Intrepid Potash, Inc. (Intrepid) (NYSE:IPI) today reported its
results for the second quarter of 2021.
Key Takeaways for Q2 2021
- As of June 30, 2021, Intrepid had $53 million in cash on hand
and only $30 million of remaining debt which is outstanding on its
revolving credit facility. Intrepid paid down its remaining $15
million of Senior Notes and received full forgiveness of its $10
million Paycheck Protection Program loan to achieve this cash
positive position.
- Net income of $19.5 million, or $1.46 per share and adjusted
net income(1) of $7.4 million, or $0.55 per share
- Gross margin of $14.2 million, an increase of $14.8 million
compared to the second quarter of 2020
- Cash flow from operations of $32.3 million in Q2 2021,
increasing first half 2021 cash flow from operations to $51.4
million
- Adjusted EBITDA(1) of $16.9 million
"Second quarter and first half results continued to benefit from
strong commodity prices and rising potash and Trio® pricing and
demand, leading to significant improvements in net income, gross
margin and EBITDA compared to the prior year." said Bob Jornayvaz,
Intrepid's Executive Chairman and CEO. "Since announcing another
potash and Trio® price increase in June, the fertilizer market
continued to move up with buyers eager to secure supply in a
limited market. We began our HB production season this week and
expect to start our Utah solar solution mining facilities in early
September. We are well positioned to supply our customers when the
fall season begins and have already received strong buyer interest
in new orders for fourth quarter delivery. We have been thoughtful
in waiting to accept orders as the market remains tight."
Jornayvaz continued, "Oilfield activity continues to improve in
the Delaware Basin as growth in rig counts and frac crews led to
increased produced water royalty and surface use agreement revenue
in the second quarter. We opportunistically scheduled our water on
our South Ranch in the second quarter in anticipation of higher
margin jobs, which have materialized, in the second half of the
year. We expect steady growth in our oilfield solutions segment
over the next six months and into 2022."
Consolidated Results
We generated second quarter 2021 net income of $19.5
million, or $1.46 per share and adjusted net income of $7.4 million
or $0.55 per share. Consolidated gross margin increased to $14.2
million compared to the prior year's gross deficit of $0.6 million.
First half 2021 net income increased to $21.9 million, or $1.65 per
share when compared to prior year period and adjusted net income
was $9.8 million or $0.74 per share. Gross margin for the first
half of 2021 increased to $23.3 million compared to prior year
first half gross margin of $5.0 million. Adjusted net income and
gross margin in both periods increased as improved fertilizer
pricing, strong demand in agricultural markets, and increased
byproduct sales drove improvements in the bottom line.
In May 2021, we sold 326 acres of land in Texas for $6.0 million
and recognized a gain on the sale of the land of $2.8 million. We
purchased this land in May 2019 for the development of a produced
water disposal facility and had permitted two disposal wells on the
property. In June 2021, we received notice that the Small Business
Administration had remitted funds to our bank to fully repay our
Paycheck Protection Program (PPP) loan and accrued interest.
Accordingly, we recognized a gain of $10.1 million related to
the forgiveness of the PPP loan and the associated accrued interest
on the loan.
Segment Highlights
Potash
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
37,693 |
|
|
$ |
24,526 |
|
|
$ |
81,270 |
|
|
$ |
58,317 |
|
Gross margin |
|
$ |
10,131 |
|
|
$ |
2,015 |
|
|
$ |
18,803 |
|
|
$ |
6,349 |
|
|
|
|
|
|
|
|
|
|
Potash sales volumes (in
tons) |
|
92 |
|
|
74 |
|
|
208 |
|
|
173 |
|
Potash production volumes (in
tons) |
|
51 |
|
|
4 |
|
|
164 |
|
|
140 |
|
|
|
|
|
|
|
|
|
|
Average potash net realized
sales price per ton(1) |
|
$ |
319 |
|
|
$ |
256 |
|
|
$ |
300 |
|
|
$ |
256 |
|
Potash segment gross margin increased $8.1 million and $12.5
million in the second quarter and first half of 2021, respectively,
when compared to prior year periods, as rising prices, increased
demand, and more product available to sell after a good 2020
evaporation season all drove improvements to the bottom line.
Potash sales in the second quarter increased 54% compared to the
same period in 2020, due to a 24% increase in sales volume, a 25%
increase in our average net realized sales price per ton, and a
$1.8 million increase in byproduct sales. Agricultural sales
volumes continued to benefit from strong commodity prices and our
industrial potash sales increased slightly in the second quarter
due to the economic rebound from the COVID-19 pandemic. Average net
realized sales price per ton improved compared to the same periods
in 2020 due to several price increases announced since the fourth
quarter of 2020 and will continue to increase in the third quarter
of 2021 as second quarter price increases begin to take effect.
Increased byproduct sales in the second quarter were driven by a
$0.9 million increased in magnesium chloride sales as we had more
product to sell in 2021 due to good evaporation during the summer
of 2020. Byproduct water sales increased $0.4 million compared to
the second quarter of 2020 as a higher percentage of our total
water sales were sales of byproduct water.
First half potash production increased significantly compared to
the prior year as above average evaporation during the summer of
2020 increased the product available in our solar ponds and
extended our production season. Second quarter production also
increased compared to the prior year as we made up for the reduced
operating days and production rates during the first quarter of
2021.
Trio®
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
26,924 |
|
|
$ |
19,251 |
|
|
|
$ |
50,619 |
|
|
$ |
41,832 |
|
|
Gross margin (deficit) |
|
$ |
3,162 |
|
|
$ |
(3,225 |
) |
|
|
$ |
3,093 |
|
|
$ |
(6,780 |
) |
|
|
|
|
|
|
|
|
|
|
Trio® sales volume (in
tons) |
|
75 |
|
|
64 |
|
|
|
145 |
|
|
140 |
|
|
Trio® production volume (in
tons) |
|
63 |
|
|
50 |
|
|
|
119 |
|
|
100 |
|
|
|
|
|
|
|
|
|
|
|
Average Trio® net realized
sales price per ton(1) |
|
$ |
271 |
|
|
$ |
208 |
|
|
|
$ |
251 |
|
|
$ |
200 |
|
|
Our Trio® segment generated a gross margin of $3.2 million and
$3.1 million in the second quarter and first half of 2021,
respectively, as recent price increases improved our average net
realized sales price per ton nearly 30% in both periods.
Total sales increased 40% for the second quarter of 2021
compared to the prior year, due to the higher prices and a 17%
increase in sales volumes. Tons sold increased as strong commodity
prices and the economic rebound from the COVID-19 pandemic drove an
increase in demand for Trio®. We announced a $35 per ton increase
in Trio® price in June and expect to realize the majority of that
increase in the third quarter of 2021.
Production volume increased 26% and 19% second quarter and first
half of 2021, respectively, when compared to the prior year
periods, as we converted more tons of work-in-process inventory to
premium Trio®.
Oilfield Solutions
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Sales |
|
$ |
3,331 |
|
|
$ |
2,747 |
|
|
$ |
7,584 |
|
|
$ |
10,488 |
|
Gross margin |
|
$ |
906 |
|
|
$ |
611 |
|
|
$ |
1,411 |
|
|
$ |
5,455 |
|
Oilfield solutions sales increased $0.6 million in the second
quarter of 2021, compared to the same period in 2020, due to a $0.5
million increase in surface use, right-of way and easement revenues
and a $0.3 increase in produced water royalties, partially offset
by a $0.2 million decrease in water sales. First half sales
decreased $2.9 million compared to the same period in 2020, due to
a $3.6 million decrease in water sales, partially offset by a $0.6
million increase in produced water royalty revenues and a $0.2
million increase in surface use, right-of way and easement
revenues. Water sales recorded in the oilfield solutions segment
continued to lag prior year results due to the negative economic
effects from the COVID-19 pandemic, although we continue to see
growth in oilfield activity in the Delaware Basin and expect water
sales will improve in the second half of 2021.
Gross margin for the second quarter increased $0.3 million
compared to the prior year as improved activity in the oilfield led
to increased revenues from our surface use agreements and produced
water royalty. First half 2021 gross margin decreased compared to
the prior year as first quarter 2020 water sales were not affected
by the COVID-19 pandemic.
Paycheck Protection Program (PPP) Loan
In June 2021, we received notice that the Small Business
Administration had remitted funds to our bank to fully repay our
PPP loan and accrued interest. Accordingly, we recognized a gain of
$10.1 million related to the forgiveness of the PPP loan and
the associated accrued interest on the loan.
Senior Notes
In June 2021, we repaid the remaining $15.0 million of principal
outstanding on our Series B Senior Notes due April 14, 2023 (the
"Series B Senior Notes") and satisfied all obligations under the
Amended and Restated Note Purchase Agreement, dated as of October
31, 2016, by and among the Company and each of the purchasers named
therein (as amended, the "Note Purchase Agreement"). In connection
with this repayment, the Company paid in aggregate approximately
$15.6 million, which consisted of (i) $15.0 million of remaining
aggregate principal amount of Series B Senior Notes, (ii)
approximately $0.1 million of accrued interest and (iii) a
"make-whole" premium of $0.5 million. As a result of the repayment,
the Note Purchase Agreement was terminated.
Liquidity
Cash provided by operations was $32.3 million during the second
quarter of 2021 and $51.4 million for the first half of 2021. Cash
used in investing activities decreased to $0.6 million for the
first half of 2021, as $6.6 million spent on capital investments
during 2021 was mostly offset by $6.0 million in proceeds from the
sale of land discussed above.
As of August 2, 2021, we had approximately $36 million in cash
and cash equivalents, $10 million outstanding under our revolving
credit facility, and $64.0 million available to borrow under our
revolving credit facility.
Notes
1 Adjusted net income (loss), adjusted earnings before interest,
taxes, depreciation, and amortization (or adjusted EBITDA) and
average net realized sales price per ton are non-GAAP financial
measures. See the non-GAAP reconciliations set forth later in this
press release for additional information.
Unless expressly stated otherwise or the context otherwise
requires, references to tons in this press release refer to short
tons. One short ton equals 2,000 pounds. One metric tonne, which
many international competitors use, equals 1,000 kilograms or
2,204.62 pounds.
Conference Call Information
A teleconference to discuss the quarter is scheduled for August
3, 2021, at 12:00 p.m. ET. The dial-in number is 1-800-319-4610 for
U.S. and Canada, and is +1-631-891-4304 for other countries. The
call will also be streamed on the Intrepid website,
intrepidpotash.com.
An audio recording of the conference call will be available at
intrepidpotash.com and by dialing 1-800-319-6413 for U.S. and
Canada, or +1-631-883-6842 for other countries. The replay will
require the input of the conference identification number 7466.
About Intrepid
Intrepid is a diversified mineral company that delivers
potassium, magnesium, sulfur, salt, and water products essential
for customer success in agriculture, animal feed, and the oil and
gas industry. Intrepid is the only U.S. producer of muriate of
potash, which is applied as an essential nutrient for healthy crop
development, utilized in several industrial applications, and used
as an ingredient in animal feed. In addition, Intrepid produces a
specialty fertilizer, Trio®, which delivers three key nutrients,
potassium, magnesium, and sulfate, in a single particle. Intrepid
also provides water, magnesium chloride, brine, and various
oilfield products and services.
Intrepid serves diverse customers in markets where a logistical
advantage exists and is a leader in the use of solar evaporation
for potash production, resulting in lower cost and more
environmentally friendly production. Intrepid's mineral production
comes from three solar solution potash facilities and one
conventional underground Trio® mine.
Intrepid routinely posts important information, including
information about upcoming investor presentations and press
releases, on its website under the Investor Relations tab.
Investors and other interested parties are encouraged to enroll at
intrepidpotash.com, to receive automatic email alerts for new
postings.
Forward-looking Statements
This document contains forward-looking statements - that is,
statements about future, not past, events. The forward-looking
statements in this document relate to, among other things,
statements about Intrepid's future financial performance, cash flow
from operations expectations, water sales, production costs,
acquisition expectations and operating plans, its market outlook,
and the impact of the COVID-19 pandemic on the company. These
statements are based on assumptions that Intrepid believes are
reasonable. Forward-looking statements by their nature address
matters that are uncertain. The particular uncertainties that could
cause Intrepid's actual results to be materially different from its
forward-looking statements include the following:
- changes in the price, demand, or supply of Intrepid's products
and services;
- challenges to Intrepid's water rights;
- Intrepid's ability to successfully identify and implement any
opportunities to grow its business whether through expanded sales
of water, Trio®, byproducts, and other non-potassium related
products or other revenue diversification activities;
- the costs of, and Intrepid's ability to successfully execute,
any strategic projects;
- declines or changes in agricultural production or fertilizer
application rates;
- declines in the use of potassium-related products or water by
oil and gas companies in their drilling operations;
- Intrepid's ability to prevail in outstanding legal proceedings
against it;
- Intrepid's ability to comply with the terms of its revolving
credit facility, including the underlying covenants, to avoid a
default under the agreement;
- further write-downs of the carrying value of assets, including
inventories;
- circumstances that disrupt or limit production, including
operational difficulties or variances, geological or geotechnical
variances, equipment failures, environmental hazards, and other
unexpected events or problems;
- changes in reserve estimates;
- currency fluctuations;
- adverse changes in economic conditions or credit markets;
- the impact of governmental regulations, including environmental
and mining regulations, the enforcement of those regulations, and
governmental policy changes;
- adverse weather events, including events affecting
precipitation and evaporation rates at Intrepid's solar solution
mines;
- increased labor costs or difficulties in hiring and retaining
qualified employees and contractors, including workers with mining,
mineral processing, or construction expertise;
- changes in the prices of raw materials, including chemicals,
natural gas, and power;
- Intrepid's ability to obtain and maintain any necessary
governmental permits or leases relating to current or future
operations;
- interruptions in rail or truck transportation services, or
fluctuations in the costs of these services;
- Intrepid's inability to fund necessary capital
investments;
- the impact of the COVID-19 pandemic on Intrepid's business,
operations, liquidity, financial condition, and results of
operations; and
- the other risks, uncertainties, and assumptions described in
Intrepid's periodic filings with the Securities and Exchange
Commission, including in "Risk Factors" in Intrepid's Annual Report
on Form 10-K for the year ended December 31, 2020, as updated by
subsequent Quarterly Reports on Form 10-Q.
In addition, new risks emerge from time to time. It is not
possible for Intrepid to predict all risks that may cause actual
results to differ materially from those contained in any
forward-looking statements Intrepid may make.
All information in this document speaks as of the date of this
release. New information or events after that date may cause our
forward-looking statements in this document to change. We undertake
no duty to update or revise publicly any forward-looking statements
to conform the statements to actual results or to reflect new
information or future events.
Contact:Matt Preston, Vice President -
FinancePhone: 303-996-3048Email:
matt.preston@intrepidpotash.com
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)FOR THE THREE AND
SIX MONTHS ENDED JUNE 30, 2021 AND 2020
(In thousands, except per share amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Sales |
|
$ |
67,888 |
|
|
|
$ |
46,450 |
|
|
|
$ |
139,351 |
|
|
|
$ |
110,434 |
|
|
Less: |
|
|
|
|
|
|
|
|
Freight costs |
|
10,115 |
|
|
|
8,735 |
|
|
|
22,193 |
|
|
|
20,595 |
|
|
Warehousing and handling costs |
|
2,378 |
|
|
|
2,065 |
|
|
|
5,010 |
|
|
|
4,969 |
|
|
Cost of goods sold |
|
41,196 |
|
|
|
34,008 |
|
|
|
88,841 |
|
|
|
77,055 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
2,241 |
|
|
|
— |
|
|
|
2,791 |
|
|
Gross Margin
(Deficit) |
|
14,199 |
|
|
|
(599 |
) |
|
|
23,307 |
|
|
|
5,024 |
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative |
|
6,612 |
|
|
|
6,673 |
|
|
|
12,403 |
|
|
|
13,272 |
|
|
Accretion of asset retirement
obligation |
|
441 |
|
|
|
434 |
|
|
|
882 |
|
|
|
869 |
|
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
(Gain) loss on sale of
assets |
|
(2,567 |
) |
|
|
234 |
|
|
|
(2,565 |
) |
|
|
(4,462 |
) |
|
Other operating (income)
expense |
|
(583 |
) |
|
|
269 |
|
|
|
(577 |
) |
|
|
258 |
|
|
Operating Income
(Loss) |
|
10,296 |
|
|
|
(8,209 |
) |
|
|
13,164 |
|
|
|
(14,988 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(918 |
) |
|
|
(635 |
) |
|
|
(1,344 |
) |
|
|
(1,427 |
) |
|
Interest income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116 |
|
|
Other income |
|
8 |
|
|
|
(28 |
) |
|
|
17 |
|
|
|
(12 |
) |
|
Gain on extinguishment
of debt |
|
10,113 |
|
|
|
— |
|
|
|
10,113 |
|
|
|
— |
|
|
Income (Loss) Before
Income Taxes |
|
19,499 |
|
|
|
(8,872 |
) |
|
|
21,950 |
|
|
|
(16,311 |
) |
|
|
|
|
|
|
|
|
|
|
Income Tax
Benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42 |
|
|
Net Income
(Loss) |
|
$ |
19,499 |
|
|
|
$ |
(8,872 |
) |
|
|
$ |
21,950 |
|
|
|
$ |
(16,269 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
13,089 |
|
|
|
12,979 |
|
|
|
13,071 |
|
|
|
12,968 |
|
|
Diluted |
|
13,338 |
|
|
|
12,979 |
|
|
|
13,335 |
|
|
|
12,968 |
|
|
Earnings Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.49 |
|
|
|
$ |
(0.68 |
) |
|
|
$ |
1.68 |
|
|
|
$ |
(1.25 |
) |
|
Diluted |
|
$ |
1.46 |
|
|
|
$ |
(0.68 |
) |
|
|
$ |
1.65 |
|
|
|
$ |
(1.25 |
) |
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)AS OF JUNE 30, 2021 AND DECEMBER 31,
2020(In thousands, except share and per share
amounts)
|
|
June 30, |
|
December 31, |
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
53,250 |
|
|
|
$ |
19,515 |
|
|
Accounts receivable: |
|
|
|
|
Trade, net |
|
23,029 |
|
|
|
22,795 |
|
|
Other receivables, net |
|
2,470 |
|
|
|
1,577 |
|
|
Inventory, net |
|
74,760 |
|
|
|
88,673 |
|
|
Prepaid expenses and other
current assets |
|
2,854 |
|
|
|
3,228 |
|
|
Total current assets |
|
156,363 |
|
|
|
135,788 |
|
|
|
|
|
|
|
Property, plant, equipment,
and mineral properties, net |
|
341,984 |
|
|
|
355,497 |
|
|
Water rights |
|
19,184 |
|
|
|
19,184 |
|
|
Long-term parts inventory,
net |
|
29,044 |
|
|
|
28,900 |
|
|
Other assets, net |
|
10,545 |
|
|
|
10,819 |
|
|
Total
Assets |
|
$ |
557,120 |
|
|
|
$ |
550,188 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Accounts payable |
|
$ |
7,206 |
|
|
|
$ |
7,278 |
|
|
Accrued liabilities |
|
15,015 |
|
|
|
12,701 |
|
|
Accrued employee compensation
and benefits |
|
8,664 |
|
|
|
4,422 |
|
|
Current portion of long-term
debt, net |
|
— |
|
|
|
10,000 |
|
|
Other current liabilities |
|
34,812 |
|
|
|
32,816 |
|
|
Total current liabilities |
|
65,697 |
|
|
|
67,217 |
|
|
|
|
|
|
|
Advances on credit
facility |
|
29,817 |
|
|
|
29,817 |
|
|
Long-term debt, net |
|
— |
|
|
|
14,926 |
|
|
Asset retirement
obligation |
|
24,780 |
|
|
|
23,872 |
|
|
Operating lease
liabilities |
|
1,413 |
|
|
|
2,136 |
|
|
Other non-current
liabilities |
|
878 |
|
|
|
961 |
|
|
Total
Liabilities |
|
122,585 |
|
|
|
138,929 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
Common stock, $0.001 par
value; 40,000,000 shares authorized; |
|
|
|
|
13,121,087 and 13,049,820 shares outstanding |
|
|
|
|
at June 30, 2021, and December 31, 2020, respectively |
|
13 |
|
|
|
13 |
|
|
Additional paid-in
capital |
|
658,163 |
|
|
|
656,837 |
|
|
Accumulated deficit |
|
(223,641 |
) |
|
|
(245,591 |
) |
|
Total Stockholders'
Equity |
|
434,535 |
|
|
|
411,259 |
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
557,120 |
|
|
|
$ |
550,188 |
|
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)FOR THE THREE AND SIX MONTHS
ENDED JUNE 30, 2021 AND 2020(In
thousands)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
19,499 |
|
|
|
$ |
(8,872 |
) |
|
|
$ |
21,950 |
|
|
|
$ |
(16,269 |
) |
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
275 |
|
|
Depreciation, depletion and amortization |
|
8,598 |
|
|
|
8,043 |
|
|
|
18,079 |
|
|
|
17,629 |
|
|
Accretion of asset retirement obligation |
|
441 |
|
|
|
434 |
|
|
|
882 |
|
|
|
869 |
|
|
Amortization of deferred financing costs |
|
126 |
|
|
|
75 |
|
|
|
194 |
|
|
|
161 |
|
|
Amortization of intangible assets |
|
81 |
|
|
|
81 |
|
|
|
161 |
|
|
|
161 |
|
|
Stock-based compensation |
|
765 |
|
|
|
963 |
|
|
|
1,655 |
|
|
|
1,995 |
|
|
Litigation settlement |
|
— |
|
|
|
(10,075 |
) |
|
|
— |
|
|
|
— |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
2,241 |
|
|
|
— |
|
|
|
2,791 |
|
|
(Gain) loss on disposal of assets |
|
(2,567 |
) |
|
|
234 |
|
|
|
(2,565 |
) |
|
|
(4,462 |
) |
|
Allowance for parts inventory obsolescence |
|
— |
|
|
|
492 |
|
|
|
— |
|
|
|
492 |
|
|
Other |
|
— |
|
|
|
(116 |
) |
|
|
— |
|
|
|
(116 |
) |
|
Gain on extinguishment of debt |
|
(10,113 |
) |
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable, net |
|
13,868 |
|
|
|
12,606 |
|
|
|
(235 |
) |
|
|
4,218 |
|
|
Other receivables, net |
|
(173 |
) |
|
|
(427 |
) |
|
|
(893 |
) |
|
|
(735 |
) |
|
Inventory, net |
|
4,474 |
|
|
|
3,885 |
|
|
|
13,767 |
|
|
|
8,861 |
|
|
Prepaid expenses and other current assets |
|
137 |
|
|
|
573 |
|
|
|
495 |
|
|
|
1,430 |
|
|
Accounts payable, accrued liabilities, and accrued employee
compensation and benefits |
|
(1,955 |
) |
|
|
(6,591 |
) |
|
|
6,023 |
|
|
|
1,528 |
|
|
Operating lease liabilities |
|
(536 |
) |
|
|
(498 |
) |
|
|
(1,061 |
) |
|
|
(1,050 |
) |
|
Other liabilities |
|
(318 |
) |
|
|
5,729 |
|
|
|
3,097 |
|
|
|
5,770 |
|
|
Net cash provided by operating activities |
|
32,327 |
|
|
|
8,777 |
|
|
|
51,436 |
|
|
|
23,548 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant, equipment, mineral properties and
other assets |
|
(4,266 |
) |
|
|
(4,935 |
) |
|
|
(6,626 |
) |
|
|
(10,645 |
) |
|
Long-term investment |
|
— |
|
|
|
(3,500 |
) |
|
|
— |
|
|
|
(3,500 |
) |
|
Proceeds from sale of assets |
|
5,995 |
|
|
|
— |
|
|
|
6,042 |
|
|
|
4,786 |
|
|
Net cash provided by (used in) investing activities |
|
1,729 |
|
|
|
(8,435 |
) |
|
|
(584 |
) |
|
|
(9,359 |
) |
|
|
|
|
|
|
|
|
|
|
Cash
Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Debt prepayment costs |
|
(503 |
) |
|
|
— |
|
|
|
(505 |
) |
|
|
— |
|
|
Repayments of long-term debt |
|
(14,978 |
) |
|
|
(20,000 |
) |
|
|
(15,000 |
) |
|
|
(20,000 |
) |
|
Payments of financing lease |
|
(1,151 |
) |
|
|
— |
|
|
|
(1,258 |
) |
|
|
— |
|
|
Proceeds from short-term borrowings on credit facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
Capitalized debt fees |
|
— |
|
|
|
(36 |
) |
|
|
— |
|
|
|
(36 |
) |
|
Employee tax withholding paid for restricted stock upon
vesting |
|
(176 |
) |
|
|
(125 |
) |
|
|
(380 |
) |
|
|
(174 |
) |
|
Proceeds from loan under CARES Act |
|
— |
|
|
|
10,000 |
|
|
|
— |
|
|
|
10,000 |
|
|
Proceeds from exercise of stock options |
|
8 |
|
|
|
— |
|
|
|
51 |
|
|
|
— |
|
|
Net cash used in financing activities |
|
(16,800 |
) |
|
|
(10,161 |
) |
|
|
(17,092 |
) |
|
|
(210 |
) |
|
|
|
|
|
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash |
|
17,256 |
|
|
|
(9,819 |
) |
|
|
33,760 |
|
|
|
13,979 |
|
|
Cash, Cash Equivalents
and Restricted Cash, beginning of period |
|
36,688 |
|
|
|
45,037 |
|
|
|
20,184 |
|
|
|
21,239 |
|
|
Cash, Cash Equivalents
and Restricted Cash, end of period |
|
$ |
53,944 |
|
|
|
$ |
35,218 |
|
|
|
$ |
53,944 |
|
|
|
$ |
35,218 |
|
|
To supplement Intrepid's consolidated financial statements,
which are prepared and presented in accordance with GAAP, Intrepid
uses several non-GAAP financial measures to monitor and evaluate
its performance. These non-GAAP financial measures include adjusted
net income (loss), adjusted net income (loss) per diluted share,
adjusted EBITDA, and average net realized sales price per ton.
These non-GAAP financial measures should not be considered in
isolation, or as a substitute for, or superior to, the financial
information prepared and presented in accordance with GAAP. In
addition, because the presentation of these non-GAAP financial
measures varies among companies, these non-GAAP financial measures
may not be comparable to similarly titled measures used by other
companies.
Intrepid believes these non-GAAP financial measures provide
useful information to investors for analysis of its business.
Intrepid uses these non-GAAP financial measures as one of its tools
in comparing period-over-period performance on a consistent basis
and when planning, forecasting, and analyzing future periods.
Intrepid believes these non-GAAP financial measures are used by
professional research analysts and others in the valuation,
comparison, and investment recommendations of companies in the
potash mining industry. Many investors use the published research
reports of these professional research analysts and others in
making investment decisions.
Adjusted Net Income (Loss) and Adjusted Net Income
(Loss) Per Diluted Share
Adjusted net income (loss) and adjusted net income (loss) per
diluted share are calculated as net income (loss) or income (loss)
per diluted share adjusted for certain items that impact the
comparability of results from period to period, as set forth in the
reconciliation below. Intrepid considers these non-GAAP financial
measures to be useful because they allow for period-to-period
comparisons of its operating results excluding items that Intrepid
believes are not indicative of its fundamental ongoing
operations.
Reconciliation of Net Income (Loss) to Adjusted Net Income
(Loss):
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Net Income (Loss) |
$ |
19,499 |
|
|
|
$ |
(8,872 |
) |
|
|
$ |
21,950 |
|
|
|
$ |
(16,269 |
) |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
(Gain) loss on sale of
assets |
(2,567 |
) |
|
|
234 |
|
|
|
(2,565 |
) |
|
|
(4,462 |
) |
|
Gain on extinguishment of
debt |
(10,113 |
) |
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Write-off of deferred
financing fees |
60 |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
Make-whole payment |
503 |
|
|
|
— |
|
|
|
505 |
|
|
|
— |
|
|
Total adjustments |
(12,117 |
) |
|
|
234 |
|
|
|
(12,113 |
) |
|
|
5,613 |
|
|
Adjusted Net Income
(Loss) |
$ |
7,382 |
|
|
|
$ |
(8,638 |
) |
|
|
$ |
9,837 |
|
|
|
$ |
(10,656 |
) |
|
Reconciliation of Net Income (Loss) per Share to Adjusted Net
Income (Loss) per Share:
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net Income (Loss) Per Diluted
Share |
$ |
1.46 |
|
|
|
$ |
(0.68 |
) |
|
|
$ |
1.65 |
|
|
|
$ |
(1.25 |
) |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.78 |
|
|
(Gain) loss on sale of
assets |
(0.19 |
) |
|
|
0.02 |
|
|
|
(0.19 |
) |
|
|
(0.34 |
) |
|
Gain on extinguishment of
debt |
(0.76 |
) |
|
|
— |
|
|
|
(0.76 |
) |
|
|
— |
|
|
Write-off of deferred
financing fees |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Make-whole payment |
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
Total adjustments |
(0.91 |
) |
|
|
0.02 |
|
|
|
(0.91 |
) |
|
|
0.44 |
|
|
Adjusted Net Income (Loss) Per
Diluted Share |
$ |
0.55 |
|
|
|
$ |
(0.66 |
) |
|
|
$ |
0.74 |
|
|
|
$ |
(0.81 |
) |
|
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and
amortization (or adjusted EBITDA) is calculated as net income
(loss) adjusted for certain items that impact the comparability of
results from period to period, as set forth in the reconciliation
below. Intrepid considers adjusted EBITDA to be useful, and believe
it to be useful for investors, because the measure reflects
Intrepid's operating performance before the effects of certain
non-cash items and other items that Intrepid believes are not
indicative of its core operations. Intrepid uses adjusted EBITDA to
assess operating performance.
Reconciliation of Net Income (Loss) to Adjusted EBITDA:
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Net Income (Loss) |
|
$ |
19,499 |
|
|
|
$ |
(8,872 |
) |
|
|
$ |
21,950 |
|
|
|
$ |
(16,269 |
) |
|
Litigation
settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
(Gain) loss on sale of
assets |
|
(2,567 |
) |
|
|
234 |
|
|
|
(2,565 |
) |
|
|
(4,462 |
) |
|
Gain on extinguishment of
debt |
|
(10,113 |
) |
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Interest expense |
|
918 |
|
|
|
635 |
|
|
|
1,344 |
|
|
|
1,427 |
|
|
Income tax benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42 |
) |
|
Depreciation, depletion, and
amortization |
|
8,598 |
|
|
|
8,043 |
|
|
|
18,079 |
|
|
|
17,629 |
|
|
Amortization of intangible
assets |
|
81 |
|
|
|
81 |
|
|
|
161 |
|
|
|
161 |
|
|
Accretion of asset retirement
obligation |
|
441 |
|
|
|
434 |
|
|
|
882 |
|
|
|
869 |
|
|
Total adjustments |
|
(2,642 |
) |
|
|
9,427 |
|
|
|
7,788 |
|
|
|
25,657 |
|
|
Adjusted EBITDA |
|
$ |
16,857 |
|
|
|
$ |
555 |
|
|
|
$ |
29,738 |
|
|
|
$ |
9,388 |
|
|
Average Potash and Trio®
Net Realized Sales Price per Ton
Average net realized sales price per ton for potash is
calculated as potash segment sales less potash segment byproduct
sales and potash freight costs and then dividing that difference by
the number of tons of potash sold in the period. Likewise, average
net realized sales price per ton for Trio® is calculated as Trio®
segment sales less Trio® segment byproduct sales and Trio® freight
costs and then dividing that difference by Trio® tons sold.
Intrepid considers average net realized sales price per ton to be
useful, and believe it to be useful for investors, because it shows
Intrepid's potash and Trio® average per ton pricing without the
effect of certain transportation and delivery costs. When Intrepid
arranges transportation and delivery for a customer, it includes in
revenue and in freight costs the costs associated with
transportation and delivery. However, some of Intrepid's customers
arrange for and pay their own transportation and delivery costs, in
which case these costs are not included in Intrepid's revenue and
freight costs. Intrepid uses average net realized sales price per
ton as a key performance indicator to analyze potash and Trio®
sales and price trends.
Reconciliation of Sales to Average Net Realized Sales Price per
Ton:
|
|
Three Months Ended June 30, |
|
|
2021 |
|
2020 |
(in thousands, except per ton
amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
37,693 |
|
|
$ |
26,924 |
|
|
$ |
24,526 |
|
|
$ |
19,251 |
|
Less: Segment byproduct
sales |
|
4,812 |
|
|
584 |
|
|
2,977 |
|
|
419 |
|
Freight costs |
|
3,486 |
|
|
6,037 |
|
|
2,600 |
|
|
5,523 |
|
Subtotal |
|
$ |
29,395 |
|
|
$ |
20,303 |
|
|
$ |
18,949 |
|
|
$ |
13,309 |
|
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
92 |
|
|
75 |
|
|
74 |
|
|
64 |
|
Average net realized sales
price per ton |
|
$ |
319 |
|
|
$ |
271 |
|
|
$ |
256 |
|
|
$ |
208 |
|
|
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
(in thousands, except per ton
amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
81,270 |
|
|
$ |
50,619 |
|
|
$ |
58,317 |
|
|
$ |
41,832 |
|
Less: Segment byproduct
sales |
|
10,595 |
|
|
1,764 |
|
|
6,950 |
|
|
1,799 |
|
Freight costs |
|
8,295 |
|
|
12,477 |
|
|
7,140 |
|
|
12,057 |
|
Subtotal |
|
$ |
62,380 |
|
|
$ |
36,378 |
|
|
$ |
44,227 |
|
|
$ |
27,976 |
|
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
208 |
|
|
145 |
|
|
173 |
|
|
140 |
|
Average net realized sales
price per ton |
|
$ |
300 |
|
|
$ |
251 |
|
|
$ |
256 |
|
|
$ |
200 |
|
|
|
Three Months Ended June 30,
2021 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
32,881 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(60 |
) |
|
|
$ |
32,821 |
|
Trio® |
|
— |
|
|
26,340 |
|
|
— |
|
|
— |
|
|
|
26,340 |
|
Water |
|
520 |
|
|
514 |
|
|
1,783 |
|
|
— |
|
|
|
2,817 |
|
Salt |
|
2,008 |
|
|
70 |
|
|
— |
|
|
— |
|
|
|
2,078 |
|
Magnesium Chloride |
|
1,880 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,880 |
|
Brine Water |
|
404 |
|
|
— |
|
|
229 |
|
|
— |
|
|
|
633 |
|
Other |
|
— |
|
|
— |
|
|
1,319 |
|
|
— |
|
|
|
1,319 |
|
Total Revenue |
|
$ |
37,693 |
|
|
$ |
26,924 |
|
|
$ |
3,331 |
|
|
$ |
(60 |
) |
|
|
$ |
67,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2021 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
70,675 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(122 |
) |
|
|
$ |
70,553 |
|
Trio® |
|
— |
|
|
48,855 |
|
|
— |
|
|
— |
|
|
|
48,855 |
|
Water |
|
1,679 |
|
|
1,498 |
|
|
5,125 |
|
|
— |
|
|
|
8,302 |
|
Salt |
|
4,047 |
|
|
266 |
|
|
— |
|
|
— |
|
|
|
4,313 |
|
Magnesium Chloride |
|
3,908 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
3,908 |
|
Brine Water |
|
961 |
|
|
— |
|
|
434 |
|
|
— |
|
|
|
1,395 |
|
Other |
|
— |
|
|
— |
|
|
2,025 |
|
|
— |
|
|
|
2,025 |
|
Total Revenue |
|
$ |
81,270 |
|
|
$ |
50,619 |
|
|
$ |
7,584 |
|
|
$ |
(122 |
) |
|
|
$ |
139,351 |
|
|
|
Three Months Ended June 30, 2020 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
21,549 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(74 |
) |
|
|
$ |
21,475 |
|
Trio® |
|
— |
|
|
18,832 |
|
|
— |
|
|
— |
|
|
|
18,832 |
|
Water |
|
112 |
|
|
404 |
|
|
2,029 |
|
|
— |
|
|
|
2,545 |
|
Salt |
|
1,701 |
|
|
15 |
|
|
— |
|
|
— |
|
|
|
1,716 |
|
Magnesium Chloride |
|
952 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
952 |
|
Brine Water |
|
212 |
|
|
— |
|
|
161 |
|
|
— |
|
|
|
373 |
|
Other |
|
— |
|
|
— |
|
|
557 |
|
|
— |
|
|
|
557 |
|
Total Revenue |
|
$ |
24,526 |
|
|
$ |
19,251 |
|
|
$ |
2,747 |
|
|
$ |
(74 |
) |
|
|
$ |
46,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
51,367 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(203 |
) |
|
|
$ |
51,164 |
|
Trio® |
|
— |
|
|
40,033 |
|
|
— |
|
|
— |
|
|
|
40,033 |
|
Water |
|
695 |
|
|
1,651 |
|
|
8,690 |
|
|
— |
|
|
|
11,036 |
|
Salt |
|
3,797 |
|
|
148 |
|
|
— |
|
|
— |
|
|
|
3,945 |
|
Magnesium Chloride |
|
1,711 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,711 |
|
Brine Water |
|
747 |
|
|
— |
|
|
192 |
|
|
— |
|
|
|
939 |
|
Other |
|
— |
|
|
— |
|
|
1,606 |
|
|
— |
|
|
|
1,606 |
|
Total Revenue |
|
$ |
58,317 |
|
|
$ |
41,832 |
|
|
$ |
10,488 |
|
|
$ |
(203 |
) |
|
|
$ |
110,434 |
|
Three Months
Ended June 30, 2021 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
37,693 |
|
|
$ |
26,924 |
|
|
|
$ |
3,331 |
|
|
$ |
(60 |
) |
|
|
$ |
67,888 |
|
|
Less: Freight costs |
|
4,138 |
|
|
6,037 |
|
|
|
— |
|
|
(60 |
) |
|
|
10,115 |
|
|
Warehousing and handling
costs |
|
1,306 |
|
|
1,072 |
|
|
|
— |
|
|
— |
|
|
|
2,378 |
|
|
Cost of goods sold |
|
22,118 |
|
|
16,653 |
|
|
|
2,425 |
|
|
— |
|
|
|
41,196 |
|
|
Gross Margin |
|
$ |
10,131 |
|
|
$ |
3,162 |
|
|
|
$ |
906 |
|
|
$ |
— |
|
|
|
$ |
14,199 |
|
|
Depreciation, depletion, and
amortization incurred1 |
|
$ |
6,460 |
|
|
$ |
1,376 |
|
|
|
$ |
700 |
|
|
$ |
143 |
|
|
|
$ |
8,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30, 2021 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
81,270 |
|
|
$ |
50,619 |
|
|
|
$ |
7,584 |
|
|
$ |
(122 |
) |
|
|
$ |
139,351 |
|
|
Less: Freight costs |
|
9,838 |
|
|
12,477 |
|
|
|
— |
|
|
(122 |
) |
|
|
22,193 |
|
|
Warehousing and handling
costs |
|
2,762 |
|
|
2,248 |
|
|
|
— |
|
|
— |
|
|
|
5,010 |
|
|
Cost of goods sold |
|
49,867 |
|
|
32,801 |
|
|
|
6,173 |
|
|
— |
|
|
|
88,841 |
|
|
Gross Margin |
|
$ |
18,803 |
|
|
$ |
3,093 |
|
|
|
$ |
1,411 |
|
|
$ |
— |
|
|
|
$ |
23,307 |
|
|
Depreciation, depletion, and
amortization incurred1 |
|
$ |
13,637 |
|
|
$ |
2,883 |
|
|
|
$ |
1,388 |
|
|
$ |
332 |
|
|
|
$ |
18,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, 2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
24,526 |
|
|
$ |
19,251 |
|
|
|
$ |
2,747 |
|
|
$ |
(74 |
) |
|
|
$ |
46,450 |
|
|
Less: Freight costs |
|
3,286 |
|
|
5,523 |
|
|
|
— |
|
|
(74 |
) |
|
|
8,735 |
|
|
Warehousing and handling
costs |
|
1,204 |
|
|
861 |
|
|
|
— |
|
|
— |
|
|
|
2,065 |
|
|
Cost of goods sold |
|
17,650 |
|
|
14,222 |
|
|
|
2,136 |
|
|
— |
|
|
|
34,008 |
|
|
Lower of cost or net
realizable value inventory adjustments |
|
371 |
|
|
1,870 |
|
|
|
— |
|
|
— |
|
|
|
2,241 |
|
|
Gross Margin (Deficit) |
|
$ |
2,015 |
|
|
$ |
(3,225 |
) |
|
|
$ |
611 |
|
|
$ |
— |
|
|
|
$ |
(599 |
) |
|
Depreciation, depletion, and
amortization incurred1 |
|
$ |
5,742 |
|
|
$ |
1,516 |
|
|
|
$ |
657 |
|
|
$ |
209 |
|
|
|
$ |
8,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30, 2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
58,317 |
|
|
$ |
41,832 |
|
|
|
$ |
10,488 |
|
|
$ |
(203 |
) |
|
|
$ |
110,434 |
|
|
Less: Freight costs |
|
8,727 |
|
|
12,071 |
|
|
|
— |
|
|
(203 |
) |
|
|
20,595 |
|
|
Warehousing and handling
costs |
|
2,500 |
|
|
2,469 |
|
|
|
— |
|
|
— |
|
|
|
4,969 |
|
|
Cost of goods sold |
|
40,370 |
|
|
31,652 |
|
|
|
5,033 |
|
|
— |
|
|
|
77,055 |
|
|
Lower of cost or net
realizable value inventory adjustments |
|
371 |
|
|
2,420 |
|
|
|
— |
|
|
— |
|
|
|
2,791 |
|
|
Gross Margin (Deficit) |
|
$ |
6,349 |
|
|
$ |
(6,780 |
) |
|
|
$ |
5,455 |
|
|
$ |
— |
|
|
|
$ |
5,024 |
|
|
Depreciation, depletion and
amortization incurred1 |
|
$ |
13,054 |
|
|
$ |
3,025 |
|
|
|
$ |
1,289 |
|
|
$ |
422 |
|
|
|
$ |
17,790 |
|
|
(1) Depreciation, depletion, and amortization incurred for
potash and Trio® excludes depreciation, depletion, and amortization
amounts absorbed in or relieved from inventory.
Intrepid Potash (NYSE:IPI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Intrepid Potash (NYSE:IPI)
Historical Stock Chart
From Jul 2023 to Jul 2024