Fourth Quarter 2016
Highlights:
Renewable Energy Group, Inc. (NASDAQ:REGI) (“REG” or the “Company”)
today announced its financial results for the fourth quarter and
full year ended December 31, 2016.
For the fourth quarter of 2016, revenue was $560.4 million on
155.9 million gallons sold. Net income was $20.2 million and
Adjusted EBITDA was $60.3 million. REG increased total
gallons sold by 58% compared to the fourth quarter of 2015.
Revenue increased by 45% while Adjusted EBITDA increased by 179% in
the fourth quarter of 2016 compared to the same period in 2015,
primarily driven by increased gallons sold and improved
margins.
For the full year 2016, revenue was $2.0 billion on 567.1
million gallons sold. Net income was $44.3 million and
Adjusted EBITDA was $102.1 million. For the full year 2016, REG
sold 192.4 million more total gallons, revenue increased by 47%,
and Adjusted EBITDA increased by 104%, compared to 2015. The
increase in net income and Adjusted EBITDA is primarily
attributable to significantly higher gallons sold, improving market
conditions in the energy and commodity sectors in 2016, higher
average selling price and increased production run rate across the
Company's fleet.
“Our fourth quarter results were strong resulting from a total
team effort to maximize our gallons sold as we sought to capture
the lapsing tax incentive,” said Daniel J. Oh, President and Chief
Executive Officer. “Revenue for the full year exceeded $2
billion for the first time and we set records for gallons produced
and sold in a year.”
Oh continued, “The entire fleet ran very well in 2016. Notably,
our Geismar biorefinery achieved a production record in the fourth
quarter and has run continuously above nameplate capacity on
average for the first two months of 2017. We are excited to
see Geismar beginning to deliver on expectations. As we look
to 2017, we expect to work our way through additional regulatory
uncertainty as a company and an industry as we have done
successfully several times in the past.”
Fourth Quarter 2016 Operating Highlights
REG sold 155.9 million total gallons of fuel, an increase of
57.8% compared to the fourth quarter of 2015. Gallons sold in
the quarter included 21.9 million gallons purchased from third
parties and resold through the Company’s distribution network, 20.5
million gallons of petroleum-based diesel fuel and 12.1 million
gallons contributed by Petrotec.
REG produced 130.1 million gallons of biomass-based diesel
during the quarter, an increase of 48.6 million gallons over the
fourth quarter of 2015. The growth in production resulted
primarily from our Geismar biorefinery running at high rates in the
fourth quarter of this year compared to no production at Geismar in
the 2015 period, production from the Madison, Wisconsin facility
acquired in the second quarter of 2016 and the remainder of the
fleet producing at a high rate. The Company also utilized
contract or toll manufacturing, which contributed 5.9 million
gallons in the quarter.
Fourth Quarter 2016 Financial Results
All figures refer to the quarter ending December 31, 2016,
unless otherwise noted. All comparisons are to the quarter ended
December 31, 2015 unless otherwise noted.
Revenue of $560.4 million represented an increase of $172.6
million when compared to the fourth quarter of 2015. The
increase in revenue was driven by volume growth of 57.8% and an
increase in biomass-based diesel prices. The average price
per gallon sold (including RINs) for B100 was $3.05, an increase of
13.4% from the same period in 2015.
Gross profit was $81.9 million, compared to $106.4 million for
the fourth quarter of 2015. Gross margin was 15%, compared to
27% in the year-earlier quarter. The decrease in gross profit
was primarily due to the benefit from the reinstatement of the
federal biodiesel mixture excise tax credit (BTC) for 2015, all of
which was recognized in the fourth quarter of 2015.
Operating income was $32.2 million compared to operating loss of
$96.6 million for the fourth quarter of 2015. Fourth quarter
2016 operating income was impacted by a $17.8 million non-cash
impairment charge of property, plant and equipment, of which $15.6
million related to our partially completed facility in Emporia,
Kansas. The impairment charge for Emporia resulted from
competition from foreign, imported product and the probability of
that project being completed in the near term is unlikely. We
believe this site continues to be a good opportunity for future
biorefinery operations. Also in the fourth quarter of 2016,
we recorded an initial and partial settlement of $15.1 million from
our business interruption insurance claim related to the September
2015 fire at our Geismar facility. The loss in prior year
quarter was largely due to the $175.0 million non-cash goodwill
impairment charge.
Net income attributable to common stockholders was $20.2
million, or $0.51 per share on a fully diluted basis. This
compares to a net loss of $95.6 million, or $2.18 per share on a
fully diluted basis in the fourth quarter of 2015.
Adjusted EBITDA was $60.3 million, a 179% increase compared to
the 2015 period. Fourth quarter 2015 adjusted EBITDA was
$21.6 million. Adjusted EBITDA is defined as earnings before
interest, taxes, depreciation and amortization and further adjusted
for certain items identified below under “Adjusted EBITDA
Reconciliation.”
At December 31, 2016, REG had cash and cash equivalents, of
$116.2 million, an increase of 34% during the quarter. For
the year, the Company's cash and cash equivalents increased by
$69.1 million primarily as a result of cash generated from
operations. At December 31, 2016, accounts receivable
were $164.9 million, an increase of $59.9 million from September
30, 2016, mainly as a result of the increase in sales activities in
the last quarter of 2016 in an effort to maximize the BTC that
lapsed after December 31, 2016. Inventory was $145.4 million,
an increase of $47.2 million during the quarter.
The table below summarizes REG’s results for Q4 2016:
REG Q4 2016 Revenues and Adjusted EBITDA
Summary (dollars and gallons in thousands) |
|
4Q-2016 |
|
4Q-2015 |
|
Y/Y Change |
Gallons sold |
155,860 |
|
|
98,780 |
|
|
58 |
% |
Average selling price |
$ |
3.05 |
|
|
$ |
2.69 |
|
|
13 |
% |
Total revenues |
$ |
560,421 |
|
|
$ |
387,808 |
|
|
45 |
% |
Net income (loss) attributable to the Company |
$ |
20,197 |
|
|
$ |
(95,609 |
) |
|
N/M |
|
Adjusted EBITDA (1) |
$ |
60,274 |
|
|
$ |
21,589 |
|
|
179 |
% |
|
|
|
|
|
|
(1) On December 18, 2015, the Protecting Americans from Tax
Hikes Act of 2015 was signed into law, which reinstated a set of
tax extender items including the retroactive reinstatement of the
BTC for 2015 and prospectively in effect for 2016. The
retroactive credit for 2015 resulted in a net benefit to us of $95
million that was recognized in the fourth quarter of 2015.
Because this credit relates to the full year operating performance
and results, for purposes of the calculation of quarterly Adjusted
EBITDA the Company allocated a portion of the credit to each of the
first three quarters of 2015 based upon gallons sold in each
quarter and excluded those amounts from the fourth quarter adjusted
EBITDA.
Full Year 2016 Results
All figures refer to the full year ending December 31,
2016, unless otherwise noted. All comparisons are to the full
year ending December 31, 2015 unless otherwise noted.
REG sold 567.1 million total gallons, an increase of 51.3%
compared to 374.7 million gallons in 2015. Gallons sold in
2016 included 76.7 million gallons purchased from third parties and
resold through the Company’s distribution network, 53.7 million
gallons of petroleum-based diesel fuel and 44.6 million gallons
sold by Petrotec.
The average B100 price per gallon (including RINs) sold by REG
was $3.17, compared to $2.97 in 2015.
REG produced 445.5 million gallons of biomass-based diesel,
compared to 300.3 million gallons in 2015. The growth in
production resulted from the Geismar biorefinery running at, or
over, capacity in the fourth quarter, production from the Madison
acquisition and inclusion of Grays Harbor for the full year in 2016
compared to a five months in 2015, coupled with high production
rates across the remainder of the Company's fleet. The
Company also utilized contract or toll manufacturing, which
contributed 23.4 million gallons in 2016 compared to 17.3 million
gallons in 2015.
Revenue was $2.0 billion, an increase of $653.9 million, or 47%,
versus 2015 revenue of $1.4 billion. The increase was due to
a 51.3% increase in gallons sold and a 6.7% increase in average
biomass-based diesel prices during 2016.
Gross profit was $171.5 million, compared to $110.5 million in
2015.
Operating income was $47.2 million, compared to an operating
loss of $154.7 million in 2015. Operating income for 2016 was
reduced by a $17.8 million non-cash impairment charge of property,
plant and equipment. The loss in prior year was largely due
to the $175.0 million non-cash goodwill impairment charge.
Net income attributable to common stockholders was $43.5 million
or $1.06 per share on a fully diluted basis for 2016. This
compares to a net loss of $151.4 million, or $3.44 per share on a
fully diluted basis for 2015. Net income attributable to common
shareholders for 2016 was $61.3 million, excluding the non-cash
impairment of property, plant and equipment charge of $17.8
million, or $1.50 per share on a fully diluted basis. Net
income attributable to common shareholders for 2015 was $23.6
million, excluding the non-cash goodwill impairment charge of
$175.0 million, or $0.54 per share on a fully diluted
basis.
Adjusted EBITDA was $102.1 million, compared to $50.2 million in
2015, resulting in an Adjusted EBITDA margin of 5%.
The table below summarizes the quarterly and year end results
for 2016 and 2015:
REG Annual Results Summary (dollars and
gallons in thousands except per gallon data) |
|
1Q |
|
2Q |
|
3Q |
|
4Q |
|
Year |
Gallons sold 2016 |
98,016 |
|
|
150,052 |
|
|
163,133 |
|
|
155,860 |
|
|
567,061 |
|
Gallons sold 2015 |
59,860 |
|
|
96,082 |
|
|
119,967 |
|
|
98,780 |
|
|
374,689 |
|
Y/Y Change |
64 |
% |
|
56 |
% |
|
36 |
% |
|
58 |
% |
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
B100 ASP per gallon 2016 |
$ |
2.92 |
|
|
$ |
3.27 |
|
|
$ |
3.14 |
|
|
$ |
3.05 |
|
|
$ |
3.17 |
|
B100 ASP per gallon 2015 |
$ |
3.17 |
|
|
$ |
3.19 |
|
|
$ |
2.57 |
|
|
$ |
2.69 |
|
|
$ |
2.97 |
|
Y/Y Change |
(8 |
)% |
|
3 |
% |
|
22 |
% |
|
13 |
% |
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
Total revenues 2016 |
$ |
297,870 |
|
|
$ |
558,301 |
|
|
$ |
624,640 |
|
|
$ |
560,421 |
|
|
$ |
2,041,232 |
|
Total revenues 2015 |
$ |
230,918 |
|
|
$ |
373,762 |
|
|
$ |
394,856 |
|
|
$ |
387,808 |
|
|
$ |
1,387,344 |
|
Y/Y Change |
29 |
% |
|
49 |
% |
|
58 |
% |
|
45 |
% |
|
47 |
% |
|
|
|
|
|
|
|
|
|
|
Net income attributable to the Company 2016 |
$ |
(6,918 |
) |
|
$ |
7,606 |
|
|
$ |
23,442 |
|
|
$ |
20,197 |
|
|
$ |
44,327 |
|
Net loss attributable to the Company 2015 |
$ |
(38,107 |
) |
|
$ |
(2,001 |
) |
|
$ |
(15,675 |
) |
|
$ |
(95,609 |
) |
|
$ |
(151,392 |
) |
Y/Y Change |
|
N/M |
|
|
|
N/M |
|
|
|
N/M |
|
|
|
N/M |
|
|
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA 2016 |
$ |
2,197 |
|
|
$ |
8,052 |
|
|
$ |
31,624 |
|
|
$ |
60,274 |
|
|
$ |
102,147 |
|
Adjusted EBITDA 2015 |
$ |
(14,472 |
) |
|
$ |
26,142 |
|
|
$ |
16,904 |
|
|
$ |
21,589 |
|
|
$ |
50,163 |
|
Y/Y Change |
|
N/M |
|
|
(69 |
)% |
|
87 |
% |
|
179 |
% |
|
104 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA margin 2016 |
1 |
% |
|
1 |
% |
|
5 |
% |
|
11 |
% |
|
5 |
% |
Adjusted EBITDA margin 2015 |
(6 |
)% |
|
7 |
% |
|
4 |
% |
|
6 |
% |
|
4 |
% |
Adjusted EBITDA Reconciliation
The Company uses earnings before interest, taxes, depreciation
and amortization, adjusted for certain additional items, identified
in the table below, or Adjusted EBITDA, as a supplemental
performance measure. Adjusted EBITDA is presented in order to
assist investors in analyzing performance across reporting periods
on a consistent basis by excluding items that are not believed to
be indicative of core operating performance. Adjusted EBITDA
is used by the Company to evaluate, assess and benchmark financial
performance on a consistent and a comparable basis and as a factor
in determining incentive compensation for company executives.
The following table provides Adjusted EBITDA for the periods
presented, as well as reconciliation to net income:
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
|
|
|
|
|
|
Year ended December 31, |
(In
thousands) |
1Q-2016 |
|
2Q-2016 |
|
3Q-2016 |
|
4Q-2016 |
|
2016 |
|
1Q-2015 |
|
2Q-2015 |
|
3Q-2015 |
|
4Q-2015 |
|
2015 |
Net income (loss) |
$ |
(6,888 |
) |
|
$ |
7,714 |
|
|
$ |
23,505 |
|
|
20,382 |
|
|
$ |
44,713 |
|
|
$ |
(38,304 |
) |
|
$ |
(2,163 |
) |
|
$ |
(15,671 |
) |
|
(95,572 |
) |
|
$ |
(151,710 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
tax (benefit) expense |
728 |
|
|
1,296 |
|
|
(1,203 |
) |
|
3,447 |
|
|
4,268 |
|
|
(897 |
) |
|
(707 |
) |
|
(1,050 |
) |
|
(6,047 |
) |
|
(8,701 |
) |
Interest
expense |
3,311 |
|
|
3,738 |
|
|
4,487 |
|
|
4,451 |
|
|
15,987 |
|
|
2,743 |
|
|
2,928 |
|
|
2,921 |
|
|
3,275 |
|
|
11,867 |
|
Other
income (expense), net |
88 |
|
|
(15,738 |
) |
|
(2,699 |
) |
|
2,546 |
|
|
(15,803 |
) |
|
(565 |
) |
|
(1,779 |
) |
|
462 |
|
|
1,410 |
|
|
(472 |
) |
Gain on
involuntary conversion |
(3,543 |
) |
|
(997 |
) |
|
(3,470 |
) |
|
(1,884 |
) |
|
(9,894 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Gain on
bargain purchase |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(5,358 |
) |
|
— |
|
|
(5,358 |
) |
Change in
fair value of contingent consideration |
(15 |
) |
|
3,571 |
|
|
1,124 |
|
|
3,224 |
|
|
7,904 |
|
|
293 |
|
|
(2,121 |
) |
|
1,106 |
|
|
363 |
|
|
(359 |
) |
Impairment of assets (2) |
— |
|
|
— |
|
|
— |
|
|
17,893 |
|
|
17,893 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Impairment of goodwill |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
175,028 |
|
|
175,028 |
|
Straight-line lease expense |
(94 |
) |
|
(80 |
) |
|
(73 |
) |
|
(38 |
) |
|
(285 |
) |
|
(158 |
) |
|
(145 |
) |
|
(19 |
) |
|
(94 |
) |
|
(416 |
) |
Depreciation |
7,674 |
|
|
7,824 |
|
|
7,949 |
|
|
8,378 |
|
|
31,825 |
|
|
5,613 |
|
|
6,134 |
|
|
6,261 |
|
|
6,989 |
|
|
24,997 |
|
Amortization |
(140 |
) |
|
(134 |
) |
|
(129 |
) |
|
46 |
|
|
(357 |
) |
|
(219 |
) |
|
(206 |
) |
|
(199 |
) |
|
(91 |
) |
|
(715 |
) |
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
197 |
|
|
162 |
|
|
(4 |
) |
|
486 |
|
|
841 |
|
Biodiesel
tax credit (1) |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,745 |
|
|
22,883 |
|
|
27,264 |
|
|
(65,892 |
) |
|
— |
|
Non-cash
stock compensation |
1,076 |
|
|
858 |
|
|
2,133 |
|
|
1,829 |
|
|
5,896 |
|
|
1,080 |
|
|
1,156 |
|
|
1,191 |
|
|
1,734 |
|
|
5,161 |
|
Adjusted EBITDA |
$ |
2,197 |
|
|
$ |
8,052 |
|
|
$ |
31,624 |
|
|
$ |
60,274 |
|
|
$ |
102,147 |
|
|
$ |
(14,472 |
) |
|
$ |
26,142 |
|
|
$ |
16,904 |
|
|
$ |
21,589 |
|
|
$ |
50,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) On December 18, 2015, the Protecting Americans from Tax
Hikes Act of 2015 was signed into law, which reinstated a set of
tax extender items including the retroactive reinstatement of the
BTC for 2015 and prospectively in effect for 2016. The
retroactive credit for 2015 resulted in a net benefit to us of $95
million that was recognized in the fourth quarter of 2015.
Because this credit relates to the full year operating performance
and results, the Company allocated a portion of the credit to
each of the first three quarters of 2015 based upon gallons sold in
each quarter and excluded those amounts from the fourth quarter
2015 adjusted EBITDA.
(2) Represents the impairment charge to write down the carrying
value of certain assets, mostly attributed to the Company's Emporia
facility, to remaining salvage value.
Adjusted EBITDA is a supplemental performance measure that is
not required by, or presented in accordance with, generally
accepted accounting principles, or GAAP. Adjusted EBITDA
should not be considered as an alternative to net income or any
other performance measure derived in accordance with GAAP, or as
alternatives to cash flows from operating activities or a measure
of liquidity or profitability. Adjusted EBITDA has
limitations as an analytical tool, and should not be considered in
isolation, or as a substitute for any of the results as reported
under GAAP. Some of these limitations are:
- Adjusted EBITDA does not reflect cash expenditures for capital
assets or the impact of certain cash clauses that the Company
considers not to be an indication of ongoing operations;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, working capital requirements;
- Adjusted EBITDA does not reflect the interest expense, or the
cash requirements necessary to service interest or principal
payments, on indebtedness;
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA does not reflect cash
requirements for such replacements;
- Stock-based compensation expense is an important element of the
Company’s long term incentive compensation program, although the
Company has excluded it as an expense when evaluating our operating
performance; and
- Other companies, including other companies in the same
industry, may calculate these measures differently, limiting their
usefulness as a comparative measure.
About Renewable Energy Group
Renewable Energy Group, Inc. (NASDAQ:REGI) is a leading provider
of cleaner, lower carbon intensity products and services. We are an
international producer of biomass-based diesel, a developer of
renewable chemicals and are North America's largest producer of
advanced biofuel. REG utilizes an integrated procurement,
distribution, and logistics network to convert natural fats, oils,
greases, and sugars into lower carbon intensity products. With 14
active biorefineries, a feedstock processing facility, research and
development capabilities and a diverse and growing intellectual
property portfolio, REG is committed to being a long-term leader in
bio-based fuel and chemicals.
Note Regarding Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 as amended, including statements regarding our ability to
manage our business in spite of regulatory uncertainties.
These forward-looking statements are based on current expectations,
estimates, assumptions and projections that are subject to change,
and actual results may differ materially from the forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, potential changes in
governmental programs and policies requiring or encouraging the use
of biofuels, including RFS2; availability of federal and state
governmental tax incentives and incentives for biomass-based diesel
production; changes in the spread between biomass-based diesel
prices and feedstock costs; the future price and volatility of
feedstocks; the future price and volatility of petroleum and
products derived from petroleum; risks associated with fire,
explosions, leaks and other natural disasters at our facilities;
the effect of excess capacity in the biomass-based diesel industry;
unanticipated changes in the biomass-based diesel market from which
we generate almost all of our revenues; seasonal fluctuations in
our operating results; competition in the markets in which we
operate; our dependence on sales to a single customer;
technological advances or new methods of biomass-based diesel
production or the development of energy alternatives to
biomass-based diesel; our ability to successfully implement our
acquisition strategy; our ability to generate revenue from the sale
of renewable chemicals, fuels and other products on a commercial
scale and at a competitive cost, and customer acceptance of the
products produced; whether our Geismar biorefinery will be able to
produce renewable hydrocarbon diesel consistently or profitably;
and other risks and uncertainties described from time to time in
REG's quarterly report on Form 10-Q for the period ended September
30, 2016 and other periodic filings with the Securities and
Exchange Commission.
All forward-looking statements are made as of the date of this
press release and REG does not undertake to update any
forward-looking statements based on new developments or changes in
our expectations.
|
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND
2014 |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
AMOUNTS) |
(UNAUDITED) |
|
|
2016 |
|
2015 |
|
2014 |
REVENUES: |
|
|
|
|
|
Biomass-based diesel sales |
$ |
1,417,595 |
|
|
$ |
954,742 |
|
|
$ |
922,602 |
|
Separated
RIN sales |
274,800 |
|
|
186,539 |
|
|
130,170 |
|
Biomass-based diesel government incentives |
346,672 |
|
|
245,868 |
|
|
220,634 |
|
|
2,039,067 |
|
|
1,387,149 |
|
|
1,273,406 |
|
Services |
2,165 |
|
|
195 |
|
|
425 |
|
|
2,041,232 |
|
|
1,387,344 |
|
|
1,273,831 |
|
COSTS OF GOODS
SOLD: |
|
|
|
|
|
Biomass-based diesel |
1,616,991 |
|
|
1,093,979 |
|
|
993,264 |
|
Separated
RINs |
250,809 |
|
|
182,688 |
|
|
119,788 |
|
Services |
1,916 |
|
|
134 |
|
|
167 |
|
|
1,869,716 |
|
|
1,276,801 |
|
|
1,113,219 |
|
GROSS PROFIT |
171,516 |
|
|
110,543 |
|
|
160,612 |
|
SELLING, GENERAL, AND
ADMINISTRATIVE EXPENSES |
88,285 |
|
|
73,397 |
|
|
62,681 |
|
RESEARCH AND
DEVELOPMENT EXPENSE |
18,163 |
|
|
16,851 |
|
|
12,424 |
|
IMPAIRMENT OF PROPERTY,
PLANT, AND EQUIPMENT |
17,893 |
|
|
— |
|
|
— |
|
IMPAIRMENT OF
GOODWILL |
— |
|
|
175,028 |
|
|
— |
|
INCOME (LOSS) FROM
OPERATIONS |
47,175 |
|
|
(154,733 |
) |
|
85,507 |
|
OTHER INCOME (EXPENSE),
NET |
1,806 |
|
|
(5,678 |
) |
|
603 |
|
INCOME (LOSS) BEFORE
INCOME TAXES |
48,981 |
|
|
(160,411 |
) |
|
86,110 |
|
INCOME TAX BENEFIT
(EXPENSE) |
(4,268 |
) |
|
8,701 |
|
|
(3,572 |
) |
NET INCOME (LOSS) |
$ |
44,713 |
|
|
$ |
(151,710 |
) |
|
$ |
82,538 |
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY |
44,327 |
|
|
(151,392 |
) |
|
82,611 |
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY'S COMMON STOCKHOLDERS |
$ |
43,453 |
|
|
$ |
(151,392 |
) |
|
$ |
81,620 |
|
Net income (loss) per
share attributable to common stockholders: |
|
|
|
|
|
Basic |
$ |
1.06 |
|
|
$ |
(3.44 |
) |
|
$ |
2.00 |
|
Diluted |
$ |
1.06 |
|
|
$ |
(3.44 |
) |
|
$ |
1.99 |
|
Weighted-average shares
used to compute net income (loss) per share attributable to common
stockholders: |
|
|
|
|
|
Basic |
40,897,549 |
|
|
43,958,803 |
|
|
40,740,411 |
|
Diluted |
40,902,860 |
|
|
43,958,803 |
|
|
40,749,913 |
|
|
|
|
|
|
|
|
|
|
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES |
|
CONDENSED SUPPLEMENTAL QUARTERLY RESULTS OF
OPERATIONS |
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2016 AND 2015 |
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE
AMOUNTS) |
(UNAUDITED) |
|
|
|
Three Months Ended December 31,
2016 |
|
Three Months Ended December 31,
2015 |
|
Twelve Months Ended December 31,
2016 |
|
Twelve Months Ended December 31,
2015 |
Revenues |
|
$ |
560,421 |
|
|
$ |
387,808 |
|
|
$ |
2,041,232 |
|
|
$ |
1,387,344 |
|
Gross profit |
|
81,920 |
|
|
106,426 |
|
|
171,516 |
|
|
110,543 |
|
Selling, general, and
administrative expenses including research and development
expense |
|
31,864 |
|
|
27,969 |
|
|
106,448 |
|
|
90,248 |
|
Impairment of property,
plant and equipment |
|
17,893 |
|
|
— |
|
|
17,893 |
|
|
— |
|
Impairment of
goodwill |
|
— |
|
|
175,028 |
|
|
— |
|
|
175,028 |
|
Income (loss) from
operations |
|
32,163 |
|
|
(96,571 |
) |
|
47,175 |
|
|
(154,733 |
) |
Other income (expense),
net |
|
(6,343 |
) |
|
(5,048 |
) |
|
1,806 |
|
|
(5,678 |
) |
Net income (loss)
attributable to the Company |
|
20,197 |
|
|
(95,609 |
) |
|
44,327 |
|
|
(151,392 |
) |
Net income (loss) per
share attributable to common stockholders - basic |
|
0.51 |
|
|
(2.18 |
) |
|
1.06 |
|
|
(3.44 |
) |
Net income (loss) per
share attributable to common stockholders - diluted |
|
$ |
0.51 |
|
|
$ |
(2.18 |
) |
|
$ |
1.06 |
|
|
$ |
(3.44 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
AS
OF DECEMBER 31, 2016 AND 2015 (IN THOUSANDS) |
(UNAUDITED) |
|
|
2016 |
|
2015 |
ASSETS |
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and
cash equivalents |
$ |
116,210 |
|
|
$ |
47,081 |
|
Accounts
receivable, net |
164,949 |
|
|
310,731 |
|
Inventories |
145,408 |
|
|
85,890 |
|
Prepaid
expenses and other assets |
36,272 |
|
|
31,882 |
|
Total
current assets |
462,839 |
|
|
475,584 |
|
Property, plant and
equipment, net |
599,474 |
|
|
574,584 |
|
Goodwill |
16,080 |
|
|
16,080 |
|
Intangible assets,
net |
29,470 |
|
|
30,941 |
|
Investments |
12,110 |
|
|
8,797 |
|
Other assets |
12,630 |
|
|
11,819 |
|
Restricted cash |
4,000 |
|
|
105,815 |
|
TOTAL ASSETS |
$ |
1,136,603 |
|
|
$ |
1,223,620 |
|
LIABILITIES AND
EQUITY |
|
|
|
CURRENT
LIABILITIES: |
|
|
|
Revolving
line of credit |
$ |
52,844 |
|
|
$ |
23,149 |
|
Current
maturities of long-term debt |
15,402 |
|
|
5,206 |
|
Accounts
payable |
99,137 |
|
|
236,817 |
|
Accrued
expenses and other liabilities |
38,916 |
|
|
28,466 |
|
Deferred
revenue |
27,246 |
|
|
333 |
|
Total
current liabilities |
233,545 |
|
|
293,971 |
|
Unfavorable lease
obligation |
15,515 |
|
|
17,343 |
|
Deferred income
taxes |
20,279 |
|
|
19,186 |
|
Long-term contingent
consideration for acquisitions |
28,931 |
|
|
26,949 |
|
Convertible debt
conversion liability |
27,100 |
|
|
— |
|
Long-term debt,
net |
196,203 |
|
|
247,251 |
|
Other liabilities |
4,856 |
|
|
4,910 |
|
Total
liabilities |
526,429 |
|
|
609,610 |
|
COMMITMENTS AND
CONTINGENCIES |
|
|
|
TOTAL EQUITY |
610,174 |
|
|
614,010 |
|
TOTAL LIABILITIES AND
EQUITY |
$ |
1,136,603 |
|
|
$ |
1,223,620 |
|
|
|
|
|
|
|
|
|
Contacts
Investor Relations:
The Blueshirt Group
Gary Dvorchak, CFA
Managing Director
+1 (323) 240-5796
gary@blueshirt.com
Company:
Renewable Energy Group
Todd Robinson
Director, Investor Relations
+1 (515) 239-8048
Todd.Robinson@regi.com
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