diff --git a/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt b/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
index 294368fa..5280e364 100644
--- a/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
+++ b/formula/src/main/java/com/instacart/formula/FormulaRuntime.kt
@@ -89,41 +89,42 @@ class FormulaRuntime<Input : Any, Output : Any>(
         if (isEvaluating) return
 
         try {
-            val freshRun = !isExecuting
-            if (freshRun) {
-                inspector?.onRunStarted(shouldEvaluate)
-            }
+            runFormula(shouldEvaluate)
+            emitOutputIfNeeded()
+        } catch (e: Throwable) {
+            isEvaluating = false
 
-            val manager = checkNotNull(manager)
-            val currentInput = checkNotNull(input)
+            manager?.markAsTerminated()
+            onError(e)
+            manager?.performTerminationSideEffects()
+        }
+    }
 
-            isEvaluating = true
-            if (shouldEvaluate && !manager.terminated) {
-                evaluationPhase(manager, currentInput)
-            }
-            isEvaluating = false
+    private fun runFormula(evaluate: Boolean) {
+        val freshRun = !isExecuting
+        if (freshRun) {
+            inspector?.onRunStarted(evaluate)
+        }
 
-            if (shouldEvaluate || effectQueue.isNotEmpty()) {
-                executionRequested = true
-            }
-            if (isExecuting) return
+        val manager = checkNotNull(manager)
+        val currentInput = checkNotNull(input)
+
+        isEvaluating = true
+        if (evaluate && !manager.terminated) {
+            evaluationPhase(manager, currentInput)
+        }
+        isEvaluating = false
 
-            effectPhase(manager)
+        if (evaluate || effectQueue.isNotEmpty()) {
+            executionRequested = true
+        }
 
-            if (freshRun) {
-                inspector?.onRunFinished()
-            }
+        if (isExecuting) return
 
-            if (hasInitialFinished && emitOutput) {
-                emitOutput = false
-                onOutput(checkNotNull(lastOutput))
-            }
-        } catch (e: Throwable) {
-            isEvaluating = false
+        effectPhase(manager)
 
-            manager?.markAsTerminated()
-            onError(e)
-            manager?.performTerminationSideEffects()
+        if (freshRun) {
+            inspector?.onRunFinished()
         }
     }
 
@@ -157,9 +158,8 @@ class FormulaRuntime<Input : Any, Output : Any>(
         while (executionRequested) {
             executionRequested = false
 
-            val transitionId = manager.transitionID
             // We execute pending side-effects even after termination
-            if (executeEffects(manager, transitionId)) {
+            if (executeEffects(manager)) {
                 continue
             }
         }
@@ -169,7 +169,9 @@ class FormulaRuntime<Input : Any, Output : Any>(
     /**
      * Executes effects from the [effectQueue].
      */
-    private fun executeEffects(manager: FormulaManagerImpl<*, *, *>, transitionId: Long): Boolean {
+    private fun executeEffects(manager: FormulaManagerImpl<*, *, *>): Boolean {
+        isExecuting = true
+        val transitionId = manager.transitionID
         while (effectQueue.isNotEmpty()) {
             val effects = effectQueue.pollFirst()
             if (effects != null) {
@@ -183,4 +185,11 @@ class FormulaRuntime<Input : Any, Output : Any>(
         }
         return false
     }
+
+    private fun emitOutputIfNeeded() {
+        if (hasInitialFinished && emitOutput) {
+            emitOutput = false
+            onOutput(checkNotNull(lastOutput))
+        }
+    }
 }