Sign In  |  Register  |  About Livermore  |  Contact Us

Livermore, CA
September 01, 2020 1:25pm
7-Day Forecast | Traffic
  • Search Hotels in Livermore

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Benson Hill Announces Third Quarter 2022 Financial Results and Raises 2022 Guidance

  • Consolidated revenues increased 307 percent year-over-year to $130 million driven by a 429 percent increase in Ingredients segment revenues.
  • Management raised 2022 guidance with consolidated revenues in the range of $430 million to $455 million and gross profit of $14 million to $17 million.
  • Management has taken actions intended to fully fund the business to expected positive EBITDA and free cash flow in 2025.

Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the quarter ended Sept. 30, 2022.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221110005412/en/

Benson Hill, Inc. (NYSE: BHIL), a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the quarter ended Sept. 30, 2022. (Graphic: Business Wire)

Benson Hill, Inc. (NYSE: BHIL), a food tech company unlocking the natural genetic diversity of plants, today announced operating and financial results for the quarter ended Sept. 30, 2022. (Graphic: Business Wire)

“Our team members delivered another quarter of impressive results, which positions Benson Hill to end 2022 with better than expected financial performance. We have also taken recent actions that, when combined with strong execution and prudent cash management, are intended to fully fund the business to profitability,” said Matt Crisp, Chief Executive Officer of Benson Hill. “Macro factors and the current economic environment are underscoring the need for seed-to-fork innovation across our food system, and position Benson Hill for further growth.”

Third Quarter Results Compared to the Same Period of 2021

The impact of mark-to-market timing differences on the profit and loss statement and reconciliation of non-GAAP financial measures can be found on pages 7 and 12, respectively.

  • Revenues were $130.2 million, an increase of $98.2 million, or 307 percent, led by rapid growth in the Ingredients segment, which was partially offset by a decline in revenues in the Fresh segment.
  • Gross profit was $4.4 million, an increase in profitability of $4.0 million due to profit contribution in the Ingredients segment, which was partially offset by a gross loss in the Fresh segment. The results included a $1.4 million gain related to unrealized mark-to-market timing differences.
  • Operating expenses were $32.5 million, a decrease of $6.1 million, which included $8.1 million for non-cash items. The decline was primarily driven by one-time public company expenses incurred in 2021, which were partially offset by increased staffing and related expenses in the current quarter to support Benson Hill’s rapid growth.
  • Inclusive of the mark-to-market timing differences, the reported net loss and Adjusted EBITDA were $30.2 million and $17.5 million, respectively.
  • Cash and marketable securities on hand were $192.9 million as of Sept. 30, 2022.

Ingredients Segment

  • Revenues for the segment were $122.3 million, an increase of $99.1 million, or 429 percent. Proprietary soy revenues were $26.0 million, an increase of approximately 300 percent. The increase in revenues was mostly driven by the enablement of the closed-loop business model for sales of proprietary and non-proprietary soy and yellow pea ingredient and achievement of better-than-expected throughput capacity at the Creston, Iowa and Seymour, Indiana soy facilities acquired in the prior year.
  • Gross profit was $5.9 million, which includes $1.4 million for unrealized gains related to mark-to-market timing differences to offset unrealized losses incurred in the first quarter. Robust operating performance in the quarter was the result of top line growth of proprietary and non-proprietary products as well as recognition of modest, high-margin revenue contribution from the strategic partnership with ADM.
  • Inclusive of the mark-to-market timing differences, Adjusted EBITDA for the segment was a loss of $0.3 million, a $5.0 million improvement.

Fresh Segment

  • Revenues for the segment were $7.9 million, a decrease of $0.9 million, or 11 percent due to adverse weather conditions in Florida and Georgia during the quarter.
  • Gross loss was $1.6 million as a result of weather-related challenges that required high cost purchases of fresh produce to meet contract obligations.
  • Adjusted EBITDA was a loss of $2.9 million, which was a decrease of $0.5 million.

First Nine-Months Results Compared to the Same Period of 2021

  • Revenues were $333.4 million, an increase of $229.9 million, or 222 percent, led by robust growth in the Ingredients segment.
    • Ingredients segment revenues were $281.9 million, an increase of $221.8 million, or 369 percent. Proprietary revenues were $52.2 million, an increase of 158 percent.
    • Fresh segment revenues were $51.3 million, an increase of $8.0 million, or 18 percent.
  • Gross profit was $4.7 million, an increase in profitability of $3.8 million, which includes $1.6 million related to the remaining unrealized losses from mark-to-market timing differences in the first quarter. Performance year-to-date was favorably impacted by top line growth, proprietary revenue mix, and contributions from partnership and licensing, which was partially offset by cost pressures in the Ingredients segment supply chain, the second quarter write-down of inventory in the Fresh segment, as well as the impact from adverse weather during the third quarter. When considering the effect of the timing of the mark-to-market adjustments, year-to-date gross profit was $6.3 million.
  • Operating expenses were $102.4 million, an increase of $18.4 million due to higher costs to operate a fast-growing public company. Operating expense includes $26.7 million for non-cash items.
  • Inclusive of the mark-to-market timing differences, the reported net loss was $74.3 million compared to a net loss of $83.6 million. Adjusted EBITDA was a loss of $60.8 million compared to a loss of $50.8 million.
    • Ingredients segment Adjusted EBITDA was a loss of $16.3 million.
    • Fresh segment Adjusted EBITDA was loss of $1.0 million.

Liquidity

Planned revenue growth and gross margin expansion over the next three years will be the primary means to source the Company’s liquidity. The strategic and operating milestones achieved over the last 12 months validate Benson Hill’s mission and planned objectives in support of its previously stated 2025 financial targets:

  • Consolidated revenue in excess of $500 million, including $350 million or more of proprietary Ingredients revenue;
  • Gross profit margin greater than 25 percent; and
  • Positive EBITDA and free cash flow.

Management has taken proactive actions intended to fully fund the business, inclusive of debt repayments, to achieve its 2025 strategic and financial objectives. This includes an upfront technology access fee from ADM, a 12-month extension of the interest-only period for the current debt facility and the benefits from faster than expected business growth as well as operational efficiency gains. The Company also filed a registration statement to put in place an At-The-Market (“ATM”) facility for up to $100 million. Once effective, the ATM facility is expected to provide additional flexibility to supplement the Company’s cash position over the next two to three years.

As previously announced, the Company initiated a strategic review of the Fresh business earlier this year. As a result, interested parties are in discussions with management to acquire the business and related assets. The Company cannot assure that it will be able to consummate any strategic transaction on favorable or timely terms, if at all. If a transaction or transactions were to occur, the likely result will be a non-cash write-off of up to approximately 50 percent of the book value of the business. Management expects to use the net proceeds from a possible divestiture to further enhance the Company’s liquidity position.

Revised 2022 Outlook

As a result of the continued strong demand for non-proprietary ingredient soy and yellow pea products, management increased the Ingredient segment full-year revenue guidance to $370 million to $390 million, above the previous guidance of $275 million to $325 million. Full-year expectations for proprietary revenues remain in the range of $70 million to $80 million. Revenue guidance for the Fresh segment is now $60 million to $65 million versus the prior guidance of $65 million to $75 million. On a consolidated basis, the revised 2022 revenue guidance is now $430 million to $455 million.

Management raised its gross profit guidance to $14 million to $17 million compared to the prior forecast of $9 million to $13 million. The improvement is the result of the accelerated top-line growth, improved operating efficiencies anticipated in the fourth quarter, and the recognition of a portion of the expected revenue and profit contribution from the ADM strategic partnership. For the Fresh segment, the current forecast for annual gross margins is low single digits compared to the original guidance of high single digits.

The Company improved its guidance to a net loss of $106 million to $111 million, Adjusted EBITDA loss of $75 million to $80 million, and negative free cash flow of $95 million to $105 million.

Webcast

A webcast of the earnings conference call will begin at 8:30 a.m. ET today. The link to participate is available on the Investor Relations page of the Company’s website.

Use of Non-GAAP Financial Measures

In this press release, the Company includes non-GAAP performance measures. The Company uses these non-GAAP financial measures to facilitate management's financial and operational decision-making, including evaluation of the Company’s historical operating results. The Company’s management believes these non-GAAP measures are useful in evaluating the Company’s operating performance and are similar measures reported by publicly listed U.S. competitors, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the reconciliations to corresponding GAAP financial measures, may provide a more complete understanding of factors and trends affecting the Company’s business. By providing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s performance for the periods presented. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. The Company’s definition of these non-GAAP measures may differ from similarly titled measures of performance used by other companies in other industries or within the same industry.

Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company's reported results of operations, management strongly encourages investors to review the Company's consolidated financial statements and publicly filed reports in their entirety. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures and the Company's definition of these non-GAAP measures is included in the tables accompanying this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events or the Company’s future financial or operating performance. These forward-looking statements include, among other things, statements regarding: the Company’s currently expected guidance regarding certain full year 2022 and projected 2025 financial results, including consolidated revenues, gross profit, gross profit margin, revenues for its proprietary soy portfolio, segment revenues, operating expense, capital expenditures, net loss, EBITDA, Adjusted EBITDA, cash usage, and free cash flow; expectations regarding actions intended to fully fund the business, inclusive of debt repayments, to achieve the Company’s 2025 strategic and financial objectives; the sufficiency of the Company’s cash position and planned capital generating activities to fund the business in future periods; the anticipated benefits of the Company’s ATM facility; the anticipated benefits and other aspects of the Company’s strategic partnership with ADM and the revenue expected to be generated thereby; the markets expected to be served by the Company’s strategic partnership with ADM; the potential divestiture and financial impact of the Company’s Fresh business segment; financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; expectations regarding the Company’s hedging and other risk management strategies, including expectations about future sales and purchases that relate to the Company’s mark-to-market adjustments; the Company’s strategies and plans for growth; the Company’s, positioning, resources, capabilities, and expectations for future performance; estimates and forecasts of financial and other performance metrics; projections of market opportunity, including with respect to market opportunity expected to result from the Company’s strategic partnership with ADM; the Company’s outlook and financial and other guidance; and management’s strategy and plans for growth. In some cases, the reader can identify forward-looking statements by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words. Such forward-looking statements are based upon assumptions made by Benson Hill as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, risks that the Company’s actions intended to fully fund the business, inclusive of debt repayments, to achieve the Company’s 2025 strategic and financial objectives may be insufficient to achieve such objectives; risks relating to the Company’s ability to achieve anticipated benefits of recent business combinations, which may be affected by, among other things, competition, the ability of the combined company to grow and achieve growth profitably, maintain relationships with customers and suppliers, and retain its management and key employees; the risk that the anticipated benefits and results of the Company’s strategic partnership with ADM will not be realized, including the risk that certain related milestones and performance objectives will not be achieved; the risk that the anticipated benefits of the Company’s ATM facility will not be achieved, including risks relating to the timing of effectiveness of the ATM facility and risks that the facility’s overall potential contribution to the Company may be less than anticipated; risks relating to the dilutive impact of the ATM facility; risks related to the potential divestiture of the Company’s Fresh business segment on the Company’s business relationships, operating results, stock price and business generally; the ability to generate and deploy capital, including capital from operations, capital drawn from the Company’s debt facility, capital expected to be raised through the Company’s ATM facility, and capital expected to result from the Company’s strategic partnership with ADM, in a manner that furthers the Company’s growth strategy, as well as the general ability to execute the Company’s business plans; industry conditions, including fluctuations in supply, demand and prices for agricultural commodities; the effects of weather conditions and the outbreak of crop disease on our business; global and regional economic, agricultural, financial and commodities market, political, social and health conditions; the effectiveness of our risk management strategies; the transition to becoming a public company; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. Forward-looking statements are also subject to the risks and other issues described above under “Use of Non-GAAP Financial Measures,” which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward looking statements will be achieved, including without limitation any expectations about our operational and financial performance or achievements through and including 2025. There may be additional risks about which the Company is presently unaware or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. The reader should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it expressly disclaims any duty to update these forward-looking statements, except as otherwise required by law.

Benson Hill, Inc.

Material Items Included in Consolidated Revenues and Cost of Sales

(In Thousands)

Currently, the Company does not seek cash flow hedge accounting treatment for its derivative financial instruments and thus changes in fair value are reflected in current earnings.

Mark-to-market timing difference comprises the estimated net temporary impact resulting from unrealized period-end gains/losses associated with the fair valuation of futures contracts associated with the Company’s committed future operating capacity. These mark-to-market timing differences are not indicative of the Company’s operating performance.

The Company recorded the fair value of acquired sales and purchase contracts in the acquisition of the Company’s Creston, Iowa location, which are amortized, not marked-to-market, to revenues and cost of sales to the physical contracts.

The table below summarizes the pre-tax gains and losses related to derivatives and contract assets and liabilities:

 

Nine Months Ended September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Open Mark-to-Market Timing Differences

YTD Reported

 

Q1 Impact

 

Q2 Impact

 

Q3 Impact

 

YTD Impact

 

YTD Excluding

Revenues

$

333,371

 

 

$

(5,002

)

 

$

3,885

 

$

3,267

 

$

2,150

 

 

$

331,221

 

Ingredients Segment

 

281,894

 

 

 

(5,002

)

 

 

3,885

 

 

3,267

 

 

2,150

 

 

 

279,744

 

Fresh Segment

 

51,318

 

 

 

 

 

 

 

 

 

 

 

 

 

51,318

 

Unallocated Other

 

159

 

 

 

 

 

 

 

 

 

 

 

 

 

159

 

Gross profit

$

4,721

 

 

$

(8,181

)

 

$

5,227

 

$

1,381

 

$

(1,573

)

 

$

6,294

 

Total operating expenses

$

102,416

 

 

$

 

 

$

 

$

 

$

 

 

$

102,416

 

Reported net loss

$

(74,299

)

 

$

(8,181

)

 

$

5,227

 

$

1,381

 

$

(1,573

)

 

$

(72,726

)

Adjusted EBITDA

$

(60,826

)

 

$

(8,181

)

 

$

5,227

 

$

1,381

 

$

(1,573

)

 

$

(59,253

)

  • First quarter of 2022: The net temporary unrealized period-end loss on revenues and cost of sales was $5.0 million and $3.2 million, respectively. The amortization of acquired sales and purchase contracts was $0.6 million.
  • Second quarter of 2022: The net temporary unrealized period-end gain on revenues and cost of sales was $3.9 million and $1.3 million, respectively. Management expects the remaining unrealized period-end loss of $2.9 million to reverse in the coming quarters.
  • Third quarter of 2022: The net temporary unrealized period-end gain on revenues and loss on cost of sales was $3.3 million and $1.9 million, respectively. Management expects the remaining unrealized period-end loss of $1.6 million to reverse by the end of 2022.
  • See Adjusted EBITDA reconciliation on page 12. 
 

Benson Hill, Inc.

Condensed Consolidated Balance Sheets

(In Thousands)

 

September 30,

 

December 31,

2022

 

2021

 

(Unaudited)

 

 

Assets

Current assets:

Cash and cash equivalents

$

29,978

 

$

78,963

Marketable securities

 

162,939

 

 

103,689

Accounts receivable, net

 

38,213

 

 

31,729

Inventories, net

 

42,575

 

 

48,724

Prepaid expenses and other current assets

 

11,786

 

 

20,253

Total current assets

 

285,491

 

 

283,358

Property and equipment, net

 

126,211

 

 

126,885

Right of use asset, net

 

72,882

 

 

77,452

Goodwill and intangible assets, net

 

42,148

 

 

42,664

Other assets

 

4,545

 

 

4,538

Total assets

$

531,277

 

$

534,897

September 30,

 

December 31,

2022

 

2021

 

(Unaudited)

 

 

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

26,451

 

 

$

35,508

 

Revolving line of credit

 

 

 

 

47

 

Current lease liability

 

3,352

 

 

 

2,422

 

Current maturities of long-term debt

 

3,173

 

 

 

6,934

 

Accrued expenses and other current liabilities

 

29,918

 

 

 

26,771

 

Total current liabilities

 

62,894

 

 

 

71,682

 

Long-term debt

 

106,507

 

 

 

77,170

 

Long-term lease liability

 

79,531

 

 

 

79,154

 

Warrant liabilities

 

29,556

 

 

 

46,051

 

Conversion option liability

 

10,207

 

 

 

8,783

 

Deferred tax liabilities

 

297

 

 

 

294

 

Other non-current liabilities

 

184

 

 

 

316

 

Total liabilities

 

289,175

 

 

 

283,450

 

Stockholders’ equity:

 

Redeemable convertible preferred stock, $0.0001 par value; 1,000 and 1,000 shares authorized, 0 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively

 

 

 

 

 

Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, 206,437 and 178,089 shares issued and outstanding as of September 30, 2022, and December 31, 2021, respectively

 

21

 

 

 

18

 

Additional paid-in capital

 

605,884

 

 

 

533,101

 

Accumulated deficit

 

(354,868

)

 

 

(280,569

)

Accumulated other comprehensive loss

 

(8,935

)

 

 

(1,103

)

Total stockholders’ equity

 

242,102

 

 

 

251,447

 

Total liabilities and stockholders’ equity

$

531,277

 

 

$

534,897

 

 

Benson Hill, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Per Share Information)

 

Three Months

Ended September 30,

 

Nine Months

Ended September 30,

2022

 

2021

 

2022

 

2021

Revenues

 

130,179

 

 

 

32,000

 

 

 

333,371

 

 

 

103,494

 

Cost of sales

 

125,812

 

 

 

31,591

 

 

 

328,650

 

 

 

102,546

 

Gross profit (loss)

 

4,367

 

 

 

409

 

 

 

4,721

 

 

 

948

 

Operating expenses:

 

 

 

 

 

Research and development

 

11,433

 

 

 

10,458

 

 

 

35,756

 

 

 

26,403

 

Selling, general and administrative expenses

 

21,042

 

 

 

28,076

 

 

 

66,660

 

 

 

57,570

 

Total operating expenses

 

32,475

 

 

 

38,534

 

 

 

102,416

 

 

 

83,973

 

Loss from operations

 

(28,108

)

 

 

(38,125

)

 

 

(97,695

)

 

 

(83,025

)

Other (income) expense:

 

 

 

 

 

Interest expense, net

 

6,278

 

 

 

1,498

 

 

 

16,190

 

 

 

4,033

 

Loss on extinguishment of debt

 

 

 

 

11,742

 

 

 

 

 

 

11,742

 

Change in fair value of warrants

 

(4,035

)

 

 

(15,244

)

 

 

(41,676

)

 

 

(12,525

)

Other expense (income), net

 

(195

)

 

 

(2,065

)

 

 

2,060

 

 

 

(2,453

)

Total other (income) expense, net

 

2,048

 

 

 

(4,069

)

 

 

(23,426

)

 

 

797

 

Net loss before income tax

 

(30,156

)

 

 

(34,056

)

 

 

(74,269

)

 

 

(83,822

)

Income tax expense (benefit)

 

13

 

 

 

218

 

 

 

30

 

 

 

218

 

Net loss

$

(30,169

)

 

$

(34,274

)

 

$

(74,299

)

 

$

(84,040

)

Net loss per common share:

 

 

 

Basic and diluted loss per common share

$

(0.16

)

 

$

(0.29

)

 

$

(0.42

)

 

$

(0.71

)

Weighted average shares outstanding:

 

 

 

Basic and diluted weighted average shares outstanding

 

186,097

 

 

 

118,709

 

 

 

177,539

 

 

 

117,714

 

 

Benson Hill, Inc.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

(In Thousands)

 

Three Months

Ended September 30,

 

Nine Months

Ended September 30,

2022

 

2021

 

2022

 

2021

Net loss

$

(30,169

)

 

$

(34,274

)

 

$

(74,299

)

 

$

(84,040

)

Foreign currency:

 

 

 

 

 

Comprehensive loss

 

(1

)

 

 

31

 

 

 

(46

)

 

 

30

 

 

 

(1

)

 

 

31

 

 

 

(46

)

 

 

30

 

Marketable securities:

 

 

 

 

 

 

 

Comprehensive (loss) income

 

(1,759

)

 

 

(121

)

 

 

(9,918

)

 

 

150

 

Adjustments for net income (losses) realized in net loss

 

(97

)

 

 

144

 

 

 

2,132

 

 

 

(203

)

Total other comprehensive (loss) income

 

(1,857

)

 

 

54

 

 

 

(7,832

)

 

 

(23

)

Total comprehensive loss

$

(32,026

)

 

$

(34,220

)

 

$

(82,131

)

 

$

(84,063

)

 

Benson Hill, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In Thousands)

 

Nine Months Ended September 30,

2022

 

2021

Operating activities

 

 

 

Net loss

$

(74,299

)

 

$

(84,040

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

16,504

 

 

 

8,460

 

Stock-based compensation expense

 

15,771

 

 

 

2,769

 

Bad debt expense

 

724

 

 

 

184

 

Change in fair value of warrants and conversion option

 

(41,676

)

 

 

(12,525

)

Accretion and amortization related to financing activities

 

8,481

 

 

 

1,329

 

Loss on extinguishment of debt

 

 

 

 

11,742

 

Other

 

6,312

 

 

 

1,766

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(7,208

)

 

 

2,492

 

Inventories

 

6,441

 

 

 

(5,450

)

Prepaid expenses and other current assets

 

8,052

 

 

 

(7,567

)

Accounts payable

 

(6,093

)

 

 

3,917

 

Accrued expenses

 

2,604

 

 

 

3,340

 

Net cash used in operating activities

 

(64,387

)

 

 

(73,583

)

Investing activities

 

 

 

Purchases of marketable securities

 

(350,333

)

 

 

(100,278

)

Proceeds from maturities of marketable securities

 

109,514

 

 

 

2,155

 

Proceeds from sales of marketable securities

 

170,217

 

 

 

198,195

 

Payments for acquisitions of property and equipment

 

(11,835

)

 

 

(26,603

)

Payment made in connection with business acquisitions

 

(1,044

)

 

 

(10,853

)

Net cash (used in) provided by investing activities

 

(83,481

)

 

 

62,616

 

Financing activities

 

 

 

Net contributions from Merger and PIPE financing, net of transaction costs (of $3,761)

 

80,825

 

 

 

285,378

 

Payments for extinguishment of debt

 

 

 

 

(43,082

)

Principal payments on debt

 

(6,736

)

 

 

(3,917

)

Proceeds from issuance of debt

 

24,040

 

 

 

19,816

 

Borrowing under revolving line of credit

 

18,970

 

 

 

20,464

 

Repayments under revolving line of credit

 

(19,017

)

 

 

(20,464

)

Repayments of financing lease obligations

 

(1,103

)

 

 

(600

)

Payment of deferred offering costs

 

 

 

 

 

Net Settlement for withholding taxes upon delivery of equity-based awards

 

 

 

 

 

Proceeds from the exercise of stock options and warrants

 

1,950

 

 

 

635

 

Net cash provided by financing activities

 

98,929

 

 

 

258,230

 

Effect of exchange rate changes on cash

 

(46

)

 

 

30

 

Net (decrease) increase in cash and cash equivalents

 

(48,985

)

 

 

247,293

 

Cash and cash equivalents, beginning of period

 

78,963

 

 

 

9,743

 

Cash and cash equivalents, end of period

$

29,978

 

 

$

257,036

 

 

 

Nine Months Ended September 30,

2022

 

2021

Supplemental disclosure of cash flow information

 

 

 

Cash paid for taxes

$

1

 

 

$

30

 

Cash paid for interest

$

9,864

 

 

$

4,782

 

Supplemental disclosure of non-cash activities

 

 

 

Issuance of stock warrants

$

 

 

$

4,551

 

Conversion of warrants upon Merger

$

 

 

$

4,576

 

Warrants acquired in Merger

$

 

 

$

50,850

 

Merger transaction costs included in accrued expenses and other current liabilities

$

 

 

$

4,231

 

Business acquisition purchase price included in accrued expense and other current liabilities

$

 

 

$

3,714

 

Purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities

$

2,710

 

 

$

4,123

 

Purchases of inventory included in accounts payable, accrued expenses and other current liabilities

$

292

 

 

$

 

Financing leases commencing in the period

$

806

 

 

$

735

 

 

Benson Hill, Inc.

Supplemental Schedules - Segment Information and Non-GAAP Reconciliation

(Dollar Amounts in Thousands)

The Company defines and calculates Adjusted EBITDA as consolidated net loss before net interest expense, income tax provision, and depreciation and amortization, further adjusted to exclude stock-based compensation, other income and expense, and the impact of significant non-recurring items.

Three Months Ended September 30, 2022

Revenue

 

Adjusted

EBITDA

Ingredients

 

122,276

 

 

(280

)

Fresh

 

7,883

 

 

(2,938

)

Unallocated and other

 

20

 

 

(14,252

)

Total segment results

$

130,179

 

$

(17,470

)

Adjustments to reconcile consolidated net loss to Adjusted EBITDA:

Consolidated net loss

(30,169

)

Interest expense, net

6,278

 

Income tax expense (benefit)

13

 

Depreciation and amortization

5,523

 

Stock-based compensation

4,412

 

Other expense (income), net

(195

)

Change in fair value of warrants and conversion option

(4,035

)

Other nonrecurring costs, including acquisition, transaction, and integration costs

403

 

Non-recurring SOX readiness costs

60

 

Severance expense

240

 

Total Adjusted EBITDA

(17,470

)

Three Months Ended September 30, 2021

Revenue

 

Adjusted

EBITDA

Ingredients

 

23,129

 

 

(5,292

)

Fresh

 

8,812

 

 

(2,402

)

Unallocated and other

 

59

 

 

(12,450

)

Total segment results

$

32,000

 

$

(20,144

)

Adjustments to reconcile consolidated net loss to Adjusted EBITDA:

Consolidated net loss

(34,274

)

Interest expense, net

1,498

 

Income tax (expense) benefit

218

 

Depreciation and amortization

3,030

 

Stock-based compensation

1,413

 

Other expense (income), net

(2,065

)

Change in fair value of warrants

(15,244

)

Other non-recurring costs, including acquisition costs

741

 

Loss on Extinguishment of debt

11,742

 

Merger transaction costs

11,693

 

Non-recurring public company readiness costs

1,104

 

Total Adjusted EBITDA

(20,144

)

​Nine Months Ended September 30, 2022

Revenue

 

Adjusted

EBITDA

Ingredients

 

281,894

 

 

(16,319

)

Fresh

 

51,318

 

 

(1,014

)

Unallocated and other

 

159

 

 

(43,495

)

Total segment results

$

333,371

 

$

(60,828

)

Adjustments to reconcile consolidated net loss to Adjusted EBITDA:

Consolidated net loss

 

(74,299

)

Interest expense, net

 

16,190

 

Income tax (benefit) expense

 

30

 

Depreciation and amortization

 

16,504

 

Stock-based compensation

 

15,771

 

Other expense (income), net

 

2,060

 

Change in fair value of warrants and conversion options

 

(41,674

)

Other nonrecurring costs, including acquisition, transaction, and integration costs

 

516

 

Non-recurring SOX readiness costs

 

342

 

Severance expense

 

529

 

Fresh segment crop failure costs

 

1,567

 

PIPE Investment transaction costs

 

705

 

Fresh segment restructuring expenses

 

933

 

Total Adjusted EBITDA

$

(60,826

)

​Nine Months Ended September 30, 2021

Revenue

 

Adjusted

EBITDA

Ingredients

 

60,048

 

 

(18,489

)

Fresh

 

43,282

 

 

(2,574

)

Unallocated and other

 

164

 

 

(29,702

)

Total segment results

$

103,494

 

$

(50,765

)

Adjustments to reconcile consolidated net loss to Adjusted EBITDA:

Consolidated net loss

 

(84,040

)

Depreciation and amortization

 

8,460

 

Stock-based compensation

 

2,769

 

Other expense (income), net

 

(2,453

)

Change in fair value of warrants and conversion options

 

(12,525

)

Interest expense, net

 

4,033

 

Other nonrecurring items, including acquisition costs

 

1,268

 

South America seed production costs

 

2,805

 

Non-recurring public company readiness costs

 

5,265

 

Income tax expense

 

218

 

Total Adjusted EBITDA

$

(50,765

)

 

Benson Hill, Inc.

Supplemental Schedules – 2022 Non-GAAP Reconciliation

(Dollar Amounts in Thousands)

 

Adjustments to reconcile estimated 2022 consolidated net loss to estimated Adjusted EBITDA:

 

2022 Estimate

Consolidated net loss

$ (106,000) – (111,000)

Interest expense, net

24,000

Depreciation and amortization

22,000

Stock-based compensation

20,000

Other non-recurring costs

(35,000)

Total Adjusted EBITDA

$ (75,000) – (80,000)

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 Livermore.com & California Media Partners, LLC. All rights reserved.