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Benson Hill Announces Third Quarter 2023 Financial Results, Improves 2023 Outlook, and Pays Down Debt

  • Reported revenues decreased 8 percent year-over-year to approximately $113.1 million. Proprietary revenues increased by 27 percent year-over-year.
  • Reported gross profit was $4.1 million (gross loss of $0.2 million when excluding an approximate $4.3 million impact from open mark-to-market timing differences).
  • The Company ended the third quarter with $86.2 million of cash, restricted cash, and marketable securities.
  • Management improves its 2023 financial guidance.
  • The Company expects to pay down approximately 50 percent of the senior convertible debt in November.

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 September 30, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231109972823/en/

Benson Hill Announces Third Quarter 2023 Financial Results, Improves 2023 Outlook, and Pays Down Debt (Graphic: Business Wire)

Benson Hill Announces Third Quarter 2023 Financial Results, Improves 2023 Outlook, and Pays Down Debt (Graphic: Business Wire)

“Our team effectively managed a challenging third quarter, addressing some softness in soy crush margins and reduced demand for proprietary products because of market headwinds,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “The combination of the sale of certain non-core licensing technologies and higher-than-planned soy white flake ingredient sales expected in the fourth quarter positions us to end 2023 consistent with our prior guidance for gross profit. We expect these market challenges to persist, further supporting our decision to accelerate the shift to an asset-light business model designed to serve broadacre animal feed markets with our seed innovations enabled through the CropOS® platform.”

Third Quarter Results Compared to the Same Period of 2022

The following financial results exclude the completed divestiture of the Fresh business on June 30, 2023. The impact of open mark-to-market timing differences on the statement of operations and reconciliation of non-GAAP financial measures can be found in the accompanying financial tables.

  • Reported revenues were $113.1 million, a decrease of $9.2 million, or 7.5 percent, driven by a 17 percent decline in non-proprietary revenues due to record-level crush margins for soy and yellow pea in the third quarter of last year. Proprietary revenues were $33.1 million, a 27.2 percent increase, driven by greater availability of products compared to the prior year and the sale of proprietary soybeans into the commodity market. Reported revenues included an unfavorable $0.1 million impact from open mark-to-market timing differences.
  • Gross profit was $4.1 million, a decrease of $1.8 million. Excluding a favorable impact of $4.3 million from open mark-to-market timing differences, gross profit decreased by $4.7 million to a loss of $0.2 million due to the sale of proprietary products into the commodity markets at unfavorable margins and non-recurring factors affecting the supply chain, including logistics and unscheduled maintenance costs at our processing facilities.
  • Operating expenses were $28.4 million, a decrease of $2 million. The decrease was driven by the Liquidity Improvement Plan actions to deliver an expected $15 million run rate reduction in 2023 partially offset by $2.5 million of non-recurring expenses. Excluding the non-recurring items, operating expenses declined by approximately 14.7 percent to $25.9 million.
    • Selling, general, and administrative expenses were $17.9 million, a decrease of $1 million or 5.5 percent inclusive of non-recurring costs.
    • R&D expenses were $10.5 million, a decrease of $0.9 million or 8 percent.
  • Inclusive of open mark-to-market timing differences, net loss from continuing operations, net of income taxes, was $19.2 million, a decrease in reported loss of $7.2 million. Adjusted EBITDA was a loss of $14.2 million compared to a loss of $14.7 million in the prior year. Excluding the impact of open mark-to-market timing differences, the Adjusted EBITDA loss in the quarter was $18.5 million compared to a loss of $16.1 million for the same period last year.
  • Cash, restricted cash, and marketable securities of $86.2 million were on hand as of September 30, 2023.

First Nine-Months Results Compared to the Same Period of 2022

The following financial results exclude the completed divestiture of the Fresh business on June 30, 2023. The impact of open mark-to-market timing differences on the statement of operations and reconciliation of non-GAAP financial measures can be found in the accompanying financial tables.

  • Reported revenues were $356.7 million, an increase of $74.7 million, or 26.5 percent. Proprietary revenues were $77 million, an increase of 47.3 percent, driven by proprietary product sales into the aquaculture market and some limited soybean sales into the commodity markets. Reported revenues included a $6.3 million gain from open mark-to-market timing differences.
  • Gross profit was $16.6 million, an increase in profitability of $13.9 million, and includes a $6.4 million gain related to open mark-to-market timing differences. Overall profitability increased in dollar and margin percentage terms due to the combination of partnership and licensing agreements and improved operating results compared to start-up costs incurred in the prior year.
  • Operating expenses were $97.6 million, an increase of $2.4 million, or 2.5 percent, which include approximately $17.3 million of non-recurring costs, including a $19.2 million impairment of the carrying value of goodwill. Excluding these non-recurring items, operating expenses declined by 15.6 percent to $80.3 million due to cost reductions realized through the Company’s Liquidity Improvement Plan.
  • Inclusive of the mark-to-market timing differences and goodwill impairment, the reported net loss from continuing operations, net of income taxes, was $73.2 million compared to a net loss of $68.9 million. Adjusted EBITDA was a loss of $41 million compared to a loss of $59.8 million.

2023 Outlook

Excludes the Fresh business which was divested on June 30, 2023.

Management improved its guidance for 2023, driven by expectations for improved performance in the fourth quarter and continued benefits from the Liquidity Improvement Plan.

 

2023 Guidance1

$ USD Millions

November 9

August 9

Consolidated revenues

$440 - $450

$390 - $430

Proprietary revenues

$100 - $110

$100 - $110

Gross profit

$20 - $25

$20 - $25

Operating expenses

$122 - $127

$122 - $127

Operating expenses, as adjusted2

$101 - $106

$110 - $115

Net loss from continuing operations, net of income taxes

$(100) - $(105)

$(127) - $(137)

Adjusted EBITDA2

$(50) - $(55)

$(53) - $(58)

Capital expenditures

$10 - $15

$15 - $20

Free cash flow2

$(102) - $(107)

$(110) - $(118)

1 Categories such as income tax expense (benefit) and changes in fair value of warrants and conversion option, stock-based compensation and significant non-recurring items may impact the actual full-year non-GAAP reconciliation for both Adjusted EBITDA and Free Cash Flow. These amounts cannot be estimated at this time.

2 Reconciliation of non-GAAP financial measures can be found in the accompanying financial tables.

Webcast

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

About Benson Hill

Benson Hill moves food forward with the CropOS® platform, a cutting-edge food innovation engine that combines data science and machine learning with biology and genetics. Benson Hill empowers innovators to unlock nature’s genetic diversity from plant to plate, with the purpose of creating nutritious, great-tasting food and ingredient options that are both widely accessible and sustainable. More information can be found at bensonhill.com or on X, formerly known as Twitter at @bensonhillinc.

Use of Non-GAAP Financial Measures

In this press release, the Company includes references to 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 referencing 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. In addition, the Company has and may in the future modify how it calculates non-GAAP performance measures. 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 condensed consolidated financial statements and publicly filed reports in their entirety. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” or similar words, as well as the negative of such statements. These forward-looking statements are based upon assumptions made by the Company 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. These forward-looking statements include, among other things, statements regarding the Company’s current guidance regarding certain expected 2023 financial and operating results, including guidance regarding consolidated, proprietary and non-proprietary revenues, consolidated gross profit, net loss from continuing operations, Adjusted EBITDA, run rate cash savings, operating expenses and operating expenses adjustments, and free cash flow; statements regarding the Company’s current expectations and assumptions regarding the industries and markets in which it operates, including its transition to an asset-light business model to serve broadacre animal feed markets; macro-economic trends, including regarding commodity and proprietary markets and inflationary pressures; projections of market opportunity; statements regarding asset sales; statements regarding the Company’s Liquidity Improvement Plan and other cost-saving measures, actions to implement such plan, and the anticipated benefits of and timeline to implement such plans; expectations regarding revenue and gross profit mix; the Company’s ability to identify and evaluate its strategic alternatives and effect potential strategic opportunities in ways that maximize shareholder value; expectations regarding the Company’s ability to continue as a going concern; statements regarding the execution of the Company’s business plan, the strategic review of the Company’s business, and the Company’s executive leadership transition; expectations regarding future costs and uses of free cash flow; expectations regarding the unwinding of mark-to-market timing differences and the Company’s assessment of its futures contracts; any 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 and the fair valuation of futures contracts; the Company’s strategies, positioning, resources, capabilities, and expectations for future performance; estimates and forecasts of financial and other performance metrics; the Company’s outlook and financial and other guidance. Factors that may cause actual results to differ materially from current expectations and guidance include, but are not limited to: risks associated with the Company’s Liquidity Improvement Plan and other cost saving measures, including potentially adverse impacts on the Company’s business and prospects even if such plans are successful; the risk that the Company’s actions relating to its Liquidity Improvement Plan and other cost saving measures may be insufficient to achieve the objectives of such plans; liquidity and other risks relating to the Company’s ability to continue as a going concern; the risk that the Company may fail to achieve its guidance; risks associated with the Company’s ability to grow and achieve growth profitably, including continued access to the capital resources necessary for growth; risks relating to the Company’s plans to sell certain assets; the risk that the Company will be unable to renegotiate or retire any of its existing debt on favorable terms, or at all; risks relating to the failure to realize the anticipated benefits of the Company’s shelf registration statement, including its at-the-market facility, or otherwise failing to raise equity or other capital to supplement its cash needs; risks associated with the Company’s execution of its executive leadership transition, including, among others, risks relating to maintaining key employee, customer, partner and supplier relationships; risks relating to 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 and the fair valuation of futures contracts; the risk that the Company will not realize the anticipated benefits of the divestiture of the Fresh business; risks associated with managing capital resources; risks associated with maintaining relationships with customers and suppliers and developing and maintaining partnering and licensing relationships; risks associated with changing industry conditions and consumer preferences; risks associated with the Company’s ability to generally execute on its business strategy, including its transition to an asset-light business model to serve broadacre animal feed markets; risks associated with the effects of global and regional economic, agricultural, financial and commodities market, political, social and health conditions; the effectiveness of the Company’s risk management strategies; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in our filings with the 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. 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 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; 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 table below summarizes the pre-tax gains and losses related to derivatives and contract assets and liabilities:

 

Nine Months Ended September 30, 2023

 

 

 

Open Mark-to-Market Timing Differences

In Thousands

YTD Reported

 

Q1 Impact

 

Q2 Impact

 

Q3 Impact

 

YTD Impact

 

YTD Excluding

Revenues

$

356,747

 

 

$

6,725

 

$

(275

)

 

$

(131

)

 

$

6,319

 

$

350,428

 

Gross profit

$

16,630

 

 

$

5,229

 

$

(3,110

)

 

$

4,298

 

 

$

6,417

 

$

10,213

 

Total operating expenses

$

97,598

 

 

$

 

$

 

 

$

 

 

$

 

$

97,598

 

Net loss from continuing operations, net of income taxes

$

(73,203

)

 

$

5,229

 

$

(3,110

)

 

$

4,298

 

 

$

6,417

 

$

(79,620

)

Adjusted EBITDA

$

(40,981

)

 

$

5,229

 

$

(3,110

)

 

$

4,298

 

 

$

6,417

 

$

(47,398

)

  • See Adjusted EBITDA reconciliation in the accompanying financial tables.

Benson Hill, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

(In Thousands, Except Per Share Data)

September 30,

2023

 

December 31,

2022

Assets

Current assets:

Cash and cash equivalents

$

12,041

 

 

$

25,053

 

Restricted cash

 

20,438

 

 

 

17,912

 

Marketable securities

 

53,524

 

 

 

132,121

 

Accounts receivable, net

 

37,553

 

 

 

28,591

 

Inventories, net

 

30,419

 

 

 

62,110

 

Prepaid expenses and other current assets

 

13,883

 

 

 

11,434

 

Current assets of discontinued operations

 

555

 

 

 

23,507

 

Total current assets

 

168,413

 

 

 

300,728

 

Property and equipment, net

 

99,628

 

 

 

99,759

 

Finance lease right-of-use assets, net

 

61,511

 

 

 

66,533

 

Operating lease right-of-use assets

 

5,542

 

 

 

1,660

 

Goodwill and intangible assets, net

 

7,587

 

 

 

27,377

 

Other assets

 

9,838

 

 

 

4,863

 

Total assets

$

352,519

 

 

$

500,920

 

 

 

 

 

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

14,134

 

 

$

36,717

 

Finance lease liabilities, current portion

 

3,935

 

 

 

3,318

 

Operating lease liabilities, current portion

 

1,456

 

 

 

364

 

Long-term debt, current portion

 

35,581

 

 

 

2,242

 

Accrued expenses and other current liabilities

 

18,639

 

 

 

33,435

 

Current liabilities of discontinued operations

 

871

 

 

 

16,441

 

Total current liabilities

 

74,616

 

 

 

92,517

 

Long-term debt, less current portion

 

73,596

 

 

 

103,991

 

Finance lease liabilities, less current portion

 

75,399

 

 

 

76,431

 

Operating lease liabilities, less current portion

 

6,333

 

 

 

1,291

 

Warrant liabilities

 

1,694

 

 

 

24,285

 

Conversion option liabilities

 

21

 

 

 

8,091

 

Deferred income taxes

 

155

 

 

 

283

 

Other non-current liabilities

 

231

 

 

 

129

 

Total liabilities

 

232,045

 

 

 

307,018

 

Stockholders’ equity:

 

Common stock, $0.0001 par value, 440,000 and 440,000 shares authorized, 207,981 and 206,668 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively

 

21

 

 

 

21

 

Additional paid-in capital

 

609,554

 

 

 

609,450

 

Accumulated deficit

 

(485,939

)

 

 

(408,474

)

Accumulated other comprehensive loss

 

(3,162

)

 

 

(7,095

)

Total stockholders’ equity

 

120,474

 

 

 

193,902

 

Total liabilities and stockholders’ equity

$

352,519

 

 

$

500,920

 

Benson Hill, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In Thousands, Except Per Share Data)

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenues

$

113,066

 

 

$

122,296

 

 

$

356,747

 

 

$

282,053

 

Cost of sales

 

108,927

 

 

 

116,365

 

 

 

340,117

 

 

 

279,315

 

Gross profit (loss)

 

4,139

 

 

 

5,931

 

 

 

16,630

 

 

 

2,738

 

Operating expenses:

 

 

 

Research and development

 

10,525

 

 

 

11,438

 

 

 

33,480

 

 

 

35,739

 

Selling, general and administrative expenses

 

17,874

 

 

 

18,912

 

 

 

44,892

 

 

 

59,448

 

Impairment of goodwill

 

 

 

 

 

 

 

19,226

 

 

 

 

Total operating expenses

 

28,399

 

 

 

30,350

 

 

 

97,598

 

 

 

95,187

 

Loss from operations

 

(24,260

)

 

 

(24,419

)

 

 

(80,968

)

 

 

(92,449

)

Other (income) expense:

 

 

 

Interest expense, net

 

7,179

 

 

 

6,200

 

 

 

20,425

 

 

 

16,030

 

Changes in fair value of warrants and conversion option

 

(12,001

)

 

 

(4,036

)

 

 

(30,661

)

 

 

(41,676

)

Other expense, net

 

(201

)

 

 

(181

)

 

 

2,588

 

 

 

2,104

 

Total other (income) expense, net

 

(5,023

)

 

 

1,983

 

 

 

(7,648

)

 

 

(23,542

)

Net loss from continuing operations before income taxes

 

(19,237

)

 

 

(26,402

)

 

 

(73,320

)

 

 

(68,907

)

Income tax expense (benefit)

 

6

 

 

 

13

 

 

 

(117

)

 

 

30

 

Net loss from continuing operations, net of income taxes

 

(19,243

)

 

 

(26,415

)

 

 

(73,203

)

 

 

(68,937

)

Net (loss) income from discontinued operations, net of tax

 

1,673

 

 

 

(3,754

)

 

 

(4,262

)

 

 

(5,362

)

Net loss attributable to common stockholders

$

(17,570

)

 

$

(30,169

)

 

$

(77,465

)

 

$

(74,299

)

 

 

 

 

 

 

 

 

Net loss per common share:

 

 

 

 

 

 

 

Basic and diluted net loss per common share from continuing operations

$

(0.10

)

 

$

(0.14

)

 

$

(0.39

)

 

$

(0.39

)

Basic and diluted net loss per common share from discontinued operations

$

0.01

 

 

$

(0.02

)

 

$

(0.02

)

 

$

(0.03

)

Basic and diluted total net loss per common share

$

(0.09

)

 

$

(0.16

)

 

$

(0.41

)

 

$

(0.42

)

Weighted average shares outstanding:

 

 

 

Basic and diluted weighted average shares outstanding

 

188,223

 

 

 

186,097

 

 

 

187,691

 

 

 

177,539

 

Benson Hill, Inc.

Condensed Consolidated Statements of Comprehensive Loss (Unaudited)

(In Thousands)

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net loss attributable to common stockholders

$

(17,570

)

 

$

(30,169

)

 

$

(77,465

)

 

$

(74,299

)

Foreign currency:

 

 

 

Comprehensive income (loss)

 

 

 

 

(1

)

 

 

 

 

 

(46

)

 

 

 

 

 

(1

)

 

 

 

 

 

(46

)

Marketable securities:

 

 

 

Comprehensive income (loss)

 

395

 

 

 

(1,759

)

 

 

875

 

 

 

(9,918

)

Adjustment for net loss (income) realized in net loss

 

14

 

 

 

(97

)

 

 

3,058

 

 

 

2,132

 

 

 

409

 

 

 

(1,856

)

 

 

3,933

 

 

 

(7,786

)

Total other comprehensive income (loss)

 

409

 

 

 

(1,857

)

 

 

3,933

 

 

 

(7,832

)

Total comprehensive loss

$

(17,161

)

 

$

(32,026

)

 

$

(73,532

)

 

$

(82,131

)

Benson Hill, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In Thousands)

Nine Months Ended September 30,

 

2023

 

 

 

2022

 

Operating activities

 

 

 

Net loss

$

(77,465

)

 

$

(74,299

)

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

 

 

 

Depreciation and amortization

 

16,056

 

 

 

16,504

 

Stock-based compensation expense

 

(347

)

 

 

15,771

 

Bad debt expense

 

(263

)

 

 

724

 

Changes in fair value of warrants and conversion option

 

(30,661

)

 

 

(41,676

)

Accretion and amortization related to financing activities

 

6,624

 

 

 

8,481

 

Realized losses on sale of marketable securities

 

3,058

 

 

 

2,132

 

Impairment of goodwill

 

19,226

 

 

 

 

Other

 

1,815

 

 

 

4,180

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(3,073

)

 

 

(7,208

)

Inventories

 

43,323

 

 

 

6,441

 

Other assets and other liabilities

 

(4,170

)

 

 

8,052

 

Accounts payable

 

(32,306

)

 

 

(6,093

)

Accrued expenses

 

(15,685

)

 

 

2,604

 

Net cash used in operating activities

 

(73,868

)

 

 

(64,387

)

Investing activities

 

 

 

Purchases of marketable securities

 

(87,619

)

 

 

(350,333

)

Proceeds from maturities of marketable securities

 

66,193

 

 

 

109,514

 

Proceeds from sales of marketable securities

 

99,838

 

 

 

170,217

 

Purchase of property and equipment

 

(10,127

)

 

 

(11,835

)

Acquisition, net of cash acquired

 

 

 

 

(1,044

)

Proceeds from divestiture of discontinued operations

 

2,378

 

 

 

 

Proceeds from an insurance claim from a prior business acquisition

 

1,533

 

 

 

 

Other

 

41

 

 

 

 

Net cash provided by (used in) investing activities

 

72,237

 

 

 

(83,481

)

Financing activities

 

 

 

Contributions from PIPE Investment, net of transaction costs $3,761 in 2022

 

 

 

 

80,825

 

Repayments of long-term debt

 

(4,874

)

 

 

(6,736

)

Proceeds from issuance of long-term debt

 

 

 

 

24,078

 

Payments of debt issuance costs

 

(2,000

)

 

 

(38

)

Borrowing under revolving line of credit

 

 

 

 

18,970

 

Repayments under revolving line of credit

 

 

 

 

(19,017

)

Payments of finance lease obligations

 

(2,428

)

 

 

(1,103

)

Proceeds from exercise of stock awards, net of withholding taxes

 

249

 

 

 

1,950

 

Net cash (used in)/provided by financing activities

 

(9,053

)

 

 

98,929

 

Effect of exchange rate changes on cash

 

 

 

 

(46

)

Net decrease in cash and cash equivalents

 

(10,684

)

 

 

(48,985

)

Cash, cash equivalents and restricted cash, beginning of period

 

43,321

 

 

 

78,963

 

Cash, cash equivalents and restricted cash, end of period

$

32,637

 

 

$

29,978

 

Supplemental disclosure of cash flow information

 

Cash paid for taxes

$

35

$

1

 

Cash paid for interest

$

14,523

$

9,864

 

Supplemental disclosure of non-cash activities

 

PIPE Investment issuance costs included in accrued expenses and other current liabilities

 

Purchases of property and equipment included in liabilities

$

125

$

2,710

 

Financing leases commencing in the period

$

$

806

 

Benson Hill, Inc.

Non-GAAP Reconciliation

(In Thousands)

This press release contains financial measures not derived in accordance with generally accepted accounting principles (“GAAP”). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, changes in fair value of warrants and conversion options, realized (gains) losses on marketable securities, goodwill, and long-lived asset impairment, restructuring-related costs (including severance costs) and the impact of significant non-recurring items. The Company defines free cash flow as net cash used in (provided by) operating activities minus capital expenditures. The Company defines operating expenses, as adjusted as operating expenses excluding expenses incurred in relation to the transition to an asset-light business model and significant non-recurring items.

Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Net loss from continuing operations, net of income taxes

$

(19,243

)

 

$

(26,415

)

 

$

(73,203

)

 

$

(68,937

)

Interest expense, net

 

7,179

 

 

 

6,200

 

 

 

20,425

 

 

 

16,030

 

Income tax expense (benefit)

 

6

 

 

 

13

 

 

 

(117

)

 

 

30

 

Depreciation and amortization

 

5,460

 

 

 

5,052

 

 

 

16,056

 

 

 

14,992

 

Stock-based compensation

 

867

 

 

 

4,412

 

 

 

(392

)

 

 

15,771

 

Changes in fair value of warrants and conversion

 

(12,001

)

 

 

(4,036

)

 

 

(30,661

)

 

 

(41,676

)

Impairment of goodwill

 

 

 

 

 

 

 

19,226

 

 

 

 

Severance

 

386

 

 

 

185

 

 

 

1,624

 

 

 

474

 

Other

 

3,187

 

 

 

(95

)

 

 

6,061

 

 

 

3,489

 

Total Adjusted EBITDA

$

(14,159

)

 

$

(14,684

)

 

$

(40,981

)

 

$

(59,827

)

Adjustments to reconcile estimated 2023 net loss from continuing operations to the estimated Adjusted EBITDA:

 

2023 Estimate*

Consolidated net loss from continuing operations

$

(100,000

)

to

$

(105,000

)

Interest expense, net

 

36,000

 

to

 

38,000

 

Depreciation and amortization

 

21,000

 

to

 

25,000

 

Stock-based compensation

 

3,000

 

to

 

5,000

 

Change in fair value of warrants and conversion option

 

(31,000

)

to

 

(31,000

)

Impairment of goodwill

 

19,000

 

to

 

19,000

 

Severance

 

2,000

 

 

 

4,000

 

Other

 

 

 

 

(10,000

)

Total Adjusted EBITDA

$

(50,000

)

to

$

(55,000

)

Adjustments to reconcile the estimated 2023 free cash flow:

 

2023 Estimate*

Consolidated net loss from continuing operations

$

(100,000

)

to

$

(105,000

)

Depreciation and amortization

 

21,000

 

to

 

25,000

 

Stock-based compensation

 

3,000

 

to

 

5,000

 

Impairment of goodwill

 

19,000

 

to

 

19,000

 

Change in fair value of warrants and conversion option

 

(31,000

)

 

 

(31,000

)

Changes in working capital

 

(1,000

)

to

 

(5,000

)

Other

 

(3,000

)

to

 

 

Net Cash Used in Operating Activities

$

(92,000

)

to

$

(92,000

)

Payments for the acquisition of property and equipment

 

(10,000

)

to

 

(15,000

)

Free Cash Flow

$

(102,000

)

to

$

(107,000

)

* Categories such as income tax expense (benefit) and changes in fair value of warrants and conversion option, stock-based compensation and significant non-recurring items may impact the actual full-year non-GAAP reconciliation for both Adjusted EBITDA and Free Cash Flow. These amounts cannot be estimated at this time.

Adjustments to reconcile operating expenses to operating expenses, as adjusted:

 

2023 Estimate

Operating expenses

$

122,000

 

to

$

127,000

 

Non-cash stock-based compensation

 

8,000

 

to

 

8,000

 

Goodwill impairment

 

(19,000

)

to

 

(19,000

)

Exit costs related to divestiture of Seymour facility

 

(4,000

)

to

 

(4,000

)

Advisory fees related to business evolution

 

(4,000

)

to

 

(4,000

)

Severance and other

 

(2,000

)

to

 

(2,000

)

Operating expenses, as adjusted

$

101,000

 

to

$

106,000

 

 

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