Delivers strong cash flows on tight cost
management
Warrior Met Coal, Inc. (NYSE:HCC) (“Warrior” or the “Company”)
today announced results for the second quarter of 2021. Warrior is
the leading dedicated U.S. based producer and exporter of high
quality metallurgical (“met”) coal for the global steel
industry.
Warrior reported a net loss for the second quarter of 2021 of
$4.7 million, or $0.09 per diluted share, compared to a net loss of
$9.2 million, or $0.18 per diluted share, in the second quarter of
2020. Adjusted net income per share for the second quarter of 2021
was $0.25 per diluted share compared to adjusted net loss per share
of $0.18 per diluted share in the second quarter of 2020. The
Company reported Adjusted EBITDA of $65.2 million in the second
quarter of 2021, compared to Adjusted EBITDA of $20.3 million in
the second quarter of 2020.
“As global steel production continues its recovery trajectory
from the impact of the COVID-19 pandemic, we were pleased to see
strong market demand from customers around the world in the second
quarter,” commented Walt Scheller, CEO of Warrior. “With met coal
prices improving during the quarter, we were able to take advantage
of the groundwork we previously established to increase our selling
and reduce our inventories. Importantly, we were able to capitalize
on China's ban on Australian coal imports through increased sales
to Chinese customers at higher prices compared to the Australian
FOB prices. As a result of pricing dynamics and our ability to
successfully manage our costs, working capital and capex spending,
we were able to deliver another strong quarter of free cash flow
and adjusted EBITDA.”
Mr. Scheller continued, "We continue to execute successfully on
our business continuity plans in response to the UMWA strike which
began on April 1, allowing us to continue to meet the needs of our
valued customers. While we continue to negotiate in good faith to
reach a new contract, the UMWA unfortunately remains on strike.
Despite incurring costs associated with the strike, we have been
able to manage our working capital and spending to deliver strong
results in this market.”
Operating Results
The Company produced 1.2 million short tons of met coal in the
second quarter of 2021 compared to 2.1 million short tons in the
second quarter of 2020. Sales volume in the second quarter of 2021
was 1.8 million short tons compared to 1.5 million short tons in
the second quarter of 2020. Inventory levels declined to 503
thousand short tons at the end of June 30, 2021 from the 1.2
million short tons at the end of March 31, 2021.
Additional Financial Results
Total revenues were $227.4 million for the second quarter of
2021, including $224.8 million in mining revenues, which consisted
of met coal sales of 1.8 million short tons at an average net
selling price of $123.36 per short ton, net of demurrage and other
charges. This compares to total revenues of $163.7 million in the
second quarter of 2020. The average net selling price of the
Company's met coal increased 14% from $108.05 per short ton in the
second quarter of 2020 to $123.36 per short ton in the second
quarter of 2021. During the second quarter of 2021, the Company's
gross price realization was 100% of the quarterly Australian
premium low-volatility hard coking coal (“HCC”) Platts Premium LV
FOB Australian Index (the "Platts Index”) price. The year-over-year
increase in revenues is primarily attributed to an increase in met
coal sales volumes combined with improved met coal pricing.
Cost of sales for the second quarter of 2021 were $152.8 million
compared to $130.8 million for the second quarter of 2020. Cash
cost of sales (including mining, transportation and royalty costs)
for the second quarter of 2021 were $151.8 million, or 67.5% of
mining revenues, compared to $129.9 million, or 81.7% of mining
revenues in the same period of 2020. Cash cost of sales
(free-on-board port) per short ton decreased to $83.30 in the
second quarter of 2021 from $88.27 in the second quarter of 2020,
reflecting our focus on cost control during the ongoing UMWA
strike.
Selling, general and administrative expenses for the second
quarter of 2021 were $11.1 million, or 4.9% of total revenues and
were higher than in the same period last year driven by incremental
non-cash expenses. Depreciation and depletion expenses for the
second quarter of 2021 were $40.2 million, or 17.7% of total
revenues and were higher than in the same period last year due to
increased sales volumes. Warrior incurred net interest expense of
$8.5 million during the second quarter of 2021, which was slightly
higher than the same quarter last year primarily due to interest on
new equipment financing leases.
Business interruption expenses were $7.0 million and represent
non-recurring expenses that are directly attributable to the
ongoing UMWA strike for incremental safety and security, labor
negotiations and other expenses. Idle mine expenses were $10.9
million and represent expenses incurred with the idling of Mine 4
and reduced operations at Mine 7.
Income tax benefit was $6.6 million in the second quarter of
2021 due to a loss before income taxes of $11.3 million and
additional marginal gas well credits. This compares to income tax
benefit of $4.4 million in the second quarter of 2020.
Cash Flow and Liquidity
The Company generated positive cash flows from operating
activities in the second quarter of 2021 of $68.7 million, compared
to $32.0 million in the second quarter of 2020. Capital
expenditures and mine development costs for the second quarter of
2021 were $15.3 million. Free cash flow was $53.4 million in the
second quarter of 2021 reflecting our conscious management of
expenses and spending.
Net working capital, excluding cash, for the second quarter of
2021 decreased by $32.4 million from the first quarter of 2021,
primarily reflecting a decrease in inventory due to higher met coal
sales volume and lower production.
Cash flows used in financing activities for the second quarter
of 2021 were $8.6 million, primarily due to principal repayments of
capital lease obligations of $5.7 million and the payment of
dividends of $2.6 million.
The Company’s total liquidity as of June 30, 2021 was $287.9
million, consisting of cash and cash equivalents of $266.9 million
and available liquidity under its ABL Facility of $21.0 million,
net of outstanding letters of credit of $9.4 million.
Capital Allocation
On July 30, 2021, the board of directors declared a regular
quarterly cash dividend of $0.05 per share, totaling approximately
$2.6 million, which will be paid on August 16, 2021 to stockholders
of record as of the close of business on August 9, 2021.
Collective Bargaining Agreement
The Company's Collective Bargaining Agreement ("CBA") contract
with the United Mine Workers of America ("UMWA") expired on April
1, 2021, and the UMWA initiated a strike. The Company believes that
it is well positioned to fulfill anticipated customer volume
commitments for 2021 of approximately 4.9 to 5.5 million short tons
through a combination of existing coal inventory of 503 thousand
short tons and expected production for the remainder of the year.
Even though Mine 4 remains idled, the Company expects production to
continue at Mine 7, although at lower than usual rates. While the
Company has business continuity plans in place, the strike may
still cause disruption to production and shipment activities, and
the plans may vary significantly from quarter to quarter for the
remainder of the year.
Company Outlook
Due to ongoing uncertainty related to negotiations with the
UMWA, the Chinese ban on Australian coal and other potentially
disruptive factors, Warrior will not be providing full year 2021
guidance at this time. The Company expects to return to providing
guidance once there is further clarity on these issues.
Warrior continues to appropriately adjust its operational needs,
including managing expenses, capital expenditures, working capital,
liquidity and cash flows. The Company has delayed the development
of the Blue Creek project and its Stock Repurchase Program also
remains temporarily suspended, while it focuses on preserving cash
and liquidity.
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 second
quarter 2021 results today, August 4, 2021, 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 August 4, 2021 until 6:30 p.m. ET on
August 11, 2021. The replay will be available by calling:
1-877-344-7529 (domestic) or 1-412-317-0088 (international) and
entering passcode 10157328.
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 the
impact of COVID-19 on its business and that of its customers, 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, future effective income tax rates and payment of cash
taxes, if any, as well as statements regarding production, our
ability to fulfill expected customer orders and the outcome of
negotiations with our labor union. 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
inability of the Company to effectively operate its mines and the
resulting decrease in production, the inability of the Company to
ship its products to customers in the case of a partial or complete
shut-down of 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 NOLs 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, 2020 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)
(Unaudited)
For the three months ended
June 30,
For the six months ended June
30,
2021
2020
2021
2020
Revenues:
Sales
$
224,759
$
159,043
$
431,748
$
380,381
Other revenues
2,681
4,658
9,456
10,040
Total revenues
227,440
163,701
441,204
390,421
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
152,765
130,777
307,115
282,291
Cost of other revenues (exclusive of items
shown separately below)
8,343
7,642
16,138
15,203
Depreciation and depletion
40,151
22,156
73,054
50,848
Selling, general and administrative
11,115
8,457
18,752
16,913
Business interruption
7,020
—
7,020
—
Idle mine
10,876
—
10,876
—
Total costs and expenses
230,270
169,032
432,955
365,255
Operating (loss) income
(2,830
)
(5,331
)
8,249
25,166
Interest expense, net
(8,477
)
(8,255
)
(17,170
)
(15,788
)
Other income (expense)
—
—
(109
)
1,822
(Loss) income before income tax (benefit)
expense
(11,307
)
(13,586
)
(9,030
)
11,200
Income tax (benefit) expense
(6,626
)
(4,425
)
17,006
(1,184
)
Net (loss) income
$
(4,681
)
$
(9,161
)
$
(26,036
)
$
12,384
Basic and diluted net (loss) income per
share:
Net (loss) income per share—basic
$
(0.09
)
$
(0.18
)
$
(0.51
)
$
0.24
Net (loss) income per share—diluted
$
(0.09
)
$
(0.18
)
$
(0.51
)
$
0.24
Weighted average number of shares
outstanding—basic
51,449
51,187
51,362
51,147
Weighted average number of shares
outstanding—diluted
51,449
51,187
51,362
51,255
Dividends per share:
$
0.05
$
0.05
$
0.10
$
0.10
WARRIOR MET COAL, INC.
QUARTERLY SUPPLEMENTAL
FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
QUARTERLY SUPPLEMENTAL FINANCIAL
DATA:
For the three months ended
June 30,
For the six months ended June
30,
(short tons in thousands) (1)
2021
2020
2021
2020
Tons sold
1,822
1,472
3,774
3,286
Tons produced
1,195
2,116
3,367
4,215
Gross price realization (2)
100
%
100
%
97
%
94
%
Average net selling price
$
123.36
$
108.05
$
114.40
$
115.76
Cash cost of sales (free-on-board port)
per short ton (3)
$
83.30
$
88.27
$
80.89
$
85.40
(1)
1 short ton is equivalent to 0.907185
metric tons.
(2)
For the three and six months ended June
30, 2021 and 2020, our gross price realization represents a volume
weighted-average calculation of our daily realized price per ton
based on gross sales, which excludes demurrage and other charges,
as a percentage of the Platts Index.
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
June 30,
For the six months ended June
30,
2021
2020
2021
2020
Cost of sales
152,765
$
130,777
$
307,115
$
282,291
Asset retirement obligation accretion
(432
)
(369
)
(865
)
(738
)
Stock compensation expense
(560
)
(478
)
(982
)
(927
)
Cash cost of sales (free-on-board
port)(3)
$
151,773
$
129,930
$
305,268
$
280,626
(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. 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)
(Unaudited)
RECONCILIATION OF ADJUSTED EBITDA TO
AMOUNTS REPORTED UNDER U.S. GAAP:
For the three months ended
June 30,
For the six months ended June
30,
(in thousands)
2021
2020
2021
2020
Net (loss) income
$
(4,681
)
$
(9,161
)
$
(26,036
)
$
12,384
Interest expense, net
8,477
8,255
17,170
15,788
Income tax (benefit) expense
(6,626
)
(4,425
)
17,006
(1,184
)
Depreciation and depletion
40,151
22,156
73,054
50,848
Asset retirement obligation accretion
805
733
1,610
1,466
Stock compensation expense
5,544
1,991
7,240
3,724
Other non-cash accretion
360
353
721
706
Non-cash mark-to-market loss on gas
hedges
3,288
—
2,818
—
Business interruption
7,020
—
7,020
—
Idle mine
10,876
—
10,876
—
Other (income) expense
—
397
402
(1,407
)
Adjusted EBITDA (4)
$
65,214
$
20,299
$
111,881
$
82,325
Adjusted EBITDA margin (5)
28.7
%
12.4
%
25.4
%
21.1
%
(4)
Adjusted EBITDA is defined as net (loss)
income before net interest expense, income tax (benefit) expense,
depreciation and depletion, non-cash asset retirement obligation
accretion, non-cash stock compensation expense, other non-cash
accretion, non-cash mark-to-market loss on gas hedges, business
interruption expenses, idle mine expenses and other (income)
expense. 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
(loss) income, income (loss) 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.
(5)
Adjusted EBITDA margin is defined as
Adjusted EBITDA divided by total revenues.
RECONCILIATION OF ADJUSTED NET (LOSS)
INCOME TO AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands, except per share
amounts)
For the three months ended
June 30,
For the six months ended June
30,
2021
2020
2021
2020
Net (loss) income
$
(4,681
)
$
(9,161
)
$
(26,036
)
$
12,384
Alabama state income tax valuation
allowance
—
—
24,965
—
Business interruption, net of tax
5,535
—
5,535
—
Idle mine, net of tax
8,576
—
8,576
—
Incremental stock compensation expense,
net of tax
3,238
—
3,238
—
Other (income) expense, net of tax
—
98
284
(1,258
)
Adjusted net income (loss) (6)
$
12,668
$
(9,063
)
$
16,562
$
11,126
Weighted average number of basic shares
outstanding
51,449
51,187
51,362
51,147
Weighted average number of diluted shares
outstanding
51,577
51,187
51,487
51,255
Adjusted basic net income (loss) per
share:
$
0.25
$
(0.18
)
$
0.32
$
0.22
Adjusted diluted net income (loss) per
share:
$
0.25
$
(0.18
)
$
0.32
$
0.22
(6)
Adjusted net (loss) income is defined as
net (loss) income net of Alabama state income tax valuation
allowance, business interruption expenses, idle mine expenses,
incremental stock compensation expense and other (income) expense,
net of tax (based on each respective period's effective tax rate).
Adjusted net (loss) 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 (loss) income should not be considered in isolation,
nor as an alternative to net (loss) income under GAAP. We believe
adjusted net (loss) 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 (loss) 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
June 30,
For the six months ended June
30,
2021
2020
2021
2020
OPERATING ACTIVITIES:
Net (loss) income
$
(4,681
)
$
(9,161
)
$
(26,036
)
$
12,384
Non-cash adjustments to reconcile net
(loss) income to net cash provided by operating activities
40,304
20,807
99,765
55,592
Changes in operating assets and
liabilities:
Trade accounts receivable
10,962
54,517
18,139
22,462
Inventories
49,155
(28,268
)
33,048
(45,594
)
Prepaid expenses and other receivables
303
(5,458
)
10,495
(5,693
)
Accounts payable
(17,278
)
1,765
(12,313
)
17,379
Accrued expenses and other current
liabilities
(10,712
)
(5,549
)
(16,175
)
(9,087
)
Other
625
3,311
6,977
5,543
Net cash provided by operating
activities
68,678
31,964
113,900
52,986
INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(14,172
)
(25,979
)
(23,651
)
(48,754
)
Mine development costs
(1,129
)
(5,054
)
(13,462
)
(8,731
)
Proceeds from sale of property, plant and
equipment
172
—
192
—
Other
—
—
—
6,233
Net cash used in investing activities
(15,129
)
(31,033
)
(36,921
)
(51,252
)
FINANCING ACTIVITIES:
Net cash (used in) provided by financing
activities
(8,620
)
(37,011
)
(22,019
)
25,546
Net increase (decrease) in cash and cash
equivalents
44,929
(36,080
)
54,960
27,280
Cash and cash equivalents at beginning of
period
221,947
256,743
211,916
193,383
Cash and cash equivalents at end of
period
$
266,876
$
220,663
$
266,876
$
220,663
RECONCILIATION OF FREE CASH FLOW TO
AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands)
For the three months ended
June 30,
For the six months ended June
30,
2021
2020
2021
2020
Net cash provided by operating
activities
$
68,678
$
31,964
$
113,900
$
52,986
Purchases of property, plant and equipment
and mine development costs
(15,301
)
(31,033
)
(37,113
)
(57,485
)
Free cash flow (7)
$
53,377
$
931
$
76,787
$
(4,499
)
Free cash flow conversion (8)
81.8
%
4.6
%
68.6
%
(5.5
)%
(7)
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.
(8)
Free cash flow conversion is defined as
free cash flow divided by Adjusted EBITDA.
WARRIOR MET COAL, INC.
CONDENSED BALANCE
SHEETS
($ in thousands)
June 30, 2021
(Unaudited)
December 31,
2020
ASSETS
Current assets:
Cash and cash equivalents
$
266,876
$
211,916
Short-term investments
8,505
8,504
Trade accounts receivable
65,158
83,298
Inventories, net
76,964
118,713
Prepaid expenses and other receivables
34,557
45,052
Total current assets
452,060
467,483
Mineral interests, net
96,721
100,855
Property, plant and equipment, net
628,986
637,108
Deferred income taxes
157,367
174,372
Other long-term assets
11,944
14,118
Total assets
$
1,347,078
$
1,393,936
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
48,032
$
59,110
Accrued expenses
46,643
86,108
Short term financing lease liabilities
24,849
14,385
Other current liabilities
11,146
10,715
Total current liabilities
130,670
170,318
Long-term debt
380,292
379,908
Asset retirement obligations
61,543
57,553
Long term financing lease liabilities
39,241
24,091
Other long-term liabilities
37,178
36,825
Total liabilities
648,924
668,695
Stockholders’ Equity:
Common stock, $0.01 par value per share
(Authorized -140,000,000 shares as of June 30, 2021 and December
31, 2020, 53,630,797 issued and 51,408,956 outstanding as of June
30, 2021 and 53,408,040 issued and 51,186,199 outstanding as of
December 31, 2020)
536
534
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 June 30, 2021 and December 31, 2020)
(50,576
)
(50,576
)
Additional paid in capital
253,922
249,746
Retained earnings
494,272
525,537
Total stockholders’ equity
698,154
725,241
Total liabilities and stockholders’
equity
$
1,347,078
$
1,393,936
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210804005082/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
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