Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (unaudited)

v3.19.2
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
REVENUES:        
Revenues $ 560,145 $ 578,210 $ 1,038,282 $ 1,265,435
Total revenues 560,643 578,900 1,038,852 1,266,902
COSTS OF GOODS SOLD: 587,415 521,386 1,078,416 959,933
GROSS PROFIT (LOSS) (26,772) 57,514 (39,564) 306,969
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 26,865 24,512 52,010 56,166
RESEARCH AND DEVELOPMENT EXPENSE 176 27 385 1,061
IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT 468 0 468 0
INCOME (LOSS) FROM OPERATIONS (54,281) 32,975 (92,427) 249,742
OTHER INCOME (EXPENSE), NET:        
Change in fair value of contingent consideration (398) (30) (702) (488)
Gain (loss) on debt extinguishment 0 2,337 (2) 2,105
Gain on involuntary conversion 0 454 0 4,454
Other income, net 691 2,066 1,545 3,279
Interest expense (3,737) (4,925) (7,956) (9,576)
Total other income (expense), net (3,444) (98) (7,115) (226)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (57,725) 32,877 (99,542) 249,516
INCOME TAX BENEFIT (EXPENSE) 90 (3,835) 520 (2,632)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS (57,635) 29,042 (99,022) 246,884
NET INCOME (LOSS) ON DISCONTINUED OPERATIONS (NOTE 4) (4,462) 4,808 (6,479) 1,353
NET INCOME (LOSS) TO THE COMPANY (62,097) 33,850 (105,501) 248,237
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS 0 765 0 6,222
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS (57,635) 28,277 (99,022) 240,662
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON DISCONTINUED OPERATIONS 0 127 0 34
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS $ (4,462) $ 4,681 $ (6,479) $ 1,319
Basic net income (loss) per share attributable to common stockholders:        
Continuing operations (in dollars per share) $ (1.52) $ 0.76 $ (2.63) $ 6.31
Discontinued operations (in dollars per share) (0.12) 0.13 (0.17) 0.03
Net income (loss) per share (in dollars per share) (1.64) 0.88 (2.81) 6.35
Diluted net income (loss) per share attributable to common stockholders:        
Continuing operations (in dollars per share) (1.52) 0.67 (2.63) 5.91
Discontinued operations (in dollars per share) (0.12) 0.11 (0.17) 0.03
Net income (loss) per share (in dollars per share) $ (1.64) $ 0.78 $ (2.81) $ 5.94
Weighted-average shares used to compute basic net income (loss) per share attributable to common stockholders:        
Basic (in shares) 37,851,735 37,413,387 37,603,921 38,112,531
Weighted-average shares used to compute diluted net income (loss) per share attributable to common stockholders:        
Continuing operations (in shares) 37,851,735 42,081,341 37,603,921 40,713,114
Discontinued operations (in shares) 37,851,735 42,081,341 37,603,921 40,713,114
Net income (loss) (in shares) 37,851,735 42,081,341 37,603,921 40,713,114
Biomass-based diesel        
REVENUES:        
Revenues $ 540,019 $ 551,109 $ 995,225 $ 825,870
COSTS OF GOODS SOLD: 580,133 510,375 1,064,546 916,184
Separated RINs        
REVENUES:        
Revenues 19,596 26,186 42,059 73,365
COSTS OF GOODS SOLD: 7,282 11,011 13,867 43,749
Biomass-based diesel government incentives        
REVENUES:        
Revenues 530 915 998 366,200
Other        
REVENUES:        
Total revenues 498 690 570 1,467
COSTS OF GOODS SOLD: $ 0 $ 0 $ 3 $ 0