Green Plains Inc. (NASDAQ:GPRE) today announced financial results
for the first quarter of 2019. Net loss attributable to the company
was $42.8 million, or $(1.06) per diluted share, for the first
quarter of 2019 compared with net loss of $24.1 million, or $(0.60)
per diluted share, for the same period in 2018. Revenues were
$642.3 million for the first quarter of 2019 compared with $1.0
billion for the same period last year.
“Our first quarter financial performance was impacted by the
extremely weak ethanol margin environment, midwest flooding
affecting transportation and logistics, and severe winter weather
at our cattle feeding operations,” commented Todd Becker, president
and chief executive officer. “Albeit still weak, we believe that
the worst of the low ethanol margin cycle is behind us, as margins
have improved since the end of January. We are also seeing improved
cattle margins in the current quarter extending into the second
half of 2019 and anticipate achieving $50 to $60 EBITDA per head
minimum annualized margins based on forward margins and current
hedging strategies.”
“We took a significant amount of gallons out of production in
the first quarter as a result of the weak margin environment. We
limited our production believing it may help reduce high ethanol
industry inventory levels we were experiencing during the quarter.
Our efforts did not have the effect we were anticipating and the
company will operate at or near our maximum run-rate to achieve
lower operating expense per gallon going forward as we believe our
platform can now run more efficiently at these levels,” commented
Becker.
“Our financial strength achieved through the first stages of our
portfolio optimization plan has provided the company the ability to
return to a normalized operating level, while margins have improved
heading into the summer driving season,” Becker added. “All of our
plants are operational with the exception of our plant in Madison,
Ill., which should be back online by the end of May. Our goal is to
return to producing at our historical rate of 90% or greater of our
operating capacity across the platform, which is also beneficial to
our partnership long term.”
“We continue to make progress on completing our portfolio
optimization plan and to work with interested parties in both our
ethanol plant sales process and the cattle off-balance sheet
initiative,” stated Becker. “As a result of the first stage of our
opex equalization plan, we have identified significant organic
operational cost savings throughout the platform which we project
will reduce our per gallon operating expense below 29 cents per
gallon. We now move into the next phase and have developed, in an
exclusive partnership with ICM Inc, the ability to drive our
non-ICM plant expense per gallon significantly lower. Once
completed over the next 12 to 18 months, we anticipate our platform
expense per gallon will be at or below 24 cents per gallon across
the platform. We believe this will be equal to the best-in-class
plants across the industry and would again squarely place Green
Plains as one of industry’s low cost operators, which will make a
dramatic difference in times of margin weakness.”
“Although improving, the current ethanol industry margin
environment continues to underperform. We remain optimistic that
with year-round E15 effective June 1 and the prospect for increased
ethanol exports once China trade issues are resolved, this will
give us higher ethanol demand needed to reduce the current elevated
ethanol inventory levels,” Becker said. “In addition to our reduced
operating cost structure, we believe the advancements in technology
around high protein co-products, and the demand for these products
worldwide, will also enhance our ability to be profitable in any
cycle. We anticipate our first project to become operational in the
fourth quarter and we are targeting 2020 for additional projects.
We remain confident, based on price discovery, that our earlier
expectation of a minimum 12 to 15 cent improvement in EBITDA per
gallon margin is achievable at each plant once the technology is
operational.”
Results of OperationsGreen Plains produced
155.0 million gallons of ethanol during the first quarter of 2019,
compared with 280.4 million gallons for the same period in 2018.
The consolidated ethanol crush margin was $(12.8) million, or
$(0.08) per gallon, for the first quarter of 2019, compared with
$15.3 million, or $0.05 per gallon, for the same period in 2018.
The consolidated ethanol crush margin is the ethanol production
segment’s operating income before depreciation and amortization,
which includes corn oil, plus intercompany storage, transportation
and other fees, net of related expenses.
Consolidated revenues of $642.3 million decreased $403.0 million
for the three months ended March 31, 2019, compared with the same
period in 2018, due primarily to the disposition of three ethanol
plants and the sale of Fleischmann’s Vinegar during the fourth
quarter of 2018 as well as lower run-rates at our remaining ethanol
plants.
Operating loss of $40.0 million increased $36.1 million for the
three months ended March 31, 2019, compared with the same period
last year primarily due to lower volume and decreased margins on
ethanol production and cattle as well as the disposition of
Fleischmann’s Vinegar during the fourth quarter of 2018. Interest
expense decreased $7.7 million to $14.4 million for the three
months ended March 31, 2019, compared with the same period in 2018,
primarily due to the repayment of the $500 million senior secured
term loan during the fourth quarter of 2018. Income tax benefit was
$14.5 million for the three months ended March 31, 2019, compared
with $6.0 million for the same period in 2018.
Earnings before interest, income taxes, depreciation and
amortization (EBITDA) for the first quarter of 2019 was $(18.7)
million compared with $23.1 million for the same period last
year.
Segment InformationThe company reports the
financial and operating performance for the following four
operating segments: (1) ethanol production, which includes the
production of ethanol, distillers grains 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 cattle feeding and food-grade corn oil operations
and included vinegar production until the sale of Fleischmann’s
Vinegar Company, Inc. during the fourth quarter of 2018 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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|
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|
GREEN PLAINS
INC. |
SEGMENT
OPERATIONS |
(unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
|
% Var. |
Revenues: |
|
|
|
|
|
|
|
|
|
Ethanol production |
|
$ |
270,833 |
|
|
$ |
565,716 |
|
|
(52.1 |
) |
% |
Agribusiness and energy services |
|
|
169,208 |
|
|
|
213,216 |
|
|
(20.6 |
) |
|
Food and ingredients |
|
|
208,537 |
|
|
|
278,151 |
|
|
(25.0 |
) |
|
Partnership |
|
|
21,087 |
|
|
|
25,885 |
|
|
(18.5 |
) |
|
Intersegment eliminations |
|
|
(27,350 |
) |
|
|
(37,681 |
) |
|
(27.4 |
) |
|
|
|
$ |
642,315 |
|
|
$ |
1,045,287 |
|
|
(38.6 |
) |
% |
Gross margin: |
|
|
|
|
|
|
|
|
|
Ethanol production |
|
$ |
(22,654 |
) |
|
$ |
1,157 |
|
|
* |
|
% |
Agribusiness and energy services |
|
|
9,582 |
|
|
|
11,504 |
|
|
(16.7 |
) |
|
Food and ingredients |
|
|
2,464 |
|
|
|
18,386 |
|
|
(86.6 |
) |
|
Partnership |
|
|
21,087 |
|
|
|
25,885 |
|
|
(18.5 |
) |
|
Intersegment eliminations |
|
|
(3,739 |
) |
|
|
20 |
|
|
* |
|
|
|
|
$ |
6,740 |
|
|
$ |
56,952 |
|
|
(88.2 |
) |
% |
Depreciation and amortization: |
|
|
|
|
|
|
|
|
|
Ethanol production |
|
$ |
15,340 |
|
|
$ |
20,436 |
|
|
(24.9 |
) |
% |
Agribusiness and energy services |
|
|
549 |
|
|
|
630 |
|
|
(12.9 |
) |
|
Food and ingredients |
|
|
1,611 |
|
|
|
3,404 |
|
|
(52.7 |
) |
|
Partnership |
|
|
985 |
|
|
|
1,181 |
|
|
(16.6 |
) |
|
Corporate activities |
|
|
750 |
|
|
|
823 |
|
|
(8.9 |
) |
|
|
|
$ |
19,235 |
|
|
$ |
26,474 |
|
|
(27.3 |
) |
% |
Operating income (loss): |
|
|
|
|
|
|
|
|
|
Ethanol production |
|
$ |
(44,192 |
) |
|
$ |
(27,529 |
) |
|
(60.5 |
) |
% |
Agribusiness and energy services |
|
|
5,304 |
|
|
|
7,064 |
|
|
(24.9 |
) |
|
Food and ingredients |
|
|
(1,432 |
) |
|
|
12,585 |
|
|
(111.4 |
) |
|
Partnership |
|
|
12,551 |
|
|
|
15,360 |
|
|
(18.3 |
) |
|
Intersegment eliminations |
|
|
(3,677 |
) |
|
|
68 |
|
|
* |
|
|
Corporate activities |
|
|
(8,559 |
) |
|
|
(11,473 |
) |
|
25.4 |
|
|
|
|
$ |
(40,005 |
) |
|
$ |
(3,925 |
) |
|
* |
|
% |
EBITDA: |
|
|
|
|
|
|
|
|
|
Ethanol production |
|
$ |
(28,503 |
) |
|
$ |
(7,095 |
) |
|
* |
|
% |
Agribusiness and energy services |
|
|
5,862 |
|
|
|
7,702 |
|
|
(23.9 |
) |
|
Food and ingredients |
|
|
257 |
|
|
|
15,997 |
|
|
(98.4 |
) |
|
Partnership |
|
|
13,771 |
|
|
|
16,623 |
|
|
(17.2 |
) |
|
Intersegment eliminations |
|
|
(3,677 |
) |
|
|
68 |
|
|
* |
|
|
Corporate activities |
|
|
(6,379 |
) |
|
|
(10,175 |
) |
|
37.3 |
|
|
|
|
$ |
(18,669 |
) |
|
$ |
23,120 |
|
|
* |
|
% |
|
|
|
|
|
|
|
|
|
|
* Percentage variance not considered
meaningful. |
|
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GREEN PLAINS
INC. |
SELECTED
OPERATING DATA |
(unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
2018 |
|
% Var. |
Ethanol production |
|
|
|
|
|
|
|
Ethanol sold (gallons) |
|
155,040 |
|
280,410 |
|
(44.7 |
) |
% |
Distillers grains sold (equivalent dried tons) |
|
398 |
|
747 |
|
(46.7 |
) |
|
Corn oil sold (pounds) |
|
34,983 |
|
69,134 |
|
(49.4 |
) |
|
Corn consumed (bushels) |
|
54,041 |
|
97,283 |
|
(44.4 |
) |
|
|
|
|
|
|
|
|
|
Agribusiness and energy services |
|
|
|
|
|
|
|
Domestic ethanol sold (gallons) |
|
139,499 |
|
311,190 |
|
(55.2 |
) |
|
Export ethanol sold (gallons) |
|
87,588 |
|
73,099 |
|
19.8 |
|
|
|
|
227,087 |
|
384,289 |
|
(40.9 |
) |
|
Food and ingredients |
|
|
|
|
|
|
|
Cattle sold (head) |
|
127 |
|
137 |
|
(7.3 |
) |
|
|
|
|
|
|
|
|
|
Partnership |
|
|
|
|
|
|
|
Storage and throughput (gallons) |
|
155,692 |
|
298,273 |
|
(47.8 |
) |
|
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|
|
|
|
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GREEN PLAINS
INC. |
CONSOLIDATED
CRUSH MARGIN |
(unaudited, in
thousands except per gallon amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
($ per gallon
produced) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol
production operating loss |
|
$ |
(44,192 |
) |
|
$ |
(27,529 |
) |
|
$ |
(0.28 |
) |
|
$ |
(0.10 |
) |
Depreciation and amortization |
|
|
15,340 |
|
|
|
20,436 |
|
|
|
0.10 |
|
|
|
0.07 |
|
Total ethanol production |
|
|
(28,852 |
) |
|
|
(7,093 |
) |
|
|
(0.18 |
) |
|
|
(0.03 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Intercompany fees, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Storage and logistics (partnership) |
|
|
12,454 |
|
|
|
15,571 |
|
|
|
0.08 |
|
|
|
0.06 |
|
Marketing and agribusiness fees (agribusiness and energy
services) |
|
|
3,599 |
|
|
|
6,828 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Consolidated ethanol crush margin |
|
$ |
(12,799 |
) |
|
$ |
15,306 |
|
|
$ |
(0.08 |
) |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity and Capital ResourcesOn March 31,
2019, Green Plains had $273.2 million in total cash, cash
equivalents and restricted cash, and $472.8 million available under
committed revolving credit agreements, some of which are subject to
restrictions and other lending conditions. Total debt outstanding
at March 31, 2019, was $883.3 million, including $526.5 million
outstanding under working capital revolvers and other short-term
borrowing arrangements for the agribusiness and energy services,
and food and ingredients segments and $135.0 million of debt
related to Green Plains Partners.
Conference Call InformationOn May 9, 2019,
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 first quarter 2019 financial and 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 6208719. 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
http://investor.gpreinc.com/events.cfm.
Non-GAAP Financial MeasuresManagement uses
earnings before interest, income taxes, depreciation and
amortization, or EBITDA, segment EBITDA and consolidated ethanol
crush margins to measure the company’s financial performance and to
internally manage its businesses. 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 generally accepted
accounting principles (GAAP). These non-GAAP calculations may vary
from company to company. Accordingly, the company’s computation of
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 diversified commodity-processing business with
operations related to ethanol production, grain handling and
storage, cattle feeding, and commodity marketing and logistics
services. The company is one of the leading producers of ethanol in
the world and, through its adjacent businesses, is focused on the
production of high-protein feed ingredients and export growth
opportunities. Green Plains owns a 49.1% limited partner interest
and a 2.0% general partner interest in Green Plains Partners. For
more information about Green Plains, 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 tanks, 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: 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 the
Green Plains’ ability to successfully complete the sale of assets
related to the company’s announced portfolio optimization plan or
achieve anticipated savings from the opex equalization plan 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
|
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|
|
|
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GREEN PLAINS
INC. |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in thousands) |
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
214,068 |
|
$ |
251,683 |
Restricted cash |
|
|
59,174 |
|
|
66,512 |
Accounts receivable, net |
|
|
66,566 |
|
|
100,361 |
Income tax receivable |
|
|
12,260 |
|
|
12,418 |
Inventories |
|
|
707,025 |
|
|
734,883 |
Other current assets |
|
|
23,858 |
|
|
40,785 |
Total current assets |
|
|
1,082,951 |
|
|
1,206,642 |
Property and equipment, net |
|
|
879,046 |
|
|
886,576 |
Operating lease right-of-use assets |
|
|
56,516 |
|
|
- |
Other assets |
|
|
129,067 |
|
|
123,214 |
Total assets |
|
$ |
2,147,580 |
|
$ |
2,216,432 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
103,729 |
|
$ |
156,901 |
Accrued and other liabilities |
|
|
46,777 |
|
|
58,973 |
Derivative financial instruments |
|
|
15,951 |
|
|
24,776 |
Current operating lease liabilities |
|
|
17,219 |
|
|
- |
Short-term notes payable and other borrowings |
|
|
526,523 |
|
|
538,243 |
Current maturities of long-term debt |
|
|
55,740 |
|
|
54,807 |
Total current liabilities |
|
|
765,939 |
|
|
833,700 |
Long-term debt |
|
|
301,033 |
|
|
298,190 |
Deferred income taxes |
|
|
5,845 |
|
|
10,123 |
Long-term operating lease liabilities |
|
|
42,419 |
|
|
- |
Other liabilities |
|
|
8,537 |
|
|
11,430 |
Total liabilities |
|
|
1,123,773 |
|
|
1,153,443 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
Total Green Plains stockholders' equity |
|
|
908,117 |
|
|
946,819 |
Noncontrolling interests |
|
|
115,690 |
|
|
116,170 |
Total liabilities and stockholders' equity |
|
$ |
2,147,580 |
|
$ |
2,216,432 |
|
|
|
|
|
|
|
|
|
|
GREEN PLAINS
INC. |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(unaudited, in
thousands except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
|
% Var. |
Revenues |
|
|
|
|
|
|
|
|
|
Product |
|
$ |
640,010 |
|
|
$ |
1,043,659 |
|
|
(38.7 |
) |
% |
Services |
|
|
2,305 |
|
|
|
1,628 |
|
|
41.6 |
|
|
Total revenues |
|
|
642,315 |
|
|
|
1,045,287 |
|
|
(38.6 |
) |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
Cost of goods sold (excluding depreciation and amortization
expenses reflected below) |
|
|
635,575 |
|
|
|
988,335 |
|
|
(35.7 |
) |
|
Operations and maintenance |
|
|
6,864 |
|
|
|
8,400 |
|
|
(18.3 |
) |
|
Selling, general and administrative |
|
|
20,646 |
|
|
|
26,003 |
|
|
(20.6 |
) |
|
Depreciation and amortization |
|
|
19,235 |
|
|
|
26,474 |
|
|
(27.3 |
) |
|
Total costs and expenses |
|
|
682,320 |
|
|
|
1,049,212 |
|
|
(35.0 |
) |
|
Operating loss |
|
|
(40,005 |
) |
|
|
(3,925 |
) |
|
* |
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
1,263 |
|
|
|
637 |
|
|
98.3 |
|
|
Interest expense |
|
|
(14,427 |
) |
|
|
(22,128 |
) |
|
34.8 |
|
|
Other, net |
|
|
838 |
|
|
|
(66 |
) |
|
* |
|
|
Total other expense |
|
|
(12,326 |
) |
|
|
(21,557 |
) |
|
(42.8 |
) |
|
Loss before income taxes |
|
|
(52,331 |
) |
|
|
(25,482 |
) |
|
* |
|
|
Income tax benefit |
|
|
14,460 |
|
|
|
6,027 |
|
|
139.9 |
|
|
Net loss |
|
|
(37,871 |
) |
|
|
(19,455 |
) |
|
* |
|
|
Net income attributable to noncontrolling
interest |
|
|
4,928 |
|
|
|
4,662 |
|
|
5.7 |
|
|
Net loss attributable to Green Plains |
|
$ |
(42,799 |
) |
|
$ |
(24,117 |
) |
|
* |
|
% |
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Net loss attributable to Green Plains - basic |
|
$ |
(1.06 |
) |
|
$ |
(0.60 |
) |
|
|
|
Net loss attributable to Green Plains - diluted |
|
$ |
(1.06 |
) |
|
$ |
(0.60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
40,315 |
|
|
|
40,164 |
|
|
|
|
Diluted |
|
|
40,315 |
|
|
|
40,164 |
|
|
|
|
* Percentage variance not considered meaningful.
|
|
|
|
|
|
|
GREEN PLAINS
INC. |
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(unaudited, in
thousands) |
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(37,871 |
) |
|
$ |
(19,455 |
) |
Noncash operating adjustments: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
19,235 |
|
|
|
26,474 |
|
Deferred income taxes |
|
|
(12,927 |
) |
|
|
(12,020 |
) |
Other |
|
|
6,048 |
|
|
|
6,180 |
|
Net change in working capital |
|
|
4,732 |
|
|
|
(42,270 |
) |
Net cash used in operating activities |
|
|
(20,783 |
) |
|
|
(41,091 |
) |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment, net |
|
|
(10,809 |
) |
|
|
(7,352 |
) |
Proceeds from the sale of assets, net |
|
|
3,155 |
|
|
|
- |
|
Acquisition of businesses, net of cash acquired |
|
|
- |
|
|
|
(1,006 |
) |
Investments in unconsolidated subsidiaries |
|
|
- |
|
|
|
(14 |
) |
Other investing activities |
|
|
- |
|
|
|
7,500 |
|
Net cash used in investing activities |
|
|
(7,654 |
) |
|
|
(872 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Net proceeds - long-term debt |
|
|
819 |
|
|
|
770 |
|
Net proceeds (payments) - short-term borrowings |
|
|
(11,722 |
) |
|
|
7,413 |
|
Other |
|
|
(5,613 |
) |
|
|
(13,345 |
) |
Net cash used in financing activities |
|
|
(16,516 |
) |
|
|
(5,162 |
) |
|
|
|
|
|
|
|
Net change in cash, cash equivalents and restricted
cash |
|
|
(44,953 |
) |
|
|
(47,125 |
) |
Cash, cash equivalents and restricted cash, beginning
of period |
|
|
318,195 |
|
|
|
312,360 |
|
Cash, cash equivalents and restricted cash, end of
period |
|
$ |
273,242 |
|
|
$ |
265,235 |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2019 |
|
2018 |
|
|
|
|
|
|
|
Reconciliation of total cash,
cash equivalents and restricted cash: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
214,068 |
|
$ |
240,964 |
Restricted cash |
|
|
59,174 |
|
|
24,271 |
Total cash, cash equivalents
and restricted cash |
|
$ |
273,242 |
|
$ |
265,235 |
|
|
|
|
|
|
|
GREEN PLAINS
INC. |
RECONCILIATIONS TO NON-GAAP FINANCIAL
MEASURES |
(unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2019 |
|
|
2018 |
|
Net loss |
|
$ |
(37,871 |
) |
|
$ |
(19,455 |
) |
Interest expense |
|
|
14,427 |
|
|
|
22,128 |
|
Income tax benefit |
|
|
(14,460 |
) |
|
|
(6,027 |
) |
Depreciation and amortization (1) |
|
|
19,235 |
|
|
|
26,474 |
|
EBITDA |
|
$ |
(18,669 |
) |
|
$ |
23,120 |
|
- Excludes the amortization of operating lease right-of-use
assets and amortization of debt issuance costs.
Contact: Jim Stark | Vice President, Investor
& Media Relations | 402.884.8700 | jim.stark@gpreinc.com
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