Alpha Metallurgical Resources Inc
For the period ended Sep 30, 2024. Filed Nov 1, 2024.
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Sep 30, 2024 · Filed Nov 1, 2024
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(2) Revenue
Disaggregation of Revenue from Contracts with Customers
The Company earns revenues primarily through the sale of coal produced by Company operations and coal purchased from third parties. 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 has disaggregated revenue between met coal and thermal coal and export and domestic revenues which depicts the pricing and contract differences between the two. Export revenue generally is derived by spot or short-term contracts with pricing determined at the time of shipment or based on a market index, whereas domestic revenue is characterized by contracts that typically have a term of one year or longer and with fixed pricing terms. The following tables disaggregate the
Company’s coal revenues by product category and by market to depict how the nature, amount, timing, and uncertainty of the Company’s coal revenues and cash flows are affected by economic factors:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Export met coal revenues | $501,173 | $485,955 | $1,808,088 | $1,714,215 |
| Export thermal coal revenues | 11,731 | 28,642 | 52,977 | 95,085 |
| Total export coal revenues | $512,904 | $514,597 | $1,861,065 | $1,809,300 |
| Domestic met coal revenues | $149,653 | $213,389 | $448,763 | $649,094 |
| Domestic thermal coal revenues | 7,226 | 11,012 | 21,368 | 41,109 |
| Total domestic coal revenues | $156,879 | $224,401 | $470,131 | $690,203 |
| Total met coal revenues | $650,826 | $699,344 | $2,256,851 | $2,363,309 |
| Total thermal coal revenues | 18,957 | 39,654 | 74,345 | 136,194 |
| Total coal revenues | $669,783 | $738,998 | $2,331,196 | $2,499,503 |
Performance Obligations
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied as of September 30, 2024:
| Remainder of 2024 | 2025 | 2026 | 2027 | 2028 | Total | |
|---|---|---|---|---|---|---|
| Estimated coal revenues (1) | $22,033 | $4,590 | $12,000 | $— | $— | $38,623 |
(1)Amounts only include estimated coal revenues associated with customer contracts with fixed pricing and original expected duration of more than one year. Refer to Note 3 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
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