Delek US Holdings Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net (loss) income | $(118.8) | $206.8 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Depreciation and amortization | 278.2 | 255.2 |
| Non-cash lease expense | 23.7 | 43.9 |
| Deferred income taxes | (56.8) | 24.9 |
| Asset impairment | 31.3 | — |
| Income from equity method investments | (77.4) | (67.1) |
| Dividends from equity method investments | 43.9 | 35.8 |
| Non-cash lower of cost or market/net realizable value adjustment | (10.5) | (6.2) |
| Loss on extinguishment of debt | 3.6 | — |
| Equity-based compensation expense | 25.1 | 20.5 |
| Income from discontinued operations, including gain on sale of discontinued operations, net | (78.2) | (23.9) |
| Other | 1.6 | 6.4 |
| Changes in assets and liabilities: | ||
| Accounts receivable | 233.6 | 78.6 |
| Inventories and other current assets | 70.3 | 373.7 |
| Fair value of derivatives | 3.0 | (8.6) |
| Accounts payable and other current liabilities | (177.9) | 54.8 |
| Obligation under Inventory Intermediation Agreements | (18.7) | (97.5) |
| Non-current assets and liabilities, net | (97.1) | (5.6) |
| Cash provided by operating activities - continuing operations | 78.9 | 891.7 |
| Cash provided by (used in) operating activities - discontinued operations | 17.8 | 31.1 |
| Net cash provided by operating activities | 96.7 | 922.8 |
| Cash flows from investing activities: | ||
| Acquisition of H2O | (159.5) | — |
| Equity method investment contributions | (18.6) | — |
| Distributions from equity method investments | 4.1 | 10.5 |
| Purchases of property, plant and equipment | (237.2) | (320.3) |
| Purchase of equity securities | (0.7) | (11.0) |
| Purchases of intangible assets | (1.6) | (2.6) |
| Proceeds from sale of property, plant and equipment | 10.6 | 1.3 |
| Insurance and settlement proceeds | 15.5 | 1.5 |
| Cash used in investing activities - continuing operations | (387.4) | (320.6) |
| Cash provided by (used in) investing activities - discontinued operations | 361.7 | (18.0) |
| Net cash used in investing activities | (25.7) | (338.6) |
| Cash flows from financing activities: | ||
| Proceeds from long-term revolvers | 5,540.1 | 2,615.4 |
| Payments on long-term revolvers | (5,865.7) | (3,019.4) |
| Proceeds from term debt | 1,059.0 | — |
| Payments on term debt | (538.4) | (18.4) |
| Proceeds from product and other financing agreements | 676.4 | 908.2 |
| Repayments of product and other financing agreements | (729.3) | (922.6) |
| 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 | (5.7) | (4.6) |
| Repurchase of common stock | (20.0) | (65.4) |
| Distribution to non-controlling interest | (37.7) | (28.8) |
| Proceeds from issuance of Delek Logistic common limited partner units, net | 132.2 | — |
| Payment of debt extinguishment costs | (0.3) | — |
| Dividends paid | (48.1) | (44.9) |
| Deferred financing costs paid | (18.1) | (1.3) |
| Cash provided by (used in) financing activities - continuing operations | 144.4 | (523.8) |
| Net used in financing activities | 144.4 | (523.8) |
| Net increase in cash and cash equivalents | 215.4 | 60.4 |
| Cash and cash equivalents at the beginning of the period | 822.2 | 841.3 |
| Cash and cash equivalents at the end of the period | 1,037.6 | 901.7 |
| Less cash and cash equivalents of discontinued operations at the end of the period | — | 0.4 |
| Cash and cash equivalents of continuing operations at the end of the period | $1,037.6 | $901.3 |
Condensed Consolidated Statements of Cash Flows (unaudited) (Continued)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | ||
| Cash paid during the period for: | ||
| Interest, net of capitalized interest of $2.3 million and $3.2 million in the 2024 and 2023 periods, respectively | $233.5 | 232.3 |
| Income taxes | $3.5 | $8.3 |
| Non-cash investing activities: | ||
| Delek Logistics preferred units issued in connection with H2O Acquisition | $70.0 | $— |
| Decrease in accrued capital expenditures | $7.4 | $(34.7) |
| Non-cash financing activities: | ||
| Non-cash lease liability arising from obtaining right-of-use assets during the period | $13.3 | $27.0 |
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