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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Renewable Energy Group Inc | NASDAQ:REGI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 61.50 | 67.66 | 58.43 | 0 | 01:00:00 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 26-4785427 | ||||||||||
(State of other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
||||||||||
416 South Bell Avenue | Ames | Iowa | 50010 | ||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $.0001 per share | REGI | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer |
x
|
|||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Years Ended | ||||||||||||||
December 31, | December 31, | |||||||||||||
(in thousands) | 2019 | 2018 | ||||||||||||
Reduction in revenues | $ | 16,177 | $ | 14,509 | ||||||||||
Increase in interest expense | 1,059 | 649 | ||||||||||||
Reduction in net income | $ | 17,236 | $ | 15,158 |
Consolidated Balance Sheet: | Consolidated Statement of Operations: | |||||||||||||||||||
Accounts payable | Biomass-based diesel government incentives | |||||||||||||||||||
Accrued expenses and other liabilities | Gross profit | |||||||||||||||||||
Total current liabilities | Income (loss) from operations | |||||||||||||||||||
Retained earnings | Other income (expense) | |||||||||||||||||||
Total stockholders’ equity | Income (loss) from continuing operations before income taxes | |||||||||||||||||||
Total liabilities and equity | Net income (loss) from continuing operations | |||||||||||||||||||
Net income (loss) | ||||||||||||||||||||
Net income (loss) per basic and diluted share | ||||||||||||||||||||
Page | ||||||||
PART I | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 1B. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. | ||||||||
ITEM 9A. | ||||||||
ITEM 9B. | ||||||||
PART III | ||||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
PART IV | ||||||||
ITEM 15. | ||||||||
ITEM 16. |
Fiscal Year Ended | |||||||||||||||||
Revenue | December 31, 2019 | December 31, 2018 | December 31, 2017 | ||||||||||||||
Biomass-based diesel | 78% | 76% | 71% | ||||||||||||||
Petroleum-based diesel | 10% | 10% | 7% |
Property |
Nameplate1
Production
Capacity (mmgy)
|
Effective Capacity 2 (mmgy)
|
REG
Operations Commenced |
Feedstock Capability | ||||||||||||||||||||||
Ralston, Iowa | 30 | 45.7 | 2002 | Refined Oils and Fats | ||||||||||||||||||||||
Albert Lea, Minnesota | 30 | 45.6 | 2005 | Crude, High FFA and Refined Oils and Fats | ||||||||||||||||||||||
Newton, Iowa | 30 | 37.9 | 2007 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Seabrook, Texas | 35 | 50.5 | 2008 | Refined Oils and Fats | ||||||||||||||||||||||
Danville, Illinois | 45 | 47.7 | 2009 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Seneca, Illinois | 60 | 73.8 | 2010 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Mason City, Iowa | 30 | 38.5 | 2013 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Geismar, Louisiana | 75 | 97.4 | 2014 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Okeechobee, Florida 3
|
n/a | n/a | 2014 | N/A | ||||||||||||||||||||||
Grays Harbor, Washington | 100 | 108.8 | 2015 | Refined Oils and Fats | ||||||||||||||||||||||
Madison, Wisconsin | 20 | 27.2 | 2016 |
Crude, High FFA and Refined
Oils and Fats |
||||||||||||||||||||||
Emden, Germany | 27 | 30.9 | 2016 | Crude, High FFA and Refined Oils and Fats | ||||||||||||||||||||||
Oeding, Germany | 23 | 23.9 | 2016 | Crude, High FFA and Refined Oils and Fats | ||||||||||||||||||||||
Total | 505 | 627.9 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Biomass-based diesel | 1.90 billion gallons | 2.00 billion gallons | 2.10 billion gallons | 2.10 billion gallons | 2.43 billion gallons | 2.43 billion gallons | ||||||||||||||
Total Advanced biofuels | 3.61 billion RINs* | 4.28 billion RINs* | 4.29 billion RINs* | 4.92 billion RINs* | 5.04 billion RINs* | N/A |
Government | Program description | |||||||
Illinois | Illinois offers an exemption from the generally applicable 6.25% sales tax on fuel for biomass-based diesel blends that incentivizes blending at 11% biomass-based diesel, or B11, through December 31, 2023. Illinois’ program has made that state one of the largest biomass-based diesel markets in the country. | |||||||
Iowa | Iowa has a retailer’s incentive for blended fuel which has been modified over time. For 2018 through 2024, retailers earn $0.035 per gallon of 5%-10% biodiesel blends and $0.055 per gallons for 11% and above biodiesel blends. Iowa also has a biomass-based diesel production incentive that provides $0.02 per gallon of production capped after the first 25 million gallons per production plant. Iowa recently enacted an increase in its excise tax on fuel, which is three cents per gallon less for 11% and above biodiesel blends than the diesel fuel tax. | |||||||
Texas |
The biomass-based diesel portion of biomass-based diesel blends are exempt from Texas state excise tax, which results in a $0.20 per gallon incentive for 100% pure biodiesel.
|
|||||||
Minnesota | Minnesota law requires a 5% biodiesel blend except during the summer months when a 20% blend is required. | |||||||
Washington | Washington has adopted legislation requiring biomass-based diesel blends beginning at 2% biodiesel blends with incremental increases, provided certain feedstock or production minimums are met. In addition, Washington has a heating oil tax exemption for the portion of the heating oil that is biodiesel. Washington is also in the process of developing legislation on a low carbon fuel program. | |||||||
Pennsylvania | Pennsylvania has adopted legislation requiring biomass-based diesel blends beginning at 2% biodiesel blends with incremental increases, provided certain feedstock or production minimums are met. | |||||||
City of New York/ New England | In October 2016, the City of New York adopted legislation requiring 5% biomass-based diesel blends for heating oil starting on October 1, 2017 and the blend level then moves to 10% in 2025, 15% in 2030 and 20% in 2034. Regional oil heat dealers will use 50% biomass-based diesel blends by 2030 to meet home heating requirements. | |||||||
North Dakota |
North Dakota offers a $0.05 per gallon sales tax incentive for retailers who sell 5% and above biodiesel blends.
|
|||||||
Municipal greenhouse gas reduction targets |
Many cities across the United States have set targets to reduce greenhouse gas emissions. This includes many cities with the goal of being carbon neutral by 2050.
|
|||||||
Canada |
While a number of provinces in Canada have biofuel programs (British Columbia has an LCFS, Alberta has a usage requirement, and Ontario has a usage requirement), the federal government is currently engaged in the rulemaking process on a nationwide Clean Fuel Standard, which may incorporate a number of carbon reducing policies.
|
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||
Petitions received | 23 | 42 | 37 | 20 | 14 | ||||||||||||||||||||||||
Petitions granted | — | 31 | 35 | 19 | 7 | ||||||||||||||||||||||||
Petitions denied or withdrawn | — | 11 | 2 | 1 | 7 | ||||||||||||||||||||||||
Petitions pending | 23 | — | — | — | — | ||||||||||||||||||||||||
Estimated volume of fuel exempted (million gallons) | — | 13,420 | 17,050 | 7,841 | 3,070 | ||||||||||||||||||||||||
Estimated Advanced Biofuel RVO Exempted (million RINs) | — | 318 | 404 | 157 | 49 | ||||||||||||||||||||||||
Estimated Advanced Biofuel RVO Exempted (% of Advanced biofuels RVOs) | — | % | 7.4 | % | 9.4 | % | 4.3 | % | 1.7 | % |
Location | Use |
Nameplate
Production Capacity (mmgy) |
||||||||||||
Ralston, Iowa | Biodiesel production | 30 | ||||||||||||
Seabrook, Texas | Biodiesel production | 35 | ||||||||||||
Danville, Illinois | Biodiesel production | 45 | ||||||||||||
Newton, Iowa | Biodiesel production | 30 | ||||||||||||
Seneca, Illinois | Biodiesel production | 60 | ||||||||||||
Albert Lea, Minnesota | Biodiesel production | 30 | ||||||||||||
Mason City, Iowa | Biodiesel production | 30 | ||||||||||||
Geismar, Louisiana* | Renewable diesel production | 75 | ||||||||||||
Grays Harbor, Washington | Biodiesel production | 100 | ||||||||||||
DeForest, Wisconsin | Biodiesel production | 20 | ||||||||||||
Okeechobee, Florida | Fermentation facility | N/A |
Location | Use |
Nameplate
Production Capacity (mmgy) |
||||||||||||
Emden, Germany | Biodiesel production | 27 | ||||||||||||
Oeding, Germany | Biodiesel production | 23 |
12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
REGI | $ | 100.00 | $ | 95.67 | $ | 99.90 | $ | 121.52 | $ | 264.68 | $ | 277.55 | |||||||||||||||||||||||||||||||||||||||||
Elements MLCX Biofuels ETN | 100.00 | 85.52 | 87.23 | 79.82 | 71.38 | 70.13 | |||||||||||||||||||||||||||||||||||||||||||||||
Russell 3000 | 100.00 | 98.53 | 108.79 | 129.30 | 120.26 | 154.58 | |||||||||||||||||||||||||||||||||||||||||||||||
S&P SmallCap 600 | 100.00 | 96.64 | 120.56 | 134.70 | 121.56 | 146.92 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2019 (1)
(As restated)
|
2018 (2)
(As restated)
|
2017 (3)
|
2016 (4)
|
2015 (5)
|
|||||||||||||||||||||||||
(In thousands, except for per share amounts) | |||||||||||||||||||||||||||||
Consolidated Statements of Operations Data: | |||||||||||||||||||||||||||||
Total revenues from continuing operations | $ | 2,625,216 | $ | 2,368,478 | $ | 2,154,655 | $ | 2,039,232 | $ | 1,387,344 | |||||||||||||||||||
Net income (loss) from continuing operations attributable to the company's common stockholders | 364,257 | 281,036 | (66,279) | 62,204 | (105,088) | ||||||||||||||||||||||||
Net loss from discontinued operations attributable to the company's common stockholders | (9,667) | (11,312) | (12,800) | (19,128) | (46,303) | ||||||||||||||||||||||||
Net income (loss) per share from continuing operations attributable to common stockholders | |||||||||||||||||||||||||||||
Basic | $ | 9.51 | $ | 7.46 | $ | (1.71) | $ | 1.52 | $ | (2.39) | |||||||||||||||||||
Diluted | $ | 8.61 | $ | 6.44 | $ | (1.71) | $ | 1.52 | $ | (2.39) | |||||||||||||||||||
Net loss per share from discontinued operations attributable to common stockholders | |||||||||||||||||||||||||||||
Basic | $ | (0.25) | $ | (0.30) | $ | (0.33) | $ | (0.47) | $ | (1.05) | |||||||||||||||||||
Diluted | $ | (0.25) | $ | (0.30) | $ | (0.33) | $ | (0.47) | $ | (1.05) | |||||||||||||||||||
Consolidated Balance Sheet Data: | |||||||||||||||||||||||||||||
Total assets | $ | 1,785,349 | $ | 1,107,096 | $ | 1,005,596 | $ | 1,136,603 | $ | 1,223,620 | |||||||||||||||||||
Long-term debt | $ | 26,130 | $ | 33,421 | $ | 208,536 | $ | 196,203 | $ | 247,251 | |||||||||||||||||||
Quantity | OPIS Median Closing Price per RIN | ||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||
Biomass-based diesel RINs | 7,196,022 | 12,561,167 | $ | 0.40 | $ | 0.55 | |||||||||||||||||
Advanced biofuels RINs | 2,008,689 | 3,907,803 | $ | 0.40 | $ | 0.51 |
Quantity | OPIS Median Closing Price per LCFS Credit | ||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | December 31, 2019 | December 31, 2018 | ||||||||||||||||||||
California LCFS | 2,366 | 29,800 | $ | 205.50 | $ | 195.00 | |||||||||||||||||
Oregon LCFS | 4,073 | 25,900 | $ | 152.50 | $ | 137.50 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Biomass-based Diesel | 1.90 billion gallons | 2.00 billion gallons | 2.10 billion gallons | 2.10 billion gallons | 2.43 billion gallons | 2.43 billion gallons | ||||||||||||||
Total Advanced Biofuels | 3.61 billion RINs* | 4.28 billion RINs* | 4.29 billion RINs* | 4.92 billion RINs* | 5.04 billion RINs* | N/A |
Year | RIN Generation (Advanced Biofuel) | Finalized RVO level for Advanced Biofuel | Estimated Advanced Biofuel RVO Exempted due to SREs | |||||||||||||||||
2016 | 4.30 billion RINs | 3.61 billion RINs* | 0.16 billion RINs | |||||||||||||||||
2017 | 4.23 billion RINs | 4.28 billion RINs* | 0.40 billion RINs | |||||||||||||||||
2018 | 4.34 billion RINs | 4.29 billion RINs* | 0.32 billion RINs | |||||||||||||||||
2019 | 4.87 billion RINs | 4.92 billion RINs* | ** |
Twelve Months Ended
December 31, |
|||||||||||
2019
(As Restated) |
2018
(As Restated) |
||||||||||
Gallons sold | 700.3 | 649.2 | |||||||||
Average biomass-based diesel price per gallon (ASP excluding BTC net benefit of $2.75 and $3.03 for the years ended December 31, 2019 and 2018, respectively) | $ | 3.62 | $ | 3.40 | |||||||
Revenues from continuing operations | $ | 2,625,216 | $ | 2,368,478 | |||||||
Costs of goods sold from continuing operations | 2,111,324 | 1,962,996 | |||||||||
Gross profit from continuing operations | 513,892 | 405,482 | |||||||||
Selling, general and administrative expenses | 118,209 | 106,739 | |||||||||
Impairment of property, plant and equipment | 12,208 | 879 | |||||||||
Income from operations | 383,475 | 297,864 | |||||||||
Other expense, net | (11,550) | (3,523) | |||||||||
Income tax benefit (expense) | 570 | (5,871) | |||||||||
Net income from continuing operations | 372,495 | 288,470 | |||||||||
Net loss from discontinued operations | (9,667) | (11,312) | |||||||||
Net income | 362,828 | 277,158 | |||||||||
Effects of participating share-based awards on continuing operations | (8,238) | (7,434) | |||||||||
Net income from continuing operations available to common stockholders | $ | 364,257 | $ | 281,036 | |||||||
Net loss from discontinued operations attributable to common stockholders | $ | (9,667) | $ | (11,312) |
Twelve Months Ended
December 31, |
|||||||||||
2018
(As Restated) |
2017 | ||||||||||
Gallons sold | 649.2 | 586.7 | |||||||||
Average biomass-based diesel price per gallon (ASP excluding BTC net benefit of $3.03 for the year ended December 31, 2018) | $ | 3.40 | $ | 3.06 | |||||||
Revenues from continuing operations | $ | 2,368,478 | $ | 2,154,655 | |||||||
Costs of goods sold from continuing operations | 1,962,996 | 2,070,301 | |||||||||
Gross profit from continuing operations | 405,482 | 84,354 | |||||||||
Selling, general and administrative expenses | 106,739 | 95,843 | |||||||||
Impairment of property, plant and equipment | 879 | 49,873 | |||||||||
Income (loss) from operations | 297,864 | (61,362) | |||||||||
Other income (expense), net | (3,523) | (35,407) | |||||||||
Income tax benefit (expense) | (5,871) | 30,490 | |||||||||
Net income (loss) from continuing operations | 288,470 | (66,279) | |||||||||
Net loss from discontinued operations | (11,312) | (12,800) | |||||||||
Net income (loss) | 277,158 | (79,079) | |||||||||
Effects of participating share-based awards on continuing operations | (7,434) | — | |||||||||
Net income (loss) from continuing operations available to common stockholders | $ | 281,036 | $ | (66,279) | |||||||
Net loss from discontinued operations available to common stockholders | $ | (11,312) | $ | (12,800) |
(In thousands) | Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1Q-2019
(As Restated) |
2Q-2019
(As Restated) |
3Q-2019
(As Restated) |
4Q-2019
(As Restated) |
2019
(As Restated) |
1Q-2018
(As Restated) |
2Q-2018
(As Restated) |
3Q-2018
(As Restated) |
4Q-2018
(As Restated) |
2018
(As Restated) |
||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | $ | (41,652) | $ | (57,900) | $ | (14,018) | $ | 486,065 | $ | 372,495 | $ | 203,173 | $ | 28,880 | $ | 25,310 | $ | 31,108 | $ | 288,470 | |||||||||||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense
|
4,484 | 4,002 | 3,131 | 1,618 | 13,235 | 4,814 | 5,087 | 4,165 | 4,117 | 18,183 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense
|
(430) | (90) | (629) | 579 | (570) | (1,203) | 3,835 | 854 | 2,385 | 5,871 | |||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation
|
9,099 | 9,142 | 9,107 | 8,950 | 36,298 | 8,739 | 9,004 | 8,977 | 9,604 | 36,324 | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets
|
334 | 510 | 397 | 391 | 1,632 | 42 | 44 | 52 | 45 | 183 | |||||||||||||||||||||||||||||||||||||||||||||||||
EBITDA
|
(28,165) | (44,336) | (2,012) | 497,603 | 423,090 | 215,565 | 46,850 | 39,358 | 47,259 | 349,031 | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on involuntary conversion
|
— | — | — | — | — | (4,000) | (454) | — | (3) | (4,457) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of assets
|
— | — | — | — | — | (990) | — | (13) | (2) | (1,005) | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration
|
304 | 398 | (136) | — | 566 | 458 | 30 | 185 | 444 | 1,117 | |||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on debt extinguishment
|
2 | — | — | (490) | (488) | 232 | (2,337) | (788) | (3,404) | (6,297) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net
|
(854) | (691) | (179) | (39) | (1,763) | (225) | (2,067) | (486) | (1,240) | (4,018) | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment of assets
|
— | 468 | 11,145 | 595 | 12,208 | — | — | — | 879 | 879 | |||||||||||||||||||||||||||||||||||||||||||||||||
Straight-line lease expense
|
— | — | — | — | — | (33) | (3) | (61) | (31) | (128) | |||||||||||||||||||||||||||||||||||||||||||||||||
Executive severance
|
— | — | — | — | — | 165 | 50 | — | — | 215 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-cash stock compensation
|
1,353 | 1,824 | 1,804 | 1,726 | 6,707 | 1,794 | 2,203 | 1,227 | 1,188 | 6,412 | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA excluding BTC allocation
|
$ | (27,360) | $ | (42,337) | $ | 10,622 | $ | 499,395 | $ | 440,320 | $ | 212,966 | $ | 44,272 | $ | 39,422 | $ | 45,090 | $ | 341,750 | |||||||||||||||||||||||||||||||||||||||
Biodiesel tax credit 2017(1)
|
— | — | — | — | — | (192,012) | — | — | — | (192,012) | |||||||||||||||||||||||||||||||||||||||||||||||||
Biodiesel tax credit 2018(2)
|
— | — | — | (229,041) | (229,041) | 39,596 | 63,138 | 69,519 | 56,788 | 229,041 | |||||||||||||||||||||||||||||||||||||||||||||||||
Biodiesel tax credit 2019(2)
|
55,315 | 76,148 | 75,349 | (206,812) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 27,955 | $ | 33,811 | $ | 85,971 | $ | 63,542 | $ | 211,279 | $ | 60,550 | $ | 107,410 | $ | 108,941 | $ | 101,878 | $ | 378,779 |
December 31, | |||||||||||
2019 | 2018 | ||||||||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | $ | — | $ | 66,361 | |||||||
4.00% Convertible Senior Notes, $89,627 face amount, due in June 2036 | 69,668 | 75,477 | |||||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 | 6,468 | 8,964 | |||||||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | 15,980 | 18,948 | |||||||||
REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 | 6,966 | 8,828 | |||||||||
REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 | 6,929 | 7,185 | |||||||||
Other | 33 | 54 | |||||||||
Total debt before debt issuance costs | $ | 106,044 | $ | 185,817 |
December 31, | |||||||||||
2019 | 2018 | ||||||||||
Amount outstanding under lines of credit | $ | 76,990 | $ | 14,250 | |||||||
Maximum available to be borrowed under lines of credit | $ | 101,485 | $ | 114,889 |
Year Ended
December 31, |
|||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
(in thousands) | |||||||||||||||||
Cash provided from (used in) operations | $ | (46,708) | $ | 365,534 | $ | 29,796 | |||||||||||
Cash provided from (used in) investing activities | 5,670 | (97,197) | (63,869) | ||||||||||||||
Cash used in financing activities | (32,052) | (219,205) | (10,158) | ||||||||||||||
Net change in cash, cash equivalents and restricted cash | (73,090) | 49,132 | (44,231) | ||||||||||||||
Cash, cash equivalents and restricted cash end of period | $ | 53,436 | $ | 126,575 | $ | 77,627 |
Payments Due by Period | |||||||||||||||||||||||||||||
Total |
Less Than
1 Year |
Years 1-3 |
Years
4-5 |
More Than
5 Years |
|||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Long-Term Debt (1)
|
$ | 127,265 | $ | 78,505 | $ | 16,056 | $ | 9,918 | $ | 22,786 | |||||||||||||||||||
Operating Lease Obligations (2)
|
53,087 | 17,252 | 18,620 | 5,607 | 11,608 | ||||||||||||||||||||||||
Purchase Obligations (3)
|
13,089 | 3,298 | 5,952 | 3,839 | — | ||||||||||||||||||||||||
$ | 193,441 | $ | 99,055 | $ | 40,628 | $ | 19,364 | $ | 34,394 |
2019
Volume (in millions) |
Units |
Hypothetical
Adverse Change in Price |
Impact on Annual
Gross Profit (in millions) (As Restated) |
Percentage
Change in Gross Profit (As Restated) |
|||||||||||||||||||||||||
Total Biomass-based Diesel | 700.3 | gallons | 10% | $ | (255.6) | (49.7) | % | ||||||||||||||||||||||
Total Lower-Cost Feedstocks | 2,804.2 | pounds | 10% | $ | (74.3) | (14.5) | % | ||||||||||||||||||||||
Total Canola Oil | 573.5 | pounds | 10% | $ | (18.7) | (3.6) | % | ||||||||||||||||||||||
Total Soy Oil | 573.3 | pounds | 10% | $ | (17.8) | (3.5) | % |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
REVENUES: | |||||||||||||||||
Biomass-based diesel sales | $ | 1,875,076 | $ | 1,875,316 | $ | 1,787,308 | |||||||||||
Separated RIN sales | 98,285 | 137,895 | 337,501 | ||||||||||||||
Biomass-based diesel government incentives | 650,215 | 352,981 | 28,728 | ||||||||||||||
2,623,576 | 2,366,192 | 2,153,537 | |||||||||||||||
Other revenues | 1,640 | 2,286 | 1,118 | ||||||||||||||
2,625,216 | 2,368,478 | 2,154,655 | |||||||||||||||
COSTS OF GOODS SOLD: | |||||||||||||||||
Biomass-based diesel | 2,072,139 | 1,887,292 | 1,805,408 | ||||||||||||||
Separated RINs | 39,174 | 75,704 | 264,765 | ||||||||||||||
Other costs of goods sold | 11 | — | 128 | ||||||||||||||
2,111,324 | 1,962,996 | 2,070,301 | |||||||||||||||
GROSS PROFIT | 513,892 | 405,482 | 84,354 | ||||||||||||||
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES
|
118,209 | 106,739 | 95,843 | ||||||||||||||
IMPAIRMENT OF PROPERTY, PLANT, AND EQUIPMENT | 12,208 | 879 | 49,873 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | 383,475 | 297,864 | (61,362) | ||||||||||||||
OTHER INCOME (EXPENSE), NET: | |||||||||||||||||
Change in fair value of contingent consideration
|
(566) | (1,117) | (2,151) | ||||||||||||||
Change in fair value of convertible debt conversion liability
|
— | — | (18,833) | ||||||||||||||
Gain on debt extinguishment
|
488 | 6,297 | — | ||||||||||||||
Gain on involuntary conversion
|
— | 4,457 | 5,329 | ||||||||||||||
Other income (expense)
|
1,763 | 5,023 | (997) | ||||||||||||||
Interest expense
|
(13,235) | (18,183) | (18,755) | ||||||||||||||
(11,550) | (3,523) | (35,407) | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
|
371,925 | 294,341 | (96,769) | ||||||||||||||
INCOME TAX BENEFIT (EXPENSE) | 570 | (5,871) | 30,490 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 372,495 | 288,470 | (66,279) | ||||||||||||||
DISCONTINUED OPERATIONS (NOTE 7): | |||||||||||||||||
Loss on operations of discontinued operations | (9,667) | (86) | (12,800) | ||||||||||||||
Impairment loss on assets classified as held for sale | — | (11,226) | — | ||||||||||||||
NET LOSS ON DISCONTINUED OPERATIONS | (9,667) | (11,312) | (12,800) | ||||||||||||||
NET INCOME (LOSS) | 362,828 | 277,158 | (79,079) | ||||||||||||||
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS | (8,238) | (7,434) | — | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS
|
$ | 364,257 | $ | 281,036 | $ | (66,279) | |||||||||||
NET LOSS FROM DISCONTINUED OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS
|
$ | (9,667) | $ | (11,312) | $ | (12,800) | |||||||||||
Basic net income (loss) per share available to common stockholders | |||||||||||||||||
Continuing operations | $ | 9.51 | $ | 7.46 | $ | (1.71) | |||||||||||
Discontinued operations | $ | (0.25) | $ | (0.30) | $ | (0.33) | |||||||||||
Net income (loss) per share | $ | 9.27 | $ | 7.16 | $ | (2.04) | |||||||||||
Diluted net income (loss) per share available to common stockholders | |||||||||||||||||
Continuing operations | $ | 8.61 | $ | 6.44 | $ | (1.71) | |||||||||||
Discontinued operations | $ | (0.25) | $ | (0.30) | $ | (0.33) | |||||||||||
Net income (loss) per share | $ | 8.38 | $ | 6.19 | $ | (2.04) | |||||||||||
Weighted-average shares used to compute basic net income (loss) per share available to common stockholders:
|
|||||||||||||||||
Basic | 38,288,610 | 37,687,552 | 38,731,015 | ||||||||||||||
Weighted-average shares used to compute diluted net income (loss) per share available to common stockholders:
|
|||||||||||||||||
Continuing operations | 42,320,980 | 43,653,720 | 38,731,015 | ||||||||||||||
Discontinued operations | 38,288,610 | 37,687,552 | 38,731,015 | ||||||||||||||
Net income (loss) | 42,320,980 | 43,653,720 | 38,731,015 |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Net income (loss) | $ | 362,828 | $ | 277,158 | $ | (79,079) | |||||||||||
Unrealized losses on marketable securities, net of taxes of $0, $0 and $0, respectively | — | (28) | — | ||||||||||||||
Foreign currency translation adjustments | (338) | (1,906) | 6,029 | ||||||||||||||
Other comprehensive income (loss) | (338) | (1,934) | 6,029 | ||||||||||||||
Comprehensive income (loss) | $ | 362,490 | $ | 275,224 | $ | (73,050) | |||||||||||
Company Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common
Stock Shares |
Common
Stock |
Common
Stock- Additional Paid-in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock |
Noncontrolling
Interest |
Total | ||||||||||||||||||||||||||||||||||||||||
BALANCE, January 1, 2017 | 38,553,413 | $ | 5 | $ | 480,906 | $ | 214,007 | $ | (5,751) | $ | (81,824) | $ | 2,831 | $ | 610,174 | ||||||||||||||||||||||||||||||||
Conversion of restricted stock units to common stock (net of 71,112 shares of treasury stock purchased) | 210,611 | — | — | — | — | (872) | — | (872) | |||||||||||||||||||||||||||||||||||||||
Settlement of stock appreciation rights in common stock (net of 35,955 shares of treasury stock purchased) | 73,725 | — | — | — | — | (385) | — | (385) | |||||||||||||||||||||||||||||||||||||||
Acquisition of noncontrolling interest | — | — | (271) | — | — | — | (2,831) | (3,102) | |||||||||||||||||||||||||||||||||||||||
Impact of 2036 Senior Notes conversion liability reclassification (net of tax impact of $18,025) | — | — | 27,908 | — | — | — | — | 27,908 | |||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 6,909 | — | — | — | — | 6,909 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | 6,029 | — | — | 6,029 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (79,079) | — | — | — | (79,079) | |||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2017 | 38,837,749 | 5 | 515,452 | 134,928 | 278 | (83,081) | — | 567,582 | |||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units to common stock (net of 146,999 shares of treasury stock purchased) | 293,717 | — | — | — | — | (2,280) | — | (2,280) | |||||||||||||||||||||||||||||||||||||||
Settlement of stock appreciation rights in common stock (net of 62,866 shares of treasury stock purchased) | 140,332 | — | — | — | — | (1,191) | — | (1,191) | |||||||||||||||||||||||||||||||||||||||
Convertible debt extinguishment impact (net of tax of $5,498) | — | — | (70,689) | — | — | — | — | (70,689) | |||||||||||||||||||||||||||||||||||||||
Treasury stock repurchases | (1,937,844) | — | — | — | — | (25,048) | — | (25,048) | |||||||||||||||||||||||||||||||||||||||
Partial termination of capped call options | (15,012) | — | 252 | — | — | (167) | — | 85 | |||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 6,412 | — | — | — | — | 6,412 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (1,906) | — | — | (1,906) | |||||||||||||||||||||||||||||||||||||||
Net change in unrealized losses on marketable securities | — | — | — | — | (28) | — | — | (28) | |||||||||||||||||||||||||||||||||||||||
Net income (As Restated) | — | — | — | 277,158 | — | — | — | 277,158 | |||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2018 (As Restated) | 37,318,942 | 5 | 451,427 | 412,086 | (1,656) | (111,767) | — | 750,095 | |||||||||||||||||||||||||||||||||||||||
Conversion of restricted stock units to common stock (net of 140,592 shares of treasury stock purchased) | 345,655 | — | — | — | — | (3,317) | — | (3,317) | |||||||||||||||||||||||||||||||||||||||
Settlement of stock appreciation rights in common stock (net of 14,367 shares of treasury stock purchased) | 26,346 | — | (31) | — | — | (201) | — | (232) | |||||||||||||||||||||||||||||||||||||||
Convertible debt extinguishment impact (net of tax of $564) | — | — | (9,715) | — | — | — | — | (9,715) | |||||||||||||||||||||||||||||||||||||||
Settlement of 2019 Convertible Debt in common stock, net of 1,902,781 shares of treasury stock | 1,902,781 | — | (18,779) | — | — | 18,779 | — | — | |||||||||||||||||||||||||||||||||||||||
Unwind of capped call options | (626,645) | — | 8,982 | — | — | (8,982) | — | — | |||||||||||||||||||||||||||||||||||||||
Stock compensation expense | — | — | 6,707 | — | — | — | — | 6,707 | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | — | (338) | — | — | (338) | |||||||||||||||||||||||||||||||||||||||
Adoption of ASC Topic 842, Leases
|
— | — | — | (6,516) | — | — | — | (6,516) | |||||||||||||||||||||||||||||||||||||||
Net income (As Restated) | — | — | — | 362,828 | — | — | — | 362,828 | |||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2019 (As Restated) | 38,967,079 | $ | 5 | $ | 438,591 | $ | 768,398 | $ | (1,994) | $ | (105,488) | $ | — | $ | 1,099,512 |
2019 (As Restated) | 2018 (As Restated) | 2017 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net income (loss) including noncontrolling interest | $ | 362,828 | $ | 277,158 | $ | (79,079) | |||||||||||
Net loss from discontinuing operations | (9,667) | (11,312) | (12,800) | ||||||||||||||
Net income (loss) from continuing operations | 372,495 | 288,470 | (66,279) | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | |||||||||||||||||
Depreciation expense | 36,298 | 36,246 | 33,779 | ||||||||||||||
Amortization expense of assets and liabilities, net | 22,457 | 996 | 1,589 | ||||||||||||||
Accretion of asset retirement obligations | 51 | 47 | 62 | ||||||||||||||
Accretion of convertible note discount | 539 | 5,014 | 5,413 | ||||||||||||||
Accretion of marketable securities | (146) | (215) | — | ||||||||||||||
Impairment of property, plant and equipment, net | 12,208 | 879 | 49,873 | ||||||||||||||
Provision (benefit) for doubtful accounts | 447 | (273) | 139 | ||||||||||||||
Stock compensation expense | 6,707 | 6,412 | 6,909 | ||||||||||||||
Deferred tax expense (benefits) | (591) | 4,850 | (30,088) | ||||||||||||||
Change in fair value of contingent consideration | 566 | 1,117 | 2,151 | ||||||||||||||
Gain on involuntary conversion | — | (4,457) | (5,329) | ||||||||||||||
Gain on sales of assets | — | (974) | — | ||||||||||||||
Change in fair value of convertible debt conversion liability | — | — | 18,833 | ||||||||||||||
Gain on debt extinguishment | (488) | (6,297) | — | ||||||||||||||
Other | 11 | 593 | 246 | ||||||||||||||
Changes in asset and liabilities, net of effects from mergers and acquisitions: | |||||||||||||||||
Accounts receivable | (786,178) | 19,662 | 74,974 | ||||||||||||||
Inventories | 7,151 | (34,066) | 12,029 | ||||||||||||||
Prepaid expenses and other assets | 11,089 | 41,250 | 2,491 | ||||||||||||||
Accounts payable | 279,385 | 28,730 | (20,220) | ||||||||||||||
Accrued expenses and other liabilities | 17,564 | (6,610) | (18,802) | ||||||||||||||
Operating lease obligations | (20,913) | — | — | ||||||||||||||
Deferred revenue | 8,321 | (1,918) | (25,028) | ||||||||||||||
Net cash flows (used in) provided from operating activities - continuing operations | (33,027) | 379,456 | 42,742 | ||||||||||||||
Net cash flows used in operating activities - discontinued operations | (13,681) | (13,922) | (12,946) | ||||||||||||||
Cash provided from (used in) operations | (46,708) | 365,534 | 29,796 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Cash paid for marketable securities | (3,478) | (70,745) | — | ||||||||||||||
Maturities of marketable securities | 54,584 | 20,000 | — | ||||||||||||||
Cash paid for purchase of property, plant and equipment | (42,518) | (46,453) | (67,557) | ||||||||||||||
Insurance proceeds for asset impairments | — | 4,464 | 8,000 | ||||||||||||||
Cash receipts from disposal of fixed assets | — | 1,647 | — | ||||||||||||||
Cash paid for investments | (6,018) | (974) | (816) | ||||||||||||||
Cash paid for acquisitions and additional interests, net of cash acquired | — | (4,801) | (3,482) | ||||||||||||||
Net cash flows provided by (used in) investing activities - continuing operations | 2,570 | (96,862) | (63,855) | ||||||||||||||
Net cash flows provided by (used in) investing activities - discontinued operations | 3,100 | (335) | (14) | ||||||||||||||
Cash provided from (used in) investing activities | 5,670 | (97,197) | (63,869) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Net (repayments) borrowings on line of credit | 70,091 | (50,967) | 8,025 | ||||||||||||||
Borrowing on other lines of credit | 113,459 | 71,865 | 8,812 | ||||||||||||||
Repayments on other lines of credits | (120,644) | (69,267) | (4,442) | ||||||||||||||
Cash received for issuance of debt | — | 14,034 | 23,575 | ||||||||||||||
Cash paid on debt | (80,365) | (143,516) | (14,659) | ||||||||||||||
Cash paid for debt issuance costs | (116) | (697) | (1,062) | ||||||||||||||
Cash received on partial termination of capped call options | — | 85 | — | ||||||||||||||
Cash paid for treasury stock | — | (25,048) | — | ||||||||||||||
Cash paid for contingent consideration | (10,427) | (12,223) | (29,150) | ||||||||||||||
Cash paid for conversion of restricted stock units and stock appreciation rights | (3,550) | (3,471) | (1,257) | ||||||||||||||
Other financing activities | (500) | — | — | ||||||||||||||
Net cash flows used in financing activities - continuing operations | (32,052) | (219,205) | (10,158) | ||||||||||||||
Net cash flows provided from financing activities - discontinuing operations | — | — | — | ||||||||||||||
Cash used in financing activities | (32,052) | (219,205) | (10,158) | ||||||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (73,090) | 49,132 | (44,231) | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH at Beginning of period | 126,575 | 77,627 | 120,210 | ||||||||||||||
Effect of exchange rate changes on cash | (49) | (184) | 1,648 | ||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH at End of period | $ | 53,436 | $ | 126,575 | $ | 77,627 |
December 31, 2019 | December 31, 2018 | December 31, 2017 | |||||||||||||||
Cash and cash equivalents | $ | 50,436 | $ | 123,575 | $ | 77,627 | |||||||||||
Restricted cash | 3,000 | 3,000 | — | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flow | $ | 53,436 | $ | 126,575 | $ | 77,627 |
Automobiles and trucks | 5 years | ||||
Computers and office equipment | 5 years | ||||
Office furniture and fixtures | 7 years | ||||
Machinery and equipment | 5-30 years | ||||
Leasehold improvements | the lesser of the lease term or 30 years | ||||
Buildings and improvements | 30-40 years |
For the year ended December 31, 2019 | For the year ended December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares/Principal amount in $'000 | June 2018 Program | January 2019 Program | Both Programs | Number of shares/Principal amount in $'000 | December 2017 Program | June 2018 Program | Both Programs | ||||||||||||||||||||||||||||||||||||||||
Repurchases of shares of common stock | — | $ | — | $ | — | $ | — | 1,937,844 | $ | 25,048 | $ | — | $ | 25,048 | |||||||||||||||||||||||||||||||||
2019 Convertible Senior Notes Repurchases | $ | — | $ | — | $ | — | $ | — | $ | 6,311 | $ | 6,689 | $ | — | $ | 6,689 | |||||||||||||||||||||||||||||||
2036 Convertible Senior Notes Repurchases | $ | 6,673 | $ | 7,435 | $ | 7,203 | $ | 14,638 | $ | 55,700 | $ | 43,263 | $ | 67,565 | $ | 110,828 | |||||||||||||||||||||||||||||||
Reportable Segments | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2019 (As Restated) |
Biomass-based
Diesel |
Services |
Corporate
and other |
Intersegment
Revenues |
Consolidated
Total |
||||||||||||||||||||||||||||||
Biomass-based diesel sales, net of BTC related amount due to customers of $157,896 | $ | 1,400,973 | $ | — | $ | — | $ | (11,309) | $ | 1,389,664 | |||||||||||||||||||||||||
Petroleum and blended petroleum diesel sales | — | — | 270,326 | — | 270,326 | ||||||||||||||||||||||||||||||
Other biomass-based diesel revenue | 215,086 | — | — | — | 215,086 | ||||||||||||||||||||||||||||||
Separated RIN sales | 98,285 | — | — | — | 98,285 | ||||||||||||||||||||||||||||||
Other revenues | — | 99,086 | — | (97,446) | 1,640 | ||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 1,714,344 | $ | 99,086 | $ | 270,326 | $ | (108,755) | $ | 1,975,001 | |||||||||||||||||||||||||
Biomass-based diesel government incentives | 650,215 | — | — | — | 650,215 | ||||||||||||||||||||||||||||||
Total revenues | $ | 2,364,559 | $ | 99,086 | $ | 270,326 | $ | (108,755) | $ | 2,625,216 |
Reportable Segments | |||||||||||||||||||||||||||||||||||
Year ended December 31, 2018 (As Restated) |
Biomass-based
Diesel |
Services |
Corporate
and other |
Intersegment
Revenues |
Consolidated
Total |
||||||||||||||||||||||||||||||
Biomass-based diesel sales, net of BTC related amount due to customers of $144,944 | $ | 1,474,459 | $ | — | $ | 9,682 | $ | (26,348) | $ | 1,457,793 | |||||||||||||||||||||||||
Petroleum and blended petroleum diesel sales | — | — | 239,470 | — | 239,470 | ||||||||||||||||||||||||||||||
Other biomass-based diesel revenue | 178,053 | — | — | — | 178,053 | ||||||||||||||||||||||||||||||
Separated RIN sales | 137,895 | — | — | — | 137,895 | ||||||||||||||||||||||||||||||
Other revenues | — | 93,347 | — | (91,061) | 2,286 | ||||||||||||||||||||||||||||||
Total revenues from contracts with customers | $ | 1,790,407 | $ | 93,347 | $ | 249,152 | $ | (117,409) | $ | 2,015,497 | |||||||||||||||||||||||||
Biomass-based diesel government incentives | 352,981 | — | — | — | 352,981 | ||||||||||||||||||||||||||||||
Total revenues | $ | 2,143,388 | $ | 93,347 | $ | 249,152 | $ | (117,409) | $ | 2,368,478 |
December 31, 2019 | December 31, 2018 | ||||||||||
Trade accounts receivable | $ | 185,156 | $ | 74,551 | |||||||
Short-term contract liabilities (deferred revenue) | $ | (631) | $ | (300) | |||||||
Short-term contract liabilities (accounts payable) | $ | (255,193) | $ | — |
January 1, 2019 |
Cash receipts
(Payments) |
Less: Impact on
Revenue |
Other | December 31, 2019 | |||||||||||||||||||||||||
Deferred revenue | $ | 300 | $ | 55,477 | $ | 55,146 | $ | — | $ | 631 | |||||||||||||||||||
Payables to customers related to BTC | — | — | (255,193) | — | 255,193 | ||||||||||||||||||||||||
$ | 300 | $ | 55,477 | $ | (200,047) | $ | — | $ | 255,824 |
January 1, 2018 |
Cash receipts
(Payments) |
Less: Impact on
Revenue |
Other | December 31, 2018 | |||||||||||||||||||||||||
Deferred revenue | $ | 2,218 | $ | 27,264 | $ | 29,179 | $ | (3) | $ | 300 | |||||||||||||||||||
Payables to customers related to BTC | — | (150,776) | (144,944) | 5,832 | — | ||||||||||||||||||||||||
$ | 2,218 | $ | (123,512) | $ | (115,765) | $ | 5,829 | $ | 300 |
Consolidated Statement of Operations Year ended December 31, 2019 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Biomass-based diesel government incentives | $ | 666,392 | $ | (16,177) | $ | 650,215 | |||||||||||||||||
Total biomass-base diesel revenues | 2,639,753 | (16,177) | 2,623,576 | ||||||||||||||||||||
Revenues from continuing operations | 2,641,393 | (16,177) | 2,625,216 | ||||||||||||||||||||
GROSS PROFIT | 530,069 | (16,177) | 513,892 | ||||||||||||||||||||
INCOME FROM OPERATIONS | 399,652 | (16,177) | 383,475 | ||||||||||||||||||||
OTHER INCOME (EXPENSE), NET: | |||||||||||||||||||||||
Interest expense
|
(12,176) | (1,059) | (13,235) | ||||||||||||||||||||
Other income (expense) total | (10,491) | (1,059) | (11,550) | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 389,161 | (17,236) | 371,925 | ||||||||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 389,731 | (17,236) | 372,495 | ||||||||||||||||||||
NET INCOME | 380,064 | (17,236) | 362,828 | ||||||||||||||||||||
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS | (8,619) | 381 | (8,238) | ||||||||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | $ | 381,112 | $ | (16,855) | $ | 364,257 | |||||||||||||||||
Basic net income (loss) per share available to common stockholders | |||||||||||||||||||||||
Continuing operations | $ | 9.95 | $ | (0.44) | $ | 9.51 | |||||||||||||||||
Net income per share | $ | 9.71 | $ | (0.44) | $ | 9.27 | |||||||||||||||||
Diluted net income (loss) per share available to common stockholders | |||||||||||||||||||||||
Continuing operations | $ | 9.01 | $ | (0.40) | $ | 8.61 | |||||||||||||||||
Net income per share | $ | 8.78 | $ | (0.40) | $ | 8.38 | |||||||||||||||||
Consolidated Statement of Operations Year ended December 31, 2018 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Biomass-based diesel government incentives | $ | 367,490 | $ | (14,509) | $ | 352,981 | |||||||||||||||||
Total biomass-base diesel revenues | 2,380,701 | (14,509) | 2,366,192 | ||||||||||||||||||||
Revenues from continuing operations | 2,382,987 | (14,509) | 2,368,478 | ||||||||||||||||||||
GROSS PROFIT | 419,991 | (14,509) | 405,482 | ||||||||||||||||||||
INCOME FROM OPERATIONS | 312,373 | (14,509) | 297,864 | ||||||||||||||||||||
OTHER INCOME (EXPENSE), NET: | |||||||||||||||||||||||
Interest expense
|
(17,534) | (649) | (18,183) | ||||||||||||||||||||
Other income (expense) total | (2,874) | (649) | (3,523) | ||||||||||||||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 309,499 | (15,158) | 294,341 | ||||||||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS | 303,628 | (15,158) | 288,470 | ||||||||||||||||||||
NET INCOME | 292,316 | (15,158) | 277,158 | ||||||||||||||||||||
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS | (7,824) | 390 | (7,434) | ||||||||||||||||||||
NET INCOME FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS | $ | 295,804 | $ | (14,768) | $ | 281,036 | |||||||||||||||||
Basic net income (loss) per share available to common stockholders | |||||||||||||||||||||||
Continuing operations | $ | 7.85 | $ | (0.39) | $ | 7.46 | |||||||||||||||||
Net income per share | $ | 7.56 | $ | (0.40) | $ | 7.16 | |||||||||||||||||
Diluted net income (loss) per share available to common stockholders | |||||||||||||||||||||||
Continuing operations | $ | 6.78 | $ | (0.34) | $ | 6.44 | |||||||||||||||||
Net income per share | $ | 6.52 | $ | (0.33) | $ | 6.19 | |||||||||||||||||
Consolidated Statements of Comprehensive Income Year ended December 31, 2019 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
Net income | 380,064 | (17,236) | 362,828 | ||||||||||||||||||||
Comprehensive income | $ | 379,726 | $ | (17,236) | $ | 362,490 |
Consolidated Statements of Comprehensive Income Year ended December 31, 2018 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
Net income | 292,316 | (15,158) | 277,158 | ||||||||||||||||||||
Comprehensive income | $ | 290,382 | $ | (15,158) | $ | 275,224 |
Consolidated Statement of Cash Flows Year ended December 31, 2019 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
Net income from continuing operations | 389,731 | (17,236) | 372,495 | ||||||||||||||||||||
Changes in asset and liabilities, net of effects from mergers and acquisitions: | |||||||||||||||||||||||
Accounts payable | 263,208 | 16,177 | 279,385 | ||||||||||||||||||||
Accrued expenses and other liabilities | 16,505 | 1,059 | 17,564 | ||||||||||||||||||||
Net cash flows (used in) provided from operating activities - continuing operations | $ | (33,027) | — | $ | (33,027) | ||||||||||||||||||
Net cash flows provided by (used in) investing activities - continuing operations | $ | 2,570 | — | $ | 2,570 | ||||||||||||||||||
Net cash flows used in financing activities - continuing operations | $ | (32,052) | — | $ | (32,052) |
Consolidated Statement of Cash Flows Year ended December 31, 2018 | |||||||||||||||||||||||
As Previously Reported | Adjustments | As Restated | |||||||||||||||||||||
Net income from continuing operations | 303,628 | (15,158) | 288,470 | ||||||||||||||||||||
Changes in asset and liabilities, net of effects from mergers and acquisitions: | |||||||||||||||||||||||
Accounts payable | 14,221 | 14,509 | 28,730 | ||||||||||||||||||||
Accrued expenses and other liabilities | (7,259) | 649 | (6,610) | ||||||||||||||||||||
Net cash flows (used in) provided from operating activities - continuing operations | $ | 379,456 | — | $ | 379,456 | ||||||||||||||||||
Net cash flows provided by (used in) investing activities - continuing operations | $ | (96,862) | — | $ | (96,862) | ||||||||||||||||||
Net cash flows used in financing activities - continuing operations | $ | (219,205) | — | $ | (219,205) |
December 31, 2018 | |||||||||||||||||||||||||||||
Maturity | Gross Amortized Cost | Total Unrealized Gains | Total Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Commercial paper | Within one year | $ | 22,886 | $ | — | $ | (14) | $ | 22,872 | ||||||||||||||||||||
Corporate bonds | Within one year | 28,074 | — | (14) | 28,060 | ||||||||||||||||||||||||
Total | $ | 50,960 | $ | — | $ | (28) | $ | 50,932 |
2019 | 2018 | ||||||||||
Raw materials | $ | 57,818 | $ | 40,348 | |||||||
Work in process | 3,605 | 3,840 | |||||||||
Finished goods | 100,006 | 124,712 | |||||||||
Total | $ | 161,429 | $ | 168,900 |
Discontinued Operations | |||||||||||||||||
For the years ended December 31, | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Other revenues | $ | 1,786 | $ | 5,856 | $ | 3,588 | |||||||||||
Other costs of goods sold | (2,200) | (4,697) | (4,360) | ||||||||||||||
Research and development expense | (8,056) | (15,152) | (11,673) | ||||||||||||||
Other income (expense), net | 53 | 13,907 | (355) | ||||||||||||||
Loss on sale of assets | (1,250) | — | — | ||||||||||||||
Pre-tax loss from discontinued operations | (9,667) | (86) | (12,800) | ||||||||||||||
Pre-tax impairment loss on assets classified as held for sale | — | (11,226) | — | ||||||||||||||
Income tax expense | — | — | — | ||||||||||||||
Loss on discontinued operations | $ | (9,667) | $ | (11,312) | $ | (12,800) |
2019 | 2018 | ||||||||||
Machinery and equipment, net | $ | — | $ | 824 | |||||||
In-process research and development | — | 13,652 | |||||||||
Impairment loss recognized on assets classified as held for sale | — | (11,226) | |||||||||
Total assets classified as held for sale | $ | — | $ | 3,250 | |||||||
2019 | 2018 | ||||||||||
Land | $ | 10,037 | $ | 10,649 | |||||||
Building and improvements | 152,336 | 148,055 | |||||||||
Leasehold improvements | 11,692 | 11,364 | |||||||||
Machinery and equipment | 586,327 | 584,490 | |||||||||
760,392 | 754,558 | ||||||||||
Accumulated depreciation | (238,427) | (205,537) | |||||||||
521,965 | 549,021 | ||||||||||
Construction in process | 62,612 | 41,702 | |||||||||
Total | $ | 584,577 | $ | 590,723 |
December 31, 2019 | |||||||||||||||||
Cost | Accumulated Amortization | Net | |||||||||||||||
Raw material supply agreement | $ | 6,230 | $ | (3,368) | $ | 2,862 | |||||||||||
Renewable diesel technology | 8,300 | (3,089) | 5,211 | ||||||||||||||
Acquired customer relationships | 4,747 | (1,535) | 3,212 | ||||||||||||||
Other intangible assets | 904 | (171) | 733 | ||||||||||||||
Total intangible assets | $ | 20,181 | $ | (8,163) | $ | 12,018 |
December 31, 2018 | |||||||||||||||||
Cost | Accumulated Amortization | Net | |||||||||||||||
Raw material supply agreement | $ | 6,230 | $ | (2,866) | $ | 3,364 | |||||||||||
Renewable diesel technology | 8,300 | (2,536) | 5,764 | ||||||||||||||
Acquired customer relationships | 4,747 | (976) | 3,771 | ||||||||||||||
Other intangible assets | 904 | (157) | 747 | ||||||||||||||
Total intangible assets | $ | 20,181 | $ | (6,535) | $ | 13,646 |
2020 | $ | 1,682 | |||
2021 | 1,688 | ||||
2022 | 1,681 | ||||
2023 | 1,688 | ||||
2024 | 1,695 | ||||
Thereafter | 3,584 | ||||
Total | $ | 12,018 |
2019 | 2018 | ||||||||||
Commodity derivatives and related collateral, net | $ | 6,140 | $ | 13,799 | |||||||
Prepaid expenses | 16,082 | 19,328 | |||||||||
Deposits | 3,519 | 2,123 | |||||||||
RIN inventory | 2,137 | 2,000 | |||||||||
Taxes receivable | 5,115 | 2,991 | |||||||||
Other | 2,480 | 928 | |||||||||
Total | $ | 35,473 | $ | 41,169 |
2019 | 2018 | ||||||||||
Investments | $ | 19,205 | $ | 13,053 | |||||||
Spare parts inventory | 2,610 | 2,680 | |||||||||
Catalysts | 1,274 | 1,989 | |||||||||
Deposits | 552 | 381 | |||||||||
Other | 2,874 | 3,167 | |||||||||
Total | $ | 26,515 | $ | 21,270 |
2019
(As Restated) |
2018
(As Restated) |
||||||||||
Accrued property taxes | $ | 1,717 | $ | 1,534 | |||||||
Accrued employee compensation | 21,315 | 17,226 | |||||||||
Accrued interest | 3,416 | 1,032 | |||||||||
Contingent consideration, current portion | — | 9,861 | |||||||||
Unfavorable lease obligation, current portion | — | 1,129 | |||||||||
Tax payable | 15,240 | 4,473 | |||||||||
Other | 796 | 650 | |||||||||
Total | $ | 42,484 | $ | 35,905 |
2019 | 2018 | ||||||||||
Unfavorable lease obligation | $ | — | $ | 2,259 | |||||||
Straight-line lease liability | — | 1,439 | |||||||||
Asset retirement obligations | 691 | 640 | |||||||||
Other | 814 | 996 | |||||||||
Total | $ | 1,505 | $ | 5,334 |
2019 | 2018 | ||||||||||
2.75% Convertible Senior Notes, matured and paid in June 2019 | $ | — | $ | 66,361 | |||||||
4.00% Convertible Senior Notes, $89,627 face amount, due in June 2036 | 69,668 | 75,477 | |||||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 4%, due in July 2022 | 6,468 | 8,964 | |||||||||
REG Ralston term loan, variable interest rate of LIBOR plus 2.25%, due in October 2025 | 15,980 | 18,948 | |||||||||
REG Grays Harbor term loan, variable interest of minimum 3.5% or Prime Rate plus 0.25%, due in May 2022 | 6,966 | 8,828 | |||||||||
REG Capital term loan, fixed interest rate of 3.99%, due in January 2028 | 6,929 | 7,185 | |||||||||
Other | 33 | 54 | |||||||||
Total debt before debt issuance costs | 106,044 | 185,817 | |||||||||
Less: Current portion of long-term debt | 77,131 | 149,006 | |||||||||
Less: Debt issuance costs (net of accumulated amortization of $1,139 and $3,873, respectively) | 2,783 | 3,390 | |||||||||
Total long-term debt | $ | 26,130 | $ | 33,421 |
2019 | 2018 | ||||||||||
Total revolving loans (current) | $ | 76,990 | $ | 14,250 | |||||||
Maximum remaining available to be borrowed under revolving lines of credit | $ | 101,485 | $ | 114,889 |
2020 | $ | 77,131 | |||
2021 | 7,560 | ||||
2022 | 5,989 | ||||
2023 | 3,875 | ||||
2024 | 3,476 | ||||
Thereafter | 8,013 | ||||
Total term debt | 106,044 | ||||
Less: current portion | 77,131 | ||||
Total long-term debt before debt issuance costs | $ | 28,913 |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Current income tax benefit (expense) | |||||||||||||||||
State | $ | (12) | $ | (118) | $ | (45) | |||||||||||
Foreign | (33) | (292) | 421 | ||||||||||||||
(45) | (410) | 376 | |||||||||||||||
Deferred income tax benefit (expense) | |||||||||||||||||
Federal | (8,093) | (15,127) | 22,619 | ||||||||||||||
State | 1,904 | (2,741) | 10,282 | ||||||||||||||
Foreign | 1,494 | 2,914 | 2,674 | ||||||||||||||
Change in enacted tax rates | — | — | (123,289) | ||||||||||||||
Net operating loss carryforwards created | 68,344 | 26,058 | 17,466 | ||||||||||||||
63,649 | 11,104 | (70,248) | |||||||||||||||
Income tax benefit (expense) before valuation allowances | 63,604 | 10,694 | (69,872) | ||||||||||||||
Deferred tax valuation allowances | (63,034) | (16,565) | 100,362 | ||||||||||||||
Income tax benefit (expense) | $ | 570 | $ | (5,871) | $ | 30,490 |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
U.S. Federal income tax expense at statutory rates of 21, 21 and 35 percent, respectively | $ | (78,105) | $ | (61,812) | $ | 38,349 | |||||||||||
State taxes, net of federal income tax benefit | 12,394 | 1,719 | 8,160 | ||||||||||||||
Tax position on government incentives | 124,553 | 69,197 | 9,402 | ||||||||||||||
Change in enacted tax rates | — | — | (123,289) | ||||||||||||||
Research & development tax credit | 2,703 | — | — | ||||||||||||||
Unrecognized tax benefits | (24) | (272) | — | ||||||||||||||
Other | 2,083 | 1,862 | (2,494) | ||||||||||||||
Total benefit (expense) for income taxes before valuation allowances | 63,604 | 10,694 | (69,872) | ||||||||||||||
Valuation allowances | (63,034) | (16,565) | 100,362 | ||||||||||||||
Total benefit (expense) for income taxes | $ | 570 | $ | (5,871) | $ | 30,490 |
2019 (As Restated) | 2018 (As Restated) | ||||||||||
Deferred Tax Assets: | |||||||||||
Net operating loss carryforwards | $ | 348,734 | $ | 278,867 | |||||||
Goodwill | 17,028 | 20,067 | |||||||||
Capitalized research and development | — | 8,650 | |||||||||
Stock-based compensation | 3,805 | 3,447 | |||||||||
Interest expense carryforward | 4,877 | 2,940 | |||||||||
Tax credit carryforwards | 4,330 | 1,597 | |||||||||
Leases | 11,364 | — | |||||||||
Intangibles | 1,530 | — | |||||||||
Risk management unrealized loss | 131 | — | |||||||||
Accrued compensation | 4,285 | 3,318 | |||||||||
Inventory capitalization | 2,442 | 1,921 | |||||||||
Other | 5,034 | 3,304 | |||||||||
Deferred tax assets | 403,560 | 324,111 | |||||||||
Deferred Tax Liabilities: | |||||||||||
Property, plant and equipment | (41,769) | (38,324) | |||||||||
Leases | (9,459) | — | |||||||||
Convertible debt | (5,213) | (5,648) | |||||||||
Risk management unrealized gain | — | (2,649) | |||||||||
Intangibles | — | 949 | |||||||||
Prepaid expenses | (2,106) | (1,688) | |||||||||
Deferred revenue | — | (583) | |||||||||
Other | (1,086) | (773) | |||||||||
Deferred tax liabilities | (59,633) | (48,716) | |||||||||
Net deferred tax assets | 343,927 | 275,395 | |||||||||
Valuation allowance | (350,902) | (283,805) | |||||||||
Net deferred tax liabilities | $ | (6,975) | $ | (8,410) |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Beginning of year balance | $ | 283,805 | $ | 265,362 | $ | 365,035 | |||||||||||
Changes in valuation allowance charged to income | 65,558 | 18,875 | 36,639 | ||||||||||||||
Change in enacted tax rates | — | — | (137,001) | ||||||||||||||
Foreign currency translation | (164) | (440) | 689 | ||||||||||||||
Change in valuation allowance charged to OCI | (7) | 8 | — | ||||||||||||||
Change in valuation allowance charged to equity | 1,710 | — | — | ||||||||||||||
End of year balance | $ | 350,902 | $ | 283,805 | $ | 265,362 |
2019 | 2018 | 2017 | |||||||||||||||
Beginning of year balance | $ | 2,028 | $ | 1,771 | $ | 1,900 | |||||||||||
Increases to tax positions expected to be taken | 732 | — | — | ||||||||||||||
Increases to tax positions taken during prior years | 24 | 272 | — | ||||||||||||||
Decreases to tax positions taken during prior years | — | — | (129) | ||||||||||||||
Foreign currency translation | (7) | (15) | — | ||||||||||||||
End of year balance | $ | 2,777 | $ | 2,028 | $ | 1,771 |
Number of
Awards |
Weighted
Average Issue Price |
||||||||||
Awards outstanding - January 1, 2017 | 859,251 | $ | 11.73 | ||||||||
Issued | 360,741 | $ | 11.91 | ||||||||
Vested and restriction lapsed | (204,198) | $ | 11.05 | ||||||||
Forfeited | (127,403) | $ | 10.04 | ||||||||
Awards outstanding - December 31, 2017 | 888,391 | $ | 12.12 | ||||||||
Issued | 425,150 | $ | 13.23 | ||||||||
Vested and restriction lapsed | (225,339) | $ | 10.52 | ||||||||
Forfeited | (65,928) | $ | 10.52 | ||||||||
Awards outstanding - December 31, 2018 | 1,022,274 | $ | 13.04 | ||||||||
Issued | 277,711 | $ | 21.76 | ||||||||
Vested and restriction lapsed | (425,041) | $ | 9.79 | ||||||||
Forfeited | (89,779) | $ | 11.85 | ||||||||
Awards outstanding - December 31, 2019 | 785,165 | $ | 18.02 |
Number of Awards | Weighted Average Issue Price | ||||||||||
Awards outstanding -January 1, 2017 | 234,840 | $ | 9.15 | ||||||||
Issued | 270,765 | $ | 11.79 | ||||||||
Vested and restriction lapsed | (87,622) | $ | 11.75 | ||||||||
Forfeited | (62,865) | $ | 9.48 | ||||||||
Awards outstanding - December 31, 2017 | 355,118 | $ | 10.46 | ||||||||
Issued | 171,580 | $ | 9.63 | ||||||||
Vested and restriction lapsed | (292,963) | $ | 8.45 | ||||||||
Forfeited | (25,650) | $ | 9.83 | ||||||||
Awards outstanding - December 31, 2018 | 208,085 | $ | 12.68 | ||||||||
Issued | 148,118 | $ | 19.31 | ||||||||
Vested and restriction lapsed | (25,000) | $ | 9.17 | ||||||||
Forfeited | (8,739) | $ | 12.90 | ||||||||
Awards outstanding - December 31, 2019 | 322,464 | $ | 15.99 |
Number of
SAR’s |
Weighted Average
Exercise Price |
Weighted
Average Contractual Term |
|||||||||||||||
SAR's outstanding - January 1, 2017 | 2,508,015 | $ | 10.22 | ||||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | (700,765) | $ | 10.36 | ||||||||||||||
Forfeited | (105,981) | $ | 9.66 | ||||||||||||||
SAR's outstanding - December 31, 2017 | 1,701,269 | $ | 10.20 | 5.7 years | |||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | (610,541) | $ | 10.13 | ||||||||||||||
Forfeited | (54,051) | $ | 11.08 | ||||||||||||||
SAR's outstanding - December 31, 2018 | 1,036,677 | $ | 10.19 | 4.7 years | |||||||||||||
Granted | — | $ | — | ||||||||||||||
Exercised | (85,652) | $ | 10.54 | ||||||||||||||
Forfeited | (50,723) | $ | 10.82 | ||||||||||||||
SAR's outstanding - December 31, 2019 | 900,302 | $ | 10.12 | 3.8 years | |||||||||||||
SAR's exercisable - December 31, 2019 | 879,494 | $ | 10.16 | 3.8 years | |||||||||||||
SAR's expected to vest - December 31, 2019 | 20,808 | $ | 8.57 | 3.8 years |
2019 | 2018 | 2017 | |||||||||||||||
The weighted average fair value of stock appreciation rights issued (per unit) | $2.79 - $3.74 | $2.79 - $3.74 | $2.79 - $3.74 | ||||||||||||||
Dividend yield | —% | —% | —% | ||||||||||||||
Weighted average risk-free interest rate | 1.1% - 1.4% | 1.1% - 1.4% | 1.1% - 1.4% | ||||||||||||||
Weighted average expected volatility | 40% | 40% | 40% | ||||||||||||||
Expected life in years | 6.25 | 6.25 | 6.25 |
December 31, 2019 | |||||
Lease expense: | |||||
Operating lease expenses | $ | 22,590 | |||
Variable lease expenses | 1,237 | ||||
Short-term and other lease expenses | 1,305 | ||||
Total lease expense | $ | 25,132 |
Total payments | Less: Discount | Operating lease obligation | |||||||||||||||
2020 | $ | 17,252 | $ | 1,562 | $ | 15,690 | |||||||||||
2021 | 13,953 | 1,089 | 12,864 | ||||||||||||||
2022 | 4,667 | 719 | 3,948 | ||||||||||||||
2023 | 3,525 | 573 | 2,952 | ||||||||||||||
2024 | 2,082 | 475 | 1,607 | ||||||||||||||
2025 and thereafter | 11,608 | 2,566 | 9,042 | ||||||||||||||
Total | $ | 53,087 | $ | 6,984 | $ | 46,103 |
Total
Payments |
|||||
2019 | $ | 20,326 | |||
2020 | 14,063 | ||||
2021 | 10,643 | ||||
2022 | 3,162 | ||||
2023 | 2,406 | ||||
2024 and thereafter | 13,736 | ||||
Total minimum payments | $ | 64,336 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
Gross amounts of commodity derivative contracts recognized at fair value | $ | 1,633 | $ | 4,749 | $ | 11,843 | $ | 1,799 | |||||||||||||||
Cash collateral | 9,256 | — | 3,755 | — | |||||||||||||||||||
Total gross amount recognized | 10,889 | 4,749 | 15,598 | 1,799 | |||||||||||||||||||
Gross amounts offset | (4,749) | (4,749) | (1,799) | (1,799) | |||||||||||||||||||
Net amount reported in the Consolidated Balance Sheets | $ | 6,140 | $ | — | $ | 13,799 | $ | — |
Location of Gain (Loss)
Recognized in income |
2019 | 2018 | 2017 | ||||||||||||||||||||
Commodity derivatives | Cost of goods sold – Biomass-based diesel | $ | (28,898) | $ | 18,399 | $ | (23,437) | ||||||||||||||||
As of December 31, 2019 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commodity contract derivatives | $ | (3,116) | $ | (84) | $ | (3,032) | $ | — | |||||||||||||||
As of December 31, 2018 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Commercial paper | $ | 22,872 | $ | — | $ | 22,872 | $ | — | |||||||||||||||
Corporate bonds | $ | 28,060 | — | 28,060 | — | ||||||||||||||||||
Commodity contract derivatives | $ | 10,044 | 499 | 9,545 | — | ||||||||||||||||||
Contingent consideration for acquisitions | $ | (9,861) | — | — | (9,861) | ||||||||||||||||||
$ | 51,115 | $ | 499 | $ | 60,477 | $ | (9,861) |
Contingent Consideration for Acquisitions | |||||||||||
2019 | 2018 | ||||||||||
Balance at beginning of period, January 1 | $ | 9,861 | $ | 20,485 | |||||||
Fair value of contingent consideration at measurement date | — | 482 | |||||||||
Change in estimates included in earnings | 566 | 1,117 | |||||||||
Settlements | (10,427) | (12,223) | |||||||||
Balance at end of period, December 31 | $ | — | $ | 9,861 |
2019 | 2018 | ||||||||||||||||||||||
Asset (Liability)
Carrying Amount |
Estimated Fair Value |
Asset (Liability)
Carrying Amount |
Estimated Fair Value | ||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Debt and lines of credit | $ | (183,034) | $ | (338,482) | $ | (200,067) | $ | (410,564) |
Year Ended December 31, | |||||||||||||||||
2019 | 2018 | 2017 | |||||||||||||||
Stock appreciation rights | — | — | 622,633 | ||||||||||||||
2019 Convertible Senior Notes | — | — | 5,567,112 | ||||||||||||||
2036 Convertible Senior Notes | — | — | 14,106,725 | ||||||||||||||
Total | — | — | 20,296,470 |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Net income (loss) from continuing operations available to common stockholders - Basic | $ | 364,257 | $ | 281,036 | $ | (66,279) | |||||||||||
Plus (less): effect of participating securities | 8,238 | 7,434 | — | ||||||||||||||
Net income (loss) available to common stockholders | 372,495 | 288,470 | (66,279) | ||||||||||||||
Less: effect of participating securities | (8,238) | (7,434) | — | ||||||||||||||
Net income (loss) from continuing operations available to common stockholders - Diluted | $ | 364,257 | $ | 281,036 | $ | (66,279) | |||||||||||
Net loss from discontinued operations available to common stockholders - Basic | $ | (9,667) | $ | (11,312) | $ | (12,800) | |||||||||||
Plus (less): effect of participating securities | — | — | — | ||||||||||||||
Net loss available to common stockholders | (9,667) | (11,312) | (12,800) | ||||||||||||||
Less: effect of participating securities | — | — | — | ||||||||||||||
Net loss from discontinued operations available to common stockholders - Diluted | $ | (9,667) | $ | (11,312) | $ | (12,800) | |||||||||||
Net income (loss) available to common stockholders - Basic | $ | 354,804 | $ | 270,016 | $ | (79,079) | |||||||||||
Plus (less): effect of participating securities | 8,024 | 7,142 | — | ||||||||||||||
Net income (loss) available to common stockholders | 362,828 | 277,158 | (79,079) | ||||||||||||||
Less: effect of participating securities | (8,024) | (7,142) | — | ||||||||||||||
Net income (loss) available to common stockholders - Diluted | $ | 354,804 | $ | 270,016 | $ | (79,079) | |||||||||||
Net income (loss) available to common stockholders - Diluted | |||||||||||||||||
Weighted-average shares used to compute basic net income (loss) per share | 38,288,610 | 37,687,552 | 38,731,015 | ||||||||||||||
Adjustment to reflect conversion of convertible notes | 3,589,065 | 5,416,043 | — | ||||||||||||||
Adjustment to reflect stock appreciation right conversions | 443,305 | 550,125 | — | ||||||||||||||
Weighted-average shares used to compute diluted net income (loss) per share | 42,320,980 | 43,653,720 | 38,731,015 | ||||||||||||||
Net income (loss) per share available to common stockholders - Diluted | |||||||||||||||||
Continuing operations | $ | 8.61 | $ | 6.44 | $ | (1.71) | |||||||||||
Discontinued operations | $ | (0.25) | $ | (0.30) | $ | (0.33) | |||||||||||
Diluted net income (loss) | $ | 8.38 | $ | 6.19 | $ | (2.04) |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Net sales from continuing operations: | |||||||||||||||||
Biomass-based Diesel | $ | 2,364,559 | $ | 2,143,388 | $ | 2,039,982 | |||||||||||
Services | 99,086 | 93,347 | 103,215 | ||||||||||||||
Corporate and other | 270,326 | 249,152 | 213,500 | ||||||||||||||
Intersegment revenues | (108,755) | (117,409) | (202,042) | ||||||||||||||
$ | 2,625,216 | $ | 2,368,478 | $ | 2,154,655 | ||||||||||||
Income (loss) from continuing operations before income taxes | |||||||||||||||||
Biomass-based diesel | $ | 371,248 | $ | 299,569 | $ | (63,925) | |||||||||||
Services | 6,092 | 4,863 | 2,899 | ||||||||||||||
Corporate and other | (5,415) | (10,091) | (35,743) | ||||||||||||||
$ | 371,925 | $ | 294,341 | $ | (96,769) | ||||||||||||
Depreciation and amortization expense, net: | |||||||||||||||||
Biomass-based diesel | $ | 54,513 | $ | 32,558 | $ | 31,011 | |||||||||||
Services | 2,479 | 1,658 | 1,092 | ||||||||||||||
Corporate and other | 1,763 | 3,026 | 3,265 | ||||||||||||||
$ | 58,755 | $ | 37,242 | $ | 35,368 | ||||||||||||
Cash paid for purchases of property, plant and equipment: | |||||||||||||||||
Biomass-based diesel | $ | 40,567 | $ | 41,906 | $ | 60,734 | |||||||||||
Services | 1,840 | 4,300 | 3,826 | ||||||||||||||
Corporate and other | 111 | 247 | 2,997 | ||||||||||||||
$ | 42,518 | $ | 46,453 | $ | 67,557 |
2019 | 2018 | ||||||||||
Goodwill: | |||||||||||
Services | $ | 16,080 | $ | 16,080 | |||||||
Assets: | |||||||||||
Biomass-based diesel | $ | 1,711,870 | $ | 914,843 | |||||||
Services | 69,144 | 63,720 | |||||||||
Corporate and other | 425,602 | 379,658 | |||||||||
Intersegment eliminations | (421,267) | (254,375) | |||||||||
Assets held for sale | — | 3,250 | |||||||||
$ | 1,785,349 | $ | 1,107,096 |
2019
(As Restated) |
2018
(As Restated) |
2017 | |||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 2,366,724 | $ | 2,192,777 | $ | 1,957,715 | |||||||||||
International | 258,492 | 175,701 | 196,940 | ||||||||||||||
$ | 2,625,216 | $ | 2,368,478 | $ | 2,154,655 |
2019 | 2018 | ||||||||||
Property, Plant and Equipment: | |||||||||||
United States | $ | 562,165 | $ | 571,045 | |||||||
International | 22,412 | 19,678 | |||||||||
$ | 584,577 | $ | 590,723 |
2020 | $ | 3,298 | |||
2021 | 2,976 | ||||
2022 | 2,976 | ||||
2023 | 2,976 | ||||
2024 | 863 | ||||
Total | $ | 13,089 |
Three Months
Ended March 31, 2019 (As Restated) |
Three Months
Ended June 30, 2019 (As Restated) |
Three Months
Ended September 30, 2019 (As Restated) |
Three Months
Ended December 31, 2019 (As Restated) |
||||||||||||||||||||
Revenues from continuing operations | $ | 478,209 | $ | 560,643 | $ | 584,372 | $ | 1,001,992 | |||||||||||||||
Gross profit (loss) from continuing operations | (12,792) | (26,772) | 24,076 | 529,380 | |||||||||||||||||||
Selling, general, and administrative expenses including research and development expense | 25,354 | 27,041 | 24,762 | 41,052 | |||||||||||||||||||
Impairment of property, plant and equipment | — | 468 | 11,145 | 595 | |||||||||||||||||||
Income (loss) from operations | (38,146) | (54,281) | (11,831) | 487,733 | |||||||||||||||||||
Other expense, net | (3,936) | (3,709) | (2,815) | (1,090) | |||||||||||||||||||
Net income (loss) from continuing operations | (41,652) | (57,900) | (14,018) | 486,065 | |||||||||||||||||||
Net income (loss) from discontinued operations | (2,017) | (4,462) | (2,193) | (995) | |||||||||||||||||||
Net income | $ | (43,669) | $ | (62,362) | $ | (16,210) | $ | 485,069 | |||||||||||||||
Net income (loss) from continuing operations available to common stockholders | $ | (41,652) | $ | (57,900) | $ | (14,018) | $ | 476,439 | |||||||||||||||
Net income (loss) from discontinued operations available to common stockholders | $ | (2,017) | $ | (4,462) | $ | (2,193) | $ | (995) | |||||||||||||||
Basic net income (loss) per share available to common stockholders: | |||||||||||||||||||||||
Continuing operations | $ | (1.12) | $ | (1.53) | $ | (0.36) | $ | 12.23 | |||||||||||||||
Discontinued operations | $ | (0.05) | $ | (0.12) | $ | (0.06) | $ | (0.03) | |||||||||||||||
Net income (loss) per share | $ | (1.17) | $ | (1.65) | $ | (0.42) | $ | 12.20 | |||||||||||||||
Diluted net income (loss) per share available to common stockholders: | |||||||||||||||||||||||
Continuing operations | $ | (1.12) | $ | (1.53) | $ | (0.36) | $ | 11.15 | |||||||||||||||
Discontinued operations | $ | (0.05) | $ | (0.12) | $ | (0.06) | $ | (0.03) | |||||||||||||||
Net income (loss) | $ | (1.17) | $ | (1.65) | $ | (0.42) | $ | 11.12 |
Three Months
Ended March 31, 2018 (As Restated) |
Three Months
Ended June 30, 2018 (As Restated) |
Three Months
Ended September 30, 2018 (As Restated) |
Three Months
Ended December 31, 2018 (As Restated) |
||||||||||||||||||||
Revenues from continuing operations | $ | 673,493 | $ | 578,900 | $ | 596,324 | $ | 519,761 | |||||||||||||||
Gross profit from continuing operations | 234,946 | 57,514 | 51,159 | 61,863 | |||||||||||||||||||
Selling, general, and administrative expenses including research and development expense | 32,688 | 24,539 | 21,933 | 27,579 | |||||||||||||||||||
Impairment of property, plant and equipment | — | — | — | 879 | |||||||||||||||||||
Income from operations | 202,258 | 32,975 | 29,226 | 33,405 | |||||||||||||||||||
Other income (expense), net | (290) | (258) | (3,062) | 87 | |||||||||||||||||||
Net income from continuing operations | 203,173 | 28,880 | 25,310 | 31,108 | |||||||||||||||||||
Net income (loss) from discontinued operations | (3,455) | 4,808 | (469) | (12,196) | |||||||||||||||||||
Net income | $ | 199,718 | $ | 33,688 | $ | 24,841 | $ | 18,912 | |||||||||||||||
Net income from continuing operations available to common stockholders | $ | 198,291 | $ | 28,084 | $ | 24,608 | $ | 30,259 | |||||||||||||||
Net income (loss) from discontinued operations available to common stockholders | $ | (3,455) | $ | 4,681 | $ | (469) | $ | (12,197) | |||||||||||||||
Basic net income (loss) per share available to common stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 5.11 | $ | 0.75 | $ | 0.66 | $ | 0.81 | |||||||||||||||
Discontinued operations | $ | (0.09) | $ | 0.13 | $ | (0.01) | $ | (0.33) | |||||||||||||||
Net income per share | $ | 5.02 | $ | 0.88 | $ | 0.65 | $ | 0.49 | |||||||||||||||
Diluted net income (loss) per share available to common stockholders: | |||||||||||||||||||||||
Continuing operations | $ | 5.02 | $ | 0.67 | $ | 0.54 | $ | 0.66 | |||||||||||||||
Discontinued operations | $ | (0.09) | $ | 0.11 | $ | (0.01) | $ | (0.33) | |||||||||||||||
Net income per share | $ | 4.94 | $ | 0.78 | $ | 0.53 | $ | 0.40 |
2019 | |||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||
Three Months
Ended March 31, 2019 |
Three Months
Ended June 30, 2019 |
Three Months
Ended September 30, 2019 |
Three Months
Ended December 31, 2019 |
||||||||||||||||||||
Impact on Selected line items: | |||||||||||||||||||||||
Reduction in Revenues, Gross profit (loss), Income (loss) from continuing operations | $ | — | $ | — | $ | — | $ | 16,177 | |||||||||||||||
Reduction in Other income (expense), net | $ | 265 | $ | 265 | $ | 265 | $ | 264 | |||||||||||||||
Reduction in Net income (loss) from continuing operations | $ | 265 | $ | 265 | $ | 265 | $ | 16,441 |
2018 | |||||||||||||||||||||||||||||
Adjustments | |||||||||||||||||||||||||||||
Three Months
Ended March 31, 2018 |
Three Months
Ended June 30, 2018 |
Three Months
Ended September 30, 2018 |
Three Months
Ended December 31, 2018 |
||||||||||||||||||||||||||
Impact on Selected line items: | |||||||||||||||||||||||||||||
Reduction in Revenues, Gross profit, Income (loss) from continuing operations | $ | 14,509 | $ | — | $ | — | $ | — | |||||||||||||||||||||
Reduction in Other income (expense), net | $ | 162 | $ | 162 | $ | 162 | $ | 163 | |||||||||||||||||||||
Reduction in Net income from continuing operations | $ | 14,671 | $ | 162 | $ | 162 | $ | 163 |
PLAN CATEGORY |
NUMBER OF
SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS |
WEIGHTED
AVERAGE EXERCISE PRICE OF OUTSTANDING OPTIONS, WARRANTS AND RIGHTS |
NUMBER OF
SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS |
||||||||||||||||||||
Equity compensation plans approved by stockholders | 2,007,931 | 1 | $ | 10.12 | 2 | 1,827,396 | |||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | ||||||||||||||||||||
Total | 2,007,931 | $ | 10.12 | 1,827,396 |
Exhibit
Number
|
Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
Exhibit
Number
|
Description | |||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
Exhibit
Number
|
Description | |||||||
10.17 | ||||||||
10.18 |
|
|||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
10.24 | ||||||||
10.25 | ||||||||
10.26 | ||||||||
10.27 | ||||||||
10.28 |
|
|||||||
10.29 | ||||||||
10.30 |
|
Exhibit
Number
|
Description | |||||||
10.31 | ||||||||
10.32 | ||||||||
10.33 | ||||||||
10.34 |
Amendment No. 15 to Credit Agreement, dated as of March 3, 2020, by and among the lenders identified on the signature pages thereto, Wells Fargo Capital Finance, LLC, Fifth Third Bank, REG Services Group, LLC and REG Marketing and Logistics Group, LLC. (incorporated by reference to Exhibit 10.34 to the Company's Annual Report on Form 10-K filed March 6, 2020)
|
|||||||
10.35 | ||||||||
10.36 | ||||||||
10.37 | ||||||||
10.38 | ||||||||
10.39 | ||||||||
21.1 | ||||||||
23.1** | ||||||||
24.1 | ||||||||
31.1** | ||||||||
31.2** | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.1 | The following financial information of the Company and its subsidiaries for the fiscal year ended December 31, 2019, is formatted in Inline XBRL interactive data files: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Stockholders' Equity; (iii) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101) | |||||||
* Management contract or compensatory plan, contract or arrangement. | ||||||||
** Filed herewith. |
Exhibit
Number
|
Description | |||||||
The certifications attached as Exhibit 32.1 and Exhibit 32.2 that accompany this Annual Report on Form 10-K are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form10-K, irrespective of any general incorporation language contained in such filing. |
RENEWABLE ENERGY GROUP, INC. | |||||
By: | /s/ Cynthia J. Warner | ||||
Cynthia J. Warner | |||||
President and Chief Executive Officer |
Date | ||||||||
/s/ Cynthia J. Warner | President, Chief Executive Officer and Director (Principal Executive Officer) | February 25, 2021 | ||||||
Cynthia J. Warner | ||||||||
/s/ Todd Robinson |
Interim Chief Financial Officer
(Principal Financial Officer) |
February 25, 2021 | ||||||
Todd Robinson | ||||||||
/s/ Todd M. Samuels |
Chief Accounting Officer
(Principal Accounting Officer) |
February 25, 2021 | ||||||
Todd M. Samuels | ||||||||
/s/ Jeffrey Stroburg | Director (Chairman) | February 25, 2021 | ||||||
Jeffrey Stroburg | ||||||||
/s/ Randolph L. Howard | Director (Vice Chairman) | February 25, 2021 | ||||||
Randolph L. Howard | ||||||||
/s/ Delbert Christensen | Director | February 25, 2021 | ||||||
Delbert Christensen | ||||||||
/s/ Peter J.M. Harding | Director | February 25, 2021 | ||||||
Peter J. M. Harding | ||||||||
/s/ Debora M. Frodl | Director | February 25, 2021 | ||||||
Debora M. Frodl | ||||||||
/s/ Michael Scharf | Director | February 25, 2021 | ||||||
Michael Scharf | ||||||||
/s/ Christopher Sorrells | Director | February 25, 2021 | ||||||
Christopher Sorrells | ||||||||
/s/ James C. Borel | Director | February 25, 2021 | ||||||
James C. Borel | ||||||||
/s/ Walter Berger | Director | February 25, 2021 | ||||||
Walter Berger |
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