Delek US(DK) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION This part presents the unaudited condensed consolidated financial statements and management's analysis for Q2 2025 Item 1. Financial Statements (unaudited) This section presents Delek US Holdings, Inc.'s unaudited condensed consolidated financial statements for June 30, 2025, and related notes Condensed Consolidated Balance Sheets This section summarizes the company's assets, liabilities, and equity as of June 30, 2025 and December 31, 2024 | Metric | June 30, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | % Change | | :-------------------------------- | :------------------------- | :--------------------------- | :---------------- | :------- | | Assets | | | | | | Total current assets | $2,321.6 | $2,331.9 | $(10.3) | -0.44% | | Property, plant and equipment, net | $3,248.9 | $2,940.0 | $308.9 | 10.51% | | Total assets | $7,068.8 | $6,665.8 | $403.0 | 6.05% | | Liabilities & Equity | | | | | | Total current liabilities | $2,905.8 | $2,516.0 | $389.8 | 15.49% | | Total non-current liabilities | $3,868.1 | $3,574.6 | $293.5 | 8.21% | | Total stockholders' equity | $294.9 | $575.2 | $(280.3) | -48.73% | | Total liabilities and stockholders' equity | $7,068.8 | $6,665.8 | $403.0 | 6.05% | - Total assets increased by $403.0 million (6.05%) from December 31, 2024, primarily driven by a significant increase in net property, plant, and equipment[9] - Total stockholders' equity decreased by $280.3 million (48.73%), largely due to a substantial increase in retained earnings deficit[9] Condensed Consolidated Statements of Income This section presents the company's revenues, costs, and net loss for the three and six months ended June 30, 2025 and 2024 | Metric | Three Months Ended June 30, 2025 (Millions) | Three Months Ended June 30, 2024 (Millions) | Six Months Ended June 30, 2025 (Millions) | Six Months Ended June 30, 2024 (Millions) | | :--------------------------------------- | :---------------------------------------- | :---------------------------------------- | :--------------------------------------- | :---------------------------------------- | | Net revenues | $2,764.6 | $3,308.1 | $5,406.5 | $6,436.1 | | Total operating costs and expenses | $2,798.1 | $3,303.5 | $5,565.8 | $6,402.3 | | Operating (loss) income | $(33.5) | $4.6 | $(159.3) | $33.8 | | Loss from continuing operations before income tax benefit | $(103.4) | $(42.6) | $(298.4) | $(78.6) | | Net loss attributable to Delek | $(106.4) | $(37.2) | $(279.1) | $(69.8) | | Basic loss per share | $(1.76) | $(0.58) | $(4.55) | $(1.09) | - Net revenues decreased by 16.4% for the three months and 16.0% for the six months ended June 30, 2025, compared to the prior year periods[12] - Net loss attributable to Delek significantly increased to $(106.4) million for Q2 2025 and $(279.1) million for H1 2025, compared to prior year periods[12] Condensed Consolidated Statements of Comprehensive Income This section presents the company's comprehensive income and loss for the three and six months ended June 30, 2025 and 2024 | Metric | Three Months Ended June 30, 2025 (Millions) | Three Months Ended June 30, 2024 (Millions) | Six Months Ended June 30, 2025 (Millions) | Six Months Ended June 30, 2024 (Millions) | | :--------------------------------------- | :---------------------------------------- | :---------------------------------------- | :--------------------------------------- | :---------------------------------------- | | Net loss | $(90.1) | $(26.1) | $(248.6) | $(51.3) | | Comprehensive loss | $(90.1) | $(26.1) | $(248.6) | $(51.3) | | Comprehensive income attributable to non-controlling interest | $16.3 | $11.1 | $30.5 | $18.5 | | Comprehensive loss attributable to Delek | $(106.4) | $(37.2) | $(279.1) | $(69.8) | - Comprehensive loss attributable to Delek significantly widened to $(106.4) million for Q2 2025 from $(37.2) million in Q2 2024, and to $(279.1) million for the six months ended June 30, 2025, from $(69.8) million in the prior year period[16] Condensed Consolidated Statements of Changes in Stockholders' Equity This section details changes in the company's stockholders' equity from December 31, 2024, to June 30, 2025 Gravity Acquisition Purchase Price Allocation (January 2, 2025) | Metric | June 30, 2025 (Millions) | December 31, 2024 (Millions) | Change (Millions) | | :-------------------------------- | :------------------------- | :--------------------------- | :---------------- | | Common Stock (Amount) | $0.8 | $0.8 | $0.0 | | Additional Paid-in Capital | $1,243.3 | $1,215.9 | $27.4 | | Accumulated Other Comprehensive Loss | $(4.2) | $(4.1) | $(0.1) | | Treasury Stock (Amount) | $(694.1) | $(694.1) | $0.0 | | Retained Earnings | $(519.8) | $(205.7) | $(314.1) | | Non-Controlling Interests in Subsidiaries | $268.9 | $262.4 | $6.5 | | Total Stockholders' Equity | $294.9 | $575.2 | $(280.3) | - Total stockholders' equity decreased by $280.3 million from December 31, 2024, to June 30, 2025, primarily due to a significant increase in retained earnings deficit[19][23] - The company repurchased 2,694,470 common shares for $44.4 million during the six months ended June 30, 2025[23] Condensed Consolidated Statements of Cash Flows This section presents the company's cash flow activities for the six months ended June 30, 2025 and 2024 | Cash Flow Activity | Six Months Ended June 30, 2025 (Millions) | Six Months Ended June 30, 2024 (Millions) | Change (Millions) | | :----------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------- | | Net cash (used in) provided by operating activities | $(11.0) | $118.3 | $(129.3) | | Net cash used in investing activities | $(477.6) | $(104.1) | $(373.5) | | Net cash provided by (used in) financing activities | $368.5 | $(178.5) | $547.0 | | Net decrease in cash and cash equivalents | $(120.1) | $(164.3) | $44.2 | | Cash and cash equivalents at the end of the period | $615.5 | $657.9 | $(42.4) | - Net cash used in operating activities was $(11.0) million for the six months ended June 30, 2025, a significant decrease from $118.3 million provided in the prior year, primarily due to lower cash receipts from customers and higher debt interest payments[28][337] - Investing activities used $477.6 million, a substantial increase from $104.1 million in the prior year, mainly driven by the $300.8 million Gravity Acquisition and increased purchases of property, plant, and equipment[28][338] - Financing activities provided $368.5 million, a reversal from $(178.5) million used in the prior year, largely due to