Alpha Metallurgical Resources (AMR) 1 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to the Alpha Metallurgical Resources Third Quarter 2024 Results Conference Call. [Operator Instructions] 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.

You may now begin.

Thank you, Rob, and good morning, everyone.

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

and for statements our President Jason Officer, Executive Andy non-GAAP and of please also our use the measures to more earnings to information Officer, that see their some reconciliation forward-looking regarding Chief information release measures. Participating XXXX quarter are them, For those factors documents filing. and can on Alpha's company's Chief third associated the about and Whitehead. SEC the Operating Please refer GAAP the of and call today Eidson; affect

Additionally, Munsey, to Horn, over also Officer; will participating our on Chief Dan call the the Andy. call I are and that, turn our Todd Chief Officer. With Commercial Financial

Thanks, and Emily, morning, everyone. good

distributed adjusted results morning, shipped our definitive Following of a EBITDA in our X.X pre-release third which the this we couple million include million ago, of and $XX tons quarter. quarter weeks

Our some issues results and consequently, were conditions pricing quarter productivity our market as our impacted geology coal decreased and costs. challenging negatively by for weighed on the well and as soft that weather-related

Saturday this we during on year. reflected our actions coal the our expectations, are locations our being downturn, we've but some focus changes mindful reducing production which costs some to In our to sections for to evening of assumptions qualities compared general, removing continue next guidance and in demand, meaningful made these As mine reducing current also while small production include profile better market certain and in and shifts to match production markets. cost as

changing the within once plant end also also complex Checkmate, means was productive newest of this Alpha only hot-idle being conditions. With have than footprint mine, moving mode, ramp-up idle due the have dropped Checkmate began market and capacity. I to at cases. which as known kinds status ] conscious as by Checkmate is were The mine High-Vol current idle production This full oversupply or at also the Powellton a conditions. the market, uneconomic of costs changes meaningfully ago market Mine, present of see at would indexes we're process being roughly Checkmate High-Vol will In since test higher looking is before the our also it [ market them year. are processing in in We're down that responses the at these to the a we our still expected addition making to High-Vol normal to of still toward ramping in year the conditions, what development current X/X which moment. balancing

Taking a jobs. impacts mine and a offline their obviously we lightly decision take employees it is never because

XXX,XXX tons concluded XX.X the issuing our However, expectations, our employees transferring this in in recent expertise that allowing within retain warn year into a of or annual their after other to of employees company, midpoint. to open successful less million see October, weeks, guidance At positions Checkmate guidance issued than to vacancies midpoint, we've tons coal the we've about expect our we you'll budgeting us staffing morning. while many process, this produced we XXXX ship locations. In the critical Checkmate other early notice next been including year's which in

which upside opportunities volume us a market. to the market conditions that that look committed at similar on an to Our with increasingly in year in we or compare were year-over-year price we lower a flows about XXXX million as overall export our Especially next for average volume. the a given for plan similarly X.X is pleased sales domestic commitments lock tons relative portion $XXX.XX, of challenging of to I'm allows also book XXXX experienced, $X for XX% our of we've capture able cash

on team in in steel focused in detail end pricing, an exciting of remain in discussed continue our the Alpha's enhancement Between Jason remains and protecting and prospects. quality a liquidity by portfolio. weathering X good face our long-term million The met us a start, this quarter of to has hope fund liquidity the difficult continuing coal of finish complement we're portfolio and management calls, challenging currently development. team Wildcat talk quarter, gotten prices. more moment. Despite about projects we needs Wildcat which I balance optimistic demand Wildcat of ability this we've momentum October like strong. July period conditions. As the operate lower to capital allows The will invest Low-Vol in position and in to $XXX responsibly fourth safely new third cash to our mine mine, our about to recent the known off that total the existing to additional as sheet the the on or our circumstances the so continues important to Alpha year is formerly existing increased Kingston our keep like are and even Sewell, and Mines in Kingston while the Kingston seeing XX%.

for balance Our business efficiency of in we to safety debt weakness. periods on lack opportunities. long-term sheet the market and as of We remain and manage strong flexibility provides the monitor focused greater market

turn our for that. I'll call financial about Todd additional information quarterly with the So results. to over

$XXX with $X.X million EBITDA third quarter X.X decreased $XXX.XX Adjusted realization sold quarter-over-quarter an down second million, quarter third the QX the of segment QX. realizations in in $XX Met to million quarter. $XXX.XX from compared tons for in second We compared the for average million Thanks, was Andy. to quarter.

and third quarter. while mechanisms coal realized $XXX.XX. ton Australian on realizations indices indices Atlantic per ton priced tons export second to These and are compared of $XXX.X $XXX.XX quarter per met pricing Export priced the other in the in $XXX.XX realized respectively, against

in per was $XX.XX ton second to total sales to the noncash ton to quarter, decreased the items portion million, segment per compared The third Realizations productivity ton, the nonrecurring compensation The in in per in QX per in of in the driver million $XX.X increased quarter quarter. Cost down $XXX.XX realization for in cost stock quarter in and excluding the of for $XXX.XX as QX. prior reduced primary ton $XX.XX the of ton coal met million $XXX.XX increase from QX. our SG&A, to segment quarter-over-quarter. to million from $XX.X incidental was metallurgical $XX.X QX. third was sales weighted per down in as quarter a Met our $XXX.XX for per of ton average quarter. the third the thermal up increased $XX.X from compared CapEx the

flows. to balance cash Moving sheet the and

of we XX quarter, of unrestricted million our in by $XXX.X at availability unused We $XXX.X had XX% June cash liquidity from of had the $XX.X roughly $XX under XX, in an minimum million. a unrestricted XXXX, offset million the figure million. of cash, of $XXX.X As ABL September required partially or million our end increase

from end of million As of million, at total up quarter. Cash the third from had QX. up the September, $XXX.X the in million activities the liquidity $XXX in provided million $XXX.X quarter, end second by operating of of Alpha was $XXX.X

cash capital third The flows impacted positively a were working quarter by decrease million. of $XXX.X in

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

at in Met XXXX In the an terms tonnage position is the for segment and of our of our committed committed at average metallurgical guidance, midpoint $XXX.XX. of XX% priced of price

and the portion is is in continued repurchase The we of not thermal met midpoint shares of at committed an but any the at of the average price coal to priced. tonnage not third program. Met our of committed $XX.XX. Due in did company's segment the share met fully XX% byproduct under the the priced guidance Another softness buyback markets, quarter yet

the XX, and permits $XXX market flow was buyback additional common conditions. number October of million. The in contingent on repurchases, shares outstanding remaining approximately levels approximately $XX of As program stock stock cash authorization million

a We of the under have shares average total of repurchased plan an at existing million $XXX.XX. X.X price

XXXX to next this ahead guidance issued year, Looking morning. we

coal million XX between and million well shipment a total to to of to as expect X.X We Together, and tons. range as million product. metallurgical of ship anticipated by million guidance brings XX.X of thermal tons tons million million coal XX.X X this XX between

$XX guiding a are of cost are For sales, general be costs $XXX next between range administrative and million XXXX, to to and expected million to per $XXX coal of ton. Selling, we $XX noncash compared of million is and to range. XXXX $XX nonrecurring to $XX guidance between million. Idle expense excluding reduction stock anticipated as and a compensation, XX% expenses be approximately operations year,

We Kingston expect depreciation, in supplies million and million of to income carryover to the which mine $XXX contract capital availability $X and for and $XX due between some net are to and million $XXX cash for of expenditures labor. from sustaining expected to depletion investments XXXX Wildcat amortization timing development $XXX million, interest $XXX mine of and million. Capital million includes be maintenance in XXXX

both $XX infrastructure DTA facility at well for cash expected spent affiliates equity of in anticipate to $XX also We operations contributions XXXX million amounts and includes the million port. facility of to capital to related the which normal in the range as as be upgrades to needed

company rate the cash next expects X% Lastly, to a X% between of year. tax

position our XX% unpriced. X% price average another midpoint provide $XX.XX. update the of The at In the incidental guidance $XXX.XX, committed terms committed The of of midpoint XX% committed for average at at XXXX, an tonnage thermal is the our and of with metallurgical price tonnage and operations. call now is guidance to committed midpoint price of at already over of at an an uncommitted. I'll XX% thermal to remaining incidental on Jason guidance is turn the

coal both expected and the range Roughly guidance coal guidance our sales year, is midpoint pricing environment to we're a is $XXX. good lower lower range to and per this XXXX reduction the of lower-than-expected than cost morning, to $XXX Todd, for current purchase $X.XX experiencing. $XXX to we're in midpoint Thanks, through that ton. X/X projecting cost of of volumes In $XXX next of be which realized The our the reduced of everyone. of

fuel, savings fleet We support improved also capabilities more that third-party per on in here up manufacturers $X market allows a back has or in believe to state through Alpha's the it along services and are a declines. into It's pricing last and will maintenance, lower the anticipated calls. set discussed drivers diminishing productivity. We've that such that the roof we as the us several expenses safety and scale maintain our and these a manufacturing our sales-related steel, Those were condition negatively weather behind years. our without investments than over rebuild third-party with in impacting facilities XXXX our diesel fleet mining shore reduction realize ton on decrease in And and past, near little in few a items, supplies that unavailable, in expenses. OEM healthy previous grown cost term in us the the guidance year-over-year. We've allowed to investments mining helped have when investments primary of often

next guidance year. our for CapEx to Moving

as this guidance opposed around see per Again, the cases, that ton the health couple and backed materials $X also our thumb is flattening due and sustaining of ton we recently inflationary $XX roughly reduced per pressure at to to the of most the by volume AMR reversal, of You fleet we've some CapEx exceptional been midpoint the rule on of last as using. to to expectations maintenance of supplies years. compared up and is

At sustaining existing maintenance CapEx million guidance, ton next the which midpoint shipment per to $XXX mines. expecting corresponds to for sell $X our tons of XX.X in we're had portfolio about of year million

we which of other and Kingston Wildcat. to in of approximately $XX another largely of CapEx At million our around and guidance, will Wildcat to devoted million carryover categories, X spend almost CapEx expect the The from are this development to all year, go $XX rollover midpoint development mine.

As West preparatory our this on It and rich groundwork to in was previously of of the of a its Bay Virginia is our teams been named the They Virginia Wildcats School a for which history West County, ties Sewell be this name in in Virginia, the won to as the working community mine. State Fox mine for the Midwest local and seam. after High Kingston of Basketball will Championship Fox, mine where location XXXX. part Wildcat the progressed reminder, surface rename decided region appreciation the the we've cold on

the will continue In excited slope development terms which product most on of Kingston currently next produce to that we're market. will throughout Low-Vol plans, year. at bring This mine the working of to Wildcat, we're

up levels anticipate X its are we tonnage first Wildcat to until significant produce cuts expected to tons at the production occur we XXXX. We expect in annually. While late run not rate, full to million XXXX, more

residents Helene. sincere leaders time we often who senior want allowed and quarterly and environmental to of North safety involved rehabilitation consideration access wanted Alpha They and send This between and achievements. employees Rock, homes recovery Lastly, their those Western my North time, assisted Carolina I volunteers work updates, these help. a Cave Hurricane to who the businesses and thank remarkable communicate group to Carolina. prompted me in Bat numerous want road I the on efforts of to that be aid some for and their and who to appreciation aftermath volunteer Alpha's to to Chimney

update such this group testament to I'll those individuals, the be impressive to know the Virginia those group level over couldn't now and of dubbed To all Appalachia with made ground, strength, Boys, the who on work an transported call I who turn is of of finally, are the an individuals the tactical who group their equipment on the plans, the fortitude, West orchestrated and Central connections now skill thank a loaned for with miners to a and operational folks impressed prouder markets. drive you. With and Dan and updates, there over

prices Thanks, sustained global manufacturing outlook Jason, weakness XXXX Steel and demand a result economic quarter weakness, downward geopolitical in third recent throughout World of significant other everyone. facing continued coal uncertainties. steel and included mid-October, in economies Association's short-range revisions and China XXXX, especially headwinds the published Lower of in good steel developed in as for most demand. morning,

infrastructure XXXX trajectory stabilization demand projects could as economic XXXX economies. moderate global of that as such estate broad-based WSA the the identified real in and for spur were the interest such factors growth China's potential and in major to in rebound in adjustments XXXX. moderate sector, steel fuel policies Important rate monetary activity of growth spending a and

ton significant Index to ton Coast continued U.S. July the XX, quarter metric Alpha to from close. ton from $XXX most to September indices or index quarter per in Low-Vol third $XXX.XX The drop of the metric Vol $XXX a XX% per .XX metric with East X index metric $XXX ton more the that monitors decreased Low-Vol throughout Coast $XXX per at Australian XXXX. the the prices A beginning High from of decreased ton quarter the at July $XXX the from Metallurgical of per metric to index per the Vol B XXXX. The index per East to on $XXX end fell per XX.X%. during per metric PLV ton metric quarter ton X decline $XXX September. at finally, All quarter. moved on Coast Aussie end. ton representing And High U.S. coal closely fell metric premium East of

remained X Following indices the quarter close, all relatively stable.

Vol the U.S. High to $XXX levels As softened Vol close A indexes and of Coast The B ton, of was October High measured metric date. $XXX thermal ton was metric July slightly $XXX, XX, $XXX from Low-Vol, index metric ton ton and respectively. And East metric as on per per the XX, quarter $XXX.XX per X same APIX ton. market, the per Aussie APIX to In XX. PLV and October September $XX.XX index the the per seaborne increasing index $XXX.XX on on

spot In current terms pricing of see we dynamics, little and soft market still demand.

coal Recent Medium Vol of of Low rail result and consider to impacts has our some weeks the which have been footprint, pricing. markets brought is although we these weather and pressure have relatively best also oversupply, as about put that have in across challenges we delays them on some continue in overcome can. operating to While worked localized we extreme balanced, High-Vol

these metallurgical price market average the that concluding team for year. at months. hard especially in the want this to several morning conditions work million of customers to the of in next their last successfully negotiations light We tons shipment coal I for of to an contracted Turning domestic ton lackluster per we thank have and announced X.X over XXXX. $XXX.XX sales domestic

pleased landed. with are where We we

expectation also call outages $XX disclosed between to we at plan infrastructure $XX our and shipping best we special in issued the to spending close needed of next operator, fund of office this this guidance with the well at possible ready to million million for DTA capital our estimate includes that are that, questions. morning, contact capital equipment in now as and terminal. coal disruption upgrade operating to open result This operations. And to important normal We DTA year. investments portion both we the as Within will least colleagues the for with our amount of remain

Pipes question Lucas comes first B. from Riley Our Instructions] Securities. with [Operator

assume Andy Thank in what rehabilitation and Helene. your team, first, few you between lower and could a figure see. Andy and if on and this and aftermath your into commend I purchased of maybe remarks expand those put on respect in great Jason, you goes But you sales-sensitive on those versus each you maybe thought morning. you to forward dollar for I could and That's you a cost efforts to put really outlook buckets? XXXX those know comment tons. of budget prepared next buckets want I to the the and really for guidance that. work are of mentioned there lot costs, XXXX. your a

to internal coal. coal, be But and thanks the it much way. want a advantage I still well don't year. to It's like I change know it's at Jason to for just -- share over the we development, additional actions -- that. next we Yes. half philosophy as else or and compliment, to the things in I will that's looking of may but because rather between want don't we anything take is that purchased related business -- detail additional too are different in not opportunities than won't mentioned, taking say now by purchasing that Lucas,

We'll tons. work to the of quantity cost able talking of team and to our The We've there. out, some of really, So past X lower a months, on blended sourcing sales to done absolutely including wherever going effort a see vendors, sourcing get the tons able our we're to side. just be result trying reduction has cost organic be new -- system possible. out to phenomenal purchased had in true of really and both the take lower, in market finding vendors and the the cost significant being

We are can whether come is least We've to inflation. where being a mentioned, that then the work possibly leakage had and lot that And there mindful been we of operating hopefully of there, grain, reclaim areas good really post-COVID we're manpower we've a to in but as the there's more opportunities able certain to we of just productivity portion a which the mine, reducing see small we months, I out at changes in taking think a some against instances but recover. it's works. of a little bit possibly certain could proving enhancements lineup, section by think it actually certain of

more So this to lower, initiative. and hopeful market. kind in now. be that broad a will know of robust add And philosophies markets, this costs procedures get that? once it's yield but in also particularly on you our the We right need it these Jason, implemented installed, benefits anything we to certainly new these need We're want

really think to anything in I job, just really a summing of short Andy, have few lot a minutes. add. don't you did a of good I stuff

us did just point. $X.XX And I savings the, remind call to And purchased year? And to outlook year? related follow of could up this right, you on purchase the it, how what you many this tons. would next be tons half you heard for If is about

the Lucas, fourth quarter. a of be we on because is it do don't part in the -- to I not will prediction finished yet, Well, want year what

answer the is. leave just it probably where I'll So

But about it's is to... right. $X.XX that I of half, Okay. related the heard right? Half

cuff going XX%. XX%, kind yes, Could be could the roughly. of be here. Yes, off I'm

or for remainder maintenance taken then a and higher things service been maybe be it, so -- that separate and out? related call have higher $X And there, providers, to maybe, that cost would there's supplies and then production, we $X like a

will Right. at And in of as then layered and past impact kind the year of just market the kind year over -- whatever quarters we've seen be there's here. is costs, next somewhere sales-related also couple looking mean I similar a situation in being which -- the the on we're of there year-over-year

that also to of So small is year the contribution a cost reduction. impact full the

CapEx and on question Similar SG&A. helpful. Very

to on ton CapEx, is CapEx $X do years? more couple terms of kind First, for per side, frame response kind the that side, very you there. some XXXX described see per a the How biggest a versus drivers are you there? you of of would sustainable SG&A $X conditions? $XX what up? meaningful to think of of the And Or sustaining market would the on in you ton think reductions this Great

Jason. is This

is $XX than than more definitely less year. think for sustainable I X

say it For and for a a is of 'XX, bit sustainable stretch. me may to $X 'XX be

we like we There's think for comfortable at deploy. how are to depends that split $X, the difference for you XXXX. and of in very to try pieces next range where subject to nail lot just would say plan miners again, it something year, probably our we're drop I operations at a But a we continuous end variables down. could the look lot on XXXX. And many of the of I change of with moving or Obviously, a expect to $X $X hat. in and

goes time for And to whether team of help the see mean the is before to of waiting but out equipment, last to times what we'll our from I year impact made these the on. significant but the CapEx improvement the Lucas, a real going to it's capabilities. years impact of a bring from move in efforts has come, of to that beginning the a I CapEx. team I whether max just years the how few be we've pieces over develop good really down side, or know all manufacturing there's on operations as total result chain, the ground the of the additional -- supply as as up of time cutting been creation is actual Well, the past lead really dollars use assets or the seen movement has far it's SG&A maintenance new

aggressive. couple dollars little to got costs lot out system. when We of the so we this just look But we this recur -- taken to trying of side, G&A did A a take of is we've have that things bit have at We a confident the expect we're mean, spend. operating that take naturally, down one-off pretty from system. the of On the hit year we're don't don't to outside real us over $X you're next out which SG&A able it's think or when your $X we're dollars look, already I by a but million XX%, as million I percentage, pretty have lean to begin the for to penny folks around with. and we back-office lean be. who appreciate just I been make as as possibly can digging really us really every trying year.

Andy, great these great all efforts. congratulations Really to see. up the work. on Keep

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

answered just but to to Andy, guidance $XXX ton XXXX That on regarding ton, Maybe put up of follow point a guidance. per you of $XXX initial you per for question range? kind finer to that And maybe price assuming of cost what net kind on just Lucas' in cost this, it. are

the in Like past specific because more of given -- we're to XXXX looking We that's business flag prospects us little current world quarters, of to what a be of the environment. bias kind on leaning the But in internal do there, similar people. not it. There view of I I of recency we're at looking pessimistic could at more our want some seen the a heavily probably being we've it. in the couple bit stick a don't ground for have mentioned, projecting thoughts maybe

Don't positioning, activity kind for comfortable people saying economic our us maybe in back Dan's upward in is drumming next world. that we've it's go as of year different far major a look bit of give start think anything the a see best starts to But really move comments think this where things the remain seeing. for got little as point, into will I going get some election past view areas view pretty the that's we're to to year. hopeful. to going purposes, going at But of is And week, currently -- what up now, the next next We beginning like of we're planning shape taking seeing I right on. once we a

Got CapEx quarter year a to to Andy. kind $XXX guidance does at be look of if CapEx about I Okay. come million, the $XX of that in that, taking $XXX fourth forward appreciate sound of And a for then the bit But going Lucas imply it 'XX think? full it. million opportunity maybe back Does 'XX. step of just at asked million-plus there I also could 'XX kind maybe to a an math right? I lower quarter-over-quarter. you kind think little uptick Or than here.

I guidance ago. mean, reiterated weeks a couple of Well, we've

will think where -- I I'm so sure we're And not we end.

Some of again, just it's will as bleed get 'XX we're timing first things 'XX. in that to done not actually the able into of

the can't we're the of range. really bottom I think that you to or So comfortable. I be as is point range end whether going to on end top the

typically wouldn't be different hit here. I down the expect it exposure. it we there is again, some to But As I fairway. very think right usual, timing

And Yes. the I quarter-over-quarter would you you're down did right, hit because mention if just think, be why That's Andy. in wondering I 'XX. you quarter. carryover, meaningful some up fourth And a pretty spending the it jump Okay. in was fairway, the

So I for that was accounting movement. just kind of that wondering was if

Yes. quarter. that's I at mean, are problem bridge you're the to the Not a year. looking looking fourth with bridge new of whole a only you the quarter, at

a of gets bit -- a can big it timing make so on challenging And little difference. one week

Got then year it. full And shipments. maybe for then

expected of guys high you think range. end the now a to be said in back, the weeks of couple I

such quarter-over-quarter I So per shipments all uptick be it to ton? in would quarter. mean, of considered just here a else But there think imply the just an the issues higher helping kind bit being side down again, the of brought in denominator pressure be that fourth you sales any cost variables how or sales-related geologic about other on may out maybe up? on as given a should more equal, weather costs. Are guys lingering pricing little should to we

No.

you -- reminds got sometimes we've often have weather, know, time, out smaller of geologic expect -- and mean goes I a handful to period mining -- of operating I issue any small And back nothing just temporary where of to think with. going are deal but thing Jason again, issues, in at the individual those there. big the a X%, mean point I having X% kind wrong, me to those you no don't X%, have I you'll things. units XX that have, could some you things. probably

had contribute or X And with it that, operations and we issues. X be some to could did that's quarter, some a productivity. that decreases in So this little dealing more than bit

note I of that the field the up outages the near of operations that little going we top like and the where with the some to things that, or that, we're it the as performed productivity along whether there. still, far caused our was that below there, the keep But contributions to still have weather it's running, room hit make power quarter are would would it but that a as -- was chain food typically was wise. bit to of those peers, end challenging on what

about cost on guidance fourth costs, to similar range. quarter But again, the just speaking reiterated CapEx, we

on back lot are access thinking have in would the quarter. you there kind can a days that of now quarter. if remind into of I X/X in the we're you lot fourth of fourth actuals, So you you to vacation take holidays, a of what

guidance of I'm fall tightly I it's normal does the But quarter sure not established. a slight lead all costs if I within just to compared And normal a us. think so into for uptick quarter. stay the a pretty we've the third in place and to for yearly that quarter to range costs typically going consider

sense. more. maybe Okay. one just then And Makes

I shipment obviously, mean, Are Checkmate the rationalizations, on as decision about you hot specifically anything you looking idle. there assumptions at of? be any should other XXXX, the things guys pallets difficult that at guidance, looking guidance to as talked mindful put guys that, Just in other we are far like the or

through just development market the but came mine this kind sitting going tough the there's that that's portfolio, phase moment. When be No. the is. of comes, its didn't market it I with evaluating to we're decision get the while that's really time is just where mean it's the hugely we a -- and constantly match to Checkmate to productive at on how it's

at portfolio, else. pleased at the far the said, the is talk entire We're material not from the the portfolio looked we're everything of with sheet, but it's rest always But no, everything positioned, where moment. there's to balance the As as being just pretty I company, constantly. about as across nothing

we're think a good pretty feeling market. tough even things pretty I about in

of Andy. really and and the the to team Thanks, it. luck information, in the and Got time quarter. I fourth best you appreciate

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

a company, not high just Alpha company, we generous, character echo mining Thank a who blessed wrap really you, of did as Rob. people people. a comments are very group they And efforts before great appreciate up, the they're with I of example -- and how the team's high they're proud able were Alpha, coal this And to want as but is industry. very North is represented, that regarding I'm inordinate Carolina. they I entire of Jason's in to what accomplish number an character.

of I attention can lot and they positive think showed do. coal brought a they miners what

them thank I I think that's So it. for that. And

I in, think for calling great you have we've got Thanks for what weekend. a and today. that's everyone

This concludes today's conference.

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