0001562762-21-000329.txt : 20210809 0001562762-21-000329.hdr.sgml : 20210809 20210809150451 ACCESSION NUMBER: 0001562762-21-000329 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210809 DATE AS OF CHANGE: 20210809 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: 211156125 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 Form10q2021q2.htm 10-Q
110000000001000000000.0113838789010.01167645373183-1780608YesYesQ2FALSE20200001770561--12-3100 0001770561 2021-01-01 2021-06-30 0001770561 2021-06-30 0001770561 2021-04-01 2021-06-30 0001770561 2020-12-31 0001770561 2020-04-01 2020-06-30 0001770561 us-gaap:CorporateNonSegmentMember 2021-04-01 2021-06-30 0001770561 us-gaap:CommonStockMember 2019-12-31 0001770561 2021-01-01 2021-03-31 0001770561 us-gaap:ConstructionInProgressMember 2020-12-31 0001770561 2020-01-01 2020-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001770561 us-gaap:CorporateNonSegmentMember 2020-04-01 2020-06-30 0001770561 c561:OtherProductsMember 2020-01-01 2020-06-30 0001770561 us-gaap:PreferredStockMember 2019-12-31 0001770561 c561:ThermalCoalMember 2021-01-01 2021-06-30 0001770561 c561:CoalRevenueFromRelatedPartiesMember 2021-04-01 2021-06-30 0001770561 c561:PlantMachineryMiningEquipmentAndTransportationVehiclesMember 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001770561 c561:CoalRevenueMember 2021-04-01 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2019-12-31 0001770561 us-gaap:LandMember 2020-12-31 0001770561 c561:MetallurgicalCoalMember 2020-01-01 2020-06-30 0001770561 us-gaap:MiningPropertiesAndMineralRightsMember 2020-12-31 0001770561 2019-12-31 0001770561 c561:CoalRevenueMember 2020-04-01 2020-06-30 0001770561 us-gaap:MineDevelopmentMember 2021-06-30 0001770561 c561:TotalCoalRevenueMember 2021-01-01 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2020-06-30 0001770561 us-gaap:AssetRetirementObligationCostsMember 2020-12-31 0001770561 c561:OtherRevenueMember 2020-04-01 2020-06-30 0001770561 us-gaap:BuildingAndBuildingImprovementsMember 2021-06-30 0001770561 us-gaap:PreferredStockMember 2020-06-30 0001770561 c561:OtherProductsMember 2021-01-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember 2020-01-01 2020-06-30 0001770561 us-gaap:CommonStockMember 2020-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001770561 c561:MetallurgicalCoalMember 2021-01-01 2021-06-30 0001770561 us-gaap:OfficeEquipmentMember 2021-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-06-30 0001770561 c561:CoalRevenueFromRelatedPartiesMember 2020-04-01 2020-06-30 0001770561 c561:PlantMachineryMiningEquipmentAndTransportationVehiclesMember 2020-12-31 0001770561 us-gaap:ConstructionInProgressMember 2021-06-30 0001770561 c561:OtherRevenueMember 2021-04-01 2021-06-30 0001770561 c561:ThermalCoalMember 2020-01-01 2020-06-30 0001770561 us-gaap:MineDevelopmentMember 2020-12-31 0001770561 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001770561 us-gaap:LandMember 2021-06-30 0001770561 us-gaap:BuildingAndBuildingImprovementsMember 2020-12-31 0001770561 us-gaap:NoncontrollingInterestMember 2019-12-31 0001770561 us-gaap:CorporateNonSegmentMember 2021-06-30 0001770561 us-gaap:AdditionalPaidInCapitalMember 2020-06-30 0001770561 us-gaap:MiningPropertiesAndMineralRightsMember 2021-06-30 0001770561 us-gaap:AssetRetirementObligationCostsMember 2021-06-30 0001770561 us-gaap:OfficeEquipmentMember 2020-12-31 0001770561 us-gaap:NoncontrollingInterestMember 2020-06-30 0001770561 us-gaap:AccumulatedTranslationAdjustmentMember 2021-01-01 2021-06-30 0001770561 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-01-01 2021-06-30 0001770561 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-31 0001770561 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-31 0001770561 us-gaap:AccumulatedTranslationAdjustmentMember 2021-06-30 0001770561 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-04-01 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-04-01 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-04-01 2020-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-04-01 2020-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-06-30 0001770561 c561:MetallurgicalCoalMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-01-01 2021-06-30 0001770561 c561:MetallurgicalCoalMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-01-01 2021-06-30 0001770561 c561:ThermalCoalMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-01-01 2021-06-30 0001770561 c561:ThermalCoalMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-01-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-01-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-01-01 2021-06-30 0001770561 c561:OtherProductsMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-01-01 2021-06-30 0001770561 c561:OtherProductsMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-01-01 2021-06-30 0001770561 c561:MetallurgicalCoalMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-01-01 2020-06-30 0001770561 c561:MetallurgicalCoalMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-01-01 2020-06-30 0001770561 c561:ThermalCoalMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-01-01 2020-06-30 0001770561 c561:ThermalCoalMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-01-01 2020-06-30 0001770561 c561:TotalCoalRevenueMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-01-01 2020-06-30 0001770561 c561:TotalCoalRevenueMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-01-01 2020-06-30 0001770561 c561:OtherProductsMember us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-01-01 2020-06-30 0001770561 c561:OtherProductsMember us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-01-01 2020-06-30 0001770561 c561:XcoalEnergyAndResourcesMember 2021-04-01 2021-06-30 0001770561 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0001770561 2020-01-01 2020-03-31 0001770561 c561:ProductGroupsMember 2021-01-01 2021-06-30 0001770561 c561:ProductGroupsMember 2020-01-01 2020-06-30 0001770561 us-gaap:ForwardContractsMember 2021-01-01 2021-06-30 0001770561 2021-07-31 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2021-01-01 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2021-01-01 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-01-01 2020-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-01-01 2020-06-30 0001770561 2020-06-30 0001770561 us-gaap:CorporateNonSegmentMember 2020-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:AustraliaSegmentMember 2020-06-30 0001770561 us-gaap:OperatingSegmentsMember c561:UnitedStatesSegmentMember 2020-06-30 0001770561 c561:BuchananAndLoganSegmentMember 2021-01-01 2021-06-30 0001770561 c561:GreenbrierSegmentMember 2021-01-01 2021-06-30 0001770561 c561:PangburnShanerFallowfieldAndRusselCountySegmentMember 2021-01-01 2021-06-30 0001770561 c561:AmonateSegmentMember 2021-01-01 2021-06-30 0001770561 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-03-31 0001770561 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001770561 c561:XcoalEnergyAndResourcesMember 2020-12-31 0001770561 us-gaap:CommonStockMember 2020-12-31 0001770561 us-gaap:PreferredStockMember 2020-12-31 0001770561 us-gaap:RetainedEarningsMember 2020-12-31 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001770561 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001770561 us-gaap:NoncontrollingInterestMember 2020-12-31 0001770561 us-gaap:RetainedEarningsMember 2021-03-31 0001770561 us-gaap:PreferredStockMember 2021-03-31 0001770561 us-gaap:CommonStockMember 2021-03-31 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001770561 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001770561 us-gaap:NoncontrollingInterestMember 2021-03-31 0001770561 c561:MetallurgicalCoalMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:MetallurgicalCoalMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:ThermalCoalMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:ThermalCoalMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2021-04-01 2021-06-30 0001770561 c561:MetallurgicalCoalMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:MetallurgicalCoalMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:ThermalCoalMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:ThermalCoalMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:TotalCoalRevenueMember c561:AustraliaSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:TotalCoalRevenueMember c561:UnitedStatesSegmentMember us-gaap:OperatingSegmentsMember 2020-04-01 2020-06-30 0001770561 c561:MetallurgicalCoalMember 2020-04-01 2020-06-30 0001770561 c561:ThermalCoalMember 2020-04-01 2020-06-30 0001770561 c561:TotalCoalRevenueMember 2020-04-01 2020-06-30 0001770561 c561:MetallurgicalCoalMember 2021-04-01 2021-06-30 0001770561 c561:ThermalCoalMember 2021-04-01 2021-06-30 0001770561 c561:TotalCoalRevenueMember 2021-04-01 2021-06-30 0001770561 c561:ThirdPartyFinancerMember srt:MaximumMember 2021-01-06 0001770561 us-gaap:OperatingSegmentsMember 2021-01-01 2021-06-30 0001770561 us-gaap:OperatingSegmentsMember 2020-01-01 2020-06-30 0001770561 2021-03-31 0001770561 c561:ProductGroupsMember 2021-04-01 2021-06-30 0001770561 c561:ProductGroupsMember 2020-04-01 2020-06-30 0001770561 c561:CoalRevenueMember 2021-01-01 2021-06-30 0001770561 c561:CoalRevenueFromRelatedPartiesMember 2021-01-01 2021-06-30 0001770561 c561:OtherRevenueMember 2021-01-01 2021-06-30 0001770561 c561:CoalRevenueMember 2020-01-01 2020-06-30 0001770561 c561:CoalRevenueFromRelatedPartiesMember 2020-01-01 2020-06-30 0001770561 c561:OtherRevenueMember 2020-01-01 2020-06-30 0001770561 us-gaap:RetainedEarningsMember 2021-04-01 2021-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-04-01 2021-06-30 0001770561 us-gaap:CommonStockMember 2021-06-30 0001770561 us-gaap:AdditionalPaidInCapitalMember 2021-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2021-06-30 0001770561 us-gaap:PreferredStockMember 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2020-01-01 2020-03-31 0001770561 us-gaap:NoncontrollingInterestMember 2020-01-01 2020-03-31 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-03-31 0001770561 us-gaap:CommonStockMember 2020-03-31 0001770561 us-gaap:PreferredStockMember 2020-03-31 0001770561 us-gaap:AdditionalPaidInCapitalMember 2020-03-31 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-31 0001770561 2020-03-31 0001770561 us-gaap:RetainedEarningsMember 2020-04-01 2020-06-30 0001770561 us-gaap:NoncontrollingInterestMember 2020-04-01 2020-06-30 0001770561 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-04-01 2020-06-30 0001770561 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001770561 us-gaap:AdditionalPaidInCapitalMember 2021-04-01 2021-06-30 0001770561 us-gaap:FairValueInputsLevel2Member 2021-06-30 0001770561 us-gaap:FairValueMeasurementsRecurringMember 2021-06-30 0001770561 us-gaap:CorporateNonSegmentMember 2021-01-01 2021-06-30 0001770561 us-gaap:CorporateNonSegmentMember 2020-01-01 2020-06-30 0001770561 c561:SeniorSecuredNotesMember 2021-06-30 0001770561 c561:SeniorSecuredNotesMember 2020-12-31 0001770561 c561:AblFacilityMember 2021-06-30 0001770561 c561:AblFacilityMember 2020-12-31 0001770561 c561:MulticurrencyRevolvingSyndicatedFacilityMember 2021-06-30 0001770561 c561:MulticurrencyRevolvingSyndicatedFacilityMember 2020-12-31 0001770561 2021-05-14 0001770561 c561:ChessDepositaryInterestsMember 2021-05-14 0001770561 c561:ChessDepositaryInterestsMember 2021-05-14 2021-05-14 0001770561 c561:ChessDepositaryInterestsMember 2021-06-01 0001770561 us-gaap:CommonStockMember 2021-06-01 0001770561 c561:ChessDepositaryInterestsMember 2021-06-01 2021-06-01 0001770561 c561:ChessDepositaryInterestsMember c561:EmgMember 2021-05-14 0001770561 us-gaap:CommonStockMember c561:EmgMember 2021-05-14 0001770561 c561:ChessDepositaryInterestsMember c561:EmgMember 2021-05-14 2021-05-14 0001770561 c561:EmgMember 2021-05-14 0001770561 srt:ScenarioForecastMember 2021-01-01 2021-12-31 0001770561 c561:AustraliaSegmentMember 2021-06-30 0001770561 c561:XcoalEnergyAndResourcesMember 2021-04-01 2021-05-27 0001770561 us-gaap:StateAndLocalJurisdictionMember stpr:WV 2021-04-09 2021-04-09 0001770561 c561:XcoalEnergyAndResourcesMember 2020-01-01 2020-05-27 0001770561 c561:XcoalEnergyAndResourcesMember 2021-01-01 2021-06-30 0001770561 us-gaap:RevolvingCreditFacilityMember 2021-05-14 2021-05-14 0001770561 c561:SeniorSecuredNotesMember 2021-05-12 0001770561 c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 c561:SeniorSecuredNotesMember 2021-01-01 2021-06-30 0001770561 c561:XcoalEnergyAndResourcesMember c561:FinancialAssetPastDueMember 2020-12-31 0001770561 srt:MaximumMember c561:DebtInstrumentRedemptionChangeOfControlMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 c561:DebtInstrumentRedemptionChangesInTaxLawMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 c561:DebtInstrumentRedemptionChangeOfControlMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 us-gaap:DebtInstrumentRedemptionPeriodOneMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 c561:SeniorSecuredNotesMember us-gaap:DebtInstrumentRedemptionPeriodFourMember 2021-05-12 2021-05-12 0001770561 us-gaap:DebtInstrumentRedemptionPeriodTwoMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 srt:MinimumMember c561:SeniorSecuredNotesMember c561:DebtInstrumentRedemptionChangeOfControlMember 2021-05-12 2021-05-12 0001770561 c561:XcoalEnergyAndResourcesMember 2020-01-01 2020-12-31 0001770561 c561:XcoalEnergyAndResourcesMember 2021-06-30 0001770561 us-gaap:AccountsReceivableMember 2020-12-31 0001770561 us-gaap:AccountsReceivableMember 2021-06-30 0001770561 us-gaap:OtherAssetsMember 2020-12-31 0001770561 us-gaap:OtherAssetsMember 2021-06-30 0001770561 c561:AblFacilityMember 2021-05-12 0001770561 c561:AblFacilityMember 2021-01-01 2021-06-30 0001770561 c561:SeniorSecuredNotesMember c561:EmgMember 2021-05-12 0001770561 c561:SeniorSecuredNotesMember c561:EmgMember 2021-06-30 0001770561 us-gaap:NoncontrollingInterestMember 2020-03-31 0001770561 c561:ChessDepositaryInterestsMember 2021-06-30 0001770561 us-gaap:AccountsReceivableMember 2021-01-01 2021-06-30 0001770561 us-gaap:OtherAssetsMember 2021-01-01 2021-06-30 0001770561 us-gaap:CommonStockMember srt:SubsidiariesMember 2021-06-30 0001770561 srt:SubsidiariesMember c561:ChessDepositaryInterestsMember c561:NewInvestorsMember 2021-06-30 0001770561 us-gaap:CommonStockMember srt:SubsidiariesMember c561:NewInvestorsMember 2021-06-30 0001770561 c561:ChessDepositaryInterestsMember 2020-12-31 0001770561 c561:AblFacilityMember us-gaap:LetterOfCreditMember 2021-05-12 0001770561 c561:ThirdPartyFinancerMember 2021-01-01 2021-06-30 0001770561 srt:MaximumMember c561:ThirdPartyFinancerMember 2021-01-01 2021-06-30 0001770561 c561:AblFacilityMember us-gaap:LetterOfCreditMember 2021-06-30 0001770561 us-gaap:RetainedEarningsMember 2020-03-31 0001770561 us-gaap:DebtInstrumentRedemptionPeriodThreeMember c561:SeniorSecuredNotesMember 2021-05-12 2021-05-12 0001770561 c561:MulticurrencyRevolvingSyndicatedFacilityMember 2021-01-01 2021-06-30 0001770561 us-gaap:NoncontrollingInterestMember 2021-06-30 0001770561 us-gaap:AdditionalPaidInCapitalMember 2020-04-01 2020-06-30 0001770561 c561:ThirdPartyFinancerMember 2021-06-30 0001770561 c561:XcoalEnergyAndResourcesMember 2021-05-28 2021-06-30 0001770561 us-gaap:SubsequentEventMember c561:XcoalEnergyAndResourcesMember 2021-07-31 2021-07-31 0001770561 us-gaap:SubsequentEventMember c561:XcoalEnergyAndResourcesMember 2021-07-31 0001770561 us-gaap:CommonStockMember 2021-05-14 iso4217:AUD iso4217:USD xbrli:pure xbrli:shares iso4217:USD xbrli:shares utr:segment iso4217:AUD xbrli:shares

 

 

 

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 June 30, 2021

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, a 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 July 31, 2021, including shares of common stock underlying CDIs, was 167,645,373.

 

 


 

TABLE OF CONTENTS

 

 

Page

PART I – FINANCIAL INFORMATION

 

Item 1. Financial statements

 

Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

2

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2021 and 2020

3

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 and 2020

4

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020

5

Notes to Unaudited Condensed Consolidated Financial Statements

6

Report of Independent Registered Public Accounting Firm

20

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

21

Item 3. Quantitative and Qualitative Disclosures About Market Risk

41

Item 4. Controls and Procedures

43

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

44

Item 1A. Risk Factors

44

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

44

Item 3. Defaults Upon Senior Securities

44

Item 4. Mine Safety Disclosures

44

Item 5. Other Information

44

Item 6. Exhibits

45

SIGNATURES

46

 

i

 


PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

 

Assets

 

Note

 

(Unaudited)

June 30, 2021

 

December 31, 2020

Current assets:

 

 

 

 

 

 

 

 

Cash and restricted cash

 

 

 

$

113,661

 

$

45,736

Trade receivables

 

6

 

 

209,184

 

 

175,206

Related party trade receivables

 

6

 

 

 

 

81,970

Income tax receivable

 

 

 

 

19,432

 

 

20,325

Inventories

 

8

 

 

119,953

 

 

110,135

Other current assets

 

 

 

 

48,465

 

 

44,006

Assets held for sale

 

 

 

 

50,923

 

 

52,524

Total current assets

 

 

 

 

561,618

 

 

529,902

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

9

 

 

1,463,505

 

 

1,521,508

Right of use asset – operating leases, net

 

 

 

 

16,901

 

 

19,498

Goodwill

 

 

 

 

28,008

 

 

28,008

Intangible assets, net

 

 

 

 

4,115

 

 

4,217

Restricted deposits and reclamation bonds

 

 

 

 

72,709

 

 

8,425

Deferred income tax assets

 

 

 

 

 

 

24,654

Other non-current assets

 

 

 

 

9,731

 

 

12,264

Total assets

 

 

 

$

2,156,587

 

$

2,148,476

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

100,458

 

$

74,651

Accrued expenses and other current liabilities

 

10

 

 

229,264

 

 

234,526

Asset retirement obligations

 

 

 

 

5,896

 

 

6,012

Contract obligations

 

 

 

 

39,426

 

 

40,295

Lease liabilities

 

 

 

 

8,459

 

 

8,414

Other current financial liabilities

 

 

 

 

17,994

 

 

7,129

Liabilities held for sale

 

 

 

 

16,092

 

 

16,719

Total current liabilities

 

 

 

 

417,589

 

 

387,746

Non-current liabilities:

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

 

 

117,825

 

 

116,132

Contract obligations

 

 

 

 

165,417

 

 

185,823

Deferred consideration liability

 

 

 

 

224,545

 

 

216,513

Interest bearing liabilities

 

11

 

 

332,134

 

 

327,625

Other financial liabilities

 

 

 

 

16,403

 

 

Lease liabilities

 

 

 

 

16,886

 

 

20,582

Deferred income tax liabilities

 

 

 

 

33,604

 

 

64,366

Other non-current liabilities

 

 

 

 

26,872

 

 

22,826

Total liabilities

 

 

 

 

1,351,275

 

 

1,341,613

Common stock $0.01 par value; 1,000,000,000 shares authorized, 167,645,373 shares issued and outstanding as of June 30, 2021 and 138,387,890 shares issued and outstanding as of December 31, 2020

 

 

 

 

1,677

 

 

1,384

Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of June 30, 2021 and December 31, 2020

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

1,089,996

 

 

993,052

Accumulated other comprehensive losses

 

16

 

 

(31,387)

 

 

(28,806)

Accumulated losses

 

 

 

 

(254,974)

 

 

(158,919)

Coronado Global Resources Inc. stockholders’ equity

 

 

 

 

805,312

 

 

806,711

Noncontrolling interest

 

 

 

 

 

 

152

Total stockholders’ equity

 

 

 

 

805,312

 

 

806,863

Total liabilities and stockholders’ equity

 

 

 

$

2,156,587

 

$

2,148,476

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, 20212


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

 

 

 

 

 

Three months ended June 30,

 

Six months ended June 30,

 

 

Note

 

2021

 

2020

 

2021

 

2020

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal revenues

 

3

 

$

384,470

 

$

286,206

 

$

683,631

 

$

605,699

Coal revenues from related parties

 

3, 6

 

 

29,294

 

 

9,000

 

 

97,335

 

 

89,118

Other revenues

 

3

 

 

10,492

 

 

9,142

 

 

19,401

 

 

18,849

Total revenues

 

 

 

 

424,256

 

 

304,348

 

 

800,367

 

 

713,666

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

306,155

 

 

224,459

 

 

580,258

 

 

481,345

Depreciation, depletion and amortization

 

 

 

 

41,212

 

 

41,547

 

 

94,293

 

 

86,849

Freight expenses

 

 

 

 

55,906

 

 

40,504

 

 

108,047

 

 

82,886

Stanwell rebate

 

 

 

 

15,076

 

 

24,787

 

 

30,895

 

 

57,415

Other royalties

 

 

 

 

23,173

 

 

19,157

 

 

44,120

 

 

43,455

Selling, general, and administrative expenses

 

 

 

 

7,431

 

 

7,158

 

 

13,206

 

 

13,353

Restructuring costs

 

 

 

 

2,300

 

 

 

 

2,300

 

 

Total costs and expenses

 

 

 

 

451,253

 

 

357,612

 

 

873,119

 

 

765,303

Operating loss

 

 

 

 

(26,997)

 

 

(53,264)

 

 

(72,752)

 

 

(51,637)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

(16,596)

 

 

(12,064)

 

 

(31,731)

 

 

(24,318)

Loss on debt extinguishment

 

 

 

 

(5,744)

 

 

 

 

(5,744)

 

 

Impairment of assets

 

 

 

 

 

 

(63,111)

 

 

 

 

(63,111)

Unwind of discounting and credit losses

 

 

 

 

1,866

 

 

 

 

5,644

 

 

Other, net

 

4

 

 

570

 

 

(8,537)

 

 

(2,358)

 

 

(4,485)

Total other expense, net

 

 

 

 

(19,904)

 

 

(83,712)

 

 

(34,189)

 

 

(91,914)

Loss before tax

 

 

 

 

(46,901)

 

 

(136,976)

 

 

(106,941)

 

 

(143,551)

Income tax (expense) benefit

 

13

 

 

(8,184)

 

 

22,646

 

 

10,884

 

 

20,355

Net loss

 

 

 

 

(55,085)

 

 

(114,330)

 

 

(96,057)

 

 

(123,196)

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

 

(2)

 

 

(2)

 

 

(4)

Net loss attributable to Coronado Global Resources Inc.

 

 

 

$

(55,085)

 

$

(114,328)

 

$

(96,055)

 

$

(123,192)

Other comprehensive income, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

16

 

 

(4,221)

 

 

39,161

 

 

(8,830)

 

 

(14,406)

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

 

16

 

 

1,323

 

 

19,546

 

 

6,249

 

 

(14,646)

Total other comprehensive income (loss)

 

 

 

 

(2,898)

 

 

58,707

 

 

(2,581)

 

 

(29,052)

Total comprehensive loss

 

 

 

 

(57,983)

 

 

(55,623)

 

 

(98,638)

 

 

(152,248)

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

 

(2)

 

 

(2)

 

 

(4)

Total comprehensive loss attributable to Coronado Global Resources Inc.

 

 

 

$

(57,983)

 

$

(55,621)

 

$

(98,636)

 

$

(152,244)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

14

 

 

(0.36)

 

 

(1.18)

 

 

(0.66)

 

 

(1.27)

Diluted

 

14

 

 

(0.36)

 

 

(1.18)

 

 

(0.66)

 

 

(1.27)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q June 30, 20213


Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

 

 

 

Common stock

 

Preferred stock

 

Additional

 

Accumulated other

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

paid in

 

comprehensive

 

(Accumulated

 

Noncontrolling

 

stockholders

 

 

 

Shares

 

Amount

 

Series A

 

Amount

 

capital

 

losses

 

losses)

 

interest

 

equity

Balance December 31, 2020

 

 

138,387,890

$

1,384

 

1

$

$

993,052

$

(28,806)

$

(158,919)

$

152

$

806,863

Net loss

 

 

 

 

 

 

 

 

(40,970)

 

(2)

 

(40,972)

Other comprehensive income (net of $2,111 tax)

 

 

 

 

 

 

 

317

 

 

 

317

Total comprehensive income (loss)

 

 

 

 

 

 

 

317

 

(40,970)

 

(2)

 

(40,655)

Share-based compensation for equity classified awards

 

 

 

 

 

 

(538)

 

 

 

 

(538)

Acquisition of noncontrolling interest

 

 

 

 

 

 

(703)

 

 

 

(150)

 

(853)

Balance March 31, 2021

 

 

138,387,890

$

1,384

 

1

$

$

991,811

$

(28,489)

$

(199,889)

$

$

764,817

Net loss

 

 

 

 

 

 

 

 

(55,085)

 

 

(55,085)

Other comprehensive loss (net of $24 tax)

 

 

 

 

 

 

 

(2,898)

 

 

 

(2,898)

Total comprehensive loss

 

 

 

 

 

 

 

(2,898)

 

(55,085)

 

 

(57,983)

Issuance of common stock, net

 

 

29,257,483

 

293

 

 

 

97,448

 

 

 

 

97,741

Share-based compensation for equity classified awards

 

 

 

 

 

 

737

 

 

 

 

737

Balance June 30, 2021

 

 

167,645,373

$

1,677

 

1

$

$

1,089,996

$

(31,387)

$

(254,974)

$

$

805,312

 

 

 

 

Common stock

 

Preferred stock

 

Additional

 

Accumulated other

 

(Accumulated losses)

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

paid in

 

comprehensive

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q June 30, 20214


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

 

 

Six months ended

 

 

June 30,

 

 

2021

 

2020

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(96,057)

 

$

(123,196)

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

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

94,293

 

 

86,849

Impairment of assets

 

 

 

 

63,111

Amortization of right of use asset - operating leases

 

 

4,478

 

 

9,387

Amortization of deferred financing costs

 

 

2,491

 

 

2,751

Loss on debt extinguishment

 

 

5,744

 

 

Non-cash interest expense

 

 

13,544

 

 

10,266

Amortization of contract obligations

 

 

(16,747)

 

 

(14,794)

Loss on disposal of property, plant and equipment

 

 

529

 

 

208

Decrease in contingent royalty consideration

 

 

 

 

(1,543)

Gain on operating lease derecognition

 

 

 

 

(1,180)

Equity-based compensation expense

 

 

199

 

 

396

Deferred income taxes

 

 

(7,031)

 

 

(6,302)

Reclamation of asset retirement obligations

 

 

(1,562)

 

 

(1,574)

Unwind of discounting and credit losses

 

 

(5,644)

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable - including related party receivables

 

 

45,205

 

 

(6,223)

Inventories

 

 

(10,630)

 

 

21,133

Other current assets

 

 

(3,601)

 

 

5,425

Accounts payable

 

 

32,979

 

 

(27,984)

Accrued expenses and other current liabilities

 

 

611

 

 

3,938

Operating lease liabilities

 

 

(5,509)

 

 

(10,374)

Change in other liabilities

 

 

3,632

 

 

(17,930)

Net cash provided by (used in) operating activities

 

 

56,924

 

 

(7,636)

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(58,307)

 

 

(61,927)

Purchase of restricted deposits and reclamation bonds

 

 

(84,342)

 

 

(51)

Redemption of restricted deposits and reclamation bonds

 

 

19,726

 

 

125

Net cash used in investing activities

 

 

(122,923)

 

 

(61,853)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from interest bearing liabilities and other financial liabilities

 

 

411,524

 

 

145,000

Debt issuance costs and other financing costs

 

 

(15,143)

 

 

(2,423)

Principal payments on interest bearing liabilities and other financial liabilities

 

 

(365,413)

 

 

(39,515)

Principal payments on finance lease obligations

 

 

 

 

(642)

Dividends paid

 

 

 

 

(24,162)

Proceeds from stock issuance, net

 

 

97,741

 

 

Net cash provided by financing activities

 

 

128,709

 

 

78,258

Net increase in cash and restricted cash

 

 

62,710

 

 

8,769

Effect of exchange rate changes on cash and restricted cash

 

 

5,215

 

 

1,002

Cash and restricted cash at beginning of period

 

 

45,736

 

 

26,553

Cash and restricted cash at end of period

 

$

113,661

 

$

36,324

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash payments for interest

 

$

13,006

 

$

10,981

Cash (refund) paid for taxes

 

$

(4,433)

 

$

2,029

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, 20215


NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

1. Description of Business, Basis of Presentation

(a) Description of the Business

Coronado Global Resources Inc. is a global producer, marketer, and exporter of a full range of metallurgical coals, an essential element in the production of steel. The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the United States, or U.S.

(b) Basis of Presentation

The interim unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of U.S. generally accepted accounting principles, or U.S. GAAP, and with the instructions to Form 10-Q and Article 10 of Regulation S-X related to interim financial reporting issued by the Securities and Exchange Commission, or the SEC. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K filed with the SEC and the Australian Securities Exchange, or the ASX, on February 25, 2021.

The interim unaudited condensed consolidated financial statements are presented in U.S. dollars, unless otherwise stated. They include the accounts of Coronado Global Resources Inc., its wholly-owned subsidiaries and subsidiaries in which it has a controlling interest. References to “US$” or “USD” are references to U.S. dollars. References to “A$” or “AUD” are references to Australian dollars, the lawful currency of the Commonwealth of Australia. The “Company” and “Coronado” are used interchangeably to refer to Coronado Global Resources Inc. and its subsidiaries, collectively, or to Coronado Global Resources Inc., as appropriate to the context. Interests in subsidiaries controlled by the Company are consolidated with any outside stockholder interests reflected as noncontrolling interests. All intercompany balances and transactions have been eliminated upon consolidation.

In the opinion of management, these interim financial statements reflect all normal, recurring adjustments necessary for the fair presentation of the Company’s financial position, results of operations, comprehensive income, cash flows and changes in equity for the periods presented. Balance sheet information presented herein as of December 31, 2020 has been derived from the Company’s audited consolidated balance sheet at that date. The Company’s results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2021.

2. Summary of Significant Accounting Policies

Please see Note 2 “Summary of Significant Accounting Policies” contained in the audited consolidated financial statements for the year ended December 31, 2020 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February 25, 2021.

(a) Newly Adopted Accounting Standards

“Income Taxes - Simplifying the Accounting for Income Taxes” - In December 2019, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2019-12, which simplified various aspects related to accounting for income taxes. ASU 2019-12 removed certain exceptions to the general principles in Accounting Standards Codification, or ASC, Topic 740 – Income Taxes, and clarified and amended existing guidance to improve consistent application.

The adoption of ASU 2019-12 on January 1, 2021 did not have material impact on the Company’s consolidated financial statements.

3.Segment Information

 

The Company has a portfolio of operating mines and development projects in Queensland, Australia, and in the states of Pennsylvania, Virginia and West Virginia in the U.S. The operations in Australia, or Australian Operations, comprise the 100%-owned Curragh producing mine complex. The operations in the United States, or U.S. Operations, comprise two 100%-owned producing mine complexes (Buchanan and Logan), one 100%-owned idled mine complex (Greenbrier), two development properties (Pangburn-Shaner-Fallowfield and Russell County) and one idle property (Amonate).

The Company operates its business along two reportable segments: Australia and the United States. The organization of the two reportable segments reflects how the Company’s chief operating decision maker, or CODM, manages and allocates resources to the various components of the Company’s business.

Coronado Global Resources Inc. Form 10-Q June 30, 20216


Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 

The CODM uses Adjusted EBITDA as the primary metric to measure each segment’s operating performance. Adjusted EBITDA is not a measure of financial performance in accordance with U.S. GAAP. Investors should be aware that the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled financial measures used by other companies.

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, depletion and amortization and other foreign exchange losses. Adjusted EBITDA is also adjusted for certain discrete items that management exclude in analyzing each of the Company’s segments’ operating performance. “Other and corporate” relates to additional financial information for the corporate function such as accounting, treasury, legal, human resources, compliance, and tax. As such, the corporate function is not determined to be a reportable segment but is discretely disclosed for purposes of reconciliation to the Company’s condensed consolidated financial statements.

Reportable segment results as of and for the three and six months ended June 30, 2021 and 2020 are presented below:

 

 

 

Australia

 

 

United States

 

 

Other and Corporate

 

 

Total

 

 

 

(in US$ thousands)

Three months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

251,432

 

$

172,824

 

$

 

$

424,256

Adjusted EBITDA

 

 

(13,880)

 

 

39,434

 

 

(7,493)

 

 

18,061

Net (loss) income

 

 

(63,507)

 

 

18,323

 

 

(9,901)

 

 

(55,085)

Total assets

 

 

1,115,815

 

 

872,345

 

 

168,427

 

 

2,156,587

Capital expenditures

 

 

13,180

 

 

16,087

 

 

435

 

 

29,702

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

228,410

 

$

75,938

 

$

 

$

304,348

Adjusted EBITDA

 

 

(6,804)

 

 

3,490

 

 

(7,163)

 

 

(10,477)

Net loss

 

 

(16,933)

 

 

(74,006)

 

 

(23,391)

 

 

(114,330)

Total assets

 

 

1,043,222

 

 

975,045

 

 

83,042

 

 

2,101,309

Capital expenditures

 

 

13,535

 

 

6,396

 

 

578

 

 

20,509

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

489,726

 

$

310,641

 

$

 

$

800,367

Adjusted EBITDA

 

 

(36,937)

 

 

75,963

 

 

(13,324)

 

 

25,702

Net (loss) income

 

 

(105,838)

 

 

28,713

 

 

(18,932)

 

 

(96,057)

Total assets

 

 

1,115,815

 

 

872,345

 

 

168,427

 

 

2,156,587

Capital expenditures

 

 

20,214

 

 

30,625

 

 

1,468

 

 

52,307

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

473,555

 

$

240,111

 

$

 

$

713,666

Adjusted EBITDA

 

 

6,260

 

 

41,740

 

 

(13,056)

 

 

34,944

Net loss

 

 

(22,900)

 

 

(64,877)

 

 

(35,419)

 

 

(123,196)

Total assets

 

 

1,043,222

 

 

975,045

 

 

83,042

 

 

2,101,309

Capital expenditures

 

 

18,804

 

 

41,917

 

 

1,206

 

 

61,927