Delaware | 001-35397 | 26-4785427 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
RENEWABLE ENERGY GROUP, INC. | ||
By: | /s/ Chad Stone | |
Chad Stone | ||
Chief Financial Officer |
• | 150 million gallons sold, up 56.2% y/y |
• | 114 million gallons produced, up 56.3% y/y |
• | Net income of $6.9 million |
• | Adjusted EBITDA of $8.1 million |
• | Issued $152.0 million aggregate principal amount of 4.00% Convertible Senior Notes due 2036 |
• | Repurchased approximately 4.1 million shares of common stock for $35.1 million and $63.9 million principal amount of previously issued convertible notes with proceeds from the new convertible notes |
• | Increased ownership in Petrotec to over 90% |
Q2 2016 | Q2 2015 | Y/Y Change | ||||||||
Gallons sold | 150,052 | 96,082 | 56.2 | % | ||||||
Average selling price | $3.27 | $3.19 | 2.5 | % | ||||||
Total revenues | $ | 558,301 | $ | 373,762 | 49.4 | % | ||||
Net income (loss) attributable to common stockholders | $ | 6,867 | $ | (2,001 | ) | N/M | ||||
Adjusted EBITDA prior to 2015 BTC allocation | $ | 8,053 | $ | 3,259 | 147.1 | % | ||||
Adjusted EBITDA | $ | 8,053 | $ | 26,142 | (69.2 | )% |
Three Months Ended June 30, 2016 | Three Months Ended June 30, 2015 | Six Months Ended June 30, 2016 | Six Months Ended June 30, 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Net income (loss) | $ | 7,124 | $ | (2,163 | ) | $ | 8,810 | $ | (40,467 | ) | |||||
Adjustments: | |||||||||||||||
Income tax expense (benefit) | 1,887 | (707 | ) | 1,765 | (1,604 | ) | |||||||||
Interest expense | 3,738 | 2,928 | 7,049 | 5,671 | |||||||||||
Gain on involuntary conversion | (997 | ) | — | (4,540 | ) | — | |||||||||
Other (income) expense, net | (15,738 | ) | (1,779 | ) | (15,650 | ) | (2,344 | ) | |||||||
Change in fair value of contingent liability | 3,571 | (2,121 | ) | 3,556 | (1,828 | ) | |||||||||
Straight-line lease expense | (80 | ) | (145 | ) | (174 | ) | (303 | ) | |||||||
Depreciation | 7,824 | 6,134 | 15,498 | 11,747 | |||||||||||
Amortization | (134 | ) | (206 | ) | (274 | ) | (425 | ) | |||||||
Other | — | 162 | — | 359 | |||||||||||
Non-cash stock compensation | 858 | 1,156 | 1,934 | 2,236 | |||||||||||
Adjusted EBITDA before 2015 biodiesel tax credit is allocated into historical results 1 | 8,053 | 3,259 | 17,974 | (26,958 | ) | ||||||||||
Biodiesel tax credit 1 | — | 22,883 | — | 38,628 | |||||||||||
Adjusted EBITDA | $ | 8,053 | $ | 26,142 | $ | 17,974 | $ | 11,670 |
(1) | On December 18, 2015 the Protecting Americans from Tax Hikes Act of 2015 was signed into law, which reinstated and extended a set of tax provisions, including the retroactive reinstatement for 2015 and extension for 2016 of the federal biodiesel mixture excise tax credit. The retroactive credit for 2015 resulted in a net benefit to the Company that was recognized in the fourth quarter of 2015, however because this credit relates to the full year operating performance and results, we allocated the first three quarters of 2015, respectively, based upon gallons sold and excluded those amounts from the fourth quarter of 2015 Adjusted EBITDA. |
| Adjusted EBITDA does not reflect cash expenditures for capital assets or the impact of certain cash uses that we consider not to be an indication of ongoing operations; |
| Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital requirements; |
| Adjusted EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on indebtedness; |
| Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect cash requirements for such replacements; |
| Stock-based compensation expense is an important element of the Company’s long term incentive compensation program, although we have excluded it as an expense when evaluating our operating performance; and |
| Other companies, including other companies in the same industry, may calculate these measures differently, limiting their usefulness as a comparative measure. |
Company: Renewable Energy Group, Inc. Todd Robinson Treasurer +1 (515) 239-8048 Todd.Robinson@regi.com | The Blueshirt Group Gary Dvorchak, CFA Managing Director +1 (323) 240-5796 gary@blueshirtgroup.com |
Three months ended | Six months ended | ||||||||||||||
June 30, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | ||||||||||||
REVENUES: | |||||||||||||||
Biomass-based diesel sales | $ | 460,115 | $ | 366,455 | $ | 707,279 | $ | 587,481 | |||||||
Biomass-based diesel government incentives | 97,153 | 7,278 | 155,554 | 17,066 | |||||||||||
557,268 | 373,733 | 862,833 | 604,547 | ||||||||||||
Other revenue | 1,033 | 29 | 1,062 | 133 | |||||||||||
558,301 | 373,762 | 863,895 | 604,680 | ||||||||||||
COSTS OF GOODS SOLD: | |||||||||||||||
Biomass-based diesel | 533,439 | 357,832 | 813,925 | 604,884 | |||||||||||
Other costs of goods sold | — | 23 | 2 | 84 | |||||||||||
533,439 | 357,855 | 813,927 | 604,968 | ||||||||||||
GROSS PROFIT (LOSS) | 24,862 | 15,907 | 49,968 | (288 | ) | ||||||||||
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 20,850 | 15,359 | 40,626 | 32,034 | |||||||||||
RESEARCH AND DEVELOPMENT EXPENSE | 4,427 | 4,390 | 8,353 | 8,250 | |||||||||||
GAIN ON INVOLUNTARY CONVERSION | (997 | ) | — | (4,540 | ) | — | |||||||||
INCOME (LOSS) FROM OPERATIONS | 582 | (3,842 | ) | 5,529 | (40,572 | ) | |||||||||
OTHER INCOME (EXPENSE), NET | 8,429 | 972 | 5,046 | (1,499 | ) | ||||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 9,011 | (2,870 | ) | 10,575 | (42,071 | ) | |||||||||
INCOME TAX (EXPENSE) BENEFIT | (1,887 | ) | 707 | (1,765 | ) | 1,604 | |||||||||
NET INCOME (LOSS) | $ | 7,124 | $ | (2,163 | ) | $ | 8,810 | $ | (40,467 | ) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ | 6,867 | $ | (2,001 | ) | $ | 8,517 | $ | (40,108 | ) | |||||
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | |||||||||||||||
BASIC | $ | 0.16 | $ | (0.05 | ) | $ | 0.20 | $ | (0.91 | ) | |||||
DILUTED | $ | 0.16 | $ | (0.05 | ) | $ | 0.20 | $ | (0.91 | ) | |||||
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | |||||||||||||||
BASIC | 42,407,888 | 43,736,366 | 43,153,486 | 44,048,017 | |||||||||||
DILUTED | 42,418,841 | 43,736,366 | 43,158,601 | 44,048,017 |
June 30, 2016 | December 31, 2015 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 74,078 | $ | 47,081 | |||
Accounts receivable, net | 97,493 | 310,731 | |||||
Inventories | 129,849 | 85,890 | |||||
Prepaid expenses and other assets | 73,069 | 31,882 | |||||
Total current assets | 374,489 | 475,584 | |||||
Property, plant and equipment, net | 602,409 | 574,584 | |||||
Goodwill | 16,080 | 16,080 | |||||
Intangible assets, net | 30,301 | 30,941 | |||||
Investments | 12,181 | 8,797 | |||||
Other assets | 12,215 | 11,819 | |||||
Restricted cash | 105,815 | 105,815 | |||||
TOTAL ASSETS | $ | 1,153,490 | $ | 1,223,620 | |||
LIABILITIES AND EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Lines of credit | $ | 48,603 | $ | 23,149 | |||
Current maturities of long-term debt | 7,959 | 5,206 | |||||
Accounts payable | 83,343 | 236,817 | |||||
Accrued expenses and other liabilities | 25,978 | 28,466 | |||||
Deferred revenue | 2,090 | 333 | |||||
Total current liabilities | 167,973 | 293,971 | |||||
Unfavorable lease obligation | 16,429 | 17,343 | |||||
Deferred income taxes | 18,779 | 19,186 | |||||
Contingent consideration for acquisitions | 34,366 | 26,949 | |||||
Convertible debt conversion liability | 26,713 | — | |||||
Long-term debt (net of debt issuance costs of $6,748 and $4,105, respectively) | 306,207 | 247,251 | |||||
Other liabilities | 4,724 | 4,910 | |||||
Total liabilities | 575,191 | 609,610 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
TOTAL EQUITY | 578,299 | 614,010 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 1,153,490 | $ | 1,223,620 |
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