ARCH COAL INC

CIK:0001037676|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Condensed Consolidated Statements of Operations
Revenues	$ 617,899	$ 744,601	$ 1,906,840	$ 2,371,826
Costs, expenses and other operating
Cost of sales (exclusive of items shown separately below)	558,596	596,889	1,655,003	1,774,753
Depreciation, depletion and amortization	40,890	36,717	118,149	108,273
Accretion on asset retirement obligations	5,869	5,292	17,608	15,877
Selling, general and administrative expenses	20,603	24,279	68,708	73,092
Merger related costs	7,002		7,002
Severance costs related to voluntary separation plan	6,649		6,649
Other operating income, net	(5,461)	(2,858)	(23,854)	(10,037)
Costs, expenses and other operating	634,148	660,319	1,849,265	1,961,958
Income (loss) from operations	(16,249)	84,282	57,575	409,868
Interest expense, net
Interest expense	(3,912)	(3,120)	(12,161)	(10,783)
Interest and investment income	5,665	4,803	17,168	12,340
Interest expense, net	1,753	1,683	5,007	1,557
Income (loss) before nonoperating expenses	(14,496)	85,965	62,582	411,425
Nonoperating expense
Non-service related pension and postretirement benefit credits	1,667	4,507	1,096	5,692
Net loss resulting from early retirement of debt				(1,126)
Nonoperating expenses	1,667	4,507	1,096	4,566
Income (loss) before income taxes	(12,829)	90,472	63,678	415,991
(Benefit from) provision for income taxes	(6,608)	16,781	(887)	66,839
Net income (loss)	$ (6,221)	$ 73,691	$ 64,565	$ 349,152
Net income (loss) per common share
Basic earnings (loss) per share (in dollars per share)	$ (0.34)	$ 4.05	$ 3.55	$ 19.20
Diluted earnings (loss) per share (in dollars per share)	$ (0.34)	$ 3.91	$ 3.50	$ 18.12
Weighted average shares outstanding
Basic weighted average shares outstanding (in shares)	18,097	18,187	18,180	18,189
Diluted weighted average shares outstanding (in shares)	18,097	18,840	18,450	19,270
Dividends declared per common share (in dollars per share)	$ 0.25	$ 3.97	$ 3.01	$ 9.53

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income	$ 64,565	$ 349,152
Adjustments to reconcile to cash from operating activities:
Depreciation, depletion and amortization	118,149	108,273
Accretion on asset retirement obligations	17,608	15,877
Deferred income taxes	(1,345)	66,561
Employee stock-based compensation expense	15,819	19,699
Amortization relating to financing activities	2,168	1,317
Gain on disposals and divestitures, net	(213)	(714)
Reclamation work completed	(6,038)	(17,642)
Contribution to fund for asset retirement obligations	(5,667)	(4,421)
Changes in:
Receivables	39,936	(49,950)
Inventories	9,169	(10,199)
Accounts payable, accrued expenses and other current liabilities	(62,824)	(31,241)
Income taxes, net	258	(999)
Other	20,774	8,105
Cash provided by operating activities	212,359	453,818
Investing activities
Capital expenditures	(126,888)	(121,030)
Minimum royalty payments	(988)	(1,113)
Proceeds from disposals and divestitures	219	1,363
Purchases of short-term investments	(41,397)	(23,386)
Proceeds from sales of short-term investments	38,244	30,417
Investments in and advances to affiliates, net	(10,330)	(12,210)
Cash used in investing activities	(141,140)	(125,959)
Financing activities
Payments on convertible debt		(58,430)
Net payments on other debt	(23,717)	(30,568)
Debt financing costs	(1,516)
Purchases of treasury stock	(30,747)	(122,502)
Dividends paid	(68,944)	(183,790)
Payments for taxes related to net share settlement of equity awards	(24,339)	(27,230)
Proceeds from warrants exercised		43,949
Cash used in financing activities	(139,431)	(380,821)
Decrease in cash and cash equivalents, including restricted cash	(68,212)	(52,962)
Cash and cash equivalents, including restricted cash, beginning of period	288,907	237,159
Cash and cash equivalents, including restricted cash, end of period	220,695	184,197
SUPPLEMENTAL CASH FLOW INFORMATION
Cash and cash equivalents	219,595	183,097
Restricted Cash	1,100	1,100
Cash and cash equivalents, including restricted cash, end of period	220,695	184,197
Term loan due 2025
Financing activities
Proceeds from issuance of term loan due 2025	20,000
Payments on term loan	(6,666)
Term loan due 2024
Financing activities
Payments on term loan	$ (3,502)	$ (2,250)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 219,595	$ 287,807
Short-term investments	36,347	32,724
Restricted cash	1,100	1,100
Trade accounts receivable (net of $0 allowance at September 30, 2024 and December 31, 2023)	239,994	273,522
Other receivables	8,580	13,700
Inventories	235,091	244,261
Other current assets	47,716	64,653
Total current assets	788,423	917,767
Property, plant and equipment, net	1,238,534	1,228,891
Other assets
Deferred income taxes	126,608	124,024
Equity investments	23,088	22,815
Fund for asset retirement obligations	147,932	142,266
Other noncurrent assets	46,293	48,410
Total other assets	343,921	337,515
Total assets	2,370,878	2,484,173
Current Liabilities
Accounts payable	153,189	205,001
Accrued expenses and other current liabilities	112,767	127,617
Current maturities of debt	126,897	35,343
Total current liabilities	392,853	367,961
Long-term debt		105,252
Asset retirement obligations	267,486	255,740
Accrued pension benefits	816	878
Accrued postretirement benefits other than pension	46,530	47,494
Accrued workers' compensation	158,902	154,650
Other noncurrent liabilities	60,337	72,742
Total liabilities	926,924	1,004,717
Stockholders' equity
Common stock, $0.01 par value, authorized 300,000 shares, issued 30,805 and 30,557 shares at September 30, 2024 and December 31, 2023, respectively	308	306
Paid-in capital	764,202	720,029
Retained earnings	1,839,125	1,830,018
Treasury stock, 12,701 and 12,197 shares at September 30, 2024 and December 31, 2023, respectively, at cost	(1,193,884)	(1,109,679)
Accumulated other comprehensive income	34,203	38,782
Total stockholders' equity	1,443,954	1,479,456
Total liabilities and stockholders' equity	$ 2,370,878	$ 2,484,173