0001104659-20-011593.txt : 20200206 0001104659-20-011593.hdr.sgml : 20200206 20200206064536 ACCESSION NUMBER: 0001104659-20-011593 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200206 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200206 DATE AS OF CHANGE: 20200206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARCH COAL INC CENTRAL INDEX KEY: 0001037676 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE SURFACE MINING [1221] IRS NUMBER: 430921172 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13105 FILM NUMBER: 20580833 BUSINESS ADDRESS: STREET 1: CITY PLACE ONE STE 300 STREET 2: ARCH MINERAL CORP CITY: ST LOUIS STATE: MO ZIP: 63141 BUSINESS PHONE: 3149942700 MAIL ADDRESS: STREET 1: CITYPLACE ONE SUITE 300 STREET 2: ARCH MINERAL CORP CITY: CREVE COEUR STATE: MO ZIP: 63141 FORMER COMPANY: FORMER CONFORMED NAME: ARCH MINERAL CORP DATE OF NAME CHANGE: 19970411 8-K 1 tm206670-1_8k.htm FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported):  February 6, 2020 (February 6, 2020)

 

Arch Coal, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   1-13105   43-0921172
(State or other jurisdiction of
incorporation)		   (Commission File Number)   (I.R.S. Employer Identification No.)

 

CityPlace One
One CityPlace Drive, Suite 300
St. Louis, Missouri 63141
(Address, including zip code, of principal executive offices)

 

Registrant’s telephone number, including area code:  (314) 994-2700

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class:   Trading Symbol(s)   Name of each exchange on which registered:
Common Stock, $.01 par value   ARCH   New York Stock Exchange

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (Section 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Section 240.12b-2 of this chapter).

 

Emerging growth company ¨

 

If an emerging growth company, indicated by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On February 6, 2020, Arch Coal, Inc. (the “Company”) issued a press release containing its fourth quarter 2019 financial results. A copy of the press release is attached hereto as exhibit 99.1.

 

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02, including Exhibit 99.1, shall not be incorporated into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

The following exhibits are attached hereto and filed herewith.

 

Exhibit
No.

  

Description

99.1   Press release dated February 06, 2020.
104   Cover Page Interactive Data File (formatted as Inline XBRL)

 

1

 

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: February 6, 2020 Arch Coal, Inc.
   
  By: /s/ Robert G. Jones
    Robert G. Jones
    Senior Vice President – Law, General Counsel and Secretary

 

2

 EX-99.1 2 tm206670d1_ex99-1.htm EXHIBIT 99.1

 

 

Exhibit 99.1

 

News from

Arch Coal, Inc.

 

FOR FURTHER INFORMATION:

 

Investor Relations

314/994-2897

 

FOR IMMEDIATE RELEASE

 

Arch Coal, Inc. Reports Fourth Quarter and Full Year 2019 Results

 

  · Achieves another strong performance from its metallurgical portfolio despite a lower price environment and a major operational transition at Mountain Laurel
  · Guides to significant and continuing reductions in metallurgical costs
  · Makes excellent progress in developing its world-class Leer South growth project
  · Announces 11-percent increase in quarterly dividend

 

ST. LOUIS, February 6, 2020 – Arch Coal, Inc. (NYSE: ARCH) today reported a net loss of $8.6 million, or $0.57 per diluted share, in the fourth quarter of 2019, compared with net income of $86.1 million, or $4.44 per diluted share, in the prior-year period. Included in the company’s fourth quarter results was a loss of $9.0 million associated with the December sale of its Coal-Mac thermal operations. Arch had adjusted earnings before interest, taxes, depreciation, depletion, amortization, accretion on asset retirement obligations, amortization of sales contracts, and non-operating expenses (“adjusted EBITDA”) 1 of $43.7 million in the fourth quarter of 2019, which includes a $1.3 million non-cash mark-to-market loss associated with the company’s coal-hedging activities. This compares to $122.6 million of adjusted EBITDA recorded in the fourth quarter of 2018, which included a $13.0 million non-cash mark-to-market gain associated with the company’s coal-hedging activities. Revenues totaled $549.5 million for the three months ended December 31, 2019, versus $651.0 million in the prior-year quarter.

 

“Arch wrapped up a strong 2019 financial performance with solid fourth quarter results, even as it executed a major operational transition at its Mountain Laurel metallurgical mine and despite lower metallurgical pricing,” said John W. Eaves, Arch’s chief executive officer. “Excluding Mountain Laurel, Arch’s metallurgical portfolio achieved costs below $60 per ton for the quarter – including another mid-$40 per-ton cost performance at the Leer mine – and delivered cash margins from its coking coal segment in excess of $30 per ton.”

 

As previously announced, Mountain Laurel embarked upon a transition from longwall to room-and-pillar mining during the quarter, and brought that process to a successful conclusion in January. This conversion to room-and-pillar mining should translate into lower costs, enhanced product quality, and a more consistent operating performance.

 

 

 

 

1 Adjusted EBITDA is defined and reconciled in the “Reconciliation of Non-GAAP measures” in this release.

 

 

1

 

 

In addition, Arch bought back $10.5 million of stock and made dividend payments totaling $8.0 million. In the past 11 quarters, Arch has bought back a total of 10.1 million shares, or 40 percent of its initial shares outstanding, and returned a total of $913.3 million, including dividends, to shareholders.

 

“We are proud of the great progress we’ve made in returning capital to shareholders since initiating our capital return program in May 2017,” Eaves said. “With the recent pullback in metallurgical prices, we expect to allocate most of our excess cash in 2020 to the accelerated build-out of Leer South, which promises to greatly enhance the long-term, cash-generating capabilities of our metallurgical portfolio.”

 

Arch expects to invest $220 million at Leer South during 2020 and expects longwall mining to commence in the third quarter of 2021.

 

Financial and Liquidity Update

 

At year-end 2019, Arch had invested a total of $827.4 million since May 2017 to buy back 10.1 million shares while returning an additional $85.9 million to shareholders through its recurring quarterly dividend.

 

Arch ended the year with total liquidity of $412.1 million, including $288.7 million in cash.

 

“With our premier, high-margin metallurgical portfolio and low-cost, legacy thermal assets, Arch is well-equipped to fund its Leer South growth project with internal funding, even in a softer market environment,” said John T. Drexler, Arch’s chief financial officer.

 

In addition, Arch expects to monetize its recently announced $39 million land settlement with the federal government during the course of 2020.

 

Looking ahead, the board has approved an 11 percent increase in its quarterly dividend, bringing the quarterly cash dividend payment to $0.50 per share. Since launching the capital return program, Arch has increased the quarterly dividend rate three times, by a total of 43 percent.

 

The next quarterly cash dividend payment of $0.50 per share of common stock is scheduled to be paid on March 13, 2020 to stockholders of record at the close of business on March 3, 2020.

 

Future dividend declarations and share repurchases will be subject to ongoing board review and authorization and will be based on a number of factors, including business and market conditions, Arch’s future financial performance and other capital priorities.

 

Operational Results

 

“During 2019, Arch took significant strides to further enhance the competitive position of its core metallurgical segment – moving into thicker reserves at the Leer mine, transitioning Mountain Laurel to a room-and-pillar operation, and launching the development of Leer South,” said Paul A. Lang, Arch’s president and chief operating officer. “At the same time, we continued to exhibit strong cost control and solid capital discipline in our thermal segments, which allowed us to generate segment-level EBITDA from our thermal assets more than $100 million in excess of capital expenditures during 2019.”

 

 

2

 

 

    Metallurgical  
    4Q19     3Q19     4Q18  
Tons sold (in millions)     2.0       2.1       2.1  
Coking     1.8       1.9       1.9  
Thermal     0.2       0.2       0.2  
Coal sales per ton sold   $ 90.51     $ 98.89     $ 121.53  
Coking   $ 97.39     $ 105.71     $ 130.49  
Thermal   $ 33.25     $ 32.17     $ 37.83  
Cash cost per ton sold   $ 70.02     $ 64.89     $ 74.84  
Cash margin per ton   $ 20.49     $ 34.00     $ 46.69  

 

Coal sales per ton sold and cash cost per ton sold are defined and reconciled under "Reconciliation of non-GAAP measures."

Mining complexes included in this segment are Beckley, Leer, Mountain Laurel and Sentinel.

 

During the fourth quarter, Arch’s metallurgical segment performed well even as it initiated an earlier-than-anticipated transition to room-and-pillar mining at its Mountain Laurel operation and despite weaker metallurgical market conditions.

 

While the longwall removal process at Mountain Laurel proved complex, the transition to room-and-pillar mining is off to a strong start. Four continuous miners were operating efficiently in room-and-pillar configuration at year-end, with the fifth and final unit expected to start up in March.

 

As a result of geologic conditions in the final longwall panel, Mountain Laurel was unable to recover 123 of the longwall system’s 176 hydraulic shields. The company is finalizing a claim under its insurance policy of $30 to $35 million that will cover the amount of capital required for the new shields, and expects to be successful with that claim.

 

Arch expects to produce 6.8 to 7.2 million tons of coking coal in 2020, with per-ton cash costs for the full year of between $58.00 and $62.00. Metallurgical shipments are expected to be lower-than-ratable in the first quarter of 2020 due to seasonal dock closures on the Great Lakes that will act to reduce North American volumes, as well as the projected timing of certain other commitments.

 

 

3

 

 

    Powder River Basin  
    4Q19     3Q19     4Q18  
Tons sold (in millions)     18.1       22.2       19.5  
Coal sales per ton sold   $ 12.07     $ 12.02     $ 11.88  
Cash cost per ton sold   $ 10.70     $ 9.77     $ 10.66  
Cash margin per ton   $ 1.37     $ 2.25     $ 1.22  

 

Coal sales per ton sold and cash cost per ton sold are defined and reconciled under "Reconciliation of non-GAAP measures."

Mining complexes included in this segment are Black Thunder and Coal Creek.

 

In the Powder River Basin, sales volumes for the fourth quarter of 2019 totaled 18.1 million tons compared to 22.2 million tons in the third quarter of 2019, which benefited from strong seasonal demand. Cash costs averaged $10.70 per ton sold compared to $9.77 per ton sold in the third quarter. The segment’s average cash margin for the quarter was $1.37 per ton.

 

Looking ahead, Arch expects cash costs of between $10.90 and $11.30 per ton in its PRB segment during 2020, which includes the impact of recently enacted excise tax increases. Given the mild start to winter and currently depressed natural gas prices, the company expects its PRB segment to experience lower-than-ratable volumes and higher-than-ratable costs in the first quarter of 2020.

 

    Other Thermal  
    4Q19     3Q19     4Q18  
Tons sold (in millions)     2.1       2.0       2.3  
Coal sales per ton sold   $ 35.41     $ 39.52     $ 34.89  
Cash cost per ton sold   $ 31.81     $ 31.16     $ 28.76  
Cash margin per ton   $ 3.60     $ 8.36     $ 6.13  

 

Coal sales per ton sold and cash cost per ton sold are defined and reconciled under "Reconciliation of non-GAAP measures."

Mining complexes included in this segment are Coal-Mac, Viper and West Elk.

 

In the Other Thermal segment, the average cash margin declined to $3.60 per ton in the fourth quarter of 2019 versus $8.36 per ton in the third quarter of 2019, due primarily to a shift in product mix and lower export-related pricing at the West Elk mine.

 

Arch is guiding to average operating costs of $25.00 to $29.00 per ton for full year 2020, which reflects the sale of Coal-Mac in December 2019. At year-end, the Other Thermal segment had 3.5 million tons committed for delivery in 2020, including 3.1 million tons committed at a fixed price of $33.65 per ton.

 

Progress at Leer South

 

During 2019, Arch invested $103 million in the build-out of Leer South, and expects to invest another $220 million in 2020. Total capex for Leer South is projected at between $360 million and $390 million.

 

 

4

 

 

“We continue to make excellent progress in developing Leer South, which we consider to be the industry’s premier growth project,” Lang said. “We are well on track for the commencement of longwall operations at the new mine in the third quarter of 2021. Even at today’s weaker assessed High-Vol A metallurgical prices, we would expect Leer South to generate margins of approximately $45 per ton if the longwall were online today.”

 

With the addition of Leer South, Arch expects to expand its High-Vol A output by an incremental 3 million tons; enhance its already advantageous position on the U.S. cost curve; strengthen its coking coal profit margins across a wide range of market conditions; and cement its position as the leading supplier of High-Vol A coking coal globally.

 

Market Developments

 

After a significant pullback in the back half of 2019, metallurgical markets have rebounded modestly since the start of the year, although ongoing concerns about the coronavirus and its potential impact on the global economy remain significant, near-term risks. The assessed price of the High-Vol A metallurgical product – which comprises nearly 70 percent of Arch’s metallurgical product mix – has increased nearly 10 percent since January 1, and other metallurgical qualities have strengthened as well.

 

At year-end, Arch had committed to supply 1.8 million tons of its metallurgical products to North American customers in 2020, at a fixed price of approximately $107 per ton. In addition, Arch had committed to move 2.4 million tons of its metallurgical products into the seaborne market, with 2.2 million tons of that total at a market-based pricing structure and 200,000 tons of its lower-quality metallurgical products at a fixed price of approximately $83 per ton.

 

“We are pleased with the balance we have achieved to date in our 2020 metallurgical sales book,” Lang said. “We have built a strong foundation of fixed-price business in North America at advantageous prices given current market conditions, and have complemented that with a solid start to our contracting efforts in seaborne markets, where market-based pricing structures provide us with exposure to potential future strengthening in metallurgical markets,” Lang said.

 

In its thermal segments, Arch is more than 80 percent committed at current volume guidance levels, with 58.1 million tons of PRB coal committed at $12.22 per ton.

 

Outlook

 

“Heading into 2020, we are sharply focused on demonstrating continued operational excellence across our entire mine portfolio while advancing our well-defined strategy for long-term value creation and growth,” Eaves said. “We are driving forward with our efforts to further reduce the cost structure of our metallurgical segment; enhance our metallurgical portfolio’s already significant cash-generating capabilities through the build-out of Leer South; generate significant levels of cash at our low-cost thermal assets; prepare those assets for an increasingly challenging market environment through the completion of the synergistic joint venture with Peabody; and maintain our industry-leading balance sheet strength. In short, we are working aggressively to strengthen our performance across a range of significant operational and financial metrics in our ongoing efforts to maximize long-term value creation for our shareholders.”

 

5

 

 

   2020
   Tons  $ per ton
Sales Volume (in millions of tons)        
Coking  6.8  -  7.2   
Thermal  76.0  -  80.0   
Total  82.8     87.2   
             
Metallurgical (in millions of tons)            
Committed, Priced Coking North American        1.8  $107.11
Committed, Unpriced Coking North American        -   
Committed, Priced Coking Seaborne        0.2  $83.44
Committed, Unpriced Coking Seaborne        2.2   
Total Committed Coking        4.2   
             
Committed, Priced Thermal Byproduct        0.1  $19.74
Committed, Unpriced Thermal Byproduct        0.4   
Total Committed Thermal Byproduct        0.5   
             
Average Metallurgical Cash Cost           $58.00 - $62.00
             
Powder River Basin (in millions of tons)            
Committed, Priced        58.1  $12.22
Committed, Unpriced        1.8   
Total Committed        59.9   
Average Cash Cost           $10.90 - $11.30
             
Other Thermal (in millions of tons)            
Committed, Priced        3.1  $33.65
Committed, Unpriced        0.4   
Total Committed        3.5   
Average Cash Cost           $25.00 - $29.00
             
Corporate (in $ millions)            
D,D&A  $120.0  -  $125.0   
ARO Accretion  $18.0  -  $20.0   
S,G&A - cash  $72.0  -  $76.0   
S,G&A - non-cash  $18.0  -  $20.0   
Net Interest Expense  $8.0  -  $10.0   
Capital Expenditures  $300.0  -  $320.0   
Tax Provision (%)  Approximately 0%   

 

Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP Segment cash cost 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 transportation costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts transportation costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. In addition, the impact of hedging activity related to commodity purchases that do not receive hedge accounting and idle and administrative costs that are not included in a reportable segment are additional reconciling items for Segment cash cost per ton sold. Management is unable to predict without unreasonable efforts the impact of hedging activity related to commodity purchases that do not receive hedge accounting due to fluctuations in commodity prices, which are difficult to forecast due to their inherent volatility. 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. Idle and administrative costs that are not included in a reportable segment are expected to be between $15 million and $20 million in 2020.

 

6

 

 

A conference call regarding Arch Coal’s fourth quarter and full year 2019 financial results will be webcast live today at 10 a.m. Eastern time. The conference call can be accessed via the “investor” section of the Arch Coal website (http://investor.archcoal.com).

 

U.S.-based Arch Coal, Inc. is a top coal producer for the global steel and power generation industries. Arch operates a streamlined portfolio of large-scale, low-cost mining complexes that produce high-quality metallurgical coals in Appalachia and low-emitting thermal coals in the Powder River Basin and other strategic supply regions. For more information, visit www.archcoal.com.

 

Forward-Looking Statements: This press release contains “forward-looking statements” – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “should,” “appears,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, particular uncertainties arise from changes in the demand for our coal by the domestic electric generation and steel industries; from legislation and regulations relating to the Clean Air Act and other environmental initiatives; from competition within our industry and with producers of competing energy sources; from our ability to successfully acquire or develop coal reserves; from operational, geological, permit, labor and weather-related factors; from the Tax Cuts and Jobs Act and other tax reforms; from the effects of foreign and domestic trade policies, actions or disputes; from fluctuations in the amount of cash we generate from operations, which could impact, among other things, our ability to pay dividends or repurchase shares in accordance with our announced capital allocation plan; from our ability to successfully integrate the operations that we acquire; from our ability to complete the joint venture transaction with Peabody Energy in a timely manner, including obtaining regulatory approvals and satisfying other closing conditions; from our ability to achieve expected synergies from the joint venture; from our ability to successfully integrate the operations of certain mines in the joint venture; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. For a description of some of the risks and uncertainties that may affect our future results, you should see the risk factors described from time to time in the reports we file with the Securities and Exchange Commission.

 

# # # 

 

7

 

  

Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
 
   Three Months Ended
December 31,		   Twelve Months Ended
December 31,		 
   2019   2018   2019   2018 
   (Unaudited)   (Unaudited)     
Revenues  $549,480   $650,963   $2,294,352   $2,451,787 
                     
Costs, expenses and other operating                    
Cost of sales (exclusive of items shown separately below)   492,454    514,005    1,873,017    1,925,202 
Depreciation, depletion and amortization   29,856    27,536    112,055    119,563 
Accretion on asset retirement obligations   5,137    6,993    20,548    27,970 
Amortization of sales contracts, net   (357)   1,567    (434)   11,107 
Change in fair value of coal derivatives and coal trading activities, net   1,250    (13,024)   (18,601)   9,118 
Selling, general and administrative expenses   21,917    26,687    95,781    100,300 
Costs related to proposed joint venture with Peabody Energy   7,044    -    13,816    - 
Loss on sale of Coal-Mac LLC   9,008    -    9,008    - 
Loss on sale of Lone Mountain Processing LLC   -    -    4,304    - 
Preference Rights Lease Application settlement income   -    -    (39,000)   - 
Other operating (income) expense, net   (9,869)   709    (19,012)   (20,611)
    556,440    564,473    2,051,482    2,172,649 
                     
Income (loss) from operations   (6,960)   86,490    242,870    279,138 
                     
Interest expense, net                    
Interest expense   (3,629)   (4,847)   (16,485)   (20,471)
Interest and investment income   1,751    2,156    9,691    6,782 
    (1,878)   (2,691)   (6,794)   (13,689)
                     
Income (loss) before nonoperating expenses   (8,838)   83,799    236,076    265,449 
                     
Nonoperating (expenses) income                    
Non-service related pension and postretirement benefit (costs) credits   74    (996)   (2,053)   (3,202)
Net loss resulting from early retirement of debt and debt restructuring   -    -    -    (485)
Reorganization items, net   (47)   (60)   24    (1,661)
    27    (1,056)   (2,029)   (5,348)
                     
Income (loss) before income taxes   (8,811)   82,743    234,047    260,101 
Provision for (benefit from) income taxes   (260)   (3,351)   248    (52,476)
                     
Net income (loss)  $(8,551)  $86,094   $233,799   $312,577 
                     
Net income (loss) per common share                    
Basic EPS  $(0.57)  $4.69   $14.42   $15.90 
Diluted EPS  $(0.57)  $4.44   $13.52   $15.15 
                     
Weighted average shares outstanding                    
Basic weighted average shares outstanding   15,097    18,344    16,218    19,663 
Diluted weighted average shares outstanding   15,097    19,396    17,298    20,629 
                     
Dividends declared per common share  $0.45   $0.40   $1.80   $1.60 
                     
Adjusted EBITDA (A)  $43,728   $122,586   $363,167   $437,778 

 

(A) Adjusted EBITDA is defined and reconciled under "Reconciliation of Non-GAAP Measures" later in this release.  

 

 

Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
   December 31,   December 31, 
   2019   2018 
   (Unaudited)     
Assets          
Current assets          
Cash and cash equivalents  $153,020   $264,937 
Short-term investments   135,667    162,797 
Trade accounts receivable   168,125    200,904 
Other receivables   21,143    48,926 
Inventories   130,898    125,470 
Other current assets   97,894    75,749 
Total current assets   706,747    878,783 
           
Property, plant and equipment, net   984,509    834,828 
           
Other assets          
Equity investments   105,588    104,676 
Other noncurrent assets   70,912    68,773 
Total other assets   176,500    173,449 
Total assets  $1,867,756   $1,887,060 
           
Liabilities and Stockholders' Equity          
Current liabilities          
Accounts payable  $133,060   $128,024 
Accrued expenses and other current liabilities   157,167    183,514 
Current maturities of debt   20,753    17,797 
Total current liabilities   310,980    329,335 
Long-term debt   290,066    300,186 
Asset retirement obligations   242,432    230,304 
Accrued pension benefits   5,476    16,147 
Accrued postretirement benefits other than pension   80,567    83,163 
Accrued workers’ compensation   215,599    174,303 
Other noncurrent liabilities   82,100    48,801 
Total liabilities   1,227,220    1,182,239 
           
Stockholders' equity          
Common Stock   252    250 
Paid-in capital   730,551    717,492 
Retained earnings   731,425    527,666 
Treasury stock, at cost   (827,381)   (583,883)
Accumulated other comprehensive income   5,689    43,296 
Total stockholders’ equity   640,536    704,821 
Total liabilities and stockholders’ equity  $1,867,756   $1,887,060 

 

 

Arch Coal, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
   Twelve Months Ended
December 31,		 
   2019   2018 
   (Unaudited)     
Operating activities          
Net income  $233,799   $312,577 
Adjustments to reconcile to cash provided by operating activities:          
Depreciation, depletion and amortization   112,055    119,563 
Accretion on asset retirement obligations   20,548    27,970 
Amortization of sales contracts, net   (434)   11,107 
Deferred income taxes   13,501    18,701 
Employee stock-based compensation expense   21,989    17,519 
Loss (Gain) on disposals and divestitures   8,304    (625)
Amortization relating to financing activities   3,691    4,179 
Preference Rights Lease Application settlement income   (39,000)   - 
Changes in:          
Receivables   30,713    (22,903)
Inventories   (15,251)   3,490 
Accounts payable, accrued expenses and other current liabilities   (28,222)   (14,208)
Income taxes, net   38,152    (46,970)
Other   19,869    (12,437)
Cash provided by operating activities   419,714    417,963 
           
Investing activities          
Capital expenditures   (266,356)   (95,272)
Minimum royalty payments   (1,249)   (584)
Proceeds from disposals and divestitures   6,135    1,083 
Purchases of short term investments   (205,216)   (143,328)
Proceeds from sales of short term investments   233,074    136,630 
Investments in and advances to affiliates, net   (5,499)   (2,481)
Cash used in investing activities   (239,111)   (103,952)
           
Financing activities          
Payments on term loan due 2024   (3,000)   (3,000)
Net payments on other debt   (5,373)   (6,077)
Debt financing costs   -    (1,257)
Dividends paid   (30,220)   (31,269)
Purchases of treasury stock   (244,998)   (280,871)
Payments for taxes related to net share settlement of equity awards   (8,961)   - 
Other   32    (202)
Cash used in financing activities   (292,520)   (322,676)
           
Decrease in cash and cash equivalents   (111,917)   (8,665)
Cash and cash equivalents, beginning of period   264,937    273,602 
           
Cash and cash equivalents, end of period  $153,020   $264,937 
           
Cash and cash equivalents, including restricted cash, end of period          
Cash and cash equivalents  $153,020   $264,937 
Restricted cash   -    - 
           
   $153,020   $264,937 

 

  

Arch Coal, Inc. and Subsidiaries
Schedule of Consolidated Debt
(In thousands)
   December 31,   December 31, 
   2019   2018 
   (Unaudited)     
Term loan due 2024 ($291.8 million face value)  $290,825   $293,626 
Other   25,007    30,449 
Debt issuance costs   (5,013)   (6,092)
    310,819    317,983 
Less: current maturities of debt   20,753    17,797 
Long-term debt  $290,066   $300,186 
           
Calculation of net debt          
Total debt (excluding debt issuance costs)  $315,832   $324,075 
Less liquid assets:          
Cash and cash equivalents   153,020    264,937 
Short term investments   135,667    162,797 
    288,687    427,734 
Net debt  $27,145   $(103,659)

 

 

Arch Coal, Inc. and Subsidiaries
Operational Performance
(In millions, except per ton data)
 
   Three Months Ended
   Three Months Ended
   Three Months Ended
 
   December 31, 2019   September 30, 2019   December 31, 2018 
   (Unaudited)       (Unaudited)       (Unaudited)     
Powder River Basin                              
Tons Sold   18.1         22.2         19.5      
                               
Segment Sales  $218.3   $12.07   $266.4   $12.02   $231.9   $11.88 
Segment Cash Cost of Sales   193.6    10.70    216.4    9.77    208.1    10.66 
Segment Cash Margin   24.7    1.37    49.9    2.25    23.8    1.22 
                               
Metallurgical                              
Tons Sold   2.0         2.1         2.1      
                               
Segment Sales  $181.0   $90.51   $206.1   $98.89   $253.8   $121.53 
Segment Cash Cost of Sales   140.0    70.02    135.2    64.89    156.3    74.84 
Segment Cash Margin   41.0    20.49    70.9    34.00    97.5    46.69 
                               
Other Thermal                              
Tons Sold   2.1         2.0         2.3      
                               
Segment Sales  $75.4   $35.41   $78.5   $39.52   $81.6   $34.89 
Segment Cash Cost of Sales   67.7    31.81    61.9    31.16    67.3    28.76 
Segment Cash Margin   7.7    3.60    16.6    8.36    14.3    6.13 
                               
Total Segment Cash Margin  $73.4        $137.4        $135.6      
                               
Selling, general and administrative expenses   (21.9)        (24.6)        (26.7)     
Other   (7.8)        (6.2)        13.7      
                               
Adjusted EBITDA  $43.7        $106.6        $122.6      

 

 

Arch Coal, Inc. and Subsidiaries

Reconciliation of NON-GAAP Measures

(In thousands, except per ton data)

 

Included in the accompanying release, we have disclosed certain non-GAAP measures as defined by Regulation G.

 

The following reconciles these items to the most directly comparable GAAP measure.

 

Non-GAAP Segment coal sales per ton sold   

 

Non-GAAP Segment coal sales per ton sold is calculated as segment coal sales revenues divided by segment tons sold. Segment coal sales revenues are adjusted for transportation costs, and may be adjusted for other items that, due to generally accepted accounting principles, are classified in “other income” on the consolidated income statements, but relate to price protection on the sale of coal. Segment coal sales per ton sold is not a measure of financial performance in accordance with generally accepted accounting principles. We believe segment coal sales per ton sold provides useful information to investors as it better reflects our revenue for the quality of coal sold and our operating results by including all income from coal sales. The adjustments made to arrive at these measures are significant in understanding and assessing our financial condition. Therefore, segment coal sales revenues should not be considered in isolation,nor as an alternative to coal sales revenues under generally accepted accounting principles.

 

Quarter ended December 31, 2019  Powder
River
Basin		   Metallurgical   Other
Thermal		   Idle and
Other		   Consolidated 
(In thousands)                    
GAAP Revenues in the consolidated income statements  $222,904   $221,551   $98,967   $6,058   $549,480 
Less:  Adjustments to reconcile to Non-GAAP Segment coal sales revenue                         
Coal risk management derivative settlements classified in "other income"   -    (616)   (3,258)   -    (3,874)
Coal sales revenues from idled or otherwise disposed operations not included in segments   -    -    -    6,026    6,026 
Transportation costs   4,567    41,165    26,849    32    72,613 
Non-GAAP Segment coal sales revenues  $218,337   $181,002   $75,376   $-   $474,715 
Tons sold   18,086    2,000    2,129           
Coal sales per ton sold  $12.07   $90.51   $35.41           

 

Quarter ended September 30, 2019   Powder River
Basin		    Metallurgical    Other
Thermal		    Idle and
Other		    Consolidated 
(In thousands)                         
GAAP Revenues in the consolidated income statements  $269,968   $254,493   $94,052   $954   $619,467 
Less:  Adjustments to reconcile to Non-GAAP Segment coal sales revenue                         
Coal risk management derivative settlements classified in "other income"   -    (506)   (4,533)   -    (5,039)
Coal sales revenues from idled or otherwise disposed operations not included in segments   -    -    -    954    954 
Transportation costs   3,581    48,925    20,080    -    72,586 
Non-GAAP Segment coal sales revenues  $266,387   $206,074   $78,505   $-   $550,966 
Tons sold   22,156    2,084    1,986           
Coal sales per ton sold  $12.02   $98.89   $39.52           

 

Quarter ended December 31, 2018   Powder River
Basin		    Metallurgical    Other
Thermal		    Idle and
Other		    Consolidated 
(In thousands)                         
GAAP Revenues in the consolidated income statements  $236,014   $302,916   $106,887   $5,146   $650,963 
Less:  Adjustments to reconcile to Non-GAAP Segment coal sales revenue                         
Coal risk management derivative settlements classified in "other income"   -    -    3,516    -    3,516 
Coal sales revenues from idled or otherwise disposed operations not included in segments   -    -    -    5,146    5,146 
Transportation costs   4,142    49,077    21,732    -    74,951 
Non-GAAP Segment coal sales revenues  $231,872   $253,839   $81,639   $-   $567,350 
Tons sold   19,521    2,089    2,340           
Coal sales per ton sold  $11.88   $121.53   $34.89           

 

  

Arch Coal, Inc. and Subsidiaries

Reconciliation of NON-GAAP Measures

(In thousands, except per ton data)

 

Non-GAAP Segment cash cost per ton sold

 

Non-GAAP Segment cash cost per ton sold is calculated as segment cash cost of coal sales divided by segment tons sold. Segment cash cost of coal sales is

adjusted for transportation costs, and may be adjusted for other items that, due to generally accepted accounting principles, are classified in “other income” on the consolidated income statements, but relate directly to the costs incurred to produce coal. Segment cash cost per ton sold is not a measure of financial performance in accordance with generally accepted accounting principles. We believe segment cash cost per ton sold better reflects our controllable costs and our operating results by including all costs incurred to produce coal. The adjustments made to arrive at these measures are significant in understanding and assessing our financial condition. Therefore, segment cash cost of coal sales should not be considered in isolation, nor as an alternative to cost of sales under generally accepted accounting principles.

 

Quarter ended December 31, 2019  Powder
River
Basin		   Metallurgical   Other
Thermal		   Idle and
Other		   Consolidated 
(In thousands)                         
GAAP Cost of sales in the consolidated income statements  $197,434   $181,192   $94,565   $19,263   $492,454 
Less:  Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales                         
Diesel fuel risk management derivative settlements classified in "other income"   (728)   -    -    -    (728)
Transportation costs   4,567    41,165    26,849    32    72,613 
Cost of coal sales from idled or otherwise disposed operations not included in segments   -    -    -    16,023    16,023 
Other (operating overhead, certain actuarial, etc.)   -    -    -    3,208    3,208 
Non-GAAP Segment cash cost of coal sales  $193,595   $140,027   $67,716   $-   $401,338 
Tons sold   18,086    2,000    2,129           
Cash cost per ton sold  $10.70   $70.02   $31.81           

 

Quarter ended September 30, 2019  Powder
River
Basin		   Metallurgical   Other
Thermal		   Idle and
Other		   Consolidated 
(In thousands)                         
GAAP Cost of sales in the consolidated income statements  $218,966   $184,149   $81,976   $5,913   $491,004 
Less:  Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales                         
Diesel fuel risk management derivative settlements classified in "other income"   (1,057)   -    -    -    (1,057)
Transportation costs   3,581    48,925    20,080    -    72,586 
Cost of coal sales from idled or otherwise disposed operations not included in segments   -    -    -    3,871    3,871 
Other (operating overhead, certain actuarial, etc.)   -    -    -    2,042    2,042 
Non-GAAP Segment cash cost of coal sales  $216,442   $135,224   $61,896   $-   $413,562 
Tons sold   22,156    2,084    1,986           
Cash cost per ton sold  $9.77   $64.89   $31.16           

 

Quarter ended December 31, 2018  Powder
River
Basin		   Metallurgical   Other
Thermal		   Idle and
Other		   Consolidated 
(In thousands)                         
GAAP Cost of sales in the consolidated income statements  $212,434   $205,390   $89,040   $7,141   $514,005 
Less:  Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales                         
Diesel fuel risk management derivative settlements classified in "other income"   120    -    -    -    120 
Transportation costs   4,142    49,077    21,732    -    74,951 
Cost of coal sales from idled or otherwise disposed operations not included in segments   -    -    -    4,746    4,746 
Other (operating overhead, certain actuarial, etc.)   -    -    -    2,395    2,395 
Non-GAAP Segment cash cost of coal sales  $208,172   $156,313   $67,308   $-   $431,793 
Tons sold   19,521    2,089    2,340           
Cash cost per ton sold  $10.66   $74.84   $28.76           

 

 

Arch Coal, Inc. and Subsidiaries

Reconciliation of Non-GAAP Measures

(In thousands)

 

Adjusted EBITDA

 

Adjusted EBITDA is defined as net income attributable to the Company before the effect of net interest expense, income taxes, depreciation, depletion and amortization, accretion on asset retirement obligations, amortization of sales contracts and nonoperating expenses. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of the Company's core operating performance.

 

Adjusted EBITDA is not a measure of financial performance in accordance with generally accepted accounting principles, and items excluded from Adjusted EBITDA are significant in understanding and assessing our financial condition. Therefore, Adjusted EBITDA should not be considered in isolation, nor as an alternative to net income, income from operations, cash flows from operations or as a measure of our profitability, liquidity or performance under generally accepted accounting principles.  The Company uses adjusted EBITDA to measure the operating performance of its segments and allocate resources to the segments.  Furthermore, analogous measures are used by industry analysts and investors to evaluate our operating performance. Investors should be aware that our presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. The table below shows how we calculate Adjusted EBITDA.

 

   Three Months Ended
December 31,		   Twelve Months Ended
December 31,		 
   2019   2018   2019   2018 
   (Unaudited)   (Unaudited) 
Net income (loss)  $(8,551)  $86,094   $233,799   $312,577 
Provision for (benefit from) income taxes   (260)   (3,351)   248    (52,476)
Interest expense, net   1,878    2,691    6,794    13,689 
Depreciation, depletion and amortization   29,856    27,536    112,055    119,563 
Accretion on asset retirement obligations   5,137    6,993    20,548    27,970 
Amortization of sales contracts, net   (357)   1,567    (434)   11,107 
Costs related to proposed joint venture with Peabody Energy   7,044    -    13,816    - 
Loss on sale of Coal-Mac LLC   9,008    -    9,008    - 
Loss on sale of Lone Mountain Processing LLC   -    -    4,304    - 
Preference Rights Lease Application settlement income   -    -    (39,000)   - 
Non-service related pension and postretirement benefit costs   (74)   996    2,053    3,202 
Net loss resulting from early retirement of debt and debt restructuring   -    -    -    485 
Reorganization items, net   47    60    (24)   1,661 
                     
Adjusted EBITDA  $43,728   $122,586   $363,167   $437,778 
EBITDA from idled or otherwise disposed operations   9,775    (1,527)   12,926    2,492 
Selling, general and administrative expenses   21,917    26,687    95,781    100,300 
Other   (1,450)   (10,075)   (14,488)   4,099 
                     
Segment Adjusted EBITDA from coal operations  $73,970   $137,671   $457,386   $544,669 
                     
Segment Adjusted EBITDA                    
Powder River Basin  $25,095   $23,886   $110,528   $126,525 
Metallurgical   41,079    97,875    305,363    349,524 
Other Thermal   7,796    15,910    41,495    68,620 
                     
Total Segment Adjusted EBITDA  $73,970   $137,671   $457,386   $544,669 

 

 

Arch Coal, Inc. and Subsidiaries

Reconciliation of NON-GAAP Measures

(In thousands, except per ton data)

 

During the fourth quarter 2019 earnings release, the Company discusses its' Metallurgical coal segment performance for the quarter ended December 31, 2019 excluding the impact of its' Mountain Laurel operation.  Management chose to display this metric as Mountain Laurel executed a major operational transition during the quarter from longwall mining to room-and-pillar mining.  Management believes this metric is more comparable to prior results and indicative of future results.  Below is the reconciliation of those amounts:            

 

Non-GAAP Segment coal sales per ton sold         

 

Quarter ended December 31, 2019  Metallurgical   Mountain
Laurel		   Metallurgical
excluding
Mountain Laurel		 
(In thousands)               
GAAP Revenues in the consolidated income statements  $221,551   $28,568   $192,983 
Less:  Adjustments to reconcile to Non-GAAP Segment coal sales revenue               
Coal risk management derivative settlements classified in "other income"   (616)   (616)   - 
Coal sales revenues from idled or otherwise disposed operations not included in segments   -    -    - 
Transportation costs   41,165    4,850    36,315 
Non-GAAP Segment coal sales revenues  $181,002   $24,334   $156,668 
Tons sold   2,000    276    1,723 
Coal sales per ton sold (a)  $90.51   $88.08   $90.90 

 

Non-GAAP Segment cash cost per ton sold      

 

Quarter ended December 31, 2019  Metallurgical   Mountain
Laurel		   Metallurgical
excluding
Mountain Laurel		 
(In thousands)            
GAAP Cost of sales in the consolidated income statements  $181,192   $44,073   $137,119 
Less:  Adjustments to reconcile to Non-GAAP Segment cash cost of coal sales               
Diesel fuel risk management derivative settlements classified in "other income"   -    -    - 
Transportation costs   41,165    4,850    36,315 
Cost of coal sales from idled or otherwise disposed operations not included in segments   -    -    - 
Other (operating overhead, certain actuarial, etc.)   -    -    - 
Non-GAAP Segment cash cost of coal sales  $140,027   $39,223   $100,804 
Tons sold   2,000    276    1,723 
Cash cost per ton sold (b)  $70.02   $141.97   $58.49 
Cash margin per ton sold  (a)-(b)  $20.49   $(53.89)  $32.41 

 

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Cover
Feb. 06, 2020
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 06, 2020
Entity File Number 1-13105
Entity Registrant Name Arch Coal, Inc.
Entity Central Index Key 0001037676
Entity Tax Identification Number 43-0921172
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One CityPlace One
Entity Address, Address Line Two One CityPlace Drive, Suite 300
Entity Address, City or Town St. Louis
Entity Address, State or Province MO
Entity Address, Postal Zip Code 63141
City Area Code 314
Local Phone Number 994-2700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $.01 par value
Trading Symbol ARCH
Security Exchange Name NYSE
Entity Emerging Growth Company false

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