Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ:
MNTK), a renewable energy company specializing in the management,
recovery, and conversion of biogas into renewable natural gas
(“RNG”), today announced financial results for the second quarter
ended June 30, 2023.
Second Quarter Financial Highlights:
- Revenues of $53.3 million, decreased 21.5% as compared to the
second quarter of 2022
- Net Income of $1.0 million, decreased 94.8% as compared to the
second quarter of 2022
- Non-GAAP Adjusted EBITDA of $19.2 million, decreased 30.4% as
compared to the second quarter of 2022
- RNG production of 1.4 million MMBtu, decreased 2.6% as compared
to the second quarter of 2022
On June 21, 2023, the Environmental Protection
Agency announced final rules for the Renewable Fuel Standard for
the period 2023 through 2025. The final rules did not finalize the
eRIN program but did set final volumes for cellulosic biofuel at
838, 1,090, and 1,376 million RINs for the years 2023, 2024 and
2025, respectively. We sold a significant amount of RINs as a
result of the rise in the index price of D3 RINs following the
announcement of the final rules.
In the second quarter of 2023, we announced a
planned development of a renewable natural gas landfill project in
Irvine, CA at the Frank R. Bowerman Landfill. The project is
anticipated to process the large and growing volumes of biogas in
excess of the existing capacity of the REG facility. With a
targeted commissioning date in 2026, we currently expect the
capital investment to range between $85 - $95 million, which is
anticipated to have production nameplate capacity of approximately
3,600 MMBtu per day.
Second Quarter Financial Results
Total revenues in the second quarter of 2023 were
$53.3 million, a decrease of $14.6 million (21.5%) compared to
$67.9 million in the second quarter of 2022. The decrease is
primarily related to a decrease in pricing of gas commodity indices
and average realized RIN pricing during the second quarter of 2023
compared to the second quarter of 2022. Gas commodity indices
decreased 70.7% during the second quarter of 2023 compared to the
second quarter of 2022. Realized RIN pricing of $2.16 in the second
quarter of 2023 decreased 36.1% when compared to $3.38 in the
second quarter of 2022. Operating and maintenance expenses for our
RNG facilities were $11.7 million, an increase of $0.7 million
(6.5%) compared to $11.0 million in the second quarter of 2022. The
primary driver of this increase is related to timing of
preventative maintenance expenses during the second quarter 2023 at
our Apex, Atascocita, and Coastal facilities as compared to the
second quarter of 2022. Our Renewable Electricity Generation
operating and maintenance expenses in the second quarter of 2023
were $3.4 million, a decrease of $0.4 million (10.0%) compared to
$3.8 million in the second quarter of 2022, due to the timing of
scheduled preventative maintenance intervals at our Bowerman
facility. Total general and administrative expenses were $8.7
million in the second quarter of 2023, a decrease of less than $0.1
million (0.1%) compared to $8.7 million in the second quarter of
2022. The change was primarily related to accounting for
stock-based compensation expenses. Stock-based compensation
increased due to stock option grants to executive officers in the
second quarter of 2023 but was offset by a decrease in stock-based
compensation expense of approximately $0.7 million due to the
forfeiture of stock awards in the second quarter of 2023. Operating
income in the second quarter of 2023 was $13.6 million, a decrease
of $10.4 million (43.4%) compared to operating income of $24.0
million in the second quarter of 2022. Net income for the second
quarter of 2023 was $1.0 million, a decrease of $18.2 million
(94.8%) compared to net income of $19.2 million in the second
quarter of 2022.
Second Quarter Operational Results
We produced approximately 1.4 million Metric
Million British Thermal Units (“MMBtu”) of RNG during the second
quarter of 2023, a decrease of less than 0.1 million compared to
1.4 million MMBtu produced in the second quarter of 2022. Our
Rumpke facility produced less than 0.1 million fewer MMBtu in the
second quarter of 2023 compared to the second quarter of 2022 as a
result of process equipment failure in the second quarter of 2023
which temporarily impacted production. Our Pico facility produced
less than 0.1 million fewer MMBtu in the second quarter of 2023
compared to the second quarter of 2022 as a result of feedstock
processing challenges in the second quarter of 2023. Our Galveston
facility produced less than 0.1 million more MMBtu in the second
quarter of 2023 compared to the second quarter of 2022 as a result
of process equipment modification. We produced approximately 49
thousand megawatt hours (“MWh”) in Renewable Electricity in the
second quarter of 2023, an increase of 2 thousand MWh compared to
47 thousand MWh produced in the second quarter of 2022. Our
Security facility produced approximately 1 thousand MWh more in the
second quarter of 2023 compared to the second quarter of 2022 due
to engine maintenance completed in the second quarter of 2022.
Updated 2023 Full Year Outlook:
- RNG revenues expected to range between $160.0 and $175.0
million
- RNG production volumes expected to range between 5.7 and 6.1
million MMBtu
- Renewable Electricity revenues expected to range between $18.0
and $19.0 million
- Renewable Electricity production volumes expected to range
between 195 and 200 thousand MWh
Conference Call Information
The Company will host a conference call today at
5:00 p.m. ET to discuss results. The register for the conference
call will be available via the following link:
-
https://register.vevent.com/register/BI10afeccdc20c4c7ba627f4efd237dc59
Please register for the conference call and
webcast using the above link in advance of the call start time. The
webcast platform will register your name and organization as well
as provide dial-ins numbers and a unique access pin. The conference
call will be broadcast live and be available for replay at
edge.media-server.com/mmc/p/55xst8sx and on the Company’s website
at https://ir.montaukrenewables.com after 8:00 p.m. Eastern time on
the same day through August 9, 2024.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables
include references to EBITDA and Adjusted EBITDA, which are
Non-GAAP financial measures. We present EBITDA and Adjusted EBITDA
because we believe the measures assist investors in analyzing our
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance.
In addition, EBITDA and Adjusted EBITDA are
financial measurements of performance that management and the board
of directors use in their financial and operational decision-making
and in the determination of certain compensation programs. EBITDA
and Adjusted EBITDA are supplemental performance measures that are
not required by or presented in accordance with GAAP. EBITDA and
Adjusted EBITDA should not be considered alternatives to net (loss)
income or any other performance measure derived in accordance with
GAAP, or as an alternative to cash flows from operating activities
or a measure of our liquidity or profitability.
About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a
renewable energy company specializing in the management, recovery
and conversion of biogas into RNG. The Company captures methane,
preventing it from being released into the atmosphere, and converts
it into either RNG or electrical power for the electrical grid
(“Renewable Electricity”). The Company, headquartered in
Pittsburgh, Pennsylvania, has more than 30 years of experience in
the development, operation and management of landfill
methane-fueled renewable energy projects. The Company has current
operations at 15 operating projects located in California, Idaho,
Ohio, Oklahoma, Pennsylvania, North Carolina, South Carolina, and
Texas. The Company sells RNG and Renewable Electricity, taking
advantage of Environmental Attribute premiums available under
federal and state policies that incentivize their use. For more
information, visit https://ir.montaukrenewables.com.
Company Contact: John Ciroli Chief Legal Officer
(CLO) & Secretary investor@montaukrenewables.com (412)
747-8700
Investor Relations Contact: Georg Venturatos
Gateway Investor Relations MNTK@gateway-grp.com (949) 574-3860
Safe Harbor Statement
This release contains “forward-looking statements”
within the meaning of U.S. federal securities laws that involve
substantial risks and uncertainties. All statements other than
statements of historical or current fact included in this report
are forward-looking statements. Forward-looking statements refer to
our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, strategies,
future performance, and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “anticipate,” “assume,” “believe,” “can have,”
“contemplate,” “continue,” “strive,” “aim,” “could,” “design,”
“due,” “estimate,” “expect,” “forecast,” “goal,” “intend,”
“likely,” “may,” “might,” “objective,” “plan,” “predict,”
“project,” “potential,” “seek,” “should,” “target,” “will,”
“would,” and other words and terms of similar meaning in connection
with any discussion of the timing or nature of future operational
performance or other events. For example, all statements we make
relating to future results of operations, financial condition,
estimated and projected costs, and plans and objectives for future
operations, growth, strategies or initiatives, including the Pico
feedstock amendment, the Montauk Ag project in North Carolina, the
Raeger capital improvement project, the Second Apex RNG Facility
project, the Blue Granite RNG project, the Bowerman RNG project,
the delivery of biogenic carbon dioxide volumes to European Energy,
and the resolution of gas collection issues at the McCarty
facility, are forward-looking statements. All forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those that we expect and,
therefore, you should not unduly rely on such statements. The risks
and uncertainties that could cause those actual results to differ
materially from those expressed or implied by these forward-looking
statements include but are not limited to: our ability to develop
and operate new renewable energy projects, including with livestock
farms, and related challenges associated with new projects, such as
identifying suitable locations and potential delays in acquisition
financing, construction, and development; reduction or elimination
of government economic incentives to the renewable energy market;
the inability to complete strategic development opportunities;
deterioration in general economic conditions outside our control
including the impacts of supply chain disruptions, inflationary
cost increases, recession and other macroeconomic factors;
continued inflation could raise our operating costs or increase the
construction costs of our existing or new projects; rising interest
rates could increase the borrowing costs of future indebtedness;
the potential failure to retain and attract qualified personnel of
the Company or a possible increased reliance on third-party
contractors as a result; the length of development and optimization
cycles for new projects, including the design and construction
processes for our renewable energy projects; dependence on third
parties for the manufacture of products and services and our
landfill operations; the quantity, quality and consistency of our
feedstock volumes from both landfill and livestock farm operations;
reliance on interconnections to distribution and transmission
products for our Renewable Natural Gas and Renewable Electricity
Generation segments; our projects not producing expected levels of
output; potential benefits associated with the combustion-based
oxygen removal condensate neutralization technology; concentration
of revenues from a small number of customers and projects; our
outstanding indebtedness and restrictions under our credit
facility; our ability to extend our fuel supply agreements prior to
expiration; our ability to meet milestone requirements under our
power purchase agreements; existing regulations and changes to
regulations and policies that effect our operations; expected
benefits from the extension of the Production Tax Credit and
Investment Tax Credit under the Inflation Reduction Act of 2022;
decline in public acceptance and support of renewable energy
development and projects; our expectations regarding Environmental
Attribute volume requirements and prices and commodity prices; our
expectations regarding the period during which we qualify as an
emerging growth company under the Jumpstart Our Business Startups
Act (“JOBS Act”); our expectations regarding future capital
expenditures, including for the maintenance of facilities; our
expectations regarding the use of net operating losses before
expiration; our expectations regarding more attractive carbon
intensity scores by regulatory agencies for our livestock farm
projects; market volatility and fluctuations in commodity prices
and the market prices of Environmental Attributes and the impact of
any related hedging activity; regulatory changes in federal, state
and international environmental attribute programs and the need to
obtain and maintain regulatory permits, approvals, and consents;
profitability of our planned livestock farm projects; sustained
demand for renewable energy; security threats, including cyber-
security attacks; potential liabilities from contamination and
environmental conditions; potential exposure to costs and
liabilities due to extensive environmental, health and safety laws;
impacts of climate change, changing weather patterns and
conditions, and natural disasters; failure of our information
technology and data security systems; increased competition in our
markets; continuing to keep up with technology innovations;
concentrated stock ownership by a few stockholders and related
control over the outcome of all matters subject to a stockholder
vote; and other risks and uncertainties detailed in the section
titled “Risk Factors” in our latest Annual Report on Form 10-K and
our other filings with the SEC.
We make many of our forward-looking statements
based on our operating budgets and forecasts, which are based upon
detailed assumptions. While we believe that our assumptions are
reasonable, we caution that it is very difficult to predict the
impact of known factors, and it is impossible for us to anticipate
all factors that could affect our actual results. All
forward-looking statements attributable to us are expressly
qualified in their entirety by these cautionary statements as well
as others made in our Securities and Exchange Commission filings
and public communications. You should evaluate all forward-looking
statements made by us in the context of these risks and
uncertainties. The forward-looking statements included herein are
made only as of the date hereof. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement as a result of new information, future events, or
otherwise, except as required by law.
MONTAUK
RENEWABLES, INC. |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
June 30, |
|
|
As of
December 31, |
|
ASSETS |
|
2023 |
|
|
2022 |
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
77,630 |
|
|
$ |
105,177 |
|
Accounts and other receivables |
|
|
13,215 |
|
|
|
7,222 |
|
Related party receivable |
|
|
10,117 |
|
|
|
9,000 |
|
Income tax receivable |
|
|
483 |
|
|
|
— |
|
Current portion of derivative instruments |
|
|
1,004 |
|
|
|
879 |
|
Prepaid expenses and other current assets |
|
|
5,833 |
|
|
|
2,590 |
|
|
|
|
|
|
|
|
Total current assets |
|
$ |
108,282 |
|
|
$ |
124,868 |
|
|
|
|
|
|
|
|
Non-current
restricted cash |
|
$ |
408 |
|
|
$ |
407 |
|
Property,
plant and equipment, net |
|
|
194,846 |
|
|
|
175,946 |
|
Goodwill and
intangible assets, net |
|
|
15,269 |
|
|
|
15,755 |
|
Deferred tax
assets |
|
|
3,865 |
|
|
|
3,952 |
|
Non-current
portion of derivative instruments |
|
|
930 |
|
|
|
936 |
|
Operating
lease right-of-use assets |
|
|
4,528 |
|
|
|
4,742 |
|
Finance
lease right-of-use assets |
|
|
62 |
|
|
|
96 |
|
Other
assets |
|
|
8,150 |
|
|
|
5,614 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
336,340 |
|
|
$ |
332,316 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
5,027 |
|
|
$ |
4,559 |
|
Accrued liabilities |
|
|
21,606 |
|
|
|
15,090 |
|
Income tax payable |
|
— |
|
|
|
402 |
|
Current portion of operating lease liability |
|
|
414 |
|
|
|
410 |
|
Current portion of finance lease liability |
|
|
62 |
|
|
|
71 |
|
Current portion of long-term debt |
|
|
7,880 |
|
|
|
7,870 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
$ |
34,989 |
|
|
$ |
28,402 |
|
|
|
|
|
|
|
|
Long-term
debt, less current portion |
|
$ |
59,560 |
|
|
$ |
63,505 |
|
Non-current
portion of operating lease liability |
|
|
4,282 |
|
|
|
4,341 |
|
Non-current
portion of finance lease liability |
|
— |
|
|
|
25 |
|
Asset
retirement obligations |
|
|
5,695 |
|
|
|
5,493 |
|
Other
liabilities |
|
|
4,013 |
|
|
|
3,459 |
|
|
|
|
|
|
|
|
Total liabilities |
|
$ |
108,539 |
|
|
$ |
105,225 |
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock, $0.01 par value, authorized 690,000,000 shares; 143,682,811
shares issued at June 30, 2023 and December 31, 2022, respectively;
141,633,417 shares outstanding at June 30, 2023 and December 31,
2022, respectively |
|
|
1,416 |
|
|
|
1,416 |
|
Treasury
stock, at cost, 971,306 shares June 30, 2023 and December 31, 2022,
respectively |
|
|
(11,051 |
) |
|
|
(11,051 |
) |
Additional
paid-in capital |
|
|
209,555 |
|
|
|
206,060 |
|
Retained
earnings |
|
|
27,881 |
|
|
|
30,666 |
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
|
227,801 |
|
|
|
227,091 |
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
336,340 |
|
|
$ |
332,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONTAUK
RENEWABLES, INC |
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues |
|
$ |
53,256 |
|
|
$ |
67,884 |
|
|
$ |
72,409 |
|
|
$ |
100,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating and maintenance expenses |
|
|
15,221 |
|
|
|
14,870 |
|
|
|
29,402 |
|
|
|
28,072 |
|
General and administrative expenses |
|
|
8,745 |
|
|
|
8,753 |
|
|
|
18,220 |
|
|
|
17,248 |
|
Royalties, transportation, gathering and production fuel |
|
|
10,205 |
|
|
|
15,090 |
|
|
|
14,138 |
|
|
|
22,296 |
|
Depreciation, depletion and amortization |
|
|
5,251 |
|
|
|
5,134 |
|
|
|
10,447 |
|
|
|
10,286 |
|
Gain on insurance proceeds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(313 |
) |
Impairment loss |
|
|
274 |
|
|
|
69 |
|
|
|
726 |
|
|
|
120 |
|
Transaction costs |
|
|
3 |
|
|
|
5 |
|
|
|
86 |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
39,699 |
|
|
$ |
43,921 |
|
|
$ |
73,019 |
|
|
$ |
77,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
$ |
13,557 |
|
|
$ |
23,963 |
|
|
$ |
(610 |
) |
|
$ |
22,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
711 |
|
|
$ |
271 |
|
|
$ |
2,386 |
|
|
$ |
303 |
|
Other (income) |
|
|
(90 |
) |
|
|
(25 |
) |
|
|
(84 |
) |
|
|
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other expense (income) |
|
$ |
621 |
|
|
$ |
246 |
|
|
$ |
2,302 |
|
|
$ |
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
$ |
12,936 |
|
|
$ |
23,717 |
|
|
$ |
(2,912 |
) |
|
$ |
22,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense (benefit) |
|
|
11,933 |
|
|
|
4,565 |
|
|
|
(127 |
) |
|
|
4,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
1,003 |
|
|
$ |
19,152 |
|
|
$ |
(2,785 |
) |
|
$ |
18,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.01 |
|
|
$ |
0.14 |
|
|
$ |
(0.02 |
) |
|
$ |
0.13 |
|
Diluted |
|
$ |
0.01 |
|
|
$ |
0.13 |
|
|
$ |
(0.02 |
) |
|
$ |
0.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
141,633,417 |
|
|
|
141,129,457 |
|
|
|
141,633,417 |
|
|
|
141,087,699 |
|
Diluted |
|
|
142,045,498 |
|
|
|
142,462,069 |
|
|
|
141,633,417 |
|
|
|
142,220,274 |
|
|
|
MONTAUK
RENEWABLES, INC. |
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(Unaudited) |
|
|
|
|
|
|
|
|
(in
thousands): |
|
|
|
|
|
|
|
|
Six Months
Ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(2,785 |
) |
|
$ |
18,037 |
|
Adjustments
to reconcile net (loss) income to net cash provided by operating
activities: |
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
10,447 |
|
|
|
10,286 |
|
Provision for deferred income taxes |
|
|
87 |
|
|
|
3,791 |
|
Stock-based compensation |
|
|
3,495 |
|
|
|
4,631 |
|
Derivative mark-to-market adjustments and settlements |
|
|
(119 |
) |
|
|
156 |
|
Gain on property insurance proceeds |
|
|
— |
|
|
|
(313 |
) |
Increase in earn-out liability |
|
|
350 |
|
|
|
1,403 |
|
Net loss (gain) on sale of assets |
|
|
37 |
|
|
|
(293 |
) |
Accretion of asset retirement obligations |
|
|
202 |
|
|
|
127 |
|
Amortization of debt issuance costs |
|
|
184 |
|
|
|
212 |
|
Impairment loss |
|
|
726 |
|
|
|
120 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts and other receivables and other current assets |
|
|
(13,246 |
) |
|
|
(17,989 |
) |
Accounts payable and other accrued expenses |
|
|
6,699 |
|
|
|
6,604 |
|
Net cash provided by operating activities |
|
$ |
6,077 |
|
|
$ |
26,772 |
|
Cash
flows from investing activities: |
|
|
|
|
|
|
Capital
expenditures |
|
$ |
(29,588 |
) |
|
$ |
(5,148 |
) |
Proceeds
from insurance recovery |
|
|
— |
|
|
|
313 |
|
Proceeds
from sale of assets |
|
|
— |
|
|
|
1,088 |
|
Cash
collateral deposits, net |
|
|
1 |
|
|
|
— |
|
Net cash used in investing activities |
|
$ |
(29,587 |
) |
|
$ |
(3,747 |
) |
Cash
flows from financing activities: |
|
|
|
|
|
|
Repayments
of long-term debt |
|
$ |
(4,000 |
) |
|
$ |
(4,000 |
) |
Treasury
stock purchase |
|
|
— |
|
|
|
(91 |
) |
Finance
lease payments |
|
|
(36 |
) |
|
|
(4 |
) |
Net cash used in financing activities |
|
$ |
(4,036 |
) |
|
$ |
(4,095 |
) |
Net
(decrease) increase in cash and cash equivalents and restricted
cash |
|
$ |
(27,546 |
) |
|
$ |
18,930 |
|
Cash and
cash equivalents and restricted cash at beginning of period |
|
$ |
105,606 |
|
|
$ |
53,612 |
|
Cash and
cash equivalents and restricted cash at end of period |
|
$ |
78,060 |
|
|
$ |
72,542 |
|
Reconciliation of cash, cash equivalents, and restricted
cash at end of period: |
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
77,630 |
|
|
$ |
72,195 |
|
Restricted
cash and cash equivalents - current |
|
|
22 |
|
|
|
19 |
|
Restricted
cash and cash equivalents - non-current |
|
|
408 |
|
|
|
328 |
|
|
|
$ |
78,060 |
|
|
$ |
72,542 |
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash paid
for interest |
|
$ |
2,460 |
|
|
$ |
1,673 |
|
Cash paid
for income taxes |
|
|
865 |
|
|
|
50 |
|
Accrual for
purchase of property, plant and equipment included in accounts
payable and accrued liabilities |
|
|
6,565 |
|
|
|
1,367 |
|
|
|
MONTAUK
RENEWABLES, INC. |
|
|
|
|
|
|
|
|
NON-GAAP
FINANCIAL MEASURES |
|
(Unaudited) |
|
|
|
|
|
|
|
|
(in
thousands): |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table provides our EBITDA and Adjusted EBITDA, as
well as a reconciliation to net income (loss) which is the most
directly comparable GAAP measure, for the three and six months
ended June 30, 2023 and 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
1,003 |
|
|
$ |
19,152 |
|
Depreciation, depletion and amortization |
|
|
5,251 |
|
|
|
5,134 |
|
Interest
expense |
|
|
711 |
|
|
|
271 |
|
Income tax
expense |
|
|
11,933 |
|
|
|
4,565 |
|
Consolidated EBITDA |
|
|
18,898 |
|
|
|
29,122 |
|
|
|
|
|
|
|
|
Impairment
loss |
|
|
274 |
|
|
|
69 |
|
Transaction
costs |
|
|
3 |
|
|
|
5 |
|
Non-cash
hedging charges |
|
|
— |
|
|
|
(1,644 |
) |
Adjusted EBITDA |
|
$ |
19,175 |
|
|
$ |
27,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
Net (loss)
income |
|
$ |
(2,785 |
) |
|
$ |
18,037 |
|
Depreciation, depletion and amortization |
|
|
10,447 |
|
|
|
10,286 |
|
Interest
expense |
|
|
2,386 |
|
|
|
303 |
|
Income tax
(benefit) expense |
|
|
(127 |
) |
|
|
4,307 |
|
Consolidated EBITDA |
|
|
9,921 |
|
|
|
32,933 |
|
|
|
|
|
|
|
|
Impairment
loss |
|
|
726 |
|
|
|
120 |
|
Net loss
(gain) of sale of assets |
|
|
37 |
|
|
|
(293 |
) |
Transaction
costs |
|
|
86 |
|
|
|
32 |
|
Non-cash
hedging charges |
|
|
— |
|
|
|
1,807 |
|
Adjusted EBITDA |
|
$ |
10,770 |
|
|
$ |
34,599 |
|
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