Alpha Metallurgical Resources (AMR) 6 May 242024 Q1 Earnings call transcript

Greetings. Welcome to the Alpha Metallurgical Resources First Quarter 2024 Results Conference Call. A question and answers will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications.

begin. now may You

and everyone. Rob, good you, morning, Thank

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

Officer; For are XXXX and of Andy. on are our earnings Please the Dan SE that forward-looking the release the call to Whitehead. the also Commercial Chief statements call to please Andy measures and Chief I'll Horn, today GAAP non-GAAP Officer, to participating and Also Alpha's filing. [ documents of about President affect and Todd and use the our Chief them, refer regarding for get company's Jason more factors information and Operating call that, Eidson, reconciliation some over Financial can first Officer. With our Monsey the information those Officer, quarter associated their turn ], on Executive Chief our measures. Participating

good another quarter was XXXX some Thanks, Emily, EBITDA team first results market challenging work the This which adjusted challenging million. Alpha we morning, softening circumstances significant met financial in the second market of for closed, announced backdrop and the March. Since and sets quarter from witnessed coal $XXX in the despite deterioration of quarter with for of solid a we further starting Today, fundamentals, up everyone. quarter.

which market strength in the Although and volatility. reflect weather we're I our to remain QX will performance in ability environment operating, confident Alpha's obviously

possible areas that in approach safely to of occurred We word we by economic we've where a logistics. a plug optimized and we've to the decline to made small nimble describe has reality data market when that operate, all this adjustments conditions, years believe necessity. In adapting or be evaluating prefer leaks. now, to the constantly to market than especially cycles valuable true that reduce far becomes sharp in more can cost so lots response in to is optimizing few to quickly costs production find For how down but used XXXX,

and us size previously impact in market. our appropriately allowing for announced these are to of changes doesn't Given these deterioration the respond the year, volume adjustments the to our scale, but expectations magnitude

will market while eye on costs maintaining We further a as and also necessary. continue our external we'll monitoring drivers, business, close actions controllable within take

As with employees, visit I'm impressed and I most make overcome to and difficult of operations talk alpha the by challenges consistently circumstances. our drive the

it there's quarter in get performance tons of Our called yet see also of visits, hour. mine example metric I measures is first that objective but productivity is determination. a attention. in another man don't particular Subjectively, One this per lot a

our is first safety is always foremost. the at promote priority As and production highest continually mindset case, a we and Alpha, safe

go we sounds. that by Safety counterintuitively, Health somewhat Mon droves it which as hour, And productivity exactly production and safety, man and Administration including in usually efficiency and ] hand. ], is hand of [ IMA see each quarter, per [ data tons operator aggregates the

the pack led between of in this proud and that and longwall industry-leading testament our miners maintain are ways operators skill for often effectiveness to line. against than productive performed and XX% last hour in looking continuous metric notable or our the monitor operator position. QX, operations the Despite As our behavior operation. I'm teams. safe, the consistently consistent performance more tons is has pillar longwall all in roughly well quarters. continuous well say longwall differences per We Alpha a a the and operators this to kind next of with among of peers, to encourage That operations, well-known included among performs this operations consistently X Alpha the measurement company, Alpha's and room certain for led

to our we discussed quarter at the cash earnings levels. given an we back buyback believe this effort to fourth up the or continue build targeted to strategy. program is balances right currently in market intention During play, dynamics slow to our our pause call, Especially the

driven same Our the capital and return will remains continue philosophy cash to our by be flow.

cash market minimum utilize allow, conditions we flow cash As will levels for program. available the buyback and free

] regarding it X Todd full by of results Lastly, X This been of to Directors. serve Stockholders quarter the a of of term of provided to we additional were now elect hosted annual X. our year. of included through have over first The details to our members meeting filings. I'll our Board the May turn All a Board for Annual [ on SEC Meeting results. our our meeting members financial vote elected shareholders

prior the ton, per quarter, first the million of First ton to compensation against per Atlantic segment with in $XXX.XX per an tons per other the nonrecurring compared to quarter compared in $XX.X stock quarter. average respectively, in are and $XXX. excluding ton met down for coal met ton in Realization million quarter. to in $XXX QX increased QX the fourth fourth We quarter. our in as from quarter. $XXX.XX sales segment million, $XX.X Cost up of the for quarter. Realizations in realized to per in in $XXX QX. SG&A, indices quarter down quarter the thermal X.X in $XX.X fourth to $XXX.XX quarter, first met ton $XXX.XX from compared decreased per a the indices pricing of of first $XXX.X priced ton, the $XX.XX was was coal per million met $XX.XX fourth priced decreased from million first to million ton $XXX.XX was the to of in export as incidental in realized sold Australian the per our from items while mechanisms and quarter. Export in $XXX.XX realizations ton the fourth $XX.X noncash CapEx down adjusted decreased in million, QX. $XXX average portion XXXX. segment weighted realizations These EBITDA quarter the for on metallurgical total for quarter $XXX.XX, Quarter-over-quarter sales and tons the compared realization first

and cash Moving flows. to balance the sheet

quarter-over-quarter of Cash the liquidity to of decreased minimum $XXX.X $XXX.X end As of of net against total million under end liquidity we XX, operating of $XX activities the availability fourth ABL roughly the as provided in compared the in ABL March $XXX.X million $XXX.X million end had QX million March in $XXX.X which in flat unused is and at slightly of quarter. unrestricted the as $XX.X had our XXXX, million million QX. the covenant. a We cash, at quarter. Alpha of had to by million

had March facility $XX.X million As of million our no up borrowings prior ABL $XX.X outstanding, the and of letters XX, in quarter. credit of from

tonnage $XXX.XX. our of and Turning now position committed price is priced our midpoint of the average committed in XXXX. segment met for an the to of guidance at XX% metallurgical at

of not guidance the the and committed, $XX priced of price operations now portion but is previous for at an met of fully priced. XXXX of to the committed adjustments of to between We year visibility $XX XX% to into million met $XX tonnage our guidance. balance $XX.XX. With the thermal the midpoint and year we million The announced range for Another be million, increased expense yet first the million. and idle $XX year, expect byproduct X from up actuals the of average at our segment is quarter

range to previous decreased down to from For the expectation of XX% to a XX% XXXX of rate, tax XX%. we XX%, guidance the

annual withholdings first at in on from repurchased quarter, connection repurchased shares approximately the tax employees of we XXX,XXX million, with During approximately stock $XXX cost a including shares vestings.

The in the pricing As of our the due of XXXX, environment shift market shares authorization stock million $XX focus relative to liquidity conditions position. QX approximately toward upon program and in weakness April flow maintaining million. additional levels cash continuously stock common the conditions. We current market in was XX, permits monitor remaining our will and approximately to number QX, repurchases, $XXX contingent buyback outstanding

we call will do not market towards our turn While to limit now the QX. I expect over do share Jason. softness repurchase activity, we activity guide repurchase in to

records with for mentioned stewardship. work. safety achieve morning, on team number Good Since members in awards last teams recognition a have and Alpha environmental their to and then, continue public everyone. our I new operations that call of received company our

Virginia first in contest Mine second, Our Rescue March. and the regional respectively, West mine placed Paramount rescue teams Southern in Southeast in

Virginia operations these that Moneris bench awards In and top technician teams both cue our place Guardian safety exhibit Aid including at First earning year, in spots overall, a in addition presents of team to and West office first high the Health, Southern minors, this and team aid coming collected West the event, Alpha safety claiming Mountaineer to and host other first standards. of awards [ ] training team Virginia second. Each Paramount competition.

Ban [ For Grove named Rolling and Mountaineer South XXXX, ], Thunder plant ] X mill Kingston plant mine, Cedar mine, were Pre [ Guardian Kingston Creek Workman #X prep recipients. surface mine. surface mine operations Alpha

processing of were the the Mine, North Cedar were Mine dock, recognized. In Bandmill operations the load-out mines Creek number Mammoth recognized Castle Mine, outs a and Allen Mine category, the plant, Mountain winners, surface mines week, River and plant Kingston received Peet Surface alpha Creek Surface Grove last at Horse plants the slowed Awards out, processing underground Kingston and in out, Workman mine, mine Black System, mine, mine Mine, Slabcamp Safety surface Marfork Banquet, plant slowed and Kingston #X all Road mine, category, surface Marfork mine and armed South Fork Eagle #X pack Glen award were XX Additionally, prep load in Homes Belt plant category, the Transfer awards. Power

an point home all Sharon just Midwest Ketan, for this Arce Brian of the Senior of region, individuals and his in is retraining safety the safe reflection award. of commitment proud safe of an It's our Year author congratulate at Award, the years within alpha production. out Ark, Safety want to service to and I that's I'll and a a a accurate Virginia list, the Safety representative individual safety long is impact Gales that Arke I'm the couple positive Vice X has award of announce production miners. I to outstanding brought Cook which surface training exemplifies at President a unwavering this is and row achievements. Finally, how Brian received safety and of received important Steve our award-winning the mentioned. an the leader Leader on and locations company.

elimination, received reclamation Kingston techniques on West Ridge West exemplary environmental the exemplary their Commission, middle wall and exemplary XX Mining Kingston and from Queen for Coal North awarded The X operations Producers operations Paramount awards also X]. field for the at deep XX they Best Alpha surface of permit also the awarded for mine dangerous Virginia, DEP X Paramount permit. The Run West [deep for for In National awards reclamation Award. performance. Environmental. Best Deep Reclamation Virginia mines. In Queen for of environmental Creek of surface mine Met and The received Elk Virginia, Alpha XXXX. for on mine DEP high deep best recognized Mine Interstate on to MCPA Association, received the Workman a Valley Black their mine Turning operations received completed Compact construction AML mine, and active awards Virginia

awarded preparation for Lastly, plant. Dickerson our teams to to I feel want commitment the their environmental Mercure Russell our compliance. Active do at beyond environmental all of that for CPA excellence, Best and they and both to operations go congratulate

and solid, especially in for challenges some expand shortly. light we performance on quarter that face, operations was of First I'll

hour. measures sell like be productivity what is do before, productive safe mentioned and to and at same can could exactly tons Andy We which teams safety the that prouder we aim time, our As in I man in day. not per both every be

storm. Already market the labor a pandemic since when know, XXXX all recruiting such crowded of the much new has became work we seemed by took world almost in times. COVID-XX even a hands-on challenging, environment more competitive impossible As changed spring talent

to and grow supplies. As Inflation created. highs, component critical supply unprecedented availability while like business you couldn't Frankly, in a just supplies caused result, costs cases, labors get some to

and Maxim facilities, decrease in scale in supply increasing Australian spoke shedding in parts we've $XX warehouses manufacturing industry, with the approximately to export quarter-over-quarter [ discussed storm which acquisitions in softening is our on transportation. weather supplies coal Maxim competition stocking rebuild is eased a also recent trend of ton price. This with ] As the previous Todd on hurdles by representative these index trend many the like of of recent calls, and our of mitigated to light downward which Alpha and our of coking the has quarters. realizations the the

stay the will formed very alpha well over to to of is a time different well to lot steer these there's we uncertainty make needs communicate after navigated the value more going it through facing going markets our with the active lower-cost happening we're the X,XXX necessary to COVID circumstances ones this underway harder are suppliers rebuild hesitated change in of over facilities. of the on set work some trough. while Now a not what how as but long the years, in expectations and is challenging. The in decisions the they many options present the takes we successfully than have suppliers, with ways, headwinds. With been current we focus Year-to-date as partnership with on XXXX, this also behind-the-scenes manufacturing forward, market shifting Alpha's and are themselves. Alpha and as viable process, we

supplies availability has of the mentioned, I certain As improved.

a around utilizing a at blessing with maximizing have and of discount the to to shoot sourcing plants. expertise to highest not in ] facilities evaluating for component to make fabricating it, continuous party, our We it seamlessly but our chains to it build things is a centered initiatives from versus that work we and brings in-house have miners machining to planned are we're always the preparation where is every project it for are way margin. Any third a Alpha, the have situation goal like tracks in [ move return from a we

no made workforce current Alpha make the the per Lastly, certain reductions decision for the X turn organization. we now on markets. Dan have, million while over to most it, trend across But the our markets although And understand to sustainability. I'll they to has incentive the how actions market update are employees, cyclical about communicating to year. necessary $XX the likes understand equate citing and I seasoned to with These cuts are. these like ensure believe call the an difficult

per High-Vol end $XXX at decreased to ton to the quarter and East of on year good U.S. Asia, ton and [ United $XXX.XX global volatility softened weakened the circumstances In metric of index world B States quarter. Since metric Thanks, due and in months, recessionary remain $XXX at at low-vol in first the and to Economic recent metallurgical March. the end to markets. Economic coal the metric per Coast low at in ] parts ton per vol fears January have metric pressures, ton coal the uncertainty the geopolitical Coast of the a the dropped quarter XX%. $XXX XXXX, time index $XX.XX the largest of per decreased from fell during at U.S. dropped $XXX experience saw $XXX ton from that with Australian the stronger PLV metric metric everyone. markets the significant of uneven moved Coast across East from $XXX of ton U.S. and demand reduction to of beginning more strike, closely or indices metallurgical level January index X, XXXX. All A for start premium The Hal quarter. The coal per and dynamics which of [ ] than the steel. certain prices from metric end metric close, East $XXX Jason, per from within drop morning, first generally X significantly geopolitical continue Europe May global of at on conditions have contributed with then, in to has representing demand ton per index Xrd. The logical the Alpha close the to its quarter. quarter to the XX% ton metric PLV per per monitor Australian [ ]

U.S. ton. has measuring levels $XXX $XXX deterioration ] These believe drop-off A ton XXX, of and the of XX. In the metric from but of numbers weeks per extent metric East full softened per May perspective, $XXX.XX per from they softness per from market on other moved to activity. index $XXX thermal May significant end million market, end X at as recent low-vol, indices suggest sales ton, an that respectively, occurred metric in Coast APIX office the January was the or B index at ton X of API The of also X high-vol reflect not and quarter the the may the March, and on with in met coal high-vol their have indices $XX.XX certainly we coal X, [

remarks, my briefly to want ] close March Botanor discuss block to from ], I I for the Before IntScott-Keybridge which [ Harbor. in is [ Baltimore access and XX collapse shipping

export terminals stored coal office the rights. the and in our Terminal markets not hold coal used of time coal Dominion vast Baltimore our we any XX% have have export comparable Instead, not and of nearly which travels thus majority a the the there terms collapse. ownership throughput bridge decade, to In we a interest in and at to business associates of did specifically, capacity

use experience some effects who for transport for demand necessary for competition cases as We where also that may we exported products their in so. business. We, as congestion, do other as have options. or times the port on do such collapse our also direct have rail Therefore, East it's ability bridges producers historically companies rail costs. may greater the longer us indirect will terminals Coast increased capacity not believe other like higher to seek export rail shipments opportunistic through or to for shipment alternate have This result Baltimore effects in

we to the majority bridge continues our us business. material do well, expect However, not Baltimore effects the DTA adverse collapse and any serve ownership in from office

maintenance. weeklong operating terminal maintenance capacity. and recently to DTA, full of outage loader team planned was the successful the completed at back a Lastly, is speaking for The ship

other downtime X the and stacker May. The at of means expected in only will impact to machines now is maintenance less roughly call but scheduled throughput continue This equipment terminal. the open reclaimer equipment, time will DTA maintenance. And the for questions. operator, middle this to when be that, operating able of for Another with the week outage will scheduled overall during is X occur be are to with the is the machine ready be we down to

with Lucas be a session. My time, At question from question-and-answer Pipes B. this comes conductinga we'll Securities. first Riley

morning, my only prepared data because the mentioning of I in also AI. the executive Good first, hat who without you're tip lots everyone. Andy, mentions want remarks to probably

the speak seriousness, productivity to if well are done here all from cost great in remarks, wondered of where of maybe looking but maybe expand but market key really you there. could the partially some and and initiatives job QX. And on cost environment. kind on you discussed drive could the prepared were So out on side on in what a from I would you to out a they manage weaker describe as on you're here savings

far continue Sure, Lucas, call. next the beg have get maybe and monitor any the to We'll effect again, pushing this good a bigger to equipment I as AI. A at. It metrics significant all brain really a -- got organic we'll their to entire of Jason I it's for applied incredible. And work, pretty is number the the small the the that to case of million that to we're to across on team of It pretty time mean, volume I But have of and improvements. do review hate could fact sheer uptime are down portfolio. test ] changes of operations as across that real me XX-ish whether a that the tons, lot or detail going snowball of covered the a much operations they're Jason it's AI. [ that. But the number portion productivity that. earnings really when have level it evaluated and they've on. think out be say it punch on got we to lot watching they is. -- being that I things be I that things than it's is of requires amazing currently something work And would

every any to this again, it appropriate in will that of from. and kind some derive of aspect to mean Jason things specifics without wisdom but unless to covers some there capturing team are then it a information don't we've that significant at some that way able you, data really and operations and being all So goes I into like to impact right you can make want it. out throw to take cut really back I get data got of pointless wisdoms the the

really I I'll This bit. keying really a is Andy, first on covered of the guess, ago, Jason. are around Andy half up well. I now guess it softening, things just part a quarters is of second have little follow market the we're And there. in even maybe get to turned mean, things now with few relative really and easier the supply to the that I

return rebuild we to that alpha. absolute utilizing sure So facilities our we're get want our for make to facilities manufacturing and best the

So off we're able see pick shift and fabricating may we're it making cases, we're use. the sense shelf, as to in to things makes some we the up things that for internal

Pricing Jason. vantage want bit. of in is signals. are and touch and there. on a the my than holding Andy a the described behold. From is mixed you of little seemingly I point, but demand softer maybe softer kind market to lot there

think market you balance, on I here would if environment. any the repeated muted expand cash if there it you is expect maybe are resume excess about How million that assume of reasonable or and maybe that to if buyback sorry, share -- you cash the is that signs purchases shoots and more that. So where in would the for ahead. And outlook caution you it on today, this you of we with example, are wondered more should there green get to cash maybe see could we -- be that, in $XXX if

how about wondering think Just you that.

the before. of XX-week second about talked kind following in the as on not -- market. it buyback We're it. forecast. ambivalent our we're a is. We're deal to forecast there's the -- the obviously, We're somewhat the are logic with as return. then buyback, what to on slaves question we the method the flow hit I'll first, Dan all But I'll a far and to of Yes. It's let cold cash Lucas, agnostic capital of part but we've the

X don't market the protect powder is means do month to to choppy that, like we make to like job world we've have with we see up quicker with. sure we before dry when think naturally, a can opportunity in market trading want that we're And that window a got franchise. this, enough waters we're going maintained the XXX lock get call it down to below the but our of approximately we with any things changes or or the the withstand But XXX, week marks probably first less, before than legs, we'll even keep bottom closes, who have down play and some the the June knows. I to at that up have and previously whether we bottom if we tested even until it And it. XXbX programming of to leave

the the so see as firing don't And required where to I market but to on seeing comment the until to cash the would going again. But then, up commit some worrying a We're support market, have where or earnest the -- keep analyze Dan, want come you some not got in everything to we at play that. let balances going we're our piece to on stay I'm up -- we've to in comfortable just where I'll don't other. time about from. But -- place is that it trend if to get buyback reversal way more not information, we're X

of any years. It's steel We guess And of still a world been lot little in few production long obviously than would doubt, guess that balanced of economic this they've I describe a been I to have guess, know, you India, all no is demand depressed around kind is is market. I I've of a is I steel good of time, a a our markets. There's since as not seen lot Lucas, markets. down. circumstances. markets market, in a kind the due weaker

an situation, to people piece there it that as kind that's overhang our affecting out There talk lot coke been don't and off. much us. of that's I Another think shipments. starting of are coking a metallurgical as coal affects about And work that's

So the that metallurgical of shoots for coke and the quite and -- maybe suppose availability metal production market I X number starting be starting you're the a probably green might up actually pricing see hot to of looking of shoot green increase, go the not blast to furnaces, some if is too. coke, we

happen we don't won't immediately, but think. So it

and cumulative So that That's has we're out than same amount and customer bit tonnes, businesses. something usual buy a on us. piece too. lower as spread still or seeing delays certain just that's they'll of a the deferrals the demand else will our well. shipments still effect but little a of a

Dan, are good you seeing bad? supply any movement on or the side, either

Circumstance of media. idling, are mines in the you them that couple a some we hear of anecdotally of read some probably

vol coals no the the I So certainly weigh on U.S. demand high off-line been to no in was really summer some year year, production there need seems U.S. is as There really terrible or know, be for coming here another point that the so. you thermal last in has the And market, demand. I to the guess winter last

lot, actually prices have too. thermal a I little of coal ball anecdotally markets tends but And been the some coal been talked our ends that coal well. a overhang So coal there's of those of another high competing that here, heard been of to. that creep into and think we've thermal down down slowing about thermal operations, That's some up really hasn't bit as and a to real the with area coupling

Benchmark Martin from is Company. question with next the Our Nathan

net of to then shipments a it, call But your I also other sales question. in the of pricing about a kind quarter. the tons tied first domestic export exports let's below typical looks sales dip light the with start were X/X it know XX% I'll like. mixed or of Maybe outindex seasonally kind mechanisms looked level so, and like

then kind the thoughts evolving And quarter. the there? Dan, to think buckets of behind maybe that second X mix So about should here how maybe in we kind your get of great drivers mix with those

shipping it I'd wouldn't light I ]. exception take guess was I say [indiscernible]. light [

But tons. some we're -- I X some saw there we coming there's -- think deferrals of Asia. certainly were X tons, million out million

spot the and So demand little a a bit deferral. lighter

both and little just downward, solid out as did coming well us, just up. India volumes looks a a QX had in skew real Aussie the term addressed coming bit for So that hoped and less elections overall of than things. China, definitely economic as spot India. we Asia Southeast bit business, up a that the but been still slower before generally then index-based There's And reasons well little it and probably have that the for picks see for reasons. on

to clarify an kind saying That makes with Pacific light or the indexed percentage thing, million for the then. not of light. sticking guess just I sales, Basin a Basin X And I few outpacing had sense. just quarters. demand million, X.X been Atlantic tons from of was

like Maybe it Maybe Europe? on your weaker things that sounds I in do term how near looking mentioned. improve? could I India, thoughts when just a little mean, as you bit Now maybe think to start there? could are things get market you

furnaces seems than customers operating. more metal in Europe safe it's of in did be 'XX should have more the produced Several in [ blast think 'XX to to they That hot our I have say ]. cards.

will more And won't the to to [ mentioned, ] I as well. ]. the probably begin going start of I lasts there's South my that fair America gets off, then pick Europe code into Coke with cheap the think for purchase so producing prices, a there's to -- As overhang applies In a [ that that amount an And worked than when tend Europe probably while. And low cokers up. on coke last. experience,

port the know Baltimore see shifting comments, over guess, taking to far I benefit outage that? transportation. some prepared Okay. the Got related guys port Baltimore I to specifically the Roads needing you as tonnage did shift on then it. of And maybe outage any necessarily Hinton But and maybe -- away there, from remarks DTA. some majority as likely to

phone queue Point, that be would there. translate moving that's Norfolk really after out right probably and business short with any we answer Southern bridge have Nate. little We -- in We collapse, know I We're moved had fair got calls before. of our business. got Lamberts spot clicking we but as shipped back the amount Baltimore along few business there's into didn't that it of guess that the a based would no, bit a probably to a

-- So didn't more of there's think, see any just But little going point was that's prior. there's volume we I'd Alpha I far than would as a -- out there a on Amber's minor to effect, be as say effects. have DTA,

make a Okay. in think decision Maybe, you make cuts And Have at I to Got you more. prepared seen you, some to incentives. X market remarks, looking just conditions mentioned cost translate kind some much labor How Jason, your guys churn And or labor difficult Perfect. you full attrition current basis the maybe roughly did due your does to savings. in so of coal year or to I a mentioned segment ton per it's that you maybe to then costs? million those? $XX think it. dollar met on

those of history. announcements, attrition yet. early an annual nominally of on in We recent Well, line from it's around But made with first question the what generally kind actually attrition, since about April, think, mid-March. I I've are rates basis, seen mid-March, it's your answer to

So seen I have the suspect general together. really yet. problems. ones much just uptick that's all -- haven't just we're haven't that's the same the things of the And market. of but definitely even anything, due only we I to go an or we state an mean These not the exodus we not seen

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

steady on And kind of the or you It's years we idle not should the is expenses. back lower? of revert something of can drove kind what it comment increase? kind on mine hold over coming may It's AI. the on Andy, this

but go -- have are ARO and that we'll [ into reclamation actual bit up as full they property ] I'll full between, the when got it answer, extra in going you call accounts, some be could status that you're property balance it's timing to little let properties in expense pick reclamation while in is status. your sometimes is going detailed cost give the you're you've between, through to waiting the Todd of sheet issues where a idle of

pretty So ballpark much of that's the Todd, where. in

in, No, of -- the that the did layered have to Yes. major bit we there. Andy budget the relative a Lucas. when We but driver. nonreceivable primary I did we point hit that's little royalties. think

mean, forward, looking of can terms future. don't think certainly back has where anticipate I in increase that and range we -- I been. look that So you see in to and the

probably that least, the future think is near I range So the at for we're in be. where we'll

And your there take on so, out play of grow their on your Andy, comments. some now interest, right have M&A? peers sale curious there? especially what's have your you of desire -- publicly some markets. exposure, your mean to the not coal for and properties of pure is, as but get to Are kind I take commented on the any those met M&A seaborne the do If to

previous the we've today little what transactions companies for past. think most the of calls. are a part, we've always are, kind I because We're acquisitive, done on it are we coal we all bit Well, hit of in what

we're always are probably some looking so -- there smaller And opportunities.

coming seeing As offline. some small Dan supply we're mentioned,

with are value envision structures, Some where as these of a again, agree as to getting handful or over really no Everyone the larger capital significant next quality folks markets, be get that. ability quality to to just capital everyone's soon. loves there been at tough with done There's and it's lot there good months. But could out just a high few far bases buybacks. available to be access shareholder probably with of really mines any current least may transactions, created. We undercapitalized a pretty the anytime attractive world of deals and that are

big where at vantage transformational point. And deals, to the so you're at from least doing a kind my it's look world of challenging

to of now end the question-and-answer over I to reached have remarks. for call the turn would Eidson like Andy session. the closing We

Alpha we your for hope the for interest with being call everyone, us the again, and of on today, a Thanks in week. rest great and have you

conference. This concludes today's

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