Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating Activities:      
Consolidated net income (loss) $ (38,074) $ 1,526 $ (18,873)
Adjustments to reconcile consolidated net income (loss) to cash provided by (used in) operating activities:      
Depreciation and amortization of intangibles 38,651 35,441 23,632
Fair value adjustments (473) 557 (1,641)
Asset impairment 1,970
Deferred income taxes 169 (1,122) (2,023)
Inventory valuation 2,678 509
Change in fair value on commodity derivative instruments 2,077 1,984 542
Amortization of deferred financing costs 503 137 272
Amortization of debt discounts 636 2,322 716
Noncash compensation 3,828 2,616 2,019
Bad debt expense (recovery) 5 306 (354)
Interest expense added to plant term debt 9,451
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable 17,562 (25,235) (15,950)
Inventories 5,070 750 (13,296)
Prepaid expenses and other assets 2,677 3,189 (1,093)
Prepaid inventory 6,738 (3,973) 5,622
Accounts payable and accrued expenses (5,538) 9,279 (10,045)
Net cash provided by (used in) operating activities 36,509 37,228 (27,993)
Investing Activities:      
Additions to property and equipment (20,866) (19,171) (20,507)
Purchase of ICP, net of cash acquired (29,574)
Proceeds (payments) for cash collateralized letters of credit 4,574 (4,574)
Net cash from acquisition of PE Central 18,756
Net cash used in investing activities (50,440) (14,597) (6,325)
Financing Activities:      
Proceeds from warrant and option exercises 1,202 1,164 368
Proceeds from plant term and revolving credit agreements 42,000 97,000
Proceeds from parent notes 13,530 53,350
Sale of noncontrolling interests 30,000
Proceeds from assessment financing 5,618 2,096
Net proceeds (payments) on Kinergy's line of credit (385) (11,141) 43,584
Payments on plant borrowings (59,927) (172,073) (13,833)
Debt issuance costs (986) (1,960)
Preferred stock dividend payments (1,265) (1,269) (1,265)
Payments on capital leases (626) (7,089) (5,059)
Net cash provided by (used in) financing activities (839) (9,922) 23,795
Net increase (decrease) in cash and cash equivalents (14,770) 12,709 (10,523)
Cash and cash equivalents at beginning of period 64,259 51,550 62,073
Cash and cash equivalents at end of period 49,489 64,259 51,550
Supplemental Information:      
Interest paid 11,133 11,168 11,685
Income tax refunds 5,614 4,784 5,710
Noncash financing and investing activities:      
Accrued payment for ownership positions of PE Op Co. 3,828
Capital leases added to plant and equipment 180 1,864
Reclass of warrant liability to equity upon exercises 178 179 72
Contribution of property and equipment for noncontrolling interest (see Note 2) 16,500
Debt issued in ICP acquisition (see Note 2) 46,927
Common stock issued in PE Central acquisition (see Note 2) $ 174,573