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
- Announced Fagen, Inc. as exclusive
construction partner for Ultra-High Protein buildout
- Announced ground breaking at Green
Plains Central City LLC for construction of MSC™ Ultra-High
Protein
- Began batch operations for the clean
sugar project at the Innovation Center at York, Neb. to produce
dextrose to target applications in food production, renewable
chemicals and synthetic biology
- Announced additional locations to
join Summit Carbon Solutions’ carbon capture and sequestration
project
- Announced Negil McPherson Jr. as
Chief People Officer and promoted Leslie van der Meulen to EVP
Product Marketing and Innovation
Results of OperationsGreen 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 InformationThe 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.
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GREEN PLAINS INC. |
SEGMENT OPERATIONS |
(unaudited, in thousands) |
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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 |
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|
|
100,491 |
|
|
72.6 |
|
|
|
|
307,431 |
|
|
|
263,680 |
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|
16.6 |
|
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Partnership |
|
|
19,701 |
|
|
|
20,381 |
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|
(3.3 |
) |
|
|
|
40,107 |
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|
|
40,652 |
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|
(1.3 |
) |
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Intersegment eliminations |
|
|
(24,043 |
) |
|
|
(23,390 |
) |
|
2.8 |
|
|
|
|
(48,475 |
) |
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|
(49,706 |
) |
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(2.5 |
) |
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$ |
724,418 |
|
|
$ |
388,024 |
|
|
86.7 |
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% |
|
$ |
1,278,058 |
|
|
$ |
1,020,893 |
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|
25.2 |
|
% |
Gross
margin: |
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|
|
|
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|
|
|
|
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|
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Ethanol production |
|
$ |
61,617 |
|
|
$ |
6,368 |
|
|
867.6 |
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% |
|
$ |
69,814 |
|
|
$ |
(7,057 |
) |
|
* |
|
% |
Agribusiness and energy services |
|
|
3,306 |
|
|
|
4,688 |
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(29.5 |
) |
|
|
|
21,176 |
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|
|
11,375 |
|
|
86.2 |
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Partnership |
|
|
19,701 |
|
|
|
20,381 |
|
|
(3.3 |
) |
|
|
|
40,107 |
|
|
|
40,652 |
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|
(1.3 |
) |
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Intersegment eliminations |
|
|
386 |
|
|
|
(4,309 |
) |
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* |
|
|
|
|
(1,680 |
) |
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|
(2,201 |
) |
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(23.7 |
) |
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|
|
$ |
85,010 |
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|
$ |
27,128 |
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|
213.4 |
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% |
|
$ |
129,417 |
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|
$ |
42,769 |
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|
202.6 |
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% |
Depreciation and amortization: |
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Ethanol production |
|
$ |
18,483 |
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$ |
17,184 |
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|
7.6 |
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% |
|
$ |
37,011 |
|
|
$ |
33,082 |
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|
11.9 |
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% |
Agribusiness and energy services |
|
|
595 |
|
|
|
556 |
|
|
7.0 |
|
|
|
|
1,202 |
|
|
|
1,109 |
|
|
8.4 |
|
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Partnership |
|
|
795 |
|
|
|
966 |
|
|
(17.7 |
) |
|
|
|
1,682 |
|
|
|
1,927 |
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|
(12.7 |
) |
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Corporate activities |
|
|
659 |
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|
|
669 |
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(1.5 |
) |
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|
1,318 |
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|
1,337 |
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(1.4 |
) |
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$ |
20,532 |
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$ |
19,375 |
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|
6.0 |
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% |
|
$ |
41,213 |
|
|
$ |
37,455 |
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|
10.0 |
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% |
Operating income (loss): |
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Ethanol production (1) |
|
$ |
33,543 |
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$ |
(18,792 |
) |
|
278.5 |
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% |
|
$ |
13,223 |
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|
$ |
(79,573 |
) |
|
116.6 |
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% |
Agribusiness and energy services |
|
|
(851 |
) |
|
|
351 |
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|
(342.5 |
) |
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|
12,495 |
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|
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 |
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|
|
(19,539 |
) |
|
169.4 |
|
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|
$ |
31,033 |
|
|
$ |
(19,368 |
) |
|
260.2 |
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% |
|
$ |
62,380 |
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$ |
(73,696 |
) |
|
184.6 |
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% |
Adjusted EBITDA: |
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Ethanol production |
|
$ |
52,052 |
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|
$ |
(1,607 |
) |
|
* |
|
% |
|
$ |
50,263 |
|
|
$ |
(45,732 |
) |
|
209.9 |
|
% |
Agribusiness and energy services |
|
|
(254 |
) |
|
|
1,037 |
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|
(124.5 |
) |
|
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|
13,697 |
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|
4,165 |
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|
228.9 |
|
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Partnership |
|
|
12,880 |
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|
13,366 |
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|
(3.6 |
) |
|
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|
26,813 |
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|
26,914 |
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(0.4 |
) |
|
Intersegment eliminations |
|
|
386 |
|
|
|
(4,283 |
) |
|
109.0 |
|
|
|
|
(1,680 |
) |
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|
(2,150 |
) |
|
(21.9 |
) |
|
Corporate activities (2) |
|
|
(14,140 |
) |
|
|
7,381 |
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|
* |
|
|
|
|
14,074 |
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|
8,329 |
|
|
69.0 |
|
|
EBITDA |
|
|
50,924 |
|
|
|
15,894 |
|
|
220.4 |
|
|
|
|
103,167 |
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|
(8,474 |
) |
|
* |
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|
Loss (gain) on sale of assets, net |
|
|
3,825 |
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|
|
- |
|
|
* |
|
|
|
|
(33,068 |
) |
|
|
- |
|
|
* |
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|
Proportional share of EBITDA adjustments to equity method
investees |
|
|
50 |
|
|
|
2,041 |
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|
(97.6 |
) |
|
|
|
94 |
|
|
|
4,978 |
|
|
(98.1 |
) |
|
Noncash goodwill impairment |
|
|
- |
|
|
|
- |
|
|
* |
|
|
|
|
- |
|
|
|
24,091 |
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|
* |
|
|
Adjusted EBITDA |
|
$ |
54,799 |
|
|
$ |
17,935 |
|
|
205.5 |
|
% |
|
$ |
70,193 |
|
|
$ |
20,595 |
|
|
240.8 |
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% |
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(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 $19.8 million for
the three and six months ended June 30, 2020, respectively. |
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GREEN PLAINS INC. |
SELECTED OPERATING DATA |
(unaudited, in thousands) |
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Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
% Var. |
|
2021 |
|
2020 |
|
% Var. |
Ethanol production |
|
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|
Ethanol sold (gallons) |
|
190,913 |
|
149,872 |
|
27.4 |
|
% |
|
368,913 |
|
390,338 |
|
(5.5 |
) |
% |
Distillers grains sold (equivalent dried tons) |
|
494 |
|
383 |
|
29.0 |
|
|
|
967 |
|
1,025 |
|
(5.7 |
) |
|
Corn oil sold (pounds) |
|
54,875 |
|
39,496 |
|
38.9 |
|
|
|
101,438 |
|
102,048 |
|
(0.6 |
) |
|
Corn consumed (bushels) |
|
65,424 |
|
51,908 |
|
26.0 |
|
|
|
127,020 |
|
135,791 |
|
(6.5 |
) |
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|
Agribusiness and energy services |
|
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|
|
Domestic ethanol sold (gallons) |
|
228,274 |
|
145,853 |
|
56.5 |
|
|
|
407,094 |
|
355,436 |
|
14.5 |
|
|
Export ethanol sold (gallons) |
|
20,690 |
|
68,789 |
|
(69.9 |
) |
|
|
88,425 |
|
168,509 |
|
(47.5 |
) |
|
|
|
248,964 |
|
214,642 |
|
16.0 |
|
|
|
495,519 |
|
523,945 |
|
(5.4 |
) |
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
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|
|
Storage and throughput (gallons) |
|
191,842 |
|
150,047 |
|
27.9 |
|
|
|
370,818 |
|
391,685 |
|
(5.3 |
) |
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GREEN PLAINS INC. |
CONSOLIDATED CRUSH MARGIN |
(unaudited, in thousands except per gallon amounts) |
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Three Months Ended June 30, |
|
Three Months Ended June 30, |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|
|
|
($ per gallon produced) |
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|
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 |
) |
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Intercompany fees, net: |
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|
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 |
|
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(1) For the three
months ended June 30, 2021, includes $1.5 million for certain
nonrecurring decommissioning and nonethanol operations costs. |
Liquidity and Capital ResourcesOn 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 InformationOn 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 MeasuresManagement 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 LPGreen 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 StatementsThis 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 | phil.boggs@gpreinc.com |
Media: Lisa
Gibson | Communications Manager | 402.952.4971 |
lisa.gibson@gpreinc.com |
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