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Form 10-Q Coronado Global Resource For: Jun 30

August 8, 2022 3:43 PM EDT

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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 June 30, 2022

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, 2022, 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, 2022 and December 31, 2021

2

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2022 and 2021

3

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021

4

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

Report of Independent Registered Public Accounting Firm

18

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

19

Item 3. Quantitative and Qualitative Disclosures About Market Risk

39

Item 4. Controls and Procedures

41

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

42

Item 1A. Risk Factors

42

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

42

Item 3. Defaults Upon Senior Securities

43

Item 4. Mine Safety Disclosures

43

Item 5. Other Information

43

Item 6. Exhibits

43

SIGNATURES

44

 

i

 


PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Condensed Consolidated Balance Sheets

(In US$ thousands, except share data)

 

Assets

 

Note

 

(Unaudited)

June 30, 2022

 

December 31, 2021

Current assets:

 

 

 

 

 

 

 

 

Cash and restricted cash

 

 

 

$

485,884

 

$

437,931

Trade receivables, net

 

 

 

 

558,643

 

 

271,923

Inventories

 

5

 

 

107,439

 

 

118,922

Other current assets

 

 

 

 

57,643

 

 

47,647

Assets held for sale

 

 

 

 

26,709

 

 

27,023

Total current assets

 

 

 

 

1,236,318

 

 

903,446

Non-current assets:

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

6

 

 

1,363,372

 

 

1,397,363

Right of use asset – operating leases, net

 

 

 

 

9,070

 

 

13,656

Goodwill

 

 

 

 

28,008

 

 

28,008

Intangible assets, net

 

 

 

 

3,412

 

 

3,514

Restricted deposits

 

14

 

 

86,019

 

 

80,981

Deferred income tax assets

 

 

 

 

 

 

14,716

Other non-current assets

 

 

 

 

33,292

 

 

19,728

Total assets

 

 

 

$

2,759,491

 

$

2,461,412

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

 

$

83,313

 

$

97,514

Accrued expenses and other current liabilities

 

7

 

 

341,801

 

 

270,942

Income tax payable

 

 

 

 

96,566

 

 

25,612

Asset retirement obligations

 

 

 

 

9,117

 

 

9,414

Contract obligations

 

 

 

 

41,008

 

 

39,961

Lease liabilities

 

 

 

 

8,658

 

 

8,452

Other current financial liabilities

 

 

 

 

3,918

 

 

8,508

Liabilities held for sale

 

 

 

 

11,435

 

 

12,113

Total current liabilities

 

 

 

 

595,816

 

 

472,516

Non-current liabilities:

 

 

 

 

 

 

 

 

Asset retirement obligations

 

 

 

 

109,689

 

 

110,863

Contract obligations

 

 

 

 

114,553

 

 

141,188

Deferred consideration liability

 

 

 

 

232,507

 

 

230,492

Interest bearing liabilities

 

8

 

 

300,948

 

 

300,169

Other financial liabilities

 

 

 

 

11,133

 

 

13,822

Lease liabilities

 

 

 

 

8,296

 

 

12,894

Deferred income tax liabilities

 

 

 

 

99,162

 

 

75,750

Other non-current liabilities

 

 

 

 

31,008

 

 

26,216

Total liabilities

 

 

 

$

1,503,112

 

$

1,383,910

Common stock $0.01 par value; 1,000,000,000 shares authorized,167,645,373 shares issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

1,677

 

 

1,677

Series A Preferred stock $0.01 par value; 100,000,000 shares authorized, 1 Share issued and outstanding as of June 30, 2022 and December 31, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

 

 

1,091,362

 

 

1,089,547

Accumulated other comprehensive losses

 

12

 

 

(78,138)

 

 

(44,228)

Retained earnings

 

 

 

 

241,478

 

 

30,506

Total stockholders’ equity

 

 

 

 

1,256,379

 

 

1,077,502

Total liabilities and stockholders’ equity

 

 

 

$

2,759,491

 

$

2,461,412

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, 20222


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

 

2022

 

2021

 

2022

 

2021

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coal revenues

 

 

 

$

1,020,997

 

$

384,470

 

$

1,957,625

 

$

683,631

Coal revenues from related parties

 

 

 

 

 

 

29,294

 

 

 

 

97,335

Other revenues

 

 

 

 

11,707

 

 

10,492

 

 

22,204

 

 

19,401

Total revenues

 

3

 

 

1,032,704

 

 

424,256

 

 

1,979,829

 

 

800,367

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

397,463

 

 

306,155

 

 

754,963

 

 

580,258

Depreciation, depletion and amortization

 

 

 

 

51,384

 

 

41,212

 

 

89,393

 

 

94,293

Freight expenses

 

 

 

 

67,026

 

 

55,906

 

 

126,290

 

 

108,047

Stanwell rebate

 

 

 

 

40,532

 

 

15,076

 

 

69,585

 

 

30,895

Other royalties

 

 

 

 

79,348

 

 

23,173

 

 

162,380

 

 

44,120

Selling, general, and administrative expenses

 

 

 

 

10,376

 

 

7,431

 

 

18,252

 

 

13,206

Restructuring costs

 

 

 

 

 

 

2,300

 

 

 

 

2,300

Total costs and expenses

 

 

 

 

646,129

 

 

451,253

 

 

1,220,863

 

 

873,119

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

 

 

(17,482)

 

 

(16,596)

 

 

(34,814)

 

 

(31,731)

Loss on debt extinguishment

 

 

 

 

 

 

(5,744)

 

 

 

 

(5,744)

(Increase) decrease in provision for discounting and credit losses

 

 

 

 

(156)

 

 

1,866

 

 

(584)

 

 

5,644

Other, net

 

 

 

 

25,083

 

 

570

 

 

22,293

 

 

(2,358)

Total other income (expense), net

 

 

 

 

7,445

 

 

(19,904)

 

 

(13,105)

 

 

(34,189)

Income (loss) before tax

 

 

 

 

394,020

 

 

(46,901)

 

 

745,861

 

 

(106,941)

Income tax (expense) benefit

 

9

 

 

(102,025)

 

 

(8,184)

 

 

(183,968)

 

 

10,884

Net income (loss)

 

 

 

 

291,995

 

 

(55,085)

 

 

561,893

 

 

(96,057)

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

(2)

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

 

 

 

$

291,995

 

$

(55,085)

 

$

561,893

 

$

(96,055)

Other comprehensive income, net of income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

12

 

 

(50,168)

 

 

(4,221)

 

 

(33,910)

 

 

(8,830)

Net gain on cash flow hedges, net of tax

 

 

 

 

 

 

1,323

 

 

 

 

6,249

Total other comprehensive loss

 

 

 

 

(50,168)

 

 

(2,898)

 

 

(33,910)

 

 

(2,581)

Total comprehensive income (loss)

 

 

 

 

241,827

 

 

(57,983)

 

 

527,983

 

 

(98,638)

Less: Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

(2)

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

 

 

 

$

241,827

 

$

(57,983)

 

$

527,983

 

$

(98,636)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

10

 

 

1.74

 

 

(0.36)

 

 

3.35

 

 

(0.66)

Diluted

 

10

 

 

1.74

 

 

(0.36)

 

 

3.35

 

 

(0.66)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q June 30, 20223


Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(In US$ thousands, except share data)

 

 

 

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, 2021

 

 

167,645,373

$

1,677

 

1

$

$

1,089,547

$

(44,228)

$

30,506

$

$

1,077,502

Net income

 

 

 

 

 

 

 

 

269,898

 

 

269,898

Other comprehensive income

 

 

 

 

 

 

 

16,258

 

 

 

16,258

Total comprehensive income

 

 

 

 

 

 

 

16,258

 

269,898

 

 

286,156

Share-based compensation for equity classified awards

 

 

 

 

 

 

84

 

 

 

 

84

Dividends

 

4

 

 

 

 

 

 

(150,881)

 

 

(150,881)

Balance March 31, 2022

 

 

167,645,373

$

1,677

 

1

$

$

1,089,631

$

(27,970)

$

149,523

$

$

1,212,861

Net income

 

 

 

 

 

 

 

 

291,995

 

 

291,995

Other comprehensive loss

 

 

 

 

 

 

 

(50,168)

 

 

 

(50,168)

Total comprehensive (loss) income

 

 

 

 

 

 

 

(50,168)

 

291,995

 

 

241,827

Issuance of common stock, net

 

 

 

 

 

 

 

 

 

 

Share-based compensation for equity classified awards

 

 

 

 

 

 

1,731

 

 

 

 

1,731

Dividends

 

4

 

 

 

 

 

 

(200,040)

 

 

(200,040)

Balance June 30, 2022

 

 

167,645,373

$

1,677

 

1

$

$

1,091,362

$

(78,138)

$

241,478

$

$

1,256,379

 

Coronado Global Resources Inc. Form 10-Q June 30, 20224


 

 

 

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 non-controlling 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

Coronado Global Resources Inc. Form 10-Q June 30, 20225


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

 

 

Six months ended

 

 

June 30,

 

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

561,893

 

$

(96,057)

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

 

 

 

 

 

 

Depreciation, depletion and amortization

 

 

89,393

 

 

94,293

Amortization of right of use asset - operating leases

 

 

4,501

 

 

4,478

Amortization of deferred financing costs

 

 

968

 

 

2,491

Loss on debt extinguishment

 

 

 

 

5,744

Non-cash interest expense

 

 

15,622

 

 

13,544

Amortization of contract obligations

 

 

(21,947)

 

 

(16,747)

Loss on disposal of property, plant and equipment

 

 

257

 

 

529

Equity-based compensation expense

 

 

1,815

 

 

199

Deferred income taxes

 

 

42,061

 

 

(7,031)

Reclamation of asset retirement obligations

 

 

(3,601)

 

 

(1,562)

Increase (decrease) in provision for discounting and credit losses

 

 

584

 

 

(5,644)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable - including related party receivables

 

 

(304,707)

 

 

45,205

Inventories

 

 

9,700

 

 

(10,630)

Other current assets

 

 

(18,460)

 

 

(3,601)

Accounts payable

 

 

(5,160)

 

 

32,979

Accrued expenses and other current liabilities

 

 

71,595

 

 

611

Operating lease liabilities

 

 

(4,163)

 

 

(5,509)

Income tax payable

 

 

73,114

 

 

Change in other liabilities

 

 

4,827

 

 

3,632

Net cash provided by operating activities

 

 

518,292

 

 

56,924

Cash flows from investing activities:

 

 

 

 

 

 

Capital expenditures

 

 

(87,875)

 

 

(58,307)

Purchase of restricted deposits

 

 

(6,251)

 

 

(84,342)

Redemption of restricted deposits

 

 

606

 

 

19,726

Net cash used in investing activities

 

 

(93,520)

 

 

(122,923)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from interest bearing liabilities and other financial liabilities

 

 

 

 

411,524

Debt issuance costs and other financing costs

 

 

 

 

(15,143)

Principal payments on interest bearing liabilities and other financial liabilities

 

 

(7,085)

 

 

(365,413)

Principal payments on finance lease obligations

 

 

(61)

 

 

Premiums paid on early redemption of debt

 

 

(22)

 

 

Dividends paid

 

 

(348,423)

 

 

Proceeds from stock issuance, net

 

 

 

 

97,741

Net cash (used in) provided by financing activities

 

 

(355,591)

 

 

128,709

Net increase in cash and restricted cash

 

 

69,181

 

 

62,710

Effect of exchange rate changes on cash and restricted cash

 

 

(21,228)

 

 

5,215

Cash and restricted cash at beginning of period

 

 

437,931

 

 

45,736

Cash and restricted cash at end of period

 

$

485,884

 

$

113,661

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash payments for interest

 

$

18,338

 

$

13,006

Cash paid (refund) for taxes

 

$

69,388

 

$

(4,433)

Restricted cash

 

$

251

 

$

251

See accompanying notes to unaudited condensed consolidated financial statements.

Coronado Global Resources Inc. Form 10-Q June 30, 20226


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 22, 2022.

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, 2021 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, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2022.

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, 2021 included in Coronado Global Resources Inc.’s Annual Report on Form 10-K filed with the SEC and ASX on February 22, 2022.

(a) Newly Adopted Accounting Standards

During the period there has been no new Accounting Standards Update issued by the Financial Accounting Standards Board that had a 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) and two development properties (Mon Valley and Russell County).

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.

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.

Coronado Global Resources Inc. Form 10-Q June 30, 20227


Table of Contents

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

 

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, 2022 and 2021 are presented below:

 

 

 

Australia

 

 

United States

 

 

Other and Corporate

 

 

Total

 

 

 

(in US$ thousands)

Three months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

578,388

 

$

454,316

 

$

 

$

1,032,704

Adjusted EBITDA

 

 

196,315

 

 

252,394

 

 

(10,349)

 

 

438,360

Net income (loss)

 

 

127,905

 

 

181,146

 

 

(17,056)

 

 

291,995

Total assets

 

 

1,473,795

 

 

1,044,753

 

 

240,943

 

 

2,759,491

Capital expenditures

 

 

30,755

 

 

20,673

 

 

236

 

 

51,664

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,183,686

 

$

796,143

 

$

 

$

1,979,829

Adjusted EBITDA

 

 

435,284

 

 

432,294

 

 

(18,231)

 

 

849,347

Net income (loss)

 

 

278,052

 

 

304,113

 

 

(20,272)

 

 

561,893

Total assets

 

 

1,473,795

 

 

1,044,753

 

 

240,943

 

 

2,759,491

Capital expenditures

 

 

46,716

 

 

44,422

 

 

329

 

 

91,467

 

 

 

 

 

 

 

 

 

 

 

 

 

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)