Vertex Energy, Inc. Financial Statements — VTNR Stock

Income Statement	2009 Y	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
Sales/Revenue/Turnover	39	58	110	135	162	259	147	98	145	181	18	104	208	2,792	3,177
+ Sales & Services Revenue	39	58	110	135	162	259	147	98	145	181	18	104	208	2,792	3,177
- Cost of Revenue	36	54	102	125	146	247	136	82	124	151	17	95	183	2,612	3,033
+ Cost of Goods & Services	36	54	102	125	146	247	136	82	124	151	17	95	183	2,612	3,033
Gross Profit	3	4	8	10	16	12	11	16	21	29	1	9	25	180	144
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	3	3	4	6	11	23	31	26	28	29	7	22	32	131	173
+ Selling, General & Admin	3	3	4	6	11	19	24	20	22	22	7	20	31	128	169
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	4	7	6	7	7	- -	2	2	4	4
Operating Income (Loss)	- -	1	4	4	5	-11	-21	-10	-7	- -	-6	-14	-7	49	-29
- Non-Operating (Income) Loss	- -	- -	- -	1	-2	-6	-3	-6	1	2	- -	-1	17	72	111
+ Interest Expense, Net	- -	- -	- -	- -	- -	3	4	3	3	3	- -	1	4	80	120
+ Interest Expense	- -	- -	- -	- -	- -	3	4	3	3	3	1	1	4	80	120
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	1	-2	-8	-7	-9	-2	-1	1	-2	14	-8	-9
Pretax Income	-1	1	4	2	7	-6	-17	-4	-8	-2	-6	-13	-25	-24	-140
- Income Tax Expense (Benefit)	- -	- -	-2	-1	-2	- -	5	- -	- -	- -	- -	- -	- -	-7	-13
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-1	1	6	4	8	-6	-23	-4	-8	-2	-6	-13	-25	-17	-126
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	1	-1	- -	- -	1	- -	3	- -	4	-5	-55
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	17	19	54
+ Extraord. & Accounting Changes	- -	- -	- -	- -	1	-1	- -	- -	1	- -	3	-2	-13	-24	-109
Income (Loss) Incl. MI	-1	1	6	4	7	-5	-23	-4	-9	-2	-9	-13	-29	-12	-71
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-1	-11	-7	- -
Net Income, GAAP	-1	1	6	4	8	-6	-23	-4	-8	-2	-7	-12	-18	-5	-71
- Preferred Dividends	- -	- -	- -	- -	- -	- -	1	10	2	3	2	2	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-1	1	6	4	8	-6	-23	-14	-10	-5	-9	-14	-18	-5	-71
Basic Weighted Avg Shares	7	8	9	17	21	24	28	31	33	35	41	46	56	71	86
Basic EPS, GAAP	-0.08	0.15	0.61	0.22	0.37	-0.23	-0.83	-0.45	-0.31	-0.14	-0.22	-0.31	-0.32	-0.07	-0.84
Basic EPS from Cont Ops	-0.08	0.15	0.61	0.22	0.39	-0.25	-0.8	-0.13	-0.25	-0.06	-0.14	-0.29	-0.44	-0.24	-1.47
Diluted Weighted Avg Shares	7	14	9	17	21	24	28	31	33	35	41	46	56	71	86
Diluted EPS, GAAP	-0.08	0.09	0.61	0.22	0.37	-0.23	-0.83	-0.45	-0.31	-0.14	-0.22	-0.31	-0.32	-0.07	-0.84
Diluted EPS from Cont Ops	-0.08	0.09	0.61	0.22	0.39	-0.25	-0.8	-0.13	-0.25	-0.06	-0.14	-0.29	-0.44	-0.24	-1.47
EBITDA	- -	1	4	4	7	-7	-14	-4	- -	7	-5	-8	-2	66	3
EBITDA Margin (%)	-0.76	2.22	3.77	3.24	4.44	-2.77	-9.53	-3.91	-0.28	4.14	-28.61	-7.9	-0.79	2.35	0.08
EBITA	- -	1	4	4	5	-11	-21	-10	-7	- -	-6	-14	-7	49	-29
EBIT	- -	1	4	4	5	-11	-21	-10	-7	- -	-6	-14	-7	49	-29
Gross Margin (%)	7.05	7.29	7.36	7.27	10.09	4.6	7.28	16.64	14.62	16.27	5.14	8.2	12	6.45	4.54
Operating Margin (%)	-0.93	1.97	3.62	2.71	3	-4.43	-14.05	-10.31	-4.85	0.27	-31.12	-13.01	-3.54	1.74	-0.9
Profit Margin (%)	-1.57	2.11	5.24	2.72	4.86	-2.14	-15.32	-4.03	-5.8	-1.23	-39.92	-11.59	-8.84	-0.17	-2.25
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	- -	- -	- -	1	2	4	7	6	7	7	- -	5	6	17	31

Balance Sheet	2009 Y	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
Total Current Assets	6	6	13	14	24	34	23	21	20	24	27	30	166	373	352
+ Cash, Cash Equivalents & STI	1	1	1	1	3	6	1	2	1	1	4	11	36	141	77
+ Cash & Cash Equivalents	1	1	1	1	3	6	1	2	1	1	4	11	36	141	77
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	2	1	5	7	12	14	6	11	11	9	12	5	8	35	36
+ Accounts Receivable, Net	2	1	5	7	12	10	6	11	11	9	12	5	8	35	36
+ Notes Receivable, Net	- -	- -	- -	- -	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	3	4	6	6	9	13	4	4	6	8	7	1	8	135	182
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	59	88
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	7	76	94
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	3	4	6	6	9	13	4	4	6	8	7	1	- -	- -	- -
+ Other ST Assets	- -	- -	- -	- -	1	1	13	4	2	5	5	12	114	62	57
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2	2	4	35	40	100	70	66	64	61	93	92	100	316	503
+ Property, Plant & Equip, Net	- -	- -	- -	12	15	56	53	50	49	47	81	18	70	299	487
+ Property, Plant & Equip	- -	- -	- -	12	16	60	61	62	65	67	106	20	96	336	545
- Accumulated Depreciation	- -	- -	- -	- -	1	4	8	12	17	20	25	2	26	36	58
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2	2	4	23	25	44	17	16	15	13	12	74	31	17	16
+ Total Intangible Assets	2	2	2	19	20	23	17	15	14	13	11	- -	7	12	12
+ Goodwill	- -	- -	- -	4	5	5	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	2	2	2	16	15	19	17	15	14	13	11	- -	7	12	12
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	- -	2	4	6	20	- -	1	1	1	1	74	24	5	4
Total Assets	8	8	17	49	65	134	94	87	84	84	121	122	266	689	855
+ Payables & Accruals	6	5	7	9	14	22	14	10	11	12	13	6	13	96	141
+ Accounts Payable	1	- -	7	9	- -	22	13	9	8	9	8	3	10	21	75
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	6	5	- -	- -	14	- -	- -	1	3	3	5	2	3	74	65
+ ST Debt	- -	- -	- -	2	2	40	20	13	6	5	11	8	9	19	39
+ ST Borrowings	- -	- -	- -	2	2	40	20	12	6	5	5	7	2	14	16
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6	1	6	5	23
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	4	128	149
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	13	3	128	149
Total Current Liabilities	6	5	7	11	16	63	34	22	17	17	25	26	26	243	329
+ LT Debt	- -	- -	- -	13	7	2	6	2	14	15	43	10	92	265	311
+ LT Borrowings	- -	- -	- -	13	7	2	6	2	14	14	12	6	64	170	171
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30	5	27	95	141
+ Other LT Liabilities	- -	1	- -	5	4	10	2	4	2	1	2	24	75	16	14
+ Accrued Liabilities	- -	- -	- -	- -	- -	4	- -	- -	- -	- -	- -	- -	- -	- -	3
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	1	- -	5	3	6	2	4	2	1	2	24	75	16	11
Total Noncurrent Liabilities	- -	1	- -	18	10	12	7	6	16	16	45	35	167	281	325
Total Liabilities	6	6	7	29	26	75	41	29	33	33	70	61	193	524	654
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	12	20	23	22	24	24	- -	- -	- -
+ Share Capital & APIC	2	2	3	11	20	47	53	67	68	75	82	95	139	280	384
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	2	2	3	11	20	47	53	67	68	75	82	95	139	280	384
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-1	- -	6	10	18	12	-12	-28	-40	-48	-59	-90	-111	-116	-187
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	1	3	9	20	37	59	53	58	51	50	46	28	28	164	196
+ Minority/Non Controlling Interest	- -	- -	- -	- -	1	- -	- -	- -	- -	1	5	33	45	2	4
Total Equity	1	3	9	20	38	59	53	58	51	51	51	61	74	165	200
Total Liabilities & Equity	8	8	17	49	65	134	94	87	84	84	121	122	266	689	855
Shares Outstanding	8	8	9	17	21	28	28	33	33	40	43	46	63	76	94
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	36	6	34	100	163
Net Debt	-1	-1	-1	14	6	36	24	13	19	18	14	2	30	43	110
Net Debt to Equity	-45.67	-29.32	-7.23	68.49	15.23	61.94	45.96	21.47	36.29	35.93	26.59	2.59	41.37	25.79	54.94
Tangible Common Equity Ratio	-9.44	11.11	50.01	3.2	41.68	31.87	31.26	32.71	19.89	22.67	14.84	30.48	25.77	22.67	22.4
Current Ratio	0.9	1.25	1.73	1.35	1.5	0.54	0.69	0.94	1.21	1.39	1.11	1.14	6.42	1.53	1.07
Cash Conversion Cycle	19.72	31.71	16.89	11.61	28.41	14.92	-8.71	-0.36	18.59	18.07	175.11	23.72	7.56	10.7	17.48
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2009 Y	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
+ Net Income	-1	1	6	4	8	-6	-23	-4	-8	-2	-6	-13	-25	-17	-126
+ Depreciation & Amortization	- -	- -	- -	1	2	4	7	6	7	7	- -	5	6	17	31
+ Non-Cash Items	- -	- -	-2	-1	-4	-9	- -	-8	-1	-1	1	- -	16	33	63
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1	1	2	2
+ Deferred Income Taxes	- -	- -	-2	-1	-2	- -	5	- -	- -	- -	- -	- -	- -	-7	-13
+ Asset Impairment Charge	- -	- -	- -	- -	- -	2	6	1	- -	- -	- -	- -	2	- -	- -
+ Other Non-Cash Adj	- -	- -	- -	- -	-2	-12	-12	-9	-1	-2	- -	- -	13	39	74
+ Chg in Non-Cash Work Cap	1	-1	-4	- -	-2	9	3	-9	- -	1	- -	4	-3	37	-27
+ (Inc) Dec in Accts Receiv	-2	1	-4	- -	-3	- -	3	-5	- -	2	- -	2	-1	-27	-3
+ (Inc) Dec in Inventories	-2	-1	-3	1	-3	2	9	-1	-2	-2	1	3	-4	3	-45
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	-1	- -	- -	-1	1	-1	- -	- -	-2	-27	-21
+ Inc (Dec) in Accts Payable	5	-1	2	- -	4	7	-9	-2	1	2	- -	- -	4	88	44
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1	1	- -	3	4	-2	-13	-14	-3	5	-4	-4	-6	71	-58
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-2	- -	- -	-1	-3	-6	-2	-2	-2	-2	-1	-6	-2	-76	-144
+ Acq of Fixed Prod Assets	- -	- -	- -	-1	-3	-6	-2	-2	-2	-2	- -	-6	-2	-76	-140
+ Acq of Intangible Assets	-2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	- -	-2	-1	-31	-1	- -	-2	- -	- -	-2	-14	-227	-8
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	- -
+ Cash for Acq of Subs	- -	- -	- -	-2	-1	-31	-1	- -	-2	- -	- -	-2	-14	-228	-8
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	1	-3	2	19	- -	- -	- -	- -	- -	- -	92
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-2	-5	92
Cash from Investing Activities	-2	- -	- -	-3	-2	-40	- -	17	-4	-3	- -	-7	-16	-302	-59
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	- -	-1	- -	1	-9	60	-15	-12	6	-1	-2	-6	127	271	49
+ Cash From Debt	- -	- -	- -	2	- -	83	4	9	19	4	3	8	144	290	90
+ Repayments of Debt	- -	-1	- -	-1	-9	-23	-19	-21	-13	-5	-5	-14	-17	-20	-42
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	9	17	- -	- -	- -	- -	2	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	9	17	- -	- -	- -	- -	2	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	2	1	- -	-1	- -	-32	24	12	-2	- -	3	21	7	-50	4
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	2	- -	- -	- -	- -	45	8	-1	5	-1	3	15	134	220	52
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	- -	- -	- -	- -	2	3	-5	2	-2	2	-2	4	112	-11	-65
Capital Expenditures	-2	- -	- -	-1	-3	-6	-2	-2	-2	-2	-1	-6	-2	-76	-144
EBITDA	- -	1	4	4	7	-7	-14	-4	- -	7	-5	-8	-2	66	3
EBITDA Margin (%)	-0.76	2.22	3.77	3.24	4.44	-2.77	-9.53	-3.91	-0.28	4.14	-28.61	-7.9	-0.79	2.35	0.08
Net Cash Paid for Acquisitions	- -	- -	- -	2	1	31	1	- -	2	- -	- -	2	14	227	8
Free Cash Flow	-1	- -	- -	2	2	-7	-15	-16	-5	3	-5	-9	-8	-5	-202
Free Cash Flow to Firm	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	1	- -	- -	3	-7	52	-19	-30	3	-1	-7	-17	96	266	-150
Free Cash Flow per Basic Share	-0.15	0.06	-0.04	0.1	0.08	-0.31	-0.52	-0.52	-0.16	0.08	-0.11	-0.2	-0.14	-0.07	-2.36
Price/Free Cash Flow	1.41	8.95	82.61	12.34	10.15	22.59	-2.78	-3.19	-37.04	4.59	-20.05	16.97	-78.05	2.99	3.41
Cash Flow to Net Income	-1.17	0.63	-0.01	0.82	0.56	0.28	0.58	3.58	0.35	-2.42	0.53	0.31	0.3	-14.68	0.82

Vertex Energy, Inc.

Income Statement

Balance Sheet

Cash Flow Statement