0001562762-20-000407.txt : 20201110 0001562762-20-000407.hdr.sgml : 20201110 20201110150745 ACCESSION NUMBER: 0001562762-20-000407 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 103 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201110 DATE AS OF CHANGE: 20201110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Coronado Global Resources Inc. CENTRAL INDEX KEY: 0001770561 STANDARD INDUSTRIAL CLASSIFICATION: BITUMINOUS COAL & LIGNITE MINING [1220] IRS NUMBER: 831780608 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-56044 FILM NUMBER: 201300854 BUSINESS ADDRESS: STREET 1: 100 BILL BAKER WAY CITY: BECKLEY STATE: WV ZIP: 25801 BUSINESS PHONE: (681) 207-7263 MAIL ADDRESS: STREET 1: 100 BILL BAKER WAY CITY: BECKLEY STATE: WV ZIP: 25801 10-Q 1 2020-09Form10-Q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________________________

FORM 10-Q

___________________________________________________

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                     

Commission File Number: 1-16247

___________________________________________________

Coronado Global Resources Inc.

(Exact name of registrant as specified in its charter)

___________________________________________________

Delaware

 

83-1780608

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

Level 33, Central Plaza One, 345 Queen Street

Brisbane, Queensland, Australia 4000

(Address of principal executive offices) (Zip Code)

(617 3031 7777

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

___________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

None

 

None

 

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

The registrant’s common stock is publicly traded on the Australian Securities Exchange in the form of CHESS Depositary Interests, or CDIs, convertible at the option of the holders into shares of the registrant’s common stock on a 10-for-1 basis. The total number of shares of the registrant's common stock, par value $0.01 per share, outstanding on October 31, 2020, including shares of common stock underlying CDIs, was 138,387,890.

 

 


 

TABLE OF CONTENTS

 

 

Page

PART I – FINANCIAL INFORMATION

 

Item 1. Financial statements

 

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

2

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2020 and 2019

3

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2020 and 2019

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

Report of Independent Registered Public Accounting Firm

24

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3. Quantitative and Qualitative Disclosures About Market Risk

45

Item 4. Controls and Procedures

47

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

48

Item 1A. Risk Factors

48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

49

Item 3. Defaults Upon Senior Securities

49

Item 4. Mine Safety Disclosures

49

Item 5. Other Information

49

Item 6. Exhibits

50

SIGNATURES

51

 

i

 


PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

 

Assets

 

Note

 

(Unaudited)

September 30, 2020

 

December 31, 2019

Current assets:

 

 

 

 

 

 

 

 

Cash and restricted cash

 

 

 

$

14,659

 

$

26,553

Trade receivables

 

 

 

 

187,725

 

 

133,297

Related party trade receivables

 

20

 

 

92,043

 

 

86,796

Income tax receivable

 

 

 

 

 

 

897

Inventories

 

7

 

 

126,929

 

 

162,170

Other current assets

 

 

 

 

47,744

 

 

44,109

Total current assets

 

 

 

 

469,100

 

 

453,822

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

8

 

 

1,543,397

 

 

1,632,788

Right of use asset – operating leases, net

 

11

 

 

21,511

 

 

62,566

Goodwill

 

9

 

 

28,008

 

 

28,008

Intangible assets, net

 

9

 

 

4,267

 

 

5,079

Deposits and reclamation bonds

 

 

 

 

6,254

 

 

12,227

Deferred income tax assets

 

 

 

 

24,264

 

 

2,852

Other non-current assets

 

 

 

 

13,532

 

 

17,512

Total assets

 

 

 

$

2,110,333

 

$

2,214,854

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

40,815

 

$

64,392

Accrued expenses and other current liabilities

 

10

 

 

257,447

 

 

238,788

Income tax payable

 

 

 

 

18,033

 

 

29,760

Asset retirement obligations

 

 

 

 

10,731

 

 

10,064

Contingent royalty consideration

 

17

 

 

 

 

688

Contract obligations

 

14

 

 

38,087

 

 

36,935

Lease liabilities

 

11

 

 

9,476

 

 

29,685

Other current financial liabilities

 

 

 

 

24,897

 

 

5,894

Total current liabilities

 

 

 

 

399,486

 

 

416,206

Non-current liabilities:

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

 

 

133,324

 

 

121,710

Contract obligations

 

14

 

 

181,611

 

 

204,877

Deferred consideration liability

 

15

 

 

193,753

 

 

174,605

Interest bearing liabilities

 

13

 

 

287,625

 

 

330,000

Other financial liabilities

 

 

 

 

2,405

 

 

1,546

Lease liabilities

 

11

 

 

22,120

 

 

48,165

Contingent royalty consideration

 

17

 

 

 

 

855

Deferred income tax liabilities

 

 

 

 

49,207

 

 

47,973

Other non-current liabilities

 

 

 

 

926

 

 

976

Total liabilities

 

 

 

 

1,270,457

 

 

1,346,913

Common stock $0.01 par value; 1,000,000,000 shares authorized, 138,387,890 shares are issued and outstanding as of September 30, 2020 and 96,651,692 shares issued and outstanding as of December 31, 2019

 

 

 

 

1,384

 

 

967

Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of September 30, 2020 and December 31, 2019

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

992,075

 

 

820,247

Accumulated other comprehensive losses

 

18

 

 

(56,364)

 

 

(45,206)

(Accumulated losses) retained earnings

 

 

 

 

(97,434)

 

 

91,712

Coronado Global Resources Inc. stockholders’ equity

 

 

 

 

839,661

 

 

867,720

Noncontrolling interest

 

 

 

 

215

 

 

221

Total stockholders’ equity

 

 

 

 

839,876

 

 

867,941

Total liabilities and stockholders’ equity

 

 

 

$

2,110,333

 

$

2,214,854

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q September 30, 20202


Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income
(In US$ thousands, except share data)

 

 

 

 

 

Three Months EndedSeptember 30,

 

Nine Months EndedSeptember 30,

 

 

Note

 

2020

 

2019

 

2020

 

2019

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal revenues

 

3

 

$

349,686

 

$

422,174

 

$

955,385

 

$

1,341,503

Coal revenues from related parties

 

3, 20

 

 

17,051

 

 

103,600

 

 

106,169

 

 

396,758

Other revenues

 

3

 

 

9,648

 

 

10,067

 

 

28,497

 

 

31,915

Total revenues

 

 

 

 

376,385

 

 

535,841

 

 

1,090,051

 

 

1,770,176

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of coal revenues (exclusive of items shown separately below)

 

 

 

 

263,858

 

 

264,585

 

 

745,203

 

 

798,281

Depreciation, depletion and amortization

 

 

 

 

48,693

 

 

39,855

 

 

135,542

 

 

125,134

Freight expenses

 

 

 

 

50,590

 

 

36,973

 

 

133,475

 

 

126,335

Stanwell rebate

 

 

 

 

25,157

 

 

40,172

 

 

82,571

 

 

134,846

Other royalties

 

 

 

 

21,697

 

 

35,815

 

 

65,151

 

 

129,237

Selling, general, and administrative expenses

 

 

 

 

6,785

 

 

8,233

 

 

20,138

 

 

26,544

Total costs and expenses

 

 

 

 

416,780

 

 

425,633

 

 

1,182,080

 

 

1,340,377

Operating income

 

 

 

 

(40,395)

 

 

110,208

 

 

(92,029)

 

 

429,799

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

(12,207)

 

 

(9,319)

 

 

(36,528)

 

 

(26,583)

Impairment of assets

 

4

 

 

 

 

 

 

(63,111)

 

 

Other, net

 

5

 

 

(361)

 

 

(1,172)

 

 

(4,846)

 

 

(130)

Total other income (expense), net

 

 

 

 

(12,568)

 

 

(10,491)

 

 

(104,485)

 

 

(26,713)

(Loss) income before tax

 

 

 

 

(52,963)

 

 

99,717

 

 

(196,514)

 

 

403,086

Income tax benefit (expense)

 

12

 

 

11,169

 

 

(30,618)

 

 

31,525

 

 

(119,661)

Net (loss) income

 

 

 

 

(41,794)

 

 

69,099

 

 

(164,989)

 

 

283,425

Less: Net loss attributable to noncontrolling interest

 

 

 

 

(2)

 

 

(2)

 

 

(6)

 

 

(6)

Net (loss) income attributable to Coronado Global Resources Inc.

 

 

 

$

(41,792)

 

$

69,101

 

$

(164,983)

 

$

283,431

Other comprehensive income, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

18

 

 

14,867

 

 

(13,128)

 

 

461

 

 

(14,193)

Net gain (loss) on cash flow hedges, net of tax

 

18

 

 

3,027

 

 

(4,167)

 

 

(11,619)

 

 

2,305

Total other comprehensive income (loss)

 

 

 

 

17,894

 

 

(17,295)

 

 

(11,158)

 

 

(11,888)

Total comprehensive (loss) income

 

 

 

 

(23,900)

 

 

51,804

 

 

(176,147)

 

 

271,537

Less: Net loss attributable to noncontrolling interest

 

 

 

 

(2)

 

 

(2)

 

 

(6)

 

 

(6)

Total comprehensive (loss) income attributable to Coronado Global Resources Inc.

 

 

 

$

(23,898)

 

$

51,806

 

$

(176,141)

 

$

271,543

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

16

 

 

(0.37)

 

 

0.71

 

 

(1.62)

 

 

2.93

Diluted

 

16

 

 

(0.37)

 

 

0.71

 

 

(1.62)

 

 

2.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q September 30, 20203


Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

 

 

 

Common stock

 

Preferred stock

 

Additional

 

Accumulated other

 

(Accumulated

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

paid in

 

comprehensive

 

losses) Retained

 

Noncontrolling

 

stockholders

 

 

 

Shares

 

Amount

 

Series A

 

Amount

 

capital

 

losses

 

earnings

 

interest

 

equity

Balance December 31, 2019

 

$

96,651,692

 

967

 

1

 

 

820,247

 

(45,206)

 

91,712

 

221

 

867,941

Net loss

 

 

 

 

 

 

 

 

(8,863)

 

(2)

 

(8,865)

Other comprehensive loss (net of $13,781 tax)

 

 

 

 

 

 

 

(87,759)

 

 

 

(87,759)

Total comprehensive loss

 

 

 

 

 

 

 

(87,759)

 

(8,863)

 

(2)

 

(96,624)

Share-based compensation for equity classified awards

 

 

 

 

 

 

148

 

 

 

 

148

Dividends paid

 

 

 

 

 

 

 

 

(24,163)

 

 

(24,163)

Balance March 31, 2020

 

$

96,651,692

 

967

 

1

 

 

820,395

 

(132,965)

 

58,686

 

219

 

747,302

Net loss

 

 

 

 

 

 

 

 

(114,328)

 

(2)

 

(114,330)

Other comprehensive income (net of $6,534 tax)

 

 

 

 

 

 

 

58,707

 

 

 

58,707

Total comprehensive income (loss)

 

 

 

 

 

 

 

58,707

 

(114,328)

 

(2)

 

(55,623)

Share-based compensation for equity classified awards

 

 

 

 

 

 

248

 

 

 

 

248

Balance June 30, 2020

 

$

96,651,692

 

967

 

1

 

 

820,643

 

(74,258)

 

(55,642)

 

217

 

691,927

Net income

 

 

 

 

 

 

 

 

(41,792)

 

(2)

 

(41,794)

Other comprehensive income (net of $1,107 of tax)

 

 

 

 

 

 

 

17,894

 

 

 

17,894

Total comprehensive income

 

 

 

 

 

 

 

17,894

 

(41,792)

 

(2)

 

(23,900)

Issuance of common stock, net

 

 

41,736,198

 

417

 

 

 

171,168

 

 

 

 

171,585

Share-based compensation for equity classified awards

 

 

 

 

 

 

264

 

 

 

 

264

Balance September 30, 2020

 

$

138,387,890

 

1,384

 

1

 

 

992,075

 

(56,364)

 

(97,434)

 

215

 

839,876

 

Coronado Global Resources Inc. Form 10-Q September 30, 20204


 

 

 

Common stock

 

Preferred stock

 

Additional

 

Accumulated other

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

paid in

 

comprehensive

 

Retained

 

Noncontrolling

 

stockholders

 

 

 

Shares

 

Amount

 

Series A

 

Amount

 

capital

 

losses

 

earnings

 

interest

 

equity

Balance December 31, 2018

 

$

96,651,692

 

967

 

1

 

 

1,107,948

 

(49,609)

 

194,220

 

282

 

1,253,808

Net income

 

 

 

 

 

 

 

 

96,820

 

 

96,820

Other comprehensive income (net of $2,391 tax)

 

 

 

 

 

 

 

5,021

 

 

 

5,021

Total comprehensive income

 

 

 

 

 

 

 

5,021

 

96,820

 

 

101,841

Dividends paid

 

 

 

 

 

 

 

 

(299,682)

 

 

(299,682)

Balance March 31, 2019

 

$

96,651,692

 

967

 

1

 

 

1,107,948

 

(44,588)

 

(8,642)

 

282

 

1,055,967

Net income (loss)

 

 

 

 

 

 

 

 

117,510

 

(4)

 

117,506

Other comprehensive income (net of $383 tax)

 

 

 

 

 

 

 

386

 

 

 

386

Total comprehensive income (loss)

 

 

 

 

 

 

 

386

 

117,510

 

(4)

 

117,892

Share-based compensation for equity classified awards

 

 

 

 

 

 

93

 

 

 

 

93

Balance June 30, 2019

 

$

96,651,692

 

967

 

1

 

 

1,108,041

 

(44,202)

 

108,868

 

278

 

1,173,952

Net income (loss)

 

 

 

 

 

 

 

 

69,101

 

(2)

 

69,099

Other comprehensive income (net of $1,796 tax)

 

 

 

 

 

 

 

(17,295)

 

 

 

(17,295)

Total comprehensive income (loss)

 

 

 

 

 

 

 

(17,295)

 

69,101

 

(2)

 

51,804

Share-based compensation for equity classified awards

 

 

 

 

 

 

150

 

 

 

 

150

Dividends paid

 

 

 

 

 

 

 

 

(108,364)

 

 

(108,364)

Return of capital

 

 

 

 

 

 

(288,020)

 

 

 

 

(288,020)

Balance September 30, 2019

 

$

96,651,692

 

967

 

1

 

 

820,171

 

(61,497)

 

69,605

 

276

 

829,522

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q September 30, 20205


Unaudited Condensed Consolidated Statements of Cash Flows
(In US$ thousands)

 

 

Nine Months Ended

 

 

September 30,

 

 

2020

 

2019

Cash flows from operating activities:

 

 

 

 

 

 

Net (loss) income

 

$

(164,989)

 

$

283,425

Adjustments to reconcile net income to cash and restricted cash provided by operating activities:

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

135,542

 

 

125,259

Impairment of assets

 

 

63,111

 

 

Amortization of right of use asset - operating leases

 

 

11,092

 

 

16,978

Amortization of deferred financing costs

 

 

4,134

 

 

3,108

Non-cash interest expense

 

 

16,180

 

 

14,725

Amortization of contract obligations

 

 

(23,575)

 

 

(25,760)

Loss on disposal of property, plant and equipment

 

 

62

 

 

(267)

Decrease in contingent royalty consideration

 

 

(1,543)

 

 

(11,296)

Gain on operating lease derecognition

 

 

(1,180)

 

 

Equity-based compensation expense

 

 

660

 

 

243

Deferred income taxes

 

 

(13,554)

 

 

18,031

Reclamation of asset retirement obligations

 

 

(2,324)

 

 

(2,790)

Change in estimate of asset retirement obligation

 

 

 

 

(125)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable - including related party receivables

 

 

(63,645)

 

 

27,668

Inventories

 

 

35,719

 

 

(73,741)

Other current assets

 

 

(2,912)

 

 

(6,310)

Accounts payable

 

 

(24,541)

 

 

7,675

Accrued expenses and other current liabilities

 

 

8,859

 

 

13,108

Operating lease liabilities

 

 

(12,607)

 

 

(18,041)

Change in other liabilities

 

 

(2,584)

 

 

66,721

Net cash (used in) provided by operating activities

 

 

(38,095)

 

 

438,611

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(85,237)

 

 

(117,369)

Purchase of deposits and reclamation bonds

 

 

(52)

 

 

(947)

Redemption of deposits and reclamation bonds

 

 

6,026

 

 

5

Net cash used in investing activities

 

 

(79,263)

 

 

(118,311)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from interest bearing liabilities and other financial liabilities

 

 

176,953

 

 

422,599

Debt issuance costs and other financing costs

 

 

(2,955)

 

 

(4,082)

Principal payments on interest bearing liabilities and other financial liabilities

 

 

(216,828)

 

 

(112,754)

Principal payments on finance lease obligations

 

 

(2,387)

 

 

(994)

Payment of contingent purchase consideration

 

 

 

 

(17,660)

Dividends paid

 

 

(24,162)

 

 

(408,046)

Shareholders' distributions

 

 

 

 

(288,020)

Proceeds from stock issuance, net

 

 

171,585

 

 

Net cash provided by (used in) financing activities

 

 

102,206

 

 

(408,957)

Net decrease in cash and restricted cash

 

 

(15,152)

 

 

(88,657)

Effect of exchange rate changes on cash and restricted cash

 

 

3,258

 

 

(1,779)

Cash and restricted cash at beginning of period

 

 

26,553

 

 

124,881

Cash and restricted cash at end of period

 

$

14,659

 

$

34,445

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash payments for interest

 

$

17,246

 

$

9,244

Cash paid/(Refund) for taxes

 

$

(6,431)

 

$

49,884

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q September 30, 20206