DANIELSON HOLDING CORP

CIK:0000225648|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
OPERATING REVENUES:
Total operating revenue	$ 539,000	$ 491,000	$ 1,543,000	$ 1,413,000
OPERATING EXPENSES:
Cost of operations	366,000	358,000	1,154,000	1,080,000
Other operating expense, net	0	2,000	(1,000)	6,000
General and administrative expense	36,000	27,000	102,000	84,000
Depreciation and amortization expense	63,000	54,000	175,000	168,000
Impairment charges	0	0	0	19,000
Total operating expense	465,000	441,000	1,430,000	1,357,000
Operating income	74,000	50,000	113,000	56,000
Other income (expense):
Interest expense	(31,000)	(32,000)	(94,000)	(100,000)
Net gain on sale of business and investments	0	0	0	9,000
Loss on extinguishment of debt	0	(12,000)	0	(12,000)
Other expense	(1,000)	0	(1,000)	(2,000)
Total expense	(32,000)	(44,000)	(95,000)	(105,000)
Income (loss) before income tax (expense) benefit and equity in net income from unconsolidated investments	42,000	6,000	18,000	(49,000)
Income tax (expense) benefit	(14,000)	(3,000)	(8,000)	6,000
Equity in net income from unconsolidated investments	2,000	2,000	3,000	3,000
Net income (loss)	$ 30,000	$ 5,000	$ 13,000	$ (40,000)
Weighted Average Common Shares Outstanding:
Basic	133	132	133	132
Diluted	138	134	137	132
Earnings Per Share Attributable to Covanta Holding Corporation stockholders':
Basic	$ 0.23	$ 0.04	$ 0.10	$ (0.30)
Diluted	0.22	0.04	0.10	(0.30)
Cash Dividend Declared Per Share	$ 0.08	$ 0.08	$ 0.24	$ 0.41
Waste revenue
OPERATING REVENUES:
Total operating revenue	$ 378,000	$ 358,000	$ 1,085,000	$ 1,035,000
Energy revenue
OPERATING REVENUES:
Total operating revenue	104,000	93,000	294,000	264,000
Materials sales revenue
OPERATING REVENUES:
Total operating revenue	42,000	21,000	116,000	58,000
Services revenue
OPERATING REVENUES:
Total operating revenue	$ 15,000	$ 19,000	$ 48,000	$ 56,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES:
Net income (loss)			$ 13,000	$ (40,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	$ 63,000	$ 54,000	175,000	168,000
Amortization of deferred debt financing costs			3,000	3,000
Net gain on sale of business and investments	0	0	0	(9,000)
Impairment charges	0	0	0	19,000
Loss on extinguishment of debt	0	(12,000)	0	(12,000)
Stock-based compensation expense	5,000	5,000	23,000	19,000
Provision for expected credit losses			1,000	1,000
Equity in net income from unconsolidated investments	(2,000)	(2,000)	(3,000)	(3,000)
Deferred income taxes			5,000	(7,000)
Dividends from unconsolidated investments			4,000	3,000
Other, net			2,000	4,000
Changes in working capital			23,000	18,000
Changes in noncurrent assets and liabilities, net			1,000	3,000
Net cash provided by operating activities			247,000	191,000
INVESTING ACTIVITIES:
Purchase of property, plant and equipment			(109,000)	(117,000)
Proceeds from asset sales			0	3,000
Property insurance proceeds			1,000	0
Investment in equity affiliates			(6,000)	(11,000)
Other, net			(2,000)	(10,000)
Net cash used in investing activities			(116,000)	(135,000)
FINANCING ACTIVITIES:
Proceeds from Other Debt			0	538,000
Proceeds from borrowings on revolving credit facility			244,000	631,000
Payments on long-term debt			(14,000)	(551,000)
Payments on revolving credit facility			(281,000)	(574,000)
Payments on project debt			(7,000)	(6,000)
Payment of deferred financing costs			0	(8,000)
Cash dividends paid to stockholders			(34,000)	(78,000)
Proceeds from related party note			0	9,000
Payments of insurance premium financing			(28,000)	(24,000)
Other, net			(3,000)	(5,000)
Net cash used in financing activities			(123,000)	(68,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(1,000)	0
Net increase (decrease) in cash, cash equivalents and restricted cash			7,000	(12,000)
Cash, cash equivalents and restricted cash at beginning of period			72,000	63,000
Cash, cash equivalents and restricted cash at end of period	79,000	51,000	79,000	51,000
Cash and cash equivalents	54,000	34,000	54,000	34,000
Restricted funds held in trust	8,000	11,000	8,000	11,000
Restricted funds held in trust	17,000	6,000	17,000	6,000
Total cash, cash equivalents and restricted cash	$ 79,000	$ 51,000	$ 79,000	$ 51,000

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 54	$ 55
Restricted funds held in trust	8	11
Receivables (less allowances of $8 and $8, respectively)	259	260
Prepaid expenses and other current assets	78	117
Total Current Assets	399	443
Property, plant and equipment, net	2,364	2,421
Restricted funds held in trust	17	6
Intangible assets, net	222	237
Goodwill	302	302
Other assets	294	297
Total Assets	3,598	3,706
Current Liabilities:
Current portion of long-term debt	28	18
Current portion of project debt	9	9
Accounts payable	70	75
Accrued Liabilities, Current	341	303
Total Current Liabilities	448	405
Long-term debt	2,338	2,396
Project debt	109	116
Deferred income taxes	343	362
Other liabilities	137	117
Total Liabilities	3,375	3,396
Covanta Holding Corporation stockholders' equity:
Preferred stock ($0.10 par value; authorized 10 shares; none issued and outstanding)	0	0
Common stock ($0.10 par value; authorized 250 shares; issued 136 shares, outstanding 133 shares and 132 shares, respectively)	14	14
Additional paid-in capital	897	882
Accumulated other comprehensive loss	(114)	(32)
Accumulated deficit	(574)	(554)
Treasury stock, at par	0	0
Total Equity	223	310
Total Liabilities and Equity	$ 3,598	$ 3,706