Warrior Reports Third Quarter 2024 Results
Achieved Net Income of
Generated Adjusted EBITDA of
Produced first development tons at
Warrior reported net income for the third quarter of 2024 of
Third Quarter Highlights
-
Commenced continuous miner development of the first longwall panel at the world-class
Blue Creek growth project, producing the first development tons of 39 thousand short tons; -
Completed the installation of the service cage, slope belt, slope car and raw coal belt at
Blue Creek , and made significant progress on the preparation plant, the overland clean coal belt and the rail and barge loadouts. Further development progress remains on track, with the preparation plant expected to be completed in the middle of 2025 and the longwall startup expected in the second quarter of 2026; -
Invested
$93.8 million in the continued development ofBlue Creek , which brings the year-to-date project spend to$246.4 million and the total project spend to$612.4 million ; and -
Recorded
$62.2 million of cash provided by operating activities despite weaker demand in the global markets and a 12.5% decrease in Platts Premium Low Vol FOB Australian index price from the previous quarter.
“During the third quarter, high-quality steelmaking coal prices reached a three-year low primarily driven by a confluence of weaker demand, excess Chinese steel exports into our customers' markets, and ample supply of steelmaking coals,” commented
“While we expect steelmaking coal prices to improve slightly in the fourth quarter, we believe the pricing environment will remain under pressure due to the persistent weakness in the global steel markets and delayed infrastructure spending in
With the addition of
Operating Results
Sales volume in the third quarter of 2024 was 1.9 million short tons compared to 2.3 million short tons in the third quarter of 2023, representing an 17.5% decrease. This 17.5% decrease in sales volume was driven by us being selective with spot sales and exercising patience while we wait for market conditions to improve.
The Company produced 1.9 million short tons of steelmaking coal in the third quarter of 2024, compared to 2.0 million short tons in the third quarter of 2023, representing a 3.8% decrease. The timing of a scheduled longwall move in the third quarter slipped to early fourth quarter. Inventory levels increased to 915 thousand short tons as of
Additional Financial Results
Total revenues were
Cost of sales for the third quarter of 2024 were
Selling, general and administrative expenses for the third quarter of 2024 were
Depreciation and depletion expenses for the third quarter of 2024 were
Income tax expense was
Cash Flow and Liquidity
The Company generated cash flows of
Net working capital, excluding cash, for the third quarter of 2024 decreased by
Cash flows used in financing activities for the third quarter of 2024 were
The Company’s total liquidity as of
Capital Allocation
On
Company Outlook
The Company re-affirmed its guidance for the full year 2024. The guidance is subject to many risks that may impact performance, such as market conditions in the steel and steelmaking coal industries and overall global economic and competitive conditions, all as more fully described under Forward-Looking Statements.
Coal sales |
7.4 - 8.2 million short tons |
Coal production |
7.4 - 8.0 million short tons |
Cash cost of sales (free-on-board port) |
|
Capital expenditures for existing mines |
|
|
|
Mine development costs |
|
Selling, general and administrative expenses |
|
Interest expense |
|
Interest income |
|
Income tax expense |
14% - 18% |
Key factors that may affect outlook include:
- Two planned longwall moves remaining in Q4,
- HCC index pricing, geography of sales and freight rates,
- Exclusion of other non-recurring costs,
- Terms of any new labor contract, and
- Inflationary pressures.
The Company's guidance for its capital expenditures consists of sustaining capital spending of approximately
The Company's production guidance contains approximately 200,000 short tons of High Vol A steelmaking coal in the second half of 2024 from the continuous miner units from the
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.
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 third quarter 2024 results today,
About Warrior
Warrior is a
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 2024 guidance, sales and production growth, ability to maintain cost structure, demand, pricing trends, management of liquidity, cash flows, expenses and expected capital expenditures, the Company's future ability to create value for stockholders, as well as statements regarding production, inflationary pressures, the development of the
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.
|
|
|
CONDENSED STATEMENTS OF OPERATIONS |
||
(in thousands, except per-share amounts) |
||
(Unaudited) |
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Sales |
$ |
319,944 |
|
|
$ |
416,888 |
|
|
$ |
1,208,366 |
|
|
$ |
1,288,412 |
|
Other revenues |
|
7,776 |
|
|
|
6,599 |
|
|
|
19,389 |
|
|
|
24,409 |
|
Total revenues |
|
327,720 |
|
|
|
423,487 |
|
|
|
1,227,755 |
|
|
|
1,312,821 |
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales (exclusive of items shown separately below) |
|
231,598 |
|
|
|
260,376 |
|
|
|
778,489 |
|
|
|
723,458 |
|
Cost of other revenues (exclusive of items shown separately below) |
|
8,854 |
|
|
|
9,855 |
|
|
|
29,491 |
|
|
|
32,803 |
|
Depreciation and depletion |
|
36,642 |
|
|
|
34,020 |
|
|
|
114,815 |
|
|
|
101,783 |
|
Selling, general and administrative |
|
11,403 |
|
|
|
11,138 |
|
|
|
45,452 |
|
|
|
38,826 |
|
Business interruption |
|
107 |
|
|
|
347 |
|
|
|
409 |
|
|
|
8,101 |
|
Total costs and expenses |
|
288,604 |
|
|
|
315,736 |
|
|
|
968,656 |
|
|
|
904,971 |
|
Operating income |
|
39,116 |
|
|
|
107,751 |
|
|
|
259,099 |
|
|
|
407,850 |
|
Interest expense |
|
(1,422 |
) |
|
|
(3,418 |
) |
|
|
(3,458 |
) |
|
|
(16,313 |
) |
Interest income |
|
8,679 |
|
|
|
10,691 |
|
|
|
26,074 |
|
|
|
31,235 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
(11,699 |
) |
|
|
— |
|
|
|
(11,699 |
) |
Other expense |
|
— |
|
|
|
(1,102 |
) |
|
|
— |
|
|
|
(881 |
) |
Income before income tax expense |
|
46,373 |
|
|
|
102,223 |
|
|
|
281,715 |
|
|
|
410,192 |
|
Income tax expense |
|
4,607 |
|
|
|
16,841 |
|
|
|
32,248 |
|
|
|
60,439 |
|
Net income |
$ |
41,766 |
|
|
$ |
85,382 |
|
|
$ |
249,467 |
|
|
$ |
349,753 |
|
Basic and diluted net income per share: |
|
|
|
|
|
|
|
||||||||
Net income per share—basic |
$ |
0.80 |
|
|
$ |
1.64 |
|
|
$ |
4.78 |
|
|
$ |
6.73 |
|
Net income per share—diluted |
$ |
0.80 |
|
|
$ |
1.64 |
|
|
$ |
4.78 |
|
|
$ |
6.72 |
|
Weighted average number of shares outstanding—basic |
|
52,330 |
|
|
|
52,019 |
|
|
|
52,167 |
|
|
|
51,958 |
|
Weighted average number of shares outstanding—diluted |
|
52,394 |
|
|
|
52,111 |
|
|
|
52,221 |
|
|
|
52,028 |
|
Dividends per share: |
$ |
0.08 |
|
$ |
0.07 |
|
|
$ |
0.74 |
|
|
$ |
1.09 |
|
|
|
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 |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Tons sold |
|
1,861 |
|
|
|
2,257 |
|
|
|
6,088 |
|
|
|
5,984 |
|
Tons produced |
|
1,917 |
|
|
|
1,993 |
|
|
|
6,140 |
|
|
|
5,676 |
|
Average net selling price |
$ |
171.92 |
|
|
$ |
184.71 |
|
|
$ |
198.48 |
|
|
$ |
215.31 |
|
Cash cost of sales (free-on-board port) per short ton(2) |
$ |
123.45 |
|
|
$ |
114.66 |
|
|
$ |
127.07 |
|
|
$ |
120.21 |
|
Cost of production % |
|
66 |
% |
|
|
62 |
% |
|
|
63 |
% |
|
|
60 |
% |
Transportation and royalties % |
|
34 |
% |
|
|
38 |
% |
|
|
37 |
% |
|
|
40 |
% |
Cash margin per ton(3) |
$ |
48.47 |
|
|
$ |
70.05 |
|
|
$ |
71.41 |
|
|
$ |
95.10 |
|
(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 |
|||||||||||||||
(in thousands) |
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Cost of sales |
$ |
231,598 |
|
|
$ |
260,376 |
|
|
$ |
778,489 |
|
|
$ |
723,458 |
|
Asset retirement obligation accretion |
|
(702 |
) |
|
|
(540 |
) |
|
|
(2,107 |
) |
|
|
(1,619 |
) |
Stock compensation expense |
|
(1,152 |
) |
|
|
(1,049 |
) |
|
|
(2,777 |
) |
|
|
(2,531 |
) |
Cash cost of sales (free-on-board port)(2) |
$ |
229,744 |
|
|
$ |
258,787 |
|
|
$ |
773,605 |
|
|
$ |
719,308 |
|
(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 (3) Cash margin per ton is defined as average net selling price less cash cost of sales (free-on-board port) per short ton. |
|
|
|
QUARTERLY SUPPLEMENTAL FINANCIAL DATA AND RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (CONTINUED) |
||
(Unaudited) |
RECONCILIATION OF ADJUSTED EBITDA TO AMOUNTS REPORTED UNDER |
|||||||||||||||
($ in thousands) |
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
41,766 |
|
|
$ |
85,382 |
|
|
$ |
249,467 |
|
|
$ |
349,753 |
|
Interest income, net |
|
(7,257 |
) |
|
|
(7,273 |
) |
|
|
(22,616 |
) |
|
|
(14,922 |
) |
Income tax expense |
|
4,607 |
|
|
|
16,841 |
|
|
|
32,248 |
|
|
|
60,439 |
|
Depreciation and depletion |
|
36,642 |
|
|
|
34,020 |
|
|
|
114,815 |
|
|
|
101,783 |
|
Asset retirement obligation accretion |
|
1,302 |
|
|
|
990 |
|
|
|
3,897 |
|
|
|
2,886 |
|
Stock compensation expense |
|
874 |
|
|
|
2,258 |
|
|
|
15,061 |
|
|
|
14,533 |
|
Other non-cash accretion |
|
451 |
|
|
|
414 |
|
|
|
1,353 |
|
|
|
1,241 |
|
Mark-to-market gain on gas hedges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,227 |
) |
Business interruption |
|
107 |
|
|
|
347 |
|
|
|
409 |
|
|
|
8,101 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
11,699 |
|
|
|
— |
|
|
|
11,699 |
|
Other expense |
|
— |
|
|
|
1,102 |
|
|
|
— |
|
|
|
881 |
|
Adjusted EBITDA(4) |
$ |
78,492 |
|
|
$ |
145,780 |
|
|
$ |
394,634 |
|
|
$ |
535,167 |
|
Adjusted EBITDA margin(5) |
|
24.0 |
% |
|
|
34.4 |
% |
|
|
32.1 |
% |
|
|
40.8 |
% |
Adjusted EBITDA per short ton(6) |
$ |
42.18 |
|
|
$ |
64.59 |
|
|
$ |
64.82 |
|
|
$ |
89.43 |
|
(4) Adjusted EBITDA is defined as net income before net interest income, net, 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 on gas hedges, business interruption 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. (5) Adjusted EBITDA margin is defined as Adjusted EBITDA divided by total revenues. (6) Adjusted EBITDA per ton is defined as Adjusted EBITDA divided by short tons sold. |
RECONCILIATION OF ADJUSTED NET INCOME TO AMOUNTS REPORTED UNDER |
|||||||||||
(in thousands, except per share amounts) |
For the three months ended |
|
For the nine months ended |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net income |
$ |
41,766 |
|
$ |
85,382 |
|
$ |
249,467 |
|
$ |
349,753 |
Business interruption, net of tax |
|
89 |
|
|
296 |
|
|
267 |
|
|
6,908 |
Loss on extinguishment of debt, net of tax |
|
— |
|
|
9,976 |
|
|
— |
|
|
9,976 |
Other expense, net of tax |
|
— |
|
|
940 |
|
|
— |
|
|
751 |
Adjusted net income(7) |
$ |
41,855 |
|
$ |
96,594 |
|
$ |
249,734 |
|
$ |
367,388 |
|
|
|
|
|
|
|
|
||||
Weighted average number of shares outstanding—basic |
|
52,330 |
|
|
52,019 |
|
|
52,167 |
|
|
51,958 |
Weighted average number of shares outstanding—diluted |
|
52,394 |
|
|
52,111 |
|
|
52,221 |
|
|
52,028 |
|
|
|
|
|
|
|
|
||||
Adjusted net income per share—basic |
$ |
0.80 |
|
$ |
1.86 |
|
$ |
4.79 |
|
$ |
7.07 |
Adjusted net income per share—diluted |
$ |
0.80 |
|
$ |
1.85 |
|
$ |
4.78 |
|
$ |
7.06 |
(7) Adjusted net income is defined as net income net of business interruption expenses 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. |
|
|
|
CONDENSED STATEMENTS OF CASH FLOWS |
||
(in thousands) |
||
(Unaudited) |
|
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net income |
$ |
41,766 |
|
|
$ |
85,382 |
|
|
$ |
249,467 |
|
|
$ |
349,753 |
|
Non-cash adjustments to reconcile net income to net cash provided by operating activities |
|
29,084 |
|
|
|
63,756 |
|
|
|
131,606 |
|
|
|
184,908 |
|
Depreciation and depletion |
|
36,642 |
|
|
|
34,020 |
|
|
|
114,815 |
|
|
|
101,783 |
|
Deferred income tax expense |
|
(10,133 |
) |
|
|
14,237 |
|
|
|
(3,355 |
) |
|
|
52,363 |
|
Stock based compensation expense |
|
874 |
|
|
|
2,198 |
|
|
|
15,061 |
|
|
|
14,473 |
|
Amortization of debt issuance costs and debt discount |
|
399 |
|
|
|
481 |
|
|
|
1,188 |
|
|
|
1,704 |
|
Accretion of asset retirement obligations |
|
1,302 |
|
|
|
990 |
|
|
|
3,897 |
|
|
|
2,886 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
11,699 |
|
|
|
— |
|
|
|
11,699 |
|
Mark-to-market loss on gas hedges |
|
— |
|
|
|
131 |
|
|
|
— |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
Trade accounts receivable |
|
30,082 |
|
|
|
(60,592 |
) |
|
|
(54,402 |
) |
|
|
(116,298 |
) |
Income tax receivable |
|
— |
|
|
|
— |
|
|
|
7,833 |
|
|
|
— |
|
Inventories |
|
(16,011 |
) |
|
|
27,127 |
|
|
|
(8,094 |
) |
|
|
35,624 |
|
Prepaid expenses and other receivables |
|
(804 |
) |
|
|
2,647 |
|
|
|
(3,727 |
) |
|
|
(515 |
) |
Accounts payable |
|
(18,326 |
) |
|
|
10,228 |
|
|
|
6,146 |
|
|
|
7,065 |
|
Accrued expenses and other current liabilities |
|
9,491 |
|
|
|
11,984 |
|
|
|
(403 |
) |
|
|
(10,505 |
) |
Other |
|
(13,074 |
) |
|
|
(1,958 |
) |
|
|
(15,185 |
) |
|
|
5,986 |
|
Net cash provided by operating activities |
|
62,208 |
|
|
|
138,574 |
|
|
|
313,241 |
|
|
|
456,018 |
|
INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Purchases of property, plant and equipment |
|
(115,878 |
) |
|
|
(106,525 |
) |
|
|
(326,542 |
) |
|
|
(310,820 |
) |
Mine development costs |
|
(6,900 |
) |
|
|
(5,824 |
) |
|
|
(19,544 |
) |
|
|
(31,511 |
) |
Acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,421 |
) |
Purchases of long-term investments |
|
(49,721 |
) |
|
|
— |
|
|
|
(49,721 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(172,499 |
) |
|
|
(112,349 |
) |
|
|
(395,807 |
) |
|
|
(344,752 |
) |
FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
||||||||
Net cash used in financing activities |
|
(8,088 |
) |
|
|
(166,835 |
) |
|
|
(64,987 |
) |
|
|
(253,935 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(118,379 |
) |
|
|
(140,610 |
) |
|
|
(147,553 |
) |
|
|
(142,669 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
709,023 |
|
|
|
827,421 |
|
|
|
738,197 |
|
|
|
829,480 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
590,644 |
|
|
$ |
686,811 |
|
|
$ |
590,644 |
|
|
$ |
686,811 |
|
RECONCILIATION OF FREE CASH FLOW TO AMOUNTS REPORTED UNDER |
|||||||||||||||
(in thousands) |
For the three months ended |
|
For the nine months ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
62,208 |
|
|
$ |
138,574 |
|
|
$ |
313,241 |
|
|
$ |
456,018 |
|
Purchases of property, plant and equipment and mine development costs |
|
(122,778 |
) |
|
|
(112,349 |
) |
|
|
(346,086 |
) |
|
|
(342,331 |
) |
Free cash flow(8) |
$ |
(60,570 |
) |
|
$ |
26,225 |
|
|
$ |
(32,845 |
) |
|
$ |
113,687 |
|
Free cash flow conversion(9) |
|
(77.2 |
)% |
|
|
18.0 |
% |
|
|
(8.3 |
)% |
|
|
21.2 |
% |
(8) 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. (9) Free cash flow conversion is defined as free cash flow divided by Adjusted EBITDA. |
|
|
|
CONDENSED BALANCE SHEETS |
||
(in thousands, except share and per-share data) |
||
|
|
|
|
|
||||
|
(Unaudited) |
|
|
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
583,158 |
|
|
$ |
738,197 |
|
Short-term investments |
|
9,392 |
|
|
|
9,030 |
|
Trade accounts receivable |
|
152,627 |
|
|
|
98,225 |
|
Income tax receivable |
|
— |
|
|
|
7,833 |
|
Inventories, net |
|
191,295 |
|
|
|
183,949 |
|
Prepaid expenses and other receivables |
|
35,660 |
|
|
|
31,932 |
|
Total current assets |
|
972,132 |
|
|
|
1,069,166 |
|
Restricted cash |
|
7,486 |
|
|
|
— |
|
Mineral interests, net |
|
74,267 |
|
|
|
80,442 |
|
Property, plant and equipment, net |
|
1,439,214 |
|
|
|
1,179,609 |
|
Deferred income taxes |
|
5,411 |
|
|
|
5,854 |
|
Long-term investments |
|
49,721 |
|
|
|
— |
|
Other long-term assets |
|
32,217 |
|
|
|
21,987 |
|
Total assets |
$ |
2,580,448 |
|
|
$ |
2,357,058 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
45,112 |
|
|
$ |
36,245 |
|
Accrued expenses |
|
76,315 |
|
|
|
81,612 |
|
Short-term financing lease liabilities |
|
13,512 |
|
|
|
11,463 |
|
Other current liabilities |
|
32,394 |
|
|
|
18,350 |
|
Total current liabilities |
|
167,333 |
|
|
|
147,670 |
|
Long-term debt |
|
153,460 |
|
|
|
153,023 |
|
Asset retirement obligations |
|
71,201 |
|
|
|
71,666 |
|
Long-term financing lease liabilities |
|
3,405 |
|
|
|
8,756 |
|
Deferred income taxes |
|
70,732 |
|
|
|
74,531 |
|
Other long-term liabilities |
|
27,490 |
|
|
|
26,966 |
|
Total liabilities |
|
493,621 |
|
|
|
482,612 |
|
Stockholders’ Equity: |
|
|
|
||||
Common stock, |
|
545 |
|
|
|
542 |
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
|
(50,576 |
) |
|
|
(50,576 |
) |
Additional paid in capital |
|
282,718 |
|
|
|
279,332 |
|
Retained earnings |
|
1,854,140 |
|
|
|
1,645,148 |
|
Total stockholders’ equity |
|
2,086,827 |
|
|
|
1,874,446 |
|
Total liabilities and stockholders’ equity |
$ |
2,580,448 |
|
|
$ |
2,357,058 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030900558/en/
For Investors:
dale.boyles@warriormetcoal.com
For Media:
dandre.wright@warriormetcoal.com
Source: