Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Green Plains Partners Reports Fourth Quarter and Full Year 2022 Financial Results By: Green Plains Partners via Business Wire February 08, 2023 at 07:32 AM EST Results for the Fourth Quarter of 2022 Net income of $9.6 million, or $0.41 per common unit Adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million Quarterly cash distribution of $0.455 per unit Distribution coverage ratio of 0.99x Results for the Full Year 2022 Net income of $40.7 million or $1.72 per common unit Adjusted EBITDA of $51.2 million and distributable cash flow of $44.6 million Distribution coverage of 1.04x Leverage ratio, net of cash; 0.75x Adjusted EBITDA Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter and full year of 2022. Net income attributable to the partnership was $9.6 million, or $0.41 per common unit, for the fourth quarter of 2022, compared with net income of $9.9 million, or $0.42 per common unit, for the same period in 2021. The partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million for the fourth quarter of 2022, compared with adjusted EBITDA of $12.2 million and distributable cash flow of $11.0 million for the same period in 2021. Distribution coverage was 0.99x for the three months ended December 31, 2022. “Green Plains Partners saw consistent and reliable operations, coupled with low leverage and increased throughput during the quarter,” said Todd Becker, President and Chief Executive Officer. “The partnership continues to maintain a strong balance sheet and deliver stable cash flows to unitholders.” Fourth Quarter Highlights and Recent Developments On January 19, 2023, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the fourth quarter of 2022. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023. Results of Operations Consolidated revenues for the three months ended December 31, 2022 increased by $1.9 million compared with the same period for 2021. Operations and maintenance expenses increased by $1.2 million for the three months ended December 31, 2022, compared with the same period for 2021. During the fourth quarter of 2022, Green Plains Inc.’s average production utilization rate was approximately 93% of capacity. Ethanol throughput was 226.2 million gallons, which exceeded the contracted minimum volume commitment. As a result, a prior period deficiency credit of $0.4 million was utilized toward the excess volume. Prior year credits of $0.4 million expired unused, leaving a cumulative balance of minimum volume deficiency credits available to Green Plains Trade as of December 31, 2022 of $1.1 million. If this credit goes unused by Green Plains Trade, the total amount will expire on March 31, 2023. These credits have been recognized in revenue by the partnership, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of these credits, will not be recognized in revenue in future periods prior to expiration. GREEN PLAINS PARTNERS LP SELECTED OPERATING DATA (unaudited, in million gallons) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Product volumes (mmg) Storage and throughput services 226.2 201.4 12.3% 875.6 754.5 16.1% Terminal services: Affiliate 26.9 22.2 21.2 106.1 84.3 25.9 Non-affiliate 23.8 25.5 (6.7) 92.7 103.2 (10.2) 50.7 47.7 6.3 198.8 187.5 6.0 Railcar capacity billed (daily avg.) 73.5 68.3 7.6 73.1 69.8 4.7 Liquidity and Capital Resources Total liquidity as of December 31, 2022 consisted of $20.2 million in cash and cash equivalents. Total debt outstanding was $58.6 million, net of debt issuance costs of $0.4 million. Conference Call Information On February 8, 2023, Green Plains Partners LP and Green Plains Inc. will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2022 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call will be accessible on Green Plains Partners’ website here. Non-GAAP Financial Measures Adjusted EBITDA and distributable cash flow are supplemental financial measures used to assess the partnership’s financial performance. Management believes adjusted EBITDA and distributable cash flow provide investors useful information in assessing the partnership’s financial condition and results of operations. Adjusted EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization, plus adjustments for transaction costs related to acquisitions or financing transactions, unit-based compensation expense, net gains or losses on asset sales and the partnership’s proportional share of EBITDA adjustments of our equity method investee. Distributable cash flow is defined as adjusted EBITDA less interest paid or payable, income taxes paid or payable, maintenance capital expenditures and the partnership’s proportionate share of distributable cash flow adjustments of our equity method investee. Adjusted EBITDA and distributable cash flow are not presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and therefore should not be considered in isolation or as alternatives to net income or any other measure of financial performance presented in accordance with GAAP to analyze the partnership’s results. 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. 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 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.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 are discussed in Green Plains Partners’ 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 Partners assumes no obligation to update any such forward-looking statements, except as required by law. Consolidated Financial Results GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2022 December 31, 2021 (unaudited) ASSETS Current assets Cash and cash equivalents $ 20,166 $ 17,645 Accounts receivable, including from affiliates 12,997 14,555 Other current assets 1,410 845 Total current assets 34,573 33,045 Property and equipment, net 26,137 28,773 Operating lease right-of-use assets 47,002 38,863 Other assets 13,710 13,791 Total assets $ 121,422 $ 114,472 LIABILITIES AND PARTNERS' EQUITY Current liabilities Accounts payable, including to affiliates $ 4,225 $ 4,954 Operating lease current liabilities 14,734 12,108 Other current liabilities 6,710 5,420 Total current liabilities 25,669 22,482 Long-term debt 58,559 59,467 Asset retirement obligations 2,862 2,658 Operating lease long-term liabilities 33,582 27,562 Total liabilities 120,672 112,169 Partners' equity 750 2,303 Total liabilities and partners' equity $ 121,422 $ 114,472 GREEN PLAINS PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per unit amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Revenues Affiliate $ 19,897 $ 18,117 9.8% $ 75,764 $ 74,178 2.1% Non-affiliate 1,050 977 7.5 4,003 4,274 (6.3) Total revenues 20,947 19,094 9.7 79,767 78,452 1.7 Operating expenses Operations and maintenance (excluding depreciation and amortization reflected below) 7,146 5,908 21.0 25,158 23,061 9.1 General and administrative 1,439 1,260 14.2 4,498 4,412 1.9 Depreciation and amortization 1,178 966 21.9 4,093 3,737 9.5 Total operating expenses 9,763 8,134 20.0 33,749 31,210 8.1 Operating income 11,184 10,960 2.0 46,018 47,242 (2.6) Interest expense (1,785) (1,272) 40.3 (5,924) (7,392) (19.9) Income before income taxes and income from equity method investee 9,399 9,688 (3.0) 40,094 39,850 0.6 Income tax benefit (expense) 33 41 (19.5) (81) (188) (56.9) Income from equity method investee 183 183 — 637 700 (9.0) Net income $ 9,615 $ 9,912 (3.0)% $ 40,650 $ 40,362 0.7% Net income attributable to partners' ownership interests: General partner $ 192 $ 198 (3.0)% $ 813 $ 807 0.7% Limited partners - common unitholders 9,423 9,714 (3.0) 39,837 39,555 0.7 Earnings per limited partner unit (basic and diluted): Common units $ 0.41 $ 0.42 (2.4)% $ 1.72 $ 1.71 0.6% Weighted average limited partner units outstanding (basic and diluted): Common units 23,228 23,208 23,218 23,185 Supplemental Revenues Data: Storage and throughput services $ 11,564 $ 11,564 —% $ 46,257 $ 46,953 (1.5)% Railcar transportation services 6,171 4,673 32.1 21,557 19,198 12.3 Terminal services 2,164 1,898 14.0 8,148 8,156 (0.1) Trucking and other 1,048 959 9.3 3,805 4,145 (8.2) Total revenues $ 20,947 $ 19,094 9.7% $ 79,767 $ 78,452 1.7% GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Twelve Months Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 40,650 $ 40,362 Noncash operating adjustments Depreciation and amortization 4,093 3,737 Distribution from equity method investees 637 1,500 Other (1 ) 1,737 Net change in working capital 589 414 Net cash provided by operating activities 45,968 47,750 Cash flows from investing activities: Purchases of property and equipment, net (486 ) (668 ) Distribution from equity method investee 513 — Disposition of assets — 27,500 Net cash provided by investing activities 27 26,832 Cash flows from financing activities: Payments of distributions (42,443 ) (18,839 ) Net payments on long-term debt (1,031 ) (40,000 ) Payments of loan fees — (581 ) Other — 5 Net cash used in financing activities (43,474 ) (59,415 ) Net change in cash and cash equivalents 2,521 15,167 Cash and cash equivalents, beginning of period 17,645 2,478 Cash and cash equivalents, end of period $ 20,166 $ 17,645 GREEN PLAINS PARTNERS LP RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands except ratios) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income $ 9,615 $ 9,912 $ 40,650 $ 40,362 Interest expense (1) 1,785 1,272 5,924 7,392 Income tax (benefit) expense (33) (41) 81 188 Depreciation and amortization 1,178 966 4,093 3,737 Transaction costs — — — 5 Unit-based compensation expense 60 60 240 279 Proportional share of EBITDA adjustments of equity method investee (2) 45 45 180 184 Adjusted EBITDA 12,650 12,214 51,168 52,147 Interest paid or payable (1,785) (1,272) (5,924) (6,392) Income taxes paid or payable 33 41 (81) (188) Maintenance capital expenditures (202) — (584) (139) Distributable cash flow (3) $ 10,696 $ 10,983 $ 44,579 $ 45,428 Distributions declared (4) $ 10,793 $ 10,429 $ 42,808 $ 26,425 Coverage ratio 0.99x 1.05x 1.04x 1.72x Long-term debt $ 58,559 $ 59,467 Less: Cash and cash equivalents 20,166 17,645 Long-term debt, net of cash and cash equivalents $ 38,393 $ 41,822 Adjusted EBITDA $ 51,168 $ 52,147 Leverage ratio 0.75x 0.80x (1) Includes $1.0 million in unamortized debt issuance costs written off upon extinguishment of debt for the twelve months ended December 31, 2021. (2) Represents the partnership’s proportional share of depreciation and amortization of its equity method investee. (3) Distributable cash flow does not include adjustments for the principal payments on the term loan of $1.0 million for the twelve months ended December 31, 2022, or for the principal payments on the term loan of $50.0 million for the twelve months ended December 31, 2021. (4) Distributions declared for the applicable period and paid in the subsequent quarter. View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005206/en/Contacts Green Plains 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 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Green Plains Partners Reports Fourth Quarter and Full Year 2022 Financial Results By: Green Plains Partners via Business Wire February 08, 2023 at 07:32 AM EST Results for the Fourth Quarter of 2022 Net income of $9.6 million, or $0.41 per common unit Adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million Quarterly cash distribution of $0.455 per unit Distribution coverage ratio of 0.99x Results for the Full Year 2022 Net income of $40.7 million or $1.72 per common unit Adjusted EBITDA of $51.2 million and distributable cash flow of $44.6 million Distribution coverage of 1.04x Leverage ratio, net of cash; 0.75x Adjusted EBITDA Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter and full year of 2022. Net income attributable to the partnership was $9.6 million, or $0.41 per common unit, for the fourth quarter of 2022, compared with net income of $9.9 million, or $0.42 per common unit, for the same period in 2021. The partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million for the fourth quarter of 2022, compared with adjusted EBITDA of $12.2 million and distributable cash flow of $11.0 million for the same period in 2021. Distribution coverage was 0.99x for the three months ended December 31, 2022. “Green Plains Partners saw consistent and reliable operations, coupled with low leverage and increased throughput during the quarter,” said Todd Becker, President and Chief Executive Officer. “The partnership continues to maintain a strong balance sheet and deliver stable cash flows to unitholders.” Fourth Quarter Highlights and Recent Developments On January 19, 2023, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the fourth quarter of 2022. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023. Results of Operations Consolidated revenues for the three months ended December 31, 2022 increased by $1.9 million compared with the same period for 2021. Operations and maintenance expenses increased by $1.2 million for the three months ended December 31, 2022, compared with the same period for 2021. During the fourth quarter of 2022, Green Plains Inc.’s average production utilization rate was approximately 93% of capacity. Ethanol throughput was 226.2 million gallons, which exceeded the contracted minimum volume commitment. As a result, a prior period deficiency credit of $0.4 million was utilized toward the excess volume. Prior year credits of $0.4 million expired unused, leaving a cumulative balance of minimum volume deficiency credits available to Green Plains Trade as of December 31, 2022 of $1.1 million. If this credit goes unused by Green Plains Trade, the total amount will expire on March 31, 2023. These credits have been recognized in revenue by the partnership, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of these credits, will not be recognized in revenue in future periods prior to expiration. GREEN PLAINS PARTNERS LP SELECTED OPERATING DATA (unaudited, in million gallons) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Product volumes (mmg) Storage and throughput services 226.2 201.4 12.3% 875.6 754.5 16.1% Terminal services: Affiliate 26.9 22.2 21.2 106.1 84.3 25.9 Non-affiliate 23.8 25.5 (6.7) 92.7 103.2 (10.2) 50.7 47.7 6.3 198.8 187.5 6.0 Railcar capacity billed (daily avg.) 73.5 68.3 7.6 73.1 69.8 4.7 Liquidity and Capital Resources Total liquidity as of December 31, 2022 consisted of $20.2 million in cash and cash equivalents. Total debt outstanding was $58.6 million, net of debt issuance costs of $0.4 million. Conference Call Information On February 8, 2023, Green Plains Partners LP and Green Plains Inc. will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2022 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call will be accessible on Green Plains Partners’ website here. Non-GAAP Financial Measures Adjusted EBITDA and distributable cash flow are supplemental financial measures used to assess the partnership’s financial performance. Management believes adjusted EBITDA and distributable cash flow provide investors useful information in assessing the partnership’s financial condition and results of operations. Adjusted EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization, plus adjustments for transaction costs related to acquisitions or financing transactions, unit-based compensation expense, net gains or losses on asset sales and the partnership’s proportional share of EBITDA adjustments of our equity method investee. Distributable cash flow is defined as adjusted EBITDA less interest paid or payable, income taxes paid or payable, maintenance capital expenditures and the partnership’s proportionate share of distributable cash flow adjustments of our equity method investee. Adjusted EBITDA and distributable cash flow are not presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and therefore should not be considered in isolation or as alternatives to net income or any other measure of financial performance presented in accordance with GAAP to analyze the partnership’s results. 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. 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 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.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 are discussed in Green Plains Partners’ 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 Partners assumes no obligation to update any such forward-looking statements, except as required by law. Consolidated Financial Results GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2022 December 31, 2021 (unaudited) ASSETS Current assets Cash and cash equivalents $ 20,166 $ 17,645 Accounts receivable, including from affiliates 12,997 14,555 Other current assets 1,410 845 Total current assets 34,573 33,045 Property and equipment, net 26,137 28,773 Operating lease right-of-use assets 47,002 38,863 Other assets 13,710 13,791 Total assets $ 121,422 $ 114,472 LIABILITIES AND PARTNERS' EQUITY Current liabilities Accounts payable, including to affiliates $ 4,225 $ 4,954 Operating lease current liabilities 14,734 12,108 Other current liabilities 6,710 5,420 Total current liabilities 25,669 22,482 Long-term debt 58,559 59,467 Asset retirement obligations 2,862 2,658 Operating lease long-term liabilities 33,582 27,562 Total liabilities 120,672 112,169 Partners' equity 750 2,303 Total liabilities and partners' equity $ 121,422 $ 114,472 GREEN PLAINS PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per unit amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Revenues Affiliate $ 19,897 $ 18,117 9.8% $ 75,764 $ 74,178 2.1% Non-affiliate 1,050 977 7.5 4,003 4,274 (6.3) Total revenues 20,947 19,094 9.7 79,767 78,452 1.7 Operating expenses Operations and maintenance (excluding depreciation and amortization reflected below) 7,146 5,908 21.0 25,158 23,061 9.1 General and administrative 1,439 1,260 14.2 4,498 4,412 1.9 Depreciation and amortization 1,178 966 21.9 4,093 3,737 9.5 Total operating expenses 9,763 8,134 20.0 33,749 31,210 8.1 Operating income 11,184 10,960 2.0 46,018 47,242 (2.6) Interest expense (1,785) (1,272) 40.3 (5,924) (7,392) (19.9) Income before income taxes and income from equity method investee 9,399 9,688 (3.0) 40,094 39,850 0.6 Income tax benefit (expense) 33 41 (19.5) (81) (188) (56.9) Income from equity method investee 183 183 — 637 700 (9.0) Net income $ 9,615 $ 9,912 (3.0)% $ 40,650 $ 40,362 0.7% Net income attributable to partners' ownership interests: General partner $ 192 $ 198 (3.0)% $ 813 $ 807 0.7% Limited partners - common unitholders 9,423 9,714 (3.0) 39,837 39,555 0.7 Earnings per limited partner unit (basic and diluted): Common units $ 0.41 $ 0.42 (2.4)% $ 1.72 $ 1.71 0.6% Weighted average limited partner units outstanding (basic and diluted): Common units 23,228 23,208 23,218 23,185 Supplemental Revenues Data: Storage and throughput services $ 11,564 $ 11,564 —% $ 46,257 $ 46,953 (1.5)% Railcar transportation services 6,171 4,673 32.1 21,557 19,198 12.3 Terminal services 2,164 1,898 14.0 8,148 8,156 (0.1) Trucking and other 1,048 959 9.3 3,805 4,145 (8.2) Total revenues $ 20,947 $ 19,094 9.7% $ 79,767 $ 78,452 1.7% GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Twelve Months Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 40,650 $ 40,362 Noncash operating adjustments Depreciation and amortization 4,093 3,737 Distribution from equity method investees 637 1,500 Other (1 ) 1,737 Net change in working capital 589 414 Net cash provided by operating activities 45,968 47,750 Cash flows from investing activities: Purchases of property and equipment, net (486 ) (668 ) Distribution from equity method investee 513 — Disposition of assets — 27,500 Net cash provided by investing activities 27 26,832 Cash flows from financing activities: Payments of distributions (42,443 ) (18,839 ) Net payments on long-term debt (1,031 ) (40,000 ) Payments of loan fees — (581 ) Other — 5 Net cash used in financing activities (43,474 ) (59,415 ) Net change in cash and cash equivalents 2,521 15,167 Cash and cash equivalents, beginning of period 17,645 2,478 Cash and cash equivalents, end of period $ 20,166 $ 17,645 GREEN PLAINS PARTNERS LP RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands except ratios) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income $ 9,615 $ 9,912 $ 40,650 $ 40,362 Interest expense (1) 1,785 1,272 5,924 7,392 Income tax (benefit) expense (33) (41) 81 188 Depreciation and amortization 1,178 966 4,093 3,737 Transaction costs — — — 5 Unit-based compensation expense 60 60 240 279 Proportional share of EBITDA adjustments of equity method investee (2) 45 45 180 184 Adjusted EBITDA 12,650 12,214 51,168 52,147 Interest paid or payable (1,785) (1,272) (5,924) (6,392) Income taxes paid or payable 33 41 (81) (188) Maintenance capital expenditures (202) — (584) (139) Distributable cash flow (3) $ 10,696 $ 10,983 $ 44,579 $ 45,428 Distributions declared (4) $ 10,793 $ 10,429 $ 42,808 $ 26,425 Coverage ratio 0.99x 1.05x 1.04x 1.72x Long-term debt $ 58,559 $ 59,467 Less: Cash and cash equivalents 20,166 17,645 Long-term debt, net of cash and cash equivalents $ 38,393 $ 41,822 Adjusted EBITDA $ 51,168 $ 52,147 Leverage ratio 0.75x 0.80x (1) Includes $1.0 million in unamortized debt issuance costs written off upon extinguishment of debt for the twelve months ended December 31, 2021. (2) Represents the partnership’s proportional share of depreciation and amortization of its equity method investee. (3) Distributable cash flow does not include adjustments for the principal payments on the term loan of $1.0 million for the twelve months ended December 31, 2022, or for the principal payments on the term loan of $50.0 million for the twelve months ended December 31, 2021. (4) Distributions declared for the applicable period and paid in the subsequent quarter. View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005206/en/Contacts Green Plains 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
Results for the Fourth Quarter of 2022 Net income of $9.6 million, or $0.41 per common unit Adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million Quarterly cash distribution of $0.455 per unit Distribution coverage ratio of 0.99x Results for the Full Year 2022 Net income of $40.7 million or $1.72 per common unit Adjusted EBITDA of $51.2 million and distributable cash flow of $44.6 million Distribution coverage of 1.04x Leverage ratio, net of cash; 0.75x Adjusted EBITDA
Green Plains Partners LP (NASDAQ:GPP) today announced financial and operating results for the fourth quarter and full year of 2022. Net income attributable to the partnership was $9.6 million, or $0.41 per common unit, for the fourth quarter of 2022, compared with net income of $9.9 million, or $0.42 per common unit, for the same period in 2021. The partnership also reported adjusted EBITDA of $12.7 million and distributable cash flow of $10.7 million for the fourth quarter of 2022, compared with adjusted EBITDA of $12.2 million and distributable cash flow of $11.0 million for the same period in 2021. Distribution coverage was 0.99x for the three months ended December 31, 2022. “Green Plains Partners saw consistent and reliable operations, coupled with low leverage and increased throughput during the quarter,” said Todd Becker, President and Chief Executive Officer. “The partnership continues to maintain a strong balance sheet and deliver stable cash flows to unitholders.” Fourth Quarter Highlights and Recent Developments On January 19, 2023, the board of directors of the partnership’s general partner declared a quarterly cash distribution of $0.455 per unit, or approximately $10.8 million, for the fourth quarter of 2022. The distribution is payable on February 10, 2023, to unitholders of record at the close of business on February 3, 2023. Results of Operations Consolidated revenues for the three months ended December 31, 2022 increased by $1.9 million compared with the same period for 2021. Operations and maintenance expenses increased by $1.2 million for the three months ended December 31, 2022, compared with the same period for 2021. During the fourth quarter of 2022, Green Plains Inc.’s average production utilization rate was approximately 93% of capacity. Ethanol throughput was 226.2 million gallons, which exceeded the contracted minimum volume commitment. As a result, a prior period deficiency credit of $0.4 million was utilized toward the excess volume. Prior year credits of $0.4 million expired unused, leaving a cumulative balance of minimum volume deficiency credits available to Green Plains Trade as of December 31, 2022 of $1.1 million. If this credit goes unused by Green Plains Trade, the total amount will expire on March 31, 2023. These credits have been recognized in revenue by the partnership, and as such, future volumes throughput by Green Plains Trade in excess of the quarterly minimum volume commitment, up to the amount of these credits, will not be recognized in revenue in future periods prior to expiration. GREEN PLAINS PARTNERS LP SELECTED OPERATING DATA (unaudited, in million gallons) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Product volumes (mmg) Storage and throughput services 226.2 201.4 12.3% 875.6 754.5 16.1% Terminal services: Affiliate 26.9 22.2 21.2 106.1 84.3 25.9 Non-affiliate 23.8 25.5 (6.7) 92.7 103.2 (10.2) 50.7 47.7 6.3 198.8 187.5 6.0 Railcar capacity billed (daily avg.) 73.5 68.3 7.6 73.1 69.8 4.7 Liquidity and Capital Resources Total liquidity as of December 31, 2022 consisted of $20.2 million in cash and cash equivalents. Total debt outstanding was $58.6 million, net of debt issuance costs of $0.4 million. Conference Call Information On February 8, 2023, Green Plains Partners LP and Green Plains Inc. will host a joint conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2022 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call will be accessible on Green Plains Partners’ website here. Non-GAAP Financial Measures Adjusted EBITDA and distributable cash flow are supplemental financial measures used to assess the partnership’s financial performance. Management believes adjusted EBITDA and distributable cash flow provide investors useful information in assessing the partnership’s financial condition and results of operations. Adjusted EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization, plus adjustments for transaction costs related to acquisitions or financing transactions, unit-based compensation expense, net gains or losses on asset sales and the partnership’s proportional share of EBITDA adjustments of our equity method investee. Distributable cash flow is defined as adjusted EBITDA less interest paid or payable, income taxes paid or payable, maintenance capital expenditures and the partnership’s proportionate share of distributable cash flow adjustments of our equity method investee. Adjusted EBITDA and distributable cash flow are not presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and therefore should not be considered in isolation or as alternatives to net income or any other measure of financial performance presented in accordance with GAAP to analyze the partnership’s results. 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. 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 48.8% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.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 are discussed in Green Plains Partners’ 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 Partners assumes no obligation to update any such forward-looking statements, except as required by law. Consolidated Financial Results GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31, 2022 December 31, 2021 (unaudited) ASSETS Current assets Cash and cash equivalents $ 20,166 $ 17,645 Accounts receivable, including from affiliates 12,997 14,555 Other current assets 1,410 845 Total current assets 34,573 33,045 Property and equipment, net 26,137 28,773 Operating lease right-of-use assets 47,002 38,863 Other assets 13,710 13,791 Total assets $ 121,422 $ 114,472 LIABILITIES AND PARTNERS' EQUITY Current liabilities Accounts payable, including to affiliates $ 4,225 $ 4,954 Operating lease current liabilities 14,734 12,108 Other current liabilities 6,710 5,420 Total current liabilities 25,669 22,482 Long-term debt 58,559 59,467 Asset retirement obligations 2,862 2,658 Operating lease long-term liabilities 33,582 27,562 Total liabilities 120,672 112,169 Partners' equity 750 2,303 Total liabilities and partners' equity $ 121,422 $ 114,472 GREEN PLAINS PARTNERS LP CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per unit amounts) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 % Var. 2022 2021 % Var. Revenues Affiliate $ 19,897 $ 18,117 9.8% $ 75,764 $ 74,178 2.1% Non-affiliate 1,050 977 7.5 4,003 4,274 (6.3) Total revenues 20,947 19,094 9.7 79,767 78,452 1.7 Operating expenses Operations and maintenance (excluding depreciation and amortization reflected below) 7,146 5,908 21.0 25,158 23,061 9.1 General and administrative 1,439 1,260 14.2 4,498 4,412 1.9 Depreciation and amortization 1,178 966 21.9 4,093 3,737 9.5 Total operating expenses 9,763 8,134 20.0 33,749 31,210 8.1 Operating income 11,184 10,960 2.0 46,018 47,242 (2.6) Interest expense (1,785) (1,272) 40.3 (5,924) (7,392) (19.9) Income before income taxes and income from equity method investee 9,399 9,688 (3.0) 40,094 39,850 0.6 Income tax benefit (expense) 33 41 (19.5) (81) (188) (56.9) Income from equity method investee 183 183 — 637 700 (9.0) Net income $ 9,615 $ 9,912 (3.0)% $ 40,650 $ 40,362 0.7% Net income attributable to partners' ownership interests: General partner $ 192 $ 198 (3.0)% $ 813 $ 807 0.7% Limited partners - common unitholders 9,423 9,714 (3.0) 39,837 39,555 0.7 Earnings per limited partner unit (basic and diluted): Common units $ 0.41 $ 0.42 (2.4)% $ 1.72 $ 1.71 0.6% Weighted average limited partner units outstanding (basic and diluted): Common units 23,228 23,208 23,218 23,185 Supplemental Revenues Data: Storage and throughput services $ 11,564 $ 11,564 —% $ 46,257 $ 46,953 (1.5)% Railcar transportation services 6,171 4,673 32.1 21,557 19,198 12.3 Terminal services 2,164 1,898 14.0 8,148 8,156 (0.1) Trucking and other 1,048 959 9.3 3,805 4,145 (8.2) Total revenues $ 20,947 $ 19,094 9.7% $ 79,767 $ 78,452 1.7% GREEN PLAINS PARTNERS LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) Twelve Months Ended December 31, 2022 2021 Cash flows from operating activities: Net income $ 40,650 $ 40,362 Noncash operating adjustments Depreciation and amortization 4,093 3,737 Distribution from equity method investees 637 1,500 Other (1 ) 1,737 Net change in working capital 589 414 Net cash provided by operating activities 45,968 47,750 Cash flows from investing activities: Purchases of property and equipment, net (486 ) (668 ) Distribution from equity method investee 513 — Disposition of assets — 27,500 Net cash provided by investing activities 27 26,832 Cash flows from financing activities: Payments of distributions (42,443 ) (18,839 ) Net payments on long-term debt (1,031 ) (40,000 ) Payments of loan fees — (581 ) Other — 5 Net cash used in financing activities (43,474 ) (59,415 ) Net change in cash and cash equivalents 2,521 15,167 Cash and cash equivalents, beginning of period 17,645 2,478 Cash and cash equivalents, end of period $ 20,166 $ 17,645 GREEN PLAINS PARTNERS LP RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands except ratios) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 2022 2021 Net income $ 9,615 $ 9,912 $ 40,650 $ 40,362 Interest expense (1) 1,785 1,272 5,924 7,392 Income tax (benefit) expense (33) (41) 81 188 Depreciation and amortization 1,178 966 4,093 3,737 Transaction costs — — — 5 Unit-based compensation expense 60 60 240 279 Proportional share of EBITDA adjustments of equity method investee (2) 45 45 180 184 Adjusted EBITDA 12,650 12,214 51,168 52,147 Interest paid or payable (1,785) (1,272) (5,924) (6,392) Income taxes paid or payable 33 41 (81) (188) Maintenance capital expenditures (202) — (584) (139) Distributable cash flow (3) $ 10,696 $ 10,983 $ 44,579 $ 45,428 Distributions declared (4) $ 10,793 $ 10,429 $ 42,808 $ 26,425 Coverage ratio 0.99x 1.05x 1.04x 1.72x Long-term debt $ 58,559 $ 59,467 Less: Cash and cash equivalents 20,166 17,645 Long-term debt, net of cash and cash equivalents $ 38,393 $ 41,822 Adjusted EBITDA $ 51,168 $ 52,147 Leverage ratio 0.75x 0.80x (1) Includes $1.0 million in unamortized debt issuance costs written off upon extinguishment of debt for the twelve months ended December 31, 2021. (2) Represents the partnership’s proportional share of depreciation and amortization of its equity method investee. (3) Distributable cash flow does not include adjustments for the principal payments on the term loan of $1.0 million for the twelve months ended December 31, 2022, or for the principal payments on the term loan of $50.0 million for the twelve months ended December 31, 2021. (4) Distributions declared for the applicable period and paid in the subsequent quarter. View source version on businesswire.com: https://www.businesswire.com/news/home/20230208005206/en/
Green Plains 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