v3.19.3
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUES:        
Revenues $ 584,188 $ 595,985 $ 1,622,470 $ 1,861,420
Total revenues 584,372 596,324 1,623,224 1,863,226
COSTS OF GOODS SOLD: 560,296 545,165 1,638,712 1,505,098
GROSS PROFIT (LOSS) 24,076 51,159 (15,488) 358,128
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 24,629 20,985 76,639 77,151
RESEARCH AND DEVELOPMENT EXPENSE 133 947 518 2,008
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT 11,145 0 11,613 0
INCOME (LOSS) FROM OPERATIONS (11,831) 29,227 (104,258) 278,969
OTHER INCOME (EXPENSE), NET:        
Change in fair value of contingent consideration 136 (185) (566) (673)
Gain (loss) on debt extinguishment 0 788 (2) 2,893
Gain on involuntary conversion 0 0 0 4,454
Other income, net 179 499 1,724 3,779
Interest expense (2,866) (4,003) (10,822) (13,579)
Total other income (expense), net (2,551) (2,901) (9,666) (3,126)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (14,382) 26,326 (113,924) 275,843
INCOME TAX BENEFIT (EXPENSE) 629 (854) 1,149 (3,486)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS (13,753) 25,472 (112,775) 272,357
NET INCOME (LOSS) ON DISCONTINUED OPERATIONS (NOTE 4) (2,193) (469) (8,672) 885
NET INCOME (LOSS) TO THE COMPANY (15,946) 25,003 (121,447) 273,242
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS 0 673 0 6,976
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS (13,753) 24,799 (112,775) 265,381
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON DISCONTINUED OPERATIONS 0 0 0 23
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS $ (2,193) $ (469) $ (8,672) $ 862
Basic net income (loss) per share attributable to common stockholders:        
Continuing operations (in dollars per share) $ (0.35) $ 0.67 $ (2.96) $ 7.02
Discontinued operations (in dollars per share) (0.06) (0.01) (0.23) 0.02
Net income (loss) per share (in dollars per share) (0.41) 0.65 (3.19) 7.04
Diluted net income (loss) per share attributable to common stockholders:        
Continuing operations (in dollars per share) (0.35) 0.55 (2.96) 6.18
Discontinued operations (in dollars per share) (0.06) (0.01) (0.23) 0.02
Net income (loss) per share (in dollars per share) $ (0.41) $ 0.53 $ (3.19) $ 6.20
Weighted-average shares used to compute basic net income (loss) per share attributable to common stockholders:        
Basic (in shares) 38,959,606 37,270,928 38,060,782 37,815,598
Weighted-average shares used to compute diluted net income (loss) per share attributable to common stockholders:        
Continuing operations (in shares) 38,959,606 45,503,371 38,060,782 42,910,528
Discontinued operations (in shares) 38,959,606 37,270,928 38,060,782 42,910,528
Net income (loss) (in shares) 38,959,606 45,503,371 38,060,782 42,910,528
Biomass-based diesel        
REVENUES:        
Revenues $ 556,914 $ 568,174 $ 1,552,139 $ 1,394,044
COSTS OF GOODS SOLD: 548,819 535,376 1,613,365 1,451,560
Separated RINs        
REVENUES:        
Revenues 26,762 26,867 68,821 100,232
COSTS OF GOODS SOLD: 11,469 9,789 25,336 53,538
Biomass-based diesel government incentives        
REVENUES:        
Revenues 512 944 1,510 367,144
Other        
REVENUES:        
Total revenues 184 339 754 1,806
COSTS OF GOODS SOLD: $ 8 $ 0 $ 11 $ 0

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