{ "docId": "019de518-24ac-71ea-820d-856105d966fc", "docSlug": "3eacfd1a7e25544ece7fcc4beaeccc7c", "documentTitle": "Par Pacific | Investor Presentation Deck | 27 slides", "authorId": "par-pacific", "authorName": "Par Pacific", "documentKindSlug": "pitchdeck", "documentKindLabel": "Pitch deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 21, "pageCount": 27, "prevPage": 20, "nextPage": 22, "slideType": "appendix_data", "function": "appendix", "density": "overcrowded", "nDataPoints": 105, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-24ac-71ea-820d-856105d966fc/21", "deckHref": "/decks/019de518-24ac-71ea-820d-856105d966fc", "deckJsonHref": "/decks/019de518-24ac-71ea-820d-856105d966fc.json", "deckAnchorHref": "/decks/019de518-24ac-71ea-820d-856105d966fc#slide-21", "components": [ { "bbox": { "h": 0.023, "w": 0.099, "x": 0.45, "y": 0.939 }, "kind": "image", "text": "Par Pacific", "attrs": {}, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "66bcde40-6925-4636-9a61-dae275da5e19", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.016, "w": 0.019, "x": 0.49, "y": 0.907 }, "kind": "other", "text": "20", "attrs": {}, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5bbe9bba-d4ac-4629-b090-5b063a300314", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.035, "w": 0.665, "x": 0.167, "y": 0.133 }, "kind": "paragraph", "text": "Twelve Months Ended Consolidated Adjusted EBITDA and Adjusted Net Income Reconciliation (1)\n($ in thousands)", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d612542a-7a0c-468d-9fca-d40f1354618d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.277, "w": 0.946, "x": 0.027, "y": 0.698 }, "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\nour 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\n(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\nterms 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\nquarter of 2022, Adjusted Net Income and Adjusted EBITDA also exclude the mark-to-market losses (gains) associated with our net RINs liability. Beginning with financial results reported for periods in fiscal year 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA exclude the mark-to-market\nlosses (gains) associated with our net obligation related to the Washington Climate Commitment Act and Clean Fuel Standard effective beginning in 2023. These modifications were made to better reflect our operating performance and to improve comparability between periods. Beginning with financial results reported\nfor periods in fiscal year 2023, Adjusted Net Income (loss) and Adjusted EBITDA also exclude the redevelopment and other costs for our Par West facility, which was shut down in 2020. This modification improves comparability between periods by excluding expenses incurred in connection with the strategic\nredevelopment of this non-operating facility. Beginning with financial results reported 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 acquired on June\n1, 2023, as part of the Billings Acquisition. Beginning with financial results reported for the fourth quarter of 2023, Adjusted Gross Margin, Adjusted Net Income (Loss), and Adjusted EBITDA excludes all hedge losses (gains) associated with our Washington ending inventory and LIFO layer increment impacts associated with\nour Washington inventory. We are also no longer adjusting for the contango (gains) and backwardation losses associated with our Washington intermediation agreement (terminated in the fourth quarter of 2023) In addition, we have modified our environmental obligation mark-to-market adjustment to include only the\nmark-to-market losses (gains) associated with our net RINs liability and net obligation associated with the Washington Climate Commitment Act (\"Washington CCA\") and Clean Fuel Standard. This modification was made as part of our change in how we estimate our environmental obligation liabilities. Adjusted Net Income\nand 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 2023, there was no change in value of contingent consideration or LIFO liquidation adjustment.\n(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 benefit (expense) on our condensed consolidated statements\nof operations.\n(3) Included in Equity earnings from Laramie Energy, LLC on our condensed consolidated statements of operations.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "99af7185-4c33-4f2c-88a2-c3bd961c3041", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.509, "w": 0.69, "x": 0.167, "y": 0.183 }, "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)\nEquity losses from Laramie Energy, LLC, excluding cash distributions\nAdjusted Net Income (Loss)\nDepreciation and amortization\nInterest expense and financing costs, net, excluding unrealized interest rate\nderivative loss (gain)\nLaramie Energy, LLC cash distributions to Par\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": "87b29910-9a33-493d-be92-788d9e5d3cc1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.025, "w": 0.352, "x": 0.324, "y": 0.057 }, "kind": "title", "text": "Non-GAAP Financial Measures", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "bbca74a8-2083-4136-9831-e2346b0c2ab7", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Table data", "slug": "table-data", "agent": null, "layer": "slide", "matchId": "2b732e98-6ecd-465a-bcd7-9fc0c9fff27b", "evidence": "The slide contains a table/data component with numerical data, indicating a table presentation.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 27, "from": 16, "beatId": "5dada9f8-d89c-4860-91d7-b02226c68a5f", "arcName": "Rags to Riches", "arcSlug": "rags-to-riches", "beatName": "The Breakthrough", "beatSlug": "rags-to-riches-the-breakthrough", "evidence": "The deck provides detailed information on the company's financial performance and outlook", "position": 3, "confidence": 0.8, "parentBeatName": "Turn", "parentBeatSlug": "turn" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }