CTRA - Earnings call transcript Q3 2020 | Alpha Metallurgical Resources, Inc.

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Operator

Good morning, and welcome to the Contura Energy Third Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Emily O’Quinn, SVP Corporate Communications. Please go ahead.

Emily O’Quinn

morning, good and Iley, everyone. Thanks,

financial started, Before differ during relating materially remind statements, and that from those me prepared we to actual remarks may business comments get our our and you period, forward-looking let the results contain performance discussed. expected and Q&A

Participating those the Please and to to Chief and for Chairman call For Chief third Contura’s Officer, the to available Operating and on documents of and is on participating and Stetson, quarter Andy Officer, more also the affect Officer, call use can Eidson. who XXXX measures statements forward-looking that Also With the information is David today turn the questions release associated GAAP that, Company’s filings. Financial I’ll SEC call answer over them, on see regarding earnings our our non-GAAP Chief operations. about some factors please David. Whitehead, information are measures. refer to of reconciliation the Executive their Jason

David Stetson

Good Emily. for the interesting call, an What XXXX everyone morning challenging on you year today. us given and us. joining has and thank to Thanks,

considered sustained results simultaneously reported levels. announced questioned those read morning, one strengthen we uncertainties operating around the again, business, earlier back first our the we virus, Just few to Well, results ability cost and dip We’ve on do praised as choose spring producers long-term seen flexible, domestic cost in of quarter our the recently report said to we a be in as that of being our I economic everyone we teams were could adapt months, Then, have second to business we pleased to $XXX and announce in we our as of and in our I and assuring cost the had manage pain metallurgical vigilant so heard possible, as performance year, through $XXX. this control settle still and dealing quarter Contura. as lower has capital met order I’m in cost. international quarter $XXX, markets today. managed our our that while sustain for solid And and they and to lowest hardship we But the mindset to quarter factors can be result just whether that the space. before, this team to to The great another this prices our we’ve our prove necessary. have based last closely reflecting Contura continues at serve, the job another sustainability. solid When a can of preserving we implications on well-protected been with to operating as

and for third or our to be Before attention week’s how election. our regardless may But, politics, I is into I majority quarter pay results, our we details the impact Like we get goal to on way last the want influence our our manage specific of Presidential Company results of business to seek briefly community, the important to election importance understand controls in all in the business we business. to provide products economy. to of at levels, White officials comment the because the them our manufacturing, help that elected of don’t with party this in dialogue in as sits a which diminish our and they the to in underpinning to importance Congress. democracy. to critically are strong I or inform they say who engage House, way, the any successful, elections We regularly

those day. daily core to the every of improvement committed And environmental drive our each who will operate. will principles outcomes how are we operations, to that responsibility, our actions and election continue continuous and we aspects anchor safety, stewardship, important we However, change remain never and

have I best met robust which on to a over results, our of on after in overviews his include finished met, expectations four more provide my just a $XX the numbers and beat remarks, and Jason Andy but quarter now performance. million to the start will a our quarterly congratulate years to record EBITDA quarter, performance ago. the since for $XX.XX for prior Company ton the I exceeding cost repeatedly and team adjusted of Turning record-setting Central App managing cost

our keeping let Importantly, on at the enough I can’t in into I’ll we’ve forefront guidance this briefly simply the all year. while this go progress say and Andy safety done has all about detail. ‘XX occurred comment times. job more

our with $XX with for portion midpoint price committed the in met anticipated position XX% locked of for of pleased App next are only segment, over a the the average shipments for The only our year. just segment Central in tons We met is committed met ton.

the We of range cost expect $XX. to continue with to our Central per performance $XX anticipating cost App ton strong

to SG&A next range, to expect spend a As $XX than in it slightly XXXX is be significantly at the in the come than we project our for We to of $XX which our XXXX million. better ‘XX lower in million $XXX expectations. range year to CapEx, million $XX

softness focus pandemic on closely in our recent the not effects the us to but pricing weather preservation, operating the also help of to navigate addition volatility help the a of costs, In and cash we’ve managing our us with been only products. strong

on so sporadic last challenging, XXXX signs predicted has call, back far of albeit we the half with proven our optimism. of As

I strategy ‘XX doing for from statements long-term, Contura. to about believe these picture big to will continue our call what the challenges through hold. We we and manage quarter with issuing prior regard we’re second we’re the our guidance thinking can reflects reiterate to what today

thermal coal steel and accelerating critical our become feedstock coal mining, for executing metallurgical our company, great made vision exit play the from are in pure strategic a We strides we’ve production. to strategic providing

that high-quality out, mined to realign redeploy coal other our for fewer regularly and use look our our the existing We or development are or being of to and These discussed quarters, the Whenever include opportunities that’s property deemphasizing tighten offering out, the bringing efforts cost portfolio no in or qualities, from into in structures mining run idled best As or longer coal properties of lines uneconomic make we workflows and prepared portfolio new on value currently to organization. have locations prior us Company. our best utilization the in a are been mine or met removing the synergistic in terms capital processing we plants equipment there’s in other newer, cost our of efforts portfolio optimization in future, to mines. while some demand that market evaluate our for structure. allow to planning

to or We that even cases, in continue in regard. be on-track some expectations exceeding our

body of Eagle For accelerated section X now of instead expected where corridor anticipate is December next with year. the We’ve ‘XX. main we to the example, third early Black reserve multi-section XX our in section at first production nearly Road with finished Fork quarter

part recent with the surface landscape, belts return being weeks. weeks. and Contura their on excited and our the progress. on tunnel. better of of dropping then peers, Pricing in meaningfully has quarter, throughout will and infrastructure significantly Lastly, installed almost updated you remain recent the ebbs the keep complete increased the the flows market We place, in watched closely the before underground properties finishing soft and was Like track is intake installation again about Branch touches and for Lynn shafts these mining our put the

XXXX. Within volumes negotiated quarter, notices, ceasing received either from anticipated we also to customers, into the communication majeure or their with certain XXXX and lifting shortfalls customers from force we for agreements look

third limited of seen largely for the our have We volume impact sale circumstances these metallurgical quarter. coal and production to

Before I prepared of wrap I remarks, my on environmental want teams strong quarter and to congratulate up our safety another performance.

in a against rate the water rolling three-year quality environmental reduction Our their violations continue significant teams near-perfect compliance and average.

ended all national quarter teams stable metrics the safety average. to Our with

and now Branch call success. Department reaching of Andy turn Additionally, these the Congratulations look of Branch additional Wall. safety Virginia the recently some were Minerals Energy, to forward Those the financials. Long two McClure time operations member from lost to over of work our accidents. to High presented on Plant, awards with Surface of each continued our and the Mines, without will I details on Long milestones hours and Prep are your subsidiaries teams, for State we

Andy Eidson

morning, David the on world commented our multitude the uncertainties everyone. facing industry. of Thanks, and David. Good

quarter is to be with cash mentioned cost management; cash. to to Not matching ways To a balance production alleviate sheet to we we $XXX enterprise. before, believe redundant cash on done times on many in in take sustainable and quarter, million flows issues end, flows sharp we and stronger, the Our a these the focus most we’ve if in find our the closer and with goal the build at prior preservation. risks ended best effective this said is order demand; the focusing for we cash look that what way to by is unrestricted importantly, approximately but quarters, up

Our at borrowing right ABL the impact accounts on the both capacity due now marketing our -- base, to impact and market receivable or inventory. is through

usage note million million, principal by approximately of This cash. ABL did and payments little loan But, related $XX that and the included a the use availability the a dig million. So, million,$XX.X reduce in payment $XXX there. term we more small during to no legacy better quarter-over-quarter, million additional did quarter, of million reduction $XX have quarter. we LCC $XX debt And we the of approximately our picture payment than $X.X to in debt you bit, a to into give

include interest of $XX million that million of some additional we million payments. for clearing Those out. in payments, top payment, On pension and been additional those such collateral other provided other bonding. legacy also $XX cash surety an paid roughly also cash things as bankruptcy legacy had items $XX and in in we’ve the We we

As deal quarters insurance But, all things the these bit markets, ago, have become services was for harbinger day little even we day. a challenging a of that we the it with discussed couple to peripheral of of more markets, by to markets surety a come.

the us So, certainly for quarter exception. no was third

our million CapEx see total quarter, accounts for and which to provided third We receivable, the quarter. a of in cash $XX continue from covered mainly working inventory the capital, and on benefit basically some of

back against in down end At year borrowed in quarter of of borrowings to to second. quarter. additional and Going as the $XX.X the was quarter-end, We we facility Subsequent of million ABL outstanding the of and the $XXX a for end, paid to had that principal. March. about of down $XX million million it an just earlier outstanding had ABL the drawn credit letters this

so, And outstanding the today, of approximately it’s borrowings million. $X.X on current the as ABL,

that about down. back we’ve worked So,

at pretty feel to We coming may million the in couple expect we’ll previously, weeks. that a weeks. some couple defer items. $XX certainly the Next, and this the want with a point but couple in we give a the good CARES next still our has Act monetization in both update to It of we’ve with of approximately week, but years. $XX tax-related receive anticipate amount from still it across of refund connection credit that in Also, evenly taxes ‘XX payroll million processing delays, I deferral distributed until ‘XX receive total quick we we mentioned actually on AMT suffered as

in Finally, refund back tax anticipate $XX additional we of an half million ‘XX. carryback related NOL the

since to the quarter, EBITDA lowest in the - quarter-over-quarter Met quarter. increased of market for particularly the to containment, inception strong full the quarter performance in another by our to of million Moving financial cost reported where million excellent our $XX segment despite results driven second from the process CAPP of continued quarter relative Contura $XX The $XX.XX. cost decline we the $X million, was EBITDA

The - approximately Met third second costs than quarter the lower CAPP were costs. $X.X quarter

seen. normalized of nearly basis, some we’ve a three-quarter average moving onetime rate, If $XX more you average of really prior a sustainability kind adjust average, impact ton. high and and On of furlough three-quarter our moving moving other current to down decreases is more average Three-quarter and a the of issues. this the our these excludes over $XX.XX, the than $X cost from down testament for a run basis, it April of QX is type

operating David again, team. of performance the mentioned So, the

and when peak their far us, hit they words and think Just to drop it. up team cost as we to of new Jason go the kind on we come that have quarter operating a describe and like reduction, with as they this

CAPP Met million Overall incredible, with CAPP $X flat while basically segment the generated contributed contributed of Naturally -- of million the - just work. into X than EBITDA quarter, million prior segments. quarter, $X met the And So, EBITDA. Thermal SG&A the $XX - of in expenses EBITDA allocated incredible are during quarter. more

will back that in. be total, the have get to added So, to

revenue third tons up quarter X.X quarter. second shipped, front, and million from volumes and shipments XXX,XXX about our CAPP total in the On - the strong tons that’s remained Met of shipments with

seen with particularly third revenues to $X impacted The from a and we’ve couple export Another with ton - soft negatively quality as In quarters revenue quarter, total of QX effectively customer a product flat, think just ton volumes in also under result prior in to mix trend past our got coal ton issues. with by But, down mix the a over our prior market. at that around the we ton. quarter. some some quarter is were higher $XX. cleanup flat as impacted Met customer I be realization a naturally XXX,XXX thermal $XX improved was to and continue the realizations quarter more around CAPP App CAPP normal approximately to back market, shipments essentially lower -- have prices - the realizations of are in improving more $XX a had did of tons second Northern baseline. third we a Thermal of a $XX quarter line and some

X.X all-in. quarter $XX.X just quarter. third excluding was quarter CapEx in tons comp, compared with SG&A $XX to million million non-cash under were onetime down million $XX was about XXX,XXX in shipments second third items million. Our stock the our And million $XX.X tons,

XX some Looking million expect tons a hit XX.X at of XX.X the to ‘XX, and earlier. that David in of XX.X We between ‘XX, will do a total to tons the ship segment would of tons X.X also MET will be hotspots CAPP Thermal million going approximately through as or - segment incidental production. through be pure that flowing that to tangential met X be of of million kind

our $XX.XX Thermal we’re tons CAPP to pure is of XX% CAPP is X of $XX.XX, and fully planned to $XX.XX guiding - the Northern - guidance, XXXX thermal respectively. to and an $XX.XX, with tons, Thermal toward priced part an reduction The strategic priced and Based company. committed, portion met-only the million segment, play CAPP APP. of the that Met Northern App - average of CAPP our and relative midpoint and of For moving met ongoing essentially CAPP portion and and segment X.X of X.X the committed The - X.X Met XX% Thermal and a on focus price at committed XX% million toward - to but committed priced un-priced. at additional at we’re

Looking at next for year. costs

to We CAPP $XX. expect our in - Met to cost be a range of $XX

per our Thermal and range be CAPP can $XX to comment, as trending were you see holding - should is ton, of a NAPP relatively be stock one-time the $XX Our $XX $XX XXXX. come items non-cash in at we forecasted David’s expecting SG&A to and excluding than we’re and million. significantly $XX earlier comp between static from is CapEx ton. where lower ‘XX in $XX in and to Also,

of is DD&A finally, from meaningfully ‘XX, -- come tax million quarter. million, write-downs zero. $XX mostly second thermal announced and $XXX more we the in a $XXX away and are a in to any million of around should most previously to shift be in we spent interest to maintenance cash roughly CapEx our as to years, $XXX million as expected to million $XX projects past growth Idle near rate between while aforementioned million $XX to million near-term level down and operations it be two have the impairments $XX coal due that in between don’t expected be near production. continue expect And the be had Cash we and regular million, large $XX to should the to We address. expenses of range

we the we our collateral briefly updates I open on lung Before to meaningful Q&A, up black mention for Department from want the don’t call that still appeal Labor for certain amounts any have obligations. regarding of

don’t to updates share really So, have there. any

you. share information that we’ll However, once determined, is obviously with something conclusive

that, the questions with time. this So, line we’re to operator, open for at ready

Operator

question Lucas comes Instructions] first Our Riley with B. from [Operator Securities. Pipes today

Lucas Pipes

a a XXXX, good of couple just of in to I bulk the and Can where and much. also your you productivity, there. provide the bit very to XXXX updates included breakdown you performance, dollars Hey. these of quarter sourcing. vis-à-vis My from? this drivers, for encouraging Good outstanding outlook at and you great sense for what all Thank on is contributed really the release in cost third you side, want cost ton, morning, buckets congrats maybe little labor see. remarks, question the costs, a the terms savings on came of thank mentioned everyone, prepared of point the on first the kind various per

Andy Eidson

Andy. Hey it’s Lucas,

So, overlap transition and inside from. buckets going will little driver on bit a this had improvements supplies and tough portfolio. on per because the fashion, And The of one, is obviously we’ve it’s the productivity main P&L. -- come that’s significant that a in really ton It so is where your the into again, fall labor driver biggest much the separate here.

slight of seen gone the roughly our of in where had you little still an look taking on into outputs, most basis, portfolio, of to to the optimizing have is the the just thunder when cost shift mines. to XX get mines point we system, downward, as That portfolio. production, we’ll have consolidating of out to middle XX has contributing next year, XX of from It XXXX, the another in tons each we the higher here. to We from we’re continued mines the driver when but extended But, bit those at came reductions and cost question. flowing a amount up ‘XX, through real system rolling Jason’s of of

seen, portfolio. re the on and of the since really, again, board, reflective of envisioning Jason So, improvements entire productivity came we’ve that’s that kind just

question running the get it’s impact individual -- kind the those But, around of buckets. really by driven it’s the productivity a So, answer. to on I’m

Now, that in the wasn’t sales.

Lucas Pipes

of over question. regards to do your in Got question, outlook, how to to the it. I’ll sales That’s very so to or outlook? my able for turn get be to seen Good is would we curve to about any look, shipment robust. And sales much your there outlook put It’s course met outlook. very these Thank reflection the in very great, even feel mildly, in coal -- It’s hasn’t XXXX But, to the what environment, recently, the been reasonable to helpful. say you put on see. we’ve forward a so on XXXX sales which is you second current you would to it price good bed? coal for volume that. regards your -- more met book tons

Andy Eidson

just on met information we or you brief have I’ll necessarily go it’s anyone don’t the off are everyone’s at they are, flat maybe, But, Yes. hit what again, to Dan where out just preface get some better of to on up. look optimistic any there. know mostly don’t tick slight in But, else the let think about of side, I the futures looking a he we timing But looks to and -- share. that the a dig than getting the when our like XXXX there there. wants that kind details production, curve

Dan this challenging and kind by place in a think, team we’re pretty his I fantastic market. job, So, of getting a a locked and into done book, domestic large, have comfortable.

But, about think you’d can’t total. solid I like to Naturally, to in volumes Dan, price. So, add control that? the anything pretty feel we we

Dan Horn

forward. Yes. yes, I comfortable Lucas, we’re Thanks, going Andy. think,

think, as very moving more with right We’re times through tons coal difficult say we’re customers. a the challenging this and rate markets about as optimistic the times X now. shipping I quarter year, challenging XXXX fair far we’re But, at And and and volumes. it’s to some our about million of a

as some We’re we And that there. took moving and going QX, QX business it move wanted left to didn’t it into like business we we far the book, in as the we’re domestic position and like our felt QX. we want. We

we balance have. So, I we think, that like the

Lucas Pipes

hear. to you the continued good very luck. That’s and color, for Thank of everyone best

Dan Horn

Lucas. Thanks,

Operator

Levin The Mark Our next Company. with comes from Benchmark question Instructions] [Operator

Mark Levin

team echoing where a remember wasn’t I on Yes. in improvement. Great. long it really cash cost an XXs, cash quite to Lucas’s And were really, it’s great comments, costs the and ago performance. met that congratulations the

of Let couple me ask cash. questions a on

So, to guess, Andy, in I time refund. you get $XX referenced you’ll million some fourth quarter, AMT

build assume that should assume reasonable we on? So, or be I it’s your over QX other would QX, there to some would that are cash mindful factors

Andy Eidson

again, market I don’t where don’t hey, been way, by to -- we so to It’s fall Yes. I -- I don’t hate just is Mark, precisely, the going because price too past out. guide hit. all July in I year is quarter, say, couple third our payments months of is of will But, because the the legacy cash particular. quarter barn when our every inconsistent, just heaviest know

other being into cash or looks the QX, don’t considerably equal, what virtue better, so, weighing expect equal. I Again, be for all projecting perspective QX. it just want bonus or like. of by be to But, usage a million And upon payments certainly I specifics would all in those to to million being quarter, fourth better $XX generation cash having things $XX get we I not things from think should

Mark Levin

Plus million refund, the $XX right? AMT

Andy Eidson

the million, $XX Plus correct.

Mark Levin

Right.

just And to surety can a how surety and I referenced is, it. to us situation to then, could their you a forward. cash what from got about what what exposure their this Peabody providers, think it then, going markedly greater think agreement obviously like call had give cash million curious, look standstill to looks third going $XX different. like, or morning, of just of exposure about But, how forward? reached what with kind those how they the know, is I’m providers. think the disclosed that party how requirements understanding to collateral call -- collateral Maybe the model collateral Okay, you about

Andy Eidson

ESG Yes. permits. amount aren’t a as market the perspective risk surety’s And has economics, by and other third-party the themselves. they’re perspective, pressures providers. same from terribly holding coming and considerable thermal risk excited also of permits. Not still companies, involved ongoing is there a but is it only large, from exposure from just the thermal The under surety all about main The

it’s permission, So, even new level. to for of justify requiring upstairs kind ask to not and higher take these surety for have or hard guys go bonds collateral

So, our the I books to to our did of with we sureties, longstanding continue relationship Most We by have Alpha the been for a back good out but position sureties. large, think, conversations with years, have days. have many, legacy bonds very in going pretty and we’re on now. with us many a

for So, inure the shore QX, do they’ve been we’re will time been our markets. only with good very I away with partners benefit. think in But challenging think long us we to in in markets, But, a have patient and pretty continue to what position. degree we collateral from to did that that I thermal moving

Mark Levin

to Andy, way, a how think about it? to to what there -- maybe or Is quantify,

Andy Eidson

I bonding mean, given then… exposure, any total look Company’s you at to have and

Mark Levin

the What what total exposure bonding it is -- now? is and

Andy Eidson

going of be number considerably kind costs. is, of For is know collateral that. average But, us, just snag undiscounted roughly sure It’s a kind we’ll reclamation that looking to we’re a weighted going the the going lower that you. mix not reflect I probably is met, second. it’s is be from -- it to one top north going XX% to than my bond. head. our thermal But, off in of of what’s permit a on If get that surety to Any

collateral. our we’re to little bit book, degree get -- in away a can So, total XX%, currently it’s over from again, -- thermal that because across we the permits we’re

that down. average So, met is basis, in number helpful weighted the on a

as have I But, all bets thermal, perspective. too incremental exposure think, in we’re moves political that forward, forward, are good again, and So, pretty shape, the move shouldn’t as regarding off. we especially from much climate

Mark Levin

want I’m ask to anyway. dovetails sense. going I’m to That going discuss, you’re into something That Yes. sure makes not to

be You and progress what with neutral you your something cash And Maybe transaction? referenced ongoing timing this do did cash can might something, going of get asset to sale. worst it the would be? XX then degree scale NAPP you if think the or would the require done out door you at confidence that X

Andy Eidson

actually the here. of kind close of So, little out to a it partially Mark, loop, question answers your bit

bonds We have That more around roughly outstanding, Cumberland. of that $XXX workers’ that. that’s million $XXX like just things bonds. is $XXX million, comp, of includes that million reclamation of than But, and

kind X XX, your and at somewhere the that deal So, would scale getting transaction. put I a of a question likelihood to between of X On feeds our of into XX. of probably done

Mark Levin

helpful, not Andy… That’s Okay. terribly

Andy Eidson

be more X, than less It’ll but XX. than Yes.

Mark Levin

a you to do or color the is you some That follow-up, the it? a cash is outstanding had buyer to the is bottom I if mean, is all color. of collateral. -- you there could and heading actually, that post that Excellent. sorts you But, which cash it were cash transaction sold would involve that the that you do you transaction -- that might transaction would cash or line having a on was neutral put actually to

Andy Eidson

benefit of can financial when to match this of because enterprise, you mix the lots think non-financial on benefits like something you Well, and entire I deal this. Mark, the strategic Yes. to like and

So, Maybe. some cash? transaction possible you to where envision a can Maybe. transaction? the expect you I envision get is Can you some when it cash? mean, get could

you give around answer, non-answer mix. are move put other enterprise. can It’s I of there a without many So dollar a pieces of so benefit all to in really, you kind that overall the hard the tag hate the to knowing but pieces to again, it, to

Mark Levin

of right. easy; the the market really a general. question I fine. market lot There met just on more My All and understand. in are pieces. it’s That’s moving is last Okay.

and X important second anything see the any consider is you mean, of market flows selling a period an the guys puts would how start recently kind or there, China? such takes, seeing are their and piece which their they announced Maybe have market keep out of demand. of think you unofficial out import -- But, book China ban, what months, China. since market X the I into next can of looks for India, would change or you seaborne start Australian to So, -- What don’t to that And of you an you like kind coal of you’re coking I sort extended seen then, you the market? and time? sell is coals if to what that trade discuss bit to little into anything over

Dan Horn

Hey, Mark. I’ll China. don’t start any with sell We the China, coal issue the trade in war to China.

know, -- few the of as -- vol from By We’re aware export lot that’s they’re a shut inquiries. don’t Mark, looking coal. a China of for. they that goes And had is a you coal and generally lot large, low whole what Australia into We low we’ve vol.

it. our We’re with very balanced in portfolio

any at we’re sales actively all not into China. pursuing So,

they We India, inquiries, some by pretty With most customers, of But, large, shipped I and difficulties are to have had And important aware very expect with yes, there. of be vessel our been pandemic. year. XXXX. maybe all over Like some our steady into there. steady customer, shipments the them and have or so some and remained some to regard steady competitors slowdowns a

Mark Levin

That’s great the performance. much All right. this of to for cost again on congrats very Well, all thanks hear. Super. time the And morning.

David Stetson

Mark. Thanks,

Operator

back question-and-answer like the call David over Stetson for turn This to session. concludes any to I remarks. our would closing And

David Stetson

we you appreciate end very Have your a great for And Thanks to Thank everyone it much. morning. so much. year. joining you. thank Well, us this

Operator

Thank presentation. today’s concluded. The for conference now has you attending

disconnect. now may You

Emily O’Quinn	SVP, Corporate Communications
David Stetson	Chairman and CEO
Andy Eidson	CFO
Jason Whitehead	COO
Dan Horn	SVP and Head, Metallurgical Coal Sales
Lucas Pipes	B. Riley Securities
Mark Levin	The Benchmark Company

Alpha Metallurgical Resources (AMR) 9 Nov 202020 Q3 Earnings call transcript