ST. LOUIS, April 29, 2021 /PRNewswire/ -- Peabody (NYSE:
BTU) today announced its first quarter 2021 operating results,
including revenues of $651.3 million;
loss from continuing operations, net of income taxes of
$77.7 million; net loss attributable
to common stockholders of $80.1
million; diluted loss per share from continuing operations
of $0.79; and Adjusted
EBITDA1 of $61.1
million.
"While economies across the globe are in varying stages of
recovery from the ongoing pandemic, I'm pleased to note that
operational and productivity improvements continue to take hold
across the company," said Peabody President and Chief Executive
Officer Glenn Kellow. "In
addition, we successfully completed our refinancing activities and
subsequently repaid a portion of our long-term debt. Looking
ahead, we remain focused on further improving our seaborne
metallurgical cost structure and capturing continued cash
improvements across the organization while positioning for ongoing
seaborne market improvements."
First Quarter 2021 Financial Results
First quarter revenues totaled $651.3
million compared to $846.2
million in the prior year primarily due to the impact of
lower volumes, pricing and sales mix.
Selling, general and administrative expenses decreased 13
percent from the prior year to $21.7
million from the company's ongoing cost reduction
program.
Depreciation, depletion, and amortization (DD&A) declined 36
percent from the prior year to $68.3 million, primarily due to
the impairment at the North Antelope Rochelle Mine recorded in Q2
2020 as well as lower volumes.
Interest expense increased $19.3
million over the prior year due to $10.6 million of one-time fees expensed as part
of the refinancing transactions, higher borrowing costs and
amortization of the related debt issuance costs.
Loss from continuing operations, net of income taxes totaled
$77.7 million compared to
$129.3 million in the prior
year. Adjusted EBITDA totaled $61.1
million compared to $36.8
million in the prior year.
Segment Performance
During the first quarter, the seaborne thermal segment exported
2.3 million tons at an average realized price of $58 per ton with the remaining 1.8 million tons
sold under a long-term domestic contract. First quarter
seaborne thermal segment costs of $36
per ton increased 14 percent compared to the prior year primarily
due to expected lower volumes from the United Wambo JV transition
as well as unfavorable exchange rates and the impacts on the
logistics chain from both historic flooding in New South Wales and a ship loader outage at
the Newcastle NCIG port. These impacts were partially offset
by cost improvements at Wilpinjong. The segment reported
16 percent Adjusted EBITDA margins and Adjusted EBITDA of
$28.5 million.
In the first quarter, Wilpinjong sold 2.9 million tons at a cost
of $23 per ton and contributed
approximately $24.6 million to the
seaborne thermal segment's Adjusted EBITDA. Wilpinjong had
$6.1 million of capital expenditures
in the first quarter and $104 million
of cash and cash equivalents as of March
31, 2021.
The seaborne met segment shipped 1.0 million tons, including 0.1
million tons from idled operations, at an average realized price of
$87 per short ton in the first
quarter. Seaborne met costs, excluding idled operations, were
approximately $84 per ton.
Total segment costs of $110 per
ton were in line with the prior year even as the segment shipped
one million less tons in 2021 as productivity improvements at
Moorvale offset the impacts of unfavorable exchange rates and idled
mine costs at Metropolitan and Shoal Creek. The segment
reported Adjusted EBITDA loss of $22.4
million.
The PRB segment shipped 20.7 million tons at an average realized
price of $11.01 per ton. Weather
conditions in February impacted shipments for the quarter by an
estimated 1 million tons. PRB costs per ton decreased 7 percent to
$9.56 due to ongoing cost management
initiatives and pit sequencing despite a 12 percent reduction in
volumes from the prior year. The segment reported 13 percent
Adjusted EBITDA margins and Adjusted EBITDA of $30.1 million.
The other U.S. thermal segment shipped 3.9 million tons at an
average realized price of $39 per
ton. Cost per ton decreased 6 percent from the prior year to
$29 due to productivity improvements
and cost management efforts at each of the mines. The segment
reported 24 percent Adjusted EBITDA margins and Adjusted EBITDA of
$36.2 million.
Balance Sheet and Cash Flow
During the quarter, Peabody generated $71
million of cash from operating activities, repaid debt of
approximately $54 million and ended
the quarter with $623.7 million of
cash, cash equivalents and restricted cash.
The quarter included one-time items related to the refinancing
transactions including $33 million of
refinancing fees and approximately $40
million of debt repayment.
Peabody also posted $43.5 million
of collateral under the accounts receivable securitization facility
as outstanding letters of credit temporarily exceeded the balance
of eligible receivables at quarter-end, primarily due to the timing
of shipments.
Investing cash flows included $50
million related to capital expenditures and $34 million of net contributions to joint
ventures, primarily related to upcoming capital expenditures for
the United Wambo JV transition.
Comprehensive Improvement Program Update
Peabody continues to take action, particularly to improve its
met coal operating performance and capture cash improvements across
the platform.
The CMJV continues to recognize the ongoing cost improvements
implemented, with productivity improvements overcoming an
$0.11 unfavorable exchange rate
impact. Costs per ton at the complex declined $12.92 year over year.
Shoal Creek remains idled as the company continues activities to
achieve higher productivity, lower costs and improved yields from
the operation in the future. The restart of mine production
and coal shipments is contingent upon successful completion of
these initiatives and stable customer demand. Initiatives
include a prep plant upgrade project, which is anticipated to be
commissioned in mid Q3. Additionally, the Shoal Creek
labor contract expired on April 1,
2021 and negotiations are ongoing.
While discussions are ongoing with customers and workforce, the
Metropolitan full workforce will return to the mine in early
May. Development work at the mine has been ongoing through
the idle period and longwall production is anticipated to restart
in the second quarter, with ramp up to full production in the third
quarter.
Outlook
Based on current market conditions, Peabody anticipates the
following results in 2021:
U.S. Thermal Operations: PRB volumes remain largely
in line with 2020 volumes, with more than 95 percent of 2021 tons
currently priced at an average price of $10.98 per ton. Other U.S. thermal
shipments are expected to be approximately 16 million tons, priced
at an estimated average price of $39
per ton. U.S. thermal coal deliveries are largely dependent
on general economic conditions, weather, natural gas prices and
utility inventory levels.
Based on expected production levels, Peabody anticipates PRB and
other U.S. thermal costs per ton to be largely in line with 2020
levels.
Seaborne Thermal: Peabody anticipates volumes and
costs will progressively improve throughout the year as the
company's mines continued to safely operate throughout the
quarter. For the full year, seaborne thermal volumes are
expected to be approximately 17 million tons, including 7-8 million
domestic tons. Seaborne thermal costs per ton are expected to
increase compared to 2020 levels given lower volumes, higher
expected royalties and currently unfavorable exchange rates. Tight
supplies and low inventory levels have resulted in improved pricing
year-to-date for Newcastle thermal coal.
Seaborne Met: Due to productivity improvements and
increased customer demand, CMJV volumes are expected to be higher
than 2020 volumes. Volumes at idled mines will be contingent
upon customer demand and ongoing improvement program activities at
Shoal Creek and the production ramp up at Metropolitan.
Prices for Australian hard coking coal continues to be impacted by
the China ban on Australian coal,
in addition to increased COVID concerns in India. Prices for low-vol PCI are at parity
with Australian hard coking coal as tight supply and China paying premiums for Russian coals have
resulted in higher prices.
Corporate and Other: Previous SG&A expense
guidance has been revised down $5
million to $85 million.
Capital expenditures are expected to be $225
million, including approximately $135
million on major project capital primarily for the seaborne
thermal segment. 2021 interest expense is expected to be
approximately $200 million, including
$50 million of non-cash expense.
Peabody also anticipates the following cash impacts for the
full year 2021:
- $60 million related to final
reclamation activities
- $30 million related to
postretirement benefits in excess of expense
- $15 million related to final
multi-employer pension plan (MEPP) payment
Second quarter 2021 results are expected to be largely in line
with the first quarter based on current pricing levels.
Today's earnings call is scheduled for 10
a.m. CT and can be accessed via the company's website at
PeabodyEnergy.com.
Peabody (NYSE: BTU) is a leading coal producer, providing
essential products to fuel baseload electricity for emerging and
developed countries and create the steel needed to build
foundational infrastructure. Our commitment to sustainability
underpins our activities today and helps to shape our strategy for
the future. For further information, visit
PeabodyEnergy.com.
Contact:
Alice
Tharenos
314.342.7890
________________________________
|
1 Adjusted EBITDA is a non-GAAP
financial measure. Revenues per ton, costs per ton, Adjusted
EBITDA margin per ton and percent are non-GAAP
operating/statistical measures. Adjusted EBITDA margin is
equal to segment Adjusted EBITDA divided by segment revenues.
Please refer to the tables and related notes in this press release
for a reconciliation and definition of non-GAAP financial
measures.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
For the Quarters
Ended Mar. 31, 2021 and 2020
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
Quarter
Ended
|
|
Mar.
|
|
Mar.
|
|
2021
|
|
2020
|
|
|
|
|
Tons Sold
|
30.2
|
|
|
35.6
|
|
|
|
|
|
Revenues
|
$
|
651.3
|
|
|
$
|
846.2
|
|
Operating Costs and
Expenses (1)
|
582.6
|
|
|
779.5
|
|
Depreciation,
Depletion and Amortization
|
68.3
|
|
|
106.0
|
|
Asset Retirement
Obligation Expenses
|
15.9
|
|
|
17.6
|
|
Selling and
Administrative Expenses
|
21.7
|
|
|
24.9
|
|
Restructuring
Charges
|
2.1
|
|
|
6.5
|
|
Transaction Costs
Related to Joint Ventures
|
—
|
|
|
4.2
|
|
Other Operating
(Income) Loss:
|
|
|
|
Net Loss (Gain) on
Disposals
|
0.6
|
|
|
(8.1)
|
|
Loss from Equity
Affiliates
|
0.9
|
|
|
9.1
|
|
Operating
Loss
|
(40.8)
|
|
|
(93.5)
|
|
Interest
Expense
|
52.4
|
|
|
33.1
|
|
Gain on Early Debt
Extinguishment
|
(3.5)
|
|
|
—
|
|
Interest
Income
|
(1.5)
|
|
|
(3.1)
|
|
Net Periodic Benefit
(Credit) Costs, Excluding Service Cost
|
(8.7)
|
|
|
2.8
|
|
Loss from Continuing
Operations Before Income Taxes
|
(79.5)
|
|
|
(126.3)
|
|
Income Tax (Benefit)
Provision
|
(1.8)
|
|
|
3.0
|
|
Loss from Continuing
Operations, Net of Income Taxes
|
(77.7)
|
|
|
(129.3)
|
|
Loss from
Discontinued Operations, Net of Income Taxes
|
(2.0)
|
|
|
(2.2)
|
|
Net Loss
|
(79.7)
|
|
|
(131.5)
|
|
Less: Net Income
(Loss) Attributable to Noncontrolling Interests
|
0.4
|
|
|
(1.8)
|
|
Net Loss Attributable
to Common Stockholders
|
$
|
(80.1)
|
|
|
$
|
(129.7)
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
|
61.1
|
|
|
$
|
36.8
|
|
|
|
|
|
Diluted EPS - Loss
from Continuing Operations (3)(4)
|
$
|
(0.79)
|
|
|
$
|
(1.31)
|
|
|
|
|
|
Diluted EPS - Net
Loss Attributable to Common Stockholders (3)
|
$
|
(0.81)
|
|
|
$
|
(1.33)
|
|
|
|
(1)
|
Excludes items shown
separately.
|
(2)
|
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.
|
(3)
|
During the quarters
ended March 31, 2021 and 2020, weighted average diluted shares
outstanding were 98.4 million and 97.2 million,
respectively.
|
(4)
|
Reflects loss from
continuing operations, net of income taxes less net income (loss)
attributable to noncontrolling interests.
|
|
|
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, 2021 and 2020
|
|
|
|
Quarter
Ended
|
|
Mar.
|
|
Mar.
|
|
2021
|
|
2020
|
Tons Sold (In
Millions)
|
|
|
|
Seaborne Thermal
Mining Operations
|
4.1
|
|
|
4.6
|
|
Seaborne
Metallurgical Mining Operations
|
1.0
|
|
|
2.0
|
|
Powder River Basin
Mining Operations
|
20.7
|
|
|
23.5
|
|
Other U.S. Thermal
Mining Operations
|
3.9
|
|
|
4.9
|
|
Total U.S. Thermal
Mining Operations
|
24.6
|
|
|
28.4
|
|
Corporate and
Other
|
0.5
|
|
|
0.6
|
|
Total
|
30.2
|
|
|
35.6
|
|
|
|
|
|
Revenue Summary (In
Millions)
|
|
|
|
Seaborne Thermal
Mining Operations
|
$
|
176.4
|
|
|
$
|
201.1
|
|
Seaborne
Metallurgical Mining Operations
|
87.5
|
|
|
193.2
|
|
Powder River Basin
Mining Operations
|
228.4
|
|
|
266.6
|
|
Other U.S. Thermal
Mining Operations
|
149.3
|
|
|
192.3
|
|
Total U.S. Thermal
Mining Operations
|
377.7
|
|
|
458.9
|
|
Corporate and
Other
|
9.7
|
|
|
(7.0)
|
|
Total
|
$
|
651.3
|
|
|
$
|
846.2
|
|
|
|
|
|
Total Reporting
Segment Costs Summary (In Millions) (1)
|
|
|
|
Seaborne Thermal
Mining Operations
|
$
|
147.9
|
|
|
$
|
146.0
|
|
Seaborne
Metallurgical Mining Operations
|
109.9
|
|
|
225.9
|
|
Powder River Basin
Mining Operations
|
198.3
|
|
|
241.2
|
|
Other U.S. Thermal
Mining Operations
|
113.1
|
|
|
153.8
|
|
Total U.S. Thermal
Mining Operations
|
311.4
|
|
|
395.0
|
|
Corporate and
Other
|
(1.8)
|
|
|
18.1
|
|
Total
|
$
|
567.4
|
|
|
$
|
785.0
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal Mining Operations
|
$
|
28.5
|
|
|
$
|
55.1
|
|
Adjusted EBITDA -
Seaborne Metallurgical Mining Operations
|
(22.4)
|
|
|
(32.7)
|
|
Adjusted EBITDA -
Powder River Basin Mining Operations
|
30.1
|
|
|
25.4
|
|
Adjusted EBITDA - Other
U.S. Thermal Mining Operations
|
36.2
|
|
|
38.5
|
|
Adjusted EBITDA -
Total U.S. Thermal Mining Operations
|
66.3
|
|
|
63.9
|
|
Middlemount
(2)
|
(2.3)
|
|
|
(9.7)
|
|
Resource Management
Results (3)
|
0.4
|
|
|
8.0
|
|
Selling and
Administrative Expenses
|
(21.7)
|
|
|
(24.9)
|
|
Other Operating
Costs, Net (4)
|
12.3
|
|
|
(22.9)
|
|
Adjusted EBITDA
(1)
|
$
|
61.1
|
|
|
$
|
36.8
|
|
|
|
|
|
Note:
See footnote explanations on following page
|
|
|
|
Supplemental
Financial Data (Unaudited)
|
For the Quarters
Ended Mar. 31, 2021 and 2020
|
|
|
|
|
|
Quarter
Ended
|
|
Mar.
|
|
Mar.
|
|
2021
|
|
2020
|
Revenues per Ton -
Mining Operations (5)
|
|
|
|
Seaborne
Thermal
|
$
|
43.36
|
|
|
$
|
44.10
|
|
Seaborne
Metallurgical
|
87.47
|
|
|
95.65
|
|
Powder River
Basin
|
11.01
|
|
|
11.36
|
|
Other U.S.
Thermal
|
38.76
|
|
|
39.25
|
|
Total U.S.
Thermal
|
15.36
|
|
|
16.18
|
|
|
|
|
|
Costs per Ton -
Mining Operations (5)(6)
|
|
|
|
Seaborne
Thermal
|
$
|
36.36
|
|
|
$
|
32.03
|
|
Seaborne
Metallurgical
|
109.89
|
|
|
111.82
|
|
Powder River
Basin
|
9.56
|
|
|
10.28
|
|
Other U.S.
Thermal
|
29.37
|
|
|
31.39
|
|
Total U.S.
Thermal
|
12.66
|
|
|
13.93
|
|
|
|
|
|
Adjusted EBITDA
Margin per Ton - Mining Operations (5)(6)
|
|
|
|
Seaborne
Thermal
|
$
|
7.00
|
|
|
$
|
12.07
|
|
Seaborne
Metallurgical
|
(22.42)
|
|
|
(16.17)
|
|
Powder River
Basin
|
1.45
|
|
|
1.08
|
|
Other U.S.
Thermal
|
9.39
|
|
|
7.86
|
|
Total U.S.
Thermal
|
2.70
|
|
|
2.25
|
|
|
|
|
|
|
(1)
|
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.
|
(2)
|
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.
|
|
Mar.
|
|
|
2021
|
|
2020
|
|
|
(In
Millions)
|
|
Tons sold
|
0.6
|
|
|
0.5
|
|
|
Depreciation,
depletion and amortization and asset retirement obligation
expenses
|
$
|
6.7
|
|
|
$
|
5.9
|
|
|
Net interest
expense
|
5.1
|
|
|
2.7
|
|
|
Income tax
benefit
|
(0.1)
|
|
|
(4.2)
|
|
(3)
|
Includes gains
(losses) on certain surplus coal reserve and surface land sales and
property management costs and revenues.
|
(4)
|
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.
|
(5)
|
Revenues per Ton,
Costs per Ton and Adjusted EBITDA Margin per Ton are metrics used
by management to measure each of our mining segment's operating
performance. Revenues per Ton and Adjusted EBITDA Margin per Ton
are equal to revenues by segment and Adjusted EBITDA by segment,
respectively, divided by segment tons sold. Costs per Ton is equal
to Revenues per Ton less Adjusted EBITDA Margin per Ton. Management
believes Costs per Ton and Adjusted EBITDA Margin per Ton best
reflect controllable costs and operating results at the mining
segment level. We consider all measures reported on a per ton basis
to be operating/statistical measures; however, we include
reconciliations of the related non-GAAP financial measures
(Adjusted EBITDA and Total Reporting Segment Costs) in the
"Reconciliation of Non-GAAP Financial Measures" section in this
document.
|
(6)
|
Includes
revenue-based production taxes and royalties; excludes
depreciation, depletion and amortization; asset retirement
obligation expenses; selling and administrative expenses;
restructuring charges; asset impairment; amortization of
take-or-pay contract-based intangibles; and certain other costs
related to post-mining activities.
|
|
|
|
|
|
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,
2021 and Dec. 31, 2020
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
(Unaudited)
|
|
|
|
Mar. 31,
2021
|
|
Dec. 31,
2020
|
|
|
|
|
Cash and Cash
Equivalents
|
$
|
580.2
|
|
|
$
|
709.2
|
|
Restricted
Cash
|
43.5
|
|
|
—
|
|
Accounts Receivable,
Net
|
167.8
|
|
|
244.8
|
|
Inventories
|
241.4
|
|
|
261.6
|
|
Other Current
Assets
|
239.2
|
|
|
204.7
|
|
Total Current
Assets
|
1,272.1
|
|
|
1,420.3
|
|
Property, Plant,
Equipment and Mine Development, Net
|
3,025.4
|
|
|
3,051.1
|
|
Operating Lease
Right-of-Use Assets
|
46.8
|
|
|
49.9
|
|
Investments and Other
Assets
|
142.0
|
|
|
140.9
|
|
Deferred Income
Taxes
|
—
|
|
|
4.9
|
|
Total
Assets
|
$
|
4,486.3
|
|
|
$
|
4,667.1
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
|
69.4
|
|
|
$
|
44.9
|
|
Accounts Payable and
Accrued Expenses
|
721.6
|
|
|
745.7
|
|
Total Current
Liabilities
|
791.0
|
|
|
790.6
|
|
Long-Term Debt, Less
Current Portion
|
1,411.3
|
|
|
1,502.9
|
|
Deferred Income
Taxes
|
34.6
|
|
|
35.0
|
|
Asset Retirement
Obligations
|
658.6
|
|
|
650.5
|
|
Accrued
Postretirement Benefit Costs
|
410.8
|
|
|
413.2
|
|
Operating Lease
Liabilities, Less Current Portion
|
37.5
|
|
|
42.1
|
|
Other Noncurrent
Liabilities
|
251.0
|
|
|
251.5
|
|
Total
Liabilities
|
3,594.8
|
|
|
3,685.8
|
|
|
|
|
|
Common
Stock
|
1.4
|
|
|
1.4
|
|
Additional Paid-in
Capital
|
3,366.4
|
|
|
3,364.6
|
|
Treasury
Stock
|
(1,369.5)
|
|
|
(1,368.9)
|
|
Accumulated
Deficit
|
(1,353.4)
|
|
|
(1,273.3)
|
|
Accumulated Other
Comprehensive Income
|
194.6
|
|
|
205.8
|
|
Peabody Energy
Corporation Stockholders' Equity
|
839.5
|
|
|
929.6
|
|
Noncontrolling
Interests
|
52.0
|
|
|
51.7
|
|
Total Stockholders'
Equity
|
891.5
|
|
|
981.3
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
4,486.3
|
|
|
$
|
4,667.1
|
|
|
|
|
|
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, 2021 and 2020
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
Quarter
Ended
|
|
|
Mar.
|
|
Mar.
|
|
|
2021
|
|
2020
|
Cash Flows From
Operating Activities
|
|
|
|
|
Net Cash Provided
By (Used In) Continuing Operations
|
|
$
|
74.1
|
|
|
$
|
(1.6)
|
|
Net Cash Used in
Discontinued Operations
|
|
(3.1)
|
|
|
(3.1)
|
|
Net Cash Provided
By (Used In) Operating Activities
|
|
71.0
|
|
|
(4.7)
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
Additions to
Property, Plant, Equipment and Mine Development
|
|
(50.3)
|
|
|
(31.3)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
|
(11.4)
|
|
|
(11.4)
|
|
Proceeds from
Disposal of Assets, Net of Receivables
|
|
0.9
|
|
|
10.5
|
|
Contributions to
Joint Ventures
|
|
(69.3)
|
|
|
(96.3)
|
|
Distributions from
Joint Ventures
|
|
35.6
|
|
|
98.4
|
|
Advances to Related
Parties
|
|
—
|
|
|
(6.9)
|
|
Cash Receipts from
Middlemount Coal Pty Ltd
|
|
2.3
|
|
|
—
|
|
Other, Net
|
|
(1.0)
|
|
|
(0.1)
|
|
Net Cash Used In
Investing Activities
|
|
(93.2)
|
|
|
(37.1)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
Repayments of
Long-Term Debt
|
|
(40.2)
|
|
|
(7.2)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
|
(22.5)
|
|
|
—
|
|
Repurchase of
Employee Common Stock Relinquished for Tax Withholding
|
|
(0.6)
|
|
|
(0.8)
|
|
Distributions to
Noncontrolling Interests
|
|
(0.1)
|
|
|
(0.1)
|
|
Other, Net
|
|
0.1
|
|
|
0.2
|
|
Net Cash Used In
Financing Activities
|
|
(63.3)
|
|
|
(7.9)
|
|
Net Change in
Cash, Cash Equivalents and Restricted Cash
|
|
(85.5)
|
|
|
(49.7)
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
|
709.2
|
|
|
732.2
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
|
$
|
623.7
|
|
|
$
|
682.5
|
|
|
|
|
|
|
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, 2021 and 2020
|
|
|
|
|
(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.
|
|
Mar.
|
|
2021
|
|
2020
|
|
|
|
|
Loss from Continuing
Operations, Net of Income Taxes
|
$
|
(77.7)
|
|
|
$
|
(129.3)
|
|
Depreciation,
Depletion and Amortization
|
68.3
|
|
|
106.0
|
|
Asset Retirement
Obligation Expenses
|
15.9
|
|
|
17.6
|
|
Restructuring
Charges
|
2.1
|
|
|
6.5
|
|
Transaction Costs
Related to Joint Ventures
|
—
|
|
|
4.2
|
|
Changes in Deferred
Tax Asset Valuation Allowance and Reserves and Amortization of
Basis Difference Related to Equity Affiliates
|
(1.5)
|
|
|
(0.7)
|
|
Interest
Expense
|
52.4
|
|
|
33.1
|
|
Gain on Early Debt
Extinguishment
|
(3.5)
|
|
|
—
|
|
Interest
Income
|
(1.5)
|
|
|
(3.1)
|
|
Unrealized Losses on
Economic Hedges
|
1.9
|
|
|
2.2
|
|
Unrealized Losses
(Gains) on Non-Coal Trading Derivative Contracts
|
7.6
|
|
|
(0.1)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(1.1)
|
|
|
(2.6)
|
|
Income Tax (Benefit)
Provision
|
(1.8)
|
|
|
3.0
|
|
Adjusted EBITDA
(1)
|
$
|
61.1
|
|
|
$
|
36.8
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
|
582.6
|
|
|
$
|
779.5
|
|
Unrealized (Losses)
Gains on Non-Coal Trading Derivative Contracts
|
(7.6)
|
|
|
0.1
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
1.1
|
|
|
2.6
|
|
Net Periodic Benefit
(Credit) Costs, Excluding Service Cost
|
(8.7)
|
|
|
2.8
|
|
Total Reporting
Segment Costs (2)
|
$
|
567.4
|
|
|
$
|
785.0
|
|
|
|
|
|
Net Cash Provided By
(Used In) Operating Activities
|
$
|
71.0
|
|
|
$
|
(4.7)
|
|
Net Cash Used In
Investing Activities
|
(93.2)
|
|
|
(37.1)
|
|
Free Cash Flow
(3)
|
$
|
(22.2)
|
|
|
$
|
(41.8)
|
|
|
|
(1)
|
Adjusted EBITDA is
defined as 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.
|
(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 provided by (used in) operating activities less
net cash 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.
|
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the securities laws. Forward-looking statements can
be identified by the fact that they do not relate strictly to
historical or current facts. They often include words or variation
of words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "projects," "forecasts,"
"targets," "would," "will," "should," "goal," "could" or "may" or
other similar expressions. Forward-looking statements provide
management's current expectations or predictions of future
conditions, events or results. All statements that address
operating performance, events, or developments that Peabody expects
will occur in the future are forward-looking statements. They may
include estimates of sales and other operating performance targets,
cost savings, capital expenditures, other expense items, actions
relating to strategic initiatives, demand for the company's
products, liquidity, capital structure, market share, industry
volume, other financial items, descriptions of management's plans
or objectives for future operations and descriptions of assumptions
underlying any of the above. All forward-looking statements speak
only as of the date they are made and reflect Peabody's good faith
beliefs, assumptions and expectations, but they are not guarantees
of future performance or events. Furthermore, Peabody disclaims any
obligation to publicly update or revise any forward-looking
statement, except as required by law. By their nature,
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
suggested by the forward-looking statements. Factors that might
cause such differences include, but are not limited to, a variety
of economic, competitive and regulatory factors, many of which are
beyond Peabody's control, including the ongoing impact of the
COVID-19 pandemic and factors that are described in Peabody's
Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2020, and other factors that Peabody may
describe from time to time in other filings with the SEC. You may
get such filings for free at Peabody's website at
www.peabodyenergy.com. You should understand that it is not
possible to predict or identify all such factors and, consequently,
you should not consider any such list to be a complete set of all
potential risks or uncertainties.
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SOURCE Peabody