DENBURY RESOURCES INC.
NON-GAAP RECONCILIATION
(In thousands)
Quarter Ended:
Reconciliation of net income (loss) (GAAP measure) to adjusted net income (nonGAAP measure)
Net income (loss) (GAAP Measure)
Noncash fair value adjustments on commodity derivatives
Noncash fair value adjustment - contingent liability
Delhi Field remediation
CO2 exploration costs
Loss on early extinguishment of debt
Impairment of assets
Helium contract-related charges
Cumulative effect of equipment lease correction
Acquisition transaction costs
Allowance for collectability on outstanding loans
Accrued lease exit obligation
Loss on sale of Vanguard common units
Asset write-down
Estimated income taxes on above adjustments to net income (loss)
Adjusted net income (non-GAAP measure)
Reconciliation of cash flows from operations (GAAP measure) to adjusted cash
flows from operations (non-GAAP measure)
Cash flows from operations (GAAP measure)
Net change in assets and liabilities relating to operations1
Adjusted cash flows from operations (non-GAAP measure)
EBITDA
Income (loss) before income taxes
Interest expense, net of capitalized interest
Loss on extinguishment of debt
Depletion, depreciation, and amortization
Impairment of assets
Noncash fair value adjustments on commodity derivatives
EBITDA
Loss on extinguishment of debt (noncash portion)
CO2 exploration costs
2014
Q1
Q2
$ 58,310 $ (55,200)
49,500
124,599
(18,810)
1
2
2013
Q2
Q3
Q4
$ 129,980 $ 102,054 $ 89,992
(45,501)
79,784
(5,850)
(7,500)
70,000
28,000
16,000
532
303
-
Q1
$ 113,467
44,085
4,925
2012
Q2
Q3
$ 211,865 $ 85,367
(131,827)
67,900
-
Q4
$ 114,661
32,888
4,609
113,908
(90,633)
44,223
2,107
(22,430)
428
8,000
307
(13,000)
1,207
(39,190)
3,217
3,000
(6,219)
17,300
3,900
3,683
3,137
(29,272)
215
4,100
8,452
45,242
(25,802)
(8,000)
2,828
3,291
(13,752)
92,674
$ 123,400
$ 150,746
$ 164,658
$ 100,140
$ 161,225
$ 138,047
$ 127,465
$ 136,525
2014
Q1
Q2
$ 214,858 $ 329,847
73,826
(15,716)
Q1
$ 269,176
46,570
2013
Q2
Q3
$ 437,568 $ 305,465
(128,630)
46,222
Q4
$ 348,986
(53,570)
Q1
$ 291,654
60,570
2012
Q2
Q3
$ 440,966 $ 293,506
(79,125)
56,734
Q4
$ 384,765
(68,946)
$ 288,684
$ 314,131
$ 315,746
$ 308,938
$ 351,687
$ 295,416
$ 352,224
$ 361,841
$ 350,240
$ 315,819
2014
Q1
Q2
$ 93,103 $ (88,064)
Q1
$ 141,935
2013
Q2
Q3
$ 211,306 $ 159,365
Q4
$ 129,774
Q1
$ 179,312
2012
Q2
Q3
$ 342,801 $ 139,379
Q4
$ 195,365
$
89,000 $
48,834
141,130
49,500
46,550
113,908
148,164
124,599
36,034
44,223
112,898
11,929
30,602
428
126,907
(45,501)
34,501
125,595
79,784
39,572
144,543
(5,850)
36,314
120,895
17,300
44,085
41,604
132,289
215
(131,827)
37,827
136,935
67,900
37,836
117,419
32,888
$ 332,567
-
$ 345,157
(12,566)
-
$ 347,019
(9,563)
-
$ 323,742
1,387
532
$ 399,245
303
$ 308,039
(37)
$ 397,906
4,925
$ 385,082
(130)
$ 382,041
(207)
$ 383,508
4,946
8,346
154
(845)
8,871
108
(921)
7,908
9,632
(917)
7,763
1,098
(974)
8,103
(7,410)
(1,033)
9,229
94
(919)
7,913
3,787
3,137
(759)
7,336
8,555
(910)
7,413
93
(1,100)
6,648
578
(717)
(1,012)
$ 340,222
$ 340,649
$ 354,079
$ 333,548
$ 399,208
$ 316,406
$ 416,909
$ 399,933
$ 388,240
$ 393,951
Stock-based compensation
Other non-cash charges
Gains/losses from sales or disposition of assets
Volumetric production payment with Genesis
EBITDA - Senior Subordinated Notes2
Q1
$ 87,571
11,929
-
Calculated from Statement of Cash Flows included in the Company's filings with the SEC.
Excludes pro forma adjustments.
DENBURY RESOURCES INC.
NON-GAAP RECONCILIATION
(In thousands)
Annual:
Reconciliation of net income (GAAP measure) to adjusted net income (non-GAAP
measure)
Net income (GAAP Measure)
Noncash fair value adjustments on commodity derivatives
Noncash fair value adjustment - contingent liability
Delhi Field remediation
CO2 exploration costs
2013
$ 409,597
40,362
(7,500)
114,000
835
2012
$ 525,360
13,046
9,534
Loss on early extinguishment of debt
Impairment of assets
Helium contract-related charges
Cumulative effect of equipment lease correction
Acquisition transaction costs
Allowance for collectability on outstanding loans
Accrued lease exit obligation
Loss on sale of Vanguard common units
Asset write-down
Estimated income taxes on above adjustments to net income
Adjusted net income (non-GAAP measure)
44,651
9,207
2,414
3,217
3,000
(80,839)
$ 538,944
17,515
8,452
2,828
3,683
3,291
3,137
(23,584)
$ 563,262
Reconciliation of cash flows from operations (GAAP measure) to adjusted cash
flows from operations (non-GAAP measure)
Cash flows from operations (GAAP measure)
Net change in assets and liabilities relating to operations1
Adjusted cash flows from operations (non-GAAP measure)
2013
2012
$1,361,195 $1,410,891
(89,408)
(30,767)
EBITDA
Income (loss) before income taxes
2013
$ 642,380
2012
$ 856,857
140,709
44,651
509,943
40,362
153,581
507,538
17,515
13,046
$1,271,787 $1,380,124
Interest expense, net of capitalized interest
Loss on extinguishment of debt
Depletion, depreciation, and amortization
Impairment of assets
Noncash fair value adjustments on commodity derivatives
EBITDA
Loss on extinguishment of debt (noncash portion)
CO2 exploration costs
Stock-based compensation
Other non-cash charges
Gains/losses from sales or disposition of assets
Volumetric production payment with Genesis
$1,378,045 $1,548,537
(8,176)
798
9,534
33,003
29,310
3,414
13,013
2,420
(3,843)
(3,781)
EBITDA - Senior Subordinated Notes2
$1,403,241 $1,599,033
1
2
Calculated from Statement of Cash Flows included in the Company's filings with the SEC.
Excludes pro forma adjustments.