Continues to post strong Net Income and EPS,
including Net Income of $146.2 million and an all-time record
Adjusted EBITDA of $243.8 million
Warrior Met Coal, Inc. (NYSE: HCC) (“Warrior” or the “Company”)
today announced results for the first quarter of 2022. 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 2021 of
$146.2 million, or $2.83 per diluted share, making this our second
consecutive quarter of record quarterly net income and earnings per
share, in over three years. This compares to a net loss of $21.4
million, or $0.42 per diluted share, in the first quarter of 2021.
Adjusted net income per share for the first quarter of 2022 was
$2.97 per diluted share compared to adjusted net loss per share of
$0.08 per diluted share in the first quarter of 2021. The Company
reported Adjusted EBITDA of $243.8 million in the first quarter of
2022, an all-time record quarterly high, compared to Adjusted
EBITDA of $47.1 million in the first quarter of 2021.
“The hard work we undertook over the past few years is paying
off, as we continued our strong upward trajectory to deliver our
third straight quarter of strong profitability, including an
all-time record quarterly Adjusted EBITDA,” commented Walt
Scheller, CEO of Warrior. “Our ability to leverage our strong
operational base allowed us to take advantage of continued record
pricing while also continuing to focus on managing expenses and
increasing cash flows. Demand for high quality premium coal remains
on the upswing, and we are driving toward full operational
mode.”
“In addition, the war in Ukraine created a backdrop for further
global supply constraints and price volatility, with urgent demand
for non-Russian met coal. We are well positioned to continue
meeting our customers’ commitments in the face of expected future
global economic volatility.”
The Company also announced the relaunch of the development of
its Blue Creek mine, a strategic growth project that it expects
will deliver significant future returns to shareholders. “We expect
Blue Creek to significantly enhance Warrior’s already existing
world class hard coking coal portfolio of assets and to build on
our highly focused business strategy as a premium pure-play met
coal producer,” Scheller said. Warrior has issued a separate press
release and presentation providing more detail on the development
of its world class Blue Creek growth project, both of which can be
found on its website at www.investors.warriormetcoal.com.
Operating Results
The Company produced 1.5 million short tons of met coal in the
first quarter of 2022 compared to 2.2 million short tons in the
first quarter of 2021. The tons produced in the first quarter of
2022 resulted from running both longwalls and four continuous miner
units at Mine No. 7 and the longwall and two continuous miner units
at Mine No. 4. Sales volume in the first quarter of 2022 was 1.1
million short tons compared to 2.0 million short tons in the first
quarter of 2021. Inventory levels rose to 601 thousand short tons
at the end of March 31, 2022 from the 243 thousand short tons at
the end of December 31, 2021 primarily due to shipment delays near
the end of the first quarter. In addition, one hundred thousand
tons of expected shipments were delayed and moved into the second
quarter due to port congestion, maintenance and equipment failures
which lowered our first quarter financial results. We believe these
delays reduced Adjusted EBITDA by approximately $40.0 million, net
income by $32.0 million and diluted net income per share by
$0.63.
Additional Financial Results
Total revenues were $378.7 million for the first quarter of
2022, including $382.4 million in mining revenues, which consisted
of met coal sales of 1.1 million short tons at an average net
selling price of $339.34 per short ton, net of demurrage and other
charges. This compares to total revenues of $213.8 million in the
first quarter of 2021. The average net selling price of the
Company's met coal increased 220% from $106.04 per short ton in the
first quarter of 2021 to $339.34 per short ton in the first quarter
of 2022. The year-over-year increase in revenues is primarily
attributed to improved met coal pricing, partially offset by lower
sales volume.
Cost of sales for the first quarter of 2022 were $135.3 million
compared to $154.4 million for the first quarter of 2021. Cash cost
of sales (including mining, transportation and royalty costs) for
the first quarter of 2022 were $134.4 million, or 35.1% of mining
revenues, compared to $153.5 million, or 74.2% of mining revenues
in the same period of 2021. Cash cost of sales (free-on-board port)
per short ton increased to $119.23 in the first quarter of 2022
from $78.64 in the first quarter of 2021, reflecting a 220%
increase in average net selling prices and its effect on Warrior's
variable cost structure, primarily for transportation and
royalties, as well as the impact of inflation. Transportation and
royalty costs increased 118% in the first quarter of 2022 compared
to the same period last year due to the higher met coal average net
selling prices. Inflation accounted for an approximate $3 per short
ton impact due to increases in the costs of belt structure, roof
bolts, cable, magnetite, rock dust and other materials and
supplies.
Selling, general and administrative expenses for the first
quarter of 2022 were $13.9 million, or 3.7% of total revenues and
were higher than the same period last year driven by the
acceleration of stock compensation expense for retirement eligible
employees and a 40% higher stock price than last year. Depreciation
and depletion expenses for the first quarter of 2022 were $25.8
million, or 6.8% of total revenues and were lower than the prior
year comparable quarter due to lower sales volume. Warrior incurred
net interest expense of $7.8 million during the first quarter of
2022, which was lower than the same quarter last year primarily due
to a decrease in interest on our outstanding notes.
Business interruption expenses were $6.7 million and represent
non-recurring expenses that are directly attributable to the
ongoing labor strike for incremental safety and security, labor
negotiations and other expenses. Idle mine expenses were $3.0
million and represent expenses incurred with reduced operations at
Mine No. 4 and Mine No. 7, such as electricity, insurance and
maintenance labor.
Income tax expense was $33.5 million in the first quarter of
2022 due to income before income taxes of $179.7 million and was
higher than last year due primarily to higher income before income
taxes.
Cash Flow and Liquidity
The Company generated cash flows from operating activities in
the first quarter of 2022 of $70.1 million, compared to $45.2
million in the first quarter of 2021. Capital expenditures for the
first quarter of 2022 were $20.4 million. Free cash flow was $49.7
million in the first quarter of 2022, which was $26.3 million
better than the first quarter of 2021, and reflected higher
realized prices partially offset by lower sales volume.
Net working capital, excluding cash, for the first quarter of
2022 increased by $159.0 million from the fourth quarter of 2021,
primarily reflecting an increase in trade accounts receivable due
to higher prices and the timing of sales.
Cash flows used in financing activities for the first quarter of
2022 were $14.0 million, primarily due to principal repayments of
capital lease obligations of $7.2 million and the payment of
dividends of $3.1 million.
The Company’s total liquidity as of March 31, 2022 was $556.7
million, consisting of cash and cash equivalents of $434.0 million
and available liquidity under its ABL Facility of $122.7 million,
which is net of outstanding letters of credit of $9.4 million.
Capital Allocation
On April 26, 2022, the board of directors declared a regular
quarterly cash dividend of $0.06 per share, totaling approximately
$3.1 million, which will be paid on May 13, 2022, to stockholders
of record as of the close of business on May 6, 2022.
On May 3, 2022, the Board declared a special cash dividend (the
"May 2022 Special Dividend") of $0.50 per share of Warrior's common
stock, par value $0.01 per share, to be paid on May 20, 2022, to
stockholders of record as of the close of business on May 13, 2022.
The May 2022 Special Dividend will be funded through cash on
hand.
Any future special dividends or stock repurchases from excess
cash flows will be at the discretion of the board of directors 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.
Company Outlook
In light of the Company's successful performance in the first
quarter of 2022, the announcement of the relaunch of the Blue Creek
project and the expected market conditions for the remainder of
2022, Warrior is revising its guidance for the full year 2022 as
indicated below.
Coal sales
5.5 - 6.5 million short tons
Coal production
5.5 - 6.5 million short tons
Cash cost of sales (free-on-board
port)
$115 - $125 per short ton
Capital expenditures
$165 - $175 million
Mine development costs
$30 - $40 million
Selling, general and administrative
expenses
$37 - $41 million
Interest expense, net
$32 - $36 million
Noncash deferred income tax expense
18% - 20%
Cash tax rate
0%
Key factors that may affect outlook include:
- three planned longwall moves (Q2, Q3, Q4)
- 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 $75 - $80 million,
including regulatory and gas requirements, and discretionary
capital spending of $90 - $95 million for the 4 North portal
construction, deposits on two new sets of longwall shields and the
development of the Blue Creek project for which the Company has
budgeted $45 million for 2022.
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 2022 results today, May 5, 2022, 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 May 5, 2022 until
6:30 p.m. ET on May 12, 2022. The replay will be available by
calling: 1-877-344-7529 (domestic) or 1-412-317-0088
(international) and entering passcode 4980978.
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 2022
guidance, 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, including any potential changes
to our production and sales volumes as a result of such outcome.
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, 2021 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
March 31,
2022
2021
Revenues:
Sales
$
382,433
$
206,989
Other revenues
(3,781
)
6,775
Total revenues
378,652
213,764
Costs and expenses:
Cost of sales (exclusive of items shown
separately below)
135,341
154,350
Cost of other revenues (exclusive of items
shown separately below)
7,040
7,795
Depreciation and depletion
25,797
32,903
Selling, general and administrative
13,929
7,637
Business interruption
6,688
—
Idle mine
3,008
—
Total costs and expenses
191,803
202,685
Operating income
186,849
11,079
Interest expense, net
(7,822
)
(8,693
)
Other income (expenses)
675
(109
)
Income before income tax expense
179,702
2,277
Income tax expense
33,453
23,632
Net income (loss)
$
146,249
$
(21,355
)
Basic and diluted net income (loss) per
share:
Net income (loss) per share—basic
$
2.84
$
(0.42
)
Net income (loss) per share—diluted
$
2.83
$
(0.42
)
Weighted average number of shares
outstanding—basic
51,532
51,274
Weighted average number of shares
outstanding—diluted
51,634
51,274
Dividends per share:
$
0.05
$
0.05
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
March 31,
(short tons in thousands) (1)
2022
2021
Tons sold
1,127
1,952
Tons produced
1,538
2,172
Average net selling price
$
339.34
$
106.04
Cash cost of sales (free-on-board port)
per short ton (2)
$
119.23
$
78.64
(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,
2022
2021
Cost of sales
135,341
154,350
Asset retirement obligation accretion
(493
)
(432
)
Stock compensation expense
(475
)
(422
)
Cash cost of sales (free-on-board
port)(2)
$
134,373
$
153,496
(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 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
March 31,
(in thousands)
2022
2021
Net income (loss)
$
146,249
$
(21,355
)
Interest expense, net
7,822
8,693
Income tax expense
33,453
23,632
Depreciation and depletion
25,797
32,903
Asset retirement obligation accretion
867
805
Stock compensation expense
7,218
1,696
Other non-cash accretion
231
361
Mark-to-market loss on gas hedges
13,165
—
Business interruption
6,688
—
Idle mine
3,008
—
Other (income) expense
(675
)
402
Adjusted EBITDA (3)
$
243,823
$
47,137
Adjusted EBITDA margin (4)
64.4
%
22.1
%
(3) 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, other non-cash
accretion, 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 income
(loss), 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.
(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,
2022
2021
Net income (loss)
$
146,249
$
(21,355
)
Alabama state income tax valuation
allowance
—
24,965
Business interruption, net of tax
5,447
—
Idle mine, net of tax
2,450
—
Other (income) expense, net of tax
(550
)
284
Adjusted net income (5)
$
153,596
$
3,894
Weighted average number of basic shares
outstanding
51,532
51,274
Weighted average number of diluted shares
outstanding
51,634
51,471
Adjusted basic net income per share:
$
2.98
$
0.08
Adjusted diluted net income per share:
$
2.97
$
0.08
(5) Adjusted net income is
defined as net income (loss) 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 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 (loss) 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,
2022
2021
OPERATING ACTIVITIES:
Net income (loss)
$
146,249
$
(21,355
)
Non-cash adjustments to reconcile net
income (loss) to net cash provided by operating activities
79,467
59,461
Changes in operating assets and
liabilities:
Trade accounts receivable
(138,328
)
7,178
Inventories
(39,446
)
(16,107
)
Prepaid expenses and other receivables
7,148
10,192
Accounts payable
13,090
4,964
Accrued expenses and other current
liabilities
(1,500
)
(5,463
)
Other
3,461
6,352
Net cash provided by operating
activities
70,141
45,222
INVESTING ACTIVITIES:
Purchases of property, plant and
equipment
(10,528
)
(9,479
)
Mine development costs
(9,893
)
(12,333
)
Acquisition of Black Warrior Methane and
Black Warrior Transmission, net of $2.8 million cash acquired
2,533
—
Proceeds from sale of property, plant and
equipment
—
20
Net cash used in investing activities
(17,888
)
(21,792
)
FINANCING ACTIVITIES:
Net cash used in financing activities
(14,045
)
(13,399
)
Net increase in cash and cash
equivalents
38,208
10,031
Cash and cash equivalents at beginning of
period
395,839
211,916
Cash and cash equivalents at end of
period
$
434,047
$
221,947
RECONCILIATION OF FREE CASH FLOW TO
AMOUNTS REPORTED UNDER U.S. GAAP:
(in thousands)
For the three months ended
March 31,
2022
2021
Net cash provided by operating
activities
$
70,141
$
45,222
Purchases of property, plant and equipment
and mine development costs
(20,421
)
(21,812
)
Free cash flow (6)
$
49,720
$
23,410
Free cash flow conversion (7)
20.4
%
49.7
%
(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)
March 31, 2022
(Unaudited)
December 31,
2021
ASSETS
Current assets:
Cash and cash equivalents
$
434,047
$
395,839
Short-term investments
8,506
8,505
Trade accounts receivable
260,477
122,150
Inventories, net
110,535
59,619
Prepaid expenses and other receivables
26,045
41,088
Total current assets
839,610
627,201
Mineral interests, net
91,196
93,180
Property, plant and equipment, net
606,198
603,412
Deferred income taxes
92,684
125,276
Other long-term assets
13,662
15,142
Total assets
$
1,643,350
$
1,464,211
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
60,446
$
33,829
Accrued expenses
55,736
54,847
Short term financing lease liabilities
21,910
23,622
Other current liabilities
17,592
9,830
Total current liabilities
155,684
122,128
Long-term debt
340,078
339,806
Asset retirement obligations
69,018
65,536
Long term financing lease liabilities
24,853
28,434
Other long-term liabilities
35,109
36,324
Total liabilities
624,742
592,228
Stockholders’ Equity:
Common stock, $0.01 par value per share
(Authorized -140,000,000 shares as of March 31, 2022 and December
31, 2021, 53,832,331 issued and 51,610,490 outstanding as of March
31, 2022 and 53,659,643 issued and 51,437,802 outstanding as of
December 31, 2021)
537
537
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, 2022 and December 31, 2021)
(50,576
)
(50,576
)
Additional paid in capital
259,561
256,059
Retained earnings
809,086
665,963
Total stockholders’ equity
1,018,608
871,983
Total liabilities and stockholders’
equity
$
1,643,350
$
1,464,211
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220505005026/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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