XML 18 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows
$ in Thousands
9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Cash flows from operating activities:    
Net income $ 101,656 $ 21,120
Adjustments to reconcile net income to net cash from operating activities:    
Accretion of asset retirement obligations 1,485 461
Depreciation and amortization 29,898 18,861
Amortization of debt issuance costs 367 96
Stock-based compensation 6,192 3,919
Other income - gain on sale of mineral rights (2,113)  
Other income - employee retention tax credit   (5,407)
Deferred income taxes 11,579 1,650
Changes in operating assets and liabilities:    
Accounts receivable (5,905) (17,293)
Prepaid expenses and other current assets 1,242 5,611
Inventories (24,237) (1,933)
Other assets and liabilities 91 760
Accounts payable 12,432 7,515
Accrued expenses 26,112 2,397
Net cash from operating activities 158,799 37,757
Cash flow from investing activities:    
Capital expenditures (91,384) (17,642)
Proceeds from sale of mineral rights 2,000  
Net cash from investing activities (111,837) (17,642)
Cash flows from financing activities:    
Proceeds from borrowings 17,000 50,545
Proceeds from stock option exercises 107  
Payment of dividends (14,996)  
Payments of debt issuance cost   (2,356)
Repayment of borrowings (17,066) (24,900)
Repayments of financed insurance payable (280) (862)
Repayments of financing leased equipment (3,760) (1,253)
Restricted stock surrendered for withholding taxes payable (2,871) (327)
Net cash from financing activities (21,866) 20,847
Net change in cash and cash equivalents and restricted cash 25,096 40,962
Cash and cash equivalents and restricted cash, beginning of period 22,806 6,710
Cash and cash equivalents and restricted cash, end of period 47,902 47,672
Supplemental cash flow information:    
Cash paid for interest 4,680 852
Cash paid for taxes 15,500  
Non-cash investing and financing activities:    
Leased assets obtained under new financing leases 4,259 9,157
Financed equipment purchases 5,730  
Capital expenditures included in accounts payable and accrued expenses 9,004 3,128
Additional asset retirement obligations incurred 4,682 $ 235
Accrued dividends payable 4,994  
Ramaco Coal Asset Acquisition    
Cash flow from investing activities:    
Acquisition of assets (11,738)  
Non-cash investing and financing activities:    
Coal acquisition 56,551  
Maben Asset Acquisition    
Cash flow from investing activities:    
Acquisition of assets (10,715)  
Non-cash investing and financing activities:    
Coal acquisition $ 21,000