instruments (12,498) 1,597 (14,515) 14,905
Loss on early
extinguishment of
debt - - 935 -
Other items ** 177 266 246 684
Adjusted
EBITDA (2) $ 33,217 $ 12,731 $ 77,885 $ 44,581
** Other items included $0.2 million, $0.3 million, $0.2 million and $0.8 million, respectively, from the impact of
accounting for operating leases under ASC 842 as well as interest income for the three and nine months ended September
30, 2021 and 2020.
Reconciliation of
Return on Invested
Capital ("ROIC")
(non-US GAAP)
For the trailing
12 months ended
September 30,
2021
Adjusted EBITDA
(non-US GAAP, see
reconciliation
above) $ 95,327
As of September
30, 2021
Total Assets (US
GAAP) $ 265,952
Less: Current
Liabilities (US
GAAP) (140,019)
Invested Capital
("IC") (non-US
GAAP) $ 125,933
Return on Invested
Capital (ROIC)
(Adjusted EBITDA
/ IC) 76%
Reconciliation of
Adjusted net
income (loss) and
adjusted EPS
(non-US GAAP)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Net loss (US GAAP) $ (47,969) $ (16,360) $ (55,025) $ (36,265)
Change in fair
value of
derivatives not
designated as
hedges 64,871 12,676 88,596 18,534
Adjusted net
income (loss) $ 16,902 $ (3,684) $ 33,571 $ (17,731)
Interest, discount
and amortization
of debt issuance
cost for 2023
Second Lien
Notes 918 - 2,467 -
Adjusted diluted
net income
(loss) $ 17,820 $ (3,684) $ 36,038 $ (17,731)
Weighted average
common shares
outstanding -
basic 13,641 12,618 13,481 12,564
Weighted average
common shares
outstanding -
diluted (4) 16,132 12,618 15,871 12,564
Adjusted net
income (loss) per
share - basic $ 1.24 $ (0.29) $ 2.49 $ (1.41)
Adjusted net
income (loss) per
share - diluted $ 1.10 $ (0.29) $ 2.27 $ (1.41)
(4) Fully diluted shares includes approximately 2.5 million and 2.4 million potentially dilutive instruments that were
anti-dilutive for the three and nine months ended September 30, 2021, respectively, for the net loss per share
calculation under US GAAP but became dilutive for the adjusted diluted net income per share calculation.
Reconciliation of
Adjusted operating
income (loss)
(non-US GAAP)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Operating income
(loss) (US GAAP) $ 31,632 $ (3,553) $ 55,276 $ (27,373)
Net cash (paid)
received for
settlement of
derivative
instruments (12,498) 1,597 (14,515) 14,905
Adjusted operating
income (loss) $ 19,134 $ (1,956) $ 40,761 $ (12,468)
Derivative
Activity
Three Months Ended Three Months Ended Nine Months Ended Three Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Change in fair
value of
derivatives not
designated as
hedges $ (64,871) $ (12,676) $ (88,596) $ (18,534)
Net cash (paid)
received for
settlement of
derivative
instruments (12,498) 1,597 (14,515) 14,905
Net loss on
derivatives not
designated as
hedges $ (77,369) $ (11,079) $ (103,111) $ (3,629)
Reconciliation of
interest payable
in cash (non-US
GAAP)
Three Months Ended Three Months Ended Nine Months Ended Three Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Interest expense
(US GAAP) $ 2,232 $ 1,733 $ 6,255 $ 5,410
Amortization of
debt discount and
issuance cost and
paid-in-kind
interest (1,348) (732) (3,643) (2,261)
Interest payable
in cash $ 884 $ 1,001 $ 2,612 $ 3,149
GOODRICH PETROLEUM CORPORATION
Other Information and Reconciliations continued (In thousands, except per unit amounts), unaudited
Reconciliation of cash
margin (non-US GAAP)
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Oil and natural gas
revenues $ 58,733 $ 21,463 $ 128,708 $ 64,917
Other - 3 - 9
$ 58,733 $ 21,466 $ 128,708 $ 64,926
Operating Expenses
Lease operating expense
(LOE excluding workovers -
$3,016, $2,524, $8,622 and
$8,064, respectively) 3,277 2,831 10,429 9,384
Production and other taxes 1,291 591 2,756 2,361
Transportation and
processing 4,811 4,336 13,457 14,586
Depreciation, depletion and
amortization 13,389 10,341 35,671 35,484
General and administrative
(payable in cash - $3,822,
$2,878, $10,126 and
$9,828, respectively) 4,329 3,891 11,302 13,327
Impairment of oil and
natural gas properties - 3,040 - 17,170
Other 4 (11) (183) (13)
Operating income (loss) 31,632 (3,553) 55,276 (27,373)
Other income (expense)
Interest expense (payable
in cash - $884, $1,001,
$2,612 and $3,149,
respectively) (2,232) (1,733) (6,255) (5,410)
Interest income and other - 5 - 147
Gain (loss) on commodity
derivatives not designated
as hedges (77,369) (11,079) (103,111) (3,629)
Loss on early
extinguishment of debt - - (935) -
(79,601) (12,807) (110,301) (8,892)
Loss before income taxes (47,969) (16,360) (55,025) (36,265)
Income tax expense - - - -
Net loss $ (47,969) $ (16,360) $ (55,025) $ (36,265)
Cash margin, a non-US GAAP
measure $ 32,150 $ 11,423 $ 74,813 $ 40,514
Mmcfe produced during
period 15,265 11,543 40,646 36,576
Cash margin per Mcfe $ 2.11 $ 0.99 $ 1.84 $ 1.11
Reconciliation of capital
expenditures
Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended
September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020
Net cash used in investing
activities (US GAAP) $ (25,045) $ (14,816) $ (71,065) $ (48,012)
Cash calls received
(utilized), net - - (615) -
Miscellaneous capitalized
costs, ARO adjustments &
sales (620) 564 (698) 135
Cost incurred in prior
period and paid in current
period 6,461 1,117 4,138 6,175
Capital accrual at period
end (8,737) (3,808) (8,737) (3,808)
Total capital expenditures $ (27,941) $ (16,943) $ (76,977) $ (45,510)
Reconciliation of general &
Press Release: Goodrich Petroleum Announces Third -4-
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