XML 51 R27.htm IDEA: XBRL DOCUMENT v3.25.1

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule Of Financial Data

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

			Three Months Ended March 31,
			2025						2024
Revenues
Ethanol production
Revenues from external customers			$	497,458					$	504,446
Intersegment revenues			314						1,213
Total segment revenues			497,772						505,659
Agribusiness and energy services
Revenues from external customers			104,057						92,768
Intersegment revenues			5,772						6,228
Total segment revenues			109,829						98,996
Revenues including intersegment activity			607,601						604,655
Intersegment eliminations			(6,086)						(7,441)
			$	601,515					$	597,214

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

			Three Months Ended March 31,
			2025						2024
Cost of goods sold
Ethanol production (1)			$	503,464					$	508,302
Agribusiness and energy services			101,098						87,986
Intersegment eliminations			(6,086)						(7,441)
			$	598,476					$	588,847

			Three Months Ended March 31,
			2025						2024
Gross margin
Ethanol production (1)			$	(5,692)					$	(2,643)
Agribusiness and energy services			8,731						11,010
			$	3,039					$	8,367

			Three Months Ended March 31,
			2025						2024
Depreciation and amortization
Ethanol production			$	21,035					$	20,534
Agribusiness and energy services			598						505
Corporate activities			754						448
			$	22,387					$	21,487

			Three Months Ended March 31,
			2025						2024
Operating income (loss)
Ethanol production (1)			$	(39,550)					$	(33,653)
Agribusiness and energy services			1,533						6,004
Corporate activities (2)			(24,243)						(17,240)
			$	(62,260)					$	(44,889)

(1)Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively.

(2)Corporate activities includes $10.3 million of restructuring costs for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its CEO.

Schedule of Restructuring Reserve by Type of Cost

During the three months ended March 31, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):

			Three Months Ended March 31, 2025
			Ethanol production						Agribusiness and energy services						Corporate activities						Subtotal
Cost of goods sold			$	2,260					459						—						$	2,719
Selling, general and administrative expenses			210						1,658						10,341						12,209
Other, net			—						154						1,505						1,659
Total restructuring costs			$	2,470					2,271						11,846						$	16,587

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.

			Three Months Ended March 31, 2025
			Ethanol production						Agribusiness and energy services						Subtotal
EBITDA			$	(19,416)					$	3,156					$	(16,260)
Depreciation and amortization			(21,035)						(598)						(21,633)
Interest expense			(4,820)						(2,427)						(7,247)
Subtotal			$	(45,271)					$	131					$	(45,140)
Unallocated corporate expenses (1)															(27,666)
Income tax expense, net of equity method income tax benefit															165
Net loss															$	(72,641)

			Three Months Ended March 31, 2024
			Ethanol production						Agribusiness and energy services						Subtotal
EBITDA			$	(13,621)					$	7,056					$	(6,565)
Depreciation and amortization			(20,534)						(505)						(21,039)
Interest expense			(5,061)						(1,141)						(6,202)
Subtotal			$	(39,216)					$	5,410					$	(33,806)
Unallocated corporate expenses (1)															(16,987)
Income tax expense, net of equity method income tax benefit															(329)
Net loss															$	(51,122)

(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our CEO.

Schedule Of Total Assets For Operating Segments

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

			March 31, 2025						December 31, 2024
Total assets (1)
Ethanol production			$	1,244,617					$	1,234,635
Agribusiness and energy services			351,655						412,006
Corporate assets			77,219						143,716
Intersegment eliminations			(6,919)						(8,183)
			$	1,666,572					$	1,782,174

(1)Asset balances by segment exclude intercompany balances.

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.b.2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

+ Details

Name:	us-gaap_ScheduleOfRestructuringReserveByTypeOfCostTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration