Fourth Quarter 2021 Highlights:
- Revenues of $882 million
- Net income available to common stockholders of $52 million, or
$1.03 per diluted share
- Adjusted EBITDA of $57 million
- Acquired Amber Resources, a leading Southern California
full-service distributor
- Entered strategic partnership with Booster to offer mobile
delivery of sustainable fuels
- Carbon reduction of over one million metric tons from fuels
produced by REG in the quarter
- Appointed two new members to REG's Board of Directors
Full Year 2021 Highlights:
- Record revenues of $3.2 billion
- Net income available to common stockholders of $212 million, or
$4.44 per diluted share
- Adjusted EBITDA of $285 million
- Sales of REG Ultra Clean blends of biodiesel with renewable
diesel increased 58%
- Raised a combined $935 million in gross proceeds from equity
sale and green bond offering
- Progressed into construction phase of Geismar improvement and
expansion project
- Carbon reduction of 4.1 million metric tons from fuels produced
by REG for the full year
- Announced global partnership with Manchester United Football
Club
- Record safety achievement: 0.23 OSHA incident rate (industry
leading performance)
Post Year 2021 Highlights:
- Announced strategic investment in expanded low carbon feedstock
processing in Europe
- Launched strategic partnership to advance biodiesel use in
marine markets with Bunker Holding Group
Renewable Energy Group, Inc. (NASDAQ:REGI) ("REG" or the
"Company") today announced its financial results for the fourth
quarter and year ended December 31, 2021.
Revenues for the fourth quarter were $882 million on 148 million
gallons of fuel sold, and for the full year were $3.2 billion on
621 million gallons. Net income available to common stockholders
was $52 million in the fourth quarter of 2021, and was $212 million
for full year. Adjusted EBITDA was $57 million in the fourth
quarter of 2021, and was $285 million for the full year.
"Delivering a 46% increase in Adjusted EBITDA over 2020
demonstrates ongoing strong growth and further reflects our focus
on operational excellence coupled with an exceptional safety
achievement," said Cynthia (CJ) Warner, REG President and Chief
Executive Officer.
Warner continued, "REG was recently named to the 2022 Carbon
Clean200 list by Corporate Knights and As You Sow. As one of only
two energy firms making the list, we are proud to be a leader in
the transition to sustainability by providing low carbon fuels from
renewable resources that help our customers achieve their climate
goals NOW."
Fourth Quarter 2021
Highlights
All figures refer to the quarter ended December 31, 2021, unless
otherwise noted. All comparisons are to the quarter ended December
31, 2020, unless otherwise noted.
The table below summarizes REG’s financial results for the
fourth quarter of 2021.
REG Q4 2021 Results
(dollars and gallons in
thousands, except per gallon data)
Q4 2021
Q4 2020
Y/Y Change
Market
Data
B100 (Chicago SME) average price per
gallon
$
5.47
$
3.34
63.8
%
NYMEX ULSD average price per gallon
$
2.38
$
1.28
85.9
%
D4 RIN average price per credit
$
1.49
$
0.88
69.3
%
CBOT Soybean oil average price per
gallon
$
4.39
$
2.74
60.2
%
HOBO + 1.5xRIN average price per gallon
(1)
$
1.22
$
0.87
40.2
%
Gallons sold
147,646
151,359
(2.5
) %
GAAP
Total revenues
$
881,744
$
547,928
60.9
%
Risk management gain (loss)
$
2,788
$
(19,322
)
N/M
Operating income
$
43,005
$
30,820
39.5
%
Net income available to common
stockholders
$
52,212
$
26,685
95.7
%
Non-GAAP
Adjusted EBITDA
$
57,271
$
46,258
23.8
%
(1) HOBO = HO NYMEX + 1 - ((CBOT SBO
$/lb)/100 x 7.5)
HOBO + RINs = HOBO + 1.5 x D4 RIN as
quoted by the Oil Price Information Service.
REG sold 148 million total gallons of fuel, a decrease of 2%.
Self-produced North American biodiesel sales were down 9 million
gallons driven primarily by the closure of the Company's Houston
facility in the quarter and other optimization choices.
Self-produced European biodiesel sales were down 3 million gallons
due to supply chain issues. Third party renewable diesel sales
increased 8 million gallons, due to an increase in the sale of REG
Ultra Clean gallons.
REG produced 122 million gallons of biodiesel and renewable
diesel, a decrease of 5%. North American biodiesel production
decreased 7 million gallons and European biodiesel production
decreased 3 million gallons, both due to the same factors described
above for volumes sold. Renewable diesel production at our Geismar,
Louisiana facility increased 3 million gallons, due to the lapping
of unplanned downtime in the fourth quarter of 2020 as well as
continued strong run rates.
Revenues increased from $548 million to $882 million, largely
driven by higher selling prices from a combination of an 86%
increase in ULSD prices and a 69% increase in D4 RIN prices year
over year, offset partially by fewer gallons sold.
Gross profit was $84 million compared to gross profit of $66
million in the fourth quarter of last year. The increase in gross
profit was driven by a strong HOBO + 1.5x RIN spread, a $20 million
increase in LCFS credit monetization due to the Company's
downstream strategy, higher raw material trading and co-products
gross profit, and a positive $22 million swing in risk management.
These increases were partially offset by increased waste-based
feedstock costs resulting in margin compression.
Operating income was $43 million compared to $31 million for the
fourth quarter of 2020, driven by the same factors as those
described above for gross profit, along with higher selling,
general and administrative costs of $8 million, primarily due to a
one-time bad debt expense write off as well as increases in travel
and marketing costs.
Net income available to common stockholders was $52 million, or
$1.03 per share, on a fully diluted basis, compared to $27 million,
or $0.60 per share on a fully diluted basis, in the fourth quarter
of 2020. The factors driving this difference are the same as those
described above for operating income along with a $19 million tax
benefit that primarily resulted from the release of a valuation
allowance reserve in the US related to the Company's Amber
Resources acquisition and the release of a valuation allowance in
Europe, partially offset by an increase in interest expense from
the green bonds.
Adjusted EBITDA was $57 million compared to $46 million, with
the increase resulting from the same factors described above.
At December 31, 2021, REG had cash and cash equivalents,
restricted cash, and marketable securities (including long-term) of
$960 million, an increase of $603 million from December 31, 2020.
The increase in cash and cash equivalents is primarily due to the
$535 million in funding, net of fees, from the Company's green bond
issuance as well the $365 million in funding, net of fees, from the
Company's equity raise, offset by cash used to pay off debt, for
the Amber Resources acquisition, and for capital expenditures.
At December 31, 2021, accounts receivable were $158 million, an
increase of $15 million from December 31, 2020. Accounts payable at
the end of the quarter were $163 million, an increase of $30
million versus the previous year. The value of the Company's
inventory at the end of the quarter was $454 million, a $244
million increase from the end of the previous year mostly due to
rising commodity values.
Full Year 2021 Results
All figures refer to the year ended December 31, 2021, unless
otherwise noted. All comparisons are to the year ended December 31,
2020, unless otherwise noted.
REG 2021 Results
(dollars and gallons in
thousands, except per gallon data)
2021
2020
Y/Y Change
Market
Data
B100 (Chicago SME) average price per
gallon
$
5.23
$
3.04
72.0
%
NYMEX ULSD average price per gallon
$
2.07
$
1.25
65.6
%
D4 RIN average price per credit
$
1.50
$
0.64
134.4
%
CBOT Soybean oil average price per
gallon
$
4.34
$
2.34
85.5
%
HOBO + 1.5xRIN average price per
gallon
$
0.98
$
0.86
14.0
%
Gallons sold
621,328
650,509
(4.5
) %
GAAP
Total revenues
$
3,244,050
$
2,137,148
51.8
%
Risk management gain (loss)
$
2,394
$
36,931
(93.5
) %
Operating income
$
223,485
$
126,853
76.2
%
Net income available to common
stockholders
$
211,691
$
120,415
75.8
%
Non-GAAP
Adjusted EBITDA
$
284,947
$
195,836
45.5
%
REG sold 621 million total gallons, a decrease of 4% compared to
651 million gallons in 2020. North America biodiesel sales declined
27 million gallons, driven largely by optimization choices and the
closure of the Houston facility. Lower margin petroleum diesel
sales also decreased by 10 million gallons. These volume declines
were partially offset by an 18 million gallon increase in the sale
of third party renewable diesel gallons, due to an increase in the
sale of REG Ultra Clean gallons.
REG gallons produced for the year decreased 7%, from 519 million
gallons in 2020 to 480 million gallons in 2021. North American
biodiesel production was down 32 million gallons, or 8%, primarily
due to Houston shut down and production optimization choices cited
above. Renewable diesel production was largely flat year over year
in spite of the impact of Hurricane Ida on 2021 production.
Revenues increased from $2.1 billion to $3.2 billion, or 52%.
The increase was largely driven by higher selling prices from a
combination of a 134% increase in D4 RIN prices and a 66% increase
in ULSD prices year over year, partially offset by fewer gallons
sold.
Gross profit was $370 million, compared to gross profit of $268
million. The increase in gross profit was driven by a stronger
margin environment, various optimization factors, including a $28
million increase in LCFS credit monetization and an improved sales
mix, as well as a benefit from opportunistic feedstock sourcing.
The HOBO + 1.5x RIN spread was up 14% year-over-year, and the
overall margin improvement was reflected in the increase in gross
profit from separated RINs, which was up $193 million year over
year, mostly due to the price increase but also due to increased
RIN monetization through execution of the Company's downstream
optimization strategy. The increase in gross profit was partially
offset by increased feedstock costs, which worked in tandem with D4
RIN pricing to keep the HOBO + 1.5x RIN spread relatively stable,
and risk management gains that were $35 million less than full year
2020.
Operating income was $223 million compared to $127 million for
the full-year 2020, driven by the same factors as those described
above for gross profit. This increase was partially offset by a $21
million increase in selling, general, and administrative costs,
primarily driven by increases in wages and benefits and legal
expenses, and a one-time bad debt expense write off.
Net income available to common stockholders was $212 million, or
$4.44 per share on a fully diluted basis for 2021, compared to $120
million, or $2.76 per share on a fully diluted basis for 2020. The
factors driving this difference are the same as those described
above for operating income along with an increase in interest
expense from the green bonds and a $14 million tax benefit, that is
primarily resulting from the release of a valuation allowance
reserve in the U.S. related to the Company's Amber Resources
acquisition as well as the release of a valuation allowance in
Europe, offsetting overall tax expense through the third
quarter.
Adjusted EBITDA was $285 million compared to $196 million, with
the increase resulting from the same factors described above.
REG Annual Results
Summary
(dollars and gallons in
thousands except per gallon data)
1Q
2Q
3Q
4Q
Year
Gallons sold 2021
134,208
163,142
176,331
147,647
621,328
Gallons sold 2020
139,771
183,160
176,219
151,359
650,509
Y/Y Change
(4.0
) %
(10.9
) %
0.1
%
(2.5
) %
(4.5
) %
Total revenues 2021
$
539,744
$
816,220
$
1,006,342
$
881,744
$
3,244,050
Total revenues 2020
$
472,957
$
543,905
$
572,358
$
547,928
$
2,137,148
Y/Y Change
14.1
%
50.1
%
75.8
%
60.9
%
51.8
%
Net income available to common
stockholders 2021
$
38,583
$
78,787
$
42,133
$
52,212
$
211,691
Net income (loss) available to common
stockholders 2020
$
73,158
$
(1,685
)
$
22,223
$
26,685
$
120,415
Y/Y Change
(47.3
) %
N/M
89.6
%
95.7
%
75.8
%
Adjusted EBITDA 2021 (1)
$
56,054
$
103,130
$
68,492
$
57,271
$
284,947
Adjusted EBITDA 2020 (1)
$
88,730
$
6,161
$
54,687
$
46,258
$
195,836
Y/Y Change
(36.8
) %
1,573.9
%
25.2
%
23.8
%
45.5
%
(1) See Adjusted EBITDA Reconciliation
below.
Reconciliation of Non - GAAP
Measures
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-2021
2Q-2021
3Q-2021
4Q-2021
2021
1Q-2020
2Q-2020
3Q-2020
4Q-2020
2020
Net income (loss)
$
39,222
$
79,516
$
42,467
$
52,614
$
213,819
$
74,667
$
(1,685
)
$
22,663
$
27,168
$
122,813
Adjustments:
Income tax (benefit) expense
1,633
2,250
652
(19,014
)
(14,479
)
1,331
1,630
1,046
1,922
5,929
Interest expense
1,117
4,271
8,619
7,942
21,949
2,946
1,664
1,544
1,757
7,911
Depreciation
10,915
11,088
11,098
10,329
43,430
8,934
9,103
9,388
9,890
37,315
Amortization of intangible and other
assets
671
918
876
1,010
3,475
353
318
591
510
1,772
EBITDA
53,558
98,043
63,712
52,881
268,194
88,231
11,030
35,232
41,247
175,740
Gain on sale of assets
—
(39
)
—
(1,423
)
(1,462
)
—
(187
)
—
(18
)
(205
)
(Gain) loss on debt extinguishment
1,922
2,527
—
—
4,449
(1,172
)
(619
)
(18
)
—
(1,809
)
Gain on lease termination
—
—
—
—
—
—
(4,459
)
—
—
(4,459
)
Interest income
(652
)
(399
)
(424
)
(592
)
(2,067
)
—
(550
)
(777
)
(898
)
(2,225
)
Other (income) expense, net
(1,440
)
(543
)
(258
)
2,055
(186
)
304
(1,665
)
(817
)
870
(1,308
)
Impairment of assets
822
916
3,498
2,123
7,359
—
—
19,256
3,148
22,404
Executive severance
—
663
—
—
663
—
—
—
—
—
Stock compensation expense
1,844
1,962
1,964
2,227
7,997
1,367
2,611
1,811
1,909
7,698
Adjusted EBITDA
$
56,054
$
103,130
$
68,492
$
57,271
$
284,947
$
88,730
$
6,161
$
54,687
$
46,258
$
195,836
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.
Cancellation of Earnings Conference
Call and Suspension of Guidance
As announced yesterday, February 28, 2022, REG has entered into
an agreement to be acquired by Chevron for $61.50 per share in
cash. In light of the transaction with Chevron, REG will not be
holding a conference call to discuss these results. The Company
will also not be providing financial guidance for the first quarter
or fiscal year 2022 as a result of the pending transaction.
About Renewable Energy
Group
Renewable Energy Group is leading the energy and transportation
industries’ transition to sustainability by converting renewable
resources into high-quality, sustainable fuels. Renewable Energy
Group is an international producer of sustainable fuels that
significantly lower greenhouse gas emissions to immediately reduce
carbon impact. Renewable Energy Group utilizes a global integrated
procurement, distribution and logistics network to operate 11
biorefineries in the U.S. and Europe. In 2021, Renewable Energy
Group produced 480 million gallons delivering 4.1 million metric
tons of carbon reduction. Renewable Energy Group is meeting the
growing global demand for lower-carbon fuels and leading the way to
a more sustainable future.
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 REG’s growth
and strategy. 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: the
inability to consummate or obtain shareholder or regulatory
approval of, or satisfy the other conditions to, REG’s proposed
merger with Chevron Corporation (the “Merger”); the effect of the
announcement of the Merger on the ability of REG to retain and hire
key personnel and maintain relationships with its customers,
suppliers and others with whom it does business; the effect of the
announcement of the Merger on REG’s operating results and business
generally or that it interrupts or disrupts REG’s current plans or
diverts management’s attention from its ongoing business; the
amount of costs, fees and expenses related to the Merger; the
nature, cost and outcome of any litigation and other legal
proceedings, including any such proceedings related to the Merger
and instituted against REG and others; the amount of costs, fees
and expenses related to the Merger; the risk that REG’s stock price
may decline significantly if the Merger is not consummated, the
risk that the merger agreement may be terminated in circumstances
requiring REG to pay a termination fee; the impact of COVID-19 on
REG’s business and operations, financial performance, including
revenues, cost of revenues and operating expenses; 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
availability, future price, and volatility of feedstocks; the
availability, future price and volatility of petroleum and products
derived from petroleum; risks associated with fire, explosions,
leaks, weather related events and other natural disasters at REG’s
facilities; any disruption of operations at the Geismar renewable
diesel refinery (which would have a disproportionately adverse
effect on REG’s 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; potential failure to comply with government
regulations; competition in the markets in which the Company
operates; technological advances or new methods of biomass-based
diesel production or the development of energy alternatives to
biomass-based diesel; the Company’s indebtedness and compliance, or
failure to comply, with restrictive and financial covenants in our
various debt agreements; risks associated with customer
negotiations; and other risks and uncertainties described in the
Company’s annual report on Form 10-K for the year ended December
31, 2020 and subsequent periodic filings with the Securities and
Exchange Commission. All forward-looking statements are made as of
the date of this press release and the Company does not undertake
to update any forward-looking statements based on new developments
or changes in its expectations.
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2021,
2020 AND 2019
(IN THOUSANDS, EXCEPT SHARE AND PER
SHARE AMOUNTS)
(UNAUDITED)
2021
2020
2019
REVENUES:
Bio-based diesel sales
$
2,597,731
$
1,700,724
$
1,875,076
Separated RIN sales
355,541
129,715
98,285
Bio-based diesel government incentives
290,778
305,302
650,215
3,244,050
2,135,741
2,623,576
Other revenues
—
1,407
1,640
3,244,050
2,137,148
2,625,216
COSTS OF GOODS SOLD
2,874,157
1,868,794
2,111,324
GROSS PROFIT
369,893
268,354
513,892
SELLING, GENERAL, AND ADMINISTRATIVE
EXPENSES
140,511
119,302
118,209
GAIN ON DISPOSAL OF PROPERTY, PLANT AND
EQUIPMENT
(1,462
)
(205
)
—
IMPAIRMENT OF PROPERTY, PLANT, AND
EQUIPMENT
7,359
22,404
12,208
INCOME FROM OPERATIONS
223,485
126,853
383,475
OTHER INCOME (EXPENSE), NET:
(24,145
)
1,889
(11,550
)
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES
199,340
128,742
371,925
INCOME TAX BENEFIT (EXPENSE)
14,479
(5,929
)
570
NET INCOME FROM CONTINUING OPERATIONS
$
213,819
$
122,813
$
372,495
NET LOSS ON DISCONTINUED OPERATIONS
$
—
$
—
$
(9,667
)
NET INCOME
$
213,819
$
122,813
$
362,828
NET INCOME FROM CONTINUING OPERATIONS
AVAILABLE TO COMMON STOCKHOLDERS
$
211,691
$
120,415
$
364,257
NET LOSS FROM DISCONTINUED OPERATIONS
AVAILABLE TO COMMON STOCKHOLDERS
$
—
$
—
$
(9,667
)
Basic net income (loss) per share
available to common stockholders
Continuing operations
$
4.48
$
3.07
$
9.51
Discontinued operations
$
—
$
—
$
(0.25
)
Net income per share
$
4.48
$
3.07
$
9.27
Diluted net income (loss) per share
available to common stockholders
Continuing operations
$
4.44
$
2.76
$
8.61
Discontinued operations
$
—
$
—
$
(0.25
)
Net income per share
$
4.44
$
2.76
$
8.38
Weighted-average shares used to compute
basic net income (loss) per share available to common
stockholders:
Basic
47,302,924
39,199,687
38,288,610
Weighted-average shares used to compute
diluted net income (loss) per share available to common
stockholders:
Continuing operations
47,718,228
43,686,989
42,320,980
Discontinued operations
47,718,228
43,686,989
38,288,610
Net income
47,718,228
43,686,989
42,320,980
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES
CONDENSED SUPPLEMENTAL QUARTERLY
RESULTS OF OPERATIONS
FOR THE THREE AND TWELVE MONTHS ENDED
DECEMBER 31, 2021 AND 2020
(IN THOUSANDS, EXCEPT SHARE AND PER
SHARE AMOUNTS)
(UNAUDITED)
Three Months Ended
December 31, 2021
Three Months Ended
December 31, 2020
Twelve Months Ended December
31, 2021
Twelve Months Ended December
31, 2020
Revenues
$
881,744
$
547,928
$
3,244,050
$
2,137,148
Gross profit
83,670
66,281
369,893
268,354
Selling, general, and administrative
expenses including research and development expense
39,965
32,331
140,511
119,302
Gain on disposal of property, plant, and
equipment
(1,423
)
(18
)
(1,462
)
(205
)
Impairment of property, plant and
equipment
2,123
3,148
7,359
22,404
Income from operations
43,005
30,820
223,485
126,853
Other income (expense), net
(9,405
)
(1,729
)
(24,145
)
1,889
Income tax benefit (expense)
19,014
(1,922
)
14,479
(5,929
)
Net income
52,614
27,168
213,819
122,813
Net income available to common
stockholders
52,212
26,685
211,691
120,415
Basic net income per share available to
common stockholders:
Net income per share
$
1.04
$
0.68
$
4.48
$
3.07
Diluted net income per share available to
common stockholders;
Net income per share
$
1.03
$
0.60
$
4.44
$
2.76
RENEWABLE ENERGY GROUP, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
AS OF DECEMBER 31, 2021 AND 2020 (IN
THOUSANDS)
(UNAUDITED)
2021
2020
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
497,653
$
84,441
Marketable securities
290,818
149,521
Accounts receivable, net
158,187
143,475
Inventories
453,592
209,361
Prepaid expenses and other assets
93,443
67,657
Restricted cash
4,218
3,777
Total current assets
1,497,911
658,232
Long-term marketable securities
167,767
120,022
Property, plant and equipment, net
677,444
594,796
Right of use assets
51,730
28,840
Goodwill
43,864
16,080
Intangible assets, net
53,175
10,708
Deferred tax assets - noncurrent
6,171
—
Other assets
60,882
32,720
TOTAL ASSETS
$
2,558,944
$
1,461,398
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt
$
—
$
50,088
Current maturities of operating lease
obligations
13,026
14,581
Accounts payable
162,847
132,938
Accrued expenses and other liabilities
53,884
34,875
Deferred revenue
16,856
13,488
Total current liabilities
246,613
245,970
Deferred income taxes
4,659
6,607
Long-term debt, net
536,757
15,158
Long-term operating lease obligations
38,989
15,223
Other liabilities
4,100
4,485
Total liabilities
831,118
287,443
COMMITMENTS AND CONTINGENCIES
TOTAL EQUITY
1,727,826
1,173,955
TOTAL LIABILITIES AND EQUITY
$
2,558,944
$
1,461,398
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220228006249/en/
Renewable Energy Group Todd Robinson Deputy CFO & Treasurer
+1 (515) 239-8048 Todd.Robinson@regi.com
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