Alpha Metallurgical Resources Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
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(23) Segment Information
The Company extracts, processes and markets met and thermal coal from deep and surface mines for sale to steel and coke producers, industrial customers, and electric utilities. The Company conducts mining operations only in the United States with mines in Central Appalachia. The Company hasone reportable segment: Met, which consists offive active mines andtwo preparation plants in Virginia, seventeen active mines andsix preparation plants in West Virginia, as well as expenses associated with certain idled/closed mines.
In addition to theone reportable segment, the All Other category includes general corporate overhead and corporate assets and liabilities, the former CAPP - Thermal operations consisting ofone preparation plant in West Virginia, and the elimination of certain intercompany activity, as well as expenses associated with certain idled/closed mines.
Reportable segment operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer of the Company.
Segment operating results and capital expenditures for the year ended December 31, 2023 were as follows:
| Year Ended December 31, 2023 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Total revenues | $3,417,395 | $54,022 | $3,471,417 |
| Depreciation, depletion, and amortization | $125,716 | $11,153 | $136,869 |
| Amortization of acquired intangibles, net | $8,523 | $— | $8,523 |
| Adjusted EBITDA | $1,087,803 | $(54,692) | $1,033,111 |
| Capital expenditures | $238,916 | $6,457 | $245,373 |
Segment operating results and capital expenditures for the year ended December 31, 2022 were as follows:
| Year Ended December 31, 2022 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Total revenues | $4,023,688 | $77,904 | $4,101,592 |
| Depreciation, depletion, and amortization | $100,584 | $7,036 | $107,620 |
| Amortization of acquired intangibles, net | $15,699 | $3,799 | $19,498 |
| Adjusted EBITDA | $1,776,642 | $(36,030) | $1,740,612 |
| Capital expenditures | $160,679 | $3,630 | $164,309 |
Segment operating results and capital expenditures for the year ended December 31, 2021 were as follows:
| Year Ended December 31, 2021 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Total revenues | $2,176,080 | $82,606 | $2,258,686 |
| Depreciation, depletion, and amortization | $99,963 | $10,084 | $110,047 |
| Amortization of acquired intangibles, net | $13,671 | $(427) | $13,244 |
| Adjusted EBITDA | $567,270 | $(32,789) | $534,481 |
| Capital expenditures | $79,185 | $4,115 | $83,300 |
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the year ended December 31, 2023:
| Year Ended December 31, 2023 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Net income (loss) | $938,495 | $(216,539) | $721,956 |
| Interest expense | 731 | 6,192 | 6,923 |
| Interest income | (644) | (11,289) | (11,933) |
| Income tax expense | — | 123,503 | 123,503 |
| Depreciation, depletion and amortization | 125,716 | 11,153 | 136,869 |
| Non-cash stock compensation expense | 96 | 18,921 | 19,017 |
| Loss on extinguishment of debt | — | 2,753 | 2,753 |
| Accretion on asset retirement obligations | 14,886 | 10,614 | 25,500 |
| Amortization of acquired intangibles, net | 8,523 | — | 8,523 |
| Adjusted EBITDA | $1,087,803 | $(54,692) | $1,033,111 |
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the year ended December 31, 2022:
| Year Ended December 31, 2022 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Net income (loss) | $1,647,104 | $(198,559) | $1,448,545 |
| Interest expense | 202 | 21,600 | 21,802 |
| Interest income | (541) | (2,646) | (3,187) |
| Income tax expense | — | 106,205 | 106,205 |
| Depreciation, depletion and amortization | 100,584 | 7,036 | 107,620 |
| Non-cash stock compensation expense | 4 | 7,480 | 7,484 |
| Mark-to-market adjustment - acquisition-related obligations | — | 8,880 | 8,880 |
| Accretion on asset retirement obligations | 13,590 | 10,175 | 23,765 |
| Amortization of acquired intangibles, net | 15,699 | 3,799 | 19,498 |
| Adjusted EBITDA | $1,776,642 | $(36,030) | $1,740,612 |
The following table presents a reconciliation of net income (loss) to Adjusted EBITDA for the year ended December 31, 2021:
| Year Ended December 31, 2021 | |||
|---|---|---|---|
| Met | All Other | Consolidated | |
| Net income (loss) | $439,859 | $(151,069) | $288,790 |
| Interest expense | 184 | 69,470 | 69,654 |
| Interest income | (6) | (330) | (336) |
| Income tax expense | — | 3,408 | 3,408 |
| Depreciation, depletion and amortization | 99,963 | 10,084 | 110,047 |
| Non-cash stock compensation expense | 28 | 5,287 | 5,315 |
| Mark-to-market adjustment - acquisition-related obligations | — | 19,525 | 19,525 |
| Gain on settlement of acquisition-related obligations | — | (1,125) | (1,125) |
| Accretion on asset retirement obligations | 13,571 | 12,949 | 26,520 |
| Asset impairment and restructuring | — | (561) | (561) |
| Amortization of acquired intangibles, net | 13,671 | (427) | 13,244 |
| Adjusted EBITDA | $567,270 | $(32,789) | $534,481 |
No asset information has been disclosed as the CODM does not regularly review asset information by reportable segment.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.