Green Plains Reports Fourth Quarter and Full Year 2023 Financial Results
- Net income of $7.2 million, or EPS of $0.12 per diluted share for the fourth quarter
- Acquisition of Green Plains Partners LP, streamlining operations, and improving cash flow
- Development of 60% protein sales with significant negotiations for 2024 and 2025 volumes
- Record renewable corn oil yield across the platform with continued upside in 2024
- First-ever commercial deployment of Clean Sugar Technology™ at Green Plains Shenandoah
- Diversification of decarbonization strategy with anticipated operational facilities in 2025 and 2026
- Strong liquidity position with $378.8 million of cash and cash equivalents
- Consolidated revenues decreased $201.7 million for the three months ended December 31, 2023, compared with the same period in 2022
- Interest expense increased $2.2 million for the three months ended December 31, 2023 compared with the same period in 2022
- Revenues were lower within the agribusiness and energy services segment as a result of decreased trading margins
- The Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Company
Insights
The recent financial results of Green Plains Inc. reflect a notable turnaround from a net loss in 2022 to a net income of $7.2 million in the fourth quarter of 2023. The increase in EBITDA from $5.7 million to $44.7 million is a significant indicator of improved operational efficiency. This shift can be attributed to the company's strategic initiatives such as the acquisition of Green Plains Partners LP, which likely contributed to operational streamlining and cash flow improvements.
From a liquidity perspective, the company's position appears robust with $378.8 million in cash and cash equivalents and an additional $251.0 million available under a revolving credit facility. This strong liquidity, coupled with the strategic review initiated by the Board, signals potential for future growth or restructuring moves that could enhance shareholder value. Investors should monitor the outcomes of this strategic review closely as it may involve mergers, acquisitions, or divestitures that could significantly impact the company's market position and stock performance.
Green Plains' diversification into high-margin products such as Ultra-High Protein and renewable corn oil and its focus on decarbonization strategies, aligns with current market trends favoring sustainable and value-added products. The company's commitment to carbon capture and sequestration (CCS) in its Nebraska facilities, with operational commencement anticipated in 2025, positions it favorably in the context of increasing regulatory and consumer pressures for environmental sustainability.
Furthermore, the company's entry into the aquaculture and pet food markets through the development of 60% protein sales and the commercial deployment of Clean Sugar Technology™ could open new revenue streams. These initiatives could potentially disrupt traditional markets and create a competitive edge. The market will be watching for the successful commercialization of these technologies and their contribution to the company's bottom line.
The initiation of a strategic review process by Green Plains' Board of Directors suggests a proactive approach to corporate governance. While no specific outcomes are guaranteed, the review demonstrates a willingness to explore various avenues to maximize shareholder value. Legal considerations during this process will be crucial, especially if it leads to transactions such as mergers or acquisitions that require regulatory approvals and thorough due diligence to mitigate risks and ensure compliance with securities laws.
Additionally, the company's engagement in decarbonization efforts, such as CCS, is likely to involve navigating complex environmental regulations and incentives, including the 45Z Clean Fuel Production Credit. Legal expertise will be essential in ensuring that the company capitalizes on these incentives while adhering to evolving environmental legislation.
Results for the Fourth Quarter 2023:
-
Net income attributable to Green Plains of
$7.2 million $0.12 -
EBITDA of
$44.7 million -
Achieved platform utilization rate of
95% for the fourth quarter
Business Highlights:
- Completed acquisition of Green Plains Partners LP, streamlining operations, improving efficiencies and improving cash flow
- The Board of Directors is initiating a comprehensive strategic review process to explore all opportunities to enhance value
-
Continued development of
60% protein sales, producing commercial quantities, with significant negotiations taking place for 2024 and 2025 volumes focused on unique uses in global aquaculture and pet food markets - Achieved record renewable corn oil yield across the platform with continued upside in 2024
- First-ever commercial deployment of Clean Sugar Technology™ at Green Plains Shenandoah to begin commissioning during the first quarter
- Ongoing commercial negotiations for multi-year agreements for dextrose corn syrups are expected to be completed during the first quarter
-
Diversification of decarbonization strategy, with three
Nebraska facilities committed to carbon capture and sequestration (CCS) anticipated to become operational in 2025, fourIowa andMinnesota facilities anticipated to be operational in 2026 on a separate CCS system -
Strong liquidity position with
$378.8 million $251.0 million
“The last half of 2023 has started to show the results of years of planning and execution to get our asset base and team ready for a further transition to higher-value, higher-margin products,” said Todd Becker, President and Chief Executive Officer. “During the fourth quarter, we achieved a
“Since we started our transformation path to 2025, while our product and innovation portfolio continues to evolve, the upside opportunity from decarbonization is in sight and we are more optimistic than ever,” added
“We are nearing completion of three instrumental projects that will help define our path to true biorefineries with recurring, higher quality earnings streams,” added
“As we close out a solid second half of 2023, we are seeing the fruits of our investments and the dedication of our employees,” added
“In light of our progress, the buy-in of the partnership and these positive catalysts on the horizon, the Board has decided to review the company’s strategic alternatives to determine the best way for Green Plains and its shareholders to realize the full value of the transformation we have made and are continuing to make,” concluded
Full Year Highlights and Recent Developments:
- Began development of a novel Sustainable Aviation Fuel technology through a joint venture, Blue Blade Energy, with United Airlines and Tallgrass
- Published third annual Sustainability Report, providing updates on progress toward emissions reduction, governance and other goals
-
Successfully completed full scale
60% protein production runs using Fluid Quip Technologies’ MSC™ system combined with biological solutions -
Expanded protein sales to customers in
North America ,South America andAsia Pacific across multiple species - Announced technology collaboration with Equilon Enterprises LLC to deploy Shell Fiber Conversion Technology, with construction nearing completion at Green Plains York
Results of Operations
Green Plains’ ethanol production segment sold 215.7 million gallons of ethanol during the fourth quarter of 2023, compared with 225.2 million gallons for the same period in 2022. The consolidated ethanol crush margin was
Consolidated revenues decreased
Net income attributable to Green Plains increased
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, distillers grains, Ultra-High Protein and renewable 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, Ultra-High Protein, renewable corn oil, grain, 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.
Strategic Review
The Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Company. This comprehensive evaluation is intended to explore a broad range of opportunities for the Company to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings.
There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The Company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.
GREEN PLAINS INC. SEGMENT OPERATIONS (unaudited, in thousands) |
|||||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
% Var. |
|
|
2023 |
|
|
|
2022 |
|
|
% Var. |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
620,273 |
|
|
$ |
760,458 |
|
|
(18.4)% |
|
$ |
2,815,873 |
|
|
$ |
3,070,192 |
|
|
(8.3)% |
Agribusiness and energy services |
|
97,613 |
|
|
|
159,582 |
|
|
(38.8) |
|
|
500,903 |
|
|
|
615,615 |
|
|
(18.6) |
Partnership |
|
19,640 |
|
|
|
20,947 |
|
|
(6.2) |
|
|
81,083 |
|
|
|
79,767 |
|
|
1.6 |
Intersegment eliminations |
|
(25,134 |
) |
|
|
(26,944 |
) |
|
(6.7) |
|
|
(102,116 |
) |
|
|
(102,725 |
) |
|
(0.6) |
|
$ |
712,392 |
|
|
$ |
914,043 |
|
|
(22.1)% |
|
$ |
3,295,743 |
|
|
$ |
3,662,849 |
|
|
(10.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
45,234 |
|
|
$ |
2,316 |
|
|
*% |
|
$ |
64,581 |
|
|
$ |
1,826 |
|
|
*% |
Agribusiness and energy services |
|
14,818 |
|
|
|
14,649 |
|
|
1.2 |
|
|
46,127 |
|
|
|
52,665 |
|
|
(12.4) |
Partnership |
|
19,640 |
|
|
|
20,947 |
|
|
(6.2) |
|
|
81,083 |
|
|
|
79,767 |
|
|
1.6 |
Intersegment eliminations |
|
257 |
|
|
|
1,800 |
|
|
(85.7) |
|
|
114 |
|
|
|
3,580 |
|
|
(96.8) |
|
$ |
79,949 |
|
|
$ |
39,712 |
|
|
|
|
$ |
191,905 |
|
|
$ |
137,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
22,358 |
|
|
$ |
22,444 |
|
|
(0.4)% |
|
$ |
89,537 |
|
|
$ |
81,545 |
|
|
|
Agribusiness and energy services |
|
477 |
|
|
|
1,252 |
|
|
(61.9) |
|
|
2,360 |
|
|
|
3,466 |
|
|
(31.9) |
Partnership |
|
751 |
|
|
|
1,178 |
|
|
(36.2) |
|
|
3,175 |
|
|
|
4,093 |
|
|
(22.4) |
Corporate activities |
|
747 |
|
|
|
1,811 |
|
|
(58.8) |
|
|
3,172 |
|
|
|
3,594 |
|
|
(11.7) |
|
$ |
24,333 |
|
|
$ |
26,685 |
|
|
(8.8)% |
|
$ |
98,244 |
|
|
$ |
92,698 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (1) |
$ |
10,828 |
|
|
$ |
(29,991 |
) |
|
(136.1)% |
|
$ |
(66,931 |
) |
|
$ |
(117,764 |
) |
|
(43.2)% |
Agribusiness and energy services |
|
10,488 |
|
|
|
10,521 |
|
|
(0.3) |
|
|
28,100 |
|
|
|
36,415 |
|
|
(22.8) |
Partnership |
|
12,115 |
|
|
|
11,793 |
|
|
2.7 |
|
|
46,859 |
|
|
|
47,699 |
|
|
(1.8) |
Intersegment eliminations |
|
257 |
|
|
|
1,800 |
|
|
(85.7) |
|
|
114 |
|
|
|
3,580 |
|
|
(96.8) |
Corporate activities (2) |
|
(17,420 |
) |
|
|
(17,130 |
) |
|
1.7 |
|
|
(69,720 |
) |
|
|
(68,878 |
) |
|
1.2 |
|
$ |
16,268 |
|
|
$ |
(23,007 |
) |
|
(170.7)% |
|
$ |
(61,578 |
) |
|
$ |
(98,948 |
) |
|
(37.8)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (1) |
$ |
32,970 |
|
|
$ |
(8,102 |
) |
|
*% |
|
$ |
26,769 |
|
|
$ |
(8,619 |
) |
|
*% |
Agribusiness and energy services |
|
11,431 |
|
|
|
11,789 |
|
|
(3.0) |
|
|
31,689 |
|
|
|
39,798 |
|
|
(20.4) |
Partnership |
|
13,296 |
|
|
|
13,154 |
|
|
1.1 |
|
|
51,678 |
|
|
|
52,429 |
|
|
(1.4) |
Intersegment eliminations |
|
257 |
|
|
|
1,800 |
|
|
(85.7) |
|
|
114 |
|
|
|
3,580 |
|
|
(96.8) |
Corporate activities (2) |
|
(13,233 |
) |
|
|
(12,925 |
) |
|
2.4 |
|
|
(56,219 |
) |
|
|
(60,478 |
) |
|
(7.0) |
EBITDA |
|
44,721 |
|
|
|
5,716 |
|
|
* |
|
|
54,031 |
|
|
|
26,710 |
|
|
102.3 |
Other income (3) |
|
— |
|
|
|
— |
|
|
— |
|
|
(3,440 |
) |
|
|
(27,712 |
) |
|
(87.6) |
Loss (gain) on sale of assets, net |
|
386 |
|
|
|
— |
|
|
* |
|
|
(5,265 |
) |
|
|
— |
|
|
* |
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
|
— |
|
|
180 |
|
|
|
180 |
|
|
— |
|
$ |
45,152 |
|
|
$ |
5,761 |
|
|
*% |
|
$ |
45,506 |
|
|
$ |
(822 |
) |
|
*% |
(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of
(2) Corporate activities includes a
(3) Other income includes grants received from the USDA related to the Biofuel Producer Program of
* Percentage variances not considered meaningful |
|||||||||||||||||||
GREEN PLAINS INC. SELECTED OPERATING DATA (unaudited, in thousands) |
|||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||
|
2023 |
|
2022 |
|
% Var. |
|
2023 |
|
2022 |
|
% Var. |
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol production |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sold (gallons) |
215,717 |
|
225,206 |
|
(4.2)% |
|
840,819 |
|
872,133 |
|
(3.6)% |
Distillers grains sold (equivalent dried tons) |
479 |
|
563 |
|
(14.9) |
|
1,933 |
|
2,213 |
|
(12.7) |
Ultra-High Protein sold (tons) |
66 |
|
22 |
|
200.0 |
|
223 |
|
67 |
|
232.8 |
Renewable corn oil sold (pounds) |
72,934 |
|
77,228 |
|
(5.6) |
|
279,861 |
|
281,730 |
|
(0.7) |
Corn consumed (bushels) |
74,152 |
|
78,038 |
|
(5.0) |
|
289,267 |
|
301,868 |
|
(4.2) |
|
|
|
|
|
|
|
|
|
|
|
|
Agribusiness and energy services (1) |
|
|
|
|
|
|
|
|
|
|
|
Domestic ethanol sold (gallons) |
257,443 |
|
259,287 |
|
(0.7) |
|
1,083,017 |
|
948,971 |
|
14.1 |
Export ethanol sold (gallons) |
1,053 |
|
15,786 |
|
(93.3) |
|
6,746 |
|
137,835 |
|
(95.1) |
|
258,496 |
|
275,073 |
|
(6.0) |
|
1,089,763 |
|
1,086,806 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
Partnership |
|
|
|
|
|
|
|
|
|
|
|
Storage and throughput (gallons) |
217,349 |
|
226,184 |
|
(3.9)% |
|
846,622 |
|
875,601 |
|
(3.3)% |
(1) Includes gallons from the ethanol production segment |
|||||||||||
GREEN PLAINS INC. CONSOLIDATED CRUSH MARGIN (unaudited, in thousands) |
|||||||
|
Three Months Ended
|
||||||
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
||||
|
|
|
|
||||
Ethanol production operating income (loss) (1) |
$ |
10,828 |
|
$ |
(29,991 |
) |
|
Depreciation and amortization |
|
22,358 |
|
|
22,444 |
|
|
Adjusted ethanol production operating income (loss) |
|
33,186 |
|
|
(7,547 |
) |
|
|
|
|
|
||||
Intercompany fees, net |
|
|
|
||||
Storage and logistics (partnership) |
|
9,833 |
|
|
12,274 |
|
|
Marketing and agribusiness fees (2) |
|
6,705 |
|
|
3,123 |
|
|
Consolidated ethanol crush margin |
$ |
49,724 |
|
$ |
7,850 |
|
|
(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of
(2) For the three months ended December 31, 2023 and 2022, includes |
|||||||
Liquidity and Capital Resources
As of December 31, 2023, Green Plains had
Conference Call Information
On February 7, 2024, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2023 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 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
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 Ultra-High Protein 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 of the combined company after the merger; 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 customer, employee or supplier relationships resulting from the merger; 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, 2022, 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) |
|||||
|
December 31, |
||||
|
2023 |
|
2022 |
||
|
(unaudited) |
|
|
||
ASSETS |
|||||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
349,574 |
|
$ |
444,661 |
Restricted cash |
|
29,188 |
|
|
55,615 |
Accounts receivable, net |
|
94,446 |
|
|
108,610 |
Income taxes receivable |
|
822 |
|
|
1,286 |
Inventories |
|
215,810 |
|
|
278,950 |
Other current assets |
|
42,890 |
|
|
39,628 |
Total current assets |
|
732,730 |
|
|
928,750 |
Property and equipment, net |
|
1,021,928 |
|
|
1,029,327 |
Operating lease right-of-use assets |
|
73,993 |
|
|
73,244 |
Other assets |
|
110,671 |
|
|
91,810 |
Total assets |
$ |
1,939,322 |
|
$ |
2,123,131 |
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities |
|
|
|
||
Accounts payable |
$ |
186,643 |
|
$ |
234,301 |
Accrued and other liabilities |
|
57,029 |
|
|
44,443 |
Derivative financial instruments |
|
10,577 |
|
|
47,941 |
Operating lease current liabilities |
|
22,908 |
|
|
20,721 |
Short-term notes payable and other borrowings |
|
105,973 |
|
|
137,678 |
Current maturities of long-term debt |
|
1,832 |
|
|
1,838 |
Total current liabilities |
|
384,962 |
|
|
486,922 |
Long-term debt |
|
491,918 |
|
|
495,243 |
Operating lease long-term liabilities |
|
53,879 |
|
|
55,515 |
Other liabilities |
|
18,507 |
|
|
24,385 |
Total liabilities |
|
949,266 |
|
|
1,062,065 |
|
|
|
|
||
Stockholders' equity |
|
|
|
||
Total Green Plains stockholders' equity |
|
843,733 |
|
|
910,031 |
Noncontrolling interests |
|
146,323 |
|
|
151,035 |
Total stockholders' equity |
|
990,056 |
|
|
1,061,066 |
Total liabilities and stockholders' equity |
$ |
1,939,322 |
|
$ |
2,123,131 |
GREEN PLAINS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
712,392 |
|
|
$ |
914,043 |
|
|
$ |
3,295,743 |
|
|
$ |
3,662,849 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) |
|
632,443 |
|
|
|
874,331 |
|
|
|
3,103,838 |
|
|
|
3,525,011 |
|
Operations and maintenance expenses |
|
6,122 |
|
|
|
7,146 |
|
|
|
27,154 |
|
|
|
25,158 |
|
Selling, general and administrative expenses |
|
32,840 |
|
|
|
28,888 |
|
|
|
133,350 |
|
|
|
118,930 |
|
Loss (gain) on sale of assets |
|
386 |
|
|
|
— |
|
|
|
(5,265 |
) |
|
|
— |
|
Depreciation and amortization expenses |
|
24,333 |
|
|
|
26,685 |
|
|
|
98,244 |
|
|
|
92,698 |
|
Total costs and expenses |
|
696,124 |
|
|
|
937,050 |
|
|
|
3,357,321 |
|
|
|
3,761,797 |
|
Operating income (loss) |
|
16,268 |
|
|
|
(23,007 |
) |
|
|
(61,578 |
) |
|
|
(98,948 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest income |
|
3,304 |
|
|
|
2,637 |
|
|
|
11,707 |
|
|
|
5,277 |
|
Interest expense |
|
(8,674 |
) |
|
|
(6,460 |
) |
|
|
(37,703 |
) |
|
|
(32,642 |
) |
Other, net |
|
915 |
|
|
|
(782 |
) |
|
|
5,225 |
|
|
|
27,612 |
|
Total other income (expense) |
|
(4,455 |
) |
|
|
(4,605 |
) |
|
|
(20,771 |
) |
|
|
247 |
|
Income (loss) before income taxes and income from equity method investees |
|
11,813 |
|
|
|
(27,612 |
) |
|
|
(82,349 |
) |
|
|
(98,701 |
) |
Income tax benefit (expense) |
|
264 |
|
|
|
(4,893 |
) |
|
|
5,617 |
|
|
|
(4,747 |
) |
Income (loss) from equity method investees |
|
(99 |
) |
|
|
183 |
|
|
|
433 |
|
|
|
71 |
|
Net income (loss) |
|
11,978 |
|
|
|
(32,322 |
) |
|
|
(76,299 |
) |
|
|
(103,377 |
) |
Net income attributable to noncontrolling interests |
|
4,745 |
|
|
|
6,294 |
|
|
|
17,085 |
|
|
|
23,841 |
|
Net income (loss) attributable to Green Plains |
$ |
7,233 |
|
|
$ |
(38,616 |
) |
|
$ |
(93,384 |
) |
|
$ |
(127,218 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings per share |
|
|
|
|
|
|
|
||||||||
Net income (loss) attributable to Green Plains - basic and diluted |
$ |
0.12 |
|
|
$ |
(0.66 |
) |
|
$ |
(1.59 |
) |
|
$ |
(2.29 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
58,913 |
|
|
|
58,482 |
|
|
|
58,814 |
|
|
|
55,541 |
|
GREEN PLAINS INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) |
|||||||
|
Twelve Months Ended
|
||||||
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(76,299 |
) |
|
$ |
(103,377 |
) |
Noncash operating adjustments |
|
|
|
||||
Depreciation and amortization |
|
98,244 |
|
|
|
92,698 |
|
Gain on sale of assets, net |
|
(5,265 |
) |
|
|
— |
|
Inventory lower of average cost or net realizable value adjustment |
|
2,627 |
|
|
|
12,323 |
|
Other |
|
10,640 |
|
|
|
17,679 |
|
Net change in working capital |
|
26,399 |
|
|
|
50,386 |
|
Net cash provided by operating activities |
|
56,346 |
|
|
|
69,709 |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment, net |
|
(108,093 |
) |
|
|
(212,366 |
) |
Proceeds from the sale of marketable securities |
|
— |
|
|
|
124,523 |
|
Proceeds from the sale of assets, net |
|
25,403 |
|
|
|
— |
|
Investment in equity method investees |
|
(24,206 |
) |
|
|
(17,409 |
) |
Net cash used in investing activities |
|
(106,896 |
) |
|
|
(105,252 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Net proceeds (borrowings) - long term debt |
|
(4,838 |
) |
|
|
43,249 |
|
Net borrowings - short-term borrowings |
|
(32,786 |
) |
|
|
(35,099 |
) |
Other |
|
(33,340 |
) |
|
|
(33,290 |
) |
Net cash used in financing activities |
|
(70,964 |
) |
|
|
(25,140 |
) |
|
|
|
|
||||
Net change in cash and cash equivalents, and restricted cash |
|
(121,514 |
) |
|
|
(60,683 |
) |
Cash and cash equivalents, and restricted cash, beginning of period |
|
500,276 |
|
|
|
560,959 |
|
Cash and cash equivalents, and restricted cash, end of period |
$ |
378,762 |
|
|
$ |
500,276 |
|
|
|
|
|
||||
|
|
|
|
||||
Reconciliation of total cash and cash equivalents, and restricted cash |
|
|
|
||||
Cash and cash equivalents |
$ |
349,574 |
|
|
$ |
444,661 |
|
Restricted cash |
|
29,188 |
|
|
|
55,615 |
|
Total cash and cash equivalents, and restricted cash |
$ |
378,762 |
|
|
$ |
500,276 |
|
GREEN PLAINS INC. RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
11,978 |
|
|
$ |
(32,322 |
) |
|
$ |
(76,299 |
) |
|
$ |
(103,377 |
) |
Interest expense |
|
8,674 |
|
|
|
6,460 |
|
|
|
37,703 |
|
|
|
32,642 |
|
Income tax expense (benefit) |
|
(264 |
) |
|
|
4,893 |
|
|
|
(5,617 |
) |
|
|
4,747 |
|
Depreciation and amortization (1) |
|
24,333 |
|
|
|
26,685 |
|
|
|
98,244 |
|
|
|
92,698 |
|
EBITDA |
|
44,721 |
|
|
|
5,716 |
|
|
|
54,031 |
|
|
|
26,710 |
|
Other income (2) |
|
— |
|
|
|
— |
|
|
|
(3,440 |
) |
|
|
(27,712 |
) |
Loss (gain) on sale of assets, net |
|
386 |
|
|
|
— |
|
|
|
(5,265 |
) |
|
|
— |
|
Proportional share of EBITDA adjustments to equity method investees |
|
45 |
|
|
|
45 |
|
|
|
180 |
|
|
|
180 |
|
Adjusted EBITDA |
$ |
45,152 |
|
|
$ |
5,761 |
|
|
$ |
45,506 |
|
|
$ |
(822 |
) |
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
(2) Other income includes grants received from the USDA related to the Biofuel Producer Program of |
|||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240207297325/en/
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
Source: Green Plains Inc.
FAQ
What was Green Plains Inc.'s net income in the fourth quarter of 2023?
What is the EPS for Green Plains Inc. in the fourth quarter of 2023?
What was the platform utilization rate for Green Plains Inc. in the fourth quarter?
What is the ticker symbol for Green Plains Inc.?
What is the liquidity position of Green Plains Inc. as of December 31, 2023?
