- Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to Alpha Metallurgical Resources Third Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Please note this conference is being recorded. I would now like to turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications.

begin. may You

Emily O'Quinn

and Rob, everyone. Thank good you, morning,

may we our prepared started, financial contain actual me those anticipated let during that performance results and statements, you remind forward-looking materially remarks, and from discussed. Before business get differ our regarding comments

information Commercial Chairman earnings and measures. some Chief use regarding Andy also associated the filings. turn the release can and GAAP Chief our Horn, factors on call to of Officer. Company's the see Participating over Munsey, statements and refer their call measures for non-GAAP Chief Please our Officer; please Todd the of Officer, today them, Financial President, to With forward-looking information are Stetson; that, Operating those third Alpha's more Jason Whitehead, Dan Chief the and that to For I'll affect quarter David Officer; about David. our Executive documents XXXX SEC and Eidson; our reconciliation

David Stetson

strategic pleased Today, final earnings end role me of work Thanks, I that year. the the reigns transition to initiatives. management my team Andy will will the with Today, marks Emily, CEO excellence the and also strong are the the Alpha and everyone. good to team. we At call thanks on to to as dedication at of Eidson Board another morning, which turning of Chairman, to Executive time, allow to continue the over well before quarter, as as report

these on whether thermal Munsey, The journey past industry that metallurgical new you of Officer. role to interesting coal months, true We coal. his or been and Todd been Chief certainly have joining produce us XX are in today has excited has Financial an

it focused and or well States here producer time, conditions during constraints this The as highs and reported a industry. that period, supply predicted. fundamentals, per wasn't recently, could considered the $XXX Alpha tumultuous As markets imagined quarter's performance and earnings of have in United remained have would challenging as pricing very focus in proud a been so have core this Alpha is Through and and seen experienced coal capital have today. we quarter that long issues Alpha the million that leader over a ago most [indiscernible], events, is EBITDA and economic It on has and discipline $XX on no one share of made our geopolitical this metallurgical we've that disciplined abroad. has coal in of this

sold issued and $XXX Australian from on morning, per resulted As Todd in this you that markets we the ton. realizations in exported which indices, release the production quarter, of with will our priced shortly press are discuss met we approximately into of XX%

ton coal in timeframe, on based costs. topic, and indices the for XXXX those and participate from metric conversations versus of of offerings the transportation being are markets. third our are international $XXX As has anticipated and XX% team averaged products how domestic of Todd more the the for economic is qualities much conditions our on indices through demand and provide logistic markets in will in into ranks you $XXX.XX. robust product XXXX. the examined and domestic of which domestic the on of at released calendar for those September the our timing we those our shipment upcoming Based shipped on our export markets, to into coal pricing and diverse vessels quality shipped, destinations. those a multiple parting, allocate realizations which variables, of announced including correspond tons, revenues production and assessments, variables much year rank We and Today, Dan the for but $XXX we Each with reflecting we same year, recent we came detail approximately quarter discussions the markets currently metallurgical Australian X.X committed that million that of time. the coal this in in our per we will tons for average destinations multiple into

side with building strong We years presentation Board budget to providing to our business we eliminate and also coming come. debt for out goal provide year, of from are the long-term and our this our our approval will input our and was export after stability in the Board. for completing be guidance XXXX primary Alpha weeks, of With and markets

return execute However, the bought $XXX I not common October, At had only down worth but our has million the thrilled capital program. end ability to of over of was stock, on successfully that pay share Alpha exhausting approximately debt, to we XX.X our million the shares. million repurchase provide Todd Board's outstanding but with authorization. as of October more balance shares quarters XX, more to going than of back our was granular $XXX is of details, common prior you three

by the million, week, markets. increased this $X the Board We to past by the our authorization that undervalued are another program continue In our total to billion. believe $XXX bringing shares

of of XX, the share per declared on January paid of amount share. This is the XXXX. XX, an increased record on a one-time to special January XXXX be per Additionally, fixed the $X.XXX $X Board in addition dividend dividend to to holders

been these our the capital of Andy. over increase the on proud meaningfully shareholders. to that, As will our goals deliver our efforts before, turn team said to objectives. debt, call Alpha return clear remain the With pay-off I to I've I to and cash many collective balances, times long-term have of

Andy Eidson

Good morning, David. everyone. Thanks,

his mentioned, quarter. you I do, with sharing David leadership details Todd Financial quarter will X, like was Munsey, As financial we shown call handling marks our of morning we audience prior these been duties has already some in member departments another Vice last and to time, who named the usually of for quite a PricewaterhouseCoopers. this step August this VP the Alpha have get brief forward. in a at has to excited of start the know getting biography, Todd having be honor today's going that transition company efforts for reminder Instead our he XXXX introducing be a after as since but a than accounting he of roles and key himself up to here I on am and Todd more Chief in as Controller to at and Executive of to the number better, tax President task. Officer level leadership of served the Senior high very described and

it great have As discussion in last expanded serve I well will With of turn Todd our said to Todd in role. I quarter, Alpha for will goals. he and over financial I that, this confidence

Todd Munsey

am to to in serving and position our the excited be to investors know the over I forward this months. look for I coming Thanks Andy. getting introduction, better

together we results, EBITDA another solid As performance look with Alpha adjusted team very the quarter $XXX our put quarter of million in of to third QX.

$XXX.XX in it's this realizations and tons all category. quarter X.X We While historical quarter still a quarter strong earlier quarter-over-quarter a second tons down while priced average at the coal a from per million segment the quarter’s third basis. third ton. Due $XXX.XX X.X highs XXXX, quarter came against on achieved an on the realized indices with volumes met from expected reduction our to in of sold perspective. mechanisms for per quarter quarter, quarter-over-quarter is from levels export realized other very coming XXX,XXX from in million down realization our into in on coming Met pricing per from falling ton other Export $XXX second and dropped average their indices Realizations priced record tons indices largely the lower Australian Asia. from Atlantic second resulting tons ton, the priced $XXX.XX, total of from the as a export export in tons all-time

per from of per in $XXX realization Our weighted our down QX. quarter a for total ton sales third was metallurgical ton average $XXX.XX

per the as ton. in for all up the incidental result Realizations pricing Met per Third In in quarter a incidental was portion of quarter of for segment for the quarter the second averaged QX thermal ton realizations $XX.XX improved per other thermal Met the environment the the category were realization $XXX.XX $XX.XX ton. comparison, segment thermal the from $XXX.XX within in coal. third

to in $XX.X Due XXXX mine. stock projects, the in per $XX.X third guidance Met primary mining severance in Cost decreasing sales for cost quarter prices. of SG&A as environment which in in as the as cost well as of QX. range comp the taxes, in of of the $XX.XX of prior realized quarter. $XX.XX compared and to QX constraints challenges we chain the from quarter higher other non-recurring thermal impacts million, the per in coal from items CapEx down per and result $XX.X related from in $XXX.XX decreased $XXX.XX an coal our our the in end costs sales ton million was costs as segment drivers down pricing third the are third lower of resulting sales quarter at a the from million of second sales up running ton to The of to royalties in non-cash were category the category some higher are to other excluding Slabcamp attributable lower quarter. contractor the CapEx annual to for the and The quarter labor coal, improved all below third supply QX. were Our quarter. decreased increased million $XX.X ton all late-stage in second the

fourth quarter, guidance, calendar is make planned but to roll release provide expect We following XXXX loss the year. possible CapEx our some on it these during may additional we will of some the we color into projections. When ground up that expenditures XXXX

and cash Moving flows. to sheet balance the

the the at on we unrestricted of unused the September. million is loan at the to lower our XX, year. Alpha established of at increased $XXX.X amount $XX of provided in interest end liquidity net XXXX, and end new from to range $XXX.X $XXX.X generated operating As of Due activities $X.XX repurchases the $XX ABL by availability in of earlier million. up $XX.X share Alpha's the again during our of from the quarter September of $XXX.X is in toward million nearly three third quarter. million in debt activities QX. operating of quarters June, end million in our Cash in quarter. million end the has the $XXX.X our of Alpha had million the of the from elimination year, Total had quarter. end $XXX guidance cash both million the quarter-over-quarter producing million at doubled XXXX up a second the third cash to in high record This quarter-over-quarter, term cash first expense trending billion of

credit quarter. XX, previous As no letters ABL of $XX.X of borrowings outstanding, as of the our million the level had facility and September same

XX% category. final the of other into is in both our the of segment segment we metallurgical at priced in midpoint year, move tonnage committed our Met and the of $XXX.XX. we guidance average and committed fully at an As months our the are of Met price all

tonnage yet and we fully XX% the is in average for of committed, at is $XX.XX, fully average and category thermal price price The Another at segment priced. byproduct the midpoint but our priced XXXX of Met with an not portion met and priced all of of XXXX an committed are committed our other $XX.XX.

Board will return. December declared Focusing per as become an of $X.XXX of of from which $X.XXX payable Alpha's share, XX. record cash holders has January next on increase dividend share, X, per for prior on quarters a capital

of In December special X, of $X be addition, one-time January the paid per for as on Board share dividend to of holders XX. declared record a

announced we the In million authorization billion, the the $X buybacks, to prior terms $XXX of from Board authorization. share that up repurchase increased

We quarter our shares at million stock repurchased common continued alone, we of and a third million. the shares cost $XXX X.X of to have buyback within

acquire roughly the of from count at have approximately to we reduced million common began. time program average by spent been Alpha's $XXX.XX stock XX, per The October weighted has outstanding shares the of price X.X share. $XXX of As million a share XX%

As XXXX, details now approximately I operational had of shares Jason outstanding. some October common on XX.X of performance. turn to XX, will our for we the stock million over call

Jason Whitehead

morning, everyone. good and Todd, you, Thank

experiencing all Our challenging another given performance, chain recent the of positive quarter supply landscape discussed had calls. to we've we on and labor, operations inflationary pressures related are teams especially

our or While to proud diligently work the to time, these another I'm to environmental work XX-year turned factors same safety to discussed product earnings teams still improved offerings our are to say prior mining current in and on we've overcome strong On prepared persist, plan, diverse these the outputs. performance our our and obstacles. continue we fronts. the teams At ongoing ensuring maintain our ability volume on keep calls,

continues was mines. Alum Mine, We at go part to portfolio of which plan. well also new cuts as our of from Deep that announced XX-year of the entire coal Production our Mid-Vol as well first Glen Tunnel there

efficiently focused safely We produce strong. to out finish XXXX and continuing on and to are

on supply critical we've from this to I'm and executing fleet operators plan to equipment of is our processes. industries. production component maintaining equipment key of chain increased schedules of of In XX% demand Another shortages, and our spoken fleet other XX-year through and our light very for other on equipment. the our proud expectations rebuilds we executing to for calendar turning similar have this underground team with respect With underground year rebuild over XXXX. production roughly rebuilds, already

Although discuss much first initiated we the surface for our and development. completion plans will equipment new and half XXXX. many and replace purchased nearing go higher than more six-year are of our detail the surface production are XXXX, plan trucks, has excavators production is first to coming completed haul of have the underground, Once in to year of a expectancy we two that life we hydraulic we in in our year, of for budget expected into our

for As run the have we Project within plan our earlier, and upgrades some CapEx our XXXX. announced Todd with into chain mentioned supply of challenges teams labor contract

of for to sales the ability some to ahead to them on the is to I these commend year our markets next running need it early months the in we phase continue forge the and may information teams our Dan keep on I'll we that of projects, bring Again, hand expect efforts. the now for While to these completion. to additional call smoothly reasonable things delays. over

Daniel Horn

good and morning, everyone. Jason, Thanks,

know, broader the is global you experiencing headwinds. some marketplace As

$XXX Continued index at Coast Low-Vol continues price these July metric from or on the per in and indices index $XXX.XX in Taking are during economic High-Vol by Coast intensifying down start $XXX.XX quarter, solidified conditions, pricing declined energy Russia recent the and in September. between XXX at close. increased B per their U.S. off per High-Vol, phase movements from metric within moved the third $XXX weakening landscape. $XXX ton of to war X, but of weeks. recessionary metric metallurgical The factors, even Ukraine quarter the fell third levels. softened $XXX for Australian Low-Vol XX. the over at pricing on near crisis In dropped macroeconomic ongoing U.S. European to ton at from volatility course hover look metric quarter. have U.S. quarter, Coal ton markets $XXX Coast of High-Vol East weeks pressure, largely from East shaping of the per the and a On it being the at ton the ton per movements uncertainty. the the recent all short, to the per B the specific index or metric Premium and The influenced East September leveled to end to the High-Vol A metric ton quarter-close A The are quarter

both global Low-Vol in days. invasion risk. headwinds and markets the Ukraine related question Russia's its customers course increased close catalyst recent a production Met the to review group the of slight consumer alongside contraction economic and quarter $XXX represents XXXX. have and policies, this The WSA of and contingent market most inflation to that The near-term. Association our World globally, next is outlook $XXX.XX steel altered as conditions to steel Atlantic XXXX persistent For deceleration. for impact X% of association affecting cited over estimates. factors recovery In rates attributed global China's XXXX, the respectively of tightening in of demand in in outlook XXXX, revision impact the have steel off may the further X.X% The in common periodic now the range levels inflation which and to revisions short The to forecasts a downward Aussie steel for industry, on XXXX on today year for the and its rising XXXX. in for economic WSA its issued of the macroeconomic falling demand, expected demand monetary full-year including steel October the Steel from Low-Vol year projects interest The deteriorating previous confidence infrastructure increases a demand

coal last incremental years, across remains to scheduled globe metallurgical to come significant over lack and However, supply tight tonnage immediate underinvestment due the the the in the of several online term.

to through Ukraine Turning fell per the a to for on norm. volatility July quarter The the continued quarter $XXX third and $XXX.XX in In thermal Europe, coal the coal APIX thermal market. historically close, and the has coal invasion weeks Russia's effects of in metric the below of metallurgical XX. index ton following ton September seaborne largely of been metric at with pricing per result the APIX which as qualities, declining market, X back the the its

BTU App has been around short a comparison Central in the As point, coal CSX XX,XXX $XXX index ton for days. recent per on the

As discussed thermal we amount continue pricing into consider the allow. and we markets, met opportunistically of opportunities coal to last sold we and as small High-Vol a have quarter, arbitrage will this

XXX,XXX metallurgical focused be remain into and in expect category we to ton on crossover However, few relatively for customers would our likely the we tonnage continue range. us, servicing small this falling

several Before of has this calls. discussion real been performance topic I comment provide as interest quick close, a over will a on and the I last

they continue their to We months over performance partners, several operating do have appreciate with and continuing in done labor be We last to positive. remained that contact address to our the close has are the challenges. real and and all

a the but bring, If detrimental to U.S. respond strike in urge joined whether economy. only quickly to to the to the railroads union this this that strike Congress avoid entire would not coal industry, resolve avoid we and the effects their of industry however, does rest the negotiations course, the month. Of will we later watching a occur,

look $XXX.XX. we to million mentioned XXXX, at X.X of ahead tons domestic an our of price As David commitments average

We on and our this the are this look have to to firm forward weeks business in XXXX our year. building share hope coming details more With sales budgeting process projections nearing pleased volumes. at Alpha's to with for we completion, next you with expected about foundation for

that now and our I to in future future call optimistic our customers Alpha's conversations for projections questions. the For products strong. remain demand open have a continue and discussing am personally positive reiterate for look about simply on about we And commitments detail I ready will we I outlook for next are operator, with year, now to our to forward more that with call.

Operator

Thank conducting you. At with this Our proceed Instructions] session. B. with a we'll question-and-answer be Pipes [Operator Please question Riley time, comes Securities. from your question. first Lucas

Lucas Pipes

Thank the and much, on My operator, first everyone. you very mix. is morning, good question

that. thermal QX, you in than was bit inventories So contribution advantage little in color bit a a of the little tons. higher on the that expected. if shipped I or the a were third I built opportunistically weaker just taking strength fewer more some was markets Met Met wondering could So your thermal of Was during peers the markets, segment quarter? within provide you And the

that. forward, So has and the contribution elaborate on maybe expect very but maybe respond to your appreciate would prepared much. also could mix color. did remarks, on if was that would crossover so you in Thank this, you to you just QX the forward, your market perspective and thermal few just a XXX,XXX just tons operationally, And such then the mentioned of or going interested in going you it you maintenance higher contributed there

Daniel Horn

High-Vol in I advantage is wouldn't say We this bit where QX. coal big, a pricing, seaborne front. I less we to we're weaker we're the in words, yes, of of B a forward, we're was interest higher number bit, Generally exports thermal time, Lucas, a at coal, take the High-Vols, view or type maybe were the increase. mean, we'd the was some that overall, we I reflects, more it some speaking, – maybe qualities think we going on market. might think the in a thermal talking thought be. have other some little about, but did did the domestic several opportunistic we coal. of up just But XXX,XXX big down sulfur Hey, speaking, And broadly Dan. same

you any we ask. for think have to those because you plans So rough just for a we but it of give might tons, don't we like could we estimate specific what look wanted figured

Lucas Pipes

I follow-up Few That's quick appreciate very that. Thank color. questions. for much the you helpful.

might domestic on XXXX, On the color should that. sales concluded the assume is beyond for there more and very domestic or sales what for that business by we front you much large Thank that for you your announced? already market be Alpha into

Daniel Horn

aware still it's could say but sales, a XXXX. There of that we're winding been by purchased more Most I for large, think safe coal the be few and it's down. has to of

Lucas Pipes

what recently on or That's M&A I or announcements company maybe one, talk topic been the and last There has there your Very entire you. bit you have returns. Alpha to and that you capital on has a extent, impressive helpful. very about color. wondered Thank great little you and committed return Thank the just congratulate share remains And then, really to for to able not interest want more your team capital much there. more on front. the been any accomplish what if to could might thoughts

David Stetson

David. is this Lucas, Thanks.

Board strong spent $XXX program. repurchase, share The into where a commitment over $X program, return have to for commitment that capital our of is. authorizing million our we and We that's authorization already billion

were On week off. discussions side, the this the M&A the that we Coronado-Peabody just saw news

I changed asked previously, when I've answer has Lucas said since the I that conference go back as So question, then. at was think to don't I Seaport think can XXXX I my

the to and bolt-ons be lot necessarily not could to shareholders got things our deem share appreciation been reserves. a share debt confidence, confidence We've acquisitions is assist reflects And the dedication in manners. the also We've our But clear. for seen have us program. M&A the now, for company. other their coal right that billion would We haven't program It really activity the extremely in be that would had from have M&A of time. we probably to be chain that mean point strategic. of at paid us share our where purchases return return us priorities into this $X shareholders supply perspective. our lie and other that's in to And and or Any our the on that off. appreciate focus You just to type does our

Lucas Pipes

Thank you hope coal very perspective. much, And enjoy best all you, David, David the know your and be so going to get I for it I forward. bit you won't best forward, a you and to going the luck field, far of from

David Stetson

Really it. appreciate so you Lucas. Thanks, Thank much.

Lucas Pipes

you. Thank

Operator

is from proceed next with Our with Vitanza Please question Cowen. Lance your question.

Jonathan Everett

with Good everyone. and Lance. morning, from perspective more are pricing start bit revenue, is lockdowns learning your little are in I'd a for Hey. how to financial AMR's they This profitability China the just about as XXXX margins impacting as well like impacting Jonathan on outlook? how off medical its

Daniel Horn

natural XXXX back shipments China's all, Dan. a take been zero guess, XXXX historically We over at lot Well, million shipments I a zero. from first Alpha’s for now of in of that. tons this we're stab not and in is market a went near I'll to a coals. to

it always, I the can't a plan you So industry. strategic that in just anyone coal joke China, for has U.S. have

strategic, China more we view we opportunistic. So don't view as as it

America, coal North America. million which but moving Asia, as into of So our has met XX our of includes Europe, well been much markets, our South not as natural tons focus China

you answer go pricing to Australian found market used had over So there argue, go directly. impacted is, markets it's but hasn't that coal it price, Certainly the the quite the to last can the else, to long here year. somewhere good at us China

question. answers So I that think your

Jonathan Everett

you you Can with but what strong relationships there? turning an Yes, new I then companies that are fourth want new Presumably, quarter, bit know I decades, about expand it's a you know to country? this traction dynamics country the to the seeing just into the just speak know is companies? want know for have very about how to important Alpha. But getting good that And little well. are and India, in it does. you doing

David Stetson

Certainly, we growth market India us. see for as a

them in markets. higher to we is the of performing in other coal And in a do we several steel get experiencing rates granular production want view other is of than too probably that our – better important are don't correct supply many to in countries from we industry at India. You're our again, it a but customers India moment. than the all I steel little But here, little see

Jonathan Everett

in of customers well? with prior is tracking the is strong terms focus? relationships main And like, Okay. new India, the in the Or really that is customers

David Stetson

Some – customer a we're always our we and care customers current of first, always well. of both. for We're take new looking as

So I would answer some that question by saying of both.

Jonathan Everett

the they would last a for at coal break-even up quarter? range and structure, of And are in more it? little least just company's be company's one like handling speak tracking for what the me, bit cost can a the expenses given How price? you Okay. current like on pricing fourth And met following on that,

Andy Eidson

this part? Andy. heard Hey, expansion. repeat Jonathan, first is you could I thought the I I'm sorry,

bit. up I little a think broke you

Jonathan Everett

Sure.

on fourth color Just in the tracking wanted to is so and more get how a handling quarter far? little freight

Andy Eidson

okay. Oh,

costs. transportation So

Jonathan Everett

Yes.

Andy Eidson

really getting they've we confidential in Dan back really his cost as really add a your can't second has to solid. the of not much track and is. nice there, the really question. but too here mean, are pretty say of remarks, quite of the mentioned what cost, And on they've our the our quantum much job in kind more performance so I Yes. couple been is had that's perspective things, to been right there Obviously, the part you all on and static things And hiccups about railroads while, done it mean, I for a are perspective. too from now that contracts. a as from

Jonathan Everett

have company's Right, a would for the for what like just breakeven good price? the current coal range the structure to met given cost company, be

Andy Eidson

again, do we mean, portions really don't I or working still We're are cost confidential, handling get that year hopefully freight But we'll on that too other talk price bottom our when every guide we numbers can't deck. again, we the they will budget issue line guidance, and it's every be, far your generally need everyone future, to as in for which to not and Yes. except that. about. give to our whether number materials aspects structure of we certain down

but own stay else, pick regard. tuned to so just that your got deck, give You everything we'll you in price

Jonathan Everett

XXXX, Okay. of good when we is know to high? may, base line there's but too that question. But XXXX? guidance I a build little is get Thank at for Or the I'll back XXXX bit if no back maybe is into I And – this – after look CapEx you. that the that a into yet, base

Andy Eidson

guidance Well, on going giving give something I want I all again, down give to you we're numbers can until yet, so all you – we'll that to when that we get not chat wait not want we here said shortly. I'm about going guidance. to We the to and guidance don't have nailed not then

Jonathan Everett

much. you on Thank Sounds good. Congrats so the quarter.

Operator

comes Our Company. your question next question. proceed Benchmark with from with Nathan Please Martin The

Nathan Martin

expect get and the a Maybe taking of there called up morning, on start of side, then flow color Good you that to quarter-over-quarter cash big fourth Thanks. an out. what a Looks maybe record idea my swing million with we ops operator. positive like questions. of maybe Thanks cash the I'll kind Thanks, working little everyone. just driver guys to if more cap. in the for from $XXX quarter?

Todd Munsey

receivables million working some fairly is pricing. XXX the that to about There start quarter, operating Yes. in where trending they're they now, was think And capital on cash fourth where given be I movement think should I we contributing can roughly. are the flow This Todd. stable one.

the in working prices performance QX. given mean, leveling off had a in we but we've don't I So capital estimate hard expect, it's repeat of movement, that that to

sort that's think about the that way QX. thinking we're I of So in

Nathan Martin

great. and That's And from and quarterly Todd, to dividend, some share in maybe it, congratulations quite again, raising the I good the appreciate side, hear was there special return paying you. the think increasing what also first dividend your cash time. on buyback

we should discussion keep returns look cash there a formulaic your have like? levels has mind liquidity of some shareholder been there that future what any minimum maybe peers Just to curious, Thanks. in considering that approach Also, could when or of started? returns any are more,

David Stetson

you. Nat, good to talk Yes. to

on reserves time. We've my the take myself, our to from it and to or I whether time of like XXX the cash that view from to forgot that. earnings in it we call, me see Andy back Let can In range. piece our put vary but last it, was, XXX

very of can obviously our our that's were return we have appreciative at kind share programs. on cash, So range. generally where but the books. time, shareholders like of to on on $XXX book to share This been our our tell I million repurchase we our program, that's you see

we're us We million internally but going, continue had the is when woefully out – our there they've sitting believe XX look is at public the what in we look stock that undervalued. at comes our we stock so when at streets, to XX.X, undervalued. we're When – at shares, believe

We of for share strong $X should And feeling so return we point is a priorities doing our tell were you the company. heart announce did we’re it's therefore, $X, a program our and the and can shareholders, in very of our give a share billion $X program board, into this the everybody that as one-time so that but our from where setting at focus, is clear purchase a we billion time. appreciative as

of So and shareholders we're we that do to we're it. thrilled that, our able are appreciative

Nathan Martin

preference I those I Again, any of a discussion more you as for buybacks. formulaic David. And comments, been you mean, approach. has said, mean, the just succinctly share Thank clear

hadn't considered. the some this maybe think special I was something quarter

excess if something looking would just have again, quarter, any do maybe consider again, specially you thoughts? you mean, I be cash other So this forward, like

David Stetson

established saw some done of that. I've colleagues have the kind industry our – in we of any Well, haven't

have where goes ability change again, now but but the time right we our to things that say in point not, and Board our going would the see this priority, from for focus that's I we're to don't soon. deviating time, on, I focus is us be as have our like anytime purchase, discretion, the the at and of that's on We is share

Nathan Martin

it. specifically, potential strike? that And railroad the things side, for that. follow-up anything of then and can how transportation you Appreciate then Got the prepare just to Appreciate update Just do for on rail running port? Dan. curious at maybe things, end a guys the are final on

Daniel Horn

We're pleased are ports Well, well. very performance. quite at very DTA We're with hitting our running well. the numbers DTAs

as challenge out, coal to improving So pointed went ports the been the a on. the has we year the mines that's been from and quite bit getting the as

appropriate of So peers one. as inventory certainly to a anyway, see to coal would at to to much don't We we speak it's mine. can we We no than With real at issues we'd when regard producers Nat. same boat as peers there in the the as have the rather the strike, want we're the are. ship the other

normal of kind us. for of business that's So course

Nathan Martin

luck and year. Very Makes I that. luck Dan. as I'll the move for it best time. of next leave sense, there. phase to wrap you David, best Thank on of guys the the guys. you you as you appreciate to up helpful

David Stetson

Thanks much. very

Todd Munsey

Thanks, Nat.

Operator

Our with proceed next question. B. Riley Securities. Lucas question with is Pipes from your Please

Lucas Pipes

taking follow-up. my Thank you very much for

On the side. cost

costs parts with going over unit have Are to color. get any, on are lower labor, wanted labor your prices come Unit costs the Is to how cetera, down? how on inputs on today? starting et going trended any having you bolts, your Just trending still they tight Are or perspective if Would steel for they appreciate you, market And that down flatlined? for are the here? then your roof for bottlenecks? Where summer? perspective Thank seeing that. is up steel

Andy Eidson

better level couple and a I'll high a you. It's Andy. then answers Lucas. I'm Jason Hey, hit you and pop-in than those giving give at to ask of I'll

speaking, real and going generally this pressure still through inflationary mentioned, as continuing. budget it's we're and is think the I we but

have typical to down across input. still but we're used may going are seeing we a budgeting It than through costs much cycle. in a increased it's so particularly year, the slowed our more And tab,

steel it's on comments we that belts Jason market's it continue go and increase right cost labor now. for out equipment over to some are or see So for the any his labor for ahead there. there of piece And to in I'll of rubber other kick then whether side, roof playing or out bolts on the how

Jason Whitehead

the have is time. Andy. inflationary is right, I curve Yes. probably in that there Thanks, but mean of real I say flattening the some pressures continued, moderate would Andy

off. steel short are on and supply. falling pricing Diesels commented in Those things true. You that's

Fortunately, hedged. a has fuel been of large percentage our diesel

of security around like feel we So built we've that. little a bit

bit the competitive. months early front, in improvement of On year. still I But very very a labor but very, the kind guess. we the have same. relative of labor a it's It's seen tight decreasing mild-to-moderate market, Still to turnover

Lucas Pipes

luck. you. your Thank of and for perspective, Thank much you very best

Jason Whitehead

you. Thank

David Stetson

Lucas. Thanks,

Operator

now question-and-answer session. the call for over end have would Stetson the turn We reached to like the I of comments. closing David to

David Stetson

very you Thanks the much. today Thank on us. everyone with getting call for

rest everybody it, strong pleased Another a quarter week. have very by wonderful Thank of you. and Alpha, their we're with

Operator

This concludes conference. today's

you You this participation. time, may your for at your lines disconnect thank we and

Alpha Metallurgical Resources (AMR) 7 Nov 222022 Q3 Earnings call transcript