Of the $6.2 million of operating cash flow generated in the quarter, $2.0 million was deployed in capital expenditures, $2.7 million was used to repurchase shares due to tax net settlement on vesting securities, $0.3 was used for a slight reduction in debt, and the remaining $1.2 million increased cash.
Adjusted EBITDA Reconciliation
REG presents Adjusted EBITDA because the company believes it assists investors in analyzing its performance across reporting periods on a consistent basis. In addition, REG uses Adjusted EBITDA to evaluate, assess and benchmark its financial performance on a consistent and comparable basis. REG excludes non-cash stock-based compensation and non-cash other income (expense) items because it does not believe that they are indicative of the company’s ongoing operating performance. REG’s measure of Adjusted EBITDA might be different than similar financial measures used by other companies. Non-GAAP metrics are not determined in accordance with GAAP and are not a substitute for or superior to financial measures determined in accordance with GAAP. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Revenues.
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Net income (loss)||$||(6,040||)||$||(2,007||)||$||22,410||$||781|
|Income from equity investments||-||(649||)||-||(501||)|
|Income tax expense (benefit)||(2,165||)||4,752||3,669||4,752|
|Other (income) expense, net||(56||)||(239||)||(121||)||(713||)|
|Change in fair value of Seneca Holdco liability||-||977||(349||)||2,500|
|Change in fair value of preferred stock conversion feature embedded derivatives||-||38,483||(11,975||)||55,571|
|Expense settled with stock issuance||-||-||1,898||-|
|Straight-line lease expense||(31||)||393||(237||)||1,809|
|Non-cash stock compensation||2,965||1,067||12,687||3,047|
Third Quarter Conference CallREG will sponsor a conference call to discuss results today at 4:30 p.m. EST/3:30 p.m. CST. Daniel J. Oh, President and Chief Executive Officer, and Chad Stone, Chief Financial Officer, will host the call. Investors in the U.S. interested in participating in the live call should dial +1 (877) 810-3368 and enter passcode: 45250184. Those calling from outside the U.S. should dial +1 (760) 298-5082 and use the same passcode: 45250184. A telephone replay will be available approximately two hours after the call concludes through November 20, 2012 by dialing from the U.S. +1 (855) 859-2056, or from international locations +1 (404) 537-3406, and entering passcode: 45250184. A simultaneous live webcast will be available on the Investor Relations section of the Company's website at http://investor.regi.com/. The webcast will be archived on the website for one year. About Renewable Energy Group Renewable Energy Group is the largest producer of biodiesel in the United States. Utilizing an integrated value chain model, Renewable Energy Group is focused on converting natural fats, oils and greases into advanced biofuels. Currently with more than 225 million gallons of annual production capacity at biorefineries across the country, REG is a proven biodiesel partner in the distillate marketplace.
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