UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
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:
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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.
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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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 | ☐ | ☒ | |
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
As of August 1, 2023, the registrant had
TABLE OF CONTENTS
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Notes to Unaudited Condensed Consolidated Financial Statements | 9 | ||
Management’s Discussion and Analysis of Financial Condition and Results of Operations | 23 | ||
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2
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10‑Q (this “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report, including, without limitation, statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “guidance,” “preliminary,” “project,” “estimate,” “outlook,” “expect,” “continue,” “will,” “intend,” “plan,” “targets,” “believe,” “forecast,” “future,” “potential,” “should,” “may,” “possible,” “could” and variations of such words or similar expressions.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 (our “2022 Annual Report”) and found elsewhere in this Quarterly Report, including, but not limited to, the following:
● | the impact of the current conflict between Russia and Ukraine on the global economy, including its impacts on financial markets and the energy industry; |
● | the impacts of cost inflation on our operating margins and capital costs; |
● | the impact of current and future laws, rulings and federal and state governmental regulations, including those related to hydraulic fracturing, accessing water, handling of produced water, carbon pricing, taxation of emissions, seismic activity, drilling and right-of-way access on governmental lands, and various other matters; |
● | our reliance on a limited number of customers and a particular region for substantially all of our revenues; |
● | the level of capital spending and development by oil and gas companies, including potential reductions in capital expenditures by oil and gas producers in response to commodity price volatility and/or reduced demand; |
● | our ability to renew or replace expiring contracts on acceptable terms; |
● | our customers’ ability to complete and produce new wells; |
● | risks related to acquisitions and organic growth projects, including our ability to realize their expected benefits; |
● | capacity constraints on regional oil, natural gas and water gathering, processing and pipeline systems that result in a slowdown or delay in drilling and completion activity, and thus a slowdown or delay in the demand for our services; |
● | our ability to retain key management and employees and to hire and retain skilled labor; |
● | our health, safety and environmental performance; |
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● | the impact of competition on our operations; |
● | the degree to which our customers may elect to operate their water-management services in-house rather than outsource these services to companies like us; |
● | delays or restrictions in obtaining, utilizing or maintaining permits and/or rights-of-way by us or our customers; |
● | constraints in supply or availability of equipment used in our business; |
● | changes in global political or economic conditions, both generally, and in the specific markets we serve, such as an economic slowdown or recession, concern over a potential recession, or increased uncertainty regarding the economic outlook; |
● | physical, electronic and cybersecurity breaches; and |
● | the other risks described in our 2022 Annual Report filed with the United States Securities and Exchange Commission (“SEC”). |
Many of the factors that will determine our future results are beyond the ability of management to control or predict. Should one or more of the risks or uncertainties described in this Quarterly Report or in our 2022 Annual Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, are expressly qualified in their entirety by this cautionary statement. We do not undertake to update any forward-looking statement that we may make from time to time except as required by applicable law.
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PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Aris Water Solutions, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except for share and per share amounts) |
| June 30, | December 31, | |||
| 2023 | 2022 | ||||
Assets |
|
| ||||
Cash | $ | | $ | | ||
Accounts Receivable, Net | | | ||||
Accounts Receivable from Affiliate | | | ||||
Other Receivables | | | ||||
Prepaids and Deposits | | | ||||
Assets Held for Sale | | — | ||||
Total Current Assets | | | ||||
Fixed Assets | ||||||
Property, Plant and Equipment | | | ||||
Accumulated Depreciation | ( | ( | ||||
Total Property, Plant and Equipment, Net | | | ||||
Intangible Assets, Net | | | ||||
Goodwill | | | ||||
Deferred Income Tax Assets, Net | | | ||||
Right-of-Use Assets | | | ||||
Other Assets | | | ||||
Total Assets | $ | | $ | | ||
Liabilities and Stockholders' Equity | ||||||
Accounts Payable | $ | | $ | | ||
Payables to Affiliate | | | ||||
Accrued and Other Current Liabilities | | | ||||
Total Current Liabilities | | | ||||
Long-Term Debt, Net of Debt Issuance Costs | | | ||||
Asset Retirement Obligation | | | ||||
Tax Receivable Agreement Liability | | | ||||
Other Long-Term Liabilities | | | ||||
Total Liabilities | | | ||||
Commitments and Contingencies (see Note 10) | ||||||
Stockholders' Equity | ||||||
Preferred Stock $ | ||||||
Class A Common Stock $ | | | ||||
Class B Common Stock $ | | | ||||
Treasury Stock (at Cost), | ( | ( | ||||
Additional Paid-in-Capital | | | ||||
Accumulated Deficit | ( | ( | ||||
Total Stockholders' Equity Attributable to Aris Water Solutions, Inc. | | | ||||
Noncontrolling Interest | | | ||||
Total Stockholders' Equity | | | ||||
Total Liabilities and Stockholders' Equity | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements
5
Aris Water Solutions, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended | Six Months Ended | |||||||||||
(in thousands, except for share and per share amounts) | June 30, | June 30, | ||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | |||||
Revenue | ||||||||||||
Produced Water Handling | $ | | $ | | $ | | $ | | ||||
Produced Water Handling — Affiliate | | | | | ||||||||
Water Solutions | | | | | ||||||||
Water Solutions — Affiliate | | | | | ||||||||
Other Revenue | | | | | ||||||||
Total Revenue | | | | | ||||||||
Cost of Revenue | ||||||||||||
Direct Operating Costs | | | | | ||||||||
Depreciation, Amortization and Accretion | | | | | ||||||||
Total Cost of Revenue | | | | | ||||||||
Operating Costs and Expenses | ||||||||||||
Abandoned Well Costs | — | | — | | ||||||||
General and Administrative | | | | | ||||||||
Impairment of Long-Lived Assets | — | — | — | | ||||||||
Research and Development Expense | | | | | ||||||||
Other Operating (Income) Expense | ( | | | | ||||||||
Total Operating Expenses | | | | | ||||||||
Operating Income | | | | | ||||||||
Other Expense | ||||||||||||
Interest Expense, Net | | | | | ||||||||
Income (Loss) Before Income Taxes | | | | ( | ||||||||
Income Tax Expense (Benefit) | | | | ( | ||||||||
Net Income (Loss) | | | | ( | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | | | | ( | ||||||||
Net Income (Loss) Attributable to Aris Water Solutions, Inc. | $ | | $ | | $ | | $ | ( | ||||
Net Income (Loss) Per Share of Class A Common Stock | ||||||||||||
Basic | $ | | $ | | $ | | $ | ( | ||||
Diluted | $ | | $ | | $ | | $ | ( | ||||
Weighted Average Shares of Class A Common Stock Outstanding | ||||||||||||
Basic | | | | | ||||||||
Diluted | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements
6
Aris Water Solutions, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands) | Six Months Ended June 30, | |||||
| 2023 |
| 2022 | |||
Cash Flow from Operating Activities | ||||||
Net Income (Loss) | $ | | $ | ( | ||
Adjustments to reconcile Net Income (Loss) to Net Cash provided by Operating Activities: | ||||||
Deferred Income Tax Expense (Benefit) | | ( | ||||
Depreciation, Amortization and Accretion | | | ||||
Stock-Based Compensation | | | ||||
Impairment of Long-Lived Assets | — | | ||||
Abandoned Well Costs | — | | ||||
Loss on Disposal of Asset, Net | | | ||||
Amortization of Debt Issuance Costs, Net | | | ||||
Other | | | ||||
Changes in Operating Assets and Liabilities: | ||||||
Accounts Receivable | | ( | ||||
Accounts Receivable from Affiliate | | ( | ||||
Other Receivables | ( | | ||||
Prepaids and Deposits | | | ||||
Accounts Payable | ( | ( | ||||
Payables to Affiliate | ( | | ||||
Accrued Liabilities and Other | | | ||||
Net Cash Provided by Operating Activities | | | ||||
Cash Flow from Investing Activities | ||||||
Property, Plant and Equipment Expenditures | ( | ( | ||||
Deposit on Assets Held for Sale | | — | ||||
Net Cash Used in Investing Activities | ( | ( | ||||
Cash Flow from Financing Activities | ||||||
Dividends and Distributions Paid | ( | ( | ||||
Repurchase of Shares | ( | — | ||||
Repayment of Credit Facility | ( | — | ||||
Proceeds from Credit Facility | | — | ||||
Net Cash Used in Financing Activities | ( | ( | ||||
Net Increase (Decrease) in Cash | | ( | ||||
Cash, Beginning of Period | | | ||||
Cash, End of Period | $ | | $ | | ||
Supplementary Cash Flow Data |
| |||||
Cash Paid for Interest | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements
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Aris Water Solutions, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(unaudited)
Three and Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||
(in thousands, except for share and per share amounts) | Class A | Class B | Additional | Non- | Total | ||||||||||||||||||||||
Common Stock |
| Common Stock | Paid-in | Treasury Stock | Accumulated | controlling | Stockholders' | ||||||||||||||||||||
Amount |
| Shares | Amount | Shares | Capital | Amount | Shares | Deficit | Interest | Equity | |||||||||||||||||
Balance at January 1, 2023 | $ | | | $ | | | $ | | $ | ( | | $ | ( | $ | | $ | | ||||||||||
Redemption of Class B Shares for Class A Shares | - | | - | ( | | - | - | - | ( | - | |||||||||||||||||
Stock-based Compensation Expense | | | - | - | | - | - | - | | | |||||||||||||||||
Increase in TRA Liability Related to Share Redemption | - | - | - | - | ( | - | - | - | - | ( | |||||||||||||||||
Deferred Tax Assets Acquired | - | - | - | - | | - | - | - | - | | |||||||||||||||||
Dividends and Distributions ($ | - | - | - | - | - | - | - | ( | ( | ( | |||||||||||||||||
Purchase of Treasury Stock | - | - | - | - | - | ( | | - | - | ( | |||||||||||||||||
Net Income | - | - | - | - | - | - | - | | | | |||||||||||||||||
Balance at March 31, 2023 | $ | | | $ | | | $ | | $ | ( | | $ | ( | $ | | $ | | ||||||||||
Redemption of Class B Shares for Class A Shares | - | | - | ( | | - | - | - | ( | - | |||||||||||||||||
Stock-based Compensation Expense | - | - | - | - | | - | - | - | | | |||||||||||||||||
Increase in TRA Liability Related to Share Redemption | - | - | - | - | ( | - | - | - | - | ( | |||||||||||||||||
Deferred Tax Assets Acquired | - | - | - | - | | - | - | - | - | | |||||||||||||||||
Dividends and Distributions ($ | - | - | - | - | - | - | - | ( | ( | ( | |||||||||||||||||
Net Income | - | - | - | - | - | - | - | | | | |||||||||||||||||
Balance at June 30, 2023 | $ | | | $ | | | $ | | $ | ( | | $ | ( | $ | | $ | | ||||||||||
Three and Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||
Class A | Class B | Additional | Non- | Total | |||||||||||||||||||||||
Common Stock |
| Common Stock | Paid-in | Treasury Stock | Accumulated | controlling | Stockholders' | ||||||||||||||||||||
Amount |
| Shares | Amount | Shares | Capital | Amount | Shares | Deficit | Interest | Equity | |||||||||||||||||
Balance at January 1, 2022 | $ | | | $ | |
| |
| $ | |
| $ | ( | |
| $ | ( |
| $ | |
| $ | | ||||
Redemption of Class B Shares for Class A Shares | | | ( | ( | | - | - | - | ( | - | |||||||||||||||||
Stock-based Compensation Expense | - | | - | - | | - | - | - | | | |||||||||||||||||
Increase in TRA Liability Related to Share Redemption | - | - | - | - | ( | - | - | - | - | ( | |||||||||||||||||
Deferred Tax Assets Acquired | - | - | - | - | | - | - | - | - | | |||||||||||||||||
Dividends and Distributions ($ | - | - | - | - | - | - | - | ( | ( | ( | |||||||||||||||||
Net Loss | - | - | - | - | - | - | - | ( | ( | ( | |||||||||||||||||
Balance at March 31, 2022 | $ | | | $ | | | $ | | $ | ( | | $ | ( | $ | | $ | | ||||||||||
Redemption of Class B Shares for Class A Shares | | | ( | ( | | - | - | - | ( | - | |||||||||||||||||
Stock-based Compensation Expense | - | - | - | - | | - | - | - | | | |||||||||||||||||
Increase in TRA Liability Related to Share Redemption | - | - | - | - | ( | - | - | - | - | ( | |||||||||||||||||
Deferred Tax Assets Acquired | - | - | - | - | | - | - | - | - | | |||||||||||||||||
Dividends and Distributions ($ | - | - | - | - | - | - | - | ( | ( | ( | |||||||||||||||||
Net Income | - | - | - | - | - | - | - | | | | |||||||||||||||||
Balance at June 30, 2022 | $ | | | $ | | | $ | | $ | ( | | $ | ( | $ | | $ | |
The accompanying notes are an integral part of these condensed consolidated financial statements
8
Aris Water Solutions, Inc.
Notes to Unaudited Condensed Consolidated Financial Statements
(unaudited)
1.Organization and Background of Business
Aris Water Solutions, Inc. (“Aris Inc.,” the “Company,” “we,” “our,” or “us”) is an independent, environmentally-focused company headquartered in Houston, Texas, that, through its controlling interest in Solaris Midstream Holdings, LLC, a Delaware limited liability company (“Solaris LLC”), provides sustainability-enhancing services to oil and natural gas operators. We strive to build long-term value through the development, construction and operation of integrated produced water handling and recycling infrastructure that provides high-capacity, comprehensive produced water management, recycling and supply solutions for operators in the Permian Basin.
We are the parent holding company of Solaris LLC. As the sole managing member of Solaris LLC, we operate and control the business and affairs of Solaris LLC, and through Solaris LLC and its subsidiaries, conduct our business. We consolidate the financial results of Solaris LLC and report noncontrolling interest related to the portion of Solaris LLC units not owned by us.
These unaudited condensed consolidated financial statements reflect the financial statements of the consolidated Company including Aris Inc., Solaris LLC and Solaris LLC’s subsidiaries.
2.Basis of Presentation and Significant Accounting Policies
Basis of Presentation
All dollar amounts, except per share amounts, in the condensed consolidated financial statements and tables in the notes are stated in thousands of dollars unless otherwise indicated.
Interim Financial Statements
These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These financial statements have not been audited by our independent registered public accounting firm.
These condensed consolidated financial statements include the adjustments and accruals, all of which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2022.
Consolidation
We have determined that the members with equity at risk in Solaris LLC lack the authority, through voting rights or similar rights, to direct the activities that most significantly impact Solaris LLC’s economic performance; therefore, Solaris LLC is considered a variable interest entity (“VIE”). As the managing member of Solaris LLC, we operate and control the business and affairs of Solaris LLC, as well as have the obligation to absorb losses or the right to receive benefits that could be potentially significant to us. Therefore, we are considered the primary beneficiary and consolidate Solaris LLC.
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Noncontrolling Interest
As of June 30, 2023, we own approximately
Use of Estimates
Management has made certain estimates and assumptions that affect reported amounts in these condensed consolidated financial statements and disclosures of contingencies. These estimates include, among others, determining the fair values of assets acquired, liabilities assumed, and/or contingent consideration paid in acquisitions or nonmonetary exchanges or disposed of through sale, determining the fair value and related impairment of assets held for sale, determining the fair value of performance-based restricted stock units (“PSUs”), useful lives of property, plant and equipment and amortizable intangible assets, goodwill impairment testing, the fair value of asset retirement obligations (“ARO”), accruals for environmental matters, the income tax provision, valuation allowances for deferred tax assets and the liability associated with our Tax Receivable Agreement (the “TRA liability”). Management evaluates estimates and assumptions on an ongoing basis using historical experience and other factors, including current economic and industry conditions. Actual results could differ from management’s estimates as additional information or actual results become available in the future, and those differences could be material.
Reclassification of Prior Year Presentation
Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Significant Accounting Policies
See Note 2. Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 for the discussion of our significant accounting policies. There were no significant updates or revisions to our accounting policies during the six months ended June 30, 2023.
Goodwill
All of our goodwill is assigned to a single reporting unit. We perform our annual goodwill impairment test during the fourth quarter of our fiscal year, and more frequently if impairment indicators exist.
During the quarter ended March 31, 2023, we conducted a quantitative interim test of goodwill due to a decline in the price of our Class A common stock during the period. As a result of our interim test, no goodwill impairment was identified. The fair value of our reporting unit exceeded the carrying value by more than 10%. We concluded there were no new impairment triggering events as of and for the three months ended June 30, 2023. As such, there was
Some of the inherent estimates and assumptions used in determining the fair value of our reporting unit are outside the control of management, including interest rates, cost of capital, tax rates, market multiples and credit ratings. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting unit, it is possible a material change could occur. If our actual results are not consistent with our estimates and assumptions used to calculate fair value, it could result in a material impairment of our goodwill.
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Fair Value Information
The fair value of our
(in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||
Carrying | Fair | Carrying | Fair | |||||||||
| Amount |
| Value |
| Amount |
| Value | |||||
Senior Sustainability-Linked Notes | $ | | $ | | $ | | $ | | ||||
Credit Facility | $ | | $ | | $ | | $ | |
The carrying values of our other financial instruments, consisting of cash, accounts receivable and accounts payable, approximate their fair values due to the short maturity of such instruments.
Intangible Assets
Intangible assets are net of accumulated amortization of $
Related Parties
We and ConocoPhillips, one of our principal owners, are parties to a long-term water gathering and handling agreement, pursuant to which ConocoPhillips dedicates all the produced water generated from its current and future acreage in a defined area of mutual interest in New Mexico and Texas. As of June 30, 2023 and December 31, 2022, we had accounts receivable from ConocoPhillips of $
(in thousands) | Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | |||||||||||
| 2023 |
| 2022 |
| 2023 |
| 2022 | |||||
Revenues from ConocoPhillips | $ | | $ | | $ | | $ | | ||||
Operating Expenses Reimbursed to ConocoPhillips | ( | | ( | |
Operating expenses reimbursed to ConocoPhillips are related to ConocoPhillips’ costs incurred on our behalf and other ongoing operating expenses.
Recent Accounting Pronouncements
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” The ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate (“LIBOR”) interest rate or another reference rate expected to be discontinued because of reference rate reform. This guidance was to be effective prospectively upon issuance through December 31, 2022 and applied from the beginning of an interim period that included the issuance date of this ASU. However, in December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” which deferred the sunset date from December 31, 2022 to December 31, 2024. All other provisions of ASU 2020-04 were unchanged. In May 2023, the Credit Agreement was amended to, among other things, transition the loans under the Credit Facility to be made at the Secured Overnight Financing
11
Rate (“SOFR”) instead of LIBOR. The Company adopted this accounting pronouncement with the execution of the First Amendment to the Second Amended and Restated Credit Agreement in May 2023. See Note 6 Long-Term Debt for further discussion of the Company's accounting for its outstanding debt, credit facility and related issuance costs. This guidance provides an optional practical expedient that allows qualifying modifications to be accounted for as a debt modification rather than be analyzed under existing guidance to determine if the modification should be accounted for as a debt extinguishment. In adopting this accounting standard, we have elected to apply this optional expedient. Adopting this accounting standard did not have a material impact on the Company's condensed consolidated financial statements and related disclosures.
3.Additional Financial Statement Information
Balance Sheet
Other balance sheet information is as follows:
(in thousands) |
| June 30, | December 31, | |||
| 2023 | 2022 | ||||
Other Receivables | ||||||
Insurance and Third Party Receivables for Remediation Expenses | $ | | $ | | ||
Reimbursable Research and Development Receivable | | — | ||||
Reimbursable Projects and Other | | | ||||
Total Other Receivables | $ | | $ | | ||
Prepaids and Deposits | ||||||
Prepaid Insurance and Other | $ | | $ | | ||
Deposits | | | ||||
Total Prepaids and Deposits | $ | | $ | | ||
Accrued and Other Current Liabilities | ||||||
Accrued Operating Expense | $ | | $ | | ||
Accrued Capital Costs | | | ||||
Accrued Interest | | | ||||
Accrued Compensation | | | ||||
| | |||||
Asset Retirement Obligation | | | ||||
Held for Sale Liability | | — | ||||
Other | | | ||||
Total Accrued and Other Current Liabilities | $ | | $ | | ||
Other Long-Term Liabilities | ||||||
Noncurrent Lease Liabilities | $ | | $ | | ||
Contingent Consideration Liability | | | ||||
Total Other Long-Term Liabilities | $ | | $ | |
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