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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 20, 2023
Jun. 30, 2022
Cash flows from operating activities:              
Net income $ 7,556 $ 25,257 $ 33,280 $ 41,471 $ 32,813 $ 31,382 $ 74,751
Adjustments to reconcile net income to net cash from operating activities:              
Accretion of asset retirement obligations 349   755   700   990
Depreciation, depletion, and amortization 13,556   9,783   25,407   18,463
Amortization of debt issuance costs         357   243
Stock-based compensation         6,505   4,173
Other income         (1,936)   (2,113)
Deferred income taxes         6,620   6,448
Changes in operating assets and liabilities:              
Accounts receivable         (17,799)   (8,293)
Prepaid expenses and other current assets         5,106   1,472
Inventories         (22,452)   (16,597)
Other assets and liabilities         (957)   1,263
Accounts payable         13,030   10,060
Accrued liabilities         2,184   18,441
Net cash provided by operating activities         49,578   109,301
Cash flow from investing activities:              
Capital expenditures         (48,016)   (53,807)
Acquisition of Ramaco Coal assets             (11,738)
Other         3,000   2,000
Net cash used for investing activities         (43,834)   (63,545)
Cash flows from financing activities:              
Proceeds from borrowings         77,500   1,337
Payment of dividends         (11,108)   (9,996)
Repayment of borrowings         (42,588)   (9,407)
Repayment of Ramaco Coal acquisition financing - related party         (20,000)    
Repayments of insurance financing         (3,001)   (210)
Repayments of equipment finance leases         (3,098)   (2,718)
Shares surrendered for withholding taxes payable         (5,179)   (2,821)
Net cash used for financing activities         (7,474)   (23,815)
Net change in cash and cash equivalents and restricted cash         (1,730)   21,941
Cash and cash equivalents and restricted cash, beginning of period   $ 36,473   $ 22,806 36,473 $ 36,473 22,806
Cash and cash equivalents and restricted cash, end of period 34,743   $ 44,747   34,743   44,747
Non-cash investing and financing activities:              
Leased assets obtained under new financing leases         7,874   3,624
Capital expenditures included in accounts payable and accrued liabilities         14,615   15,609
Ramaco Coal acquisition financing             $ 56,551
Financed insurance         406    
Tax liability on shares surrendered by employees         144    
Accrued dividends payable $ 504       504    
Maben Asset Acquisition              
Cash flow from investing activities:              
Maben acquisition bond recovery         $ 1,182