Company Quick10K Filing
Delek US
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 78 $3,046
10-Q 2019-11-08 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-K 2019-03-01 Annual: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-01 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
8-K 2020-01-03 Regulation FD, Exhibits
8-K 2019-11-29 Officers, Exhibits
8-K 2019-11-22 Regulation FD, Exhibits
8-K 2019-11-12 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-11-12 Regulation FD, Exhibits
8-K 2019-11-04 Earnings, Regulation FD, Exhibits
8-K 2019-10-01 Regulation FD, Exhibits
8-K 2019-09-11 Regulation FD, Exhibits
8-K 2019-09-03 Regulation FD, Exhibits
8-K 2019-08-20 Officers, Exhibits
8-K 2019-08-05 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2019-08-05 Regulation FD, Exhibits
8-K 2019-06-18 Regulation FD, Exhibits
8-K 2019-06-11 Regulation FD, Exhibits
8-K 2019-06-03 Regulation FD, Exhibits
8-K 2019-05-28 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-06 Earnings, Regulation FD, Exhibits
8-K 2019-05-06 Regulation FD, Exhibits
8-K 2019-05-03 Shareholder Vote
8-K 2019-03-29 Regulation FD, Exhibits
8-K 2019-03-25 Regulation FD, Exhibits
8-K 2019-03-05 Officers, Exhibits
8-K 2019-03-04 Regulation FD, Exhibits
8-K 2019-02-25 Officers, Exhibits
8-K 2019-02-20 Regulation FD, Exhibits
8-K 2019-02-19 Earnings, Regulation FD, Exhibits
8-K 2019-02-08 Regulation FD, Exhibits
8-K 2019-01-28 Regulation FD, Exhibits
8-K 2019-01-15 Regulation FD, Exhibits
8-K 2019-01-07 Regulation FD, Exhibits
8-K 2018-12-03 Regulation FD, Exhibits
8-K 2018-11-16 Regulation FD, Exhibits
8-K 2018-11-07 Regulation FD, Exhibits
8-K 2018-11-06 Earnings, Regulation FD, Exhibits
8-K 2018-10-03 Regulation FD, Exhibits
8-K 2018-10-01 Regulation FD, Exhibits
8-K 2018-09-25 Regulation FD, Exhibits
8-K 2018-09-18 Sale of Shares, Regulation FD, Exhibits
8-K 2018-09-06 Regulation FD, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-06-08 Regulation FD, Exhibits
8-K 2018-06-04 Regulation FD, Exhibits
8-K 2018-05-21 Officers, Regulation FD, Exhibits
8-K 2018-05-21 Other Events, Exhibits
8-K 2018-05-14 Regulation FD, Exhibits
8-K 2018-05-08 Regulation FD, Exhibits
8-K 2018-05-07 Earnings, Exhibits
8-K 2018-04-27 Other Events
8-K 2018-03-30 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2018-03-20 Enter Agreement, M&A, Exhibits
8-K 2018-03-20 Regulation FD, Exhibits
8-K 2018-03-20 Officers
8-K 2018-03-16 Other Events, Exhibits
8-K 2018-03-06 Regulation FD, Exhibits
8-K 2018-03-02 Enter Agreement, Exhibits
8-K 2018-02-27 Regulation FD, Exhibits
8-K 2018-02-26 Earnings, Exhibits
8-K 2018-02-13 Regulation FD, Exhibits
8-K 2018-02-12 Regulation FD, Exhibits
8-K 2018-02-07 M&A, Other Events, Exhibits
8-K 2018-01-17 Other Events, Exhibits
8-K 2018-01-08 Other Events, Exhibits
8-K 2018-01-08 Other Events, Exhibits
8-K 2018-01-02 Other Events, Exhibits
DK 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Acquisitions
Note 3 - Segment Data
Note 4 - Earnings (Loss) per Share
Note 5 - Delek Logistics and The Alon Partnership
Note 6 - Equity Method Investments
Note 8 - Inventory
Note 9 - Crude Oil Supply and Inventory Purchase Agreements
Note 10 - Long-Term Obligations and Notes Payable
Note 11 - Derivative Instruments
Note 12 - Fair Value Measurements
Note 13 - Commitments and Contingencies
Note 14 - Income Taxes
Note 15 - Related Party Transactions
Note 16 - Other Assets and Liabilities
Note 17 - Equity-Based Compensation
Note 18 - Stockholders' Equity
Note 19 - Employees
Note 20 - Leases
Note 21 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-10.1 dk-ex101firstamendment.htm
EX-10.2 dk-ex102secondamendmen.htm
EX-10.3 dk-ex103arkssoamendment.htm
EX-10.4 dk-ex104bsrsoamendment.htm
EX-10.5 dk-ex105lionlottsoamen.htm
EX-10.6 dk-ex106firstamendment.htm
EX-31.1 dk-ex311xceocertificat.htm
EX-31.2 dk-ex312xcfocertificat.htm
EX-32.1 dk-ex321xceocertificat.htm
EX-32.2 dk-ex322xcfocertificat.htm

Delek US Earnings 2019-09-30

DK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
YPF 5,145 994,016 631,659 0 0 0 0 5,145 0%
CVI 4,801 3,830 2,124 6,845 854 457 785 5,451 12% 6.9 12%
PBF 3,360 8,810 5,300 25,715 449 204 224 5,293 2% 23.6 2%
DK 3,046 6,573 4,687 9,650 826 546 1,040 4,011 9% 3.9 8%
CVRR 2,908 2,505 1,059 6,656 524 410 470 3,053 8% 6.5 16%
CLMT 350 2,207 2,140 1,745 443 1 271 1,669 25% 6.2 0%
TREC 234 339 149 283 30 -3 17 328 11% 19.9 -1%
VTNR 61 116 71 175 25 -8 2 82 14% 35.1 -7%
BPT
SU

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
For the quarterly period ended
September 30, 2019
 
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
For the transition period from                      to                     
Commission file number 001-38142
DELEK US HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Delaware
dklogoa25.jpg
35-2581557
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
7102 Commerce Way
Brentwood
Tennessee
37027
(Address of principal executive offices)
 
 
(Zip Code)
(615771-6701
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, par value $0.01
DK
New York Stock Exchange
At November 1, 2019, there were 74,235,210 shares of common stock, $0.01 par value, outstanding (excluding securities held by, or for the account of, the Company or its subsidiaries).


Table of Contents

Delek US Holdings, Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2019

 
 

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Financial Statements

Part I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Delek US Holdings, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except share and per share data)
 
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
1,006.4

 
$
1,079.3

Accounts receivable, net
 
834.3

 
514.4

Inventories, net of inventory valuation reserves
 
908.6

 
690.9

Other current assets
 
115.1

 
135.7

Total current assets
 
2,864.4

 
2,420.3

Property, plant and equipment:
 
 
 
 
Property, plant and equipment
 
3,309.9

 
2,999.6

Less: accumulated depreciation
 
(944.7
)
 
(804.7
)
Property, plant and equipment, net
 
2,365.2

 
2,194.9

Operating lease right-of-use assets
 
187.6

 

Goodwill
 
856.6

 
857.8

Other intangibles, net
 
92.9

 
104.4

Equity method investments
 
360.2

 
130.3

Other non-current assets
 
66.4

 
52.9

Total assets
 
$
6,793.3

 
$
5,760.6

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
1,364.5

 
$
1,011.2

Current portion of long-term debt
 
64.5

 
32.0

Obligation under Supply and Offtake Agreements
 
265.0

 
312.6

Current portion of operating lease liabilities
 
45.1

 

Accrued expenses and other current liabilities
 
487.6

 
307.7

Total current liabilities
 
2,226.7

 
1,663.5

Non-current liabilities:
 
 
 
 
Long-term debt, net of current portion
 
1,935.4

 
1,751.3

Obligation under Supply and Offtake Agreements
 
143.6

 
49.6

Environmental liabilities, net of current portion
 
139.1

 
139.5

Asset retirement obligations
 
70.3

 
75.5

Deferred tax liabilities
 
232.1

 
210.2

Operating lease liabilities, net of current portion
 
144.2

 

Other non-current liabilities
 
38.5

 
62.9

Total non-current liabilities
 
2,703.2

 
2,289.0

Stockholders’ equity:
 
 
 
 
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued and outstanding
 

 

Common stock, $0.01 par value, 110,000,000 shares authorized, 90,940,393 shares and 90,478,075 shares issued at September 30, 2019 and December 31, 2018, respectively
 
0.9

 
0.9

Additional paid-in capital
 
1,146.1

 
1,135.4

Accumulated other comprehensive income
 
10.7

 
28.6

Treasury stock, 16,653,356 shares and 12,477,780 shares, at cost, as of September 30, 2019 and December 31, 2018, respectively
 
(661.9
)
 
(514.1
)
Retained earnings
 
1,195.3

 
981.8

Non-controlling interests in subsidiaries
 
172.3

 
175.5

Total stockholders’ equity
 
1,863.4

 
1,808.1

Total liabilities and stockholders’ equity
 
$
6,793.3

 
$
5,760.6


See accompanying notes to condensed consolidated financial statements

     
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except share and per share)
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018 (1)
 
2019
 
2018 (1),(2)
Net revenues
 
$
2,334.3

 
$
2,768.9

 
$
7,014.5

 
$
7,759.0

Cost of sales:
 
 
 
 
 
 
 
 
Cost of materials and other
 
1,964.1

 
2,244.2

 
5,731.2

 
6,537.2

Operating expenses (excluding depreciation and amortization presented below)
 
141.7

 
136.4

 
418.4

 
400.7

Depreciation and amortization
 
43.8

 
41.2

 
125.7

 
119.3

Total cost of sales
 
2,149.6

 
2,421.8

 
6,275.3

 
7,057.2

Operating expenses related to retail and wholesale business (excluding depreciation and amortization presented below)
 
25.2

 
27.6

 
77.5

 
78.9

General and administrative expenses
 
65.6

 
58.0

 
197.3

 
176.1

Depreciation and amortization
 
6.0

 
8.0

 
21.0

 
27.1

Other operating expense (income), net
 
0.5

 
(1.7
)
 
(0.7
)
 
(9.4
)
Total operating costs and expenses
 
2,246.9

 
2,513.7

 
6,570.4

 
7,329.9

Operating income
 
87.4

 
255.2

 
444.1

 
429.1

Interest expense
 
33.9

 
31.2

 
95.4

 
95.2

Interest income
 
(3.2
)
 
(1.4
)
 
(9.0
)
 
(3.0
)
Income from equity method investments
 
(16.5
)
 
(4.0
)
 
(28.4
)
 
(6.9
)
Gain on sale of business
 

 

 

 
(13.2
)
Impairment loss on assets held for sale
 

 

 

 
27.5

Loss on extinguishment of debt
 

 
0.1

 

 
9.1

Other (income) expense, net
 
(0.2
)
 
(7.5
)
 
3.3

 
(7.9
)
Total non-operating expenses, net
 
14.0

 
18.4

 
61.3

 
100.8

Income from continuing operations before income tax expense
 
73.4

 
236.8

 
382.8

 
328.3

Income tax expense
 
13.4

 
51.0

 
83.8

 
72.3

Income from continuing operations, net of tax
 
60.0

 
185.8

 
299.0

 
256.0

Discontinued operations:
 
 
 
 
 
 
 
 
Income (loss) from discontinued operations, including gain (loss) on sale of discontinued operations
 

 
0.8

 
(1.0
)
 
(10.7
)
Income tax expense (benefit)
 

 
0.3

 
(0.2
)
 
(2.2
)
Income (loss) from discontinued operations, net of tax
 

 
0.5

 
(0.8
)
 
(8.5
)
Net income
 
60.0

 
186.3

 
298.2

 
247.5

Net income attributed to non-controlling interests
 
8.7

 
6.5

 
20.3

 
29.0

Net income attributable to Delek
 
$
51.3

 
$
179.8

 
$
277.9

 
$
218.5

Basic income (loss) per share:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.68

 
$
2.15

 
$
3.64

 
$
2.82

Income (loss) from discontinued operations
 

 
$
0.01

 
(0.01
)
 
(0.20
)
Total basic income per share
 
$
0.68

 
$
2.16

 
$
3.63

 
$
2.62

Diluted income (loss) per share:
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
0.68

 
$
2.02

 
$
3.61

 
$
2.69

Income (loss) from discontinued operations
 

 
0.01

 
(0.01
)
 
(0.19
)
Total diluted income per share
 
$
0.68

 
$
2.03

 
$
3.60

 
$
2.50

Dividends declared per common share outstanding
 
$
0.29

 
$
0.25

 
$
0.84

 
$
0.70

(1) 
Net revenues and cost of materials and other for the three and nine months ended September 30, 2018 reflect a correction of an intercompany elimination which resulted in an increase in those accounts of $273.7 million and $347.1 million, respectively, not previously reflected on the unaudited consolidated financial statements in our September 30, 2018 Quarterly Report on Form 10-Q filed on November 9, 2018. Such amounts are not considered material to the financial statements and had no impact to operating income or net income for those periods. See Note 23 to our annual audited consolidated financial statements included in Part II, Item 8 of our 2018 Annual Report on Form 10-K, as amended and filed on June 27, 2019, for further discussion.
(2) 
Income tax expense for the nine months ended September 30, 2018 reflects a correction made in our 2018 Annual Report on Form 10-K (as originally filed on March 1, 2019) to record additional deferred tax expense totaling $5.5 million related to the recognition of a valuation allowance on deferred tax assets recognized in connection with the Big Spring Logistic Assets Acquisition (see Note 5) not previously reported in our September 30, 2018 Quarterly Report on Form 10-Q filed on November 09, 2018. Such amount is not considered material to the financial statements or the trend of earnings for that period. See Note 23 to our annual audited consolidated financial statements included in Part II, Item 8 of our 2018 Annual Report on Form 10-K, as amended and filed on June 27, 2019, for further discussion.
See accompanying notes to condensed consolidated financial statements

     
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(In millions)
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018 (1)
Net income attributable to Delek
 
$
51.3

 
$
179.8

 
$
277.9

 
$
218.5

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Commodity contracts designated as cash flow hedges:
 
 
 
 
 
 
 
 
Net (losses) gains related to commodity cash flow hedges
 
(19.8
)
 
52.7

 
(23.2
)
 
(10.5
)
Income tax benefit (expense)
 
4.1

 
(11.0
)
 
4.8

 
2.3

Net comprehensive (loss) income on commodity contracts designated as cash flow hedges
 
(15.7
)
 
41.7

 
(18.4
)
 
(8.2
)
 
 
 
 
 
 
 
 
 
Loss on interest rate contracts designated as cash flow hedges, net of taxes
 

 

 

 
(0.5
)
 
 
 
 
 
 
 
 
 
Foreign currency translation gain (loss), net of taxes
 

 
0.2

 
0.1

 
(0.4
)
 
 
 
 
 
 
 
 
 
Postretirement benefit plans:
 
 
 
 
 
 
 
 
Unrealized gain arising during the year related to:
 
 
 
 
 
 
 
 
  Net actuarial gain
 

 
8.9

 

 
9.0

  Curtailment and settlement gains
 

 
2.4

 

 
2.5

Reclassified to other expense (income), net:
 
 
 
 
 
 
 
 
   Gain recognized due to curtailment and settlement
 

 
(2.4
)
 

 
(2.5
)
   Amortization of net actuarial loss
 
0.2

 

 
0.5

 

Gains related to postretirement benefit plans, net
 
0.2

 
8.9

 
0.5

 
9.0

Income tax expense
 
(0.1
)
 
(2.0
)
 
(0.1
)
 
(2.0
)
Net comprehensive income on postretirement benefit plans, net of taxes
 
0.1

 
6.9

 
0.4

 
7.0

Total other comprehensive (loss) income
 
(15.6
)
 
48.8

 
(17.9
)
 
(2.1
)
Comprehensive income attributable to Delek
 
$
35.7

 
$
228.6

 
$
260.0

 
$
216.4

(1) 
Net income attributable to Delek and Comprehensive income attributable to Delek for the nine months ended September 30, 2018 reflects a correction made in our 2018 Annual Report on Form 10-K (as originally filed on March 1, 2019) to reduce both amounts for additional deferred tax expense totaling $5.5 million related to the recognition of a valuation allowance on deferred tax assets recognized in connection with the Big Spring Logistic Assets Acquisition (see Note 5) not previously reported in our September 30, 2018 Quarterly Report on Form 10-Q filed on November 09, 2018. Such amount is not considered material to the financial statements or the trend of earnings for that period. See Note 23 to our annual audited consolidated financial statements included in Part II, Item 8 of our 2018 Annual Report on Form 10-K, as amended and filed on June 27, 2019, for further discussion.

See accompanying notes to condensed consolidated financial statements


     
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share and per share data)
 
 
Three Months Ended September 30, 2019
 
 
Common Stock
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Treasury Stock
Non-Controlling Interest in Subsidiaries
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance at
June 30, 2019
90,861,698

 
$
0.9

 
$
1,140.3

 
$
26.3

 
$
1,165.9

 
(15,416,502
)
 
$
(618.9
)
 
$
171.7

 
$
1,886.2

Net income

 

 

 

 
51.3

 

 

 
8.7

 
60.0

Other comprehensive loss related to commodity contracts, net

 

 

 
(15.7
)
 

 

 

 

 
(15.7
)
Other comprehensive income related to postretirement benefit plans, net

 

 

 
0.1

 

 

 

 

 
0.1

Common stock dividends ($0.29 per share)

 

 

 

 
(21.8
)
 

 

 

 
(21.8
)
Distributions to non-controlling interests

 

 

 

 

 

 

 
(8.2
)
 
(8.2
)
Equity-based compensation expense

 

 
7.3

 

 

 

 

 
0.1

 
7.4

Repurchase of common stock

 

 

 

 

 
(1,236,854
)
 
(43.0
)
 

 
(43.0
)
Taxes paid due to the net settlement of equity-based compensation

 

 
(1.5
)
 

 

 

 

 

 
(1.5
)
Exercise of equity-based awards
78,695

 

 

 

 

 

 

 

 

Other

 

 

 

 
(0.1
)
 

 

 

 
(0.1
)
Balance at
September 30, 2019
90,940,393

 
$
0.9

 
$
1,146.1

 
$
10.7

 
$
1,195.3

 
(16,653,356
)
 
$
(661.9
)
 
$
172.3

 
$
1,863.4





















     
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Financial Statements

Delek US Holdings, Inc.
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited)
(In millions, except share and per share data)
 
 
Three Months Ended September 30, 2018
 
 
Common Stock
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Treasury Stock
 
Non-Controlling Interest in Subsidiaries
 
Total Stockholders' Equity
 
 
Shares
 
Amount
 
 
 
 
Shares
 
Amount
 
 
Balance at
June 30, 2018
87,631,115

 
$
0.9

 
$
1,041.8

 
$
(42.4
)
 
$
722.8

 
(3,703,826
)
 
$
(140.3
)
 
$
176.5

 
$
1,759.3

Net income

 

 

 

 
179.8

 

 

 
6.5

 
186.3

Other comprehensive income related to commodity contracts, net

 

 

 
41.7

 

 

 

 

 
41.7

Other comprehensive income related to postretirement benefit plans, net

 

 

 
6.9

 

 

 

 

 
6.9

Foreign currency translation gain, net

 

 

 
0.2

 

 

 

 

 
0.2

Common stock dividends ($0.25 per share)

 

 

 

 
(21.0
)
 

 

 

 
(21.0
)
Distribution to non-controlling interest

 

 

 

 

 

 

 
(7.4
)
 
(7.4
)
Equity-based compensation expense

 

 
5.1

 

 

 

 

 
0.1

 
5.2

Shares issued in connection with settlement of Convertible Notes
2,692,218

 

 
(0.3
)
 

 

 

 

 

 
(0.3
)
Shares received in connection with exercise of Call Options

 

 
124.2

 

 

 
(2,692,771
)
 
(123.9
)
 

 
0.3

Repurchase of common stock