• Mercer International Inc. Reports Second Quarter and First Half 2022 Results and Announces Quarterly Cash Dividend of $0.075

    Source: Nasdaq GlobeNewswire / 28 Jul 2022 16:30:29   America/New_York

    Selected Highlights

    • Second quarter net income of $71.4 million and Operating EBITDA* of $145.1 million
    • Record quarterly wood products operating income and energy revenues

    NEW YORK, July 28, 2022 (GLOBE NEWSWIRE) -- Mercer International Inc. (Nasdaq: MERC) today reported second quarter 2022 Operating EBITDA increased to a $145.1 million from $83.8 million in the second quarter of 2021 and decreased from $154.5 million in the first quarter of 2022.

    In the second quarter of 2022, net income was $71.4 million (or $1.08 per basic share and $1.07 per diluted share) compared to $21.4 million (or $0.32 per share) in the second quarter of 2021 and net income of $88.9 million (or $1.35 per basic share and $1.34 per diluted share) in the first quarter of 2022.

    In the first half of 2022, Operating EBITDA increased by 81% to $299.5 million from $165.8 million in the same period of 2021. In the first half of 2022, net income was $160.3 million (or $2.43 per basic share and $2.41 per diluted share) compared to $27.3 million (or $0.41 per share) in the same period of 2021.

    Mr. Juan Carlos Bueno, the Chief Executive Officer, stated: “Our strong second quarter operating results were driven by increased pulp and lumber pricing, continued strong energy pricing and our Stendal mill’s reversal of it’s wastewater fee accrual. These positive effects were offset by higher planned maintenance costs, higher costs for key inputs including fiber, energy and chemicals, and lower pulp sales volumes. We continue to see cost inflation for certain inputs, including energy costs. However, we see our surplus energy sales as a strong hedge against higher energy prices and we are focused on developing strategies to manage the cost of our key inputs.

    When comparing our second quarter pulp results to the first quarter, our second quarter was negatively impacted by higher planned maintenance costs, lower pulp sales volumes and higher per unit fiber costs. During the quarter our mills were down for planned maintenance a total of 43 days compared to none in the first quarter and our Celgar mill was down an additional six days due to a slower than plan startup. As expected, our fiber costs were up quarter over quarter, but we are currently expecting that these costs will be flat in the third quarter with a modest increase in Germany and a modest decrease in Canada.

    In July 2022 our Stendal mill had a fire in its woodyard which did not damage the mill's operations. We have now restarted the mill and are ramping up its production. We have implemented a work around chip in-feed process which is designed to let the mill operate at about 80% of capacity. We expect the planning and installation of replacement equipment will take several months.

    Our Friesau sawmill continued its strong performance in the second quarter achieving record operating income. The mill’s improvement relative to first quarter was primarily due to improved lumber pricing in Europe and strong pricing in the U.S., which were partially offset by higher fiber prices. In the second quarter of 2022, our solid wood segment generated operating income of $45.9 million.

    Pulp supply demand fundamentals remained strong throughout the second quarter and resulted in price improvements in all of our markets. Low customer inventory levels and limited pulp supply were the main drivers in market tightness. As of June 30, 2022, third party industry quoted NBSK list prices were approximately $1,485 per ADMT in Europe and net prices were approximately $1,008 per ADMT in China.

    Global logistics challenges are slowly easing but continue to impact our business primarily in the form of irregular North American rail traffic, which forces us to use additional higher cost trucking. We are seeing the railways making slow progress in unwinding their system backlogs and expect that these logistics issues will continue to improve going forward.

    As we move into the third quarter, we expect stable pulp prices as a result of low customer inventory levels and supply constraints. We expect lumber prices in the United States to be generally stable and prices in Europe to decline from the second quarter but remain at historically attractive levels in both markets. Further, we expect continued strong energy demand and prices in Germany in the third quarter of 2022.

    Currently our 2022 capital expenditures are on track to total approximately $175 million to $200 million. The majority of these investments are designed to deliver high returns, help us achieve our ESG objectives and enhance shareholder value. I am also pleased to announce that our Board has approved an incremental $27 million investment at our Spokane mass timber facility. This investment will allow this state-of-the-art facility to fully utilize a more varied raw material mix and increase finger joint lumber production. We expect this investment will become a stepping stone to additional modest investments to increase cross-laminated timber ("CLT") and glue laminated beam capacity as our order book grows. We are excited about the potential of this business given CLT’s lower carbon footprint and faster construction characteristics compared to traditional construction materials like concrete and steel. Over time, as we continue to ramp up this business, I believe our CLT business will become a key component in our solid wood business.”

    ____________________

    *Operating EBITDA is not a measure of financial performance under accounting principles generally accepted in the United States ("GAAP") and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. See page 6 of the financial tables included in this press release for a reconciliation of net income to Operating EBITDA.
                   

    Consolidated Financial Results

     Q2  Q1  Q2  YTD  YTD  
     2022  2022  2021  2022  2021  
     (in thousands, except per share amounts)  
    Revenues$572,326  $592,741  $401,832  $1,165,067  $814,552  
    Operating income$114,031  $122,351  $51,836  $236,382  $102,865  
    Operating EBITDA$145,059  $154,467  $83,791  $299,526  $165,787  
    Loss on early extinguishment of debt$—  $—  $—  $—  $(30,368) (1)
    Net income$71,372  $88,897  $21,415  $160,269  $27,348  
    Net income per common share                    
    Basic$1.08  $1.35  $0.32  $2.43  $0.41  
    Diluted$1.07  $1.34  $0.32  $2.41  $0.41  

    ______________

    (1)   Redemption of 6.50% senior notes due 2024 and 7.375% senior notes due 2025.


    Consolidated – Three Months Ended June 30, 2022 Compared to Three Months Ended June 30, 2021

    Total revenues in the second quarter of 2022 increased by approximately 42% to $572.3 million from $401.8 million in the same quarter of 2021 primarily due to higher pulp sales volumes and higher pulp, energy and lumber sales realizations.

    In the second quarter of 2022, our energy and chemical revenues increased to $47.8 million from $16.9 million in the same quarter of 2021 primarily as a result of higher energy prices in Germany, which were double those in the same quarter of 2021.

    Costs and expenses in the second quarter of 2022 increased by approximately 31% to $458.3 million from $350.0 million in the second quarter of 2021 primarily due to higher pulp sales volumes and driven by inflationary pressure on our key production costs such as fiber, energy and chemicals and also freight costs. Such cost increases were partially offset by the positive impact of a stronger dollar on our euro and Canadian dollar denominated costs and expenses.

    In the second quarter of 2022, Operating EBITDA increased by approximately 73% to $145.1 million from $83.8 million in the same quarter of 2021 primarily due to higher sales realizations and pulp sales volumes and the positive impact of a stronger dollar partially offset by higher per unit fiber and other production costs.

    Segment Results
    Pulp

     Three Months Ended June 30,  
     2022  2021  
     (in thousands)  
    Pulp revenues$418,579  $297,191  
    Energy and chemical revenues$41,725  $13,058  
    Operating income$75,471  $13,338  

    In the second quarter of 2022, pulp segment operating income increased to $75.5 million from $13.3 million in the same quarter of 2021 primarily due to higher sales realizations and sales volumes and the positive impact of a stronger dollar, partially offset by higher per unit fiber costs and other production costs.

    Pulp revenues in the second quarter of 2022 increased by approximately 41% to $418.6 million from $297.2 million in the same quarter of 2021 due to both higher sales volumes and sales realizations.

    Energy and chemical revenues increased to a record $41.7 million in the second quarter of 2022 from $13.1 million in the same quarter of 2021 primarily due to higher sales realizations. During the second quarter of 2022, we benefitted from strong energy demand and higher energy prices in Germany.

    In the second quarter of 2022, third party industry quoted average list prices for NBSK pulp increased from the same quarter of 2021 primarily as a result of low customer inventory levels. Our average NBSK pulp sales realizations increased by approximately 7% to $890 per ADMT in the second quarter of 2022 from approximately $830 per ADMT in the same quarter of 2021.

    Costs and expenses in the second quarter of 2022 increased by approximately 30% to $384.8 million from $297.0 million in the second quarter of 2021 primarily due to higher pulp sales volumes, per unit fiber costs and energy, chemical and freight costs. The higher costs were partially offset by the positive impact of a stronger dollar and in the second quarter of 2022, we received German regulatory approval to reverse a wastewater fee accrual of $13.3 million as a result of completing certain capital projects.

    In the second quarter of 2022 per unit fiber costs increased by approximately 32% from the same quarter of 2021 primarily due to higher per unit fiber costs for our German mills as a result of higher demand from other wood consumers such as heating pellet manufacturers. For our Canadian mills, per unit fiber costs were flat as demand remained strong in the mills' fiber baskets. We currently expect per unit fiber costs to be flat in the third quarter of 2022 with a modest increase in Germany and a modest decrease in Canada.

    Wood Products

     Three Months Ended June 30,  
     2022  2021  
     (in thousands)  
    Lumber revenues$96,268  $86,285  
    Energy revenues$5,055  $2,692  
    Wood residual revenues$3,367  $1,462  
    Operating income$45,853  $42,314  

      
    In the second quarter of 2022, our wood products segment operating income increased approximately 9% to a record $45.9 million from $42.3 million in the same quarter of 2021 primarily due to higher sales realizations partially offset by higher per unit fiber costs.

    Average lumber sales realizations increased by approximately 10% to $867 per Mfbm in the second quarter of 2022 from approximately $789 per Mfbm in the same quarter of 2021 as we benefitted from strong sales to the U.S. market and its high prices in the first part of the quarter. Although U.S. lumber pricing decreased in the later part of the current quarter due to concerns of rising interest rates and inflationary pressures, prices were still at historically attractive levels. European lumber pricing increased due to steady demand with limited supply.

    In the second quarter of 2022 per unit fiber costs increased by approximately 37% from the same quarter of 2021 as a result of both strong demand for sawlogs and the use of more green logs as producers have largely worked through the availability of lower cost beetle damaged timber. We currently expect per unit fiber costs to increase in the third quarter of 2022.

    Consolidated – Six Months Ended June 30, 2022 Compared to Six Months Ended June 30, 2021
    Total revenues for the first half of 2022 increased by approximately 43% to $1,165.1 million from $814.6 million in the first half of 2021 primarily due to higher sales realizations and higher pulp sales volumes.

    Costs and expenses in the first half of 2022 increased by approximately 30% to $928.7 million from $711.7 million in the first half of 2021 primarily due to higher pulp sales volumes, per unit fiber costs and energy, freight and chemical costs partially offset by the positive impact of a stronger dollar on our euro and Canadian dollar denominated costs and expenses.

    In the first half of 2022, Operating EBITDA increased by approximately 81% to $299.5 million from $165.8 million in the same period of 2021 primarily due to higher sales realizations and pulp sales volumes and the positive impact of a stronger dollar partially offset by higher per unit fiber costs and other production costs.

    Liquidity
    As of June 30, 2022, we had cash, cash equivalents and a term deposit aggregating $494.9 million and approximately $276.2 million available under our revolving credit facilities providing us with aggregate liquidity of about $771.1 million.

    Quarterly Dividend
    A quarterly dividend of $0.075 per share will be paid on October 5, 2022 to all shareholders of record on September 28, 2022. Future dividends will be subject to Board approval and may be adjusted as business and industry conditions warrant.

    Earnings Release Call
    In conjunction with this release, Mercer International Inc. will host a conference call, which will be simultaneously broadcast live over the Internet. Management will host the call, which is scheduled for July 29, 2022 at 11:00 AM ET. Listeners can access the conference call live and archived for 30 days over the Internet at https://edge.media-server.com/mmc/p/ka7jrybt or through a link on the company's home page at https://www.mercerint.com. Please allow 15 minutes prior to the call to visit the site and download and install any necessary audio software.

    Mercer International Inc. is a global forest products company with operations in Germany, USA and Canada with consolidated annual production capacity of 2.3 million tonnes of pulp, 550 million board feet of lumber and 140 thousand cubic meters of CLT. To obtain further information on the company, please visit its web site at https://www.mercerint.com.

    The preceding includes forward looking statements which involve known and unknown risks and uncertainties which may cause our actual results in future periods to differ materially from forecasted results. Words such as "expects", "anticipates", "are optimistic that", "projects", "intends", "designed", "will", "believes", "estimates", "may", "could" and variations of such words and similar expressions are intended to identify such forward-looking statements. Among those factors which could cause actual results to differ materially are the following: the highly cyclical nature of our business, raw material costs, our level of indebtedness, competition, foreign exchange and interest rate fluctuations, our use of derivatives, expenditures for capital projects, environmental regulation and compliance, disruptions to our production, market conditions and other risk factors listed from time to time in our SEC reports.

    APPROVED BY:
    Jimmy S.H. Lee
    Executive Chairman
    (604) 684-1099

    Juan Carlos Bueno
    Chief Executive Officer
    (604) 684-1099


    -FINANCIAL TABLES FOLLOW-


    Summary Financial Highlights

     Q2  Q1  Q2  YTD  YTD  
     2022  2022  2021  2022  2021  
     (in thousands, except per share amounts)  
    Pulp segment revenues$460,304  $485,931  $310,249  $946,235  $650,005  
    Wood products segment revenues 104,690   101,033   90,439   205,723   161,426  
    Corporate and other revenues 7,332   5,777   1,144   13,109   3,121  
    Total revenues$572,326  $592,741  $401,832  $1,165,067  $814,552  
                         
    Pulp segment operating income$75,471  $86,236  $13,338  $161,707  $38,634  
    Wood products segment operating income 45,853   40,479   42,314   86,332   70,291  
    Corporate and other operating loss (7,293)  (4,364)  (3,816)  (11,657)  (6,060) 
    Total operating income$114,031  $122,351  $51,836  $236,382  $102,865  
                         
    Pulp segment depreciation and amortization$27,001  $27,684  $27,967  $54,685  $55,013  
    Wood products segment depreciation and amortization 3,234   3,637   3,748   6,871   7,471  
    Corporate and other depreciation and amortization 793   795   240   1,588   438  
    Total depreciation and amortization$31,028  $32,116  $31,955  $63,144  $62,922  
                         
    Operating EBITDA$145,059  $154,467  $83,791  $299,526  $165,787  
    Loss on early extinguishment of debt$—  $—  $—  $—  $(30,368) (1)
    Income tax provision$(34,126) $(24,236) $(10,685) $(58,362) $(13,383) 
    Net income$71,372  $88,897  $21,415  $160,269  $27,348  
    Net income per common share                    
    Basic$1.08  $1.35  $0.32  $2.43  $0.41  
    Diluted$1.07  $1.34  $0.32  $2.41  $0.41  
    Common shares outstanding at period end 66,167   66,132   66,037   66,167   66,037  

    ______________

    (1)   Redemption of 6.50% senior notes due 2024 and 7.375% senior notes due 2025.


    Summary Operating Highlights

     Q2  Q1  Q2  YTD  YTD  
     2022  2022  2021  2022  2021  
    Pulp Segment                    
    Pulp production ('000 ADMTs)                    
    NBSK 418.3   435.5   355.1   853.8   752.0  
    NBHK 51.6   56.8   4.5   108.4   86.1  
    Annual maintenance downtime ('000 ADMTs) 54.2   —   173.1   54.2   210.9  
    Annual maintenance downtime (days) 43   —   117   43   144  
    Pulp sales ('000 ADMTs)                    
    NBSK 405.7   505.1   330.4   910.8   749.1  
    NBHK 65.8   49.9   30.3   115.8   99.4  
    Average NBSK pulp prices ($/ADMT)(1)                    
    Europe 1,437   1,330   1,288   1,383   1,163  
    China 1,008   899   962   954   922  
    North America 1,743   1,527   1,598   1,635   1,450  
    Average NBHK pulp prices ($/ADMT)(1)                    
    China 815   668   767   742   729  
    North America 1,517   1,312   1,297   1,414   1,158  
    Average pulp sales realizations ($/ADMT)(2)                    
    NBSK 890   812   830   847   739  
    NBHK 843   695   672   780   566  
    Energy production ('000 MWh)(3) 496.6   531.5   362.0   1,028.1   881.1  
    Energy sales ('000 MWh)(3) 199.3   194.7   130.9   394.0   332.0  
    Average energy sales realizations ($/MWh)(3) 186   186   90   186   94  
                         
    Wood Products Segment                    
    Lumber production (MMfbm) 112.2   115.6   116.7   227.8   234.5  
    Lumber sales (MMfbm) 111.0   109.9   109.3   220.9   217.5  
    Average lumber sales realizations ($/Mfbm) 867  840  789   854  706  
    Energy production and sales ('000 MWh) 25.5   24.5   21.0   50.0   37.3  
    Average energy sales realizations ($/MWh) 198  211  128  205  129  
                         
    Average Spot Currency Exchange Rates                    
    $ / €(4) 1.0646   1.1216   1.2050   1.0929   1.2048  
    $ / C$(4) 0.7836  0.7897  0.8142  0.7866  0.8026  

    ______________

            (1)    Source: RISI pricing report. Europe and North America are list prices. China are net prices which include discounts, allowances and rebates.    
            (2)    Sales realizations after customer discounts, rebates and other selling concessions. Incorporates the effect of pulp price variations occurring between the order and shipment dates.
            (3)    Does not include our 50% joint venture interest in the Cariboo mill, which is accounted for using the equity method.
            (4)    Average Federal Reserve Bank of New York Noon Buying Rates over the reporting period.


    MERCER INTERNATIONAL INC.
    INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (In thousands, except per share data)

      Three Months Ended
    June 30,    		  Six Months Ended
    June 30,    		  
      2022  2021  2022  2021  
    Revenues $572,326  $401,832  $1,165,067  $814,552  
    Costs and expenses                 
    Cost of sales, excluding depreciation and amortization  403,671   297,826   819,766   608,023  
    Cost of sales depreciation and amortization  31,004   31,935   63,101   62,881  
    Selling, general and administrative expenses  23,620   20,235   45,818   40,783  
    Operating income  114,031   51,836   236,382   102,865  
    Other income (expenses)                 
    Interest expense  (17,332)  (17,130)  (34,796)  (36,149) 
    Loss on early extinguishment of debt  —   —   —   (30,368) 
    Other income (expenses)  8,799   (2,606)  17,045   4,383  
    Total other expenses, net  (8,533)  (19,736)  (17,751)  (62,134) 
    Income before income taxes  105,498   32,100   218,631   40,731  
    Income tax provision  (34,126)  (10,685)  (58,362)  (13,383) 
    Net income $71,372  $21,415  $160,269  $27,348  
    Net income per common share                 
    Basic $1.08  $0.32  $2.43  $0.41  
    Diluted $1.07  $0.32  $2.41  $0.41  
    Dividends declared per common share $0.0750  $0.0650  $0.1500  $0.1300  



    MERCER INTERNATIONAL INC.
    INTERIM CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (In thousands, except share and per share data)

      June 30,  December 31,  
      2022  2021  
    ASSETS         
    Current assets         
    Cash and cash equivalents $419,861  $345,610  
    Term deposit  75,000   —  
    Accounts receivable, net  308,067   345,345  
    Inventories  348,837   356,731  
    Prepaid expenses and other  17,349   16,619  
    Total current assets  1,169,114   1,064,305  
    Property, plant and equipment, net  1,095,340   1,135,631  
    Investment in joint ventures  46,584   49,651  
    Amortizable intangible assets, net  44,901   47,902  
    Operating lease right-of-use assets  9,958   9,712  
    Pension asset  3,888   4,136  
    Other long-term assets  44,672   38,718  
    Deferred income tax  1,259   1,177  
    Total assets $2,415,716  $2,351,232  
    LIABILITIES AND SHAREHOLDERS’ EQUITY         
    Current liabilities         
    Accounts payable and other $273,122  $282,307  
    Pension and other post-retirement benefit obligations  782   817  
    Total current liabilities  273,904   283,124  
    Long-term debt  1,245,906   1,237,545  
    Pension and other post-retirement benefit obligations  19,498   21,252  
    Operating lease liabilities  7,161   6,574  
    Other long-term liabilities  13,227   13,590  
    Deferred income tax  103,898   95,123  
    Total liabilities  1,663,594   1,657,208  
    Shareholders’ equity         
    Common shares $1 par value; 200,000,000 authorized; 66,167,000 issued and outstanding (2021 – 66,037,000)  66,132   65,988  
    Additional paid-in capital  350,224   347,902  
    Retained earnings  521,274   370,927  
    Accumulated other comprehensive loss  (185,508)  (90,793) 
    Total shareholders’ equity  752,122   694,024  
    Total liabilities and shareholders’ equity $2,415,716  $2,351,232  



    MERCER INTERNATIONAL INC.
    INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
    (In thousands)

      Three Months Ended
    June 30,    		  Six Months Ended
    June 30,    		  
      2022  2021  2022  2021  
    Cash flows from (used in) operating activities                 
    Net income $71,372  $21,415  $160,269  $27,348  
    Adjustments to reconcile net income to cash flows from operating activities                 
    Depreciation and amortization  31,028   31,955   63,144   62,922  
    Deferred income tax provision  6,624   1,276   15,007   2,480  
    Loss on early extinguishment of debt  —   —   —   30,368  
    Defined benefit pension plans and other post-retirement benefit plan expense  439   856   877   1,775  
    Stock compensation expense  1,517   975   2,466   1,585  
    Foreign exchange transaction losses (gains)  (9,591)  1,966   (13,419)  (6,640) 
    Other  30   356   (771)  (260) 
    Defined benefit pension plans and other post-retirement benefit plan contributions  (1,200)  (1,202)  (2,394)  (2,125) 
    Changes in working capital                 
    Accounts receivable  65,509   16,364   13,382   3,941  
    Inventories  (13,342)  (21,964)  (15,067)  (42,763) 
    Accounts payable and accrued expenses  3,813   30,167   3,246   34,603  
    Other  (1,658)  (1,012)  (3,389)  (1,794) 
    Net cash from (used in) operating activities  154,541   81,152   223,351   111,440  
    Cash flows from (used in) investing activities                 
    Purchase of property, plant and equipment  (47,028)  (62,124)  (80,321)  (87,386) 
    Insurance proceeds  —   20,048   6,410   20,048  
    Purchase of term deposit  (75,000)  —   (75,000)  —  
    Purchase of amortizable intangible assets  (25)  (568)  (85)  (1,209) 
    Other  499   285   652   (109) 
    Net cash from (used in) investing activities  (121,554)  (42,359)  (148,344)  (68,656) 
    Cash flows from (used in) financing activities                 
    Redemption of senior notes  —   —   —   (824,557) 
    Proceeds from issuance of senior notes  —   —   —   875,000  
    Proceeds from (repayment of) revolving credit facilities, net  (13,066)  (42,042)  17,438   (57,112) 
    Dividend payments  (4,960)  (4,289)  (4,960)  (4,289) 
    Payment of debt issuance costs  —   —   (1,184)  (14,414) 
    Proceeds from government grants  —   —   1,067   8,532  
    Payment of finance lease obligations  (1,671)  (1,833)  (6,606)  (3,536) 
    Other  277   1   (566)  3,625  
    Net cash from (used in) financing activities  (19,420)  (48,163)  5,189   (16,751) 
    Effect of exchange rate changes on cash and cash equivalents  (4,411)  (1,179)  (5,945)  (2,597) 
    Net increase (decrease) in cash and cash equivalents  9,156   (10,549)  74,251   23,436  
    Cash and cash equivalents, beginning of period  410,705   395,083   345,610   361,098  
    Cash and cash equivalents, end of period $419,861  $384,534  $419,861  $384,534  


    MERCER INTERNATIONAL INC.
    COMPUTATION OF OPERATING EBITDA
    (Unaudited)
    (In thousands)

    Operating EBITDA is defined as operating income plus depreciation and amortization and non-recurring capital asset impairment charges. Management uses Operating EBITDA as a benchmark measurement of its own operating results, and as a benchmark relative to its competitors. Management considers it to be a meaningful supplement to operating income as a performance measure primarily because depreciation expense and non-recurring capital asset impairment charges are not an actual cash cost, and depreciation expense varies widely from company to company in a manner that management considers largely independent of the underlying cost efficiency of our operating facilities. In addition, we believe Operating EBITDA is commonly used by securities analysts, investors and other interested parties to evaluate our financial performance.

    Operating EBITDA does not reflect the impact of a number of items that affect our net income, including financing costs and the effect of derivative instruments. Operating EBITDA is not a measure of financial performance under GAAP, and should not be considered as an alternative to net income or operating income as a measure of performance, nor as an alternative to net cash from (used in) operating activities as a measure of liquidity. The following tables set forth the net income to Operating EBITDA:

     Q2  Q1  Q2  YTD  YTD  
     2022  2022  2021  2022  2021  
    Net income$71,372  $88,897  $21,415  $160,269  $27,348  
    Income tax provision 34,126   24,236   10,685   58,362   13,383  
    Interest expense 17,332   17,464   17,130   34,796   36,149  
    Loss on early extinguishment of debt —   —   —   —   30,368  
    Other expense (income) (8,799)  (8,246)  2,606   (17,045)  (4,383) 
    Operating income 114,031   122,351   51,836   236,382   102,865  
    Add: Depreciation and amortization 31,028   32,116   31,955   63,144   62,922  
    Operating EBITDA$145,059  $154,467  $83,791  $299,526  $165,787  


     


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