Seaborne Thermal | ||||||
Quarter Ended | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
Tons sold (in millions) | 3.8 | 4.6 | 4.1 | |||
Export | 1.8 | 2.7 | 2.3 | |||
Domestic | 2.0 | 1.9 | 1.8 | |||
Revenue per Ton | $ | 66.86 | $ | 65.71 | $ | 43.36 |
Export - Avg. Realized Price per Ton | 118.85 | 96.16 | 58.15 | |||
Domestic - Avg. Realized Price per Ton | 20.34 | 21.53 | 24.51 | |||
Costs per Ton | 42.77 | 33.45 | 36.36 | |||
Adjusted EBITDA Margin per Ton | $ | 24.09 | $ | 32.26 | $ | 7.00 |
Adjusted EBITDA (in millions) | $ | 90.5 | $ | 148.8 | $ | 28.5 |
Seaborne Metallurgical | ||||||
Quarter Ended | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
Tons sold (in millions) | 1.2 | 1.6 | 1.0 | |||
Revenue per Ton | $ | 258.43 | $ | 211.19 | $ | 87.47 |
Costs per Ton | 112.87 | 105.70 | 109.89 | |||
Adjusted EBITDA Margin per Ton | $ | 145.56 | $ | 105.49 | $ | (22.42) |
Adjusted EBITDA (in millions) | $ | 181.0 | $ | 169.6 | $ | (22.4) |
Powder River Basin | ||||||
Quarter Ended | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
Tons sold (in millions) | 20.6 | 22.5 | 20.7 | |||
Revenue per Ton | $ | 12.18 | $ | 10.99 | $ | 11.01 |
Costs per Ton | 11.81 | 10.00 | 9.56 | |||
Adjusted EBITDA Margin per Ton | $ | 0.37 | $ | 0.99 | $ | 1.45 |
Adjusted EBITDA (in millions) | $ | 7.6 | $ | 22.3 | $ | 30.1 |
Other U.S. Thermal | ||||||
Quarter Ended | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
Tons sold (in millions) | 4.2 | 4.6 | 3.9 | |||
Revenue per Ton | $ | 48.46 | $ | 42.23 | $ | 38.76 |
Costs per Ton | 36.54 | 33.79 | 29.37 | |||
Adjusted EBITDA Margin per Ton | $ | 11.92 | $ | 8.44 | $ | 9.39 |
Adjusted EBITDA (in millions) | $ | 50.0 | $ | 38.6 | $ | 36.2 |
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 | 88 - 95 | 92 | $12.93 | $9.75 - $10.75 |
Other U.S. Thermal - Total | 18 - 19 | 18.6 | $45.73 | $31.50 - $33.50 |
Seaborne Thermal (Export) | 9.5 - 10.5 | 4.7 | $98.27 | NA |
Seaborne Thermal - Total | 17 - 18 | 12.5 | $50.36 | $35.00 - $39.00 |
Seaborne Metallurgical - Total | 6.5 - 7.5 | 1.3 | $270.00 | $100.00 - $110.00 |
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) | 5.5 - 6 | 1.8 | $87.51 | NA |
Wilpinjong (Domestic) | 7.5 - 8 | 7.8 | $21.38 | NA |
Wilpinjong - Total | 13 - 14 | 9.6 | $33.75 | $24.50 - $27.50 |
Other Annual Financial Metrics ($ in millions)
| ||||
2022 Full Year | ||||
SG&A | $85 | |||
Net Cash Interest Payments | $140 | |||
Major Project / Growth Capital Expenditures | $80 | |||
Total Capital Expenditures | $190 | |||
ARO Cash Spend | $60 | |||
Postretirement benefits cash spend | $25 | |||
Supplemental Information | ||||
PRB and Other U.S. Thermal | PRB and Other U.S. Thermal volumes reflect volumes priced as of March 31, 2022. Weighted average quality for the PRB segment 2022 volume is approximately 8670 BTU. | |||
Seaborne Thermal | Seaborne Thermal volumes reflect volumes priced as of March 31, 2022. Realized seaborne thermal export pricing varies based on sales timing and product quality as well as optimization strategies. In general, the Wambo unpriced products are expected to price with reference to Globalcoal "NEWC" levels and Wilpinjong, with a higher ash content is anticipated to price at a 5-20% discount to API 5 price levels. | |||
Seaborne Metallurgical |
On average, Peabody's total metallurgical sales are anticipated to price at a 15-20% discount to the premium hard-coking coal index price (FOB Australia). Peabody's total metallurgical sales are expected to be comprised of ~25% HVA coal and ~75% PCI / SHCC coals.
|
Condensed Consolidated Statements of Operations (Unaudited) | ||||
For the Quarters Ended Mar. 31, 2022 and 2021 | ||||
(In Millions, Except Per Share Data) | ||||
Quarter Ended | ||||
Mar. | Mar. | |||
2022 | 2021 | |||
Tons Sold | 29.9 | 30.2 | ||
Revenue (1)
| $ | 691.4 | $ | 651.3 |
Operating Costs and Expenses (2)
| 699.0 | 582.6 | ||
Depreciation, Depletion and Amortization | 72.9 | 68.3 | ||
Asset Retirement Obligation Expenses | 15.0 | 15.9 | ||
Selling and Administrative Expenses | 23.1 | 21.7 | ||
Restructuring Charges | 1.6 | 2.1 | ||
Other Operating (Income) Loss: | ||||
Net (Gain) Loss on Disposals | (4.9) | 0.6 | ||
(Income) Loss from Equity Affiliates | (44.7) | 0.9 | ||
Operating Loss | (70.6) | (40.8) | ||
Interest Expense | 39.4 | 52.4 | ||
Net Loss (Gain) on Early Debt Extinguishment | 23.5 | (3.5) | ||
Interest Income | (0.5) | (1.5) | ||
Net Periodic Benefit Credit, Excluding Service Cost | (12.2) | (8.7) | ||
Loss from Continuing Operations Before Income Taxes | (120.8) | (79.5) | ||
Income Tax Benefit | (1.0) | (1.8) | ||
Loss from Continuing Operations, Net of Income Taxes | (119.8) | (77.7) | ||
Loss from Discontinued Operations, Net of Income Taxes | (0.8) | (2.0) | ||
Net Loss | (120.6) | (79.7) | ||
Less: Net (Loss) Income Attributable to Noncontrolling Interests | (1.1) | 0.4 | ||
Net Loss Attributable to Common Stockholders | $ | (119.5) | $ | (80.1) |
Adjusted EBITDA (3)
| $ | 327.5 | $ | 61.1 |
Diluted EPS - Loss from Continuing Operations (4)(5)
| $ | (0.87) | $ | (0.79) |
Diluted EPS - Net Loss Attributable to Common Stockholders (4)
| $ | (0.88) | $ | (0.81) |
(1) |
Includes net losses related to unrealized mark-to-market adjustments on derivatives related to forecasted sales and other financial trading activity of $290.2 million and $4.9 million during the quarters ended March 31, 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) |
During the quarters ended March 31, 2022 and 2021, weighted average diluted shares outstanding were 136.2 million and 98.4 million, respectively.
| |||
(5) | Reflects loss from continuing operations, net of income taxes less net (loss) 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 Mar. 31, 2022 and Dec. 31, 2021 | ||||
(Dollars In Millions) | ||||
(Unaudited) | ||||
Mar. 31, 2022 | Dec. 31, 2021 | |||
Cash and Cash Equivalents
| $ | 823.3 | $ | 954.3 |
Restricted Cash
| 24.7 | - | ||
Accounts Receivable, Net
| 357.4 | 350.5 | ||
Inventories, Net | 269.1 | 226.7 | ||
Other Current Assets
| 331.8 | 270.2 | ||
Total Current Assets
| 1,806.3 | 1,801.7 | ||
Property, Plant, Equipment and Mine Development, Net
| 2,903.3 | 2,950.6 | ||
Operating Lease Right-of-Use Assets
| 33.0 | 35.5 | ||
Investments and Other Assets
| 201.2 | 162.0 | ||
Total Assets
| $ | 4,943.8 | $ | 4,949.8 |
Current Portion of Long-Term Debt
| $ | 19.1 | $ | 59.6 |
Accounts Payable and Accrued Expenses
| 798.2 | 872.1 | ||
Total Current Liabilities
| 817.3 | 931.7 | ||
Long-Term Debt, Less Current Portion
| 1,079.0 | 1,078.2 | ||
Deferred Income Taxes
| 20.9 | 27.3 | ||
Asset Retirement Obligations
| 659.5 | 654.8 | ||
Accrued Postretirement Benefit Costs
| 209.6 | 212.1 | ||
Operating Lease Liabilities, Less Current Portion
| 24.6 | 27.2 | ||
Other Noncurrent Liabilities
| 236.0 | 197.7 | ||
Total Liabilities
| 3,046.9 | 3,129.0 | ||
Common Stock
| 1.9 | 1.8 | ||
Additional Paid-in Capital
| 3,969.5 | 3,745.6 | ||
Treasury Stock
| (1,372.3) | (1,370.3) | ||
Accumulated Deficit | (1,032.7) | (913.2) | ||
Accumulated Other Comprehensive Income
| 286.4 | 297.9 | ||
Peabody Energy Corporation Stockholders' Equity
| 1,852.8 | 1,761.8 | ||
Noncontrolling Interests
| 44.1 | 59.0 | ||
Total Stockholders' Equity
| 1,896.9 | 1,820.8 | ||
Total Liabilities and Stockholders' Equity
| $ | 4,943.8 | $ | 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 Mar. 31, 2022 and 2021 | ||||
(Dollars In Millions) | ||||
Quarter Ended | ||||
Mar. | Mar. | |||
2022 | 2021 | |||
Cash Flows From Operating Activities
| ||||
Net Cash (Used In) Provided By Continuing Operations | $ | (272.5) | $ | 74.1 |
Net Cash Used in Discontinued Operations
| (1.2) | (3.1) | ||
Net Cash (Used In) Provided By Operating Activities | (273.7) | 71.0 | ||
Cash Flows From Investing Activities
| ||||
Additions to Property, Plant, Equipment and Mine Development
| (29.7) | (50.3) | ||
Changes in Accrued Expenses Related to Capital Expenditures
| (7.0) | (11.4) | ||
Proceeds from Disposal of Assets, Net of Receivables
| 3.6 | 0.9 | ||
Contributions to Joint Ventures
| (126.6) | (136.1) | ||
Distributions from Joint Ventures
| 148.2 | 102.4 | ||
Cash Receipts from Middlemount Coal Pty Ltd and Other Related Parties | 47.2 | 2.3 | ||
Other, Net
| (0.5) | (1.0) | ||
Net Cash Provided By (Used In) Investing Activities | 35.2 | (93.2) | ||
Cash Flows From Financing Activities
| ||||
Proceeds from Long-Term Debt | 545.0 | - | ||
Repayments of Long-Term Debt
| (599.9) | (40.2) | ||
Payment of Debt Issuance and Other Deferred Financing Costs
| (19.2) | (22.5) | ||
Proceeds from Common Stock Issuances, Net of Costs | 222.0 | - | ||
Repurchase of Employee Common Stock Relinquished for Tax Withholding
| (2.0) | (0.6) | ||
Distributions to Noncontrolling Interests
| (13.8) | (0.1) | ||
Other, Net
| 0.1 | 0.1 | ||
Net Cash Provided By (Used In) Financing Activities | 132.2 | (63.3) | ||
Net Change in Cash, Cash Equivalents and Restricted Cash
| (106.3) | (85.5) | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period
| 954.3 | 709.2 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period
| $ | 848.0 | $ | 623.7 |
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 Mar. 31, 2022, Dec. 31, 2021 and Mar. 31 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 | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
(Loss) Income from Continuing Operations, Net of Income Taxes | $ | (119.8) | $ | 507.7 | $ | (77.7) |
Depreciation, Depletion and Amortization
| 72.9 | 85.4 | 68.3 | |||
Asset Retirement Obligation Expenses
| 15.0 | (0.6) | 15.9 | |||
Restructuring Charges
| 1.6 | 2.4 | 2.1 | |||
Changes in Deferred Tax Asset Valuation Allowance and Reserves and Amortization of Basis Difference Related to Equity Affiliates
| (0.6) | (25.4) | (1.5) | |||
Interest Expense
| 39.4 | 40.1 | 52.4 | |||
Net Loss (Gain) on Early Debt Extinguishment | 23.5 | (1.9) | (3.5) | |||
Interest Income
| (0.5) | (2.3) | (1.5) | |||
Net Mark-to-Market Adjustment on Actuarially Determined Liabilities | - | (43.4) | - | |||
Unrealized Losses (Gains) on Derivative Contracts Related to Forecasted Sales | 301.0 | (148.9) | 1.9 | |||
Unrealized (Gains) Losses on Foreign Currency Option Contracts | (3.3) | (0.7) | 7.6 | |||
Take-or-Pay Contract-Based Intangible Recognition
| (0.7) | (1.1) | (1.1) | |||
Income Tax (Benefit) Provision
| (1.0) | 33.1 | (1.8) | |||
Adjusted EBITDA (1)
| $ | 327.5 | $ | 444.4 | $ | 61.1 |
Operating Costs and Expenses
| $ | 699.0 | $ | 709.7 | $ | 582.6 |
Unrealized Gains (Losses) on Foreign Currency Option Contracts | 3.3 | 0.7 | (7.6) | |||
Take-or-Pay Contract-Based Intangible Recognition
| 0.7 | 1.1 | 1.1 | |||
Net Periodic Benefit Credit, Excluding Service Cost | (12.2) | (12.3) | (8.7) | |||
Total Reporting Segment Costs (2)
| $ | 690.8 | $ | 699.2 | $ | 567.4 |
Net Cash (Used In) Provided By Operating Activities | $ | (273.7) | $ | 438.4 | $ | 71.0 |
Net Cash Provided By (Used In) Investing Activities | 35.2 | (11.8) | (93.2) | |||
Free Cash Flow (3)
| $ | (238.5) | $ | 426.6 | $ | (22.2) |
(1) | Adjusted EBITDA is defined as (loss) income 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 metric to measure each of our segment's operating performance. | |||||
(3) | Free Cash Flow is defined as net cash (used in) provided by operating activities less net cash provided by (used in) 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 Mar. 31, 2022, Dec. 31, 2021 and Mar. 31 2021 | ||||||
Quarter Ended | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
Revenue Summary (In Millions) | ||||||
Seaborne Thermal Mining Operations | $ | 251.2 | $ | 302.8 | $ | 176.4 |
Seaborne Metallurgical Mining Operations | 321.3 | 339.7 | 87.5 | |||
Powder River Basin Mining Operations | 251.2 | 247.1 | 228.4 | |||
Other U.S. Thermal Mining Operations | 203.1 | 193.1 | 149.3 | |||
Total U.S. Thermal Mining Operations | 454.3 | 440.2 | 377.7 | |||
Corporate and Other (1)
| (335.4) | 181.9 | 9.7 | |||
Total | $ | 691.4 | $ | 1,264.6 | $ | 651.3 |
Total Reporting Segment Costs Summary (In Millions) (2)
| ||||||
Seaborne Thermal Mining Operations | $ | 160.7 | $ | 154.0 | $ | 147.9 |
Seaborne Metallurgical Mining Operations | 140.3 | 170.1 | 109.9 | |||
Powder River Basin Mining Operations | 243.6 | 224.8 | 198.3 | |||
Other U.S. Thermal Mining Operations | 153.1 | 154.5 | 113.1 | |||
Total U.S. Thermal Mining Operations | 396.7 | 379.3 | 311.4 | |||
Corporate and Other | (6.9) | (4.2) | (1.8) | |||
Total | $ | 690.8 | $ | 699.2 | $ | 567.4 |
Other Supplemental Financial Data (In Millions) | ||||||
Adjusted EBITDA - Seaborne Thermal Mining Operations | $ | 90.5 | $ | 148.8 | $ | 28.5 |
Adjusted EBITDA - Seaborne Metallurgical Mining Operations | 181.0 | 169.6 | (22.4) | |||
Adjusted EBITDA - Powder River Basin Mining Operations | 7.6 | 22.3 | 30.1 | |||
Adjusted EBITDA - Other U.S. Thermal Mining Operations | 50.0 | 38.6 | 36.2 | |||
Adjusted EBITDA - Total U.S. Thermal Mining Operations | 57.6 | 60.9 | 66.3 | |||
Middlemount (3)
| 45.1 | 45.3 | (2.3) | |||
Resource Management Results (4)
| 3.5 | 3.0 | 0.4 | |||
Selling and Administrative Expenses | (23.1) | (20.7) | (21.7) | |||
Other Operating Costs, Net (5)
| (27.1) | 37.5 | 12.3 | |||
Adjusted EBITDA (2)
| $ | 327.5 | $ | 444.4 | $ | 61.1 |
(1) |
Includes net losses related to unrealized mark-to-market adjustments on derivatives related to forecasted sales and other financial trading activity of $290.2 million and $4.9 million during the quarters ended March 31, 2022 and 2021, respectively, and a net gain of $149.5 million during the quarter ended December 31, 2021.
| |||||
(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 | ||||||
Mar. | Dec. | Mar. | ||||
2022 | 2021 | 2021 | ||||
(In Millions) | ||||||
Tons sold | 0.5 | 0.4 | 0.6 | |||
Depreciation, depletion and amortization and asset retirement obligation expenses
| $ | 8.2 | $ | 8.0 | $ | 6.7 |
Net interest expense | 18.8 | 4.8 | 5.1 | |||
Income tax provision (benefit) | 18.0 | 20.3 | (0.1) | |||
Insurance settlement attributable to 2019 business interruption and property damage claim | - | 12.5 | - | |||
(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 and costs associated with suspended operations including the North Goonyella Mine. | |||||
This information is intended to be reviewed in conjunction with the company's filings with the SEC. |
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Peabody Energy Corporation published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 11:29:41 UTC.