Alpha Metallurgical Resources, Inc.

Greetings and welcome to the Alpha Metallurgical Resources Second Quarter 2024 Results Conference Call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Emily O'Quinn, Senior Vice President, Investor Relations and Communications. You may now begin.

Emily O' Thank you, Rob, 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 second quarter 2024 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 gap measures. Participating on the call today are ALSA's Chief Executive Officer, Andy Edson, and our President and Chief Operating Officer, Jason Whitehead. Also participating on the call are Todd Muncy, our Chief Financial Officer, and Dan Horn, our Chief Commercial Officer. With that, I'll turn the call over to Andy.

Thanks, Emily, and good morning, everyone. This morning, we issued an earnings release detailing our second quarter 2024 financial results, which included adjusted EBITDA of $116 million and 4.6 million tons shipped within the quarter. In spite of a challenging market backdrop, the Alpha team delivered another solid quarter of performance. Both the operations and the sales teams executed very well within the areas they can control by hitting ambitious shipping targets, producing well, and most of all, operating safely throughout the period. As we discussed in our most recent earnings call in May, weakening steel demand has negatively impacted metallurgical coal markets, and our second quarter realizations reflect that negative pressure. This is not a surprise, however, as waning demand and difficult uncertainty or significant uncertainty across the world brought about the difficult market we experienced in Q2. These conditions have intensified in the third quarter emphasis today. As is typical at this time each year, The domestic negotiation process has begun with North American customers for next year's contracts. Over the coming months, we expect to secure commitments for 2025 domestic tons, and we'll provide an update later in the year on those commitments and our overall shipment volume guidance for 2025. In the interim, we continue to ship our contracted tons to our customers, and we're listening closely to the market to hear how we may be able to meet current and future customer needs. Given the recent MET market deterioration and volatility, We remain focused on our first priority of preserving the franchise in order to weather whatever market conditions may lie ahead. To that end, we increased our total liquidity by nearly 25% during the second quarter. We continue to take a wait-and-see approach with regard to capital returns as we monitor the market dynamics. As we've proven with our previous activity in the buyback program, we're eager to return capital to the shareholders when conditions allow. I also want to note particularly with the backdrop that we're dealing with today when the market, it's pretty easy to fall into the trap of thinking right now it's forever. This tough market has lasted a bit longer than it has in recent years, at least in respect to the usual peaks and valleys of the cycle. But the peaks of the past three years also lasted longer than had been expected. One thing is certain, though, and that is that the world needs steel and metallurgical coal makes steel. So the most important thing for Alpha is is that we continue to operate safely, maintain high productivity, and take advantage of every opportunity the market presents to us. That's what our 4,000 team members are good at, and I'm confident that's what they'll do. With that, I'll turn the call over to Todd for details on our Q2 financial results.