BTU - Earnings call transcript Q1 2018 | Peabody Energy Corporation

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the Peabody's First Quarter Earnings Call.

As a reminder, today's conference is being recorded. And I'll turn the conference now to Mr. Vic Svec, Senior Vice President, and Global Investor and Corporate Relations. ahead. go Please

Vic Svec

and Good quarter you. and and to Vice welcome Executive Amy Okay. call. morning, With first President Executive and earnings Glenn President Financial us BTU's Officer, Officer, Schwetz. Thank Kellow; everyone, Chief today Chief are

formal as deck, a that GAAP with refer also metrics here supplemental well of factors remarks, our SEC. the information. our as on our filings we you our presentation reconciliation will as well public available presentation we as earnings Slide on those We reference I would this measures peabodyenergy.com. you to and forward-looking and risk note to at find referenced our that's And we'll both in use consider encourage non-GAAP X our that's on During website of the you this statement release.

April As are measures reporting due the income adoption we've of period. over that to the not Glenn. call comparable of XXXX. most previous start That's noted the prior I'll now to X, statement press turn And with calls, to as

Glenn Kellow

Peabody and quarter, In a of milestones. good everyone. year-over-year cash solid generation the morning, number additional record first and Vic, flow performance, Thanks free achieved

some for that as operational occurred provide the now opportunity which of year progresses. All cost against improvements margin and challenges the

that company's doubling structure $XXX cash states shares more in through I'll our earnings it March. our focus which this we XXXX, was common we that enterprise down in released or As simplified all repurchases increased by On generated we for record was previously noted just revenues billion. accelerated preferred to over from front, expanding returning over share volumes, of that on collateral And remind accrete in to program rose that and on EBITDA stock. that $X.XX Slide future That flow shipped $X our of we the XX% billion buyback share and our that free common Included shareholders million, to cash X, and announced shareholders. to the $XXX Liquidity We adjusted activities. creates quarter million buyback value. literally allows well converted free first you a today, with quarter have flow fully significantly to prior year. million cash towards that capital our $XXX just

quarterly profile also our cash We In sustainable initiated additional interest program. flexibility, be repriced part term our what expense. provides This weeks, operational successfully and secured to and we paid we reduces as first believe financial of dividend company's and the maturity recent senior loan. extends the a

surface lands Finally, we management non-core sold resource our of assets part including in as activities. Australia ongoing

the like I turn call to accomplishments the to we've front. recognize had over Amy, I'd on Before several ESG

service. in in awarded Year & company was Corporate Peabody Innovation the the quarter. for of also Excellence actions will the results responsibility now of runner-up quick from Award. and XXXX. Wild category. Australia, the the in Compact community a South Mine the Boar excellence Reclamation over in from excellence was National Indiana of In or environmental months. dedication in and Mining And The the Awards Resources That's New Mine Mine with This corporate of to honored protection. Wilpinjong corporate was honored awards. for discuss the the colleague the member a its First, named Diversity Amy Interstate Women Gender Wales prestigious Department "Employer was Natural Award Natural Mining with Award XXXX Indiana few our past summary At three Mine, in our by our In also Reclamation was Mining mine Commission with Energy LiveWire Companies level, and XXXX received Metropolitan a Communitas Resources social the recognized

Amy Schwetz

number a generation over seaborne prior pricing year. in continuing metallurgical Income flow driven the X, sheet taxes million. Australian during million going by Glenn. review, to start rose continued operations, increased in year net of through relative of coal XX% record expense $X.XX coal the quarter Beginning the let's cash including Thanks shipment. Slide to balance statement DD&A To strength and free $XXX billion. items the income interest first On income and quarter, was of and totaled $XXX of million on Peabody's factors. the from by prior $XX first quarter revenue

preferred XXXX from in established $X.XX EPS related and charge the grows seaborne As a coal overall the pricing balances U.S. shares our all Slide reminder the of $XXX Australia $XX $XXX the during common of in with full to million amortization X, fresh million. to the the for first strong stockholders dividend Net On million, January. expect to DD&A, quarter totaled the contract EBITDA quarter of off. we conditions income adjusted from conversion of start $XXX as continuing XXXX operational on initial and to operations both included as impact common increased Diluted declines beyond impact in non-cash attributable which million overcame

an million adjusted Australia, over EBITDA prior year. $XX at reflected improvement first of the Looking

margins volumes and Our costs. seaborne XX%, thermal despite segment higher lower again of delivered strong

quarter As move Mine. were scheduled by expected, the first volumes longwall suppressed at a Wambo

issues thermal there expected Those gap lower progresses. to export expect but we due was since addition, increase to mine an would geology. volumes than contract. by sequentially first resolved, volumes at In work in as through to a year we area have We our been domestic satisfy were required where as the tons Wilpinjong coal

ton the X.X export realized XX.XX quarter an for quarter tons increase first XX.XX realized volumes per Total First reached from thermal thermal of million price ton. XX% of XXXX. at total at average pricing short

segment XXX standout margin and volume quarter adjusted platform at rose pricing again contributions coal to Net the the strong XX% leading first Australian total the of this and and EBITDA revenues was million net sales quarter, increased Our coal on XX%. compared XXXX. seaborne to

the well price [ph] Mine. the XX.XX our as per this and of the XXX.XX scheduled and per of the our prior average faulting range, guidance as at from continued longwall metallurgical its with per performance an sold Millennium of guidance move range XX% challenges, moved at margins us to temporarily right March. related During adjusted annual production rose of down also cost first operational at EBITDA coal to a we and Net Goonyella end higher in million Australian quarter. behind ton These lower net short year temporary are streak tons North of cost strong that Mine heavy I'll our due now quarter, constraints end Mine above the in annual ton note that slowed weather Metropolitan to the ton. declined modestly our X coals

the million lower year, to temporary adjusted realized $XX declined total the U.S., the to EBITDA across and Turning prior platform. pricing compared increases due cost to

benefited Higher attributed Western segment from In scheduled $XX first sequencing related cost some well of to of segment, due costs quarter, in of which million the largely first the our at $X prices. a maintenance issues You'll million quarter operations. XX% heavy settlement in are some of drag nearly diesel in ton as fuel with increased contractual this as our and repairs about XXXX higher our rainfall and the to recall rain per that a to had compared quarter. Midwestern foot a also to customer outages pit line mines

the four had point planned Western move longwall in to mines out Mile Overall, addition over the of quarter. and I'll the improve cost our three rose targeted availability across increases quarter at to and In to prior Mine. before year we maintenance the U.S. that conditions longwall first X% equipment as decline full we productions. during cost weather expect year, logistics our a would that moved XX due have mentioned platform. regarding completed overtime, range the flexibility first We've

increased quarter, first monthly for stockpiles volumes U.S. level reached their the September XXXX. able customer committed overall utilities to as During we since of demand were meet lowest

mid-tier a per As sale PRB largely increased committed U.S. which to PRB a average position. the our result, ton we XXXX position through to XX% coal in $X.XX decline led right our of

Let's on the X. to sheet now move Slide balance

likely an revolver ended earnings a our and year facility. XXXX additional heard We liquidity of to converting continue and quarter we will available under year earnings receivable including for those in me borrowing XXX that million accounts believe billion say, the of As billion $X.XX cash securitization and cash. exceptional $X.XX to capacity be with strong for an you've

of million $XXX bonds with the March $XXX million secured collateral our of non-core sale completed including in quarter. ongoing mentioned in totaled million third enabling Australia including proceeds cash freed in as in The Middlemount the activities, in first contributions record to of this remaining $XX of well million I to $XXX through also second flow management we million first with We free million contributed as surety in additional quarter. during transactions of million, the quarter up party surface refunds part Cash flow release the of in balance be $XX positive the release million the cash lands collateral quarter. expected of XX in cash asset be sales to $XX $XXX the portfolio quarter and expected second the tax in cash operating Australia. realized that as these from an

contractual the sale alluded and or eliminating are the liabilities facility pay last reducing in plant we rail through onerous are the Millennium future and of associated in to X also take quarter, with million As we reclamation prep XX% Mine.

savings our to years modify pleased amendment. profile billion approximately recent our to additional previously extend repayments we part that note the our interest of lower and over debt XX to X.X term a our we in to able achieved high not interest cash of million reduction. on loan our Through as rate interest, recent long I'm stated goals, result of term terms. billion repricing, and the the range debt end repayment time. XXXX with our were We level very $X targeted project annual we Regarding of the but repricing million targeted by certain only three as X.X of maturity also have a

is Also XXXX rate recent first financial secured is the operational recall, points corporate successfully Peabody's of to XXXX. compares debt year. This our As execute billion by a second to loan loan you of senior and this reflecting until since financial one during the our we to our basis now in our on this interest quarter, total company's period, $XXX this our not with given term strong debt Over term time due operating note our of flexibility performance. rating secured of rating our $X.XX amendment due approach. funded in performance, XXXX, last financial upgraded reduced agencies extended emergent. may strong the And and incremental to tranche debt at million XXX

Slide to cash shareholders. greater of be clear focus debt from XXXX returns Turning We've in to X. our that made we shifting would it to repayments

here. In progress of already first initiated $XXX dividend allocation be which are of of We dividend $XX to part quarter, good of this Peabody the the cash making a a with approximately to commitment on shareholders paid sustainable million believed cash and million program. management this

our buyback the X% or $XXX have of far accelerated initial in also million million in quarter shares repurchased initiated. thus program total of million repurchased approximately and activities shares with X.X for XX.X repurchase We outstanding the another shares share Overall, we a our shares X.X April. since first

Xon outstanding Our are basis. XXX.X translates million diluted a fully current which shares million to XXX.X

that Just to financial announced under to today, on strength make in has due debt cash program company billion our upside share and return we are today. repurchase position reflection progress repurchase capacity agreement to default expanding performance shareholders. our to The our program, our our share significant we to of $X

addition, return In continue have capacity to We execute performance flexibility on believe able and/or are to strong program. indentures and On interest releasing evaluating and price, financial the at generation, Peabody on and our collateral. provide savings drive we cash, wisely right operational flow shareholder return given amendment to progress accelerate additional we significant would incremental made stated expand cash shareholders. our Slide to generate bond this cash in Through further strategy, X, that's expense. to maintain financial our strength our been our

investment. and are external internal filters utilizing for allocating our and We capital thoughtfully

to turn now these shareholder give us of focus to the call our over ability All quarter. Glenn and areas expand conditions return our program. to continue the discuss industry the second I'll activities for to

Glenn Kellow

Thanks Amy.

Let's demand and begin details with seaborne Slide on X. supply

Asian X $XX Peabody to million despite compared average per averaged and the dollars QX increased approximately $XX quarter, some tons thermal price per During has XXXX, ton. an on pricing strong the tons capitalize mention per first continue secured ton in some in strong spot ton supported China, short now for in of price coal, countries. XXXX our Newcastle's India revising short seaborne peak agreements levels. process of additional we levels. X.X processing imports Southeast Within average to an for per to that fixed in $XXX have I'll committed XXXX million in locked seaborne ton $XX by price We thermal and to see

million to XXXX. expect runs XXXX the price on first quarter the also through We from an the that JFY second short the additional end X quarter tons of

beginning India to keep weather March, stockpiles imports rail million prior demand. also Through imports wire to nearly impacted systems. pace We to were with utilities through tons domestic compared XX% the and rebuild production fail of increase power consumption China X as March, domestic year, in up XX as million ton volumes XXXX. in also rose to a cold production drive and

capacity. economic increased demand on ASEAN Our continued strong and coal expanding growth generating

steel coal, seaborne to metallurgical through now global production February. X% rose Turning

despite year, offsetting domestic to the compared China, During reduced production. steel time. this from XX% imports strong India prize demand increased nearly

from coking index-based increased first coking an $XXX per $XXX in seaborne coal prices of at quarter coal of of the the first benchmark $XX compares the was prior hard During settlement for ton. settlement to proximately $XXX ton. The This XXXX. the ton to hard per year a to average quarter, premium compared pricing per

respectively. benchmark In premium seen and by settled low-vol coking ton tightening second differential was process, PCI between Recently and hard the Peabody at in $XXX PCI. and we've first addition pricing to anticipated, $XXX.XX a as quarter coal we the per

horizon Peabody of were In February. are maintaining the year dispute and guidance fair targets. metallurgical at year the the Queensland supply, anticipating line prior any terms both we're line media on thermal through Goonyella between Competition coverage not we've the of shipments of with and Authority, seen time Australian a impact regarding exports bit Also this full our levels in and

on mainly does occurring Our water Peabody black line impacts the not which utilize.

situation longer prevail. hope We term, commonsense monitor to and to will continue see we the

in demand prices, believe saw has our Overall, days. On and XX, positive generation. also for wind U.S. read quarter. we in was prices impressive [indiscernible] lower as seaborne metallurgical that was results wind Australian a driven coal both coal met and quarter, by Australian We of thermal the Peabody's coal. robust XX% through impacted March, heating During paid some assets. in natural was increase gas increased through platform well first degree generation. the X% The gas by generation coal despite decline strong down Slide as

declined overall from domestic year, XX% first consumption with Despite the coal was demand exports increased thermal the other the constraints Increased this compared coal strong combined PRB inventory time, coal production, During prior utility quarter, year. to flat U.S. in prior over year. while exports but with demand regions producing the U.S. X%. grows lower approximately the prior

a prior approximately tons result, the As declined from inventories year. coal utility million XX overall

XXXX look on quarter-to-quarter through priorities that improvements maximum SPRB for we Australian addition, volumes March of days to cost. from as begin, our days increases second for sequential In burn, down stockpiles thermal With XXXX. fell X our well from let's cover in and XX expectations in XX. quarter To as the Slide

rebound reach and expected the the Goonyella segment second the mitigating for longwall Australian performance third is North second Coal Next, of in plant the the to impacts Metallurgical quarter, of quarters. that Mine move will our

Third, we performance on availability. anticipate Midwest the improved increased in cost equipment

Our experienced second during volumes PRB the volume lower season. quarter traditional shoulder

substantial and will repurchase through returning continue we stated a shareholders strong outside share financial approach to dividend. program execute our on Finally, cash on emphasis with to

high the multiple take our value. Before that We to about on would that would feathers to shareholder invest to our average, the XXX. been We've Investors comparisons for moment BTU Peabody we a expanded margin approach month for for note on Analysts an margins committing punctuate know that and XX% by we on third we to of Midcap several operating like share X% investment move by a focus earning repurchase the our program wisely. XX and that XXX Day a into enhance as clear our and outperformed turn totaled and noted a Slide to questions, margin and the the to compared I financial component There like to in represent S&P XX% us wide to Profit XX%. EBITDA just more best. trailing company are Based XX point. S&P

share BTU the in we yet the on on that We've on margins a consider favorably matter a member comps, company to we the believe very common the compares equity not Based of we XXX, the be investment far on matter S&P stated continue returns investors. we company and we're qualifications also free one to Peabody of that believe to also our measures through Our also highly return And these metrics. and meet cash these the exceeded average we reasons for repurchase flow index invest compelling and necessary in Midcap program. make difference a Peabody, front. our

believe vehicle also across operating results uplift platform, of a your and a We the to the cycle. to happy a allocation help capital. returns value At performance from generate we're deliver We strong capital about cost That time, formal multiple on approach questions powerful a Operator? BTU the and discipline aimed offers this diversified today's our through take concludes premium overtime remarks.

Operator

[Operator Instructions] from our And from Dudas we'll take Research. Michael Vertical question first

Michael Dudas

gentlemen, Good morning, Amy.

Amy Schwetz

Michael. morning, Good

Glenn Kellow

morning. Good

Michael Dudas

is are they XX a starting thought products my first are or going pricing for to a question metallurgical remind you or customer at Australia, from that than more have first be higher least purchasing could relative a other discussions that has that you stronger, consumer, getting traditional your X growth been markets? the just us And the Glenn sense customers a they're those ago probably with shifting is normalize a very or position would big months a there Amy, bit feel India bit, base to it resize how effect your to are has side, you question. of been level

Glenn Kellow

market certainly you out as our given we Michael, relationship approach favor traditional think a platforms. indicated, I

So being Taiwan, increasingly, of those markets, traditional so actually you've India as signs India. China a are bad markets central as Japan, the about indicated,

to sure those into because continue that products that those markets certainly of look we quality quality we provide I make to that continue relationship think products into to to us and we provide high know areas.

Amy Schwetz

worth noting contract rapidly the our about the Probably of sort is spot remainder sell a XX% with a being bases of changing. as that just We on pricing that only of that, course although some really the follow-up volumes under over to year. mechanism

Michael Dudas

on the Glenn develops out Australia, orders rail are in to that as is, And enough. the issues - situation on which limiting a you're it are mention about and other helpful. factor fall fair somewhat the and summer from follow-up import But you shipments inventories is my of Australia? in you Okay, going potential you insulated there and be that is into also throughout think into seeing

Glenn Kellow

quarter I for of we're what last us go to move constraints through job we're the to not only logistical I for obviously of deliver. outstanding but seemed an execute to seeing, speak it us. can't what well. year, in fourth terms to I'll can speak continue and back

solid think see in that and quarter expect the I'd continue. we've had a first execution I to

fact to expect do see for volumes sequentially example the the year. we thermal increasing In course is we've what indicated of through moving

Operator

from And FBR. Riley Pipes B. of our ahead. go question next comes Lucas Please

Lucas Pipes

Hey, everybody. good morning,

Amy Schwetz

morning, Good Lucas.

Lucas Pipes

bond wanted you. you're year little the wanted able the this how profile to Thank remainder touch return to to ask much under of Amy, return over specifically I more. the capital existing interest? capital a I on And of

Amy Schwetz

Sure.

complete of something of certainty begin for It's that our to and process exploring second in the beginning It's the got be what, capacity I something for point that share at think equity we holders flexibility the minds us second say of is that's that this investors a and our $XXX significant is process to review are $X.X to to the think billion able that that right our program. to we a that's right on valuable know we tranche you we're know have that now. investors the we've this So to with million. repurchase have amendment price. have But of why we say amount time will question we at to

Lucas Pipes

that. appreciate I

an and at your repurchase. double the I say there's I you investors more you think cash your think is think share liquidity is to that how it's free to I as that it great maybe come. also look and flow But expectation on down fair put profile it,

to of possible return this it is number give could terms how year? a in you much us So capital

Amy Schwetz

capital last focused the I largest more related to our return think to year. say where course debt will from be cash year were shareholders going what reduction. we I probably over are use would a be is of non-operating on That of that the shift

our dominations that management intense as execute from first repurchase the over thing on what see a that cash flows the The I evident we've programs can it's picked in have team we repurchase collateral are in last The Australia with million to team And and to about other that pace out of there we've on. pacing we our a our program is that particularly that share $XXX up self-program. have the say you share would program. the that utilize program. done we This that hope had not on we as months return put that increased intend the several that have we

Lucas Pipes

very across that think same this kind fully the some borrowing the industry some That's Obviously, maybe concerns I is the and of in investors are is returns are but and way returns highly not at future. focused may on are placed capitalized time that be the and question. there capital related one capital operations helpful from

an Thank levels of think to when capital in to annual you spend of So about sustaining basis you and have average, maintain portfolio output? current on you. your do operating you much terms how on think order in

Glenn Kellow

and we the in at we indicated really would of We've that Wambo higher out underpin that about of we for Yeah, aimed slightly to platform. levels. particularly through thinking sustaining of their time undertook have programs, terms I that capital XXXX for think strength investors spent lots and we've CapEx of sort Goonyella hope supporting taking process North XXXX activities

in excess sustaining of rate of about run around notwithstanding million, would $XXX Going be million capital XXXX and $XXX - sorry XXXX forward, indicated levels. but million the we'd $XXX

Amy Schwetz

within can first saw actually look but is time that organization that of equipment lot a ourselves to our perform maintenance. equipment we we you spent the when well, as optimal of monitoring also focused on determine do maintenance our and on pride costs to but - some quarter We'd time you forward, the in running our

upkeep costs in to the operating with associated of into in you they feel think the the our of fleet tonnage positioned operators I cost see of our Some to our some are capital. But see well deliver that overall and like future.

Lucas Pipes

Great. Well, thank you very much and good luck.

Amy Schwetz

Thanks.

Operator

And Seaport comes Levin from our question next Mark of Global.

Mark Levin

Great. maybe Couple about to maybe to Amy, question, of yearly refund related so modeling just for basis tax a quarterly cash that quick if also think a you how basis know? XXXX, on on and

Amy Schwetz

Yes.

over million we the million indicated, course with we come quarter. started well. to receive as the first actually in so far second just to We've second the the of bit in as in got year. expected little We've quarter some So in a refunds the more $XX received about $XX in quarter

credits. we As XXXX. look million in XXXX, and that had see remainder had in XXXX XXXX of to a was XX% of to that that we - we fourth an you'll that in then tax about we expect AMT quarter and forward the And $XX related the benefit. recall XXXX That to of over to benefit come

a component be refunds tax decreasing benefits the will through years. our flow cash size in XXXX, with of although those So

Mark Levin

be met then revenue of it around the the The just that. call pricing realize code And of comes in your against we all terms it will in met on average meet opaque take types net regard about different our Great. mean model benchmark kind have the at expectations if structures. look of own varying ACC per ton XX% XX%. to the and price of it. like given how should the XX%, help was, out quarter but zip Got of the I so I around is contract thinking of prices realization, we for I XX%, with becoming to that are, kind kind it what the obviously you settlement thinking for to to after settlement, obviously right is more realizations? and conversions Thank pricing be

Amy Schwetz

where think you about is way know bit times it a little slice can often You will there it and more. or dice that

So HCC we coking around mix a products little about XX% our somewhere XX% of it of and benchmark realize then our generally further between we if coal break being and for our of products, each PCI And to to bit has our XX% pricing those PCI products. XX% thinking the PCI. both down for

Mark Levin

Great. Okay.

Glenn Kellow

in out And I'm sorry, a kind Mark, can are a quarter, obviously adjust of boats those have annual ranges. are will that mix X% quarter can you by understand given Within in - or you that those move your and of particular points and so.

Mark Levin

it, back And got question on it. got goes it, then to last Got Glenn horizon.

think at probably met, their on talking guess itself million, impacts would know Goonyella If an if on in solution? side. met. expect you they is situation of tons, but on about tons them, the XX look about about XX% force be railroad many the so mix, to where would you a forest XX what's if shipment the I it the tons, most is should a fact they're assume So a good of a of of to there about coal Black one how being annualized loss Goonyella or and regulators million it it's can't basis yeah take one should and scenario on is talking about like but million about in you case Water decision, case know maybe million I tons XX worst potential I there a the that that's a not I declare that measure, X worst be losing how or chunk if pay Peabody, of is reach number tons, for have we compromise we million think reach thinking about say, should

Glenn Kellow

a on further. little just bit horizon it drilling And

was worst we'd particular been case As integrated or really the you to negotiate of competitiveness of rail that's other Australia and Both one seeking rail a impacts maintenance date really level. strongly. we've is providers United Competition expect demonstrated, in coming to the that which Peabody with speculate practices Queensland wouldn't associated to know out case right whether the taking the have like average the chain. sides We'd part to this on impact securing States, potential taking I position. between rail both articulate to be and about ship we Authority the really it still maximize to operator

contract to their respective overall through be I I short location customers respect rail a going come particular guidance. capacity, factor with each process. operator. to say and We're their on et I loading shipper positions between negotiations relationships would cetera continued authority our maybe competition rail think available discussions the say capacity, it's down important, their they would would to then mind, cut the and and that particular holding determining like positions

on front We to ship. continue anything different have reason to would no to believe we be that and expect

Operator

our take from we'll of go next question Brett [indiscernible]. Levy And ahead. Please

Unidentified Analyst

Good morning.

Operator

And mute of your of our will please Brett, we to check function. move question Matthew America. on from Bank Fields next

Matthew Fields

Everyone. Hey,

Glenn Kellow

morning. Good

Amy Schwetz

morning. Good

Matthew Fields

wanted returns well. as about I capital to ask

way total amount when right under guidance. have you're now and talking in know flexibility RP like your the it with looks seems leverage about of you right the especially unlimited indentures, getting under your a sort X.XX world good I bond you're of you headroom times know You now which capacity that but in have

accelerating release So Is we calculus? Can get done. I'm your bit to more urgency or like you of we'd them hey, press statements like that little in refund buybacks with to to have bonds, sort that why try wondering put secured a about bonds. really just talk them is sort to it something unsecured the of

Amy Schwetz

Sure.

we're a the tenor rate these is this So I like flexibility. these where think like We view that bonds. We about at terms with bit in It that urgency process. we little of stronger is of term bonds. probably from the

particularly of outside reflect months, the over necessarily doesn't And head not to so payments the have is at the governor the related in of that net - us. collateral calculation that calculation at what XX that we past necessarily are we the had form refinance C&I cash indentures our flow income and with the return is of point this And time. in the we're is looking in the bond to space in generation cash

goal we said, would do And flexibility in imbalance and trying headroom so are amendment. we calculation. an some that correct that built have to being are that That to through C&I be our correct, we we

economically then that is can is. to think time, wait and for the we'll day us I this over so we isn't if And that something attractive that it

Matthew Fields

very That's Okay. much. helpful. you Thank very

Operator

And to Kellow Mr. closing I for remarks. additional the or back to like would now call turn any

Glenn Kellow

to our questions significant sale strong for Okay. concludes in free that returning bondholders, support. was we call. Thank to thank as for your our the you cash ability To shareholders. part Operator number to cash continued as safe all lenders shareholders, on today's to to and well today's year flow that commitment places a our taking for analysts, start focus demonstrated our of generate fronts, for and you on and ongoing interest and you work employees, productive your thank call. side It

Operator

may disconnect. this now And your concludes and you for conference. participation you Thank today's

Peabody Energy (BTU) 25 Apr 182018 Q1 Earnings call transcript