Delek US Holdings Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
DK$62.64-3.6%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $(25.2) | $72.2 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 95.2 | 83.4 |
| Non-cash lease expense | 14.1 | 15.4 |
| Deferred income taxes | (8.1) | 16.6 |
| Income from equity method investments | (21.9) | (14.6) |
| Dividends from equity method investments | 9.5 | 8.7 |
| Non-cash lower of cost or market/net realizable value adjustment | (8.8) | (1.7) |
| Loss on extinguishment of debt | 3.6 | — |
| Equity-based compensation expense | 7.2 | 6.4 |
| Other | (0.1) | 3.3 |
| Changes in assets and liabilities: | ||
| Accounts receivable | (48.0) | 395.9 |
| Inventories and other current assets | (48.3) | 166.8 |
| Fair value of derivatives | 13.5 | (0.4) |
| Accounts payable and other current liabilities | 110.4 | (293.1) |
| Obligation under Inventory Intermediation Agreements | 85.1 | (63.5) |
| Non-current assets and liabilities, net | (11.5) | (0.3) |
| Net cash provided by operating activities | 166.7 | 395.1 |
| Cash flows from investing activities: | ||
| Distributions from equity method investments | 2.8 | 2.1 |
| Purchases of property, plant and equipment | (47.3) | (211.3) |
| Purchase of equity securities | — | (7.5) |
| Purchases of intangible assets | (0.7) | (0.6) |
| Insurance proceeds | 3.6 | — |
| Other | — | (4.8) |
| Net cash used in investing activities | (41.6) | (222.1) |
| Cash flows from financing activities: | ||
| Proceeds from long-term revolvers | 1,493.1 | 848.6 |
| Payments on long-term revolvers | (1,708.4) | (1,123.5) |
| Proceeds from term debt | 650.0 | — |
| Payments on term debt | (533.7) | (6.1) |
| Proceeds from product and other financing agreements | 101.0 | 335.0 |
| Repayments of product and other financing agreements | (290.7) | (236.1) |
| Proceeds from Inventory Intermediation Agreement | — | 32.2 |
| Proceeds from termination of Supply & Offtake Obligation | — | 25.8 |
| Taxes paid due to the net settlement of equity-based compensation | (0.8) | (0.6) |
| Repurchase of common stock | — | (0.4) |
| Distribution to non-controlling interest | (9.8) | (9.5) |
| Proceeds from issuance of Delek Logistic common limited partner units, net | 132.3 | — |
| Payment of debt extinguishment costs | (0.3) | — |
| Dividends paid | (15.7) | (14.7) |
| Deferred financing costs paid | (10.9) | — |
| Net used in financing activities | (193.9) | (149.3) |
| Net (decrease) increase in cash and cash equivalents | (68.8) | 23.7 |
| Cash and cash equivalents at the beginning of the period | 822.2 | 841.3 |
| Cash and cash equivalents at the end of the period | $753.4 | $865.0 |
Condensed Consolidated Statements of Cash Flows (unaudited) (Continued)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest, net of capitalized interest of $0.2 million and $0.9 million in the 2024 and 2023 periods, respectively | $75.2 | 105.7 |
| Income taxes | $— | $0.1 |
| Non-cash investing activities: | ||
| Decrease in accrued capital expenditures | $(1.4) | $(19.2) |
| Non-cash financing activities: | ||
| Non-cash lease liability arising from obtaining right-of-use assets during the period | $9.0 | $19.8 |
7 |
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