You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: For the first quarter of 2020, net income on a GAAP basis was approximately $22 million or $0.42 per diluted share compared to net income of $110 million or $2.14 per diluted share in the first quarter of 2019.
Excluding nonrecurring, other income and losses, non-GAAP adjusted net income for the first quarter was $20 million or $0.39 per diluted share compared to $2.30 per diluted share in the first quarter of 2019.
Adjusted EBITDA was $62 million in the first quarter of 2020 as compared to adjusted EBITDA of $181 million in the same period of 2019.
The quarterly decrease was primarily driven by a 31% decrease in average net selling prices and a 13% decrease in sales volumes.
Our adjusted EBITDA margin was 27% in the first quarter of 2020 compared to 48% in the first quarter of 2019.
Total revenues were approximately $227 million in the first quarter of 2020 compared to $378 million in the same period last year.
This decrease was primarily due to the decrease in average net selling prices and sales volumes in a weaker market environment than last year.
The average net selling price per short ton decreased approximately 31% in the first quarter of 2020 compared to the same period in 2019.
As you may recall, last year's first quarter saw stronger met coal demand and higher pricing.
The Platts Premium Low Vol FOB Australian Index averaged $51 per ton lower in the first quarter of 2020 compared to the same quarter last year.
Demurrage and other charges reduced our gross price realization to an average net selling price of $122 per short ton in the first quarter of 2020 compared to $176 per short ton in the same period last year.
Mining cash cost of sales was $151 million or 68% of mining revenues in the first quarter compared to $182 million or 49% of mining revenues in the first quarter of 2019.
Cash cost of sales per short ton, FOB port, was approximately $83 in the first quarter compared to $87 in the same period of 2019.
The decrease is primarily due to lower price-sensitive costs such as transportation and royalties that vary with met coal pricing, offset partially by 13% lower sales volumes.
SG&A expenses were about $8 million or 4% of total revenues in the first quarter of 2020 compared to approximately $9 million in the prior year period, primarily due to lower corporate expenses.
Depreciation and depletion expenses for the first quarter of 2020 were $29 million compared to $22 million in 2019.
The increase quarter over quarter was primarily due to the high level of capital spending during 2019.
Net interest expense was about $8 million in the first quarter and included interest on our outstanding debt plus amortization of our debt issuance costs associated with our credit facilities, partially offset by interest income.
This amount was $1 million lower compared to the same period last year primarily due to the early retirement of a portion of our debt in last year's first quarter.
We recorded noncash income tax expense of $3 million during the first quarter of 2020 and $28 million in the same period last year.
These results primarily reflect the utilization of our net operating losses, or NOLs, with a corresponding decrease in the balance sheet account deferred income taxes.
We paid no cash taxes in the first quarter of 2020 or 2019.
We continue to expect the utilization of our NOLs will reduce our federal and state income tax liability to 0 until the NOLs are fully utilized or expired.
We expect this will continue to drive significant free cash flow conversion over the next several years.
Turning to cash flow.
During the first quarter of 2020, we used $5 million of free cash flow, which was the result of cash flows provided by operating activities of $21 million, less cash used for capital expenditures and mine development costs of $26 million.
Free cash flow in the first quarter of 2020 was negatively impacted by an increase in net working capital.
The increase in net working capital was primarily due to higher accounts receivable and inventory, partially offset by an increase in accounts payable.
Operating cash flows were significantly lower in the first quarter of 2020 compared to 2019, primarily due to lower average net selling prices of 31% and lower sales volumes of 13%.
Cash used in investing activities primarily for capital expenditures and mine development costs was $20 million during the first quarter of 2020 compared to $30 million for the same period last year.
Cash flows provided by financing activities were $63 million in the first quarter of 2020 and consisted primarily of the draw on our ABL facility of $70 million as a precautionary measure, less payments for capital leases of $4 million and less payment of the quarterly dividend of $3 million.
Of note, our balance sheet remains strong with a leverage ratio of 0.52x adjusted EBITDA.
In addition, we have ample liquidity without the fixed costs associated with legacy liabilities with the low and variable cost structure.
Our total available liquidity at the end of the first quarter of 2020 was $303 million, consisting of cash, cash equivalents of $257 million and $46 million available under our ABL facility, net of borrowings of $70 million and outstanding letters of credit of approximately $9 million.
As I mentioned earlier, we drew $70 million on our ABL facility as a precautionary measure to increase liquidity and reduce risk during these unprecedented times.
We intend on retaining the funds and cash to preserve liquidity amid the growing uncertainty surrounding the COVID-19 outbreak.
In summary, the first quarter results for production and sales volumes turned out as expected and previously disclosed.
The overall financial results were primarily driven by lower net selling prices and slightly lower sales volumes compared to last year's first quarter.
Now turning to our outlook for the remainder of the year.
In light of the uncertainties regarding the duration of the COVID-19 pandemic and its overall impact on the global economy and the company's operations, we are withdrawing our full year 2020 guidance issued on February 19 at this time.
We're also appropriately adjusting operational needs, including managing expenses, capital expenditures, working capital, liquidity and cash flows.
For example, as precautionary measures, we have delayed the $25 million budgeted for the development of the Blue Creek project until at least July 1, 2020, and have temporarily suspended our stock repurchase program.
We will continue to evaluate the impact of the COVID-19 pandemic on our business for the remainder of the fiscal year and expect to provide further updates to our financial outlook and the development of the Blue Creek project during our second quarter earnings call to be held in late July.
We're continuing to pay our quarterly dividend at this time, but we'll continue to monitor liquidity in light of the COVID-19 pandemic.
Before we move on to Q&A, I'd like to make a few more comments.
While we were pleased with our first quarter results, the rest of the year is less certain.
We are clearly seeing the impact of COVID-19 on global steel production and overall met coal pricing in light of reduced automobile manufacturing and a slowdown of construction projects.
Although we did experience some reduction in sales orders toward the end of the first quarter, it is now apparent that the full impact of COVID-19 on met coal demand erosion may not materialize until the second quarter of 2020 and possibly beyond.
And as a result, the unprecedented level of uncertainty in our customers' markets has made the job of forecasting, which was already challenging, even more difficult.
We continue to regularly update our business continuity planning on global steel production and met coal demand for various potential developments related to COVID-19 and will continue to take precautionary measures as necessary or advisable.
We've kept and will continue to keep close contact with our customers during this period in order to optimize our sales orders and capitalize on opportunities if and when they appear in the marketplace.
Regarding met coal pricing, we expect all indices to remain under pressure as long as the supply and-demand balance remains stressed by the uncertainty of current events.
Despite the unknowns, there are a few important reasons that our business is well positioned to weather any prolonged economic challenge: one, we have a strong balance sheet and adequate liquidity; two, our low and variable cost structure enables us to drive high margins and free cash flow across most business environments; three, we've made significant investments in our operations over the past three years, allowing us to now reduce capital expenditures as needed without impacting operations; four, we maintain one of the world's highest quality met coal portfolios, and we have strong long-term customer relationships; and five, our highly talented workforce is committed to safely and efficiently driving results.
As a result of these factors, I'm confident we will emerge from this health crisis ready to achieve our long-term growth potential.

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q1 adjusted earnings per share $0.39.
q1 earnings per share $0.42.
warrior met coal - withdrawing full-year 2020 guidance issued on february 19, 2020 at this time.

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