Delaware | 1-16463 | 13-4004153 | |||||||||||||||||||||||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||||||||
701 Market Street, | St. Louis, | Missouri | 63101-1826 | ||||||||||||||||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||||||||||||||
Registrant's telephone number, including area code: | (314) | 342-3400 | |||||||||||||||||||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||||||||||||||||||||||||||||||||
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||||||||||||||||||||||||||||||||||
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||||||||||||||||||||||||||||||||||
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
||||||||||||||||||||||||||||||||||
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | BTU | New York Stock Exchange |
Exhibit No. | Description of Exhibit | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
PEABODY ENERGY CORPORATION | |||||
November 3, 2022 | By: /s/ Mark A. Spurbeck | ||||
Name: Mark A. Spurbeck | |||||
Title: Executive Vice President and Chief Financial Officer | |||||
Media Release |
Seaborne Thermal | |||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Tons sold (in millions) | 3.7 | 4.0 | 4.5 | 11.5 | 12.7 | ||||||||||||||||||||||||
Export | 1.6 | 2.2 | 2.6 | 5.6 | 6.8 | ||||||||||||||||||||||||
Domestic | 2.1 | 1.8 | 1.9 | 5.9 | 5.8 | ||||||||||||||||||||||||
Revenue per Ton | $ | 95.54 | $ | 87.37 | $ | 58.53 | $ | 83.30 | $ | 49.86 | |||||||||||||||||||
Export - Avg. Realized Price per Ton | 187.94 | 143.43 | 85.59 | 148.68 | 72.73 | ||||||||||||||||||||||||
Domestic - Avg. Realized Price per Ton | 21.77 | 21.34 | 21.77 | 21.15 | 22.82 | ||||||||||||||||||||||||
Costs per Ton | 49.22 | 43.85 | 35.09 | 45.22 | 33.72 | ||||||||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 46.32 | $ | 43.52 | $ | 23.44 | $ | 38.08 | $ | 16.14 | |||||||||||||||||||
Adjusted EBITDA (in millions) | $ | 171.2 | $ | 176.8 | $ | 104.4 | $ | 438.5 | $ | 204.3 |
Seaborne Metallurgical | |||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Tons sold (in millions) | 1.8 | 1.6 | 1.5 | 4.6 | 3.9 | ||||||||||||||||||||||||
Revenue per Ton | $ | 179.77 | $ | 330.56 | $ | 119.98 | $ | 254.52 | $ | 99.18 | |||||||||||||||||||
Costs per Ton | 114.32 | 144.91 | 81.61 | 124.86 | 96.98 | ||||||||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 65.45 | $ | 185.65 | $ | 38.37 | $ | 129.66 | $ | 2.20 | |||||||||||||||||||
Adjusted EBITDA (in millions) | $ | 113.2 | $ | 299.7 | $ | 57.4 | $ | 593.9 | $ | 8.6 |
Powder River Basin | |||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Tons sold (in millions) | 22.3 | 18.5 | 22.7 | 61.4 | 65.9 | ||||||||||||||||||||||||
Revenue per Ton | $ | 12.99 | $ | 12.44 | $ | 10.88 | $ | 12.55 | $ | 10.99 | |||||||||||||||||||
Costs per Ton | 11.29 | 12.55 | 9.25 | 11.84 | 9.28 | ||||||||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 1.70 | $ | (0.11) | $ | 1.63 | $ | 0.71 | $ | 1.71 | |||||||||||||||||||
Adjusted EBITDA (in millions) | $ | 37.9 | $ | (2.0) | $ | 37.0 | $ | 43.5 | $ | 112.6 |
Other U.S. Thermal | |||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Tons sold (in millions) | 4.8 | 4.4 | 4.5 | 13.4 | 12.3 | ||||||||||||||||||||||||
Revenue per Ton | $ | 54.58 | $ | 51.40 | $ | 40.99 | $ | 51.62 | $ | 40.20 | |||||||||||||||||||
Costs per Ton | 39.40 | 37.25 | 30.99 | 37.80 | 30.02 | ||||||||||||||||||||||||
Adjusted EBITDA Margin per Ton | $ | 15.18 | $ | 14.15 | $ | 10.00 | $ | 13.82 | $ | 10.18 | |||||||||||||||||||
Adjusted EBITDA (in millions) | $ | 72.7 | $ | 61.9 | $ | 45.1 | $ | 184.6 | $ | 125.6 |
Segment Performance | |||||||||||||||||
2022 Full Year | |||||||||||||||||
Total Volume (millions of short tons) |
Priced Volume (millions of short tons) | Priced Volume Pricing per Short Ton | Average Cost per Short Ton | ||||||||||||||
PRB – Total | 80 - 90 | 90 | $13.00 | $11.25 - $12.00 | |||||||||||||
Other U.S. Thermal – Total | 17.5 - 18.5 | 18.9 | $49.50 | $38.00 - $40.00 | |||||||||||||
Seaborne Thermal (Export) | 7.8 - 8.2 | 6.9 | $144.00 | NA | |||||||||||||
Seaborne Thermal – Total | 15.6 - 16.0 | 14.6 | $78.25 | $43.00 - $47.00 | |||||||||||||
Seaborne Metallurgical – Total | 6.5 - 6.8 | 4.8 | $250.00 | $115.00 - $125.00 | |||||||||||||
Wilpinjong Performance | |||||||||||||||||
2022 Full Year | |||||||||||||||||
Volume (millions of short tons) |
Priced Volume (millions of short tons) | Priced Volume Pricing per Short Ton |
Average Cost per Short Ton | ||||||||||||||
Wilpinjong (Export) | 4.6 - 4.8 | 3.5 | $151.25 | NA | |||||||||||||
Wilpinjong (Domestic) | 7.7 - 7. 8 | 7.8 | $20.50 | NA | |||||||||||||
Wilpinjong – Total | 12.3 - 12.6 | 11.3 | $61.00 | $29.50 - $32.50 | |||||||||||||
Other Annual Financial Metrics ($ in millions) | |||||||||||||||||
2022 Full Year | |||||||||||||||||
SG&A | $85 | ||||||||||||||||
Net Cash Interest Payments | $130 | ||||||||||||||||
Major Project / Growth Capital Expenditures | $100 | ||||||||||||||||
Total Capital Expenditures | $210 | ||||||||||||||||
ARO Cash Spend | $60 | ||||||||||||||||
Postretirement benefits cash spend | $25 | ||||||||||||||||
Supplemental Information | |||||||||||||||||
PRB and Other U.S. Thermal | PRB and Other U.S. Thermal volume reflects volume priced as of October 2022. Weighted average quality for the PRB segment 2022 volume is approximately 8670 BTU. | ||||||||||||||||
Seaborne Thermal | Seaborne Thermal volume reflects volume priced as of October 2022, including Annual priced volume. Realized seaborne thermal export pricing varies based on sales timing and product quality as well as optimization strategies. In general, the Wambo unpriced products for the fourth quarter of 2022 are expected to price with reference to Globalcoal “NEWC” levels and Wilpinjong, with a higher ash content is anticipated to price principally in line with API 5 price levels given current coal quality and market conditions. | ||||||||||||||||
Seaborne Metallurgical | On average, Peabody's total metallurgical sales are anticipated to price at a 20-25% discount to the premium hard-coking coal index price (FOB Australia). Peabody's total metallurgical sales for the fourth quarter of 2022 are expected to be comprised of ~10% HVA coal and ~90% PCI / SHCC / Thermal coals. |
Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
For the Quarters Ended Sept. 30, 2022, Jun. 30, 2022 and Sept. 30, 2021 and the Nine Months Ended Sept. 30, 2022 and 2021 | ||||||||||||||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Tons Sold | 32.7 | 28.6 | 33.7 | 91.2 | 96.7 | |||||||||||||||||||||||||||
Revenue (1) |
$ | 1,342.5 | $ | 1,321.9 | $ | 679.0 | $ | 3,355.8 | $ | 2,053.7 | ||||||||||||||||||||||
Operating Costs and Expenses (2) |
838.4 | 825.6 | 649.4 | 2,363.0 | 1,843.4 | |||||||||||||||||||||||||||
Depreciation, Depletion and Amortization | 80.7 | 73.8 | 77.9 | 227.4 | 223.3 | |||||||||||||||||||||||||||
Asset Retirement Obligation Expenses | 13.1 | 12.7 | 14.3 | 40.8 | 45.3 | |||||||||||||||||||||||||||
Selling and Administrative Expenses | 19.6 | 21.8 | 21.1 | 64.5 | 64.2 | |||||||||||||||||||||||||||
Restructuring Charges | 1.0 | 0.2 | 1.7 | 2.8 | 5.9 | |||||||||||||||||||||||||||
Other Operating (Income) Loss: | ||||||||||||||||||||||||||||||||
Net Gain on Disposals | (5.0) | (12.8) | (25.8) | (22.7) | (28.2) | |||||||||||||||||||||||||||
Asset Impairment | 1.7 | — | — | 1.7 | — | |||||||||||||||||||||||||||
Income from Equity Affiliates | (27.5) | (48.7) | (15.8) | (120.9) | (11.4) | |||||||||||||||||||||||||||
Operating Profit (Loss) | 420.5 | 449.3 | (43.8) | 799.2 | (88.8) | |||||||||||||||||||||||||||
Interest Expense | 33.8 | 37.6 | 45.5 | 110.8 | 143.3 | |||||||||||||||||||||||||||
Net Loss (Gain) on Early Debt Extinguishment | 8.7 | 2.3 | (16.0) | 34.5 | (31.3) | |||||||||||||||||||||||||||
Interest Income | (4.9) | (0.9) | (1.4) | (6.3) | (4.2) | |||||||||||||||||||||||||||
Net Periodic Benefit Credit, Excluding Service Cost | (12.2) | (12.3) | (8.6) | (36.7) | (26.0) | |||||||||||||||||||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | 395.1 | 422.6 | (63.3) | 696.9 | (170.6) | |||||||||||||||||||||||||||
Income Tax Provision (Benefit) | 10.7 | 11.3 | (3.7) | 21.0 | (10.3) | |||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Income Taxes | 384.4 | 411.3 | (59.6) | 675.9 | (160.3) | |||||||||||||||||||||||||||
(Loss) Income from Discontinued Operations, Net of Income Taxes | (0.8) | (0.7) | 24.3 | (2.3) | 20.0 | |||||||||||||||||||||||||||
Net Income (Loss) | 383.6 | 410.6 | (35.3) | 673.6 | (140.3) | |||||||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 8.5 | 1.1 | 8.9 | 8.5 | 12.6 | |||||||||||||||||||||||||||
Net Income (Loss) Attributable to Common Stockholders | $ | 375.1 | $ | 409.5 | $ | (44.2) | $ | 665.1 | $ | (152.9) | ||||||||||||||||||||||
Adjusted EBITDA (3) |
$ | 438.9 | $ | 577.8 | $ | 289.1 | $ | 1,344.2 | $ | 472.3 | ||||||||||||||||||||||
Diluted EPS - Income (Loss) from Continuing Operations (4)(5) |
$ | 2.34 | $ | 2.55 | $ | (0.60) | $ | 4.33 | $ | (1.65) | ||||||||||||||||||||||
Diluted EPS - Net Income (Loss) Attributable to Common Stockholders (4) |
$ | 2.33 | $ | 2.54 | $ | (0.38) | $ | 4.31 | $ | (1.46) | ||||||||||||||||||||||
(1) | Includes a net gain of $90.4 million and net losses of $24.5 million and $238.4 million related to unrealized mark-to-market adjustments on derivatives related to forecasted sales during the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and net losses of $235.1 million and $264.0 million during the nine months ended September 30, 2022 and 2021, respectively. |
|||||||||||||||||||||||||||||||
(2) | Excludes items shown separately. | |||||||||||||||||||||||||||||||
(3) | Adjusted EBITDA is a non-GAAP financial measure. Refer to the “Reconciliation of Non-GAAP Financial Measures” section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP. | |||||||||||||||||||||||||||||||
(4) | Weighted average diluted shares outstanding were 161.9 million during both the quarters ended September 30, 2022 and June 30, 2022, and 114.9 million during the quarter ended September 30, 2021. During the nine months ended September 30, 2022 and 2021, weighted average diluted shares outstanding were 155.6 million and 104.9 million, respectively. |
|||||||||||||||||||||||||||||||
(5) | Reflects income (loss) from continuing operations, net of income taxes less net income attributable to noncontrolling interests. | |||||||||||||||||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |
Condensed Consolidated Balance Sheets | ||||||||||||||
As of Sept. 30, 2022 and Dec. 31, 2021 | ||||||||||||||
(Dollars In Millions) | ||||||||||||||
(Unaudited) | ||||||||||||||
Sep. 30, 2022 | Dec. 31, 2021 | |||||||||||||
Cash and Cash Equivalents |
$ | 1,354.5 | $ | 954.3 | ||||||||||
Accounts Receivable, Net |
426.4 | 350.5 | ||||||||||||
Inventories, Net | 277.4 | 226.7 | ||||||||||||
Other Current Assets |
305.8 | 270.2 | ||||||||||||
Total Current Assets |
2,364.1 | 1,801.7 | ||||||||||||
Property, Plant, Equipment and Mine Development, Net |
2,817.6 | 2,950.6 | ||||||||||||
Operating Lease Right-of-Use Assets |
29.0 | 35.5 | ||||||||||||
Investments and Other Assets |
220.3 | 162.0 | ||||||||||||
Total Assets |
$ | 5,431.0 | $ | 4,949.8 | ||||||||||
Current Portion of Long-Term Debt |
$ | 546.9 | $ | 59.6 | ||||||||||
Accounts Payable and Accrued Expenses |
771.2 | 872.1 | ||||||||||||
Total Current Liabilities |
1,318.1 | 931.7 | ||||||||||||
Long-Term Debt, Less Current Portion |
322.3 | 1,078.2 | ||||||||||||
Deferred Income Taxes |
24.5 | 27.3 | ||||||||||||
Asset Retirement Obligations |
660.8 | 654.8 | ||||||||||||
Accrued Postretirement Benefit Costs |
203.9 | 212.1 | ||||||||||||
Operating Lease Liabilities, Less Current Portion |
13.3 | 27.2 | ||||||||||||
Other Noncurrent Liabilities |
226.9 | 197.7 | ||||||||||||
Total Liabilities |
2,769.8 | 3,129.0 | ||||||||||||
Common Stock |
1.9 | 1.8 | ||||||||||||
Additional Paid-in Capital |
3,974.1 | 3,745.6 | ||||||||||||
Treasury Stock |
(1,372.9) | (1,370.3) | ||||||||||||
Accumulated Deficit | (248.1) | (913.2) | ||||||||||||
Accumulated Other Comprehensive Income |
256.2 | 297.9 | ||||||||||||
Peabody Energy Corporation Stockholders' Equity |
2,611.2 | 1,761.8 | ||||||||||||
Noncontrolling Interests |
50.0 | 59.0 | ||||||||||||
Total Stockholders' Equity |
2,661.2 | 1,820.8 | ||||||||||||
Total Liabilities and Stockholders' Equity |
$ | 5,431.0 | $ | 4,949.8 | ||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||||||||||||||||
For the Quarters Ended Sept. 30, 2022, Jun. 30, 2022 and Sept. 30, 2021 and the Nine Months Ended Sept. 30, 2022 and 2021 | |||||||||||||||||||||||||||||
(Dollars In Millions) | |||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Cash Flows From Operating Activities |
|||||||||||||||||||||||||||||
Net Cash Provided By Continuing Operations | $ | 496.8 | $ | 284.6 | $ | 18.5 | $ | 508.9 | $ | 0.5 | |||||||||||||||||||
Net Cash Used in Discontinued Operations |
(2.1) | (1.5) | (14.1) | (4.8) | (18.9) | ||||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | 494.7 | 283.1 | 4.4 | 504.1 | (18.4) | ||||||||||||||||||||||||
Cash Flows From Investing Activities |
|||||||||||||||||||||||||||||
Additions to Property, Plant, Equipment and Mine Development |
(41.4) | (33.4) | (29.7) | (104.5) | (123.6) | ||||||||||||||||||||||||
Changes in Accrued Expenses Related to Capital Expenditures |
1.4 | (2.7) | 0.8 | (8.3) | (3.3) | ||||||||||||||||||||||||
Proceeds from Disposal of Assets, Net of Receivables |
7.2 | 19.8 | 7.8 | 30.6 | 12.7 | ||||||||||||||||||||||||
Contributions to Joint Ventures |
(199.1) | (149.4) | (119.3) | (475.1) | (363.8) | ||||||||||||||||||||||||
Distributions from Joint Ventures |
184.4 | 132.6 | 97.7 | 465.2 | 350.3 | ||||||||||||||||||||||||
Advances to Related Parties |
(0.1) | (1.2) | (0.2) | (1.3) | (0.4) | ||||||||||||||||||||||||
Cash Receipts from Middlemount Coal Pty Ltd and Other Related Parties | 11.0 | 96.7 | 5.8 | 154.9 | 8.4 | ||||||||||||||||||||||||
Other, Net |
3.2 | (3.1) | — | (0.4) | — | ||||||||||||||||||||||||
Net Cash (Used In) Provided By Investing Activities | (33.4) | 59.3 | (37.1) | 61.1 | (119.7) | ||||||||||||||||||||||||
Cash Flows From Financing Activities |
|||||||||||||||||||||||||||||
Proceeds from Long-Term Debt | — | — | — | 545.0 | — | ||||||||||||||||||||||||
Repayments of Long-Term Debt |
(191.5) | (54.9) | (50.5) | (846.3) | (133.6) | ||||||||||||||||||||||||
Payment of Debt Issuance and Other Deferred Financing Costs |
(0.4) | (1.5) | — | (21.1) | (22.5) | ||||||||||||||||||||||||
Proceeds from Common Stock Issuances, Net of Costs | — | — | 112.1 | 222.0 | 177.2 | ||||||||||||||||||||||||
Repurchase of Employee Common Stock Relinquished for Tax Withholding |
— | (0.6) | — | (2.6) | (1.3) | ||||||||||||||||||||||||
Distributions to Noncontrolling Interests |
(3.7) | — | (3.8) | (17.5) | (3.9) | ||||||||||||||||||||||||
Other, Net |
— | (0.1) | — | — | — | ||||||||||||||||||||||||
Net Cash (Used In) Provided By Financing Activities | (195.6) | (57.1) | 57.8 | (120.5) | 15.9 | ||||||||||||||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash |
265.7 | 285.3 | 25.1 | 444.7 | (122.2) | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
1,133.3 | 848.0 | 561.9 | 954.3 | 709.2 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period |
$ | 1,399.0 | $ | 1,133.3 | $ | 587.0 | $ | 1,399.0 | $ | 587.0 | |||||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |
Reconciliation of Non-GAAP Financial Measures (Unaudited) | ||||||||||||||||||||||||||||||||
For the Quarters Ended Sept. 30, 2022, Jun. 30, 2022 and Sept. 30, 2021 and the Nine Months Ended Sept. 30, 2022 and 2021 | ||||||||||||||||||||||||||||||||
(Dollars In Millions) | ||||||||||||||||||||||||||||||||
Note: Management believes that non-GAAP performance measures are used by investors to measure our operating performance and lenders to measure our ability to incur and service debt. These measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies. | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Income (Loss) from Continuing Operations, Net of Income Taxes | $ | 384.4 | $ | 411.3 | $ | (59.6) | $ | 675.9 | $ | (160.3) | ||||||||||||||||||||||
Depreciation, Depletion and Amortization |
80.7 | 73.8 | 77.9 | 227.4 | 223.3 | |||||||||||||||||||||||||||
Asset Retirement Obligation Expenses |
13.1 | 12.7 | 14.3 | 40.8 | 45.3 | |||||||||||||||||||||||||||
Restructuring Charges |
1.0 | 0.2 | 1.7 | 2.8 | 5.9 | |||||||||||||||||||||||||||
Asset Impairment |
1.7 | — | — | 1.7 | — | |||||||||||||||||||||||||||
Changes in Deferred Tax Asset Valuation Allowance and Reserves and Amortization of Basis Difference Related to Equity Affiliates |
(0.5) | (0.6) | (6.4) | (1.7) | (8.4) | |||||||||||||||||||||||||||
Interest Expense |
33.8 | 37.6 | 45.5 | 110.8 | 143.3 | |||||||||||||||||||||||||||
Net Loss (Gain) on Early Debt Extinguishment | 8.7 | 2.3 | (16.0) | 34.5 | (31.3) | |||||||||||||||||||||||||||
Interest Income |
(4.9) | (0.9) | (1.4) | (6.3) | (4.2) | |||||||||||||||||||||||||||
Unrealized (Gains) Losses on Derivative Contracts Related to Forecasted Sales | (90.4) | 24.5 | 238.4 | 235.1 | 264.0 | |||||||||||||||||||||||||||
Unrealized Losses (Gains) on Foreign Currency Option Contracts | 1.4 | 6.3 | (0.6) | 4.4 | 8.2 | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition |
(0.8) | (0.7) | (1.0) | (2.2) | (3.2) | |||||||||||||||||||||||||||
Income Tax Provision (Benefit) | 10.7 | 11.3 | (3.7) | 21.0 | (10.3) | |||||||||||||||||||||||||||
Adjusted EBITDA (1) |
$ | 438.9 | $ | 577.8 | $ | 289.1 | $ | 1,344.2 | $ | 472.3 | ||||||||||||||||||||||
Operating Costs and Expenses |
$ | 838.4 | $ | 825.6 | $ | 649.4 | $ | 2,363.0 | $ | 1,843.4 | ||||||||||||||||||||||
Unrealized (Losses) Gains on Foreign Currency Option Contracts | (1.4) | (6.3) | 0.6 | (4.4) | (8.2) | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition |
0.8 | 0.7 | 1.0 | 2.2 | 3.2 | |||||||||||||||||||||||||||
Net Periodic Benefit Credit, Excluding Service Cost | (12.2) | (12.3) | (8.6) | (36.7) | (26.0) | |||||||||||||||||||||||||||
Total Reporting Segment Costs (2) |
$ | 825.6 | $ | 807.7 | $ | 642.4 | $ | 2,324.1 | $ | 1,812.4 | ||||||||||||||||||||||
Net Cash Provided By (Used In) Operating Activities | $ | 494.7 | $ | 283.1 | $ | 4.4 | $ | 504.1 | $ | (18.4) | ||||||||||||||||||||||
Net Cash (Used In) Provided By Investing Activities | (33.4) | 59.3 | (37.1) | 61.1 | (119.7) | |||||||||||||||||||||||||||
Free Cash Flow (3) |
$ | 461.3 | $ | 342.4 | $ | (32.7) | $ | 565.2 | $ | (138.1) | ||||||||||||||||||||||
(1) | Adjusted EBITDA is defined as income (loss) from continuing operations before deducting net interest expense, income taxes, asset retirement obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete items that management excluded in analyzing each of our segment's operating performance, as displayed in the reconciliation above. Adjusted EBITDA is used by management as the primary metric to measure each of our segment's operating performance and allocate resources. | |||||||||||||||||||||||||||||||
(2) | Total Reporting Segment Costs is defined as operating costs and expenses adjusted for the discrete items that management excluded in analyzing each of our segment's operating performance, as displayed in the reconciliation above. Total Reporting Segment Costs is used by management as a component of a metric to measure each of our segment's operating performance. | |||||||||||||||||||||||||||||||
(3) | Free Cash Flow is defined as net cash provided by (used in) operating activities plus net cash (used in) provided by investing activities and excludes cash outflows related to business combinations. Free Cash Flow is used by management as a measure of our financial performance and our ability to generate excess cash flow from our business operations. | |||||||||||||||||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |
Supplemental Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||
For the Quarters Ended Sept. 30, 2022, Jun. 30, 2022 and Sept. 30, 2021 and the Nine Months Ended Sept. 30, 2022 and 2021 | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Revenue Summary (In Millions) | ||||||||||||||||||||||||||||||||
Seaborne Thermal Mining Operations | $ | 353.2 | $ | 354.9 | $ | 260.7 | $ | 959.3 | $ | 631.2 | ||||||||||||||||||||||
Seaborne Metallurgical Mining Operations | 310.7 | 533.8 | 179.5 | 1,165.8 | 388.0 | |||||||||||||||||||||||||||
Powder River Basin Mining Operations | 290.5 | 229.7 | 247.1 | 771.4 | 724.1 | |||||||||||||||||||||||||||
Other U.S. Thermal Mining Operations | 261.4 | 224.9 | 184.6 | 689.4 | 496.0 | |||||||||||||||||||||||||||
Total U.S. Thermal Mining Operations | 551.9 | 454.6 | 431.7 | 1,460.8 | 1,220.1 | |||||||||||||||||||||||||||
Corporate and Other (1) |
126.7 | (21.4) | (192.9) | (230.1) | (185.6) | |||||||||||||||||||||||||||
Total | $ | 1,342.5 | $ | 1,321.9 | $ | 679.0 | $ | 3,355.8 | $ | 2,053.7 | ||||||||||||||||||||||
Total Reporting Segment Costs Summary (In Millions) (2) |
||||||||||||||||||||||||||||||||
Seaborne Thermal Mining Operations | $ | 182.0 | $ | 178.1 | $ | 156.3 | $ | 520.8 | $ | 426.9 | ||||||||||||||||||||||
Seaborne Metallurgical Mining Operations | 197.5 | 234.1 | 122.1 | 571.9 | 379.4 | |||||||||||||||||||||||||||
Powder River Basin Mining Operations | 252.6 | 231.7 | 210.1 | 727.9 | 611.5 | |||||||||||||||||||||||||||
Other U.S. Thermal Mining Operations | 188.7 | 163.0 | 139.5 | 504.8 | 370.4 | |||||||||||||||||||||||||||
Total U.S. Thermal Mining Operations | 441.3 | 394.7 | 349.6 | 1,232.7 | 981.9 | |||||||||||||||||||||||||||
Corporate and Other | 4.8 | 0.8 | 14.4 | (1.3) | 24.2 | |||||||||||||||||||||||||||
Total | $ | 825.6 | $ | 807.7 | $ | 642.4 | $ | 2,324.1 | $ | 1,812.4 | ||||||||||||||||||||||
Other Supplemental Financial Data (In Millions) | ||||||||||||||||||||||||||||||||
Adjusted EBITDA - Seaborne Thermal Mining Operations | $ | 171.2 | $ | 176.8 | $ | 104.4 | $ | 438.5 | $ | 204.3 | ||||||||||||||||||||||
Adjusted EBITDA - Seaborne Metallurgical Mining Operations | 113.2 | 299.7 | 57.4 | 593.9 | 8.6 | |||||||||||||||||||||||||||
Adjusted EBITDA - Powder River Basin Mining Operations | 37.9 | (2.0) | 37.0 | 43.5 | 112.6 | |||||||||||||||||||||||||||
Adjusted EBITDA - Other U.S. Thermal Mining Operations | 72.7 | 61.9 | 45.1 | 184.6 | 125.6 | |||||||||||||||||||||||||||
Adjusted EBITDA - Total U.S. Thermal Mining Operations | 110.6 | 59.9 | 82.1 | 228.1 | 238.2 | |||||||||||||||||||||||||||
Middlemount (3) |
27.9 | 48.9 | 9.3 | 121.9 | 2.9 | |||||||||||||||||||||||||||
Resource Management Results (4) |
5.2 | 13.8 | (0.4) | 22.5 | 3.9 | |||||||||||||||||||||||||||
Selling and Administrative Expenses | (19.6) | (21.8) | (21.1) | (64.5) | (64.2) | |||||||||||||||||||||||||||
Other Operating Costs, Net (5) |
30.4 | 0.5 | 57.4 | 3.8 | 78.6 | |||||||||||||||||||||||||||
Adjusted EBITDA (2) |
$ | 438.9 | $ | 577.8 | $ | 289.1 | $ | 1,344.2 | $ | 472.3 | ||||||||||||||||||||||
(1) | Includes a net gain of $90.4 million and net losses of $24.5 million and $238.4 million related to unrealized mark-to-market adjustments on derivatives related to forecasted sales during the quarters ended September 30, 2022, June 30, 2022 and September 30, 2021, respectively, and net losses of $235.1 million and $264.0 million during the nine months ended September 30, 2022 and 2021, respectively. | |||||||||||||||||||||||||||||||
(2) | Total Reporting Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the “Reconciliation of Non-GAAP Financial Measures” section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP. | |||||||||||||||||||||||||||||||
(3) | We account for our 50% equity interest in Middlemount Coal Pty Ltd. (Middlemount), which owns the Middlemount Mine, under the equity method. Middlemount's standalone results exclude the impact of related changes in deferred tax asset valuation allowance and reserves and amortization of basis difference recorded by the company in applying the equity method. Middlemount's standalone results include (on a 50% attributable basis): | |||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
(In Millions) | ||||||||||||||||||||||||||||||||
Tons sold | 0.4 | 0.3 | 0.5 | 1.2 | 1.6 | |||||||||||||||||||||||||||
Depreciation, depletion and amortization and asset retirement obligation expenses |
$ | 1.7 | $ | 1.9 | $ | 3.7 | $ | 5.7 | $ | 8.6 | ||||||||||||||||||||||
Net interest expense | — | 0.1 | 1.9 | 0.2 | 5.8 | |||||||||||||||||||||||||||
Income tax provision | 11.2 | 21.3 | 4.8 | 50.5 | 3.9 | |||||||||||||||||||||||||||
(4) | Includes gains (losses) on certain surplus coal reserve and surface land sales and property management costs and revenue. | |||||||||||||||||||||||||||||||
(5) | Includes trading and brokerage activities, costs associated with post-mining activities, minimum charges on certain transportation-related contracts, costs associated with suspended operations including the North Goonyella Mine and the Q3 2021 gain of $26.1 million recognized on the sale of the Millennium Mine. | |||||||||||||||||||||||||||||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |