What changed in this filing

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Item 1. Financial Statements

2025-08-07 compared with 2025-05-08 · 240 added, 137 removed, 618 unchanged (38% of the section changed)

2 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions, except per share data)

10 unchanged sentences

Provision for NARM loss — 1.9 — 3.7

Shoal Creek insurance recovery — ( 109.5 ) — ( 109.5 )

Loss from equity affiliates 0.9 1.3 7.6 5.0

Operating profit 31.9 51.2

Operating (loss) profit ( 38.4 ) 233.9 ( 6.5 ) 285.1

Interest expense, net of capitalized interest 11.1 10.7 22.6 25.4

1 unchanged sentence

Net periodic benefit credit, excluding service cost ( 7.4 ) ( 10.2 ) ( 14.8 ) ( 20.3 )

Income from continuing operations before income taxes 43.2 65.8

Income tax provision 4.9 20.1

Income from continuing operations, net of income taxes 38.3 45.7

(Loss) income from continuing operations before income taxes ( 28.3 ) 250.2 14.9 316.0

Income tax (benefit) provision ( 2.7 ) 39.4 2.2 59.5

(Loss) income from continuing operations, net of income taxes ( 25.6 ) 210.8 12.7 256.5

Loss from discontinued operations, net of income taxes ( 0.4 ) ( 1.6 ) ( 0.7 ) ( 2.3 )

Net income 38.0 45.0

Net (loss) income ( 26.0 ) 209.2 12.0 254.2

Net income attributable to noncontrolling interests 1.6 9.8 5.2 15.2

Net income attributable to common stockholders $ 34.4 $ 39.6

Income from continuing operations:

Basic income per share $ 0.29 $ 0.32

Diluted income per share $ 0.27 $ 0.30

Net income attributable to common stockholders:

Basic income per share $ 0.28 $ 0.31

Diluted income per share $ 0.27 $ 0.29

Net (loss) income attributable to common stockholders $ ( 27.6 ) $ 199.4 $ 6.8 $ 239.0

(Loss) income from continuing operations:

Basic (loss) income per share $ ( 0.22 ) $ 1.59 $ 0.06 $ 1.90

Diluted (loss) income per share $ ( 0.22 ) $ 1.43 $ 0.06 $ 1.72

Net (loss) income attributable to common stockholders:

Basic (loss) income per share $ ( 0.23 ) $ 1.58 $ 0.06 $ 1.88

Diluted (loss) income per share $ ( 0.23 ) $ 1.42 $ 0.06 $ 1.70

See accompanying notes to unaudited condensed consolidated financial statements.

PEABODY ENERGY CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Three Months Ended March 31,

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions)

Net income $ 38.0 $ 45.0

Net (loss) income $ ( 26.0 ) $ 209.2 $ 12.0 $ 254.2

Postretirement plans (net of $ 0.0 tax provisions in each period)

2 unchanged sentences

Other comprehensive loss, net of income taxes ( 8.4 ) ( 12.8 ) ( 18.2 ) ( 27.9 )

Comprehensive income 28.2 29.9

Comprehensive (loss) income ( 34.4 ) 196.4 ( 6.2 ) 226.3

Net income attributable to noncontrolling interests 1.6 9.8 5.2 15.2

Comprehensive income attributable to common stockholders $ 24.6 $ 24.5

Comprehensive (loss) income attributable to common stockholders $ ( 36.0 ) $ 186.6 $ ( 11.4 ) $ 211.1

See accompanying notes to unaudited condensed consolidated financial statements.

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Amounts in millions, except per share data)

1 unchanged sentence

Cash and cash equivalents $ 585.9 $ 700.4

Accounts receivable, net of allowance for credit losses of $ 0.0 at March 31, 2025 and December 31, 2024

Accounts receivable, net of allowance for credit losses of $ 0.0 at June 30, 2025 and December 31, 2024

Inventories, net 417.5 393.4

20 unchanged sentences

Preferred Stock — $ 0.01 per share par value;

100.0 shares authorized, no shares issued or outstanding as of March 31, 2025 and December 31, 2024

100.0 shares authorized, no shares issued or outstanding as of June 30, 2025 and December 31, 2024

Series Common Stock — $ 0.01 per share par value;

50.0 shares authorized, no shares issued or outstanding as of March 31, 2025 and December 31, 2024

50.0 shares authorized, no shares issued or outstanding as of June 30, 2025 and December 31, 2024

Common Stock — $ 0.01 per share par value;

450.0 shares authorized, 189.3 shares issued and 121.6 shares outstanding as of March 31, 2025 and 189.1 shares issued and 121.4 shares outstanding as of December 31, 2024

450.0 shares authorized, 189.3 shares issued and 121.6 shares outstanding as of June 30, 2025 and 189.1 shares issued and 121.4 shares outstanding as of December 31, 2024

Additional paid-in capital 3,996.0 3,990.5

Treasury stock, at cost — 67.7 common shares as of March 31, 2025 and December 31, 2024

Treasury stock, at cost — 67.7 common shares as of June 30, 2025 and December 31, 2024

( 1,927.3 ) ( 1,926.5 )

8 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

(Dollars in millions)

9 unchanged sentences

Net gain on disposals ( 20.0 ) ( 9.6 )

Noncash income from port and rail capacity assignment — ( 0.3 )

Loss from equity affiliates 7.6 5.0

Shoal Creek insurance recovery — ( 109.5 )

Unrealized (gains) losses on foreign currency option contracts ( 8.4 ) 3.3

14 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - (Continued)

Three Months Ended March 31,

Six Months Ended June 30,

(Dollars in millions)

2 unchanged sentences

Changes in accrued expenses related to capital expenditures ( 42.0 ) ( 13.7 )

Wards Well acquisition — ( 143.8 )

Insurance proceeds attributable to Shoal Creek equipment losses — 5.6

Proceeds from disposal of assets, net of receivables 12.5 15.5

7 unchanged sentences

Common stock repurchases — ( 83.1 )

Excise taxes paid related to common stock repurchases ( 1.7 ) —

Repurchase of employee common stock relinquished for tax withholding ( 0.8 ) ( 4.1 )

18 unchanged sentences

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions, except per share data)

15 unchanged sentences

Balance, beginning of period 1,470.9 1,142.5 1,445.8 1,112.7

Net income attributable to common stockholders 34.4 39.6

Net (loss) income attributable to common stockholders ( 27.6 ) 199.4 6.8 239.0

Dividends declared ($ 0.075 , $ 0.075 , $ 0.150 and $ 0.150 per share, respectively)

27 unchanged sentences

Balance sheet information presented herein as of December 31, 2024 has been derived from the Company’s audited consolidated balance sheet at that date.

The Company’s results of operations for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2025.

The Company’s results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for future quarters or for the year ending December 31, 2025.

(2) Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented

30 unchanged sentences

With respect to its seaborne reportable segments, the Company classifies as “Export” certain revenue from domestically-delivered coal under contracts in which the price is derived on a basis similar to export contracts.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

9 unchanged sentences

Revenue $ 195.1 $ 252.2 $ 275.7 $ 155.1 $ 12.0 $ 890.1

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

9 unchanged sentences

Revenue $ 307.5 $ 294.3 $ 221.9 $ 202.0 $ 16.3 $ 1,042.0

Six Months Ended June 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate and Other (1)

(Dollars in millions)

Domestic $ 73.5 $ — $ 551.2 $ 323.7 $ — $ 948.4

Export 386.6 — — — — 386.6

Total thermal 460.1 — 551.2 323.7 — 1,335.0

Metallurgical coal

Export — 471.6 — — — 471.6

Total metallurgical — 471.6 — — — 471.6

Other 0.1 0.7 0.1 0.1 19.5 20.5

Revenue $ 460.2 $ 472.3 $ 551.3 $ 323.8 $ 19.5 $ 1,827.1

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Six Months Ended June 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate and Other (1)

(Dollars in millions)

Domestic $ 77.5 $ — $ 475.5 $ 378.3 $ — $ 931.3

Export 513.7 — — — — 513.7

Total thermal 591.2 — 475.5 378.3 — 1,445.0

Metallurgical coal

Export — 538.0 — — — 538.0

Total metallurgical — 538.0 — — — 538.0

Other 0.2 3.3 0.5 15.3 23.3 42.6

Revenue $ 591.4 $ 541.3 $ 476.0 $ 393.6 $ 23.3 $ 2,025.6

(1) Corporate and Other includes the following:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions)

Revenue from physical sale of coal (2)

$ 7.8 $ 12.1 $ 11.8 $ 14.2

Other 4.2 4.2 7.7 9.1

2 unchanged sentences

Primarily represents the difference between the price contracted with the customer and the price allocated to the operating segment.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Accounts Receivable

“Accounts receivable, net” at March 31, 2025 and December 31, 2024 consisted of the following:

March 31, 2025 December 31, 2024

“Accounts receivable, net” at June 30, 2025 and December 31, 2024 consisted of the following:

June 30, 2025 December 31, 2024

(Dollars in millions)

2 unchanged sentences

Accounts receivable, net $ 322.7 $ 359.3

None of the above receivables included allowances for credit losses at March 31, 2025 or December 31, 2024.

No charges for credit losses were recognized during the three months ended March 31, 2025 or 2024.

None of the above receivables included allowances for credit losses at June 30, 2025 or December 31, 2024.

No charges for credit losses were recognized during the three and six months ended June 30, 2025 or 2024.

(4) Inventories

“Inventories, net” as of March 31, 2025 and December 31, 2024 consisted of the following:

March 31, 2025 December 31, 2024

“Inventories, net” as of June 30, 2025 and December 31, 2024 consisted of the following:

June 30, 2025 December 31, 2024

(Dollars in millions)

3 unchanged sentences

Inventories, net $ 417.5 $ 393.4

Materials and supplies inventories, net presented above have been shown net of reserves of $ 3.5 million as of March 31, 2025 and December 31, 2024, respectively.

Materials and supplies inventories, net presented above have been shown net of reserves of $ 2.4 million and $ 3.5 million as of June 30, 2025 and December 31, 2024, respectively.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(5) Equity Method Investments

2 unchanged sentences

The table below summarizes the book value of those investments, which are reported in “Investments and other assets” in the condensed consolidated balance sheets, and the related “Loss from equity affiliates” in the unaudited condensed consolidated statements of operations:

Loss from Equity Affiliates

Book Value at Three Months Ended March 31,

March 31, 2025 December 31, 2024 2025 2024

Loss (Income) from Equity Affiliates

Book Value at Three Months Ended June 30, Six Months Ended June 30,

June 30, 2025 December 31, 2024 2025 2024 2025 2024

(Dollars in millions)

5 unchanged sentences

R3 was formed with the intent of developing various sites, including certain reclaimed mining land held by the Company in the U.S., for utility-scale photovoltaic solar generation and battery storage.

The Company contributed $ 4.5 million to R3 during the three months ended March 31, 2024.

The Company contributed $ 8.4 million to R3 during the six months ended June 30, 2024.

In November 2024, R3 sold seven projects to an unrelated party and contributed its remaining three projects to a new entity (R3 II).

1 unchanged sentence

R3 used the proceeds from the equity purchase of R3 II to repurchase shares from the other investors of R3, such that Peabody is the only remaining equity holder of R3, which has a 25 % equity interest in R3 II.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(6) Derivatives and Fair Value Measurements

3 unchanged sentences

Except those contracts for which the Company has elected to apply a normal purchases and normal sales exception, all derivative coal trading contracts are accounted for at fair value.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Foreign Currency

The Company utilizes options and collars to hedge currency risk associated with anticipated Australian dollar operating expenditures.

As of March 31, 2025, the Company held average rate options with an aggregate notional amount of $ 449.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending December 31, 2025.

As of June 30, 2025, the Company held average rate options with an aggregate notional amount of $ 490.0 million Australian dollars to hedge currency risk associated with anticipated Australian dollar operating expenditures over the nine-month period ending March 31, 2026.

The instruments entitle the Company to receive payment on the notional amount should the quarterly average Australian dollar-to-U.S.

dollar exchange rate exceed amounts ranging from $ 0.67 to $ 0.74 over the nine-month period ending December 31, 2025.

As of March 31, 2025, the Company also held purchased collars with an aggregate notional amount of $ 540.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending December 31, 2025.

dollar exchange rate exceed amounts ranging from $ 0.67 to $ 0.70 over the nine-month period ending March 31, 2026.

As of June 30, 2025, the Company also held purchased collars with an aggregate notional amount of $ 506.0 million Australian dollars related to anticipated Australian dollar operating expenditures during the nine-month period ending March 31, 2026.

The purchased collars have a floor ranging from approximately $ 0.57 to $ 0.61 and a ceiling ranging from $ 0.66 to $ 0.71 , whereby the Company will incur a loss on the instruments for quarterly average Australian dollar-to-U.S.

1 unchanged sentence

Derivative Contracts Related to Forecasted Sales

As of March 31, 2025, the Company had no coal derivative contracts related to its forecasted sales.

As of June 30, 2025, the Company had no coal derivative contracts related to its forecasted sales.

Historically, such financial contracts have included futures and forwards.

2 unchanged sentences

Such financial contracts may include futures, forwards and options.

The Company held no financial trading contracts as of March 31, 2025.

The Company held no financial trading contracts as of June 30, 2025.

Tabular Derivatives Disclosures

2 unchanged sentences

For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the condensed consolidated balance sheets.

As of March 31, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 0.8 million.

As of June 30, 2025, the Company had an asset derivative comprised of foreign currency option contracts with a fair value of $ 5.2 million.

As of December 31, 2024, the Company had a liability derivative comprised of foreign currency option contracts with a fair value of $ 3.6 million.

4 unchanged sentences

The tables below show the amounts of pretax gains and losses related to the Company’s derivatives and their classification within the accompanying unaudited condensed consolidated statements of operations.

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

3 unchanged sentences

Total $ 3.6 $ ( 0.5 ) $ 4.1

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

Derivative Instrument Classification

(Dollars in millions)

Foreign currency option contracts Operating costs and expenses $ 0.8 $ ( 1.6 ) $ 2.4

Total $ 0.8 $ ( 1.6 ) $ 2.4

Six Months Ended June 30, 2025

Total gain recognized in income Loss realized in income on derivatives Unrealized gain recognized in income on derivatives

Derivative Instrument Classification

(Dollars in millions)

Foreign currency option contracts Operating costs and expenses $ 7.2 $ ( 1.2 ) $ 8.4

Total $ 7.2 $ ( 1.2 ) $ 8.4

Six Months Ended June 30, 2024

Total loss recognized in income Loss realized in income on derivatives Unrealized loss recognized in income on derivatives

10 unchanged sentences

and Level 3 - inputs are unobservable, or observable but cannot be market-corroborated, requiring the Company to make assumptions about pricing by market participants.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following tables set forth the hierarchy of the Company’s net asset (liability) positions for which fair value is measured on a recurring basis.

March 31, 2025

June 30, 2025

Level 1 Level 2 Level 3 Total

8 unchanged sentences

Total net assets (liabilities) $ 1.0 $ ( 3.6 ) $ — $ ( 2.6 )

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For Level 1 and 2 financial assets and liabilities, the Company utilizes both direct and indirect observable price quotes, including interest rate yield curves, exchange indices, broker/dealer quotes, published indices, issuer spreads, benchmark securities and other market quotes.

4 unchanged sentences

Other Financial Instruments .

The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of March 31, 2025 and December 31, 2024:

The following methods and assumptions were used by the Company in estimating fair values for other financial instruments as of June 30, 2025 and December 31, 2024:

• Cash and cash equivalents, restricted cash, accounts receivable, including those within the Company’s accounts receivable securitization program, notes receivable and accounts payable have carrying values which approximate fair value due to the short maturity or the liquid nature of these instruments.

2 unchanged sentences

The fair value of debt, shown below, is principally based on reported market values and estimates based on interest rates, maturities, credit risk, underlying collateral and completed market transactions.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in millions)

3 unchanged sentences

Estimated fair value $ 363.6 $ 438.0

The Company’s risk management function, which is independent of the Company’s coal trading function, is responsible for valuation policies and procedures, with oversight from executive management.

The fair value of the Company’s coal derivative assets and liabilities reflects adjustments for credit risk.

The Company’s exposure to credit risk is substantially with electric utilities, energy marketers, steel producers and nonfinancial trading houses.

The Company had no transfers between Levels 1, 2 and 3 during the three months ended March 31, 2025 and 2024.

The Company had no transfers between Levels 1, 2 and 3 during the three and six months ended June 30, 2025 and 2024.

The Company’s policy is to value all transfers between levels using the beginning of period valuation.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(7) Property, Plant, Equipment and Mine Development

The composition of property, plant, equipment and mine development, net, as of March 31, 2025 and December 31, 2024 is set forth in the table below:

March 31, 2025 December 31, 2024

The composition of property, plant, equipment and mine development, net, as of June 30, 2025 and December 31, 2024 is set forth in the table below:

June 30, 2025 December 31, 2024

(Dollars in millions)

5 unchanged sentences

At-Risk Assets

The Company identified certain assets with an aggregate carrying value of approximately $ 75 million at March 31, 2025 in its Other U.S.

The Company identified certain assets with an aggregate carrying value of approximately $ 71 million at June 30, 2025 in its Other U.S.

Thermal segment whose recoverability is most sensitive to customer concentration risk.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(8) Income Taxes

The Company's effective tax rate before remeasurement for the three months ended March 31, 2025 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance.

The Company’s income tax provisions of $ 4.9 million and $ 20.1 million for the three months ended March 31, 2025 and 2024, respectively, included a tax provision of $ 0.5 million and a tax benefit of $ 5.8 million, respectively, related to the remeasurement of foreign income tax accounts.

The Company’s estimated full year pretax income is expected to be generated in Australia and the U.S.

The Company's effective tax rate before remeasurement for the six months ended June 30, 2025 is based on the Company’s estimated full year effective tax rate, comprised of expected statutory tax provision, offset by foreign rate differential and changes in valuation allowance.

The Company’s income tax benefit of $ 2.7 million and income tax provision of $ 39.4 million for the three months ended June 30, 2025 and 2024, respectively, included tax provisions of $ 1.4 million and $ 1.9 million, respectively, related to the remeasurement of foreign income tax accounts.

The Company’s income tax provisions of $ 2.2 million and $ 59.5 million for the six months ended June 30, 2025 and 2024, respectively, included a tax provision of $ 1.9 million and a tax benefit of $ 3.9 million, respectively, related to the remeasurement of foreign income tax accounts.

Due to existing valuation allowances, the income tax expense will primarily be related to the Australian income.

(9) Long-term Debt

The Company’s total indebtedness as of March 31, 2025 and December 31, 2024 consisted of the following:

Debt Instrument (defined below, as applicable) March 31, 2025 December 31, 2024

The Company’s total indebtedness as of June 30, 2025 and December 31, 2024 consisted of the following:

Debt Instrument (defined below, as applicable) June 30, 2025 December 31, 2024

(Dollars in millions)

13 unchanged sentences

The 2028 Convertible Notes bear interest at a rate of 3.250 % per year, payable semi-annually in arrears on March 1 and September 1 of each year.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The initial conversion rate for the 2028 Convertible Notes was 50.3816 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an initial conversion price of approximately $ 19.85 per share of the Company’s common stock.

1 unchanged sentence

Effective February 19, 2025, the conversion rate was increased to 51.7762 shares of the Company’s common stock per $ 1,000 principal amount of 2028 Convertible Notes, which represented an adjusted conversion price of approximately $ 19.31 per share.

Under the applicable conversion rate formula, the $ 0.075 per share dividend declared on May 6, 2025 and paid on June 4, 2025 yielded a revised conversion rate of 52.0421 shares per $ 1,000 principal amount of 2028 Convertible Notes, which did not meet the 1 % threshold to impact the existing conversion rate of 51.7762 .

The conversion rate may be impacted prospectively, based upon cumulative dividends paid.

The conversion rate is also subject to further adjustment under certain circumstances in accordance with the terms of the indenture.

During the first quarter of 2025, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes.

As a result, the 2028 Convertible Notes will not be convertible at the option of the holders during the second quarter of 2025.

As of March 31, 2025, the if-converted value of the 2028 Convertible Notes did not exceed the principal amount.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

During the second quarter of 2025, the Company’s reported common stock prices did not prompt the conversion feature of the 2028 Convertible Notes.

As a result, the 2028 Convertible Notes will not be convertible during the third quarter of 2025.

As of June 30, 2025, the if-converted value of the 2028 Convertible Notes did not exceed the principal amount.

Revolving Credit Facility

8 unchanged sentences

The Company paid aggregate deferred financing costs of $ 0.9 million as part of the amendment.

As of March 31, 2025, the 2024 Credit Agreement had only been utilized for letters of credit, including $ 49.3 million outstanding as of March 31, 2025.

As of June 30, 2025, the 2024 Credit Agreement had only been utilized for letters of credit, including $ 49.3 million outstanding as of June 30, 2025.

These letters of credit support the Company’s reclamation bonding requirements, lease obligations, insurance policies and various other performance guarantees as further described in Note 13.

“Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $ 270.7 million at March 31, 2025.

“Financial Instruments and Other Guarantees.” Availability under the 2024 Credit Agreement was $ 270.7 million at June 30, 2025.

The 2024 Credit Agreement contains customary covenants that, among other things and subject to certain exceptions (including compliance with financial ratios), may limit the Company and its subsidiaries’ ability to incur additional indebtedness, make certain restricted payments or investments, sell or otherwise dispose of assets, enter into transactions with affiliates, create or incur liens, and merge, consolidate or sell all or substantially all of their assets.

1 unchanged sentence

subsidiaries, as well as a pledge of two Australian subsidiaries.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

BUMA Loan Note

3 unchanged sentences

The BUMA Loan Note bears interest at a coupon rate of 10 % per year.

During the period ended March 31, 2025, the Company capitalized $ 0.2 million interest expense to the BUMA Loan Note principal balance in accordance with the terms of the loan note deed.

During the six months ended June 30, 2025, the Company capitalized $ 0.5 million interest expense to the BUMA Loan Note principal balance in accordance with the terms of the loan note deed.

Refer to Note 11.

3 unchanged sentences

The Company expects to replace the Bridge Facility with permanent financing prior to the closing date, but there can be no assurance such financing will occur and any such expectation is subject to market conditions.

During the three months ended June 30, 2025, the Company paid a $ 10.4 million duration fee on the Bridge Facility.

To the extent borrowings are made under the Bridge Facility, any loans would bear interest at a SOFR plus an applicable margin of 8.00 % or a base rate plus an applicable margin of 7.00 %, at the Company’s option.

1 unchanged sentence

Any borrowings under the Bridge Facility would mature 364 days from the initial funding date, which would be on or around the closing date of the planned acquisition.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The availability of borrowings under the Bridge Facility is subject to the satisfaction of certain customary conditions for transactions of this type.

3 unchanged sentences

subsidiaries and, subject to certain conditions, certain of the Company’s Australian subsidiaries.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Interest Charges

1 unchanged sentence

Additionally, the table sets forth the amount of cash paid for interest, net of capitalized interest and the amount of non-cash interest expense primarily related to the amortization of debt issuance costs.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions)

10 unchanged sentences

Covenant Compliance

The Company was compliant with all relevant covenants under its debt and other finance agreements at March 31, 2025.

The Company was compliant with all relevant covenants under its debt and other finance agreements at June 30, 2025.

(10) Pension and Postretirement Benefit Costs

3 unchanged sentences

Funding decisions also consider certain funded status thresholds defined by the Pension Protection Act of 2006.

As of March 31, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds.

As of June 30, 2025, the qualified plan was expected to be at or above the Pension Protection Act thresholds.

The Company is not required to make any cash contributions to the qualified plan in 2025 based on minimum funding requirements.

During the three months ended March 31, 2025, the Company made a discretionary cash contribution of $ 5.0 million to the qualified plan which allowed for termination of the Company’s agreement with the PBGC and resulted in the release of a $ 37.0 million letter of credit that had been maintained in favor of the PBGC.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

During the six months ended June 30, 2025, the Company made a discretionary cash contribution of $ 5.0 million to the qualified plan which allowed for termination of the Company’s agreement with the PBGC and resulted in the release of a $ 37.0 million letter of credit that had been maintained in favor of the PBGC.

Net periodic postretirement benefit credit included the following components:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions)

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Net periodic postretirement benefit credit $ ( 8.3 ) $ ( 11.0 ) $ ( 16.5 ) $ ( 21.9 )

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The Company has established a Voluntary Employees’ Beneficiary Association (VEBA) trust to pre-fund a portion of benefits for non-represented retirees.

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The total consideration for the acquisition would be up to approximately $ 3.788 billion if the maximum amounts under the contingencies described above become payable.

On May 5, 2025, Peabody announced that it had notified Anglo and BUMA of a Material Adverse Change (MAC) impacting Peabody’s planned acquisition.

The MAC relates to issues involving the Moranbah North Mine, which remains inactive following what was described as a gas ignition event on March 31, 2025.

If the MAC is not resolved to Peabody’s satisfaction in the limited timeframe specified under the Purchase Agreements, Peabody may elect to terminate the Purchase Agreements.

On May 5, 2025, Peabody announced that it had notified Anglo and BUMA of a Material Adverse Change (MAC) impacting Peabody’s planned acquisition, due to issues involving the Moranbah North Mine, which remains inactive following what was described as a gas ignition event on March 31, 2025.

As of July 31, 2025, no credible timetable has been given regarding resumption of sustainable longwall production.

Peabody’s understanding of the conditions underground, along with the continued passage of time, has further confirmed that a MAC has occurred under the Purchase Agreements.

Peabody has not reached a revised agreement with the seller and intends to provide a further update after the 90-day MAC cure period has expired.

Wards Well Acquisition

On April 16, 2024, the Company acquired the southern part of the Wards Well tenements (Wards Well) which are adjacent to the Company’s Centurion Mine in Queensland, Australia.

The acquisition was accounted for as an asset acquisition.

The acquired asset was measured at the cost of the acquisition based on the total consideration, allocated on the basis of relative fair value.

The total consideration of $ 153.4 million, consisting of cash consideration of $ 134.4 million, cash transaction costs of $ 9.4 million and the non-cash settlement of existing receivables with the acquiree of $ 9.6 million, was recorded in “Property, plant, equipment and mine development, net” in the condensed consolidated balance sheets.

The agreement also included an initial contingent royalty of up to $ 200 million.

The royalty will only be payable once the Company has recovered its investment and development costs of Wards Well and if the average sales price achieved exceeds certain thresholds.

No royalty is payable if the Company does not commence mining Wards Well.

The Company will adjust the cost basis of the assets acquired if and when the contingent royalty is paid or becomes payable.

On March 29, 2023, the Company’s Shoal Creek Mine experienced a fire.

On June 20, 2023, the Company announced that the Shoal Creek Mine, in coordination with the Mine Safety and Health Administration, had safely completed localized sealing of the affected area of the mine.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In October 2023, the Company filed an insurance claim against applicable insurance policies with combined business interruption and property loss limits of $ 125 million above a $ 50 million deductible.

During June 2024, the Company reached a settlement and recognized a $ 109.5 million insurance recovery, which the Company included in its results of operations for the three and six months ended June 30, 2024.

During the six months ended June 30, 2024, the Company collected $ 5.6 million of the insurance recovery.

Since this portion of the recovery related to equipment damage for which the Company previously recognized a provision for loss, the Company classified the amount within the “Cash Flows From Investing Activities” section of the unaudited condensed consolidated statements of cash flows.

(12) Earnings per Share (EPS)

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Generally, dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

For all but performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method.

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In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense, which includes the amortization of debt issuance costs, related to the convertible debt.

The computation of diluted EPS excluded aggregate share-based compensation awards of 0.3 million and less than 0.1 million for the three months ended March 31, 2025 and 2024, respectively, because to do so would have been anti-dilutive for those periods.

The computation of diluted EPS excluded 16.6 million and 16.5 million shares related to the 2028 Convertible Notes for the three and six months ended June 30, 2025, respectively, because their inclusion would have been anti-dilutive for those periods.

The computation of diluted EPS also excluded aggregate share-based compensation awards of 1.1 million and less than 0.1 million for the three months ended June 30, 2025 and 2024, respectively, and 0.3 million and less than 0.1 million for the six months ended June 30, 2025 and 2024, respectively, because to do so would have been anti-dilutive for those periods.

Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period.

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The following illustrates the earnings allocation method utilized in the calculation of basic and diluted EPS.

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(In millions, except per share data)

Basic EPS numerator:

Income from continuing operations, net of income taxes $ 38.3 $ 45.7

(Loss) income from continuing operations, net of income taxes $ ( 25.6 ) $ 210.8 $ 12.7 $ 256.5

Net income attributable to noncontrolling interests 1.6 9.8 5.2 15.2

Income from continuing operations attributable to common stockholders 34.7 40.3

(Loss) income from continuing operations attributable to common stockholders ( 27.2 ) 201.0 7.5 241.3

Loss from discontinued operations, net of income taxes ( 0.4 ) ( 1.6 ) ( 0.7 ) ( 2.3 )

Net income attributable to common stockholders $ 34.4 $ 39.6

Net (loss) income attributable to common stockholders $ ( 27.6 ) $ 199.4 $ 6.8 $ 239.0

Diluted EPS numerator:

Income from continuing operations, net of income taxes $ 38.3 $ 45.7

(Loss) income from continuing operations, net of income taxes $ ( 25.6 ) $ 210.8 $ 12.7 $ 256.5

Tax adjusted interest expense related to 2028 Convertible Notes — 3.0 — 6.1

Net income attributable to noncontrolling interests 1.6 9.8 5.2 15.2

Income from continuing operations attributable to common stockholders 37.8 43.4

(Loss) income from continuing operations attributable to common stockholders ( 27.2 ) 204.0 7.5 247.4

Loss from discontinued operations, net of income taxes ( 0.4 ) ( 1.6 ) ( 0.7 ) ( 2.3 )

Net income attributable to common stockholders $ 37.5 $ 42.7

Net (loss) income attributable to common stockholders $ ( 27.6 ) $ 202.4 $ 6.8 $ 245.1

EPS denominator:

Weighted average shares outstanding — basic

121.7 126.0 121.7 127.0

Dilutive impact of share-based compensation awards — 0.5 0.6 0.5

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Basic EPS attributable to common stockholders:

Income from continuing operations $ 0.29 $ 0.32

(Loss) income from continuing operations $ ( 0.22 ) $ 1.59 $ 0.06 $ 1.90

Loss from discontinued operations ( 0.01 ) ( 0.01 ) — ( 0.02 )

Net income attributable to common stockholders $ 0.28 $ 0.31

Net (loss) income attributable to common stockholders $ ( 0.23 ) $ 1.58 $ 0.06 $ 1.88

Diluted EPS attributable to common stockholders:

Income from continuing operations $ 0.27 $ 0.30

(Loss) income from continuing operations $ ( 0.22 ) $ 1.43 $ 0.06 $ 1.72

Loss from discontinued operations ( 0.01 ) ( 0.01 ) — ( 0.02 )

Net income attributable to common stockholders $ 0.27 $ 0.29

Net (loss) income attributable to common stockholders $ ( 0.23 ) $ 1.42 $ 0.06 $ 1.70

(13) Financial Instruments and Other Guarantees

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The following table summarizes the Company’s financial instruments that carry off-balance-sheet risk.

March 31, 2025

June 30, 2025

Reclamation Support Other Support (1)

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In order to maintain the maximum collateral agreement, the Company must remain compliant with a minimum liquidity test and a maximum net leverage ratio, as measured each quarter.

The minimum liquidity test requires the Company to maintain liquidity at the greater of $ 400 million or the difference between the penal sum of all surety bonds and the amount of collateral posted in favor of surety providers, which was $ 499.0 million at March 31, 2025.

The Company must also maintain a maximum net leverage ratio of 1.5 to 1.0 , where the numerator consists of its funded debt, net of cash, and the denominator consists of its Adjusted EBITDA for the trailing twelve months.

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The Company’s ability to pay dividends and make share repurchases is also subject to the quarterly minimum liquidity test.

The Company is in compliance with such requirements at March 31, 2025.

At March 31, 2025, the Company’s maximum aggregate collateral amount was $ 525.0 million , which was comprised of $ 398.0 million in trust accounts and letters of credit of $ 127.0 million held for the benefit of certain surety providers.

The Company is in compliance with such requirements at June 30, 2025.

At June 30, 2025, the Company’s maximum aggregate collateral amount was $ 519.6 million , which was comprised of $ 392.7 million in trust accounts and letters of credit of $ 126.9 million held for the benefit of certain surety providers.

Accounts Receivable Securitization

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The accounts receivable securitization program was amended in January 2025 to extend its maturity to January 2028.

During the three months ended March 31, 2025, the Company capitalized $ 1.7 million of debt issuance costs related to the amendment.

During the six months ended June 30, 2025, the Company capitalized $ 1.7 million of debt issuance costs related to the amendment.

Borrowings under the Securitization Program bear interest at SOFR plus 2.1 % per annum and remain outstanding throughout the term of the agreement, subject to the Company maintaining sufficient eligible receivables.

At March 31, 2025, the Company had no outstanding borrowings and $ 60.4 million of letters of credit outstanding under the Securitization Program.

Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $ 119.8 million at March 31, 2025.

The Company was not required to post cash collateral under the Securitization Program at March 31, 2025.

The Company incurred interest and fees associated with the Securitization Program of $ 0.6 million and $ 0.8 million during the three months ended March 31, 2025 and 2024, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying unaudited condensed consolidated statements of operations.

At June 30, 2025, the Company had no outstanding borrowings and $ 58.6 million of letters of credit outstanding under the Securitization Program.

Availability under the Securitization Program, which is adjusted for certain ineligible receivables, was $ 102.3 million at June 30, 2025.

The Company was not required to post cash collateral under the Securitization Program at June 30, 2025.

The Company incurred interest and fees associated with the Securitization Program of $ 0.6 million during both the three months ended June 30, 2025 and 2024, and $ 1.2 million and $ 1.4 million during the six months ended June 30, 2025 and 2024, respectively, which have been recorded as “Interest expense, net of capitalized interest” in the accompanying unaudited condensed consolidated statements of operations.

PEABODY ENERGY CORPORATION

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The agreement has an initial expiration date of December 31, 2025.

At March 31, 2025, letters of credit of $ 115.6 million were outstanding under the agreement, which were collateralized by cash of $ 119.1 million.

At June 30, 2025, letters of credit of $ 115.6 million were outstanding under the agreement, which were collateralized by cash of $ 119.1 million.

In December 2023, the Company established cash-backed bank guarantee facilities, primarily to support Australian reclamation bonding requirements.

The Company receives a variable deposit rate on the amount of cash collateral posted in support of the bank guarantee facilities, which mature at various dates between 2026 and 2029.

At March 31, 2025, the bank guarantee facilities were backed by cash of $ 170.2 million.

At June 30, 2025, the bank guarantee facilities were backed by cash of $ 202.4 million.

Restricted Cash and Collateral

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Portions of the restricted cash balances and deposits are held in accounts denominated in Australian dollars.

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in millions)

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interest and other earnings on such funds accrue to the Company.

(3) At March 31, 2025, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 271 million and $ 204 million, respectively.

(3) At June 30, 2025, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 309 million and $ 203 million, respectively.

At December 31, 2024, the Australian dollar denominated balances supporting the bank guarantee facilities and the deposits with regulatory authorities were $ 271 million and $ 205 million, respectively.

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Unconditional Purchase Obligations

As of March 31, 2025, purchase commitments for capital expenditures were $ 61.1 million, all of which is obligated within the next 12 months.

As of June 30, 2025, purchase commitments for capital expenditures were $ 66.8 million, all of which is obligated within the next 12 months.

There were no other material changes to the Company’s commitments from the information provided in Note 21.

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Litigation and Matters Relating to Continuing Operations

Metropolitan Mine Stormwater Discharge.

Significantly high rainfall in New South Wales, including unprecedented rain totals at the Metropolitan Mine site resulted in stormwater being discharged from the mine site on several occasions in 2021 and 2022.

On September 6, 2023, the New South Wales Environment Protection Authority commenced a prosecution for five breaches of the Protection of the Environment Operations Act 1997 (the Act) relating to the stormwater discharges.

On March 15, 2024, the Metropolitan Collieries Pty Ltd (MCPL) pled guilty to two of the charges related to water pollution, and two charges related to a failure to adequately maintain plant and equipment were consolidated into one charge to which the MCPL also pled guilty.

The remaining charge was discontinued.

A sentencing hearing was held in November 2024 and the judgment was handed down in March 2025.

MCPL was convicted of three separate offenses under the Act and fined a total monetary penalty of $ 0.1 million.

MCPL was also ordered to pay costs in the amount of $ 0.2 million in addition to various publication orders that MCPL must comply with under the judgement.

At times, the Company becomes a party to other disputes, including those related to contract miner performance, claims, lawsuits, arbitration proceedings, regulatory investigations and administrative procedures in the ordinary course of business in the U.S., Australia and other countries where the Company does business.

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The Company’s chief operating decision maker (CODM), defined as the President and Chief Executive Officer, uses Adjusted EBITDA as the primary financial metric to measure each segment’s operating performance against expected results and to allocate resources, including capital investment in mining operations and potential expansions.

Adjusted EBITDA is a non-GAAP financial measure 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 a non-GAAP financial measure defined as (loss) 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 the segments’ operating performance, as displayed in the reconciliations below.

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GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

Segment results were as follows:

Three Months Ended June 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate

and Other Consolidated

(Dollars in millions)

Revenue $ 195.1 $ 252.2 $ 275.7 $ 155.1 $ 12.0 $ 890.1

Less Significant Segment Expenses:

Labor costs 37.7 61.3 52.9 48.9

Repair costs 29.0 41.4 32.6 39.6

Outside services 26.9 85.8 28.8 37.6

Commodities expense 19.9 12.6 35.8 17.7

Sales related costs 44.8 58.7 73.9 9.4

Other expenses (1)

3.3 1.6 8.7 ( 11.6 )

Adjusted EBITDA 33.5 ( 9.2 ) 43.0 13.5 12.5 93.3

Additions to property, plant, equipment and mine development 9.6 72.9 5.5 5.4 0.8 94.2

Loss from equity affiliates — — — — 0.9 0.9

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Segment results for the three months ended March 31, 2025 were as follows:

Three Months Ended June 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

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Loss from equity affiliates — — — — 1.3 1.3

Segment results for the three months ended March 31, 2024 were as follows:

Six Months Ended June 30, 2025

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

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Loss from equity affiliates — — — — 7.6 7.6

PEABODY ENERGY CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Six Months Ended June 30, 2024

Seaborne Thermal Seaborne Metallurgical Powder River Basin Other U.S.

Thermal Corporate

and Other Consolidated

(Dollars in millions)

Revenue $ 591.4 $ 541.3 $ 476.0 $ 393.6 $ 23.3 $ 2,025.6

Less Significant Segment Expenses:

Labor costs 79.1 101.7 101.3 108.0

Repair costs 73.9 76.2 61.0 68.2

Outside services 62.3 109.3 57.9 73.0

Commodities expense 46.4 31.6 75.5 39.1

Sales related costs 104.7 114.0 130.1 25.7

Other expenses (1)

26.8 ( 83.4 ) 16.0 ( 2.3 )

Adjusted EBITDA 198.2 191.9 34.2 81.9 ( 36.0 ) 470.2

Additions to property, plant, equipment and mine development 32.7 115.2 12.5 5.1 1.5 167.0

Loss from equity affiliates — — — — 5.0 5.0

(1) Other expenses for the mining operations primarily include lease expense;

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and credits related to the capitalization of costs to the balance sheet.

For the three and six months ended June 30, 2024, the Seaborne Metallurgical segment includes $ 80.8 million related to the portion of the Shoal Creek insurance recovery that was applicable to incremental costs and business interruption recoveries.

Total assets are reflected at the division level only for the Company’s operating segments and are not allocated between each individual segment as such information is not regularly reviewed by the Company’s CODM.

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The following table presents total assets at the division level:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(Dollars in millions)

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation of consolidated income from continuing operations before income taxes to Adjusted EBITDA follows:

Three Months Ended March 31,

A reconciliation of consolidated (loss) income from continuing operations before income taxes to Adjusted EBITDA follows:

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

(Dollars in millions)

Income from continuing operations before incomes taxes $ 43.2 $ 65.8

(Loss) income from continuing operations before incomes taxes $ ( 28.3 ) $ 250.2 $ 14.9 $ 316.0

Depreciation, depletion and amortization 93.4 82.9 185.5 162.7

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Provision for NARM loss — 1.9 — 3.7

Shoal Creek insurance recovery - property damage — ( 28.7 ) — ( 28.7 )

Changes in amortization of basis difference related to equity affiliates ( 0.8 ) ( 0.3 ) ( 1.4 ) ( 0.7 )

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements