Green Plains Partners Reports First Quarter 2022 Financial Results
Results for the First Quarter of 2022
- Net income of
$10.4 million , or$0.44 per common unit - Adjusted EBITDA of
$12.6 million and distributable cash flow of$11.2 million - Quarterly cash distribution increased to
$0.445 per unit - Distribution coverage ratio of 1.06x, LTM distribution coverage ratio of 1.32x
- Reduced term debt by
$1.0 million - Leverage ratio of 1.15x
The partnership also reported adjusted EBITDA of
“Green Plains Partners continues to deliver stable financial results,” said
First Quarter Highlights and Recent Developments
- On
April 21, 2022 , the board of directors of the partnership’s general partner increased the quarterly cash distribution to$0.445 per unit, or approximately$10.5 million , for the first quarter of 2022. The distribution is payable onMay 13, 2022 , to unitholders of record at the close of business onMay 6, 2022 .
Results of Operations
Consolidated revenues decreased
Operations and maintenance expenses decreased
During the first quarter of 2022, Green Plains Inc.’s average production utilization rate was approximately 83.1% of capacity. Ethanol throughput was 197.2 million gallons, which was below the contracted minimum volume commitment. As a result, the partnership charged
SELECTED OPERATING DATA | |||||||
(unaudited, in million gallons) | |||||||
Three Months Ended | |||||||
2022 | 2021 | % Var. | |||||
Product volumes | |||||||
Storage and throughput services | 197.2 | 179.0 | 10.2 | % | |||
Terminal services: | |||||||
Affiliate | 27.3 | 18.4 | 48.4 | ||||
Non-affiliate | 21.5 | 24.4 | (11.9 | ) | |||
48.8 | 42.8 | 14.0 | |||||
Railcar capacity billed (daily average) | 69.7 | 72.9 | (4.4 | ) |
Liquidity and Capital Resources
Total liquidity as of
Conference Call Information
On
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. References to LTM refer to results from the immediately preceding twelve-month period. Adjusted EBITDA and distributable cash flow are not presented in accordance with
About
About
Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied are discussed in Green Plains Partners’ reports filed with the
Consolidated Financial Results
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(in thousands) | |||||
2022 | 2021 | ||||
ASSETS | (unaudited) | ||||
Current assets | |||||
Cash and cash equivalents | $ | 14,975 | $ | 17,645 | |
Accounts receivable, including from affiliates | 17,040 | 14,555 | |||
Other current assets | 535 | 845 | |||
Total current assets | 32,550 | 33,045 | |||
Property and equipment, net | 28,221 | 28,773 | |||
Operating lease right-of-use assets | 40,429 | 38,863 | |||
Other assets | 13,966 | 13,791 | |||
Total assets | $ | 115,166 | $ | 114,472 | |
LIABILITIES AND PARTNERS' EQUITY | |||||
Current liabilities | |||||
Accounts payable, including to affiliates | $ | 5,335 | $ | 4,954 | |
Operating lease current liabilities | 12,057 | 12,108 | |||
Other current liabilities | 5,648 | 5,420 | |||
Total current liabilities | 23,040 | 22,482 | |||
Long-term debt | 58,441 | 59,467 | |||
Asset retirement obligations | 2,081 | 2,658 | |||
Operating lease long-term liabilities | 29,321 | 27,562 | |||
Total liabilities | 112,883 | 112,169 | |||
Partners' equity | 2,283 | 2,303 | |||
Total liabilities and partners' equity | $ | 115,166 | $ | 114,472 |
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
(unaudited, in thousands except per unit amounts) | |||||||||||
Three Months Ended | |||||||||||
2022 | 2021 | % Var. | |||||||||
Revenues | |||||||||||
Affiliate | $ | 18,095 | $ | 19,309 | (6.3 | ) | % | ||||
Non-affiliate | 1,005 | 1,097 | (8.4 | ) | |||||||
Total revenues | 19,100 | 20,406 | (6.4 | ) | |||||||
Operating expenses | |||||||||||
Operations and maintenance (excluding depreciation and amortization reflected below) | 5,565 | 5,754 | (3.3 | ) | |||||||
General and administrative | 1,185 | 1,201 | (1.3 | ) | |||||||
Depreciation and amortization | 898 | 887 | 1.2 | ||||||||
Total operating expenses | 7,648 | 7,842 | (2.5 | ) | |||||||
Operating income | 11,452 | 12,564 | (8.9 | ) | |||||||
Interest expense | (1,239 | ) | (1,928 | ) | (35.7 | ) | |||||
Income before income taxes and income from equity method investee | 10,213 | 10,636 | (4.0 | ) | |||||||
Income tax expense | (38 | ) | (84 | ) | (54.8 | ) | |||||
Income from equity method investee | 175 | 175 | - | ||||||||
Net income | $ | 10,350 | $ | 10,727 | (3.5 | ) | % | ||||
Net income attributable to partners' ownership interests: | |||||||||||
General partner | $ | 207 | $ | 215 | (3.7 | ) | % | ||||
Limited partners - common unitholders | 10,143 | 10,512 | (3.5 | ) | |||||||
Earnings per limited partner unit (basic and diluted): | |||||||||||
Common units | $ | 0.44 | $ | 0.45 | (2.2 | ) | % | ||||
Weighted average limited partner units outstanding (basic and diluted): | |||||||||||
Common units | 23,208 | 23,161 | |||||||||
Supplemental Revenues Data: | |||||||||||
Storage and throughput services | $ | 11,558 | $ | 12,261 | (5.7 | ) | % | ||||
Railcar transportation services | 4,652 | 5,042 | (7.7 | ) | |||||||
Terminal services | 2,084 | 2,042 | 2.1 | ||||||||
Trucking and other | 806 | 1,061 | (24.0 | ) | |||||||
Total revenues | $ | 19,100 | $ | 20,406 | (6.4 | ) | % |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||||||
(unaudited, in thousands) | |||||||
Three Months Ended | |||||||
2022 | 2021 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 10,350 | $ | 10,727 | |||
Noncash operating adjustments: | |||||||
Depreciation and amortization | 898 | 887 | |||||
Other | (47 | ) | 542 | ||||
Net change in working capital | (2,277 | ) | (1,368 | ) | |||
Net cash provided by operating activities | 8,924 | 10,788 | |||||
Cash flows from investing activities: | |||||||
Purchases of property and equipment | (134 | ) | (153 | ) | |||
Disposition of assets | - | 27,000 | |||||
Net cash provided by (used in) investing activities | (134 | ) | 26,847 | ||||
Cash flows from financing activities: | |||||||
Payments of distributions | (10,429 | ) | (2,842 | ) | |||
Net payments on revolving credit facility | - | 300 | |||||
Net payments on long-term debt | (1,031 | ) | (37,500 | ) | |||
Net cash used in financing activities | (11,460 | ) | (40,042 | ) | |||
Net change in cash and cash equivalents | (2,670 | ) | (2,407 | ) | |||
Cash and cash equivalents, beginning of period | 17,645 | 2,478 | |||||
Cash and cash equivalents, end of period | $ | 14,975 | $ | 71 |
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES | |||||||||||
(unaudited, in thousands except ratios) | |||||||||||
Three Months Ended | LTM Ended | ||||||||||
2022 | 2021 | 2022 | |||||||||
Net income | $ | 10,350 | $ | 10,727 | $ | 39,985 | |||||
Interest expense (1) | 1,239 | 1,928 | 6,703 | ||||||||
Income tax expense | 38 | 84 | 142 | ||||||||
Depreciation and amortization | 898 | 887 | 3,748 | ||||||||
Transaction costs | - | 5 | - | ||||||||
Unit-based compensation expense | 59 | 79 | 259 | ||||||||
Proportional share of EBITDA adjustments of equity method investee (2) | 45 | 44 | 185 | ||||||||
Adjusted EBITDA | 12,629 | 13,754 | 51,022 | ||||||||
Interest paid or payable | (1,239 | ) | (1,928 | ) | (5,703 | ) | |||||
Income taxes paid or payable | (38 | ) | (84 | ) | (142 | ) | |||||
Maintenance capital expenditures | (132 | ) | (2 | ) | (269 | ) | |||||
Distributable cash flow (3) | $ | 11,220 | $ | 11,740 | $ | 44,908 | |||||
Distributions declared (4) | $ | 10,547 | $ | 2,842 | $ | 34,130 | |||||
Coverage ratio | 1.06x | 4.13x | 1.32x | ||||||||
Long-term debt | $ | 58,441 | |||||||||
Adjusted EBITDA | $ | 51,022 | |||||||||
Leverage ratio | 1.15x | ||||||||||
(1) Interest expense for the twelve months ended |
|||||||||||
(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 |
|||||||||||
(4) Represents distributions declared for the applicable period and paid in the subsequent quarter. |
Green Plains Contacts
Investors:
Media:

Source: Green Plains Partners LP