$ in millions, except per share amounts | ||||||||||||||||||||
Q2 2021 | Q2 2020 | Variance | YTD 2021 | YTD 2020 | Variance | |||||||||||||||
Pretax Income (Loss) Attributable to the Company1 | $ | 54.1 | $ | 18.2 | $ | 35.9 | $ | 75.0 | $ | (20.9) | $ | 95.9 | ||||||||
Adjusted Pretax Income (Loss) Attributable to the Company1 | 54.4 | 21.6 | 32.8 | 75.8 | (16.2) | 92.0 | ||||||||||||||
Trade1 | 14.1 | 1.4 | 12.7 | 28.4 | (7.2) | 35.6 | ||||||||||||||
Ethanol | 23.5 | 0.9 | 22.6 | 26.5 | (23.1) | 49.6 | ||||||||||||||
Plant Nutrient | 24.0 | 19.4 | 4.6 | 32.5 | 18.2 | 14.3 | ||||||||||||||
Rail | 3.1 | 2.6 | 0.5 | 8.0 | 3.6 | 4.4 | ||||||||||||||
Other1 | (10.2) | (2.7) | (7.5) | (19.6) | (7.7) | (11.9) | ||||||||||||||
Net Income (Loss) Attributable to the Company | 43.5 | 30.4 | 13.1 | 58.6 | (7.2) | 65.8 | ||||||||||||||
Adjusted Net Income (Loss) Attributable to the Company1 | 43.7 | 29.3 | 14.4 | 59.2 | (14.0) | 73.2 | ||||||||||||||
Diluted EPS | 1.30 | 0.92 | 0.38 | 1.74 | (0.22) | 1.96 | ||||||||||||||
Adjusted Diluted EPS1 | 1.31 | 0.88 | 0.43 | 1.76 | (0.43) | 2.19 | ||||||||||||||
EBITDA1 | 117.9 | 66.7 | 51.2 | 197.6 | 76.6 | 121.0 | ||||||||||||||
Adjusted EBITDA1 | $ | 118.1 | $ | 70.0 | $ | 48.1 | $ | 198.3 | $ | 81.3 | $ | 117.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Sales and merchandising revenues | $ | 3,273,726 | $ | 1,890,180 | $ | 5,909,455 | $ | 3,743,286 | |||||||||||||||
Cost of sales and merchandising revenues | 3,099,682 | 1,783,914 | 5,612,699 | 3,573,890 | |||||||||||||||||||
Gross profit | 174,044 | 106,266 | 296,756 | 169,396 | |||||||||||||||||||
Operating, administrative and general expenses | 109,976 | 90,136 | 209,848 | 195,196 | |||||||||||||||||||
Interest expense, net | 13,454 | 11,827 | 26,623 | 27,414 | |||||||||||||||||||
Other income, net: | |||||||||||||||||||||||
Equity in earnings of affiliates, net | 845 | 79 | 2,639 | 209 | |||||||||||||||||||
Other income, net | 5,307 | 3,450 | 12,849 | 8,263 | |||||||||||||||||||
Income (loss) before income taxes | 56,766 | 7,832 | 75,773 | (44,742) | |||||||||||||||||||
Income tax provision (benefit) | 10,642 | (12,200) | 16,387 | (13,664) | |||||||||||||||||||
Net income (loss) | 46,124 | 20,032 | 59,386 | (31,078) | |||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 2,625 | (10,407) | 780 | (23,856) | |||||||||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | |||||||||||||||
Per common share: | |||||||||||||||||||||||
Basic earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | 1.31 | $ | 0.92 | $ | 1.76 | $ | (0.22) | |||||||||||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) |
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 27,538 | $ | 29,123 | $ | 30,011 | |||||||||||
Accounts receivable, net | 721,575 | 659,834 | 537,011 | ||||||||||||||
Inventories | 912,299 | 1,300,693 | 616,323 | ||||||||||||||
Commodity derivative assets – current | 507,148 | 320,706 | 112,089 | ||||||||||||||
Other current assets | 65,740 | 106,053 | 102,755 | ||||||||||||||
Total current assets | 2,234,300 | 2,416,409 | 1,398,189 | ||||||||||||||
Other assets: | |||||||||||||||||
Goodwill | 135,709 | 135,709 | 135,709 | ||||||||||||||
Other intangible assets, net | 127,756 | 142,940 | 160,180 | ||||||||||||||
Right of use assets, net | 61,299 | 56,031 | 62,838 | ||||||||||||||
Other assets, net | 73,678 | 49,907 | 48,235 | ||||||||||||||
Total other assets | 398,442 | 384,587 | 406,962 | ||||||||||||||
Rail assets leased to others, net | 574,585 | 591,946 | 592,821 | ||||||||||||||
Property, plant and equipment, net | 841,762 | 879,179 | 906,017 | ||||||||||||||
Total assets | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 | |||||||||||
Liabilities and equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Short-term debt | $ | 757,271 | $ | 403,703 | $ | 96,071 | |||||||||||
Trade and other payables | 547,169 | 957,683 | 503,892 | ||||||||||||||
Customer prepayments and deferred revenue | 58,155 | 180,160 | 45,734 | ||||||||||||||
Commodity derivative liabilities – current | 90,366 | 146,990 | 65,186 | ||||||||||||||
Current maturities of long-term debt | 56,582 | 75,475 | 68,477 | ||||||||||||||
Accrued expenses and other current liabilities | 181,015 | 167,671 | 147,422 | ||||||||||||||
Total current liabilities | 1,690,558 | 1,931,682 | 926,782 | ||||||||||||||
Long-term lease liabilities | 41,852 | 37,177 | 41,061 | ||||||||||||||
Long-term debt, less current maturities | 866,454 | 916,540 | 975,973 | ||||||||||||||
Deferred income taxes | 173,212 | 170,147 | 162,475 | ||||||||||||||
Other long-term liabilities | 52,049 | 55,915 | 65,615 | ||||||||||||||
Total liabilities | 2,824,125 | 3,111,461 | 2,171,906 | ||||||||||||||
Total equity | 1,224,964 | 1,160,660 | 1,132,083 | ||||||||||||||
Total liabilities and equity | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 |
Six months ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Operating Activities | |||||||||||
Net income (loss) | $ | 59,386 | $ | (31,078) | |||||||
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization | 95,154 | 93,898 | |||||||||
Bad debt (recovery) expense, net | (1,156) | 6,290 | |||||||||
Equity in earnings of affiliates, net of dividends | (2,639) | (209) | |||||||||
Gain on sales of Rail assets and related leases, net | (4,987) | (569) | |||||||||
(Gain) loss on sales of assets, net | (1,266) | 341 | |||||||||
Stock-based compensation expense | 4,112 | 5,016 | |||||||||
Deferred federal income tax | 170 | 21,761 | |||||||||
Inventory write down | 2,599 | 10,922 | |||||||||
Other | 2,971 | 2,797 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (58,338) | (9,181) | |||||||||
Inventories | 390,506 | 536,951 | |||||||||
Commodity derivatives | (250,691) | 14,980 | |||||||||
Other assets | 35,568 | (24,784) | |||||||||
Payables and other accrued expenses | (516,883) | (481,624) | |||||||||
Net cash (used in) provided by operating activities | (245,494) | 145,511 | |||||||||
Investing Activities | |||||||||||
Purchases of Rail assets | (4,751) | (24,649) | |||||||||
Proceeds from sale of Rail assets | 15,616 | 4,637 | |||||||||
Purchases of property, plant and equipment and capitalized software | (34,264) | (44,644) | |||||||||
Proceeds from sale of assets | 3,794 | 1,503 | |||||||||
Purchase of investments | (4,701) | (2,849) | |||||||||
Other | 832 | — | |||||||||
Net cash used in investing activities | (23,474) | (66,002) | |||||||||
Financing Activities | |||||||||||
Net borrowings (payments) under lines of credit | (258,157) | (47,564) | |||||||||
Proceeds from issuance of short-term debt | 608,250 | — | |||||||||
Proceeds from issuance of long-term debt | 108,300 | 165,975 | |||||||||
Payments of long-term debt | (177,586) | (203,835) | |||||||||
Contributions from noncontrolling interest owner | 2,940 | 4,409 | |||||||||
Distributions to noncontrolling interest owner | (25) | (10,298) | |||||||||
Payments of debt issuance costs | (2,059) | (250) | |||||||||
Dividends paid | (11,677) | (11,469) | |||||||||
Other | (2,436) | (2,036) | |||||||||
Net cash provided by (used in) financing activities | 267,550 | (105,068) | |||||||||
Effect of exchange rates on cash and cash equivalents | (167) | 675 | |||||||||
Decrease in cash and cash equivalents | (1,585) | (24,884) | |||||||||
Cash and cash equivalents at beginning of period | 29,123 | 54,895 | |||||||||
Cash and cash equivalents at end of period | $ | 27,538 | $ | 30,011 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | |||||||||||||||
Items impacting other income, net of tax: | |||||||||||||||||||||||
Transaction related stock compensation | 274 | 1,017 | 757 | 2,348 | |||||||||||||||||||
Severance costs | — | 2,341 | — | 2,341 | |||||||||||||||||||
Income tax impact of adjustments (a) | (68) | (4,541) | (189) | (11,451) | |||||||||||||||||||
Total adjusting items, net of tax | 206 | (1,183) | 568 | (6,762) | |||||||||||||||||||
Adjusted net income (loss) attributable to The Andersons, Inc. | $ | 43,705 | $ | 29,256 | $ | 59,174 | $ | (13,984) | |||||||||||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) | |||||||||||||||
Impact on diluted earnings (loss) per share | $ | 0.01 | $ | (0.04) | $ | 0.02 | $ | (0.21) | |||||||||||||||
Adjusted diluted earnings (loss) per share | $ | 1.31 | $ | 0.88 | $ | 1.76 | $ | (0.43) |
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,297,869 | $ | 616,527 | $ | 321,409 | $ | 37,921 | $ | — | $ | 3,273,726 | |||||||||||||||||||||||
Gross profit | 77,831 | 34,716 | 50,860 | 10,637 | — | 174,044 | |||||||||||||||||||||||||||||
Operating, administrative and general expenses | 61,514 | 6,577 | 26,568 | 4,416 | 10,901 | 109,976 | |||||||||||||||||||||||||||||
Other income, net | 4,067 | 38 | 849 | 237 | 116 | 5,307 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 13,777 | 26,156 | 23,995 | 3,064 | (10,226) | 56,766 | |||||||||||||||||||||||||||||
Income attributable to the noncontrolling interests | — | 2,625 | — | — | — | 2,625 | |||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 13,777 | $ | 23,531 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 54,141 | |||||||||||||||||||||||
Adjustments to income (loss) before income taxes (b) | 274 | — | — | — | — | 274 | |||||||||||||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 14,051 | $ | 23,531 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 54,415 | |||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | $ | 1,351,168 | $ | 223,745 | $ | 279,825 | $ | 35,442 | $ | — | $ | 1,890,180 | |||||||||||||||||||||||
Gross profit | 59,382 | (2,599) | 38,765 | 10,718 | — | 106,266 | |||||||||||||||||||||||||||||
Operating, administrative and general expenses | 54,998 | 5,506 | 18,281 | 5,184 | 6,167 | 90,136 | |||||||||||||||||||||||||||||
Other income, net | 986 | 466 | 386 | 905 | 707 | 3,450 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 393 | (9,539) | 19,407 | 2,606 | (5,035) | 7,832 | |||||||||||||||||||||||||||||
Loss attributable to the noncontrolling interests | — | (10,407) | — | — | — | (10,407) | |||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 393 | $ | 868 | $ | 19,407 | $ | 2,606 | $ | (5,035) | $ | 18,239 | |||||||||||||||||||||||
Adjustments to income (loss) before income taxes (b) | 1,017 | — | — | — | 2,341 | 3,358 | |||||||||||||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 1,410 | $ | 868 | $ | 19,407 | $ | 2,606 | $ | (2,694) | $ | 21,597 | |||||||||||||||||||||||
(a) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,280,377 | $ | 1,059,486 | $ | 490,661 | $ | 78,931 | $ | — | $ | 5,909,455 | |||||||||||||||||||||||
Gross profit | 150,388 | 43,199 | 83,261 | 19,908 | — | 296,756 | |||||||||||||||||||||||||||||
Operating, administrative and general expenses | 118,445 | 13,233 | 49,967 | 7,290 | 20,913 | 209,848 | |||||||||||||||||||||||||||||
Other income, net | 7,553 | 1,365 | 1,436 | 1,911 | 584 | 12,849 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 27,632 | 27,237 | 32,518 | 7,955 | (19,569) | 75,773 | |||||||||||||||||||||||||||||
Income attributable to the noncontrolling interests | — | 780 | — | — | — | 780 | |||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 27,632 | $ | 26,457 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 74,993 | |||||||||||||||||||||||
Adjustments to income (loss) before income taxes (b) | 757 | — | — | — | — | 757 | |||||||||||||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 28,389 | $ | 26,457 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 75,750 | |||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,729,209 | $ | 536,784 | $ | 404,738 | $ | 72,555 | $ | — | $ | 3,743,286 | |||||||||||||||||||||||
Gross profit | 121,848 | (31,998) | 59,129 | 20,417 | — | 169,396 | |||||||||||||||||||||||||||||
Operating, administrative and general expenses | 123,153 | 11,621 | 38,022 | 10,443 | 11,957 | 195,196 | |||||||||||||||||||||||||||||
Other income, net | 3,750 | 912 | 356 | 1,955 | 1,290 | 8,263 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | (9,591) | (46,964) | 18,215 | 3,613 | (10,015) | (44,742) | |||||||||||||||||||||||||||||
Loss attributable to the noncontrolling interests | — | (23,856) | — | — | — | (23,856) | |||||||||||||||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | (9,591) | $ | (23,108) | $ | 18,215 | $ | 3,613 | $ | (10,015) | $ | (20,886) | |||||||||||||||||||||||
Adjustments to income (loss) before income taxes (b) | 2,348 | — | — | — | 2,341 | 4,689 | |||||||||||||||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | (7,243) | $ | (23,108) | $ | 18,215 | $ | 3,613 | $ | (7,674) | $ | (16,197) | |||||||||||||||||||||||
(a) Income (loss) before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 13,777 | $ | 26,156 | $ | 23,995 | $ | 3,064 | $ | (20,868) | $ | 46,124 | |||||||||||||||||||||||
Interest expense (income) | 7,452 | 2,021 | 1,146 | 3,394 | (559) | 13,454 | |||||||||||||||||||||||||||||
Tax provision (benefit) | — | — | — | — | 10,642 | 10,642 | |||||||||||||||||||||||||||||
Depreciation and amortization | 11,155 | 18,983 | 6,456 | 8,701 | 2,355 | 47,650 | |||||||||||||||||||||||||||||
EBITDA | 32,384 | 47,160 | 31,597 | 15,159 | (8,430) | 117,870 | |||||||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||||||||
Transaction related stock compensation | 274 | — | — | — | — | 274 | |||||||||||||||||||||||||||||
Total adjusting items | 274 | — | — | — | — | 274 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 32,658 | $ | 47,160 | $ | 31,597 | $ | 15,159 | $ | (8,430) | $ | 118,144 | |||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 393 | $ | (9,539) | $ | 19,407 | $ | 2,606 | $ | 7,165 | $ | 20,032 | |||||||||||||||||||||||
Interest expense (income) | 5,056 | 1,900 | 1,463 | 3,833 | (425) | 11,827 | |||||||||||||||||||||||||||||
Tax provision (benefit) | — | — | — | — | (12,200) | (12,200) | |||||||||||||||||||||||||||||
Depreciation and amortization | 11,055 | 17,952 | 6,364 | 8,869 | 2,757 | 46,997 | |||||||||||||||||||||||||||||
EBITDA | 16,504 | 10,313 | 27,234 | 15,308 | (2,703) | 66,656 | |||||||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||||||||
Transaction related stock compensation | 1,017 | — | — | — | — | 1,017 | |||||||||||||||||||||||||||||
Severance Costs | — | — | — | — | 2,341 | 2,341 | |||||||||||||||||||||||||||||
Total adjusting items | 1,017 | — | — | — | 2,341 | 3,358 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 17,521 | $ | 10,313 | $ | 27,234 | $ | 15,308 | $ | (362) | $ | 70,014 | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 27,632 | $ | 27,237 | $ | 32,518 | $ | 7,955 | $ | (35,956) | $ | 59,386 | |||||||||||||||||||||||
Interest expense (income) | 14,503 | 4,094 | 2,212 | 6,574 | (760) | 26,623 | |||||||||||||||||||||||||||||
Tax provision (benefit) | — | — | — | — | 16,387 | 16,387 | |||||||||||||||||||||||||||||
Depreciation and amortization | 22,280 | 37,797 | 12,837 | 17,588 | 4,652 | 95,154 | |||||||||||||||||||||||||||||
EBITDA | 64,415 | 69,128 | 47,567 | 32,117 | (15,677) | 197,550 | |||||||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||||||||
Transaction related stock compensation | 757 | — | — | — | — | 757 | |||||||||||||||||||||||||||||
Total adjusting items | 757 | — | — | — | — | 757 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 65,172 | $ | 69,128 | $ | 47,567 | $ | 32,117 | $ | (15,677) | $ | 198,307 | |||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (9,591) | $ | (46,964) | $ | 18,215 | $ | 3,613 | $ | 3,649 | $ | (31,078) | |||||||||||||||||||||||
Interest expense (income) | 12,245 | 4,257 | 3,248 | 8,316 | (652) | 27,414 | |||||||||||||||||||||||||||||
Tax provision (benefit) | — | — | — | — | (13,664) | (13,664) | |||||||||||||||||||||||||||||
Depreciation and amortization | 22,399 | 35,504 | 12,705 | 17,788 | 5,502 | 93,898 | |||||||||||||||||||||||||||||
EBITDA | 25,053 | (7,203) | 34,168 | 29,717 | (5,165) | 76,570 | |||||||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||||||||
Transaction related stock compensation | 2,348 | — | — | — | — | 2,348 | |||||||||||||||||||||||||||||
Severance Costs | — | — | — | — | 2,341 | 2,341 | |||||||||||||||||||||||||||||
Total adjusting items | 2,348 | — | — | — | 2,341 | 4,689 | |||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 27,401 | $ | (7,203) | $ | 34,168 | $ | 29,717 | $ | (2,824) | $ | 81,259 |
Three Months Ended, | Twelve months ended June 30, 2021 | ||||||||||||||||||||||||||||
(in thousands) | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||
Net income (loss) | $ | 2,215 | $ | 14,649 | $ | 13,262 | $ | 46,124 | $ | 76,250 | |||||||||||||||||||
Interest expense (income) | 10,569 | 13,292 | 13,169 | 13,454 | 50,484 | ||||||||||||||||||||||||
Tax provision (benefit) | (4,714) | 8,119 | 5,745 | 10,642 | 19,792 | ||||||||||||||||||||||||
Depreciation and amortization | 47,269 | 47,471 | 47,504 | 47,650 | 189,894 | ||||||||||||||||||||||||
EBITDA | 55,339 | 83,531 | 79,680 | 117,870 | 336,420 | ||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||
Transaction related stock compensation | 912 | 946 | 483 | 274 | 2,615 | ||||||||||||||||||||||||
Severance Costs | 3,222 | 528 | — | — | 3,750 | ||||||||||||||||||||||||
Total adjusting items | 4,134 | 1,474 | 483 | 274 | 6,365 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 59,473 | $ | 85,005 | $ | 80,163 | $ | 118,144 | $ | 342,785 | |||||||||||||||||||
Three Months Ended, | Twelve months ended June 30, 2020 | ||||||||||||||||||||||||||||
September 30, 2019 | December 31, 2019 | March 31, 2020 | June 30, 2020 | ||||||||||||||||||||||||||
Net income (loss) | $ | (5,870) | $ | 5,667 | $ | (51,111) | $ | 20,032 | $ | (31,282) | |||||||||||||||||||
Interest expense (income) | 13,975 | 14,078 | 15,587 | 11,827 | 55,467 | ||||||||||||||||||||||||
Tax provision (benefit) | (7,212) | 14,708 | (1,464) | (12,200) | (6,168) | ||||||||||||||||||||||||
Depreciation and amortization | 34,250 | 47,770 | 46,898 | 46,997 | 175,915 | ||||||||||||||||||||||||
EBITDA | 35,143 | 82,223 | 9,910 | 66,656 | 193,932 | ||||||||||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||||||||
Acquisition costs | (23) | 2,158 | — | — | 2,135 | ||||||||||||||||||||||||
Transaction related stock compensation | 2,577 | 1,998 | 1,331 | 1,017 | 6,923 | ||||||||||||||||||||||||
Asset impairments including equity method investments | — | 43,097 | — | — | 43,097 | ||||||||||||||||||||||||
Loss from remeasurement of equity method investment | — | (36,287) | — | — | (36,287) | ||||||||||||||||||||||||
Severance Costs | — | — | — | 2,341 | 2,341 | ||||||||||||||||||||||||
Gain on sales of assets | — | (8,646) | — | — | (8,646) | ||||||||||||||||||||||||
Total adjusting items | 2,554 | 2,320 | 1,331 | 3,358 | 9,563 | ||||||||||||||||||||||||
Adjusted EBITDA | $ | 37,697 | $ | 84,543 | $ | 11,241 | $ | 70,014 | $ | 203,495 | |||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cash provided by (used in) operating activities | $ | 200,233 | $ | 373,941 | $ | (245,494) | $ | 145,511 | |||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||||||||||
Accounts receivable | (24,862) | 2,556 | (58,338) | (9,181) | |||||||||||||||||||
Inventories | 385,499 | 414,628 | 390,506 | 536,951 | |||||||||||||||||||
Commodity derivatives | (197,396) | 13,749 | (250,691) | 14,980 | |||||||||||||||||||
Other assets | 18,828 | (13,897) | 35,568 | (24,784) | |||||||||||||||||||
Payables and other accrued expenses | (74,962) | (119,015) | (516,883) | (481,624) | |||||||||||||||||||
Total changes in operating assets and liabilities | 107,107 | 298,021 | (399,838) | 36,342 | |||||||||||||||||||
Less: changes in CARES Act tax refund receivable | — | (14,147) | 27,697 | (35,694) | |||||||||||||||||||
Cash from operations before working capital changes | $ | 93,126 | $ | 61,773 | $ | 182,041 | $ | 73,475 |