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Published: 2024-05-03 06:57:20 ET
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EX-99.2 3 exh992-segmentsrevision.htm EX-99.2 Document
Exhibit 99.2
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Green Plains Inc. Segment Revisions (in thousands)
Three Months EndedFull 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 services142,386 135,823 125,081 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 EndedFull 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 services133,280 129,409 109,292 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 EndedFull 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 services9,106 6,414 15,789 14,818 46,127 
$691 $15,471 $74,762 $73,827 $164,751 
Three Months EndedFull 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 services813 536 534 477 2,360 
Corporate activities819 837 769 747 3,172 
$25,386 $24,626 $23,899 $24,333 $98,244 
Three Months EndedFull Year
2023
Mar 31,
2023		Jun 30,
2023		Sep 30,
2023		Dec 31,
2023
Operating income (loss)
Ethanol production$(41,950)$(25,139)$23,931 $23,200 $(19,958)
Agribusiness and energy services4,126 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 EndedFull 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 expense9,738 9,741 9,550 8,674 37,703 
Income tax expense (benefit)3,429 (1,019)(7,763)(264)(5,617)
Depreciation and amortization25,386 24,626 23,899 24,333 98,244 
EBITDA (2)
$(27,696)$(14,972)$51,978 $44,721 $54,031 
Three Months EndedFull Year
2023
Mar 31,
2023		Jun 30,
2023		Sep 30,
2023		Dec 31,
2023
EBITDA (2)
Ethanol production$(17,804)$(1,141)$50,983 $46,523 $78,561 
Agribusiness and energy services5,227 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 amortization23,754 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, net5,662 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.