UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 15, 2022, Greenidge Generation Holdings Inc. issued a press release setting forth Greenidge Generation Holdings Inc.’s financial results for the quarter ended June 30, 2022. A copy of Greenidge Generation Holding Inc.’s press release is furnished herewith as Exhibit 99.1 and is hereby incorporated by reference in this Item 2.02.
The information contained in this Item 2.02, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of Section 18. Furthermore, the information contained in this Item 2.02 and Exhibit 99.1 shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is furnished herewith pursuant to Item 2.02 hereof:
Exhibit No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Greenidge Generation Holdings Inc. |
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Date: |
August 15, 2022 |
By: |
/s/ Jeffrey E. Kirt |
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Jeffrey E. Kirt |
EXHIBIT 99.1
Greenidge Generation Announces Financial and Operating Results for Second Quarter 2022 and Provides Operational Update for July 2022
Second Quarter 2022 Highlights
July 2022 Operational Update
Adjusted net (loss) income, Adjusted EBITDA, Adjusted EBITDA margin and last twelve months (“LTM”) Adjusted EBITDA are non-GAAP measures. See the tables attached to this press release for a reconciliation from GAAP to non-GAAP measures and "Use of Non-GAAP Information" below for more details.
Fairfield, Conn. – August 15, 2022 – Greenidge Generation Holdings Inc. (NASDAQ: GREE) (“Greenidge”), a vertically integrated cryptocurrency datacenter and power generation company, today announced financial and operating results for the second quarter of 2022 and provided an operational update for the month ended July 31, 2022.
“While our team once again delivered strong operational performance in terms of bitcoin production and plant uptime for the quarter and for the month of July, the approximately 60% decrease in the price of bitcoin during the second quarter coupled with the spike in global energy prices clearly presents a challenging earnings environment,” said Jeff Kirt, Chief Executive Officer of Greenidge. “The sudden change in mining economics has driven us to refocus our strategy to prudently prioritize liquidity and capital preservation over aggressive growth – while maintaining our relentless focus on operational performance.
“As a result, we have chosen to pause our plans to develop certain additional sites in our pipeline in the ERCOT market and, instead, intend to concentrate our operations at our two existing sites in South Carolina and New York for the time being. We now expect to have at least 3.6 EH/s of mining capacity by the first quarter of 2023 and expect to maintain our first quarter 2023 level of mining capacity until we determine that market conditions are attractive for additional growth.
“Our development plan is fully funded with cash on our balance sheet and substantially all of the required infrastructure equipment has been procured. We anticipate minimal cash contributions, if any, will be required to finance the purchase of our remaining order book and expect the cost of the remaining infrastructure build to be less than $7.5 million.
“Importantly, our lenders have shown strong support of our revised development plan by working with us to flatten our amortization curve in order to further enhance liquidity during this challenging time for our industry. This provides us with additional near-term liquidity as we complete our revised development plan in the upcoming months, which allows us to benefit from the next uptick in the bitcoin cycle while also providing us with a stronger liquidity position in the event of a market downturn”
Second Quarter 2022 Financial Results
$ in thousands, except Adjusted EBITDA margin |
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Q2 2022 |
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Q2 2021 |
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Variance |
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Total Revenue |
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$ |
31,339 |
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$ |
16,176 |
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94 |
% |
Cryptocurrency datacenter revenue |
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$ |
20,067 |
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$ |
14,064 |
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43 |
% |
Power and capacity revenue |
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$ |
2,859 |
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$ |
2,112 |
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35 |
% |
Adjusted EBITDA |
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$ |
2,872 |
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$ |
8,065 |
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-64 |
% |
Adjusted EBITDA margin |
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9.2 |
% |
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49.9 |
% |
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Greenidge’s revenue for the second quarter was $31 million, up 94% compared to the prior year period. Cryptocurrency datacenter revenue for the second quarter was $20 million, up 43% compared to the prior year period, and Power and capacity revenue for the second quarter was $3 million, up 35% compared to the prior year period. Greenidge’s Support.com subsidiary, which was acquired in September 2021, generated approximately $8.1 million in second quarter revenue and was not included in Greenidge’s second quarter 2022 results. Support.com revenue is included in Greenidge’s Services and other revenue line item on the income statement.
Greenidge produced approximately 621 bitcoin during the second quarter of 2022, compared to 315 bitcoin in the second quarter of 2021, and had approximately 27,500 miners with approximately 2.5 EH/s of combined capacity as of June 30, 2022.
Net loss was $(107.9) million for the second quarter as compared to net income of $3.5 million in the prior year period. As detailed below and in Greenidge’s Quarterly Report on Form 10-Q filed today, the second quarter of 2022 results had $98.2 million of special items. Following a substantial drop in the price of bitcoin and a spike in energy prices in the second quarter, in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, Greenidge took a $71.5 million nonrecurring, noncash charge in the quarter. Additionally, Greenidge’s second quarter 2022 results included an $11.1 million charge for the remeasurement of environmental liabilities, $0.5 million of merger and other costs, $0.1 million of expansion costs and a $15.0 million tax charge for the recognition of a valuation allowance on deferred tax assets primarily related to historical net operating loss carryforwards of the Support.com business that was acquired in 2021. Adjusted net loss was $(9.7) million, compared to Adjusted net income of $4.2 million in the prior year period.
Adjusted EBITDA for the second quarter was $2.9 million, or 9.2% of revenue, compared to the prior year period of $8.1 million, or 49.9% of revenue
Greenidge ended the quarter with approximately $67 million of cash and fair market value of cryptocurrency holdings, of which, less than $1 million was cryptocurrency holdings. In addition, Greenidge had approximately $92 million of cash on deposit with Bitmain Technologies, Ltd as of June 30, 2022.
Power Plant Performance
Greenidge’s mining operations in Dresden, NY are powered by the power plant located at the facility. The plant is periodically offline for scheduled maintenance outages and for unscheduled outages. In the second quarter of 2022, the plant was offline for zero (0) hours, representing an uptime, defined as running hours divided by total hours in the period, of 100.0%. For the six months June 30, 2022, the plant was offline for seven (7) hours, representing an uptime of 99.8%. For the twelve months ended June 30, 2022, the plant was offline for 149 hours, representing an uptime of 98.3%. Greenidge commenced mining operations in scale at its Dresden facility in the first quarter of 2020. For the 27 month period beginning April 1, 2020 and ending June 30, 2022, the plant was offline for a total of 324 hours, representing an uptime for the period of 98.4%. Offline hours mentioned above include hours the plant is offline for scheduled maintenance. The plant’s maintenance schedule currently has approximately 190 hours of planned time offline in the second half of 2022.
July 2022 Operational Update
During the month of July 2022, Greenidge produced approximately 287 bitcoin. As of July 31, 2022, Greenidge had approximately 2.7 EH/s of mining capacity from approximately 29,300 miners. Additionally, Greenidge had approximately 2,800 miners in transit as of July 31, 2022. The power plant at Greenidge’s Dresden facility was offline for zero (0) hours during the month, representing an uptime of 100.0%.
Development Plan Update
Pursuant to Greenidge’s revised development plan, it now expects to have at least 3.6 EH/s of mining capacity by the first quarter of 2023 and expects mining capacity to remain at first quarter 2023 levels until it determines market conditions are attractive for additional growth. Greenidge expects to have ample mining infrastructure available at its locations in New York and South Carolina to accommodate this capacity and has substantially all of the mining infrastructure equipment on hand including the required transformers, switchgear, PDUs and mobile mining structures. The expected cost to procure the contractor services and any remaining infrastructure equipment required to develop Greenidge’s mining infrastructure
is less than $7.5 million. Following a planned upgrade to the electrical service at its Spartanburg, SC site in late 2022 or early 2023, Greenidge expects to have 50 megawatts of electrical capacity available at the site.
In the second quarter, Greenidge began to upgrade its fleet efficiency by reducing its inventory of older, less efficient mining equipment in order to free up mining capacity for newer, more efficient miners in its order book. Greenidge expects this trend to continue during the second half of 2022 and may also consider other asset sales, including but not limited to sales of surplus mining infrastructure equipment, to further enhance its liquidity position.
Lender Support of Development Plan
As further detailed in Greenidge’s Quarterly Report on Form 10-Q filed today, on August 10, 2022, B Riley Commercial Capital, LLC and Greenidge amended the terms of Greenidge’s Secured Promissory Note by extending the maturity to June 2023, reducing scheduled monthly amortization payments and reducing certain mandatory prepayments. The interest rate of the Secured Promissory Note was revised to 7.5% and the principal balance following the amendment was $16.4 million.
Title V Air Permit Commentary
Consistent with the intentions provided in its press release on June 30, 2022, Greenidge filed a notice with the New York Department of Environmental Conservation (“NYDEC”) on July 28, 2022, requesting a hearing on the NYDEC’s decision to deny Greenidge’s application for a Title V Air Permit Renewal at its Dresden, NY facility. Greenidge is permitted to operate uninterrupted under a State Administrative Procedures Act extension, in full compliance with its existing Title V Air Permit, until four months after final resolution of the adjudicatory hearing. While no adjudicatory proceedings have been scheduled to date, Greenidge has been advised that, based on the progression of previous and ongoing cases of a similar nature, the appeals process may take a number of years to fully resolve.
GAAP Adjustments and Charges
Following a substantial drop in the price of bitcoin and a spike in energy prices in the second quarter, in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, Greenidge undertook an impairment assessment pertaining to long-lived assets that resulted in a non-cash charge of $72 million reflected in the income statement and the property and equipment line item of the balance sheet. Further details of the ASC 360 impairment are available in Greenidge’s Quarterly Report on Form 10-Q for the period ended June 30, 2022.
Separately, Greenidge adjusted its estimate pertaining to a legacy environmental liability associated with a settling pond located at its Dresden, NY facility. The liability results from operations prior to Greenidge’s ownership of the site and was assumed when Greenidge purchased the facility in 2014. The adjustment resulted in a $11 million charge during the quarter.
Additionally, the Company recognized a charge of $15 million during the second quarter for a valuation allowance associated with deferred tax assets recorded primarily relating to net operating losses of the Support.com business, which was acquired in 2021.
Webcast Management Presentation
Greenidge will host a management presentation on Monday, August 15, 2022 at 5 p.m. Eastern time. Greenidge's management team will discuss the financial results and provide a general business update.
A link to the management presentation will be available on Greenidge's Investor Relations website at http://ir.greenidge.com and will be available for replay.
About Greenidge Generation Holdings Inc.
Greenidge Generation Holdings Inc. (NASDAQ: GREE) is a vertically integrated cryptocurrency datacenter and power generation company. Greenidge is committed to 100% carbon-neutral datacenter operations at all of its locations by utilizing low-carbon sources of energy and offsetting its carbon footprint.
Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of Greenidge (the "Company"), the Company has disclosed in this press release certain non-GAAP operating performance measures of Adjusted EBITDA, Adjusted EBITDA margin, LTM Adjusted EBITDA and Adjusted net (loss) income. Adjusted EBITDA is defined as earnings before interest, taxes and depreciation and amortization, which is then adjusted for stock-based compensation and other special items determined by management, including, but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairments of goodwill and long-lived assets and remeasurement of environmental liabilities. Adjusted EBITDA margin is the percentage of Adjusted EBITDA of revenue. LTM Adjusted EBITDA is Adjusted EBITDA over the last twelve-month period. Adjusted net (loss) income is net (loss) income adjusted for the after-tax impacts of special items determined by management, including but not limited to costs associated with the merger with Support.com, costs of becoming a public company (which included the costs of a corporate reorganization from an LLC, public registration of shares and associated costs), business expansion costs, impairments of goodwill and long-lived assets, remeasurement of environmental liabilities and tax charges for the recognition of valuation allowances on deferred tax assets. These non-GAAP financial measures are a supplement to and not a substitute for or superior to, the Company’s results presented in accordance with U.S. GAAP. The non-GAAP financial measures presented by the Company may be different from non-GAAP financial measures presented by other companies. Specifically, the Company believes the non-GAAP information provides useful measures to investors regarding the Company’s financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-GAAP financial measures to U.S. GAAP results is included herein.
Forward-Looking Statements
This press release includes certain statements that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws. These forward-looking statements involve uncertainties that could significantly affect Greenidge’s financial or operating results. These forward-looking statements may be identified by terms such as “anticipate,” “believe,” “continue,” “foresee,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” and “should,” and the negative of these terms or other similar expressions. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Forward-looking statements in this press release include, among other things, statements regarding the business plan, business strategy and operations of Greenidge in the future. In addition, all statements that address operating performance and future performance, events or developments that are expected or anticipated to occur in the future, such as statements concerning (i) the development of facilities in South Carolina and New York, (ii) future mining capacity, (iii) future electrical capacity, (iv) future liquidity, (v) the ability to obtain future debt or equity financing, and (vi) the Department Title V Air Permit appeal process, are forward looking statements. Forward-looking statements are subject to a number of risks, uncertainties and assumptions. Matters and factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements include but are not limited to the matters and factors described in Part I, Item 1A. “Risk Factors” of Greenidge’s Annual Report on Form 10-K for the year ended December 31, 2021, in Part II, Item 1A. “Risk Factors” of Greenidge’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, and its other filings with the Securities and Exchange Commission, as well as statements about or relating to or otherwise affected by the completion of management’s final review of the financial results and Greenidge’s other closing procedures. Consequently, all of the forward-looking statements made in this press release are qualified by the information contained under this caption. No assurance can be given that these are all of the factors that could cause actual results to vary materially from the forward-looking statements in this press release. You should not put undue reliance on forward-looking statements. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, the actual results, performance, or achievements of Greenidge could differ materially from the results expressed in, or implied by, any forward-looking statements. All forward-looking statements speak only as of the date of this press release and Greenidge does not assume any duty to update or revise any forward-looking statements included in this press release, whether as a result of new information, the occurrence of future events, uncertainties or otherwise, after the date of this press release.
For further information, please contact:
Investor Relations
investorrelations@greenidge.com
Media Inquiries
media@greenidge.com
GREENIDGE GENERATION HOLDINGS INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021 |
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Amounts denoted in 000's (except per share data) |
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Three Months Ended June 30, |
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2022 |
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2021 |
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Variance |
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REVENUE: |
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Cryptocurrency datacenter |
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$ |
20,067 |
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$ |
14,064 |
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43 |
% |
Power and capacity |
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2,859 |
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2,112 |
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35 |
% |
Services and other |
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8,413 |
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- |
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N/A |
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Total revenue |
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31,339 |
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16,176 |
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94 |
% |
OPERATING COSTS AND EXPENSES |
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Cost of revenue - cryptocurrency datacenter |
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11,664 |
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2,754 |
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324 |
% |
Cost of revenue - power and capacity |
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3,172 |
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1,970 |
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61 |
% |
Cost of revenue - Services and other |
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3,573 |
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- |
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N/A |
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Selling, general and administrative |
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11,088 |
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3,627 |
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206 |
% |
Merger and other costs |
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485 |
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938 |
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-48 |
% |
Depreciation and amortization |
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4,867 |
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1,603 |
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204 |
% |
Impairment of long-lived assets |
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71,500 |
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- |
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Remeasurement of environmental liabilities |
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11,109 |
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- |
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(Loss) income from operations |
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(86,119 |
) |
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5,284 |
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-1730 |
% |
OTHER (EXPENSE) INCOME, NET: |
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Interest expense |
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(6,910 |
) |
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(202 |
) |
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3321 |
% |
(Loss) gain on sale of digital assets |
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(10 |
) |
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(154 |
) |
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-94 |
% |
Gain on sale of assets |
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629 |
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- |
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Other income, net |
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17 |
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(13 |
) |
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-231 |
% |
Total expense, net |
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(6,274 |
) |
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(369 |
) |
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1600 |
% |
LOSS BEFORE INCOME TAXES |
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(92,393 |
) |
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4,915 |
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-1980 |
% |
Provision for income taxes |
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15,489 |
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1,397 |
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1009 |
% |
NET (LOSS) INCOME |
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$ |
(107,882 |
) |
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$ |
3,518 |
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-3167 |
% |
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Earnings per share: |
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Basic |
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$ |
(2.61 |
) |
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$ |
0.12 |
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Diluted |
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$ |
(2.61 |
) |
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$ |
0.10 |
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Reconciliation of Net loss (income) to Adjusted EBITDA |
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Net (loss) income |
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$ |
(107,882 |
) |
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$ |
3,518 |
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Provision for income taxes |
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15,489 |
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1,397 |
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Interest expense, net |
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6,910 |
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|
202 |
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Depreciation and amortization |
|
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4,867 |
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1,603 |
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EBITDA |
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(80,616 |
) |
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6,720 |
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Stock-based compensation |
|
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306 |
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|
407 |
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Impairment of long-lived assets |
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|
71,500 |
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|
|
- |
|
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Remeasurement of environmental liability |
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|
11,109 |
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|
|
- |
|
|
|
|
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Merger and other costs |
|
|
485 |
|
|
|
938 |
|
|
|
|
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Expansion costs |
|
|
88 |
|
|
|
- |
|
|
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|
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Adjusted EBITDA |
|
$ |
2,872 |
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$ |
8,065 |
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Adjusted EBITDA percentage of revenue |
|
|
9.2 |
% |
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49.9 |
% |
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Reconciliation of Net (loss) income to Adjusted Net income (loss): |
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|
|||
Net (loss) income |
|
$ |
(107,882 |
) |
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$ |
3,518 |
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|
|
|
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Impairment of long-lived assets |
|
|
71,500 |
|
|
|
- |
|
|
|
|
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Remeasurement of environmental liability |
|
|
11,109 |
|
|
|
- |
|
|
|
|
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Merger and other costs, after tax |
|
|
485 |
|
|
|
680 |
|
|
|
|
|
Expansion costs, after tax |
|
|
88 |
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|
|
- |
|
|
|
|
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Tax charge for valuation allowance |
|
|
15,056 |
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|
|
- |
|
|
|
|
|
Adjusted net (loss) income: |
|
$ |
(9,644 |
) |
|
$ |
4,198 |
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|
|
|
GREENIDGE GENERATION HOLDINGS INC. AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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Amounts denoted in $000's |
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June 30,2022 |
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(Unaudited) |
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December 31, 2021 |
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ASSETS |
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CURRENT ASSETS: |
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||||||||
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Cash and cash equivalents |
$ |
66,382 |
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|
$ |
82,599 |
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|||||
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Short term investments |
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- |
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|
|
496 |
|
|||||
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Digital assets |
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323 |
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|
|
476 |
|
|||||
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Accounts receivable |
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6,520 |
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|
|
5,524 |
|
|||||
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Prepaid expenses |
|
11,286 |
|
|
|
9,146 |
|
|||||
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Emissions and carbon offset credits |
|
1,260 |
|
|
|
2,361 |
|
|||||
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|
|
|
Total current assets |
|
85,771 |
|
|
|
100,602 |
|
||
LONG-TERM ASSETS: |
|
|
|
|
|
||||||||
|
Property and equipment, net |
|
249,202 |
|
|
|
217,091 |
|
|||||
|
Right-of-use assets |
|
1,278 |
|
|
|
1,472 |
|
|||||
|
Intangible assets |
|
3,073 |
|
|
|
3,537 |
|
|||||
|
Goodwill |
|
3,062 |
|
|
|
3,062 |
|
|||||
|
Deferred tax assets |
|
17 |
|
|
|
15,058 |
|
|||||
|
Other long-term assets |
|
563 |
|
|
|
445 |
|
|||||
|
|
|
|
Total assets |
$ |
342,966 |
|
|
$ |
341,267 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
||||||||
CURRENT LIABILITIES: |
|
|
|
|
|
||||||||
|
Accounts payable |
$ |
12,054 |
|
|
$ |
5,923 |
|
|||||
|
Accrued emissions expense |
|
3,890 |
|
|
|
2,634 |
|
|||||
|
Accrued expenses |
|
17,424 |
|
|
|
10,375 |
|
|||||
|
Income taxes payable |
|
165 |
|
|
|
2,481 |
|
|||||
|
Long-term debt, current portion |
|
65,016 |
|
|
|
19,577 |
|
|||||
|
Lease obligation, current portion |
|
291 |
|
|
|
736 |
|
|||||
|
|
|
|
Total current liabilities |
|
98,840 |
|
|
|
41,726 |
|
||
LONG-TERM LIABILITIES: |
|
|
|
|
|
||||||||
|
Long-term debt, net of current portion and deferred financing fees |
|
110,752 |
|
|
|
75,251 |
|
|||||
|
Lease obligation, net of current portion |
|
166 |
|
|
|
193 |
|
|||||
|
Asset retirement obligations |
|
- |
|
|
|
2,691 |
|
|||||
|
Environmental liability |
|
22,415 |
|
|
|
8,615 |
|
|||||
|
Other long-term liabilities |
|
361 |
|
|
|
368 |
|
|||||
|
|
|
|
Total liabilities |
|
232,534 |
|
|
|
128,844 |
|
||
STOCKHOLDERS' EQUITY |
|
110,432 |
|
|
|
212,423 |
|
||||||
|
|
|
|
Total liabilities and stockholders' equity |
$ |
342,966 |
|
|
$ |
341,267 |
|
||
GREENIDGE GENERATION HOLDINGS INC. AND SUBSIDIARIES |
|
||||||||||||||
LTM ADJUSTED EBITDA |
|
||||||||||||||
RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA |
|
||||||||||||||
Amounts denoted in 000's |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
Trailing |
|
||||
|
Fiscal Year |
|
|
Six Months Ended |
|
|
Six Months Ended |
|
|
12 Months |
|
||||
|
2021 |
|
|
June 30, 2021 |
|
|
June 30, 2022 |
|
|
June 30, 2022 |
|
||||
Net (loss) income |
$ |
(44,480 |
) |
|
$ |
4,797 |
|
|
$ |
(108,310 |
) |
|
$ |
(157,587 |
) |
Provision for income taxes |
|
408 |
|
|
|
2,129 |
|
|
|
15,121 |
|
|
|
13,400 |
|
Interest expense, net |
|
3,692 |
|
|
|
390 |
|
|
|
10,262 |
|
|
|
13,564 |
|
Depreciation and amortization |
|
8,855 |
|
|
|
2,864 |
|
|
|
8,845 |
|
|
|
14,836 |
|
EBITDA |
|
(31,525 |
) |
|
|
10,180 |
|
|
|
(74,082 |
) |
|
|
(115,787 |
) |
Stock-based compensation |
|
3,770 |
|
|
|
1,063 |
|
|
|
669 |
|
|
|
3,376 |
|
Goodwill impairment |
|
42,307 |
|
|
|
- |
|
|
|
- |
|
|
|
42,307 |
|
Impairment of long-lived assets |
|
- |
|
|
|
- |
|
|
|
71,500 |
|
|
|
71,500 |
|
Merger and other costs |
|
32,272 |
|
|
|
1,248 |
|
|
|
698 |
|
|
|
31,722 |
|
Expansion costs |
|
2,362 |
|
|
|
- |
|
|
|
2,192 |
|
|
|
4,554 |
|
Remeasurement of environmental liabilities |
|
3,688 |
|
|
|
- |
|
|
|
11,109 |
|
|
|
14,797 |
|
Adjusted EBITDA |
$ |
52,874 |
|
|
$ |
12,491 |
|
|
$ |
12,086 |
|
|
$ |
52,469 |
|