v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Information [Abstract]  
Reportable Segment Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months ended June 30, 2025
Total
 
revenues
$
259,845
$
208,034
$
—
$
467,879
Less:
 
Mining costs
(1)
(179,256)
(158,806)
—
(338,062)
Other operating costs
(1)
(92,216)
(32,005)
—
(124,221)
Total
 
operating costs
(271,472)
(190,811)
—
(462,283)
Other and unallocated costs
(2)
 
1,427
(42)
(7,551)
(6,166)
Segment adjusted EBITDA
(10,200)
17,181
(7,551)
(570)
Total
 
assets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
46,277
34,972
2,872
84,121
Three months ended June 30, 2024
Total
 
revenues
$
458,491
$
215,337
$
—
$
673,828
Less:
 
Mining costs
(1)
(218,897)
(145,521)
—
(364,418)
Other operating costs
(1)
(145,771)
(37,134)
—
(182,905)
Total
 
operating costs
(364,668)
(182,655)
—
(547,323)
Other and unallocated costs
(2)
 
759
1,784
(8,259)
(5,716)
Segment adjusted EBITDA
94,582
34,466
(8,259)
120,789
Total
 
assets
1,279,668
1,062,234
276,880
2,618,782
Capital expenditures
15,969
48,396
113
64,478
Six months ended June 30, 2025
Total
 
revenues
$
533,122
$
384,005
$
—
$
917,127
Less:
 
Mining costs
(1)
(421,266)
(305,619)
—
(726,885)
Other operating costs
(1)
(188,574)
(60,509)
—
(249,083)
Total
 
operating costs
(609,840)
(366,128)
—
(975,968)
Other and unallocated costs
(2)
 
1,674
(304)
(15,915)
(14,545)
Segment adjusted EBITDA
(75,044)
17,573
(15,915)
(73,386)
Total
 
assets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
96,013
102,919
5,237
204,169
Six months ended June 30, 2024
Total
 
revenues
$
894,596
$
447,381
$
—
$
1,341,977
Less:
 
—
—
—
—
Mining costs
(1)
(536,762)
(293,103)
—
(829,865)
Other operating costs
(1)
(290,640)
(72,771)
—
(363,411)
Total
 
operating costs
(827,402)
(365,874)
—
(1,193,276)
Other and unallocated costs
(2)
 
1,160
2,187
(16,642)
(13,295)
Segment adjusted EBITDA
68,354
83,694
(16,642)
135,406
Total
 
assets
1,279,668
1,062,234
276,880
2,618,782
Capital expenditures
35,470
101,188
119
136,777
The significant expense category and amount aligns with the
 
segment-level information that is regularly provided
 
to the CODM.
 
(2)
Other and unallocated items for other and corporate includes
 
selling, general and administrative expenses.
Reconciliation of EBITDA to Net Income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended
 
Six months ended
June 30,
June 30,
(in US$ thousands)
2025
2024
2025
2024
Consolidated Adjusted EBITDA
$
(570)
$
120,789
$
(73,386)
$
135,406
Depreciation, depletion and amortization
(45,508)
(51,263)
(86,029)
(96,612)
Interest expense, net
(1)
(20,964)
(13,116)
(38,862)
(26,445)
Other foreign exchange (losses) gains
 
(2)
551
(2,159)
219
9,104
Loss on debt extinguishment
(1,050)
—
(1,050)
—
Losses on idled assets
(3)
(13)
(1,677)
(1,848)
(2,164)
(Increase) decrease in provision for
 
discounting and credit losses
(183)
27
(813)
200
Net (loss) income before tax
(67,737)
52,601
(201,769)
19,489
Income tax benefit (expense)
(8,466)
(7,401)
29,368
(3,290)
Net (loss) income
$
(76,203)
$
45,200
$
(172,401)
$
16,199
(1)
 
Includes interest income of $
2.0
 
million and $
4.4
 
million for the three months ended June 30, 2025 and
 
2024, respectively,
and $
5.2
 
million and $
7.5
 
million for the six months ended June 30, 2025 and 2024, respectively.
 
(2)
 
The balance primarily relates to
 
foreign exchange gains and losses
 
recognized in the translation of
 
short-term inter-entity
balances
 
in
 
certain
 
entities
 
within
 
the
 
group
 
that
 
are
 
denominated
 
in
 
currencies
 
other
 
than
 
their
 
respective
 
functional
currencies.
 
These gains
 
and losses
 
are included
 
in “Other,
 
net”
 
on
 
the unaudited
 
Condensed
 
Consolidated
 
Statement of
Operations and Comprehensive Income.
 
(3)
 
Relates to loss on disposal and care and maintenance costs of a non-core idled asset that was sold on January 14, 2025.
Reconciliation of Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
(in US$ thousands)
2025
2024
Capital expenditures per unaudited Condensed Consolidated
 
Statements
 
of Cash Flows
$
147,401
$
123,477
Net movement in accruals for capital expenditures
6,990
24,231
Payment for capital acquired in prior periods
—
(10,790)
Capital acquired through finance lease
21,065
—
Advance payment to acquire long lead capital
28,713
(141)
Capital expenditures per segment detail
$
204,169
$
136,777
Disaggregation of Revenue
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
230,624
$
196,704
$
427,328
Thermal coal
20,913
11,096
32,009
Total
 
coal revenue
251,537
207,800
459,337
Other
(1)
8,308
234
8,542
Total
$
259,845
$
208,034
$
467,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2024
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
429,506
$
209,855
$
639,361
Thermal coal
19,991
5,027
25,018
Total
 
coal revenue
449,497
214,882
664,379
Other
(1)(2)
8,994
455
9,449
Total
$
458,491
$
215,337
$
673,828
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
480,690
$
368,141
$
848,831
Thermal coal
36,871
15,086
51,957
Total
 
coal revenue
517,561
383,227
900,788
Other
(1)
15,561
778
16,339
Total
$
533,122
$
384,005
$
917,127
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30, 2024
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
837,809
$
403,386
$
1,241,195
Thermal coal
39,285
16,892
56,177
Total
 
coal revenue
877,094
420,278
1,297,372
Other
(1)(2)
17,502
27,103
44,605
Total
$
894,596
$
447,381
$
1,341,977
(1) Other revenue for the Australian segment includes
 
the amortization of the Stanwell non-market coal
 
supply contract obligation liability.
(2) Other revenue
 
for the U.S.
 
segment includes $
25.0
 
million for the six
 
months ended June
 
30, 2024 relating to
 
termination fee revenue
from coal sales contracts cancelled at our U.S. operations.