Peabody Reports Results for the Quarter and Year Ended December 31, 2023

Repurchased Over 11 Percent of Shares Outstanding in 2023

Commenced New Longwall Production at Shoal Creek Ahead of Schedule

ST. LOUIS, Feb. 8, 2024 /PRNewswire/ -- Peabody (NYSE: BTU) today reported fourth quarter net income attributable to common stockholders of $192.0 million, or $1.33 per diluted share, compared to $632.0 million, or $3.92 per diluted share, in the prior year quarter. Peabody had Adjusted EBITDA(1) of $345.1 million in the fourth quarter of 2023 compared to $500.5 million in the fourth quarter of 2022.

Full-year 2023 revenue totaled $4,946.7 million compared to $4,981.9 million in the prior year. Full-year 2023 net income attributable to common stockholders totaled $759.6 million, or $5.00 per diluted share, compared to $1,297.1 million, or $8.31 per diluted share in the prior year. Adjusted EBITDA was $1,363.9 million compared to $1,844.7 million in the prior year.

"Our performance in 2023 is a result of our dedicated team, diversified asset portfolio, and effective execution on our strategy," said Peabody President and Chief Executive Officer Jim Grech. "We delivered on our shareholder return program, repurchasing over 11 percent of our shares outstanding, and improved our seaborne metallurgical segment with new longwall kits at Shoal Creek and Metropolitan, the continued development of the Centurion premium hard coking coal project, and the pending acquisition of a large portion of the adjacent Wards Well coal deposit."

Fourth Quarter and Full Year Highlights

    --  Reported full year Adjusted EBITDA of $1,364 million, operating cash
        flow from continuing operations of $1,116 million and $969 million of
        Cash and Cash Equivalents at December 31, 2023


    --  Announced 2023 total shareholder returns of $471 million


    --  Achieved second best annual global injury rate and record low injury
        rate in Australia


    --  Produced 338 thousand tons from the newly developed L-panel district at
        Shoal Creek in the quarter


    --  PRB shipped 23.6 million tons in the quarter, the highest quarterly
        volume since 2019


    --  The Centurion premium hard coking coal project development remains on
        track with first development coal anticipated in April 2024
    --  Established a new $320 million revolving credit facility in January 2024

___________________________


     (1) Adjusted EBITDA and Available Free Cash Flow are non-GAAP financial measures.  Adjusted EBITDA margin is equal to segment Adjusted EBITDA divided by segment revenue. Revenue per Ton and Adjusted EBITDA Margin per Ton are equal to revenue by segment and Adjusted EBITDA by segment, respectively, divided by segment tons sold. Costs per Ton is equal to Revenue per Ton less Adjusted EBITDA Margin per Ton.
      Management believes Costs per Ton and Adjusted EBITDA Margin per Ton best reflect controllable costs and operating results at the reporting segment level. We consider all measures reported on a per ton basis, as well as Adjusted EBITDA margin, to be operating/statistical measures. Please refer to the tables and related notes in this press release for a reconciliation and definition of non-GAAP financial
      measures.

Fourth Quarter Segment Performance

Seaborne Thermal


                                                               
     
     Quarter Ended              Year Ended


                                                            Dec.           Sept.  Dec.   Dec.            Dec.


                                                            2023             2023   2022    2023             2022



     Tons sold (in millions)                                3.7              4.2    4.1    15.5             15.6



     
                Export                                    2.6              2.7    2.3    10.0              7.9



     
                Domestic                                  1.1              1.5    1.8     5.5              7.7



     Revenue per Ton                                     $76.22           $71.38 $93.79  $85.94           $86.07



     
                Export - Avg. Realized Price per Ton    97.20            99.55 151.61  119.79           149.53



     
                Domestic - Avg. Realized Price per Ton  30.26            20.92  22.98   24.73            21.59



     Costs per Ton                                        49.71            43.68  43.10   48.66            44.65



     
                Adjusted EBITDA Margin per Ton         $26.51           $27.70 $50.69  $37.28           $41.42



     
                Adjusted EBITDA (in millions)           $99.8           $115.5 $209.1  $576.8           $647.6

The seaborne thermal segment shipped 3.7 million tons, including 2.6 million export tons at an average export realized price of $97.20 per ton. Tons sold decreased by 0.5 million tons compared to the third quarter primarily driven by a December train derailment on the mainline which limited shipments from Wilpinjong. Total segment costs of $49.71 per ton were 14 percent higher than the prior quarter due to lower production and product mix. The segment reported 35 percent Adjusted EBITDA margins and Adjusted EBITDA of $99.8 million.

Seaborne Metallurgical


                                                        
     
     Quarter Ended               Year Ended


                                                     Dec.           Sept.   Dec.   Dec.            Dec.


                                                     2023             2023    2022    2023             2022



     Tons sold (in millions)                         2.1              1.5     2.0     6.9              6.6



     Revenue per Ton                             $186.74          $162.02 $219.81 $188.66          $243.78



     Costs per Ton                                107.89           110.38  128.14  125.18           125.92


                   Adjusted EBITDA Margin per Ton  $78.85           $51.64  $91.67  $63.48          $117.86


                   Adjusted EBITDA (in millions)   $166.2            $78.6  $187.8  $438.1           $781.7

The seaborne met segment shipped 2.1 million tons, the highest quarterly sales volume for the year, at an average realized price of $186.74 per ton, 15 percent higher compared to the prior quarter. Total segment costs of $107.89 per ton were 2 percent lower than the prior quarter due to higher production at Metropolitan and CMJV, partially offset by higher sales price sensitive costs. The segment reported 42 percent Adjusted EBITDA margins and Adjusted EBITDA of $166.2 million.

Powder River Basin


                                                       
     
     Quarter Ended              Year Ended


                                                    Dec.           Sept.  Dec.   Dec.            Dec.


                                                    2023             2023   2022    2023             2022



     Tons sold (in millions)                       23.6             22.7   21.2    87.2             82.6



     Revenue per Ton                             $13.58           $13.79 $13.88  $13.74           $12.89



     Costs per Ton                                11.98            11.41  12.71   11.98            12.06


                   Adjusted EBITDA Margin per Ton  $1.60            $2.38  $1.17   $1.76            $0.83


                   Adjusted EBITDA (in millions)   $37.6            $54.1  $24.7  $153.7            $68.2

The PRB segment shipped 23.6 million tons, the highest quarterly sales volume for the year, at an average realized price of $13.58 per ton. PRB costs per ton increased 5 percent compared to the prior quarter, or $0.57 per ton, primarily due to higher repair and maintenance costs and production mix. The segment reported 12 percent Adjusted EBITDA margins and Adjusted EBITDA of $37.6 million.

Other U.S. Thermal


                                                       
     
     Quarter Ended              Year Ended


                                                    Dec.           Sept.  Dec.   Dec.            Dec.


                                                    2023             2023   2022    2023             2022



     Tons sold (in millions)                        3.7              4.2    5.0    16.2             18.4



     Revenue per Ton                             $57.00           $53.89 $52.35  $54.77           $51.82



     Costs per Ton                                45.57            42.28  40.84   41.98            38.63


                   Adjusted EBITDA Margin per Ton $11.43           $11.61 $11.51  $12.79           $13.19


                   Adjusted EBITDA (in millions)   $42.3            $49.1  $57.8  $207.5           $242.4

The other U.S. thermal segment shipped 3.7 million tons at an average realized price of $57.00 per ton. Tons sold were lower than the previous quarter due to a longwall move at Twentymile and lower customer demand as a result of low natural gas prices and higher utility inventories. Costs per ton increased 8 percent from the prior quarter to $45.57 primarily due to lower production. The segment reported 20 percent Adjusted EBITDA margins and Adjusted EBITDA of $42.3 million in the fourth quarter.

Shareholder Return Program

Peabody generated $283.6 million in operating cash flow from continuing operations and invested $157.9 million in capital expenditures in the fourth quarter. Available Free Cash Flow (AFCF)(1) for the year ended 2023 was $724.1 million, resulting in $470.7 million of shareholder returns in accordance with our previously announced program.

After the $0.075 per share dividend declared on February 8, 2024, $80.4 million is available for additional share repurchases.


                                                                                                                                                                          Quarter Ended                       Year Ended


                                                                                                                                                                               Dec.                              Dec.


                                                                                                                                                                                   2023                              2023


                                                                                                                                                                        
       
               (Dollars in millions)



              Cash Flow from Operations:                                                                                                                                        $282.4                          $1,035.5



                - Cash Flows Used in Investing Activities                                                                                                                      (168.0)                          (342.6)



                - Distributions to Noncontrolling Interest                                                                                                                       (0.1)                           (59.0)



                +/- Changes to Restricted Cash and Collateral (1)                                                                                                               (37.8)                             90.2



                - Anticipated Expenditures or Other Requirements                                                                                                                     -



              
                Available Free Cash Flow (AFCF)                                                                                                                       $76.5                            $724.1



              Minimum Allocated for Shareholder Returns (65%)                                                                                                                                                  $470.7



                - Shares Repurchased (16.1 million shares)                                                                                                                                                    (350.0)



                - Dividends Paid (2)                                                                                                                                                                           (30.6)



                - Dividends Declared (3)                                                                                                                                                                        (9.7)



              
                Remaining Amount Available for Additional Share Repurchases                                                                                                                          $80.4



              
                (1) This amount is equal to the total change in Restricted Cash and Collateral on the balance sheet, excluding partially offsetting amounts
    already included in cash flow from operations of $54 million and $200 million for the quarter and year ended December 31, 2023, respectively
    and the $660 million one-time funding related to the surety program in the first quarter.


              
                (2)  Does not include $0.2 million of non-cash dividend equivalent units issued.


              
                (3)  Represents dividends declared that remain payable as of the date of this release.

The Board of Directors continues to view share repurchases as value accretive and an efficient way to return capital to shareholders. All future shareholder returns remain at the discretion of the Board of Directors.

First Quarter 2024 Outlook

Seaborne Thermal

    --  Volumes are expected to be 3.9 million tons, including 2.5 million
        export tons. 0.3 million export tons are priced at $181 per ton, and 1.1
        million tons of Newcastle product and 1.1 million tons of high ash
        product are unpriced.
    --  Costs are anticipated to be $48-$53 per ton.

Seaborne Metallurgical

    --  Seaborne met volumes are expected to be 1.4 million tons and are
        expected to achieve 65 to 70 percent of the premium hard coking coal
        price index.
    --  Costs are anticipated to be $130-$140 per ton.

U.S. Thermal

    --  PRB volume is expected to be approximately 21 million tons at an average
        price of $13.55 per ton and costs of approximately $11.75-$12.50 per
        ton.
    --  Other U.S. Thermal volume is expected to be approximately 3.6 million
        tons at an average price of $52.35 per ton and costs of approximately
        $41-$45 per ton.

Today's earnings call is scheduled for 10 a.m. CT and can be accessed via the company's website at PeabodyEnergy.com.

Peabody (NYSE: BTU) is a leading coal producer, providing essential products for the production of affordable, reliable energy and steel. Our commitment to sustainability underpins everything we do and shapes our strategy for the future. For further information, visit PeabodyEnergy.com.

Contact:

Karla Kimrey
314.342.7890


                                                                      
              
                Guidance Targets




                                    Segment Performance

    ---

                                                                                                                                  
              
             2024 Full Year


                                                                                                Total Volume                            Priced Volume                        Priced Volume                           Average Cost per
                                                                                    (millions of                             (millions of
                                                                                                                                 short                             Pricing per                               Short Ton
                                                                                                                                tons)                               Short Ton
                                                                                                 short tons)



       Seaborne Thermal                                                                     15 -16                                               6.4                                $41.75                  
              $45.00 - $50.00



       Seaborne Thermal (Export)                                                            9 -11                                                0.6                               $181.00                  
              NA



       Seaborne Thermal (Domestic)                                                                       5.8                                      5.8                                $27.50                  
              NA



       Seaborne Metallurgical                                                              7.5 -8.5                        
              NA                        
              NA                           
              $110.00 - $120.00



       PRB U.S. Thermal                                                                     80 -87                                                85                                $13.70                  
              $11.75 - $12.50



       Other U.S. Thermal                                                                 14.5 -15.5                                            15.2                                $53.70                  
              $41.00 - $45.00





       
                
                  Other Annual Financial Metrics ($ in millions)

    ---

                                                                                               2024 Full Year



       SG&A                                                                                              $90



       Total Capital Expenditures                                                                       $375



       Major Project Capital Expenditures                                                               $235



       Sustaining Capital Expenditures                                                                  $140



       Wards Well Acquisition                                                                           $136



       ARO Cash Spend                                                                                    $50





       
                
                  Supplemental Information

    ---




       Seaborne Thermal                                                          50% of unpriced export volumes are expected to price on average
                                                                                   at
                                                                        Globalcoal "NEWC" levels and 50% are expected to have a higher
                                                                        ash content
                                                                       and price at 80-95% of API 5 price levels.





       Seaborne Metallurgical                                                                                                                                     On average, Peabody's metallurgical sales are anticipated to
                                                                                                                                                                                                                price at 65-70%
                                                                       of the premium hard-coking coal index price (FOB Australia).





       PRB and Other U.S. Thermal                                                PRB and Other U.S. Thermal volumes reflect volumes priced at
                                                                                   December 31,
                                                                        2023. Weighted average quality for the PRB segment 2024 volume
                                                                        is
                                                                       approximately 8670 BTU.

Certain forward-looking measures and metrics presented are non-GAAP financial and operating/statistical measures. Due to the volatility and variability of certain items needed to reconcile these measures to their nearest GAAP measure, no reconciliation can be provided without unreasonable cost or effort.



              
                Condensed Consolidated Statements of Operations (Unaudited)



              
                For the Quarters Ended Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and the Years Ended
    Dec. 31, 2023 and 2022





              (In Millions, Except Per Share Data)


                                                                                                                                                      
              
                Quarter Ended                         Year Ended


                                                                                                                                                   Dec.                               Sept.           Dec.     Dec.              Dec.


                                                                                                                                                   2023                                 2023            2022      2023               2022




                                                       
              Tons Sold                                                                        33.2                                 32.6            32.5     126.2              123.7




                                                       
              Revenue                                                                      $1,235.0                             $1,078.9        $1,626.1  $4,946.7           $4,981.9


                                                       
              Operating Costs and Expenses (1)                                                872.8                                803.7           927.8   3,385.1            3,290.8


                                                       
              Depreciation, Depletion and Amortization                                         82.2                                 82.3            90.2     321.4              317.6


                                                       
              Asset Retirement Obligation Expenses                                              4.2                                 15.4             8.6      50.5               49.4


                                                       
              Selling and Administrative Expenses                                              24.7                                 21.5            24.3      90.7               88.8


                                                       
              Restructuring Charges                                                             0.3                                  0.9             0.1       3.3                2.9


                                                       
              Other Operating (Income) Loss:


                                                       
              Net Gain on Disposals                                                           (6.5)                               (1.4)          (6.5)   (15.0)            (29.2)


                                                       
              Asset Impairment                                                                                                                     9.5       2.0               11.2


                                                       
              Provision for NARM and Shoal Creek Losses                                         3.9                                  3.3                     40.9


                                                       
              Loss (Income) from Equity Affiliates                                              2.8                                (5.6)         (10.3)    (6.9)           (131.2)


                                                       
              Operating Profit                                                                250.6                                158.8           582.4   1,074.7            1,381.6


                                                       
              Interest Expense                                                                 14.3                                 13.8            29.5      59.8              140.3


                                                       
              Net Loss on Early Debt Extinguishment                                                                                               23.4       8.8               57.9


                                                       
              Interest Income                                                                (20.3)                              (20.3)         (12.1)   (76.8)            (18.4)


                                                                  Net Periodic Benefit Credit, Excluding Service Cost                            (12.2)                              (10.0)         (12.3)   (41.6)            (49.0)


                                                                  Net Mark-to-Market Adjustment on Actuarially
                                                                   Determined Liabilities                                                         (0.3)                                             (27.8)    (0.3)            (27.8)


                                                                  Income from Continuing Operations Before Income Taxes                           269.1                                175.3           581.7   1,124.8            1,278.6


                                                       
              Income Tax Provision (Benefit)                                                   70.1                                 46.5          (59.8)    308.8             (38.8)


                                                                  Income from Continuing Operations, Net of Income Taxes                          199.0                                128.8           641.5     816.0            1,317.4


                                                                  (Loss) Income from Discontinued Operations, Net of
                                                                   Income Taxes                                                                   (0.3)                                 2.5             4.0     (0.4)               1.7


                                                       
              Net Income                                                                      198.7                                131.3           645.5     815.6            1,319.1


                                                                  Less: Net Income Attributable to Noncontrolling
                                                                   Interests                                                                        6.7                                 11.4            13.5      56.0               22.0


                                                                  Net Income Attributable to Common Stockholders                                 $192.0                               $119.9          $632.0    $759.6           $1,297.1




                                                       
              Adjusted EBITDA (2)                                                            $345.1                               $270.0          $500.5  $1,363.9           $1,844.7




                                                                  Diluted EPS -Income from Continuing Operations (3)(4)                           $1.33                                $0.80           $3.89     $5.00              $8.29




                                                                  Diluted EPS -Net Income Attributable to Common
                                                                   Stockholders (3)                                                               $1.33                                $0.82           $3.92     $5.00              $8.31




                                     
              (1)   
              Excludes items shown separately.


                                     
              (2)              Adjusted EBITDA is a non-GAAP financial measure. Refer to the "Reconciliation of Non-GAAP Financial Measures" section in this
                                                                   document for definitions and
                                                       reconciliations to the most comparable measures under U.S. GAAP.


                                     
              (3)              Weighted average diluted shares outstanding were 147.2 million, 149.9 million and 161.9 million during the quarters ended December
                                                                   31, 2023, September 30, 2023
                                                        and December 31, 2022, respectively. During the years ended December 31, 2023 and 2022, weighted average diluted shares
                                                        outstanding were 154.3 million and
                                                       157.2 million, respectively.


                                     
              (4)              Reflects income from continuing operations, net of income taxes less net income attributable to noncontrolling interests.





              
                This information is intended to be reviewed in conjunction with the company's filings with the SEC.



     
                Condensed Consolidated Balance Sheets



     
                As of Dec. 31, 2023 and 2022





     (Dollars In Millions)




                                                                                                                        (Unaudited)


                                                                                                                       Dec. 31, 2023 Dec. 31, 2022



     Cash and Cash Equivalents                                                                                               $969.3       $1,307.3



     Accounts Receivable, Net                                                                                                 389.7          465.5



     Inventories, Net                                                                                                         351.8          296.1



     Other Current Assets                                                                                                     308.9          303.6



     Total Current Assets                                                                                                   2,019.7        2,372.5



     Property, Plant, Equipment and Mine Development, Net                                                                   2,844.1        2,865.0



     Operating Lease Right-of-Use Assets                                                                                       61.9           26.9



     Restricted Cash and Collateral                                                                                           957.6          187.4



     Investments and Other Assets                                                                                              78.8           84.3



     Deferred Income Taxes                                                                                                        -          74.7



     Total Assets                                                                                                          $5,962.1       $5,610.8





     Current Portion of Long-Term Debt                                                                                        $13.5          $13.2



     Accounts Payable and Accrued Expenses                                                                                    965.5          905.5



     Total Current Liabilities                                                                                                979.0          918.7



     Long-Term Debt, Less Current Portion                                                                                     320.7          320.6



     Deferred Income Taxes                                                                                                     28.6           20.4



     Asset Retirement Obligations, Less Current Portion                                                                       648.6          665.8



     Accrued Postretirement Benefit Costs                                                                                     148.4          156.5



     Operating Lease Liabilities, Less Current Portion                                                                         47.7           11.0



     Other Noncurrent Liabilities                                                                                             181.6          223.0



     Total Liabilities                                                                                                      2,354.6        2,316.0





     Common Stock                                                                                                               1.9            1.9



     Additional Paid-in Capital                                                                                             3,983.0        3,975.9



     Treasury Stock                                                                                                       (1,740.2)     (1,372.9)



     Retained Earnings                                                                                                      1,112.7          383.9



     Accumulated Other Comprehensive Income                                                                                   189.6          242.5



     Peabody Energy Corporation Stockholders' Equity                                                                        3,547.0        3,231.3



     Noncontrolling Interests                                                                                                  60.5           63.5



     Total Stockholders' Equity                                                                                             3,607.5        3,294.8



     Total Liabilities and Stockholders' Equity                                                                            $5,962.1       $5,610.8





     
                This information is intended to be reviewed in conjunction with the company's filings with the SEC.



              
                Condensed Consolidated Statements of Cash Flows (Unaudited)



              
                For the Quarters Ended Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and the Years
    Ended Dec. 31, 2023 and 2022





              (Dollars In Millions)


                                                                                                                                       
     
     Quarter Ended                    Year Ended


                                                                                                                                    Dec.           Sept.     Dec.      Dec.                 Dec.


                                                                                                                                    2023             2023      2022       2023                  2022



              
                Cash Flows From Operating Activities



              
                Net Cash Provided By Continuing Operations                                                            $283.6            $87.5    $671.4   $1,116.3              $1,180.3



              Net Cash Used in Discontinued Operations                                                                            (1.2)          (74.1)    (1.9)    (80.8)                (6.7)



              
                Net Cash Provided By Operating Activities                                                              282.4             13.4     669.5    1,035.5               1,173.6



              
                Cash Flows From Investing Activities



              Additions to Property, Plant, Equipment and Mine Development                                                      (157.9)          (68.1)  (117.0)   (348.3)              (221.5)



              Changes in Accrued Expenses Related to Capital Expenditures                                                           8.0              0.3       5.6        2.9                 (2.7)



              Proceeds from Disposal of Assets, Net of Receivables                                                                  8.9              1.9      10.0       22.8                  40.6



              Contributions to Joint Ventures                                                                                   (168.2)         (202.6)  (170.8)   (741.6)              (645.9)



              Distributions from Joint Ventures                                                                                   142.3            213.6     166.4      721.7                 631.6



              Advances to Related Parties                                                                                         (0.4)                    (0.2)     (0.5)                (1.5)



              Cash Receipts from Middlemount Coal Pty Ltd and Other Related                                                           -             0.9      16.9        2.6                 171.8
    Parties



              Other, Net                                                                                                          (0.7)           (0.6)    (0.7)     (2.2)                (1.1)



              
                Net Cash Used In Investing Activities                                                                (168.0)          (54.6)   (89.8)   (342.6)               (28.7)



              
                Cash Flows From Financing Activities



              Proceeds from Long-Term Debt                                                                                            -                                                   545.0



              Repayments of Long-Term Debt                                                                                        (2.1)           (2.1)  (561.1)     (9.0)            (1,407.4)



              Payment of Debt Issuance and Other Deferred Financing Costs                                                             -                              (0.3)               (21.1)



              Common Stock Repurchases                                                                                           (83.7)          (91.0)            (347.7)



              Proceeds from Common Stock Issuances, Net of Costs                                                                      -                                                   222.0



              Repurchase of Employee Common Stock Relinquished for Tax                                                                -                             (13.7)                (2.6)
    Withholding



              Dividends Paid                                                                                                      (9.9)           (9.9)             (30.6)



              Distributions to Noncontrolling Interests                                                                           (0.1)          (36.1)             (59.0)               (17.5)



              
                Net Cash Used In Financing Activities                                                                 (95.8)         (139.1)  (561.1)   (460.3)              (681.6)



              
                Net Change in Cash, Cash Equivalents and Restricted Cash                                                18.6          (180.3)     18.6      232.6                 463.3



              
                Cash, Cash Equivalents and Restricted Cash at Beginning of                                           1,631.6          1,811.9   1,399.0    1,417.6                 954.3
    Period



              
                Cash, Cash Equivalents and Restricted Cash at End of Period                                         $1,650.2         $1,631.6  $1,417.6   $1,650.2              $1,417.6





              
                This information is intended to be reviewed in conjunction with the company's filings with the SEC.



              
                Reconciliation of Non-GAAP Financial Measures (Unaudited)



              
                For the Quarters Ended Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and the
    Years Ended Dec. 31, 2023 and 2022





              (Dollars In Millions)





              
                Note: Management believes that non-GAAP performance measures are used by investors to measure our operating performance. These
    measures are not intended to serve as alternatives to U.S. GAAP measures of performance and may not be comparable to similarly-titled
    measures presented by other companies.




                                                                                                                               
              
                Quarter Ended                    Year Ended


                                                                                                                            Dec.                               Sept.     Dec.      Dec.              Dec.


                                                                                                                            2023                                 2023      2022       2023               2022




                                                   Income from Continuing Operations, Net of
                                                    Income Taxes                                                          $199.0                               $128.8    $641.5     $816.0           $1,317.4


                                                   Depreciation, Depletion and Amortization                                 82.2                                 82.3      90.2      321.4              317.6


                                                   Asset Retirement Obligation Expenses                                      4.2                                 15.4       8.6       50.5               49.4


                                        
              Restructuring Charges                                                     0.3                                  0.9       0.1        3.3                2.9


                                        
              Asset Impairment                                                                                                       9.5        2.0               11.2


                                                   Provision for NARM and Shoal Creek Losses                                 3.9                                  3.3                40.9


                                                   Changes in Amortization of Basis Difference
                                                    Related to                                                             (0.4)                               (0.5)    (0.6)     (1.6)             (2.3)
                                        Equity Affiliates


                                        
              Interest Expense                                                         14.3                                 13.8      29.5       59.8              140.3


                                                   Net Loss on Early Debt Extinguishment                                                                                 23.4        8.8               57.9


                                        
              Interest Income                                                        (20.3)                              (20.3)   (12.1)    (76.8)            (18.4)


                                                   Net Mark-to-Market Adjustment on Actuarially                            (0.3)                                       (27.8)     (0.3)            (27.8)
                                        Determined Liabilities


                                                   Unrealized (Gains) Losses on Derivative
                                                    Contracts                                                                                                         (199.3)   (159.0)              35.8
                                        Related to Forecasted Sales


                                                   Unrealized (Gains) Losses on Foreign Currency
                                                    Option                                                                 (7.3)                                 0.5     (2.1)     (7.4)               2.3
                                        Contracts


                                                   Take-or-Pay Contract-Based Intangible
                                                    Recognition                                                            (0.6)                               (0.7)    (0.6)     (2.5)             (2.8)


                                        
              Income Tax Provision (Benefit)                                           70.1                                 46.5    (59.8)     308.8             (38.8)


                                        
              Adjusted EBITDA (1)                                                    $345.1                               $270.0    $500.5   $1,363.9           $1,844.7




                                        
              Operating Costs and Expenses                                           $872.8                               $803.7    $927.8   $3,385.1           $3,290.8


                                                   Unrealized Gains (Losses) on Foreign Currency
                                                    Option                                                                   7.3                                (0.5)      2.1        7.4              (2.3)
                                        Contracts


                                                   Take-or-Pay Contract-Based Intangible
                                                    Recognition                                                              0.6                                  0.7       0.6        2.5                2.8


                                                   Net Periodic Benefit Credit, Excluding Service
                                                    Cost                                                                  (12.2)                              (10.0)   (12.3)    (41.6)            (49.0)


                                        
              Total Reporting Segment Costs (2)                                      $868.5                               $793.9    $918.2   $3,353.4           $3,242.3




                                                   Net Cash Provided By Operating Activities                              $282.4                                                $1,035.5


                                                    -Net Cash Used In Investing Activities                               (168.0)                                                (342.6)


                                                   -Distributions to Noncontrolling Interests                              (0.1)                                                 (59.0)


                                                   +/-Changes to Restricted Cash and Collateral                           (37.8)                                                   90.2


                                                   -Anticipated Expenditures or Other
                                                    Requirements


                                        
              Available Free Cash Flow (3)                                            $76.5                                                  $724.1




                      
              (1)              Adjusted EBITDA is defined as income from continuing operations before deducting net interest expense, income
                                                    taxes, asset retirement
                                         obligation expenses and depreciation, depletion and amortization. Adjusted EBITDA is also adjusted for the discrete
                                         items that management
                                         excluded in analyzing each of our segment's operating performance as displayed in the reconciliation above.
                                         Adjusted EBITDA is used by
                                        management as the primary metric to measure each of our segment's operating performance and allocate resources.


                      
              (2)              Total Reporting Segment Costs is defined as operating costs and expenses adjusted for the discrete items that
                                                    management excluded in
                                         analyzing each of our segment's operating performance, as displayed in the reconciliation above. Total Reporting
                                         Segment Costs is used by
                                        management as a component of a metric to measure each of our segment's operating performance.


                      
              (3)              Available Free Cash Flow is defined as operating cash flow minus investing cash flow and distributions to
                                                    noncontrolling interests; plus/minus
                                         changes to restricted cash and collateral (excluding one-time effects of the recent surety agreement amendment)
                                         and other anticipated
                                         expenditures. Available Free Cash Flow is used by management as a measure of our ability to generate excess cash
                                         flow from our business
                                        operations.





              
                This information is intended to be reviewed in conjunction with the company's filings with the SEC.



              
                Supplemental Financial Data (Unaudited)



              
                For the Quarters Ended Dec. 31, 2023, Sept. 30, 2023 and Dec. 31, 2022 and
    the Years Ended Dec. 31, 2023 and 2022




                                                                                                                                             
              
                Quarter Ended                 Year Ended


                                                                                                                                          Dec.                               Sept.    Dec.     Dec.             Dec.


                                                                                                                                          2023                                 2023     2022      2023              2022




                                                                Revenue Summary (In Millions)



                                        
              Seaborne Thermal                                                                     $286.3                               $297.4   $386.3  $1,329.7          $1,345.6


                                        
              Seaborne Metallurgical                                                                394.0                                247.0    451.1   1,301.9           1,616.9


                                        
              Powder River Basin                                                                    320.1                                313.0    294.1   1,198.1           1,065.5


                                        
              Other U.S. Thermal                                                                    210.7                                228.2    262.8     888.2             952.2


                                        
              Total U.S. Thermal                                                                    530.8                                541.2    556.9   2,086.3           2,017.7


                                        
              Corporate and Other                                                                    23.9                                (6.7)   231.8     228.8               1.7


                                        
              Total                                                                              $1,235.0                             $1,078.9 $1,626.1  $4,946.7          $4,981.9




                                                                Total Reporting Segment Costs Summary (In
                                                                 Millions) 
                (1)



                                        
              Seaborne Thermal                                                                     $186.5                               $181.9   $177.2    $752.9            $698.0


                                        
              Seaborne Metallurgical                                                                227.8                                168.4    263.3     863.8             835.2


                                        
              Powder River Basin                                                                    282.5                                258.9    269.4   1,044.4             997.3


                                        
              Other U.S. Thermal                                                                    168.4                                179.1    205.0     680.7             709.8


                                        
              Total U.S. Thermal                                                                    450.9                                438.0    474.4   1,725.1           1,707.1


                                        
              Corporate and Other                                                                     3.3                                  5.6      3.3      11.6               2.0


                                        
              Total                                                                                $868.5                               $793.9   $918.2  $3,353.4          $3,242.3




                                                                Other Supplemental Financial Data (In Millions)



                                        
              Adjusted EBITDA - Seaborne Thermal                                                    $99.8                               $115.5   $209.1    $576.8            $647.6


                                                   Adjusted EBITDA -Seaborne Metallurgical                                               166.2                                 78.6    187.8     438.1             781.7


                                        
              Adjusted EBITDA - Powder River Basin                                                   37.6                                 54.1     24.7     153.7              68.2


                                        
              Adjusted EBITDA - Other U.S. Thermal                                                   42.3                                 49.1     57.8     207.5             242.4


                                        
              Adjusted EBITDA - Total U.S. Thermal                                                   79.9                                103.2     82.5     361.2             310.6


                                        
              Middlemount                                                                           (0.5)                                 7.7     10.9      13.2             132.8


                                        
              Resource Management Results (2)                                                         9.6                                  3.1      6.8      21.0              29.3


                                        
              Selling and Administrative Expenses                                                  (24.7)                              (21.5)  (24.3)   (90.7)           (88.8)


                                        
              Other Operating Costs, Net (3)                                                         14.8                               (16.6)    27.7      44.3              31.5


                                        
              Adjusted EBITDA (1)                                                                  $345.1                               $270.0   $500.5  $1,363.9          $1,844.7





              (1)                                Total Reporting Segment Costs and Adjusted EBITDA are non-GAAP financial measures. Refer to the "Reconciliation of Non-
                                                    GAAP Financial Measures"
                                        section in this document for definitions and reconciliations to the most comparable measures under U.S. GAAP.



              (2)                                Includes gains (losses) on certain surplus coal reserve and surface land sales and property management costs and revenue.



              (3)                                Includes trading and brokerage activities, costs associated with post-mining activities, minimum charges on certain
                                                    transportation-related contracts, costs
                                         associated with suspended operations including the Centurion Mine and revenue of $6.7 million and $25.9 million related to
                                         the assignment of port and rail
                                        capacity during the quarter and year ended December 31, 2023, respectively.





              
                This information is intended to be reviewed in conjunction with the company's filings with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's or the Board's current expectations or predictions of future conditions, events, or results. All statements that address operating performance, events, or developments that may occur in the future are forward-looking statements, including statements regarding the shareholder return framework, execution of the Company's operating plans, market conditions for the Company's products, reclamation obligations, financial outlook, potential acquisitions and strategic investments, and liquidity requirements. All forward-looking statements speak only as of the date they are made and reflect Peabody's good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive, and regulatory factors, many of which are beyond Peabody's control, that are described in Peabody's periodic reports filed with the SEC including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2022, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody's website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

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SOURCE Peabody