Intrepid Potash, Inc. (NYSE:IPI) ("Intrepid", the "Company", "we",
"us", "our") today reports its financial results for the fourth
quarter and full year of 2020.
Key Fourth Quarter Takeaways
- $9.5 million improvement in the bottom line compared to the
third quarter of 2020 with positive momentum continuing into 2021
across all segments. Net loss of $0.7 million, or $(0.05) per share
in Q4 2020, compared to net loss of $10.2 million, or $(0.78) per
share in Q3 2020.
- Adjusted EBITDA(1) of $9.7 million for the fourth quarter of
2020.
- Cash flow from operations of $12.7 million for the fourth
quarter of 2020.
- Strong domestic sales volume for potash and Trio® in Q4 2020 as
favorable weather, rising commodity prices, and compelling farm
economics drove early season fertilizer demand that is steadily
continuing into 2021.
- Total company water sales were $5.8 million in fourth quarter
of 2020, an increase of $2.2 million compared to the third quarter
of 2020 as oilfield activity continues its upward trajectory.
Management Comment
"We are excited to move into 2021 and put the impacts of the
COVID-19 pandemic gradually behind us as strong farmer economics
will allow us to fully take advantage of higher potash and Trio®
prices, which are currently $140 per ton and $60 per ton above
summer-fill price levels, respectively." said Bob Jornayvaz,
Intrepid's Executive Chairman, President, and CEO. "The fourth
quarter was highlighted by solid cash flow and a significant
increase in EBITDA compared to the prior two quarters as fertilizer
markets and oilfield activity both rebounded sharply from this past
summer. Under-application of potash from recent seasons, favorable
weather, and very strong commodity pricing will continue to support
our fertilizer markets through the spring season."
Jornayvaz continued, "We are expanding upon the existing and
significant ES&G solar evaporation footprint of our
environmentally friendly potash operations to further increase our
commitment to provide creative ES&G solutions and services to
oilfield operators as they focus their resources in the prolific
Delaware Basin. We saw a significant increase in water sales during
the fourth quarter as frac activity improved from prior months. We
managed well through the worst part of the downturn and expect
continued improvement in oilfield activity in 2021. We are
committed to growing our oil and gas midstream business in the
Delaware Basin. Intrepid is responding to political, regulatory,
and ES&G emphasis on water conservation and re-use by providing
full-cycle water management solutions to the numerous
well-capitalized operators in the area. We are in the early stages
of construction on a produced water disposal system near our South
ranch and we are investing in recycling infrastructure and
capabilities in the coming months as full-cycle water management
becomes a central focus of our oilfield segment. Our expansion into
full-cycle water management, including the transition of fresh
water sales to brine water sales for oilfield drilling and fracing,
will be key in achieving the environmental and sustainability goals
of both oilfield operators and the New Mexico legislature."
Consolidated Results
Intrepid recorded net loss of $0.7 million, or $(0.05) per
diluted share in the fourth quarter of 2020, contributing to full
year 2020 net loss of $27.2 million, or $(2.09) per diluted share.
Consolidated gross margin of $5.8 million and $10.5 million in the
fourth quarter and full year 2020, respectively, was a decrease
compared to the same year-ago periods due to reduced fertilizer
pricing, and the COVID-19 pandemic which led to a reduction in
water and other oilfield sales.
Segment Highlights
Potash
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
27,556 |
|
|
$ |
25,556 |
|
|
$ |
108,060 |
|
|
$ |
124,648 |
|
Gross margin |
|
$ |
3,847 |
|
|
$ |
5,746 |
|
|
$ |
11,551 |
|
|
$ |
27,787 |
|
|
|
|
|
|
|
|
|
|
Potash production volume (in
tons) |
|
106 |
|
|
110 |
|
|
308 |
|
|
328 |
|
Potash sales volume (in
tons) |
|
78 |
|
|
58 |
|
|
317 |
|
|
319 |
|
|
|
|
|
|
|
|
|
|
Average potash net realized
sales price per ton(1) |
|
$ |
248 |
|
|
$ |
278 |
|
|
$ |
250 |
|
|
$ |
284 |
|
Gross margin decreased $1.9 million and $16.2 million in the
fourth quarter and full year of 2020, respectively, compared to the
same periods in 2019. Decreases in both periods were primarily
driven by lower average net realized sales prices for potash sales
and decreased byproducts sales. Byproduct sales decreased due to
improved availability of salt in certain regions which reduced our
sales footprint and due to COVID-19 which reduced sales of water
and brine into oil and gas markets.
Fourth quarter and full year average net realized sales price
per ton decreased year-over-year due to price decreases announced
in the 2020 winter and summer-fill programs and fewer industrial
sales. We announced three price increases during the fourth quarter
of 2020 and another in February 2021, increasing our posted price
by $140 per ton compared to summer fill price levels.
Fourth quarter production was similar to the prior year with all
sites operating at full rates to meet strong early season
fertilizer demand. We expect above average evaporation during the
2020 evaporation season will allow us to operate longer than normal
during the spring of 2021. Full year production decreased 6%
compared to 2019, due to reduced evaporation during the 2019
evaporation season which limited our production during the spring
of 2020.
Trio®
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(in thousands, except per ton data) |
Sales |
|
$ |
15,565 |
|
|
|
$ |
15,669 |
|
|
$ |
70,287 |
|
|
|
$ |
69,551 |
|
Gross (deficit) margin |
|
$ |
(375 |
) |
|
|
$ |
23 |
|
|
$ |
(8,505 |
) |
|
|
$ |
1,100 |
|
|
|
|
|
|
|
|
|
|
Trio® production volume (in
tons) |
|
58 |
|
|
|
45 |
|
|
213 |
|
|
|
228 |
|
Trio® sales volume (in
tons) |
|
50 |
|
|
|
53 |
|
|
230 |
|
|
|
225 |
|
|
|
|
|
|
|
|
|
|
Average Trio® net realized
sales price per ton(1) |
|
$ |
188 |
|
|
|
$ |
170 |
|
|
$ |
195 |
|
|
|
$ |
195 |
|
Fourth quarter 2020 gross margin decreased $0.4 million compared
to 2019, as strong early season demand in domestic markets was
offset by increased per ton costs of goods sold. Fourth quarter
2019 results benefited from lower costs of goods sold primarily due
to lower of cost or net realizable value adjustments recorded in
prior quarters. Byproduct water sales increased $0.1 million
compared to the fourth quarter of 2019 as oil and gas activity
continued to improve in the Delaware Basin from mid-year lows. Full
year 2020 gross margin decreased as reduced operating rates led to
an increased per ton cost of goods sold and the summer-fill price
decrease resulted in additional lower of cost of net realizable
value adjustments.
Fourth quarter and full year sales were similar to the same
periods in 2019, as strong domestic volumes offset a decrease in
international shipments. Average net realized sales price per ton
increased 11% in the fourth quarter when compared to 2019 due to
reduced international shipments. Full year 2020 average net
realized sales price equaled 2019 as reduced international
shipments were offset by lower domestic Trio® pricing in the first
nine months of 2020.
Production volumes decreased 7% for the full year of 2020 when
compared to 2019, primarily due to reduced operating rates in order
to manage inventory levels.
Oilfield Solutions
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
(in thousands) |
Sales |
|
$ |
5,390 |
|
|
$ |
8,323 |
|
|
$ |
18,929 |
|
|
$ |
27,894 |
|
Gross margin |
|
$ |
2,342 |
|
|
$ |
4,421 |
|
|
$ |
7,484 |
|
|
$ |
14,591 |
|
Sales decreased 35% and 32% for the fourth quarter and full year
of 2020, respectively, when compared to the same periods in 2019,
as the COVID-19 pandemic reduced activity in oil and gas markets
which reduced our sales of water, brine, and other oilfield
services. Water sales were most impacted during the summer of 2020
and rebounded considerably in the fourth quarter. Fourth quarter
water sales in the oilfield solutions segment were $4.0 million, a
significant increase compared to third quarter 2020 sales of $2.0
million.
Fourth quarter and full year 2020 gross margin decreased
compared to 2019 primarily due to the reduced sales discussed
above. Full-year cost of goods sold decreased $0.9 million in 2020,
compared to 2019, as reduced expense related to our high-speed
mixing service was offset by increased water transfer expenses and
increased depreciation expense related to the Intrepid South
assets. We also sold less water from our lower cost water rights
and from our other revenue sources, such as caliche and a produced
water royalty, in 2020 compared to 2019. These sales generally have
very low cost of goods sold, which is why the decrease in sales did
not result in a comparable decrease in cost of goods sold.
Liquidity
Cash provided by operations was $12.7 million during the fourth
quarter of 2020 and cash used for investing activities was $2.4
million during the fourth quarter of 2020. As of December 31, 2020,
Intrepid had $19.5 million in cash and cash equivalents and $20.4
million available to borrow under its credit facility.
Notes
1 Average net realized sales price per ton and Adjusted EBITDA
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 Tuesday, March 2, 2021
at 12:00 p.m. Eastern time (10:00 a.m. Mountain time) to discuss
the results. A Q&A session will immediately follow the
discussion of the results for the period.
Live event participation detailsDomestic
dial-in number: 800-319-4610International dial-in number:
+1-631-891-4304 Webcast:
https://intrepidpotashinc.gcs-web.com/events-and-presentations/upcoming-events
Replay information available for 30 days following the
live eventConference ID #: 6236Replay dial-in (Toll
Free US & Canada): 800-319-6413Replay dial-in
(International): +1-631-883-6842
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 and cash
flows, water sales, production costs, 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 Intrepid's products
and services;
- challenges to Intrepid's water rights;
- Intrepid's ability to successfully identify and implement any
opportunities to grow its business whether through expanded sales
of water, Trio®, byproducts, and other non-potassium related
products or other revenue diversification activities;
- Intrepid's ability to sell Trio® internationally and manage
risks associated with international sales, including pricing
pressure and freight costs;
- the costs of, and Intrepid's 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;
- Intrepid's ability to prevail in outstanding legal proceedings
against it;
- Intrepid's ability to comply with the terms of its senior notes
and its revolving credit facility, including the underlying
covenants, to avoid a default under those agreements;
- 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 Intrepid's 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;
- Intrepid's 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;
- Intrepid's inability to fund necessary capital
investments;
- the impact of the COVID-19 pandemic on Intrepid's business,
operations, liquidity, financial condition, and results of
operations; and
- the other risks, uncertainties, and assumptions described in
Intrepid's periodic filings with the Securities and Exchange
Commission, including in "Risk Factors" in Intrepid's Annual Report
on Form 10-K for the year ended December 31, 2019, as updated by
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 duty 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:Matt Preston, Vice President of
Finance Phone:
303-996-3048Email: matt.preston@intrepidpotash.com
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED)FOR THE THREE AND TWELVE
MONTHS ENDED DECEMBER 31, 2020 AND 2019 (In
thousands, except share and per share amounts)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Sales |
|
$ |
48,442 |
|
|
|
$ |
48,849 |
|
|
|
$ |
196,954 |
|
|
|
$ |
220,075 |
|
|
Less: |
|
|
|
|
|
|
|
|
Freight costs |
|
8,736 |
|
|
|
9,581 |
|
|
|
37,135 |
|
|
|
40,056 |
|
|
Warehousing and handling costs |
|
2,149 |
|
|
|
1,995 |
|
|
|
9,431 |
|
|
|
8,621 |
|
|
Cost of goods sold |
|
31,743 |
|
|
|
26,735 |
|
|
|
135,843 |
|
|
|
126,110 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
348 |
|
|
|
4,015 |
|
|
|
1,810 |
|
|
Gross
Margin |
|
5,814 |
|
|
|
10,190 |
|
|
|
10,530 |
|
|
|
43,478 |
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative |
|
5,454 |
|
|
|
5,846 |
|
|
|
25,476 |
|
|
|
23,556 |
|
|
Accretion of asset retirement
obligation |
|
435 |
|
|
|
446 |
|
|
|
1,738 |
|
|
|
1,793 |
|
|
Litigation settlement |
|
— |
|
|
|
— |
|
|
|
10,075 |
|
|
|
— |
|
|
Loss (gain) on sale of
assets |
|
191 |
|
|
|
362 |
|
|
|
(4,250 |
) |
|
|
345 |
|
|
Other operating expense |
|
241 |
|
|
|
633 |
|
|
|
735 |
|
|
|
1,424 |
|
|
Operating (Loss)
Income |
|
(507 |
) |
|
|
2,903 |
|
|
|
(23,244 |
) |
|
|
16,360 |
|
|
|
|
|
|
|
|
|
|
|
Other Income
(Expense) |
|
|
|
|
|
|
|
|
Interest expense, net |
|
(412 |
) |
|
|
(773 |
) |
|
|
(4,289 |
) |
|
|
(3,031 |
) |
|
Other income |
|
255 |
|
|
|
13 |
|
|
|
384 |
|
|
|
355 |
|
|
Income Before Income
Taxes |
|
(664 |
) |
|
|
2,143 |
|
|
|
(27,149 |
) |
|
|
13,684 |
|
|
|
|
|
|
|
|
|
|
|
Income Tax
Expense |
|
(47 |
) |
|
|
(61 |
) |
|
|
(5 |
) |
|
|
(53 |
) |
|
Net (Loss)
Income |
|
$ |
(711 |
) |
|
|
$ |
2,082 |
|
|
|
$ |
(27,154 |
) |
|
|
$ |
13,631 |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Shares
Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
13,030,185 |
|
|
|
12,939,230 |
|
|
|
12,993,225 |
|
|
|
12,904,916 |
|
|
Diluted |
|
13,030,185 |
|
|
|
13,091,291 |
|
|
|
12,993,225 |
|
|
|
13,105,089 |
|
|
Income Per Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.05 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
(2.09 |
) |
|
|
$ |
1.06 |
|
|
Diluted |
|
$ |
(0.05 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
(2.09 |
) |
|
|
$ |
1.04 |
|
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)AS OF DECEMBER 31, 2020 AND
2019(In thousands, except share and per share
amounts)
|
|
December 31, |
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
19,515 |
|
|
|
$ |
20,603 |
|
|
Accounts receivable: |
|
|
|
|
Trade, net |
|
22,516 |
|
|
|
23,749 |
|
|
Other receivables, net |
|
1,856 |
|
|
|
1,247 |
|
|
Inventory, net |
|
88,673 |
|
|
|
94,220 |
|
|
Other current assets |
|
3,228 |
|
|
|
5,524 |
|
|
Total current assets |
|
135,788 |
|
|
|
145,343 |
|
|
|
|
|
|
|
Property, plant, equipment,
and mineral properties, net |
|
355,497 |
|
|
|
378,509 |
|
|
Water rights |
|
19,184 |
|
|
|
19,184 |
|
|
Long-term parts inventory,
net |
|
28,900 |
|
|
|
27,569 |
|
|
Other assets, net |
|
10,819 |
|
|
|
7,834 |
|
|
Total
Assets |
|
$ |
550,188 |
|
|
|
$ |
578,439 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
7,278 |
|
|
|
$ |
9,992 |
|
|
Income taxes payable |
|
— |
|
|
|
50 |
|
|
Accrued liabilities |
|
12,701 |
|
|
|
13,740 |
|
|
Accrued employee compensation
and benefits |
|
4,422 |
|
|
|
4,464 |
|
|
Other current liabilities |
|
32,816 |
|
|
|
19,382 |
|
|
Advances on credit
facility |
|
— |
|
|
|
19,817 |
|
|
Current portion of long-term
debt |
|
10,000 |
|
|
|
20,000 |
|
|
Total current liabilities |
|
67,217 |
|
|
|
87,445 |
|
|
|
|
|
|
|
Advances on credit
facility |
|
29,817 |
|
|
|
— |
|
|
Long-term debt, net |
|
14,926 |
|
|
|
29,753 |
|
|
Asset retirement
obligation |
|
23,872 |
|
|
|
22,140 |
|
|
Operating lease
liabilities |
|
2,136 |
|
|
|
4,025 |
|
|
Other non-current
liabilities |
|
961 |
|
|
|
420 |
|
|
Total
Liabilities |
|
138,929 |
|
|
|
143,783 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par
value; 40,000,000 shares authorized: |
|
|
|
|
and 13,049,820 and 12,955,351 shares outstanding |
|
|
|
|
at December 31, 2020, and 2019, respectively |
|
13 |
|
|
|
13 |
|
|
Additional paid-in
capital |
|
656,837 |
|
|
|
653,080 |
|
|
Accumulated deficit |
|
(245,591 |
) |
|
|
(218,437 |
) |
|
Total Stockholders'
Equity |
|
411,259 |
|
|
|
434,656 |
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
550,188 |
|
|
|
$ |
578,439 |
|
|
INTREPID POTASH,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED)FOR THE THREE AND TWELVE MONTHS
ENDED DECEMBER 31, 2020 AND 2019(In
thousands)
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Cash Flows from
Operating Activities: |
|
|
|
|
|
|
|
|
Net (loss) income |
|
(711 |
) |
|
|
2,082 |
|
|
|
(27,154 |
) |
|
|
13,631 |
|
|
Adjustments to reconcile net
income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Depreciation, depletion, and amortization |
|
9,411 |
|
|
|
8,976 |
|
|
|
35,788 |
|
|
|
34,121 |
|
|
Amortization of intangible assets |
|
81 |
|
|
|
26 |
|
|
|
322 |
|
|
|
214 |
|
|
Accretion of asset retirement obligation |
|
435 |
|
|
|
446 |
|
|
|
1,738 |
|
|
|
1,793 |
|
|
Amortization of deferred financing costs |
|
68 |
|
|
|
86 |
|
|
|
425 |
|
|
|
303 |
|
|
Stock-based compensation |
|
840 |
|
|
|
1,044 |
|
|
|
3,821 |
|
|
|
4,281 |
|
|
Reserve for obsolescence |
|
— |
|
|
|
— |
|
|
|
492 |
|
|
|
— |
|
|
Allowance for doubtful accounts |
|
(200 |
) |
|
|
25 |
|
|
|
75 |
|
|
|
75 |
|
|
(Gain) loss on disposal of assets |
|
191 |
|
|
|
362 |
|
|
|
(4,250 |
) |
|
|
345 |
|
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
|
348 |
|
|
|
4,015 |
|
|
|
1,810 |
|
|
Other |
|
— |
|
|
|
(38 |
) |
|
|
(116 |
) |
|
|
(34 |
) |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Trade accounts receivable, net |
|
955 |
|
|
|
7,363 |
|
|
|
1,158 |
|
|
|
1,337 |
|
|
Other receivables, net |
|
719 |
|
|
|
729 |
|
|
|
(609 |
) |
|
|
(650 |
) |
|
Inventory, net |
|
(3,391 |
) |
|
|
(8,298 |
) |
|
|
(291 |
) |
|
|
(11,525 |
) |
|
Other current assets |
|
2,618 |
|
|
|
(232 |
) |
|
|
2,305 |
|
|
|
(1,019 |
) |
|
Accounts payable, accrued liabilities, and accrued employee
compensation and benefits |
|
(1,740 |
) |
|
|
(3,541 |
) |
|
|
2,331 |
|
|
|
2,280 |
|
|
Income tax payable |
|
— |
|
|
|
49 |
|
|
|
(50 |
) |
|
|
(865 |
) |
|
Operating lease liabilities |
|
(539 |
) |
|
|
(616 |
) |
|
|
(2,234 |
) |
|
|
(2,090 |
) |
|
Other liabilities |
|
3,921 |
|
|
|
2,953 |
|
|
|
13,379 |
|
|
|
5,374 |
|
|
Net cash provided by operating activities |
|
12,658 |
|
|
|
11,764 |
|
|
|
31,145 |
|
|
|
49,381 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant, equipment, mineral properties and
other assets |
|
(2,356 |
) |
|
|
(3,888 |
) |
|
|
(16,443 |
) |
|
|
(63,836 |
) |
|
Proceeds from sale of property, plant, equipment, and mineral
properties |
|
— |
|
|
|
— |
|
|
|
4,786 |
|
|
|
68 |
|
|
Additions to intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16,873 |
) |
|
Long-term investment |
|
— |
|
|
|
— |
|
|
|
(3,500 |
) |
|
|
— |
|
|
Net cash used in investing activities |
|
(2,356 |
) |
|
|
(3,888 |
) |
|
|
(15,157 |
) |
|
|
(80,641 |
) |
|
|
|
|
|
|
|
|
|
|
Cash Flows from
Financing Activities: |
|
|
|
|
|
|
|
|
Payments of financing lease |
|
(74 |
) |
|
|
— |
|
|
|
(74 |
) |
|
|
— |
|
|
Repayment of long-term debt |
|
— |
|
|
|
— |
|
|
|
(35,000 |
) |
|
|
— |
|
|
Debt prepayment costs |
|
— |
|
|
|
— |
|
|
|
(1,869 |
) |
|
|
— |
|
|
Proceeds from loan under CARES Act |
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
|
— |
|
|
Proceeds from borrowings on credit facility |
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
|
30,317 |
|
|
Repayments of borrowings on credit facility |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,500 |
) |
|
Capitalized debt costs |
|
— |
|
|
|
(46 |
) |
|
|
(36 |
) |
|
|
(503 |
) |
|
Employee tax withholding paid for restricted shares upon
vesting |
|
(76 |
) |
|
|
(262 |
) |
|
|
(172 |
) |
|
|
(540 |
) |
|
Proceeds from exercise of stock options |
|
108 |
|
|
|
12 |
|
|
|
108 |
|
|
|
21 |
|
|
Net cash (used in) provided by financing activities |
|
(42 |
) |
|
|
(296 |
) |
|
|
(17,043 |
) |
|
|
18,795 |
|
|
|
|
|
|
|
|
|
|
|
Net Change in Cash,
Cash Equivalents, and Restricted Cash |
|
10,260 |
|
|
|
7,580 |
|
|
|
(1,055 |
) |
|
|
(12,465 |
) |
|
Cash, Cash
Equivalents, and Restricted Cash, beginning of period |
|
9,924 |
|
|
|
13,659 |
|
|
|
21,239 |
|
|
|
33,704 |
|
|
Cash, Cash
Equivalents, and Restricted Cash, end of period |
|
$ |
20,184 |
|
|
|
$ |
21,239 |
|
|
|
$ |
20,184 |
|
|
|
$ |
21,239 |
|
|
INTREPID POTASH,
INC.DISAGGREGATION OF REVENUE AND SEGMENT DATA
(UNAUDITED)FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2020 AND 2019(In
thousands)
|
|
Three Months
Ended December 31, 2020 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
22,558 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(69 |
) |
|
|
$ |
22,489 |
|
Trio® |
|
— |
|
|
13,870 |
|
|
— |
|
|
— |
|
|
|
13,870 |
|
Water |
|
296 |
|
|
1,481 |
|
|
3,974 |
|
|
— |
|
|
|
5,751 |
|
Salt |
|
2,311 |
|
|
214 |
|
|
— |
|
|
— |
|
|
|
2,525 |
|
Magnesium Chloride |
|
2,017 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,017 |
|
Brines |
|
374 |
|
|
— |
|
|
141 |
|
|
— |
|
|
|
515 |
|
Other |
|
— |
|
|
— |
|
|
1,275 |
|
|
|
|
1,275 |
|
Total
Revenue |
|
$ |
27,556 |
|
|
$ |
15,565 |
|
|
$ |
5,390 |
|
|
$ |
(69 |
) |
|
|
$ |
48,442 |
|
|
|
Year Ended
December 31, 2020 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
92,500 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(322 |
) |
|
|
$ |
92,178 |
|
Trio® |
|
— |
|
|
65,344 |
|
|
— |
|
|
— |
|
|
|
65,344 |
|
Water |
|
1,253 |
|
|
4,444 |
|
|
14,701 |
|
|
— |
|
|
|
20,398 |
|
Salt |
|
8,103 |
|
|
499 |
|
|
— |
|
|
— |
|
|
|
8,602 |
|
Magnesium Chloride |
|
4,855 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
4,855 |
|
Brines |
|
1,349 |
|
|
— |
|
|
438 |
|
|
— |
|
|
|
1,787 |
|
Other |
|
— |
|
|
— |
|
|
3,790 |
|
|
— |
|
|
|
3,790 |
|
Total Revenue |
|
$ |
108,060 |
|
|
$ |
70,287 |
|
|
$ |
18,929 |
|
|
$ |
(322 |
) |
|
|
$ |
196,954 |
|
|
|
Three Months
Ended December 31, 2019 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
18,594 |
|
|
$ |
— |
|
|
$ |
963 |
|
|
$ |
(590 |
) |
|
|
$ |
18,967 |
|
Trio® |
|
— |
|
|
14,016 |
|
|
— |
|
|
— |
|
|
|
14,016 |
|
Water |
|
452 |
|
|
1,404 |
|
|
5,476 |
|
|
— |
|
|
|
7,332 |
|
Salt |
|
3,917 |
|
|
249 |
|
|
— |
|
|
— |
|
|
|
4,166 |
|
Magnesium Chloride |
|
2,012 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,012 |
|
Brines |
|
581 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
581 |
|
Other |
|
— |
|
|
— |
|
|
1,884 |
|
|
(109 |
) |
|
|
1,775 |
|
Total
Revenue |
|
$ |
25,556 |
|
|
$ |
15,669 |
|
|
$ |
8,323 |
|
|
$ |
(699 |
) |
|
|
$ |
48,849 |
|
|
|
Year Ended
December 31, 2019 |
Product |
|
Potash Segment |
|
Trio® Segment |
|
Oilfield Solutions Segment |
|
Intersegment Eliminations |
|
Total |
Potash |
|
$ |
103,403 |
|
|
$ |
— |
|
|
$ |
2,973 |
|
|
$ |
(1,909 |
) |
|
|
$ |
104,467 |
|
Trio® |
|
— |
|
|
64,299 |
|
|
— |
|
|
— |
|
|
|
64,299 |
|
Water |
|
1,823 |
|
|
4,495 |
|
|
19,339 |
|
|
— |
|
|
|
25,657 |
|
Salt |
|
12,022 |
|
|
757 |
|
|
— |
|
|
— |
|
|
|
12,779 |
|
Magnesium Chloride |
|
4,907 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
4,907 |
|
Brines |
|
2,493 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,493 |
|
Other |
|
— |
|
|
— |
|
|
5,582 |
|
|
(109 |
) |
|
|
5,473 |
|
Total Revenue |
|
$ |
124,648 |
|
|
$ |
69,551 |
|
|
$ |
27,894 |
|
|
$ |
(2,018 |
) |
|
|
$ |
220,075 |
|
Three Months Ended
December 31, 2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales(1) |
|
$ |
27,556 |
|
|
$ |
15,565 |
|
|
|
$ |
5,390 |
|
|
$ |
(69 |
) |
|
|
$ |
48,442 |
|
Less: Freight costs |
|
4,324 |
|
|
4,481 |
|
|
|
— |
|
|
(69 |
) |
|
|
8,736 |
|
Warehousing and handling costs |
|
1,186 |
|
|
963 |
|
|
|
— |
|
|
— |
|
|
|
2,149 |
|
Cost of goods sold |
|
18,199 |
|
|
10,496 |
|
|
|
3,048 |
|
|
— |
|
|
|
31,743 |
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Gross Margin (Deficit) |
|
$ |
3,847 |
|
|
$ |
(375 |
) |
|
|
$ |
2,342 |
|
|
$ |
— |
|
|
|
$ |
5,814 |
|
Depreciation, depletion, and
amortization incurred(2) |
|
$ |
7,051 |
|
|
$ |
1,512 |
|
|
|
$ |
718 |
|
|
$ |
211 |
|
|
|
$ |
9,492 |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2020 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales(1) |
|
$ |
108,060 |
|
|
$ |
70,287 |
|
|
|
$ |
18,929 |
|
|
$ |
(322 |
) |
|
|
$ |
196,954 |
|
Less: Freight costs |
|
17,026 |
|
|
20,431 |
|
|
|
— |
|
|
(322 |
) |
|
|
37,135 |
|
Warehousing and handling costs |
|
4,857 |
|
|
4,574 |
|
|
|
— |
|
|
— |
|
|
|
9,431 |
|
Cost of goods sold |
|
73,496 |
|
|
50,902 |
|
|
|
11,445 |
|
|
— |
|
|
|
135,843 |
|
Lower of cost or net realizable value inventory adjustments |
|
1,130 |
|
|
2,885 |
|
|
|
— |
|
|
— |
|
|
|
4,015 |
|
Gross Margin (Deficit) |
|
$ |
11,551 |
|
|
$ |
(8,505 |
) |
|
|
$ |
7,484 |
|
|
$ |
— |
|
|
|
$ |
10,530 |
|
Depreciation, depletion, and
amortization incurred(2) |
|
$ |
26,536 |
|
|
$ |
6,068 |
|
|
|
$ |
2,663 |
|
|
$ |
843 |
|
|
|
$ |
36,110 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2019 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales(1) |
|
$ |
25,556 |
|
|
$ |
15,669 |
|
|
|
$ |
8,323 |
|
|
$ |
(699 |
) |
|
|
$ |
48,849 |
|
Less: Freight costs |
|
4,461 |
|
|
5,011 |
|
|
|
218 |
|
|
(109 |
) |
|
|
9,581 |
|
Warehousing and handling costs |
|
972 |
|
|
1,023 |
|
|
|
— |
|
|
— |
|
|
|
1,995 |
|
Cost of goods sold |
|
14,377 |
|
|
9,264 |
|
|
|
3,684 |
|
|
(590 |
) |
|
|
26,735 |
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
348 |
|
|
|
— |
|
|
— |
|
|
|
348 |
|
Gross Margin |
|
$ |
5,746 |
|
|
$ |
23 |
|
|
|
$ |
4,421 |
|
|
$ |
— |
|
|
|
$ |
10,190 |
|
Depreciation, depletion, and
amortization incurred(2) |
|
$ |
6,833 |
|
|
$ |
1,567 |
|
|
|
$ |
397 |
|
|
$ |
205 |
|
|
|
$ |
9,002 |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December
31, 2019 |
|
Potash |
|
Trio® |
|
Oilfield Solutions |
|
Other |
|
Consolidated |
Sales(1) |
|
$ |
124,648 |
|
|
$ |
69,551 |
|
|
|
$ |
27,894 |
|
|
$ |
(2,018 |
) |
|
|
$ |
220,075 |
|
Less: Freight costs |
|
18,715 |
|
|
20,514 |
|
|
|
936 |
|
|
(109 |
) |
|
|
40,056 |
|
Warehousing and handling costs |
|
4,745 |
|
|
3,876 |
|
|
|
— |
|
|
— |
|
|
|
8,621 |
|
Cost of goods sold |
|
73,401 |
|
|
42,251 |
|
|
|
12,367 |
|
|
(1,909 |
) |
|
|
126,110 |
|
Lower of cost or net realizable value inventory adjustments |
|
— |
|
|
1,810 |
|
|
|
— |
|
|
— |
|
|
|
1,810 |
|
Gross Margin |
|
$ |
27,787 |
|
|
$ |
1,100 |
|
|
|
$ |
14,591 |
|
|
$ |
— |
|
|
|
$ |
43,478 |
|
Depreciation, depletion and,
amortization incurred(2) |
|
$ |
25,796 |
|
|
$ |
6,163 |
|
|
|
$ |
1,566 |
|
|
$ |
810 |
|
|
|
$ |
34,335 |
|
(1) Segment sales include the sales of byproducts generated
during the production of potash and Trio®.(2) Depreciation,
depletion, and amortization incurred for potash and Trio® excludes
depreciation and depletion amounts absorbed in or (relieved from)
inventory.
INTREPID POTASH,
INC.UNAUDITED NON-GAAP
RECONCILIATIONSFOR THE THREE AND TWELVE MONTHS
ENDED DECEMBER 31, 2020 AND 2019(In thousands,
except per share amounts)
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 (Loss) Income and Adjusted Net (Loss)
Income Per Diluted Share
Adjusted net (loss) income and adjusted net (loss) income per
diluted share are calculated as net (loss) income or net (loss)
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 (Loss) Income to Adjusted Net (Loss)
Income:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (Loss) Income |
$ |
(711 |
) |
|
|
$ |
2,082 |
|
|
$ |
(27,154 |
) |
|
|
$ |
13,631 |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
|
— |
|
|
10,075 |
|
|
|
— |
|
Gain on land sale |
— |
|
|
|
— |
|
|
(4,722 |
) |
|
|
— |
|
Make-whole payment(1) |
— |
|
|
|
— |
|
|
1,868 |
|
|
|
— |
|
Write-off of deferred financing fees(2) |
— |
|
|
|
— |
|
|
128 |
|
|
|
— |
|
Total
adjustments |
— |
|
|
|
— |
|
|
7,349 |
|
|
|
— |
|
Adjusted Net (Loss)
Income |
$ |
(711 |
) |
|
|
$ |
2,082 |
|
|
$ |
(19,805 |
) |
|
|
$ |
13,631 |
|
Reconciliation of Net (Loss) Income per Share to Adjusted Net
(Loss) Income per Share:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net (Loss) Income Per Diluted
Share |
$ |
(0.05 |
) |
|
|
$ |
0.16 |
|
|
$ |
(2.09 |
) |
|
|
$ |
1.04 |
|
Adjustments |
|
|
|
|
|
|
|
Litigation Settlement |
— |
|
|
|
— |
|
|
0.78 |
|
|
|
— |
|
Gain on land sale |
— |
|
|
|
— |
|
|
(0.36 |
) |
|
|
— |
|
Make-whole payment(1) |
— |
|
|
|
— |
|
|
0.14 |
|
|
|
— |
|
Write-off of deferred financing fees(2) |
— |
|
|
|
— |
|
|
0.01 |
|
|
|
— |
|
Total
adjustments |
— |
|
|
|
— |
|
|
0.57 |
|
|
|
— |
|
Adjusted Net (Loss) Income Per
Diluted Share |
$ |
(0.05 |
) |
|
|
$ |
0.16 |
|
|
$ |
(1.52 |
) |
|
|
$ |
1.04 |
|
(1) As a result of early repayments of its senior notes,
Intrepid incurred make whole-payments, which are reflected on the
income statement as interest expense.
(2) As a result of early repayments of principal on its senior
notes, Intrepid wrote off a portion of the financing fees that had
previously been capitalized related to the senior notes. The
write-offs of deferred financing fees are reflected in Intrepid's
financial statements as interest expense.
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 Potash and Trio® Net Realized
Sales Price per Ton:
|
|
Potash Segment |
|
|
Three Months
Ended December 31, |
|
|
2020 |
|
2019 |
Total Segment Sales |
|
$ |
27,556 |
|
|
$ |
25,556 |
|
Less: Segment byproduct
sales |
|
4,998 |
|
|
6,962 |
|
Potash
freight costs |
|
3,249 |
|
|
2,469 |
|
Subtotal |
|
$ |
19,309 |
|
|
$ |
16,125 |
|
|
|
|
|
|
Divided by: |
|
|
|
|
Potash tons sold (in
thousands) |
|
78 |
|
|
58 |
|
Average net realized
sales price per ton |
|
$ |
248 |
|
|
$ |
278 |
|
|
|
Potash Segment |
|
|
2020 |
|
2019 |
Total Segment Sales |
|
$ |
108,060 |
|
|
$ |
124,648 |
|
Less: Segment byproduct
sales |
|
15,560 |
|
|
21,245 |
|
Potash
freight costs |
|
13,270 |
|
|
12,936 |
|
Subtotal |
|
$ |
79,230 |
|
|
$ |
90,467 |
|
|
|
|
|
|
Divided by: |
|
|
|
|
Potash tons sold (in
thousands) |
|
317 |
|
|
319 |
|
Average net realized
sales price per ton |
|
$ |
250 |
|
|
$ |
284 |
|
|
|
Trio® Segment |
|
|
Three Months
Ended December 31, |
|
|
2020 |
|
2019 |
Total Segment Sales |
|
$ |
15,565 |
|
|
$ |
15,669 |
|
Less: Segment byproduct
sales |
|
1,695 |
|
|
1,653 |
|
Trio® freight
costs |
|
4,481 |
|
|
5,011 |
|
Subtotal |
|
$ |
9,389 |
|
|
$ |
9,005 |
|
|
|
|
|
|
Divided by: |
|
|
|
|
Trio® tons sold (in
thousands) |
|
50 |
|
|
53 |
|
Average net realized
sales price per ton |
|
$ |
188 |
|
|
$ |
170 |
|
|
|
Trio® Segment |
|
|
2020 |
|
2019 |
Total Segment Sales |
|
$ |
70,287 |
|
|
$ |
69,551 |
|
Less: Segment byproduct
sales |
|
4,943 |
|
|
5,252 |
|
Trio® freight
costs |
|
20,416 |
|
|
20,514 |
|
Subtotal |
|
$ |
44,928 |
|
|
$ |
43,785 |
|
|
|
|
|
|
Divided by: |
|
|
|
|
Trio® tons sold (in
thousands) |
|
230 |
|
|
225 |
|
Average net
realized sales price per ton |
|
$ |
195 |
|
|
$ |
195 |
|
Adjusted EBITDA
Adjusted earnings before interest, taxes, depreciation, and
amortization (or adjusted EBITDA) is calculated as net (loss)
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 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 (Loss) Income to Adjusted EBITDA:
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Net (Loss) Income |
$ |
(711 |
) |
|
|
$ |
2,082 |
|
|
$ |
(27,154 |
) |
|
|
$ |
13,631 |
|
Adjustments |
|
|
|
|
|
|
|
Litigation
Settlement |
— |
|
|
|
— |
|
|
10,075 |
|
|
|
— |
|
Gain on land sale |
— |
|
|
|
— |
|
|
(4,722 |
) |
|
|
— |
|
Interest expense |
412 |
|
|
|
773 |
|
|
4,289 |
|
|
|
3,031 |
|
Income tax expense |
47 |
|
|
|
61 |
|
|
5 |
|
|
|
53 |
|
Depreciation, depletion,
and amortization |
9,411 |
|
|
|
8,976 |
|
|
35,788 |
|
|
|
34,121 |
|
Amortization of
intangible assets |
81 |
|
|
|
26 |
|
|
322 |
|
|
|
214 |
|
Accretion of asset
retirement obligation |
435 |
|
|
|
446 |
|
|
1,738 |
|
|
|
1,793 |
|
Total
adjustments |
10,386 |
|
|
|
10,282 |
|
|
47,495 |
|
|
|
39,212 |
|
Adjusted Earnings Before Interest, Taxes, Depreciation, |
|
|
|
|
|
|
|
and Amortization |
$ |
9,675 |
|
|
|
$ |
12,364 |
|
|
$ |
20,341 |
|
|
|
$ |
52,843 |
|
Intrepid Potash (NYSE:IPI)
Historical Stock Chart
From Apr 2024 to May 2024
Intrepid Potash (NYSE:IPI)
Historical Stock Chart
From May 2023 to May 2024