Green Plains Inc. Segment Revisions (in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Revenues | | | | | | | | | |
| Ethanol production | $ | 697,718 | | | $ | 728,935 | | | $ | 775,529 | | | $ | 622,359 | | | $ | 2,824,541 | |
| Agribusiness and energy services | 142,386 | | | 135,823 | | | 125,081 | | | 97,613 | | | 500,903 | |
| Intersegment eliminations | (7,155) | | | (7,126) | | | (7,840) | | | (7,580) | | | (29,701) | |
| $ | 832,949 | | | $ | 857,632 | | | $ | 892,770 | | | $ | 712,392 | | | $ | 3,295,743 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Cost of goods sold | | | | | | | | | |
Ethanol production (1) | $ | 706,133 | | | $ | 719,878 | | | $ | 716,556 | | | $ | 563,350 | | | $ | 2,705,917 | |
| Agribusiness and energy services | 133,280 | | | 129,409 | | | 109,292 | | | 82,795 | | | 454,776 | |
| Intersegment eliminations | (7,155) | | | (7,126) | | | (7,840) | | | (7,580) | | | (29,701) | |
| $ | 832,258 | | | $ | 842,161 | | | $ | 818,008 | | | $ | 638,565 | | | $ | 3,130,992 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Gross margin | | | | | | | | | |
Ethanol production (1) | $ | (8,415) | | | $ | 9,057 | | | $ | 58,973 | | | $ | 59,009 | | | $ | 118,624 | |
| Agribusiness and energy services | 9,106 | | | 6,414 | | | 15,789 | | | 14,818 | | | 46,127 | |
| $ | 691 | | | $ | 15,471 | | | $ | 74,762 | | | $ | 73,827 | | | $ | 164,751 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Depreciation and amortization | | | | | | | | | |
| Ethanol production | $ | 23,754 | | | $ | 23,253 | | | $ | 22,596 | | | $ | 23,109 | | | $ | 92,712 | |
| Agribusiness and energy services | 813 | | | 536 | | | 534 | | | 477 | | | 2,360 | |
| Corporate activities | 819 | | | 837 | | | 769 | | | 747 | | | 3,172 | |
| $ | 25,386 | | | $ | 24,626 | | | $ | 23,899 | | | $ | 24,333 | | | $ | 98,244 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Operating income (loss) | | | | | | | | | |
| Ethanol production | $ | (41,950) | | | $ | (25,139) | | | $ | 23,931 | | | $ | 23,200 | | | $ | (19,958) | |
| Agribusiness and energy services | 4,126 | | | 2,173 | | | 11,313 | | | 10,488 | | | 28,100 | |
| Corporate activities | (18,716) | | | (19,514) | | | (14,070) | | | (17,420) | | | (69,720) | |
| $ | (56,540) | | | $ | (42,480) | | | $ | 21,174 | | | $ | 16,268 | | | $ | (61,578) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
| Reconciliation to Non-GAAP Financial Measures | | | | | | | | | |
| Net income (loss) | $ | (66,249) | | | $ | (48,320) | | | $ | 26,292 | | | $ | 11,978 | | | $ | (76,299) | |
| Interest expense | 9,738 | | | 9,741 | | | 9,550 | | | 8,674 | | | 37,703 | |
| Income tax expense (benefit) | 3,429 | | | (1,019) | | | (7,763) | | | (264) | | | (5,617) | |
| Depreciation and amortization | 25,386 | | | 24,626 | | | 23,899 | | | 24,333 | | | 98,244 | |
EBITDA (2) | $ | (27,696) | | | $ | (14,972) | | | $ | 51,978 | | | $ | 44,721 | | | $ | 54,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Full Year
2023 |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | |
EBITDA (2) | | | | | | | | | |
| Ethanol production | $ | (17,804) | | | $ | (1,141) | | | $ | 50,983 | | | $ | 46,523 | | | $ | 78,561 | |
| Agribusiness and energy services | 5,227 | | | 2,871 | | | 12,160 | | | 11,431 | | | 31,689 | |
| Corporate activities | (15,119) | | | (16,702) | | | (11,165) | | | (13,233) | | | (56,219) | |
| $ | (27,696) | | | $ | (14,972) | | | $ | 51,978 | | | $ | 44,721 | | | $ | 54,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| Mar 31,
2023 | | Jun 30,
2023 | | Sep 30,
2023 | | Dec 31,
2023 | | |
| Consolidated ethanol crush margin | | | | | | | | | |
| Ethanol production operating income (loss) | $ | (41,950) | | | $ | (25,139) | | | $ | 23,931 | | | $ | 23,200 | | | |
| Depreciation and amortization | 23,754 | | | 23,253 | | | 22,596 | | | 23,109 | | | |
| Adjusted ethanol production operating income (loss) | (18,196) | | | (1,886) | | | 46,527 | | | 46,309 | | | |
| Intercompany marketing and agribusiness fees, net | 5,662 | | | 6,445 | | | 6,420 | | | 6,705 | | | |
| $ | (12,534) | | | $ | 4,559 | | | $ | 52,947 | | | $ | 53,014 | | | |
(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) The definition of EBITDA within the Non-GAAP Financial Measures section of Exhibit 99.1 filed with this Form 8-K is incorporated herein by reference.
