v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Consolidated net income (loss) $ (2,602) $ 4,678
Adjustments to reconcile consolidated net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization of intangibles 6,134 5,860
Asset impairment 1,200
Gains on derivative instruments (5,316) (10,543)
Non-cash compensation 673 804
Amortization of deferred financing fees 6 190
Bad debt expense 31 91
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable 11,775 (13,057)
Inventories (2,773) (17,291)
Other assets 14,119 3,309
Operating leases (1,257) (1,037)
Assets held-for-sale   1,241
Liabilities held-for-sale   (312)
Accounts payable and accrued liabilities (9,726) 20,391
Net cash provided by (used in) operating activities 11,064 (4,476)
Investing Activities:    
Additions to property and equipment (2,334) (4,411)
Purchase of Eagle Alcohol, net of cash acquired (14,655)  
Net cash used in investing activities (16,989) (4,411)
Financing Activities:    
Net proceeds from Kinergy’s line of credit 3,314 13,042
Proceeds from principal payments on notes receivable 781  
Proceeds from stock option exercises 462
Preferred stock dividends paid (312)
Principal payments on borrowings   (8,532)
Net cash provided by financing activities 3,783 4,972
Net decrease in cash, cash equivalents and restricted cash (2,142) (3,915)
Cash, cash equivalents and restricted cash at beginning of period 62,125 48,187
Cash, cash equivalents and restricted cash at end of period 59,983 44,272
Reconciliation of total cash, cash equivalents and restricted cash:    
Cash and cash equivalents 36,184 44,146
Restricted cash 23,799 126
Total cash, cash equivalents and restricted cash 59,983 44,272
Supplemental Information:    
Interest paid 195 1,825
Income tax refunds $ 81  
Accrued preferred stock dividends   $ 312

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