Results for the Fourth Quarter
2023:
- Net income attributable to Green Plains of $7.2 million, or EPS
of $0.12 per diluted share
- EBITDA of $44.7 million
- Achieved platform utilization rate of 95% for the fourth
quarter
Business Highlights:
- Completed acquisition of Green Plains Partners LP, streamlining
operations, improving efficiencies and improving cash flow
- The Board of Directors is initiating a comprehensive strategic
review process to explore all opportunities to enhance value
- Continued development of 60% protein sales, producing
commercial quantities, with significant negotiations taking place
for 2024 and 2025 volumes focused on unique uses in global
aquaculture and pet food markets
- Achieved record renewable corn oil yield across the platform
with continued upside in 2024
- First-ever commercial deployment of Clean Sugar Technology™ at
Green Plains Shenandoah to begin commissioning during the first
quarter
- Ongoing commercial negotiations for multi-year agreements for
dextrose corn syrups are expected to be completed during the first
quarter
- Diversification of decarbonization strategy, with three
Nebraska facilities committed to carbon capture and sequestration
(CCS) anticipated to become operational in 2025, four Iowa and
Minnesota facilities anticipated to be operational in 2026 on a
separate CCS system
- Strong liquidity position with $378.8 million of cash and cash
equivalents, and restricted cash along with $251.0 million
available under a committed revolving credit facility
Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the
“company”) today announced financial results for the fourth quarter
and full year 2023. Net income attributable to the company was $7.2
million, or $0.12 per diluted share for the fourth quarter compared
to net loss attributable to the company of $38.6 million, or
($0.66) per diluted share, for the same period in 2022. Revenues
for the quarter were $712.4 million compared with $914.0 million
for the same period in the prior year. EBITDA was $44.7 million for
the quarter compared to $5.7 million for the same period in
2022.
“The last half of 2023 has started to show the results of years
of planning and execution to get our asset base and team ready for
a further transition to higher-value, higher-margin products,” said
Todd Becker, President and Chief Executive Officer. “During the
fourth quarter, we achieved a 95% utilization rate which
contributed to another solid financial performance. We continue to
see the positive impact from Ultra-High Protein production and
expanded renewable corn oil yields over each of the last two
quarters, and we believe we can continue to optimize our asset base
to higher utilization in the future.”
“Since we started our transformation path to 2025, while our
product and innovation portfolio continues to evolve, the upside
opportunity from decarbonization is in sight and we are more
optimistic than ever,” added Becker. “We believe our Nebraska
platform is in an advantaged position to capitalize on incentives
to reduce our carbon intensity, and is ideally situated to
participate in the early days of the 45Z Clean Fuel Production
Credit. We believe that our Nebraska asset base could have a
significant early advantage and could further benefit after taking
into consideration the potential for alcohol-to-jet sustainable
aviation fuel. We believe our diversified decarbonization strategy
will be a strong contributor to our future earnings potential with
our first facilities positioned to begin carbon capture in
2025.”
“We are nearing completion of three instrumental projects that
will help define our path to true biorefineries with recurring,
higher quality earnings streams,” added Becker. “Our first
commercial-scale clean sugar facility is anticipated to begin
commissioning during the first quarter of 2024. We believe CST is a
game changer and as we begin to ship low carbon-intensity dextrose
to support the emerging bio-economy, food companies and industrial
users, we will demonstrate the true potential of our technology and
production platform. Our joint venture to build the world’s largest
MSC high-protein facility with Tharaldson Ethanol is in the process
of commissioning and is anticipated to begin full production in the
coming months, further expanding our capacity for Ultra-High
Protein. Last but certainly not least, construction of the facility
combining MSC technology with Shell Fiber Conversion Technology is
anticipated to be completed this quarter. This novel, disruptive
technology aims to become a powerful processor of agricultural
feedstocks to liberate the remaining high-value proteins, vegetable
oil feedstocks, and cellulosic sugars to be used in food, fuel and
feed products globally.”
“As we close out a solid second half of 2023, we are seeing the
fruits of our investments and the dedication of our employees,”
added Becker. “The progress we made in the second half of last
year, from consistent operations and deployment of new technology,
leave us well-positioned to continue the execution of our long-term
vision to add more value to every bushel of corn we process,
through our high protein ingredients and renewable corn oil,
capture of biogenic carbon dioxide and conversion of a portion of
the starch into low-CI dextrose.”
“In light of our progress, the buy-in of the partnership and
these positive catalysts on the horizon, the Board has decided to
review the company’s strategic alternatives to determine the best
way for Green Plains and its shareholders to realize the full value
of the transformation we have made and are continuing to make,”
concluded Becker.
Full Year Highlights and Recent
Developments:
- Began development of a novel Sustainable Aviation Fuel
technology through a joint venture, Blue Blade Energy, with United
Airlines and Tallgrass
- Published third annual Sustainability Report, providing updates
on progress toward emissions reduction, governance and other
goals
- Successfully completed full scale 60% protein production runs
using Fluid Quip Technologies’ MSC™ system combined with biological
solutions
- Expanded protein sales to customers in North America, South
America and Asia Pacific across multiple species
- Announced technology collaboration with Equilon Enterprises LLC
to deploy Shell Fiber Conversion Technology, with construction
nearing completion at Green Plains York
Results of Operations
Green Plains’ ethanol production segment sold 215.7 million
gallons of ethanol during the fourth quarter of 2023, compared with
225.2 million gallons for the same period in 2022. The consolidated
ethanol crush margin was $49.7 million for the fourth quarter of
2023, compared with $7.9 million for the same period in 2022. The
consolidated ethanol crush margin is the ethanol production
segment’s operating income before depreciation and amortization,
which includes renewable corn oil and Ultra-High Protein, plus
intercompany storage, transportation, nonrecurring decommissioning
costs, nonethanol operating activities and other fees, net of
related expenses.
Consolidated revenues decreased $201.7 million for the three
months ended December 31, 2023, compared with the same period in
2022, primarily due to lower average selling prices and lower
volumes sold on ethanol, distillers grains and renewable corn oil
within our ethanol production segment. Revenues were also lower
within our agribusiness and energy services segment as a result of
decreased trading margins.
Net income attributable to Green Plains increased $45.8 million
and EBITDA increased $39.0 million for the three months ended
December 31, 2023, compared with the same period last year,
primarily due to higher margins in our ethanol production segment.
Interest expense increased $2.2 million for the three months ended
December 31, 2023 compared with the same period in 2022. Income tax
benefit was $0.3 million for the three months ended December 31,
2023 compared with income tax expense of $4.9 million for the same
period in 2022, primarily due to a decrease in the valuation
allowance recorded against certain deferred tax assets for the
three months ended December 31, 2023.
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.
Strategic Review
The Board of Directors has initiated a formal review process to
evaluate strategic alternatives for the Company. This comprehensive
evaluation is intended to explore a broad range of opportunities
for the Company to enhance long-term shareholder value, including,
but not limited to, acquisitions, divestitures, a merger or sale,
partnerships and financings.
There is no deadline or definitive timetable for completion of
the strategic review process, and there can be no assurances that
the process will result in a transaction or any other outcome. The
Company does not intend to make any further public comment
regarding the review until the Board has approved a specific action
or otherwise determines that additional disclosure is appropriate
or required.
GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
% Var.
2023
2022
% Var.
Revenues
Ethanol production
$
620,273
$
760,458
(18.4)%
$
2,815,873
$
3,070,192
(8.3)%
Agribusiness and energy services
97,613
159,582
(38.8)
500,903
615,615
(18.6)
Partnership
19,640
20,947
(6.2)
81,083
79,767
1.6
Intersegment eliminations
(25,134
)
(26,944
)
(6.7)
(102,116
)
(102,725
)
(0.6)
$
712,392
$
914,043
(22.1)%
$
3,295,743
$
3,662,849
(10.0)%
Gross margin
Ethanol production
$
45,234
$
2,316
*%
$
64,581
$
1,826
*%
Agribusiness and energy services
14,818
14,649
1.2
46,127
52,665
(12.4)
Partnership
19,640
20,947
(6.2)
81,083
79,767
1.6
Intersegment eliminations
257
1,800
(85.7)
114
3,580
(96.8)
$
79,949
$
39,712
101.3%
$
191,905
$
137,838
39.2%
Depreciation and amortization
Ethanol production
$
22,358
$
22,444
(0.4)%
$
89,537
$
81,545
9.8%
Agribusiness and energy services
477
1,252
(61.9)
2,360
3,466
(31.9)
Partnership
751
1,178
(36.2)
3,175
4,093
(22.4)
Corporate activities
747
1,811
(58.8)
3,172
3,594
(11.7)
$
24,333
$
26,685
(8.8)%
$
98,244
$
92,698
6.0%
Operating income (loss)
Ethanol production (1)
$
10,828
$
(29,991
)
(136.1)%
$
(66,931
)
$
(117,764
)
(43.2)%
Agribusiness and energy services
10,488
10,521
(0.3)
28,100
36,415
(22.8)
Partnership
12,115
11,793
2.7
46,859
47,699
(1.8)
Intersegment eliminations
257
1,800
(85.7)
114
3,580
(96.8)
Corporate activities (2)
(17,420
)
(17,130
)
1.7
(69,720
)
(68,878
)
1.2
$
16,268
$
(23,007
)
(170.7)%
$
(61,578
)
$
(98,948
)
(37.8)%
Adjusted EBITDA
Ethanol production (1)
$
32,970
$
(8,102
)
*%
$
26,769
$
(8,619
)
*%
Agribusiness and energy services
11,431
11,789
(3.0)
31,689
39,798
(20.4)
Partnership
13,296
13,154
1.1
51,678
52,429
(1.4)
Intersegment eliminations
257
1,800
(85.7)
114
3,580
(96.8)
Corporate activities (2)
(13,233
)
(12,925
)
2.4
(56,219
)
(60,478
)
(7.0)
EBITDA
44,721
5,716
*
54,031
26,710
102.3
Other income (3)
—
—
—
(3,440
)
(27,712
)
(87.6)
Loss (gain) on sale of assets, net
386
—
*
(5,265
)
—
*
Proportional share of EBITDA adjustments
to equity method investees
45
45
—
180
180
—
$
45,152
$
5,761
*%
$
45,506
$
(822
)
*%
(1) Ethanol production includes an
inventory lower of average cost or net realizable value adjustment
of $2.6 million for the three and twelve months ended December 31,
2023, and $12.3 million for the three and twelve months ended
December 31, 2022.
(2) Corporate activities includes a $0.5
million loss on sale of assets and $4.1 million gain on sale of
assets for the three and twelve months ended December 31, 2023,
respectively.
(3) Other income includes grants received
from the USDA related to the Biofuel Producer Program of $3.4
million and $27.7 million for the twelve months ended December 31,
2023 and 2022, respectively.
* Percentage variances not considered
meaningful
GREEN PLAINS INC.
SELECTED OPERATING
DATA
(unaudited, in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
% Var.
2023
2022
% Var.
Ethanol production
Ethanol sold (gallons)
215,717
225,206
(4.2)%
840,819
872,133
(3.6)%
Distillers grains sold (equivalent dried
tons)
479
563
(14.9)
1,933
2,213
(12.7)
Ultra-High Protein sold (tons)
66
22
200.0
223
67
232.8
Renewable corn oil sold (pounds)
72,934
77,228
(5.6)
279,861
281,730
(0.7)
Corn consumed (bushels)
74,152
78,038
(5.0)
289,267
301,868
(4.2)
Agribusiness and energy services (1)
Domestic ethanol sold (gallons)
257,443
259,287
(0.7)
1,083,017
948,971
14.1
Export ethanol sold (gallons)
1,053
15,786
(93.3)
6,746
137,835
(95.1)
258,496
275,073
(6.0)
1,089,763
1,086,806
0.3
Partnership
Storage and throughput (gallons)
217,349
226,184
(3.9)%
846,622
875,601
(3.3)%
(1) Includes gallons from the ethanol
production segment
GREEN PLAINS INC.
CONSOLIDATED CRUSH
MARGIN
(unaudited, in thousands)
Three Months Ended
December 31,
2023
2022
Ethanol production operating income (loss)
(1)
$
10,828
$
(29,991
)
Depreciation and amortization
22,358
22,444
Adjusted ethanol production operating
income (loss)
33,186
(7,547
)
Intercompany fees, net
Storage and logistics (partnership)
9,833
12,274
Marketing and agribusiness fees (2)
6,705
3,123
Consolidated ethanol crush margin
$
49,724
$
7,850
(1) Ethanol production includes an
inventory lower of average cost or net realizable value adjustment
of $2.6 million and $12.3 million for the three months ended
December 31, 2023 and 2022, respectively.
(2) For the three months ended December
31, 2023 and 2022, includes $1.8 million and $2.9 million,
respectively, for certain nonrecurring decommissioning costs and
nonethanol operating activities.
Liquidity and Capital Resources
As of December 31, 2023, Green Plains had $378.8 million in
total cash and cash equivalents, and restricted cash, and $251.0
million available under a committed revolving credit facility,
which is subject to restrictions and other lending conditions.
Total debt outstanding at December 31, 2023 was $599.7 million,
including $105.9 million outstanding debt under working capital
revolvers and other short-term borrowing arrangements and $56.0
million of non-recourse debt related to Green Plains Partners.
Conference Call Information
On February 7, 2024, Green Plains Inc. will host a conference
call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth
quarter and full year 2023 operating results. Domestic and
international participants can access the conference call 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-and-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 and debt issuance costs. 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 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 and
renewable feedstocks for advanced biofuels. 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. For more information, visit
www.gpreinc.com.
Forward-Looking Statements
All statements in this press release (and oral statements made
regarding the subjects of this communication), including those that
express a belief, expectation or intention, may be considered
forward-looking statements (as defined in Section 21E of the
Securities Exchange Act, as amended, and Section 27A of the
Securities Act of 1933, as amended) that involve risks and
uncertainties that could cause actual results to differ materially
from projected results. Without limiting the generality of the
foregoing, forward-looking statements contained in this
communication include statements relying on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
the company, which could cause actual results to differ materially
from such statements. Accordingly, investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. The forward-looking statements may include, but are not
limited to the expected future growth, dividends and distributions
of the combined company after the merger; and plans and objectives
of management for future operations. Forward-looking statements may
be identified by words such as “believe,” “intend,” “expect,”
“may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,”
“predict,” “project” and variations of these words or similar
expressions (or the negative versions of such words or
expressions). While the company believes that the assumptions
concerning future events are reasonable, it cautions that there are
inherent difficulties in predicting certain important factors that
could impact the future performance or results of its business.
Among the factors that could cause results to differ materially
from those indicated by such forward-looking statements are: the
failure to realize the anticipated results from the new products
being developed; the failure to realize the anticipated costs
savings or other benefits of the merger; local, regional and
national economic conditions and the impact they may have on the
company and its customers; disruption caused by health epidemics,
such as the COVID-19 outbreak; conditions in the ethanol and
biofuels industry, including a sustained decrease in the level of
supply or demand for ethanol and biofuels or a sustained decrease
in the price of ethanol or biofuels; competition in the ethanol
industry and other industries in which we operate; commodity market
risks, including those that may result from weather conditions; the
financial condition of the company’s customers; any non-performance
by customers of their contractual obligations; changes in customer,
employee or supplier relationships resulting from the merger;
changes in safety, health, environmental and other governmental
policy and regulation, including changes to tax laws; risks related
to acquisition and disposition activities and achieving anticipated
results; risks associated with merchant trading; risks related to
our equity method investees; the results of any reviews,
investigations or other proceedings by government authorities; and
the performance of the company.
The foregoing list of factors is not exhaustive. The
forward-looking statements in this press release speak only as of
the date they are made and the company assumes no obligation and
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by securities and other applicable
laws. We have based these forward-looking statements on our current
expectations and assumptions about future events. While the
company’s management considers these expectations and assumptions
to be reasonable, they are inherently subject to significant
business, economic, competitive, regulatory and other risks,
contingencies and uncertainties, most of which are difficult to
predict and many of which are beyond the company’s control. These
risks, contingencies and uncertainties relate to, among other
matters, the risks and uncertainties set forth in the “Risk
Factors” section of the company’s Annual Report on Form 10-K for
the year ended December 31, 2022, filed with the Securities and
Exchange Commission (the “SEC”), and any subsequent reports filed
by the company with the SEC. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements.
GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands)
December 31,
2023
2022
(unaudited)
ASSETS
Current assets
Cash and cash equivalents
$
349,574
$
444,661
Restricted cash
29,188
55,615
Accounts receivable, net
94,446
108,610
Income taxes receivable
822
1,286
Inventories
215,810
278,950
Other current assets
42,890
39,628
Total current assets
732,730
928,750
Property and equipment, net
1,021,928
1,029,327
Operating lease right-of-use assets
73,993
73,244
Other assets
110,671
91,810
Total assets
$
1,939,322
$
2,123,131
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable
$
186,643
$
234,301
Accrued and other liabilities
57,029
44,443
Derivative financial instruments
10,577
47,941
Operating lease current liabilities
22,908
20,721
Short-term notes payable and other
borrowings
105,973
137,678
Current maturities of long-term debt
1,832
1,838
Total current liabilities
384,962
486,922
Long-term debt
491,918
495,243
Operating lease long-term liabilities
53,879
55,515
Other liabilities
18,507
24,385
Total liabilities
949,266
1,062,065
Stockholders' equity
Total Green Plains stockholders'
equity
843,733
910,031
Noncontrolling interests
146,323
151,035
Total stockholders' equity
990,056
1,061,066
Total liabilities and stockholders'
equity
$
1,939,322
$
2,123,131
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited, in thousands except
per share amounts)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenues
$
712,392
$
914,043
$
3,295,743
$
3,662,849
Costs and expenses
Cost of goods sold (excluding depreciation
and amortization expenses reflected below)
632,443
874,331
3,103,838
3,525,011
Operations and maintenance expenses
6,122
7,146
27,154
25,158
Selling, general and administrative
expenses
32,840
28,888
133,350
118,930
Loss (gain) on sale of assets
386
—
(5,265
)
—
Depreciation and amortization expenses
24,333
26,685
98,244
92,698
Total costs and expenses
696,124
937,050
3,357,321
3,761,797
Operating income (loss)
16,268
(23,007
)
(61,578
)
(98,948
)
Other income (expense)
Interest income
3,304
2,637
11,707
5,277
Interest expense
(8,674
)
(6,460
)
(37,703
)
(32,642
)
Other, net
915
(782
)
5,225
27,612
Total other income (expense)
(4,455
)
(4,605
)
(20,771
)
247
Income (loss) before income taxes and
income from equity method investees
11,813
(27,612
)
(82,349
)
(98,701
)
Income tax benefit (expense)
264
(4,893
)
5,617
(4,747
)
Income (loss) from equity method
investees
(99
)
183
433
71
Net income (loss)
11,978
(32,322
)
(76,299
)
(103,377
)
Net income attributable to noncontrolling
interests
4,745
6,294
17,085
23,841
Net income (loss) attributable to Green
Plains
$
7,233
$
(38,616
)
$
(93,384
)
$
(127,218
)
Earnings per share
Net income (loss) attributable to Green
Plains - basic and diluted
$
0.12
$
(0.66
)
$
(1.59
)
$
(2.29
)
Weighted average shares outstanding
Basic and diluted
58,913
58,482
58,814
55,541
GREEN PLAINS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Twelve Months Ended
December 31,
2023
2022
Cash flows from operating activities
Net loss
$
(76,299
)
$
(103,377
)
Noncash operating adjustments
Depreciation and amortization
98,244
92,698
Gain on sale of assets, net
(5,265
)
—
Inventory lower of average cost or net
realizable value adjustment
2,627
12,323
Other
10,640
17,679
Net change in working capital
26,399
50,386
Net cash provided by operating
activities
56,346
69,709
Cash flows from investing activities
Purchases of property and equipment,
net
(108,093
)
(212,366
)
Proceeds from the sale of marketable
securities
—
124,523
Proceeds from the sale of assets, net
25,403
—
Investment in equity method investees
(24,206
)
(17,409
)
Net cash used in investing activities
(106,896
)
(105,252
)
Cash flows from financing activities
Net proceeds (borrowings) - long term
debt
(4,838
)
43,249
Net borrowings - short-term borrowings
(32,786
)
(35,099
)
Other
(33,340
)
(33,290
)
Net cash used in financing activities
(70,964
)
(25,140
)
Net change in cash and cash equivalents,
and restricted cash
(121,514
)
(60,683
)
Cash and cash equivalents, and restricted
cash, beginning of period
500,276
560,959
Cash and cash equivalents, and restricted
cash, end of period
$
378,762
$
500,276
Reconciliation of total cash and cash
equivalents, and restricted cash
Cash and cash equivalents
$
349,574
$
444,661
Restricted cash
29,188
55,615
Total cash and cash equivalents, and
restricted cash
$
378,762
$
500,276
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP
FINANCIAL MEASURES
(unaudited, in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net income (loss)
$
11,978
$
(32,322
)
$
(76,299
)
$
(103,377
)
Interest expense
8,674
6,460
37,703
32,642
Income tax expense (benefit)
(264
)
4,893
(5,617
)
4,747
Depreciation and amortization (1)
24,333
26,685
98,244
92,698
EBITDA
44,721
5,716
54,031
26,710
Other income (2)
—
—
(3,440
)
(27,712
)
Loss (gain) on sale of assets, net
386
—
(5,265
)
—
Proportional share of EBITDA adjustments
to equity method investees
45
45
180
180
Adjusted EBITDA
$
45,152
$
5,761
$
45,506
$
(822
)
(1) Excludes amortization of operating
lease right-of-use assets and amortization of debt issuance
costs.
(2) Other income includes grants received
from the USDA related to the Biofuel Producer Program of $3.4
million and $27.7 million for the twelve months ended December 31,
2023 and 2022, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240207297325/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
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