38 / Schnitzer Steel Industries, Inc. Form 10-K 2021 Results of Operations Selected Financial Measures and Operating Statistics For the Year Ended August 31, % Increase (Decrease) ($ in thousands, except for prices and per share amounts) 2021 2020 2019 2021 vs. 2020 2020 vs. 2019 Ferrous revenues $ 1,557,891 $ 862,490 $ 1,164,719 81% (26)% Nonferrous revenues 684,862 390,298 468,023 75% (17)% Steel revenues(1) 379,203 336,980 367,956 13% (8)% Retail and other revenues 136,595 122,575 132,083 11% (7)% Total revenues 2,758,551 1,712,343 2,132,781 61% (20)% Cost of goods sold 2,305,357 1,503,725 1,858,535 53% (19)% Gross margin (total revenues less cost of goods sold) $ 453,194 $ 208,618 $ 274,246 117% (24)% Gross margin (%) 16.4% 12.2% 12.9% 35% (5)% Selling, general and administrative expense $ 242,463 $ 187,876 $ 191,405 29% (2)% Diluted earnings (loss) per share from continuing operations attributable to SSI shareholders: Reported $ 5.66 $ (0.15) $ 2.01 NM NM Adjusted(2) $ 6.13 $ 0.43 $ 2.16 1,317% (80)% Net income (loss) $ 169,975 $ (2,200) $ 58,322 NM NM Adjusted EBITDA(2) $ 289,209 $ 85,414 $ 143,019 239% (40)% Recycled ferrous metal average sales prices ($/LT)(3): Domestic $ 364 $ 220 $ 274 65% (20)% Foreign $ 385 $ 241 $ 296 60% (19)% Average $ 381 $ 237 $ 290 61% (18)% Ferrous volumes (LT, in thousands): Domestic(4) 1,500 1,429 1,699 5% (16)% Foreign 2,908 2,525 2,621 15% (4)% Total ferrous volumes (LT, in thousands)(4)(5) 4,408 3,954 4,319 11% (8)% Recycled nonferrous metal average sales price ($/pound)(3)(6) $ 0.88 $ 0.55 $ 0.59 60% (7)% Nonferrous volumes (pounds, in thousands)(4)(6) 593,378 550,566 667,334 8% (17)% Finished steel average sales price ($/ST)(3) $ 737 $ 630 $ 713 17% (12)% Finished steel sales volumes (ST, in thousands) 488 505 478 (3)% 6% Cars purchased (in thousands)(7) 338 316 386 7% (18)% Number of auto parts stores at period end 50 50 51 —% (2)% Rolling mill utilization(8) 78% 86% 88% (9)% (2)% NM = Not Meaningful LT = Long Ton, which is equivalent to 2,240 pounds. ST = Short Ton, which is equivalent to 2,000 pounds. (1) Steel revenues include predominantly sales of finished steel products, in addition to sales of semi-finished goods (billets) and steel manufacturing scrap. (2) See the reconciliations of Non-GAAP Financial Measures at the end of this Item 7. (3) Price information is shown after netting the cost of freight incurred to deliver the product to the customer. (4) Ferrous and nonferrous volumes sold externally and delivered to our steel mill for finished steel production. (5) May not foot due to rounding. (6) Average sales price and volume information excludes platinum group metals (“PGMs”) in catalytic converters. (7) Cars purchased by auto parts stores only. (8) Rolling mill utilization is based on effective annual production capacity under current conditions of 580 thousand tons of finished steel products.
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