Reports strong cash flow generation on sales
volume increase of 72% to 1.9 million short tons
Records net income of $129.9 million and
Adjusted EBITDA of $188.5 million
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the
“Company”) today announced results for the second quarter ended
June 30, 2017. Warrior is the leading dedicated U.S. based
producer and exporter of high quality metallurgical (“met”) coal
for the global steel industry.
Warrior reported second quarter 2017 net income of $129.9
million, or $2.46 per diluted share, compared to $108.3 million, or
$2.06 per diluted share, in the first quarter of 2017. Excluding
certain transaction costs related to the Company’s initial public
offering, Adjusted Net Income was $132.9 million, or $2.52 per
diluted share, in the second quarter of 2017. The Company reported
Adjusted EBITDA of $188.5 million in the second quarter of 2017, a
39% increase over the first quarter. During the second quarter of
2017, the market for high quality premium met coal was very
volatile with global supply disruptions and the benchmark pricing
system being replaced by an indexation methodology. Warrior was
able to capitalize on this market volatility with respect to both
sales volumes and pricing as its second quarter net realized
selling prices were 103% of the second quarter of 2017 industry
average index price. Warrior's price realization reflects its high
quality premium product and unique go-to-market strategy.
“Warrior’s highly successful second quarter validates our value
proposition as the only publicly traded ‘pure-play’ hard coking
coal operator in the U.S.,” commented Walt Scheller, CEO of
Warrior. “Robust sales volume growth in a strong price environment
resulted in a 167% increase in our free cash flow compared to the
first quarter. We believe our ability to significantly grow our
sales while maintaining our exceptionally low cost structure will
enable us to carry forward this strong performance over the
remainder of the year.”
Operating Results
Warrior continued to make progress in the ramp up of mining
operations toward its historical annual production level of
approximately 8.0 million short tons. The Company produced 1.9
million short tons of met coal in the second quarter of 2017, which
represented an increase of 18% over the first quarter of 2017. “Our
mining operations have continued to grow as we move closer to
achieving the nameplate production capacity in our two mines,”
added Mr. Scheller. “As we continue to refine and improve our
operations, I believe Warrior has a great opportunity to increase
production profitably in response to market demand and generate
significant free cash flow.”
Additional Financial Results
Total revenues were $363.4 million for the second quarter of
2017, including $351.8 million in mining revenues, which consisted
of met coal sales of 1.9 million short tons at an average selling
price of $181.14 per short ton. Sales volume increased 72% over the
second quarter of 2016 and increased 55% for the first six months
of 2017 over the same period in 2016.
Cost of sales for the second quarter of 2017 were $160.2
million, or 44.1% of total revenues, and includes mining costs,
transportation and royalty costs. Cash cost of sales (free-on-board
port) per short ton decreased by $11.53 to $82.22 in the second
quarter compared to the first quarter of 2017. Selling, general and
administrative expenses for the second quarter of 2017 were $8.7
million, or 2.4% of total revenues. Depreciation and depletion
costs for the second quarter of 2017 were $19.7 million, or 5.4% of
total revenues. Transaction and other costs associated with the
Company’s initial public offering decreased to $3.8 million for the
second quarter of 2017. Warrior incurred interest expense of $0.6
million and recognized income tax expense of $32.8 million for the
second quarter of 2017.
Cash Flow and Liquidity
The Company generated strong cash flows from operating
activities in the second quarter of 2017 of $161.4 million. Net
working capital decreased by $12.8 million from the first quarter
of 2017. Capital expenditures for the second quarter 2017 were
$16.9 million, resulting in free cash flow of $144.5 million, which
was $90.3 million higher than in the first quarter. Cash flows used
in financing activities were $3.4 million for the second quarter of
2017.
The Company’s available liquidity as of the end of the quarter
was $255.8 million, consisting of cash and cash equivalents of
$155.8 million and $100.0 million available under its Asset-Based
Revolving Credit Agreement.
Company Outlook
In light of the second quarter performance, Warrior is
reiterating its guidance for the full year 2017 as follows:
Coal sales 5.9 - 6.3 million short tons Coal
production 6.1 - 6.5 million short tons Cash cost of sales
(free-on-board port) $89 - $95 per short ton Capital expenditures
$97 - $117 million Selling, general and administrative expenses $26
- $29 million
Factors that may affect outlook
include:
- Hard coking coal index pricing
- Number of longwall operation moves and timing of those moves
between quarters. The following are the expected longwall moves for
the remainder of 2017: Q3 - 1 move, Q4 - 2 moves.
- Excludes transaction or other non-recurring costs
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 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 a GAAP estimate.
Use of Non-GAAP Financial Measures
This release contains the use of certain U.S. non-GAAP
(“Generally Accepted Accounting Principles”) 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 second
quarter 2017 results today, August 3, 2017, 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 1-866-807-9684 (domestic) or
1-412-317-5415 (international) 10 minutes prior to the start time
and reference the Warrior Met Coal conference call.
Telephone playback will also be available from 7:30 p.m. ET
August 3, 2017 through midnight ET on September 5, 2017. The replay
will be available by calling: 1-877-344-7529 (domestic) or
1-412-317-0088 (international) and entering passcode 10109914.
About Warrior Met Coal
Warrior Met Coal is a large scale, low-cost U.S. based producer
and exporter of premium hard coking coal (“HCC”), operating highly
efficient longwall operations in its underground mines located in
Alabama. The HCC that Warrior produces from the Blue Creek coal
seam contains very low sulfur and has strong coking properties and
is of a similar quality to coal referred to as the 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 HCC industry index average. Warrior sells all
of its met coal production to steel producers in Europe, South
America and Asia. For more information about Warrior Met Coal,
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. The words “believe,” “expect,”
“anticipate,” “plan,” “intend,” “estimate,” “project,” “target,”
“foresee,” “should,” “would,” “could,” “potential,” 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; 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;
the Company’s obligations surrounding reclamation and mine closure;
inaccuracies in the Company’s estimates of its met coal reserves;
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 or to initiate a stock repurchase
program; the Company’s ability to comply with covenants in its
credit facility; 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 filings
with the U.S. Securities and Exchange Commission (“SEC”), including
its Registration Statement on Form S-1 (File No. 333-216499) and
Form 10-Q for the quarterly period ended June 30, 2017 and other
reports filed from time to time with 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.
Note Regarding “Predecessor” Comparisons
The Company’s results on a “Predecessor” basis relate to the
assets acquired and liabilities assumed by Warrior Met Coal, LLC
from Walter Energy, Inc. in the asset acquisition described in the
Company’s Registration Statement on Form S-1 (File No. 333-216499)
and the related periods ending on or prior to March 31, 2016. The
Company’s results on a “Successor” basis relate to Warrior Met
Coal, LLC and its subsidiaries for periods beginning as of April 1,
2016 and Warrior Met Coal, Inc. after giving effect to its
corporate conversion on April 12, 2017 from a Delaware limited
liability company into a Delaware corporation. The historical costs
and expenses reflected in the Predecessor combined results of
operations include an allocation for certain corporate functions
historically provided by Walter Energy, Inc. Certain functions
critical to the Predecessor’s operations were centralized and
managed by Walter Energy, Inc. Historically, the centralized
functions have included executive senior management, financial
reporting, financial planning and analysis, accounting, shared
services, information technology, tax, risk management, treasury,
legal, human resources, and strategy and development. The costs of
each of these services has been allocated to the Predecessor on the
basis of the Predecessor’s relative headcount, revenue and total
assets to that of Walter Energy, Inc.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF
OPERATIONS
($ in thousands, except per
share)
Successor
(Unaudited)
Predecessor
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
2017 2016 2017 2016
Revenues: Sales $ 351,788 $ 85,415 $ 592,844 $ 65,154 Other
revenues 11,582 6,059 24,490 6,229
Total revenues 363,370 91,474 617,334 71,383
Costs and expenses: Cost of sales (exclusive of items shown
separately below) 160,152 103,866 266,296 72,297 Cost of other
revenues (exclusive of items shown separately below) 7,795 5,126
15,974 4,698 Depreciation and depletion 19,650 15,821 34,232 28,958
Selling, general and administrative 8,660 5,815 13,830 9,008 Other
postretirement benefits — — — 6,160 Restructuring costs — — — 3,418
Transaction and other costs 3,837 10,475 12,873
— Total costs and expenses 200,094 141,103
343,205 124,539 Operating income (loss)
163,276 (49,629 ) 274,129 (53,156 ) Interest expense, net (642 )
(434 ) (1,250 ) (16,562 ) Reorganization items, net — —
— 7,920 Income (loss) before income tax
expense 162,634 (50,063 ) 272,879 (61,798 ) Income tax expense
32,769 — 34,706 18 Net income (loss) $
129,865 $ (50,063 ) $ 238,173 $ (61,816 ) Basic and
diluted net income (loss) per share (1): Net income (loss) per
share—basic and diluted $ 2.46 $ (0.95 ) $ 4.52
Weighted average number of shares outstanding—basic and diluted
52,721 52,640 52,702 Dividends per share: $
0.05 $ — $ 3.61 (1) On April 12, 2017,
in connection with the Company’s initial public offering (“IPO”),
Warrior Met Coal, LLC filed a certificate of conversion, whereby
Warrior Met Coal, LLC effected a corporate conversion from a
Delaware limited liability company to a Delaware corporation and
changed its name to Warrior Met Coal, Inc. In connection with this
corporate conversion, the Company filed a certificate of
incorporation. Pursuant to the Company’s certificate of
incorporation, the Company is authorized to issue up to 140,000,000
shares of common stock $0.01 par value per share and 10,000,000
shares of preferred stock $0.01 par value per share. The number of
shares and per share amounts of common stock have been
retroactively recast to reflect the corporate conversion.
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL FINANCIAL DATA
AND
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
QUARTERLY SUPPLEMENTAL FINANCIAL
DATA:
Successor
(Unaudited)
Predecessor
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
(short tons in thousands)(1)
2017 2016
2017 2016 Tons sold 1,942 1,127 3,069 856 Tons
produced 1,909 912 3,522 883 Average selling price $ 181.14 $ 75.78
$ 193.17 $ 76.11 HCC benchmark/index price (2) $ 176.00 $ 76.20 $
217.30 $ 73.50 Cash cost of sales (free on board port) per short
ton (3) $ 82.22 $ 61.79 $ 86.45 $ 63.30
(1)
1 short ton is equivalent to 0.907185
metric tons.
(2)
Beginning in the second quarter of 2017, a
quarterly benchmark for hard coking coal was not set and was
replaced with an index methodology.
RECONCILIATION OF CASH COST OF SALES (FREE-ON-BOARD PORT)
TO COST OF SALES REPORTED UNDER U.S. GAAP:
Successor
(Unaudited)
Predecessor (in thousands)
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths ended
March 31,
2017 2016 2017 2016 Cost of sales $
160,152 $ 103,866 $ 266,296 $ 72,297 Asset retirement obligation
accretion (401 ) (267 ) (882 ) (93 ) Stock compensation expense (75
) — (75 ) — Mine No. 4 idle costs — (5,342 ) — (10,173 ) VEBA
contribution — (25,000 ) — — Other (operating overhead, etc.) —
(3,614 ) — (7,843 ) Cash cost of sales (free on board
port)(3) $ 159,676 $ 69,643 $ 265,339 $ 54,188
(3)
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 per short ton is a non-GAAP
financial measure which is not calculated in conformity
with U.S. Generally Accepted Accounting Principles (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 per ton 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 per
ton 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)
RECONCILIATION OF ADJUSTED EBITDA TO
AMOUNTS REPORTED UNDER U.S. GAAP:
Successor(Unaudited) Predecessor
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
(in thousands)
2017 2016 2017
2016 Net income (loss) $ 129,865 $ (50,063 ) $ 238,173 $
(61,816 ) Interest expense, net 642 434 1,249 16,562 Income tax
expense 32,769 — 34,706 18 Depreciation and depletion 19,650 15,821
34,232 28,958 Asset retirement obligation accretion 797 939 1,792
1,169 Stock compensation expense 922 125 922 390 Transaction and
other costs 3,837 10,475 12,873 — Reorganization items, net — — —
(7,920 ) Restructuring costs — — — 3,418 Mine No. 4 idle costs —
5,342 — 10,173 VEBA contribution — 25,000 — —
Adjusted EBITDA (4) $ 188,482 $ 8,073 $
323,947 $ (9,048 )
(4)
Adjusted EBITDA is defined as net income
(loss) before net interest expense, income tax expense,
depreciation and depletion, non-cash asset retirement obligation
accretion, non-cash stock compensation expense, transaction and
other costs, net reorganization items, restructuring costs,
Voluntary Employees' Beneficiary Association ("VEBA") contribution
and Mine No. 4 idle costs. 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.
RECONCILIATION OF ADJUSTED NET INCOME TO AMOUNTS REPORTED
UNDER U.S. GAAP: Successor(Unaudited)
Predecessor (in thousands, except per share amounts)
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
2017 2016 2017 2016 Net income (loss) $
129,865 $ (50,063 ) $ 238,173 $ (61,816 ) Transaction and other
costs, net of tax 3,064 10,475 11,236 — Reorganization items, net,
net of tax — — — (7,918 ) Restructuring costs, net of tax — — —
3,417 Mine No. 4 idle costs, net of tax — 5,342 — 10,170 VEBA
contribution — 25,000 — — Adjusted net
income (loss) (5) $ 132,929 $ (9,246 ) $ 249,409 $
(56,147 ) Weighted average number of basic and diluted
shares outstanding 52,721 52,640 52,702 Adjusted basic and
diluted income (loss) per share: $ 2.52 (0.18 ) $ 4.73
(5)
Adjusted net income (loss) is defined as
net income (loss) net of the following items net of tax (based on
each respective period's effective tax rate): transaction and other
costs, reorganization items, net, restructuring costs, Mine No. 4
idle costs and VEBA contributions. Adjusted net income
(loss) is not a measure of financial performance in accordance with
GAAP, and we believe items excluded from adjusted net income (loss)
are significant to the reader in understanding and assessing our
results of operations. Therefore, adjusted net income (loss) should
not be considered in isolation, nor as an alternative to net income
under GAAP. We believe adjusted net income (loss) 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
(loss) may not be comparable to similarly titled measures used by
other companies.
WARRIOR MET COAL, INC.
CONDENSED STATEMENTS OF CASH
FLOWS
($ in thousands)
Successor(Unaudited) Predecessor
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
2017 2016 2017 2016
OPERATING ACTIVITIES: Net income (loss) $ 129,865 $ (50,063 ) $
238,173 $ (61,816 ) Non-cash adjustments to reconcile net income
(loss) to net cash provided by (used in) operating activities
21,903 17,057 37,942 21,817 Changes in operating assets and
liabilities: Trade accounts receivable 3,629 (28,041 ) (26,655 )
15,097 Other receivables 1,442 124 1,200 1,070 Inventories (4,339 )
14,677 (32,931 ) 677 Prepaid expenses and other current assets
(2,507 ) (9,675 ) (4,674 ) 13,020 Accounts payable (2,459 ) (7,349
) 7,778 (15,338 ) Accrued expenses and other current liabilities
17,072 28,593 10,017 (16,083 ) Other (3,202 ) 5,789 (3,893 )
858 Net cash provided by (used in) operating activities
161,404 (28,888 ) 226,957 (40,698 ) INVESTING
ACTIVITIES: Net cash used in investing
activities (16,885 ) (34,230 ) (28,263 ) (5,422 ) FINANCING
ACTIVITIES: Net cash provided by (used
in) financing activities (3,439 ) 194,720 (194,204 ) (6,240
) Net increase (decrease) in cash and cash equivalents and
restricted cash 141,080 131,602 4,490 (52,360 ) Cash and cash
equivalents and restricted cash at beginning of period 16,066
— 152,656 84,462 Cash and cash
equivalents and restricted cash at end of period $ 157,146 $
131,602 $ 157,146 $ 32,102
RECONCILIATION OF FREE CASH FLOW TO AMOUNTS REPORTED UNDER U.S.
GAAP: Successor(Unaudited)
Predecessor (in thousands)
For the three months endedJune
30,
For the sixmonths
endedJune 30,
For the threemonths
endedMarch 31,
2017 2016 2017 2016 Net cash provided
by (used in) operating activities 161,404 (28,888 ) $ 226,957 $
(40,698 ) Purchases of property, plant and equipment (16,885 )
(6,014 ) (28,263 ) (5,422 ) Free cash flow (6) 144,519
(34,902 ) $ 198,694 $ (46,120 )
(6)
Free cash flow is defined as net cash
provided by (used in) operating activities less purchases of
property, plant and equipment. Free cash flow is not a measure of
financial performance in accordance with GAAP, and we believe items
adjusted for from net cash provided by (used in) 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 (used in) 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.
WARRIOR MET COAL, INC.
CONDENSED BALANCE SHEETS
($ in thousands)
Successor
June 30, 2017(Unaudited)
December 31,2016 ASSETS Current
assets: Cash and cash equivalents $ 155,792 $ 150,045 Short-term
investments 17,501 17,501 Trade accounts receivable 92,551 65,896
Other receivables 4,700 5,901 Inventories, net 75,286 39,420
Prepaid expenses 16,684 12,010 Total current assets
362,514 290,773 Mineral interests, net 134,597 143,231 Property,
plant and equipment, net 495,072 496,959 Other long-term assets
18,178 16,668 Total assets $ 1,010,361 $
947,631
LIABILITIES AND STOCKHOLDERS’ EQUITY Current
liabilities: Accounts payable $ 13,821 $ 6,043 Accrued expenses
61,791 47,339 Other current liabilities 4,622 8,405 Current portion
of long-term debt 2,906 2,849 Total current
liabilities 83,140 64,636 Long-term debt 2,257 3,725 Deferred
income taxes 1,944 1,944 Asset retirement obligations 97,708 96,050
Other long-term liabilities 28,192 28,309 Total
liabilities 213,241 194,664 Stockholders’ Equity (1): Common stock,
$0.01 par value per share (Authorized-140,000,000 shares, issued
and outstanding-53,444,810 and 53,442,532 shares, respectively) 534
533 Preferred stock, $0.01 par value per share (10,000,000 shares
authorized, no shares issued and outstanding) — — Additional paid
in capital 610,759 802,107 Retained earnings (accumulated deficit)
185,827 (49,673 ) Total stockholders’ equity 797,120
752,967 Total liabilities and stockholders’ equity $
1,010,361 $ 947,631
(1)
On April 12, 2017, in connection with the
Company’s initial public offering (“IPO”), Warrior Met Coal, LLC
filed a certificate of conversion, whereby Warrior Met Coal, LLC
effected a corporate conversion from a Delaware limited liability
company to a Delaware corporation and changed its name to Warrior
Met Coal, Inc. In connection with this corporate conversion, the
Company filed a certificate of incorporation. Pursuant to the
Company’s certificate of incorporation, the Company is authorized
to issue up to 140,000,000 shares of common stock, $0.01 par value
per share, and 10,000,000 shares of preferred stock, $0.01 par
value per share. The number of shares and per share amounts of
common stock have been retroactively recast to reflect the
corporate conversion.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803006252/en/
Warrior Met Coal, Inc.For Investors:Dale W. Boyles,
205-554-6129dale.boyles@warriormetcoal.comorFor Media:William
Stanhouse, 205-554-6131william.stanhouse@warriormetcoal.com
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