v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Information [Abstract]  
Segment Information
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
 
Australian Operations
 
comprise the
100
%-
owned
 
Curragh
 
producing
 
mine
 
complex.
 
The
 
U.S.
 
Operations
 
comprise
two
100
%-owned
 
producing
 
mine
complexes (Buchanan and Logan) and
two
 
development properties (Mon Valley
 
and Russell County).
 
The Company operates its
 
business along
two
 
reportable segments: Australia
 
and the U.S. The
 
organization of
the
two
 
reportable
 
segments
 
reflects
 
how
 
Coronado’s
 
Chief
 
Executive
 
Officer
 
who
 
is
 
the
 
Company’s
 
chief
operating
 
decision
 
maker,
 
or
 
CODM,
 
manages
 
and
 
allocates
 
resources
 
to
 
the
 
various
 
components
 
of
 
the
Company’s business.
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, analysts,
lenders and rating agencies
 
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 financial reporting and 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
 
unaudited Condensed
 
Consolidated
Financial Statements.
 
Reportable segment results as of and
 
for the three and six months
 
ended June 30, 2025 and
 
2024 are presented
below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
The reconciliations
 
of Consolidated
 
Adjusted EBITDA
 
to net
 
loss attributable
 
to the Company
 
for the three
 
and
six months ended June 30, 2025 and 2024 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.
The
 
reconciliations
 
of
 
capital
 
expenditures
 
per
 
the
 
Company’s
 
segment
 
information
 
to
 
capital
 
expenditures
disclosed on the unaudited
 
Condensed Consolidated Statements
 
of Cash Flows for
 
the six months ended
 
June
30, 2025 and 2024 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
The Company disaggregates the revenue
 
from contracts with customers by
 
major product group for each of
 
the
Company’s
 
reportable
 
segments,
 
as
 
the
 
Company
 
believes
 
it
 
best
 
depicts
 
the
 
nature,
 
amount,
 
timing
 
and
uncertainty of revenues and cash flows.
 
All revenue is recognized at a point in time.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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.