Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

The following tables set forth certain financial data for the company’s operating segments (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenues:
Ethanol production:
Revenues from external customers	$	589,256	$	617,297	$	1,153,019	$	1,237,176
Intersegment revenues		4,219		1,549		6,172		3,045
Total segment revenues		593,475		618,846		1,159,191		1,240,221
Agribusiness and energy services:
Revenues from external customers		170,074		150,755		371,861		319,066
Intersegment revenues		14,128		9,781		25,557		19,273
Total segment revenues		184,202		160,536		397,418		338,339
Food and ingredients:
Revenues from external customers		225,887		116,660		503,996		214,682
Intersegment revenues		38		37		80		75
Total segment revenues		225,925		116,697		504,076		214,757
Partnership:
Revenues from external customers		1,620		1,551		3,248		3,023
Intersegment revenues		24,220		23,514		48,477		49,271
Total segment revenues		25,840		25,065		51,725		52,294
Revenues including intersegment activity		1,029,442		921,144		2,112,410		1,845,611
Intersegment eliminations		(42,605)		(34,881)		(80,286)		(71,664)
Revenues as reported	$	986,837	$	886,263	$	2,032,124	$	1,773,947

Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Cost of goods sold:
Ethanol production	$	581,613	$	612,646	$	1,146,172	$	1,211,784
Agribusiness and energy services		165,174		152,110		366,886		318,504
Food and ingredients		206,440		100,009		466,205		183,044
Partnership		-		-		-		-
Intersegment eliminations		(42,602)		(34,746)		(80,303)		(71,417)
	$	910,625	$	830,019	$	1,898,960	$	1,641,915


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Operating income (loss):
Ethanol production	$	(17,214)	$	(22,459)	$	(44,743)	$	(29,057)
Agribusiness and energy services		12,166		3,083		19,230		9,452
Food and ingredients		12,981		10,714		25,566		20,340
Partnership		16,129		14,798		31,489		31,417
Intersegment eliminations		144		(80)		212		(155)
Corporate activities		(12,441)		(9,842)		(23,914)		(18,391)
	$	11,765	$	(3,786)	$	7,840	$	13,606


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
EBITDA:
Ethanol production	$	3,362	$	(873)	$	(3,733)	$	12,951
Agribusiness and energy services		12,796		3,747		20,498		10,760
Food and ingredients		19,044		13,955		35,041		26,469
Partnership		17,138		16,066		33,761		33,960
Intersegment eliminations		144		(80)		212		(155)
Corporate activities		(10,642)		(8,742)		(20,817)		(16,063)
	$	41,842	$	24,073	$	64,962	$	67,922


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Depreciation and amortization:
Ethanol production	$	20,559	$	20,142	$	40,995	$	40,484
Agribusiness and energy services		618		659		1,248		1,319
Food and ingredients		3,444		3,240		6,848		6,120
Partnership		1,105		1,247		2,286		2,501
Corporate activities		1,097		900		1,920		1,847
	$	26,823	$	26,188	$	53,297	$	52,271

The following table reconciles net income (loss) to EBITDA (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net income (loss)	$	3,751	$	(11,796)	$	(15,704)	$	(10,145)
Interest expense		22,021		19,430		44,149		37,926
Income tax benefit		(10,753)		(9,749)		(16,780)		(12,130)
Depreciation and amortization		26,823		26,188		53,297		52,271
EBITDA	$	41,842	$	24,073	$	64,962	$	67,922

The following table sets forth total assets by operating segment (in thousands):


	June 30, 2018		December 31, 2017
Total assets (1):
Ethanol production	$	1,090,323	$	1,144,459
Agribusiness and energy services		438,139		554,981
Food and ingredients		704,624		725,232
Partnership		73,255		74,935
Corporate assets		290,902		295,217
Intersegment eliminations		(11,470)		(10,174)
	$	2,585,773	$	2,784,650

Asset balances by segment exclude intercompany receivable balances.