Green Plains Reports Second Quarter 2023 Financial Results
Results for the Second Quarter of 2023 and Future Outlook:
-
EPS of (
$0.89 $0.73 -
Consolidated crush margin of
$0.01 Wood River not operating for a majority of the quarter, and additional planned and unplanned downtime, which positions the company for strong last half 2023 operational performance - Outlook for the second half of 2023 materially stronger based on current industry margins, strong year-over-year Ultra-High Protein sales with expanding margin structure, recovery of renewable corn oil pricing and the return to full production operating rates
-
Key milestones to achieve 2025 EBITDA outlook remain on track, as well as favorable financial growth for the decarbonization strategy and
60% protein strategy -
Dedicating up to
20% of Ultra-High Protein production capacity to fulfill successful commercialization of60% protein concentrations
“The quarter was negatively impacted by unfortunate events that operationally have now been rectified, and our system is once again operating near full capacity in order to take advantage of solid fundamentals for the last half of 2023 across all of our products, when we expect to show the financial capability of the first stage of our transformation,” said Todd Becker, President and Chief Executive Officer. “In addition to the significant impact of our
“Fundamentals for our strategy have improved across our platform in all four pillars – protein, oil, sugar and carbon,” commented Becker. “Driving demand remains robust, protein margins have expanded, and renewable corn oil prices have improved. With the current margin structure and higher anticipated operational rates, EBITDA for the last half of 2023 is projected to be materially stronger.”
“Our protein sales strategy is seeing continued success, and we are in significant late stage negotiations on our first commercial quantities of
“The future we have been talking about since we started on this transformation journey is upon us,” concluded Becker. “Our clean sugar facility at Shenandoah and our MSC turnkey project with Tharaldson are both on track to come online in the first quarter of 2024, and we remain focused on execution to deliver on the remaining components of our evolution into the biorefinery platform of the future.”
Highlights and Recent Developments
- Announced technology collaboration with Equilon Enterprises LLC to combine fermentation, mechanical separation and processing, and fiber conversion into one platform
- Returned to full run rate capabilities across biorefinery platform in July 2023
- Announced offer to acquire all publicly held common units of Green Plains Partners LP
- Hosted IRA Teach-in, highlighting opportunities to decarbonize biorefinery platform supported by incentives included in the Inflation Reduction Act
Results of Operations
Green Plains ethanol production segment sold 194.8 million gallons of ethanol during the second quarter of 2023, compared with 231.4 million gallons for the same period in 2022. The consolidated ethanol crush margin was
Consolidated revenues decreased
Net loss attributable to Green Plains increased
Segment Information
The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable 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, Ultra-High Protein, renewable corn oil, grain, natural gas and other commodities and (3) 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
|
|
Six Months Ended
|
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
% Var. |
|
|
2023 |
|
|
|
2022 |
|
|
% Var. |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
726,739 |
|
|
$ |
861,166 |
|
|
(15.6)% |
|
$ |
1,422,233 |
|
|
$ |
1,498,719 |
|
|
(5.1)% |
Agribusiness and energy services |
|
135,823 |
|
|
|
157,559 |
|
|
(13.8) |
|
|
278,209 |
|
|
|
306,271 |
|
|
(9.2) |
Partnership |
|
20,523 |
|
|
|
19,654 |
|
|
4.4 |
|
|
41,298 |
|
|
|
38,754 |
|
|
6.6 |
Intersegment eliminations |
|
(25,453 |
) |
|
|
(25,985 |
) |
|
(2.0) |
|
|
(51,159 |
) |
|
|
(49,915 |
) |
|
2.5 |
|
$ |
857,632 |
|
|
$ |
1,012,394 |
|
|
(15.3)% |
|
$ |
1,690,581 |
|
|
$ |
1,793,829 |
|
|
(5.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
(4,207 |
) |
|
$ |
56,345 |
|
|
(107.5)% |
|
$ |
(25,660 |
) |
|
$ |
32,338 |
|
|
(179.3)% |
Agribusiness and energy services |
|
6,414 |
|
|
|
13,903 |
|
|
(53.9) |
|
|
15,520 |
|
|
|
28,176 |
|
|
(44.9) |
Partnership |
|
20,523 |
|
|
|
19,654 |
|
|
4.4 |
|
|
41,298 |
|
|
|
38,754 |
|
|
6.6 |
Intersegment eliminations |
|
(189 |
) |
|
|
1,178 |
|
|
(116.0) |
|
|
(673 |
) |
|
|
738 |
|
|
(191.2) |
|
$ |
22,541 |
|
|
$ |
91,080 |
|
|
(75.3)% |
|
$ |
30,485 |
|
|
$ |
100,006 |
|
|
(69.5)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
22,425 |
|
|
$ |
19,114 |
|
|
|
|
$ |
45,363 |
|
|
$ |
37,546 |
|
|
|
Agribusiness and energy services |
|
536 |
|
|
|
470 |
|
|
14.0 |
|
|
1,349 |
|
|
|
934 |
|
|
44.4 |
Partnership |
|
828 |
|
|
|
823 |
|
|
0.6 |
|
|
1,644 |
|
|
|
1,721 |
|
|
(4.5) |
Corporate activities |
|
837 |
|
|
|
560 |
|
|
49.5 |
|
|
1,656 |
|
|
|
1,165 |
|
|
42.1 |
|
$ |
24,626 |
|
|
$ |
20,967 |
|
|
|
|
$ |
50,012 |
|
|
$ |
41,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (1) |
$ |
(36,370 |
) |
|
$ |
27,506 |
|
|
(232.2)% |
|
$ |
(89,732 |
) |
|
$ |
(23,652 |
) |
|
|
Agribusiness and energy services |
|
2,173 |
|
|
|
10,281 |
|
|
(78.9) |
|
|
6,299 |
|
|
|
20,689 |
|
|
(69.6) |
Partnership |
|
11,420 |
|
|
|
12,104 |
|
|
(5.7) |
|
|
23,316 |
|
|
|
23,913 |
|
|
(2.5) |
Intersegment eliminations |
|
(189 |
) |
|
|
1,178 |
|
|
(116.0) |
|
|
(673 |
) |
|
|
738 |
|
|
(191.2) |
Corporate activities |
|
(19,514 |
) |
|
|
(17,228 |
) |
|
13.3 |
|
|
(38,230 |
) |
|
|
(35,749 |
) |
|
6.9 |
|
$ |
(42,480 |
) |
|
$ |
33,841 |
|
|
(225.5)% |
|
$ |
(99,020 |
) |
|
$ |
(14,061 |
) |
|
* |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (1) |
$ |
(13,749 |
) |
|
$ |
74,680 |
|
|
(118.4)% |
|
$ |
(44,016 |
) |
|
$ |
41,954 |
|
|
(204.9)% |
Agribusiness and energy services |
|
2,871 |
|
|
|
10,750 |
|
|
(73.3) |
|
|
8,098 |
|
|
|
21,473 |
|
|
(62.3) |
Partnership |
|
12,797 |
|
|
|
13,123 |
|
|
(2.5) |
|
|
25,744 |
|
|
|
26,005 |
|
|
(1.0) |
Intersegment eliminations |
|
(189 |
) |
|
|
1,657 |
|
|
(111.4) |
|
|
(673 |
) |
|
|
738 |
|
|
(191.2) |
Corporate activities |
|
(16,702 |
) |
|
|
(15,828 |
) |
|
5.5 |
|
|
(31,821 |
) |
|
|
(33,608 |
) |
|
(5.3) |
EBITDA |
|
(14,972 |
) |
|
|
84,382 |
|
|
(117.7) |
|
|
(42,668 |
) |
|
|
56,562 |
|
|
(175.4) |
Other income (2) |
|
— |
|
|
|
(27,712 |
) |
|
* |
|
|
— |
|
|
|
(27,712 |
) |
|
* |
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
|
— |
|
|
90 |
|
|
|
90 |
|
|
— |
|
$ |
(14,927 |
) |
|
$ |
56,715 |
|
|
(126.3)% |
|
$ |
(42,578 |
) |
|
$ |
28,940 |
|
|
(247.1)% |
(1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of |
|||||||||||||||||||
| * Percentage variances not considered meaningful | |||||||||||||||||||
GREEN PLAINS INC. SELECTED OPERATING DATA (unaudited, in thousands) |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2023 |
|
2022 |
|
% Var. |
|
2023 |
|
2022 |
|
% Var. |
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol production |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sold (gallons) |
194,753 |
|
231,413 |
|
(15.8)% |
|
401,633 |
|
427,761 |
|
(6.1)% |
Distillers grains sold (equivalent dried tons) |
458 |
|
576 |
|
(20.5) |
|
940 |
|
1,080 |
|
(13.0) |
Ultra-High Protein sold (tons) |
44 |
|
17 |
|
158.8 |
|
96 |
|
29 |
|
231.0 |
Renewable corn oil sold (pounds) |
64,689 |
|
72,232 |
|
(10.4) |
|
132,700 |
|
131,527 |
|
0.9 |
Corn consumed (bushels) |
67,336 |
|
80,218 |
|
(16.1) |
|
138,571 |
|
148,522 |
|
(6.7) |
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness and energy services (1) |
|
|
|
|
|
|
|
|
|
|
|
Domestic ethanol sold (gallons) |
260,119 |
|
231,093 |
|
12.6 |
|
535,002 |
|
412,818 |
|
29.6 |
Export ethanol sold (gallons) |
2,019 |
|
57,713 |
|
(96.5) |
|
4,400 |
|
108,973 |
|
(96.0) |
|
262,138 |
|
288,806 |
|
(9.2) |
|
539,402 |
|
521,791 |
|
3.4 |
|
|
|
|
|
|
|
|
|
|
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
Storage and throughput (gallons) |
196,159 |
|
232,451 |
|
(15.6)% |
|
404,231 |
|
429,698 |
|
(5.9)% |
(1) Includes gallons from the ethanol production segment. |
|||||||||||
GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands except per gallon amounts) |
|||||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
($ per gallon produced) |
||||||||
|
|
|
|
|
|
|
|
||||||
Ethanol production operating income (loss) (1) |
$ |
(36,370 |
) |
|
$ |
27,506 |
|
$ |
(0.19 |
) |
|
$ |
0.12 |
Depreciation and amortization |
|
22,425 |
|
|
|
19,114 |
|
|
0.12 |
|
|
|
0.08 |
Adjusted ethanol production operating income (loss) |
|
(13,945 |
) |
|
|
46,620 |
|
|
(0.07 |
) |
|
|
0.20 |
|
|
|
|
|
|
|
|
||||||
Intercompany fees, net |
|
|
|
|
|
|
|
||||||
Storage and logistics (partnership) |
|
9,433 |
|
|
|
12,130 |
|
|
0.05 |
|
|
|
0.05 |
Marketing and agribusiness fees (2) (agribusiness and energy services) |
|
6,445 |
|
|
|
6,504 |
|
|
0.03 |
|
|
|
0.03 |
Consolidated ethanol crush margin |
$ |
1,933 |
|
|
$ |
65,254 |
|
$ |
0.01 |
|
|
$ |
0.28 |
(1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of
(2) For the three months ended June 30, 2023 and 2022, includes |
|||||||||||||
Liquidity and Capital Resources
As of June 30, 2023, Green Plains had
Conference Call Information
On August 4, 2023 Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2023 operating results for each company. Domestic and international participants can access the live conference by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website https://investor.gpreinc.com/events-presentations.
Non-GAAP Financial Measures
Management uses EBITDA, 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 taxes, 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 other income associated with the USDA COVID-19 relief grant. 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
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
About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based
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: 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 benefits from its plant upgrade and modernization program, disruption caused by health epidemics, such as the COVID-19 outbreak, 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.
GREEN PLAINS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||
|
June 30,
|
|
December 31,
|
||
|
(unaudited) |
|
|
||
ASSETS |
|||||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
312,858 |
|
$ |
444,661 |
Restricted cash |
|
46,926 |
|
|
55,615 |
Accounts receivable, net |
|
132,336 |
|
|
108,610 |
Income taxes receivable |
|
1,299 |
|
|
1,286 |
Inventories |
|
257,651 |
|
|
278,950 |
Other current assets |
|
65,248 |
|
|
39,628 |
Total current assets |
|
816,318 |
|
|
928,750 |
Property and equipment, net |
|
1,024,561 |
|
|
1,029,327 |
Operating lease right-of-use assets |
|
85,332 |
|
|
73,244 |
Other assets |
|
96,585 |
|
|
91,810 |
Total assets |
$ |
2,022,796 |
|
$ |
2,123,131 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities |
|
|
|
||
Accounts payable |
$ |
105,094 |
|
$ |
234,301 |
Accrued and other liabilities |
|
50,215 |
|
|
44,443 |
Derivative financial instruments |
|
85,030 |
|
|
47,941 |
Operating lease current liabilities |
|
24,505 |
|
|
20,721 |
Short-term notes payable and other borrowings |
|
247,112 |
|
|
137,678 |
Current maturities of long-term debt |
|
1,835 |
|
|
1,838 |
Total current liabilities |
|
513,791 |
|
|
486,922 |
Long-term debt |
|
493,571 |
|
|
495,243 |
Operating lease long-term liabilities |
|
64,098 |
|
|
55,515 |
Other liabilities |
|
25,484 |
|
|
24,385 |
Total liabilities |
|
1,096,944 |
|
|
1,062,065 |
|
|
|
|
||
Stockholders' equity |
|
|
|
||
Total Green Plains stockholders' equity |
|
777,948 |
|
|
910,031 |
Noncontrolling interests |
|
147,904 |
|
|
151,035 |
Total stockholders' equity |
|
925,852 |
|
|
1,061,066 |
Total liabilities and stockholders' equity |
$ |
2,022,796 |
|
$ |
2,123,131 |
GREEN PLAINS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
857,632 |
|
|
$ |
1,012,394 |
|
|
$ |
1,690,581 |
|
|
$ |
1,793,829 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) |
|
835,091 |
|
|
|
921,314 |
|
|
|
1,660,096 |
|
|
|
1,693,823 |
|
Operations and maintenance expenses |
|
7,070 |
|
|
|
6,159 |
|
|
|
14,323 |
|
|
|
11,725 |
|
Selling, general and administrative expenses |
|
33,325 |
|
|
|
30,113 |
|
|
|
65,170 |
|
|
|
60,976 |
|
Depreciation and amortization expenses |
|
24,626 |
|
|
|
20,967 |
|
|
|
50,012 |
|
|
|
41,366 |
|
Total costs and expenses |
|
900,112 |
|
|
|
978,553 |
|
|
|
1,789,601 |
|
|
|
1,807,890 |
|
Operating income (loss) |
|
(42,480 |
) |
|
|
33,841 |
|
|
|
(99,020 |
) |
|
|
(14,061 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest income |
|
2,771 |
|
|
|
806 |
|
|
|
5,936 |
|
|
|
877 |
|
Interest expense |
|
(9,741 |
) |
|
|
(7,800 |
) |
|
|
(19,479 |
) |
|
|
(16,606 |
) |
|
|
(161 |
) |
|
|
28,165 |
|
|
|
28 |
|
|
|
28,576 |
|
Total other income (expense) |
|
(7,131 |
) |
|
|
21,171 |
|
|
|
(13,515 |
) |
|
|
12,847 |
|
Income (loss) before income taxes and income (loss) from equity method investees |
|
(49,611 |
) |
|
|
55,012 |
|
|
|
(112,535 |
) |
|
|
(1,214 |
) |
Income tax benefit (expense) |
|
1,019 |
|
|
|
(2,895 |
) |
|
|
(2,410 |
) |
|
|
(1,742 |
) |
Income (loss) from equity method investees |
|
272 |
|
|
|
603 |
|
|
|
376 |
|
|
|
(196 |
) |
Net income (loss) |
|
(48,320 |
) |
|
|
52,720 |
|
|
|
(114,569 |
) |
|
|
(3,152 |
) |
Net income attributable to noncontrolling interests |
|
4,284 |
|
|
|
6,322 |
|
|
|
8,359 |
|
|
|
11,924 |
|
Net income (loss) attributable to Green Plains |
$ |
(52,604 |
) |
|
$ |
46,398 |
|
|
$ |
(122,928 |
) |
|
$ |
(15,076 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings per share |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Green Plains - basic |
$ |
(0.89 |
) |
|
$ |
0.87 |
|
|
$ |
(2.09 |
) |
|
$ |
(0.28 |
) |
Net income (loss) attributable to Green Plains - diluted |
$ |
(0.89 |
) |
|
$ |
0.73 |
|
|
$ |
(2.09 |
) |
|
$ |
(0.28 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
58,874 |
|
|
|
53,033 |
|
|
|
58,714 |
|
|
|
52,960 |
|
Diluted |
|
58,874 |
|
|
|
66,895 |
|
|
|
58,714 |
|
|
|
52,960 |
|
GREEN PLAINS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) |
|||||||
|
Six Months Ended
|
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(114,569 |
) |
|
$ |
(3,152 |
) |
Noncash operating adjustments |
|
|
|
||||
Depreciation and amortization |
|
50,012 |
|
|
|
41,366 |
|
Inventory lower of cost or net realizable value adjustment |
|
9,545 |
|
|
|
— |
|
Other |
|
11,429 |
|
|
|
9,513 |
|
Net change in working capital |
|
(124,850 |
) |
|
|
(154,368 |
) |
Net cash used in operating activities |
|
(168,433 |
) |
|
|
(106,641 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment, net |
|
(48,902 |
) |
|
|
(128,283 |
) |
Proceeds from the sale of marketable securities |
|
— |
|
|
|
99,917 |
|
Investment in equity method investees |
|
(8,696 |
) |
|
|
(6,976 |
) |
Net cash used in investing activities |
|
(57,598 |
) |
|
|
(35,342 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Net proceeds - long term debt |
|
(2,420 |
) |
|
|
43,796 |
|
Net proceeds - short-term borrowings |
|
108,715 |
|
|
|
135,494 |
|
Other |
|
(20,756 |
) |
|
|
(18,987 |
) |
Net cash provided by financing activities |
|
85,539 |
|
|
|
160,303 |
|
|
|
|
|
||||
Net change in cash and cash equivalents, and restricted cash |
|
(140,492 |
) |
|
|
18,320 |
|
Cash and cash equivalents, and restricted cash, beginning of period |
|
500,276 |
|
|
|
560,959 |
|
Cash and cash equivalents, and restricted cash, end of period |
$ |
359,784 |
|
|
$ |
579,279 |
|
|
|
|
|
||||
|
|
|
|
||||
Reconciliation of total cash and cash equivalents, and restricted cash |
|
|
|
||||
Cash and cash equivalents |
$ |
312,858 |
|
|
$ |
508,151 |
|
Restricted cash |
|
46,926 |
|
|
|
71,128 |
|
Total cash and cash equivalents, and restricted cash |
$ |
359,784 |
|
|
$ |
579,279 |
|
GREEN PLAINS INC. RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(48,320 |
) |
|
$ |
52,720 |
|
|
$ |
(114,569 |
) |
|
$ |
(3,152 |
) |
Interest expense |
|
9,741 |
|
|
|
7,800 |
|
|
|
19,479 |
|
|
|
16,606 |
|
Income tax expense (benefit) |
|
(1,019 |
) |
|
|
2,895 |
|
|
|
2,410 |
|
|
|
1,742 |
|
Depreciation and amortization (1) |
|
24,626 |
|
|
|
20,967 |
|
|
|
50,012 |
|
|
|
41,366 |
|
EBITDA |
|
(14,972 |
) |
|
|
84,382 |
|
|
|
(42,668 |
) |
|
|
56,562 |
|
Other income (2) |
|
— |
|
|
|
(27,712 |
) |
|
|
— |
|
|
|
(27,712 |
) |
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
|
|
90 |
|
|
|
90 |
|
Adjusted EBITDA |
$ |
(14,927 |
) |
|
$ |
56,715 |
|
|
$ |
(42,578 |
) |
|
$ |
28,940 |
|
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
(2) Other income for the three and six months ended June 30, 2022 includes a grant received from the USDA related to the Biofuel Producer Program of |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230804860724/en/
Green Plains Inc. Contacts
Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com
Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com
Source: Green Plains Inc.
