Repurchased more than 8% of Shares
Outstanding
Declared $0.075 Second Quarter Dividend
ST.
LOUIS, July 27, 2023 /PRNewswire/ -- Peabody
(NYSE: BTU) today reported net income attributable to common
stockholders of $179.2 million, or
$1.15 per diluted share, for the
second quarter of 2023, compared to $268.5
million, or $1.68 per diluted
share in the first quarter. The second quarter results
included a $33.7 million provision
for losses at NARM and Shoal Creek. Peabody had Adjusted
EBITDA1 of $358.2 million
in the second quarter of 2023 compared to $390.6 million in the prior quarter.
"In the second quarter of 2023, our diverse operational platform
allowed us to successfully execute on our plan despite continued
volatility in the markets," said Peabody President and Chief
Executive Officer Jim Grech.
"The strength of our seaborne portfolio is evidenced by our solid
quarterly results notwithstanding a challenging pricing
environment."
Highlights
- Returned $262 million through our
shareholder return program through July
19, reflecting $251 million of
share repurchases and dividends of $11
million
- Second quarter Adjusted EBITDA of $358
million, Operating Cash Flow of $353
million (includes $109 million
working capital benefit that is largely expected to reverse next
quarter) and Available Free Cash Flow1 ("AFCF") of
$375 million
- Resumed development coal production at Shoal Creek, after
safely completing localized sealing of two longwall panels of the
mine impacted by a fire in March
- Exceeded anticipated seaborne metallurgical volumes by 18
percent, shipping 2.0 million tons
- Ended the quarter with $1,081
million of Cash and Cash Equivalents
- Declared second quarter dividend on common stock of
$0.075 per share
_________________________________
1 Adjusted
EBITDA and Available Free Cash Flow are non-GAAP financial
measures. Adjusted EBITDA margin is equal to segment Adjusted
EBITDA divided by segment revenue. Revenue per Ton and Adjusted
EBITDA Margin per Ton are equal to revenue by segment and Adjusted
EBITDA by segment, respectively, divided by segment tons sold.
Costs per Ton is equal to Revenue 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 reporting segment level. We consider all measures
reported on a per ton basis, as well as Adjusted EBITDA margin, to
be operating/statistical measures. Please refer to the tables and
related notes in this press release for a reconciliation and
definition of non-GAAP financial measures.
Shareholder Return Program
Through July 19, 2023, the Company
returned $261.8 million to
shareholders, including a fixed dividend of $10.8 million and share repurchases of
$251.0 million. The Company
repurchased 12.0 million shares, or 8.3% of shares outstanding at
an average price of $20.91 per
share.
"The sustained efforts to enhance our financial strength and
return capital to shareholders has resulted in an 8.3% reduction in
shares outstanding in just one quarter, while continuing to create
additional value for our stockholders," said Peabody Executive Vice
President and Chief Financial Officer Mark
Spurbeck.
We remain committed to our shareholder return framework of
returning at least 65% of annual AFCF. While the Board of
Directors continues to evaluate the shareholder return program, it
currently views share repurchases as value accretive and an
efficient way to return capital to shareholders.
AFCF for the first six months of 2023 was $636.6 million, resulting in at least
$413.8 million available for the
shareholder return program, of which $261.8
million was returned through July
19, 2023. After the second quarter fixed dividend of
$0.075 per share (declared
July 27, 2023), at least $142.0 million remains available for additional
share repurchases.
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Jun.
|
|
Jun.
|
|
2023
|
|
2023
|
|
(Dollars in
millions)
|
|
Cash Flow from
Operations:
|
$
353.4
|
|
$
739.7
|
|
- Cash Flows
Used in Investing Activities
|
(61.5)
|
|
(120.0)
|
|
- Distributions
to Noncontrolling Interest
|
—
|
|
(22.8)
|
|
+/- Changes to
Restricted Cash and Collateral (1)
|
82.8
|
|
39.7
|
|
- Anticipated
Expenditures or Other Requirements
|
—
|
|
—
|
|
Available Free Cash
Flow (AFCF)
|
$
374.7
|
|
$
636.6
|
|
Allocation for
shareholder returns
|
|
|
65 %
|
|
Total shareholder
returns
|
|
|
$
413.8
|
|
- Dividends paid
(2)
|
|
|
(10.8)
|
|
- Share
repurchases (3)
|
|
|
(251.0)
|
|
- Declared
dividends (4)
|
|
|
(10.0)
|
|
Total available for
shareholder returns
|
|
|
$
142.0
|
|
(1) This amount is
equal to the total change in Restricted Cash and Collateral on the
balance sheet, excluding partially offsetting amounts
already included in cash flow from operations of $71 million and
$117 million for the three and six months ended June 30, 2023,
respectively and
the $660 million one-time funding related to the surety program in
the first quarter.
(2) Does not
include $0.1 million of non-cash dividend equivalent units
issued.
(3) Includes
share repurchases through July 19, 2023.
(4) Represents
dividends declared that remain payable as of the date of this
release.
|
|
All future shareholder returns remain at the discretion of the
Board of Directors.
Second Quarter Segment Performance
Seaborne Thermal
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
4.0
|
|
3.6
|
|
4.0
|
|
7.6
|
|
7.8
|
|
Export
|
2.6
|
|
2.1
|
|
2.2
|
|
4.7
|
|
4.0
|
|
Domestic
|
1.4
|
|
1.5
|
|
1.8
|
|
2.9
|
|
3.8
|
|
Revenue per
Ton
|
$
100.59
|
|
$
96.82
|
|
$
87.37
|
|
$
98.81
|
|
$
77.52
|
|
Export - Avg.
Realized Price per Ton
|
139.88
|
|
148.34
|
|
143.43
|
|
143.62
|
|
132.45
|
|
Domestic - Avg.
Realized Price per Ton
|
23.76
|
|
25.05
|
|
21.34
|
|
24.44
|
|
20.82
|
|
Costs per
Ton
|
50.88
|
|
51.01
|
|
43.85
|
|
50.94
|
|
43.33
|
|
Adjusted EBITDA
Margin per Ton
|
$
49.71
|
|
$
45.81
|
|
$
43.52
|
|
$
47.87
|
|
$
34.19
|
|
Adjusted EBITDA (in
millions)
|
$
197.5
|
|
$
164.0
|
|
$
176.8
|
|
$
361.5
|
|
$
267.3
|
|
The seaborne thermal segment shipped 4.0 million tons, including
2.6 million export tons. Export shipments were 0.5
million tons higher than the prior quarter as the Wambo longwall
move was completed and wet weather which impacted the first quarter
was abated. The average realized export price was 6 percent
lower than the prior quarter due to sales mix and a decline in
average seaborne thermal benchmark prices. Total segment
costs of $50.88 per ton were in-line
with the first quarter as higher production was offset by the
timing of equipment repair and maintenance costs. The segment
reported Adjusted EBITDA margins of 49 percent and Adjusted EBITDA
of $197.5 million.
Seaborne Metallurgical
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
2.0
|
|
1.3
|
|
1.6
|
|
3.3
|
|
2.8
|
|
Revenue per
Ton
|
$
190.13
|
|
$
220.60
|
|
$
330.56
|
|
$
202.33
|
|
$
299.82
|
|
Costs per
Ton
|
137.78
|
|
151.13
|
|
144.91
|
|
143.14
|
|
131.26
|
|
Adjusted EBITDA
Margin per Ton
|
$
52.35
|
|
$
69.47
|
|
$
185.65
|
|
$
59.19
|
|
$
168.56
|
|
Adjusted EBITDA (in
millions)
|
$
102.5
|
|
$
90.8
|
|
$
299.7
|
|
$
193.3
|
|
$
480.7
|
|
The seaborne met segment shipped 2.0 million tons at an average
realized price of $190.13 per
ton. Tons sold were 0.7 million tons higher than the prior
quarter primarily driven by higher sales from CMJV as rail and port
congestion and heavy rains impacted the first quarter. Total
segment costs of $137.78 per ton were
9 percent lower than the first quarter primarily due to higher
production and lower sales price sensitive costs. The segment
reported 28 percent Adjusted EBITDA margins and Adjusted EBITDA of
$102.5 million.
Powder River Basin
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
18.9
|
|
22.0
|
|
18.5
|
|
40.9
|
|
39.1
|
|
Revenue per
Ton
|
$
13.71
|
|
$
13.89
|
|
$
12.44
|
|
$
13.80
|
|
$
12.30
|
|
Costs per
Ton
|
12.33
|
|
12.26
|
|
12.55
|
|
12.28
|
|
12.16
|
|
Adjusted EBITDA
Margin per Ton
|
$
1.38
|
|
$
1.63
|
|
$
(0.11)
|
|
$
1.52
|
|
$
0.14
|
|
Adjusted EBITDA (in
millions)
|
$
26.2
|
|
$
35.8
|
|
$
(2.0)
|
|
$
62.0
|
|
$
5.6
|
|
The PRB segment shipped 18.9 million tons at an average realized
price of $13.71 per ton. Tons
sold declined by approximately 3.1 million tons compared to the
first quarter, due to the impact of lower customer demand as a
result of low natural gas prices, higher utility inventories and a
tornado at NARM late in the second quarter which impacted train
loadings. PRB costs of $12.33
per ton were largely in-line with the first quarter as the impact
of lower production volumes was offset by lower fuel and equipment
maintenance costs. The segment reported 10 percent Adjusted
EBITDA margins and Adjusted EBITDA of $26.2
million.
Other U.S. Thermal
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
3.8
|
|
4.5
|
|
4.4
|
|
8.3
|
|
8.6
|
|
Revenue per
Ton
|
$
53.63
|
|
$
54.73
|
|
$
51.40
|
|
$
54.23
|
|
$
49.96
|
|
Costs per
Ton
|
39.71
|
|
40.65
|
|
37.25
|
|
40.22
|
|
36.90
|
|
Adjusted EBITDA
Margin per Ton
|
$
13.92
|
|
$
14.08
|
|
$
14.15
|
|
$
14.01
|
|
$
13.06
|
|
Adjusted EBITDA (in
millions)
|
$
51.9
|
|
$
64.2
|
|
$
61.9
|
|
$
116.1
|
|
$
111.9
|
|
The other U.S. thermal segment shipped 3.8 million tons at an
average realized price of $53.63 per
ton. Tons sold decreased by approximately 0.7 million tons
compared to the first quarter, due to lower customer demand from
lower natural gas prices and higher utility inventories.
Costs per ton of $39.71 per ton were
2 percent lower than the first quarter due to sales mix and lower
fuel costs. The segment reported 26 percent Adjusted EBITDA
margins and Adjusted EBITDA of $51.9
million.
Shoal Creek Mine and North Antelope Rochelle Mine
Updates
On June 20, 2023, the Company
announced that Shoal Creek, in coordination with MSHA, had safely
completed localized sealing of two longwall panels in the J panel
area of the mine impacted by a fire in March involving void fill
material. Peabody has resumed development coal production in the
new L panel area where better mining conditions are anticipated. A
new longwall kit for the mine is expected to be delivered by the
end of the year. As a result of the fire, the Company has
written off $29 million of equipment
and underground development assets.
On June 23, 2023, North Antelope
Rochelle sustained damage from a tornado which led to a temporary
suspension of operations. The mine resumed operations on
June 25, 2023, and operations have
largely returned to normal. As a result of the tornado, the
Company has written off $5 million of
buildings, equipment and parts inventory. The Company
anticipates that incremental repair and clean-up costs will be
recognized in future periods.
North Goonyella Redevelopment Update
The Company continues to advance redevelopment efforts at North
Goonyella with key project milestones and critical path items on
track. Activities to date have included procuring equipment,
refurbishment and replacement of surface infrastructure, Zone A
remediation, completion of drilling program for Zone B
re-ventilation and advancing work necessary to re-enter Zone B
(sealed mine workings). The next significant milestone,
re-ventilation and re-entry of Zone B, is currently targeted for
mid-September subject to regulatory approval.
Since commencing redevelopment in late 2022, the Company has
invested $53 million of the initial
approved redevelopment capital expenditures which includes further
ventilation, equipment, conveyors, and infrastructure updates in
anticipation of reaching development coal, subject to regulatory
approvals, in the first quarter of 2024.
North Goonyella is a premium grade hard-coking coal longwall
operation in Queensland Australia
with over 70 million tons of reserves. The project will
benefit from substantial infrastructure and equipment in place at
the mine. North Goonyella is expected to reweight Peabody's
long-term production and revenue toward metallurgical coal when the
longwall production commences in 2026. The project is
expected to generate attractive returns at historical long term
metallurgical prices solely for 20 million tons of longwall
production over five years, with further options to develop the
remaining reserves.
Market Update
Seaborne thermal coal markets remain volatile with prices
declining during the second quarter driven by high coal and natural
gas inventories in the northern hemisphere following an
unseasonably warm winter. We anticipate that the onset of
peak summer energy demand followed by restocking in preparation for
winter will contribute to a normalization of inventory levels
providing support to seaborne thermal coal markets. Overall,
demand for seaborne thermal coal is robust, and supply remains
constrained across major supply regions.
Within the seaborne metallurgical market, global crude steel
output during the quarter was variable with interruptions at
European blast furnaces offset by notable year on year crude steel
production growth in both China
and India. Metallurgical coal supply has remained constrained
primarily due to residual impacts of wet weather events in
Queensland, during the first
quarter of 2023. The outlook for the metallurgical coal
market remains positive with stable seaborne supply combined with
anticipated increases in import demand for steel-making raw
materials with improving crude steel production rates in
Europe and North Asia coupled with growth in Indian steel
production rates.
In the United States, overall
electricity demand decreased nearly 4 percent year-over-year,
negatively impacted by weather. Through the six months ended
June 30, 2023, electricity generation
from thermal coal has declined year-over-year due to low gas prices
and nearly level renewable generation. Coal inventories have
increased approximately 50 percent during the six months ended
June 30, 2023. Natural gas
prices have recovered modestly from the lows of earlier this year
with U.S natural gas prompt pricing at US$2.65/mmBtu. Overall, near-term demand
for US thermal coal is anticipated to improve in the third quarter
in comparison to the second quarter.
Third Quarter 2023 Outlook
Seaborne Thermal
- Volumes are expected to be 4.2 million tons, including 2.7
million export tons. 0.3 million export tons are priced at
$181 per ton, and approximately 1.4
million tons of high ash product and 1.0 million tons of Newcastle
product are unpriced.
- Costs are expected to be $45-$50 per
ton.
Seaborne Metallurgical
- Seaborne met volumes are expected to be 1.5 million tons. 0.2
million tons are priced at $216 per
ton. The remaining unpriced volumes are expected to achieve 70 to
80 percent of the premium hard coking coal price index.
- Costs are expected to be $115-$125 per
ton.
U.S. Thermal
- PRB volume is expected to be approximately 21 million tons at
an average price of $13.80 per ton
and costs of approximately $11.75 per
ton.
- Other U.S. Thermal volume is expected to be approximately 4.2
million tons at an average price of $50.50 per ton and costs of approximately
$41 per ton.
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 for the production of affordable, reliable
energy and steel. Our commitment to sustainability underpins
everything we do and shapes our strategy for the future. For
further information, visit PeabodyEnergy.com.
Contact:
Karla Kimrey
314.342.7890
|
Guidance
Targets
|
|
|
Segment
Performance
|
|
|
|
|
|
|
|
2023 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
|
|
Seaborne
Thermal
|
15 - 16
|
11
|
$87.00
|
$50.00 -
$55.00
|
|
Seaborne Thermal
(Export)
|
9.5 - 10.5
|
5.5
|
$148.85
|
NA
|
|
Seaborne Thermal
(Domestic)
|
~5.5
|
5.5
|
$25.20
|
NA
|
|
Seaborne
Metallurgical
|
6.5 - 7.5
|
3.5
|
$202.00
|
$120.00 -
$130.00
|
|
PRB U.S.
Thermal
|
80 - 85
|
91
|
$13.63
|
$11.50 -
$12.25
|
|
Other U.S.
Thermal
|
16.5 - 17.5
|
18
|
$52.12
|
$38.00 -
$42.00
|
|
|
|
|
|
|
Other Annual
Financial Metrics ($ in millions)
|
|
|
2023 Full
Year
|
|
|
|
|
SG&A
|
$90
|
|
|
|
|
Major Project / Growth
Capital Expenditures
|
$200
|
|
|
|
|
Total Capital
Expenditures
|
$325
|
|
|
|
|
ARO Cash
Spend
|
$65 - $75
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
40% of unpriced export
volumes are expected to price on average at
Globalcoal "NEWC" levels and 60% are expected to have a higher ash
content
and price at 80-95% of API 5 price levels.
|
|
|
|
Seaborne
Metallurgical
|
On average, Peabody's
unpriced metallurgical sales are anticipated to price at
70-80% of the premium hard-coking coal index price (FOB
Australia).
|
|
|
|
PRB and Other U.S.
Thermal
|
PRB and Other U.S.
Thermal volumes reflect volumes priced at June 30, 2023.
Weighted average quality for the PRB segment 2023 volume is
approximately
8650 BTU.
|
|
Certain forward-looking measures and metrics presented are
non-GAAP financial and operating/statistical measures. Due to the
volatility and variability of certain items needed to reconcile
these measures to their nearest GAAP measure, no reconciliation can
be provided without unreasonable cost or effort.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
|
For the Quarters
Ended Jun. 30, 2023, Mar. 31, 2023 and Jun. 30, 2022 and the
Six
Months Ended Jun. 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons Sold
|
28.9
|
|
31.5
|
|
28.6
|
|
60.4
|
|
58.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
(1)
|
$
1,268.8
|
|
$
1,364.0
|
|
$
1,321.9
|
|
$
2,632.8
|
|
$
2,013.3
|
|
Operating Costs and
Expenses (2)
|
862.0
|
|
846.6
|
|
825.6
|
|
1,708.6
|
|
1,524.6
|
|
Depreciation, Depletion
and Amortization
|
80.6
|
|
76.3
|
|
73.8
|
|
156.9
|
|
146.7
|
|
Asset Retirement
Obligation Expenses
|
15.5
|
|
15.4
|
|
12.7
|
|
30.9
|
|
27.7
|
|
Selling and
Administrative Expenses
|
21.7
|
|
22.8
|
|
21.8
|
|
44.5
|
|
44.9
|
|
Restructuring
Charges
|
2.0
|
|
0.1
|
|
0.2
|
|
2.1
|
|
1.8
|
|
Other Operating
(Income) Loss:
|
|
|
|
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(5.2)
|
|
(1.9)
|
|
(12.8)
|
|
(7.1)
|
|
(17.7)
|
|
Asset
Impairment
|
—
|
|
2.0
|
|
—
|
|
2.0
|
|
—
|
|
Provision for NARM and
Shoal Creek Loss
|
33.7
|
|
—
|
|
—
|
|
33.7
|
|
—
|
|
Income from Equity
Affiliates
|
(2.3)
|
|
(1.8)
|
|
(48.7)
|
|
(4.1)
|
|
(93.4)
|
|
Operating
Profit
|
260.8
|
|
404.5
|
|
449.3
|
|
665.3
|
|
378.7
|
|
Interest
Expense
|
13.3
|
|
18.4
|
|
37.6
|
|
31.7
|
|
77.0
|
|
Net Loss on Early Debt
Extinguishment
|
2.0
|
|
6.8
|
|
2.3
|
|
8.8
|
|
25.8
|
|
Interest
Income
|
(23.1)
|
|
(13.1)
|
|
(0.9)
|
|
(36.2)
|
|
(1.4)
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(9.7)
|
|
(9.7)
|
|
(12.3)
|
|
(19.4)
|
|
(24.5)
|
|
Income from Continuing
Operations Before Income Taxes
|
278.3
|
|
402.1
|
|
422.6
|
|
680.4
|
|
301.8
|
|
Income Tax
Provision
|
74.2
|
|
118.0
|
|
11.3
|
|
192.2
|
|
10.3
|
|
Income from Continuing
Operations, Net of Income Taxes
|
204.1
|
|
284.1
|
|
411.3
|
|
488.2
|
|
291.5
|
|
Loss from Discontinued
Operations, Net of Income Taxes
|
(1.3)
|
|
(1.3)
|
|
(0.7)
|
|
(2.6)
|
|
(1.5)
|
|
Net Income
|
202.8
|
|
282.8
|
|
410.6
|
|
485.6
|
|
290.0
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
23.6
|
|
14.3
|
|
1.1
|
|
37.9
|
|
—
|
|
Net Income Attributable
to Common Stockholders
|
$
179.2
|
|
$
268.5
|
|
$
409.5
|
|
$
447.7
|
|
$
290.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(3)
|
$
358.2
|
|
$
390.6
|
|
$
577.8
|
|
$
748.8
|
|
$
905.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Income
from Continuing Operations (4)(5)
|
$
1.16
|
|
$
1.69
|
|
$
2.55
|
|
$
2.85
|
|
$
1.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Net
Income Attributable to Common
Stockholders (4)
|
$
1.15
|
|
$
1.68
|
|
$
2.54
|
|
$
2.83
|
|
$
1.93
|
|
|
(1)
|
Includes net gains
of $40.3 million and $118.7 million and a net loss of $24.5
million related to unrealized mark-to-market adjustments on
derivatives related to forecasted sales during the quarters ended
June 30, 2023, March 31, 2023 and June 30, 2022,
respectively, and a net gain
of $159.0 million and a net loss of $325.5 million during the
six months ended June 30, 2023 and 2022,
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 159.0 million, 161.4 million and
161.9 million during the quarters ended June 30, 2023,
March 31, 2023 and June 30, 2022, respectively. Weighted
average diluted shares outstanding were 160.2 million and 152.5
million during the six
months ended June 30, 2023 and 2022, respectively.
|
|
(5)
|
Reflects income 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 Jun. 30, 2023
and Dec. 31, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Jun. 30,
2023
|
|
Dec. 31,
2022
|
|
Cash and Cash
Equivalents
|
|
|
|
|
|
|
$
1,080.5
|
|
$
1,307.3
|
|
Accounts Receivable,
Net
|
|
|
|
|
|
|
325.5
|
|
465.5
|
|
Inventories,
Net
|
|
|
|
|
|
|
312.9
|
|
296.1
|
|
Other Current
Assets
|
|
|
|
|
|
|
244.3
|
|
303.6
|
|
Total Current
Assets
|
|
|
|
|
|
|
1,963.2
|
|
2,372.5
|
|
Property, Plant,
Equipment and Mine Development, Net
|
|
|
|
|
|
|
2,819.5
|
|
2,865.0
|
|
Operating Lease
Right-of-Use Assets
|
|
|
|
|
|
|
27.2
|
|
26.9
|
|
Restricted Cash and
Collateral
|
|
|
|
|
|
|
925.4
|
|
187.4
|
|
Investments and Other
Assets
|
|
|
|
|
|
|
73.8
|
|
84.3
|
|
Deferred Income
Taxes
|
|
|
|
|
|
|
19.0
|
|
74.7
|
|
Total
Assets
|
|
|
|
|
|
|
$
5,828.1
|
|
$
5,610.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
|
|
|
|
|
|
$
13.0
|
|
$
13.2
|
|
Accounts Payable and
Accrued Expenses
|
|
|
|
|
|
|
892.1
|
|
905.5
|
|
Total Current
Liabilities
|
|
|
|
|
|
|
905.1
|
|
918.7
|
|
Long-Term Debt, Less
Current Portion
|
|
|
|
|
|
|
321.5
|
|
320.6
|
|
Deferred Income
Taxes
|
|
|
|
|
|
|
20.0
|
|
20.4
|
|
Asset Retirement
Obligations
|
|
|
|
|
|
|
669.4
|
|
665.8
|
|
Accrued Postretirement
Benefit Costs
|
|
|
|
|
|
|
153.0
|
|
156.5
|
|
Operating Lease
Liabilities, Less Current Portion
|
|
|
|
|
|
|
11.7
|
|
11.0
|
|
Other Noncurrent
Liabilities
|
|
|
|
|
|
|
224.1
|
|
223.0
|
|
Total
Liabilities
|
|
|
|
|
|
|
2,304.8
|
|
2,316.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
|
|
|
|
1.9
|
|
1.9
|
|
Additional Paid-in
Capital
|
|
|
|
|
|
|
3,979.4
|
|
3,975.9
|
|
Treasury
Stock
|
|
|
|
|
|
|
(1,572.4)
|
|
(1,372.9)
|
|
Retained
Earnings
|
|
|
|
|
|
|
820.7
|
|
383.9
|
|
Accumulated Other
Comprehensive Income
|
|
|
|
|
|
|
215.1
|
|
242.5
|
|
Peabody Energy
Corporation Stockholders' Equity
|
|
|
|
|
|
|
3,444.7
|
|
3,231.3
|
|
Noncontrolling
Interests
|
|
|
|
|
|
|
78.6
|
|
63.5
|
|
Total Stockholders'
Equity
|
|
|
|
|
|
|
3,523.3
|
|
3,294.8
|
|
Total Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
$
5,828.1
|
|
$
5,610.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Jun. 30, 2023, Mar. 31, 2023 and Jun. 30, 2022 and the
Six
Months Ended Jun. 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Continuing Operations
|
|
$
355.8
|
|
$
389.4
|
|
$
284.6
|
|
$
745.2
|
|
$
12.1
|
|
Net Cash Used in
Discontinued Operations
|
|
(2.4)
|
|
(3.1)
|
|
(1.5)
|
|
(5.5)
|
|
(2.7)
|
|
Net Cash Provided
By Operating Activities
|
|
353.4
|
|
386.3
|
|
283.1
|
|
739.7
|
|
9.4
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
|
Additions to Property,
Plant, Equipment and Mine Development
|
|
(66.6)
|
|
(55.7)
|
|
(33.4)
|
|
(122.3)
|
|
(63.1)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
|
(3.8)
|
|
(1.6)
|
|
(2.7)
|
|
(5.4)
|
|
(9.7)
|
|
Proceeds from Disposal
of Assets, Net of Receivables
|
|
9.1
|
|
2.9
|
|
19.8
|
|
12.0
|
|
23.4
|
|
Contributions to Joint
Ventures
|
|
(164.6)
|
|
(206.2)
|
|
(149.4)
|
|
(370.8)
|
|
(276.0)
|
|
Distributions from
Joint Ventures
|
|
163.8
|
|
202.0
|
|
132.6
|
|
365.8
|
|
280.8
|
|
Advances to Related
Parties
|
|
(0.1)
|
|
—
|
|
(1.2)
|
|
(0.1)
|
|
(1.2)
|
|
Cash Receipts from
Middlemount Coal Pty Ltd and Other
Related Parties
|
|
1.7
|
|
—
|
|
96.7
|
|
1.7
|
|
143.9
|
|
Other, Net
|
|
(1.0)
|
|
0.1
|
|
(3.1)
|
|
(0.9)
|
|
(3.6)
|
|
Net Cash (Used In)
Provided By Investing Activities
|
|
(61.5)
|
|
(58.5)
|
|
59.3
|
|
(120.0)
|
|
94.5
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Long-Term
Debt
|
|
—
|
|
—
|
|
—
|
|
—
|
|
545.0
|
|
Repayments of Long-Term
Debt
|
|
(2.1)
|
|
(2.7)
|
|
(54.9)
|
|
(4.8)
|
|
(654.8)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
|
—
|
|
(0.3)
|
|
(1.5)
|
|
(0.3)
|
|
(20.7)
|
|
Proceeds from Common
Stock Issuances, Net of Costs
|
|
—
|
|
—
|
|
—
|
|
—
|
|
222.0
|
|
Common Stock
Repurchases
|
|
(173.0)
|
|
—
|
|
—
|
|
(173.0)
|
|
—
|
|
Repurchase of Employee
Common Stock Relinquished for Tax
Withholding
|
|
(0.5)
|
|
(13.2)
|
|
(0.6)
|
|
(13.7)
|
|
(2.6)
|
|
Dividends
Paid
|
|
(10.8)
|
|
—
|
|
—
|
|
(10.8)
|
|
—
|
|
Distributions to
Noncontrolling Interests
|
|
—
|
|
(22.8)
|
|
—
|
|
(22.8)
|
|
(13.8)
|
|
Other, Net
|
|
—
|
|
—
|
|
(0.1)
|
|
—
|
|
—
|
|
Net Cash (Used In)
Provided By Financing Activities
|
|
(186.4)
|
|
(39.0)
|
|
(57.1)
|
|
(225.4)
|
|
75.1
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
|
105.5
|
|
288.8
|
|
285.3
|
|
394.3
|
|
179.0
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning
of Period
|
|
1,706.4
|
|
1,417.6
|
|
848.0
|
|
1,417.6
|
|
954.3
|
|
Cash, Cash
Equivalents and Restricted Cash at End of
Period
|
|
$
1,811.9
|
|
$
1,706.4
|
|
$
1,133.3
|
|
$
1,811.9
|
|
$
1,133.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Jun. 30, 2023, Mar. 31, 2023 and Jun. 30, 2022 and the
Six
Months Ended Jun. 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Management
believes that non-GAAP performance measures are used by investors
to measure our operating performance. 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
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations, Net of Income Taxes
|
|
$
204.1
|
|
$
284.1
|
|
$
411.3
|
|
$
488.2
|
|
$
291.5
|
|
Depreciation,
Depletion and Amortization
|
|
80.6
|
|
76.3
|
|
73.8
|
|
156.9
|
|
146.7
|
|
Asset Retirement
Obligation Expenses
|
|
15.5
|
|
15.4
|
|
12.7
|
|
30.9
|
|
27.7
|
|
Restructuring
Charges
|
|
2.0
|
|
0.1
|
|
0.2
|
|
2.1
|
|
1.8
|
|
Asset
Impairment
|
|
—
|
|
2.0
|
|
—
|
|
2.0
|
|
—
|
|
Provision for NARM and
Shoal Creek Loss
|
|
33.7
|
|
—
|
|
—
|
|
33.7
|
|
—
|
|
Changes in
Amortization of Basis Difference Related to Equity
Affiliates
|
|
(0.4)
|
|
(0.3)
|
|
(0.6)
|
|
(0.7)
|
|
(1.2)
|
|
Interest
Expense
|
|
13.3
|
|
18.4
|
|
37.6
|
|
31.7
|
|
77.0
|
|
Net Loss on Early Debt
Extinguishment
|
|
2.0
|
|
6.8
|
|
2.3
|
|
8.8
|
|
25.8
|
|
Interest
Income
|
|
(23.1)
|
|
(13.1)
|
|
(0.9)
|
|
(36.2)
|
|
(1.4)
|
|
Unrealized (Gains)
Losses on Derivative Contracts Related to
Forecasted Sales
|
|
(40.3)
|
|
(118.7)
|
|
24.5
|
|
(159.0)
|
|
325.5
|
|
Unrealized (Gains)
Losses on Foreign Currency Option
Contracts
|
|
(2.8)
|
|
2.2
|
|
6.3
|
|
(0.6)
|
|
3.0
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
|
(0.6)
|
|
(0.6)
|
|
(0.7)
|
|
(1.2)
|
|
(1.4)
|
|
Income Tax
Provision
|
|
74.2
|
|
118.0
|
|
11.3
|
|
192.2
|
|
10.3
|
|
Adjusted EBITDA
(1)
|
|
$
358.2
|
|
$
390.6
|
|
$
577.8
|
|
$
748.8
|
|
$
905.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
|
$
862.0
|
|
$
846.6
|
|
$
825.6
|
|
$
1,708.6
|
|
$
1,524.6
|
|
Unrealized Gains
(Losses) on Foreign Currency Option
Contracts
|
|
2.8
|
|
(2.2)
|
|
(6.3)
|
|
0.6
|
|
(3.0)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
|
0.6
|
|
0.6
|
|
0.7
|
|
1.2
|
|
1.4
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
|
(9.7)
|
|
(9.7)
|
|
(12.3)
|
|
(19.4)
|
|
(24.5)
|
|
Total Reporting Segment
Costs (2)
|
|
$
855.7
|
|
$
835.3
|
|
$
807.7
|
|
$
1,691.0
|
|
$
1,498.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Operating Activities
|
|
$
353.4
|
|
|
|
|
|
$
739.7
|
|
|
|
- Net Cash Used
In Investing Activities
|
|
(61.5)
|
|
|
|
|
|
(120.0)
|
|
|
|
- Distributions
to Noncontrolling Interests
|
|
—
|
|
|
|
|
|
(22.8)
|
|
|
|
+/- Changes to
Restricted Cash and Collateral
|
|
82.8
|
|
|
|
|
|
39.7
|
|
|
|
- Anticipated
Expenditures or Other Requirements
|
|
—
|
|
|
|
|
|
—
|
|
|
|
Available Free Cash
Flow (3)
|
|
$
374.7
|
|
|
|
|
|
$
636.6
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is
defined as 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 component of a metric to measure each of our
segment's operating performance.
|
|
(3)
|
Available Free Cash
Flow is defined as quarterly operating cash flow minus investing
cash flow and distributions to noncontrolling interests;
plus/minus changes to restricted cash and collateral (excluding
one-time effects of the recent surety agreement amendment) and
other anticipated
expenditures. Available Free Cash Flow is used by management as a
measure of 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 Jun. 30, 2023, Mar. 31, 2023 and Jun. 30, 2022 and the
Six
Months Ended Jun. 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
|
$
399.5
|
|
$
346.5
|
|
$
354.9
|
|
$
746.0
|
|
$
606.1
|
|
Seaborne
Metallurgical
|
|
372.5
|
|
288.4
|
|
533.8
|
|
660.9
|
|
855.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
|
259.7
|
|
305.3
|
|
229.7
|
|
565.0
|
|
480.9
|
|
Other U.S.
Thermal
|
|
199.9
|
|
249.4
|
|
224.9
|
|
449.3
|
|
428.0
|
|
Total U.S.
Thermal
|
|
459.6
|
|
554.7
|
|
454.6
|
|
1,014.3
|
|
908.9
|
|
Corporate and Other
(1)
|
|
37.2
|
|
174.4
|
|
(21.4)
|
|
211.6
|
|
(356.8)
|
|
Total
|
|
$
1,268.8
|
|
$
1,364.0
|
|
$
1,321.9
|
|
$
2,632.8
|
|
$
2,013.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reporting Segment
Costs Summary (In Millions) (2)
|
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
|
$
202.0
|
|
$
182.5
|
|
$
178.1
|
|
$
384.5
|
|
$
338.8
|
|
Seaborne
Metallurgical
|
|
270.0
|
|
197.6
|
|
234.1
|
|
467.6
|
|
374.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Powder River
Basin
|
|
233.5
|
|
269.5
|
|
231.7
|
|
503.0
|
|
475.3
|
|
Other U.S.
Thermal
|
|
148.0
|
|
185.2
|
|
163.0
|
|
333.2
|
|
316.1
|
|
Total U.S.
Thermal
|
|
381.5
|
|
454.7
|
|
394.7
|
|
836.2
|
|
791.4
|
|
Corporate and
Other
|
|
2.2
|
|
0.5
|
|
0.8
|
|
2.7
|
|
(6.1)
|
|
Total
|
|
$
855.7
|
|
$
835.3
|
|
$
807.7
|
|
$
1,691.0
|
|
$
1,498.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal
|
|
$
197.5
|
|
$
164.0
|
|
$
176.8
|
|
$
361.5
|
|
$
267.3
|
|
Adjusted EBITDA -
Seaborne Metallurgical
|
|
102.5
|
|
90.8
|
|
299.7
|
|
193.3
|
|
480.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Powder River Basin
|
|
26.2
|
|
35.8
|
|
(2.0)
|
|
62.0
|
|
5.6
|
|
Adjusted EBITDA - Other
U.S. Thermal
|
|
51.9
|
|
64.2
|
|
61.9
|
|
116.1
|
|
111.9
|
|
Adjusted EBITDA - Total
U.S. Thermal
|
|
78.1
|
|
100.0
|
|
59.9
|
|
178.1
|
|
117.5
|
|
Middlemount
(3)
|
|
3.7
|
|
2.3
|
|
48.9
|
|
6.0
|
|
94.0
|
|
Resource Management
Results (4)
|
|
6.0
|
|
2.3
|
|
13.8
|
|
8.3
|
|
17.3
|
|
Selling and
Administrative Expenses
|
|
(21.7)
|
|
(22.8)
|
|
(21.8)
|
|
(44.5)
|
|
(44.9)
|
|
Other Operating Costs,
Net (5)
|
|
(7.9)
|
|
54.0
|
|
0.5
|
|
46.1
|
|
(26.6)
|
|
Adjusted EBITDA
(2)
|
|
$
358.2
|
|
$
390.6
|
|
$
577.8
|
|
$
748.8
|
|
$
905.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes net gains
of $40.3 million and $118.7 million and a net loss of $24.5
million related to unrealized mark-to-market adjustments on
derivatives related
to forecasted sales during the quarters ended June 30, 2023,
March 31, 2023 and June 30, 2022, respectively, and a net
gain of $159.0 million and a net
loss of $325.5 million during the six months ended
June 30, 2023 and 2022, 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 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
|
|
Six Months
Ended
|
|
|
|
Jun.
|
|
Mar.
|
|
Jun.
|
|
Jun.
|
|
Jun.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
(In
Millions)
|
|
Tons sold
|
|
0.3
|
|
0.3
|
|
0.3
|
|
0.6
|
|
0.8
|
|
Depreciation, depletion
and amortization and asset retirement
obligation expenses
|
|
$
1.7
|
|
$
1.6
|
|
$
1.9
|
|
$
3.3
|
|
$
4.0
|
|
Net interest
expense
|
|
—
|
|
—
|
|
0.1
|
|
—
|
|
0.2
|
|
Income tax
provision
|
|
1.6
|
|
1.0
|
|
21.3
|
|
2.6
|
|
39.3
|
|
(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 revenue of $19.2 million related to the Q1 2023 assignment
of port and rail
capacity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 or the Board's current expectations or predictions of
future conditions, events, or results. All statements that address
operating performance, events, or developments that may occur in
the future are forward-looking statements, including statements
regarding the shareholder return framework, execution of the
Company's operating plans, market conditions for the Company's
products, reclamation obligations, financial outlook, and liquidity
requirements. 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, that are described in Peabody's periodic
reports filed with the SEC including its Annual Report on
Form 10-K for the fiscal year ended Dec. 31,
2022 and Quarterly Report on Form 10-Q for the quarter ended
Mar. 31, 2023, 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