Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q4 2022 Results Conference Call February 23, 2023 10:00 AM ET

Company Participants

Emily O'Quinn - SVP, IR & Communications

Andy Eidson - CEO

Todd Munsey - CFO

Jason Whitehead - President, COO

Dan Horn - CCO

Conference Call Participants

Lucas Pipes - B. Riley Securities

Nathan Martin - Benchmark Company

Operator

Greetings. Welcome to the Alpha Metallurgical Resources Fourth Quarter 2022 Results Conference Call. [Operator Instructions]. Please note, this conference is being recorded.

I would now like to turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin

Emily O'Quinn

[Technical Difficulty] materially from those discussed. For more information regarding forward-looking statements and some of the factors that can affect them, please refer to the company's fourth quarter 2022 earnings release and the associated SEC filing.

Please also see those documents for information about our use of non-GAAP measures and their reconciliation to GAAP measures. Participating on the call today are Alpha's Chief Executive Officer, Andy Eidson; and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Munsey, our Chief Financial Officer; and Dan Horn, our Chief Commercial Officer.

With that, I'll turn the call over to Andy.

Andy Eidson

Thanks, Emily. Good morning, everyone. As always, we will provide some additional detail on Alpha's fourth quarter results and our outlook for 2023 on the call today. But before we do that, I want to take a very quick look back at 2022, what a tremendous year it was?

Our Alpha team shipped 16.4 million tons of coal to customers in 26 countries around the world. We generated a record adjusted EBITDA of $1.7 billion and $1.3 billion of free cash flow, which allowed us to completely pay off our term low balance, making the company free of long-term debt. We invested significantly in our workforce through compensation, enhanced benefits and incentive bonus opportunities for exceptional performance. We bought back over $0.5 billion worth of Alpha stock and returned another roughly $100 million to shareholders in the form of dividends declared in 2022.

All of this was achieved at the same time. The company posted record safety rates for NFDL or non-fatal days lost and, performed better than the industry average in NFDL and total reportable incident rate or TRIR. We were able to maintain 99.9% water quality compliance, alongside our expanded focus on beyond compliance initiatives.