Quarterly report pursuant to Section 13 or 15(d)

Consolidated Condensed Statement of Cashflows

v3.21.2
Consolidated Condensed Statement of Cashflows - USD ($)
$ in Thousands
8 Months Ended 9 Months Ended
Sep. 14, 2021
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities      
Net income (loss) $ (16,442) $ (31,770) $ (1,819)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation, amortization and accretion expense   4,077 101
Amortization of debt issuance costs   627 0
Amortization of intangibles and below-market contracts   (6) 0
Bad debt expense   10 76
Return on investment in equity method investments   336 0
Equity in earnings of equity method investments   (879) 0
Change in fair value of derivative liabilities   10,413 0
Forgiveness of Paycheck Protection Loan   (201) 0
Stock-based compensation expense   2,887 0
Changes in operating assets and liabilities:      
Accounts receivable   (692) (1,124)
Inventory   (270) 0
Prepaid expenses and other current assets   (22,315) (627)
Accounts payable - trade   (4,043) (335)
Accrued and other liabilities   (7,475) 810
Other non-current assets   (3,490) 0
Other long-term liabilities   (1,919) 98
Net cash provided by (used in) operating activities   (54,710) (2,820)
Cash flows from investing activities      
Acquisition of Aria, net of cash acquired   (463,334) 0
Acquisition of assets and businesses, excluding Aria   (31,527) (1,156)
Purchases of property, plant and equipment   (88,209) (9,659)
Purchases of biogas rights   (202) (7,892)
Contributions to equity method investments   (4,100) 0
Net cash used in investing activities   (587,372) (18,707)
Cash flows from financing activities      
Borrowings on line of credit agreement   12,478 0
Repayments on line of credit agreement   (12,478) 0
Proceeds from long-term debt, net of issuance costs   361,959 0
Repayments of long-term debt   (47,040) 0
Proceeds from PPP Loan   0 691
Proceeds from reverse recapitalization and PIPE Financing   496,397 0
Capital contributions   70 21,150
Distributions to noncontrolling interest   0 0
Net cash provided by financing activities   811,386 21,841
Net increase (decrease) in cash, cash equivalents and restricted cash   169,304 314
Cash, cash equivalents and restricted cash - beginning of period 1,496 1,496 423
Cash, cash equivalents and restricted cash - end of period   170,800 737
Supplemental cash flow information:      
Cash paid for interest [1]   1,869 0
Non-cash investing activities:      
Accruals of property, plant and equipment and biogas rights incurred but not paid   2,317 1,597
Aria Energy LLC      
Cash flows from operating activities      
Net income (loss) 84,520   (6,071)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Amortization of debt issuance costs 699   1,181
Return on investment in equity method investments 19,518   9,295
Equity in earnings of equity method investments (19,777)   (6,005)
Change in fair value of derivative liabilities (1,268)   (1,113)
Depreciation, amortization and accretion 15,948   23,381
Gain on disposal of assets (1,573)   0
Gain on extinguishment of debt (61,411)   0
Net periodic benefit cost 106   79
Changes in operating assets and liabilities:      
Accounts receivable (4,728)   (6,338)
Inventory (1,318)   (656)
Prepaid expenses and other current assets (143)   (625)
Accounts payable - trade 478   882
Accrued and other liabilities 19,231   4,475
Other non-current assets (196)   295
Net cash provided by (used in) operating activities 50,945   19,698
Cash flows from investing activities      
Purchases of property, plant and equipment (2,318)   (1,558)
Contributions to equity method investments (8,430)   (9,900)
Net cash used in investing activities (10,748)   (11,458)
Cash flows from financing activities      
Borrowings on line of credit agreement 0   4,000
Repayments of long-term debt (49,551)   0
Distributions to noncontrolling interest 0   (76)
Payments on note payable and revolving credit agreement 0   (10,408)
Net cash provided by financing activities (49,551)   (6,484)
Net increase (decrease) in cash, cash equivalents and restricted cash (9,354)   1,756
Cash, cash equivalents and restricted cash - beginning of period 14,257 $ 14,257 7,081
Cash, cash equivalents and restricted cash - end of period 4,903   8,837
Supplemental cash flow information:      
Cash paid for interest 5,940   9,339
Non-cash investing activities:      
Accruals of property and equipment incurred but not yet paid $ 25   $ 50
[1] Net of capitalized interest of $7.2 million and zero for the nine months ended September 30, 2021 and 2020, respectively.