第99.1展示文本
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Peabody报告2024年9月30日结束的季度结果
完成了10000万美元的股票回购
胜捷企业发展取得了异常的进展
圣路易斯，2024年10月31日 – Peabody（纽交所：BTU）今天报告，2024年第三季度归属于普通股股东的净利润为10130万美元，每股稀释收益为0.74美元，与去年同期11990万美元，每股稀释收益为0.82美元相比。Peabody在2024年第三季度的调整后的EBITDA为1 22480万美元。
“在第三季度，我们在所有板块上实现了强劲的运营和安全表现，并完成了10000万美元的股份回购，” Peabody总裁兼首席执行官Jim Grech说。“我们继续执行我们的策略，并最近对Centurion进行了全面更新，将Peabody重新定位为领先的冶金煤生产商。”
亮点
•报告的第三季度调整后EBITDA为22480万美元，并产生营运现金流为35990万美元。
•胜捷企业的开发速度继续超过了预期，在第三季度开发了2,700米，相比计划 1,200米。首批煤炭于9月份清洗，首批客户货物计划于第四季度发货
•Powder River盆地的货运量为2210万吨，超出预期。
•海运煤炭产量增加，使可销售煤炭库存在本季度增加约30万吨
•已完成10000万美元的股票回购
•2024年10月31日宣布每股普通股派息0.075美元
1 调整后的EBITDA是一项非普遍公认会计准则的财务指标。调整后的EBITDA利润率等于分部调整后的EBITDA（不包括保险理赔款）除以分部营业收入。每吨营业收入和每吨调整后的EBITDA利润率分别等于按分部营业收入和调整后的EBITDA（不包括保险理赔款）除以分部销售吨数计算。每吨成本等于每吨营业收入减去每吨调整后的EBITDA利润率。管理层认为每吨成本和每吨调整后的EBITDA利润率最能反映报告部门层面的可控成本和运营结果。我们认为所有以每吨为基础报告的数据，以及调整后的EBITDA利润率，都是经营/统计指标。请参阅此处的表格和相关说明，以汇总非普通会计准则财务措施。
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第三季度业务表现
| 海运热能 | |||||||||||||||||||||||||||||
| 季度结束 | 九个月结束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 销售吨数（百万吨） | 4.1 | 4.1 | 4.2 | 12.2 | 11.8 | ||||||||||||||||||||||||
| 2.6 | 2.7 | 2.7 | 7.8 | 7.4 | |||||||||||||||||||||||||
| 国内 | 1.5 | 1.4 | 1.5 | 4.4 | 4.4 | ||||||||||||||||||||||||
| 每吨营业收入 | $ | 76.21 | $ | 74.43 | $ | 71.38 | $ | 73.99 | $ | 89.06 | |||||||||||||||||||
| 出口-每吨平均实现价格 | 105.51 | 98.43 | 99.55 | 101.13 | 127.67 | ||||||||||||||||||||||||
| 国内-每吨平均实现价格 | 25.36 | 26.69 | 20.92 | 26.11 | 23.23 | ||||||||||||||||||||||||
| 每吨成本 | 47.01 | 49.14 | 43.68 | 47.96 | 48.35 | ||||||||||||||||||||||||
| 调整后EBITDA每吨利润率 | $ | 29.20 | $ | 25.29 | $ | 27.70 | $ | 26.03 | $ | 40.71 | |||||||||||||||||||
| 调整后的EBITDA（百万美元） | $ | 120.0 | $ | 104.4 | $ | 115.5 | $ | 318.2 | $ | 477.0 | |||||||||||||||||||
Peabody预计海运热量为400万吨，包括250万吨出口，成本为每吨48至53美元。产量和成本超出预期，推动了 每吨调整后EBITDA利润率比第二季度高出15％。产量增加导致在本季度可售煤库存增加了约30万吨。该部门报告的调整后EBITDA利润率为38％ 和调整后的EBITDA为12000万美元。
| 海运冶金 | |||||||||||||||||||||||||||||
| 季度结束 | 九个月结束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 销售吨数（百万吨） | 1.7 | 2.0 | 1.5 | 5.1 | 4.8 | ||||||||||||||||||||||||
| 每吨营业收入 | $ | 144.60 | $ | 149.29 | $ | 162.02 | $ | 154.31 | $ | 189.50 | |||||||||||||||||||
| 每吨成本 | 128.04 | 117.47 | 110.38 | 126.98 | 132.74 | ||||||||||||||||||||||||
| 每吨调整后的EBITDA利润率 | $ | 16.56 | $ | 31.82 | $ | 51.64 | $ | 27.33 | $ | 56.76 | |||||||||||||||||||
| 调整后的EBITDA，不含保险赔款（百万美元） | $ | 27.8 | $ | 62.8 | $ | 78.6 | $ | 138.9 | $ | 271.9 | |||||||||||||||||||
| Shoal Creek保险赔款（百万美元） | $ | — | $ | 80.8 | $ | — | $ | 80.8 | $ | — | |||||||||||||||||||
| 调整后的EBITDA（百万美元） | $ | 27.8 | $ | 143.6 | $ | 78.6 | $ | 219.7 | $ | 271.9 | |||||||||||||||||||
Peabody预计海运金属成交量为170万吨，每吨成本为120美元至130美元。 第三季度发货量和成本符合预期。我们机会主义地在Shoal Creek减少了近9万吨的发货量，以避免更高的备用物流成本和现货销售的疲弱市场状况。该部门报告 调整后的EBITDA为2780万美元，并且为更强劲的第四季度做好了准备。
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| 粉河盆地 | |||||||||||||||||||||||||||||
| 季度结束 | 九个月结束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 销售吨数（以百万计） | 22.1 | 15.8 | 22.7 | 56.6 | 63.6 | ||||||||||||||||||||||||
| 每吨收入 | $ | 13.84 | $ | 14.02 | $ | 13.79 | $ | 13.82 | $ | 13.80 | |||||||||||||||||||
| 每吨成本 | 11.50 | 12.89 | 11.41 | 12.30 | 11.98 | ||||||||||||||||||||||||
| 每吨调整后的EBITDA利润率 | $ | 2.34 | $ | 1.13 | $ | 2.38 | $ | 1.52 | $ | 1.82 | |||||||||||||||||||
| 调整后的EBITDA（以百万计） | $ | 51.7 | $ | 17.8 | $ | 54.1 | $ | 85.9 | $ | 116.1 | |||||||||||||||||||
皮博迪预计PRb产量达2150万吨，成本为每吨11.50至12.50美元。 客户提名超出预期，继续专注成本管理使调整后的EBITDA利润率达到每吨2.34美元，是第二季度的两倍多。 该部门报告的调整后的EBITDA利润率为17％，调整后的EBITDA为5170万美元。
| 其他美国热 | |||||||||||||||||||||||||||||
| 季度结束 | 九个月结束 | ||||||||||||||||||||||||||||
| 九月。 | 6月 | 九月。 | 九月。 | 九月。 | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
| 销售吨数（百万吨） | 4.0 | 3.7 | 4.2 | 10.9 | 12.5 | ||||||||||||||||||||||||
| 每吨营业收入 | $ | 53.52 | $ | 55.21 | $ | 53.89 | $ | 55.92 | $ | 54.12 | |||||||||||||||||||
| 每吨成本 | 46.50 | 45.53 | 42.28 | 45.81 | 40.92 | ||||||||||||||||||||||||
| 调整后EBITDA每吨利润率 | $ | 7.02 | $ | 9.68 | $ | 11.61 | $ | 10.11 | $ | 13.20 | |||||||||||||||||||
| 调整后的EBITDA（百万美元） | $ | 28.4 | $ | 35.4 | $ | 49.1 | $ | 110.3 | $ | 165.2 | |||||||||||||||||||
皮博迪预计，美国其他热量产量为400万吨，成本约为每吨44至48美元。 皮博迪交付了400万吨，成本为每吨46.50美元，符合预期。 在本季度，t该板块公布了调整后的息税折旧摊销前利润上起始值为 13%，A调整后的息税折旧摊销前利润为2840万美元。
胜捷企业更新
2024 年 10 月 14 日，皮博迪提供了有关 Centurion 优质硬焦煤项目的全面最新情况（点击 这里 供参考），估计净现值为16亿美元，内部回报率为25％。该项目预计在25年以上的矿山寿命内每年生产470万吨，成本为第一四分位数。两台连续采矿机组投入运行，首先开发煤炭开采机组6月份生产了第一批煤炭，9月份洗选了第一批煤炭，第一批客户定于第四季度发货。在2026年3月实现长壁生产所需的预计4.89亿美元中，皮博迪已经投资了2.5亿美元。Centurion来自鲍恩盆地的基准优质硬焦煤对亚洲市场的客户极具吸引力，使Centurion成为皮博迪全球煤炭投资组合中的基石资产。
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股东回报计划
2024年第三季度，Peabody回购了450万股，总计10000万美元。 全年回购总量为770万股，共计1亿8040万美元。自2023年重新启动该计划以来，Peabody已回购了2380万股，总金额为5亿3040万美元，在其现有的10亿股回购计划下还剩余4亿9600万美元。
The company declared a $0.075 per share dividend on October 31, 2024.
| Nine Months Ended | Year Ended | ||||||||||
| Sept. | Dec. | ||||||||||
| 2024 | 2023 | ||||||||||
| (Dollars in millions) | |||||||||||
| Net Cash Provided by Operating Activities: | $ | 486.7 | $ | 1,035.5 | |||||||
| - Net Cash Used in Investing Activities | (389.6) | (342.6) | |||||||||
| - Distributions to Noncontrolling Interest | (34.8) | (59.0) | |||||||||
+/- Changes to Restricted Cash and Collateral (1) | (24.7) | 90.2 | |||||||||
| - Anticipated Expenditures or Other Requirements | — | — | |||||||||
Available Free Cash Flow (AFCF) (2) | $ | 37.6 | $ | 724.1 | |||||||
| Amount Allocated to Shareholder Returns | $ | 127.9 | $ | 470.7 | |||||||
| (1) This amount is equal to the total change in Restricted Cash and Collateral on the balance sheet, excluding partially offsetting amounts included in operating cash flow consisting of an inflow of $143 million and an outflow of $200 million for the nine months ended September 30, 2024 and the year ended December 31, 2023, respectively. | |||||||||||
| (2) AFCF is a non-GAAP financial measure defined as operating cash flow less investing cash flow and distributions to noncontrolling interests; plus/minus changes to restricted cash and collateral 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. The Company’s policy is to return at least 65% of annual AFCF to shareholders. | |||||||||||
Fourth Quarter 2024 Outlook
Seaborne Thermal
•Volume is expected to be 4.1 million tons, including 2.5 million export tons. 0.4 million export tons are priced at approximately $120 per ton, and 0.8 million tons of Newcastle product and 1.3 million tons of high ash product are unpriced. Costs are anticipated to be $48-$53 per ton. Full year volume guidance increased by 200 thousand tons to 16-16.4 million tons due to higher production at Wilpinjong.
Seaborne Metallurgical
•Volume is anticipated to be 2.3 million tons and is expected to achieve 70 to 75 percent of the premium hard coking coal price index. Costs are anticipated to be $120-$125 per ton.
U.S. Thermal
•PRB volume is expected to be 21.2 million tons at an average price of $13.50 per ton and costs of approximately $11.50-$12.00 per ton.
•Other U.S. Thermal volume is expected to be 3.9 million tons at an average price of $52.40 per ton and costs of approximately $44-$48 per ton. Full year costs have been increased $2 per ton to $43-$47 per ton as Twentymile is experiencing challenging geological conditions temporarily reducing production.
Capital Expenditures
•Full-year anticipated capital has been increased by $50 million to $425 million primarily due to accelerated development at Centurion and timing of spend at Wambo Open-Cut.
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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
ir@peabodyenergy.com
ir@peabodyenergy.com
5
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 | 16 - 16.4 | 14.2 | $69.98 | $45.00 - $50.00 | |||||||||||||
| Seaborne Thermal (Export) | 10 - 10.4 | 8.2 | $102.05 | NA | |||||||||||||
| Seaborne Thermal (Domestic) | 6.0 | 6.0 | $26.09 | NA | |||||||||||||
| Seaborne Metallurgical | 7.2 - 7.6 | 5.4 | $151.00 | $118.00 - $128.00 | |||||||||||||
| PRB U.S. Thermal | 75 - 82 | 85 | $13.70 | $11.75 - $12.50 | |||||||||||||
| Other U.S. Thermal | 14.5 - 15.5 | 15.2 | $54.20 | $43.00 - $47.00 | |||||||||||||
Other Annual Financial Metrics ($ in millions) | |||||||||||||||||
| 2024 Full Year | |||||||||||||||||
| SG&A | $90 | ||||||||||||||||
| Total Capital Expenditures | $425 | ||||||||||||||||
| Major Project Capital Expenditures | $275 | ||||||||||||||||
| Sustaining Capital Expenditures | $150 | ||||||||||||||||
| ARO Cash Spend | $50 | ||||||||||||||||
| 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 metallurgical sales are anticipated to price at 70-75% 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 September 30, 2024. 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.
6
| Condensed Consolidated Statements of Operations (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| (In Millions, Except Per Share Data) | ||||||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Tons Sold | 31.9 | 25.6 | 32.6 | 84.9 | 93.0 | |||||||||||||||||||||||||||
| Revenue | $ | 1,088.0 | $ | 1,042.0 | $ | 1,078.9 | $ | 3,113.6 | $ | 3,711.7 | ||||||||||||||||||||||
Operating Costs and Expenses (1) | 845.8 | 803.9 | 803.7 | 2,463.9 | 2,512.3 | |||||||||||||||||||||||||||
| Depreciation, Depletion and Amortization | 84.7 | 82.9 | 82.3 | 247.4 | 239.2 | |||||||||||||||||||||||||||
| Asset Retirement Obligation Expenses | 12.9 | 12.9 | 15.4 | 38.7 | 46.3 | |||||||||||||||||||||||||||
| Selling and Administrative Expenses | 20.6 | 22.1 | 21.5 | 64.7 | 66.0 | |||||||||||||||||||||||||||
| Restructuring Charges | 1.9 | 0.1 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||
| Other Operating (Income) Loss: | ||||||||||||||||||||||||||||||||
| Net Gain on Disposals | (0.1) | (7.5) | (1.4) | (9.7) | (8.5) | |||||||||||||||||||||||||||
| Asset Impairment | — | — | — | — | 2.0 | |||||||||||||||||||||||||||
| Provision for NARM and Shoal Creek Losses | — | 1.9 | 3.3 | 3.7 | 37.0 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery | — | (109.5) | — | (109.5) | — | |||||||||||||||||||||||||||
| Loss (Income) from Equity Affiliates | 2.1 | 1.3 | (5.6) | 7.1 | (9.7) | |||||||||||||||||||||||||||
| Operating Profit | 120.1 | 233.9 | 158.8 | 405.2 | 824.1 | |||||||||||||||||||||||||||
| Interest Expense, Net of Capitalized Interest | 9.7 | 10.7 | 13.8 | 35.1 | 45.5 | |||||||||||||||||||||||||||
| Net Loss on Early Debt Extinguishment | — | — | — | — | 8.8 | |||||||||||||||||||||||||||
| Interest Income | (17.7) | (16.8) | (20.3) | (53.7) | (56.5) | |||||||||||||||||||||||||||
| Net Periodic Benefit Credit, Excluding Service Cost | (10.1) | (10.2) | (10.0) | (30.4) | (29.4) | |||||||||||||||||||||||||||
| Income from Continuing Operations Before Income Taxes | 138.2 | 250.2 | 175.3 | 454.2 | 855.7 | |||||||||||||||||||||||||||
| Income Tax Provision | 25.7 | 39.4 | 46.5 | 85.2 | 238.7 | |||||||||||||||||||||||||||
| Income from Continuing Operations, Net of Income Taxes | 112.5 | 210.8 | 128.8 | 369.0 | 617.0 | |||||||||||||||||||||||||||
| (Loss) Income from Discontinued Operations, Net of Income Taxes | (1.0) | (1.6) | 2.5 | (3.3) | (0.1) | |||||||||||||||||||||||||||
| Net Income | 111.5 | 209.2 | 131.3 | 365.7 | 616.9 | |||||||||||||||||||||||||||
| Less: Net Income Attributable to Noncontrolling Interests | 10.2 | 9.8 | 11.4 | 25.4 | 49.3 | |||||||||||||||||||||||||||
| Net Income Attributable to Common Stockholders | $ | 101.3 | $ | 199.4 | $ | 119.9 | $ | 340.3 | $ | 567.6 | ||||||||||||||||||||||
Adjusted EBITDA (2) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
Diluted EPS - Income from Continuing Operations (3)(4) | $ | 0.74 | $ | 1.43 | $ | 0.80 | $ | 2.47 | $ | 3.68 | ||||||||||||||||||||||
Diluted EPS - Net Income Attributable to Common Stockholders (3) | $ | 0.74 | $ | 1.42 | $ | 0.82 | $ | 2.44 | $ | 3.68 | ||||||||||||||||||||||
| (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 141.6 million, 142.8 million and 149.9 million during the quarters ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively. Weighted average diluted shares outstanding were 143.1 million and 156.7 million during the nine months ended September 30, 2024 and 2023, 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. | ||||||||||||||||||||||||||||||||
7
| Condensed Consolidated Balance Sheets | | |||||||||||||
| As of Sept. 30, 2024 and Dec. 31, 2023 | ||||||||||||||
| (Dollars In Millions) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| Sep. 30, 2024 | Dec. 31, 2023 | |||||||||||||
Cash and Cash Equivalents | $ | 772.9 | $ | 969.3 | ||||||||||
Accounts Receivable, Net | 304.2 | 389.7 | ||||||||||||
| Inventories, Net | 444.3 | 351.8 | ||||||||||||
Other Current Assets | 286.6 | 308.9 | ||||||||||||
Total Current Assets | 1,808.0 | 2,019.7 | ||||||||||||
Property, Plant, Equipment and Mine Development, Net | 3,013.5 | 2,844.1 | ||||||||||||
| Operating Lease Right-of-Use Assets | 121.1 | 61.9 | ||||||||||||
| Restricted Cash and Collateral | 839.0 | 957.6 | ||||||||||||
Investments and Other Assets | 85.3 | 78.8 | ||||||||||||
Total Assets | $ | 5,866.9 | $ | 5,962.1 | ||||||||||
Current Portion of Long-Term Debt | $ | 14.8 | $ | 13.5 | ||||||||||
Accounts Payable and Accrued Expenses | 763.8 | 965.5 | ||||||||||||
Total Current Liabilities | 778.6 | 979.0 | ||||||||||||
Long-Term Debt, Less Current Portion | 323.7 | 320.7 | ||||||||||||
Deferred Income Taxes | 17.8 | 28.6 | ||||||||||||
| Asset Retirement Obligations, Less Current Portion | 647.4 | 648.6 | ||||||||||||
Accrued Postretirement Benefit Costs | 143.1 | 148.4 | ||||||||||||
Operating Lease Liabilities, Less Current Portion | 94.6 | 47.7 | ||||||||||||
Other Noncurrent Liabilities | 171.3 | 181.6 | ||||||||||||
Total Liabilities | 2,176.5 | 2,354.6 | ||||||||||||
Common Stock | 1.9 | 1.9 | ||||||||||||
Additional Paid-in Capital | 3,988.9 | 3,983.0 | ||||||||||||
Treasury Stock | (1,926.5) | (1,740.2) | ||||||||||||
| Retained Earnings | 1,424.3 | 1,112.7 | ||||||||||||
Accumulated Other Comprehensive Income | 150.7 | 189.6 | ||||||||||||
Peabody Energy Corporation Stockholders' Equity | 3,639.3 | 3,547.0 | ||||||||||||
Noncontrolling Interests | 51.1 | 60.5 | ||||||||||||
Total Stockholders' Equity | 3,690.4 | 3,607.5 | ||||||||||||
Total Liabilities and Stockholders' Equity | $ | 5,866.9 | $ | 5,962.1 | ||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||
8
| Condensed Consolidated Statements of Cash Flows (Unaudited) | | ||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | |||||||||||||||||||||||||||||
| (Dollars In Millions) | |||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | |||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||||||||||||||||
| Net Cash Provided By Continuing Operations | $ | 361.4 | $ | 9.7 | $ | 87.5 | $ | 491.4 | $ | 832.7 | |||||||||||||||||||
Net Cash Used in Discontinued Operations | (1.5) | (1.9) | (74.1) | (4.7) | (79.6) | ||||||||||||||||||||||||
| Net Cash Provided By Operating Activities | 359.9 | 7.8 | 13.4 | 486.7 | 753.1 | ||||||||||||||||||||||||
Cash Flows From Investing Activities | |||||||||||||||||||||||||||||
Additions to Property, Plant, Equipment and Mine Development | (98.7) | (105.6) | (68.1) | (265.7) | (190.4) | ||||||||||||||||||||||||
| Changes in Accrued Expenses Related to Capital Expenditures | 7.2 | (6.9) | 0.3 | (6.5) | (5.1) | ||||||||||||||||||||||||
| Wards Well Acquisition | — | (143.8) | — | (143.8) | — | ||||||||||||||||||||||||
| Insurance Proceeds Attributable to Shoal Creek Equipment Losses | 5.3 | 5.6 | — | 10.9 | — | ||||||||||||||||||||||||
Proceeds from Disposal of Assets, Net of Receivables | 0.6 | 13.1 | 1.9 | 16.1 | 13.9 | ||||||||||||||||||||||||
Contributions to Joint Ventures | (176.6) | (170.7) | (202.6) | (550.1) | (573.4) | ||||||||||||||||||||||||
Distributions from Joint Ventures | 189.2 | 167.4 | 213.6 | 549.8 | 579.4 | ||||||||||||||||||||||||
Other, Net | 0.2 | (0.7) | 0.3 | (0.3) | 1.0 | ||||||||||||||||||||||||
| Net Cash Used In Investing Activities | (72.8) | (241.6) | (54.6) | (389.6) | (174.6) | ||||||||||||||||||||||||
Cash Flows From Financing Activities | |||||||||||||||||||||||||||||
Repayments of Long-Term Debt | (2.6) | (2.4) | (2.1) | (7.2) | (6.9) | ||||||||||||||||||||||||
Payment of Debt Issuance and Other Deferred Financing Costs | — | (0.3) | — | (11.1) | (0.3) | ||||||||||||||||||||||||
| Common Stock Repurchases | (100.0) | — | (91.0) | (183.1) | (264.0) | ||||||||||||||||||||||||
Repurchase of Employee Common Stock Relinquished for Tax Withholding | — | (0.7) | — | (4.1) | (13.7) | ||||||||||||||||||||||||
Dividends Paid | (9.4) | (9.4) | (9.9) | (28.5) | (20.7) | ||||||||||||||||||||||||
Distributions to Noncontrolling Interests | (16.3) | — | (36.1) | (34.8) | (58.9) | ||||||||||||||||||||||||
| Net Cash Used In Financing Activities | (128.3) | (12.8) | (139.1) | (268.8) | (364.5) | ||||||||||||||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | 158.8 | (246.6) | (180.3) | (171.7) | 214.0 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 1,319.7 | 1,566.3 | 1,811.9 | 1,650.2 | 1,417.6 | ||||||||||||||||||||||||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 1,478.5 | $ | 1,319.7 | $ | 1,631.6 | $ | 1,478.5 | $ | 1,631.6 | |||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | |||||||||||||||||||||||||||||
9
| Reconciliation of Non-GAAP Financial Measures (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| (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 | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Income from Continuing Operations, Net of Income Taxes | $ | 112.5 | $ | 210.8 | $ | 128.8 | $ | 369.0 | $ | 617.0 | ||||||||||||||||||||||
Depreciation, Depletion and Amortization | 84.7 | 82.9 | 82.3 | 247.4 | 239.2 | |||||||||||||||||||||||||||
Asset Retirement Obligation Expenses | 12.9 | 12.9 | 15.4 | 38.7 | 46.3 | |||||||||||||||||||||||||||
Restructuring Charges | 1.9 | 0.1 | 0.9 | 2.1 | 3.0 | |||||||||||||||||||||||||||
Asset Impairment | — | — | — | — | 2.0 | |||||||||||||||||||||||||||
| Provision for NARM and Shoal Creek Losses | — | 1.9 | 3.3 | 3.7 | 37.0 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery - Property Damage | — | (28.7) | — | (28.7) | — | |||||||||||||||||||||||||||
| Changes in Amortization of Basis Difference Related to Equity Affiliates | (0.4) | (0.3) | (0.5) | (1.1) | (1.2) | |||||||||||||||||||||||||||
| Interest Expense, Net of Capitalized Interest | 9.7 | 10.7 | 13.8 | 35.1 | 45.5 | |||||||||||||||||||||||||||
| Net Loss on Early Debt Extinguishment | — | — | — | — | 8.8 | |||||||||||||||||||||||||||
Interest Income | (17.7) | (16.8) | (20.3) | (53.7) | (56.5) | |||||||||||||||||||||||||||
| Unrealized Gains on Derivative Contracts Related to Forecasted Sales | — | — | — | — | (159.0) | |||||||||||||||||||||||||||
| Unrealized (Gains) Losses on Foreign Currency Option Contracts | (3.7) | (2.4) | 0.5 | (0.4) | (0.1) | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition | (0.8) | (0.8) | (0.7) | (2.3) | (1.9) | |||||||||||||||||||||||||||
| Income Tax Provision | 25.7 | 39.4 | 46.5 | 85.2 | 238.7 | |||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
Operating Costs and Expenses | $ | 845.8 | $ | 803.9 | $ | 803.7 | $ | 2,463.9 | $ | 2,512.3 | ||||||||||||||||||||||
| Unrealized Gains (Losses) on Foreign Currency Option Contracts | 3.7 | 2.4 | (0.5) | 0.4 | 0.1 | |||||||||||||||||||||||||||
Take-or-Pay Contract-Based Intangible Recognition | 0.8 | 0.8 | 0.7 | 2.3 | 1.9 | |||||||||||||||||||||||||||
| Net Periodic Benefit Credit, Excluding Service Cost | (10.1) | (10.2) | (10.0) | (30.4) | (29.4) | |||||||||||||||||||||||||||
Total Reporting Segment Costs (2) | $ | 840.2 | $ | 796.9 | $ | 793.9 | $ | 2,436.2 | $ | 2,484.9 | ||||||||||||||||||||||
| (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. | |||||||||||||||||||||||||||||||
| This information is intended to be reviewed in conjunction with the company's filings with the SEC. | ||||||||||||||||||||||||||||||||
10
| Supplemental Financial Data (Unaudited) | | |||||||||||||||||||||||||||||||
| For the Quarters Ended Sept. 30, 2024, Jun. 30, 2024 and Sept. 30, 2023 and the Nine Months Ended Sept. 30, 2024 and 2023 | ||||||||||||||||||||||||||||||||
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| Sept. | Jun. | Sept. | Sept. | Sept. | ||||||||||||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Revenue Summary (In Millions) | ||||||||||||||||||||||||||||||||
| Seaborne Thermal | $ | 313.2 | $ | 307.5 | $ | 297.4 | $ | 904.6 | $ | 1,043.4 | ||||||||||||||||||||||
| Seaborne Metallurgical | 242.5 | 294.3 | 247.0 | 783.8 | 907.9 | |||||||||||||||||||||||||||
| Powder River Basin | 305.3 | 221.9 | 313.0 | 781.3 | 878.0 | |||||||||||||||||||||||||||
| Other U.S. Thermal | 216.7 | 202.0 | 228.2 | 610.3 | 677.5 | |||||||||||||||||||||||||||
| Total U.S. Thermal | 522.0 | 423.9 | 541.2 | 1,391.6 | 1,555.5 | |||||||||||||||||||||||||||
| Corporate and Other | 10.3 | 16.3 | (6.7) | 33.6 | 204.9 | |||||||||||||||||||||||||||
| Total | $ | 1,088.0 | $ | 1,042.0 | $ | 1,078.9 | $ | 3,113.6 | $ | 3,711.7 | ||||||||||||||||||||||
Total Reporting Segment Costs Summary (In Millions) (1) | ||||||||||||||||||||||||||||||||
| Seaborne Thermal | $ | 193.2 | $ | 203.1 | $ | 181.9 | $ | 586.4 | $ | 566.4 | ||||||||||||||||||||||
| Seaborne Metallurgical | 214.7 | 231.5 | 168.4 | 644.9 | 636.0 | |||||||||||||||||||||||||||
| Powder River Basin | 253.6 | 204.1 | 258.9 | 695.4 | 761.9 | |||||||||||||||||||||||||||
| Other U.S. Thermal | 188.3 | 166.6 | 179.1 | 500.0 | 512.3 | |||||||||||||||||||||||||||
| Total U.S. Thermal | 441.9 | 370.7 | 438.0 | 1,195.4 | 1,274.2 | |||||||||||||||||||||||||||
| Corporate and Other | (9.6) | (8.4) | 5.6 | 9.5 | 8.3 | |||||||||||||||||||||||||||
| Total | $ | 840.2 | $ | 796.9 | $ | 793.9 | $ | 2,436.2 | $ | 2,484.9 | ||||||||||||||||||||||
| Other Supplemental Financial Data (In Millions) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Thermal | $ | 120.0 | $ | 104.4 | $ | 115.5 | $ | 318.2 | $ | 477.0 | ||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Metallurgical, Excluding Shoal Creek Insurance Recovery | 27.8 | 62.8 | 78.6 | 138.9 | 271.9 | |||||||||||||||||||||||||||
| Shoal Creek Insurance Recovery - Business Interruption | — | 80.8 | — | 80.8 | — | |||||||||||||||||||||||||||
| Adjusted EBITDA - Seaborne Metallurgical | 27.8 | 143.6 | 78.6 | 219.7 | 271.9 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Powder River Basin | 51.7 | 17.8 | 54.1 | 85.9 | 116.1 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Other U.S. Thermal | 28.4 | 35.4 | 49.1 | 110.3 | 165.2 | |||||||||||||||||||||||||||
| Adjusted EBITDA - Total U.S. Thermal | 80.1 | 53.2 | 103.2 | 196.2 | 281.3 | |||||||||||||||||||||||||||
| Middlemount | 1.8 | 1.9 | 7.7 | 2.9 | 13.7 | |||||||||||||||||||||||||||
Resource Management Results (2) | 2.2 | 9.9 | 3.1 | 16.5 | 11.4 | |||||||||||||||||||||||||||
| Selling and Administrative Expenses | (20.6) | (22.1) | (21.5) | (64.7) | (66.0) | |||||||||||||||||||||||||||
Other Operating Costs, Net (3) | 13.5 | 18.8 | (16.6) | 6.2 | 29.5 | |||||||||||||||||||||||||||
Adjusted EBITDA (1) | $ | 224.8 | $ | 309.7 | $ | 270.0 | $ | 695.0 | $ | 1,018.8 | ||||||||||||||||||||||
| (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, coal resource and surface land sales and property management costs and revenue. | |||||||||||||||||||||||||||||||
| (3) | Includes trading and brokerage activities, costs associated with post-mining activities, gains (losses) on certain asset disposals, minimum charges on certain transportation-related contracts, results from the Company’s equity method investment in R3 Renewables LLC, costs associated with suspended operations including the Centurion Mine, the impact of foreign currency remeasurement, expenses related to the Company’s other commercial activities 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. | ||||||||||||||||||||||||||||||||
11
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, 2023 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 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.
12