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Green Plains Reports Second Quarter 2021 Financial Results

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·20-min read
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Results for the Second Quarter of 2021:

  • Net income attributable to the company of $9.7 million, or $0.20 per diluted share inclusive of a $3.8 million loss related to the sale of certain assets and a $9.5 million charge related to a private exchange of convertible notes

  • Adjusted EBITDA of $54.8 million, exclusive of a $3.8 million loss related to the sale of certain assets

  • Consolidated crush margin of $0.37 per gallon

  • Strong liquidity position, with cash, cash equivalents and restricted cash of $615.4 million and $294.2 million available under committed credit facilities

OMAHA, Neb., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the second quarter of 2021. Net income attributable to the company was $9.7 million, or $0.20 per diluted share inclusive of a loss related to the sale of certain assets of $3.8 million and a $9.5 million charge related to a privately negotiated exchange of convertible notes compared with a net loss of $8.2 million, or $(0.24) per diluted share, for the same period in 2020. Revenues were $724.4 million for the second quarter of 2021 compared with $388.0 million for the same period last year.

“The first half of 2021 has been transformational for Green Plains, culminating with a strong second quarter,” said Todd Becker, president and chief executive officer. “We continue to pursue our path to 2024 with an intense focus on executing our strategy while strong financial results from the second quarter have provided additional liquidity to achieve our transformation plan. We are executing on key milestones to deploy Ultra-High Protein technology across our platform, including naming Fagen as our exclusive construction partner and breaking ground at an additional location. As part of our execution plan, we have ordered essential long lead time equipment for our projects, keeping each location on a path toward on-time completion.”

“We are establishing the key building blocks across our company to drive sales, marketing, innovation and technology goals and are making great progress in each of our four strategic areas of growth: Ultra-High Protein, renewable corn oil, clean sugar and carbon capture and sequestration,” added Becker. “In each of these areas our focus remains on delivering on our 2024 and 2025 targets.”

Advancing Strategic Growth Opportunities

“We have achieved a number of key milestones with our Ultra-High Protein initiative this year with additional objectives underway,” added Becker. “We continue to work with customers across all species on use and application of this innovative product in 2022 and beyond. We also plan to break ground on additional locations in the coming weeks and months as our construction program ramps up. To support our ongoing transition to creating sustainable ingredients, we have been building a deep sales and development team focused on innovation and delivering value to our customers.”

“Our renewable corn oil strategy continues to evolve and we believe we will be able to further monetize this opportunity,” added Becker. “As the market expands and begins to focus on waste oils with significantly lower carbon intensity than food oils, we believe we will have the opportunity to further participate in the robust renewable diesel margin by committing significant volumes to one of the many projects looking for long term supply sources.”

“During the quarter, we delivered our first shipments of dextrose produced with our Clean Sugar Technology from the Innovation Center at York,” added Becker. “Based on favorable early feedback, we are moving forward with reviewing opportunities to deploy Clean Sugar Technology on a larger scale. We believe this keeps us on track to deliver low-carbon, sustainable ingredients for various markets, further expanding what we can produce from each kernel of corn.”

“While Green Plains is the largest committed shipper on the Summit Carbon Solutions Midwest Carbon Express pipeline, we are also a founding shareholder of SCS, which gives us an option to be a substantial equity investor and partner in the project,” said Becker. “We have engaged a world class due diligence team of engineering firms, right of way experts and pipeline construction firms to help Green Plains make a more well-informed decision on capital allocation and thus far, believe this project has a high probability of success and could prove beneficial to the value of Green Plains.”

“We believe our growing focus on low-carbon, innovative ingredients, supported through expanded protein opportunities, renewable corn oil and future opportunities in carbon capture and sequestration, keeps us on a continued path to deliver on our 2024 and 2025 financial goals,” concluded Becker.

Second Quarter Highlights and Recent Developments

  • Announced Fagen, Inc. as exclusive construction partner for Ultra-High Protein buildout

  • Announced ground breaking at Green Plains Central City LLC for construction of MSC™ Ultra-High Protein

  • Began batch operations for the clean sugar project at the Innovation Center at York, Neb. to produce dextrose to target applications in food production, renewable chemicals and synthetic biology

  • Announced additional locations to join Summit Carbon Solutions’ carbon capture and sequestration project

  • Announced Negil McPherson Jr. as Chief People Officer and promoted Leslie van der Meulen to EVP Product Marketing and Innovation

Results of Operations
Green Plains sold 190.9 million gallons of ethanol during the second quarter of 2021, compared with 149.9 million gallons for the same period in 2020. The consolidated ethanol crush margin was $70.2 million, or $0.37 per gallon, for the second quarter of 2021, compared with $13.9 million, or $0.09 per gallon, for the same period in 2020. 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 $336.4 million for the three months ended June 30, 2021 compared with the same period in 2020 primarily due to higher prices and production volumes of ethanol, distillers grains and corn oil and increased trading revenues within our agribusiness and energy services segment.

Operating income increased $50.4 million and adjusted EBITDA increased $36.9 million for the three months ended June 30, 2021 compared with the same period last year primarily due to increased margins on ethanol production. Interest expense increased $9.4 million for the three months ended June 30, 2021 compared with the same period in 2020 due to the $9.5 million loss upon settlement of convertible notes recorded during the quarter. Income tax benefit was $4.8 million for the three months ended June 30, 2021 compared with income tax benefit of $11.5 million for the same period in 2020 primarily due to an increase in pretax book income for the three months ended June 30, 2021 offset by the tax benefit for utilization of previously recorded net operating losses.

Segment Information
The company reports the financial and operating performance for the following four 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, (3) food and ingredients, which includes food-grade corn oil and (4) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.

GREEN PLAINS INC.

SEGMENT OPERATIONS

(unaudited, in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

% Var.

2021

2020

% Var.

Revenues:

Ethanol production

$

555,273

$

290,542

91.1

%

$

978,995

$

766,267

27.8

%

Agribusiness and energy services

173,487

100,491

72.6

307,431

263,680

16.6

Partnership

19,701

20,381

(3.3

)

40,107

40,652

(1.3

)

Intersegment eliminations

(24,043

)

(23,390

)

2.8

(48,475

)

(49,706

)

(2.5

)

$

724,418

$

388,024

86.7

%

$

1,278,058

$

1,020,893

25.2

%

Gross margin:

Ethanol production

$

61,617

$

6,368

867.6

%

$

69,814

$

(7,057

)

*

%

Agribusiness and energy services

3,306

4,688

(29.5

)

21,176

11,375

86.2

Partnership

19,701

20,381

(3.3

)

40,107

40,652

(1.3

)

Intersegment eliminations

386

(4,309

)

*

(1,680

)

(2,201

)

(23.7

)

$

85,010

$

27,128

213.4

%

$

129,417

$

42,769

202.6

%

Depreciation and amortization:

Ethanol production

$

18,483

$

17,184

7.6

%

$

37,011

$

33,082

11.9

%

Agribusiness and energy services

595

556

7.0

1,202

1,109

8.4

Partnership

795

966

(17.7

)

1,682

1,927

(12.7

)

Corporate activities

659

669

(1.5

)

1,318

1,337

(1.4

)

$

20,532

$

19,375

6.0

%

$

41,213

$

37,455

10.0

%

Operating income (loss):

Ethanol production (1)

$

33,543

$

(18,792

)

278.5

%

$

13,223

$

(79,573

)

116.6

%

Agribusiness and energy services

(851

)

351

(342.5

)

12,495

2,911

329.2

Partnership

11,916

12,225

(2.5

)

24,787

24,655

0.5

Intersegment eliminations

386

(4,283

)

109.0

(1,680

)

(2,150

)

(21.9

)

Corporate activities

(13,961

)

(8,869

)

57.4

13,555

(19,539

)

169.4

$

31,033

$

(19,368

)

260.2

%

$

62,380

$

(73,696

)

184.6

%

Adjusted EBITDA:

Ethanol production

$

52,052

$

(1,607

)

*

%

$

50,263

$

(45,732

)

209.9

%

Agribusiness and energy services

(254

)

1,037

(124.5

)

13,697

4,165

228.9

Partnership

12,880

13,366

(3.6

)

26,813

26,914

(0.4

)

Intersegment eliminations

386

(4,283

)

109.0

(1,680

)

(2,150

)

(21.9

)

Corporate activities (2)

(14,140

)

7,381

*

14,074

8,329

69.0

EBITDA

50,924

15,894

220.4

103,167

(8,474

)

*

Loss (gain) on sale of assets, net

3,825

-

*

(33,068

)

-

*

Proportional share of EBITDA adjustments to equity method investees

50

2,041

(97.6

)

94

4,978

(98.1

)

Noncash goodwill impairment

-

-

*

-

24,091

*

Adjusted EBITDA

$

54,799

$

17,935

205.5

%

$

70,193

$

20,595

240.8

%

(1) Operating loss for ethanol production includes a goodwill impairment charge of $24.1 million for the six months ended June 30, 2020.

(2) Includes corporate expenses, offset by a loss on sale of assets of $3.8 million and a $33.1 million gain on sale of assets for the three and six months ended June 30, 2021, respectively, and earnings from equity method investments of $12.0 million and $19.8 million for the three and six months ended June 30, 2020, respectively.


GREEN PLAINS INC.

SELECTED OPERATING DATA

(unaudited, in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

% Var.

2021

2020

% Var.

Ethanol production

Ethanol sold (gallons)

190,913

149,872

27.4

%

368,913

390,338

(5.5

)

%

Distillers grains sold (equivalent dried tons)

494

383

29.0

967

1,025

(5.7

)

Corn oil sold (pounds)

54,875

39,496

38.9

101,438

102,048

(0.6

)

Corn consumed (bushels)

65,424

51,908

26.0

127,020

135,791

(6.5

)

Agribusiness and energy services

Domestic ethanol sold (gallons)

228,274

145,853

56.5

407,094

355,436

14.5

Export ethanol sold (gallons)

20,690

68,789

(69.9

)

88,425

168,509

(47.5

)

248,964

214,642

16.0

495,519

523,945

(5.4

)

Partnership

Storage and throughput (gallons)

191,842

150,047

27.9

370,818

391,685

(5.3

)


GREEN PLAINS INC.

CONSOLIDATED CRUSH MARGIN

(unaudited, in thousands except per gallon amounts)

Three Months Ended
June 30,

Three Months Ended
June 30,

2021

2020

2021

2020

($ per gallon produced)

Ethanol production operating income (loss)

$

33,543

$

(18,792

)

$

0.18

$

(0.13

)

Depreciation and amortization

18,483

17,184

0.10

0.12

Total adjusted ethanol production

52,026

(1,608

)

0.28

(0.01

)

Intercompany fees, net:

Storage and logistics (partnership)

11,978

12,290

0.06

0.08

Marketing and agribusiness fees (1)
(agribusiness and energy services)

6,234

3,221

0.03

0.02

Consolidated ethanol crush margin

$

70,238

$

13,903

$

0.37

$

0.09

(1) For the three months ended June 30, 2021, includes $1.5 million for certain nonrecurring decommissioning and nonethanol operations costs.

Liquidity and Capital Resources
On June 30, 2021, Green Plains had $615.4 million in total cash, cash equivalents and restricted cash, and $294.2 million available under committed credit facilities, which are subject to restrictions and other lending conditions. Total debt outstanding at June 30, 2021 was $715.0 million, including $174.0 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $52.0 million of debt related to Green Plains Partners, net of debt issuance costs. The partnership’s outstanding debt was refinanced on July 20, 2021, extending the maturity to July 2026.

Conference Call Information
On Aug. 2, 2021, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss second quarter 2021 operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 6498532. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at https://investor.gpreinc.com/events-presentations.

Non-GAAP Financial Measures
Management uses 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 noncash goodwill impairment. 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 48.9% 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 savings from Project 24 and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.


Consolidated Financial Results

GREEN PLAINS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30,
2021

December 31,
2020

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

496,932

$

233,860

Restricted cash

118,441

40,950

Accounts receivable, net

80,298

55,568

Income tax receivable

1,087

661

Inventories

275,001

269,491

Other current assets

58,151

41,823

Total current assets

1,029,910

642,353

Property and equipment, net

808,221

801,690

Operating lease right-of-use assets

65,808

61,883

Other assets

89,015

72,991

Total assets

$

1,992,954

$

1,578,917

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

102,404

$

140,058

Accrued and other liabilities

56,576

38,471

Derivative financial instruments

18,577

20,265

Current operating lease liabilities

16,686

14,902

Short-term notes payable and other borrowings

174,008

140,808

Current maturities of long-term debt

2,376

98,052

Total current liabilities

370,627

452,556

Long-term debt

538,619

287,299

Long-term operating lease liabilities

51,843

49,549

Other liabilities

26,635

12,849

Total liabilities

987,724

802,253

Stockholders' equity

Total Green Plains stockholders' equity

864,071

646,852

Noncontrolling interests

141,159

129,812

Total liabilities and stockholders' equity

$

1,992,954

$

1,578,917


GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

% Var.

2021

2020

% Var.

Revenues

Product

$

721,786

$

386,640

86.7

%

$

1,273,766

$

1,018,221

25.1

%

Services

2,632

1,384

90.2

4,292

2,672

60.6

Total revenues

724,418

388,024

86.7

1,278,058

1,020,893

25.2

Costs and expenses

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

639,408

360,896

77.2

1,148,641

978,124

17.4

Operations and maintenance

6,237

6,603

(5.5

)

11,991

12,763

(6.0

)

Selling, general and administrative

23,383

20,518

14.0

46,901

42,156

11.3

Loss (gain) on sale of assets, net

3,825

-

*

(33,068

)

-

*

Goodwill impairment

-

-

*

-

24,091

*

Depreciation and amortization

20,532

19,375

6.0

41,213

37,455

10.0

Total costs and expenses

693,385

407,392

70.2

1,215,678

1,094,589

11.1

Operating income (loss)

31,033

(19,368

)

260.2

62,380

(73,696

)

184.6

Other income (expense)

Interest income

441

47

*

471

640

(26.4

)

Interest expense

(19,058

)

(9,670

)

97.1

(50,737

)

(19,367

)

162.0

Other, net

(1,250

)

14

*

(1,240

)

850

(245.9

)

Total other expense

(19,867

)

(9,609

)

106.8

(51,506

)

(17,877

)

188.1

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

11,166

(28,977

)

138.5

10,874

(91,573

)

111.9

Income tax benefit

4,783

11,458

(58.3

)

2,921

55,741

(94.8

)

Income from equity method investees, net of income taxes

168

12,045

(98.6

)

343

20,011

(98.3

)

Net income (loss)

16,117

(5,474

)

394.4

14,138

(15,821

)

189.4

Net income attributable to noncontrolling interests

6,374

2,740

132.6

10,940

8,838

23.8

Net income (loss) attributable to Green Plains

$

9,743

$

(8,214

)

218.6

%

$

3,198

$

(24,659

)

113.0

%

Earnings per share:

Net income (loss) attributable to Green Plains - basic

$

0.21

$

(0.24

)

$

0.08

$

(0.71

)

Net income (loss) attributable to Green Plains - diluted

$

0.20

$

(0.24

)

$

0.07

$

(0.71

)

Weighted average shares outstanding:

Basic

45,425

34,603

41,581

34,634

Diluted

58,171

34,603

42,675

34,634


GREEN PLAINS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Six Months Ended
June 30,

2021

2020

Cash flows from operating activities:

Net income (loss)

$

14,138

$

(15,821

)

Noncash operating adjustments:

Depreciation and amortization

41,213

37,455

Gain on sale of assets, net

(31,757

)

-

Loss on extinguishment of convertible notes

31,636

-

Goodwill impairment

-

24,091

Deferred income taxes

(2,900

)

(18,132

)

Other

6,286

8,235

Net change in working capital

(88,828

)

30,109

Net cash provided by (used in) operating activities

(30,212

)

65,937

Cash flows from investing activities:

Purchases of property and equipment, net

(59,899

)

(63,881

)

Proceeds from the sale of assets

73,846

-

Other investing activities

(4,000

)

(4,098

)

Net cash provided by (used in) investing activities

9,947

(67,979

)

Cash flows from financing activities:

Net proceeds - long-term debt

219,142

2,684

Net payments - short-term borrowings

(16,033

)

(64,090

)

Proceeds from issuance of common stock

191,134

-

Payment for repurchase of common stock

-

(11,479

)

Other

(33,415

)

(11,373

)

Net cash provided by (used in) financing activities

360,828

(84,258

)

Net change in cash, cash equivalents and restricted cash

340,563

(86,300

)

Cash, cash equivalents and restricted cash, beginning of period

274,810

269,896

Cash, cash equivalents and restricted cash, end of period

$

615,373

$

183,596

Reconciliation of total cash, cash equivalents and restricted cash:

Cash and cash equivalents

$

496,932

$

163,362

Restricted cash

118,441

20,234

Total cash, cash equivalents and restricted cash

$

615,373

$

183,596


GREEN PLAINS INC.

RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES

(unaudited, in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2021

2020

2021

2020

Net income (loss)

$

16,117

$

(5,474

)

$

14,138

$

(15,821

)

Interest expense (1)

19,058

9,670

50,737

19,367

Income tax benefit, net of equity method income tax expense

(4,783

)

(7,677

)

(2,921

)

(49,475

)

Depreciation and amortization (2)

20,532

19,375

41,213

37,455

EBITDA

50,924

15,894

103,167

(8,474

)

Loss (gain) on sale of assets, net

3,825

-

(33,068

)

-

Proportional share of EBITDA adjustments to equity method investees

50

2,041

94

4,978

Noncash goodwill impairment

-

-

-

24,091

Adjusted EBITDA

$

54,799

$

17,935

$

70,193

$

20,595

(1) Interest expense for the three and six months ended June 30, 2021 includes a loss on settlement of convertible notes of $9.5 million. Interest expense for the six months ended June 30, 2021 also includes a loss upon extinguishment of convertible notes of $22.1 million.

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


Green Plains Inc. Contacts

Investors: Phil Boggs | Senior Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com

Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com


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