Green Plains Reports Second Quarter 2024 Financial Results
Results for the Second Quarter of 2024 and Future Outlook:
-
Net loss attributable to
Green Plains of$24.4 million , or EPS of$(0.38) per basic and diluted share, compared to net loss attributable to Green Plains of$52.6 million , or$(0.89) per basic and diluted share, for the same period in 2023 -
EBITDA of
$4.8 million , a$19.7 million improvement compared to the prior year, driven by stronger ethanol production segment results, including consolidated crush margin of$22.7 million in the second quarter - Strong EBITDA outlook for the third quarter and the second half of 2024 based on current markets, improvement of corn oil pricing, and Ultra-High Protein demand leading to profitable outlook for the third quarter
- Achieved record platform renewable corn oil yields for the quarter along with record Ultra-High Protein platform yields in June
-
Entered into a definitive agreement to sell the unit train terminal in
Birmingham, Ala. , and will utilize the proceeds to help repay the outstanding balance of theGreen Plains Partners term loan -
Engaged Bank of America as financial advisor and
Vinson & Elkins LLP as legal advisor to assist in the strategic review process
“While the second quarter started with continued weakness, margins began to improve heading into the third quarter and we expect to return to profitability for the quarter based on current markets across our products and setting up a stronger second half of the year overall,” said
“Our ‘Advantage Nebraska’ carbon strategy remains on track for a second half of 2025 start as our capture equipment has been ordered, with construction anticipated to begin in the next several months,” commented Becker. “Because of this progress, we believe we are well positioned to capitalize on the early days of the 45Z Clean Fuel Production Credit which should be beneficial for delivering increased earnings. Trailblazer continues to make great progress and we anticipate that with our three
“The world’s first commercial scale Clean Sugar Technology facility began commissioning during the second quarter and we continue to make progress in debottlenecking,” added Becker. “We believe this game-changing technology has the potential to usher in a new era of sustainable processing, as our dextrose has up to a 40% lower carbon-intensity than that produced at a wet mill. Customer demand remains robust and while ramp-up has been slower than expected, we remain fully confident in the deployment of this technology.”
The company announced a strategic review process in
“As one part of our ongoing strategic review, we have entered into a definitive agreement to sell our unit train terminal in Birmingham,” concluded Becker. “The proceeds will be used to help repay the outstanding balance of our
Highlights and Recent Developments
-
Executed construction management agreements and ordered major equipment necessary to capture carbon from
Nebraska facilities as part of ‘Advantage Nebraska’ strategy -
World’s largest MSC™ system now operational at Tharaldson Ethanol in
Casselton, North Dakota , bringing total production capacity of Ultra-High Protein marketed by Green Plains to 430,000 tons
Results of Operations
Green Plains’ ethanol production segment sold 208.5 million gallons of ethanol during the second quarter of 2024, compared with 194.8 million gallons for the same period in 2023. The consolidated ethanol crush margin was
Consolidated revenues decreased
Net loss attributable to Green Plains decreased
Segment Information
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.
As a result of the Merger, the partnership's operations are included in the ethanol production operating segment. The following changes were made to the company's operating segments:
- The revenue and operating results from fuel storage and transportation services previously disclosed within the partnership segment are now included within the ethanol production segment.
-
Intersegment activities between the partnership and
Green Plains Trade associated with ethanol storage and transportation services previously treated like third-party transactions and eliminated on a consolidated level are now eliminated within the ethanol production segment.
Intersegment activities between the partnership and
SEGMENT OPERATIONS (unaudited, in thousands) |
|||||||||||||||||||
|
|
||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
% Var. |
|
|
2024 |
|
|
|
2023 |
|
|
% Var. |
Revenues |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
525,443 |
|
|
$ |
728,935 |
|
|
(27.9)% |
|
$ |
1,031,102 |
|
|
$ |
1,426,653 |
|
|
(27.7)% |
Agribusiness and energy services |
|
100,949 |
|
|
|
135,823 |
|
|
(25.7) |
|
|
199,945 |
|
|
|
278,209 |
|
|
(28.1) |
Intersegment eliminations |
|
(7,567 |
) |
|
|
(7,126 |
) |
|
6.2 |
|
|
(15,008 |
) |
|
|
(14,281 |
) |
|
5.1 |
|
$ |
618,825 |
|
|
$ |
857,632 |
|
|
(27.8)% |
|
$ |
1,216,039 |
|
|
$ |
1,690,581 |
|
|
(28.1)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (1) |
$ |
30,390 |
|
|
$ |
9,057 |
|
|
235.5% |
|
$ |
27,747 |
|
|
$ |
642 |
|
|
* |
Agribusiness and energy services |
|
7,433 |
|
|
|
6,414 |
|
|
15.9 |
|
|
18,443 |
|
|
|
15,520 |
|
|
18.8 |
|
$ |
37,823 |
|
|
$ |
15,471 |
|
|
144.5% |
|
$ |
46,190 |
|
|
$ |
16,162 |
|
|
185.8% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production |
$ |
20,544 |
|
|
$ |
23,253 |
|
|
(11.7)% |
|
$ |
41,078 |
|
|
$ |
47,007 |
|
|
(12.6)% |
Agribusiness and energy services |
|
497 |
|
|
|
536 |
|
|
(7.3) |
|
|
1,002 |
|
|
|
1,349 |
|
|
(25.7) |
Corporate activities |
|
543 |
|
|
|
837 |
|
|
(35.1) |
|
|
991 |
|
|
|
1,656 |
|
|
(40.2) |
|
$ |
21,584 |
|
|
$ |
24,626 |
|
|
(12.4)% |
|
$ |
43,071 |
|
|
$ |
50,012 |
|
|
(13.9)% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (2) |
$ |
(2,213 |
) |
|
$ |
(25,139 |
) |
|
91.2% |
|
$ |
(35,866 |
) |
|
$ |
(67,089 |
) |
|
46.5% |
Agribusiness and energy services |
|
2,166 |
|
|
|
2,173 |
|
|
(0.3) |
|
|
8,170 |
|
|
|
6,299 |
|
|
29.7 |
Corporate activities |
|
(17,664 |
) |
|
|
(19,514 |
) |
|
9.5 |
|
|
(34,904 |
) |
|
|
(38,230 |
) |
|
8.7 |
|
$ |
(17,711 |
) |
|
$ |
(42,480 |
) |
|
58.3% |
|
$ |
(62,600 |
) |
|
$ |
(99,020 |
) |
|
36.8% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Ethanol production (2) |
$ |
17,952 |
|
|
$ |
(1,141 |
) |
|
* |
|
$ |
4,331 |
|
|
$ |
(18,945 |
) |
|
122.9% |
Agribusiness and energy services |
|
3,045 |
|
|
|
2,871 |
|
|
6.1 |
|
|
10,101 |
|
|
|
8,098 |
|
|
24.7 |
Corporate activities |
|
(16,230 |
) |
|
|
(16,702 |
) |
|
2.8 |
|
|
(31,185 |
) |
|
|
(31,821 |
) |
|
2.0 |
EBITDA |
|
4,767 |
|
|
|
(14,972 |
) |
|
131.8 |
|
|
(16,753 |
) |
|
|
(42,668 |
) |
|
60.7 |
Proportional share of EBITDA adjustments to equity method investees |
|
271 |
|
|
|
45 |
|
|
* |
|
|
316 |
|
|
|
90 |
|
|
251.1 |
|
$ |
5,038 |
|
|
$ |
(14,927 |
) |
|
133.8% |
|
$ |
(16,437 |
) |
|
$ |
(42,578 |
) |
|
61.4% |
(1) Costs historically reported as operations and maintenance expenses in the consolidated statements of operations are now being reported within cost of goods sold, resulting in increased cost of goods sold and decreased gross margin within the ethanol production segment. |
(2) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of |
|
* Percentage variances not considered meaningful |
SELECTED OPERATING DATA (unaudited, in thousands) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
% Var. |
|
2024 |
|
2023 |
|
% Var. |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ethanol production |
|
|
|
|
|
|
|
|
|
|
|
||||
Ethanol (gallons) |
208,483 |
|
194,753 |
|
7.0% |
|
416,387 |
|
401,633 |
|
3.7% |
||||
Distillers grains (equivalent dried tons) |
463 |
|
|
458 |
|
|
1.1 |
|
932 |
|
|
940 |
|
|
(0.9) |
Ultra-High Protein (tons) |
65 |
|
|
44 |
|
|
47.7 |
|
125 |
|
|
96 |
|
|
30.2 |
Renewable corn oil (pounds) |
73,630 |
|
|
64,689 |
|
|
13.8 |
|
140,351 |
|
|
132,700 |
|
|
5.8 |
Corn consumed (bushels) |
71,819 |
|
|
67,336 |
|
|
6.7 |
|
143,093 |
|
|
138,571 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Agribusiness and energy services (1) |
|
|
|
|
|
|
|
|
|
|
|
||||
Ethanol (gallons) |
261,461 |
|
|
262,138 |
|
|
(0.3) |
|
518,732 |
|
|
539,402 |
|
|
(3.8) |
(1) Includes gallons from the ethanol production segment. |
CONSOLIDATED CRUSH MARGIN (unaudited, in thousands) |
|||||||
|
Three Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
||||
|
|
|
|
||||
Ethanol production operating loss (1) |
$ |
(2,213 |
) |
|
$ |
(25,139 |
) |
Depreciation and amortization |
|
20,544 |
|
|
|
23,253 |
|
Adjusted ethanol production operating income (loss) |
|
18,331 |
|
|
|
(1,886 |
) |
Intercompany marketing and agribusiness fees, net (2) |
|
4,327 |
|
|
|
6,445 |
|
Consolidated ethanol crush margin |
$ |
22,658 |
|
|
$ |
4,559 |
|
(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of |
(2) For the three months ended |
Liquidity and Capital Resources
As of
Conference Call Information
On
Non-GAAP Financial Measures
Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with
About
Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company.
The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|||||||
|
|
|
|
||||
|
(unaudited) |
|
|
||||
ASSETS |
|||||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
195,554 |
|
$ |
349,574 |
||
Restricted cash |
|
29,540 |
|
|
|
29,188 |
|
Accounts receivable, net |
|
99,067 |
|
|
|
94,446 |
|
Income taxes receivable |
|
1,072 |
|
|
|
822 |
|
Inventories |
|
187,983 |
|
|
|
215,810 |
|
Other current assets |
|
38,604 |
|
|
|
42,890 |
|
Total current assets |
|
551,820 |
|
|
|
732,730 |
|
Property and equipment, net |
|
1,019,359 |
|
|
|
1,021,928 |
|
Operating lease right-of-use assets |
|
73,077 |
|
|
|
73,993 |
|
Other assets |
|
119,344 |
|
|
|
110,671 |
|
Total assets |
$ |
1,763,600 |
|
|
$ |
1,939,322 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
109,329 |
|
|
$ |
186,643 |
|
Accrued and other liabilities |
|
52,080 |
|
|
|
57,029 |
|
Derivative financial instruments |
|
16,783 |
|
|
|
10,577 |
|
Operating lease current liabilities |
|
23,863 |
|
|
|
22,908 |
|
Short-term notes payable and other borrowings |
|
124,579 |
|
|
|
105,973 |
|
Current maturities of long-term debt |
|
1,830 |
|
|
|
1,832 |
|
Total current liabilities |
|
328,464 |
|
|
|
384,962 |
|
Long-term debt |
|
483,773 |
|
|
|
491,918 |
|
Operating lease long-term liabilities |
|
52,071 |
|
|
|
53,879 |
|
Other liabilities |
|
18,431 |
|
|
|
18,507 |
|
Total liabilities |
|
882,739 |
|
|
|
949,266 |
|
|
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Total Green Plains stockholders' equity |
|
867,368 |
|
|
|
843,733 |
|
Noncontrolling interests |
|
13,493 |
|
|
|
146,323 |
|
Total stockholders' equity |
|
880,861 |
|
|
|
990,056 |
|
Total liabilities and stockholders' equity |
$ |
1,763,600 |
|
|
$ |
1,939,322 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands except per share amounts) |
|||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
618,825 |
|
|
$ |
857,632 |
|
|
$ |
1,216,039 |
|
|
$ |
1,690,581 |
|
|
|
|
|
|
|
|
|
||||||||
Costs and expenses |
|
|
|
|
|
|
|
||||||||
Cost of goods sold (excluding depreciation and amortization expenses reflected below) |
|
581,002 |
|
|
|
842,161 |
|
|
|
1,169,849 |
|
|
|
1,674,419 |
|
Selling, general and administrative expenses |
|
33,950 |
|
|
|
33,325 |
|
|
|
65,719 |
|
|
|
65,170 |
|
Depreciation and amortization expenses |
|
21,584 |
|
|
|
24,626 |
|
|
|
43,071 |
|
|
|
50,012 |
|
Total costs and expenses |
|
636,536 |
|
|
|
900,112 |
|
|
|
1,278,639 |
|
|
|
1,789,601 |
|
Operating loss |
|
(17,711 |
) |
|
|
(42,480 |
) |
|
|
(62,600 |
) |
|
|
(99,020 |
) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
|
|
|
|
|
||||||||
Interest income |
|
1,490 |
|
|
|
2,771 |
|
|
|
4,000 |
|
|
|
5,936 |
|
Interest expense |
|
(7,494 |
) |
|
|
(9,741 |
) |
|
|
(15,280 |
) |
|
|
(19,479 |
) |
Other, net |
|
345 |
|
|
|
(161 |
) |
|
|
794 |
|
|
|
28 |
|
Total other income (expense) |
|
(5,659 |
) |
|
|
(7,131 |
) |
|
|
(10,486 |
) |
|
|
(13,515 |
) |
Loss before income taxes and (loss) income from equity method investees |
|
(23,370 |
) |
|
|
(49,611 |
) |
|
|
(73,086 |
) |
|
|
(112,535 |
) |
Income tax benefit (expense) |
|
273 |
|
|
|
1,019 |
|
|
|
(56 |
) |
|
|
(2,410 |
) |
(Loss) income from equity method investees |
|
(941 |
) |
|
|
272 |
|
|
|
(2,018 |
) |
|
|
376 |
|
Net loss |
|
(24,038 |
) |
|
|
(48,320 |
) |
|
|
(75,160 |
) |
|
|
(114,569 |
) |
Net income attributable to noncontrolling interests |
|
312 |
|
|
|
4,284 |
|
|
|
602 |
|
|
|
8,359 |
|
Net loss attributable to Green Plains |
$ |
(24,350 |
) |
|
$ |
(52,604 |
) |
|
$ |
(75,762 |
) |
|
$ |
(122,928 |
) |
|
|
|
|
|
|
|
|
||||||||
Earnings per share |
|
|
|
|
|
|
|
||||||||
Net loss attributable to Green Plains - basic and diluted |
$ |
(0.38 |
) |
|
$ |
(0.89 |
) |
|
$ |
(1.19 |
) |
|
$ |
(2.09 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding |
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
63,933 |
|
|
|
58,874 |
|
|
|
63,637 |
|
|
|
58,714 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in thousands) |
|||||||
|
Six Months Ended
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(75,160 |
) |
|
$ |
(114,569 |
) |
Noncash operating adjustments |
|
|
|
||||
Depreciation and amortization |
|
43,071 |
|
|
|
50,012 |
|
Inventory lower of cost or net realizable value adjustment |
|
— |
|
|
|
9,545 |
|
Other |
|
11,236 |
|
|
|
11,429 |
|
Net change in working capital |
|
(44,864 |
) |
|
|
(124,850 |
) |
Net cash used in operating activities |
|
(65,717 |
) |
|
|
(168,433 |
) |
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases of property and equipment, net |
|
(39,484 |
) |
|
|
(48,902 |
) |
Investment in equity method investees |
|
(16,023 |
) |
|
|
(8,696 |
) |
Net cash used in investing activities |
|
(55,507 |
) |
|
|
(57,598 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Net payments - long term debt |
|
(7,849 |
) |
|
|
(2,420 |
) |
Net proceeds - short-term borrowings |
|
18,199 |
|
|
|
108,715 |
|
Payments on extinguishment of non-controlling interest |
|
(29,196 |
) |
|
|
— |
|
Payments of transaction costs |
|
(5,951 |
) |
|
|
— |
|
Other |
|
(7,647 |
) |
|
|
(20,756 |
) |
Net cash provided by (used in) financing activities |
|
(32,444 |
) |
|
|
85,539 |
|
|
|
|
|
||||
Net change in cash and cash equivalents, and restricted cash |
|
(153,668 |
) |
|
|
(140,492 |
) |
Cash and cash equivalents, and restricted cash, beginning of period |
|
378,762 |
|
|
|
500,276 |
|
Cash and cash equivalents, and restricted cash, end of period |
$ |
225,094 |
|
|
$ |
359,784 |
|
|
|
|
|
||||
|
|
|
|
||||
Reconciliation of total cash and cash equivalents, and restricted cash |
|
|
|
||||
Cash and cash equivalents |
$ |
195,554 |
|
|
$ |
312,858 |
|
Restricted cash |
|
29,540 |
|
|
|
46,926 |
|
Total cash and cash equivalents, and restricted cash |
$ |
225,094 |
|
|
$ |
359,784 |
|
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES (unaudited, in thousands) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(24,038 |
) |
|
$ |
(48,320 |
) |
|
$ |
(75,160 |
) |
|
$ |
(114,569 |
) |
Interest expense |
|
7,494 |
|
|
|
9,741 |
|
|
|
15,280 |
|
|
|
19,479 |
|
Income tax (benefit) expense |
|
(273 |
) |
|
|
(1,019 |
) |
|
|
56 |
|
|
|
2,410 |
|
Depreciation and amortization (1) |
|
21,584 |
|
|
|
24,626 |
|
|
|
43,071 |
|
|
|
50,012 |
|
EBITDA |
|
4,767 |
|
|
|
(14,972 |
) |
|
|
(16,753 |
) |
|
|
(42,668 |
) |
Proportional share of EBITDA adjustments to equity method investees |
|
271 |
|
|
|
45 |
|
|
|
316 |
|
|
|
90 |
|
Adjusted EBITDA |
$ |
5,038 |
|
|
$ |
(14,927 |
) |
|
$ |
(16,437 |
) |
|
$ |
(42,578 |
) |
(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806966536/en/
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