Results for the Second Quarter of 2021:
Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2021. Net income attributable to the company was $9.7 million, or $0.20 per diluted share inclusive of a loss related to the sale of certain assets of $3.8 million and a $9.5 million charge related to a privately negotiated exchange of convertible notes compared with a net loss of $8.2 million, or $(0.24) per diluted share, for the same period in 2020. Revenues were $724.4 million for the second quarter of 2021 compared with $388.0 million for the same period last year.
“The first half of 2021 has been transformational for Green Plains, culminating with a strong second quarter,” said Todd Becker, president and chief executive officer. “We continue to pursue our path to 2024 with an intense focus on executing our strategy while strong financial results from the second quarter have provided additional liquidity to achieve our transformation plan. We are executing on key milestones to deploy Ultra-High Protein technology across our platform, including naming Fagen as our exclusive construction partner and breaking ground at an additional location. As part of our execution plan, we have ordered essential long lead time equipment for our projects, keeping each location on a path toward on-time completion.”
“We are establishing the key building blocks across our company to drive sales, marketing, innovation and technology goals and are making great progress in each of our four strategic areas of growth: Ultra-High Protein, renewable corn oil, clean sugar and carbon capture and sequestration,” added Becker. “In each of these areas our focus remains on delivering on our 2024 and 2025 targets.”
Advancing Strategic Growth Opportunities
“We have achieved a number of key milestones with our Ultra-High Protein initiative this year with additional objectives underway,” added Becker. “We continue to work with customers across all species on use and application of this innovative product in 2022 and beyond. We also plan to break ground on additional locations in the coming weeks and months as our construction program ramps up. To support our ongoing transition to creating sustainable ingredients, we have been building a deep sales and development team focused on innovation and delivering value to our customers.”
“Our renewable corn oil strategy continues to evolve and we believe we will be able to further monetize this opportunity,” added Becker. “As the market expands and begins to focus on waste oils with significantly lower carbon intensity than food oils, we believe we will have the opportunity to further participate in the robust renewable diesel margin by committing significant volumes to one of the many projects looking for long term supply sources.”
“During the quarter, we delivered our first shipments of dextrose produced with our Clean Sugar Technology from the Innovation Center at York,” added Becker. “Based on favorable early feedback, we are moving forward with reviewing opportunities to deploy Clean Sugar Technology on a larger scale. We believe this keeps us on track to deliver low-carbon, sustainable ingredients for various markets, further expanding what we can produce from each kernel of corn.”
“While Green Plains is the largest committed shipper on the Summit Carbon Solutions Midwest Carbon Express pipeline, we are also a founding shareholder of SCS, which gives us an option to be a substantial equity investor and partner in the project,” said Becker. “We have engaged a world class due diligence team of engineering firms, right of way experts and pipeline construction firms to help Green Plains make a more well-informed decision on capital allocation and thus far, believe this project has a high probability of success and could prove beneficial to the value of Green Plains.”
“We believe our growing focus on low-carbon, innovative ingredients, supported through expanded protein opportunities, renewable corn oil and future opportunities in carbon capture and sequestration, keeps us on a continued path to deliver on our 2024 and 2025 financial goals,” concluded Becker.
Second Quarter Highlights and Recent Developments
Results of Operations
Green Plains sold 190.9 million gallons of ethanol during the second quarter of 2021, compared with 149.9 million gallons for the same period in 2020. The consolidated ethanol crush margin was $70.2 million, or $0.37 per gallon, for the second quarter of 2021, compared with $13.9 million, or $0.09 per gallon, for the same period in 2020. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil and Ultra-High Protein, plus intercompany storage, transportation, nonrecurring decommissioning costs and other fees, net of related expenses.
Consolidated revenues increased $336.4 million for the three months ended June 30, 2021 compared with the same period in 2020 primarily due to higher prices and production volumes of ethanol, distillers grains and corn oil and increased trading revenues within our agribusiness and energy services segment.
Operating income increased $50.4 million and adjusted EBITDA increased $36.9 million for the three months ended June 30, 2021 compared with the same period last year primarily due to increased margins on ethanol production. Interest expense increased $9.4 million for the three months ended June 30, 2021 compared with the same period in 2020 due to the $9.5 million loss upon settlement of convertible notes recorded during the quarter. Income tax benefit was $4.8 million for the three months ended June 30, 2021 compared with income tax benefit of $11.5 million for the same period in 2020 primarily due to an increase in pretax book income for the three months ended June 30, 2021 offset by the tax benefit for utilization of previously recorded net operating losses.
Segment Information
The company reports the financial and operating performance for the following four operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, Ultra-High Protein and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, (3) food and ingredients, which includes food-grade corn oil and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.
| GREEN PLAINS INC. | ||||||||||||||||||||||||
| SEGMENT OPERATIONS | ||||||||||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2021 | 2020 | % Var. | 2021 | 2020 | % Var. | |||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||
| Ethanol production | $ | 555,273 | $ | 290,542 | 91.1 | % | $ | 978,995 | $ | 766,267 | 27.8 | % | ||||||||||||
| Agribusiness and energy services | 173,487 | 100,491 | 72.6 | 307,431 | 263,680 | 16.6 | ||||||||||||||||||
| Partnership | 19,701 | 20,381 | (3.3 | ) | 40,107 | 40,652 | (1.3 | ) | ||||||||||||||||
| Intersegment eliminations | (24,043 | ) | (23,390 | ) | 2.8 | (48,475 | ) | (49,706 | ) | (2.5 | ) | |||||||||||||
| $ | 724,418 | $ | 388,024 | 86.7 | % | $ | 1,278,058 | $ | 1,020,893 | 25.2 | % | |||||||||||||
| Gross margin: | ||||||||||||||||||||||||
| Ethanol production | $ | 61,617 | $ | 6,368 | 867.6 | % | $ | 69,814 | $ | (7,057 | ) | * | % | |||||||||||
| Agribusiness and energy services | 3,306 | 4,688 | (29.5 | ) | 21,176 | 11,375 | 86.2 | |||||||||||||||||
| Partnership | 19,701 | 20,381 | (3.3 | ) | 40,107 | 40,652 | (1.3 | ) | ||||||||||||||||
| Intersegment eliminations | 386 | (4,309 | ) | * | (1,680 | ) | (2,201 | ) | (23.7 | ) | ||||||||||||||
| $ | 85,010 | $ | 27,128 | 213.4 | % | $ | 129,417 | $ | 42,769 | 202.6 | % | |||||||||||||
| Depreciation and amortization: | ||||||||||||||||||||||||
| Ethanol production | $ | 18,483 | $ | 17,184 | 7.6 | % | $ | 37,011 | $ | 33,082 | 11.9 | % | ||||||||||||
| Agribusiness and energy services | 595 | 556 | 7.0 | 1,202 | 1,109 | 8.4 | ||||||||||||||||||
| Partnership | 795 | 966 | (17.7 | ) | 1,682 | 1,927 | (12.7 | ) | ||||||||||||||||
| Corporate activities | 659 | 669 | (1.5 | ) | 1,318 | 1,337 | (1.4 | ) | ||||||||||||||||
| $ | 20,532 | $ | 19,375 | 6.0 | % | $ | 41,213 | $ | 37,455 | 10.0 | % | |||||||||||||
| Operating income (loss): | ||||||||||||||||||||||||
| Ethanol production (1) | $ | 33,543 | $ | (18,792 | ) | 278.5 | % | $ | 13,223 | $ | (79,573 | ) | 116.6 | % | ||||||||||
| Agribusiness and energy services | (851 | ) | 351 | (342.5 | ) | 12,495 | 2,911 | 329.2 | ||||||||||||||||
| Partnership | 11,916 | 12,225 | (2.5 | ) | 24,787 | 24,655 | 0.5 | |||||||||||||||||
| Intersegment eliminations | 386 | (4,283 | ) | 109.0 | (1,680 | ) | (2,150 | ) | (21.9 | ) | ||||||||||||||
| Corporate activities | (13,961 | ) | (8,869 | ) | 57.4 | 13,555 | (19,539 | ) | 169.4 | |||||||||||||||
| $ | 31,033 | $ | (19,368 | ) | 260.2 | % | $ | 62,380 | $ | (73,696 | ) | 184.6 | % | |||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||
| Ethanol production | $ | 52,052 | $ | (1,607 | ) | * | % | $ | 50,263 | $ | (45,732 | ) | 209.9 | % | ||||||||||
| Agribusiness and energy services | (254 | ) | 1,037 | (124.5 | ) | 13,697 | 4,165 | 228.9 | ||||||||||||||||
| Partnership | 12,880 | 13,366 | (3.6 | ) | 26,813 | 26,914 | (0.4 | ) | ||||||||||||||||
| Intersegment eliminations | 386 | (4,283 | ) | 109.0 | (1,680 | ) | (2,150 | ) | (21.9 | ) | ||||||||||||||
| Corporate activities (2) | (14,140 | ) | 7,381 | * | 14,074 | 8,329 | 69.0 | |||||||||||||||||
| EBITDA | 50,924 | 15,894 | 220.4 | 103,167 | (8,474 | ) | * | |||||||||||||||||
| Loss (gain) on sale of assets, net | 3,825 | - | * | (33,068 | ) | - | * | |||||||||||||||||
| Proportional share of EBITDA adjustments to equity method investees | 50 | 2,041 | (97.6 | ) | 94 | 4,978 | (98.1 | ) | ||||||||||||||||
| Noncash goodwill impairment | - | - | * | - | 24,091 | * | ||||||||||||||||||
| Adjusted EBITDA | $ | 54,799 | $ | 17,935 | 205.5 | % | $ | 70,193 | $ | 20,595 | 240.8 | % | ||||||||||||
| (1) Operating loss for ethanol production includes a goodwill impairment charge of $24.1 million for the six months ended June 30, 2020. | ||||||||||||||||||||||||
| (2) Includes corporate expenses, offset by a loss on sale of assets of $3.8 million and a $33.1 million gain on sale of assets for the three and six months ended June 30, 2021, respectively, and earnings from equity method investments of $12.0 million and $19.8 million for the three and six months ended June 30, 2020, respectively. | ||||||||||||||||||||||||
| GREEN PLAINS INC. | ||||||||||||||||
| SELECTED OPERATING DATA | ||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | % Var. | 2021 | 2020 | % Var. | |||||||||||
| Ethanol production | ||||||||||||||||
| Ethanol sold (gallons) | 190,913 | 149,872 | 27.4 | % | 368,913 | 390,338 | (5.5 | ) | % | |||||||
| Distillers grains sold (equivalent dried tons) | 494 | 383 | 29.0 | 967 | 1,025 | (5.7 | ) | |||||||||
| Corn oil sold (pounds) | 54,875 | 39,496 | 38.9 | 101,438 | 102,048 | (0.6 | ) | |||||||||
| Corn consumed (bushels) | 65,424 | 51,908 | 26.0 | 127,020 | 135,791 | (6.5 | ) | |||||||||
| Agribusiness and energy services | ||||||||||||||||
| Domestic ethanol sold (gallons) | 228,274 | 145,853 | 56.5 | 407,094 | 355,436 | 14.5 | ||||||||||
| Export ethanol sold (gallons) | 20,690 | 68,789 | (69.9 | ) | 88,425 | 168,509 | (47.5 | ) | ||||||||
| 248,964 | 214,642 | 16.0 | 495,519 | 523,945 | (5.4 | ) | ||||||||||
| Partnership | ||||||||||||||||
| Storage and throughput (gallons) | 191,842 | 150,047 | 27.9 | 370,818 | 391,685 | (5.3 | ) | |||||||||
| GREEN PLAINS INC. | |||||||||||||
| CONSOLIDATED CRUSH MARGIN | |||||||||||||
| (unaudited, in thousands except per gallon amounts) | |||||||||||||
| Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||
| ($ per gallon produced) | |||||||||||||
| Ethanol production operating income (loss) | $ | 33,543 | $ | (18,792 | ) | $ | 0.18 | $ | (0.13 | ) | |||
| Depreciation and amortization | 18,483 | 17,184 | 0.10 | 0.12 | |||||||||
| Total adjusted ethanol production | 52,026 | (1,608 | ) | 0.28 | (0.01 | ) | |||||||
| Intercompany fees, net: | |||||||||||||
| Storage and logistics (partnership) | 11,978 | 12,290 | 0.06 | 0.08 | |||||||||
| Marketing and agribusiness fees (1) (agribusiness and energy services) | 6,234 | 3,221 | 0.03 | 0.02 | |||||||||
| Consolidated ethanol crush margin | $ | 70,238 | $ | 13,903 | $ | 0.37 | $ | 0.09 | |||||
| (1) For the three months ended June 30, 2021, includes $1.5 million for certain nonrecurring decommissioning and nonethanol operations costs. | |||||||||||||
Liquidity and Capital Resources
On June 30, 2021, Green Plains had $615.4 million in total cash, cash equivalents and restricted cash, and $294.2 million available under committed credit facilities, which are subject to restrictions and other lending conditions. Total debt outstanding at June 30, 2021 was $715.0 million, including $174.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $52.0 million of debt related to Green Plains Partners, net of debt issuance costs. The partnership’s outstanding debt was refinanced on July 20, 2021, extending the maturity to July 2026.
Conference Call Information
On Aug. 2, 2021, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss second quarter 2021 operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 6498532. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at https://investor.gpreinc.com/events-presentations.
Non-GAAP Financial Measures
Management uses adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization excluding the change in right-of-use assets. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees, gains and losses related to the sale of assets, and noncash goodwill impairment. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.
About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.9% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.
About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: disruption caused by health epidemics, such as the coronavirus outbreak, competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions and disposals. Other factors can include risks associated with Green Plains’ ability to realize higher margins anticipated from the company’s high protein feed initiative or to achieve anticipated savings from Project 24 and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.
Consolidated Financial Results
| GREEN PLAINS INC. | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (in thousands) | |||||
| June 30, 2021 | December 31, 2020 | ||||
| (unaudited) | |||||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 496,932 | $ | 233,860 | |
| Restricted cash | 118,441 | 40,950 | |||
| Accounts receivable, net | 80,298 | 55,568 | |||
| Income tax receivable | 1,087 | 661 | |||
| Inventories | 275,001 | 269,491 | |||
| Other current assets | 58,151 | 41,823 | |||
| Total current assets | 1,029,910 | 642,353 | |||
| Property and equipment, net | 808,221 | 801,690 | |||
| Operating lease right-of-use assets | 65,808 | 61,883 | |||
| Other assets | 89,015 | 72,991 | |||
| Total assets | $ | 1,992,954 | $ | 1,578,917 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
| Current liabilities | |||||
| Accounts payable | $ | 102,404 | $ | 140,058 | |
| Accrued and other liabilities | 56,576 | 38,471 | |||
| Derivative financial instruments | 18,577 | 20,265 | |||
| Current operating lease liabilities | 16,686 | 14,902 | |||
| Short-term notes payable and other borrowings | 174,008 | 140,808 | |||
| Current maturities of long-term debt | 2,376 | 98,052 | |||
| Total current liabilities | 370,627 | 452,556 | |||
| Long-term debt | 538,619 | 287,299 | |||
| Long-term operating lease liabilities | 51,843 | 49,549 | |||
| Other liabilities | 26,635 | 12,849 | |||
| Total liabilities | 987,724 | 802,253 | |||
| Stockholders' equity | |||||
| Total Green Plains stockholders' equity | 864,071 | 646,852 | |||
| Noncontrolling interests | 141,159 | 129,812 | |||
| Total liabilities and stockholders' equity | $ | 1,992,954 | $ | 1,578,917 | |
| GREEN PLAINS INC. | ||||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
| (unaudited, in thousands except per share amounts) | ||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| 2021 | 2020 | % Var. | 2021 | 2020 | % Var. | |||||||||||||||||||
| Revenues | ||||||||||||||||||||||||
| Product | $ | 721,786 | $ | 386,640 | 86.7 | % | $ | 1,273,766 | $ | 1,018,221 | 25.1 | % | ||||||||||||
| Services | 2,632 | 1,384 | 90.2 | 4,292 | 2,672 | 60.6 | ||||||||||||||||||
| Total revenues | 724,418 | 388,024 | 86.7 | 1,278,058 | 1,020,893 | 25.2 | ||||||||||||||||||
| Costs and expenses | ||||||||||||||||||||||||
| Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 639,408 | 360,896 | 77.2 | 1,148,641 | 978,124 | 17.4 | ||||||||||||||||||
| Operations and maintenance | 6,237 | 6,603 | (5.5 | ) | 11,991 | 12,763 | (6.0 | ) | ||||||||||||||||
| Selling, general and administrative | 23,383 | 20,518 | 14.0 | 46,901 | 42,156 | 11.3 | ||||||||||||||||||
| Loss (gain) on sale of assets, net | 3,825 | - | * | (33,068 | ) | - | * | |||||||||||||||||
| Goodwill impairment | - | - | * | - | 24,091 | * | ||||||||||||||||||
| Depreciation and amortization | 20,532 | 19,375 | 6.0 | 41,213 | 37,455 | 10.0 | ||||||||||||||||||
| Total costs and expenses | 693,385 | 407,392 | 70.2 | 1,215,678 | 1,094,589 | 11.1 | ||||||||||||||||||
| Operating income (loss) | 31,033 | (19,368 | ) | 260.2 | 62,380 | (73,696 | ) | 184.6 | ||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||
| Interest income | 441 | 47 | * | 471 | 640 | (26.4 | ) | |||||||||||||||||
| Interest expense | (19,058 | ) | (9,670 | ) | 97.1 | (50,737 | ) | (19,367 | ) | 162.0 | ||||||||||||||
| Other, net | (1,250 | ) | 14 | * | (1,240 | ) | 850 | (245.9 | ) | |||||||||||||||
| Total other expense | (19,867 | ) | (9,609 | ) | 106.8 | (51,506 | ) | (17,877 | ) | 188.1 | ||||||||||||||
| Income (loss) before income taxes and income from equity method investees | 11,166 | (28,977 | ) | 138.5 | 10,874 | (91,573 | ) | 111.9 | ||||||||||||||||
| Income tax benefit | 4,783 | 11,458 | (58.3 | ) | 2,921 | 55,741 | (94.8 | ) | ||||||||||||||||
| Income from equity method investees, net of income taxes | 168 | 12,045 | (98.6 | ) | 343 | 20,011 | (98.3 | ) | ||||||||||||||||
| Net income (loss) | 16,117 | (5,474 | ) | 394.4 | 14,138 | (15,821 | ) | 189.4 | ||||||||||||||||
| Net income attributable to noncontrolling interests | 6,374 | 2,740 | 132.6 | 10,940 | 8,838 | 23.8 | ||||||||||||||||||
| Net income (loss) attributable to Green Plains | $ | 9,743 | $ | (8,214 | ) | 218.6 | % | $ | 3,198 | $ | (24,659 | ) | 113.0 | % | ||||||||||
| Earnings per share: | ||||||||||||||||||||||||
| Net income (loss) attributable to Green Plains - basic | $ | 0.21 | $ | (0.24 | ) | $ | 0.08 | $ | (0.71 | ) | ||||||||||||||
| Net income (loss) attributable to Green Plains - diluted | $ | 0.20 | $ | (0.24 | ) | $ | 0.07 | $ | (0.71 | ) | ||||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||||||
| Basic | 45,425 | 34,603 | 41,581 | 34,634 | ||||||||||||||||||||
| Diluted | 58,171 | 34,603 | 42,675 | 34,634 | ||||||||||||||||||||
| GREEN PLAINS INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (unaudited, in thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2021 | 2020 | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 14,138 | $ | (15,821 | ) | ||
| Noncash operating adjustments: | |||||||
| Depreciation and amortization | 41,213 | 37,455 | |||||
| Gain on sale of assets, net | (31,757 | ) | - | ||||
| Loss on extinguishment of convertible notes | 31,636 | - | |||||
| Goodwill impairment | - | 24,091 | |||||
| Deferred income taxes | (2,900 | ) | (18,132 | ) | |||
| Other | 6,286 | 8,235 | |||||
| Net change in working capital | (88,828 | ) | 30,109 | ||||
| Net cash provided by (used in) operating activities | (30,212 | ) | 65,937 | ||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment, net | (59,899 | ) | (63,881 | ) | |||
| Proceeds from the sale of assets | 73,846 | - | |||||
| Other investing activities | (4,000 | ) | (4,098 | ) | |||
| Net cash provided by (used in) investing activities | 9,947 | (67,979 | ) | ||||
| Cash flows from financing activities: | |||||||
| Net proceeds - long-term debt | 219,142 | 2,684 | |||||
| Net payments - short-term borrowings | (16,033 | ) | (64,090 | ) | |||
| Proceeds from issuance of common stock | 191,134 | - | |||||
| Payment for repurchase of common stock | - | (11,479 | ) | ||||
| Other | (33,415 | ) | (11,373 | ) | |||
| Net cash provided by (used in) financing activities | 360,828 | (84,258 | ) | ||||
| Net change in cash, cash equivalents and restricted cash | 340,563 | (86,300 | ) | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 274,810 | 269,896 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 615,373 | $ | 183,596 | |||
| Reconciliation of total cash, cash equivalents and restricted cash: | |||||||
| Cash and cash equivalents | $ | 496,932 | $ | 163,362 | |||
| Restricted cash | 118,441 | 20,234 | |||||
| Total cash, cash equivalents and restricted cash | $ | 615,373 | $ | 183,596 | |||
| GREEN PLAINS INC. | ||||||||||||||||
| RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net income (loss) | $ | 16,117 | $ | (5,474 | ) | $ | 14,138 | $ | (15,821 | ) | ||||||
| Interest expense (1) | 19,058 | 9,670 | 50,737 | 19,367 | ||||||||||||
| Income tax benefit, net of equity method income tax expense | (4,783 | ) | (7,677 | ) | (2,921 | ) | (49,475 | ) | ||||||||
| Depreciation and amortization (2) | 20,532 | 19,375 | 41,213 | 37,455 | ||||||||||||
| EBITDA | 50,924 | 15,894 | 103,167 | (8,474 | ) | |||||||||||
| Loss (gain) on sale of assets, net | 3,825 | - | (33,068 | ) | - | |||||||||||
| Proportional share of EBITDA adjustments to equity method investees | 50 | 2,041 | 94 | 4,978 | ||||||||||||
| Noncash goodwill impairment | - | - | - | 24,091 | ||||||||||||
| Adjusted EBITDA | $ | 54,799 | $ | 17,935 | $ | 70,193 | $ | 20,595 | ||||||||
| (1) Interest expense for the three and six months ended June 30, 2021 includes a loss on settlement of convertible notes of $9.5 million. Interest expense for the six months ended June 30, 2021 also includes a loss upon extinguishment of convertible notes of $22.1 million. | ||||||||||||||||
| (2) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs. | ||||||||||||||||
| Green Plains Inc. Contacts |
| Investors: Phil Boggs | Senior Vice President, Investor Relations | 402.884.8700 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Media: Lisa Gibson | Communications Manager | 402.952.4971 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| Last Trade: | US$21.14 |
| Daily Change: | 0.21 1.00 |
| Daily Volume: | 891,624 |
| Market Cap: | US$1.370B |
February 07, 2024 January 09, 2024 October 31, 2023 August 04, 2023 | |
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