$METC
Ramaco Resources, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008818 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $137.5M $166.4M $135.2M
YoY Change -0.86% 7.41% 54.54%
Cost Of Revenue $99.20M $110.5M $95.43M
YoY Change 29.43% 36.06% 84.78%
Gross Profit $38.27M $55.81M $39.80M
YoY Change -38.29% -24.2% 10.98%
Gross Profit Margin 27.84% 33.55% 29.43%
Selling, General & Admin $14.32M $11.74M $10.75M
YoY Change 62.98% -0.69% 83.38%
% of Gross Profit 37.42% 21.04% 27.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.56M $11.85M $11.30M
YoY Change 38.57% 36.54% 53.81%
% of Gross Profit 35.42% 21.24% 28.38%
Operating Expenses $14.32M $23.94M $21.68M
YoY Change -25.9% 102.5% 62.25%
Operating Profit $10.05M $31.87M $18.12M
YoY Change -76.47% -39.75% -19.47%
Interest Expense -$2.518M -$2.309M -$1.506M
YoY Change 29.99% -304.34% 32.34%
% of Operating Profit -25.06% -7.25% -8.31%
Other Income/Expense, Net $2.495M $1.247M $856.0K
YoY Change 6.26% 240.71% 213.55%
Pretax Income $10.02M $30.81M $17.47M
YoY Change -76.74% -40.9% -19.25%
Income Tax $2.467M $5.548M $3.085M
% Of Pretax Income 24.61% 18.01% 17.66%
Net Earnings $6.125M $25.26M $14.39M
YoY Change -81.6% -39.1% -22.82%
Net Earnings / Revenue 4.46% 15.18% 10.64%
Basic Earnings Per Share $0.14 $0.57
Diluted Earnings Per Share $0.14 $0.57 $0.32
COMMON SHARES
Basic Shares Outstanding 44.41M 44.45M 44.12M
Diluted Shares Outstanding 44.82M 44.69K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.88M $36.62M $35.61M
YoY Change -22.04% -48.77% 62.68%
Cash & Equivalents $33.88M $36.62M $35.61M
Short-Term Investments
Other Short-Term Assets $17.52M $19.01M $25.73M
YoY Change 398.75% 546.65% 456.18%
Inventory $67.43M $50.97M $44.97M
Prepaid Expenses $17.52M $19.01M $25.73M
Receivables $58.97M $71.10M $41.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $177.8M $177.7M $147.5M
YoY Change 34.59% 25.49% 69.99%
LONG-TERM ASSETS
Property, Plant & Equipment $457.6M $456.5M $429.8M
YoY Change 29.8% 85.63% 89.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.198M $7.107M $2.832M
YoY Change -17.51% 275.63% 476.78%
Total Long-Term Assets $482.6M $463.6M $448.9M
YoY Change 34.95% 75.11% 85.27%
TOTAL ASSETS
Total Short-Term Assets $177.8M $177.7M $147.5M
Total Long-Term Assets $482.6M $463.6M $448.9M
Total Assets $660.4M $641.3M $596.3M
YoY Change 34.85% 57.82% 81.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.78M $49.85M $34.83M
YoY Change 46.57% 23.37% 126.93%
Accrued Expenses $38.70M $33.07M $41.81M
YoY Change 9.48% 38.1% 115.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.33M $65.80M $35.64M
YoY Change -37.5% 822.44% 364.41%
Total Short-Term Liabilities $142.1M $151.2M $162.8M
YoY Change 28.21% 98.3% 249.0%
LONG-TERM LIABILITIES
Long-Term Debt $63.98M $82.49M $18.76M
YoY Change 8.48% 2957.52% 461.76%
Other Long-Term Liabilities $4.084M $32.95M $3.299M
YoY Change -85.09% 1266.57% 30.29%
Total Long-Term Liabilities $68.06M $115.4M $22.06M
YoY Change -21.2% 2159.54% 275.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.1M $151.2M $162.8M
Total Long-Term Liabilities $68.06M $115.4M $22.06M
Total Liabilities $323.3M $304.4M $287.1M
YoY Change 53.93% 97.11% 143.42%
SHAREHOLDERS EQUITY
Retained Earnings $63.85M $164.9M $140.0M
YoY Change 91.71% 197.54%
Common Stock $272.7M $172.0M $169.2M
YoY Change 3.67% 3.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $337.1M $336.9M $309.2M
YoY Change
Total Liabilities & Shareholders Equity $660.4M $641.3M $596.3M
YoY Change 34.85% 57.82% 81.24%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income $6.125M $25.26M $14.39M
YoY Change -81.6% -39.1% -22.82%
Depreciation, Depletion And Amortization $13.56M $11.85M $11.30M
YoY Change 38.57% 36.54% 53.81%
Cash From Operating Activities $28.22M $21.36M $29.07M
YoY Change -11.64% -72.39% 86.56%
INVESTING ACTIVITIES
Capital Expenditures $24.47M $23.55M $31.63M
YoY Change -171.83% 19.27% -367.49%
Acquisitions
YoY Change
Other Investing Activities $3.000M $1.182M -$2.243M
YoY Change -130.81% -92.56%
Cash From Investing Activities -$21.47M -$22.36M -$33.87M
YoY Change -50.99% 13.28% -19.3%
FINANCING ACTIVITIES
Cash Dividend Paid $5.556M
YoY Change 11.16%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -9.479M 2.005M -6.629M
YoY Change -40.36% -125.32% -535.55%
NET CHANGE
Cash From Operating Activities 28.22M 21.36M 29.07M
Cash From Investing Activities -21.47M -22.36M -33.87M
Cash From Financing Activities -9.479M 2.005M -6.629M
Net Change In Cash -2.733M 1.003M -11.43M
YoY Change -90.16% -97.98% -54.04%
FREE CASH FLOW
Cash From Operating Activities $28.22M $21.36M $29.07M
Capital Expenditures $24.47M $23.55M $31.63M
Free Cash Flow $3.746M -$2.184M -$2.557M
YoY Change -94.32% -103.79% -109.33%

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5556000
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4998000
CY2023Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
24145000
CY2022Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
2519000
CY2023Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
10000000
CY2023Q1 metc Repayments Of Financed Insurance Payable
RepaymentsOfFinancedInsurancePayable
1433000
CY2022Q1 metc Repayments Of Financed Insurance Payable
RepaymentsOfFinancedInsurancePayable
105000
CY2023Q1 metc Repayments Of Financing Leased Equipment
RepaymentsOfFinancingLeasedEquipment
1746000
CY2022Q1 metc Repayments Of Financing Leased Equipment
RepaymentsOfFinancingLeasedEquipment
1635000
CY2023Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
115000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2005000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7920000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1003000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
49707000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36473000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37476000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
72513000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
954000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
3624000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13812000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
13059000
CY2023Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
407000
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
322000
CY2023Q1 metc Raw Coal
RawCoal
32449000
CY2022Q4 metc Raw Coal
RawCoal
22414000
CY2023Q1 metc Saleable Coal
SaleableCoal
14186000
CY2022Q4 metc Saleable Coal
SaleableCoal
18223000
CY2023Q1 metc Coal Supplies
CoalSupplies
4336000
CY2022Q4 metc Coal Supplies
CoalSupplies
4336000
CY2023Q1 us-gaap Inventory Net
InventoryNet
50971000
CY2022Q4 us-gaap Inventory Net
InventoryNet
44973000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
121908000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
111937000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
444075000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
429842000
CY2023Q1 us-gaap Depreciation
Depreciation
6769000
CY2022Q1 us-gaap Depreciation
Depreciation
4754000
CY2023Q1 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
1881000
CY2022Q1 us-gaap Operating Leases Income Statement Depreciation Expense On Property Subject To Or Held For Lease
OperatingLeasesIncomeStatementDepreciationExpenseOnPropertySubjectToOrHeldForLease
714000
CY2023Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
3202000
CY2022Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
3212000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11852000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
8680000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
138196000
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
127226000
CY2023Q1 metc Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
59684000
CY2022Q1 metc Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
75639000
CY2023Q1 metc Debt Instrument Carrying Amount Noncurrent
DebtInstrumentCarryingAmountNoncurrent
78512000
CY2022Q1 metc Debt Instrument Carrying Amount Noncurrent
DebtInstrumentCarryingAmountNoncurrent
51587000
CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
11100000
CY2023Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
6900000
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
14300000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
11500000
CY2023Q1 metc Uninsured Claims
UninsuredClaims
4800000
CY2022Q4 metc Uninsured Claims
UninsuredClaims
3600000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
900000
CY2022Q4 us-gaap Restricted Cash
RestrictedCash
900000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2900000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.1250
CY2022Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
5500000
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
5600000
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
5000000.0
CY2022Q1 us-gaap Dividends Common Stock
DividendsCommonStock
2500000
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
5000000.0
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.11
CY2023Q1 us-gaap Royalty Expense
RoyaltyExpense
9000000.0
CY2022Q1 us-gaap Royalty Expense
RoyaltyExpense
10200000
CY2021Q3 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
7700000
CY2021Q3 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
25000000.0
CY2022Q1 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
1800000
CY2023Q1 metc Revenue Contract Term
RevenueContractTerm
P1Y
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
166360000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
154882000
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Concentrations—</i>During the three months ended March 31, 2023, sales to our top four customers accounted for approximately 63% of our total revenue. The balance due from these four customers at March 31, 2023 was approximately 61% of total accounts receivable. During the three months ended March 31, 2022, sales to our top four customers accounted for approximately 70% of total revenue. The number of customers comprising the concentrations above is based on a threshold of 10% or more of total revenues and related receivables. </p>
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.180
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
25257000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
41471000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44281
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44181
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44692
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44908
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.94
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.92
CY2023Q2 metc Quarterly Cash Dividends Declared Per Share
QuarterlyCashDividendsDeclaredPerShare
0.1250

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