Green Plains Reports Third Quarter 2020 Financial Results
November 04, 2020
Results for the Third Quarter of 2020 and Fourth Quarter Outlook:
- Net loss attributable to the company of
$34.5 million , or$(1.00) per diluted share, inclusive of a non-cash income tax charge of$13.8 million related to adjustments in the company’s deferred taxes - Adjusted EBITDA of
$8.8 million and free cash flow positive of$8.8 million - Cash, cash equivalents and restricted cash of
$182.3 million ;$349.8 million available under committed loan facilities - Expecting stronger fourth quarter results based on current market conditions, expected higher operating rates, and anticipated completion of USP upgrade at the
York, Neb. location Green Plains Obion LLC has been selected as the third location to install Fluid Quip Technologies’ high protein system; with completion expected by the end of 2021
“Our third quarter results improved significantly over the prior year with a consolidated crush margin of
The Company’s Project 24 upgrades are continuing at our Green Plains
“We are pleased to announce we have selected our
“Our balance sheet remains strong with over
“The recently announced partnership between Optimal Aquafeed and Hayashikane provides validation and support of our long-term strategy to help meet the increasing demands for human nutrition through sustainable ultra-high proteins, and novel ingredients,” commented Becker. “Our ultra-high protein product has unique characteristics, which we believe are unmatched by others in the space, and is viewed as a cornerstone ingredient, delivering better-for-you qualities to meet the growing demands of discerning customers worldwide.”
“Finally, the total transformation of our business has continued to accelerate over the past few months as we have executed on several initiatives resulting in a stronger balance sheet, a more nimble and focused company with exciting new partnerships, and we are just getting started,” added Becker. “We are continuing discussions with potential financial partners to help fund the remaining capital requirements to install ultra-high protein production technology at all of our locations with the goal of being finished in 2023, at which time we believe we can fully realize significant recurring and predictable earnings.”
Third Quarter Highlights and Recent Developments
- On
October 27, 2020 , the company announced a partnership with Hayashikane to deliver innovative nutritious solutions in aquafeed. - On
October 13, 2020 , the company announced the sale of its remaining 50% interest inGreen Plains Cattle Company LLC for approximately$80 million plus closing adjustments. - On
September 28, 2020 , the company announced the groundbreaking at itsWood River, Nebraska location for the installation of high protein technology. - On
September 8, 2020 , the company announced the closing of a$75 million loan facility for the construction of high protein technology atGreen Plains Wood River LLC and a yet to be announced future location.
Results of Operations
Green Plains sold 189.2 million gallons of ethanol during the third quarter of 2020, compared with 238.5 million gallons for the same period in 2019. The adjusted consolidated ethanol crush margin was
Consolidated revenues decreased
Operating loss decreased
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.
SEGMENT OPERATIONS | ||||||||||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
2020 | 2019 | % Var. | 2020 | 2019 | % Var. | |||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Ethanol production | $ | 332,978 | $ | 484,406 | (31.3 | ) | % | $ | 1,099,245 | $ | 1,206,182 | (8.9 | ) | % | ||||||||||
Agribusiness and energy services | 95,428 | 153,943 | (38.0 | ) | 359,108 | 508,119 | (29.3 | ) | ||||||||||||||||
Food and ingredients | - | - | * | - | 1,451 | * | ||||||||||||||||||
Partnership | 21,382 | 20,154 | 6.1 | 62,034 | 62,066 | (0.1 | ) | |||||||||||||||||
Intersegment eliminations | (25,726 | ) | (26,153 | ) | (1.6 | ) | (75,432 | ) | (76,258 | ) | (1.1 | ) | ||||||||||||
$ | 424,062 | $ | 632,350 | (32.9 | ) | % | $ | 1,444,955 | $ | 1,701,560 | (15.1 | ) | % | |||||||||||
Gross margin: | ||||||||||||||||||||||||
Ethanol production | $ | 2,816 | $ | (28,121 | ) | 110.0 | % | $ | (4,241 | ) | $ | (83,184 | ) | 94.9 | % | |||||||||
Agribusiness and energy services | 8,401 | 3,478 | 141.5 | 19,776 | 21,814 | (9.3 | ) | |||||||||||||||||
Food and ingredients | - | (3 | ) | * | - | (75 | ) | * | ||||||||||||||||
Partnership | 21,382 | 20,154 | 6.1 | 62,034 | 62,066 | (0.1 | ) | |||||||||||||||||
Intersegment eliminations | (2,470 | ) | 4,713 | * | (4,671 | ) | 458 | * | ||||||||||||||||
$ | 30,129 | $ | 221 | * | % | $ | 72,898 | $ | 1,079 | * | % | |||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||
Ethanol production | $ | 17,493 | $ | 15,547 | 12.5 | % | $ | 50,575 | $ | 46,324 | 9.2 | % | ||||||||||||
Agribusiness and energy services | 655 | 541 | 21.1 | 1,764 | 1,642 | 7.4 | ||||||||||||||||||
Partnership | 940 | 991 | (5.1 | ) | 2,867 | 2,747 | 4.4 | |||||||||||||||||
Corporate activities | 665 | 749 | (11.2 | ) | 2,002 | 2,250 | (11.0 | ) | ||||||||||||||||
$ | 19,753 | $ | 17,828 | 10.8 | % | $ | 57,208 | $ | 52,963 | 8.0 | % | |||||||||||||
Operating income (loss): | ||||||||||||||||||||||||
Ethanol production | $ | (21,351 | ) | $ | (49,289 | ) | (56.7 | ) | % | $ | (100,924 | ) | $ | (147,366 | ) | (31.5 | ) | % | ||||||
Agribusiness and energy services | 4,296 | (461 | ) | * | 7,207 | 9,184 | (21.5 | ) | ||||||||||||||||
Food and ingredients | - | (6 | ) | * | - | (76 | ) | * | ||||||||||||||||
Partnership | 12,986 | 12,322 | 5.4 | 37,641 | 38,029 | (1.0 | ) | |||||||||||||||||
Intersegment eliminations | (2,447 | ) | 4,738 | * | (4,597 | ) | 533 | * | ||||||||||||||||
Corporate activities | (7,689 | ) | (9,669 | ) | (20.5 | ) | (27,228 | ) | (27,952 | ) | (2.6 | ) | ||||||||||||
$ | (14,205 | ) | $ | (42,365 | ) | (66.5 | ) | % | $ | (87,901 | ) | $ | (127,648 | ) | (31.1 | ) | % | |||||||
Adjusted EBITDA: | ||||||||||||||||||||||||
Ethanol production | $ | (3,856 | ) | $ | (33,787 | ) | 88.6 | % | $ | (49,588 | ) | $ | (101,027 | ) | 50.9 | % | ||||||||
Agribusiness and energy services | 4,950 | (75 | ) | * | 9,115 | 10,686 | (14.7 | ) | ||||||||||||||||
Food and ingredients | - | (7 | ) | * | - | (76 | ) | * | ||||||||||||||||
Partnership | 14,082 | 13,594 | 3.6 | 40,996 | 41,382 | (0.9 | ) | |||||||||||||||||
Intersegment eliminations | (2,447 | ) | 4,738 | * | (4,597 | ) | 533 | * | ||||||||||||||||
Corporate activities (1) | (6,022 | ) | (7,501 | ) | 19.7 | 2,307 | (22,206 | ) | 110.4 | |||||||||||||||
EBITDA | 6,707 | (23,038 | ) | 129.1 | (1,767 | ) | (70,708 | ) | 97.5 | |||||||||||||||
EBITDA adjustments related to discontinued operations | - | 8,469 | * | - | 17,703 | * | ||||||||||||||||||
Proportional share of EBITDA adjustments to equity method investees | 2,071 | 1,186 | * | 7,049 | 1,827 | * | ||||||||||||||||||
Noncash goodwill impairment | - | - | * | 24,091 | - | * | ||||||||||||||||||
Adjusted EBITDA | $ | 8,778 | $ | (13,383 | ) | 165.6 | % | $ | 29,373 | $ | (51,178 | ) | 157.4 | % | ||||||||||
(1) Includes corporate expenses, offset by earnings from equity method investments of |
||||||||||||||||||||||||
* Percentage variance not considered meaningful. |
SELECTED OPERATING DATA | ||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2020 | 2019 | % Var. | 2020 | 2019 | % Var. | |||||||||||
Ethanol production | ||||||||||||||||
Ethanol sold (gallons) | 189,202 | 238,473 | (20.7 | ) | % | 579,540 | 617,536 | (6.2 | ) | % | ||||||
Distillers grains sold (equivalent dried tons) | 479 | 617 | (22.4 | ) | 1,504 | 1,601 | (6.1 | ) | ||||||||
Corn oil sold (pounds) | 50,953 | 60,607 | (15.9 | ) | 153,001 | 148,630 | 2.9 | |||||||||
Corn consumed (bushels) | 65,284 | 82,730 | (21.1 | ) | 201,075 | 214,734 | (6.4 | ) | ||||||||
Agribusiness and energy services | ||||||||||||||||
Domestic ethanol sold (gallons) | 189,716 | 255,537 | (25.8 | ) | 578,049 | 650,185 | (11.1 | ) | ||||||||
Export ethanol sold (gallons) | 26,190 | 55,109 | (52.5 | ) | 161,802 | 217,540 | (25.6 | ) | ||||||||
215,906 | 310,646 | (30.5 | ) | 739,851 | 867,725 | (14.7 | ) | |||||||||
Partnership | ||||||||||||||||
Storage and throughput (gallons) | 189,641 | 238,872 | (20.6 | ) | 581,326 | 619,704 | (6.2 | ) | ||||||||
CONSOLIDATED CRUSH MARGIN | ||||||||||||||||
(unaudited, in thousands except per gallon amounts) | ||||||||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
($ per gallon produced) | ||||||||||||||||
Ethanol production operating loss | $ | (21,351 | ) | $ | (49,289 | ) | $ | (0.11 | ) | $ | (0.21 | ) | ||||
Depreciation and amortization | 17,493 | 15,547 | 0.09 | 0.07 | ||||||||||||
Total adjusted ethanol production | (3,858 | ) | (33,742 | ) | (0.02 | ) | (0.14 | ) | ||||||||
Intercompany fees, net: | ||||||||||||||||
Storage and logistics (partnership) | 13,185 | 12,473 | 0.07 | 0.05 | ||||||||||||
Marketing and agribusiness fees (1) (agribusiness and energy services) |
6,444 | 5,910 | 0.03 | 0.03 | ||||||||||||
Consolidated ethanol crush margin | $ | 15,771 | $ | (15,359 | ) | $ | 0.08 | $ | (0.06 | ) | ||||||
(1) Includes certain nonrecurring decommissioning costs. |
Liquidity and Capital Resources
On
Conference Call Information
On
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 operational results of Green Plains Cattle prior to its disposition which are recorded as discontinued operations, and our proportional share of EBITDA adjustments of our equity method investees 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 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
About
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
Consolidated Financial Results
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(in thousands) | |||||
2020 |
2019 |
||||
(unaudited) | |||||
ASSETS | |||||
Current assets | |||||
Cash and cash equivalents | $ | 150,407 | $ | 245,977 | |
Restricted cash | 31,877 | 23,919 | |||
Accounts receivable, net | 54,482 | 107,183 | |||
Income tax receivable | 57,929 | 6,216 | |||
Inventories | 184,661 | 252,992 | |||
Other current assets | 29,321 | 31,626 | |||
Total current assets | 508,677 | 667,913 | |||
Property and equipment, net | 858,490 | 827,271 | |||
Operating lease right-of-use assets | 56,904 | 52,476 | |||
Investment in equity method investees | 73,563 | 68,998 | |||
Other assets | 39,786 | 81,560 | |||
Total assets | $ | 1,537,420 | $ | 1,698,218 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable | $ | 89,566 | $ | 156,693 | |
Accrued and other liabilities | 28,682 | 39,384 | |||
Derivative financial instruments | 17,577 | 8,721 | |||
Current operating lease liabilities | 14,663 | 16,626 | |||
Short-term notes payable and other borrowings | 146,614 | 187,812 | |||
Current maturities of long-term debt | 34,378 | 132,555 | |||
Total current liabilities | 331,480 | 541,791 | |||
Long-term debt | 345,056 | 243,990 | |||
Long-term operating lease liabilities | 45,360 | 38,314 | |||
Other liabilities | 11,969 | 8,837 | |||
Total liabilities | 733,865 | 832,932 | |||
Stockholders' equity | |||||
Total Green Plains stockholders' equity | 685,626 | 751,905 | |||
Noncontrolling interests | 117,929 | 113,381 | |||
Total liabilities and stockholders' equity | $ | 1,537,420 | $ | 1,698,218 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||||||
(unaudited, in thousands except per share amounts) | ||||||||||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||||||||||
2020 | 2019 | % Var. | 2020 | 2019 | % Var. | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Product | $ | 423,027 | $ | 631,032 | (33.0 | ) | % | $ | 1,441,248 | $ | 1,696,245 | (15.0 | ) | % | ||||||||||
Services | 1,035 | 1,318 | (21.5 | ) | 3,707 | 5,315 | (30.3 | ) | ||||||||||||||||
Total revenues | 424,062 | 632,350 | (32.9 | ) | 1,444,955 | 1,701,560 | (15.1 | ) | ||||||||||||||||
Costs and expenses | ||||||||||||||||||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 393,933 | 632,129 | (37.7 | ) | 1,372,057 | 1,700,481 | (19.3 | ) | ||||||||||||||||
Operations and maintenance | 6,647 | 6,216 | 6.9 | 19,410 | 19,314 | 0.5 | ||||||||||||||||||
Selling, general and administrative | 19,934 | 18,542 | 7.5 | 62,090 | 56,450 | 10.0 | ||||||||||||||||||
- | - | * | 24,091 | - | * | |||||||||||||||||||
Gain on sale of asset | (2,000 | ) | - | * | (2,000 | ) | - | * | ||||||||||||||||
Depreciation and amortization | 19,753 | 17,828 | 10.8 | 57,208 | 52,963 | 8.0 | ||||||||||||||||||
Total costs and expenses | 438,267 | 674,715 | (35.0 | ) | 1,532,856 | 1,829,208 | (16.2 | ) | ||||||||||||||||
Operating loss from continuing operations | (14,205 | ) | (42,365 | ) | (66.5 | ) | (87,901 | ) | (127,648 | ) | (31.1 | ) | ||||||||||||
Other income (expense) | ||||||||||||||||||||||||
Interest income | 3 | 767 | (99.6 | ) | 643 | 2,813 | (77.1 | ) | ||||||||||||||||
Interest expense | (10,169 | ) | (10,548 | ) | (3.6 | ) | (29,536 | ) | (31,528 | ) | (6.3 | ) | ||||||||||||
Other, net | 12 | 88 | (86.4 | ) | 862 | 630 | 36.8 | |||||||||||||||||
Total other expense | (10,154 | ) | (9,693 | ) | 4.8 | (28,031 | ) | (28,085 | ) | (0.2 | ) | |||||||||||||
Loss from continuing operations before income taxes and income from equity method investees | (24,359 | ) | (52,058 | ) | (53.2 | ) | (115,932 | ) | (155,733 | ) | (25.6 | ) | ||||||||||||
Income tax benefit (expense) | (7,280 | ) | 12,530 | (158.1 | ) | 48,461 | 40,692 | 19.1 | ||||||||||||||||
Income from equity method investees, net of income taxes | 906 | 644 | * | 20,917 | 534 | * | ||||||||||||||||||
Net loss from continuing operations including noncontrolling interest | (30,733 | ) | (38,884 | ) | (21.0 | ) | (46,554 | ) | (114,507 | ) | (59.3 | ) | ||||||||||||
Net income from discontinued operations, net of income taxes | - | 3,393 | * | - | 966 | * | ||||||||||||||||||
Net loss | (30,733 | ) | (35,491 | ) | (13.4 | ) | (46,554 | ) | (113,541 | ) | (59.0 | ) | ||||||||||||
Net income attributable to noncontrolling interests | 3,753 | 3,479 | 7.9 | 12,591 | 13,570 | (7.2 | ) | |||||||||||||||||
Net loss attributable to Green Plains | $ | (34,486 | ) | $ | (38,970 | ) | (11.5 | ) | % | $ | (59,145 | ) | $ | (127,111 | ) | (53.5 | ) | % | ||||||
Earnings per share - basic and diluted | ||||||||||||||||||||||||
Net loss from continuing operations | $ | (1.00 | ) | $ | (1.15 | ) | $ | (1.71 | ) | $ | (3.28 | ) | ||||||||||||
Net income from discontinued operations | - | 0.09 | - | 0.03 | ||||||||||||||||||||
Net loss attributable to Green Plains | $ | (1.00 | ) | $ | (1.06 | ) | $ | (1.71 | ) | $ | (3.25 | ) | ||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||
Basic | 34,629 | 36,913 | 34,632 | 39,092 | ||||||||||||||||||||
Diluted | 34,629 | 36,913 | 34,632 | 39,092 | ||||||||||||||||||||
* Percentage variance not considered meaningful.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(unaudited, in thousands) | ||||||||
Nine Months Ended |
||||||||
2020 | 2019 | |||||||
Cash flows from operating activities: | ||||||||
Net loss from continuing operations including noncontrolling interest | $ | (46,554 | ) | $ | (114,507 | ) | ||
Net income from discontinued operations, net of income taxes | - | 966 | ||||||
Net loss | (46,554 | ) | (113,541 | ) | ||||
Noncash operating adjustments: | ||||||||
Depreciation and amortization | 57,208 | 52,963 | ||||||
24,091 | - | |||||||
Deferred income taxes | (10,569 | ) | (38,918 | ) | ||||
Other | 27,423 | 23,750 | ||||||
Net change in working capital | 24,849 | 57,913 | ||||||
Net cash provided by (used in) operating activities - continuing operations | 76,448 | (17,833 | ) | |||||
Net cash provided by operating activities - discontinued operations | - | 17,469 | ||||||
Net cash provided by (used in) operating activities | 76,448 | (364 | ) | |||||
Cash flows from investing activities: | ||||||||
Purchases of property and equipment, net | (85,376 | ) | (43,372 | ) | ||||
Proceeds from the sale of discontinued operations, net of cash divested | - | 77,240 | ||||||
Proceeds from the sale of assets, net | - | 3,469 | ||||||
Other investing activities | (4,098 | ) | (100 | ) | ||||
Net cash provided by (used in) investing activities - continuing operations | (89,474 | ) | 37,237 | |||||
Net cash used in investing activities - discontinued operations | - | (4,169 | ) | |||||
Net cash provided by (used in) investing activities | (89,474 | ) | 33,068 | |||||
Cash flows from financing activities: | ||||||||
Net proceeds - long-term debt | 67 | 111,865 | ||||||
Net payments - short-term borrowings | (49,705 | ) | (75,496 | ) | ||||
Payment for repurchase of common stock | (11,479 | ) | (55,884 | ) | ||||
Other | (13,469 | ) | (26,881 | ) | ||||
Net cash used in financing activities - continuing operations | (74,586 | ) | (46,396 | ) | ||||
Net cash used in financing activities - discontinued operations | - | (50,464 | ) | |||||
Net cash used in financing activities | (74,586 | ) | (96,860 | ) | ||||
Net change in cash, cash equivalents and restricted cash | (87,612 | ) | (64,156 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 269,896 | 283,284 | ||||||
Discontinued operations cash activity included above: | ||||||||
Add: Cash balance included in current assets of discontinued operations at beginning of period | - | 34,911 | ||||||
Cash, cash equivalents and restricted cash, end of period | $ | 182,284 | $ | 254,039 | ||||
Continued on following page |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
(unaudited, in thousands) | ||||||
Continued from previous page | ||||||
Nine Months Ended |
||||||
2020 | 2019 | |||||
Reconciliation of total cash, cash equivalents and restricted cash: | ||||||
Cash and cash equivalents | $ | 150,407 | $ | 235,537 | ||
Restricted cash | 31,877 | 18,502 | ||||
Total cash, cash equivalents and restricted cash | $ | 182,284 | $ | 254,039 | ||
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES | ||||||||||||||||
(unaudited, in thousands) | ||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net loss from continuing operations including noncontrolling interest | $ | (30,733 | ) | $ | (38,884 | ) | $ | (46,554 | ) | $ | (114,507 | ) | ||||
Interest expense | 10,169 | 10,548 | 29,536 | 31,528 | ||||||||||||
Income tax expense (benefit), net of equity method income tax expense | 7,518 | (12,530 | ) | (41,957 | ) | (40,692 | ) | |||||||||
Depreciation and amortization (1) | 19,753 | 17,828 | 57,208 | 52,963 | ||||||||||||
EBITDA | 6,707 | (23,038 | ) | (1,767 | ) | (70,708 | ) | |||||||||
EBITDA adjustments related to discontinued operations | - | 8,469 | - | 17,703 | ||||||||||||
Proportional share of EBITDA adjustments to equity method investees | 2,071 | 1,186 | 7,049 | 1,827 | ||||||||||||
Noncash goodwill impairment | - | - | 24,091 | - | ||||||||||||
Adjusted EBITDA | $ | 8,778 | $ | (13,383 | ) | $ | 29,373 | $ | (51,178 | ) | ||||||
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs. |
Investors: |
Media: |
Source: Green Plains Inc.
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