletion and amortization - production (1)
|
54,262 | 1,047 | 55,309 | |||
Accretion on asset retirement obligations | 6,788 | 5,113 | 11,901 | |||
Amortization of acquired intangibles, net | 9,591 | 1,904 | 11,495 | |||
Total Cost of coal sales | $ | 1,220,147 | $ | 39,767 | $ | 1,259,914 |
Less: Freight and handling costs | (300,547) | (18) | (300,565) | |||
Less: Depreciation, depletion and amortization - production (1)
|
(54,262) | (1,047) | (55,309) | |||
Less: Accretion on asset retirement obligations | (6,788) | (5,113) | (11,901) | |||
Less: Amortization of acquired intangibles, net | (9,591) | (1,904) | (11,495) | |||
Less: Idled and closed mine costs | (6,312) | (5,639) | (11,951) | |||
Non-GAAP Cost of coal sales | $ | 842,647 | $ | 26,046 | $ | 868,693 |
Tons sold | 7,830 | 522 | 8,352 | |||
Non-GAAP Cost of coal sales per ton | $ | 107.62 | $ | 49.90 | $ | 104.01 |
Six Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 2,373,001 | $ | 30,995 | $ | 2,403,996 |
Less: Total Cost of coal sales (per table above) | (1,220,147) | (39,767) | (1,259,914) | |||
GAAP Coal margin | $ | 1,152,854 | $ | (8,772) | $ | 1,144,082 |
Tons sold | 7,830 | 522 | 8,352 | |||
GAAP Coal margin per ton | $ | 147.24 | $ | (16.80) | $ | 136.98 |
GAAP Coal margin | $ | 1,152,854 | $ | (8,772) | $ | 1,144,082 |
Add: Depreciation, depletion and amortization - production (1)
|
54,262 | 1,047 | 55,309 | |||
Add: Accretion on asset retirement obligations | 6,788 | 5,113 | 11,901 | |||
Add: Amortization of acquired intangibles, net | 9,591 | 1,904 | 11,495 | |||
Add: Idled and closed mine costs | 6,312 | 5,639 | 11,951 | |||
Non-GAAP Coal margin | $ | 1,229,807 | $ | 4,931 | $ | 1,234,738 |
Tons sold | 7,830 | 522 | 8,352 | |||
Non-GAAP Coal margin per ton | $ | 157.06 | $ | 9.45 | $ | 147.84 |
Six Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 736,732 | $ | 42,178 | $ | 778,910 |
Less: Freight and handling fulfillment revenues | (124,340) | (486) | (124,826) | |||
Non-GAAP Coal revenues | $ | 612,392 | $ | 41,692 | $ | 654,084 |
Tons sold | 7,405 | 682 | 8,087 | |||
Non-GAAP Coal sales realization per ton | $ | 82.70 | $ | 61.13 | $ | 80.88 |
Cost of coal sales (exclusive of items shown separately below) | $ | 657,134 | $ | 37,057 | $ | 694,191 |
Depreciation, depletion and amortization - production (1)
|
52,222 | 3,161 | 55,383 | |||
Accretion on asset retirement obligations | 6,762 | 6,534 | 13,296 | |||
Amortization of acquired intangibles, net | 6,686 | (264) | 6,422 | |||
Total Cost of coal sales | $ | 722,804 | $ | 46,488 | $ | 769,292 |
Less: Freight and handling costs | (124,340) | (486) | (124,826) | |||
Less: Depreciation, depletion and amortization - production (1)
|
(52,222) | (3,161) | (55,383) | |||
Less: Accretion on asset retirement obligations | (6,762) | (6,534) | (13,296) | |||
Less: Amortization of acquired intangibles, net | (6,686) | 264 | (6,422) | |||
Less: Idled and closed mine costs | (8,393) | (7,288) | (15,681) | |||
Non-GAAP Cost of coal sales | $ | 524,401 | $ | 29,283 | $ | 553,684 |
Tons sold | 7,405 | 682 | 8,087 | |||
Non-GAAP Cost of coal sales per ton | $ | 70.82 | $ | 42.94 | $ | 68.47 |
Six Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Coal revenues | $ | 736,732 | $ | 42,178 | $ | 778,910 |
Less: Total Cost of coal sales (per table above) | (722,804) | (46,488) | (769,292) | |||
GAAP Coal margin | $ | 13,928 | $ | (4,310) | $ | 9,618 |
Tons sold | 7,405 | 682 | 8,087 | |||
GAAP Coal margin per ton | $ | 1.88 | $ | (6.32) | $ | 1.19 |
GAAP Coal margin | $ | 13,928 | $ | (4,310) | $ | 9,618 |
Add: Depreciation, depletion and amortization - production (1)
|
52,222 | 3,161 | 55,383 | |||
Add: Accretion on asset retirement obligations | 6,762 | 6,534 | 13,296 | |||
Add: Amortization of acquired intangibles, net | 6,686 | (264) | 6,422 | |||
Add: Idled and closed mine costs | 8,393 | 7,288 | 15,681 | |||
Non-GAAP Coal margin | $ | 87,991 | $ | 12,409 | $ | 100,400 |
Tons sold | 7,405 | 682 | 8,087 | |||
Non-GAAP Coal margin per ton | $ | 11.88 | $ | 18.20 | $ | 12.41 |
Three Months Ended March 31, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Non-GAAP Cost of coal sales | $ | 391,653 | $ | 13,371 | $ | 405,024 |
Less: cost of purchased coal sold | (27,842) | (37) | (27,879) | |||
Adjusted cost of produced coal sold | $ | 363,811 | $ | 13,334 | $ | 377,145 |
Produced tons sold | 3,653 | 267 | 3,920 | |||
Adjusted cost of produced coal sold per ton (1)
|
$ | 99.59 | $ | 49.94 | $ | 96.21 |
Three Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Non-GAAP Cost of coal sales | $ | 450,994 | $ | 12,675 | $ | 463,669 |
Less: cost of purchased coal sold | (33,171) | - | (33,171) | |||
Adjusted cost of produced coal sold | $ | 417,823 | $ | 12,675 | $ | 430,498 |
Produced tons sold | 3,929 | 254 | 4,183 | |||
Adjusted cost of produced coal sold per ton (1)
|
$ | 106.34 | $ | 49.90 | $ | 102.92 |
Three Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Non-GAAP Cost of coal sales | $ | 262,120 | $ | 11,675 | $ | 273,795 |
Less: cost of purchased coal sold | (24,642) | - | (24,642) | |||
Adjusted cost of produced coal sold | $ | 237,478 | $ | 11,675 | $ | 249,153 |
Produced tons sold | 3,497 | 273 | 3,770 | |||
Adjusted cost of produced coal sold per ton (1)
|
$ | 67.91 | $ | 42.77 | $ | 66.09 |
Six Months Ended June 30, 2022 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Non-GAAP Cost of coal sales | $ | 842,647 | $ | 26,046 | $ | 868,693 |
Less: cost of purchased coal sold | (61,013) | (37) | (61,050) | |||
Adjusted cost of produced coal sold | $ | 781,634 | $ | 26,009 | $ | 807,643 |
Produced tons sold | 7,582 | 521 | 8,103 | |||
Adjusted cost of produced coal sold per ton (1)
|
$ | 103.09 | $ | 49.92 | $ | 99.67 |
Six Months Ended June 30, 2021 | ||||||
(In thousands, except for per ton data) | Met | All Other | Consolidated | |||
Non-GAAP Cost of coal sales | $ | 524,401 | $ | 29,283 | $ | 553,684 |
Less: cost of purchased coal sold | (42,906) | - | (42,906) | |||
Adjusted cost of produced coal sold | $ | 481,495 | $ | 29,283 | $ | 510,778 |
Produced tons sold | 6,921 | 682 | 7,603 | |||
Adjusted cost of produced coal sold per ton (1)
|
$ | 69.57 | $ | 42.94 | $ | 67.18 |
Three Months Ended June 30, 2022 | |||||||
(In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP Coal sales realization per ton | % of Met Tons Sold | |||
Export - other pricing mechanisms | 1,299 | $ | 417,013 | $ | 321.03 | 35 | % |
Domestic | 844 | 159,747 | $ | 189.27 | 22 | % | |
Export - Australian indexed | 1,612 | 565,097 | $ | 350.56 | 43 | % | |
Total Met segment - met coal | 3,755 | $ | 1,141,857 | $ | 304.09 | 100 | % |
Met segment - thermal coal | 295 | 20,282 | $ | 68.75 | |||
Total Met segment Coal revenues | 4,050 | 1,162,139 | $ | 286.95 | |||
All Other Coal revenues | 254 | 15,597 | $ | 61.41 | |||
Non-GAAP Coal revenues | 4,304 | $ | 1,177,736 | $ | 273.64 | ||
Add: Freight and handling fulfillment revenues | - | 156,522 | |||||
Coal revenues | 4,304 | $ | 1,334,258 |