2023 Q2 Form 10-Q Financial Statement

#000021546623000087 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $177.2M $187.3M
YoY Change -13.17% -0.59%
Cost Of Revenue $139.6M $153.1M
YoY Change -7.33% 14.85%
Gross Profit $37.60M $34.24M
YoY Change -29.65% -37.9%
Gross Profit Margin 21.21% 18.28%
Selling, General & Admin $11.13M $12.74M
YoY Change 12.88% 14.91%
% of Gross Profit 29.61% 37.22%
Research & Development $2.920M $4.650M
YoY Change -44.69% -14.17%
% of Gross Profit 7.77% 13.58%
Depreciation & Amortization $19.60M $22.71M
YoY Change -29.93% -14.09%
% of Gross Profit 52.12% 66.32%
Operating Expenses $182.0M $203.4M
YoY Change -10.08% 8.88%
Operating Profit -$144.4M -$169.1M
YoY Change -3.06% 28.47%
Interest Expense $6.912M $7.389M
YoY Change 33.69% 61.76%
% of Operating Profit
Other Income/Expense, Net -$17.79M $2.211M
YoY Change -73.71% -71.56%
Pretax Income -$22.55M -$13.88M
YoY Change -65.8% -248.02%
Income Tax $9.866M $10.70M
% Of Pretax Income
Net Earnings -$32.41M -$24.59M
YoY Change -58.14% -420.05%
Net Earnings / Revenue -18.29% -13.13%
Basic Earnings Per Share -$0.10 -$0.08
Diluted Earnings Per Share -$0.10 -$0.08
COMMON SHARES
Basic Shares Outstanding 333.0M shares 295.6M shares
Diluted Shares Outstanding 333.1M shares 301.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.08M $81.92M
YoY Change -22.89% -65.18%
Cash & Equivalents $56.85M $66.98M
Short-Term Investments $9.240M $14.94M
Other Short-Term Assets $20.19M $15.20M
YoY Change -40.68% 5.99%
Inventory $64.52M $62.05M
Prepaid Expenses
Receivables $29.62M $35.62M
Other Receivables $26.34M $28.76M
Total Short-Term Assets $289.2M $288.1M
YoY Change -23.82% 11.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.554B $416.1M
YoY Change 334.68% 23.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $64.46M $61.51M
YoY Change 7.29% -2.5%
Total Long-Term Assets $1.683B $1.601B
YoY Change 13.66% 2.78%
TOTAL ASSETS
Total Short-Term Assets $289.2M $288.1M
Total Long-Term Assets $1.683B $1.601B
Total Assets $1.972B $1.889B
YoY Change 6.01% 3.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.1M $119.1M
YoY Change 18.07% 15.33%
Accrued Expenses $58.73M $46.20M
YoY Change 13.03% -0.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.11M $32.04M
YoY Change -26.37% 8.17%
Total Short-Term Liabilities $280.4M $226.2M
YoY Change 16.32% 3.65%
LONG-TERM LIABILITIES
Long-Term Debt $448.3M $462.0M
YoY Change -13.6% 1.36%
Other Long-Term Liabilities $33.20M $34.18M
YoY Change -3.27% -7.78%
Total Long-Term Liabilities $702.9M $716.7M
YoY Change -7.76% 2.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $280.4M $226.2M
Total Long-Term Liabilities $702.9M $716.7M
Total Liabilities $983.3M $942.9M
YoY Change -1.97% 2.8%
SHAREHOLDERS EQUITY
Retained Earnings -$3.075B -$3.042B
YoY Change 2.17% 3.76%
Common Stock $4.054B $3.993B
YoY Change 5.58% 4.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $988.8M $946.5M
YoY Change
Total Liabilities & Shareholders Equity $1.972B $1.889B
YoY Change 6.01% 3.97%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$32.41M -$24.59M
YoY Change -58.14% -420.05%
Depreciation, Depletion And Amortization $19.60M $22.71M
YoY Change -29.93% -14.09%
Cash From Operating Activities $39.40M -$35.00M
YoY Change 73.98% 444.62%
INVESTING ACTIVITIES
Capital Expenditures $85.58M $74.05M
YoY Change -216.98% -206.54%
Acquisitions
YoY Change
Other Investing Activities $64.00K $44.00K
YoY Change 540.0% 300.0%
Cash From Investing Activities -$75.63M -$29.32M
YoY Change 4.27% -45.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $25.86M $69.44M
YoY Change -49.03% -9.5%
NET CHANGE
Cash From Operating Activities $39.40M -$35.00M
Cash From Investing Activities -$75.63M -$29.32M
Cash From Financing Activities $25.86M $69.44M
Net Change In Cash -$10.12M $5.514M
YoY Change -1310.89% -66.44%
FREE CASH FLOW
Cash From Operating Activities $39.40M -$35.00M
Capital Expenditures $85.58M $74.05M
Free Cash Flow -$46.18M -$109.1M
YoY Change -148.21% -272.89%

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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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5514000 usd
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16430000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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58289000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68683000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Net Income Loss
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
BASIS OF PRESENTATIONThe interim condensed consolidated financial statements of Coeur Mining, Inc. and its subsidiaries (collectively, “Coeur” or the “Company”) are unaudited. In the opinion of management, all adjustments and disclosures necessary for the fair presentation of these interim statements have been included. The results reported in these interim statements may not be indicative of the results which will be reported for the year ending December 31, 2023. The condensed consolidated December 31, 2022 balance sheet data was derived from audited consolidated financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 10-K”).
CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:7pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:7pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's Condensed Consolidated Financial Statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). The preparation of the Company's Condensed Consolidated Financial Statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to metal prices and mineral reserves that are the basis for future cash flow estimates utilized in impairment calculations and units-of production amortization calculations, environmental, reclamation and closure obligations, estimates of recoverable silver and gold in leach pad inventories, estimates of fair value for certain reporting units and asset impairments, valuation allowances for deferred tax assets, and the fair value and accounting treatment of financial instruments, equity securities, asset acquisitions, the allocation of fair value to assets and liabilities assumed in connection with business combinations, and derivative instruments. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results will differ from the amounts estimated in these financial statements.</span></div>
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CY2023Q1 us-gaap Assets
Assets
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Assets
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4805000 usd
CY2022Q1 cde Interest Paid On Senior Notes Due2029
InterestPaidOnSeniorNotesDue2029
4805000 usd
CY2023Q1 cde Interestpaidon Revolving Credit Facility
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CY2022Q1 cde Interestpaidon Revolving Credit Facility
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3993000 usd
CY2022Q1 cde Asset Retirement Obligation Accretion Expense Excluding Held For Sale Disposal Group
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3463000 usd
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1044000 usd
CY2022Q1 us-gaap Asset Retirement Obligation Liabilities Settled
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1056000 usd
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205380000 usd
CY2022Q1 us-gaap Asset Retirement Obligation
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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10605000 usd
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CY2023Q1 us-gaap Equity Securities Fv Ni Gain Loss
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10561000 usd
CY2022Q1 us-gaap Equity Securities Fv Ni Gain Loss
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CY2023Q1 cde Covid19 Related Costs
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3993000 usd
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
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3463000 usd
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CY2022Q1 cde Pre Development
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Sale Of Stock Price Per Share
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CY2023Q1 cde Valued Added Tax Outstanding
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CY2023Q1 cde Palmarejo Gold Stream Agreement Deferred Revenue Unamortized Balance
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7300000 usd
CY2023Q1 cde Surety Bonds Outstanding
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CY2022Q4 cde Surety Bonds Outstanding
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326800000 usd
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20960000 usd
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29868000 usd
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15852000 usd
CY2022Q4 us-gaap Deferred Revenue
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CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8327000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6241000 usd
CY2023Q1 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
DerivativeInstrumentsInHedgesLiabilitiesAtFairValue
5458000 usd
CY2022Q4 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
DerivativeInstrumentsInHedgesLiabilitiesAtFairValue
10000 usd
CY2023Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1866000 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
3318000 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
3481000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
8256000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11564000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11560000 usd
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
69222000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
92863000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
66977000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73330000 usd
CY2023Q1 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1706000 usd
CY2022Q1 us-gaap Restricted Cash Equivalents
RestrictedCashEquivalents
1389000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68683000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74719000 usd

Files In Submission

Name View Source Status
cde-20230331_cal.xml Edgar Link unprocessable
0000215466-23-000087-index-headers.html Edgar Link pending
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cde-03312310qex311.htm Edgar Link pending
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cde-20230331.xsd Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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cde-20230331_def.xml Edgar Link unprocessable
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cde-20230331_htm.xml Edgar Link completed
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FilingSummary.xml Edgar Link unprocessable