GPRE Green Plains Inc

Results for the Third Quarter of 2024 and Future Outlook:

• Net income attributable to Green Plains of $48.2 million, or EPS of $0.69 per diluted share, compared to net income attributable to Green Plains of $22.3 million, or $0.35 per diluted share, for the same period in 2023
• EBITDA of $83.3 million, inclusive of a $30.7 million gain on sale of assets
• Consolidated crush margin of $58.3 million in the third quarter
• Plant utilization rate of 97%, extending track record of strong and improving operations
• Achieved record high ethanol and Ultra-High Protein yields for the quarter, along with record renewable corn oil production
• Clean Sugar Technology™ facility in Shenandoah, Iowa has commenced production with samples sent to customers
• The Board of Directors continues to work with BMO Capital Markets Corp. and Moelis & Company on the strategic review process

Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the third quarter of 2024. Net income attributable to the company was $48.2 million, or $0.69 per diluted share, compared to net income attributable to the company of $22.3 million, or $0.35 per diluted share, for the same period in 2023. Revenues were $658.7 million for the third quarter of 2024 compared with $892.8 million for the same period last year. EBITDA was $83.3 million compared with $52.0 million for the same period in the prior year.

“Our financial performance was strong this quarter, as our entire platform performed well, which is a testament to our ongoing focus on operational excellence,” said Todd Becker, President and Chief Executive Officer. “We continue to achieve higher ethanol production rates achieving a platform utilization rate of 97%, and we produced record levels of Ultra-High Protein and renewable corn oil. Our focus on operating more efficiently and consistently, paired with our proprietary technology deployments helped drive the improved cash flow generation we experienced in the third quarter.”

“We are increasingly confident about our ‘Advantage Nebraska’ strategy, and with the recent Class VI well approval in Wyoming we remain on track for second half of 2025 operation as we expect that construction of the compression facilities will commence in the coming weeks,” said Becker. “While we believe that our current share price does not reflect the value of our decarbonization opportunity at our well-positioned Nebraska assets, we are relentlessly focused on delivering on this strategy. Our 287 million gallons of capacity is on track to be decarbonized next year, well ahead of the vast majority of the industry, and we are evaluating potential expansions to leverage this opportunity.”

“We continue to increase and diversify our customer base for our high protein ingredients, both domestically and internationally,” said Becker. “Our focus is on growing market share in the higher value pet and international aquaculture markets, where we believe our products have a performance edge and command a premium. We delivered a production record of Ultra-high Protein in the quarter as yields continue to improve and we streamline the operations of our MSC facilities.”

“As we announced earlier this week, our first commercial-scale Clean Sugar Technology deployment in Shenandoah is operational with samples going to customers for evaluation,” added Becker. “Interest from prospective customers remains high as we can produce dextrose and glucose syrups with up to a 40% reduction in carbon intensity. We will continue to optimize the facility to produce greater quantities over the coming quarters and plan to apply our learnings from this construction and commissioning as we evaluate our next potential CST location.”

“Our financial position and liquidity are even stronger after the third quarter as we generated solid free cash from operations. Completing the sale of our unit train terminal in Birmingham, Alabama, enabled us to pay off higher-priced debt that remained from Green Plains Partners,” concluded Becker.

Highlights and Recent Developments

• Nebraska pipeline partner received their first Class VI Carbon Capture and Sequestration well permit in Wyoming
• On September 30, 2024, Birmingham BioEnergy Partners, LLC completed the sale of its unit train terminal in Birmingham, Ala. to Lincoln Birmingham, LLC. The proceeds of the sale were used to repay the outstanding balance of the Green Plains Partners term loan due July 20, 2026
• Clean Sugar Technology™ deployment in Shenandoah, Iowa is operational with samples sent to customers for evaluation

Results of Operations

Green Plains’ ethanol production segment sold 220.3 million gallons of ethanol during the third quarter of 2024, compared with 223.5 million gallons for the same period in 2023. The consolidated ethanol crush margin was $58.3 million for the third quarter of 2024, compared with $52.9 million for the same period in 2023. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities.

Consolidated revenues decreased $234.0 million for the three months ended September 30, 2024, compared with the same period in 2023, primarily due to lower weighted average selling prices on ethanol, distillers grains and renewable corn oil, as well as lower volumes sold on ethanol and distillers grains within our ethanol production segment. Revenues were also lower within our agribusiness and energy services segment primarily due to lower weighted average ethanol trading prices.

Net income attributable to Green Plains increased $25.9 million and EBITDA increased $31.3 million for the three months ended September 30, 2024, compared with the same period last year, primarily due to a gain on the sale of our Birmingham terminal and higher margins in our ethanol production segment. Interest expense increased $0.5 million for the three months ended September 30, 2024 compared with the same period in 2023 primarily due to higher loan fees in connection with the repayment of the Green Plains Partners term loan. Income tax benefit, including income tax benefit from equity method investees, was $1.5 million for the three months ended September 30, 2024, compared with income tax benefit of $7.8 million for the same period in 2023, primarily due to a decrease in the valuation allowance recorded against certain deferred tax assets for the three months ended September 30, 2023.

Segment Information

The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.

As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:

• The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.
• Intersegment activities between the partnership and Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment.

Intersegment activities between the partnership and Green Plains Trade associated with terminal services transacted with the agribusiness and energy services segment will continue to be eliminated on a consolidated level.

GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

% Var.

 

 

2024

 

 

 

2023

 

 

% Var.

Revenues

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

$

564,639

 

 

$

775,529

 

 

(27.2)%

 

$

1,595,741

 

 

$

2,202,182

 

 

(27.5)%

Agribusiness and energy services

 

101,860

 

 

 

125,081

 

 

(18.6)%

 

 

301,805

 

 

 

403,290

 

 

(25.2)%

Intersegment eliminations

 

(7,764

)

 

 

(7,840

)

 

(1.0)%

 

 

(22,772

)

 

 

(22,121

)

 

2.9%

 

$

658,735

 

 

$

892,770

 

 

(26.2)%

 

$

1,874,774

 

 

$

2,583,351

 

 

(27.4)%

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (1) (3)

$

66,313

 

 

$

58,973

 

 

12.4%

 

$

94,060

 

 

$

59,615

 

 

57.8%

Agribusiness and energy services

 

11,796

 

 

 

15,789

 

 

(25.3)%

 

 

30,239

 

 

 

31,309

 

 

(3.4)%

 

$

78,109

 

 

$

74,762

 

 

4.5%

 

$

124,299

 

 

$

90,924

 

 

36.7%

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

$

21,444

 

 

$

22,596

 

 

(5.1)%

 

$

62,522

 

 

$

69,603

 

 

(10.2)%

Agribusiness and energy services

 

505

 

 

 

534

 

 

(5.4)%

 

 

1,507

 

 

 

1,883

 

 

(20.0)%

Corporate activities (2)

 

4,121

 

 

 

769

 

 

*

 

 

5,112

 

 

 

2,425

 

 

110.8%

 

$

26,070

 

 

$

23,899

 

 

9.1%

 

$

69,141

 

 

$

73,911

 

 

(6.5)%

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (3)

$

35,240

 

 

$

23,931

 

 

47.3%

 

$

(626

)

 

$

(43,158

)

 

(98.5)%

Agribusiness and energy services

 

7,830

 

 

 

11,313

 

 

(30.8)%

 

 

16,000

 

 

 

17,612

 

 

(9.2)%

Corporate activities (4)

 

12,982

 

 

 

(14,070

)

 

(192.3)%

 

 

(21,922

)

 

 

(52,300

)

 

(58.1)%

 

$

56,052

 

 

$

21,174

 

 

164.7%

 

$

(6,548

)

 

$

(77,846

)

 

(91.6)%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

Ethanol production (1)

$

56,144

 

 

$

50,983

 

 

10.1%

 

$

60,475

 

 

$

32,038

 

 

88.8%

Agribusiness and energy services

 

8,754

 

 

 

12,160

 

 

(28.0)%

 

 

18,855

 

 

 

20,258

 

 

(6.9)%

Corporate activities

 

18,420

 

 

 

(11,165

)

 

*

 

 

(12,765

)

 

 

(42,986

)

 

(70.3)%

EBITDA

 

83,318

 

 

 

51,978

 

 

60.3%

 

 

66,565

 

 

 

9,310

 

 

*

Other income (5)

 

—

 

 

 

(3,440

)

 

*

 

 

—

 

 

 

(3,440

)

 

*

Gain on sale of assets

 

(30,723

)

 

 

(5,651

)

 

*

 

 

(30,723

)

 

 

(5,651

)

 

*

Proportional share of EBITDA adjustments to equity method investees

 

723

 

 

 

45

 

 

*

 

 

1,039

 

 

 

135

 

 

*

 

$

53,318

 

 

$

42,932

 

 

24.2%

 

$

36,881

 

 

$

354

 

 

*

 

(1) Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment.

(2) Depreciation and amortization for corporate activities includes an impairment of a research and development technology intangible asset of $3.5 million for the three and nine months ended September 30, 2024.

(3) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $10.1 million and $1.7 million for the three and nine months ended September 30, 2024 and 2023, respectively.

(4) Corporate activities includes a $30.7 million and $5.7 million pretax gain on sale of assets for the three and nine months ended September 30, 2024 and 2023, respectively.

(5) Other income includes grants received from the USDA related to the Biofuel Producer Program of $3.4 million for the three and nine months ended September 30, 2023.

* Percentage variances not considered meaningful

GREEN PLAINS INC.

SELECTED OPERATING DATA

(unaudited, in thousands)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

2024

 

2023

 

% Var.

 

2024

 

2023

 

% Var.

 

 

 

 

 

 

 

 

 

 

 

 

Ethanol production

 

 

 

 

 

 

 

 

 

 

 

Ethanol (gallons)

220,299

 

223,469

 

(1.4

)%

 

636,686

 

625,102

 

1.9

%

Distillers grains (equivalent dried tons)

489

 

514

 

(4.9

)

 

1,421

 

1,454

 

(2.3

)

Ultra-High Protein (tons)

69

 

61

 

13.1

 

 

194

 

157

 

23.6

 

Renewable corn oil (pounds)

77,074

 

74,227

 

3.8

 

 

217,425

 

206,927

 

5.1

 

Corn consumed (bushels)

75,140

 

76,544

 

(1.8

)%

 

218,233

 

215,115

 

1.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Agribusiness and energy services (1)

 

 

 

 

 

 

 

 

 

 

 

Ethanol (gallons)

262,111

 

291,865

 

(10.2

)%

 

780,844

 

831,267

 

(6.1

)%

 

(1) Includes gallons from the ethanol production segment.

GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited, in thousands)

 

 

Three Months Ended

September 30,

 

2024

 

2023

 

 

 

 

 

 

 

 

Ethanol production operating income (1)

$

35,240

 

$

23,931

Depreciation and amortization

 

21,444

 

 

22,596

Adjusted ethanol production operating income

 

56,684

 

 

46,527

Intercompany fees and nonethanol operating activities, net (2)

 

1,607

 

 

6,420

Consolidated ethanol crush margin

$

58,291

 

$

52,947

 

(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $10.1 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively.

(2) Includes certain nonrecurring decommissioning costs and nonethanol operating activities of ($3.8) million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively.

Liquidity and Capital Resources

As of September 30, 2024, Green Plains had $252.0 million in total cash and cash equivalents, and restricted cash, and $228.5 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total debt outstanding at September 30, 2024 was $556.2 million, including $123.1 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

Conference Call Information

On October 31, 2024, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss third quarter 2024 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to other income associated with the USDA COVID-19 relief grant, gain on asset dispositions, and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit www.gpreinc.com.

Forward-Looking Statements

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company.

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

September 30, 2024

 

December 31, 2023

 

(unaudited)

 

 

ASSETS

Current assets

 

 

 

Cash and cash equivalents

$

227,460

 

$

349,574

Restricted cash

 

24,500

 

 

29,188

Accounts receivable, net

 

74,738

 

 

94,446

Income taxes receivable

 

737

 

 

822

Inventories

 

193,596

 

 

215,810

Other current assets

 

40,336

 

 

42,890

Total current assets

 

561,367

 

 

732,730

Property and equipment, net

 

1,025,448

 

 

1,021,928

Operating lease right-of-use assets

 

71,066

 

 

73,993

Other assets

 

102,073

 

 

110,671

Total assets

$

1,759,954

 

$

1,939,322

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

 

 

 

Accounts payable

$

108,227

 

$

186,643

Accrued and other liabilities

 

50,081

 

 

57,029

Derivative financial instruments

 

9,169

 

 

10,577

Operating lease current liabilities

 

23,654

 

 

22,908

Short-term notes payable and other borrowings

 

123,116

 

 

105,973

Current maturities of long-term debt

 

1,875

 

 

1,832

Total current liabilities

 

316,122

 

 

384,962

Long-term debt

 

431,189

 

 

491,918

Operating lease long-term liabilities

 

49,194

 

 

53,879

Other liabilities

 

24,488

 

 

18,507

Total liabilities

 

820,993

 

 

949,266

 

 

 

 

Stockholders' equity

 

 

 

Total Green Plains stockholders' equity

 

925,512

 

 

843,733

Noncontrolling interests

 

13,449

 

 

146,323

Total stockholders' equity

 

938,961

 

 

990,056

Total liabilities and stockholders' equity

$

1,759,954

 

$

1,939,322

GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Revenues

$

658,735

 

 

$

892,770

 

 

$

1,874,774

 

 

$

2,583,351

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

 

580,626

 

 

 

818,008

 

 

 

1,750,475

 

 

 

2,492,427

 

Selling, general and administrative expenses

 

26,710

 

 

 

35,340

 

 

 

92,429

 

 

 

100,510

 

Gain on sale of assets

 

(30,723

)

 

 

(5,651

)

 

 

(30,723

)

 

 

(5,651

)

Depreciation and amortization expenses

 

26,070

 

 

 

23,899

 

 

 

69,141

 

 

 

73,911

 

Total costs and expenses

 

602,683

 

 

 

871,596

 

 

 

1,881,322

 

 

 

2,661,197

 

Operating income (loss)

 

56,052

 

 

 

21,174

 

 

 

(6,548

)

 

 

(77,846

)

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

Interest income

 

1,737

 

 

 

2,467

 

 

 

5,737

 

 

 

8,403

 

Interest expense

 

(10,089

)

 

 

(9,550

)

 

 

(25,369

)

 

 

(29,029

)

Other, net

 

478

 

 

 

4,282

 

 

 

1,272

 

 

 

4,310

 

Total other income (expense)

 

(7,874

)

 

 

(2,801

)

 

 

(18,360

)

 

 

(16,316

)

Income (loss) before income taxes and income (loss) from equity method investees

 

48,178

 

 

 

18,373

 

 

 

(24,908

)

 

 

(94,162

)

Income tax benefit

 

825

 

 

 

7,763

 

 

 

769

 

 

 

5,353

 

Income (loss) from equity method investees, net of income taxes

 

(366

)

 

 

156

 

 

 

(2,384

)

 

 

532

 

Net income (loss)

 

48,637

 

 

 

26,292

 

 

 

(26,523

)

 

 

(88,277

)

Net income attributable to noncontrolling interests

 

437

 

 

 

3,981

 

 

 

1,039

 

 

 

12,340

 

Net income (loss) attributable to Green Plains

$

48,200

 

 

$

22,311

 

 

$

(27,562

)

 

$

(100,617

)

 

 

 

 

 

 

 

 

Earnings per share

 

 

 

 

 

 

 

Net income (loss) attributable to Green Plains - basic

$

0.75

 

 

$

0.38

 

 

$

(0.43

)

 

$

(1.71

)

Net income (loss) attributable to Green Plains - diluted

$

0.69

 

 

$

0.35

 

 

$

(0.43

)

 

$

(1.71

)

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

63,946

 

 

 

58,910

 

 

 

63,741

 

 

 

58,780

 

Diluted

 

71,660

 

 

 

67,402

 

 

 

63,741

 

 

 

58,780

 

 

 

 

 

 

 

 

 

GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

 

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

Cash flows from operating activities

 

 

 

Net loss

$

(26,523

)

 

$

(88,277

)

Noncash operating adjustments

 

 

 

Depreciation and amortization

 

69,141

 

 

 

73,911

 

Gain on sale of assets

 

(30,723

)

 

 

(5,651

)

Inventory lower of cost or net realizable value adjustment

 

10,086

 

 

 

1,663

 

Other

 

14,349

 

 

 

6,628

 

Net change in working capital

 

(39,326

)

 

 

(43,660

)

Net cash used in operating activities

 

(2,996

)

 

 

(55,386

)

 

 

 

 

Cash flows from investing activities

 

 

 

Purchases of property and equipment, net

 

(67,825

)

 

 

(77,876

)

Proceeds from the sale of assets

 

48,879

 

 

 

25,106

 

Investment in equity method investees

 

(15,672

)

 

 

(16,299

)

Net cash used in investing activities

 

(34,618

)

 

 

(69,069

)

 

 

 

 

Cash flows from financing activities

 

 

 

Net payments - long term debt

 

(61,230

)

 

 

(4,325

)

Net proceeds - short-term borrowings

 

16,397

 

 

 

21,105

 

Payments on extinguishment of non-controlling interest

 

(29,196

)

 

 

—

 

Payments of transaction costs

 

(5,951

)

 

 

—

 

Other

 

(9,208

)

 

 

(26,441

)

Net cash used in financing activities

 

(89,188

)

 

 

(9,661

)

 

 

 

 

Net change in cash and cash equivalents, and restricted cash

 

(126,802

)

 

 

(134,116

)

Cash and cash equivalents, and restricted cash, beginning of period

 

378,762

 

 

 

500,276

 

Cash and cash equivalents, and restricted cash, end of period

$

251,960

 

 

$

366,160

 

 

 

 

 

 

 

 

 

Reconciliation of total cash and cash equivalents, and restricted cash

 

 

 

Cash and cash equivalents

$

227,460

 

 

$

326,701

 

Restricted cash

 

24,500

 

 

 

39,459

 

Total cash and cash equivalents, and restricted cash

$

251,960

 

 

$

366,160

 

GREEN PLAINS INC.

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

 

 

Three Months Ended

September 30,

 

Nine Months Ended

September 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Net income (loss)

$

48,637

 

 

$

26,292

 

 

$

(26,523

)

 

$

(88,277

)

Interest expense

 

10,089

 

 

 

9,550

 

 

 

25,369

 

 

 

29,029

 

Income tax benefit, net of equity method income taxes

 

(1,478

)

 

 

(7,763

)

 

 

(1,422

)

 

 

(5,353

)

Depreciation and amortization (1)

 

26,070

 

 

 

23,899

 

 

 

69,141

 

 

 

73,911

 

EBITDA

 

83,318

 

 

 

51,978

 

 

 

66,565

 

 

 

9,310

 

Other income (2)

 

—

 

 

 

(3,440

)

 

 

—

 

 

 

(3,440

)

Gain on sale of assets

 

(30,723

)

 

 

(5,651

)

 

 

(30,723

)

 

 

(5,651

)

Proportional share of EBITDA adjustments to equity method investees

 

723

 

 

 

45

 

 

 

1,039

 

 

 

135

 

Adjusted EBITDA

$

53,318

 

 

$

42,932

 

 

$

36,881

 

 

$

354

 

 

(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

(2) Other income includes a grant received from the USDA related to the Biofuel Producer Program of $3.4 million for the three and nine months ended September 30, 2023.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031560327/en/

Green Plains Inc. Contacts Investors: Phil Boggs | Executive Vice President, Investor Relations & Finance | 402.884.8700 | phil.boggs@gpreinc.com Media: Devin Mogler | Senior Vice President, Corporate & Investor Relations | 402.884.8700 | devin.mogler@gpreinc.com