Coronado Global Resources Inc.
Form 10-Q
September 30, 2022March 31, 2023
87Unaudited Condensed Consolidated Statements of
Cash Flows
(In US$ thousands)
NineThree months ended
September 30,March 31,
2023
2022
2021
Cash flows from operating activities:
Net income (loss)
$
712,468107,860
$
(14,069)269,898
Adjustments to reconcile net income to cash and restricted cash
provided by
operating activities:
Depreciation, depletion and amortization
126,90139,423
132,75438,009
Amortization of right of use asset - operating leases
5,5971,083
6,6943,401
Amortization of deferred financing costs
1,451483
2,649
Loss on debt extinguishment
—
5,744484
Non-cash interest expense
23,5448,086
21,4317,689
Amortization of contract obligations
(26,883)(7,201)
(25,612)(8,670)
Loss on disposal of property,
plant and equipment
433121
835228
Equity-based compensation expense
2,104(308)
33884
Deferred income taxes
49,9298,141
2,18919,027
Reclamation of asset retirement obligations
(3,961)(737)
(2,393)(1,156)
Increase (decrease)(Decrease) increase in provision for discounting and credit
losses
572(3,988)
(8,074)428
Changes in operating assets and liabilities:
Accounts receivable - including related party receivables
(170,094)105,270
9,783(226,983)
Inventories
6,094(28,039)
(12,889)(10,574)
Other assets
(30,109)5,362
12,1873,160
Accounts payable
(3,371)7,601
22,899(34,488)
Accrued expenses and other current liabilities
161,224(11,883)
16,36354,967
Operating lease liabilities
(6,202)(2,080)
(7,875)—
Income tax payable
88,614(8,510)
—(2,086)
Change in other liabilities
7,0732,942
8,16158,431
Net cash provided by operating activities
945,384223,626
171,115171,849
Cash flows from investing activities:
Capital expenditures
(141,928)(54,839)
(75,897)(37,768)
Purchase of restricted deposits
(9,558)(2,403)
(100,166)(3,548)
Redemption of restricted deposits
8163,095
30,281140
Net cash used in investing activities
(150,670)(54,147)
(145,782)(41,176)
Cash flows from financing activities:
Proceeds from interest bearing liabilities and other financialliabilities—
411,524
Debt issuance costs and other financing costs
—
(15,263)
Principal payments on interest bearing liabilities and other financial
liabilities
(9,773)(920)
(371,379)(4,773)
Principal payments on finance lease obligations
(91)(31)
—(21)
Premiums paid on early redemption of debt
(90)
—
Dividends paid
(473,900)
—
Proceeds from stock issuance, net
—
97,741(22)
Net cash (used in) provided byused in financing activities
(483,854)(951)
122,623(4,816)
Net increase in cash and restricted cash
310,860168,528
147,956125,857
Effect of exchange rate changes on cash and restricted
cash
(50,144)(4,857)
2,2877,679
Cash and restricted cash at beginning of period
437,931334,629
45,736437,931
Cash and restricted cash at end of period
$
698,647498,300
$
195,979571,467
Supplemental disclosure of cash flow information:
Cash payments for interest
$
19,035575
$
13,681677
Cash paid (refund) for taxes
$
90,88834,000
$
(16,130)—
Restricted cash
$
251
$
251
See accompanying notes to unaudited condensed
consolidated financial statements.