Alpha Reports 2nd Quarter 2022 Financial Results.

BRISTOL, Tenn: Alpha Metallurgical Resources, Inc. ( NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported results for the second quarter ending June 30, 2022.

(millions, except per share)

Three months ended

June 30, 2022

Mar. 31, 2022

June 30, 2021

Net income (loss)(2)

$575.4

$401.0

($18.6)

Net income (loss)(2) per diluted share

$30.03

$20.52

($1.01)

Adjusted EBITDA(1)

$694.5

$503.8

$39.9

Operating cash flow(3)

$465.9

$336.1

($6.3)

Capital expenditures

($41.9)

($28.1)

($17.6)

Tons of coal sold(2)

4.3

4.0

4.0

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1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.

2. From continuing operations.

3. Includes discontinued operations.

   "After meeting our stated goal of paying off the long-term debt, the Alpha team has posted yet another record quarter, with Adjusted EBITDA of nearly $700 million," said David Stetson, Alpha's chair and chief executive officer. "Eliminating the debt was a key goal of mine because I believed it would create a more stable company with the flexibility to weather the inevitable market volatility that this industry experiences. The fact that we were able to pay off the debt in such a short period of time is a testament not only to the strength of the recent coal markets but also to the steadfast resolve and discipline of our team."

   Stetson continued: "With these recent accomplishments, Alpha has entered a new and exciting chapter, and I believe the end of this calendar year is the right time to hand over the reins of day-to-day leadership of the company to Andy Eidson. Like most public companies, Alpha's board of directors and executive management routinely engage in succession planning to prepare for and effectively handle leadership transitions. Andy and I have therefore worked together closely for many years. Now, as I prepare for retirement, we will focus on a seamless transition. He is exceedingly well prepared to take on the CEO role, and his vision for the company is an extension of what we have demonstrated the last few years - financial discipline, excellence and reliability in all aspects of our work, and a firm commitment to creating and maintaining shareholder value. It has been my great honor to lead Alpha, and I look forward to continuing my involvement as executive chairman of the board of directors."

   Financial Performance

   For the second quarter 2022, Alpha reported net income from continuing operations of $575.4 million, or $30.03 per diluted share. The company had net income from continuing operations of $401.0 million or $20.52 per diluted share for the first quarter 2022.

   Total Adjusted EBITDA for the second quarter was a record $694.5 million, compared with $503.8 million in the first quarter 2022.

   Coal Revenues

   (millions)

   Three months ended

   June 30, 2022

   Mar. 31, 2022

   Met Segment

   $

   1,318.7

   $

   1,054.3

   All Other

   $

   15.6

   $

   15.4

   Met Segment (excl. freight & handling)(1)

   $

   1,162.1

   $

   910.3

   All Other (excl. freight & handling)(1)

   $

   15.6

   $

   15.4

   Tons Sold

   (millions)

   Three months ended

   June 30, 2022

   Mar. 31, 2022

   Met Segment

   4.1

   3.8

   All Other

   0.3

   0.3

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1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

   Coal Sales Realization(1)

   (per ton)

   Three months ended

   June 30, 2022

   Mar. 31, 2022

   Met Segment

   $286.95

   $240.82

   All Other

   $61.41

   $57.39

   __________________________________

1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

   Our net realized pricing for the Met segment was $286.95 per ton in the second quarter 2022, while net realization in the All Other category was $61.41.

   The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism.

   (in millions, except per ton data)

   Met Segment Sales

   Three months ended June 30, 2022

   Tons Sold

   Coal Revenues

   Realization/ton(1)

   % of Met Tons Sold

   Export - Other Pricing Mechanisms

   1.3

   $417.0

   $321.03

   35 %

   Domestic

   0.8

   $159.7

   $189.27

   22 %

   Export - Australian Indexed

   1.6

   $565.1

   $350.56

   43 %

   Total Met Coal Revenues

   3.8

   $1,141.9

   $304.09

   100 %

   Thermal Coal Revenues

   0.3

   $20.3

   $68.75

   Total Met Segment Coal Revenues (excl. freight & handling)(1)

   4.1

   $1,162.2

   $286.95

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