Ramaco Resources, Inc. 10-K

Item 5. Market for Registrant’s Common Equity and Related Shareholder Matters Market Information. Our common stock is listed on the NASDAQ Global Select Market under the symbol “METC” and our Notes are listed on the NASDAQ Global Select Market under the symbol “METCL.” Holders. As of the close of business on March 29, 2022, there were sixty-two holders of record of our common stock. Because many of our common shares are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these holders of record. Dividends. On December 9, 2021, the Company announced that its board of directors declared a $0.0567 per common share cash dividend payable on March 15, 2022 to shareholders of record as of March 1, 2022. Subsequent to this announcement, the board of directors doubled the first dividend payment. See Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.” Item 6. Selected Financial Data On February 8, 2017, in connection with the closing of our initial public offering, we completed a corporate reorganization pursuant to which all the interests in Ramaco Development, LLC (“Ramaco Development”), our accounting predecessor, were exchanged for newly issued shares of common stock of Ramaco Resources and as a result, Ramaco Development became a wholly-owned subsidiary of Ramaco Resources. As such, the financial information presented below for the periods through February 8, 2017 pertains to the historical financial statements and results of operations of Ramaco Development. The selected historical consolidated financial data for the remaining periods were derived from our audited historical consolidated financial statements. Historical results are not necessarily indicative of future results. Please read the following table in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of 58 Table of Contents Operations,” the historical consolidated financial statements of our predecessor and accompanying notes included elsewhere in this Annual Report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, (In thousands) 2021 2020 2019 2018 2017 Income Statement data: ​ ​ ​ ​ ​ Revenue ​ $ 283,394 ​ $ 168,915 ​ $ 230,213 ​ $ 227,574 ​ $ 61,036 Cost and expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of sales (exclusive of items shown separately below) ​ 195,412 ​ 145,503 ​ 162,470 ​ 176,555 ​ 60,521 Other operating costs and expenses ​ — ​ — ​ — ​ — ​ 258 Asset retirement obligation accretion ​ 615 ​ 570 ​ 511 ​ 494 ​ 405 Depreciation and amortization ​ 26,205 ​ 20,912 ​ 19,521 ​ 12,423 ​ 3,154 Selling, general and administrative ​ 21,629 ​ 21,023 ​ 18,179 ​ 14,006 ​ 12,591 Total cost and expenses ​ 243,861 ​ 188,008 ​ 200,681 ​ ​ 203,478 ​ ​ 76,929 Operating income (loss) ​ 39,533 ​ (19,093) ​ 29,532 ​ 24,096 ​ (15,893) Other income ​ 7,429 ​ 11,926 ​ 1,758 ​ 2,518 ​ 204 Interest expense, net ​ (2,556) ​ (1,224) ​ (1,193) ​ (1,427) ​ 272 Income (loss) before tax ​ $ 44,406 ​ $ (8,391) ​ $ 30,097 ​ $ 25,187 ​ $ (15,417) Income tax expense (benefit) ​ 4,647 ​ (3,484) ​ 5,163 ​ 113 ​ — Net income (loss) ​ $ 39,759 ​ $ (4,907) ​ $ 24,934 ​ $ 25,074 ​ $ (15,417) Basic earnings (loss) per share ​ $ 0.90 ​ $ (0.12) ​ $ 0.61 ​ ​ 0.63 ​ ​ (0.41) Diluted earnings (loss) per share ​ $ 0.90 ​ $ (0.12) ​ $ 0.61 ​ ​ 0.62 ​ ​ (0.41) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash flows from operating activities ​ $ 53,340 ​ $ 13,312 ​ $ 42,382 ​ $ 36,183 ​ $ (8,469) Cash flows from investing activities ​ (59,613) ​ (24,753) ​ (45,722) ​ (42,937) ​ (19,802) Cash flows from financing activities ​ 22,369 ​ 11,286 ​ 2,825 ​ 7,916 ​ 29,292 Net change in cash and cash equivalents ​ $ 16,096 ​ $ (155) ​ $ (515) ​ $ 1,162 ​ $ 1,021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tons sold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Company produced ​ ​ 2,239 ​ ​ 1,723 ​ ​ 1,872 ​ ​ 1,721 ​ ​ 372 Purchased ​ ​ 47 ​ ​ 26 ​ ​ 78 ​ ​ 427 ​ ​ 236 Total tons sold ​ ​ 2,286 ​ ​ 1,749 ​ ​ 1,950 ​ ​ 2,148 ​ ​ 608 Tons produced ​ ​ 2,224 ​ ​ 1,695 ​ ​ 1,855 ​ ​ 1,750 ​ ​ 548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 2019 2018 2017 Balance Sheet Data: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 21,891 ​ $ 5,300 ​ $ 5,532 ​ $ 6,951 ​ $ 5,934 Property, plant and equipment – net ​ 227,077 ​ 180,531 ​ 178,202 ​ 149,205 ​ 115,451 Total Assets ​ 329,033 ​ 228,623 ​ 226,813 ​ 188,244 ​ 148,098 Current maturities of long-term debt ​ 11,135 ​ 4,872 ​ 3,333 ​ 5,000 ​ — Long-term debt, less current portion ​ 40,301 ​ 12,578 ​ 9,614 ​ 4,474 ​ — Other long-term obligations ​ 30,998 ​ 17,837 ​ 20,705 ​ 12,816 ​ 12,276 Total stockholders' equity ​ 211,074 ​ 169,095 ​ 170,083 ​ 141,109 ​ 113,397 ​ ​ 59 Table of Contents