Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | Renewable Energy Group, Inc. | |
Entity Central Index Key | 1463258 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,935,566 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $213,545 | $63,516 |
Marketable securities | 3,080 | 16,770 |
Accounts receivable, net (includes amounts owed by related parties of $0 and $36, respectively) | 51,025 | 294,669 |
Inventories | 120,485 | 97,508 |
Prepaid expenses and other assets | 39,524 | 43,135 |
Restricted cash | 0 | 12,845 |
Total current assets | 427,659 | 528,443 |
Property, plant and equipment, net | 496,355 | 493,196 |
Goodwill | 191,477 | 188,275 |
Intangible assets, net | 28,669 | 28,837 |
Investments | 10,059 | 9,736 |
Other assets | 18,906 | 19,586 |
Restricted cash | 104,815 | 104,815 |
TOTAL ASSETS | 1,277,940 | 1,372,888 |
CURRENT LIABILITIES: | ||
Revolving lines of credit | 1,302 | 16,679 |
Current maturities of long-term debt | 5,681 | 5,746 |
Accounts payable (includes amounts owed to related parties of $914 and $1,101, respectively) | 180,497 | 202,821 |
Accrued expenses and other liabilities | 20,971 | 28,486 |
Deferred income taxes | 14,280 | 14,899 |
Deferred revenue | 15,134 | 16,680 |
Total current liabilities | 237,865 | 285,311 |
Unfavorable lease obligation | 18,713 | 19,170 |
Deferred income taxes | 9,788 | 6,905 |
Contingent consideration for acquisitions | 32,236 | 30,091 |
Long-term debt | 247,030 | 247,183 |
Other liabilities | 4,154 | 5,566 |
Total liabilities | 549,786 | 594,226 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock ($.0001 par value; 300,000,000 shares authorized; 43,935,566 and 44,422,881 shares outstanding, respectively) | 4 | 4 |
Common stock—additional paid-in-capital | 454,601 | 453,109 |
Retained earnings | 282,976 | 321,083 |
Accumulated other comprehensive loss | -4,643 | -11 |
Treasury stock (1,110,431 and 585,150 shares outstanding, respectively) | -9,412 | -4,412 |
Total equity attributable to the Company's shareholders | 723,526 | 769,773 |
Non-controlling interest | 4,628 | 8,889 |
Total equity | 728,154 | 778,662 |
TOTAL LIABILITIES AND EQUITY | $1,277,940 | $1,372,888 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, amounts owed by related parties | $0 | $36 |
Accounts payable, amounts owed to related parties | $914 | $1,101 |
Common stock, par or stated value per share | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, outstanding | 43,935,566 | 44,422,881 |
Treasury stock, shares outstanding | 1,110,431 | 585,150 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
REVENUES: | ||
Biomass-based diesel sales | $221,026 | $209,122 |
Biomass-based diesel government incentives | 9,788 | 9,890 |
Total biodiesel sales | 230,814 | 219,012 |
Services | 104 | 28 |
Total revenues | 230,918 | 219,040 |
COSTS OF GOODS SOLD: | ||
Biomass-based diesel | 242,510 | 200,305 |
Biomass-based diesel—related parties | 4,542 | 7,146 |
Services | 61 | 25 |
Total cost of goods sold | 247,113 | 207,476 |
GROSS PROFIT (LOSS) | -16,195 | 11,564 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 16,675 | 11,654 |
RESEARCH AND DEVELOPMENT EXPENSE | 3,860 | 1,873 |
LOSS FROM OPERATIONS | -36,730 | -1,963 |
OTHER INCOME (EXPENSE), NET: | ||
Change in fair value of contingent consideration | -293 | 0 |
Other income, net | 565 | 48 |
Interest expense | -2,743 | -551 |
Total other income (expenses) | -2,471 | -503 |
LOSS BEFORE INCOME TAXES | -39,201 | -2,466 |
INCOME TAX BENEFIT | 897 | 107 |
NET LOSS | -38,304 | -2,359 |
LESS—NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | -197 | 0 |
NET LOSS ATTRIBUTABLE TO THE COMPANY | -38,107 | -2,359 |
PLUS—GAIN ON REDEMPTION OF PREFERRED STOCK | 0 | 378 |
LESS—EFFECT OF CHANGES TO PREFERRED STOCK | 0 | -40 |
NET LOSS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | ($38,107) | ($2,021) |
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||
BASIC (in dollars per share) | ($0.86) | ($0.05) |
DILUTED (in dollars per share) | ($0.86) | ($0.06) |
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||
BASIC (in shares) | 44,362,637 | 38,290,404 |
DILUTED (in shares) | 44,362,637 | 38,557,441 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Statement (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($38,304) | ($2,359) |
Unrealized gains (losses) on marketable securities, net of taxes of $0 and $0, respectively | 9 | -52 |
Foreign currency translation adjustments | -4,641 | 0 |
Other comprehensive loss | -4,632 | -52 |
Comprehensive loss | ($42,936) | ($2,411) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Taxes on unrealized losses on marketable securities | $0 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Redeemable Preferred Stock and Equity (Unaudited) (USD $) | Total | Redeemable Preferred Stock | Common Stock | Common Stock - Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
In Thousands, except Share data, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2013 | $594,070 | $3,963 | $4 | $359,818 | $238,134 | $0 | ($3,886) | $0 |
Beginning Balance, shares at Dec. 31, 2013 | 143,313 | 36,506,221 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock | 582 | 582 | ||||||
Issuance of common stock, shares | 49,662 | |||||||
Conversion of Series B Preferred Stock and restricted stock units to common stock | 23 | -23 | 23 | |||||
Conversion of Series B Preferred Stock and restricted stock units to common stock, Shares | -816 | -1,634 | ||||||
Preferred stock redemption | 378 | -3,940 | 378 | |||||
Preferred stock redemption, shares | -142,497 | |||||||
Issuance of common stock in acquisition | 26,254 | 26,254 | ||||||
Issuance of common stock in acquisition, shares | 2,230,559 | |||||||
Stock compensation expense | 1,235 | 1,235 | ||||||
Series B Preferred Stock dividends paid | -40 | -40 | ||||||
Net change in unrealized gains (losses) on marketable securities | 52 | 52 | ||||||
Foreign currency translation adjustment | 0 | |||||||
Net loss | -2,359 | -2,359 | ||||||
Ending Balance at Mar. 31, 2014 | 620,091 | 0 | 4 | 387,912 | 236,113 | -52 | -3,886 | 0 |
Ending Balance, Shares at Mar. 31, 2014 | 0 | 38,788,076 | ||||||
Beginning Balance at Dec. 31, 2014 | 778,662 | 0 | 4 | 453,109 | 321,083 | -11 | -4,412 | 8,889 |
Beginning Balance, shares at Dec. 31, 2014 | 0 | 44,422,881 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of common stock | 412 | 412 | ||||||
Issuance of common stock, shares | 37,966 | |||||||
Treasury stock purchases | -5,000 | -5,000 | ||||||
Treasury stock purchases, shares | -525,281 | |||||||
Purchase of additional interest | -4,064 | -4,064 | ||||||
Stock compensation expense | 1,080 | 1,080 | ||||||
Net change in unrealized gains (losses) on marketable securities | -9 | -9 | ||||||
Foreign currency translation adjustment | -4,641 | -4,641 | ||||||
Net loss | -38,304 | -38,107 | -197 | |||||
Ending Balance at Mar. 31, 2015 | $728,154 | $0 | $4 | $454,601 | $282,976 | ($4,643) | ($9,412) | $4,628 |
Ending Balance, Shares at Mar. 31, 2015 | 0 | 43,935,566 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($38,304) | ($2,359) |
Adjustments to reconcile net loss to net cash flows from operating activities: | ||
Depreciation expense | 5,613 | 3,004 |
Amortization expense of assets and liabilities, net | 113 | -121 |
Accretion of convertible note discount | 1,158 | 0 |
Change in fair value of contingent consideration | 293 | 0 |
Provision for doubtful accounts | -816 | -150 |
Stock compensation expense | 1,080 | 1,235 |
Deferred tax expense (benefit) | -938 | -387 |
Other operating activities | 199 | 0 |
Changes in asset and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | 242,572 | 52,213 |
Inventories | -24,123 | -8,261 |
Prepaid expenses and other assets | 4,508 | -3,734 |
Accounts payable | -20,482 | -7,383 |
Accrued expenses and other liabilities | -5,305 | -5,578 |
Deferred revenue | -1,546 | -3,659 |
Net cash flows provided by operating activities | 164,022 | 24,820 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for marketable securities | 0 | -59,975 |
Maturities of marketable securities | 13,733 | 0 |
Change in restricted cash | 12,845 | 0 |
Cash paid for purchase of property, plant and equipment | -12,178 | -12,773 |
Cash paid for acquisitions and additional interests, net of cash acquired | -4,064 | -15,275 |
Other investing activities | 0 | 112 |
Net cash flows provided by (used in) investing activities | 10,336 | -87,911 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net repayments on line of credit | -15,325 | -8,549 |
Cash paid on debt | -1,317 | -1,006 |
Cash paid for debt issuance costs | -317 | -118 |
Cash paid for equity issuance costs | 0 | -108 |
Cash paid for treasury stock | -5,000 | -529 |
Cash paid for preferred stock dividends | 0 | -40 |
Cash paid for redemption of preferred stock | 0 | -3,562 |
Cash paid for contingent consideration settlement | -1,052 | 0 |
Net cash flows used in financing activities | -23,011 | -13,912 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 151,347 | -77,003 |
CASH AND CASH EQUIVALENTS, Beginning of period | 63,516 | 153,227 |
Effect of exchange rate changes on cash | -1,318 | 0 |
CASH AND CASH EQUIVALENTS, End of period | 213,545 | 76,224 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ||
Cash paid/(received) for income taxes | 0 | 40 |
Cash paid for interest | 715 | 539 |
Amounts included in period-end accounts payable for: | ||
Purchases of property, plant and equipment | 3,511 | 4,579 |
Debt issuance cost | 28 | 63 |
Incentive stock liability for raw material supply agreement | 70 | 101 |
Equity issuance costs | 321 | |
Issuance of common stock for acquisitions | 26,254 | |
Contingent consideration for acquisitions | 17,050 | |
Gain on redemption of preferred stock | $378 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature of the Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Nature of the Business | BASIS OF PRESENTATION AND NATURE OF THE BUSINESS |
The condensed consolidated financial statements have been prepared by Renewable Energy Group, Inc. and its subsidiaries (the Company), pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted as permitted by such rules and regulations. All adjustments, consisting of normal recurring adjustments, have been included. Management believes that the disclosures are adequate to present fairly the financial position, results of operations and cash flows at the dates and for the periods presented. It is suggested that these interim financial statements be read in conjunction with the consolidated financial statements and the notes thereto appearing in the Company’s latest annual report on Form 10-K. Results for interim periods are not necessarily indicative of those to be expected for the fiscal year. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. Actual results could differ from those estimates. | |
As of March 31, 2015, the Company operates a network of nine operating biomass-based diesel production facilities with aggregate nameplate production capacity of 332 million gallons per year, or mmgy. A number of these plants are “multi-feedstock capable” which allows them to use a broad range of lower cost feedstocks, such as inedible corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. | |
The Company expanded its business to Europe by acquiring a majority interest in Petrotec AG (Petrotec) in December 2014. Petrotec is a fully-integrated company that produces biodiesel at its two biorefineries in Emden and Oeding, Germany to sell to the European market. | |
The biomass-based diesel industry and the Company’s business have benefited from the continuation of certain federal and state incentives. The federal biodiesel tax credit expired on December 31, 2014 and it is uncertain whether it will be reinstated. This revocation along with other amendments of any one or more of those laws, could adversely affect the financial results of the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
The Company has disclosed a summary of the Company's significant accounting policies in its Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes from the policies previously disclosed other than those noted below. | |
Restricted Cash | |
At March 31, 2015, current restricted cash was $0. At December 31, 2014, current restricted cash was $12,845, which was held in certificates of deposit as pledges for a letter of credit to support a subsidiary's trade activities and the Company's tender offer to acquire the remaining interest at Petrotec. Non-current restricted cash consists of $101,315 as of March 31, 2015 and December 31, 2014, respectively, which is held in a certificate of deposit and pledged to Bank of America, who issued a letter of credit on the Company's behalf to support the payments on the Company's GOZone Bonds. In addition, at March 31, 2015 and December 31, 2014, non-current restricted cash included an amount of $3,500, which is held in a certificate of deposit and pledged to Bank of America, who issued a letter of credit to support a subsidiary's trade activities. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. | |
Accounts Receivable | |
Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. At March 31, 2015, the outstanding receivable amount related to the 2014 biodiesel mixture excise tax credit reinstatement was approximately $14,722. | |
Goodwill | |
Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. The analysis is based on a comparison of the carrying value of the reporting unit to its fair value, determined utilizing both a discounted cash flow methodology and a market comparable methodology. The determination of whether or not the asset has become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the Company’s reporting units. Changes in estimates of future cash flows caused by items such as unforeseen events or sustained unfavorable changes in market conditions could negatively affect the fair value of the reporting unit’s goodwill asset and result in an impairment charge. The annual impairment test determined that the fair value of the biomass-based diesel reporting unit exceeded its carrying value by approximately 7% and the services reporting unit exceeded its carrying value by approximately 66%. The Company also reviewed goodwill recorded from the acquisitions of LS9, Inc., Syntroleum Corporation and Dynamic Fuels, LLC during the annual impairment testing. There have been no impairment indicators in the first three months of 2015 that would indicate that an additional assessment needs to be performed. | |
Share Repurchase Programs | |
In February 2015, the Company's board of directors approved a share repurchase program of up to $30,000 of the Company's shares of Common Stock. Shares may be repurchased from time to time in open market transactions, privately negotiated transactions or by other means. The Company accounts for share repurchases using the cost method. Under this method, the cost of the share repurchase is recorded entirely in treasury stock, a contra equity account. During the three months ended March 31, 2015, the Company repurchased shares of Common Stock in the amount of $5,000 under this share repurchase program. | |
Foreign Currency Transactions and Translation | |
The Company’s reporting and functional currency is U.S. dollars. Monetary assets and liabilities denominated in currencies other than U.S. dollars are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in the Company’s Condensed Consolidated Statements of Operations as foreign exchange gain (loss) unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is not planned or anticipated in the foreseeable future. Gains or losses arising from translation of such transactions are reported as a component of accumulated other comprehensive income (loss) in the Company’s Condensed Consolidated Balance Sheets. | |
The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income (loss) in the Company’s Condensed Consolidated Balance Sheets. | |
Income Taxes | |
The Company uses the asset and liability method to account for income taxes. Accordingly, deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. Changes in tax rates are recognized directly to the income statement as they arise. Consideration is given to positive and negative evidence related to the realization of the deferred tax assets and valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized. Significant judgment is required in making this assessment. | |
For uncertain tax positions, the Company recognizes tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized. | |
With regard to non-US subsidiaries, the Company does not have any undistributed earnings and the Company has not yet decided to indefinitely invest any future earnings outside of the U.S. | |
New Accounting Standards | |
In February 2015, the FASB issued ASU 2015-02, which amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under U.S. GAAP. The guidance in the ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. | |
In April 2015, the FASB issued ASU 2015-03 simplifying the presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The guidance in the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. |
Acquisitions_and_Equity_Transa
Acquisitions and Equity Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquisitions and Equity Transactions | ACQUISITIONS AND EQUITY TRANSACTIONS | |||||||
Syntroleum Corporation/Dynamic Fuels, LLC | ||||||||
On June 3, 2014, REG Synthetic Fuels, a wholly-owned subsidiary of the Company included in the Biomass-based diesel segment, acquired substantially all the assets of Syntroleum, which consisted of a 50% limited liability company membership interest in Dynamic Fuels, as well as intellectual property and other assets in exchange for the issuance of $34,831, or 3,493,613 shares, of the Company's Common Stock. Dynamic Fuels owned a 75 million gallon per year nameplate capacity renewable hydrocarbon diesel biorefinery located in Geismar, Louisiana. | ||||||||
On June 6, 2014, REG Synthetic Fuels acquired the remaining 50% ownership interest in Dynamic Fuels from Tyson Foods in exchange for $16,447 in cash and $28,900 in contingent consideration. The Company renamed Dynamic Fuels to REG Geismar, LLC, which is included in the Biomass-based diesel segment. The Company has completed its initial accounting for this business combinations during the first quarter of 2015 as the valuation of the intangible assets, goodwill, the real and personal property, and contingent consideration has been finalized. | ||||||||
The fair value of the 3,493,613 shares of Common Stock issued to Syntroleum was determined on the basis of the closing market price of the Company's Common Stock at the date of acquisition. | ||||||||
The fair value of the Syntroleum renewable hydrocarbon diesel technology was determined using the relief from royalty method, or RFR, which reflects the savings realized by owning the intangible assets. The value under RFR method is dependent upon the following factors for an asset: royalty rate, discount rate, expected life and projected revenue. | ||||||||
The finalization of the purchase price allocation resulted in an increase in goodwill of $3,202 relating to higher than initially estimated net operating losses prior to the acquisition of Syntroleum and Dynamic Fuels. | ||||||||
The following table summarizes the amount of assets acquired and liabilities assumed at the acquisition date and at March 31, 2015 for the combined acquisition of Syntroleum and Dynamic Fuels: | ||||||||
6-Jun-14 | March 31, 2015 | |||||||
Assets (liabilities) acquired of Syntroleum and Dynamic Fuels: | ||||||||
Cash | $ | 253 | $ | 253 | ||||
Other current assets | 4,666 | 4,666 | ||||||
Property, plant and equipment | 121,567 | 121,567 | ||||||
Goodwill | 68,196 | 71,398 | ||||||
Intangible assets | 8,900 | 8,900 | ||||||
Other noncurrent assets | 10,281 | 10,281 | ||||||
Other current liabilities | (1,024 | ) | (1,024 | ) | ||||
Deferred tax liabilities | (5,108 | ) | (8,310 | ) | ||||
Debt | (113,553 | ) | (113,553 | ) | ||||
Other noncurrent liabilities | (14,000 | ) | (14,000 | ) | ||||
Total | $ | 80,178 | $ | 80,178 | ||||
Subject to achievements related to the sale of renewable hydrocarbon diesel at the REG Geismar production facility, Tyson Foods may receive contingent consideration of up to $35,000. The Company will pay contingent consideration, if and when, the Company achieves certain sales volumes. The agreement calls for periodic payments based on pre-determined price per gallon of product sold. The probability weighted contingent payments were discounted using a risk adjusted discount rate of 5.8%. Any contingent payments will be payable in cash. As of March 31, 2015, the Company has recorded a contingent liability of $29,967, of which $6,324 has been classified in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets. | ||||||||
The goodwill acquired is included in the Biomass-based diesel segment, a portion of which is expected to be deductible for tax purposes. | ||||||||
Petrotec AG | ||||||||
On December 24, 2014, the Company acquired 69.08% of the outstanding common shares and voting interest of Petrotec. The results of Petrotec’s operations have been included in the consolidated financial statements since that date. The Company has not completed its initial accounting for this business combination as the valuation of the assets acquired and liabilities assumed has not been finalized. | ||||||||
The following table summarizes the consideration paid for Petrotec: | ||||||||
December 24, 2014 | ||||||||
Consideration at fair value for Petrotec: | ||||||||
Common stock | $ | 20,022 | ||||||
The fair value of the 2,070,538 shares of the Company's Common Stock issued for the acquisition was determined on the basis of the closing market price of the Company's Common Stock at the date of acquisition. | ||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. | ||||||||
December 24, 2014 | ||||||||
Assets (liabilities) acquired of Petrotec: | ||||||||
Cash | $ | 13,523 | ||||||
Accounts receivable | 4,989 | |||||||
Inventory | 9,470 | |||||||
Other current assets | 3,583 | |||||||
Property, plant and equipment | 25,026 | |||||||
Total identifiable assets acquired | 56,591 | |||||||
Accounts payable | (8,171 | ) | ||||||
Accrued expenses and other liabilities | (2,151 | ) | ||||||
Debt | (16,192 | ) | ||||||
Non-current liabilities | (1,462 | ) | ||||||
Total liabilities assumed | (27,976 | ) | ||||||
Net identifiable assets acquired | 28,615 | |||||||
Goodwill | 369 | |||||||
Non-controlling interest | (8,962 | ) | ||||||
Net assets acquired | $ | 20,022 | ||||||
The $369 of goodwill was assigned to the Biomass-based diesel segment, all of which is expected to be deductible for income tax purposes. | ||||||||
At December 31, 2014, the fair value of the 30.92% noncontrolling interest in Petrotec was estimated to be $8,962. The fair value of the noncontrolling interest was estimated using a combination of the income approach and a market approach. | ||||||||
The Company recognized $1,289 of acquisition related costs that were expensed in the last quarter of 2014. In addition, during the three months ended March 31, 2015, the Company acquired additional common shares of Petrotec as part of the cash tender offer. At March 31, 2015, the Company owned 84.42% of the outstanding common shares and voting interest of Petrotec. | ||||||||
In April 2015, Petrotec's application to de-list its shares of common stock from the Frankfurt Stock Exchange was approved. As a result, Petrotec's shares of common stock will no longer be traded on any regulated market of any stock exchange at the end of the October 8, 2015 trading day. |
Marketable_Securities
Marketable Securities | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||
Marketable Securities | MARKETABLE SECURITIES | |||||||||||||||||
The Company's investments in marketable securities are stated at fair value and are available-for-sale. The following table summarizes the Company's marketable securities: | ||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||
Maturity | Gross Amortized Cost | Total Unrealized Gains | Total Unrealized Losses | Fair Value | ||||||||||||||
Certificates of deposit | Within one year | $ | 3,080 | $ | — | $ | — | $ | 3,080 | |||||||||
As of December 31, 2014 | ||||||||||||||||||
Maturity | Gross Amortized Cost | Total Unrealized Gains | Total Unrealized Losses | Fair Value | ||||||||||||||
Corporate bonds | Within one year | $ | 6,781 | $ | — | $ | (6 | ) | $ | 6,775 | ||||||||
Certificates of deposit | Within one year | 10,000 | — | (5 | ) | 9,995 | ||||||||||||
Total | $ | 16,781 | $ | — | $ | (11 | ) | $ | 16,770 | |||||||||
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | INVENTORIES | |||||||
Inventories consist of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Raw materials | $ | 33,138 | $ | 23,117 | ||||
Work in process | 2,875 | 2,879 | ||||||
Finished goods | 84,472 | 71,512 | ||||||
Total | $ | 120,485 | $ | 97,508 | ||||
Prepaid_Expenses_and_Other_Ass
Prepaid Expenses and Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Prepaid Expenses and Other Assets | PREPAID EXPENSES AND OTHER ASSETS | |||||||
Prepaid expense and other assets consist of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Commodity derivatives and related collateral, net | $ | 15,169 | $ | 12,938 | ||||
Prepaid expenses | 5,783 | 7,901 | ||||||
Deposits | 3,958 | 4,481 | ||||||
RIN inventory | 7,955 | 10,795 | ||||||
Taxes receivable | 1,712 | 2,843 | ||||||
Other | 4,947 | 4,177 | ||||||
Total | $ | 39,524 | $ | 43,135 | ||||
RIN inventory values were adjusted in the amount of $3 and $1,042 at March 31, 2015 and December 31, 2014, respectively, to reflect the lower of cost or market. | ||||||||
Other noncurrent assets consist of the following: | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Debt issuance costs (net of accumulated amortization of $1,345 and $1,474, respectively) | $ | 4,825 | $ | 5,152 | ||||
Spare parts inventory | 3,440 | 3,440 | ||||||
Deposits | 4,370 | 4,370 | ||||||
Other | 6,271 | 6,624 | ||||||
Total | $ | 18,906 | $ | 19,586 | ||||
Goodwill
Goodwill | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Goodwill | GOODWILL | |||||||||||
The following table shows the carrying amount of goodwill by reportable segment as of December 31, 2014 and the changes in goodwill for the three months ended March 31, 2015: | ||||||||||||
Biomass-based diesel | Services | Total | ||||||||||
Balance, December 31, 2014 | $ | 172,195 | $ | 16,080 | $ | 188,275 | ||||||
Finalization of purchase accounting | 3,202 | — | 3,202 | |||||||||
Balance, March 31, 2015 | $ | 175,397 | $ | 16,080 | $ | 191,477 | ||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Intangible Assets | INTANGIBLE ASSETS | |||||||||||||
Intangible assets consist of the following: | ||||||||||||||
31-Mar-15 | ||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Remaining Life | |||||||||||
Raw material supply agreement | $ | 5,983 | $ | (1,208 | ) | $ | 4,775 | 10.8 years | ||||||
Renewable hydrocarbon diesel technology | 8,300 | (461 | ) | 7,839 | 14.3 years | |||||||||
Ground lease | 200 | (101 | ) | 99 | 6.6 years | |||||||||
Total amortizing intangibles | 14,483 | (1,770 | ) | 12,713 | ||||||||||
In-process research and development, indefinite lives | 15,956 | — | 15,956 | |||||||||||
Total intangible assets | $ | 30,439 | $ | (1,770 | ) | $ | 28,669 | |||||||
31-Dec-14 | ||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Remaining Life | |||||||||||
Raw material supply agreement | $ | 5,914 | $ | (1,113 | ) | $ | 4,801 | 11.0 years | ||||||
Renewable hydrocarbon diesel technology | 8,300 | (323 | ) | 7,977 | 14.5 years | |||||||||
Ground lease | 200 | (97 | ) | 103 | 6.9 years | |||||||||
Total amortizing intangibles | 14,414 | (1,533 | ) | 12,881 | ||||||||||
In-process research and development, indefinite lives | 15,956 | — | 15,956 | |||||||||||
Total intangible assets | $ | 30,370 | $ | (1,533 | ) | $ | 28,837 | |||||||
The Company recorded intangible amortization expense of $237 and $84 for the three months ended March 31, 2015 and March 31, 2014, respectively. | ||||||||||||||
The estimated intangible asset amortization expense for fiscal year 2015 through fiscal year 2020 and thereafter is as follows: | ||||||||||||||
April 1, 2015 through December 31, 2015 | $ | 769 | ||||||||||||
2016 | 1,040 | |||||||||||||
2017 | 1,054 | |||||||||||||
2018 | 1,068 | |||||||||||||
2019 | 1,083 | |||||||||||||
2020 | 1,099 | |||||||||||||
2021 and thereafter | 6,600 | |||||||||||||
Total | $ | 12,713 | ||||||||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | DEBT | |||||||
The Company’s debt is as follows: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 | $ | 122,512 | $ | 121,354 | ||||
REG Geismar GOZone bonds, secured, variable interest rate of daily LIBOR, due in October 2033 | 100,000 | 100,000 | ||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 5%, due in November 2015 | 1,213 | 1,513 | ||||||
REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 | 19,206 | 19,868 | ||||||
REG Mason City term loan, fixed interest rate of 5%, due in July 2019 | 4,346 | 4,566 | ||||||
REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively | 4,145 | 4,226 | ||||||
Other | 1,289 | 1,402 | ||||||
Total debt | $ | 252,711 | $ | 252,929 | ||||
Revolving Lines of Credit | ||||||||
March 31, 2015 | December 31, 2014 | |||||||
Amount borrowed under revolving lines of credit | $ | 1,302 | $ | 16,679 | ||||
Maximum available to be borrowed under revolving line of credit | $ | 39,970 | $ | 20,719 | ||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Related Party Transactions | RELATED PARTY TRANSACTIONS | |||||||
Summary of Related Party Balances - Condensed Consolidated Statements of Operations | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Cost of goods sold – Biomass-based diesel | $ | 4,542 | $ | 7,146 | ||||
Summary of Related Party Balances - Condensed Consolidated Balance Sheets | ||||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts receivable | $ | — | $ | 36 | ||||
Accounts payable | $ | 914 | $ | 1,101 | ||||
Derivative_Instruments
Derivative Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Instruments | DERIVATIVE INSTRUMENTS | |||||||||||||||
The Company enters into heating oil and soybean oil futures, swaps and options (commodity contract derivatives) to reduce the risk of price volatility related to anticipated purchases of feedstock raw materials and to protect gross profit margins from potentially adverse effects of price volatility on biomass-based diesel sales where prices are set at a future date. All of the Company’s commodity contract derivatives are designated as non-hedge derivatives and recorded at fair value on the Condensed Consolidated Balance Sheets. Unrealized gains and losses are recognized as a component of biomass-based diesel costs of goods sold reflected in current results of operations. As of March 31, 2015, the Company had 2,626 open commodity contracts. | ||||||||||||||||
The Company offsets the fair value amounts recognized for its commodity contract derivatives with cash collateral with the same counterparty under a master netting agreement. The net position is presented within prepaid and other assets in the Condensed Consolidated Balance Sheets. The following table sets forth the fair value of the Company's commodity contract derivatives and amounts that offset within the Condensed Consolidated Balance Sheets: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Gross amounts of derivatives recognized at fair value | $ | 6,282 | $ | 1,296 | $ | 14,901 | $ | 205 | ||||||||
Cash collateral | 10,183 | — | 2,870 | 4,628 | ||||||||||||
Total gross amount recognized | 16,465 | 1,296 | 17,771 | 4,833 | ||||||||||||
Gross amounts offset | (1,296 | ) | (1,296 | ) | (4,833 | ) | (4,833 | ) | ||||||||
Net amount reported in the condensed consolidated balance sheet | $ | 15,169 | $ | — | $ | 12,938 | $ | — | ||||||||
The following table sets forth the pre-tax gains (losses) included in the Condensed Consolidated Statements of Operations: | ||||||||||||||||
Location of Gain (Loss) | Three Months | Three Months | ||||||||||||||
Recognized in income | Ended | Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Commodity derivatives | Cost of goods sold – Biomass-based diesel | $ | (623 | ) | $ | (694 | ) | |||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurement | FAIR VALUE MEASUREMENT | |||||||||||||||
The fair value hierarchy prioritizes the inputs used in measuring fair value as follows: | ||||||||||||||||
• | Level 1 — Quoted prices for identical instruments in active markets. | |||||||||||||||
• | Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. | |||||||||||||||
• | Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||
A summary of assets (liabilities) measured at fair value is as follows: | ||||||||||||||||
As of March 31, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Certificates of deposit | $ | 3,080 | $ | — | $ | 3,080 | $ | — | ||||||||
Commodity contract derivatives | $ | 4,986 | 1,933 | 3,053 | — | |||||||||||
Contingent consideration for LS9 acquisition | $ | (8,593 | ) | — | — | (8,593 | ) | |||||||||
Contingent consideration for Dynamic Fuels acquisition | $ | (29,967 | ) | — | — | (29,967 | ) | |||||||||
$ | (30,494 | ) | $ | 1,933 | $ | 6,133 | $ | (38,560 | ) | |||||||
As of December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 302 | $ | 302 | $ | — | $ | — | ||||||||
Certificates of deposit | $ | 9,995 | — | 9,995 | — | |||||||||||
Commercial notes/bond | $ | 6,775 | — | 6,775 | — | |||||||||||
Commodity contract derivatives | $ | 14,696 | 6,885 | 7,811 | — | |||||||||||
Contingent consideration for LS9 acquisition | $ | (8,624 | ) | — | — | (8,624 | ) | |||||||||
Contingent consideration of Dynamic Fuels acquisition | $ | (30,695 | ) | — | — | (30,695 | ) | |||||||||
$ | (7,551 | ) | $ | 7,187 | $ | 24,581 | $ | (39,319 | ) | |||||||
The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | ||||||||||||||||
Contingent Consideration for LS9 Acquisition | Contingent Consideration for Dynamic Fuels Acquisition | |||||||||||||||
Balance at beginning of period, January 1, 2015 | $ | 8,624 | $ | 30,695 | ||||||||||||
Change in estimates included in earnings | (31 | ) | 324 | |||||||||||||
Settlements | — | (1,052 | ) | |||||||||||||
Balance at end of period, March 31, 2015 | $ | 8,593 | $ | 29,967 | ||||||||||||
Contingent Consideration for LS9 Acquisition | Contingent Consideration for Dynamic Fuels Acquisition | |||||||||||||||
Balance at beginning of period, January 1, 2014 | $ | — | $ | — | ||||||||||||
Additions for acquisitions | 17,050 | — | ||||||||||||||
Balance at end of period, March 31, 2014 | $ | 17,050 | $ | — | ||||||||||||
The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: | ||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||
Asset (Liability) | Fair Value | Asset (Liability) | Fair Value | |||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Amount | |||||||||||||||
Financial liabilities: | ||||||||||||||||
Debt and lines of credit | $ | (254,013 | ) | $ | (254,781 | ) | $ | (269,608 | ) | $ | (270,331 | ) | ||||
The carrying amounts reported in the Condensed Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair values. Money market funds are included in cash and cash equivalents on the Condensed Consolidated Balance Sheets. | ||||||||||||||||
The Company used the following methods and assumptions to estimate fair value of its financial instruments: | ||||||||||||||||
Marketable securities: The fair value of marketable securities, which include certificates of deposit and commercial notes/bonds are obtained using quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices, e.g., interest rates and yield curves. The Company utilizes a pricing service to assist in obtaining fair value pricing for the majority of this investment portfolio. | ||||||||||||||||
Commodity derivatives: The instruments held by the Company consist primarily of futures contracts, swap agreements, purchased put options and written call options. The fair value of contracts based on quoted prices of identical assets in an active exchange-traded market is reflected in Level 1. Contract fair value that is determined based on quoted prices of similar contracts in over-the-counter markets is reflected in Level 2. | ||||||||||||||||
Contingent consideration for acquisitions: The fair value of the LS9 contingent consideration is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should achievement of certain milestones related to the development and commercialization of products from LS9’s technology occur. There is no observable market data available to use in valuing the contingent consideration; therefore, the Company developed its own assumptions related to the expected future delivery of product enhancements to estimate the fair value of these liabilities. An 8.0% discount rate is used to estimate the fair value of the expected payments. | ||||||||||||||||
The fair value of the Dynamic Fuels contingent consideration is determined using an expected present value technique. Expected cash flows are determined using the probability weighted-average of possible outcomes that would occur should the achievement of certain milestones related to the sale of renewable hydrocarbon diesel at the REG Geismar's production facility. A 5.8% discount rate is used to estimate the fair value of the expected payments. | ||||||||||||||||
Debt and lines of credit: The fair value of long-term debt and lines of credit was established using discounted cash flow calculations and current market rates reflecting Level 2 inputs. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Net Loss Per Share | NET LOSS PER SHARE | |||||||
Basic net loss per share is presented in conformity with the two-class method required for participating securities. Participating securities include, or have included, Series B Preferred Stock and restricted stock units (RSUs). | ||||||||
Under the two-class method, net income is reduced for distributed and undistributed dividends earned in the current period. The remaining earnings are then allocated to Common Stock and the participating securities. The Company calculates the effects of participating securities on diluted earnings per share (EPS) using both the “if-converted or treasury stock” and "two-class" methods and discloses the method which results in a more dilutive effect. The effects of Common Stock options, warrants, stock appreciation rights and convertible notes on diluted EPS are calculated using the treasury stock method unless the effects are anti-dilutive to EPS. | ||||||||
The following potentially dilutive weighted average securities were excluded from the calculation of diluted net loss per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Options to purchase common stock | 87,026 | 87,026 | ||||||
Restricted stock units | — | 567,716 | ||||||
Stock appreciation rights | 2,123,770 | 1,583,670 | ||||||
Warrants to purchase common stock | — | 17,916 | ||||||
Convertible notes | 10,838,218 | — | ||||||
Total | 13,049,014 | 2,256,328 | ||||||
The following table presents the calculation of diluted net loss per share: | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net loss attributable to the Company’s common stockholders - Basic | $ | (38,107 | ) | $ | (2,021 | ) | ||
Plus: distributed dividends to Preferred Stockholders | — | 40 | ||||||
Plus (Less): effect of participating securities | — | (378 | ) | |||||
Net loss attributable to common stockholders - Dilutive | $ | (38,107 | ) | $ | (2,359 | ) | ||
Shares: | ||||||||
Weighted-average shares used to compute basic net loss per share | 44,362,637 | 38,290,404 | ||||||
Adjustment to reflect conversion of preferred stock | — | 267,037 | ||||||
Weighted-average shares used to compute diluted net loss per share | 44,362,637 | 38,557,441 | ||||||
Net loss per share attributable to common stockholders: | ||||||||
Diluted | $ | (0.86 | ) | $ | (0.06 | ) |
Reportable_Segments
Reportable Segments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Reportable Segments | REPORTABLE SEGMENTS | |||||||
The Company reports its reportable segments based on products and services provided to customers, which include Biomass-based diesel, Services and Corporate and other. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company has chosen to differentiate the reportable segments based on the products and services each segment offers. | ||||||||
The Biomass-based diesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks and methanol into biomass-based diesel. The Biomass-based diesel segment also includes the Company’s purchases and resale of biomass-based diesel produced by third parties. Revenues are derived from the purchases and sales of biomass-based diesel and raw material feedstocks acquired from third parties, sales of biomass-based diesel produced under toll manufacturing arrangements with third party facilities, sales of processed biomass-based diesel from Company facilities, sales of RINs, related by-products and renewable energy government incentive payments. The Services segment offers services for managing the construction of biomass-based diesel production facilities and managing ongoing operations of internal and third party plants and collects fees related to the services provided. The Company does not allocate items that are of a non-operating nature or corporate expenses to the business segments. Intersegment revenues are reported by the Services segment, which manages the construction and operations of facilities included in the Biomass-based diesel segment. Revenues are recorded by the Services segment at cost. Corporate expenses consist of corporate office expenses including compensation, benefits, occupancy and other administrative costs, including management service expenses. | ||||||||
The following table represents the significant items by reportable segment: | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
Biomass-based diesel | $ | 230,814 | $ | 219,012 | ||||
Services | 18,811 | 20,524 | ||||||
Intersegment revenues | (18,707 | ) | (20,496 | ) | ||||
$ | 230,918 | $ | 219,040 | |||||
Income (loss) before income taxes: | ||||||||
Biomass-based diesel | $ | (20,098 | ) | $ | 11,561 | |||
Services | 43 | 3 | ||||||
Corporate and other (a) | (19,146 | ) | (14,030 | ) | ||||
$ | (39,201 | ) | $ | (2,466 | ) | |||
Depreciation and amortization expense, net: | ||||||||
Biomass-based diesel | $ | 5,208 | $ | 2,589 | ||||
Services | 62 | 41 | ||||||
Corporate and other (a) | 456 | 253 | ||||||
$ | 5,726 | $ | 2,883 | |||||
Cash paid for purchases of property, plant and equipment: | ||||||||
Biomass-based diesel | $ | 10,490 | $ | 12,554 | ||||
Services | 722 | — | ||||||
Corporate and other (a) | 966 | 219 | ||||||
$ | 12,178 | $ | 12,773 | |||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Biomass-based diesel | $ | 916,371 | $ | 899,211 | ||||
Services | 22,781 | 20,750 | ||||||
Corporate and other (b) | 338,788 | 452,927 | ||||||
$ | 1,277,940 | $ | 1,372,888 | |||||
(a) | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income. | |||||||
(b) | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. | |||||||
Geographic Information: | ||||||||
The following geographic data include net sales attributed to the countries based on the location of the subsidiary making the sale and long-lived assets based on physical location. Long-lived assets represent the net book value of property, plant and equipment. | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
United States | $ | 200,925 | $ | 219,040 | ||||
Foreign | 29,993 | — | ||||||
$ | 230,918 | $ | 219,040 | |||||
As of March 31, 2015 | As of December 31, 2014 | |||||||
Long-lived assets: | ||||||||
United States | $ | 474,397 | $ | 468,170 | ||||
Foreign | 21,958 | 25,026 | ||||||
$ | 496,355 | $ | 493,196 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
The Company is involved in legal proceedings in the normal course of business. The Company currently believes that any ultimate liability arising out of such proceedings will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash |
At March 31, 2015, current restricted cash was $0. At December 31, 2014, current restricted cash was $12,845, which was held in certificates of deposit as pledges for a letter of credit to support a subsidiary's trade activities and the Company's tender offer to acquire the remaining interest at Petrotec. Non-current restricted cash consists of $101,315 as of March 31, 2015 and December 31, 2014, respectively, which is held in a certificate of deposit and pledged to Bank of America, who issued a letter of credit on the Company's behalf to support the payments on the Company's GOZone Bonds. In addition, at March 31, 2015 and December 31, 2014, non-current restricted cash included an amount of $3,500, which is held in a certificate of deposit and pledged to Bank of America, who issued a letter of credit to support a subsidiary's trade activities. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use. | |
Accounts Receivable | Accounts Receivable |
Accounts receivable are carried at invoiced amount less allowance for doubtful accounts. Management estimates the allowance for doubtful accounts based on existing economic conditions, the financial conditions of customers, and the amount and age of past due accounts. Receivables are considered past due if full payment is not received by the contractual due date. Past due accounts are generally written off against the allowance for doubtful accounts only after reasonable collection attempts have been exhausted. At March 31, 2015, the outstanding receivable amount related to the 2014 biodiesel mixture excise tax credit reinstatement was approximately $14,722. | |
Goodwill | Goodwill |
Goodwill is tested for impairment annually on July 31 or when impairment indicators exist. Goodwill is allocated and tested for impairment by reporting units. The analysis is based on a comparison of the carrying value of the reporting unit to its fair value, determined utilizing both a discounted cash flow methodology and a market comparable methodology. The determination of whether or not the asset has become impaired involves a significant level of judgment in the assumptions underlying the approach used to determine the value of the Company’s reporting units. Changes in estimates of future cash flows caused by items such as unforeseen events or sustained unfavorable changes in market conditions could negatively affect the fair value of the reporting unit’s goodwill asset and result in an impairment charge. The annual impairment test determined that the fair value of the biomass-based diesel reporting unit exceeded its carrying value by approximately 7% and the services reporting unit exceeded its carrying value by approximately 66%. The Company also reviewed goodwill recorded from the acquisitions of LS9, Inc., Syntroleum Corporation and Dynamic Fuels, LLC during the annual impairment testing. There have been no impairment indicators in the first three months of 2015 that would indicate that an additional assessment needs to be performed. | |
Share Repurchase Programs | Share Repurchase Programs |
In February 2015, the Company's board of directors approved a share repurchase program of up to $30,000 of the Company's shares of Common Stock. Shares may be repurchased from time to time in open market transactions, privately negotiated transactions or by other means. The Company accounts for share repurchases using the cost method. Under this method, the cost of the share repurchase is recorded entirely in treasury stock, a contra equity account. During the three months ended March 31, 2015, the Company repurchased shares of Common Stock in the amount of $5,000 under this share repurchase program. | |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation |
The Company’s reporting and functional currency is U.S. dollars. Monetary assets and liabilities denominated in currencies other than U.S. dollars are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in the Company’s Condensed Consolidated Statements of Operations as foreign exchange gain (loss) unless the remeasurement gain or loss relates to an intercompany transaction that is of a long-term investment nature and for which settlement is not planned or anticipated in the foreseeable future. Gains or losses arising from translation of such transactions are reported as a component of accumulated other comprehensive income (loss) in the Company’s Condensed Consolidated Balance Sheets. | |
The Company translates the assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. dollars at the appropriate spot rates as of the balance sheet date. Generally, our foreign subsidiaries use the local currency as their functional currency. Changes in the carrying value of these assets and liabilities attributable to fluctuations in spot rates are recognized in foreign currency translation adjustment, a component of accumulated other comprehensive income (loss) in the Company’s Condensed Consolidated Balance Sheets | |
Income Taxes | Income Taxes |
The Company uses the asset and liability method to account for income taxes. Accordingly, deferred income taxes are recognized for differences between the financial statement and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. Changes in tax rates are recognized directly to the income statement as they arise. Consideration is given to positive and negative evidence related to the realization of the deferred tax assets and valuation allowances are established to reduce deferred tax assets to the amounts expected to be realized. Significant judgment is required in making this assessment. | |
For uncertain tax positions, the Company recognizes tax benefits that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized. | |
With regard to non-US subsidiaries, the Company does not have any undistributed earnings and the Company has not yet decided to indefinitely invest any future earnings outside of the U.S. | |
New Accounting Pronouncements | New Accounting Standards |
In February 2015, the FASB issued ASU 2015-02, which amends the consolidation requirements in ASC 810 and significantly changes the consolidation analysis required under U.S. GAAP. The guidance in the ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. |
Acquisitions_and_Equity_Transa1
Acquisitions and Equity Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Syntroleum Corporation and Dynamic Fuels, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions | The following table summarizes the amount of assets acquired and liabilities assumed at the acquisition date and at March 31, 2015 for the combined acquisition of Syntroleum and Dynamic Fuels: | |||||||
6-Jun-14 | March 31, 2015 | |||||||
Assets (liabilities) acquired of Syntroleum and Dynamic Fuels: | ||||||||
Cash | $ | 253 | $ | 253 | ||||
Other current assets | 4,666 | 4,666 | ||||||
Property, plant and equipment | 121,567 | 121,567 | ||||||
Goodwill | 68,196 | 71,398 | ||||||
Intangible assets | 8,900 | 8,900 | ||||||
Other noncurrent assets | 10,281 | 10,281 | ||||||
Other current liabilities | (1,024 | ) | (1,024 | ) | ||||
Deferred tax liabilities | (5,108 | ) | (8,310 | ) | ||||
Debt | (113,553 | ) | (113,553 | ) | ||||
Other noncurrent liabilities | (14,000 | ) | (14,000 | ) | ||||
Total | $ | 80,178 | $ | 80,178 | ||||
Petrotec AG | ||||||||
Business Acquisition [Line Items] | ||||||||
Schedule of Business Acquisitions | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date. | |||||||
December 24, 2014 | ||||||||
Assets (liabilities) acquired of Petrotec: | ||||||||
Cash | $ | 13,523 | ||||||
Accounts receivable | 4,989 | |||||||
Inventory | 9,470 | |||||||
Other current assets | 3,583 | |||||||
Property, plant and equipment | 25,026 | |||||||
Total identifiable assets acquired | 56,591 | |||||||
Accounts payable | (8,171 | ) | ||||||
Accrued expenses and other liabilities | (2,151 | ) | ||||||
Debt | (16,192 | ) | ||||||
Non-current liabilities | (1,462 | ) | ||||||
Total liabilities assumed | (27,976 | ) | ||||||
Net identifiable assets acquired | 28,615 | |||||||
Goodwill | 369 | |||||||
Non-controlling interest | (8,962 | ) | ||||||
Net assets acquired | $ | 20,022 | ||||||
The following table summarizes the consideration paid for Petrotec: | ||||||||
December 24, 2014 | ||||||||
Consideration at fair value for Petrotec: | ||||||||
Common stock | $ | 20,022 | ||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||
Marketable Securities | The Company's investments in marketable securities are stated at fair value and are available-for-sale. The following table summarizes the Company's marketable securities: | |||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||
Maturity | Gross Amortized Cost | Total Unrealized Gains | Total Unrealized Losses | Fair Value | ||||||||||||||
Certificates of deposit | Within one year | $ | 3,080 | $ | — | $ | — | $ | 3,080 | |||||||||
As of December 31, 2014 | ||||||||||||||||||
Maturity | Gross Amortized Cost | Total Unrealized Gains | Total Unrealized Losses | Fair Value | ||||||||||||||
Corporate bonds | Within one year | $ | 6,781 | $ | — | $ | (6 | ) | $ | 6,775 | ||||||||
Certificates of deposit | Within one year | 10,000 | — | (5 | ) | 9,995 | ||||||||||||
Total | $ | 16,781 | $ | — | $ | (11 | ) | $ | 16,770 | |||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories consist of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Raw materials | $ | 33,138 | $ | 23,117 | ||||
Work in process | 2,875 | 2,879 | ||||||
Finished goods | 84,472 | 71,512 | ||||||
Total | $ | 120,485 | $ | 97,508 | ||||
Prepaid_Expenses_and_Other_Ass1
Prepaid Expenses and Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Summary of Prepaid Expense and Other Assets | Prepaid expense and other assets consist of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Commodity derivatives and related collateral, net | $ | 15,169 | $ | 12,938 | ||||
Prepaid expenses | 5,783 | 7,901 | ||||||
Deposits | 3,958 | 4,481 | ||||||
RIN inventory | 7,955 | 10,795 | ||||||
Taxes receivable | 1,712 | 2,843 | ||||||
Other | 4,947 | 4,177 | ||||||
Total | $ | 39,524 | $ | 43,135 | ||||
Summary of other noncurrent assets | Other noncurrent assets consist of the following: | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Debt issuance costs (net of accumulated amortization of $1,345 and $1,474, respectively) | $ | 4,825 | $ | 5,152 | ||||
Spare parts inventory | 3,440 | 3,440 | ||||||
Deposits | 4,370 | 4,370 | ||||||
Other | 6,271 | 6,624 | ||||||
Total | $ | 18,906 | $ | 19,586 | ||||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Carrying amount of goodwill | The following table shows the carrying amount of goodwill by reportable segment as of December 31, 2014 and the changes in goodwill for the three months ended March 31, 2015: | |||||||||||
Biomass-based diesel | Services | Total | ||||||||||
Balance, December 31, 2014 | $ | 172,195 | $ | 16,080 | $ | 188,275 | ||||||
Finalization of purchase accounting | 3,202 | — | 3,202 | |||||||||
Balance, March 31, 2015 | $ | 175,397 | $ | 16,080 | $ | 191,477 | ||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Components of Intangible assets | Intangible assets consist of the following: | |||||||||||||
31-Mar-15 | ||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Remaining Life | |||||||||||
Raw material supply agreement | $ | 5,983 | $ | (1,208 | ) | $ | 4,775 | 10.8 years | ||||||
Renewable hydrocarbon diesel technology | 8,300 | (461 | ) | 7,839 | 14.3 years | |||||||||
Ground lease | 200 | (101 | ) | 99 | 6.6 years | |||||||||
Total amortizing intangibles | 14,483 | (1,770 | ) | 12,713 | ||||||||||
In-process research and development, indefinite lives | 15,956 | — | 15,956 | |||||||||||
Total intangible assets | $ | 30,439 | $ | (1,770 | ) | $ | 28,669 | |||||||
31-Dec-14 | ||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Remaining Life | |||||||||||
Raw material supply agreement | $ | 5,914 | $ | (1,113 | ) | $ | 4,801 | 11.0 years | ||||||
Renewable hydrocarbon diesel technology | 8,300 | (323 | ) | 7,977 | 14.5 years | |||||||||
Ground lease | 200 | (97 | ) | 103 | 6.9 years | |||||||||
Total amortizing intangibles | 14,414 | (1,533 | ) | 12,881 | ||||||||||
In-process research and development, indefinite lives | 15,956 | — | 15,956 | |||||||||||
Total intangible assets | $ | 30,370 | $ | (1,533 | ) | $ | 28,837 | |||||||
Estimated amortization expense | The estimated intangible asset amortization expense for fiscal year 2015 through fiscal year 2020 and thereafter is as follows: | |||||||||||||
April 1, 2015 through December 31, 2015 | $ | 769 | ||||||||||||
2016 | 1,040 | |||||||||||||
2017 | 1,054 | |||||||||||||
2018 | 1,068 | |||||||||||||
2019 | 1,083 | |||||||||||||
2020 | 1,099 | |||||||||||||
2021 and thereafter | 6,600 | |||||||||||||
Total | $ | 12,713 | ||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Company's Borrowings | The Company’s debt is as follows: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 | $ | 122,512 | $ | 121,354 | ||||
REG Geismar GOZone bonds, secured, variable interest rate of daily LIBOR, due in October 2033 | 100,000 | 100,000 | ||||||
REG Danville term loan, secured, variable interest rate of LIBOR plus 5%, due in November 2015 | 1,213 | 1,513 | ||||||
REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 | 19,206 | 19,868 | ||||||
REG Mason City term loan, fixed interest rate of 5%, due in July 2019 | 4,346 | 4,566 | ||||||
REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively | 4,145 | 4,226 | ||||||
Other | 1,289 | 1,402 | ||||||
Total debt | $ | 252,711 | $ | 252,929 | ||||
Revolving Line of Credit | Revolving Lines of Credit | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Amount borrowed under revolving lines of credit | $ | 1,302 | $ | 16,679 | ||||
Maximum available to be borrowed under revolving line of credit | $ | 39,970 | $ | 20,719 | ||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Related Party Transactions [Abstract] | ||||||||
Summary of Related Party Transactions | ||||||||
Summary of Related Party Balances - Condensed Consolidated Statements of Operations | ||||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Cost of goods sold – Biomass-based diesel | $ | 4,542 | $ | 7,146 | ||||
Summary of Related Party Balances | ||||||||
Summary of Related Party Balances - Condensed Consolidated Balance Sheets | ||||||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Accounts receivable | $ | — | $ | 36 | ||||
Accounts payable | $ | 914 | $ | 1,101 | ||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Summary of Derivative Financial Instruments by Balance Sheet Location | The following table sets forth the fair value of the Company's commodity contract derivatives and amounts that offset within the Condensed Consolidated Balance Sheets: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Gross amounts of derivatives recognized at fair value | $ | 6,282 | $ | 1,296 | $ | 14,901 | $ | 205 | ||||||||
Cash collateral | 10,183 | — | 2,870 | 4,628 | ||||||||||||
Total gross amount recognized | 16,465 | 1,296 | 17,771 | 4,833 | ||||||||||||
Gross amounts offset | (1,296 | ) | (1,296 | ) | (4,833 | ) | (4,833 | ) | ||||||||
Net amount reported in the condensed consolidated balance sheet | $ | 15,169 | $ | — | $ | 12,938 | $ | — | ||||||||
Summary of Derivative Financial Instruments by Location of Gain (Loss) | The following table sets forth the pre-tax gains (losses) included in the Condensed Consolidated Statements of Operations: | |||||||||||||||
Location of Gain (Loss) | Three Months | Three Months | ||||||||||||||
Recognized in income | Ended | Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Commodity derivatives | Cost of goods sold – Biomass-based diesel | $ | (623 | ) | $ | (694 | ) | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Assets (Liabilities) Measured at Fair Value | A summary of assets (liabilities) measured at fair value is as follows: | |||||||||||||||
As of March 31, 2015 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Certificates of deposit | $ | 3,080 | $ | — | $ | 3,080 | $ | — | ||||||||
Commodity contract derivatives | $ | 4,986 | 1,933 | 3,053 | — | |||||||||||
Contingent consideration for LS9 acquisition | $ | (8,593 | ) | — | — | (8,593 | ) | |||||||||
Contingent consideration for Dynamic Fuels acquisition | $ | (29,967 | ) | — | — | (29,967 | ) | |||||||||
$ | (30,494 | ) | $ | 1,933 | $ | 6,133 | $ | (38,560 | ) | |||||||
As of December 31, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Money market funds | $ | 302 | $ | 302 | $ | — | $ | — | ||||||||
Certificates of deposit | $ | 9,995 | — | 9,995 | — | |||||||||||
Commercial notes/bond | $ | 6,775 | — | 6,775 | — | |||||||||||
Commodity contract derivatives | $ | 14,696 | 6,885 | 7,811 | — | |||||||||||
Contingent consideration for LS9 acquisition | $ | (8,624 | ) | — | — | (8,624 | ) | |||||||||
Contingent consideration of Dynamic Fuels acquisition | $ | (30,695 | ) | — | — | (30,695 | ) | |||||||||
$ | (7,551 | ) | $ | 7,187 | $ | 24,581 | $ | (39,319 | ) | |||||||
Liabilities Measured at Fair Value on a Recurring Basis | The following is a reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | |||||||||||||||
Contingent Consideration for LS9 Acquisition | Contingent Consideration for Dynamic Fuels Acquisition | |||||||||||||||
Balance at beginning of period, January 1, 2015 | $ | 8,624 | $ | 30,695 | ||||||||||||
Change in estimates included in earnings | (31 | ) | 324 | |||||||||||||
Settlements | — | (1,052 | ) | |||||||||||||
Balance at end of period, March 31, 2015 | $ | 8,593 | $ | 29,967 | ||||||||||||
Contingent Consideration for LS9 Acquisition | Contingent Consideration for Dynamic Fuels Acquisition | |||||||||||||||
Balance at beginning of period, January 1, 2014 | $ | — | $ | — | ||||||||||||
Additions for acquisitions | 17,050 | — | ||||||||||||||
Balance at end of period, March 31, 2014 | $ | 17,050 | $ | — | ||||||||||||
Estimated Fair Values of the Company's Financial Instruments | The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: | |||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||
Asset (Liability) | Fair Value | Asset (Liability) | Fair Value | |||||||||||||
Carrying | Carrying | |||||||||||||||
Amount | Amount | |||||||||||||||
Financial liabilities: | ||||||||||||||||
Debt and lines of credit | $ | (254,013 | ) | $ | (254,781 | ) | $ | (269,608 | ) | $ | (270,331 | ) |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Dilutive weighted average securities were excluded from the calculation of diluted net income (loss) per share attributable to common stockholders during the periods | The following potentially dilutive weighted average securities were excluded from the calculation of diluted net loss per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: | |||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Options to purchase common stock | 87,026 | 87,026 | ||||||
Restricted stock units | — | 567,716 | ||||||
Stock appreciation rights | 2,123,770 | 1,583,670 | ||||||
Warrants to purchase common stock | — | 17,916 | ||||||
Convertible notes | 10,838,218 | — | ||||||
Total | 13,049,014 | 2,256,328 | ||||||
Calculation of diluted net income per share | The following table presents the calculation of diluted net loss per share: | |||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net loss attributable to the Company’s common stockholders - Basic | $ | (38,107 | ) | $ | (2,021 | ) | ||
Plus: distributed dividends to Preferred Stockholders | — | 40 | ||||||
Plus (Less): effect of participating securities | — | (378 | ) | |||||
Net loss attributable to common stockholders - Dilutive | $ | (38,107 | ) | $ | (2,359 | ) | ||
Shares: | ||||||||
Weighted-average shares used to compute basic net loss per share | 44,362,637 | 38,290,404 | ||||||
Adjustment to reflect conversion of preferred stock | — | 267,037 | ||||||
Weighted-average shares used to compute diluted net loss per share | 44,362,637 | 38,557,441 | ||||||
Net loss per share attributable to common stockholders: | ||||||||
Diluted | $ | (0.86 | ) | $ | (0.06 | ) |
Reportable_Segments_Tables
Reportable Segments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment for the Results of Operations | The following table represents the significant items by reportable segment: | |||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
Biomass-based diesel | $ | 230,814 | $ | 219,012 | ||||
Services | 18,811 | 20,524 | ||||||
Intersegment revenues | (18,707 | ) | (20,496 | ) | ||||
$ | 230,918 | $ | 219,040 | |||||
Income (loss) before income taxes: | ||||||||
Biomass-based diesel | $ | (20,098 | ) | $ | 11,561 | |||
Services | 43 | 3 | ||||||
Corporate and other (a) | (19,146 | ) | (14,030 | ) | ||||
$ | (39,201 | ) | $ | (2,466 | ) | |||
Depreciation and amortization expense, net: | ||||||||
Biomass-based diesel | $ | 5,208 | $ | 2,589 | ||||
Services | 62 | 41 | ||||||
Corporate and other (a) | 456 | 253 | ||||||
$ | 5,726 | $ | 2,883 | |||||
Cash paid for purchases of property, plant and equipment: | ||||||||
Biomass-based diesel | $ | 10,490 | $ | 12,554 | ||||
Services | 722 | — | ||||||
Corporate and other (a) | 966 | 219 | ||||||
$ | 12,178 | $ | 12,773 | |||||
As of | As of | |||||||
March 31, 2015 | December 31, 2014 | |||||||
Assets: | ||||||||
Biomass-based diesel | $ | 916,371 | $ | 899,211 | ||||
Services | 22,781 | 20,750 | ||||||
Corporate and other (b) | 338,788 | 452,927 | ||||||
$ | 1,277,940 | $ | 1,372,888 | |||||
(a) | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income. | |||||||
(b) | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. | |||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Long-lived assets represent the net book value of property, plant and equipment. | |||||||
Three Months | Three Months | |||||||
Ended | Ended | |||||||
March 31, | March 31, | |||||||
2015 | 2014 | |||||||
Net revenues: | ||||||||
United States | $ | 200,925 | $ | 219,040 | ||||
Foreign | 29,993 | — | ||||||
$ | 230,918 | $ | 219,040 | |||||
As of March 31, 2015 | As of December 31, 2014 | |||||||
Long-lived assets: | ||||||||
United States | $ | 474,397 | $ | 468,170 | ||||
Foreign | 21,958 | 25,026 | ||||||
$ | 496,355 | $ | 493,196 | |||||
Basis_of_Presentation_and_Natu1
Basis of Presentation and Nature of the Business (Details) | 3 Months Ended |
Mar. 31, 2015 | |
facility | |
gal | |
Class of Stock [Line Items] | |
Number of operating biodiesel production facilities | 9 |
Production capacity per year | 332,000,000 |
Petrotec AG | |
Class of Stock [Line Items] | |
Number of biorefineries | 2 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Current restricted cash | $0 | $12,845 | |
Restricted cash | 104,815 | 104,815 | |
Accounts receivable, net (includes amounts owed by related parties of $0 and $36, respectively) | 51,025 | 294,669 | |
Share repurchase program, amount authorized to be repurchased | 30,000 | ||
Share repurchased program, amount repurchased | 5,000 | ||
Dynamic Fuels, LLC | |||
Business Acquisition [Line Items] | |||
Restricted cash | 101,315 | ||
REG Energy Services | |||
Business Acquisition [Line Items] | |||
Restricted cash | 3,500 | ||
Biomass-based diesel | |||
Business Acquisition [Line Items] | |||
Minimum percentage of increase in fair value of goodwill over carrying value | 7.00% | ||
Services | |||
Business Acquisition [Line Items] | |||
Minimum percentage of increase in fair value of goodwill over carrying value | 66.00% | ||
2014 Biodiesel Mixture Excise Tax Credit Reinstatement | |||
Business Acquisition [Line Items] | |||
Accounts receivable, net (includes amounts owed by related parties of $0 and $36, respectively) | $14,722 |
Acquisitions_and_Equity_Transa2
Acquisitions and Equity Transactions (Details Textual) (USD $) | 3 Months Ended | 0 Months Ended | 10 Months Ended | 0 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 03, 2014 | Jun. 06, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 24, 2014 | Dec. 31, 2014 |
gal | ||||||||
Business Acquisition [Line Items] | ||||||||
Issuance of common stock for acquisitions | $26,254 | |||||||
Production capacity per year | 332,000,000 | 332,000,000 | 332,000,000 | |||||
Contingent consideration | 32,236 | 32,236 | 32,236 | 30,091 | ||||
Goodwill | 191,477 | 191,477 | 191,477 | 188,275 | ||||
Tyson Foods | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent consideration | 35,000 | 35,000 | 35,000 | |||||
Syntroleum Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Issuance of common stock for acquisitions | 34,831 | |||||||
Shares of common stock issued | 3,493,613 | |||||||
Fair Value Inputs, Discount Rate | 5.80% | |||||||
Dynamic Fuels, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | 16,447 | |||||||
Contingent consideration | 28,900 | |||||||
Fair Value Inputs, Discount Rate | 5.80% | |||||||
Syntroleum Corporation and Dynamic Fuels, LLC | ||||||||
Business Acquisition [Line Items] | ||||||||
Contingent consideration | 29,967 | 29,967 | 29,967 | |||||
Increase in goodwill | 3,202 | |||||||
Contingent liability, current | 6,324 | 6,324 | 6,324 | |||||
Goodwill | 71,398 | 68,196 | 71,398 | 71,398 | ||||
Petrotec AG | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interest | 84.42% | 69.08% | ||||||
Issuance of common stock for acquisitions | 20,022 | |||||||
Shares of common stock issued | 2,070,538 | |||||||
Goodwill | 369 | |||||||
Noncontrolling interest percent | 30.92% | |||||||
Fair value of noncontrolling interest | 8,962 | |||||||
Acquisition related costs | $1,289 | |||||||
Dynamic Fuels, LLC | Syntroleum Corporation | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interest | 50.00% | 50.00% | ||||||
Production capacity per year | 75,000,000 |
Acquisitions_and_Equity_Transa3
Acquisitions and Equity Transactions (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 03, 2014 | Dec. 24, 2014 | Dec. 31, 2014 | Jun. 06, 2014 |
Business Acquisition [Line Items] | ||||||
Common stock | $26,254 | |||||
Assets (liabilities) acquired: | ||||||
Goodwill | 191,477 | 188,275 | ||||
Syntroleum Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Common stock | 34,831 | |||||
Syntroleum Corporation and Dynamic Fuels, LLC | ||||||
Assets (liabilities) acquired: | ||||||
Cash | 253 | 253 | ||||
Other current assets | 4,666 | 4,666 | ||||
Property, plant and equipment | 121,567 | 121,567 | ||||
Other noncurrent assets | 10,281 | 10,281 | ||||
Goodwill | 71,398 | 68,196 | ||||
Intangible assets | 8,900 | 8,900 | ||||
Other current liabilities | -1,024 | -1,024 | ||||
Deferred tax liabilities | -8,310 | -5,108 | ||||
Debt | -113,553 | -113,553 | ||||
Other noncurrent liabilities | -14,000 | -14,000 | ||||
Total | 80,178 | 80,178 | ||||
Petrotec AG | ||||||
Business Acquisition [Line Items] | ||||||
Common stock | 20,022 | |||||
Assets (liabilities) acquired: | ||||||
Cash | 13,523 | |||||
Accounts receivable | 4,989 | |||||
Inventory | 9,470 | |||||
Other current assets | 3,583 | |||||
Property, plant and equipment | 25,026 | |||||
Total identifiable assets acquired | 56,591 | |||||
Accounts payable | -8,171 | |||||
Goodwill | 369 | |||||
Other current liabilities | -2,151 | |||||
Debt | -16,192 | |||||
Other noncurrent liabilities | -1,462 | |||||
Total liabilities assumed | -27,976 | |||||
Non-controlling interest | -8,962 | |||||
Net assets acquired | 20,022 | |||||
Total | $28,615 |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | $16,781 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | -11 | |
Fair Value | 3,080 | 16,770 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 6,781 | |
Total Unrealized Gains | 0 | |
Total Unrealized Losses | -6 | |
Fair Value | 6,775 | |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 3,080 | 10,000 |
Total Unrealized Gains | 0 | 0 |
Total Unrealized Losses | 0 | -5 |
Fair Value | $3,080 | $9,995 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventories | ||
Raw materials | $33,138 | $23,117 |
Work in process | 2,875 | 2,879 |
Finished goods | 84,472 | 71,512 |
Total | $120,485 | $97,508 |
Prepaid_Expenses_and_Other_Ass2
Prepaid Expenses and Other Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of prepaid expense and other assets | ||
Commodity derivatives and related collateral, net | $15,169 | $12,938 |
Prepaid expenses | 5,783 | 7,901 |
Deposits | 3,958 | 4,481 |
RIN inventory | 7,955 | 10,795 |
Taxes receivable | 1,712 | 2,843 |
Other | 4,947 | 4,177 |
Total | $39,524 | $43,135 |
Prepaid_Expenses_and_Other_Ass3
Prepaid Expenses and Other Assets (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 |
Other Assets [Abstract] | |||
Inventory reduced to lower of cost or market | $3 | $1,042 | |
Accumulated amortization, debt issuance costs | $1,345 | $1,474 |
Prepaid_Expenses_and_Other_Ass4
Prepaid Expenses and Other Assets (Other Noncurrent Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Debt issuance costs (net of accumulated amortization of $1,345 and $1,474, respectively) | $4,825 | $5,152 |
Spare parts inventory | 3,440 | 3,440 |
Deposits | 4,370 | 4,370 |
Other | 6,271 | 6,624 |
Total | $18,906 | $19,586 |
Goodwill_Details
Goodwill (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Roll Forward] | |
Balance | $188,275 |
Goodwill, Translation and Purchase Accounting Adjustments | 3,202 |
Balance | 191,477 |
Biomass-based diesel | |
Goodwill [Roll Forward] | |
Balance | 172,195 |
Goodwill, Translation and Purchase Accounting Adjustments | 3,202 |
Balance | 175,397 |
Services | |
Goodwill [Roll Forward] | |
Balance | 16,080 |
Goodwill, Translation and Purchase Accounting Adjustments | 0 |
Balance | $16,080 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $14,483 | $14,414 |
Accumulated Amortization, finite-lived | -1,770 | -1,533 |
Total | 12,713 | 12,881 |
Cost, indefinite lived | 30,439 | 30,370 |
Accumulated Amortization, indefinite-lived | -1,770 | -1,533 |
Net, indefinite-lived | 28,669 | 28,837 |
In-process research and development, indefinite lives | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, indefinite lived | 15,956 | 15,956 |
Accumulated Amortization, indefinite-lived | 0 | 0 |
Net, indefinite-lived | 15,956 | 15,956 |
Raw material supply agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | 5,983 | 5,914 |
Accumulated Amortization, finite-lived | -1,208 | -1,113 |
Total | 4,775 | 4,801 |
Weighted Average Remaining Life | 10 years 9 months | 11 years |
Renewable hydrocarbon diesel technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | 8,300 | 8,300 |
Accumulated Amortization, finite-lived | -461 | -323 |
Total | 7,839 | 7,977 |
Weighted Average Remaining Life | 14 years 3 months | 14 years 6 months |
Ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | 200 | 200 |
Accumulated Amortization, finite-lived | -101 | -97 |
Total | $99 | $103 |
Weighted Average Remaining Life | 6 years 7 months 24 days | 6 years 10 months 24 days |
Intangible_Assets_Details_Text
Intangible Assets (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible amortization expense | $237 | $84 |
Intangible_Assets_Details_1
Intangible Assets (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Estimated amortization expense | ||
April 1, 2015 through December 31, 2015 | $769 | |
2016 | 1,040 | |
2017 | 1,054 | |
2018 | 1,068 | |
2019 | 1,083 | |
2020 | 1,099 | |
2021 and thereafter | 6,600 | |
Total | $12,713 | $12,881 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Company's borrowings | ||
Total notes payable | $252,711 | $252,929 |
Convertible debt | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 2.75% | 2.75% |
Face amount | 143,750 | 143,750 |
Company's borrowings | ||
Total notes payable | 122,512 | 121,354 |
REG Geismar GOZone bonds | ||
Company's borrowings | ||
Total notes payable | 100,000 | 100,000 |
REG Danville term loan | ||
Line Of Credit Facility [Line Items] | ||
Description of variable rate basis | LIBOR plus 5%Â per annum | LIBOR plus 5%Â per annum |
Company's borrowings | ||
Total notes payable | 1,213 | 1,513 |
REG Newton term loan | ||
Line Of Credit Facility [Line Items] | ||
Description of variable rate basis | LIBOR plus 4% per annum | LIBOR plus 4% per annum |
Company's borrowings | ||
Total notes payable | 19,206 | 19,868 |
REG Mason City term loan | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Company's borrowings | ||
Total notes payable | 4,346 | 4,566 |
REG Ames term loan | ||
Company's borrowings | ||
Total notes payable | 4,145 | 4,226 |
Other | ||
Company's borrowings | ||
Total notes payable | $1,289 | $1,402 |
LIBOR | REG Danville term loan | ||
Line Of Credit Facility [Line Items] | ||
Basis spread on variable rate | 5.00% | 5.00% |
LIBOR | REG Newton term loan | ||
Line Of Credit Facility [Line Items] | ||
Basis spread on variable rate | 4.00% | 4.00% |
Minimum | REG Ames term loan | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 3.50% | 3.50% |
Maximum | REG Ames term loan | ||
Line Of Credit Facility [Line Items] | ||
Interest rate | 4.25% | 4.25% |
Debt_Revolving_Lines_of_Credit
Debt (Revolving Lines of Credit) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Amount borrowed under revolving lines of credit | $1,302 | $16,679 |
Maximum available to be borrowed under revolving line of credit | $39,970 | $20,719 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Summary of Related Party Transactions | ||
Cost of goods sold – Biomass-based diesel | $4,542 | $7,146 |
West Central | ||
Summary of Related Party Transactions | ||
Cost of goods sold – Biomass-based diesel | $4,542 | $7,146 |
Related_Party_Transactions_Det1
Related Party Transactions (Details 1) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Related Party Balances | ||
Accounts receivable | $0 | $36 |
Accounts payable | 914 | 1,101 |
West Central | ||
Summary of Related Party Balances | ||
Accounts receivable | 0 | 36 |
Accounts payable | $914 | $1,101 |
Derivative_Instruments_Details
Derivative Instruments (Details Textual) | Mar. 31, 2015 |
Contract | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Open commodity contracts | 2,626 |
Derivative_Instruments_Details1
Derivative Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Gross amounts of derivatives recognized at fair value | $6,282 | $14,901 |
Cash collateral | 10,183 | 2,870 |
Total gross amount recognized | 16,465 | 17,771 |
Gross amounts offset | -1,296 | -4,833 |
Net amount reported in the condensed consolidated balance sheet | 15,169 | 12,938 |
Liabilities | ||
Gross amounts of derivatives recognized at fair value | 1,296 | 205 |
Cash collateral | 0 | 4,628 |
Total gross amount recognized | 1,296 | 4,833 |
Gross amounts offset | -1,296 | -4,833 |
Net amount reported in the condensed consolidated balance sheet | $0 | $0 |
Derivative_Instruments_Details2
Derivative Instruments (Details 1) (Cost of goods sold – Biodiesel, Commodity derivatives, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cost of goods sold – Biodiesel | Commodity derivatives | ||
Derivative Instruments Gain Loss [Line Items] | ||
Pre-tax gains (losses) included in the condensed consolidated statement of operations | ($623) | ($694) |
Fair_Value_Measurement_Details
Fair Value Measurement (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | ($30,494) | ($7,551) |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | 1,933 | 7,187 |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | 6,133 | 24,581 |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | -38,560 | -39,319 |
Commodity contract derivatives | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 4,986 | 14,696 |
Commodity contract derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 1,933 | 6,885 |
Commodity contract derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 3,053 | 7,811 |
Commodity contract derivatives | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Contingent consideration for acquisition | LS9, Inc. | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | -8,593 | -8,624 |
Contingent consideration for acquisition | LS9, Inc. | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | 0 | 0 |
Contingent consideration for acquisition | LS9, Inc. | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | 0 | 0 |
Contingent consideration for acquisition | LS9, Inc. | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | -8,593 | -8,624 |
Contingent consideration for acquisition | Dynamic Fuels, LLC | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | -29,967 | -30,695 |
Contingent consideration for acquisition | Dynamic Fuels, LLC | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | 0 | 0 |
Contingent consideration for acquisition | Dynamic Fuels, LLC | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | 0 | 0 |
Contingent consideration for acquisition | Dynamic Fuels, LLC | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | -29,967 | -30,695 |
Money market funds | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 302 | |
Money market funds | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 302 | |
Money market funds | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | |
Money market funds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | |
Certificates of deposit | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 3,080 | 9,995 |
Certificates of deposit | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Certificates of deposit | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 3,080 | 9,995 |
Certificates of deposit | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Commercial notes/bonds | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 6,775 | |
Commercial notes/bonds | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | |
Commercial notes/bonds | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 6,775 | |
Commercial notes/bonds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | $0 |
Fair_Value_Measurement_Details1
Fair Value Measurement (Details 1) (Contingent Consideration for Acquisition, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
LS9, Inc. | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $8,624 | $0 |
Change in estimates included in earnings | -31 | |
Additions for acquisitions | 17,050 | |
Settlements | 0 | |
Ending balance | 8,593 | 17,050 |
Dynamic Fuels, LLC | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 30,695 | 0 |
Change in estimates included in earnings | 324 | |
Additions for acquisitions | 0 | |
Settlements | -1,052 | |
Ending balance | $29,967 | $0 |
Fair_Value_Measurement_Details2
Fair Value Measurement (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Asset (Liability) Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | ($254,013) | ($269,608) |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | ($254,781) | ($270,331) |
Fair_Value_Measurement_Details3
Fair Value Measurement (Details Textual) | 3 Months Ended |
Mar. 31, 2015 | |
LS9, Inc. | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Discount Rate | 8.00% |
Dynamic Fuels, LLC | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Inputs, Discount Rate | 5.80% |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 13,049,014 | 2,256,328 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 87,026 | 87,026 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 0 | 17,916 |
Convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 10,838,218 | 0 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 0 | 567,716 |
Stock appreciation rights | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 2,123,770 | 1,583,670 |
Net_Loss_Per_Share_Details_1
Net Loss Per Share (Details 1) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
NET LOSS ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | ($38,107) | ($2,021) |
Plus: distributed dividends to Preferred Stockholders | 0 | 40 |
Plus (Less): effect of participating securities | 0 | -378 |
Net loss attributable to common stockholders - Dilutive | ($38,107) | ($2,359) |
Weighted-average shares used to compute basic net loss per share | 44,362,637 | 38,290,404 |
Adjustment to reflect conversion of preferred stock | 0 | 267,037 |
Weighted-average shares used to compute diluted net loss per share | 44,362,637 | 38,557,441 |
Diluted | ($0.86) | ($0.06) |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | $230,918 | $219,040 | ||||
Income (loss) before income taxes: | -39,201 | -2,466 | ||||
Depreciation and amortization expense, net: | 5,726 | 2,883 | ||||
Cash paid for purchases of property, plant and equipment: | 12,178 | 12,773 | ||||
Assets: | 1,277,940 | 1,372,888 | ||||
Intersegment revenues | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | -18,707 | -20,496 | ||||
Corporate and other | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before income taxes: | -19,146 | [1] | -14,030 | [1] | ||
Depreciation and amortization expense, net: | 456 | [1] | 253 | [1] | ||
Cash paid for purchases of property, plant and equipment: | 966 | [1] | 219 | [1] | ||
Assets: | 338,788 | [2] | 452,927 | [2] | ||
Biomass-based diesel | Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | 230,814 | 219,012 | ||||
Income (loss) before income taxes: | -20,098 | 11,561 | ||||
Depreciation and amortization expense, net: | 5,208 | 2,589 | ||||
Cash paid for purchases of property, plant and equipment: | 10,490 | 12,554 | ||||
Assets: | 916,371 | 899,211 | ||||
Services | Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | 18,811 | 20,524 | ||||
Income (loss) before income taxes: | 43 | 3 | ||||
Depreciation and amortization expense, net: | 62 | 41 | ||||
Cash paid for purchases of property, plant and equipment: | 722 | 0 | ||||
Assets: | $22,781 | $20,750 | ||||
[1] | Corporate and other includes income/(expense) not associated with the reportable segments, such as corporate general and administrative expenses, shared service expenses, interest expense and interest income. | |||||
[2] | Corporate and other includes cash and other assets not associated with the reportable segments, including investments. |
Reportable_Segments_Geographic
Reportable Segments - Geographic Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | $230,918 | $219,040 | |
Long-lived assets: | 496,355 | 493,196 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | 200,925 | 219,040 | |
Long-lived assets: | 474,397 | 468,170 | |
Foreign | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net revenues: | 29,993 | 0 | |
Long-lived assets: | $21,958 | $25,026 |