Montauk Renewables, Inc. (“Montauk” or “the Company”) (NASDAQ:
MNTK), a renewable energy company specializing in the management,
recovery and conversion of biogas into renewable natural gas
(“RNG”), today announced financial results for the third quarter
ended September 30, 2022.
Third Quarter Financial Highlights:
- Revenues of $55.9 million, increased 40.5% as compared to the
third quarter of 2021
- Net Income of $11.2 million, increased 25.7% as compared to the
third quarter of 2021
- Non-GAAP Adjusted EBITDA of $20.9 million, increased 62.7% as
compared to the third quarter of 2021
- RNG production of 1.4 million MMBtu, decreased 4.8% as compared
to the third quarter of 2021
Montauk’s third quarter revenue reflects an increase in pricing
of both gas commodity and the average realized price of D3
Renewable Identification Numbers (“RINs”) sold. The increase in
price has offset a nominal decrease in RNG volumes and the impacts
of counter party sharing agreement revenues recognized in the prior
period which expired. In the third quarter, our Board of Directors,
and in connection with the projected growth of biogas feedstock
availability from the host landfill, approved a capital improvement
project to build a second production facility at the Apex landfill.
Once commercially operational, we expect this facility will
increase our RNG processing capacity approximately 40%. We have
already started planning for the construction of this facility and
expect it to become commercially operational in 2024. During the
third quarter, our dairy host at our Pico facility began delivering
two tranches of increased feedstock for which we made two payments
as required under our agreement with the dairy. We began releasing
gas from storage associated with the Pico facility and received the
New Renewable Energy Facility designation from the North Carolina
Utilities Commission (“NCUC”) for the Turkey, NC location of our
Montauk Ag Renewables development. The Turkey location was also
accepted into the NCUC’s pilot project portfolio.
Third Quarter Financial Results
Total revenues in the third quarter of 2022 were $55.9 million,
an increase of $16.1 million (40.5%) compared to $39.7 million in
the third quarter of 2021. Increased realized RIN pricing
during the third quarter of 2022 of $3.49 compared to $1.65 in
third quarter of 2021 was the primary driver for this increase in
total revenues. Additionally, an increase in natural gas index
prices of 104.5% in the third quarter of 2022 of $8.20 compared
to$4.01 in the third quarter of 2021 also contributed to the
increase. Offsetting these increases were $2.8 million of lower
revenues recognized under counterparty sharing arrangements in the
third quarter of 2022 compared to the third quarter of 2021 due to
these arrangements ending. Operating and maintenance expenses for
our RNG facilities were $12.1 million, an increase of $3.3 million
(38.4%) compared to $8.7 million in the third quarter of 2021. The
primary driver of this increase is related to increased utilities
expense of $2.2 million in the third quarter of 2022 compared to
the third quarter of 2021. Partially offsetting the RNG operating
and maintenance expenses increase was a decrease in our Renewable
Electricity Generation operating and maintenance expenses to $2.1
million in the third quarter of 2022 compared to $3.5 million
(41.4%) in the third quarter of 2021. The primary reason for the
decrease related to reduced scheduled preventative maintenance at
our Bowerman facility. Total general and administrative expenses
were $8.4 million in the third quarter of 2022, an increase of
$0.9 million (12.6%) compared to $7.5 million in the third quarter
of 2021. Operating profit in the third quarter of 2022 was $13.6
million, an increase of $6.9 million (102.6%) compared to an
operating profit of $6.7 million in the third quarter of 2021.
Net income in the third quarter of 2022 was $11.2 million, an
increase of $2.3 million (25.8%) compared to a net income of $8.9
million in the third quarter of 2021.
Third Quarter Operational Results
We produced 1.4 million Metric Million British Thermal Units
(“MMBtu”) of RNG during the third quarter of 2022, a decrease of
0.1 million compared to 1.5 million MMBtu produced in the third
quarter of 2021. Our Apex facility produced 26 fewer MMBtu in the
third quarter of 2022 compared to the third quarter of 2021 as a
result of landfill filling patterns resulting in lower production.
Also contributing to the decrease is our Atascocita facility
producing 53 fewer MMBtu in the third quarter of 2022 compared to
the third quarter of 2021 as a result of increased contaminants in
the feedstock which lowers processing efficiency. We produced
approximately 49 megawatt hours (“MWh”) in Renewable Electricity in
the third quarter of 2022, an increase of 6 MWh compared to 43 MWh
produced in the third quarter of 2021. Our Security facility
produced approximately 3 MWh in the third quarter of 2022 compared
to no production in the third quarter of 2021 as a result of the
prior period engine restoration project. Our Bowerman facility
produced 4 MWh more in the third quarter of 2022 compared to the
third quarter of 2021 as a result of preventative engine
maintenance performed during the third quarter of 2021. Our Tulsa
facility produced approximately 1 MWh less in the third quarter of
2022 compared to the third quarter of 2021 due to reduced
feedstock availability at the landfill.
Updated 2022 Full Year Outlook:
- RNG revenues expected to range between $196.0 and $216.0
million
- RNG production volumes expected to range between 5.6 and 5.9
million MMBtu
- Renewable Electricity revenues expected to range between $17.0
and $18.0 million
- Renewable Electricity production volumes expected to range
between 188 and 198 thousand MWh
Conference Call Information
The Company will host a conference call today at 5:00 p.m. ET to
discuss results. The register for the conference call will be
available via the following link:
-
https://register.vevent.com/register/BIa09124808e4c45488e360aa2e86b6b22
Please register for the conference call and
webcast using the above link in advance of the call start time. The
webcast platform will register your name and organization as well
as provide dial-ins numbers and a unique access pin. The conference
call will be broadcast live and be available for replay
at https://edge.media-server.com/mmc/p/548ghjtd and on
the Company’s website at
https://ir.montaukrenewables.com after 8:00 p.m. Eastern time
on the same day through November 9, 2023.
Use of Non-GAAP Financial Measures
This press release and the accompanying tables
include references to EBITDA and Adjusted EBITDA, which are
Non-GAAP financial measures. We present EBITDA and Adjusted EBITDA
because we believe the measures assist investors in analyzing our
performance across reporting periods on a consistent basis by
excluding items that we do not believe are indicative of our core
operating performance.
In addition, EBITDA and Adjusted EBITDA are financial
measurements of performance that management and the board of
directors use in their financial and operational decision-making
and in the determination of certain compensation programs. EBITDA
and Adjusted EBITDA are supplemental performance measures that are
not required by or presented in accordance with GAAP. EBITDA and
Adjusted EBITDA should not be considered alternatives to net
(loss) income or any other performance measure derived in
accordance with GAAP, or as an alternative to cash flows from
operating activities or a measure of our liquidity or
profitability.
About Montauk Renewables, Inc.
Montauk Renewables, Inc. (NASDAQ: MNTK) is a renewable energy
company specializing in the management, recovery and conversion of
biogas into RNG. The Company captures methane, preventing it from
being released into the atmosphere, and converts it into either RNG
or electrical power for the electrical grid (“Renewable
Electricity”). The Company, headquartered in Pittsburgh,
Pennsylvania, has more than 30 years of experience in the
development, operation and management of landfill methane-fueled
renewable energy projects. The Company has current operations at 15
operating projects located in California, Idaho, Ohio, Oklahoma,
Pennsylvania, North Carolina and Texas. The Company sells RNG and
Renewable Electricity, taking advantage of Environmental Attribute
premiums available under federal and state policies that
incentivize their use. For more information, visit
https://ir.montaukrenewables.com
Company Contact:John CiroliVice President, General Counsel and
Secretaryinvestor@montaukrenewables.com(412) 747-8700
Investor Relations Contact:Georg VenturatosGateway Investor
RelationsMNTK@GatewayIR.com(949) 574-3860
Safe Harbor Statement
This release contains “forward-looking statements” within the
meaning of U.S. federal securities laws that involve substantial
risks and uncertainties. All statements other than statements of
historical or current fact included in this report are
forward-looking statements. Forward-looking statements refer to our
current expectations and projections relating to our financial
condition, results of operations, plans, objectives, strategies,
future performance, and business. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as “anticipate,” “assume,” “believe,” “can have,”
“contemplate,” “continue,” “strive,” “aim,” “could,” “design,”
“due,” “estimate,” “expect,” “forecast,” “goal,” “intend,”
“likely,” “may,” “might,” “objective,” “plan,” “predict,”
“project,” “potential,” “seek,” “should,” “target,” “will,”
“would,” and other words and terms of similar meaning in connection
with any discussion of the timing or nature of future operational
performance or other events. For example, all statements we make
relating to future results of operations, financial condition,
expectations and plans of the Company, including expected benefits
of the Pico feedstock amendment, Montauk Ag project in North
Carolina, and Apex facilities, the anticipated completion of the
Raeger capital improvement project, the resolution of gas
collection issues at the McCarty facility, our estimated and
projected costs, expenditures, and growth rates, our plans and
objectives for future operations, growth, or initiatives, or
strategies are forward-looking statements. All forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially from those that we expect and,
therefore, you should not unduly rely on such statements. The
risks and uncertainties that could cause those actual results to
differ materially from those expressed or implied by these
forward-looking statements include but are not limited to:
our ability to develop and operate new renewable energy
projects, including with livestock farms, and related challenges
associated with new projects, such as identifying suitable
locations and potential delays in acquisition financing,
construction, and development; reduction or elimination of
government economic incentives to the renewable energy market; the
inability to complete strategic development opportunities;
deterioration in general economic conditions outside our control
including the impacts of supply chain disruptions, inflationary
cost increases, and other macroeconomic factors; continued
inflation could raise our operating costs or increase the
construction costs of our existing or new projects; rising interest
rates could increase the borrowing costs of future indebtedness;
the potential failure to retain and attract qualified personnel of
the Company or a possible increased reliance on third-party
contractors as a result; the impact of the ongoing COVID-19
pandemic on our business, financial condition and results of
operations; the length of development and optimization cycles for
new projects, including the design and construction processes for
our renewable energy projects; dependence on third parties for the
manufacture of products and services and our landfill operations;
the quantity, quality and consistency of our feedstock volumes from
both landfill and livestock farm operations; reliance on
interconnections to distribution and transmission products for our
Renewable Natural Gas and Renewable Electricity Generation
segments; our projects not producing expected levels of output; the
anticipated benefits of the Raeger capital improvement project,
Pico feedstock amendment and the Montauk Ag project in North
Carolina; potential benefits associated with the combustion-based
oxygen removal condensate neutralization technology; resolution of
gas collection issues at the McCarty facility; concentration of
revenues from a small number of customers and projects;; our
outstanding indebtedness and restrictions under our credit
facility; our ability to extend our fuel supply agreements prior to
expiration; our ability to meet milestone requirements under our
power purchase agreements; existing regulations and changes to
regulations and policies that effect our operations; expected
benefits from the extension of the Production Tax Credit under the
Inflation Reduction Act of 2022; decline in public acceptance and
support of renewable energy development and projects; our
expectations regarding Environmental Attribute volume requirements
and prices and commodity prices; our expectations regarding the
period during which we qualify as an emerging growth company under
the Jumpstart Our Business Startups Act (“JOBS Act”); our
expectations regarding future capital expenditures, including for
the maintenance of facilities; our expectations regarding the use
of net operating losses before expiration; our expectations
regarding more attractive carbon intensity scores by regulatory
agencies for our livestock farm projects; market volatility and
fluctuations in commodity prices and the market prices of
Environmental Attributes and the impact of any related hedging
activity; regulatory changes in federal, state and international
environmental attribute programs and the need to obtain and
maintain regulatory permits, approvals, and consents; profitability
of our planned livestock farm projects; sustained demand for
renewable energy; security threats, including cyber-security
attacks; potential liabilities from contamination and environmental
conditions; potential exposure to costs and liabilities due to
extensive environmental, health and safety laws; impacts of climate
change, changing weather patterns and conditions, and natural
disasters; failure of our information technology and data security
systems; increased competition in our markets; continuing to keep
up with technology innovations; concentrated stock ownership by a
few stockholders and related control over the outcome of all
matters subject to a stockholder vote; and other risks and
uncertainties detailed in the section titled “Risk Factors” in our
latest Annual Report on Form 10-K.
We make many of our forward-looking statements based on our
operating budgets and forecasts, which are based upon detailed
assumptions. While we believe that our assumptions are reasonable,
we caution that it is very difficult to predict the impact of known
factors, and it is impossible for us to anticipate all factors that
could affect our actual results. All forward-looking statements
attributable to us are expressly qualified in their entirety by
these cautionary statements as well as others made in our
Securities and Exchange Commission filings and public
communications. You should evaluate all forward-looking statements
made by us in the context of these risks and uncertainties. The
forward-looking statements included herein are made only as of the
date hereof. The Company undertakes no obligation to publicly
update or revise any forward-looking statement as a result of new
information, future events, or otherwise, except as required by
law.
MONTAUK RENEWABLES, INC.
CONDENSEDCONSOLIDATED BALANCE
SHEETS(Unaudited)
(in thousands, except share and per share data):
|
As of September 30, |
|
As of December 31, |
ASSETS |
|
2022 |
|
|
|
2021 |
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
95,619 |
|
|
$ |
53,266 |
|
Accounts and other receivables |
|
12,264 |
|
|
|
9,338 |
|
Related party receivable |
|
8,940 |
|
|
|
8,940 |
|
Current portion of derivative instrument |
|
718 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
4,110 |
|
|
|
2,846 |
|
Assets held for sale |
|
- |
|
|
|
777 |
|
Total current assets |
$ |
121,651 |
|
|
$ |
75,167 |
|
Restricted cash - non-current |
$ |
407 |
|
|
$ |
328 |
|
Property, plant and equipment, net |
|
173,968 |
|
|
|
180,893 |
|
Goodwill and intangible assets, net |
|
15,897 |
|
|
|
14,113 |
|
Deferred tax assets |
|
4,568 |
|
|
|
10,570 |
|
Non-current portion of derivative instrument |
|
1,244 |
|
|
|
- |
|
Operating lease right-of-use assets |
|
124 |
|
|
|
305 |
|
Finance lease right-of-use assets |
|
113 |
|
|
|
- |
|
Other assets |
|
5,971 |
|
|
|
5,104 |
|
Total assets |
$ |
323,943 |
|
|
$ |
286,480 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
3,369 |
|
|
$ |
4,973 |
|
Accrued liabilities |
|
17,243 |
|
|
|
10,823 |
|
Income tax payable |
|
288 |
|
|
|
- |
|
Current portion of derivative instrument |
|
1,440 |
|
|
|
650 |
|
Current portion of operating lease liability |
|
84 |
|
|
|
296 |
|
Current portion of finance lease liability |
|
69 |
|
|
|
- |
|
Current portion of long-term debt |
|
7,854 |
|
|
|
7,815 |
|
Total current liabilities |
$ |
30,347 |
|
|
$ |
24,557 |
|
Long-term debt, less current portion |
$ |
65,485 |
|
|
$ |
71,392 |
|
Non-current portion of derivative instrument |
|
- |
|
|
|
189 |
|
Non-current portion of operating lease liability |
|
21 |
|
|
|
27 |
|
Non-current portion of finance lease liability |
|
42 |
|
|
|
- |
|
Asset retirement obligation |
|
5,397 |
|
|
|
5,301 |
|
Other liabilities |
|
3,843 |
|
|
|
2,721 |
|
Total liabilities |
$ |
105,135 |
|
|
$ |
104,187 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
Common stock, $0.01 par value, authorized 690,000,000 shares;
143,603,681 and 143,584,827 shares issued at September 30, 2022 and
December 31, 2021, respectively; 141,290,748 and 141,015,213 shares
outstanding at September 30, 2022 and at December 31, 2021,
respectively |
|
1,410 |
|
|
|
1,410 |
|
Treasury stock, at cost, 959,344 and 950,214 shares at September
30, 2022 and December 31, 2021, respectively |
|
(10,904 |
) |
|
|
(10,813 |
) |
Additional paid-in capital |
|
203,606 |
|
|
|
196,224 |
|
Retained earnings (deficit) |
|
24,696 |
|
|
|
(4,528 |
) |
Total stockholders' equity |
$ |
218,808 |
|
|
$ |
182,293 |
|
Total liabilities and stockholders'equity |
$ |
323,943 |
|
|
$ |
286,480 |
|
|
|
|
|
MONTAUK RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Total operating revenues |
$ |
55,860 |
|
$ |
39,749 |
|
|
$ |
155,916 |
|
$ |
102,872 |
|
Operating expenses: |
|
|
|
|
|
Operating and maintenance expenses |
$ |
14,134 |
|
$ |
13,123 |
|
|
$ |
42,205 |
|
$ |
36,954 |
|
General and administrative expenses |
|
8,466 |
|
|
7,520 |
|
|
|
25,715 |
|
|
35,280 |
|
Royalties, transportation, gathering and production fuel |
|
12,188 |
|
|
6,636 |
|
|
|
34,484 |
|
|
18,840 |
|
Depreciation, depletion and amortization |
|
5,167 |
|
|
5,666 |
|
|
|
15,453 |
|
|
17,062 |
|
Gain on insurance proceeds |
|
- |
|
|
(157 |
) |
|
|
(313 |
) |
|
(238 |
) |
Impairment loss |
|
2,273 |
|
|
- |
|
|
|
2,393 |
|
|
626 |
|
Transaction costs |
|
- |
|
|
232 |
|
|
|
32 |
|
|
357 |
|
Total operating expenses |
$ |
42,228 |
|
$ |
33,020 |
|
|
$ |
119,969 |
|
$ |
108,881 |
|
Operating income (loss) |
$ |
13,632 |
|
$ |
6,729 |
|
|
$ |
35,947 |
|
$ |
(6,009 |
) |
Other expenses (income): |
|
|
|
|
|
Interest expense |
|
36 |
|
|
697 |
|
|
|
339 |
|
|
2,064 |
|
Other (income) expense |
|
(131 |
) |
|
617 |
|
|
|
(463 |
) |
|
662 |
|
Total other (income) expense |
$ |
(95 |
) |
$ |
1,314 |
|
|
$ |
(124 |
) |
$ |
2,726 |
|
Income (loss) before income taxes |
$ |
13,727 |
|
$ |
5,415 |
|
|
$ |
36,071 |
|
$ |
(8,735 |
) |
Income tax expense (benefit) |
|
2,540 |
|
|
(3,481 |
) |
|
|
6,847 |
|
|
1,286 |
|
Net income (loss) |
$ |
11,187 |
|
$ |
8,896 |
|
|
$ |
29,224 |
|
$ |
(10,021 |
) |
Earnings (loss) per share: |
|
|
|
|
|
Basic |
$ |
0.08 |
|
$ |
0.06 |
|
|
$ |
0.21 |
|
$ |
(0.07 |
) |
Diluted |
$ |
0.08 |
|
$ |
0.06 |
|
|
$ |
0.20 |
|
$ |
(0.07 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
Basic |
|
141,290,748 |
|
|
141,015,213 |
|
|
|
141,156,126 |
|
|
141,015,213 |
|
Diluted |
|
142,722,396 |
|
|
141,048,006 |
|
|
|
142,627,711 |
|
|
141,015,213 |
|
|
|
|
|
|
|
MONTAUK RENEWABLES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
Nine Months Ended September 30 |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
Net income (loss) |
$ |
29,224 |
|
|
$ |
(10,021 |
) |
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities: |
|
|
Depreciation, depletion and amortization |
|
15,453 |
|
|
|
17,062 |
|
Provision for deferred income taxes |
|
6,002 |
|
|
|
1,124 |
|
Stock-based compensation |
|
7,382 |
|
|
|
19,713 |
|
Derivative mark-to-market adjustments and settlements |
|
(1,359 |
) |
|
|
(1,011 |
) |
Gain on property insurance proceeds |
|
(313 |
) |
|
|
(238 |
) |
Earn out increase (decrease) |
|
1,122 |
|
|
|
(694 |
) |
Net (gain) loss on sale of assets |
|
(250 |
) |
|
|
822 |
|
Accretion of asset retirement obligations |
|
174 |
|
|
|
304 |
|
Amortization of debt issuance costs |
|
314 |
|
|
|
395 |
|
Impairment loss |
|
2,393 |
|
|
|
626 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts and other receivables and other current assets |
|
(5,252 |
) |
|
|
(7,272 |
) |
Accounts payable and other accrued expenses |
|
4,919 |
|
|
|
488 |
|
Net cash provided by operating activities |
$ |
59,809 |
|
|
$ |
21,298 |
|
Cash flows from investing activities: |
|
|
|
Capital expenditures |
$ |
(12,750 |
) |
|
$ |
(7,702 |
) |
Asset acquisition |
|
- |
|
|
|
(4,142 |
) |
Cash collateral deposits |
|
79 |
|
|
|
118 |
|
Proceeds from sale of
assets |
|
1,088 |
|
|
|
74 |
|
Proceeds from insurance
recovery |
|
313 |
|
|
|
238 |
|
Net cash used in investing activities |
$ |
(11,270 |
) |
|
$ |
(11,414 |
) |
Cash flows from financing activities: |
|
|
|
Repayments of long-term
debt |
|
(6,000 |
) |
|
|
(7,500 |
) |
Proceeds from initial public
offering |
|
- |
|
|
|
15,593 |
|
Treasury stock purchase |
|
(91 |
) |
|
|
(10,813 |
) |
Loan to Montauk Holdings
Limited |
|
- |
|
|
|
(7,140 |
) |
Finance lease payments |
|
(15 |
) |
|
|
- |
|
Net cash used in financing activities |
$ |
(6,106 |
) |
|
$ |
(9,860 |
) |
Net increase (decrease) in cash and cash equivalents and
restricted cash |
$ |
42,433 |
|
|
$ |
24 |
|
Cash and cash equivalents and restricted cash at beginning of
period |
$ |
53,612 |
|
|
$ |
21,559 |
|
Cash and cash equivalents and restricted cash at end of period |
$ |
96,045 |
|
|
$ |
21,583 |
|
Reconciliation of cash, cash equivalents, and restricted
cash at end of period: |
|
|
Cash and cash equivalents |
$ |
95,619 |
|
|
$ |
20,892 |
|
Restricted cash and cash
equivalents – current |
|
19 |
|
|
|
118 |
|
Restricted cash and cash
equivalents - non-current |
|
407 |
|
|
|
573 |
|
|
$ |
96,045 |
|
|
$ |
21,583 |
|
|
|
|
|
MONTAUK RENEWABLES, INC.
NON-GAAP FINANCIAL
MEASURES(Unaudited)
(in thousands):
The following table provides our EBITDA and Adjusted EBITDA, as
well as a reconciliation to net income, which is the most directly
comparable GAAP measure, for the three months ended September 30,
2022 and 2021:
|
For the three months ended September 30 |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net income |
$ |
11,187 |
|
|
$ |
8,896 |
|
Depreciation and amortization |
|
5,167 |
|
|
|
5,666 |
|
Interest expense |
|
36 |
|
|
|
697 |
|
Income tax expense (benefit) |
|
2,540 |
|
|
|
(3,481 |
) |
Consolidated EBITDA |
|
18,930 |
|
|
|
11,778 |
|
Net loss on sale of assets |
|
43 |
|
|
|
822 |
|
Impairment loss |
|
2,273 |
|
|
|
- |
|
Unrealized gains on hedging activities |
|
(367 |
) |
|
|
- |
|
Transaction costs |
|
- |
|
|
|
232 |
|
Adjusted EBITDA |
$ |
20,879 |
|
|
$ |
12,832 |
|
|
|
|
|
The following table provides our EBITDA and Adjusted EBITDA, as
well as a reconciliation to net income (loss), which is the most
directly comparable GAAP measure, for the nine months ended
September 30, 2022 and 2021:
|
For the nine months endedSeptember
30, |
|
|
2022 |
|
|
|
2021 |
|
Net
income (loss) |
$ |
29,224 |
|
|
$ |
(10,021 |
) |
Depreciation and amortization |
|
15,453 |
|
|
|
17,062 |
|
Interest
expense |
|
339 |
|
|
|
2,064 |
|
Income
tax expense |
|
6,847 |
|
|
|
1,286 |
|
Consolidated EBITDA |
|
51,863 |
|
|
|
10,391 |
|
Net
(gain) loss on sale of assets |
|
(250 |
) |
|
|
822 |
|
Impairment loss |
|
2,393 |
|
|
|
626 |
|
Unrealized losses on hedging activities |
|
1,440 |
|
|
|
— |
|
Transaction costs |
|
32 |
|
|
|
357 |
|
Adjusted
EBITDA |
$ |
55,478 |
|
|
$ |
12,196 |
|
|
|
|
|
|
|
|
|
Montauk Renewables (NASDAQ:MNTK)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Montauk Renewables (NASDAQ:MNTK)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024