Contura Announces Third Quarter 2020 Results
11/09/2020 - 07:30 AM
BRISTOL, Tenn. , Nov. 9, 2020 /PRNewswire/ -- Contura Energy, Inc. (NYSE: CTRA), a leading U.S. coal supplier, today reported results for the third quarter ending September 30, 2020 .
(millions, except per share)
Three months ended
Sept. 30, 2020
June 30, 2020
Sept. 30, 2019(2)
Net (loss) income(3)
$(68.6)
$(238.3)
$(43.6)
Net (loss) income(3) per diluted share
$(3.75)
$(13.02)
$(2.29)
Adjusted EBITDA(1)
$19.7
$16.9
$40.0
Operating cash flow(4)
$(5.9)
$79.0
$20.4
Capital expenditures
$(27.8)
$(41.5)
$60.3
Tons of coal sold
5.5
5.1
5.8
1.
These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.
2.
Excludes discontinued operations, except as noted.
3.
From continuing operations. Second and third quarters 2020 no longer have discontinued operations.
4.
Includes discontinued operations. Second and third quarters 2020 no longer have discontinued operations.
"Our third quarter results continued to highlight the discipline and safe, strategic performance of our operations team as we achieved the lowest full-quarter CAPP - Met cost per ton performance since the formation of our company," said chairman and chief executive officer, David Stetson . "As we introduce 2021 guidance, we expect our costs to remain very competitive at our recent levels while we tackle the continued softness in the met coal market and the many uncertainties facing the global economies."
Financial Performance
Contura reported a net loss from continuing operations of $68.6 million , or $3.75 per diluted share, for the third quarter 2020. In the second quarter 2020, the company had a net loss from continuing operations of $238.3 million or $13.02 diluted share, which included a non-cash asset impairment charge of $161.7 million .
Total Adjusted EBITDA was $20 million for the third quarter, compared with $17 million in the second quarter, primarily due to improved margins in the CAPP - Thermal and CAPP - Met segments.
Coal Revenues
(millions)
Three months ended
Sept. 30, 2020
June 30, 2020
CAPP - Met
$295.4
$316.3
CAPP - Thermal
$39.8
$36.7
NAPP
$64.8
$57.5
CAPP - Met (excl. f&h) (1)
$245.6
$261.5
CAPP - Thermal (excl. f&h) (1)
$36.8
$32.1
NAPP (excl. f&h) (1)
$62.8
$52.0
Tons Sold
(millions)
Three months ended
Sept. 30, 2020
June 30, 2020
CAPP - Met
3.3
3.2
CAPP - Thermal
0.6
0.6
NAPP
1.6
1.3
1.
Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
The CAPP - Met revenue decline in the third quarter was driven by an approximately $8 per ton decline in price realizations relative to the second quarter. CAPP - Thermal revenues increased due to higher realized prices. Third quarter NAPP revenues increased as a result of higher volumes, while prices were in line with the prior quarter.
Coal Sales Realization (1)
(per ton)
Three months ended
Sept. 30, 2020
June 30, 2020
CAPP - Met
$73.79
$81.61
CAPP - Thermal
$57.86
$49.52
NAPP
$40.01
$40.19
1.
Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
Global metallurgical coal prices experienced continued softening in the quarter, which resulted in our average CAPP - Met coal sales realization declining 11 percent against the prior quarter to $73.79 per ton. While our 2020 domestic business continues to benefit from annual fixed price contracts, the lower third quarter realizations were primarily driven by our export business, where prices were soft during most of the quarter. The CAPP - Thermal segment experienced higher realization primarily due to improved customer mix.
Cost of Coal Sales
(in millions, except per ton data)
Three months ended
Sept. 30, 2020
June 30, 2020
Cost of Coal Sales
$367.3
$383.3
Cost of Coal Sales (excl. f&h/idle) (1)
$305.6
$310.5
(per ton)
CAPP - Met (1)
$66.49
$74.41
CAPP - Thermal (1)
$45.98
$45.38
NAPP (1)
$35.03
$32.98
1.
Represents Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."
In the third quarter, the company reported its strongest full-quarter cost performance in the CAPP - Met segment since the company's 2016 formation, with CAPP - Met costs averaging $66.49 per ton in the third quarter. The second quarter cost of coal sales was $74.41 per ton, and excluding the impact of April furloughs, incremental one-time COVID-19 mitigation costs, and the partially offsetting benefit from an annual severance tax adjustment, the cost per ton was approximately $70 in the second quarter. The continued cost improvement trend that has been achieved in 2020 is driven by strong productivity growth, labor cost reductions instituted in the second quarter, and improved sourcing.
CAPP - Thermal also continued its impressive cost of coal sales performance, with third quarter cost of $45.98 per ton as compared to $45.38 for the prior quarter. NAPP cost of coal sales for the quarter was $35.03 per ton, up from $32.98 per ton in the second quarter.
Selling, general and administrative (SG&A) and depreciation, depletion and amortization (DD&A) expenses
(millions)
Three months ended
Sept. 30, 2020
June 30, 2020
SG&A
$14.5
$12.0
Less: non-cash stock compensation and one-time expenses
$(1.0)
$(1.9)
Non-GAAP SG&A(1)
$13.5
$10.1
DD&A
$50.7
$49.3
1.
Represents Non-GAAP SG&A which is defined under "Non-GAAP Financial Measures."
Contura's third quarter 2020 SG&A expenses were $13.5 million , excluding non-cash stock compensation expense and one-time expenses of $1.0 million , compared with $10.1 million in the prior quarter.
Liquidity and Capital Resources
"We continue to closely manage our cash priorities as prolonged pandemic uncertainty has created additional softness in both end-markets and pricing for our products. As such, we expect fourth quarter capex to come in around $20 million , and we remain focused on continuing the outstanding execution on costs that has allowed us to weather adverse market circumstances," said Andy Eidson , Contura's chief financial officer. "We continue to expect to receive the accelerated AMT tax refund of $66 million in the near term. Furthermore, we have filed an NOL carryback in which we claimed approximately $70 million in additional tax refunds. The claim is subject to an IRS audit and we hope to finalize the audit during 2021. All of these items factor into the total liquidity picture for the company, and our philosophy remains one of strategic cash preservation as we close out an unprecedented year and issue guidance and expectations for 2021."
Cash used by operating activities for the third quarter 2020 was $5.9 million and capital expenditures for the third quarter were $27.8 million . In the prior period, the cash provided by operating activities was $79.0 million and capital expenditures were $41.5 million . Contura continues to anticipate that capital expenditures for the full year 2020 will be in the range of $135 million to $140 million , with 2021 capital expenditures expected to be materially lower in the range of $80 million to $100 million .
As of September 30, 2020 , Contura had $161.4 million in unrestricted cash and $180.0 million in restricted cash, deposits and investments. Total long-term debt, including the current portion of long-term debt as of September 30, 2020 , was $597.5 million , down approximately $31 million from the prior quarter. At the end of the third quarter, the company had total liquidity of $161.4 million , including cash and cash equivalents of $161.4 million and no remaining unused availability under the Asset-Based Revolving Credit Facility (ABL). The future available capacity under the ABL is subject to inventory and accounts receivable collateral requirements and the achievement of certain financial ratios. As of September 30, 2020 , the company had $18.4 million in borrowings and $122.4 million in letters of credit outstanding under the Asset-Based Revolving Credit Facility. In October, subsequent to the quarter close, the company repaid $15.0 million of borrowed principal under the ABL.
2021 Full-Year Guidance
The company is introducing 2021 guidance with coal shipments guidance range of 20.4 million tons to 22.2 million tons, with CAPP - Met segment volume expected to be between 13.5 million to 14.5 million tons with pure metallurgical coal shipments of 12.5 million to 13.0 million tons and thermal shipments in this segment of 1.0 million to 1.5 million tons. CAPP - Thermal segment volume is anticipated to be between 1.3 million tons to 1.7 million tons. NAPP volumes are expected to be in the range of 5.6 million tons to 6.0 million tons.
For 2021, Contura has committed and priced approximately 34% of its metallurgical coal within the CAPP - Met segment at an average price of $86.41 per ton and 72% of thermal coal in the CAPP - Met segment at an average expected price of $52.11 per ton. In the CAPP - Thermal segment the company is 99% committed and priced at an average price of $57.17 per ton and 100% committed and priced for NAPP at an average price of $40.43 per ton.
The company expects our strong cost performance to continue in 2021 with CAPP - Met cost of coal sales per ton anticipated at a range of $68.00 to $74.00 . CAPP - Thermal is expected to be in the range of $45.00 to $49.00 per ton and NAPP between $33.00 and $37.00 per ton.
For 2021, the company expects its SG&A to be in the range of $45 million to $50 million , excluding non-recurring items and stock compensation. In light of our decision to forgo certain capital expenditures for NAPP, our overall 2021 capital expenditures guidance at a range of $80 million to $100 million is near the maintenance capital level. Depreciation, depletion and amortization is expected to be between $160 million and $175 million and cash interest expense in the range of $51 million and $55 million .
2021 Guidance
in millions of tons
Low
High
Metallurgical
12.5
13.0
Thermal
1.0
1.5
CAPP - Metallurgical
13.5
14.5
CAPP - Thermal
1.3
1.7
NAPP
5.6
6.0
Total Shipments
20.4
22.2
Committed/Priced1,2,3
Committed
Average Price
Metallurgical
34
%
$86.41
Thermal
72
%
$52.11
CAPP - Metallurgical
37
%
$80.52
CAPP - Thermal
99
%
$57.17
NAPP
100
%
$40.43
Committed/Unpriced1,3
Committed
Metallurgical
27
%
Thermal
21
%
CAPP - Metallurgical
27
%
CAPP - Thermal
1
%
NAPP
—
%
Costs per ton 4
Low
High
CAPP - Metallurgical
$68.00
$74.00
CAPP - Thermal
$45.00
$49.00
NAPP
$33.00
$37.00
In millions (except taxes)
Low
High
SG&A5
$45
$50
Idle Operations Expense
$27
$33
Cash Interest Expense
$51
$55
DD&A
$160
$175
Capital Expenditures
$80
$100
Tax Rate
—
%
5
%
Notes:
Based on committed and priced coal shipments as of October 27, 2020 . Committed percentage based on the midpoint of shipment guidance range. Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations. Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates. Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward- looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have historically varied and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results. Excludes expenses related to non-cash stock compensation and non-recurring business development expenses. Operational and Strategic Update
With regard to the Cumberland Mine in Pennsylvania , the company is in active negotiations for the divestiture of the Cumberland property with a potential purchaser. No definitive agreement has been reached at this time, and there can be no assurances that any transaction will result from these negotiations or as to the terms, timing or approval of any such transaction that may be proposed. More information will be announced if an agreement is reached.
Contura has made significant progress in streamlining the enterprise portfolio and incrementally adjusting toward a simplified, more efficient group of mines and plants to better serve the production and sales needs of the company. "Through strategic decisions to idle certain thermal properties in the organization, and by carefully planning how and when to mine out of properties as they come to the end of their expected tenures, we have meaningfully improved both costs and operational efficiencies this year," said Jason Whitehead , Contura's chief operating officer. "As mines have come offline, we have been able to realign coal processing into fewer plants, redeploy equipment to other locations across the company, and plan for the best utilization of the newer, high-quality mines in our portfolio. We expect to continue building on this success through the fourth quarter and into 2021."
Conference Call
The company plans to hold a conference call regarding its third quarter 2020 results on November 9, 2020 , at 10:00 a.m. Eastern time . The conference call will be available live on the investor section of the company's website at https://investors.conturaenergy.com/investors . Analysts who would like to participate in the conference call should dial 866-270-1533 (domestic toll-free) or 412-317-0797 (international) approximately 15 minutes prior to the start of the call.
ABOUT CONTURA ENERGY
Contura Energy (NYSE: CTRA) is a Tennessee -based coal supplier with affiliate mining operations across major coal basins in Pennsylvania , Virginia and West Virginia . With customers across the globe, high-quality reserves and significant port capacity, Contura Energy reliably supplies metallurgical coal to produce steel. For more information, visit www.conturaenergy.com .
FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements. These forward-looking statements are based on Contura's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Contura's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Contura to predict these events or how they may affect Contura. Except as required by law, Contura has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur.
INVESTOR CONTACT investorrelations@conturaenergy.com
Alex Rotonen , CFA 423.956.6882
MEDIA CONTACT corporatecommunications@conturaenergy.com
Emily O'Quinn 423.573.0369
FINANCIAL TABLES FOLLOW
Non-GAAP Financial Measures
The discussion below contains "non-GAAP financial measures." These are financial measures which either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP cost of coal sales," and "Adjusted cost of produced coal sold." We use Adjusted EBITDA to measure the operating performance of our segments and allocate resources to the segments. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, idled and closed mine costs and coal inventory acquisition accounting impacts. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. We also use Adjusted cost of produced coal sold to distinguish the cost of captive produced coal from the effects of purchased coal. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.
Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company's operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, and capital investments.
Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenues:
Coal revenues
$
399,954
$
523,987
$
1,278,935
$
1,784,775
Other revenues
737
1,877
4,054
6,409
Total revenues
400,691
525,864
1,282,989
1,791,184
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)
367,277
467,658
1,148,416
1,480,098
Depreciation, depletion and amortization
50,739
60,842
154,466
184,927
Accretion on asset retirement obligations
9,127
6,846
23,806
19,925
Amortization of acquired intangibles, net
2,219
2,314
5,180
(4,712)
Asset impairment and restructuring
3,571
32
221,453
5,858
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)
14,501
17,387
42,010
53,121
Merger-related costs
—
68
—
1,055
Total other operating (income) loss:
Mark-to-market adjustment for acquisition-related obligations
3,624
(3,238)
(13,425)
(288)
Other (income) expense
(1,359)
166
(2,063)
(7,319)
Total costs and expenses
449,699
552,075
1,579,843
1,732,665
(Loss) income from operations
(49,008)
(26,211)
(296,854)
58,519
Other income (expense):
Interest expense
(18,389)
(18,847)
(54,808)
(50,079)
Interest income
378
1,763
6,889
5,584
Loss on modification and extinguishment of debt
—
—
—
(26,459)
Equity loss in affiliates
(1,295)
(1,845)
(3,085)
(4,804)
Miscellaneous loss, net
(368)
(1,523)
(1,088)
(2,912)
Total other expense, net
(19,674)
(20,452)
(52,092)
(78,670)
Loss from continuing operations before income taxes
(68,682)
(46,663)
(348,946)
(20,151)
Income tax benefit
45
3,102
2,200
8,880
Net loss from continuing operations
(68,637)
(43,561)
(346,746)
(11,271)
Discontinued operations:
Loss from discontinued operations before income taxes
—
(11,516)
—
(176,973)
Income tax (expense) benefit from discontinued operations
—
(13,455)
—
12,866
Loss from discontinued operations
—
(24,971)
—
(164,107)
Net loss
$
(68,637)
$
(68,532)
$
(346,746)
$
(175,378)
Basic loss per common share:
Loss from continuing operations
$
(3.75)
$
(2.29)
$
(18.96)
$
(0.59)
Loss from discontinued operations
—
(1.31)
—
(8.63)
Net loss
$
(3.75)
$
(3.60)
$
(18.96)
$
(9.22)
Diluted loss per common share
Loss from continuing operations
$
(3.75)
$
(2.29)
$
(18.96)
$
(0.59)
Loss from discontinued operations
—
(1.31)
—
(8.63)
Net loss
$
(3.75)
$
(3.60)
$
(18.96)
$
(9.22)
Weighted average shares – basic
18,319,947
19,025,462
18,290,346
19,014,974
Weighted average shares – diluted
18,319,947
19,025,462
18,290,346
19,014,974
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data)
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
161,434
$
212,793
Trade accounts receivable, net of allowance for doubtful accounts of $432 and $0 as of September 30, 2020 and December 31, 2019
179,671
244,666
Inventories, net
124,245
162,659
Prepaid expenses and other current assets
120,939
91,361
Total current assets
586,289
711,479
Property, plant, and equipment, net of accumulated depreciation and amortization of $395,397 and $314,276 as of September 30, 2020 and December 31, 2019
401,197
583,262
Owned and leased mineral rights, net of accumulated depletion and amortization of $40,623 and $27,877 as of September 30, 2020 and December 31, 2019
489,631
523,141
Other acquired intangibles, net of accumulated amortization of $38,806 and $32,686 as of September 30, 2020 and December 31, 2019
100,350
125,145
Long-term restricted cash
124,065
122,524
Deferred income taxes
—
33,065
Other non-current assets
221,591
204,207
Total assets
$
1,923,123
$
2,302,823
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt
$
44,864
$
28,485
Trade accounts payable
75,836
98,746
Acquisition-related obligations – current
18,206
33,639
Accrued expenses and other current liabilities
153,372
154,282
Total current liabilities
292,278
315,152
Long-term debt
552,676
564,481
Acquisition-related obligations - long-term
19,286
46,259
Workers' compensation and black lung obligations
263,517
260,778
Pension obligations
186,089
204,086
Asset retirement obligations
210,998
184,130
Deferred income taxes
368
422
Other non-current liabilities
54,943
31,393
Total liabilities
1,580,155
1,606,701
Commitments and Contingencies
Stockholders' Equity
Preferred stock - par value $0.01, 5.0 million shares authorized, none issued
—
—
Common stock - par value $0.01, 50.0 million shares authorized, 20.6 million issued and 18.3 million outstanding at September 30, 2020 and 20.5 million issued and 18.2 million outstanding at December 31, 2019
206
205
Additional paid-in capital
778,728
775,707
Accumulated other comprehensive loss
(68,614)
(58,616)
Treasury stock, at cost: 2.3 million shares at September 30, 2020 and December 31, 2019
(106,976)
(107,984)
Retained (deficit) earnings
(260,376)
86,810
Total stockholders' equity
342,968
696,122
Total liabilities and stockholders' equity
$
1,923,123
$
2,302,823
CONTURA ENERGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in thousands)
Nine Months Ended September 30,
2020
2019
Operating activities:
Net loss
$
(346,746)
$
(175,378)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization
154,466
330,840
Amortization of acquired intangibles, net
5,180
(4,712)
Accretion of acquisition-related obligations discount
2,882
4,367
Amortization of debt issuance costs and accretion of debt discount
11,087
10,446
Mark-to-market adjustment for acquisition-related obligations
(13,425)
(288)
(Gain) loss on disposal of assets
(2,179)
1,462
Gain on assets acquired in an exchange transaction
—
(9,083)
Loss on modification and extinguishment of debt
—
26,459
Asset impairment and restructuring
221,453
23,020
Accretion on asset retirement obligations
23,806
24,906
Employee benefit plans, net
15,135
14,513
Deferred income taxes
33,011
(22,021)
Stock-based compensation
4,200
7,512
Equity loss in affiliates
3,085
4,804
Other, net
(5,356)
351
Changes in operating assets and liabilities
(33,566)
(99,620)
Net cash provided by operating activities
73,033
137,578
Investing activities:
Capital expenditures
(118,896)
(144,183)
Proceeds on disposal of assets
3,131
1,170
Purchases of investment securities
(18,618)
(65,193)
Maturity of investment securities
12,678
50,775
Capital contributions to equity affiliates
(3,196)
(7,600)
Other, net
68
(2,548)
Net cash used in investing activities
(124,833)
(167,579)
Financing activities:
Proceeds from borrowings on debt
57,500
544,946
Principal repayments of debt
(43,364)
(551,405)
Principal repayments of notes payable
(14,951)
(14,054)
Principal repayments of financing lease obligations
(2,291)
(2,960)
Debt issuance costs
—
(6,104)
Common stock repurchases and related expenses
(171)
(35,485)
Other, net
—
952
Net cash used in financing activities
(3,277)
(64,110)
Net decrease in cash and cash equivalents and restricted cash
(55,077)
(94,111)
Cash and cash equivalents and restricted cash at beginning of period
347,680
477,246
Cash and cash equivalents and restricted cash at end of period
$
292,603
$
383,135
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
As of September 30,
2020
2019
Cash and cash equivalents
$
161,434
$
152,638
Short-term restricted cash (included in prepaid expenses and other current assets)
7,104
21,456
Long-term restricted cash
124,065
209,041
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows
$
292,603
$
383,135
CONTURA ENERGY, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands)
Three Months Ended
Nine Months Ended September 30,
June 30, 2020
September 30, 2020
September 30, 2019
2020
2019
Net loss from continuing operations
$
(238,301)
$
(68,637)
$
(43,561)
$
(346,746)
$
(11,271)
Interest expense
18,814
18,389
18,847
54,808
50,079
Interest income
(5,533)
(378)
(1,763)
(6,889)
(5,584)
Income tax expense (benefit)
33
(45)
(3,102)
(2,200)
(8,880)
Depreciation, depletion and amortization
49,262
50,739
60,842
154,466
184,927
Merger-related costs
—
—
68
—
1,055
Non-cash stock compensation expense
1,044
1,078
2,738
4,200
7,463
Mark-to-market adjustment - acquisition-related obligations
(2,052)
3,624
(3,238)
(13,425)
(288)
Accretion on asset retirement obligations
7,304
9,127
6,846
23,806
19,925
Loss on modification and extinguishment of debt
—
—
—
—
26,459
Asset impairment and restructuring (1)
184,173
3,571
32
221,453
5,858
Management restructuring costs (2)
—
—
—
947
—
Cost impact of coal inventory fair value adjustment (3)
—
—
—
—
8,209
Gain on assets acquired in an exchange transaction (4)
—
—
—
—
(9,083)
Loss on partial settlement of benefit obligations
63
—
—
1,230
—
Amortization of acquired intangibles, net
2,096
2,219
2,314
5,180
(4,712)
Adjusted EBITDA
$
16,903
$
19,687
$
40,023
$
96,830
$
264,157
(1)
Asset impairment and restructuring for the nine months ended September 30, 2020 includes long-lived asset impairments of $198,963 and restructuring expense of $22,490 as a result of weakened coal prices and the strategic actions with respect to two thermal coal mining complexes announced during the second quarter of 2020 and capital spending during the third quarter of 2020 at previously impaired locations requiring the impairment of certain additional assets not considered recoverable. Asset impairment for the nine months ended September 30, 2019 primarily related to the write-off of prepaid purchased coal from Blackjewel as a result of Blackjewel's Chapter 11 bankruptcy filing on July 1, 2019.
(2)
Management restructuring costs are related to severance expense associated with senior management changes during the three months ended March 31, 2020.
(3)
The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.
(4)
During the nine months ended September 30, 2019, the Company entered into an exchange transaction which primarily included the release of the PRB overriding royalty interest owed to the Company in exchange for met coal reserves which resulted in a gain of $9,083.
CONTURA ENERGY, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS
Three Months Ended June 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
316,319
$
36,720
$
57,499
$
76
$
410,614
Less: Freight and handling fulfillment revenues
(54,852)
(4,634)
(5,492)
—
(64,978)
Non-GAAP Coal revenues
$
261,467
$
32,086
$
52,007
$
76
$
345,636
Tons sold
3,204
648
1,294
1
5,147
Non-GAAP Coal sales realization per ton
$
81.61
$
49.52
$
40.19
$
76.00
$
67.15
Cost of coal sales (exclusive of items shown separately below)
$
297,169
$
35,709
$
48,732
$
1,669
$
383,279
Depreciation, depletion and amortization - production (1)
38,800
7,260
2,172
694
48,926
Accretion on asset retirement obligations
3,517
2,267
769
751
7,304
Amortization of acquired intangibles, net
2,759
(903)
215
25
2,096
Total Cost of coal sales
$
342,245
$
44,333
$
51,888
$
3,139
$
441,605
Less: Freight and handling costs
(54,852)
(4,634)
(5,492)
—
(64,978)
Less: Depreciation, depletion and amortization - production (1)
(38,800)
(7,260)
(2,172)
(694)
(48,926)
Less: Accretion on asset retirement obligations
(3,517)
(2,267)
(769)
(751)
(7,304)
Less: Amortization of acquired intangibles, net
(2,759)
903
(215)
(25)
(2,096)
Less: Idled and closed mine costs
(3,906)
(1,670)
(566)
(1,669)
(7,811)
Non-GAAP Cost of coal sales
$
238,411
$
29,405
$
42,674
$
—
$
310,490
Tons sold
3,204
648
1,294
1
5,147
Non-GAAP Cost of coal sales per ton
$
74.41
$
45.38
$
32.98
$
—
$
60.32
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Three Months Ended June 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
316,319
$
36,720
$
57,499
$
76
$
410,614
Less: Total Cost of coal sales (per table above)
(342,245)
(44,333)
(51,888)
(3,139)
(441,605)
GAAP Coal margin
$
(25,926)
$
(7,613)
$
5,611
$
(3,063)
$
(30,991)
Tons sold
3,204
648
1,294
1
5,147
GAAP Coal margin per ton
$
(8.09)
$
(11.75)
$
4.34
$
(3,063.00)
$
(6.02)
GAAP Coal margin
$
(25,926)
$
(7,613)
$
5,611
$
(3,063)
$
(30,991)
Add: Depreciation, depletion and amortization - production (1)
38,800
7,260
2,172
694
48,926
Add: Accretion on asset retirement obligations
3,517
2,267
769
751
7,304
Add: Amortization of acquired intangibles, net
2,759
(903)
215
25
2,096
Add: Idled and closed mine costs
3,906
1,670
566
1,669
7,811
Non-GAAP Coal margin
$
23,056
$
2,681
$
9,333
$
76
$
35,146
Tons sold
3,204
648
1,294
1
5,147
Non-GAAP Coal margin per ton
$
7.20
$
4.14
$
7.21
$
76.00
$
6.83
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Three Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
295,376
$
39,813
$
64,765
$
—
$
399,954
Less: Freight and handling fulfillment revenues
(49,742)
(3,015)
(1,947)
—
(54,704)
Non-GAAP Coal revenues
$
245,634
$
36,798
$
62,818
$
—
$
345,250
Tons sold
3,329
636
1,570
—
5,535
Non-GAAP Coal sales realization per ton
$
73.79
$
57.86
$
40.01
$
—
$
62.38
Cost of coal sales (exclusive of items shown separately below)
$
276,170
$
33,999
$
57,661
$
(553)
$
367,277
Depreciation, depletion and amortization - production (1)
41,177
7,313
1,504
410
50,404
Accretion on asset retirement obligations
3,767
2,406
2,424
530
9,127
Amortization of acquired intangibles, net
2,535
(486)
145
25
2,219
Total Cost of coal sales
$
323,649
$
43,232
$
61,734
$
412
$
429,027
Less: Freight and handling costs
(49,742)
(3,015)
(1,947)
—
(54,704)
Less: Depreciation, depletion and amortization - production (1)
(41,177)
(7,313)
(1,504)
(410)
(50,404)
Less: Accretion on asset retirement obligations
(3,767)
(2,406)
(2,424)
(530)
(9,127)
Less: Amortization of acquired intangibles, net
(2,535)
486
(145)
(25)
(2,219)
Less: Idled and closed mine costs
(5,091)
(1,742)
(713)
546
(7,000)
Non-GAAP Cost of coal sales
$
221,337
$
29,242
$
55,001
$
(7)
$
305,573
Tons sold
3,329
636
1,570
—
5,535
Non-GAAP Cost of coal sales per ton
$
66.49
$
45.98
$
35.03
$
—
$
55.21
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Three Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
295,376
$
39,813
$
64,765
$
—
$
399,954
Less: Total Cost of coal sales (per table above)
(323,649)
(43,232)
(61,734)
(412)
(429,027)
GAAP Coal margin
$
(28,273)
$
(3,419)
$
3,031
$
(412)
$
(29,073)
Tons sold
3,329
636
1,570
—
5,535
GAAP Coal margin per ton
$
(8.49)
$
(5.38)
$
1.93
$
—
$
(5.25)
GAAP Coal margin
$
(28,273)
$
(3,419)
$
3,031
$
(412)
$
(29,073)
Add: Depreciation, depletion and amortization - production (1)
41,177
7,313
1,504
410
50,404
Add: Accretion on asset retirement obligations
3,767
2,406
2,424
530
9,127
Add: Amortization of acquired intangibles, net
2,535
(486)
145
25
2,219
Add: Idled and closed mine costs
5,091
1,742
713
(546)
7,000
Non-GAAP Coal margin
$
24,297
$
7,556
$
7,817
$
7
$
39,677
Tons sold
3,329
636
1,570
—
5,535
Non-GAAP Coal margin per ton
$
7.30
$
11.88
$
4.98
$
—
$
7.17
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Three Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
373,078
$
80,174
$
70,735
$
—
$
523,987
Less: Freight and handling fulfillment revenues
(50,100)
(9,869)
(2,961)
—
(62,930)
Non-GAAP Coal revenues
$
322,978
$
70,305
$
67,774
$
—
$
461,057
Tons sold
2,981
1,144
1,640
—
5,765
Non-GAAP Coal sales realization per ton
$
108.35
$
61.46
$
41.33
$
—
$
79.98
Cost of coal sales (exclusive of items shown separately below)
$
312,369
$
78,022
$
75,571
$
1,696
$
467,658
Depreciation, depletion and amortization - production (1)
38,212
13,972
6,241
2,070
60,495
Accretion on asset retirement obligations
2,326
2,670
1,017
833
6,846
Amortization of acquired intangibles, net
4,765
(3,359)
908
—
2,314
Total Cost of coal sales
$
357,672
$
91,305
$
83,737
$
4,599
$
537,313
Less: Freight and handling costs
(50,100)
(9,869)
(2,961)
—
(62,930)
Less: Depreciation, depletion and amortization - production (1)
(38,212)
(13,972)
(6,241)
(2,070)
(60,495)
Less: Accretion on asset retirement obligations
(2,326)
(2,670)
(1,017)
(833)
(6,846)
Less: Amortization of acquired intangibles, net
(4,765)
3,359
(908)
—
(2,314)
Less: Idled and closed mine costs
(1,956)
(458)
(659)
(1,696)
(4,769)
Non-GAAP Cost of coal sales
$
260,313
$
67,695
$
71,951
$
—
$
399,959
Tons sold
2,981
1,144
1,640
—
5,765
Non-GAAP Cost of coal sales per ton
$
87.32
$
59.17
$
43.87
$
—
$
69.38
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Three Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
373,078
$
80,174
$
70,735
$
—
$
523,987
Less: Total Cost of coal sales (per table above)
(357,672)
(91,305)
(83,737)
(4,599)
(537,313)
GAAP Coal margin
$
15,406
$
(11,131)
$
(13,002)
$
(4,599)
$
(13,326)
Tons sold
2,981
1,144
1,640
—
5,765
GAAP Coal margin per ton
$
5.17
$
(9.73)
$
(7.93)
$
—
$
(2.31)
GAAP Coal margin
$
15,406
$
(11,131)
$
(13,002)
$
(4,599)
$
(13,326)
Add: Depreciation, depletion and amortization - production (1)
38,212
13,972
6,241
2,070
60,495
Add: Accretion on asset retirement obligations
2,326
2,670
1,017
833
6,846
Add: Amortization of acquired intangibles, net
4,765
(3,359)
908
—
2,314
Add: Idled and closed mine costs
1,956
458
659
1,696
4,769
Non-GAAP Coal margin
$
62,665
$
2,610
$
(4,177)
$
—
$
61,098
Tons sold
2,981
1,144
1,640
—
5,765
Non-GAAP Coal margin per ton
$
21.03
$
2.29
$
(2.54)
$
—
$
10.60
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Nine Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
974,098
$
115,276
$
189,171
$
390
$
1,278,935
Less: Freight and handling fulfillment revenues
(158,258)
(11,392)
(9,785)
—
(179,435)
Non-GAAP Coal revenues
$
815,840
$
103,884
$
179,386
$
390
$
1,099,500
Tons sold
9,860
1,901
4,372
6
16,139
Non-GAAP Coal sales realization per ton
$
82.74
$
54.65
$
41.03
$
65.00
$
68.13
Cost of coal sales (exclusive of items shown separately below)
$
866,311
$
108,190
$
169,406
$
4,509
$
1,148,416
Depreciation, depletion and amortization - production (1)
121,699
19,422
10,525
1,795
153,441
Accretion on asset retirement obligations
10,786
7,025
3,963
2,032
23,806
Amortization of acquired intangibles, net
7,875
(3,484)
714
75
5,180
Total Cost of coal sales
$
1,006,671
$
131,153
$
184,608
$
8,411
$
1,330,843
Less: Freight and handling costs
(158,258)
(11,392)
(9,785)
—
(179,435)
Less: Depreciation, depletion and amortization - production (1)
(121,699)
(19,422)
(10,525)
(1,795)
(153,441)
Less: Accretion on asset retirement obligations
(10,786)
(7,025)
(3,963)
(2,032)
(23,806)
Less: Amortization of acquired intangibles, net
(7,875)
3,484
(714)
(75)
(5,180)
Less: Idled and closed mine costs
(13,191)
(5,432)
(2,104)
(4,202)
(24,929)
Non-GAAP Cost of coal sales
$
694,862
$
91,366
$
157,517
$
307
$
944,052
Tons sold
9,860
1,901
4,372
6
16,139
Non-GAAP Cost of coal sales per ton
$
70.47
$
48.06
$
36.03
$
51.17
$
58.50
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Nine Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
974,098
$
115,276
$
189,171
$
390
$
1,278,935
Less: Total Cost of coal sales (per table above)
(1,006,671)
(131,153)
(184,608)
(8,411)
(1,330,843)
GAAP Coal margin
$
(32,573)
$
(15,877)
$
4,563
$
(8,021)
$
(51,908)
Tons sold
9,860
1,901
4,372
6
16,139
GAAP Coal margin per ton
$
(3.30)
$
(8.35)
$
1.04
$
(1,336.83)
$
(3.22)
GAAP Coal margin
$
(32,573)
$
(15,877)
$
4,563
$
(8,021)
$
(51,908)
Add: Depreciation, depletion and amortization - production (1)
121,699
19,422
10,525
1,795
153,441
Add: Accretion on asset retirement obligations
10,786
7,025
3,963
2,032
23,806
Add: Amortization of acquired intangibles, net
7,875
(3,484)
714
75
5,180
Add: Idled and closed mine costs
13,191
5,432
2,104
4,202
24,929
Non-GAAP Coal margin
$
120,978
$
12,518
$
21,869
$
83
$
155,448
Tons sold
9,860
1,901
4,372
6
16,139
Non-GAAP Coal margin per ton
$
12.27
$
6.59
$
5.00
$
13.83
$
9.63
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
Nine Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
1,339,663
$
224,814
$
220,298
$
—
$
1,784,775
Less: Freight and handling fulfillment revenues
(182,729)
(23,683)
(5,430)
—
(211,842)
Non-GAAP Coal revenues
$
1,156,934
$
201,131
$
214,868
$
—
$
1,572,933
Tons sold
9,653
3,325
5,039
—
18,017
Non-GAAP Coal sales realization per ton
$
119.85
$
60.49
$
42.64
$
—
$
87.30
Cost of coal sales (exclusive of items shown separately below)
$
1,057,988
$
218,667
$
199,566
$
3,877
$
1,480,098
Depreciation, depletion and amortization - production (1)
113,714
44,586
19,390
6,190
183,880
Accretion on asset retirement obligations
6,986
7,401
3,050
2,488
19,925
Amortization of acquired intangibles, net
5,816
(12,142)
1,614
—
(4,712)
Total Cost of coal sales
$
1,184,504
$
258,512
$
223,620
$
12,555
$
1,679,191
Less: Freight and handling costs
(182,729)
(23,683)
(5,430)
—
(211,842)
Less: Depreciation, depletion and amortization - production (1)
(113,714)
(44,586)
(19,390)
(6,190)
(183,880)
Less: Accretion on asset retirement obligations
(6,986)
(7,401)
(3,050)
(2,488)
(19,925)
Less: Amortization of acquired intangibles, net
(5,816)
12,142
(1,614)
—
4,712
Less: Idled and closed mine costs
(5,942)
(1,442)
(2,222)
(3,877)
(13,483)
Less: Cost impact of coal inventory fair value adjustment (2)
(4,751)
(3,458)
—
—
(8,209)
Non-GAAP Cost of coal sales
$
864,566
$
190,084
$
191,914
$
—
$
1,246,564
Tons sold
9,653
3,325
5,039
—
18,017
Non-GAAP Cost of coal sales per ton
$
89.56
$
57.17
$
38.09
$
—
$
69.19
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
(2)
The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.
Nine Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Coal revenues
$
1,339,663
$
224,814
$
220,298
$
—
$
1,784,775
Less: Total Cost of coal sales (per table above)
(1,184,504)
(258,512)
(223,620)
(12,555)
(1,679,191)
GAAP Coal margin
$
155,159
$
(33,698)
$
(3,322)
$
(12,555)
$
105,584
Tons sold
9,653
3,325
5,039
—
18,017
GAAP Coal margin per ton
$
16.07
$
(10.13)
$
(0.66)
$
—
$
5.86
GAAP Coal margin
$
155,159
$
(33,698)
$
(3,322)
$
(12,555)
$
105,584
Add: Depreciation, depletion and amortization - production (1)
113,714
44,586
19,390
6,190
183,880
Add: Accretion on asset retirement obligations
6,986
7,401
3,050
2,488
19,925
Add: Amortization of acquired intangibles, net
5,816
(12,142)
1,614
—
(4,712)
Add: Idled and closed mine costs
5,942
1,442
2,222
3,877
13,483
Add: Cost impact of coal inventory fair value adjustment (2)
4,751
3,458
—
—
8,209
Non-GAAP Coal margin
$
292,368
$
11,047
$
22,954
$
—
$
326,369
Tons sold
9,653
3,325
5,039
—
18,017
Non-GAAP Coal margin per ton
$
30.29
$
3.32
$
4.55
$
—
$
18.11
(1)
Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
(2)
The cost impact of the coal inventory fair value adjustment as a result of the Alpha Merger was completed during the three months ended June 30, 2019.
Three Months Ended June 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Non-GAAP Cost of coal sales
$
238,411
$
29,405
$
42,674
$
—
$
310,490
Less: cost of purchased coal sold
(22,932)
(9)
—
—
(22,941)
Adjusted cost of produced coal sold
$
215,479
$
29,396
$
42,674
$
—
$
287,549
Produced tons sold
2,896
647
1,294
1
4,838
Adjusted cost of produced coal sold per ton (1)
$
74.41
$
45.43
$
32.98
$
—
$
59.44
(1)
Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.
Three Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Non-GAAP Cost of coal sales
$
221,337
$
29,242
$
55,001
$
(7)
$
305,573
Less: cost of purchased coal sold
(12,511)
70
—
—
(12,441)
Adjusted cost of produced coal sold
$
208,826
$
29,312
$
55,001
$
(7)
$
293,132
Produced tons sold
3,142
636
1,570
—
5,348
Adjusted cost of produced coal sold per ton (1)
$
66.46
$
46.09
$
35.03
$
—
$
54.81
(1)
Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.
Three Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Non-GAAP Cost of coal sales
$
260,313
$
67,695
$
71,951
$
—
$
399,959
Less: cost of purchased coal sold
(47,731)
(1,050)
—
—
(48,781)
Adjusted cost of produced coal sold
$
212,582
$
66,645
$
71,951
$
—
$
351,178
Produced tons sold
2,558
1,127
1,640
—
5,325
Adjusted cost of produced coal sold per ton (1)
$
83.10
$
59.13
$
43.87
$
—
$
65.95
(1)
Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.
Nine Months Ended September 30, 2020
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Non-GAAP Cost of coal sales
$
694,862
$
91,366
$
157,517
$
307
$
944,052
Less: cost of purchased coal sold
(65,777)
(832)
—
—
(66,609)
Adjusted cost of produced coal sold
$
629,085
$
90,534
$
157,517
$
307
$
877,443
Produced tons sold
9,002
1,887
4,372
6
15,267
Adjusted cost of produced coal sold per ton (1)
$
69.88
$
47.98
$
36.03
$
51.17
$
57.47
(1)
Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.
Nine Months Ended September 30, 2019
(In thousands, except for per ton data)
CAPP - Met
CAPP - Thermal
NAPP
All Other
Consolidated
Non-GAAP Cost of coal sales
$
864,566
$
190,084
$
191,914
$
—
$
1,246,564
Less: cost of purchased coal sold
(194,590)
(6,378)
—
—
(200,968)
Adjusted cost of produced coal sold
$
669,976
$
183,706
$
191,914
$
—
$
1,045,596
Produced tons sold
7,948
3,215
5,039
—
16,202
Adjusted cost of produced coal sold per ton (1)
$
84.29
$
57.14
$
38.09
$
—
$
64.53
(1)
Cost of produced coal sold per ton for our operations is calculated as non-GAAP cost of produced coal sold divided by produced tons sold.
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SOURCE Contura Energy, Inc.