Intrepid Potash, Inc. ("Intrepid", the "Company", "we", "us",
"our") (NYSE:IPI) today reported its results for the third quarter
of 2022.
Key Highlights for Third Quarter 2022
Financial & Operational
- Total sales of $74.8 million, an increase of $15.6 million
compared to the third quarter of 2021, as potash and Trio® average
net realized sales prices(1) increased to $734 and $488 per ton,
respectively.
- Net income of $13.1 million (or $0.97 per diluted share), a
$9.1 million improvement compared to the third quarter of
2021.
- Gross margin of $26.8 million, a $16.2 million improvement over
the same prior year period.
- Cash flow used in operations was $14.1 million, as we
refunded a customer's $32.6 million prepayment balance; absent this
repayment, cash flow from operations would have totaled
approximately $18.5 million in the third quarter of 2022.
- Adjusted EBITDA(1) of $27.0 million, which was a $13.9 million
improvement over the same prior year period.
Liquidity
- In August 2022, we amended our revolving credit facility to,
among other things, increase the amount available under the
facility from $75 million to $150 million, as well as extend the
maturity date to August 2027.
- As of October 31, 2022, Intrepid had approximately $46 million
in cash and cash equivalents and $149 million available under its
revolving credit facility, for total liquidity of approximately
$195 million.
Capital Investments & Growth Projects
- Incurred capital expenditures of $14.3 million in the third
quarter of 2022 and expect full year 2022 capital investment to be
in the range of $65 million to $75 million.
- Continued progress on projects to improve brine quality,
increase production, and improve unit economics:
HB
- Installation of an improved pipeline system to our HB Solar
Solution Mine is progressing well, with the majority of the key
infrastructure purchased and nearing delivery. The improved
pipeline system should allow us to efficiently produce additional
solar tons and conduct the operations of our processing facilities
at a lower cost. We expect to improve the injection rate capability
of our pipeline system as early as Q1 2023, and expect greater flow
rates within the improved pipeline system in H2 2023.
Moab
- Drilling of an additional potash cavern in Moab to increase
production tons through higher extraction brine grade; drilling
expected to begin in mid-November and conclude in early 2023,
in-time for the upcoming evaporation season.
Wendover
- Upgrading brackish and deep-brine wells in Wendover to increase
brine availability and better manage variability in weather and
evaporation rates; new deep brine well also placed in-service Q4
2022.
Intrepid South
- Continued development of sand mine opportunity on our
strategically located Intrepid South property; targeting a late Q1
2023 startup, although ongoing supply chain issues and permitting
uncertainty could delay first production to the second half of
2023.
Consolidated Results, Outlook, & Management
Commentary
Intrepid generated third quarter 2022 sales of $74.8 million,
which compares to third quarter 2021 sales of $59.2 million.
Consolidated gross margin in third quarter of 2022 totaled $26.8
million, while net income totaled $13.1 million, or $0.97 per
diluted share, which compares to third quarter 2021 net income of
$4.0 million, or $0.30 per diluted share. Net income for the nine
months ended September 30, 2022 was $68.2 million, which compares
to net income of $26.0 million in the same prior year period. The
Company delivered adjusted EBITDA of $27.0 million in the third
quarter of 2022, bringing adjusted EBITDA during the first nine
months of 2022 to $118.6 million. The strong profitability
continues to be primarily driven by high prices for potash and
Trio®, which averaged $734 per ton and $488 per ton, respectively,
in the third quarter of 2022.
Bob Jornayvaz, Intrepid's Executive Chairman and CEO commented:
"Intrepid continues to deliver strong execution in the backdrop of
high fertilizer pricing and a broadly supportive agriculture
market, with adjusted EBITDA of approximately $119 million in the
first nine months of 2022 being 177% higher than the same prior
year period. While farmer economics remain quite robust, we saw the
trend of mostly just-in-time purchasing in agriculture markets
continue through the third quarter and into the fall harvest.
Moreover, lingering and persistent inflation in farmer cost inputs
is driving some uncertainty, despite spot pricing for key crops
remaining substantially higher than previous decade averages, with
futures into the 2023 fall harvest and beyond also showing
strength. Putting this together, while a more pronounced pickup in
sales for our potash and Trio® in the second half of 2022 has been
slower than we previously expected for timing reasons, the demand
is still robust and the outlook for agricultural and fertilizer
markets into 2023 and longer-term remains overwhelmingly positive,
with this view being supported by 71k shares repurchased in the
third quarter under our $35 million share repurchase program."
Segment Highlights
Potash
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
42,354 |
|
$ |
31,673 |
|
$ |
147,622 |
|
$ |
112,944 |
Gross margin |
|
$ |
19,872 |
|
$ |
4,525 |
|
$ |
73,862 |
|
$ |
23,329 |
|
|
|
|
|
|
|
|
|
Potash sales volumes (in
tons) |
|
|
46 |
|
|
62 |
|
|
172 |
|
|
270 |
Potash production volumes (in
tons) |
|
|
36 |
|
|
37 |
|
|
164 |
|
|
201 |
|
|
|
|
|
|
|
|
|
Average potash net realized
sales price per ton(1) |
|
$ |
734 |
|
$ |
381 |
|
$ |
718 |
|
$ |
319 |
Potash segment sales in the third quarter of 2022 increased 34%
to $42.4 million when compared to the same period in 2021. The
higher revenue was primarily driven by a 93% increase in our
average net realized sales price per ton to $734, which compares to
$381 per ton in the prior year period. The higher average net
realized sales price per ton offset lower potash sales volumes,
which totaled 46k tons, a 26% decrease from the third quarter of
2021.
Potash segment gross margin totaled $19.9 million, which
compares to $4.5 million in the third quarter of 2021. While we
sold 26% fewer tons of potash in the third quarter of 2022, our
cost of goods sold per ton was higher due to an increase in certain
potash production costs, such as natural gas and electricity,
caused by inflation, which had a negative impact on segment gross
margin in the third quarter of 2022.
During the nine months ended September 30, 2022, potash segment
sales totaled $147.6 million, which was 31% higher than the same
prior year period, with the average net realized sales price per
ton of $718 offsetting lower potash sales volumes of 172k tons.
During the same prior year period, potash segment tons sold totaled
270k tons at an average net realized sales price per ton of
$319.
Potash segment gross margin totaled $73.9 million tons in the
nine months ended September 30, 2022, which was 217% higher than
the same prior year period. Similar to the comments above, despite
the increase in gross margin year-over year for the nine months
ended September 30, 2022, inflationary factors negatively impacted
segment gross margin, in addition to higher production costs
related to below average evaporation rates across our facilities in
2021.
During the third quarter of 2022, our potash segment sales into
agriculture markets comprised 61% of sales, while sales into feed
and industrial markets totaled 28% and 11%, respectively. In
agriculture markets, potash sales continue to be impacted by
just-in-time purchasing, some uncertainty around fall grower demand
as the fall harvest wraps up, and carryover inventory from the
Spring, leading to reduced needs to restock potash inventory for
immediate application.
Third quarter 2022 potash production totaled 36k tons, which
compares to 37k tons produced in the same prior year period. For
the nine months ended September 30, 2022, potash production totaled
164k tons, which was 37k tons lower than the same prior year
period, owing to below average evaporation rates across our
facilities in 2021.
Trio®
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
24,043 |
|
$ |
20,827 |
|
$ |
100,561 |
|
$ |
71,444 |
Gross margin |
|
$ |
6,503 |
|
$ |
5,436 |
|
$ |
35,694 |
|
$ |
8,528 |
|
|
|
|
|
|
|
|
|
Trio® sales volume (in
tons) |
|
|
39 |
|
|
46 |
|
|
169 |
|
|
191 |
Trio® production volume (in
tons) |
|
|
52 |
|
|
56 |
|
|
175 |
|
|
175 |
|
|
|
|
|
|
|
|
|
Average Trio® net realized
sales price per ton(1) |
|
$ |
488 |
|
$ |
336 |
|
$ |
482 |
|
$ |
271 |
Trio® segment sales of $24.0 million for the third quarter of
2022 were $3.2 million higher compared to the same prior year
period, driven by a higher average net realized sales price per ton
of $488 in the quarter, which was 45% higher than the third quarter
of 2021. The higher sales price helped offset lower Trio® sales
volumes, which totaled 39k tons, and compares to 46k tons in the
same prior year period. During the nine months ended September 30,
2022, Trio® segment sales totaled $100.6 million, which was 41%
higher than the same prior year period. The higher sales were
driven by a 78% increase in our average net realized sales price
per ton to $482, with the higher pricing offsetting lower sales
volumes compared to the prior year.
Trio® segment gross margin totaled $6.5 million in Q3 2022, an
increase of $1.1 million from Q3 2021, while Trio® segment gross
margin during the nine months ended September 30, 2022 totaled
$35.7 million, which compares to $8.5 million in gross margin
generated in the prior year period. Despite the higher
year-over-year segment gross margin for both the third quarter of
2022 and nine months ended September 30, 2022, we incurred
increased labor costs as we operated an additional underground
shift at our East facility, while other production costs also
increased due to continued inflationary pressure.
During the third quarter of 2022, domestic Trio® sales were
impacted from buyers working through Spring carryover inventory,
while purchases are mostly being deferred as distributors are
reluctant to commit to inventory at current price levels given the
seasonality of most Trio® applications.
In our Trio® segment, production totaled 52k tons in Q3 2022,
which was 4k tons lower than the 56k tons produced in Q3 2021,
while for the nine months ended September 30, 2022, Trio®
production totaled 175k tons, which was flat from the same prior
year period.
Oilfield Solutions
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(in thousands) |
Sales |
|
$ |
8,423 |
|
$ |
6,708 |
|
$ |
22,936 |
|
$ |
14,293 |
Gross margin |
|
$ |
395 |
|
$ |
647 |
|
$ |
6,201 |
|
$ |
2,058 |
Our oilfield solutions segment sales increased $1.7 million in
the third quarter of 2022 compared to the same period in 2021, due
to a $1.0 million increase in water sales, a $0.4 million increase
in surface use, rights-of-way and easement revenues, and a $0.5
million increase in brine water sales. The increase in sales of our
oilfield solutions products was due to the increased oil and gas
activities as oil prices were generally higher in the third quarter
of 2022, compared to the same period in 2021. Our cost of goods
sold increased $2.0 million, or 32%, for the third quarter of 2022,
compared to the same period in 2021, due to increased volumes of
third-party water purchased to meet customer water demand,
increased royalty expense due to increased water revenues and
increased fuel and electrical costs caused by inflationary
pressures. Gross margin for the third quarter of 2022 decreased
$0.3 million compared to the third quarter of 2021, due to the
factors discussed above.
Our oilfield solutions segment sales increased $8.6 million, or
60%, during the first nine months of 2022, compared to the same
period in 2021, due to a $3.8 million increase in water sales, a
$2.7 million increase in surface use, rights-of-way and easement
revenues, a $1.4 million increase in brine water sales, a $0.6
million increase in produced water royalty revenues, and a $0.2
million increase in surface minerals sales. Our cost of goods sold
increased during the first nine months of 2022 compared to the
first nine months of 2021, due to purchasing more third-party water
to meet customer demand, increased water transfer costs as we sold
more water, increased contract labor related to the development of
a full-cycle water management operation, increased royalty expense
as water revenues increased, and increased fuel and electrical
expenses due to continued inflation.
LiquidityDuring the third quarter of 2022, cash
used in operations was approximately $14.1 million, while cash used
in investing activities was approximately $14.8 million. During the
third quarter, we refunded a customer's $32.6 million prepayment
balance which was the primary driver of the cash outflow. As of
October 31, 2022, we had approximately $46 million in cash and cash
equivalents, no outstanding borrowings, and $149 million available
to borrow under our revolving credit facility, for total liquidity
of roughly $195 million.
Notes1 Adjusted net income, adjusted net income
per diluted share, 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 Intrepid will host
a conference call on Thursday, November 3, 2022, at 12:00 p.m.
Eastern Time to discuss the results and other operating and
financial matters and answer investor questions.
Management invites you to listen to the conference call by using
the toll-free dial-in number 1 (888) 210-4149 or toll-in dial-in 1
(646) 960-0145; please use conference ID 9158079. The call will
also be streamed on the Intrepid website, intrepidpotash.com. A
recording of the conference call will be available approximately
two hours after the completion of the call by dialing 1 (800)
770-2030 for toll-free, 1 (647) 362-9199 for toll-in, or at
intrepidpotash.com. The replay of the call will require the input
of the conference identification number 9158079. The recording will
be available through November 10, 2022.
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, and its market
outlook. 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 our products and
services;
- challenges and legal proceedings
related to our water rights;
- our ability to successfully identify
and implement any opportunities to grow our business whether
through expanded sales of water, Trio®, byproducts, and other
non-potassium related products or other revenue diversification
activities;
- the costs of, and our 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;
- our ability to prevail in
outstanding legal proceedings against us;
- our ability to comply with the terms
of our revolving credit facility, including the underlying
covenants, to avoid a default under that 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 our 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;
- our 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;
- our inability to fund necessary
capital investments;
- the impact of the COVID-19 pandemic
on our business, operations, liquidity, financial condition and
results of operations; and
- the other risks, uncertainties, and
assumptions described in Item 1A. Risk Factors of our Annual Report
on Form 10-K for the year ended December 31, 2021, as updated
by our 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 obligation
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:Evan Mapes, CFA, Investor Relations
Manager Phone: 303-996-3042Email: evan.mapes@intrepidpotash.com
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)FOR THE THREE AND NINE
MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (In
thousands, except per share amounts)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Sales |
|
$ |
74,752 |
|
|
$ |
59,153 |
|
|
$ |
270,891 |
|
|
$ |
198,504 |
|
Less: |
|
|
|
|
|
|
|
|
Freight costs |
|
|
7,793 |
|
|
|
7,911 |
|
|
|
27,257 |
|
|
|
30,104 |
|
Warehousing and handling costs |
|
|
2,541 |
|
|
|
2,066 |
|
|
|
7,221 |
|
|
|
7,076 |
|
Cost of goods sold |
|
|
37,648 |
|
|
|
34,974 |
|
|
|
120,656 |
|
|
|
123,815 |
|
Costs associated with abnormal production |
|
|
— |
|
|
|
3,594 |
|
|
|
— |
|
|
|
3,594 |
|
Gross
Margin |
|
|
26,770 |
|
|
|
10,608 |
|
|
|
115,757 |
|
|
|
33,915 |
|
|
|
|
|
|
|
|
|
|
Selling and
administrative |
|
|
8,551 |
|
|
|
5,890 |
|
|
|
22,558 |
|
|
|
18,293 |
|
Accretion of asset retirement
obligation |
|
|
491 |
|
|
|
441 |
|
|
|
1,471 |
|
|
|
1,323 |
|
Loss (gain) on sale of
assets |
|
|
10 |
|
|
|
5 |
|
|
|
1,176 |
|
|
|
(2,560 |
) |
Other operating expense
(income) |
|
|
264 |
|
|
|
192 |
|
|
|
1,239 |
|
|
|
(385 |
) |
Operating
Income |
|
|
17,454 |
|
|
|
4,080 |
|
|
|
89,313 |
|
|
|
17,244 |
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
Equity in earnings of
unconsolidated entities |
|
|
766 |
|
|
|
— |
|
|
|
766 |
|
|
|
— |
|
Interest expense, net |
|
|
(28 |
) |
|
|
(82 |
) |
|
|
(85 |
) |
|
|
(1,426 |
) |
Interest income |
|
|
77 |
|
|
|
— |
|
|
|
94 |
|
|
|
— |
|
Other income |
|
|
(258 |
) |
|
|
25 |
|
|
|
281 |
|
|
|
42 |
|
Gain on extinguishment of
debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,113 |
|
Income Before Income
Taxes |
|
|
18,011 |
|
|
|
4,023 |
|
|
|
90,369 |
|
|
|
25,973 |
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense |
|
|
(4,903 |
) |
|
|
— |
|
|
|
(22,131 |
) |
|
|
— |
|
Net
Income |
|
$ |
13,108 |
|
|
$ |
4,023 |
|
|
$ |
68,238 |
|
|
$ |
25,973 |
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
13,256 |
|
|
|
13,123 |
|
|
|
13,221 |
|
|
|
13,089 |
|
Diluted |
|
|
13,489 |
|
|
|
13,367 |
|
|
|
13,567 |
|
|
|
13,352 |
|
Earnings Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.99 |
|
|
$ |
0.31 |
|
|
$ |
5.16 |
|
|
$ |
1.98 |
|
Diluted |
|
$ |
0.97 |
|
|
$ |
0.30 |
|
|
$ |
5.03 |
|
|
$ |
1.95 |
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)AS OF SEPTEMBER 30, 2022 AND DECEMBER
31, 2021(In thousands, except share and per share
amounts)
|
|
September 30, |
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
49,209 |
|
|
$ |
36,452 |
Short-term investments |
|
|
4,970 |
|
|
|
— |
Accounts receivable: |
|
|
|
|
Trade, net |
|
|
38,229 |
|
|
|
35,409 |
Other receivables, net |
|
|
2,124 |
|
|
|
989 |
Inventory, net |
|
|
96,913 |
|
|
|
78,856 |
Prepaid expenses and other
current assets |
|
|
6,558 |
|
|
|
5,144 |
Total current assets |
|
|
198,003 |
|
|
|
156,850 |
|
|
|
|
|
Property, plant, equipment,
and mineral properties, net |
|
|
358,729 |
|
|
|
341,117 |
Water rights |
|
|
19,184 |
|
|
|
19,184 |
Long-term parts inventory,
net |
|
|
25,398 |
|
|
|
29,251 |
Long-term investments |
|
|
11,696 |
|
|
|
4,576 |
Other assets, net |
|
|
7,377 |
|
|
|
6,842 |
Non-current deferred tax
asset, net |
|
|
187,527 |
|
|
|
209,075 |
Total
Assets |
|
$ |
807,914 |
|
|
$ |
766,895 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
14,114 |
|
|
$ |
9,068 |
Accrued liabilities |
|
|
22,996 |
|
|
|
22,938 |
Accrued employee compensation
and benefits |
|
|
8,157 |
|
|
|
6,805 |
Other current liabilities |
|
|
3,847 |
|
|
|
34,612 |
Total current liabilities |
|
|
49,114 |
|
|
|
73,423 |
|
|
|
|
|
Asset retirement obligation,
net of current portion |
|
|
27,204 |
|
|
|
27,024 |
Operating lease
liabilities |
|
|
2,116 |
|
|
|
1,879 |
Other non-current
liabilities |
|
|
1,007 |
|
|
|
1,166 |
Total
Liabilities |
|
|
79,441 |
|
|
|
103,492 |
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
Common stock, $0.001 par
value; 40,000,000 shares authorized; |
|
|
|
|
13,195,080 and 13,149,315 shares outstanding |
|
|
|
|
at September 30, 2022, and December 31, 2021, respectively |
|
|
13 |
|
|
|
13 |
Additional paid-in
capital |
|
|
658,860 |
|
|
|
659,147 |
Retained earnings |
|
|
72,481 |
|
|
|
4,243 |
Less treasury stock, at
cost |
|
|
(2,881 |
) |
|
|
— |
Total Stockholders'
Equity |
|
|
728,473 |
|
|
|
663,403 |
Total Liabilities and
Stockholders' Equity |
|
$ |
807,914 |
|
|
$ |
766,895 |
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)FOR THE THREE AND NINE MONTHS
ENDED SEPTEMBER 30, 2022 AND 2021(In
thousands)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
13,108 |
|
|
$ |
4,023 |
|
|
$ |
68,238 |
|
|
$ |
25,973 |
|
Adjustments to reconcile net
income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization |
|
|
8,362 |
|
|
|
8,430 |
|
|
|
25,285 |
|
|
|
26,509 |
|
Accretion of asset retirement obligation |
|
|
491 |
|
|
|
441 |
|
|
|
1,471 |
|
|
|
1,323 |
|
Amortization of deferred financing costs |
|
|
67 |
|
|
|
60 |
|
|
|
187 |
|
|
|
254 |
|
Amortization of intangible assets |
|
|
80 |
|
|
|
80 |
|
|
|
241 |
|
|
|
241 |
|
Stock-based compensation |
|
|
1,407 |
|
|
|
634 |
|
|
|
3,965 |
|
|
|
2,289 |
|
Loss (gain) on disposal of assets |
|
|
10 |
|
|
|
5 |
|
|
|
1,176 |
|
|
|
(2,560 |
) |
Allowance for parts inventory obsolescence |
|
|
150 |
|
|
|
— |
|
|
|
1,750 |
|
|
|
— |
|
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,113 |
) |
Equity in earnings of unconsolidated entities |
|
|
(766 |
) |
|
|
— |
|
|
|
(766 |
) |
|
|
— |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable, net |
|
|
(5,590 |
) |
|
|
(9,701 |
) |
|
|
(2,820 |
) |
|
|
(9,936 |
) |
Other receivables, net |
|
|
(465 |
) |
|
|
(979 |
) |
|
|
(1,111 |
) |
|
|
(1,872 |
) |
Inventory, net |
|
|
(13,195 |
) |
|
|
(2,089 |
) |
|
|
(15,954 |
) |
|
|
11,678 |
|
Prepaid expenses and other current assets |
|
|
(2,177 |
) |
|
|
(1,643 |
) |
|
|
(1,504 |
) |
|
|
(1,148 |
) |
Deferred tax assets, net |
|
|
4,607 |
|
|
|
— |
|
|
|
21,548 |
|
|
|
— |
|
Accounts payable, accrued liabilities, and accrued employee
compensation and benefits |
|
|
12,411 |
|
|
|
9,231 |
|
|
|
999 |
|
|
|
15,254 |
|
Operating lease liabilities |
|
|
(386 |
) |
|
|
(555 |
) |
|
|
(1,619 |
) |
|
|
(1,616 |
) |
Other liabilities |
|
|
(32,231 |
) |
|
|
50 |
|
|
|
(31,974 |
) |
|
|
3,147 |
|
Net cash (used in) provided by operating activities |
|
|
(14,117 |
) |
|
|
7,987 |
|
|
|
69,112 |
|
|
|
59,423 |
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant, equipment, mineral properties and
other assets |
|
|
(14,326 |
) |
|
|
(5,811 |
) |
|
|
(37,100 |
) |
|
|
(12,437 |
) |
Purchase of investments |
|
|
(1,965 |
) |
|
|
— |
|
|
|
(12,864 |
) |
|
|
— |
|
Proceeds from sale of assets |
|
|
— |
|
|
|
— |
|
|
|
46 |
|
|
|
6,042 |
|
Proceeds from redemptions/maturities of investments |
|
|
1,504 |
|
|
|
— |
|
|
|
1,504 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(14,787 |
) |
|
|
(5,811 |
) |
|
|
(48,414 |
) |
|
|
(6,395 |
) |
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
|
|
|
|
Debt prepayment costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(505 |
) |
Repayments of long-term debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,000 |
) |
Payments of financing lease |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,258 |
) |
Repayments of short-term borrowings on credit facility |
|
|
— |
|
|
|
(29,817 |
) |
|
|
— |
|
|
|
(29,817 |
) |
Capitalized debt fees |
|
|
(933 |
) |
|
|
— |
|
|
|
(933 |
) |
|
|
— |
|
Employee tax withholding paid for restricted stock upon
vesting |
|
|
— |
|
|
|
(2 |
) |
|
|
(4,362 |
) |
|
|
(382 |
) |
Repurchases of common stock |
|
|
(2,881 |
) |
|
|
— |
|
|
|
(2,881 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
30 |
|
|
|
110 |
|
|
|
81 |
|
Net cash used in financing activities |
|
|
(3,814 |
) |
|
|
(29,789 |
) |
|
|
(8,066 |
) |
|
|
(46,881 |
) |
|
|
|
|
|
|
|
|
|
Net Change in Cash,
Cash Equivalents and Restricted Cash |
|
|
(32,718 |
) |
|
|
(27,613 |
) |
|
|
12,632 |
|
|
|
6,147 |
|
Cash, Cash Equivalents
and Restricted Cash, beginning of period |
|
|
82,496 |
|
|
|
53,944 |
|
|
|
37,146 |
|
|
|
20,184 |
|
Cash, Cash Equivalents
and Restricted Cash, end of period |
|
$ |
49,778 |
|
|
$ |
26,331 |
|
|
$ |
49,778 |
|
|
$ |
26,331 |
|
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, adjusted net income 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 and Adjusted Net Income Per Diluted
Share
Adjusted net income and adjusted net income per diluted share
are calculated as net income or income 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 to Adjusted Net Income:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
|
(in thousands) |
Net Income |
$ |
13,108 |
|
|
$ |
4,023 |
|
$ |
68,238 |
|
|
$ |
25,973 |
|
Adjustments |
|
|
|
|
|
|
|
Loss (gain) on sale of
assets |
|
10 |
|
|
|
5 |
|
|
1,176 |
|
|
|
(2,560 |
) |
Gain on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
— |
|
|
|
(10,113 |
) |
Write-off of deferred
financing fees |
|
— |
|
|
|
— |
|
|
— |
|
|
|
60 |
|
Make-whole payment |
|
— |
|
|
|
— |
|
|
— |
|
|
|
505 |
|
Calculated income tax
effect(1) |
|
(3 |
) |
|
|
— |
|
|
(306 |
) |
|
|
— |
|
Total adjustments |
|
7 |
|
|
|
5 |
|
|
870 |
|
|
|
(12,108 |
) |
Adjusted Net Income |
$ |
13,115 |
|
|
$ |
4,028 |
|
$ |
69,108 |
|
|
$ |
13,865 |
|
Reconciliation of Net Income per Share to Adjusted Net Income
per Share:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
Net Income Per Diluted
Share |
$ |
0.97 |
|
$ |
0.30 |
|
$ |
5.03 |
|
|
$ |
1.95 |
|
Adjustments |
|
|
|
|
|
|
|
Loss (gain) on sale of
assets |
|
— |
|
|
— |
|
|
0.09 |
|
|
|
(0.19 |
) |
Gain on extinguishment of
debt |
|
— |
|
|
— |
|
|
— |
|
|
|
(0.76 |
) |
Write-off of deferred
financing fees |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
Make-whole payment |
|
— |
|
|
— |
|
|
— |
|
|
|
0.04 |
|
Calculated income tax
effect(1) |
|
— |
|
|
— |
|
|
(0.02 |
) |
|
|
— |
|
Total adjustments |
|
— |
|
|
— |
|
|
0.07 |
|
|
|
(0.91 |
) |
Adjusted Net Income Per
Diluted Share |
$ |
0.97 |
|
$ |
0.30 |
|
$ |
5.10 |
|
|
$ |
1.04 |
|
(1) Assumes an annual effective tax rate of 26%
for 2022, and zero percent for 2021. Our tax rate for the three and
nine months ended September 30, 2021 was zero percent because of
the valuation allowance recorded against our deferred tax
assets.
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and
amortization (or adjusted EBITDA) is calculated as net income
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 to Adjusted EBITDA:
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
Net Income |
|
$ |
13,108 |
|
$ |
4,023 |
|
$ |
68,238 |
|
$ |
25,973 |
|
Loss (gain) on sale of
assets |
|
|
10 |
|
|
5 |
|
|
1,176 |
|
|
(2,560 |
) |
Gain on extinguishment of
debt |
|
|
— |
|
|
— |
|
|
— |
|
|
(10,113 |
) |
Interest expense |
|
|
28 |
|
|
82 |
|
|
85 |
|
|
1,426 |
|
Income tax expense |
|
|
4,903 |
|
|
— |
|
|
22,131 |
|
|
— |
|
Depreciation, depletion, and
amortization |
|
|
8,362 |
|
|
8,430 |
|
|
25,285 |
|
|
26,509 |
|
Amortization of intangible
assets |
|
|
80 |
|
|
80 |
|
|
241 |
|
|
241 |
|
Accretion of asset retirement
obligation |
|
|
491 |
|
|
441 |
|
|
1,471 |
|
|
1,323 |
|
Total adjustments |
|
|
13,874 |
|
|
9,038 |
|
|
50,389 |
|
|
16,826 |
|
Adjusted EBITDA |
|
$ |
26,982 |
|
$ |
13,061 |
|
$ |
118,627 |
|
$ |
42,799 |
|
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, |
|
|
|
2022 |
|
|
2021 |
(in thousands, except per ton
amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
42,354 |
|
$ |
24,043 |
|
$ |
31,673 |
|
$ |
20,827 |
Less: Segment byproduct
sales |
|
|
6,177 |
|
|
885 |
|
|
5,100 |
|
|
1,332 |
Freight costs |
|
|
2,430 |
|
|
4,135 |
|
|
2,879 |
|
|
4,038 |
Subtotal |
|
$ |
33,747 |
|
$ |
19,023 |
|
$ |
23,694 |
|
$ |
15,457 |
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
|
46 |
|
|
39 |
|
|
62 |
|
|
46 |
Average net realized sales
price per ton |
|
$ |
734 |
|
$ |
488 |
|
$ |
381 |
|
$ |
336 |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
(in thousands, except per ton
amounts) |
|
Potash |
|
Trio® |
|
Potash |
|
Trio® |
Total Segment Sales |
|
$ |
147,622 |
|
$ |
100,561 |
|
$ |
112,944 |
|
$ |
71,444 |
Less: Segment byproduct
sales |
|
|
15,938 |
|
|
3,100 |
|
|
15,696 |
|
|
3,096 |
Freight costs |
|
|
8,117 |
|
|
16,054 |
|
|
11,174 |
|
|
16,515 |
Subtotal |
|
$ |
123,567 |
|
$ |
81,407 |
|
$ |
86,074 |
|
$ |
51,833 |
|
|
|
|
|
|
|
|
|
Divided by: |
|
|
|
|
|
|
|
|
Tons sold |
|
|
172 |
|
|
169 |
|
|
270 |
|
|
191 |
Average net realized sales
price per ton |
|
$ |
718 |
|
$ |
482 |
|
$ |
319 |
|
$ |
271 |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
36,177 |
|
$ |
— |
|
$ |
— |
|
$ |
(68 |
) |
|
$ |
36,109 |
Trio® |
|
|
— |
|
|
23,158 |
|
|
— |
|
|
— |
|
|
|
23,158 |
Water |
|
|
427 |
|
|
796 |
|
|
5,380 |
|
|
— |
|
|
|
6,603 |
Salt |
|
|
2,845 |
|
|
89 |
|
|
— |
|
|
— |
|
|
|
2,934 |
Magnesium Chloride |
|
|
2,008 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,008 |
Brine Water |
|
|
897 |
|
|
— |
|
|
792 |
|
|
— |
|
|
|
1,689 |
Other |
|
|
— |
|
|
— |
|
|
2,251 |
|
|
— |
|
|
|
2,251 |
Total Revenue |
|
$ |
42,354 |
|
$ |
24,043 |
|
$ |
8,423 |
|
$ |
(68 |
) |
|
$ |
74,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
Product |
|
Potash Segment |
|
Trio®
Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
131,684 |
|
$ |
— |
|
$ |
— |
|
$ |
(228 |
) |
|
$ |
131,456 |
Trio® |
|
|
— |
|
|
97,461 |
|
|
— |
|
|
— |
|
|
|
97,461 |
Water |
|
|
1,564 |
|
|
2,722 |
|
|
13,260 |
|
|
— |
|
|
|
17,546 |
Salt |
|
|
8,137 |
|
|
378 |
|
|
— |
|
|
— |
|
|
|
8,515 |
Magnesium Chloride |
|
|
4,022 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
4,022 |
Brine Water |
|
|
2,215 |
|
|
— |
|
|
2,179 |
|
|
— |
|
|
|
4,394 |
Other |
|
|
— |
|
|
— |
|
|
7,497 |
|
|
— |
|
|
|
7,497 |
Total Revenue |
|
$ |
147,622 |
|
$ |
100,561 |
|
$ |
22,936 |
|
$ |
(228 |
) |
|
$ |
270,891 |
|
|
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
EndedSeptember 30, 2022 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
42,354 |
|
$ |
24,043 |
|
$ |
8,423 |
|
$ |
(68 |
) |
|
$ |
74,752 |
Less: Freight costs |
|
|
3,726 |
|
|
4,135 |
|
|
— |
|
|
(68 |
) |
|
|
7,793 |
Warehousing and handling
costs |
|
|
1,414 |
|
|
1,127 |
|
|
— |
|
|
— |
|
|
|
2,541 |
Cost of goods sold |
|
|
17,342 |
|
|
12,278 |
|
|
8,028 |
|
|
— |
|
|
|
37,648 |
Gross Margin |
|
$ |
19,872 |
|
$ |
6,503 |
|
$ |
395 |
|
$ |
— |
|
|
$ |
26,770 |
Depreciation, depletion, and
amortization incurred1 |
|
$ |
6,318 |
|
$ |
1,072 |
|
$ |
867 |
|
$ |
185 |
|
|
$ |
8,442 |
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended September 30, 2022 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales |
|
$ |
147,622 |
|
$ |
100,561 |
|
$ |
22,936 |
|
$ |
(228 |
) |
|
$ |
270,891 |
Less: Freight costs |
|
|
11,430 |
|
|
16,055 |
|
|
— |
|
|
(228 |
) |
|
|
27,257 |
Warehousing and handling
costs |
|
|
3,947 |
|
|
3,274 |
|
|
— |
|
|
— |
|
|
|
7,221 |
Cost of goods sold |
|
|
58,383 |
|
|
45,538 |
|
|
16,735 |
|
|
— |
|
|
|
120,656 |
Gross Margin |
|
$ |
73,862 |
|
$ |
35,694 |
|
$ |
6,201 |
|
$ |
— |
|
|
$ |
115,757 |
Depreciation, depletion, and
amortization incurred1 |
|
$ |
19,350 |
|
$ |
3,122 |
|
$ |
2,458 |
|
$ |
596 |
|
|
$ |
25,526 |
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
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 |
(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