Coronado Global Resources Inc.
Form 10-Q
JuneSeptember 30, 2023
78Unaudited Condensed Consolidated Statements of
Cash Flows
(In US$ thousands)
SixNine months ended
JuneSeptember 30,
2023
2022
Cash flows from operating activities:
Net income
$
199,171178,088
$
561,893712,468
Adjustments to reconcile net income to cash and restricted cash
provided by
operating activities:
Depreciation, depletion and amortization
78,303113,052
89,393126,901
Amortization of right of use asset - operating leases
2,8616,894
4,5015,597
Amortization of deferred financing costs
9661,595
9681,451
Loss on debt extinguishment
1,385
—
Non-cash interest expense
16,32424,748
15,62223,544
Amortization of contract obligations
(15,594)(23,896)
(21,947)(26,883)
Loss on disposal of property,
plant and equipment
359393
257433
Equity-based compensation expense
9811,563
1,8152,104
Deferred income taxes
19,91213,140
42,06149,929
Reclamation of asset retirement obligations
(2,035)(3,168)
(3,601)(3,961)
(Decrease) increase in provision for discounting and credit
losses
(3,719)(4,255)
584572
Changes in operating assets and liabilities:
Accounts receivable
117,875147,956
(304,707)(170,094)
Inventories
(104,742)(54,704)
9,7006,094
Other assets
(2,313)(5,197)
(18,460)(30,109)
Accounts payable
23,33525,676
(5,160)(3,371)
Accrued expenses and other current liabilities
(2,393)(69,303)
71,595161,224
Operating lease liabilities
(5,001)(9,311)
(4,163)(6,202)
Income tax payable
(105,575)(128,418)
73,11488,614
Change in other liabilities
5,1597,443
4,8277,073
Net cash provided by operating activities
223,874223,681
518,292945,384
Cash flows from investing activities:
Capital expenditures
(104,853)(182,442)
(87,875)(141,928)
Purchase of restricted and other deposits
(5,001)(26,836)
(6,251)(9,558)
Redemption of restricted and other deposits
4,78026,250
606816
Net cash used in investing activities
(105,074)(183,028)
(93,520)(150,670)
Cash flows from financing activities:
Debt issuance costs and other financing costs
(3,420)
—
Principal payments on interest bearing liabilities and other financial
liabilities
(1,498)(2,732)
(7,085)(9,773)
Principal payments on finance lease obligations
(64)(98)
(61)(91)
Premiums paid on early redemption of debt
—
(22)(90)
Dividends paid
(8,371)(16,755)
(348,423)(473,900)
Net cash used in financing activities
(9,933)(23,005)
(355,591)(483,854)
Net increase in cash and restricted cash
108,86717,648
69,181310,860
Effect of exchange rate changes on cash and restricted
cash
(9,166)(15,180)
(21,228)(50,144)
Cash and restricted cash at beginning of period
334,629
437,931
Cash and restricted cash at end of period
$
434,330337,097
$
485,884698,647
Supplemental disclosure of cash flow information:
Cash payments for interest
$
14,08714,598
$
18,33819,035
Cash paid for taxes
$
138,525148,775
$
69,38890,888
Restricted cash
$
251
$
251
See accompanying notes to unaudited condensed
consolidated
consolidated financial statements.