Calumet Specialty Products Partners, L.P. - FORM 8-K - EX-99.1 - April 26, 2021

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EX-99.3 - EX-99.3 - Calumet Specialty Products Partners, L.P.clmt-externalreportingad.htm
EX-99.2 - EX-99.2 - Calumet Specialty Products Partners, L.P.exhibit992-financialinform.htm
8-K - 8-K - Calumet Specialty Products Partners, L.P.clmt-20210426.htm

Exhibit 99.1



Calumet Specialty Products Partners, L.P.

The following tables reflect revised reportable segment information for the year ended December 31, 2020 and each quarter in such year.

Three Months Ended March 31, 2020Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateEliminationsConsolidated
Total
Sales:
External customers$492.8 $57.7 $142.1 — $— $692.6 
Inter-segment sales4.1 0.1 — — (4.2)— 
Total sales$496.9 $57.8 $142.1 $— $(4.2)$692.6 
Adjusted EBITDA$69.0 $10.6 $32.2 $(20.0)$— $91.8 
Reconciling items to net loss:
Depreciation and amortization16.3 4.0 9.3 1.9 — 31.5 
LCM / LIFO (gain) loss53.9 (0.1)12.7 — — 66.5 
Loss on impairment and disposal of assets0.1 1.4 — 4.5 — 6.0 
Interest (benefit) expense(0.7)0.1 (1.0)30.9 — 29.3 
Unrealized (gain) loss on derivatives(35.2)— 3.6 — — (31.6)
RINs mark to market loss7.1 — 1.0 — — 8.1 
Other non-recurring income(1.2)
Equity-based compensation and other items(2.9)
Income tax expense0.5 
Net loss$(14.4)


Three Months Ended June 30, 2020Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateEliminationsConsolidated
Total
Sales:
External customers$297.6 $58.7 $97.4 $— — $453.7 
Inter-segment sales2.3 0.1 — — (2.4)— 
Total sales$299.9 $58.8 $97.4 $— $(2.4)$453.7 
Adjusted EBITDA$33.4 $17.6 $23.0 $(17.0)$— $57.0 
Reconciling items to net income:
Depreciation and amortization14.5 4.0 9.4 1.9 — 29.8 
LCM / LIFO (gain) loss(23.2)0.1 (9.0)— — (32.1)
Loss on impairment and disposal of assets0.1 — — 0.6 — 0.7 
Interest (benefit) expense(0.7)0.1 0.3 30.9 — 30.6 
Unrealized (gain) loss on derivatives15.5 — (14.3)— — 1.2 
RINs mark to market loss10.8 — 5.2 — — 16.0 
Equity-based compensation and other items7.0 
Income tax expense0.2 
Net income$3.6 


Three Months Ended September 30, 2020Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateEliminationsConsolidated
Total
Sales:
External customers$366.2 $60.9 $140.9 $— $— $568.0 
Inter-segment sales3.3 0.1 — — (3.4)— 
Total sales$369.5 $61.0 $140.9 $— $(3.4)$568.0 
Adjusted EBITDA$23.2 $18.9 $9.7 $(17.1)$— $34.7 
Reconciling items to net loss:
Depreciation and amortization14.8 4.0 9.5 1.9 — 30.2 
LCM / LIFO (gain) loss0.5 1.3 (0.7)— — 1.1 
Interest expense1.3 0.1 0.8 31.1 — 33.3 
Unrealized loss on derivatives8.2 — 1.0 — — 9.2 
RINs mark to market loss6.4 — 2.9 — — 9.3 
Other non-recurring expenses5.5 
Equity-based compensation and other items2.1 
Income tax expense0.1 
Net loss$(56.1)


Three Months Ended December 31, 2020Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateEliminationsConsolidated
Total
Sales:
External customers$372.3 $56.8 $124.8 $— $— $553.9 
Inter-segment sales2.9 — — — (2.9)— 
Total sales$375.2 $56.8 $124.8 $— $(2.9)$553.9 
Adjusted EBITDA$25.4 $14.0 $6.5 $(12.1)$— $33.8 
Reconciling items to net loss:
Depreciation and amortization15.3 4.0 6.9 2.0 — 28.2 
LCM / LIFO (gain) loss(7.7)0.2 0.5 — — (7.0)
Loss on impairment and disposal of assets— — — 0.1 — 0.1 
Interest expense0.7 — 0.3 31.7 — 32.7 
Unrealized loss on derivatives9.7 — 8.7 — — 18.4 
RINs mark to market loss29.4 — 13.0 — — 42.4 
Other non-recurring income(1.9)
Equity-based compensation and other items2.7 
Income tax expense0.3 
Net loss$(82.1)


Year Ended December 31, 2020Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateEliminationsConsolidated
Total
Sales:
External customers$1,528.9 $234.1 $505.2 $— $— $2,268.2 
Inter-segment sales12.6 0.3 — — (12.9)— 
Total sales$1,541.5 $234.4 $505.2 $— $(12.9)$2,268.2 
Adjusted EBITDA$151.0 $61.1 $71.4 $(66.2)$— $217.3 
Reconciling items to net loss:
Depreciation and amortization60.9 16.0 35.1 7.7 — 119.7 
LCM / LIFO loss23.5 1.5 3.5 — — 28.5 
Loss on impairment and disposal of assets0.2 1.4 — 5.2 — 6.8 
Interest expense0.6 0.3 0.4 124.6 — 125.9 
Unrealized gain on derivatives(1.8)— (1.0)— — (2.8)
RINs mark to market loss53.7 — 22.1 — — 75.8 
Other non-recurring expenses2.4 
Equity-based compensation and other items8.9 
Income tax expense1.1 
Net loss$(149.0)


The following table reflects revised reportable segment information for the year ended December 31, 2019.
Year Ended December 31, 2019Specialty Products and SolutionsPerformance BrandsMontana/RenewablesCorporateDivestituresEliminationsConsolidated
Total
Sales:
External customers$2,116.5 $230.5 $702.2 $— $403.4 $— $3,452.6 
Inter-segment sales21.5 0.7 — — 7.1 (29.3)— 
Total sales$2,138.0 $231.2 $702.2 $— $410.5 $(29.3)$3,452.6 
Adjusted EBITDA$243.2 $32.5 $72.0 $(97.6)$8.3 $— $258.4 
Reconciling items to net loss:
Depreciation and amortization59.9 18.6 38.2 7.6 5.1 — 129.4 
LCM / LIFO gain(18.8)(5.8)(15.2)— (2.0)— (41.8)
Loss on impairment and disposal of assets1.3 — — 25.4 10.3 — 37.0 
Loss on sale of business, net8.7 — — — — — 8.7 
Interest expense11.8 0.4 3.6 117.8 1.0 — 134.6 
Debt extinguishment costs— — — 2.2 — — 2.2 
Unrealized loss on derivatives12.9 — 13.2 — — — 26.1 
Gain on sale of unconsolidated affiliate(1.2)— — — — — (1.2)
RINs mark to market gain(0.8)— (1.4)— (2.2)— (4.4)
Other non-recurring expenses3.5 
Equity-based compensation and other items7.4 
Income tax expense0.5 
Net loss$(43.6)




















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