Viatris Inc
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Health Care : Pharmaceuticals | Mid Cap Value
Company profile

Viatris Inc. (Viatris) is a healthcare company. The Company operates through four segments: Developed Markets, Greater China, JANZ, and Emerging Markets. The Developed Markets segment comprises its operations primarily in North America and Europe. The Greater China segment includes its operations in China, Taiwan, and Hong Kong. The JANZ segment includes its operations in Japan, Australia, and New Zealand. The Emerging Markets segment encompasses its operations in Asia, the Middle East, South and Central America, Africa, and Eastern Europe, and also includes the Company’s anti-retroviral franchise. The Company's portfolio comprises of approximately 1,400 approved molecules across a range of key therapeutic areas including generic, complex generic, and biosimilar products. The Company operates approximately 50 manufacturing sites worldwide that produces oral solid doses, injectables, complex dosage forms and active pharmaceutical ingredients (APIs).

Closing Price
$15.22
Day's Change
0.20 (1.33%)
Bid
--
Ask
--
B/A Size
--
Day's High
15.26
Day's Low
14.86
Volume
(Light)
Volume:
5,773,965

10-day average volume:
9,770,235
5,773,965

Green Plains Reports Third Quarter 2021 Financial Results

8:18 am ET November 4, 2021 (Globe Newswire) Print

Results for the Third Quarter of 2021:

-- Net loss attributable to the company of $59.6 million, or ($1.18) per diluted share

-- Adjusted EBITDA of ($14.8) million

-- Consolidated crush margin of $0.01 per gallon for the third quarter and $0.16 per gallon year-to-date

-- Cash, cash equivalents and restricted cash of $720.9 million with $312.6 million available under committed credit facilities

Highlights and Recent Developments

-- Green Plains Wood River LLC's MSC(TM) Ultra-High Protein system is operational, with shipments expected in November

-- Broke ground on 4 MSC(TM) Ultra-High Protein facility, at Green Plains Mount Vernon, and anticipate breaking ground at Obion, Green Plains' 5 MSC(TM) location in the coming weeks

-- Extended sales commitments to our pet food vertical with higher volumes through 2022 with a signed MOU for additional sales through 2023 and expect to expand our customer base near term

-- Announced a turnkey solution for MSC(TM) protein technology, and inaugural project partner, Tharaldson Ethanol, a 175 million gallon facility in Casselton, N.D.

-- Completed offering of 5,462,500 shares of common stock at $32.00 per share

-- Announced governance updates, including appointing a lead independent director, ongoing refreshment of the Board with two new board members, rotating committee chairs and various amendments enhancing the Board's oversight and strengthening shareholder rights

Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the third quarter of 2021. Net loss attributable to the company was $59.6 million, or ($1.18) per diluted share compared to a net loss of $34.5 million or ($1.00) per diluted share, for the same period in 2020. Revenues were $746.8 million for the third quarter of 2021 compared with $424.1 million for the same period last year.

Commenting on the results, Green Plains' President and Chief Executive Officer Todd Becker said,

"The third quarter results of $0.01 per gallon consolidated crush margin were impacted by the near-record physical corn basis levels, accelerated completion of maintenance shutdowns and previously announced MTM timing reversals. Our year-to-date margin averaged $0.16 per gallon, and we anticipate full year to finish strong and above our long-term view of the Green Plains 1.0 platform. While we have experienced volatility between quarters due to the timing of various items, we are pleased to have achieved year-to-date results at or above the market and believe we are on track to deliver improved results into 2022 as we continue to execute on our transformation plan while protecting our balance sheet."

"Today, we are announcing that final commissioning of the Wood River Fluid Quip MSC system is underway and that we expect to begin shipping value-added ingredients as early as November. Besides protein, a major benefit of MSC technology is improved corn oil yields and the facility's results are already exceeding our expectations, providing additional confidence that we will see the expected increase in renewable corn oil production as we deploy MSC technology across our platform. We expect renewable corn oil's financial contribution to remain strong, supported by both higher yields and higher prices. When combined with the return to full run rate capability across our platform after the completion of our Project 24 modernization program, we expect to have the capacity to produce over 330 million pounds of renewable corn oil annually by the end of 2022, and expand further with the deployment of additional MSC systems."

"Our team has made considerable progress on the commercial front. We have signed a multi-year MOU for sales of our Ultra-High Protein ingredients into pet food through 2023, while also increasing sales volumes in 2022. We are finalizing terms with new pet food customers and continue to work alongside our partners on product design and inclusion rates specifically for this vertical. We also continue to negotiate additional multi-year distribution and supply agreements while negotiating and executing commercial agreements in dairy, swine and aquaculture which will start to set baseload volumes for our products as we bring on additional volumes next year. We continue to focus on the unique nutritional requirements of our expanding target markets, differentiating our products from ingredients sold globally today."

"Our Clean Sugar pilot plant is continuing to produce low-carbon sugars for select customers, resulting in ongoing discussions with key commercial counterparties for potential co-location opportunities, providing additional confidence in our plan as we begin evaluating the engineering and site selection for a larger project. We continue to believe this technology could provide industrial quantities of carbohydrate feedstock for manufacturing applications in the growing biochemical, renewable chemicals and synthetic biology industries at more competitive prices with a lower carbon intensity than other technologies available today. We believe this technology can differentiate Green Plains as we use the Fluid Quip IP portfolio to transform our sites into modern day bio-campuses."

"We are particularly excited about the progress we have made in deploying Ultra-High Protein technology and expect completion of four Ultra-High Protein facilities over the next 12 months, further accelerating contributions from our high-protein initiative. We have now repeatedly found success in executing longer protein production runs of 58% and higher, made progress in our clean sugar scale-up and we now see new potential for ethanol to become a vital low-carbon feedstock in transportation and sustainable aviation fuels."

"Across our four strategic areas of growth - value-added ingredients, renewable corn oil, clean sugar and carbon capture and sequestration - we are executing against key milestones. Our transformation continues to progress, and I remain optimistic we can achieve our long-term goals in the pursuit of our low-carbon strategy, not only in clean fuels but also in low-carbon feed ingredients for use around the world and we believe Green Plains will be a leader in this area."

Results of Operations

Green Plains sold 181.2 million gallons of ethanol during the third quarter of 2021, compared with 189.2 million gallons for the same period in 2020. The consolidated ethanol crush margin was $1.1 million, or $0.01 per gallon, for the third quarter of 2021, compared with $15.8 million, or $0.08 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 $322.7 million for the three months ended September 30, 2021, compared with the same period in 2020, primarily due to higher prices for ethanol, distillers grains and corn oil and increased trading revenues within our agribusiness and energy services segment.

Operating loss increased $30.5 million and adjusted EBITDA decreased $21.5 million for the three months ended September 30, 2021, compared with the same period last year, primarily due to decreased margins on ethanol production. Interest expense decreased $0.7 million for the three months ended September 30, 2021, compared with the same period in 2020. Income tax expense was $7,000 for the three months ended September 30, 2021, compared with $7.3 million for the same period in 2020, primarily due to the recording of a valuation allowance against tax NOLs arising during the three months ended September 30, 2020.

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                                                                                             Nine Months Ended
                                                                     September 30,                                                                                                  September 30,
                                                                     2021                                       2020                                       % Var.                   2021                                       2020                                       % Var.
Revenues:
Ethanol production                                                   $                   588,349                $                   332,978                76.7                  %  $                   1,567,344              $                   1,099,245              42.6                                                                                                                                                                                                    %
Agribusiness and energy services                                                         162,774                                    95,428                 70.6                                         470,205                                    359,108                30.9
Partnership                                                                              19,251                                     21,382                 (10.0               )                        59,358                                     62,034                 (4.3                )
Intersegment eliminations                                                                (23,583             )                      (25,726             )  (8.3                )                        (72,058             )                      (75,432             )  (4.5                )
                                                                     $                   746,791                $                   424,062                76.1                  %  $                   2,024,849              $                   1,444,955              40.1                                                                                                                                                                                                    %
Gross margin:
Ethanol production                                                   $                   (9,505              )  $                   2,816                  *                     %  $                   60,309                 $                   (4,241              )  *                                                                                                                                                                                                       %
Agribusiness and energy services                                                         8,347                                      8,401                  (0.6                )                        29,523                                     19,776                 49.3
Partnership                                                                              19,251                                     21,382                 (10.0               )                        59,358                                     62,034                 (4.3                )
Intersegment eliminations                                                                (1,481              )                      (2,470              )  (40.0               )                        (3,161              )                      (4,671              )  (32.3               )
                                                                     $                   16,612                 $                   30,129                 (44.9               ) %  $                   146,029                $                   72,898                 100.3                                                                                                                                                                                                   %
Depreciation and amortization:
Ethanol production                                                   $                   25,644                 $                   17,493                 46.6                  %  $                   62,655                 $                   50,575                 23.9                                                                                                                                                                                                    %
Agribusiness and energy services                                                         870                                        655                    32.8                                         2,072                                      1,764                  17.5
Partnership                                                                              1,089                                      940                    15.9                                         2,771                                      2,867                  (3.3                )
Corporate activities                                                                     677                                        665                    1.8                                          1,995                                      2,002                  (0.3                )
                                                                     $                   28,280                 $                   19,753                 43.2                  %  $                   69,493                 $                   57,208                 21.5                                                                                                                                                                                                    %
Operating income (loss):
Ethanol production                                                   $                   (44,192             )  $                   (21,351             )  107.0                 %  $                   (30,969             )  $                   (100,924            )  (69.3               )                                                                                                                                                                                   %
Agribusiness and energy services                                                         3,225                                      4,296                  (24.9               )                        15,720                                     7,207                  118.1
Partnership                                                                              12,417                                     12,986                 (4.4                )                        37,204                                     37,641                 (1.2                )
Intersegment eliminations                                                                (1,481              )                      (2,447              )  (39.5               )                        (3,161              )                      (4,597              )  (31.2               )
Corporate activities                                                                     (14,644             )                      (7,689              )  90.5                                         (1,089              )                      (27,228             )  (96.0               )
                                                                     $                   (44,675             )  $                   (14,205             )  *                     %  $                   17,705                 $                   (87,901             )  *                                                                                                                                                                                                       %
Adjusted EBITDA:
Ethanol production                                                   $                   (18,524             )  $                   (3,856              )  *                     %  $                   31,739                 $                   (49,588             )  164.0                                                                                                                                                                                                   %
Agribusiness and energy services                                                         3,818                                      4,950                  (22.9               )                        17,515                                     9,115                  92.2
Partnership                                                                              13,679                                     14,082                 (2.9                )                        40,492                                     40,996                 (1.2                )
Intersegment eliminations                                                                (1,480              )                      (2,447              )  (39.5               )                        (3,160              )                      (4,597              )  (31.3               )
Corporate activities                                                                     (14,129             )                      (6,022              )  134.6                                        (55                 )                      2,307                  (102.4              )
EBITDA                                                                                   (16,636             )                      6,707                  *                                            86,531                                     (1,767              )  *
Loss (gain) on sale of assets, net                                                       1,823                                      (2,000              )  *                                            (31,245             )                      (2,000              )  *
Proportional share of EBITDA adjustments to equity method investees                      45                                         2,071                  (97.8               )                        139                                        7,049                  (98.0               )
Noncash goodwill impairment                                                              -                                          -                      *                                            -                                          24,091                 *
Adjusted EBITDA                                                      $                   (14,768             )  $                   6,778                  *                     %  $                   55,425                 $                   27,373                 102.5                                                                                                                                                                                                   %
(1)  Operating loss for ethanol production includes a goodwill impairment charge of $24.1 million for the nine months ended September 30, 2020.
(2)  Corporate activities for the three and nine months ended September 30, 2021 include a $1.8 million loss on sale of assets and a $31.2 million gain on sale of assets, respectively, as well as a gain on sale of assets of $2.0 million for both the three and nine months ended September 30, 2020.
(3)  Includes corporate expenses, offset by the loss on sale of assets of $1.8 million and the gain on sale of assets of $31.2 million for the three and nine months ended September 30, 2021, respectively, and earnings from equity method investments of $0.6 million and $20.4 million for the three and nine months ended September 30, 2020, respectively, as well as a gain on sale of assets of $2.0 million for both the three and nine months ended September 30, 2020.
* Percentage variances not considered meaningful
GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
                                                Three Months Ended            Nine Months Ended
                                                September 30,                 September 30,
                                                2021     2020     % Var.      2021     2020     % Var.
Ethanol production
Ethanol sold (gallons)                          181,214  189,202  (4.2 )  %   550,127  579,540  (5.1  )  %
Distillers grains sold (equivalent dried tons)  492      479      2.7         1,459    1,504    (3.0  )
Corn oil sold (pounds)                          55,397   50,953   8.7         156,835  153,001  2.5
Corn consumed (bushels)                         62,524   65,284   (4.2 )      189,544  201,075  (5.7  )
Agribusiness and energy services
Domestic ethanol sold (gallons)                 213,348  189,716  12.5        620,442  578,049  7.3
Export ethanol sold (gallons)                   23,721   26,190   (9.4 )      112,146  161,802  (30.7 )
                                                237,069  215,906  9.8         732,588  739,851  (1.0  )
Partnership
Storage and throughput (gallons)                182,240  189,641  (3.9 )      553,058  581,326  (4.9  )
GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
                                    Three Months Ended                                    Three Months Ended
                                    September 30,                                         September 30,
                                    2021                       2020                       2021                       2020
                                                                                          ($ per gallon produced)
Ethanol production operating loss   $           (44,192     )  $           (21,351     )  $           (0.24       )  $           (0.11       )
Depreciation and amortization                   25,644                     17,493                     0.14                       0.09
Total adjusted ethanol production               (18,548     )              (3,858      )              (0.10       )              (0.02       )
Intercompany fees, net:
Storage and logistics (partnership)             12,775                     13,185                     0.07                       0.07
Marketing and agribusiness fees                 6,846                      6,444                      0.04                       0.03
(agribusiness and energy services)
Consolidated ethanol crush margin   $           1,073          $           15,771         $           0.01           $           0.08
(1) For the three months ended September 30, 2021 and 2020, includes $2.5 million and $2.3 million, respectively, for certain nonrecurring decommissioning and nonethanol operations costs.

Liquidity and Capital Resources

On September 30, 2021, Green Plains had $720.9 million in total cash, cash equivalents and restricted cash, and $312.6 million available under committed credit facilities, which are subject to restrictions and other lending conditions. Total debt outstanding at September 30, 2021 was $711.4 million, including $162.5 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $59.6 million of non-recourse debt related to Green Plains Partners, net of debt issuance costs.

Conference Call Information

On November 4, 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 third 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 2049686. 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)
                                              September 30,     December 31,
                                              2021              2020
                                              (unaudited)
ASSETS
Current assets
Cash and cash equivalents                     $      589,822    $      233,860
Restricted cash                                      131,073           40,950
Accounts receivable, net                             90,271            55,568
Income tax receivable                                1,732             661
Inventories                                          243,207           269,491
Other current assets                                 61,421            41,823
Total current assets                                 1,117,526         642,353
Property and equipment, net                          842,141           801,690
Operating lease right-of-use assets                  66,971            61,883
Other assets                                         86,566            72,991
Total assets                                  $      2,113,204  $      1,578,917
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable                              $      112,459    $      140,058
Accrued and other liabilities                        42,731            38,471
Derivative financial instruments                     35,401            20,265
Current operating lease liabilities                  16,766            14,902
Short-term notes payable and other borrowings        162,470           140,808
Current maturities of long-term debt                 34,477            98,052
Total current liabilities                            404,304           452,556
Long-term debt                                       514,434           287,299
Long-term operating lease liabilities                53,050            49,549
Other liabilities                                    23,798            12,849
Total liabilities                                    995,586           802,253
Stockholders' equity
Total Green Plains stockholders' equity              971,429           646,852
Noncontrolling interests                             146,189           129,812
Total liabilities and stockholders' equity    $      2,113,204  $      1,578,917
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
                                                                                       Three Months Ended                         Nine Months Ended
                                                                                       September 30,                              September 30,
                                                                                       2021           2020           % Var.       2021             2020             % Var.
Revenues
Product                                                                                $  745,240     $  423,027     76.2     %   $  2,019,006     $  1,441,248     40.1     %
Services                                                                                  1,551          1,035       49.9            5,843            3,707         57.6
Total revenues                                                                            746,791        424,062     76.1            2,024,849        1,444,955     40.1
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)     730,179        393,933     85.4            1,878,820        1,372,057     36.9
Operations and maintenance                                                                5,162          6,647       (22.3 )         17,153           19,410        (11.6 )
Selling, general and administrative                                                       26,022         19,934      30.5            72,923           62,090        17.4
Loss (gain) on sale of assets, net                                                        1,823          (2,000  )   *               (31,245   )      (2,000    )   *
Goodwill impairment                                                                       -              -           *               -                24,091        *
Depreciation and amortization                                                             28,280         19,753      43.2            69,493           57,208        21.5
Total costs and expenses                                                                  791,466        438,267     80.6            2,007,144        1,532,856     30.9
Operating income (loss)                                                                   (44,675 )      (14,205 )   *               17,705           (87,901   )   *
Other income (expense)
Interest income                                                                           25             3           *               496              643           (22.9 )
Interest expense                                                                          (9,488  )      (10,169 )   (6.7  )         (60,225   )      (29,536   )   103.9
Other, net                                                                                (440    )      12          *               (1,680    )      862           *
Total other expense                                                                       (9,903  )      (10,154 )   (2.5  )         (61,409   )      (28,031   )   119.1
Loss before income taxes and income from equity method investees                          (54,578 )      (24,359 )   124.1           (43,704   )      (115,932  )   (62.3 )
Income tax benefit (expense)                                                              (7      )      (7,280  )   (99.9 )         2,914            48,461        (94.0 )
Income from equity method investees, net of income taxes                                  174            906         (80.8 )         517              20,917        (97.5 )
Net loss                                                                                  (54,411 )      (30,733 )   77.0            (40,273   )      (46,554   )   (13.5 )
Net income attributable to noncontrolling interests                                       5,211          3,753       38.8            16,151           12,591        28.3
Net loss attributable to Green Plains                                                  $  (59,622 )   $  (34,486 )   72.9     %   $  (56,424   )   $  (59,145   )   (4.6  )  %
Earnings per share:
Net loss attributable to Green Plains - basic and diluted                              $  (1.18   )   $  (1.00   )                $  (1.27     )   $  (1.71     )
Weighted average shares outstanding:
Basic and diluted                                                                         50,482         34,629                      44,581           34,632
* Percentage variances not considered meaningful
GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
                                                                    Nine Months Ended
                                                                    September 30,
                                                                    2021              2020
Cash flows from operating activities:
Net loss                                                            $     (40,273  )  $     (46,554 )
Noncash operating adjustments:
Depreciation and amortization                                             69,493            57,208
Gain on sale of assets, net                                               (31,245  )        (1,405  )
Loss on extinguishment of debt                                            32,645            -
Goodwill impairment                                                       -                 24,091
Deferred income taxes                                                     (3,008   )        (10,569 )
Other                                                                     11,619            28,828
Net change in working capital                                             (67,103  )        24,849
Net cash provided by (used in) operating activities                       (27,872  )        76,448
Cash flows from investing activities:
Purchases of property and equipment, net                                  (123,687 )        (85,376 )
Proceeds from the sale of assets                                          87,217            -
Other investing activities                                                (7,000   )        (4,098  )
Net cash used in investing activities                                     (43,470  )        (89,474 )
Cash flows from financing activities:
Net proceeds - long-term debt                                             178,995           67
Net proceeds (payments) - short-term borrowings                           17,863            (49,705 )
Proceeds from issuance of common stock                                    356,011           -
Payment for repurchase of common stock                                    -                 (11,479 )
Other                                                                     (35,442  )        (13,469 )
Net cash provided by (used in) financing activities                       517,427           (74,586 )
Net change in cash, cash equivalents and restricted cash                  446,085           (87,612 )
Cash, cash equivalents and restricted cash, beginning of period           274,810           269,896
Cash, cash equivalents and restricted cash, end of period           $     720,895     $     182,284
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents                                           $     589,822     $     150,407
Restricted cash                                                           131,073           31,877
Total cash, cash equivalents and restricted cash                    $     720,895     $     182,284
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
                                                                       Three Months Ended                                    Nine Months Ended
                                                                       September 30,                                         September 30,
                                                                       2021                       2020                       2021                       2020
Net loss                                                               $           (54,411     )  $           (30,733     )  $           (40,273     )  $           (46,554     )
Interest expense                                                                   9,488                      10,169                     60,225                     29,536
Income tax expense (benefit), net of equity method income tax expense              7                          7,518                      (2,914      )              (41,957     )
Depreciation and amortization                                                      28,280                     19,753                     69,493                     57,208
EBITDA                                                                             (16,636     )              6,707                      86,531                     (1,767      )
Loss (gain) on sale of assets, net                                                 1,823                      (2,000      )              (31,245     )              (2,000      )
Proportional share of EBITDA adjustments to equity method investees                45                         2,071                      139                        7,049
Noncash goodwill impairment                                                        -                          -                          -                          24,091
Adjusted EBITDA                                                        $           (14,768     )  $           6,778          $           55,425         $           27,373
(1) Interest expense for the nine months ended September 30, 2021 includes a loss upon extinguishment of convertible notes of $22.1 million and a loss on settlement of convertible notes of $9.5 million.
(2) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
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

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comtex tracking

COMTEX_396341036/2010/2021-11-04T08:18:05

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