Results for the Third Quarter of 2022:
- EPS of $(1.27) per basic and diluted share, compared to EPS of $(1.18) per basic and diluted share for the same period in the prior year
- Results driven by record high corn basis levels, seasonal plant maintenance at 10 of 11 plants and lower of cost or market adjustment on inventory
- Progress on high protein ingredient sales programs remains on track with execution of 25% higher pet food sales volumes for 2023 and growing customer engagement and sales in Latin America and Asia, in addition to growing volumes in aquaculture
- Key milestones to achieve 2024 transformation and previous financial guidance in protein, corn oil, clean sugar and carbon remain on track
OMAHA, Neb., Nov. 03, 2022 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third quarter of 2022. Net loss attributable to the company was $73.5 million, or $(1.27) per basic and diluted share compared to net loss attributable to the company of $59.6 million or $(1.18) per basic and diluted share, for the same period in 2021. Revenues were $955.0 million compared with $746.8 million for the same period last year. EBITDA was $(35.6) million compared to $(16.6) million for the same period in the prior year.
“Our third quarter financial performance was largely driven by record high corn basis levels across our platform, resulting in a weak ethanol margin environment,” said Todd Becker, President and Chief Executive Officer. “The consolidated crush margin of $(0.09) per gallon also included accelerated seasonal maintenance at 10 of our 11 plants, which added repairs and maintenance costs and reduced utilization to 91%, as well as an LCM inventory adjustment, without which would have resulted in a near breakeven crush margin. Our early seasonal maintenance has now positioned our plants to operate at higher utilization rates in the fourth quarter. While still elevated, we have seen corn basis break from recent highs as harvest is nearing completion and based on our current outlook, we anticipate an improved and positive fourth quarter margin environment. Finally, our balance sheet remains strong and our path to 2024 remains fully intact.”
The company ended the quarter in a strong financial position with $512.4 million of cash, cash equivalents, restricted cash and marketable securities along with $155.0 million available under a committed credit facility.
The commissioning of the MSC™ system at the company’s biorefinery in Central City, Nebraska, contributed to the record renewable corn oil yield during the quarter. Commissioning of the MSC system in Mount Vernon, Indiana, began in October and the system in Obion, Tennessee, will start commissioning in the next few weeks.
“We remain on track to have MSC technology operating at over 50% of our platform by the end of 2022, and will have capacity to produce over 330,000 tons of protein next year,” added Becker. “We continue to see growing acceptance, expect higher volumes in all sectors and have begun to contract sales for next year. We recently renewed and increased our annual sales volume for pet food applications for 2023. During the fourth quarter we are shipping to aqua, pet, poultry, swine, and dairy customers in North America, South America and Asia Pacific. The uniqueness and scale of our platform allow us to provide higher volume and redundancy, tailored product solutions around protein levels and nutritional characteristics, and world class quality control across our product suite.”
The company expects to have over 400 million pounds of renewable corn oil capacity by the end of 2024, backed by Fluid Quip Technologies’ industry leading IP portfolio including DCO Technology™ and MSC technology.
“Our strong position in renewable corn oil in a growing demand environment has set us up to benefit from higher yields as we start up additional MSC systems,” continued Becker. “At current market values, we believe our renewable corn oil platform provides a significant value driver for our shareholders and we anticipate that this low-carbon feedstock market will remain tight for years to come, strengthening our confidence in our forward outlook. We continue to grow and monetize our position as a leader in low- carbon feedstocks.”
The company has broken ground on its first commercial clean sugar facility in Shenandoah, Iowa, where it is deploying Fluid Quip Technologies’ CST™ process supported by strong IP protections.
“Construction on our first commercial clean sugar facility to produce low-carbon dextrose is underway at our Shenandoah, Iowa, biorefinery, and discussions are progressing with interested parties to co-locate at our rapidly expanding bio-campus, as well as with customers that want to use the product at their sites,” said Becker. “When completed, the first phase will have the capability to produce in excess of 200 million pounds of refined and unrefined 43, 63 and 95 dextrose products for use in food, chemical, synthetic biology and industrial production processes.”
“Lastly, the economic outlook for carbon capture and sequestration has significantly improved as details on the Inflation Reduction Act have become clearer, which enhances our ability to deliver future financial contributions from carbon reduction initiatives,” concluded Becker. “We remain confident of the fundamentals in protein, oil, sugar and carbon to deliver on our transformation plan. We intend to capitalize on these unique opportunities to allow us to move away from ethanol margin volatility and toward strategies and initiatives that are aligned with macro tailwinds to feed and fuel a growing world in need of low-carbon solutions.”
Highlights and Recent Developments
- Broke ground on a first-of-its-kind commercial scale Clean Sugar Technology™ facility in Shenandoah, Iowa
- Announced executive leadership appointments, including Patrich Simpkins transitioning to Chief Transformation Officer and Jim Stark to Chief Financial Officer
- Converted the remaining $34.3 million of the 4.125% Convertible Senior Notes due 2022 using a combination of $32.6 million of common stock and $1.7 million of cash
Results of Operations
Green Plains ethanol production segment sold 219.2 million gallons of ethanol during the third quarter of 2022, compared with 181.2 million gallons for the same period in 2021. The consolidated ethanol crush margin was $(20.5) million, or $(0.09) per gallon, for the third quarter of 2022, compared with $1.1 million, or $0.01 per gallon, for the same period in 2021. 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 $208.2 million for the three months ended September 30, 2022, compared with the same period in 2021, primarily due to higher prices and higher volumes sold for ethanol, distillers grains and corn oil.
Net loss increased $13.5 million and EBITDA decreased $18.9 million for the three months ended September 30, 2022, compared with the same period last year, primarily due to lower ethanol crush margins. Interest expense increased $0.1 million for the three months ended September 30, 2022, compared with the same period in 2021. Income tax benefit was $1.9 million for the three months ended September 30, 2022, compared with income tax expense of $7 thousand for the same period in 2021, primarily due to a decrease in the valuation allowance recorded against deferred tax assets included in AOCI for the three months ended September 30, 2022.
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, 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 and (3) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.
GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2022 | 2021 | % Var. | 2022 | 2021 | % Var. | ||||||
| Revenues: | |||||||||||
| Ethanol production | $ 811,015 | $ 588,349 | 37.8% | $ 2,309,734 | $ 1,567,344 | 47.4% | |||||
| Agribusiness and energy services | 149,762 | 162,774 | (8.0) | 456,033 | 470,205 | (3.0) | |||||
| Partnership | 20,066 | 19,251 | 4.2 | 58,820 | 59,358 | (0.9) | |||||
| Intersegment eliminations | (25,866) | (23,583) | 9.7 | (75,781) | (72,058) | 5.2 | |||||
| $ 954,977 | $ 746,791 | 27.9% | $ 2,748,806 | $ 2,024,849 | 35.8% | ||||||
| Gross margin: | |||||||||||
| Ethanol production | $ (32,828) | $ (9,505) | 245.4% | $ (490) | $ 60,309 | (100.8)% | |||||
| Agribusiness and energy services | 9,840 | 8,347 | 17.9 | 38,016 | 29,523 | 28.8 | |||||
| Partnership | 20,066 | 19,251 | 4.2 | 58,820 | 59,358 | (0.9) | |||||
| Intersegment eliminations | 1,042 | (1,481) | 170.4 | 1,780 | (3,161) | 156.3 | |||||
| $ (1,880) | $ 16,612 | (111.3)% | $ 98,126 | $ 146,029 | (32.8)% | ||||||
| Depreciation and amortization: | |||||||||||
| Ethanol production | $ 21,555 | $ 25,644 | (15.9 %) | $ 59,101 | $ 62,655 | (5.7 %) | |||||
| Agribusiness and energy services | 1,280 | 870 | 47.1 | 2,214 | 2,072 | 6.9 | |||||
| Partnership | 1,194 | 1,089 | 9.6 | 2,915 | 2,771 | 5.2 | |||||
| Corporate activities | 618 | 677 | (8.7) | 1,783 | 1,995 | (10.6) | |||||
| $ 24,647 | $ 28,280 | (12.8 %) | $ 66,013 | $ 69,493 | (5.0 %) | ||||||
| Operating income (loss): | |||||||||||
| Ethanol production (1) | $ (64,121) | $ (44,192) | 45.1% | $ (87,773) | $ (30,969) | 183.4% | |||||
| Agribusiness and energy services | 5,205 | 3,225 | 61.4 | 25,894 | 15,720 | 64.7 | |||||
| Partnership | 11,993 | 12,417 | (3.4) | 35,906 | 37,204 | (3.5) | |||||
| Intersegment eliminations | 1,042 | (1,481) | 170.4 | 1,780 | (3,161) | 156.3 | |||||
| Corporate activities (2) | (15,999) | (14,644) | 9.3 | (51,748) | (1,089) | * | |||||
| $ (61,880) | $ (44,675) | 38.5% | $ (75,941) | $ 17,705 | * | ||||||
| Adjusted EBITDA: | |||||||||||
| Ethanol production (1) | $ (42,471) | $ (18,524) | 129.3% | $ (517) | $ 31,739 | (101.6)% | |||||
| Agribusiness and energy services | 6,536 | 3,818 | 71.2 | 28,009 | 17,515 | 59.9 | |||||
| Partnership | 13,270 | 13,679 | (3.0) | 39,275 | 40,492 | (3.0) | |||||
| Intersegment eliminations | 1,042 | (1,480) | 170.4 | 1,780 | (3,160) | 156.3 | |||||
| Corporate activities (2) | (13,945) | (14,129) | (1.3) | (47,553) | (55) | * | |||||
| EBITDA | (35,568) | (16,636) | 113.8 | 20,994 | 86,531 | (75.7) | |||||
| Other income (3) | — | — | * | (27,712) | — | * | |||||
| Loss (gain) on sale of assets, net | — | 1,823 | * | — | (31,245) | * | |||||
| Proportional share of EBITDA adjustments to equity method investees | 45 | 45 | — | 135 | 139 | (2.9) | |||||
| $ (35,523) | $ (14,768) | 140.5% | $ (6,583) | $ 55,425 | (111.9)% | ||||||
(1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $11.2 million for the three and nine months ended September 30, 2022.
(2) Includes corporate expenses, offset by a loss on sale of assets of $1.8 million and a $31.2 million gain on sale of assets for the three and nine months ended September 30, 2021, respectively.
(3) Other income for the nine months ended September 30, 2022, includes a grant received from the USDA related to the Biofuel Producer Program of $27.7 million.
* Percentage variances not considered meaningful
GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2022 | 2021 | % Var. | 2022 | 2021 | % Var. | ||||||
| Ethanol production | |||||||||||
| Ethanol sold (gallons) | 219,166 | 181,214 | 20.9% | 646,927 | 550,127 | 17.6% | |||||
| Distillers grains sold (equivalent dried tons) | 586 | 492 | 19.1 | 1,695 | 1,459 | 16.2 | |||||
| Corn oil sold (pounds) | 72,975 | 55,397 | 31.7 | 204,502 | 156,835 | 30.4 | |||||
| Corn consumed (bushels) | 75,308 | 62,524 | 20.4 | 223,830 | 189,544 | 18.1 | |||||
| Agribusiness and energy services (1) | |||||||||||
| Domestic ethanol sold (gallons) | 276,866 | 213,348 | 29.8 | 689,684 | 620,442 | 11.2 | |||||
| Export ethanol sold (gallons) | 13,076 | 23,721 | (44.9) | 122,049 | 112,146 | 8.8 | |||||
| 289,942 | 237,069 | 22.3 | 811,733 | 732,588 | 10.8 | ||||||
| Partnership | |||||||||||
| Storage and throughput (gallons) | 219,719 | 182,240 | 20.6% | 649,417 | 553,058 | 17.4% | |||||
(1) Includes gallons from the ethanol production segment
GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
| Three Months Ended September 30, | Three Months Ended September 30, | ||||||
| 2022 | 2021 | 2022 | 2021 | ||||
| ($ per gallon produced) | |||||||
| Ethanol production operating loss (1) | $ (64,121) | $ (44,192) | $ (0.29) | $ (0.24) | |||
| Depreciation and amortization | 21,555 | 25,644 | 0.10 | 0.14 | |||
| Total adjusted ethanol production | (42,566) | (18,548) | (0.19) | (0.10) | |||
| Intercompany fees, net: | |||||||
| Storage and logistics (partnership) | 12,589 | 12,775 | 0.06 | 0.07 | |||
| Marketing and agribusiness fees (2) (agribusiness and energy services) | 9,514 | 6,846 | 0.04 | 0.04 | |||
| Consolidated ethanol crush margin | $ (20,463) | $ 1,073 | $ (0.09) | $ 0.01 | |||
(1) Operating loss for ethanol production includes an inventory lower of cost or net realizable value adjustment of $11.2 million for the three and nine months ended September 30, 2022.
(2) For the three months ended September 30, 2022 and 2021, includes $3.8 million and $2.5 million, respectively, for certain nonrecurring decommissioning and nonethanol operation costs.
Liquidity and Capital Resources
As of September 30, 2022, Green Plains had $512.4 million in total cash, cash equivalents, restricted cash and marketable securities, and $155.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total debt outstanding at September 30, 2022 was $703.2 million, including $206.1 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $58.5 million of non-recourse debt related to Green Plains Partners, net of debt issuance costs.
Conference Call Information
On November 3, 2022 Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss third quarter 2022 operating results for each company. To participate in the live call, please pre-register here. All registrants will receive dial-in information and a unique PIN. Alternatively, the conference call and presentation will be accessible on Green Plains’ website at https://investor.gpreinc.com/events-presentations.
Non-GAAP Financial Measures
Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income 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 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, 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 48.8% 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 LP
Green 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 Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: 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 benefits from its plant upgrade and modernization program and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.
GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| September 30, 2022 | December 31, 2021 | ||
| (unaudited) | |||
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | $ 420,838 | $ 426,220 | |
| Restricted cash | 66,610 | 134,739 | |
| Marketable securities | 24,989 | 124,859 | |
| Accounts receivable, net | 118,362 | 119,961 | |
| Income taxes receivable | 1,072 | 911 | |
| Inventories | 258,852 | 267,838 | |
| Other current assets | 44,890 | 43,221 | |
| Total current assets | 935,613 | 1,117,749 | |
| Property and equipment, net | 1,016,349 | 893,517 | |
| Operating lease right-of-use assets | 63,464 | 64,042 | |
| Other assets | 86,114 | 84,447 | |
| Total assets | $ 2,101,540 | $ 2,159,755 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities | |||
| Accounts payable | $ 123,035 | $ 146,063 | |
| Accrued and other liabilities | 45,947 | 56,980 | |
| Derivative financial instruments | 25,883 | 43,244 | |
| Operating lease current liabilities | 17,800 | 16,814 | |
| Short-term notes payable and other borrowings | 206,102 | 173,418 | |
| Current maturities of long-term debt | 1,835 | 35,285 | |
| Total current liabilities | 420,602 | 471,804 | |
| Long-term debt | 495,269 | 514,006 | |
| Operating lease long-term liabilities | 48,934 | 49,795 | |
| Other liabilities | 23,501 | 22,131 | |
| Total liabilities | 988,306 | 1,057,736 | |
| Stockholders' equity | |||
| Total Green Plains stockholders' equity | 962,042 | 950,500 | |
| Noncontrolling interests | 151,192 | 151,519 | |
| Total stockholders' equity | 1,113,234 | 1,102,019 | |
| Total liabilities and stockholders' equity | $ 2,101,540 | $ 2,159,755 | |
GREEN PLAINS INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited, in thousands except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
| 2022 | 2021 | % Var. | 2022 | 2021 | % Var. | ||||||
| Revenues | |||||||||||
| Product revenues | $ 946,852 | $ 745,240 | 27.1% | $ 2,733,477 | $ 2,019,006 | 35.4% | |||||
| Service revenues | 8,125 | 1,551 | 423.9 | 15,329 | 5,843 | 162.3 | |||||
| Total revenues | 954,977 | 746,791 | 27.9 | 2,748,806 | 2,024,849 | 35.8 | |||||
| Costs and expenses | |||||||||||
| Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 956,857 | 730,179 | 31.0 | 2,650,680 | 1,878,820 | 41.1 | |||||
| Operations and maintenance expenses | 6,287 | 5,162 | 21.8 | 18,012 | 17,153 | 5.0 | |||||
| Selling, general and administrative expenses | 29,066 | 26,022 | 11.7 | 90,042 | 72,923 | 23.5 | |||||
| Loss (gain) on sale of assets, net | — | 1,823 | * | — | (31,245) | * | |||||
| Depreciation and amortization expenses | 24,647 | 28,280 | (12.8) | 66,013 | 69,493 | (5.0) | |||||
| Total costs and expenses | 1,016,857 | 791,466 | 28.5 | 2,824,747 | 2,007,144 | 40.7 | |||||
| Operating income (loss) | (61,880) | (44,675) | 38.5 | (75,941) | 17,705 | * | |||||
| Other income (expense) | |||||||||||
| Interest income | 1,763 | 25 | * | 2,640 | 496 | * | |||||
| Interest expense | (9,576) | (9,488) | 0.9 | (26,182) | (60,225) | (56.5) | |||||
| Other, net | (182) | (440) | (58.6) | 28,394 | (1,680) | * | |||||
| Total other income (expense) | (7,995) | (9,903) | (19.3) | 4,852 | (61,409) | (107.9) | |||||
| Loss before income taxes and income (loss) from equity method investees | (69,875) | (54,578) | 28.0 | (71,089) | (43,704) | 62.7 | |||||
| Income tax benefit (expense) | 1,888 | (7) | * | 146 | 2,914 | (95.0) | |||||
| Income (loss) from equity method investees | 84 | 174 | (51.7) | (112) | 517 | (121.7) | |||||
| Net loss | (67,903) | (54,411) | 24.8 | (71,055) | (40,273) | 76.4 | |||||
| Net income attributable to noncontrolling interests | 5,623 | 5,211 | 7.9 | 17,547 | 16,151 | 8.6 | |||||
| Net loss attributable to Green Plains | $ (73,526) | $ (59,622) | 23.3% | $ (88,602) | $ (56,424) | 57.0% | |||||
| Earnings per share: | |||||||||||
| Net loss attributable to Green Plains - basic and diluted | $ (1.27) | $ (1.18) | $ (1.62) | $ (1.27) | |||||||
| Weighted average shares outstanding: | |||||||||||
| Basic and diluted | 57,677 | 50,482 | 54,550 | 44,581 | |||||||
* Percentage variances not considered meaningful
GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
| Nine Months Ended September 30, | |||
| 2022 | 2021 | ||
| Cash flows from operating activities: | |||
| Net loss | $ (71,055) | $ (40,273) | |
| Noncash operating adjustments: | |||
| Depreciation and amortization | 66,013 | 69,493 | |
| Gain on sale of assets, net | — | (31,245) | |
| Inventory lower of cost or net realizable value adjustment | 11,177 | — | |
| Loss on extinguishment of debt | 419 | 32,645 | |
| Other | 10,707 | 8,611 | |
| Net change in working capital | (51,727) | (67,103) | |
| Net cash used in operating activities | (34,466) | (27,872) | |
| Cash flows from investing activities: | |||
| Purchases of property and equipment, net | (183,225) | (123,687) | |
| Proceeds from the sale of assets | — | 87,217 | |
| Proceeds from the sale of marketable securities | 99,917 | — | |
| Other investing activities | (6,976) | (7,000) | |
| Net cash used in investing activities | (90,284) | (43,470) | |
| Cash flows from financing activities: | |||
| Net proceeds - long term debt | 43,653 | 178,995 | |
| Net proceeds - short-term borrowings | 33,602 | 17,863 | |
| Proceeds from issuance of common stock | — | 356,011 | |
| Other | (26,016) | (35,442) | |
| Net cash provided by financing activities | 51,239 | 517,427 | |
| Net change in cash, cash equivalents and restricted cash | (73,511) | 446,085 | |
| Cash, cash equivalents and restricted cash, beginning of period | 560,959 | 274,810 | |
| Cash, cash equivalents and restricted cash, end of period | $ 487,448 | $ 720,895 | |
| Reconciliation of total cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $ 420,838 | $ 589,822 | |
| Restricted cash | 66,610 | 131,073 | |
| Total cash, cash equivalents and restricted cash | $ 487,448 | $ 720,895 | |
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 2022 | 2021 | 2022 | 2021 | ||||
| Net loss | $ (67,903) | $ (54,411) | $ (71,055) | $ (40,273) | |||
| Interest expense (1) | 9,576 | 9,488 | 26,182 | 60,225 | |||
| Income tax expense (benefit) | (1,888) | 7 | (146) | (2,914) | |||
| Depreciation and amortization (2) | 24,647 | 28,280 | 66,013 | 69,493 | |||
| EBITDA | (35,568) | (16,636) | 20,994 | 86,531 | |||
| Other income (3) | — | — | (27,712) | — | |||
| Loss (gain) on sale of assets, net | — | 1,823 | — | (31,245) | |||
| Proportional share of EBITDA adjustments to equity method investees | 45 | 45 | 135 | 139 | |||
| Adjusted EBITDA | $ (35,523) | $ (14,768) | $ (6,583) | $ 55,425 | |||
(1) Interest expense for the three and nine months ended September 30, 2022, includes a loss on settlement of convertible notes of $419 thousand, and for the nine months ended September 30, 2021 includes a loss upon extinguishment of convertible notes of $22.1 million and a loss on settlement of convertible notes of $9.5 million.
(2) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
(3) Other income for the nine months ended September 30, 2022, includes a grant received from the USDA related to the Biofuel Producer Program of $27.7 million.
| 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 |
