Results for the Fourth Quarter and Full Year 2021

  • Fourth quarter EPS of ($0.18) per diluted share including negative impact from an income tax valuation adjustment, compared to ($1.43) per diluted share for the same period in the prior year
  • Full Year EPS of ($1.41) per diluted share compared to ($3.14) per diluted share for the prior year
  • Fourth quarter Adjusted EBITDA of $32.0 million and positive free cash flow generation compared to $9.4 million for the same period in the prior year
  • Full year Adjusted EBITDA of $87.4 million compared to $36.7 million for the prior year
  • Fourth quarter consolidated crush margin of $0.20 per gallon and full year consolidated crush margin of $0.17 per gallon inclusive of negative absorption from completion of plant modernization programs
  • Cash, cash equivalents, restricted cash and marketable securities of $685.8 million with $287.8 million available under committed credit facilities

Business Highlights

  • Strength in global protein and renewable corn oil markets is beneficial to our non-ethanol outlook for 2022 and beyond
  • Transformative protein technology deployment on track, with two facilities operating Fluid Quip Technologies’ patented MSC™ system, three under construction and one expected to break ground in the second quarter. Expect early 2023 run rate of over 700 million gallons converted with over 400,000 tons of annualized Ultra-High Protein production capacity, including first turnkey project. Engineering expected to begin on additional locations in 2022
  • Have achieved renewable corn oil yields in excess of 1.2 pounds per bushel at locations utilizing MSC™ technology
  • Made significant progress during the fourth quarter of 2021 in the production of low-carbon dextrose at our Innovation Center at York for use in industrial applications, culminating in successful customer product trials
  • Expect Fluid Quip Technologies to begin engineering a patented, first-of-its-kind commercial Clean Sugar Technology™ system during first quarter 2022, with groundbreaking anticipated in the second half of 2022
  • Carbon sequestration plans remain on track for shipments in 2024-25 on Summit Carbon Solutions’ project, and work continues on Eastern facilities to monetize carbon production through direct injection and offtake/partnership opportunities
  • Ongoing substantive discussions regarding potential offtakes and partnerships in protein, renewable corn oil and clean sugar
  • Substantial liquidity position at year end, enabling continued uninterrupted execution on our transformation plan across the platform
  • Issued inaugural sustainability report outlining the company’s ESG initiatives and anticipate issuing a second sustainability report prior to the 2022 Annual Shareholder Meeting

OMAHA, Neb., Feb. 11, 2022 (GLOBE NEWSWIRE) — Green Plains Inc. (NASDAQ:GPRE) today announced financial results for the fourth quarter and full year 2021. Net loss attributable to the company for the fourth quarter was $9.6 million, or ($0.18) per diluted share compared to a net loss of $49.6 million or ($1.43) per diluted share, for the same period in 2020. Revenues were $802.3 million for the fourth quarter of 2021 compared with $478.8 million for the same period last year.

Commenting on the results, Green Plains’ President and Chief Executive Officer Todd Becker said,

“This past year was transformative for the company, firmly placing us on our path toward our 2024-25 strategic goals. Embedded in that vision, our strategy for the fourth quarter and through 2021 was to protect our balance sheet and mitigate risk on the capital we had raised earlier in the year. We hedged the fourth quarter before spot margins increased and generated $32 million in adjusted EBITDA, once again generating free cash flow. Our full year crush margin of $0.17 per gallon was in line with the daily average as our significant outperformance during the first half of 2021 helped level out this transition year. We ended the year with over $685 million in cash and marketable securities, allowing us to continue to deploy capital to strategic initiatives in our transformation plan.”

“We believe our asset utilization rate will continue to improve in 2022 as our locations begin to ramp toward full capacity with our last two plant efficiency upgrades on track to be completed in the first quarter. We anticipate higher utilization in preparation for increased Ultra-High Protein production at locations that are under construction. In the fourth quarter, we experienced supply chain and permitting delays at certain facilities, which impacted fuel alcohol production and also incurred grain bin damage at our York location which limited its production capacity of specialty alcohols.”

“Our transformation continues, with crucial milestones achieved across our four strategic pillars: Ultra-High Protein and value-added ingredients, renewable corn oil, clean sugar and decarbonization. During 2021, we announced our acquisition of Fluid Quip Technologies, established an industrial-scale clean sugar pilot operation and began construction on additional MSC installations. Our unwavering commitment to develop our biorefinery platform to maximize value and diversify cash flows is attracting capital and the top talent necessary to execute on our plan.”

“Global demand for protein and renewable corn oil continues to expand and we believe our high-value ingredient platform stands to benefit and deliver long-term stable contributions. Since our Wood River location began operation, we have seen additional demand for our products, driven by our increased scale and redundancy, further validating our investment thesis. During the first quarter of 2022, we expect to begin our full commercial-scale 60% protein trial and we are excited about the potential results. With four additional MSC locations expected to start up this year, including our first turnkey project, we believe we will begin to see the anticipated scale and impact of our platform.”

“The market remains strong for a clean sugar feedstock for industrial biotechnology, renewable chemicals and synthetic biology applications and our products continue to be successfully validated with potential co-location and supply offtake partners. We have begun engineering a novel dextrose production facility, and expect to break ground in the second half of the year. We believe 2022 is shaping up to be a true inflection point for our company and we are focused on executing on key transformation initiatives as we move through this year and beyond. We are in substantive discussions with potential partners in protein, corn oil, sugar and carbon and expect to make progress during the first half of 2022 that will be beneficial for the shareholders and stakeholders of Green Plains.”

Full Year Highlights and Recent Developments

  • Announced the acquisition of a majority stake in Fluid Quip Technologies
  • Committed eight facilities to Summit Carbon Solutions’ carbon capture and sequestration project
  • Began batch operations for the clean sugar project at the Innovation Center at York, Nebraska, producing dextrose to target applications in renewable chemicals and synthetic biology
  • Began operations of MSC™ technology at Green Plains Wood River and broke ground on three additional locations
  • Announced a turnkey solution for MSC™ technology, and inaugural project partner Tharaldson Ethanol, a 175-million-gallon facility in Casselton, North Dakota
  • Extended sales commitments to our pet food vertical with higher volumes through 2022 with a signed MOU for additional sales through 2023 and expanded our pet food customer base near term
  • Announced governance updates, including: appointing a lead independent director; ongoing refreshment of the Board with two new board members who add diversity; rotating committee chairs; enhancing the Board’s oversight and strengthening shareholder rights through various amendments; and announcing intention to declassify the Board

Results of Operations
Green Plains produced 200.5 million gallons of ethanol during the fourth quarter of 2021, compared with 214.2 million gallons for the same period in 2020. The consolidated ethanol crush margin was $41.0 million, or $0.20 per gallon, for the fourth quarter of 2021, compared with $11.9 million, or $0.06 per gallon, for the same period in 2020. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes corn oil and Ultra-High Protein, plus intercompany storage, transportation, nonrecurring decommissioning costs and other fees, net of related expenses.

Consolidated revenues increased $323.6 million for the three months ended December 31, 2021, compared with the same period in 2020, primarily due to higher prices for ethanol, distillers grains and corn oil and increased trading revenues within our agribusiness and energy services segment.

Operating income increased $42.6 million and adjusted EBITDA increased $22.6 million for the three months ended December 31, 2021, compared with the same period in 2020, primarily due to increased margins on ethanol production. Interest expense decreased $3.5 million for the three months ended December 31, 2021, compared with the same period in 2020. Income tax expense was $4.8 million for the three months ended December 31, 2021, compared with $1.9 million income tax benefit for the same period in 2020.

Segment Information
The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, including industrial-grade alcohol, distillers grains, Ultra-High Protein and corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, corn oil, natural gas and other commodities, and (3) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.

GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)
Three Months Ended
December 31,		 Twelve Months Ended
December 31,
2021 2020 % Var. 2021 2020 % Var.
Revenues:
Ethanol production $ 586,024 $ 403,336 45.3 % $ 2,153,368 $ 1,502,581 43.3 %
Agribusiness and energy services 221,279 84,763 161.1 691,484 443,871 55.8
Partnership 19,094 21,311 (10.4 ) 78,452 83,345 (5.9 )
Intersegment eliminations (24,078 ) (30,646 ) (21.4 ) (96,136 ) (106,078 ) (9.4 )
$ 802,319 $ 478,764 67.6 % $ 2,827,168 $ 1,923,719 47.0 %
Gross margin:
Ethanol production $ 29,776 $ (513 ) * % $ 90,085 $ (4,754 ) * %
Agribusiness and energy services 4,586 14,688 (68.8 ) 34,109 34,464 (1.0 )
Partnership 19,094 21,311 (10.4 ) 78,452 83,345 (5.9 )
Intersegment eliminations 2,574 3,172 (18.9 ) (587 ) (1,499 ) (60.8 )
$ 56,030 $ 38,658 44.9 % $ 202,059 $ 111,556 81.1 %
Depreciation and amortization:
Ethanol production $ 20,314 $ 17,381 16.9 % $ 82,969 $ 67,956 22.1 %
Agribusiness and energy services 463 748 (38.1 ) 2,535 2,512 0.9
Partnership 966 939 2.9 3,737 3,806 (1.8 )
Corporate activities 716 1,968 (63.6 ) 2,711 3,970 (31.7 )
$ 22,459 $ 21,036 6.8 % $ 91,952 $ 78,244 17.5 %
Operating income (loss):
Ethanol production (1) $ 2,973 $ (28,694 ) * % $ (27,996 ) $ (129,618 ) (78.4 ) %
Agribusiness and energy services 1,738 8,566 (79.7 ) 17,458 15,773 10.7
Partnership 11,468 12,796 (10.4 ) 48,672 50,437 (3.5 )
Intersegment eliminations 2,574 3,197 (19.5 ) (587 ) (1,400 ) (58.1 )
Corporate activities (2) (10,950 ) (30,660 ) (64.3 ) (12,039 ) (57,888 ) (79.2 )
$ 7,803 $ (34,795 ) * % $ 25,508 $ (122,696 ) * %
Adjusted EBITDA:
Ethanol production (1) $ 23,317 $ (11,280 ) * % $ 55,056 $ (60,868 ) * %
Agribusiness and energy services 2,201 9,315 (76.4 ) 19,716 18,430 7.0
Partnership 12,617 13,911 (9.3 ) 53,109 54,907 (3.3 )
Intersegment eliminations 2,574 3,197 (19.5 ) (587 ) (1,400 ) (58.1 )
Corporate activities (3) (10,445 ) (28,672 ) (63.6 ) (10,499 ) (26,365 ) (60.2 )
EBITDA 30,264 (13,529 ) * 116,795 (15,296 ) *
Proportional share of EBITDA adjustments of equity method investees 45 44 2.3 184 7,093 (97.4 )
Noncash goodwill impairment – – * – 24,091 *
Loss (gain) on sale of assets, net 1,644 22,860 (92.8 ) (29,601 ) 20,860 *
Adjusted EBITDA $ 31,953 $ 9,375 240.8 % $ 87,378 $ 36,748 137.8 %
(1) Includes $3.9 million loss on sale of assets from the sale of the Hereford, Texas, ethanol plant for both the three and twelve months ended December 31, 2020 and the goodwill impairment charge of $24.1 million for the twelve months ended December 31, 2020.
(2) Corporate activities for the three and twelve months ended December 31, 2021 include a $1.6 million loss on sale of assets and a $29.6 million gain on sale of assets from the sale of the Ord, Nebraska, ethanol plant, respectively. Corporate activities includes the net loss on sale of assets of $19.0 million and $17.0 million for the three and twelve months ended December 31, 2020, respectively, offset by earnings from equity method investments of $20.5 million for the twelve months ended December 31, 2020.
(3) Includes corporate expenses, offset by the loss on sale of assets of $1.6 million and the gain on sale of assets of $29.6 million for the three and twelve months ended December 31, 2021, respectively. Corporate activities includes the net loss on sale of assets of $19.0 million and $17.0 million for the three and twelve months ended December 31, 2020, respectively, offset by earnings from equity method investments of $20.5 million for the twelve months ended December 31, 2020.
* Percentage variance not considered meaningful.
GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)
Three Months Ended
December 31,		 Twelve Months Ended
December 31,
2021 2020 % Var. 2021 2020 % Var.
Ethanol production
Ethanol sold (gallons) 200,521 214,203 (6.4 ) % 750,648 793,743 (5.4 ) %
Distillers grains sold (equivalent dried tons) 518 550 (5.8 ) 1,977 2,054 (3.7 )
Corn oil sold (pounds) 62,972 60,817 3.5 219,807 213,818 2.8
Corn consumed (bushels) 70,242 74,276 (5.4 ) 259,786 275,351 (5.7 )
Agribusiness and energy services (1)
Domestic ethanol sold (gallons) 200,196 198,066 1.1 820,638 776,115 5.7
Export ethanol sold (gallons) 61,245 38,414 59.4 173,391 200,216 (13.4 )
261,441 236,480 10.6 994,029 976,331 1.8
Partnership
Storage and throughput (gallons) 201,466 215,110 (6.3 ) % 754,524 796,436 (5.3 ) %
(1) Includes gallons from the ethanol production segment
GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands except per gallon amounts)
Three Months Ended
December 31,		 Three Months Ended
December 31,
2021 2020 2021 2020
($ per gallon produced)
Ethanol production operating income (loss) $ 2,973 $ (28,694 ) $ 0.01 $ (0.13 )
Depreciation and amortization 20,314 17,381 0.10 0.08
Total adjusted ethanol production 23,287 (11,313 ) 0.11 (0.05 )
Intercompany fees, net:
Storage and logistics (partnership) 12,027 13,147 0.06 0.06
Marketing and agribusiness fees (1)
(agribusiness and energy services)		 5,722 10,072 0.03 0.05
Consolidated ethanol crush margin $ 41,036 $ 11,906 $ 0.20 $ 0.06
(1) For the three months ended December 31, 2021 and 2020, includes certain nonrecurring decommissioning and nonethanol operations costs of $0.4 million and $1.3 million, respectively. For the three months ended December 31, 2020, includes the $3.9 million loss from the sale of the Hereford ethanol plant.

Liquidity and Capital Resources
On December 31, 2021, Green Plains had $685.8 million in total cash, cash equivalents, restricted cash and marketable securities, and $287.8 million available under committed credit facilities, which are subject to restrictions and other lending conditions. Total debt outstanding at December 31, 2021 was $722.7 million, including $173.4 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $59.5 million of non-recourse debt related to Green Plains Partners, net of debt issuance costs.

Conference Call Information
On February 11, 2022, Green Plains Inc. and Green Plains Partners LP will host a joint conference call at 11 a.m. Eastern time (10 a.m. Central time) to discuss fourth quarter and full year 2021 financial and operating results for each company. Domestic and international participants can access the conference call by dialing 877.711.2374 and 281.542.4862, respectively, and referencing conference ID 5896346. The company advises participants to call at least 10 minutes prior to the start time. Alternatively, the conference call, transcript and presentation will be accessible on Green Plains’ website at https://investor.gpreinc.com/events-presentations.

Non-GAAP Financial Measures
Management uses adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income tax expense, depreciation and amortization excluding the change in right-of-use assets. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees, gains and losses related to the sale of assets, and noncash goodwill impairment. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels, renewable feedstocks for advanced biofuels and high purity alcohols for use in cleaners and disinfectants. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. The Company also owns a 48.9% limited partner interest and a 2.0% general partner interest in Green Plains Partners LP. For more information, visit www.gpreinc.com.

About Green Plains Partners LP
Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage terminals, transportation assets and other related assets and businesses. For more information about Green Plains Partners, visit www.greenplainspartners.com.

Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include: disruption caused by health epidemics, such as the coronavirus outbreak, competition in the industries in which Green Plains operates; commodity market risks, financial market risks; counterparty risks; risks associated with changes to federal policy or regulation, including changes to tax laws; risks related to closing and achieving anticipated results from acquisitions and disposals. Other factors can include risks associated with Green Plains’ ability to realize higher margins anticipated from the company’s high protein feed initiative or to achieve anticipated savings from Project 24 and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.

Consolidated Financial Results

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
2021 2020
ASSETS (unaudited)
Current assets
Cash and cash equivalents $ 426,220 $ 233,860
Restricted cash 134,739 40,950
Marketable securities 124,859 –
Accounts receivable, net 119,961 55,568
Income tax receivable 911 661
Inventories 267,838 269,491
Other current assets 43,221 41,823
Total current assets 1,117,749 642,353
Property and equipment, net 893,517 801,690
Operating lease right-of-use assets 64,042 61,883
Other assets 84,447 72,991
Total assets $ 2,159,755 $ 1,578,917
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 146,063 $ 140,058
Accrued and other liabilities 56,980 38,471
Derivative financial instruments 43,244 20,265
Current operating lease liabilities 16,814 14,902
Short-term notes payable and other borrowings 173,418 140,808
Current maturities of long-term debt 35,285 98,052
Total current liabilities 471,804 452,556
Long-term debt 514,006 287,299
Long-term operating lease liabilities 49,795 49,549
Other liabilities 22,131 12,849
Total liabilities 1,057,736 802,253
Stockholders’ equity
Total Green Plains stockholders’ equity 950,500 646,852
Noncontrolling interests 151,519 129,812
Total liabilities and stockholders’ equity $ 2,159,755 $ 1,578,917
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)
Three Months Ended
December 31,		 Twelve Months Ended
December 31,
2021 2020 % Var. 2021 2020 % Var.
Revenues
Product $ 787,623 $ 477,636 64.9 % $ 2,806,629 $ 1,918,884 46.3 %
Services 14,696 1,128 * 20,539 4,835 324.8
Total revenues 802,319 478,764 67.6 2,827,168 1,923,719 47.0
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below) 746,289 440,106 69.6 2,625,109 1,812,163 44.9
Operations and maintenance 5,908 6,715 (12.0 ) 23,061 26,125 (11.7 )
Selling, general and administrative 18,216 22,842 (20.3 ) 91,139 84,932 7.3
Loss (gain) on sale of assets, net 1,644 22,860 (92.8 ) (29,601 ) 20,860 *
Goodwill impairment – – * – 24,091 *
Depreciation and amortization 22,459 21,036 6.8 91,952 78,244 17.5
Total costs and expenses 794,516 513,559 54.7 2,801,660 2,046,415 36.9
Operating income (loss) 7,803 (34,795 ) * 25,508 (122,696 ) *
Other income (expense)
Interest income 79 16 393.8 575 659 (12.7 )
Interest expense (6,919 ) (10,457 ) (33.8 ) (67,144 ) (39,993 ) 67.9
Other, net (260 ) 38 * (1,940 ) 900 *
Total other expense (7,100 ) (10,403 ) (31.8 ) (68,509 ) (38,434 ) 78.3
Income (loss) before income taxes and income from equity method investees 703 (45,198 ) * (43,001 ) (161,130 ) (73.3 )
Income tax benefit (expense) (4,759 ) 1,922 * (1,845 ) 50,383 (103.7 )
Income from equity method investees, net of income taxes 183 176 4.0 700 21,093 (96.7 )
Net loss (3,873 ) (43,100 ) (91.0 ) (44,146 ) (89,654 ) (50.8 )
Net income attributable to noncontrolling interests 5,695 6,530 (12.8 ) 21,846 19,121 14.3
Net loss attributable to Green Plains $ (9,568 ) $ (49,630 ) (80.7 ) % $ (65,992 ) $ (108,775 ) (39.3 ) %
Earnings per share:
Net loss attributable to Green Plains – basic and diluted $ (0.18 ) $ (1.43 ) $ (1.41 ) $ (3.14 )
Weighted average shares outstanding:
Basic and diluted 52,800 34,629 46,652 34,631
* Percentage variance not considered meaningful.
GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
Twelve Months Ended
December 31,
2021 2020
Cash flows from operating activities:
Net loss $ (44,146 ) $ (89,654 )
Noncash operating adjustments:
Depreciation and amortization 91,952 78,244
Loss (gain) on disposal of assets, net (29,601 ) 21,464
Loss on extinguishment of debt 32,645 –
Goodwill impairment – 24,091
Deferred income taxes 1,233 (13,336 )
Other 16,850 37,232
Net change in working capital (64,687 ) 40,854
Net cash provided by operating activities 4,246 98,895
Cash flows from investing activities:
Purchases of property and equipment, net (187,195 ) (110,579 )
Purchases of marketable securities (124,859 ) –
Proceeds from the sale of assets 87,217 39,952
Disposition of equity method investees (2,948 ) 80,500
Other investing activities (8,500 ) (21,325 )
Net cash used in investing activities (236,285 ) (11,452 )
Cash flows from financing activities:
Net proceeds – long-term debt 179,001 20,013
Net proceeds (payments) – short-term borrowings 27,907 (76,227 )
Payments on extinguishment of convertible debt (20,861 ) –
Proceeds from issuance of common stock 355,978 –
Payments for repurchase of common stock – (11,479 )
Other (23,837 ) (14,836 )
Net cash provided by (used in) financing activities 518,188 (82,529 )
Net change in cash, cash equivalents and restricted cash 286,149 4,914
Cash, cash equivalents and restricted cash, beginning of period 274,810 269,896
Cash, cash equivalents and restricted cash, end of period $ 560,959 $ 274,810
Reconciliation of total cash, cash equivalents and restricted cash:
Cash and cash equivalents $ 426,220 $ 233,860
Restricted cash 134,739 40,950
Total cash, cash equivalents and restricted cash $ 560,959 $ 274,810
GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)
Three Months Ended
December 31,		 Twelve Months Ended
December 31,
2021 2020 2021 2020
Net loss $ (3,873 ) $ (43,100 ) $ (44,146 ) $ (89,654 )
Interest expense (1) 6,919 10,457 67,144 39,993
Income tax expense (benefit), net of equity method income tax expense 4,759 (1,922 ) 1,845 (43,879 )
Depreciation and amortization (2) 22,459 21,036 91,952 78,244
EBITDA 30,264 (13,529 ) 116,795 (15,296 )
Proportional share of EBITDA adjustments of equity method investees 45 44 184 7,093
Noncash goodwill impairment – – – 24,091
Loss (gain) on sale of assets, net 1,644 22,860 (29,601 ) 20,860
Adjusted EBITDA $ 31,953 $ 9,375 $ 87,378 $ 36,748
(1) Interest expense for the year ended December 31, 2021 includes a loss upon extinguishment of convertible notes of $22.1 million and a loss on settlement of convertible notes of $9.5 million.
(2) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.