{ "docId": "019de517-0921-73c5-a78a-4031cfaf4c19", "docSlug": "bac9bed0ff48c2d3ef9899b60a2a85a3", "documentTitle": "Par Pacific | Investor Presentation Deck | 26 slides", "authorId": "par-pacific", "authorName": "Par Pacific", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 20, "pageCount": 26, "prevPage": 19, "nextPage": 21, "slideType": "appendix_data", "function": "appendix", "density": "overcrowded", "nDataPoints": 105, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de517-0921-73c5-a78a-4031cfaf4c19/20", "deckHref": "/decks/019de517-0921-73c5-a78a-4031cfaf4c19", "deckJsonHref": "/decks/019de517-0921-73c5-a78a-4031cfaf4c19.json", "deckAnchorHref": "/decks/019de517-0921-73c5-a78a-4031cfaf4c19#slide-20", "components": [ { "bbox": { "h": 0.02, "w": 0.036, "x": 0.449, "y": 0.94 }, "kind": "image", "text": null, "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bf8e1412-3b3d-4534-a062-0cc954c15b78", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.019, "x": 0.49, "y": 0.91 }, "kind": "other", "text": "19", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "438eea98-e47b-47bf-b2cc-f49a90e71a3d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.015, "w": 0.069, "x": 0.489, "y": 0.943 }, "kind": "other", "text": "Par Pacific", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d42dfae5-6599-4b62-8a58-80a800fcad6b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.93, "x": 0.035, "y": 0.916 }, "kind": "source-note", "text": "(2) Includes increases in (releases of) our valuation allowance associated with business combinations and changes in deferred tax assets and liabilities that are not offset by a change in the valuation allowance. These tax expenses (benefits) are included in Income tax expense on our condensed consolidated statements of operations.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4b341bb1-57a2-4178-8a51-194d115d34d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.602, "x": 0.035, "y": 0.949 }, "kind": "source-note", "text": "(3) Included in Equity earnings from Laramie Energy, LLC on our condensed consolidated statements of operations.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "920725f3-ddc6-476f-a9ee-de1b87420ef2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.14, "w": 0.93, "x": 0.035, "y": 0.77 }, "kind": "source-note", "text": "(1) We believe Adjusted Net Income (Loss) and Adjusted EBITDA are useful supplemental financial measures that allow investors to assess: (1) The financial performance of our assets without regard to financing methods, capital structure or historical cost basis, (2) The ability of our assets to generate cash to pay interest on our indebtedness, and (3) Our operating performance and return on invested capital as compared to other companies without regard to financing methods and capital structure. Adjusted Net Income (Loss) and Adjusted EBITDA should not be considered in isolation or as a substitute for operating income (loss), net income (loss), cash flows provided by operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. Adjusted Net Income (Loss) and Adjusted EBITDA presented by other companies may not be comparable to our presentation as other companies may define these terms differently. Beginning with financial results reported for periods in fiscal year 2022, the inventory valuation adjustment was modified to include the first-in, first-out (\"FIFO\") inventory gains (losses) associated with our titled manufactured inventory in Hawaii. Beginning with financial results reported for the second quarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with the financial results reported in the first quarter of 2023, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net Washington CCA liability and the redevelopment and other costs of our Par West facility. Beginning with financial results report for the second quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA also exclude our portion of interest, taxes, and depreciation expense from our refining and logistics investments. These modifications were made to better reflect our operating performance and to improve comparability between periods. Adjusted Net Income and Adjusted EBITDA have been recast for prior periods when reported to conform to the modified presentation. For the twelve months ended December 31, 2019, 2020, 2021, 2022, and March 31, 2023, there was no change in value of contingent consideration or LIFO liquidation adjustment.", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f22f812c-fe4c-47a4-9f97-c97ab007f4f3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.56, "w": 0.699, "x": 0.164, "y": 0.189 }, "kind": "table", "text": "Net income (loss)\nAdjustments to Net Income (loss):\nInventory valuation adjustment\nEnvironmental credit mark-to-market adjustments\nUnrealized loss (gain) on derivatives\nAcquisition and integration costs\nPar West operating and redevelopment costs\nDebt extinguishment and commitment costs\nChanges in valuation allowance and other deferred tax items (2)\nChange in value of common stock warrants\nSeverance costs\nGain on sale of assets, net\nImpairment expense\nImpairments of Laramie Energy, LLC (3)\nPar's share of Laramie Energy's unrealized loss (gain) on derivatives\nAdjusted Net Income (Loss)\nDepreciation and amortization\nInterest expense and financing costs, net\nEquity losses from Laramie Energy, LLC, excluding Par's share of unrealized\nloss (gain) on derivatives and impairment losses\nPar's portion of interest, tax, and depreciation expense from investments\nIncome tax expense (benefit)\nAdjusted EBITDA", "attrs": {}, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3308bb3b-e9d7-4afc-abe5-e7d3ab3921a5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.602, "x": 0.323, "y": 0.06 }, "kind": "title", "text": "Non-GAAP Financial Measures", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5baa7bff-bd50-4b1d-9c51-9674dd3f6989", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.62, "x": 0.164, "y": 0.124 }, "kind": "title", "text": "Twelve Months Ended Consolidated Adjusted EBITDA and Adjusted Net Income Reconciliation (1)\n($ in thousands)", "attrs": {}, "subkind": "subtitle", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e3ea5cfb-82e6-44f8-9857-41217dda70d3", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "02d003d4-a182-443f-8c27-83d46a815cd7", "evidence": "table/data: Net income (loss) Adjustments to Net Income (loss):...", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }