RNG Station Renewable RNG Station Renewable
Fuel Services Power Corporate Total Fuel Services Power Corporate Total
------- ----------- ----------- --------- ------- ------- ----------- ----------- ---------- ------------
Net income (loss)
(1) $12,547 $5,530 $ 983 $(18,833) $ 227 9,477 $ 7,429 $ 10,584 $ 79,441 $ 106,931
-- --
Adjustments to
reconcile net
income (loss) to
Adjusted EBITDA -- --
Interest and
financing
expense, net 3,243 (27) 2 (333) 2,885 4,616 (120) 260 (274) 4,482
Loss on debt
extinguishment -- -- -- 953 953 -- -- -- 2,848 2,848
Gain on
deconsolidation
of VIEs -- -- -- -- -- -- -- -- (122,873) (122,873)
Net loss
attributable to
non-redeemable
non-controlling
interests 51 -- -- -- 51 531 -- -- -- 531
Depreciation,
amortization and
accretion 1,325 917 1,488 9 3,739 3,954 2,555 4,389 36 10,934
Adjustments to
reflect Adjusted
EBITDA from
equity method
investments (2) 1,346 -- -- -- 1,346 3,254 -- -- -- 3,254
Loss on warrant
exchange -- -- -- -- -- -- -- -- 338 338
Unrealized (gain)
loss on
derivative
instruments (3) -- -- 29 138 167 -- -- (733) (4,006) (4,739)
Non-cash charges
(4) -- -- -- 1,922 1,922 -- -- -- 4,880 4,880
Project
development and
startup costs
(6) 847 -- -- -- 847 3,591 -- -- -- 3,591
One-time
non-recurring
charges (8) -- -- 1,291 787 2,078 -- 949 1,291 1,038 3,278
Major maintenance
for Renewable
Power -- -- 2,246 -- 2,246 -- -- 6,476 -- 6,476
------ ----- --- ------- ------- ------ ------ ------ ------ -------- --------
Adjusted EBITDA $19,359 $6,420 $ 6,039 $(15,357) $16,461 $25,423 $10,813 $ 22,267 $ (38,572) $ 19,931
====== ===== === ======= ======= ====== ====== ====== ====== ======== ========
(1) Net income (loss) by segment is included in our quarterly report on Form
10-Q. Net loss for RNG Fuel includes our portion of net income on our
equity method investments.
(2) Includes development costs, interest, depreciation, amortization and
accretion on equity method investments.
(3) Unrealized (gain) loss on derivative instruments includes change in fair
value of commodity swaps, earnout liabilities and put option on a forward
purchase agreement.
(4) Non-cash charges include stock-based compensation expense, certain
expenses included in selling, general and administrative expenses
relating to employee benefit accruals, inventory write down charges
included in cost of sales - RNG fuel and loss on disposal of assets.
(5) Includes $258 of legal expenses which is included in Project development
and start up costs.
(6) Relates to certain development costs on our RNG projects in construction
such as legal, consulting fees for joint venture structuring, royalties
to the landfill owner, fines, settlements, site lease expenses and
certification costs.
(7) Includes incremental virtual pipeline costs (i.e., actual costs less
anticipated operating costs of a permanent interconnection) on our Prince
William RNG project which are temporary in nature and expected to be
incurred until mid-2025 when the permanent interconnection is expected to
be operational. The amounts included in the nine months ended September
30, 2024 include $2.2 million of costs incurred in the second quarter of
2024. These costs are included in Project development and startup costs.
(8) One-time non-recurring charges include (i) certain expenses related to
development of our RNG facilities such as lease expenses and legal costs
incurred during construction phase that could not be capitalized per
GAAP.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107312425/en/
CONTACT: Investors
Todd Firestone
Vice President Investor Relations & Corporate Development
914-705-4001
investors@opalfuels.com
Media
ICR, Inc.
OPALFuelsPR@ircinc.com
(END) Dow Jones Newswires
November 07, 2024 16:35 ET (21:35 GMT)