Genesis Energy, L.P. Financial Statements — GEL Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	2,101	2,438	3,367	4,135	3,846	2,247	1,712	2,028	2,913	2,481	1,825	2,125	2,789	3,177	2,966
- Cost of Revenue	2,015	2,321	3,211	3,977	3,663	2,025	1,460	1,782	2,592	2,155	1,711	1,989	2,447	2,782	2,651
+ Cost of Goods & Services	2,015	2,321	3,211	3,977	3,663	2,025	1,460	1,782	2,592	2,155	1,711	1,989	2,447	2,782	2,651
+ Sales & Services Revenue	2,101	2,438	3,367	4,135	3,846	2,247	1,712	2,028	2,913	2,481	1,825	2,125	2,789	3,177	2,966
Gross Profit	86	116	157	158	183	222	252	247	321	325	114	137	342	395	316
- Operating Expenses	113	34	42	47	51	65	46	66	67	53	57	61	67	66	59
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	113	34	42	47	51	65	46	66	67	53	57	61	67	66	59
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-27	83	115	111	133	157	206	180	254	273	57	76	275	329	256
- Non-Operating (Income) Loss	21	32	27	26	24	-269	92	102	265	172	456	212	143	183	287
+ Interest Expense, Net	17	33	37	44	62	93	130	177	229	219	210	234	226	235	275
+ Interest Expense	17	33	37	44	62	93	130	177	229	219	210	234	226	235	275
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	4	- -	-10	-18	-38	-362	-38	-75	35	-47	246	-22	-83	-52	12
Pretax Income	-48	50	88	85	109	426	114	78	-10	101	-399	-136	132	146	-31
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	3	-1	-9	1	3	4	3	-4	1	1	1	2	3	- -	2
Income (Loss) from Cont Ops	-51	51	97	84	106	422	111	82	-12	100	-400	-138	129	146	-33
- Net Extraordinary Losses (Gains)	-4	- -	1	-2	- -	-2	-4	-1	-11	8	33	54	107	57	62
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-4	- -	1	-2	- -	-2	-4	-1	-11	8	33	54	107	57	62
Income (Loss) Incl. MI	-46	51	96	86	106	423	115	83	- -	92	-433	-192	22	89	-95
- Minority Interest	2	- -	- -	- -	- -	1	2	1	6	-4	-16	-27	-54	-29	-31
Net Income, GAAP	-48	51	96	86	106	423	113	83	-6	96	-417	-165	75	118	-64
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	22	70	74	75	75	80	91	88
Net Income Avail to Common, GAAP	-48	51	96	86	106	423	113	61	-76	22	-491	-240	-5	27	-152
Basic Weighted Avg Shares	41	68	78	84	90	103	113	122	123	123	123	123	123	123	122
Basic EPS, GAAP	-1.19	0.75	1.23	1.03	1.18	4.1	1	0.5	-0.62	0.18	-4.01	-1.96	-0.04	0.22	-1.24
Basic EPS from Cont Ops	-1.25	0.76	1.24	1	1.18	4.09	0.98	0.68	-0.1	0.82	-3.27	-1.13	1.05	1.19	-0.27
Diluted Weighted Avg Shares	41	68	78	84	90	103	113	122	123	123	123	123	123	123	122
Diluted EPS, GAAP	-1.19	0.75	1.23	1.03	1.18	4.1	1	0.5	-0.62	0.18	-4.01	-1.96	-0.04	0.22	-1.24
Diluted EPS from Cont Ops	-1.25	0.76	1.24	1	1.18	4.09	0.98	0.68	-0.1	0.82	-3.27	-1.13	1.05	1.19	-0.27
EBITDA	26	145	176	176	223	307	429	433	567	593	352	385	571	610	569
EBITDA Margin (%)	1.25	5.94	5.22	4.25	5.81	13.67	25.03	21.33	19.48	23.88	19.3	18.13	20.48	19.19	19.19
EBITA	-27	83	115	111	133	157	206	180	254	273	57	76	275	329	256
EBIT	-27	83	115	111	133	157	206	180	254	273	57	76	275	329	256
Gross Margin (%)	4.09	4.78	4.65	3.81	4.76	9.88	14.72	12.16	11.03	13.12	6.24	6.44	12.25	12.44	10.64
Operating Margin (%)	-1.3	3.39	3.41	2.68	3.45	6.98	12.05	8.89	8.73	10.99	3.12	3.56	9.86	10.37	8.63
Profit Margin (%)	-2.31	2.1	2.86	2.08	2.76	18.81	6.61	4.07	-0.21	3.87	-22.84	-7.77	2.71	3.71	-2.16
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.45	1.66	1.82	2.01	2.23	2.49	2.73	2.65	2.1	2.55	1.61	1.21	1.21	1.37	1.33
Depreciation Expense	54	62	61	65	91	150	222	252	313	320	295	310	296	280	313

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	253	376	404	535	355	306	360	636	443	593	580	542	853	964	912
+ Accounts & Notes Receiv	172	238	271	368	272	220	225	495	323	417	392	400	722	760	741
+ Accounts Receivable, Net	172	238	271	368	272	220	225	495	323	417	392	400	722	760	741
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	6	11	11	9	9	11	7	9	10	29	21	20	8	9	11
+ Cash & Cash Equivalents	6	11	11	9	9	11	7	9	10	29	21	20	8	9	11
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	55	101	87	85	47	44	99	89	74	65	100	78	78	135	111
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	43	78	66	77	37	17	21	31	36	28	28	32	26	66	50
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	7	2	9	9	7	10	11	5
+ Raw Materials	12	23	22	8	10	27	78	50	35	29	63	39	43	58	56
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	20	26	35	73	28	32	29	43	36	82	67	44	45	60	50
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,254	1,355	1,706	2,327	2,855	5,153	5,343	6,501	6,036	6,005	5,353	5,363	5,513	6,055	6,126
+ LT Investments & Receivables	512	489	707	772	775	614	542	507	472	442	319	294	284	264	240
+ LT Investments	512	489	707	772	775	614	542	507	472	442	319	294	284	264	240
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	265	417	565	1,129	1,631	3,932	4,215	5,431	4,978	5,027	4,558	4,602	4,767	5,309	5,431
- Accumulated Depreciation	108	124	158	199	268	378	549	736	1,029	1,256	1,336	1,569	1,789	1,998	2,237
+ Property, Plant & Equip	373	541	723	1,328	1,899	4,310	4,763	6,167	6,007	6,284	5,893	6,171	6,556	7,307	7,669
+ Other LT Assets	477	448	434	426	450	607	587	564	586	535	477	467	461	482	454
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	445	418	400	388	408	548	530	507	465	441	431	429	429	443	399
+ Goodwill	325	325	325	325	325	325	325	325	302	302	302	302	302	302	302
+ Other Intangible Assets	120	93	75	63	83	223	205	182	163	139	129	127	127	142	97
+ Misc LT Assets	32	30	34	38	42	59	57	57	122	94	46	38	32	38	55
Total Assets	1,507	1,731	2,110	2,862	3,211	5,460	5,703	7,137	6,479	6,598	5,934	5,906	6,366	7,019	7,038
+ Payables & Accruals	207	249	313	447	363	302	261	456	333	415	383	497	709	967	859
+ Other Payables & Accruals	41	50	55	130	118	161	141	185	206	197	185	233	281	379	368
+ Accounts Payable	166	199	258	316	245	141	120	271	127	219	198	264	428	589	491
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	207	249	313	447	363	302	261	456	333	415	383	497	709	967	859
+ LT Debt	610	659	851	1,284	1,581	2,922	3,091	3,698	3,432	3,429	3,394	2,980	3,464	3,753	4,107
+ LT Borrowings	610	659	851	1,284	1,581	2,922	3,091	3,698	3,432	3,429	3,394	2,980	3,464	3,753	4,107
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	21	29	30	34	37	215	230	268	272	406	406	449	417	588	556
+ Accrued Liabilities	15	13	14	16	19	23	26	12	13	13	13	14	17	18	18
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	6	17	16	18	18	192	204	257	259	394	393	435	401	570	538
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Liabilities	631	689	881	1,318	1,618	3,137	3,322	3,967	3,704	3,836	3,800	3,429	3,881	4,341	4,663
Total Liabilities	837	938	1,193	1,764	1,981	3,439	3,583	4,423	4,037	4,251	4,183	3,926	4,591	5,308	5,522
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	-1	1	-8	-9	-6	6	8	9
Equity Before Minority Interest	669	793	916	1,098	1,229	2,029	2,130	2,723	2,453	2,225	1,610	1,426	1,465	1,341	1,103
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	-8	-10	-8	-11	121	140	554	310	369	413
Total Equity	669	793	916	1,098	1,229	2,021	2,120	2,715	2,442	2,346	1,750	1,980	1,775	1,711	1,516
Total Liabilities & Equity	1,507	1,731	2,110	2,862	3,211	5,460	5,703	7,137	6,479	6,598	5,934	5,906	6,366	7,019	7,038
Shares Outstanding	65	72	81	89	95	110	118	123	123	123	123	123	123	122	122
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	604	648	840	1,275	1,572	2,911	3,084	3,689	3,422	3,400	3,372	2,960	3,456	3,744	4,096
Net Debt to Equity	90.28	81.81	91.61	116.12	127.87	144.06	145.48	135.9	140.14	144.91	192.69	149.46	194.67	218.83	270.25
Tangible Common Equity Ratio	21.11	28.51	30.21	28.69	29.3	29.98	30.74	33.29	32.88	30.95	23.98	28.32	22.68	19.27	16.82
Current Ratio	1.22	1.51	1.29	1.2	0.98	1.01	1.38	1.39	1.33	1.43	1.51	1.09	1.2	1	1.06
Cash Conversion Cycle	9.35	14.8	12.16	9.75	8.65	13.2	33.75	43.73	34.53	36.8	54.95	41.45	33.43	33.71	34.18
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	-51	51	96	86	106	422	111	82	-12	100	-400	-138	129	146	-33
+ Depreciation & Amortization	54	62	61	65	91	150	222	252	313	320	295	310	296	280	313
+ Non-Cash Items	93	12	19	34	16	-288	40	-21	91	34	363	136	-3	90	81
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	126	- -	281	- -	- -	- -	43
+ Deferred Income Taxes	1	-2	-9	- -	2	3	2	-4	1	- -	1	1	2	-1	- -
+ Other Non-Cash Adj	10	14	21	21	10	-296	31	-11	-40	25	85	126	-23	66	32
+ Stock-Based Compensation	82	- -	7	12	4	5	7	-6	4	8	-4	9	18	25	5
+ Chg in Non-Cash Work Cap	-5	-67	13	-46	78	5	-91	10	-2	-71	39	30	-88	4	31
+ (Inc) Dec in Accts Receiv	-42	-66	-34	-96	95	99	-10	-141	131	-80	88	-75	-262	159	18
+ Inc (Dec) in Accts Payable	57	49	43	88	-109	-92	-26	106	-157	2	-41	59	137	-164	-32
+ (Inc) Dec in Inventories	-17	-46	14	2	39	4	-54	49	21	8	-35	20	2	-38	39
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Other	-4	-4	-10	-39	53	-5	-1	-4	4	-1	26	26	35	47	6
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	90	58	189	138	291	290	283	324	390	382	297	338	334	521	392
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-12	-28	-146	-343	-443	-496	-463	-251	-195	-163	-144	-301	-424	-620	-587
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-12	-28	-146	-343	-443	-496	-463	-251	-195	-163	-144	-301	-424	-620	-587
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-330	11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	3	11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-332	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-332	-164	-269	-325	-198	-1,523	-25	-1,330	-3	- -	- -	- -	-10	-4	- -
+ Cash for Acq of Subs	-332	-164	-269	-325	-198	-1,523	-25	-1,330	-3	- -	- -	- -	-10	-4	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	334	8	14	13	17	30	54	121	339	22	40	28	60	31	35
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-341	-172	-402	-656	-624	-1,989	-435	-1,460	141	-141	-104	-274	-375	-594	-552
+ Dividends Paid	-59	-113	-142	-168	-200	-256	-310	-322	-257	-313	-197	-148	-148	-167	-163
+ Net Cash From Debt	236	99	282	516	285	1,919	326	437	-403	-22	-316	-1,011	492	311	354
+ Cash From Debt	1,634	1,555	3,450	3,537	4,030	4,190	2,232	3,917	1,961	1,630	3,546	1,812	1,380	2,277	2,708
+ Repayments of Debt	-1,397	-1,457	-3,167	-3,021	-3,745	-2,271	-1,905	-3,480	-2,365	-1,652	-3,862	-2,823	-887	-1,967	-2,353
+ Cash (Repurchase) of Equity	116	185	169	264	226	634	298	867	- -	123	- -	93	-289	-76	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-289	-76	- -
+ Increase in Capital Stock	116	185	169	264	226	634	298	867	- -	123	- -	93	- -	- -	- -
+ Other Financing Activities	-42	-52	-97	-96	23	-595	-166	156	131	17	291	1,000	-14	7	-30
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	252	119	213	515	334	1,701	148	1,138	-529	-195	-222	-66	42	74	162
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	2	5	- -	-2	1	1	-4	2	1	46	-29	-2	2	1	2
Capital Expenditures	-12	-28	-146	-343	-443	-496	-463	-251	-195	-163	-144	-301	-424	-620	-587
EBITDA	26	145	176	176	223	307	429	433	567	593	352	385	571	610	569
EBITDA Margin (%)	1.25	5.94	5.22	4.25	5.81	13.67	25.03	21.33	19.48	23.88	19.3	18.13	20.48	19.19	19.19
Net Cash Paid for Acquisitions	332	164	269	325	198	1,523	25	1,330	3	- -	- -	- -	10	4	- -
Free Cash Flow	78	30	43	-205	-152	-206	-180	73	195	219	153	37	-90	-99	-195
Free Cash Flow to Firm	- -	- -	- -	-161	-92	-114	-54	- -	- -	437	- -	- -	131	- -	- -
Free Cash Flow to Equity	314	129	325	311	133	1,713	146	488	-278	123	-238	-1,049	322	121	71
Free Cash Flow per Basic Share	1.92	0.45	0.55	-2.44	-1.69	-2	-1.59	0.6	1.59	1.79	1.25	0.3	-0.73	-0.81	-1.59
Price/Free Cash Flow	3.9	8.79	3.53	4.05	2.4	2.35	2.89	2.72	2.45	3.22	1.35	1.72	1.46	1.17	1.25
Cash Flow to Net Income	-1.87	1.14	1.97	1.61	2.74	0.69	2.5	3.91	-64.2	3.98	-0.71	-2.05	4.43	4.43	-6.13

Genesis Energy, L.P.

Income Statement

Balance Sheet

Cash Flow Statement