Coronado Global Resources Inc.
Form 10-Q September 30,
20222023
8
Unaudited Condensed Consolidated Statements of
Cash Flows
(In US$ thousands)
Nine months ended
September 30,
20222023
20212022
Cash flows from operating activities:
Net income (loss)
$
178,088
$
712,468
$
(14,069)
Adjustments to reconcile net income to cash and restricted cash
provided by
operating activities:
Depreciation, depletion and amortization
126,901113,052
132,754126,901
Amortization of right of use asset - operating leases
5,5976,894
6,6945,597
Amortization of deferred financing costs
1,4511,595
2,6491,451
Loss on debt extinguishment
—1,385
5,744—
Non-cash interest expense
23,54424,748
21,43123,544
Amortization of contract obligations
(26,883)(23,896)
(25,612)(26,883)
Loss on disposal of property,
plant and equipment
433393
835433
Equity-based compensation expense
2,1041,563
3382,104
Deferred income taxes
49,92913,140
2,18949,929
Reclamation of asset retirement obligations
(3,168)
(3,961)
(2,393)
Increase (decrease)(Decrease) increase in provision for discounting and credit
losses
572(4,255)
(8,074)572
Changes in operating assets and liabilities:
Accounts receivable - including related party receivables
147,956
(170,094)
9,783
Inventories
6,094(54,704)
(12,889)6,094
Other assets
(30,109)(5,197)
12,187(30,109)
Accounts payable
(3,371)25,676
22,899(3,371)
Accrued expenses and other current liabilities
161,224(69,303)
16,363161,224
Operating lease liabilities
(6,202)(9,311)
(7,875)(6,202)
Income tax payable
88,614(128,418)
—88,614
Change in other liabilities
7,0737,443
8,1617,073
Net cash provided by operating activities
945,384223,681
171,115945,384
Cash flows from investing activities:
Capital expenditures
(141,928)(182,442)
(75,897)(141,928)
Purchase of restricted and other deposits
(9,558)(26,836)
(100,166)(9,558)
Redemption of restricted and other deposits
81626,250
30,281816
Net cash used in investing activities
(150,670)(183,028)
(145,782)(150,670)
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financialliabilities—
411,524
Debt issuance costs and other financing costs
—(3,420)
(15,263)—
Principal payments on interest bearing liabilities and other financial
liabilities
(9,773)(2,732)
(371,379)(9,773)
Principal payments on finance lease obligations
(91)(98)
—(91)
Premiums paid on early redemption of debt
(90)—
—(90)
Dividends paid
(473,900)(16,755)
—
Proceeds from stock issuance, net
—
97,741(473,900)
Net cash (used in) provided byused in financing activities
(483,854)(23,005)
122,623(483,854)
Net increase in cash and restricted cash
310,86017,648
147,956310,860
Effect of exchange rate changes on cash and restricted
cash
(50,144)(15,180)
2,287(50,144)
Cash and restricted cash at beginning of period
437,931334,629
45,736437,931
Cash and restricted cash at end of period
$
698,647337,097
$
195,979698,647
Supplemental disclosure of cash flow information:
Cash payments for interest
$
19,03514,598
$
13,68119,035
Cash paid (refund) for taxes
$
90,888148,775
$
(16,130)90,888
Restricted cash
$
251
$
251
See accompanying notes to unaudited condensed
consolidated financial statements.