v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
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
a
100
%-owned producing mine
complex
(Buchanan), a
100
%-owned idle mine complex (Logan) and a development
property (Mon Valley).
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 Interim
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 calculated 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 months ended
March 31, 2026
and 2025 are
presented below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months ended March 31, 2026
Total
revenues
$
259,088
$
208,104
$
—
$
467,192
Less:
Mining cash costs
(1)
(253,890)
(146,857)
—
(400,747)
Other operating costs
(1)
(101,076)
(58,150)
—
(159,226)
Total
operating costs
(354,966)
(205,007)
—
(559,973)
Other and unallocated costs
(2)
9,305
(1,260)
(4,614)
3,431
Segment adjusted EBITDA
(86,573)
1,837
(4,614)
(89,350)
Total
assets
1,310,835
924,809
94,530
2,330,174
Capital expenditures
10,922
9,021
—
19,943
Three months ended March 31, 2025
Total
revenues
$
273,277
$
175,971
$
—
$
449,248
Less:
Mining cash costs
(1)
(198,204)
(158,492)
—
(356,696)
Other operating costs
(1)
(140,163)
(16,826)
—
(156,989)
Total
operating costs
(338,367)
(175,318)
—
(513,685)
Other and unallocated costs
(2)
246
(275)
(8,350)
(8,379)
Segment adjusted EBITDA
(64,844)
378
(8,350)
(72,816)
Total
assets
1,185,488
1,068,579
154,742
2,408,809
Capital expenditures
49,736
67,947
2,365
120,048
The significant expense category and
amount aligns with the segment-level
information that is regularly provided
to the CODM and excludes
Depreciation,
Depletion and Amortization.
(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
months
ended March 31, 2026 and 2025 are as follows:
Three months ended
March 31,
(in US$ thousands)
2026
2025
Consolidated Adjusted EBITDA
$
(89,350)
$
(72,816)
Depreciation, depletion and amortization
(43,337)
(40,521)
Interest expense, net
(1)
(33,752)
(17,898)
Other foreign exchange losses
(2)
(4,055)
(332)
Impairment of assets
(159,755)
—
Losses on idled assets
(3)
—
(1,835)
Decrease (increase) in provision for credit losses
127
(630)
Net loss before tax
(330,122)
(134,032)
Income tax benefit
11,532
37,834
Net loss
$
(318,590)
$
(96,198)
(1)
Includes interest income
of $
2.1
million and $
3.2
million for the
three months ended
March 31, 2026
and 2025, 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
three
months
ended
March 31, 2026 and 2025 are as follows:
Three months ended March 31,
(in US$ thousands)
2026
2025
Capital expenditures per unaudited Condensed Consolidated
Statements
of Cash Flows
$
34,072
$
72,058
Net movement in accruals for capital expenditures
(7,442)
19,538
Capital acquired through finance leases
—
9,725
Net movement in deposits to acquire long lead capital
(6,687)
18,727
Capital expenditures per segment detail
$
19,943
$
120,048
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 March 31, 2026
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
209,992
$
198,281
$
408,273
Thermal coal
42,414
9,804
52,218
Total
coal revenue
252,406
208,085
460,491
Other
(1)
6,682
19
6,701
Total
$
259,088
$
208,104
$
467,192
Three months ended March 31, 2025
(in US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
250,065
$
171,437
$
421,502
Thermal coal
15,959
3,990
19,949
Total
coal revenue
266,024
175,427
441,451
Other
(1)
7,253
544
7,797
Total
$
273,277
$
175,971
$
449,248
(1) Other revenue for the Australian segment includes
the amortization of the Stanwell non-market coal
supply contract obligation liability.