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, 2018
Dec. 31, 2017
Dec. 31, 2016
Operating Activities:      
Consolidated net income (loss) $ (67,936) $ (38,074) $ 1,526
Adjustments to reconcile consolidated net income (loss) to cash provided by operating activities:      
Depreciation 40,849 38,651 35,441
Fair value adjustments (473) 557
Deferred income taxes 27 169 (1,122)
Inventory valuation (350) 2,678
Change in fair value on commodity derivative instruments 6,714 2,077 1,984
Amortization of deferred financing costs 900 503 137
Amortization of debt discounts 720 636 2,322
Noncash compensation 3,438 3,828 2,616
Bad debt expense 45 5 306
Interest expense added to plant term debt 9,451
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable 12,663 17,562 (25,235)
Inventories 4,080 5,070 750
Prepaid expenses and other assets (3,880) 2,677 3,189
Prepaid inventory 191 6,738 (3,973)
Accounts payable and accrued expenses 4,105 (5,538) 9,279
Net cash provided by operating activities 1,566 36,509 37,228
Investing Activities:      
Additions to property and equipment (15,154) (20,866) (19,171)
Purchase of ICP, net of cash acquired (29,574)
Proceeds from cash collateralized letters of credit 4,574
Net cash used in investing activities (15,154) (50,440) (14,597)
Financing Activities:      
Proceeds from issuances of common stock 2,057
Proceeds from warrant and option exercises 1,202 1,164
Proceeds from assessment financing 2,043 5,618 2,096
Payments on assessment financing (415)
Net proceeds (payments) on Kinergy's line of credit 7,578 (385) (11,141)
Proceeds from plant term and revolving credit agreements 42,000 97,000
Proceeds from parent notes 13,530 53,350
Payments on plant borrowings (16,500) (59,927) (172,073)
Payments on senior notes (2,000)
Preferred stock dividend payments (1,265) (1,265) (1,269)
Payments on capital leases (772) (626) (7,089)
Sale of noncontrolling interests 30,000
Debt issuance costs (986) (1,960)
Net cash used in financing activities (9,274) (839) (9,922)
Net increase (decrease) in cash and cash equivalents (22,862) (14,770) 12,709
Cash and cash equivalents at beginning of period 49,489 64,259 51,550
Cash and cash equivalents at end of period 26,627 49,489 64,259
Supplemental Information:      
Interest paid 15,147 11,133 11,168
Income tax refunds 743 5,614 4,784
Noncash financing and investing activities:      
Capital leases added to plant and equipment 180
Reclass of warrant liability to equity upon exercises 178 179
Contribution of property and equipment for noncontrolling interest (see Note 2) 16,500
Debt issued in ICP acquisition (see Note 2) $ 46,927