Repurchased Over 11 Percent of Shares
Outstanding in 2023
Commenced New Longwall Production at
Shoal Creek Ahead of Schedule
ST.
LOUIS, Feb. 8, 2024 /PRNewswire/ -- Peabody
(NYSE: BTU) today reported fourth quarter net income attributable
to common stockholders of $192.0
million, or $1.33 per diluted
share, compared to $632.0 million, or
$3.92 per diluted share, in the prior
year quarter. Peabody had Adjusted EBITDA1 of
$345.1 million in the fourth quarter
of 2023 compared to $500.5 million in
the fourth quarter of 2022.
Full-year 2023 revenue totaled $4,946.7
million compared to $4,981.9
million in the prior year. Full-year 2023 net income
attributable to common stockholders totaled $759.6 million, or $5.00 per diluted share, compared to $1,297.1 million, or $8.31 per diluted share in the prior year.
Adjusted EBITDA was $1,363.9 million
compared to $1,844.7 million in the
prior year.
"Our performance in 2023 is a result of our dedicated team,
diversified asset portfolio, and effective execution on our
strategy," said Peabody President and Chief Executive Officer
Jim Grech. "We delivered on
our shareholder return program, repurchasing over 11 percent of our
shares outstanding, and improved our seaborne metallurgical segment
with new longwall kits at Shoal Creek and Metropolitan, the
continued development of the Centurion premium hard coking coal
project, and the pending acquisition of a large portion of the
adjacent Wards Well coal deposit."
Fourth Quarter and Full Year Highlights
- Reported full year Adjusted EBITDA of $1,364 million, operating cash flow from
continuing operations of $1,116
million and $969 million of
Cash and Cash Equivalents at December 31,
2023
- Announced 2023 total shareholder returns of $471 million
- Achieved second best annual global injury rate and record low
injury rate in Australia
- Produced 338 thousand tons from the newly developed L-panel
district at Shoal Creek in the quarter
- PRB shipped 23.6 million tons in the quarter, the highest
quarterly volume since 2019
- The Centurion premium hard coking coal project development
remains on track with first development coal anticipated in
April 2024
- Established a new $320 million
revolving credit facility in January
2024
___________________________
|
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.
|
|
Fourth Quarter Segment Performance
Seaborne Thermal
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
3.7
|
|
4.2
|
|
4.1
|
|
15.5
|
|
15.6
|
|
Export
|
2.6
|
|
2.7
|
|
2.3
|
|
10.0
|
|
7.9
|
|
Domestic
|
1.1
|
|
1.5
|
|
1.8
|
|
5.5
|
|
7.7
|
|
Revenue per
Ton
|
$
76.22
|
|
$
71.38
|
|
$
93.79
|
|
$
85.94
|
|
$
86.07
|
|
Export - Avg.
Realized Price per Ton
|
97.20
|
|
99.55
|
|
151.61
|
|
119.79
|
|
149.53
|
|
Domestic - Avg.
Realized Price per Ton
|
30.26
|
|
20.92
|
|
22.98
|
|
24.73
|
|
21.59
|
|
Costs per
Ton
|
49.71
|
|
43.68
|
|
43.10
|
|
48.66
|
|
44.65
|
|
Adjusted EBITDA
Margin per Ton
|
$
26.51
|
|
$
27.70
|
|
$
50.69
|
|
$
37.28
|
|
$
41.42
|
|
Adjusted EBITDA (in
millions)
|
$
99.8
|
|
$
115.5
|
|
$
209.1
|
|
$
576.8
|
|
$
647.6
|
|
The seaborne thermal segment shipped 3.7 million tons, including
2.6 million export tons at an average export realized price of
$97.20 per ton. Tons sold
decreased by 0.5 million tons compared to the third quarter
primarily driven by a December train derailment on the mainline
which limited shipments from Wilpinjong. Total segment costs
of $49.71 per ton were 14 percent
higher than the prior quarter due to lower production and product
mix. The segment reported 35 percent Adjusted EBITDA margins
and Adjusted EBITDA of $99.8
million.
Seaborne Metallurgical
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
2.1
|
|
1.5
|
|
2.0
|
|
6.9
|
|
6.6
|
|
Revenue per
Ton
|
$
186.74
|
|
$
162.02
|
|
$
219.81
|
|
$
188.66
|
|
$
243.78
|
|
Costs per
Ton
|
107.89
|
|
110.38
|
|
128.14
|
|
125.18
|
|
125.92
|
|
Adjusted EBITDA
Margin per Ton
|
$
78.85
|
|
$
51.64
|
|
$
91.67
|
|
$
63.48
|
|
$
117.86
|
|
Adjusted EBITDA (in
millions)
|
$
166.2
|
|
$
78.6
|
|
$
187.8
|
|
$
438.1
|
|
$
781.7
|
|
The seaborne met segment shipped 2.1 million tons, the highest
quarterly sales volume for the year, at an average realized price
of $186.74 per ton, 15 percent higher
compared to the prior quarter. Total segment costs of
$107.89 per ton were 2 percent lower
than the prior quarter due to higher production at Metropolitan and
CMJV, partially offset by higher sales price sensitive costs.
The segment reported 42 percent Adjusted EBITDA margins and
Adjusted EBITDA of $166.2
million.
Powder River Basin
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
23.6
|
|
22.7
|
|
21.2
|
|
87.2
|
|
82.6
|
|
Revenue per
Ton
|
$
13.58
|
|
$
13.79
|
|
$
13.88
|
|
$
13.74
|
|
$
12.89
|
|
Costs per
Ton
|
11.98
|
|
11.41
|
|
12.71
|
|
11.98
|
|
12.06
|
|
Adjusted EBITDA
Margin per Ton
|
$
1.60
|
|
$
2.38
|
|
$
1.17
|
|
$
1.76
|
|
$
0.83
|
|
Adjusted EBITDA (in
millions)
|
$
37.6
|
|
$
54.1
|
|
$
24.7
|
|
$
153.7
|
|
$
68.2
|
|
The PRB segment shipped 23.6 million tons, the highest quarterly
sales volume for the year, at an average realized price of
$13.58 per ton. PRB costs per
ton increased 5 percent compared to the prior quarter, or
$0.57 per ton, primarily due to
higher repair and maintenance costs and production mix. The
segment reported 12 percent Adjusted EBITDA margins and Adjusted
EBITDA of $37.6 million.
Other U.S. Thermal
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Tons sold (in
millions)
|
3.7
|
|
4.2
|
|
5.0
|
|
16.2
|
|
18.4
|
|
Revenue per
Ton
|
$
57.00
|
|
$
53.89
|
|
$
52.35
|
|
$
54.77
|
|
$
51.82
|
|
Costs per
Ton
|
45.57
|
|
42.28
|
|
40.84
|
|
41.98
|
|
38.63
|
|
Adjusted EBITDA
Margin per Ton
|
$
11.43
|
|
$
11.61
|
|
$
11.51
|
|
$
12.79
|
|
$
13.19
|
|
Adjusted EBITDA (in
millions)
|
$
42.3
|
|
$
49.1
|
|
$
57.8
|
|
$
207.5
|
|
$
242.4
|
|
The other U.S. thermal segment shipped 3.7 million tons at an
average realized price of $57.00 per
ton. Tons sold were lower than the previous quarter due to a
longwall move at Twentymile and lower customer demand as a result
of low natural gas prices and higher utility inventories.
Costs per ton increased 8 percent from the prior quarter to
$45.57 primarily due to lower
production. The segment reported 20 percent Adjusted EBITDA
margins and Adjusted EBITDA of $42.3
million in the fourth quarter.
Shareholder Return Program
Peabody generated $283.6 million
in operating cash flow from continuing operations and invested
$157.9 million in capital
expenditures in the fourth quarter. Available Free Cash Flow
(AFCF)1 for the year ended 2023 was $724.1 million, resulting in $470.7 million of shareholder returns in
accordance with our previously announced program.
After the $0.075 per share
dividend declared on February 8,
2024, $80.4 million is
available for additional share repurchases.
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
(Dollars in
millions)
|
|
Cash Flow from
Operations:
|
$
282.4
|
|
$
1,035.5
|
|
- Cash Flows
Used in Investing Activities
|
(168.0)
|
|
(342.6)
|
|
- Distributions
to Noncontrolling Interest
|
(0.1)
|
|
(59.0)
|
|
+/- Changes to
Restricted Cash and Collateral (1)
|
(37.8)
|
|
90.2
|
|
- Anticipated
Expenditures or Other Requirements
|
—
|
|
—
|
|
Available Free Cash
Flow (AFCF)
|
$
76.5
|
|
$
724.1
|
|
Minimum Allocated for
Shareholder Returns (65%)
|
|
|
$
470.7
|
|
- Shares
Repurchased (16.1 million shares)
|
|
|
(350.0)
|
|
- Dividends Paid
(2)
|
|
|
(30.6)
|
|
- Dividends
Declared (3)
|
|
|
(9.7)
|
|
Remaining Amount
Available for Additional Share Repurchases
|
|
|
$
80.4
|
|
(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 $54 million and
$200 million for the quarter and year ended December 31, 2023,
respectively
and the $660 million one-time funding related to the surety program
in the first quarter.
(2) Does not
include $0.2 million of non-cash dividend equivalent units
issued.
(3) Represents
dividends declared that remain payable as of the date of this
release.
|
|
The Board of Directors continues to view share repurchases as
value accretive and an efficient way to return capital to
shareholders. All future shareholder returns remain at the
discretion of the Board of Directors.
First Quarter 2024 Outlook
Seaborne Thermal
- Volumes are expected to be 3.9 million tons, including 2.5
million export tons. 0.3 million export tons are priced at
$181 per ton, and 1.1 million tons of
Newcastle product and 1.1 million tons of high ash product are
unpriced.
- Costs are anticipated to be $48-$53 per
ton.
Seaborne Metallurgical
- Seaborne met volumes are expected to be 1.4 million tons and
are expected to achieve 65 to 70 percent of the premium hard coking
coal price index.
- Costs are anticipated to be $130-$140 per
ton.
U.S. Thermal
- PRB volume is expected to be approximately 21 million tons at
an average price of $13.55 per ton
and costs of approximately $11.75-$12.50 per
ton.
- Other U.S. Thermal volume is expected to be approximately 3.6
million tons at an average price of $52.35 per ton and costs of approximately
$41-$45
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
|
|
|
|
|
|
|
|
2024 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
|
6.4
|
$41.75
|
$45.00 -
$50.00
|
|
Seaborne Thermal
(Export)
|
9 - 11
|
0.6
|
$181.00
|
NA
|
|
Seaborne Thermal
(Domestic)
|
5.8
|
5.8
|
$27.50
|
NA
|
|
Seaborne
Metallurgical
|
7.5 - 8.5
|
NA
|
NA
|
$110.00 -
$120.00
|
|
PRB U.S.
Thermal
|
80 - 87
|
85
|
$13.70
|
$11.75 -
$12.50
|
|
Other U.S.
Thermal
|
14.5 - 15.5
|
15.2
|
$53.70
|
$41.00 -
$45.00
|
|
|
|
|
|
|
Other Annual
Financial Metrics ($ in millions)
|
|
|
2024 Full
Year
|
|
|
|
SG&A
|
$90
|
|
|
|
|
Total Capital
Expenditures
|
$375
|
|
|
|
|
Major Project Capital
Expenditures
|
$235
|
|
|
|
|
Sustaining Capital
Expenditures
|
$140
|
|
|
|
|
Wards Well
Acquisition
|
$136
|
|
|
|
|
ARO Cash
Spend
|
$50
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Information
|
|
|
|
|
Seaborne
Thermal
|
50% of unpriced export
volumes are expected to price on average at
Globalcoal "NEWC" levels and 50% are expected to have a higher ash
content
and price at 80-95% of API 5 price levels.
|
|
|
|
Seaborne
Metallurgical
|
On average, Peabody's
metallurgical sales are anticipated to price at 65-70%
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 December 31,
2023. Weighted average quality for the PRB segment 2024 volume
is
approximately 8670 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 Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and the
Years Ended
Dec. 31, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, Except
Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tons Sold
|
33.2
|
|
32.6
|
|
32.5
|
|
126.2
|
|
123.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
1,235.0
|
|
$
1,078.9
|
|
$
1,626.1
|
|
$
4,946.7
|
|
$
4,981.9
|
|
Operating Costs and
Expenses (1)
|
872.8
|
|
803.7
|
|
927.8
|
|
3,385.1
|
|
3,290.8
|
|
Depreciation, Depletion
and Amortization
|
82.2
|
|
82.3
|
|
90.2
|
|
321.4
|
|
317.6
|
|
Asset Retirement
Obligation Expenses
|
4.2
|
|
15.4
|
|
8.6
|
|
50.5
|
|
49.4
|
|
Selling and
Administrative Expenses
|
24.7
|
|
21.5
|
|
24.3
|
|
90.7
|
|
88.8
|
|
Restructuring
Charges
|
0.3
|
|
0.9
|
|
0.1
|
|
3.3
|
|
2.9
|
|
Other Operating
(Income) Loss:
|
|
|
|
|
|
|
|
|
|
|
Net Gain on
Disposals
|
(6.5)
|
|
(1.4)
|
|
(6.5)
|
|
(15.0)
|
|
(29.2)
|
|
Asset
Impairment
|
—
|
|
—
|
|
9.5
|
|
2.0
|
|
11.2
|
|
Provision for NARM and
Shoal Creek Losses
|
3.9
|
|
3.3
|
|
—
|
|
40.9
|
|
—
|
|
Loss (Income) from
Equity Affiliates
|
2.8
|
|
(5.6)
|
|
(10.3)
|
|
(6.9)
|
|
(131.2)
|
|
Operating
Profit
|
250.6
|
|
158.8
|
|
582.4
|
|
1,074.7
|
|
1,381.6
|
|
Interest
Expense
|
14.3
|
|
13.8
|
|
29.5
|
|
59.8
|
|
140.3
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
23.4
|
|
8.8
|
|
57.9
|
|
Interest
Income
|
(20.3)
|
|
(20.3)
|
|
(12.1)
|
|
(76.8)
|
|
(18.4)
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(12.2)
|
|
(10.0)
|
|
(12.3)
|
|
(41.6)
|
|
(49.0)
|
|
Net Mark-to-Market
Adjustment on Actuarially Determined Liabilities
|
(0.3)
|
|
—
|
|
(27.8)
|
|
(0.3)
|
|
(27.8)
|
|
Income from Continuing
Operations Before Income Taxes
|
269.1
|
|
175.3
|
|
581.7
|
|
1,124.8
|
|
1,278.6
|
|
Income Tax Provision
(Benefit)
|
70.1
|
|
46.5
|
|
(59.8)
|
|
308.8
|
|
(38.8)
|
|
Income from Continuing
Operations, Net of Income Taxes
|
199.0
|
|
128.8
|
|
641.5
|
|
816.0
|
|
1,317.4
|
|
(Loss) Income from
Discontinued Operations, Net of Income Taxes
|
(0.3)
|
|
2.5
|
|
4.0
|
|
(0.4)
|
|
1.7
|
|
Net Income
|
198.7
|
|
131.3
|
|
645.5
|
|
815.6
|
|
1,319.1
|
|
Less: Net Income
Attributable to Noncontrolling Interests
|
6.7
|
|
11.4
|
|
13.5
|
|
56.0
|
|
22.0
|
|
Net Income Attributable
to Common Stockholders
|
$
192.0
|
|
$
119.9
|
|
$
632.0
|
|
$
759.6
|
|
$
1,297.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
(2)
|
$
345.1
|
|
$
270.0
|
|
$
500.5
|
|
$
1,363.9
|
|
$
1,844.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Income
from Continuing Operations (3)(4)
|
$
1.33
|
|
$
0.80
|
|
$
3.89
|
|
$
5.00
|
|
$
8.29
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted EPS - Net
Income Attributable to Common Stockholders
(3)
|
$
1.33
|
|
$
0.82
|
|
$
3.92
|
|
$
5.00
|
|
$
8.31
|
|
|
|
(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)
|
Weighted average
diluted shares outstanding were 147.2 million, 149.9 million and
161.9 million during the quarters ended December 31, 2023,
September 30, 2023
and December 31, 2022, respectively. During the years ended
December 31, 2023 and 2022, weighted average diluted shares
outstanding were 154.3 million and
157.2 million, respectively.
|
|
(4)
|
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 Dec. 31, 2023
and 2022
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
(Unaudited)
|
|
|
|
Dec. 31,
2023
|
|
Dec. 31,
2022
|
|
Cash and Cash
Equivalents
|
$
969.3
|
|
$
1,307.3
|
|
Accounts Receivable,
Net
|
389.7
|
|
465.5
|
|
Inventories,
Net
|
351.8
|
|
296.1
|
|
Other Current
Assets
|
308.9
|
|
303.6
|
|
Total Current
Assets
|
2,019.7
|
|
2,372.5
|
|
Property, Plant,
Equipment and Mine Development, Net
|
2,844.1
|
|
2,865.0
|
|
Operating Lease
Right-of-Use Assets
|
61.9
|
|
26.9
|
|
Restricted Cash and
Collateral
|
957.6
|
|
187.4
|
|
Investments and Other
Assets
|
78.8
|
|
84.3
|
|
Deferred Income
Taxes
|
—
|
|
74.7
|
|
Total
Assets
|
$
5,962.1
|
|
$
5,610.8
|
|
|
|
|
|
Current Portion of
Long-Term Debt
|
$
13.5
|
|
$
13.2
|
|
Accounts Payable and
Accrued Expenses
|
965.5
|
|
905.5
|
|
Total Current
Liabilities
|
979.0
|
|
918.7
|
|
Long-Term Debt, Less
Current Portion
|
320.7
|
|
320.6
|
|
Deferred Income
Taxes
|
28.6
|
|
20.4
|
|
Asset Retirement
Obligations, Less Current Portion
|
648.6
|
|
665.8
|
|
Accrued Postretirement
Benefit Costs
|
148.4
|
|
156.5
|
|
Operating Lease
Liabilities, Less Current Portion
|
47.7
|
|
11.0
|
|
Other Noncurrent
Liabilities
|
181.6
|
|
223.0
|
|
Total
Liabilities
|
2,354.6
|
|
2,316.0
|
|
|
|
|
|
Common Stock
|
1.9
|
|
1.9
|
|
Additional Paid-in
Capital
|
3,983.0
|
|
3,975.9
|
|
Treasury
Stock
|
(1,740.2)
|
|
(1,372.9)
|
|
Retained
Earnings
|
1,112.7
|
|
383.9
|
|
Accumulated Other
Comprehensive Income
|
189.6
|
|
242.5
|
|
Peabody Energy
Corporation Stockholders' Equity
|
3,547.0
|
|
3,231.3
|
|
Noncontrolling
Interests
|
60.5
|
|
63.5
|
|
Total Stockholders'
Equity
|
3,607.5
|
|
3,294.8
|
|
Total Liabilities and
Stockholders' Equity
|
$
5,962.1
|
|
$
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 Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and the
Years
Ended Dec. 31, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Continuing Operations
|
$
283.6
|
|
$
87.5
|
|
$
671.4
|
|
$
1,116.3
|
|
$
1,180.3
|
|
Net Cash Used in
Discontinued Operations
|
(1.2)
|
|
(74.1)
|
|
(1.9)
|
|
(80.8)
|
|
(6.7)
|
|
Net Cash Provided
By Operating Activities
|
282.4
|
|
13.4
|
|
669.5
|
|
1,035.5
|
|
1,173.6
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
|
|
Additions to Property,
Plant, Equipment and Mine Development
|
(157.9)
|
|
(68.1)
|
|
(117.0)
|
|
(348.3)
|
|
(221.5)
|
|
Changes in Accrued
Expenses Related to Capital Expenditures
|
8.0
|
|
0.3
|
|
5.6
|
|
2.9
|
|
(2.7)
|
|
Proceeds from Disposal
of Assets, Net of Receivables
|
8.9
|
|
1.9
|
|
10.0
|
|
22.8
|
|
40.6
|
|
Contributions to Joint
Ventures
|
(168.2)
|
|
(202.6)
|
|
(170.8)
|
|
(741.6)
|
|
(645.9)
|
|
Distributions from
Joint Ventures
|
142.3
|
|
213.6
|
|
166.4
|
|
721.7
|
|
631.6
|
|
Advances to Related
Parties
|
(0.4)
|
|
—
|
|
(0.2)
|
|
(0.5)
|
|
(1.5)
|
|
Cash Receipts from
Middlemount Coal Pty Ltd and Other Related
Parties
|
—
|
|
0.9
|
|
16.9
|
|
2.6
|
|
171.8
|
|
Other, Net
|
(0.7)
|
|
(0.6)
|
|
(0.7)
|
|
(2.2)
|
|
(1.1)
|
|
Net Cash Used In
Investing Activities
|
(168.0)
|
|
(54.6)
|
|
(89.8)
|
|
(342.6)
|
|
(28.7)
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
|
|
Proceeds from Long-Term
Debt
|
—
|
|
—
|
|
—
|
|
—
|
|
545.0
|
|
Repayments of Long-Term
Debt
|
(2.1)
|
|
(2.1)
|
|
(561.1)
|
|
(9.0)
|
|
(1,407.4)
|
|
Payment of Debt
Issuance and Other Deferred Financing Costs
|
—
|
|
—
|
|
—
|
|
(0.3)
|
|
(21.1)
|
|
Common Stock
Repurchases
|
(83.7)
|
|
(91.0)
|
|
—
|
|
(347.7)
|
|
—
|
|
Proceeds from Common
Stock Issuances, Net of Costs
|
—
|
|
—
|
|
—
|
|
—
|
|
222.0
|
|
Repurchase of Employee
Common Stock Relinquished for Tax
Withholding
|
—
|
|
—
|
|
—
|
|
(13.7)
|
|
(2.6)
|
|
Dividends
Paid
|
(9.9)
|
|
(9.9)
|
|
—
|
|
(30.6)
|
|
—
|
|
Distributions to
Noncontrolling Interests
|
(0.1)
|
|
(36.1)
|
|
—
|
|
(59.0)
|
|
(17.5)
|
|
Net Cash Used In
Financing Activities
|
(95.8)
|
|
(139.1)
|
|
(561.1)
|
|
(460.3)
|
|
(681.6)
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash
|
18.6
|
|
(180.3)
|
|
18.6
|
|
232.6
|
|
463.3
|
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of
Period
|
1,631.6
|
|
1,811.9
|
|
1,399.0
|
|
1,417.6
|
|
954.3
|
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
1,650.2
|
|
$
1,631.6
|
|
$
1,417.6
|
|
$
1,650.2
|
|
$
1,417.6
|
|
|
|
|
|
|
|
|
|
|
|
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 Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and
the
Years Ended Dec. 31, 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
|
|
Year
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Continuing
Operations, Net of Income Taxes
|
$
199.0
|
|
$
128.8
|
|
$
641.5
|
|
$
816.0
|
|
$
1,317.4
|
|
Depreciation, Depletion
and Amortization
|
82.2
|
|
82.3
|
|
90.2
|
|
321.4
|
|
317.6
|
|
Asset Retirement
Obligation Expenses
|
4.2
|
|
15.4
|
|
8.6
|
|
50.5
|
|
49.4
|
|
Restructuring
Charges
|
0.3
|
|
0.9
|
|
0.1
|
|
3.3
|
|
2.9
|
|
Asset
Impairment
|
—
|
|
—
|
|
9.5
|
|
2.0
|
|
11.2
|
|
Provision for NARM and
Shoal Creek Losses
|
3.9
|
|
3.3
|
|
—
|
|
40.9
|
|
—
|
|
Changes in Amortization
of Basis Difference Related to
Equity Affiliates
|
(0.4)
|
|
(0.5)
|
|
(0.6)
|
|
(1.6)
|
|
(2.3)
|
|
Interest
Expense
|
14.3
|
|
13.8
|
|
29.5
|
|
59.8
|
|
140.3
|
|
Net Loss on Early Debt
Extinguishment
|
—
|
|
—
|
|
23.4
|
|
8.8
|
|
57.9
|
|
Interest
Income
|
(20.3)
|
|
(20.3)
|
|
(12.1)
|
|
(76.8)
|
|
(18.4)
|
|
Net Mark-to-Market
Adjustment on Actuarially
Determined Liabilities
|
(0.3)
|
|
—
|
|
(27.8)
|
|
(0.3)
|
|
(27.8)
|
|
Unrealized (Gains)
Losses on Derivative Contracts
Related to Forecasted Sales
|
—
|
|
—
|
|
(199.3)
|
|
(159.0)
|
|
35.8
|
|
Unrealized (Gains)
Losses on Foreign Currency Option
Contracts
|
(7.3)
|
|
0.5
|
|
(2.1)
|
|
(7.4)
|
|
2.3
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
(0.6)
|
|
(0.7)
|
|
(0.6)
|
|
(2.5)
|
|
(2.8)
|
|
Income Tax Provision
(Benefit)
|
70.1
|
|
46.5
|
|
(59.8)
|
|
308.8
|
|
(38.8)
|
|
Adjusted EBITDA
(1)
|
$
345.1
|
|
$
270.0
|
|
$
500.5
|
|
$
1,363.9
|
|
$
1,844.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs and
Expenses
|
$
872.8
|
|
$
803.7
|
|
$
927.8
|
|
$
3,385.1
|
|
$
3,290.8
|
|
Unrealized Gains
(Losses) on Foreign Currency Option
Contracts
|
7.3
|
|
(0.5)
|
|
2.1
|
|
7.4
|
|
(2.3)
|
|
Take-or-Pay
Contract-Based Intangible Recognition
|
0.6
|
|
0.7
|
|
0.6
|
|
2.5
|
|
2.8
|
|
Net Periodic Benefit
Credit, Excluding Service Cost
|
(12.2)
|
|
(10.0)
|
|
(12.3)
|
|
(41.6)
|
|
(49.0)
|
|
Total Reporting Segment
Costs (2)
|
$
868.5
|
|
$
793.9
|
|
$
918.2
|
|
$
3,353.4
|
|
$
3,242.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided By
Operating Activities
|
$
282.4
|
|
|
|
|
|
$
1,035.5
|
|
|
|
- Net Cash Used
In Investing Activities
|
(168.0)
|
|
|
|
|
|
(342.6)
|
|
|
|
- Distributions to
Noncontrolling Interests
|
(0.1)
|
|
|
|
|
|
(59.0)
|
|
|
|
+/- Changes to
Restricted Cash and Collateral
|
(37.8)
|
|
|
|
|
|
90.2
|
|
|
|
- Anticipated
Expenditures or Other Requirements
|
—
|
|
|
|
|
|
—
|
|
|
|
Available Free Cash
Flow (3)
|
$
76.5
|
|
|
|
|
|
$
724.1
|
|
|
|
|
|
(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 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 Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and
the Years Ended Dec. 31, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Year
Ended
|
|
|
|
Dec.
|
|
Sept.
|
|
Dec.
|
|
Dec.
|
|
Dec.
|
|
|
|
2023
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue Summary (In
Millions)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
286.3
|
|
$
297.4
|
|
$
386.3
|
|
$
1,329.7
|
|
$
1,345.6
|
|
Seaborne
Metallurgical
|
394.0
|
|
247.0
|
|
451.1
|
|
1,301.9
|
|
1,616.9
|
|
Powder River
Basin
|
320.1
|
|
313.0
|
|
294.1
|
|
1,198.1
|
|
1,065.5
|
|
Other U.S.
Thermal
|
210.7
|
|
228.2
|
|
262.8
|
|
888.2
|
|
952.2
|
|
Total U.S.
Thermal
|
530.8
|
|
541.2
|
|
556.9
|
|
2,086.3
|
|
2,017.7
|
|
Corporate and
Other
|
23.9
|
|
(6.7)
|
|
231.8
|
|
228.8
|
|
1.7
|
|
Total
|
$
1,235.0
|
|
$
1,078.9
|
|
$
1,626.1
|
|
$
4,946.7
|
|
$
4,981.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Reporting Segment
Costs Summary (In Millions) (1)
|
|
|
|
|
|
|
|
|
|
|
Seaborne
Thermal
|
$
186.5
|
|
$
181.9
|
|
$
177.2
|
|
$
752.9
|
|
$
698.0
|
|
Seaborne
Metallurgical
|
227.8
|
|
168.4
|
|
263.3
|
|
863.8
|
|
835.2
|
|
Powder River
Basin
|
282.5
|
|
258.9
|
|
269.4
|
|
1,044.4
|
|
997.3
|
|
Other U.S.
Thermal
|
168.4
|
|
179.1
|
|
205.0
|
|
680.7
|
|
709.8
|
|
Total U.S.
Thermal
|
450.9
|
|
438.0
|
|
474.4
|
|
1,725.1
|
|
1,707.1
|
|
Corporate and
Other
|
3.3
|
|
5.6
|
|
3.3
|
|
11.6
|
|
2.0
|
|
Total
|
$
868.5
|
|
$
793.9
|
|
$
918.2
|
|
$
3,353.4
|
|
$
3,242.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Supplemental
Financial Data (In Millions)
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA -
Seaborne Thermal
|
$
99.8
|
|
$
115.5
|
|
$
209.1
|
|
$
576.8
|
|
$
647.6
|
|
Adjusted EBITDA -
Seaborne Metallurgical
|
166.2
|
|
78.6
|
|
187.8
|
|
438.1
|
|
781.7
|
|
Adjusted EBITDA -
Powder River Basin
|
37.6
|
|
54.1
|
|
24.7
|
|
153.7
|
|
68.2
|
|
Adjusted EBITDA - Other
U.S. Thermal
|
42.3
|
|
49.1
|
|
57.8
|
|
207.5
|
|
242.4
|
|
Adjusted EBITDA - Total
U.S. Thermal
|
79.9
|
|
103.2
|
|
82.5
|
|
361.2
|
|
310.6
|
|
Middlemount
|
(0.5)
|
|
7.7
|
|
10.9
|
|
13.2
|
|
132.8
|
|
Resource Management
Results (2)
|
9.6
|
|
3.1
|
|
6.8
|
|
21.0
|
|
29.3
|
|
Selling and
Administrative Expenses
|
(24.7)
|
|
(21.5)
|
|
(24.3)
|
|
(90.7)
|
|
(88.8)
|
|
Other Operating Costs,
Net (3)
|
14.8
|
|
(16.6)
|
|
27.7
|
|
44.3
|
|
31.5
|
|
Adjusted EBITDA
(1)
|
$
345.1
|
|
$
270.0
|
|
$
500.5
|
|
$
1,363.9
|
|
$
1,844.7
|
|
|
|
(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)
|
Includes gains (losses)
on certain surplus coal reserve and surface land sales and property
management costs and revenue.
|
|
(3)
|
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 Centurion Mine
and revenue of $6.7 million and $25.9 million related to the
assignment of port and rail
capacity during the quarter and year ended December 31, 2023,
respectively.
|
|
|
|
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, potential
acquisitions and strategic investments, 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 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