Quarterly Net Income rose 25% to $182.3 million
and Adjusted EBITDA rose by 6% to $259.4 million
Achieved record total liquidity of $985.8
million
Warrior Met Coal, Inc. (NYSE: HCC) (“Warrior” or the “Company”)
today announced results for the first quarter of 2023. Warrior is
the leading dedicated U.S.-based producer and exporter of high
quality metallurgical (“met”) coal for the global steel
industry.
Warrior reported net income for the first quarter of 2023 of
$182.3 million, or $3.51 per diluted share, representing a 25%
increase over net income of $146.2 million, or $2.83 per diluted
share, in the first quarter of 2022. Adjusted net income per share
for the first quarter of 2023 was $3.57 per diluted share, compared
to adjusted net income per share of $2.97 per diluted share in the
first quarter of 2022, representing a 20% increase. The Company
reported Adjusted EBITDA of $259.4 million in the first quarter of
2023, compared to Adjusted EBITDA of $243.8 million in the first
quarter of 2022, representing a 6% increase.
“We are pleased to share another extremely strong quarter, both
in terms of financial results and better-than-expected sales and
production volumes,” commented Walt Scheller, CEO of Warrior.
“Customer demand remained strong throughout the quarter, which,
combined with global supply constraints, kept coal prices above
historical levels. Importantly, our focus on improving performance
at the Port of Mobile produced positive results, specifically
through several initiatives that were implemented to improve the
loading of vessels, including the allocation of personnel and
resources. We continue to work closely with port personnel to
improve the consistency and long-term sustainability of
operations.”
“In February, the labor union representing certain of our hourly
employees announced that they ended their labor strike and
unconditionally offered to return to work. We continue to onboard
eligible employees that are returning to work from the labor strike
while continuing to negotiate towards a new labor contract in good
faith. We believe that Warrior is well-positioned to capitalize on
upside opportunities to our sales and production volumes in the
latter half of 2023,” Mr. Scheller concluded.
Operating Results
Sales volume in the first quarter of 2023 was 1.9 million short
tons compared to 1.1 million short tons in the first quarter of
2022, representing a 73% increase. The 73% increase in sales volume
was driven by the drawdown of coal inventory levels in the first
quarter due to improved performance at the McDuffie Terminal, which
enabled Warrior to export more product. In addition, increased
production drove an increase in sales as both Mine No. 4 and Mine
No. 7 operated at higher capacity levels in this quarter compared
to the prior year comparable quarter, when operations at Mine No. 4
were being restarted and both Mine No. 4 and Mine No. 7 were being
operated at reduced capacity. The Company produced 1.8 million
short tons of steelmaking coal in the first quarter of 2023
compared to 1.5 million short tons in the first quarter of 2022,
representing a 14% increase. Inventory levels were reduced to 659
thousand short tons at the end of March 31, 2023 from 855 thousand
short tons at the end of December 31, 2022.
Additional Financial Results
Total revenues were $509.7 million for the first quarter of
2023, which consisted of steelmaking coal sales of 1.9 million
short tons at an average net selling price of $256.93 per short
ton, net of demurrage and other charges. This represents a 35%
increase and compares to total revenues of $378.7 million in the
first quarter of 2022. The average net selling price of the
Company's steelmaking coal decreased 23% from $339.34 per short ton
in the first quarter of 2022 to $256.93 per short ton in the first
quarter of 2023 due to stronger met coal market pricing last
year.
Cost of sales for the first quarter of 2023 were $232.6 million
compared to $135.3 million for the first quarter of 2022. Cash cost
of sales (including mining, transportation and royalty costs) for
the first quarter of 2023 were $231.6 million, or 46.3% of mining
revenues, compared to $134.4 million, or 35.1% of mining revenues
in the same period of 2022. Cash cost of sales (free-on-board port)
per short ton decreased to $118.87 in the first quarter of 2023
from $119.23 in the first quarter of 2022, primarily reflecting the
delayed impact of a decrease in average net selling prices and its
effect on Warrior's variable cost structure, primarily for wages,
transportation, and royalties offset partially by the impact of
inflation. Transportation and royalty costs accounted for
approximately 44% of total cash cost of sales (free-on-board port)
in the first quarter of 2023 compared to 46% in the same period
last year due to the lower met coal average net selling prices and
its effect on our transportation and royalty costs.
Selling, general and administrative expenses for the first
quarter of 2023 were $14.5 million, or 2.8% of total revenues and
were higher than the same period last year due to higher employee
related costs, primarily related to stock compensation expense.
Depreciation and depletion expenses for the first quarter of
2023 were $37.2 million, or 7.2% of total revenues and were higher
than the prior year comparable quarter due to higher sales volume.
Warrior incurred net interest income of $1.5 million during the
first quarter of 2023, which compares to net interest expense in
the prior year of 7.8 million. Interest income earned on our cash
investments in the current quarter exceeded interest expense on our
outstanding notes and equipment leases.
Business interruption expenses were $4.2 million in the first
quarter and were lower than the same period last year. These
expenses represent non-recurring expenses for incremental safety
and security, labor negotiations and other expenses that are
directly attributable to the labor strike.
Income tax expense was $29.1 million in the first quarter of
2023 on income of $211.3 million and primarily reflects our
continued utilization of our net operating losses offset partially
by an income tax benefit for foreign-derived intangible income and
depletion expense.
Cash Flow and Liquidity
The Company generated cash flows of $192.9 million from
operating activities in the first quarter of 2023, compared to
$70.1 million in the first quarter of 2022. Capital expenditures
and mine development for the first quarter of 2023 were $82.6
million, resulting in free cash flow of $110.3 million. Free cash
flow was $60.6 million higher than the first quarter of 2022 and
reflected higher sales volumes offset partially by higher capital
expenditures and mine development.
Net working capital, excluding cash, for the first quarter of
2023 increased by $69.0 million from the fourth quarter of 2022,
primarily reflecting an increase in trade accounts receivables due
to higher sales volumes and the timing of sales combined with lower
accrued expenses and accounts payable.
Cash flows used in financing activities for the first quarter of
2023 were $74.8 million, primarily due to the payment of the
regular quarterly dividend and special dividend totaling $50.0
million, retirements of debt of $8.0 million and principal
repayments of financing lease obligations of $7.6 million.
The Company’s total liquidity as of March 31, 2023 was $985.8
million, a record high, consisting of cash and cash equivalents of
$862.5 million and available liquidity under its existing Second
Amended and Restated Asset-Based Revolving Credit Agreement (as
amended, the “ABL Facility”) of $123.3 million, which is net of
outstanding letters of credit of $8.7 million.
Capital Allocation
On April 25, 2023, our Board of Directors (the "Board") declared
a regular quarterly cash dividend of $0.07 per share, totaling
approximately $3.7 million, which will be paid on May 12, 2023, to
stockholders of record as of the close of business on May 5,
2023.
In addition, on February 13, 2023, the Board declared a special
cash dividend (the "March 2023 Special Dividend") of $0.88 per
share, totaling approximately $46.4 million, which was paid on
March 7, 2023, to stockholders of record as of the close of
business on February 28, 2023. The Company continues to demonstrate
its previous commitment to returning excess cash to stockholders
while driving long-term growth with its investment in the
development of its world-class Blue Creek reserves.
Any future special dividends or stock repurchases from excess
cash flows will be at the discretion of the Board and subject to
consideration of several factors including business and market
conditions, future financial performance and other strategic
investment opportunities. The Company will also seek to optimize
its capital structure to improve returns to stockholders while
allowing flexibility for the Company to pursue very selective
strategic growth opportunities that can provide compelling
stockholder returns.
Labor Matters
On February 16, 2023, the labor union representing certain of
our hourly employees announced that they were ending the strike and
made an unconditional offer to return to work. The Company is
currently working to complete the onboarding process with the
eligible employees that wish to return to work and continues to
engage in good faith negotiations with the labor union representing
certain of our hourly employees to reach an agreement on a new
contract. Because the return to work process has not been
completed, the Company has not revised its budgets, outlook and
guidance as provided below to reflect the effects of the ending of
the strike. The Company expects to be able to provide another
update in early June 2023.
Company Outlook
The Company's outlook and guidance for 2023 is subject to many
risks that may impact performance, including the labor matters
noted above, ongoing mechanical issues at the McDuffie Terminal at
the Port of Mobile, ongoing rail transportation issues, market
conditions in the steel and met coal industries and overall global
economic and competitive conditions, all as more fully described
under Forward-Looking Statements below. The Company's guidance for
the full year 2023 is outlined below.
Coal sales
6.6 - 7.2 million short tons
Coal production
6.3 - 6.9 million short tons
Cash cost of sales (free-on-board
port)
$109 - $125 per short ton
Capital expenditures for existing
mines
$95 - $105 million
Blue Creek project and other discretionary
capital expenditures
$325 - $345 million
Mine development costs
$10 - $14 million
Selling, general and administrative
expenses
$42 - $48 million
Interest expense, net
$5 - $10 million
Noncash deferred income tax expense
18% - 20%
Cash tax rate
0%
Key factors that may affect outlook include:
- Two planned longwall moves (both Q3),
- HCC index pricing,
- Exclusion of other non-recurring costs,
- New labor contract, and
- Inflationary pressures.
The Company's guidance for its capital expenditures consists of
sustaining capital spending of approximately $95 - $105 million,
including regulatory and gas requirements, and discretionary
capital spending of $325 - $345 million for the development of the
Blue Creek reserves, final payments on two new sets of longwall
shields originally purchased in 2022, and the final 4 North bunker
construction.
The Company does not provide reconciliations of its outlook for
cash cost of sales (free-on-board port) to cost of sales in
reliance on the unreasonable efforts exception provided for under
Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable,
without unreasonable efforts, to forecast certain items required to
develop the meaningful comparable Generally Accepted Accounting
Principles ("GAAP") cost of sales. These items typically include
non-cash asset retirement obligation accretion expenses, mine
idling expenses and other non-recurring indirect mining expenses
that are difficult to predict in advance in order to include in a
GAAP estimate.
Use of Non-GAAP Financial Measures
This release contains the use of certain non-GAAP financial
measures. These non-GAAP financial measures are provided as
supplemental information for financial measures prepared in
accordance with GAAP. Management believes that these non-GAAP
financial measures provide additional insights into the performance
of the Company, and they reflect how management analyzes Company
performance and compares that performance against other companies.
These non-GAAP financial measures may not be comparable to other
similarly titled measures used by other entities. The definition of
these non-GAAP financial measures and a reconciliation of non-GAAP
to GAAP financial measures is provided in the financial tables
section of this release.
Conference Call
The Company will hold a conference call to discuss its first
quarter 2023 results today, May 3, 2023, at 4:30 p.m. ET. To listen
to the event, live or access an archived recording, please visit
http://investors.warriormetcoal.com.
Analysts and investors who would like to participate in the
conference call should dial 1-844-340-9047 (domestic) or
1-412-858-5206 (international) 10 minutes prior to the start time
and reference the Warrior Met Coal conference call. Telephone
playback will also be available from 6:30 p.m. ET on May 3, 2023
until 6:30 p.m. ET on May 10, 2023. The replay will be available by
calling: 1-877-344-7529 (domestic) or 1-412-317-0088
(international) and entering passcode 7491406.
About Warrior
Warrior is a U.S.-based, environmentally and socially minded
supplier to the global steel industry. It is dedicated entirely to
mining non-thermal met coal used as a critical component of steel
production by metal manufacturers in Europe, South America and
Asia. Warrior is a large-scale, low-cost producer and exporter of
premium met coal, also known as hard-coking coal (HCC), operating
highly efficient longwall operations in its underground mines based
in Alabama. The HCC that Warrior produces from the Blue Creek coal
seam contains very low sulfur, has strong coking properties and is
of a similar quality to coal referred to as the premium HCC
produced in Australia. The premium nature of Warrior’s HCC makes it
ideally suited as a base feed coal for steel makers and results in
price realizations near the Platts Index price. For more
information, please visit www.warriormetcoal.com.
Forward-Looking Statements
This press release contains, and the Company’s officers and
representatives may from time to time make, forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements, including statements regarding 2023
guidance, sales and production growth, ability to maintain cost
structure, demand, the future direction of prices, management of
liquidity, cash flows, expenses and expected capital expenditures
and working capital, the Company's pursuit of strategic growth
opportunities, the Company's future ability to return excess cash
to stockholders, as well as statements regarding production, the
Company's ability to withstand economic instability, the
development of the Blue Creek project, future reduction in shipping
delays, the outcome of negotiations with the labor union
representing certain of our hourly employees, including any
potential changes to our production and sales volumes as a result
of such outcome, and the impact of the ongoing return to work
process for the labor union representing certain of our hourly
employees. The words “believe,” “expect,” “anticipate,” “plan,”
“intend,” “estimate,” “project,” “target,” “foresee,” “should,”
“would,” “could,” “potential,” “outlook,” “guidance” or other
similar expressions are intended to identify forward-looking
statements. However, the absence of these words does not mean that
the statements are not forward-looking. These forward-looking
statements represent management’s good faith expectations,
projections, guidance, or beliefs concerning future events, and it
is possible that the results described in this press release will
not be achieved. These forward-looking statements are subject to
risks, uncertainties and other factors, many of which are outside
of the Company’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including, without limitation, fluctuations or changes
in the pricing or demand for the Company’s coal (or met coal
generally) by the global steel industry; the impact of COVID-19 on
its business and that of its customers, including the risk of a
decline in demand for the Company's met coal due to the impact of
COVID-19 on steel manufacturers; the impact of inflation on the
Company, the impact of geopolitical events, including the effects
of the Russia-Ukraine war; the inability of the Company to
effectively operate its mines and the resulting decrease in
production; the inability of the Company to transport its products
to customers due to rail performance issues or the impact of
weather and mechanical failures at the McDufffie Terminal at the
Port of Mobile; federal and state tax legislation; changes in
interpretation or assumptions and/or updated regulatory guidance
regarding the Tax Cuts and Jobs Act of 2017; legislation and
regulations relating to the Clean Air Act and other environmental
initiatives; regulatory requirements associated with federal, state
and local regulatory agencies, and such agencies’ authority to
order temporary or permanent closure of the Company’s mines;
operational, logistical, geological, permit, license, labor and
weather-related factors, including equipment, permitting, site
access, operational risks and new technologies related to mining
and labor strikes or slowdowns; the timing and impact of planned
longwall moves; the Company’s obligations surrounding reclamation
and mine closure; inaccuracies in the Company’s estimates of its
met coal reserves; any projections or estimates regarding Blue
Creek, including the expected returns from this project, if any,
and the ability of Blue Creek to enhance the Company's portfolio of
assets, the Company's expectations regarding its future tax rate as
well as its ability to effectively utilize its net operating losses
to reduce or eliminate its cash taxes; the Company's ability to
develop Blue Creek; the Company’s ability to develop or acquire met
coal reserves in an economically feasible manner; significant cost
increases and fluctuations, and delay in the delivery of raw
materials, mining equipment and purchased components; competition
and foreign currency fluctuations; fluctuations in the amount of
cash the Company generates from operations, including cash
necessary to pay any special or quarterly dividend; the Company’s
ability to comply with covenants in its ABL Facility or indenture
relating to its senior secured notes; integration of businesses
that the Company may acquire in the future; adequate liquidity and
the cost, availability and access to capital and financial markets;
failure to obtain or renew surety bonds on acceptable terms, which
could affect the Company’s ability to secure reclamation and coal
lease obligations; costs associated with litigation, including
claims not yet asserted; and other factors described in the
Company’s Form 10-K for the year ended December 31, 2022 and other
reports filed from time to time with the Securities and Exchange
Commission (the “SEC”), which could cause the Company’s actual
results to differ materially from those contained in any
forward-looking statement. The Company’s filings with the SEC are
available on its website at www.warriormetcoal.com and on the SEC's
website at www.sec.gov.
Any forward-looking statement speaks only as of the date on
which it is made, and, except as required by law, the Company does
not undertake any obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise. New factors emerge from time to time,
and it is not possible for the Company to predict all such
factors.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF
OPERATIONS
(in thousands, except
per-share amounts)
(Unaudited)
For the three months
ended
March 31,
2023
2022
Revenues:
Sales
$
500,491
$
382,433
Other revenues
9,183
(3,781
)
Total revenues
509,674
378,652
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
232,630
135,341
Cost of other revenues (exclusive of items
shown separately below)
11,438
7,040
Depreciation and depletion
37,213
25,797
Selling, general and administrative
14,516
13,929
Business interruption
4,217
6,688
Idle mine
—
3,008
Total costs and expenses
300,014
191,803
Operating income
209,660
186,849
Interest income (expense), net
1,460
(7,822
)
Other income
221
675
Income before income tax expense
211,341
179,702
Income tax expense
29,064
33,453
Net income
$
182,277
$
146,249
Basic and diluted net income per
share:
Net income per share—basic
$
3.52
$
2.84
Net income per share—diluted
$
3.51
$
2.83
Weighted average number of shares
outstanding—basic
51,842
51,532
Weighted average number of shares
outstanding—diluted
51,956
51,634
Dividends per share:
$
0.95
$
0.06
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL
FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
QUARTERLY SUPPLEMENTAL FINANCIAL
DATA:
(short tons in thousands)(1)
For the three months
ended
March 31,
2023
2022
Tons sold
1,948
1,127
Tons produced
1,759
1,538
Average net selling price
$
256.93
$
339.34
Cash cost of sales (free-on-board port)
per short ton(2)
$
118.87
$
119.23
Cost of production %
56
%
54
%
Transportation and royalties %
44
%
46
%
(1) 1 short ton is equivalent to 0.907185 metric tons.
RECONCILIATION OF CASH COST OF SALES
(FREE-ON-BOARD PORT) TO COST OF SALES REPORTED UNDER U.S.
GAAP:
(in thousands)
For the three months
ended
March 31,
2023
2022
Cost of sales
$
232,630
$
135,341
Asset retirement obligation accretion
(540
)
(493
)
Stock compensation expense
(534
)
(475
)
Cash cost of sales (free-on-board
port)(2)
$
231,556
$
134,373
(2) Cash cost of sales (free-on-board port) is based on reported
cost of sales and includes items such as freight, royalties, labor,
fuel and other similar production and sales cost items, and may be
adjusted for other items that, pursuant to GAAP, are classified in
the Condensed Statements of Operations as costs other than cost of
sales, but relate directly to the costs incurred to produce met
coal. Our cash cost of sales per short ton is calculated as cash
cost of sales divided by the short tons sold. Cash cost of sales
(free-on-board port) is a non-GAAP financial measure which is not
calculated in conformity with U.S. GAAP and should be considered
supplemental to, and not as a substitute or superior to financial
measures calculated in conformity with GAAP. We believe cash cost
of sales (free-on-board port) is a useful measure of performance
and we believe it aids some investors and analysts in comparing us
against other companies to help analyze our current and future
potential performance. Cash cost of sales (free-on-board port) may
not be comparable to similarly titled measures used by other
companies.
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL
FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(CONTINUED)
(Unaudited)
RECONCILIATION OF ADJUSTED EBITDA TO
AMOUNTS REPORTED UNDER U.S. GAAP:
($ in thousands)
For the three months
ended
March 31,
2023
2022
Net income
$
182,277
$
146,249
Interest (income) expense, net
(1,460
)
7,822
Income tax expense
29,064
33,453
Depreciation and depletion
37,213
25,797
Asset retirement obligation accretion
906
867
Stock compensation expense
7,702
7,218
Other non-cash accretion
414
231
Mark-to-market (gain) loss on gas
hedges
(705
)
13,165
Business interruption
4,217
6,688
Idle mine expense
—
3,008
Other income
(221
)
(675
)
Adjusted EBITDA(3)
$
259,407
$
243,823
Adjusted EBITDA margin(4)
50.9
%
64.4
%
(3) Adjusted EBITDA is defined as net income before net interest
(income) expense, income tax expense, depreciation and depletion,
non-cash asset retirement obligation accretion, non-cash stock
compensation expense, other non-cash accretion, mark-to-market
(gain) loss on gas hedges, business interruption expenses, idle
mine expenses and other income. Adjusted EBITDA is not a measure of
financial performance in accordance with GAAP, and we believe items
excluded from Adjusted EBITDA are significant to a reader in
understanding and assessing our financial condition. Therefore,
Adjusted EBITDA should not be considered in isolation, nor as an
alternative to net income, income from operations, cash flows from
operations or as a measure of our profitability, liquidity or
performance under GAAP. We believe that Adjusted EBITDA presents a
useful measure of our ability to incur and service debt based on
ongoing operations. Furthermore, analogous measures are used by
industry analysts to evaluate our operating performance. Investors
should be aware that our presentation of Adjusted EBITDA may not be
comparable to similarly titled measures used by other
companies.
(4) Adjusted EBITDA margin is defined as Adjusted EBITDA divided
by total revenues.
RECONCILIATION OF ADJUSTED NET INCOME
TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands, except per share
amounts)
For the three months
ended
March 31,
2023
2022
Net income
$
182,277
$
146,249
Business interruption, net of tax
3,637
5,447
Idle mine, net of tax
—
2,450
Other income, net of tax
(191
)
(550
)
Adjusted net income(5)
$
185,723
$
153,596
Weighted average number of shares
outstanding—basic
51,842
51,532
Weighted average number of shares
outstanding—diluted
51,956
51,634
Adjusted net income per share—basic
$
3.58
$
2.98
Adjusted net income per share—diluted
$
3.57
$
2.97
(5) Adjusted net income is defined as net income net of Alabama
state income tax valuation allowance, business interruption
expenses, idle mine expenses, incremental stock compensation
expense and other income, net of tax (based on each respective
period's effective tax rate). Adjusted net income is not a measure
of financial performance in accordance with GAAP, and we believe
items excluded from adjusted net income are significant to the
reader in understanding and assessing our results of operations.
Therefore, adjusted net income should not be considered in
isolation, nor as an alternative to net income under GAAP. We
believe adjusted net income is a useful measure of performance and
we believe it aids some investors and analysts in comparing us
against other companies to help analyze our current and future
potential performance. Adjusted net income may not be comparable to
similarly titled measures used by other companies.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF CASH
FLOWS
(in thousands)
(Unaudited)
For the three months
ended
March 31,
2023
2022
OPERATING ACTIVITIES:
Net income
$
182,277
$
146,249
Non-cash adjustments to reconcile net
income to net cash provided by operating activities
75,098
79,467
Changes in operating assets and
liabilities:
Trade accounts receivable
(56,804
)
(138,328
)
Inventories
17,406
(39,446
)
Prepaid expenses and other receivables
(3,140
)
7,148
Accounts payable
(8,463
)
13,090
Accrued expenses and other current
liabilities
(18,032
)
(1,500
)
Other
4,592
3,461
Net cash provided by operating
activities
192,934
70,141
INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(68,179
)
(10,528
)
Mine development costs
(14,458
)
(9,893
)
Acquisitions, net of cash acquired
(2,381
)
2,533
Net cash used in investing activities
(85,018
)
(17,888
)
FINANCING ACTIVITIES:
Net cash used in financing activities
(74,848
)
(14,045
)
Net increase in cash and cash
equivalents
33,068
38,208
Cash and cash equivalents at beginning of
period
829,480
395,839
Cash and cash equivalents at end of
period
$
862,548
$
434,047
RECONCILIATION OF FREE CASH FLOW TO
AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands)
For the three months
ended
March 31,
2023
2022
Net cash provided by operating
activities
$
192,934
$
70,141
Purchases of property, plant and equipment
and mine development costs
(82,637
)
(20,421
)
Free cash flow(6)
$
110,297
$
49,720
Free cash flow conversion(7)
42.5
%
20.4
%
(6) Free cash flow is defined as net cash provided by operating
activities less purchases of property, plant and equipment and mine
development costs. Free cash flow is not a measure of financial
performance in accordance with GAAP, and we believe items excluded
from net cash provided by operating activities are significant to
the reader in understanding and assessing our results of
operations. Therefore, free cash flow should not be considered in
isolation, nor as an alternative to net cash provided by operating
activities under GAAP. We believe free cash flow is a useful
measure of performance and we believe it aids some investors and
analysts in comparing us against other companies to help analyze
our current and future potential performance. Free cash flow may
not be comparable to similarly titled measures used by other
companies.
(7) Free cash flow conversion is defined as free cash flow
divided by Adjusted EBITDA.
WARRIOR MET COAL, INC.
CONDENSED BALANCE
SHEETS
(in thousands, except share
and per-share data)
March 31,
2023
December 31,
2022
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
862,548
$
829,480
Short-term investments
8,697
8,608
Trade accounts receivable
208,629
151,826
Inventories, net
129,406
154,039
Prepaid expenses and other receivables
34,296
29,156
Total current assets
1,243,576
1,173,109
Mineral interests, net
86,692
88,636
Property, plant and equipment, net
793,866
738,947
Deferred income taxes
7,090
7,572
Other long-term assets
19,765
19,831
Total assets
$
2,150,989
$
2,028,095
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
29,746
$
39,026
Accrued expenses
62,928
77,435
Short-term financing lease liabilities
26,535
24,089
Other current liabilities
8,511
12,574
Total current liabilities
127,720
153,124
Long-term debt
295,051
302,588
Asset retirement obligations
66,126
64,581
Long-term financing lease liabilities
4,026
9,002
Deferred income taxes
51,959
23,378
Other long-term liabilities
27,816
27,907
Total liabilities
572,698
580,580
Stockholders’ Equity:
Common stock, $0.01 par value,
(140,000,000 shares authorized as of March 31, 2023 and December
31, 2022; 54,210,727 issued and 51,988,886 outstanding as of March
31, 2023; 53,875,409 issued and 51,653,568 outstanding as of
December 31, 2022)
539
539
Preferred stock, $0.01 par value per share
(10,000,000 shares authorized; no shares issued and
outstanding)
—
—
Treasury stock, at cost (2,221,841 shares
as of March 31, 2023 and December 31, 2022)
(50,576
)
(50,576
)
Additional paid in capital
268,471
269,956
Retained earnings
1,359,857
1,227,596
Total stockholders’ equity
1,578,291
1,447,515
Total liabilities and stockholders’
equity
$
2,150,989
$
2,028,095
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005130/en/
For Investors: Dale W. Boyles, 205-554-6129 dale.boyles@warriormetcoal.com
For Media: D'Andre Wright, 205-554-6131 dandre.wright@warriormetcoal.com
Warrior Met Coal (NYSE:HCC)
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