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v3.23.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Financial Data for Operating Segments | 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 127,694 |  |  | $ | 143,768 |  |  | $ | 260,075 |  |  | $ | 259,818 |
Essential ingredient sales |  |  | 53,954 |  |  |  | 59,853 |  |  |  | 117,585 |  |  |  | 115,133 |
Intersegment sales |  |  | 444 |  |  |  | 269 |  |  |  | 757 |  |  |  | 525 |
Total Pekin Campus sales |  |  | 182,092 |  |  |  | 203,890 |  |  |  | 378,417 |  |  |  | 375,476 |
Marketing and distribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales, gross |  | $ | 72,589 |  |  | $ | 63,558 |  |  | $ | 156,936 |  |  | $ | 117,484 |
Alcohol sales, net |  |  | 104 |  |  |  | 317 |  |  |  | 218 |  |  |  | 668 |
Intersegment sales |  |  | 2,499 |  |  |  | 3,242 |  |  |  | 5,342 |  |  |  | 6,239 |
Total marketing and distribution sales |  |  | 75,192 |  |  |  | 67,117 |  |  |  | 162,496 |  |  |  | 124,391 |
Other production, recorded as gross: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alcohol sales |  | $ | 44,384 |  |  | $ | 67,184 |  |  | $ | 65,316 |  |  | $ | 126,991 |
Essential ingredient sales |  |  | 14,421 |  |  |  | 23,372 |  |  |  | 22,773 |  |  |  | 42,309 |
Intersegment sales |  |  | 62 |  |  |  | — |  |  |  | 62 |  |  |  | 12 |
Total Other production sales |  |  | 58,867 |  |  |  | 90,556 |  |  |  | 88,151 |  |  |  | 169,312 |
Corporate and other |  |  | 4,151 |  |  |  | 4,137 |  |  |  | 8,285 |  |  |  | 7,904 |
Intersegment eliminations |  |  | (3,005 | ) |  |  | (3,511 | ) |  |  | (6,161 | ) |  |  | (6,776 | )
Net sales as reported |  | $ | 317,297 |  |  | $ | 362,189 |  |  | $ | 631,188 |  |  | $ | 670,307 |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 168,419 |  |  | $ | 195,691 |  |  | $ | 366,596 |  |  | $ | 364,573 |
Marketing and distribution |  |  | 71,746 |  |  |  | 63,796 |  |  |  | 154,871 |  |  |  | 118,510 |
Other production |  |  | 57,834 |  |  |  | 91,606 |  |  |  | 91,815 |  |  |  | 169,851 |
Corporate and other |  |  | 3,414 |  |  |  | 3,197 |  |  |  | 5,786 |  |  |  | 6,070 |
Intersegment eliminations |  |  | (1,297 | ) |  |  | (945 | ) |  |  | (1,897 | ) |  |  | (2,314 | )
Cost of goods sold as reported |  | $ | 300,116 |  |  | $ | 353,345 |  |  | $ | 617,171 |  |  | $ | 656,690 |
Gross profit: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 13,673 |  |  | $ | 8,199 |  |  | $ | 11,821 |  |  | $ | 10,903 |
Marketing and distribution |  |  | 3,446 |  |  |  | 3,321 |  |  |  | 7,625 |  |  |  | 5,881 |
Other production |  |  | 1,033 |  |  |  | (1,050 | ) |  |  | (3,664 | ) |  |  | (539 | )
Corporate and other |  |  | 737 |  |  |  | 940 |  |  |  | 2,499 |  |  |  | 1,834 |
Intersegment eliminations |  |  | (1,708 | ) |  |  | (2,566 | ) |  |  | (4,264 | ) |  |  | (4,462 | )
Gross profit as reported |  | $ | 17,181 |  |  | $ | 8,844 |  |  | $ | 14,017 |  |  | $ | 13,617 |
Income (loss) before provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 10,790 |  |  | $ | 16,331 |  |  | $ | 5,672 |  |  | $ | 16,413 |
Marketing and distribution |  |  | 1,607 |  |  |  | 1,036 |  |  |  | 3,618 |  |  |  | 1,824 |
Other production |  |  | (783 | ) |  |  | 7,570 |  |  |  | (6,484 | ) |  |  | 6,361 |
Corporate and other |  |  | (4,019 | ) |  |  | (2,822 | ) |  |  | (8,377 | ) |  |  | (5,085 | )
|  | $ | 7,595 |  |  | $ | 22,115 |  |  | $ | (5,571 | ) |  | $ | 19,513 |
Depreciation and amortization of intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | 4,998 |  |  | $ | 5,084 |  |  | $ | 9,816 |  |  | $ | 9,621 |
Other production |  |  | 455 |  |  |  | 1,458 |  |  |  | 1,464 |  |  |  | 2,822 |
Corporate and other |  |  | 228 |  |  |  | 186 |  |  |  | 455 |  |  |  | 419 |
|  | $ | 5,681 |  |  | $ | 6,728 |  |  | $ | 11,735 |  |  | $ | 12,862 |
Interest expense, net of capitalized interest: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pekin Campus |  | $ | (151 | ) |  | $ | (3 | ) |  | $ | (635 | ) |  | $ | (33 | )
Marketing and distribution |  |  | 109 |  |  |  | 336 |  |  |  | 604 |  |  |  | 573 |
Other production |  |  | (151 | ) |  |  | (39 | ) |  |  | (508 | ) |  |  | (54 | )
Corporate and other |  |  | 1,927 |  |  |  | 25 |  |  |  | 3,838 |  |  |  | 33 |
|  | $ | 1,734 |  |  | $ | 319 |  |  | $ | 3,299 |  |  | $ | 519 |
Schedule of Assets by Operating Segments | The following table sets forth the Company’s total assets by operating segment (in thousands):
|  | June 30, 2023 |  |  | December 31, 2022 |
Total assets: |  |  |  |  |  |
Pekin Campus |  | $ | 253,220 |  |  | $ | 257,089 |
Marketing and distribution |  |  | 122,368 |  |  |  | 114,755 |
Other production |  |  | 54,326 |  |  |  | 51,886 |
Corporate and other |  |  | 41,496 |  |  |  | 54,591 |
|  | $ | 471,410 |  |  | $ | 478,321 |

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