Alpha Metallurgical Resources, Inc. (NYSE:AMR) Q1 2022 Results Earnings Conference Call May 5, 2022 10:00 AM ET

Company Participants

Emily O'Quinn - SVP, Corporate Communications

David Stetson - Chairman and Chief Executive Officer

Andy Eidson - President and Chief Financial Officer

Jason Whitehead - Executive Vice President and Chief Operating Officer

Daniel Horn - Executive Vice President and Chief Commercial Officer

Conference Call Participants

Nathan Martin - The Benchmark Company

Lucas Pipes - B. Riley Securities

Operator

Good morning, and welcome, everyone, to the Alpha Metallurgical Resources First Quarter 2022 Results Conference Call. My name is Tania, and I will be your moderator for today. [Operator Instructions]

It is now my pleasure to pass the conference over to Emily O'Quinn. Please proceed.

Emily O'Quinn

Thank you, Tania, 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 and actual results may differ 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 first 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 Chair and Chief Executive Officer, David Stetson; and President and Chief Financial Officer, Andy Eidson. Also participating on the call are Jason Whitehead, our Chief Operating Officer; and Dan Horn, our Chief Commercial Officer.

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

David Stetson

Thanks, Emily. Good morning, everyone, and thank you for joining us. As we announced in our press release this morning, we are pleased to report back-to-back record performance with adjusted EBITDA of $504 million in the first quarter. While market forces are undeniably central factors in our ability to post these kind of numbers, it also wouldn't be possible without the continued safe production of our team in the groundwork, planning and execution for the last few years that have optimized our portfolio and set us on a positive trajectory.

This success has also transformed our balance sheet. Since June 30, 2021, in less than 1 year's time, Alpha has paid over $450 million on our term loan. This leaves us just under $100 million in term loan borrowings, and we intend to eliminate the remaining term loan balance in the second quarter. This progress is in addition to the early discharge of some legacy liabilities that we discussed in recent quarters.