Intrepid Potash, Inc. (Intrepid) (NYSE:IPI) today reported its
results for the third quarter of 2021.
Key Takeaways for
Q3 2021
- Potash and Trio® average net realized
sales price(1) of $381 and $336 per ton respectively in Q3 2021, a
year-over-year increase of $143 and $147 per ton, respectively. We
expect potash price of approximately $495/ton and Trio® price of
approximately $370/ton in Q4 2021.
- Net income of $4.0 million, or $0.30
per share
- Gross margin of $10.6 million, an
increase of $10.9 million compared to the third quarter of
2020
- Cash flow from operations of $8.0
million in Q3 2021, a $13 million improvement over the prior
year
- Adjusted EBITDA(1) of $13.1 million in
Q3 2021, contributing to year to date cash flow from operations of
$59.4 million
- Added a production shift at our East
mine in September to incrementally increase production by
approximately 50k tons over the next 12 months, with the potential
to add another 50k tons based on continuing market improvement
- As of October 31, 2021, Intrepid had
approximately $26 million in cash on hand and no outstanding debt
on its $75 million revolving credit facility
"Third quarter, which is historically our lowest
cash flow quarter of the year, was highlighted by higher fertilizer
pricing, increasing oilfield sales, and solid improvements in cash
flow generation compared to the prior year." said Bob Jornayvaz,
Intrepid's Executive Chairman and CEO. "We announced another round
of price increases in August for both our potash and Trio® products
with good subscription from our historic customers, and expect to
realize these higher price levels in the fourth quarter. Since that
time, fertilizer pricing continued to move higher with spot pricing
in the Midwest over $700/ton as supply remains tight after a strong
first half. Unfortunately, the Carlsbad region had more than double
its average rainfall during the HB evaporation season which led to
higher potash production costs and an abnormal cost expense we
recorded in the third quarter. The increased rainfall and reduced
evaporation will decrease our potash production from that facility
for the current harvest season. As we continue to monitor the
effects of the impacted production, we may also incur higher potash
cost of goods sold in the next few quarters. We plan to restart our
HB operation in March 2022 and run for three months before
returning to our normal summer shutdown in order to meet expected
demand during this period of higher pricing and strong demand. On a
positive note, we added a production shift at our East mine
beginning in September to take advantage of strong demand for our
Trio® products. We expect to add approximately 50k tons of
production over the next 12 months with the potential of another
50k tons based on continuing market improvement."
Jornayvaz continued, "Oilfield activity remains
strong as rising oil prices support increases in rigs and frac
crews in the Delaware Basin. We saw sequential quarter increases in
water and other oilfield revenues in the third quarter and our
South Ranch water remains fully committed for 2021 with a good
outlook for next year."
Consolidated Results
We generated third quarter 2021 net income
of $4.0 million, or $0.30. Consolidated gross margin increased
to $10.6 million compared to the prior year's gross deficit of $0.3
million. Year-to-date 2021 net income increased to $26.0 million,
or $1.95 per share when compared to prior year period and adjusted
net income was $13.9 million or $1.04 per share. Gross margin for
the first nine months of 2021 increased to $33.9 million compared
to prior year gross margin of $4.7 million. Adjusted net income and
gross margin in both periods increased as higher average net
realized sales prices for potash and Trio®, increased byproduct
sales, and strong demand in agricultural markets drove improvements
to overall results.
Third quarter 2021 gross margin was reduced by a
$3.6 million abnormal production cost adjustment we recorded
in the quarter in response to below average production at our HB
solar solution mining facility. The Carlsbad, NM area received
significant rainfall, well above historical averages, during the
evaporation season, while humidity was higher and temperatures were
cooler than normal during this period. This reduced our pond
production and our ability to extract brine and led to fewer
harvestable tons of potash in our HB solution ponds. We expect to
produce approximately 70k tons at our HB facility during this
harvest period, with our production season ending in mid-January.
In response to the abnormal weather, we plan to restart production
in mid-March and continue through May to meet historical potash
demand during the spring season.
Segment Highlights
Potash
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
31,673 |
|
|
$ |
22,187 |
|
|
$ |
112,944 |
|
|
$ |
80,504 |
|
Gross margin |
|
$ |
4,525 |
|
|
$ |
1,353 |
|
|
$ |
23,329 |
|
|
$ |
7,703 |
|
|
|
|
|
|
|
|
|
|
Potash sales volumes (in tons) |
|
62 |
|
|
66 |
|
|
270 |
|
|
239 |
|
Potash production volumes (in tons) |
|
37 |
|
|
61 |
|
|
201 |
|
|
202 |
|
|
|
|
|
|
|
|
|
|
Average potash net realized sales price per ton(1) |
|
$ |
381 |
|
|
$ |
238 |
|
|
$ |
319 |
|
|
$ |
251 |
|
Potash segment gross margin increased $3.2 million
and $15.6 million in the third quarter and first nine months of
2021, respectively, when compared to prior year periods, as
continued rising prices drove improvements to the bottom line.
Potash revenue in the third quarter increased 43%
compared to the same period in 2020, due to a 60% increase in our
average net realized sales price per ton and a $1.5 million
increase in byproduct sales, offset by a 6% decrease in potash tons
sold. Average net realized sales price increased during the quarter
as previously announced price increases took effect and spot
pricing moved higher with limited supply pushing price up on a near
weekly basis. Increased byproduct sales in the second quarter were
driven by a $0.8 million increase in magnesium chloride sales as we
had more product to sell in 2021 due to good evaporation during the
summer of 2020. Byproduct salt and brine sales also improved
compared to the prior year due to increased activity from oil and
gas producers near our operations.
Third quarter potash production decreased compared
to the prior year due to a later startup at our Wendover facility
and reduced production at our HB facility due to lower ore grades
as a result of the above average rainfall in recent months.
We recorded abnormal production costs of $3.6
million in the third quarter of 2021. The Carlsbad, New Mexico area
where our HB solar solution mining facility is located, experienced
unusually wet, humid weather, limiting the evaporation and
extraction rates at our HB mine. The significant rainfall and
reduced evaporation resulted in fewer harvestable tons of potash
from our HB solution ponds.
Trio®
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
20,827 |
|
|
$ |
12,890 |
|
|
|
$ |
71,444 |
|
|
$ |
54,722 |
|
|
Gross margin (deficit) |
|
$ |
5,436 |
|
|
$ |
(1,348 |
) |
|
|
$ |
8,528 |
|
|
$ |
(8,129 |
) |
|
|
|
|
|
|
|
|
|
|
Trio® sales volume (in tons) |
|
46 |
|
|
40 |
|
|
|
191 |
|
|
180 |
|
|
Trio® production volume (in tons) |
|
56 |
|
|
55 |
|
|
|
175 |
|
|
155 |
|
|
|
|
|
|
|
|
|
|
|
Average Trio® net realized sales price per ton(1) |
|
$ |
336 |
|
|
$ |
189 |
|
|
|
$ |
271 |
|
|
$ |
197 |
|
|
Our Trio® segment generated a gross margin of $5.4
million and $8.5 million in the third quarter and first nine months
of 2021, respectively, as higher average net realized sales price
drove strong bottom line improvements in both periods.
Total sales increased 62% for the third quarter of
2021 compared to the prior year, due to the higher prices and a 15%
increase in sales volumes. We announced a $50 per ton increase in
Trio® price in August and expect to realize the majority of that
increase in the fourth quarter of 2021.
Third quarter production volume was similar to the
prior year as we continue to operate at reduced rates. Production
for the first nine months of 2021 increased 13% compared to the
prior year as we converted more tons of work-in-process inventory
to premium Trio®.
Oilfield Solutions
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Sales |
|
$ |
6,708 |
|
|
$ |
3,050 |
|
|
|
$ |
14,293 |
|
|
$ |
13,539 |
|
Gross margin |
|
$ |
647 |
|
|
$ |
(313 |
) |
|
|
$ |
2,058 |
|
|
$ |
5,142 |
|
Oilfield solutions sales increased $3.7 million in
the third quarter of 2021, compared to the same period in 2020, due
to a $2.4 million increase in water sales, a $0.5 million increase
in caliche sales, a $0.4 million increase in produced water
royalties, and a $0.2 million increase in surface use, right-of way
and easement revenues. Year-to-date oilfield sales increased $0.8
million as improved produced water and surface use revenues were
partially offset by a $1.2 million decrease in water sales.
Gross margin for the third quarter increased $1.0
million compared to the prior year as improved activity was
partially offset by increased costs of goods sold. Costs of goods
sold for both the three and nine months of 2021 increased as we
were required to purchase more third-party water to augment our
existing water rights to successfully meet the increasing and
significant daily refresh rates of our customer's fracs on our
South Ranch.
Liquidity
Cash provided by operations was $8.0 million during
the third quarter of 2021 and $59.4 million for the first nine
months of 2021. Cash used in investing activities was $6.4 million
for the first nine months of 2021, as $12.4 million spent on
capital investments during 2021 was partially offset by $6.0
million in proceeds from the sale of land in the second
quarter.
As of October 31, 2021, we have approximately $26
million in cash and cash equivalents, no outstanding borrowings,
and $74.0 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 November 2, 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
8017.
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 and legal proceedings
related 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
NINE MONTHS ENDED
SEPTEMBER 30, 2021 AND 2020
(In thousands, except per share amounts)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Sales |
|
$ |
59,153 |
|
|
|
$ |
38,078 |
|
|
|
$ |
198,504 |
|
|
|
$ |
148,512 |
|
|
Less: |
|
|
|
|
|
|
|
|
Freight costs |
|
7,911 |
|
|
|
7,802 |
|
|
|
30,104 |
|
|
|
28,397 |
|
|
Warehousing and handling costs |
|
2,066 |
|
|
|
2,315 |
|
|
|
7,076 |
|
|
|
7,284 |
|
|
Cost of goods sold |
|
34,974 |
|
|
|
27,045 |
|
|
|
123,815 |
|
|
|
104,100 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
1,224 |
|
|
|
— |
|
|
|
4,015 |
|
|
Costs associated with abnormal production |
|
3,594 |
|
|
|
— |
|
|
|
3,594 |
|
|
|
— |
|
|
Gross Margin (Deficit) |
|
10,608 |
|
|
|
(308 |
) |
|
|
33,915 |
|
|
|
4,716 |
|
|
|
|
|
|
|
|
|
|
|
Selling and administrative |
|
5,890 |
|
|
|
6,750 |
|
|
|
18,293 |
|
|
|
20,022 |
|
|
Accretion of asset retirement obligation |
|
441 |
|
|
|
434 |
|
|
|
1,323 |
|
|
|
1,303 |
|
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
Loss (gain) on sale of assets |
|
5 |
|
|
|
21 |
|
|
|
(2,560 |
) |
|
|
(4,441 |
) |
|
Other operating income (expense) |
|
192 |
|
|
|
237 |
|
|
|
(385 |
) |
|
|
495 |
|
|
Operating Income (Loss) |
|
4,080 |
|
|
|
(7,750 |
) |
|
|
17,244 |
|
|
|
(22,738 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(82 |
) |
|
|
(2,450 |
) |
|
|
(1,426 |
) |
|
|
(3,877 |
) |
|
Other income |
|
25 |
|
|
|
25 |
|
|
|
42 |
|
|
|
129 |
|
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
10,113 |
|
|
|
— |
|
|
Income (Loss) Before Income Taxes |
|
4,023 |
|
|
|
(10,175 |
) |
|
|
25,973 |
|
|
|
(26,486 |
) |
|
|
|
|
|
|
|
|
|
|
Income Tax Benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42 |
|
|
Net Income (Loss) |
|
$ |
4,023 |
|
|
|
$ |
(10,175 |
) |
|
|
$ |
25,973 |
|
|
|
$ |
(26,444 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
13,123 |
|
|
|
13,006 |
|
|
|
13,089 |
|
|
|
12,981 |
|
|
Diluted |
|
13,367 |
|
|
|
13,006 |
|
|
|
13,352 |
|
|
|
12,981 |
|
|
Earnings Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.31 |
|
|
|
$ |
(0.78 |
) |
|
|
$ |
1.98 |
|
|
|
$ |
(2.04 |
) |
|
Diluted |
|
$ |
0.30 |
|
|
|
$ |
(0.78 |
) |
|
|
$ |
1.95 |
|
|
|
$ |
(2.04 |
) |
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)AS OF
SEPTEMBER 30, 2021 AND DECEMBER 31,
2020(In thousands, except share and per share
amounts)
|
|
September 30, |
|
December 31, |
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
25,637 |
|
|
|
$ |
19,515 |
|
|
Accounts receivable: |
|
|
|
|
Trade, net |
|
32,731 |
|
|
|
22,795 |
|
|
Other receivables, net |
|
3,449 |
|
|
|
1,577 |
|
|
Inventory, net |
|
76,828 |
|
|
|
88,673 |
|
|
Prepaid expenses and other current assets |
|
4,539 |
|
|
|
3,228 |
|
|
Total current assets |
|
143,184 |
|
|
|
135,788 |
|
|
|
|
|
|
|
Property, plant, equipment, and mineral properties, net |
|
339,986 |
|
|
|
355,497 |
|
|
Water rights |
|
19,184 |
|
|
|
19,184 |
|
|
Long-term parts inventory, net |
|
29,067 |
|
|
|
28,900 |
|
|
Other assets, net |
|
10,403 |
|
|
|
10,819 |
|
|
Total Assets |
|
$ |
541,824 |
|
|
|
$ |
550,188 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Accounts payable |
|
$ |
9,593 |
|
|
|
$ |
7,278 |
|
|
Accrued liabilities |
|
22,202 |
|
|
|
12,701 |
|
|
Accrued employee compensation and benefits |
|
8,466 |
|
|
|
4,422 |
|
|
Current portion of long-term debt, net |
|
— |
|
|
|
10,000 |
|
|
Other current liabilities |
|
34,830 |
|
|
|
32,816 |
|
|
Total current liabilities |
|
75,091 |
|
|
|
67,217 |
|
|
|
|
|
|
|
Advances on credit facility |
|
— |
|
|
|
29,817 |
|
|
Long-term debt, net |
|
— |
|
|
|
14,926 |
|
|
Asset retirement obligation |
|
25,221 |
|
|
|
23,872 |
|
|
Operating lease liabilities |
|
1,163 |
|
|
|
2,136 |
|
|
Other non-current liabilities |
|
1,129 |
|
|
|
961 |
|
|
Total Liabilities |
|
102,604 |
|
|
|
138,929 |
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
Common stock, $0.001 par value; 40,000,000 shares authorized; |
|
|
|
|
13,124,110 and 13,049,820 shares outstanding |
|
|
|
|
at September 30, 2021, and December 31, 2020, respectively |
|
13 |
|
|
|
13 |
|
|
Additional paid-in capital |
|
658,825 |
|
|
|
656,837 |
|
|
Accumulated deficit |
|
(219,618 |
) |
|
|
(245,591 |
) |
|
Total Stockholders' Equity |
|
439,220 |
|
|
|
411,259 |
|
|
Total Liabilities and Stockholders' Equity |
|
$ |
541,824 |
|
|
|
$ |
550,188 |
|
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)FOR THE THREE AND
NINE MONTHS ENDED
SEPTEMBER 30, 2021 AND
2020(In thousands)
|
|
Three Months EndedSeptember
30, |
|
Nine Months Ended September
30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
4,023 |
|
|
|
$ |
(10,175 |
) |
|
|
$ |
25,973 |
|
|
|
$ |
(26,444 |
) |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
275 |
|
|
Depreciation, depletion and amortization |
|
8,430 |
|
|
|
8,748 |
|
|
|
26,509 |
|
|
|
26,377 |
|
|
Accretion of asset retirement obligation |
|
441 |
|
|
|
434 |
|
|
|
1,323 |
|
|
|
1,303 |
|
|
Amortization of deferred financing costs |
|
60 |
|
|
|
196 |
|
|
|
254 |
|
|
|
357 |
|
|
Amortization of intangible assets |
|
80 |
|
|
|
80 |
|
|
|
241 |
|
|
|
241 |
|
|
Stock-based compensation |
|
634 |
|
|
|
986 |
|
|
|
2,289 |
|
|
|
2,981 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
1,224 |
|
|
|
— |
|
|
|
4,015 |
|
|
Loss (gain) on disposal of assets |
|
5 |
|
|
|
21 |
|
|
|
(2,560 |
) |
|
|
(4,441 |
) |
|
Allowance for parts inventory obsolescence |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
492 |
|
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(116 |
) |
|
Gain on extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable, net |
|
(9,701 |
) |
|
|
(4,015 |
) |
|
|
(9,936 |
) |
|
|
203 |
|
|
Other receivables, net |
|
(979 |
) |
|
|
(593 |
) |
|
|
(1,872 |
) |
|
|
(1,328 |
) |
|
Inventory, net |
|
(2,089 |
) |
|
|
(5,761 |
) |
|
|
11,678 |
|
|
|
3,100 |
|
|
Prepaid expenses and other current assets |
|
(1,643 |
) |
|
|
(1,743 |
) |
|
|
(1,148 |
) |
|
|
(313 |
) |
|
Accounts payable, accrued liabilities, and accrued employee
compensation and benefits |
|
9,231 |
|
|
|
2,543 |
|
|
|
15,254 |
|
|
|
4,071 |
|
|
Operating lease liabilities |
|
(555 |
) |
|
|
(645 |
) |
|
|
(1,616 |
) |
|
|
(1,695 |
) |
|
Other liabilities |
|
50 |
|
|
|
3,639 |
|
|
|
3,147 |
|
|
|
9,409 |
|
|
Net cash provided by (used in) operating activities |
|
7,987 |
|
|
|
(5,061 |
) |
|
|
59,423 |
|
|
|
18,487 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant, equipment, mineral properties and
other assets |
|
(5,811 |
) |
|
|
(3,442 |
) |
|
|
(12,437 |
) |
|
|
(14,087 |
) |
|
Long-term investment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,500 |
) |
|
Proceeds from sale of assets |
|
— |
|
|
|
— |
|
|
|
6,042 |
|
|
|
4,786 |
|
|
Net cash used in investing activities |
|
(5,811 |
) |
|
|
(3,442 |
) |
|
|
(6,395 |
) |
|
|
(12,801 |
) |
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
Debt prepayment costs |
|
— |
|
|
|
(1,869 |
) |
|
|
(505 |
) |
|
|
(1,869 |
) |
|
Repayments of long-term debt |
|
— |
|
|
|
(15,000 |
) |
|
|
(15,000 |
) |
|
|
(35,000 |
) |
|
Payments of financing lease |
|
— |
|
|
|
— |
|
|
|
(1,258 |
) |
|
|
— |
|
|
Proceeds from short-term borrowings on credit facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
Repayments of short-term borrowings on credit facility |
|
(29,817 |
) |
|
|
— |
|
|
|
(29,817 |
) |
|
|
— |
|
|
Capitalized debt fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(36 |
) |
|
Employee tax withholding paid for restricted stock upon
vesting |
|
(2 |
) |
|
|
78 |
|
|
|
(382 |
) |
|
|
(96 |
) |
|
Proceeds from loan under CARES Act |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
Proceeds from exercise of stock options |
|
30 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
Net cash used in financing activities |
|
(29,789 |
) |
|
|
(16,791 |
) |
|
|
(46,881 |
) |
|
|
(17,001 |
) |
|
|
|
|
|
|
|
|
|
|
Net Change in Cash, Cash Equivalents and Restricted
Cash |
|
(27,613 |
) |
|
|
(25,294 |
) |
|
|
6,147 |
|
|
|
(11,315 |
) |
|
Cash, Cash Equivalents and Restricted Cash, beginning of
period |
|
53,944 |
|
|
|
35,218 |
|
|
|
20,184 |
|
|
|
21,239 |
|
|
Cash, Cash Equivalents and Restricted Cash, end of
period |
|
$ |
26,331 |
|
|
|
$ |
9,924 |
|
|
|
$ |
26,331 |
|
|
|
$ |
9,924 |
|
|
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 September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
(in thousands) |
Net Income (Loss) |
$ |
4,023 |
|
|
$ |
(10,175 |
) |
|
|
$ |
25,973 |
|
|
|
$ |
(26,444 |
) |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
Loss (gain) on sale of assets |
5 |
|
|
21 |
|
|
|
(2,560 |
) |
|
|
(4,441 |
) |
|
Gain on extinguishment of debt |
— |
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Write-off of deferred financing fees |
— |
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
Make-whole payment |
— |
|
|
— |
|
|
|
505 |
|
|
|
— |
|
|
Total adjustments |
5 |
|
|
21 |
|
|
|
(12,108 |
) |
|
|
5,634 |
|
|
Adjusted Net Income (Loss) |
$ |
4,028 |
|
|
$ |
(10,154 |
) |
|
|
$ |
13,865 |
|
|
|
$ |
(20,810 |
) |
|
Reconciliation of Net Income (Loss) per Share to
Adjusted Net Income (Loss) per Share:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net Income (Loss) Per Diluted Share |
$ |
0.30 |
|
|
$ |
(0.78 |
) |
|
|
$ |
1.95 |
|
|
|
$ |
(2.04 |
) |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
— |
|
|
|
— |
|
|
|
0.78 |
|
|
Loss (gain) on sale of assets |
— |
|
|
— |
|
|
|
(0.19 |
) |
|
|
(0.34 |
) |
|
Gain on extinguishment of debt |
— |
|
|
— |
|
|
|
(0.76 |
) |
|
|
— |
|
|
Write-off of deferred financing fees |
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Make-whole payment |
— |
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
Total adjustments |
— |
|
|
— |
|
|
|
(0.91 |
) |
|
|
0.44 |
|
|
Adjusted Net Income (Loss) Per Diluted Share |
$ |
0.30 |
|
|
$ |
(0.78 |
) |
|
|
$ |
1.04 |
|
|
|
$ |
(1.60 |
) |
|
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 September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
(in thousands) |
Net Income (Loss) |
|
$ |
4,023 |
|
|
$ |
(10,175 |
) |
|
|
$ |
25,973 |
|
|
|
$ |
(26,444 |
) |
|
Litigation settlement |
|
— |
|
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
Loss (gain) on sale of assets |
|
5 |
|
|
21 |
|
|
|
(2,560 |
) |
|
|
(4,441 |
) |
|
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
|
(10,113 |
) |
|
|
— |
|
|
Interest expense |
|
82 |
|
|
2,450 |
|
|
|
1,426 |
|
|
|
3,877 |
|
|
Income tax benefit |
|
— |
|
|
— |
|
|
|
— |
|
|
|
(42 |
) |
|
Depreciation, depletion, and amortization |
|
8,430 |
|
|
8,748 |
|
|
|
26,509 |
|
|
|
26,377 |
|
|
Amortization of intangible assets |
|
80 |
|
|
80 |
|
|
|
241 |
|
|
|
241 |
|
|
Accretion of asset retirement obligation |
|
441 |
|
|
434 |
|
|
|
1,323 |
|
|
|
1,303 |
|
|
Total adjustments |
|
9,038 |
|
|
11,733 |
|
|
|
16,826 |
|
|
|
37,390 |
|
|
Adjusted EBITDA |
|
$ |
13,061 |
|
|
$ |
1,558 |
|
|
|
$ |
42,799 |
|
|
|
$ |
10,946 |
|
|
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 September 30, |
|
|
2021 |
|
2020 |
(in thousands, except per ton amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
31,673 |
|
|
$ |
20,827 |
|
|
$ |
22,187 |
|
|
$ |
12,890 |
|
Less: Segment byproduct sales |
|
5,100 |
|
|
1,332 |
|
|
3,612 |
|
|
1,449 |
|
Freight costs |
|
2,879 |
|
|
4,038 |
|
|
2,891 |
|
|
3,878 |
|
Subtotal |
|
$ |
23,694 |
|
|
$ |
15,457 |
|
|
$ |
15,684 |
|
|
$ |
7,563 |
|
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
62 |
|
|
46 |
|
|
66 |
|
|
40 |
|
Average net realized sales price per ton |
|
$ |
381 |
|
|
$ |
336 |
|
|
$ |
238 |
|
|
$ |
189 |
|
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
(in thousands, except per ton amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
112,944 |
|
|
$ |
71,444 |
|
|
$ |
80,504 |
|
|
$ |
54,722 |
|
Less: Segment byproduct sales |
|
15,696 |
|
|
3,096 |
|
|
10,562 |
|
|
3,248 |
|
Freight costs |
|
11,174 |
|
|
16,515 |
|
|
10,021 |
|
|
15,935 |
|
Subtotal |
|
$ |
86,074 |
|
|
$ |
51,833 |
|
|
$ |
59,921 |
|
|
$ |
35,539 |
|
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
270 |
|
|
191 |
|
|
239 |
|
|
180 |
|
Average net realized sales price per ton |
|
$ |
319 |
|
|
$ |
271 |
|
|
$ |
251 |
|
|
$ |
197 |
|
|
|
Three Months Ended September 30, 2021 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
26,573 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(55 |
) |
|
|
$ |
26,518 |
|
Trio® |
|
— |
|
|
19,495 |
|
|
— |
|
|
— |
|
|
|
19,495 |
|
Water |
|
263 |
|
|
1,310 |
|
|
4,382 |
|
|
— |
|
|
|
5,955 |
|
Salt |
|
2,540 |
|
|
22 |
|
|
— |
|
|
— |
|
|
|
2,562 |
|
Magnesium Chloride |
|
1,921 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,921 |
|
Brine Water |
|
376 |
|
|
— |
|
|
301 |
|
|
— |
|
|
|
677 |
|
Other |
|
— |
|
|
— |
|
|
2,025 |
|
|
— |
|
|
|
2,025 |
|
Total Revenue |
|
$ |
31,673 |
|
|
$ |
20,827 |
|
|
$ |
6,708 |
|
|
$ |
(55 |
) |
|
|
$ |
59,153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2021 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
97,248 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(177 |
) |
|
|
$ |
97,071 |
|
Trio® |
|
— |
|
|
68,348 |
|
|
— |
|
|
— |
|
|
|
68,348 |
|
Water |
|
1,942 |
|
|
2,808 |
|
|
9,507 |
|
|
— |
|
|
|
14,257 |
|
Salt |
|
6,587 |
|
|
288 |
|
|
— |
|
|
— |
|
|
|
6,875 |
|
Magnesium Chloride |
|
5,829 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
5,829 |
|
Brine Water |
|
1,338 |
|
|
— |
|
|
735 |
|
|
— |
|
|
|
2,073 |
|
Other |
|
— |
|
|
— |
|
|
4,051 |
|
|
— |
|
|
|
4,051 |
|
Total Revenue |
|
$ |
112,944 |
|
|
$ |
71,444 |
|
|
$ |
14,293 |
|
|
$ |
(177 |
) |
|
|
$ |
198,504 |
|
|
|
Three Months Ended September 30, 2020 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
18,575 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(49 |
) |
|
|
$ |
18,526 |
|
Trio® |
|
— |
|
|
11,441 |
|
|
— |
|
|
— |
|
|
|
11,441 |
|
Water |
|
262 |
|
|
1,312 |
|
|
2,037 |
|
|
— |
|
|
|
3,611 |
|
Salt |
|
1,995 |
|
|
137 |
|
|
— |
|
|
— |
|
|
|
2,132 |
|
Magnesium Chloride |
|
1,127 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,127 |
|
Brine Water |
|
228 |
|
|
— |
|
|
105 |
|
|
— |
|
|
|
333 |
|
Other |
|
— |
|
|
— |
|
|
908 |
|
|
— |
|
|
|
908 |
|
Total Revenue |
|
$ |
22,187 |
|
|
$ |
12,890 |
|
|
$ |
3,050 |
|
|
$ |
(49 |
) |
|
|
$ |
38,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
69,942 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(253 |
) |
|
|
$ |
69,689 |
|
Trio® |
|
— |
|
|
51,474 |
|
|
— |
|
|
— |
|
|
|
51,474 |
|
Water |
|
957 |
|
|
2,963 |
|
|
10,727 |
|
|
— |
|
|
|
14,647 |
|
Salt |
|
5,792 |
|
|
285 |
|
|
— |
|
|
— |
|
|
|
6,077 |
|
Magnesium Chloride |
|
2,838 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,838 |
|
Brine Water |
|
975 |
|
|
— |
|
|
297 |
|
|
— |
|
|
|
1,272 |
|
Other |
|
— |
|
|
— |
|
|
2,515 |
|
|
— |
|
|
|
2,515 |
|
Total Revenue |
|
$ |
80,504 |
|
|
$ |
54,722 |
|
|
$ |
13,539 |
|
|
$ |
(253 |
) |
|
|
$ |
148,512 |
|
Three Months Ended September 30, 2021 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
31,673 |
|
|
$ |
20,827 |
|
|
|
$ |
6,708 |
|
|
|
$ |
(55 |
) |
|
|
$ |
59,153 |
|
|
Less: Freight costs |
|
3,928 |
|
|
4,038 |
|
|
|
— |
|
|
|
(55 |
) |
|
|
7,911 |
|
|
Warehousing and handling costs |
|
1,241 |
|
|
825 |
|
|
|
— |
|
|
|
— |
|
|
|
2,066 |
|
|
Cost of goods sold |
|
18,385 |
|
|
10,528 |
|
|
|
6,061 |
|
|
|
— |
|
|
|
34,974 |
|
|
Costs associated with abnormal production |
|
3,594 |
|
|
— |
|
|
|
0 |
|
— |
|
|
|
3,594 |
|
|
Gross Margin |
|
$ |
4,525 |
|
|
$ |
5,436 |
|
|
|
$ |
647 |
|
|
|
$ |
— |
|
|
|
$ |
10,608 |
|
|
Depreciation, depletion, and amortization incurred1 |
|
$ |
6,257 |
|
|
$ |
1,321 |
|
|
|
$ |
818 |
|
|
|
$ |
114 |
|
|
|
$ |
8,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2021 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
112,944 |
|
|
$ |
71,444 |
|
|
|
$ |
14,293 |
|
|
|
$ |
(177 |
) |
|
|
$ |
198,504 |
|
|
Less: Freight costs |
|
13,766 |
|
|
16,515 |
|
|
|
— |
|
|
|
(177 |
) |
|
|
30,104 |
|
|
Warehousing and handling costs |
|
4,004 |
|
|
3,072 |
|
|
|
— |
|
|
|
— |
|
|
|
7,076 |
|
|
Cost of goods sold |
|
68,251 |
|
|
43,329 |
|
|
|
12,235 |
|
|
|
— |
|
|
|
123,815 |
|
|
Costs associated with abnormal production |
|
3,594 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,594 |
|
|
Gross Margin |
|
$ |
23,329 |
|
|
$ |
8,528 |
|
|
|
$ |
2,058 |
|
|
|
$ |
— |
|
|
|
$ |
33,915 |
|
|
Depreciation, depletion, and amortization incurred1 |
|
$ |
19,895 |
|
|
$ |
4,204 |
|
|
|
$ |
2,206 |
|
|
|
$ |
445 |
|
|
|
$ |
26,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
22,187 |
|
|
$ |
12,890 |
|
|
|
$ |
3,050 |
|
|
|
$ |
(49 |
) |
|
|
$ |
38,078 |
|
|
Less: Freight costs |
|
3,973 |
|
|
3,878 |
|
|
|
— |
|
|
|
(49 |
) |
|
|
7,802 |
|
|
Warehousing and handling costs |
|
1,173 |
|
|
1,142 |
|
|
|
— |
|
|
|
— |
|
|
|
2,315 |
|
|
Cost of goods sold |
|
14,928 |
|
|
8,754 |
|
|
|
3,363 |
|
|
|
— |
|
|
|
27,045 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
760 |
|
|
464 |
|
|
|
— |
|
|
|
— |
|
|
|
1,224 |
|
|
Gross Margin (Deficit) |
|
$ |
1,353 |
|
|
$ |
(1,348 |
) |
|
|
$ |
(313 |
) |
|
|
$ |
— |
|
|
|
$ |
(308 |
) |
|
Depreciation, depletion, and amortization incurred1 |
|
$ |
6,430 |
|
|
$ |
1,531 |
|
|
|
$ |
657 |
|
|
|
$ |
210 |
|
|
|
$ |
8,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
80,504 |
|
|
$ |
54,722 |
|
|
|
$ |
13,539 |
|
|
|
$ |
(253 |
) |
|
|
$ |
148,512 |
|
|
Less: Freight costs |
|
12,700 |
|
|
15,950 |
|
|
|
— |
|
|
|
(253 |
) |
|
|
28,397 |
|
|
Warehousing and handling costs |
|
3,673 |
|
|
3,611 |
|
|
|
— |
|
|
|
— |
|
|
|
7,284 |
|
|
Cost of goods sold |
|
55,298 |
|
|
40,405 |
|
|
|
8,397 |
|
|
|
— |
|
|
|
104,100 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
1,130 |
|
|
2,885 |
|
|
|
— |
|
|
|
— |
|
|
|
4,015 |
|
|
Gross Margin (Deficit) |
|
$ |
7,703 |
|
|
$ |
(8,129 |
) |
|
|
$ |
5,142 |
|
|
|
$ |
— |
|
|
|
$ |
4,716 |
|
|
Depreciation, depletion and amortization incurred1 |
|
$ |
19,485 |
|
|
$ |
4,556 |
|
|
|
$ |
1,945 |
|
|
|
$ |
632 |
|
|
|
$ |
26,618 |
|
|
(1) Depreciation, depletion, and amortization
incurred for potash and Trio® excludes depreciation, depletion, and
amortization amounts absorbed in or relieved from inventory.
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