• Renewable Energy Group Reports Fourth Quarter and Full Year 2018 Financial Results

    Source: Nasdaq GlobeNewswire / 05 Mar 2019 16:05:42   America/New_York

    Fourth Quarter 2018 Highlights:

    • Net income from continuing operations of $30.4 million, or $0.66 per diluted share, compared to a net loss from continuing operations of $13.9 million, or $0.36 per diluted share y/y
    • Net loss from discontinued operations of $12.2 million, or $0.33 per diluted share, compared to net loss from discontinued operations of $3.1 million, or $0.08 per diluted share y/y
    • Adjusted EBITDA of $44.5 million, up from $6.5 million y/y, excluding allocation of the 2017 Biodiesel Mixture Excise Tax Credit (BTC)
    • Revenues of $519.8 million
    • 163.2 million gallons of fuel sold

    Full Year 2018 Highlights:

    • Net income from continuing operations of $295.8 million, or $6.78 per diluted share, compared to a net loss from continuing operations of $66.3 million, or $1.71 per diluted share y/y
    • Net loss from discontinued operations of $11.3 million, or $0.30 per diluted share, compared to net loss from discontinued operations of $12.8 million, or $0.33 per diluted share y/y
    • Adjusted EBITDA of $138.9 million, up from $25.3 million y/y, excluding allocation of the 2017 BTC
    • Revenues of $2.4 billion
    • 649.2 million gallons of fuel sold

    AMES, Iowa, March 05, 2019 (GLOBE NEWSWIRE) -- Renewable Energy Group, Inc. (NASDAQ:REGI) (“REG” or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2018.

    "REG generated $139 million of Adjusted EBITDA in 2018, an outstanding result reflecting strong operational performance and a favorable margin environment," said Cynthia (CJ) Warner, REG President and Chief Executive Officer.

    "In addition, we remain confident that Congress will reinstate the BTC for 2018 which we estimate would add approximately $237 million to our 2018 Adjusted EBITDA," Warner added.  "We are excited about the growth opportunities that this level of profitability would permit."

    Revenues for the fourth quarter of 2018 were $519.8 million on 163.2 million gallons sold.  Net income was $19.1 million, net income from continuing operations attributable to common stockholders was $30.4 million, and Adjusted EBITDA was $44.5 million.  Total gallons sold increased by 6.8% compared to the fourth quarter of 2017.  See the table below for the definition of Adjusted EBITDA and reconciliation to net income (loss) determined in accordance with GAAP.

    For the full year 2018, revenues were $2.4 billion on 649.2 million gallons sold.  Net income was $292.3 million, net income from continuing operations was $295.8 million and Adjusted EBITDA was $138.9 million.  In 2018, REG sold 62.5 million more gallons and revenue increased by 10.6% compared to 2017.  See the table below for the definition of Adjusted EBITDA and reconciliation to net income determined in accordance with GAAP.

    If the currently lapsed BTC is retroactively reinstated for 2018 on the same terms as in 2017, the Company estimates that its net income and Adjusted EBITDA would each increase by approximately $58.3 million for business conducted in the quarter ended December 31, 2018 and by approximately $237.0 million for business conducted in the full year of 2018.

    The Company’s Board of Directors has decided to pursue a sale of the Company’s life sciences business unit.  As a result, the fourth quarter and year-end financial statements have been adjusted to reflect the life sciences unit as discontinued operations for all historical periods.  The Company also recognized a $11.2 million impairment charge related to this business unit in the fourth quarter of 2018.

    Fourth Quarter 2018 Highlights

    All figures refer to the quarter ended December 31, 2018, unless otherwise noted. All comparisons are to the quarter ended December 31, 2017, unless otherwise noted.

    REG sold 163.2 million total gallons of fuel, an increase of 6.8% compared to the fourth quarter of 2017.  REG produced 131.7 million gallons of biomass-based diesel during the quarter, an increase of 10.6% from the fourth quarter of 2017.

    Revenues decreased $56.2 million to $519.8 million, driven by lower biomass-based diesel prices and lower RIN prices, partially offset by the 6.8% increase in gallons sold.  The average price per gallon sold (including RINs, but excluding the allocation of the 2017 BTC) for our biomass-based diesel was $2.82, a decrease of 12.1% from the same period in 2017.

    Operating income was $33.4 million compared to operating loss of $51.0 million for the fourth quarter of 2017.  The increase in operating income was mainly driven by increased volumes and improved margins, while the fourth quarter of 2017 was impacted by a $48.5 million non-cash impairment charge for property, plant and equipment.

    Net income from continuing operations attributable to common stockholders was $30.4 million, or $0.66 per share, on a fully diluted basis.  This compares to net loss from continuing operations attributable to common stockholders of $13.9 million, or $0.36 per share on a fully diluted basis, in the fourth quarter of 2017.

    Net loss from discontinued operations attributable to common stockholders for the fourth quarter of 2018 was $12.2 million or $0.33 per fully diluted share compared to net loss from discontinued operations attributable to common stockholders for the fourth quarter of 2017 of $3.1 million or $0.08 per fully diluted share.  The Company recognized a $11.2 million impairment charge related to the life sciences business unit in the fourth quarter of 2018.

    Net income was $19.1 million, which compares to a net loss of $17.0 million in the fourth quarter of 2017.

    Adjusted EBITDA was $44.5 million, compared to $6.5 million, excluding the allocation of the 2017 BTC, in the fourth quarter 2017.  After allocating the net benefit of the BTC to applicable periods in 2017, Adjusted EBITDA was $58.9 million in the fourth quarter of 2017.

    At December 31, 2018, REG had cash and cash equivalents and marketable securities of $174.5 million, a decrease of 17% during the quarter.  For the year, the Company's cash and cash equivalents and marketable securities increased by $96.9 million primarily as a result of the receipt of the 2017 BTC in 2018, strong cash generated from operations, partially offset by cash invested in plant upgrades, as well as the repayment of debt and repurchase of common stock and convertible notes.  At December 31, 2018, accounts receivable were $74.6 million, a decrease of $18.3 million from September 30, 2018.  Inventory was $168.9 million, an increase of $27.7 million during the fourth quarter.

    The table below summarizes REG’s results for Q4 2018:

    REG Q4 2018 Results
    (dollars and gallons in thousands, except per gallon data)
     4Q-2018 4Q-2017 Y/Y Change
     Total gallons sold163,159  152,832  6.8%
     ASP per gallon, excluding 2017 BTC allocation$2.82  $3.21  (12.1)%
     Total revenues$519,761  $575,960  (9.8)%
     Net income (loss) attributable to common stockholders$30,448  $(13,876) N/M
     
     Adjusted EBITDA (1)$44,503  $58,857  (24.4)%
     On a comparable basis:
     Adjusted EBITDA
       excluding BTC allocation (1)
    $44,503  $6,519  582.7%
     Adjusted EBITDA
       including BTC allocation (1) (2)
    $102,803  $58,857  74.7%

    (1)   See Adjusted EBITDA Reconciliation below.
    (2)  The 2018 amount is an estimate based on the assumption that the BTC is retroactively reinstated for 2018 on the  same terms as in 2017.

    Full Year 2018 Results

    All figures refer to the year ended December 31, 2018, unless otherwise noted.  All comparisons are to the year ended December 31, 2017, unless otherwise noted.

    REG sold 649.2 million total gallons, an increase of 10.6% compared to 586.7 million gallons in 2017.  The increase in gallons sold is mostly attributable to volume increases in biodiesel and renewable diesel of 27.1 million gallons and petroleum diesel of 35.4 million gallons.

    REG produced 501.7 million gallons, compared to 453.7 million gallons in 2017.  The growth in production primarily resulted from our Geismar renewable diesel plant running at higher capacity for the full year and our Ralston and Madison biodiesel plants producing higher volumes following their fourth quarter 2017 down time for expansion and repairs, respectively.

    Revenues were $2.4 billion, an increase of $228.3 million, or 10.6%, versus 2017 revenues of $2.2 billion.  The increase was primarily due to the 2017 BTC that was earned during 2017, yet recognized in the first quarter of 2018 when it was retroactively reinstated, coupled with an 11% increase in gallons sold and partially offset by lower RIN prices.  The average biomass-based diesel price per gallon (including RINs, but excluding the allocation of 2017 BTC) sold by REG was $3.03, compared to $3.06 in 2017.

    Operating income was $312.4 million, compared to an operating loss of $61.4 million in 2017.  The improvement in operating income for 2018 was due mainly to better margins resulting from favorable feedstock pricing and the 2017 BTC received in 2018 as well as higher volumes.  The operating loss in 2017 was impacted by a $48.5 million non-cash impairment charge for property, plant and equipment.

    Net income from continuing operations attributable to common stockholders was $295.8 million or $6.78 per share on a fully diluted basis for 2018.  The 2018 income from continuing operations attributable to common stockholders includes $216.1 million of the BTC that was earned during 2017, yet recognized in the first quarter of 2018.  This compares to a net loss from continuing operations attributable to common stockholders of $66.3 million, or $1.71 per share on a fully diluted basis for 2017.

    For the full year 2018, net loss from discontinued operations was $11.3 million or $0.30 per fully diluted share compared to net loss from discontinued operations of $12.8 million, or $0.33 per fully diluted share, for 2017.

    Net income was $292.3 million, which compares to a net loss of $79.1 million for 2017.

    Adjusted EBITDA was $138.9 million, compared to $25.3 million in 2017, resulting in Adjusted EBITDA margins of 5.8% and 1.2% for 2018 and 2017, respectively.  After reallocating the net benefit of the BTC to applicable periods in 2017, Adjusted EBITDA was $230.2 million for 2017.

    The table below summarizes the quarterly and year end results for 2018 and 2017:

    REG Annual Results Summary
    (dollars and gallons in thousands except per gallon data)
     1Q 2Q 3Q 4Q Year
     Gallons sold 2018135,254  171,943  178,798  163,159  649,154 
     Gallons sold 2017122,121  160,219  151,521  152,832  586,693 
     Y/Y Change10.8% 7.3% 18.0% 6.8% 10.6%
              
     ASP per gallon 2018, excluding the BTC$3.18  $3.11  $3.03  $2.82  $3.03 
     ASP per gallon 2017, excluding the BTC$2.94  $2.86  $3.21  $3.21  $3.06 
     Y/Y Change8.2% 8.7% (5.6)% (12.1)% (1.0)%
              
     Total revenues 2018$688,002  $578,900  $596,324  $519,761  $2,382,987 
     Total revenues 2017$418,361  $534,602  $625,732  $575,960  $2,154,655 
     Y/Y Change64.5% 8.3% (4.7)% (9.8)% 10.6%
              
     Net income attributable to common stockholders 2018$212,608  $28,277  $24,799  $30,448  $295,804 
     Net loss attributable to common stockholders 2017$(12,106) $(31,884) $(8,413) $(13,876) $(66,279)
     Y/Y ChangeN/M  N/M  N/M  N/M  N/M 
              
     Adjusted EBITDA 2018 (1)$17,474  $42,308  $34,588  $44,503  $138,873 
     Adjusted EBITDA 2017, excluding 2017 BTC allocation(1)$604  $19,703  $(1,540) $6,519  $25,286 
     Y/Y Change2,793.0% 114.7% N/M  582.7% 449.2%
              
     Adjusted EBITDA margin 2018 (1) (2)2.5% 7.3% 5.8% 8.6% 5.8%
     Adjusted EBITDA margin 2017, excluding 2017 BTC (1) (2)0.1% 3.7% (0.2)% 1.1% 1.2%
     Adjusted EBITDA 2018(1) including estimated 2018 BTC
      allocation(3)
    $59,974  $108,508  $104,588  $102,803  $375,873 
     Adjusted EBITDA 2017, including 2017 BTC allocation(1)$37,332  $79,068  $54,965  $58,857  $230,222 
     Adjusted EBITDA margin 2018, (1) (2) including estimated
      2018 BTC allocation (3)
    8.7% 18.7% 17.5% 19.8% 15.8%
     Adjusted EBITDA margin 2017, excluding 2017 BTC (1) (2)8.9% 14.8% 8.8% 10.2% 10.7%

    (1)   See Adjusted EBITDA Reconciliation below.
    (2)   Adjusted EBITDA margin represents Adjusted EBITDA divided by Total Revenues.
    (3)  The 2018 amount is an estimate based on the assumption that the BTC is retroactively reinstated for 2018 on the same terms as in 2017.

    Adjusted EBITDA Reconciliation

    The Company uses earnings before interest, taxes, depreciation and amortization, adjusted for certain additional items, identified in the table below, or Adjusted EBITDA, as a supplemental performance measure.  Adjusted EBITDA is presented in order to assist investors in analyzing performance across reporting periods on a consistent basis by excluding items that are not believed to be indicative of core operating performance.  Adjusted EBITDA is used by the Company to evaluate, assess and benchmark financial performance on a consistent and a comparable basis and as a factor in determining incentive compensation for company executives.

    The following table sets forth Adjusted EBITDA for the periods presented, as well as a reconciliation to net income (loss) determined in accordance with GAAP for the applicable period:

    (In thousands)        Year ended December 31,         Year ended December 31,
     1Q-2018 2Q-2018 3Q-2018 4Q-2018 2018 1Q-2017 2Q-2017 3Q-2017 4Q-2017 2017
    Net income (loss) attributable to the Company$214,389  $33,850  $25,003  $19,074  $292,316  $(15,914) $(34,809) $(11,373) $(16,983) $(79,079)
    Adjustments:                   
    Interest expense4,651  4,925  4,003  3,955  17,534  4,536  4,479  4,725  5,015  18,755 
    Income tax (benefit) expense(1,203) 3,835  854  2,385  5,871  1,075  1,960  (115) (33,410) (30,490)
    Depreciation from continuing and discontinued operations8,859  9,124  9,097  9,724  36,804  8,423  8,523  8,639  8,698  34,283 
    Amortization from continuing and discontinued operations308  310  318  311  1,247  127  149  307  305  888 
    EBITDA227,004  52,044  39,275  35,449  353,772  (1,753) (19,698) 2,183  (36,375) (55,643)
     Gain on involuntary  conversion(4,000) (454)   (3) (4,457)     (942) (4,387) (5,329)
     Gain on sale of assets(990)   (13) (2) (1,005)          
    Change in fair value of convertible debt conversion liability          172  32,546  (8,560) (5,325) 18,833 
     Change in fair value of contingent
     consideration from continuing and
     discontinued operations
    (1,540) (7,129) (4,566) 444  (12,791) 589  (24) 1,433  486  2,484 
    Gain (loss) on debt extinguishment232  (2,337) (788) (3,404) (6,297)          
    Other income (expense), net(222) (2,066) (486) (1,243) (4,017) 320  (32) (12) 742  1,018 
    Impairment of assets      879  879    1,341    48,532  49,873 
    Impairment loss on assets classified as held for sale      11,226  11,226           
    Loss on the Geismar lease termination            3,967      3,967 
    Straight-line lease expense(33) (3) (61) (31) (128) (32) (85) (85) (35) (237)
    Executive severance165  50      215      2,420  991  3,411 
    Non-cash stock compensation1,794  2,203  1,227  1,188  6,412  1,308  1,688  2,023  1,890  6,909 
    Adjusted EBITDA excluding 2017 BTC allocation$222,410  $42,308  $34,588  $44,503  $343,809  $604  $19,703  $(1,540) $6,519  $25,286 
      Biodiesel tax credit (1)(204,936)       (204,936) 36,728  59,365  56,505  52,338  204,936 
    Adjusted EBITDA$17,474  $42,308  $34,588  $44,503  $138,873  $37,332  $79,068  $54,965  $58,857  $230,222 

                      

    (1)  On February 9, 2018, the BTC was retroactively reinstated for the 2017 calendar year.  The retroactive credit for 2017 resulted in a net benefit to us that was recognized in our GAAP financial statements for the quarter ending March 31, 2018.  However, because this credit relates to the 2017 operating performance, our presentation of Adjusted EBITDA reflects the allocation of the net benefit to each of the four quarters of 2017 based upon gallons sold in the quarter.
        

    Adjusted EBITDA is a supplemental performance measure that is not required by, or presented in accordance with, generally accepted accounting principles, or GAAP.  Adjusted EBITDA should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities or a measure of liquidity or profitability.  Adjusted EBITDA has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for any of the results as reported under GAAP. Some of these limitations are:

    • Adjusted EBITDA does not reflect cash expenditures or the impact of certain cash clauses that the Company considers 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 the Company has 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.

    About Renewable Energy Group

    Renewable Energy Group, Inc. (NASDAQ: REGI) is a leading provider of cleaner, lower carbon intensity transportation fuels. We are an international producer of biomass-based diesel and are North America's largest producer of advanced biofuel. REG utilizes an integrated procurement, distribution, and logistics network to convert natural fats, oils and greases into lower carbon intensity products. With 14 active biorefineries, technology development capabilities and a diverse and growing intellectual property portfolio, REG is committed to being a long-term leader in transportation fuels.

    Note Regarding Forward-Looking Statements

    This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as amended, including statements regarding the possible retroactive reinstatement of the BTC for 2018, the estimated net benefits to net income and Adjusted EBITDA if the BTC is retroactively reinstated for 2018, the growth opportunities that reinstatement of the BTC would enable and the possible sale of our Life Sciences business.  These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements.  Factors that could cause actual results to differ materially include, but are not limited to: potential and adverse changes in governmental programs and policies requiring or encouraging the use of biofuels, including RFS2 on the federal level, and on the state level, programs such as California’s Low Carbon Fuel Standard; availability of federal and state governmental tax incentives and incentives for biomass-based diesel production; changes in the spread between biomass-based diesel prices and feedstock costs; the future price and volatility of feedstocks; the future price and volatility of petroleum and products derived from petroleum; risks associated with fire, explosions, leaks and other natural disasters at our facilities; that any disruption of operations at our Geismar renewable diesel refinery would have a disproportionately adverse effect on our profitability; the effect of excess capacity in the biomass-based diesel industry and announced large plant expansions and potential co-processing of renewable diesel by petroleum refiners; unanticipated changes in the biomass-based diesel market from which we generate almost all of our revenues; seasonal fluctuations in our operating results; potential failure to comply with governmental regulations; competition in the markets in which we operate; our dependence on sales to a single customer; technological advances or new methods of biomass-based diesel production or the development of energy alternatives to biomass-based diesel; and other risks and uncertainties described from time to time in REG's quarterly report on Form 10-Q for the period ended September 30, 2018 and other periodic filings with the Securities and Exchange Commission.

    All forward-looking statements are made as of the date of this press release and REG does not undertake to update any forward-looking statements based on new developments or changes in our expectations.

    Contacts

      Company:
      Renewable Energy Group
      Todd Robinson
      Treasurer
      +1 (515) 239-8048
     Todd.Robinson@regi.com
     
     

     
     


    RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
    (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
    (UNAUDITED)

     2018 2017 2016
    REVENUES:
         
    Biomass-based diesel sales$1,875,316  $1,787,308  $1,417,595 
    Separated RIN sales137,895  337,501  274,800 
    Biomass-based diesel government incentives367,490  28,728  346,672 
     2,380,701  2,153,537  2,039,067 
    Other revenues2,286  1,118  165 
     2,382,987  2,154,655  2,039,232 
    COSTS OF GOODS SOLD:     
    Biomass-based diesel1,887,292  1,805,408  1,616,989 
    Separated RINs75,704  264,765  250,809 
    Other costs of goods sold  128  49 
     1,962,996  2,070,301  1,867,847 
    GROSS PROFIT419,991  84,354  171,385 
    SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES104,702  93,425  88,285 
    RESEARCH AND DEVELOPMENT EXPENSE2,037  2,418  4,890 
    IMPAIRMENT OF PROPERTY, PLANT, AND EQUIPMENT879  49,873  17,893 
    INCOME (LOSS) FROM OPERATIONS312,373  (61,362) 60,317 
    OTHER INCOME (EXPENSE), NET(2,874) (35,407) 7,792 
    INCOME (LOSS) BEFORE INCOME TAXES  FROM CONTINUING OPERATIONS309,499  (96,769) 68,109 
    INCOME TAX BENEFIT (EXPENSE)(5,871) 30,490  (4,268)
    NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE
    NONCONTROLLING INTEREST
    303,628  (66,279) 63,841 
          
    NET INCOME (LOSS) FROM CONTINUING OPERATIONS$303,628  $(66,279) $63,455 
    DISCONTINUED OPERATIONS:

         
    Loss on operations of discontinued operations(86) (12,800) (19,128)
    Impairment loss on classification of assets held for sale(11,226)    
    NET LOSS ON DISCONTINUED OPERATIONS$(11,312) $(12,800) $(19,128)
    NET INCOME (LOSS) TO THE COMPANY$292,316  $(79,079) $44,327 
          
    NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO THE
    COMPANY'S COMMON STOCKHOLDERS
    $295,804  $(66,279) $62,204 
    NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO THE
    COMPANY'S COMMON STOCKHOLDERS
    $(11,312) $(12,800) $(19,128)
    Net income (loss) from continuing operations per share attributable to common stockholders:     
    Basic$7.85  $(1.71) $1.52 
    Diluted$6.78  $(1.71) $1.52 
    Net loss from discontinued operations per share attributable to common stockholders:     
    Basic$(0.30) $(0.33) $(0.47)
    Diluted$(0.30) $(0.33) $(0.47)
    Weighted-average shares used to compute net income (loss) per share from continuing
       operations attributable to common stockholders:
         
    Basic37,687,552  38,731,015  40,897,549 
    Diluted43,653,720  38,731,015  40,902,860 
    Weighted-average shares used to compute net income (loss) per share from discontinued
       operations attributable to common stockholders:
         
    Basic37,687,552  38,731,015  40,897,549 
    Diluted37,687,552  38,731,015  40,897,549 


    RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES

    CONDENSED SUPPLEMENTAL QUARTERLY RESULTS OF OPERATIONS
    FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2018 AND 2017
    (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
    (UNAUDITED)

      Three Months
    Ended
    December 31,
    2018
     Three Months
    Ended
    December 31,
    2017
     Twelve Months
    Ended
    December 31,
    2018
     Twelve Months
    Ended
    December 31,
    2017
    Revenues from continuing operations
     $519,761 $575,960 $2,382,987 $2,154,655
    Gross profit from continuing operations 61,863  19,884  419,991  84,354 
    Selling, general, and administrative expenses including
    research and development expense
     27,579  22,364  106,739  95,843 
    Impairment of property, plant and equipment 879  48,532  879  49,873 
    Net operating income (loss) from continuing operations 33,405  (51,012) 312,373  (61,362)
    Other income (expense), net 250  3,728  (2,874) (35,407)
    Net income (loss) from continuing operations attributable to
    the Company
     31,270  (13,876) 303,628  (66,279)
    Net loss from discontinued operations attributable to the
    Company
     (12,196) (3,107) (11,312) (12,800)
    Net income (loss) attributable to the Company 19,074  (16,983) 292,316  (79,079)
    Net income (loss) from continuing operations attributable to
    common stockholders
     30,448  (13,876) 295,804  (66,279)
    Net loss from discontinued operations attributable to common
    stockholders
     (12,197) (3,107) (11,312) (12,800)
    Net income (loss) per share from continuing operations
    attributable to common stockholders - basic
     0.82  (0.36) 7.85  (1.71)
    Net income (loss) per share from continuing operations
    attributable to common stockholders - diluted
     0.66  (0.36) 6.78  (1.71)
    Net loss per share from discontinued operations attributable to
    common stockholders - basic
     (0.33) (0.08) (0.30) (0.33)
    Net loss per share from discontinued operations attributable to
    common stockholders - diluted
     $(0.33) $(0.08) $(0.30) $(0.33)


    RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES

    CONDENSED CONSOLIDATED BALANCE SHEETS
    AS OF DECEMBER 31, 2018 AND 2017 (IN THOUSANDS)
    (UNAUDITED)

     2018 2017
    ASSETS
       
    CURRENT ASSETS:   
    Cash and cash equivalents$123,575  $77,627 
    Marketable securities50,932   
    Accounts receivable, net74,551  90,648 
    Inventories168,900  135,547 
    Prepaid expenses and other assets41,169  51,880 
    Restricted cash3,000   
    Current assets held for sale3,250   
         Total current assets465,377  355,702 
    Property, plant and equipment, net590,723  586,361 
    Goodwill16,080  16,080 
    Intangible assets, net13,646  12,412 
    Other assets21,270  19,290 
    Non-current assets held for sale  15,751 
    TOTAL ASSETS$1,107,096  $1,005,596 
    LIABILITIES AND EQUITY   
    CURRENT LIABILITIES:   
    Revolving line of credit$14,250  $65,525 
    Current maturities of long-term debt149,006  13,397 
    Accounts payable95,866  84,608 
    Accrued expenses and other liabilities35,256  25,279 
    Deferred revenue300  2,218 
    Current liabilities held for sale  13,908 
         Total current liabilities294,678  204,935 
    Unfavorable lease obligation2,259  3,388 
    Deferred income taxes8,410  8,192 
    Long-term contingent consideration for acquisitions  8,849 
    Long-term debt, net33,421  208,536 
    Other liabilities3,075  4,114 
         Total liabilities341,843  438,014 
    COMMITMENTS AND CONTINGENCIES   
    TOTAL EQUITY765,253  567,582 
    TOTAL LIABILITIES AND EQUITY$1,107,096  $1,005,596 

     

    REG Logo

Share on,