Arch Resources, Inc. (ARCH) Earnings Call Transcript & Summary

Good morning, and welcome to Arch Resources Annual Meeting of Stockholders. I would now like to introduce Mr. Paul Lang, CEO of Arch Resources, Inc.

Good morning, ladies and gentlemen. I'd like to welcome you to the 2021 Annual Meeting of Stockholders of Arch Resources, Inc. I'm Paul Lang, President and Chief Executive Officer of the company, and I will be hosting our virtual meeting. We're holding our annual meeting virtually this year due to the public health risks related to COVID-19. This format allows us to protect the health and safety of our stockholders, employees, officers and directors. It is now shortly after 10:00 a.m. Central Daylight Time on April 29, and this meeting is officially called to order. Before I turn to the agenda, I'd like to touch on a few logistical items for the meeting. First, upon joining today's meeting electronically, an agenda for the meeting should have become available on your screen. The rules of conduct for the meeting are also set forth on the screen. In order to conduct an orderly meeting, we ask the participants abide by these rules, and thank you in advance for your cooperation in this matter. Please note that stockholders participating in the meeting today have the ability to ask questions pertaining to proxy-related items or matters on the agenda. To do so, please refer to the instructions set forth in the rules of conduct. Rather than addressing stockholder questions during the meeting today, we will post answers to questions on the company's website within a week following the meeting. I would now like to introduce the members of our Board of Directors who are standing for reelection today, all of whom are in attendance at this meeting: Patrick J. Bartels, Jr., James N. Chapman, John W. Eaves, Holly Keller Koeppel, Patrick A. Kriegshauser, Richard A. Navarre, and I serve as a member of the Board also. Mr. Sherman K. Edmiston, III and Mr. Robert B. Hamill are not standing for reelection today. On behalf of the Board, I want to thank Sherman and Bob for their valuable contribution to Arch during their years of service on the board. Also participating in today's meeting is Mr. David Rogan of Ernst & Young LLP. Mr. Timothy C. Mooney, Jr., Assistant General Counsel of the company, has been appointed to act as Inspector of Election in this meeting and has taken the Oath of Inspector of Election earlier today. The record date for voting at this meeting was March 9, 2021. A list of the stockholders on the record date is available for your review on the meeting site. The stockholder list shows, as of the record date, holders of 15,316,927 shares of common stock are entitled to vote at this meeting. As Inspector of Election, Mr. Mooney has delivered to me an affidavit of mailing establishing that notice of this meeting was duly given. A copy of the notice and an affidavit of mailing will be incorporated into the minutes of this meeting. Mr. Mooney has also informed me that there are represented at this meeting more than a majority of shares of common stock entitled to vote. Because holders of more than a majority of shares entitled to vote are represented at this meeting, a quorum is present, and I declare this meeting to be duly convened for purposes of transacting business. I'd like to provide a brief description of the matters to be voted on at today's meeting. The first proposal before stockholders is the election of each of the 7 directors named in the company's proxy statement to serve an additional 1-year term. The Board of Directors recommends a vote for each of these 7 individuals. The second proposal before stockholders is an advisory resolution to approve the compensation of our named executive officers as described in the company's proxy statement. The Board of Directors recommends a vote for the advisory resolution approving such compensation. The third proposal before stockholders is the ratification of the appointment of our independent registered public accounting firm, Ernst & Young. The Audit Committee and the Board of Directors has appointed Ernst & Young as the company's independent public accounting firm for the fiscal year ending December 31, 2021. The Board of Directors recommends a vote for the ratification of this appointment. I now declare the polls open. Any stockholder who has yet voted or wishes to change their vote may do so by clicking on the Voting button on the meeting site and following the instructions. Stockholders who have sent in proxies or voted via telephone or Internet and do not wish to change their vote do not need to take any further action. We will now pause to allow stockholders to time to vote. [Voting] I now declare the polls for the 2021 Arch Resources, Inc. Annual Stockholder Meeting closed. We'll now take a brief pause while the Inspector of Election tabulates the votes. I would now like to report the preliminary results of the voting. I have a report of the Inspector of Elections indicating that each of the 7 nominees for election to the Board of Directors has been duly elected; that the advisory resolution to approve named executive officer compensation has been approved; and the appointment of Ernst & Young as the company's independent public accounting firm for fiscal year ending December of 2021 has been ratified. Following this meeting, the company will report the final voting results on a Form 8-K in accordance with SEC rules and regulations. The Arch Resources, Inc. 2021 Stockholder Meeting is now officially adjourned. I want to thank you for your attendance and participation. As set forth in the rules of conduct, the meeting site will remain open until 10:15 for stockholders to submit questions.