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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 82,313 $ 116,042 $ 39,759
Adjustments to reconcile net income to net cash from operating activities:      
Accretion of asset retirement obligations 1,403 1,115 615
Depreciation, depletion, and amortization 54,252 41,194 26,205
Amortization of debt issuance costs 776 491 214
Stock-based compensation 12,905 8,222 5,260
Loss on disposal of equipment   756  
Other income - gain on insurance recoveries (10,192)    
Other income - gain on sale of mineral rights   (2,113)  
Other income - employee retention tax credit     (5,407)
Deferred income taxes 18,714 29,229 4,644
Changes in operating assets and liabilities:      
Accounts receivable (55,692) 3,279 (24,154)
Prepaid expenses and other current assets 14,361 (14,378) 5,519
Inventories 7,810 (29,182) (3,844)
Other assets and liabilities (430) 1,127 1,124
Accounts payable 24,549 12,727 (1,820)
Accrued liabilities 10,267 19,361 5,225
Net cash provided by operating activities 161,036 187,870 53,340
Cash flows from investing activities:      
Capital expenditures (82,904) (123,012) (29,466)
Proceeds from sale of mineral rights   2,000  
Insurance proceeds related to property, plant, and equipment 11,256    
Capitalized interest (1,137) (1,061)  
Net cash used for investing activities (72,211) (145,708) (59,613)
Cash flows from financing activities:      
Proceeds from borrowings 130,000 42,000 54,368
Proceeds from stock options exercised   107  
Payments of debt issuance cost     (2,356)
Payment of dividends (25,820) (20,041)  
Repayment of borrowings (127,514) (26,026) (26,300)
Repayment of Ramaco Coal acquisition financing - related party (40,000) (15,000)  
Repayments of insurance financing (5,207) (1,290) (862)
Repayments of equipment finance leases (6,659) (5,062) (1,942)
Shares surrendered for withholding taxes payable (7,317) (3,183) (539)
Net cash (used for) provided by financing activities (82,517) (28,495) 22,369
Net change in cash and cash equivalents and restricted cash 6,308 13,667 16,096
Cash and cash equivalents and restricted cash, beginning of period 36,473 22,806 6,710
Cash and cash equivalents and restricted cash, end of period 42,781 36,473 22,806
Supplemental cash flow information:      
Cash paid for interest (net of $1,137 and $1,061 capitalized in 2023 and 2022) 8,113 5,997 1,601
Cash paid for income taxes 771 15,500 9
Cash received for income tax refund 11,758    
Non-cash investing and financing activities:      
Leased assets obtained under new financing leases 6,144 7,888 10,002
Financed equipment purchases   6,409  
Capital expenditures included in accounts payable and accrued liabilities 4,939 13,404 6,652
Financed insurance 5,803 5,587 280
Financed insurance (2022 adjustment recorded in 2023) (1,136)    
Accrued dividends payable 7,198 5,524 2,501
Ramaco Coal Asset Acquisition      
Cash flows from investing activities:      
Acquisition of assets   (11,738)  
Non-cash investing and financing activities:      
Coal acquisition   56,551  
Maben Asset Acquisition      
Cash flows from investing activities:      
Acquisition of Maben assets (bond recovery in 2023) 1,182 (11,897)  
Non-cash investing and financing activities:      
Coal acquisition   $ 21,000  
Amonate Asset Acquisition      
Cash flows from investing activities:      
Acquisition of assets $ (608)   $ (30,147)