Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Document And Entity Information [Abstract] | ||
Entity Registrant Name | Renewable Energy Group, Inc. | |
Entity Central Index Key | 1,463,258 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 43,441,688 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 70,978 | $ 63,516 |
Marketable securities | 30,225 | 16,770 |
Accounts receivable, net (includes amounts owed by related parties of $0 and $36, respectively) | 59,888 | 294,669 |
Inventories | 95,166 | 97,508 |
Deferred income taxes | 12 | 0 |
Prepaid expenses and other assets | 41,943 | 43,135 |
Restricted cash | 0 | 12,845 |
Total current assets | 298,212 | 528,443 |
Property, plant and equipment, net | 500,516 | 493,196 |
Goodwill | 191,444 | 188,275 |
Intangible assets, net | 28,508 | 28,837 |
Investments | 10,331 | 9,736 |
Other assets | 17,578 | 19,586 |
Restricted cash | 106,815 | 104,815 |
TOTAL ASSETS | 1,153,404 | 1,372,888 |
CURRENT LIABILITIES: | ||
Revolving lines of credit | 26,340 | 16,679 |
Current maturities of long-term debt | 5,940 | 5,746 |
Accounts payable (includes amounts owed to related parties of $0 and $1,101, respectively) | 62,175 | 202,821 |
Accrued expenses and other liabilities | 16,002 | 28,486 |
Deferred income taxes | 11,150 | 14,899 |
Deferred revenue | 0 | 16,680 |
Total current liabilities | 121,607 | 285,311 |
Unfavorable lease obligation | 18,257 | 19,170 |
Deferred income taxes | 12,119 | 6,905 |
Contingent consideration for acquisitions | 29,681 | 30,091 |
Long-term debt | 247,001 | 247,183 |
Other liabilities | 4,076 | 5,566 |
Total liabilities | $ 432,741 | $ 594,226 |
COMMITMENTS AND CONTINGENCIES | ||
EQUITY: | ||
Common stock ($.0001 par value; 300,000,000 shares authorized; 43,441,688 and 44,422,881 shares outstanding, respectively) | $ 4 | $ 4 |
Common stock—additional paid-in-capital | 455,757 | 453,109 |
Retained earnings | 280,975 | 321,083 |
Accumulated other comprehensive loss | (3,332) | (11) |
Treasury stock (1,843,785 and 585,150 shares outstanding, respectively) | (16,530) | (4,412) |
Total equity attributable to the Company's shareholders | 716,874 | 769,773 |
Non-controlling interest | 3,789 | 8,889 |
Total equity | 720,663 | 778,662 |
TOTAL LIABILITIES AND EQUITY | $ 1,153,404 | $ 1,372,888 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, amounts owed by related parties | $ 0 | $ 36 |
Accounts payable, amounts owed to related parties | $ 0 | $ 1,101 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares, outstanding | 43,441,688 | 44,422,881 |
Treasury stock, shares outstanding | 1,843,785 | 585,150 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES: | ||||
Biomass-based diesel sales | $ 366,455 | $ 327,837 | $ 587,481 | $ 536,959 |
Biomass-based diesel government incentives | 7,278 | 5,022 | 17,066 | 14,912 |
Total biodiesel sales | 373,733 | 332,859 | 604,547 | 551,871 |
Services | 29 | 59 | 133 | 87 |
Total revenues | 373,762 | 332,918 | 604,680 | 551,958 |
COSTS OF GOODS SOLD: | ||||
Biomass-based diesel | 357,832 | 303,462 | 600,342 | 503,767 |
Biomass-based diesel—related parties | 0 | 14,283 | 4,542 | 21,429 |
Services | 23 | 22 | 84 | 47 |
Total cost of goods sold | 357,855 | 317,767 | 604,968 | 525,243 |
GROSS PROFIT (LOSS) | 15,907 | 15,151 | (288) | 26,715 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 15,359 | 12,410 | 32,034 | 24,064 |
RESEARCH AND DEVELOPMENT EXPENSE | 4,390 | 3,217 | 8,250 | 5,090 |
LOSS FROM OPERATIONS | (3,842) | (476) | (40,572) | (2,439) |
OTHER INCOME (EXPENSE), NET: | ||||
Change in fair value of contingent consideration | 2,121 | 384 | 1,828 | 384 |
Other income, net | 1,779 | 384 | 2,344 | 432 |
Interest expense | (2,928) | (1,204) | (5,671) | (1,755) |
Total other income (expenses) | 972 | (436) | (1,499) | (939) |
LOSS BEFORE INCOME TAXES | (2,870) | (912) | (42,071) | (3,378) |
INCOME TAX BENEFIT | 707 | 11,919 | 1,604 | 12,026 |
NET INCOME (LOSS) | (2,163) | 11,007 | (40,467) | 8,648 |
LESS—NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTEREST | (162) | 0 | (359) | 0 |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | (2,001) | 11,007 | (40,108) | 8,648 |
PLUS—GAIN ON REDEMPTION OF PREFERRED STOCK | 0 | 0 | 0 | 378 |
LESS—EFFECT OF CHANGES TO PREFERRED STOCK | 0 | 0 | 0 | (40) |
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS | 0 | (172) | 0 | (128) |
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ (2,001) | $ 10,835 | $ (40,108) | $ 8,858 |
NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||||
BASIC (in dollars per share) | $ (0.05) | $ 0.27 | $ (0.91) | $ 0.23 |
DILUTED (in dollars per share) | $ (0.05) | $ 0.27 | $ (0.91) | $ 0.22 |
WEIGHTED AVERAGE SHARES USED TO COMPUTE NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS: | ||||
BASIC (in shares) | 43,736,366 | 39,939,346 | 44,048,017 | 39,119,430 |
DILUTED (in shares) | 43,736,366 | 39,954,587 | 44,048,017 | 39,129,136 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (2,163) | $ 11,007 | $ (40,467) | $ 8,648 |
Unrealized gains (losses) on marketable securities, net of taxes of $0 and $0, respectively | (24) | 30 | (15) | (22) |
Foreign currency translation adjustments | 765 | 0 | (3,876) | 0 |
Other comprehensive income (loss) | 741 | 30 | (3,891) | (22) |
Comprehensive income (loss) | (1,422) | 11,037 | (44,358) | 8,626 |
Less—Comprehensive income (loss) attributable to noncontrolling interest | (570) | 0 | (570) | 0 |
Comprehensive income (loss) attributable to the Company | $ (852) | $ 11,037 | $ (43,788) | $ 8,626 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Taxes on unrealized losses on marketable securities | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Redeemable Preferred Stock and Equity (Unaudited) - USD ($) $ in Thousands | Total | Redeemable Preferred Stock | Common Stock | Common Stock - Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interest |
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 (net of issuance costs of $884) | 60,201 | 60,201 | ||||||
Conversion of restricted stock units to common stock | 0 | |||||||
Conversion of restricted stock units to common stock, shares | 24,906 | |||||||
Convertible notes conversion feature (net of taxes of $5,082 and net of issuance cost of $881) | 19,068 | 19,068 | ||||||
Purchase of capped call transactions | (11,904) | (11,904) | ||||||
Issuance of common stock in acquisition, shares | 5,724,172 | |||||||
Stock compensation expense | 2,649 | 2,649 | ||||||
Series B Preferred Stock dividends paid | (40) | (40) | ||||||
Net change in unrealized losses on marketable securities | (22) | (22) | ||||||
Foreign currency translation adjustment | 0 | |||||||
Net income (loss) | 8,648 | 8,648 | ||||||
Ending Balance at Jun. 30, 2014 | 673,653 | $ 0 | $ 4 | 430,437 | 247,120 | (22) | (3,886) | 0 |
Ending Balance, Shares at Jun. 30, 2014 | 0 | 42,306,595 | ||||||
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 | |||||||
Conversion of restricted stock units to common stock | (599) | (599) | ||||||
Conversion of restricted stock units to common stock, shares | 0 | 174,498 | ||||||
Treasury stock purchases | $ (11,519) | (11,519) | ||||||
Treasury stock purchases, shares | (64,978) | (1,193,657) | ||||||
Acquisitions of noncontrolling interests | $ (4,171) | (4,171) | ||||||
Stock compensation expense | 2,236 | 2,236 | ||||||
Net change in unrealized losses on marketable securities | (15) | (15) | ||||||
Foreign currency translation adjustment | (3,876) | (3,306) | (570) | |||||
Net income (loss) | (40,467) | (40,108) | (359) | |||||
Ending Balance at Jun. 30, 2015 | $ 720,663 | $ 0 | $ 4 | $ 455,757 | $ 280,975 | $ (3,332) | $ (16,530) | $ 3,789 |
Ending Balance, Shares at Jun. 30, 2015 | 0 | 43,441,688 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Redeemable Preferred Stock and Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended |
Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | |
Issuance cost of common stock issued in acquisition | $ 884 |
Taxes on convertible notes conversion feature | 5,082 |
Issuance costs on convertible notes conversion feature | $ 881 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (40,467) | $ 8,648 |
Adjustments to reconcile net loss to net cash flows from operating activities: | ||
Depreciation expense | 11,747 | 6,194 |
Amortization expense of assets and liabilities, net | 213 | (155) |
Accretion of convertible note discount | 2,327 | 351 |
Amortization of marketable securities | 103 | 0 |
Change in fair value of contingent consideration | (1,828) | (384) |
Provision for doubtful accounts | (986) | (33) |
Stock compensation expense | 2,236 | 2,649 |
Deferred tax benefit | (1,749) | (12,810) |
Other operating activities | (11) | 257 |
Changes in asset and liabilities, net of effects from acquisitions: | ||
Accounts receivable, net | 246,260 | 35,070 |
Inventories | 1,473 | 17,610 |
Prepaid expenses and other assets | (987) | (12,637) |
Accounts payable | (141,340) | (2,769) |
Accrued expenses and other liabilities | (10,028) | (5,319) |
Deferred revenue | (16,680) | (12,499) |
Net cash flows provided by operating activities | 50,283 | 24,173 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash paid for marketable securities | (52,153) | (70,553) |
Cash received from maturities of marketable securities | 38,597 | 0 |
Change in restricted cash | 10,845 | (101,315) |
Cash paid for purchase of property, plant and equipment | (27,707) | (32,310) |
Cash paid for acquisitions and additional interests, net of cash acquired | (4,171) | (31,469) |
Other investing activities | 0 | 27 |
Net cash flows used in investing activities | (34,589) | (235,620) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net borrowings on lines of credit | 9,661 | 8,839 |
Cash received from issuance of debt | 411 | 143,750 |
Cash paid for capped call transactions | 0 | (11,904) |
Cash paid on debt | (2,673) | (17,285) |
Cash paid for debt issuance costs | (365) | (3,904) |
Cash paid for equity issuance costs | 0 | (1,522) |
Cash paid for treasury stock | (12,118) | (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 | (1,995) | 0 |
Net cash flows provided by (used in) financing activities | (7,079) | 113,843 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 8,615 | (97,604) |
CASH AND CASH EQUIVALENTS, Beginning of period | 63,516 | 153,227 |
Effect of exchange rate changes on cash | (1,153) | 0 |
CASH AND CASH EQUIVALENTS, End of period | 70,978 | 55,623 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION: | ||
Cash paid/(received) for income taxes | (44) | 84 |
Cash paid for interest | 3,372 | 1,059 |
Amounts included in period-end accounts payable for: | ||
Purchases of property, plant and equipment | 8,812 | 4,700 |
Debt issuance cost | 14 | 469 |
Incentive stock liability for raw material supply agreement | $ 159 | 206 |
Equity issuance costs | 218 | |
Issuance of common stock for acquisitions | 61,085 | |
Contingent consideration for acquisitions | 45,950 | |
Debt assumed in acquisition | 113,553 | |
Gain on redemption of preferred stock | $ 378 | |
Impairment of property, plant and equipment | $ 11,027 |
Basis of Presentation and Natur
Basis of Presentation and Nature of the Business | 6 Months Ended |
Jun. 30, 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 filed on March 6, 2015. 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 June 30, 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 Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014 , non-current restricted cash included amounts of $5,500 and $3,500 , respectively, 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 June 30, 2015 , most outstanding receivable amounts related to the 2014 biodiesel mixture excise tax credit reinstatement were received. Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. In April 2015, the Company experienced a fire at its Geismar facility, resulting in the shutdown of the facility. The Company estimated fixed assets of approximately $11,027 were impaired as a result of the fire. As of the date of this report, the Company has recovered an interim receivable amount of $5,000 from insurance for the property damage and believes it is probable that it will recover the remaining costs under its insurance policies. As such, an amount equal to the estimated impairment loss was recorded as part of accounts receivable on the Condensed Consolidated Balance Sheets at June 30, 2015 and no impact on earnings was recognized. The Company intends to file insurance claims under its business interruption policies as a result of the business interruption it experienced in connection with the fire at the Geismar facility. As a result, the full amount of proceeds to be received has not been determined and no amounts related to business interruption insurance have been recognized in earnings at June 30, 2015 . 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 2014 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 six months of 2015 that indicate 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 six months ended June 30, 2015 , the Company repurchased shares of Common Stock in the amount of $11,519 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 will indefinitely reinvest any future earnings outside of the U.S. and currently does not have any undistributed earnings. New Accounting Standards 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 and interim periods within fiscal years beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In July 2015, the FASB decided to defer by one year the effective dates of the new revenue recognition standard as provided by the ASU 2014-09, Revenue from Contracts with Customers: Summary and Amendments that Create Revenue from Contracts with Customers and Other Assets and Deferred Costs—Contracts with Customers . Early adoption is permitted for all entities, but not before the original public entity effective date. For public companies, the update will now be effective for interim and annual periods beginning after December 15, 2017. The Company is currently continuing to assess the impact that this guidance will have on its consolidated financial statements. |
Acquisitions and Equity Transac
Acquisitions and Equity Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisitions and Equity Transactions | ACQUISITIONS AND EQUITY TRANSACTIONS 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 real and personal property and goodwill 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 six months ended June 30, 2015 , the Company acquired additional common shares of Petrotec as part of the cash tender offer and open market purchases for $4,171 . At June 30, 2015 , the Company owned 84.91% 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 6,979 $ 1 $ — $ 6,980 Corporate bonds Within one year 23,032 — (27 ) 23,005 Certificates of deposit Within one year 240 — — 240 Total $ 30,251 $ 1 $ (27 ) $ 30,225 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 | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consist of the following: June 30, 2015 December 31, 2014 Raw materials $ 37,263 $ 23,117 Work in process 3,132 2,879 Finished goods 54,771 71,512 Total $ 95,166 $ 97,508 |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 Commodity derivatives and related collateral, net $ 8,093 $ 12,938 Prepaid expenses 6,650 7,901 Deposits 3,948 4,481 RIN inventory 17,459 10,795 Taxes receivable 2,062 2,843 Other 3,731 4,177 Total $ 41,943 $ 43,135 RIN inventory values were adjusted in the amounts of $695 and $1,042 at June 30, 2015 and December 31, 2014 , respectively, to reflect the lower of cost or market. Other noncurrent assets consist of the following: June 30, 2015 December 31, 2014 Debt issuance costs (net of accumulated amortization of $1,653 and $1,474, respectively) $ 4,556 $ 5,152 Spare parts inventory 3,410 3,440 Deposits 3,370 4,370 Other 6,242 6,624 Total $ 17,578 $ 19,586 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 : Biomass-based diesel Services Total Balance, December 31, 2014 $ 172,195 $ 16,080 $ 188,275 Finalization of purchase accounting 3,202 — 3,202 Effect of exchange rate changes on goodwill (33 ) — (33 ) Balance, June 30, 2015 $ 175,364 $ 16,080 $ 191,444 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS Intangible assets consist of the following: June 30, 2015 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,073 $ (1,318 ) $ 4,755 10.5 years Renewable hydrocarbon diesel technology 8,300 (599 ) 7,701 14.0 years Ground lease 200 (104 ) 96 6.4 years Total amortizing intangibles 14,573 (2,021 ) 12,552 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 30,529 $ (2,021 ) $ 28,508 December 31, 2014 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 $252 and $489 for the three and six months ended June 30, 2015 , respectively and $93 and $177 for the three and six months ended June 30, 2014 , respectively. The estimated intangible asset amortization expense for fiscal year 2015 through fiscal year 2021 and thereafter is as follows: July 1, 2015 through December 31, 2015 $ 515 2016 1,044 2017 1,058 2018 1,073 2019 1,088 2020 1,104 2021 and thereafter 6,670 Total $ 12,552 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company’s debt is as follows: June 30, 2015 December 31, 2014 2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 $ 123,681 $ 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 December 2017 763 1,513 REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 18,548 19,868 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 4,126 4,566 REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively 4,065 4,226 Other 1,758 1,402 Total debt $ 252,941 $ 252,929 Revolving Lines of Credit June 30, 2015 December 31, 2014 Amount borrowed under revolving lines of credit $ 26,340 $ 16,679 Maximum available to be borrowed under revolving line of credit $ 7,984 $ 20,719 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS The Company reassesses its related parties at reporting dates and has determined that West Central Cooperative (West Central) is no longer a related party as West Central no longer holds ten percent or more of the Company’s outstanding Common Stock nor a board seat on the Company board. Summary of Related Party Balances - Condensed Consolidated Statements of Operations Three Months Three Months Six Months Six Months Cost of goods sold – Biomass-based diesel $ — $ 14,283 $ 4,542 $ 21,429 Selling, general and administrative expenses $ — $ 39 $ — $ 39 Summary of Related Party Balances - Condensed Consolidated Balance Sheets As of As of Accounts receivable $ — $ 36 Accounts payable $ — $ 1,101 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2015 , the Company had 3,655 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: June 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 4,058 $ 594 $ 14,901 $ 205 Cash collateral 4,629 — 2,870 4,628 Total gross amount recognized 8,687 594 17,771 4,833 Gross amounts offset (594 ) (594 ) (4,833 ) (4,833 ) Net amount reported in the condensed consolidated balance sheet $ 8,093 $ — $ 12,938 $ — The following table sets forth the commodity contract derivatives gains (losses) included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three Months Three Months Six Months Six Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (3,570 ) $ (2,744 ) $ (3,990 ) $ (3,438 ) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Total Level 1 Level 2 Level 3 Money market funds $ 1,690 $ 1,690 $ — $ — Certificates of deposit 240 — 240 — Commercial paper 6,980 — 6,980 — Commercial notes/bonds 23,005 — 23,005 — Commodity contract derivatives 3,464 847 2,617 — Contingent consideration for LS9 acquisition (6,159 ) — — (6,159 ) Contingent consideration for Dynamic Fuels acquisition (29,337 ) — — (29,337 ) $ (117 ) $ 2,537 $ 32,842 $ (35,496 ) 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 Change in estimates included in earnings (2,434 ) 313 Settlements — (943 ) Balance at end of period, June 30, 2015 $ 6,159 $ 29,337 Contingent Consideration for LS9 Acquisition Contingent Consideration for Dynamic Fuels Acquisition Balance at beginning of period, January 1, 2014 $ — $ — Fair value of contingent consideration at measurement date 17,050 — Balance at end of period, March 31, 2014 17,050 — Fair value of contingent consideration at measurement date — 28,900 Change in estimates included in earnings (384 ) — Settlements — — Balance at end of period, June 30, 2014 $ 16,666 $ 28,900 The estimated fair values of the Company’s financial instruments, which are not recorded at fair value, are as follows: As of June 30, 2015 As of December 31, 2014 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (279,281 ) $ (276,788 ) $ (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, commercial papers 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 Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | NET INCOME (LOSS) PER SHARE Basic net income (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 income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: Three Months Three Months Six Months Six Months Options to purchase common stock 87,026 87,026 87,026 87,026 Stock appreciation rights 2,433,636 1,129,018 2,119,168 1,389,189 Warrants to purchase common stock — 17,916 — 17,916 Convertible notes 10,838,218 5,419,109 10,838,218 5,419,109 Total 13,358,880 6,653,069 13,044,412 6,913,240 The following table presents the calculation of diluted net loss per share: Three Months Three Months Six Months Six Months Net income (loss) attributable to the Company’s common stockholders - Basic $ (2,001 ) $ 10,835 $ (40,108 ) $ 8,858 Plus: distributed dividends to Preferred Stockholders — — — 40 Less: effect of participating securities — — — (406 ) Net income (loss) attributable to common stockholders - Dilutive $ (2,001 ) $ 10,835 $ (40,108 ) $ 8,492 Shares: Weighted-average shares used to compute basic net income (loss) per share 43,736,366 39,939,346 44,048,017 39,119,430 Adjustment to reflect stock appreciation right conversions — 15,241 — 9,706 Weighted-average shares used to compute diluted net income (loss) per share 43,736,366 39,954,587 44,048,017 39,129,136 Net income (loss) per share attributable to common stockholders: Diluted $ (0.05 ) $ 0.27 $ (0.91 ) $ 0.22 |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 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 Six Months Six Months Net revenues: Biomass-based diesel $ 373,733 $ 332,859 $ 604,547 $ 551,871 Services 31,489 26,066 50,300 46,590 Intersegment revenues (31,460 ) (26,007 ) (50,167 ) (46,503 ) $ 373,762 $ 332,918 $ 604,680 $ 551,958 Income (loss) before income taxes: Biomass-based diesel $ 11,511 $ 15,114 $ (8,588 ) $ 26,675 Services 6 37 49 40 Corporate and other (a) (14,387 ) (16,063 ) (33,532 ) (30,093 ) $ (2,870 ) $ (912 ) $ (42,071 ) $ (3,378 ) Depreciation and amortization expense, net: Biomass-based diesel $ 5,450 $ 2,836 $ 10,658 $ 5,425 Services 76 52 138 93 Corporate and other (a) 708 268 1,164 521 $ 6,234 $ 3,156 $ 11,960 $ 6,039 Cash paid for purchases of property, plant and equipment: Biomass-based diesel $ 15,055 $ 18,352 $ 25,545 $ 30,906 Services 403 631 1,125 631 Corporate and other (a) 72 554 1,037 773 $ 15,530 $ 19,537 $ 27,707 $ 32,310 As of As of Assets: Biomass-based diesel $ 912,649 $ 899,211 Services 21,476 20,750 Corporate and other (b) 219,279 452,927 $ 1,153,404 $ 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 Six Months Six Months Net revenues: United States $ 335,681 $ 332,918 $ 536,606 $ 551,958 Foreign 38,081 — 68,074 — $ 373,762 $ 332,918 $ 604,680 $ 551,958 As of June 30, 2015 As of December 31, 2014 Long-lived assets: United States $ 478,320 $ 468,170 Foreign 22,196 25,026 $ 500,516 $ 493,196 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On July 16, 2015, the Company and its wholly-owned subsidiaries, REG Services Group, LLC and REG Marketing & Logistics Group, LLC entered into Amendment No. 9 (the “Amendment”) to that certain Credit Agreement, dated as of December 23, 2011 (as further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) with Wells Fargo Capital Finance, LLC, which increased the total maximum revolving loan commitments thereunder from $40,000 to $60,000 . In addition, among other more minor changes, the Amendment adjusted the interest rate margins, reduced the unused line fee from 0.50% to 0.375% , and increased the letter of credit sub-facility as of any date of determination from $10,000 to $25,000 . On July 31, 2015, the Company entered into an asset purchase agreement with Imperium Renewables, Inc. (“Imperium”) pursuant to which it has agreed to acquire substantially all the assets of Imperium, including a 100 -million gallon nameplate capacity biomass-based diesel refinery and deepwater port terminal at the Port of Grays Harbor, Washington. Under the terms of the agreement, the Company will pay Imperium $15,000 in cash and issue 1,500,000 shares of its Common Stock in exchange for substantially all of Imperium’s assets. In addition to these payments, the Company will pay either $1,750 in cash or 175,000 shares of its Common Stock at closing as elected by the Company. For two years post-closing, Imperium may receive up to a $0.05 /gallon payment for biomass-based diesel produced and sold. In addition at closing, Imperium will retain its net working capital value of approximately $25,000 . The Company will also assume $5,200 of Imperium’s debt from Umpqua Bank, which has agreed to provide REG Grays Harbor, LLC, a wholly-owned subsidiary of the Company with an additional loan capacity of up to $5,000 to fund capital expenditures and improvements at the Grays Harbor facility. Closing is subject to satisfaction of customary closing conditions. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Restricted Cash | Restricted Cash At June 30, 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 June 30, 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 June 30, 2015 and December 31, 2014 , non-current restricted cash included amounts of $5,500 and $3,500 , respectively, 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 June 30, 2015 , most outstanding receivable amounts related to the 2014 biodiesel mixture excise tax credit reinstatement were received. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Maintenance and repairs are expensed as incurred. Depreciation expense is computed on a straight-line method based upon estimated useful lives of the assets. In April 2015, the Company experienced a fire at its Geismar facility, resulting in the shutdown of the facility. The Company estimated fixed assets of approximately $11,027 were impaired as a result of the fire. As of the date of this report, the Company has recovered an interim receivable amount of $5,000 from insurance for the property damage and believes it is probable that it will recover the remaining costs under its insurance policies. As such, an amount equal to the estimated impairment loss was recorded as part of accounts receivable on the Condensed Consolidated Balance Sheets at June 30, 2015 and no impact on earnings was recognized. The Company intends to file insurance claims under its business interruption policies as a result of the business interruption it experienced in connection with the fire at the Geismar facility. As a result, the full amount of proceeds to be received has not been determined and no amounts related to business interruption insurance have been recognized in earnings at June 30, 2015 . |
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 2014 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 six months of 2015 that indicate 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 six months ended June 30, 2015 , the Company repurchased shares of Common Stock in the amount of $11,519 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 will indefinitely reinvest any future earnings outside of the U.S. and currently does not have any undistributed earnings. |
New Accounting Standards | New Accounting Standards 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 and interim periods within fiscal years beginning after December 15, 2016. The Company is currently assessing the impact that this guidance will have on its consolidated financial statements. In July 2015, the FASB decided to defer by one year the effective dates of the new revenue recognition standard as provided by the ASU 2014-09, Revenue from Contracts with Customers: Summary and Amendments that Create Revenue from Contracts with Customers and Other Assets and Deferred Costs—Contracts with Customers . Early adoption is permitted for all entities, but not before the original public entity effective date. For public companies, the update will now be effective for interim and annual periods beginning after December 15, 2017. The Company is currently continuing to assess the impact that this guidance will have on its consolidated financial statements. |
Acquisitions and Equity Trans27
Acquisitions and Equity Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Petrotec AG | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions | The following table summarizes the consideration paid for Petrotec: December 24, 2014 Consideration at fair value for Petrotec: Common stock $ 20,022 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 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Maturity Gross Amortized Cost Total Unrealized Gains Total Unrealized Losses Fair Value Commercial paper Within one year $ 6,979 $ 1 $ — $ 6,980 Corporate bonds Within one year 23,032 — (27 ) 23,005 Certificates of deposit Within one year 240 — — 240 Total $ 30,251 $ 1 $ (27 ) $ 30,225 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) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: June 30, 2015 December 31, 2014 Raw materials $ 37,263 $ 23,117 Work in process 3,132 2,879 Finished goods 54,771 71,512 Total $ 95,166 $ 97,508 |
Prepaid Expenses and Other As30
Prepaid Expenses and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 Commodity derivatives and related collateral, net $ 8,093 $ 12,938 Prepaid expenses 6,650 7,901 Deposits 3,948 4,481 RIN inventory 17,459 10,795 Taxes receivable 2,062 2,843 Other 3,731 4,177 Total $ 41,943 $ 43,135 |
Summary of other noncurrent assets | Other noncurrent assets consist of the following: June 30, 2015 December 31, 2014 Debt issuance costs (net of accumulated amortization of $1,653 and $1,474, respectively) $ 4,556 $ 5,152 Spare parts inventory 3,410 3,440 Deposits 3,370 4,370 Other 6,242 6,624 Total $ 17,578 $ 19,586 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015 : Biomass-based diesel Services Total Balance, December 31, 2014 $ 172,195 $ 16,080 $ 188,275 Finalization of purchase accounting 3,202 — 3,202 Effect of exchange rate changes on goodwill (33 ) — (33 ) Balance, June 30, 2015 $ 175,364 $ 16,080 $ 191,444 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of Intangible assets | Intangible assets consist of the following: June 30, 2015 Cost Accumulated Amortization Net Weighted Average Remaining Life Raw material supply agreement $ 6,073 $ (1,318 ) $ 4,755 10.5 years Renewable hydrocarbon diesel technology 8,300 (599 ) 7,701 14.0 years Ground lease 200 (104 ) 96 6.4 years Total amortizing intangibles 14,573 (2,021 ) 12,552 In-process research and development, indefinite lives 15,956 — 15,956 Total intangible assets $ 30,529 $ (2,021 ) $ 28,508 December 31, 2014 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 2021 and thereafter is as follows: July 1, 2015 through December 31, 2015 $ 515 2016 1,044 2017 1,058 2018 1,073 2019 1,088 2020 1,104 2021 and thereafter 6,670 Total $ 12,552 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Company's Borrowings | The Company’s debt is as follows: June 30, 2015 December 31, 2014 2.75% Convertible Senior Notes, $143,750 face amount, due in June 2019 $ 123,681 $ 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 December 2017 763 1,513 REG Newton term loan, secured, variable interest rate of LIBOR plus 4%, due in December 2018 18,548 19,868 REG Mason City term loan, fixed interest rate of 5%, due in July 2019 4,126 4,566 REG Ames term loans, secured, fixed interest rates of 3.5% and 4.25%, due in January 2018 and December 2019, respectively 4,065 4,226 Other 1,758 1,402 Total debt $ 252,941 $ 252,929 |
Revolving Line of Credit | Revolving Lines of Credit June 30, 2015 December 31, 2014 Amount borrowed under revolving lines of credit $ 26,340 $ 16,679 Maximum available to be borrowed under revolving line of credit $ 7,984 $ 20,719 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The Company reassesses its related parties at reporting dates and has determined that West Central Cooperative (West Central) is no longer a related party as West Central no longer holds ten percent or more of the Company’s outstanding Common Stock nor a board seat on the Company board. Summary of Related Party Balances - Condensed Consolidated Statements of Operations Three Months Three Months Six Months Six Months Cost of goods sold – Biomass-based diesel $ — $ 14,283 $ 4,542 $ 21,429 Selling, general and administrative expenses $ — $ 39 $ — $ 39 |
Summary of Related Party Balances | Summary of Related Party Balances - Condensed Consolidated Balance Sheets As of As of Accounts receivable $ — $ 36 Accounts payable $ — $ 1,101 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 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: June 30, 2015 December 31, 2014 Assets Liabilities Assets Liabilities Gross amounts of derivatives recognized at fair value $ 4,058 $ 594 $ 14,901 $ 205 Cash collateral 4,629 — 2,870 4,628 Total gross amount recognized 8,687 594 17,771 4,833 Gross amounts offset (594 ) (594 ) (4,833 ) (4,833 ) Net amount reported in the condensed consolidated balance sheet $ 8,093 $ — $ 12,938 $ — |
Summary of Derivative Financial Instruments by Location of Gain (Loss) | The following table sets forth the commodity contract derivatives gains (losses) included in the Condensed Consolidated Statements of Operations: Location of Gain (Loss) Three Months Three Months Six Months Six Months Commodity derivatives Cost of goods sold – Biomass-based diesel $ (3,570 ) $ (2,744 ) $ (3,990 ) $ (3,438 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Total Level 1 Level 2 Level 3 Money market funds $ 1,690 $ 1,690 $ — $ — Certificates of deposit 240 — 240 — Commercial paper 6,980 — 6,980 — Commercial notes/bonds 23,005 — 23,005 — Commodity contract derivatives 3,464 847 2,617 — Contingent consideration for LS9 acquisition (6,159 ) — — (6,159 ) Contingent consideration for Dynamic Fuels acquisition (29,337 ) — — (29,337 ) $ (117 ) $ 2,537 $ 32,842 $ (35,496 ) 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 Change in estimates included in earnings (2,434 ) 313 Settlements — (943 ) Balance at end of period, June 30, 2015 $ 6,159 $ 29,337 Contingent Consideration for LS9 Acquisition Contingent Consideration for Dynamic Fuels Acquisition Balance at beginning of period, January 1, 2014 $ — $ — Fair value of contingent consideration at measurement date 17,050 — Balance at end of period, March 31, 2014 17,050 — Fair value of contingent consideration at measurement date — 28,900 Change in estimates included in earnings (384 ) — Settlements — — Balance at end of period, June 30, 2014 $ 16,666 $ 28,900 |
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 June 30, 2015 As of December 31, 2014 Asset (Liability) Fair Value Asset (Liability) Fair Value Financial liabilities: Debt and lines of credit $ (279,281 ) $ (276,788 ) $ (269,608 ) $ (270,331 ) |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 income (loss) per share attributable to common stockholders during the periods presented as the effect was anti-dilutive: Three Months Three Months Six Months Six Months Options to purchase common stock 87,026 87,026 87,026 87,026 Stock appreciation rights 2,433,636 1,129,018 2,119,168 1,389,189 Warrants to purchase common stock — 17,916 — 17,916 Convertible notes 10,838,218 5,419,109 10,838,218 5,419,109 Total 13,358,880 6,653,069 13,044,412 6,913,240 |
Calculation of diluted net income per share | The following table presents the calculation of diluted net loss per share: Three Months Three Months Six Months Six Months Net income (loss) attributable to the Company’s common stockholders - Basic $ (2,001 ) $ 10,835 $ (40,108 ) $ 8,858 Plus: distributed dividends to Preferred Stockholders — — — 40 Less: effect of participating securities — — — (406 ) Net income (loss) attributable to common stockholders - Dilutive $ (2,001 ) $ 10,835 $ (40,108 ) $ 8,492 Shares: Weighted-average shares used to compute basic net income (loss) per share 43,736,366 39,939,346 44,048,017 39,119,430 Adjustment to reflect stock appreciation right conversions — 15,241 — 9,706 Weighted-average shares used to compute diluted net income (loss) per share 43,736,366 39,954,587 44,048,017 39,129,136 Net income (loss) per share attributable to common stockholders: Diluted $ (0.05 ) $ 0.27 $ (0.91 ) $ 0.22 |
Reportable Segments (Tables)
Reportable Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment for the Results of Operations | The following table represents the significant items by reportable segment: Three Months Three Months Six Months Six Months Net revenues: Biomass-based diesel $ 373,733 $ 332,859 $ 604,547 $ 551,871 Services 31,489 26,066 50,300 46,590 Intersegment revenues (31,460 ) (26,007 ) (50,167 ) (46,503 ) $ 373,762 $ 332,918 $ 604,680 $ 551,958 Income (loss) before income taxes: Biomass-based diesel $ 11,511 $ 15,114 $ (8,588 ) $ 26,675 Services 6 37 49 40 Corporate and other (a) (14,387 ) (16,063 ) (33,532 ) (30,093 ) $ (2,870 ) $ (912 ) $ (42,071 ) $ (3,378 ) Depreciation and amortization expense, net: Biomass-based diesel $ 5,450 $ 2,836 $ 10,658 $ 5,425 Services 76 52 138 93 Corporate and other (a) 708 268 1,164 521 $ 6,234 $ 3,156 $ 11,960 $ 6,039 Cash paid for purchases of property, plant and equipment: Biomass-based diesel $ 15,055 $ 18,352 $ 25,545 $ 30,906 Services 403 631 1,125 631 Corporate and other (a) 72 554 1,037 773 $ 15,530 $ 19,537 $ 27,707 $ 32,310 As of As of Assets: Biomass-based diesel $ 912,649 $ 899,211 Services 21,476 20,750 Corporate and other (b) 219,279 452,927 $ 1,153,404 $ 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 Six Months Six Months Net revenues: United States $ 335,681 $ 332,918 $ 536,606 $ 551,958 Foreign 38,081 — 68,074 — $ 373,762 $ 332,918 $ 604,680 $ 551,958 As of June 30, 2015 As of December 31, 2014 Long-lived assets: United States $ 478,320 $ 468,170 Foreign 22,196 25,026 $ 500,516 $ 493,196 |
Basis of Presentation and Nat39
Basis of Presentation and Nature of the Business (Details) - Jun. 30, 2015 gal in Millions | facilitybiorefinerygal |
Class of Stock [Line Items] | |
Number of operating biodiesel production facilities | facility | 9 |
Production capacity per year | gal | 332 |
Petrotec AG | |
Class of Stock [Line Items] | |
Number of biorefineries | 2 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Aug. 06, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Feb. 28, 2015 | |
Business Acquisition [Line Items] | |||||
Current restricted cash | $ 0 | $ 0 | $ 12,845 | ||
Restricted cash | 106,815 | 106,815 | $ 104,815 | ||
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss | 11,027 | ||||
Share repurchase program, amount authorized to be repurchased | $ 30,000 | ||||
Share repurchased program, amount repurchased | 11,519 | ||||
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% | ||||
Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Insurance Recoveries | $ 5,000 | ||||
REG Geismar GOZone bonds | |||||
Business Acquisition [Line Items] | |||||
Restricted cash | 101,315 | 101,315 | $ 101,315 | ||
REG Energy Services | |||||
Business Acquisition [Line Items] | |||||
Restricted cash | $ 5,500 | $ 5,500 | $ 3,500 |
Acquisitions and Equity Trans41
Acquisitions and Equity Transactions (Details Textual) - USD ($) $ in Thousands | Dec. 24, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | ||||
Issuance of common stock for acquisitions | $ 61,085 | |||
Goodwill | $ 188,275 | $ 191,444 | ||
Petrotec AG | ||||
Business Acquisition [Line Items] | ||||
Equity interest | 69.08% | 84.91% | ||
Issuance of common stock for acquisitions | $ 20,022 | |||
Shares of common stock issued | 2,070,538 | |||
Cash | $ 4,171 | |||
Goodwill | $ 369 | |||
Noncontrolling interest percent | 30.92% | |||
Fair value of noncontrolling interest | $ 8,962 | $ 8,962 | ||
Acquisition related costs | $ 1,289 |
Acquisitions and Equity Trans42
Acquisitions and Equity Transactions (Details) - USD ($) $ in Thousands | Dec. 24, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Common stock | $ 61,085 | |||
Assets (liabilities) acquired: | ||||
Debt | $ (113,553) | |||
Goodwill | $ 191,444 | $ 188,275 | ||
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) | |||
Other current liabilities | (2,151) | |||
Debt | (16,192) | |||
Other noncurrent liabilities | (1,462) | |||
Total liabilities assumed | (27,976) | |||
Net identifiable assets acquired | 28,615 | |||
Goodwill | 369 | |||
Non-controlling interest | (8,962) | $ (8,962) | ||
Net assets acquired | $ 20,022 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | $ 30,251 | $ 16,781 |
Total Unrealized Gains | 1 | 0 |
Total Unrealized Losses | (27) | (11) |
Fair Value | 30,225 | 16,770 |
Commercial paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 6,979 | |
Total Unrealized Gains | 1 | |
Total Unrealized Losses | 0 | |
Fair Value | 6,980 | |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 23,032 | 6,781 |
Total Unrealized Gains | 0 | 0 |
Total Unrealized Losses | (27) | (6) |
Fair Value | 23,005 | 6,775 |
Certificates of deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 240 | 10,000 |
Total Unrealized Gains | 0 | 0 |
Total Unrealized Losses | 0 | (5) |
Fair Value | $ 240 | $ 9,995 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories | ||
Raw materials | $ 37,263 | $ 23,117 |
Work in process | 3,132 | 2,879 |
Finished goods | 54,771 | 71,512 |
Total | $ 95,166 | $ 97,508 |
Prepaid Expenses and Other As45
Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of prepaid expense and other assets | ||
Commodity derivatives and related collateral, net | $ 8,093 | $ 12,938 |
Prepaid expenses | 6,650 | 7,901 |
Deposits | 3,948 | 4,481 |
RIN inventory | 17,459 | 10,795 |
Taxes receivable | 2,062 | 2,843 |
Other | 3,731 | 4,177 |
Total | $ 41,943 | $ 43,135 |
Prepaid Expenses and Other As46
Prepaid Expenses and Other Assets (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Other Assets [Abstract] | ||
Inventory reduced to lower of cost or market | $ 695 | $ 1,042 |
Accumulated amortization, debt issuance costs | $ 1,653 | $ 1,474 |
Prepaid Expenses and Other As47
Prepaid Expenses and Other Assets (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Debt issuance costs (net of accumulated amortization of $1,653 and $1,474, respectively) | $ 4,556 | $ 5,152 |
Spare parts inventory | 3,410 | 3,440 |
Deposits | 3,370 | 4,370 |
Other | 6,242 | 6,624 |
Total | $ 17,578 | $ 19,586 |
Goodwill (Details)
Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance | $ 188,275 |
Finalization of purchase accounting | 3,202 |
Effect of exchange rate changes on goodwill | (33) |
Balance | 191,444 |
Biomass-based diesel | |
Goodwill [Roll Forward] | |
Balance | 172,195 |
Finalization of purchase accounting | 3,202 |
Effect of exchange rate changes on goodwill | (33) |
Balance | 175,364 |
Services | |
Goodwill [Roll Forward] | |
Balance | 16,080 |
Finalization of purchase accounting | 0 |
Effect of exchange rate changes on goodwill | 0 |
Balance | $ 16,080 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 14,573 | $ 14,414 |
Accumulated Amortization, finite-lived | (2,021) | (1,533) |
Total | 12,552 | 12,881 |
Cost, indefinite lived | 30,529 | 30,370 |
Accumulated Amortization, indefinite-lived | (2,021) | (1,533) |
Net, indefinite-lived | 28,508 | 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 | 6,073 | 5,914 |
Accumulated Amortization, finite-lived | (1,318) | (1,113) |
Total | $ 4,755 | $ 4,801 |
Weighted Average Remaining Life | 10 years 6 months | 11 years |
Renewable hydrocarbon diesel technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 8,300 | $ 8,300 |
Accumulated Amortization, finite-lived | (599) | (323) |
Total | $ 7,701 | $ 7,977 |
Weighted Average Remaining Life | 14 years | 14 years 6 months |
Ground lease | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost, finite-lived | $ 200 | $ 200 |
Accumulated Amortization, finite-lived | (104) | (97) |
Total | $ 96 | $ 103 |
Weighted Average Remaining Life | 6 years 4 months 24 days | 6 years 10 months 24 days |
Intangible Assets (Details Text
Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Intangible amortization expense | $ 252 | $ 93 | $ 489 | $ 177 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Estimated amortization expense | ||
July 1, 2015 through December 31, 2015 | $ 515 | |
2,016 | 1,044 | |
2,017 | 1,058 | |
2,018 | 1,073 | |
2,019 | 1,088 | |
2,020 | 1,104 | |
2021 and thereafter | 6,670 | |
Total | $ 12,552 | $ 12,881 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Company's borrowings | ||
Total notes payable | $ 252,941 | $ 252,929 |
Convertible Senior Notes | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 2.75% | 2.75% |
Face amount | $ 143,750 | $ 143,750 |
Company's borrowings | ||
Total notes payable | 123,681 | 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% per annum | LIBOR plus 5% per annum |
Company's borrowings | ||
Total notes payable | $ 763 | $ 1,513 |
REG Danville term loan | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 5.00% | 5.00% |
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 | $ 18,548 | $ 19,868 |
REG Newton term loan | LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 4.00% | 4.00% |
REG Mason City term loan | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 5.00% | 5.00% |
Company's borrowings | ||
Total notes payable | $ 4,126 | $ 4,566 |
REG Ames term loans | ||
Company's borrowings | ||
Total notes payable | $ 4,065 | $ 4,226 |
REG Ames term loans | Minimum | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 3.50% | 3.50% |
REG Ames term loans | Maximum | ||
Line of Credit Facility [Line Items] | ||
Interest rate | 4.25% | 4.25% |
Other | ||
Company's borrowings | ||
Total notes payable | $ 1,758 | $ 1,402 |
Debt (Details 1)
Debt (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||
Amount borrowed under revolving lines of credit | $ 26,340 | $ 16,679 |
Maximum available to be borrowed under revolving line of credit | $ 7,984 | $ 20,719 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ||||
Cost of goods sold – Biomass-based diesel | $ 0 | $ 14,283 | $ 4,542 | $ 21,429 |
Selling, general and administrative expenses | $ 0 | $ 39 | $ 0 | $ 39 |
Related Party Transactions (D55
Related Party Transactions (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transactions [Abstract] | ||
Accounts receivable | $ 0 | $ 36 |
Accounts payable | $ 0 | $ 1,101 |
Derivative Instruments (Details
Derivative Instruments (Details Textual) | Jun. 30, 2015Contract |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Open commodity contracts | 3,655 |
Derivative Instruments (Detai57
Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Gross amounts of derivatives recognized at fair value | $ 4,058 | $ 14,901 |
Cash collateral | 4,629 | 2,870 |
Total gross amount recognized | 8,687 | 17,771 |
Gross amounts offset | (594) | (4,833) |
Net amount reported in the condensed consolidated balance sheet | 8,093 | 12,938 |
Liabilities | ||
Gross amounts of derivatives recognized at fair value | 594 | 205 |
Cash collateral | 0 | 4,628 |
Total gross amount recognized | 594 | 4,833 |
Gross amounts offset | (594) | (4,833) |
Net amount reported in the condensed consolidated balance sheet | $ 0 | $ 0 |
Derivative Instruments (Detai58
Derivative Instruments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | $ (3,570) | $ (2,744) | $ (3,990) | $ (3,438) |
Fair Value Measurement (Details
Fair Value Measurement (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets (liabilities) measured at fair value | ||
Total, fair value | $ (117) | $ (7,551) |
Level 1 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | 2,537 | 7,187 |
Level 2 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | 32,842 | 24,581 |
Level 3 | ||
Assets (liabilities) measured at fair value | ||
Total, fair value | (35,496) | (39,319) |
Commodity contract derivatives | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 3,464 | 14,696 |
Commodity contract derivatives | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 847 | 6,885 |
Commodity contract derivatives | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 2,617 | 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 | (6,159) | (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 | (6,159) | (8,624) |
Contingent consideration for acquisition | Dynamic Fuels, LLC | ||
Assets (liabilities) measured at fair value | ||
Liabilities, fair value | (29,337) | (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 | (29,337) | (30,695) |
Money market funds | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 1,690 | 302 |
Money market funds | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 1,690 | 302 |
Money market funds | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Money market funds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Certificates of deposit | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 240 | 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 | 240 | 9,995 |
Certificates of deposit | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Commercial paper | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 6,980 | |
Commercial paper | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | |
Commercial paper | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 6,980 | |
Commercial paper | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | |
Commercial notes/bonds | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 23,005 | 6,775 |
Commercial notes/bonds | Level 1 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 0 | 0 |
Commercial notes/bonds | Level 2 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | 23,005 | 6,775 |
Commercial notes/bonds | Level 3 | ||
Assets (liabilities) measured at fair value | ||
Assets, fair value | $ 0 | $ 0 |
Fair Value Measurement (Detai60
Fair Value Measurement (Details 1) - Contingent Consideration for Acquisition - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | |
LS9, Inc. | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 8,593 | $ 8,624 | $ 17,050 | $ 0 |
Change in estimates included in earnings | (2,434) | (31) | (384) | |
Fair value of contingent consideration at measurement date | 0 | 17,050 | ||
Settlements | 0 | 0 | 0 | |
Ending balance | 6,159 | 8,593 | 16,666 | 17,050 |
Dynamic Fuels, LLC | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 29,967 | 30,695 | 0 | 0 |
Change in estimates included in earnings | 313 | 324 | 0 | |
Fair value of contingent consideration at measurement date | 28,900 | 0 | ||
Settlements | (943) | (1,052) | 0 | |
Ending balance | $ 29,337 | $ 29,967 | $ 28,900 | $ 0 |
Fair Value Measurement (Detai61
Fair Value Measurement (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Asset (Liability) Carrying Amount | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (279,281) | $ (269,608) |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt and lines of credit | $ (276,788) | $ (270,331) |
Fair Value Measurement (Detai62
Fair Value Measurement (Details Textual) | 6 Months Ended |
Jun. 30, 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 Income (Loss) Per Share (De
Net Income (Loss) Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 13,358,880,000 | 6,653,069,000 | 13,044,412 | 6,913,240 |
Stock appreciation rights | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 2,433,636,000 | 1,129,018,000 | 2,119,168 | 1,389,189 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 87,026,000 | 87,026,000 | 87,026 | 87,026 |
Warrants to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 0 | 17,916,000 | 0 | 17,916 |
Convertible notes | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total | 10,838,218,000 | 5,419,109,000 | 10,838,218 | 5,419,109 |
Net Income (Loss) Per Share (64
Net Income (Loss) Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY’S COMMON STOCKHOLDERS | $ (2,001) | $ 10,835 | $ (40,108) | $ 8,858 |
Plus: distributed dividends to Preferred Stockholders | 0 | 0 | 0 | 40 |
Less: effect of participating securities | 0 | 0 | 0 | (406) |
Net income (loss) attributable to common stockholders - Dilutive | $ (2,001) | $ 10,835 | $ (40,108) | $ 8,492 |
Weighted-average shares used to compute basic net income (loss) per share | 43,736,366 | 39,939,346 | 44,048,017 | 39,119,430 |
Adjustment to reflect stock appreciation right conversions | 0 | 15,241 | 0 | 9,706 |
Weighted-average shares used to compute diluted net income (loss) per share | 43,736,366 | 39,954,587 | 44,048,017 | 39,129,136 |
Diluted | $ (0.05) | $ 0.27 | $ (0.91) | $ 0.22 |
Reportable Segments (Details)
Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | $ 373,762 | $ 332,918 | $ 604,680 | $ 551,958 | ||
Income (loss) before income taxes: | (2,870) | (912) | (42,071) | (3,378) | ||
Depreciation and amortization expense, net: | 6,234 | 3,156 | 11,960 | 6,039 | ||
Cash paid for purchases of property, plant and equipment: | 15,530 | 19,537 | 27,707 | 32,310 | ||
Assets: | 1,153,404 | 1,153,404 | $ 1,372,888 | |||
Intersegment revenues | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | (31,460) | (26,007) | (50,167) | (46,503) | ||
Corporate and other | ||||||
Segment Reporting Information [Line Items] | ||||||
Income (loss) before income taxes: | [1] | (14,387) | (16,063) | (33,532) | (30,093) | |
Depreciation and amortization expense, net: | [1] | 708 | 268 | 1,164 | 521 | |
Cash paid for purchases of property, plant and equipment: | [1] | 72 | 554 | 1,037 | 773 | |
Assets: | [2] | 219,279 | 219,279 | 452,927 | ||
Biomass-based diesel | Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | 373,733 | 332,859 | 604,547 | 551,871 | ||
Income (loss) before income taxes: | 11,511 | 15,114 | (8,588) | 26,675 | ||
Depreciation and amortization expense, net: | 5,450 | 2,836 | 10,658 | 5,425 | ||
Cash paid for purchases of property, plant and equipment: | 15,055 | 18,352 | 25,545 | 30,906 | ||
Assets: | 912,649 | 912,649 | 899,211 | |||
Services | Segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Net revenues: | 31,489 | 26,066 | 50,300 | 46,590 | ||
Income (loss) before income taxes: | 6 | 37 | 49 | 40 | ||
Depreciation and amortization expense, net: | 76 | 52 | 138 | 93 | ||
Cash paid for purchases of property, plant and equipment: | 403 | $ 631 | 1,125 | $ 631 | ||
Assets: | $ 21,476 | $ 21,476 | $ 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 (Details 1)
Reportable Segments (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues: | $ 373,762 | $ 332,918 | $ 604,680 | $ 551,958 | |
Long-lived assets: | 500,516 | 500,516 | $ 493,196 | ||
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues: | 335,681 | 332,918 | 536,606 | 551,958 | |
Long-lived assets: | 478,320 | 478,320 | 468,170 | ||
Foreign | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net revenues: | 38,081 | $ 0 | 68,074 | $ 0 | |
Long-lived assets: | $ 22,196 | $ 22,196 | $ 25,026 |
Subsequent Events (Details)
Subsequent Events (Details) gal in Millions | Jul. 31, 2015USD ($)$ / galsharesgal | Jul. 16, 2015USD ($) | Jun. 30, 2015USD ($)gal | Jun. 30, 2014USD ($) |
Subsequent Event [Line Items] | ||||
Production capacity per year | gal | 332 | |||
Debt assumed in acquisition | $ 113,553,000 | |||
Wells Fargo Revolver | ||||
Subsequent Event [Line Items] | ||||
Unused line fee | 0.50% | |||
Wells Fargo Revolver | Revolving Loan Commitments | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 40,000,000 | |||
Wells Fargo Revolver | Letter of Credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 10,000,000 | |||
Subsequent Event | Imperium | ||||
Subsequent Event [Line Items] | ||||
Production capacity per year | gal | 100 | |||
Cash | $ 15,000,000 | |||
Shares of common stock issued | shares | 1,500,000 | |||
Period for payment | 2 years | |||
Payment for biomass-based diesel produced and sold | $ / gal | 0.05 | |||
Net working capital value | $ 25,000,000 | |||
Cash paid at closing | $ 1,750,000 | |||
Shares of common stock issued at closing | shares | 175,000 | |||
Debt assumed in acquisition | $ 5,200,000 | |||
Subsequent Event | Wells Fargo Revolver | ||||
Subsequent Event [Line Items] | ||||
Unused line fee | 0.375% | |||
Subsequent Event | Wells Fargo Revolver | Revolving Loan Commitments | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 60,000,000 | |||
Subsequent Event | Wells Fargo Revolver | Letter of Credit | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 25,000,000 | |||
Subsequent Event | Umpqua Bank | Imperium | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000 |