Ramaco Resources Inc

For the period ended Dec 31, 2023. Filed Mar 14, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Mar 14, 2024

METC$6.56-3.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Years ended December 31,
In thousands · · 2023 · 2022 · 2021
Cash flows from operating activities: · · · ·
Net income	$82,313	$116,042	$39,759
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations	1,403	1,115	615
Depreciation, depletion, and amortization	54,252	41,194	26,205
Amortization of debt issuance costs	776	491	214
Stock-based compensation	12,905	8,222	5,260
Loss on disposal of equipment	—	756	—
Other income - gain on insurance recoveries	(10,192)	—	—
Other income - gain on sale of mineral rights	—	(2,113)	—
Other income - employee retention tax credit	—	—	(5,407)
Deferred income taxes	18,714	29,229	4,644
Changes in operating assets and liabilities:
Accounts receivable	(55,692)	3,279	(24,154)
Prepaid expenses and other current assets	14,361	(14,378)	5,519
Inventories	7,810	(29,182)	(3,844)
Other assets and liabilities	(430)	1,127	1,124
Accounts payable	24,549	12,727	(1,820)
Accrued liabilities	10,267	19,361	5,225
Net cash provided by operating activities	161,036	187,870	53,340

Cash flows from investing activities:
Capital expenditures	(82,904)	(123,012)	(29,466)
Acquisition of Ramaco Coal assets	—	(11,738)	—
Acquisition of Maben assets (bond recovery in 2023)	1,182	(11,897)	—
Acquisition of Amonate assets	(608)	—	(30,147)
Proceeds from sale of mineral rights	—	2,000	—
Insurance proceeds related to property, plant, and equipment	11,256	—	—
Capitalized interest	(1,137)	(1,061)	—
Net cash used for investing activities	(72,211)	(145,708)	(59,613)

Cash flows from financing activities:
Proceeds from borrowings	130,000	42,000	54,368
Proceeds from stock options exercised	—	107	—
Payments of debt issuance cost	—	—	(2,356)
Payment of dividends	(25,820)	(20,041)	—
Repayment of borrowings	(127,514)	(26,026)	(26,300)
Repayment of Ramaco Coal acquisition financing - related party	(40,000)	(15,000)	—
Repayments of insurance financing	(5,207)	(1,290)	(862)
Repayments of equipment finance leases	(6,659)	(5,062)	(1,942)
Shares surrendered for withholding taxes payable	(7,317)	(3,183)	(539)
Net cash (used for) provided by financing activities	(82,517)	(28,495)	22,369

Net change in cash and cash equivalents and restricted cash	6,308	13,667	16,096
Cash and cash equivalents and restricted cash, beginning of period	36,473	22,806	6,710
Cash and cash equivalents and restricted cash, end of period	$42,781	$36,473	$22,806

Supplemental cash flow information:
Cash paid for interest (net of $1,137 and $1,061 capitalized in 2023 and 2022)	$8,113	$5,997	$1,601
Cash paid for income taxes	771	15,500	9
Cash received for income tax refund	11,758	—	—
Non-cash investing and financing activities:
Leased assets obtained under new financing leases	6,144	7,888	10,002
Financed equipment purchases	—	6,409	—
Capital expenditures included in accounts payable and accrued liabilities	4,939	13,404	6,652
Ramaco Coal acquisition financing	—	56,551	—
Maben Coal acquisition financing	—	21,000	—
Financed insurance	5,803	5,587	280
Financed insurance (2022 adjustment recorded in 2023)	(1,136)	—	—
Accrued dividends payable	7,198	5,524	2,501

** Ramaco Resources, Inc.**

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.