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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549   
Form 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 001-35397
RENEWABLE ENERGY GROUP, INC.
(Exact name of registrant as specified in its charter)
   
Delaware
 
   
26-4785427
(State of other jurisdiction of
incorporation or organization)
 
   
(I.R.S. Employer
Identification No.)
   
 
   
416 South Bell Avenue
Ames
Iowa
50010
(Address of principal executive offices)
 
   
(Zip code)
(515) 239-8000
(Registrant’s telephone number, including area code)    

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.0001 per share
REGI
NASDAQ Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
   
Large accelerated filer
   
Accelerated filer
x
 
 
 
 
Non-accelerated filer
   
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   x

As of July 31, 2020, the registrant had 39,292,154 shares of Common Stock outstanding.




TABLE OF CONTENTS
 
 
Page
PART I
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
 
 
PART II
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 3.
ITEM 4.
ITEM 5.
ITEM 6.
 
 


3



FORWARD LOOKING STATEMENTS
This quarterly report on Form 10-Q contains, in addition to historical information, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations of future operations, are forward-looking statements. The words "believe," "may," "will," "would," "might," "could," "estimate," "continue," "anticipate," "design," "intend," "plan," "seek," "potential," "expect" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives, and financial needs. Forward-looking statements include, but are not limited to, statements about:
our financial performance, including expectations regarding revenues, cost of revenues and operating expenses;
changes in governmental programs, policymaking and requirements or encouraged use of biofuels, including RFS2 in the United States, renewable fuel policies in Canada and Europe, and state level programs such as California's Low Carbon Fuel Standard;
our security repurchase programs;
our marketable securities;
the availability, future price and volatility of feedstocks and other inputs;
the expansion of our distribution network and transportation costs;
the future price and volatility of petroleum;
our liquidity and working capital requirements;
our leasing practices;
anticipated trends and challenges in our business and competition in the markets in which we operate;
our ability to successfully implement our acquisition strategy and integration strategy;
our ability to protect proprietary technology and trade secrets;
our risk management activities;
the industry’s capacity, production and imports;
product performance, in cold weather or otherwise;
seasonal fluctuations in our business;
our current products as well as products we are developing;
our ability to retain and recruit key personnel;
our indebtedness and our compliance, or failure to comply, with restrictive and financial covenants in our various debt agreements;
critical accounting policies and estimates, the impact or anticipated impact of recent accounting pronouncements, guidance or changes in accounting principles and future recognition of impairments for the fair value of assets, including goodwill, financial instruments, intangible assets and other assets acquired;
operating risks and the impact of disruptions to our business including, but not limited to, closures at our plant located in Geismar, Louisiana and the COVID-19 pandemic; and
assumptions underlying or relating to any of the foregoing.
These statements reflect current views with respect to future events and are based on assumptions and subject to risks and uncertainties. We note that a variety of factors, including but not limited to those Risk Factors discussed in Item 1A of Part II of this report, could cause actual results and experience to differ materially from the anticipated results or expectations expressed in our forward-looking statements. Given these uncertainties, you should not place undue reliance on these forward-looking statements.

Forward-looking statements contained in this report present management’s views only as of the date of this report. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our 10-Q and 8-K reports filed with the Securities and Exchange Commission after the date hereof.

4



PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL INFORMATION
RENEWABLE ENERGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands, except share and per share amounts)
   
June 30,
2020
 
December 31,
2019
ASSETS
   

 
   

CURRENT ASSETS:
   

 
   

Cash and cash equivalents
$
147,950

 
$
50,436

Marketable securities
179,780

 

Accounts receivable (net of allowance for doubtful accounts of $1,510 and $1,001, respectively)
251,177

 
858,922

Inventories
160,173

 
161,429

Prepaid expenses and other assets
57,537

 
35,473

Restricted cash
3,000

 
3,000

Total current assets
799,617

 
1,109,260

Property, plant and equipment, net
602,973

 
584,577

Right of use assets
30,524

 
36,899

Goodwill
16,080

 
16,080

Intangible assets, net
11,346

 
12,018

Other assets
31,672

 
26,515

TOTAL ASSETS
$
1,492,212

 
$
1,785,349

LIABILITIES AND EQUITY
   

 
   

CURRENT LIABILITIES:
   

 
   

Lines of credit
$

 
$
76,990

Current maturities of long-term debt
53,640

 
77,131

Current maturities of operating lease obligations
14,489

 
15,690

Accounts payable
182,370

 
369,213

Accrued expenses and other liabilities
18,127

 
40,776

Deferred revenue
6,387

 
8,620

Total current liabilities
275,013

 
588,420

Deferred income taxes
7,145

 
6,975

Long-term debt (net of debt issuance costs of $1,933 and $2,783, respectively)
16,471

 
26,130

Long-term operating lease obligations
17,851

 
30,413

Other liabilities
5,239

 
1,505

Total liabilities
321,719

 
653,443

COMMITMENTS AND CONTINGENCIES


 


EQUITY:
   

 
   

Common stock ($.0001 par value; 300,000,000 shares authorized; 39,292,154 and 38,967,079 shares outstanding, respectively)
5

 
5

Common stock—additional paid-in-capital
402,843

 
438,591

Retained earnings
878,493

 
800,792

Accumulated other comprehensive income
(1,703
)
 
(1,994
)
Treasury stock (10,551,865 and 10,403,798 shares outstanding, respectively)
(109,145
)
 
(105,488
)
Total equity
1,170,493

 
1,131,906

TOTAL LIABILITIES AND EQUITY
$
1,492,212

 
$
1,785,349

See notes to condensed consolidated financial statements.

1



RENEWABLE ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except share and per share amounts)
 
Three months ended
 
Six months ended
   
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
REVENUES:
   
 
   
 
   
 
   
Biomass-based diesel sales
$
451,329

 
$
559,615

 
$
857,727

 
$
1,037,284

Biomass-based diesel government incentives
94,134

 
530

 
162,293

 
998

   
545,463

 
560,145

 
1,020,020

 
1,038,282

Other revenue
501

 
498

 
613

 
570

   
545,964

 
560,643

 
1,020,633

 
1,038,852

COSTS OF GOODS SOLD:
   
 
   
 
   
 
   
Biomass-based diesel
521,308

 
587,415

 
888,634

 
1,078,413

Other costs of goods sold
41

 

 
111

 
3

   
521,349

 
587,415

 
888,745

 
1,078,416

GROSS PROFIT (LOSS)
24,615

 
(26,772
)
 
131,888

 
(39,564
)
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
28,427

 
27,041

 
55,912

 
52,395

(GAIN) ON DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT
(187
)
 

 
(187
)
 

IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT

 
468

 

 
468

INCOME (LOSS) FROM OPERATIONS
(3,625
)
 
(54,281
)
 
76,163

 
(92,427
)
OTHER INCOME (EXPENSE), NET:
   
 
   
 
   
 
   
Change in fair value of contingent consideration

 
(398
)
 

 
(702
)
Gain (loss) on debt extinguishment
619

 

 
1,791

 
(2
)
Gain on lease termination
4,459

 

 
4,459

 

Other income
2,214

 
691

 
1,911

 
1,545

Interest expense
(1,190
)
 
(3,737
)
 
(3,662
)
 
(7,956
)
   
6,102

 
(3,444
)
 
4,499

 
(7,115
)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
2,477

 
(57,725
)
 
80,662

 
(99,542
)
INCOME TAX BENEFIT (EXPENSE)
(1,629
)
 
90

 
(2,961
)
 
520

NET INCOME (LOSS) FROM CONTINUING OPERATIONS
848

 
(57,635
)
 
77,701

 
(99,022
)
NET LOSS ON DISCONTINUED OPERATIONS

 
(4,462
)
 

 
(6,479
)
NET INCOME (LOSS)
$
848

 
$
(62,097
)
 
$
77,701

 
$
(105,501
)
 
 
 
 
 
 
 
 
LESS—EFFECT OF PARTICIPATING SHARE-BASED AWARDS ON CONTINUING OPERATIONS
18

 

 
1,597

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS
$
830

 
$
(57,635
)
 
$
76,104

 
$
(99,022
)
NET LOSS FROM DISCONTINUED OPERATIONS AVAILABLE TO COMMON STOCKHOLDERS
$

 
$
(4,462
)
 
$

 
$
(6,479
)
Basic net income (loss) per share available to common stockholders:
   
 
   
 
   
 
   
Continuing operations
$
0.02

 
$
(1.52
)
 
$
1.95

 
$
(2.63
)
Discontinued operations
$

 
$
(0.12
)
 
$

 
$
(0.17
)
Net income (loss) per share
$
0.02

 
$
(1.64
)
 
$
1.95

 
$
(2.81
)
Diluted net income (loss) per share available to common stockholders:
 
 
 
 
 
 
 
Continuing operations
$
0.02

 
$
(1.52
)
 
$
1.77

 
$
(2.63
)
Discontinued operations
$

 
$
(0.12
)
 
$

 
$
(0.17
)
Net income (loss) per share
$
0.02

 
$
(1.64
)
 
$
1.77

 
$
(2.81
)
Weighted-average shares used to compute basic net income (loss) per share available to common stockholders:
   
 
   
 
   
 
   
Basic
39,177,381

 
37,851,735

 
39,078,219

 
37,603,921

Weighted-average shares used to compute diluted net income (loss) per share available to common stockholders:
 
 
 
 
 
 
 
Diluted
43,084,501

 
37,851,735

 
43,000,196

 
37,603,921

See notes to condensed consolidated financial statements.

2



RENEWABLE ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited)
(in thousands)
 
Three months ended
 
Six months ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
Net income (loss)
$
848

 
$
(62,097
)
 
$
77,701

 
$
(105,501
)
Unrealized gains on marketable securities, net of taxes of $108, $0, $108 and $0, respectively
307

 
1

 
307

 

Foreign currency translation adjustments
535

 
394

 
(16
)
 
33

Other comprehensive income
842

 
395

 
291

 
33

Comprehensive income (loss)
$
1,690

 
$
(61,702
)
 
$
77,992

 
$
(105,468
)
See notes to condensed consolidated financial statements.


3



RENEWABLE ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
(in thousands, except share amounts)
   
Company Stockholders’ Equity
   
Common
Stock
Shares
 
Common
Stock
 
Common Stock -
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury
Stock
 
Total
BALANCE, January 1, 2019
37,318,942

 
$
5

 
$
451,427

 
$
427,244

 
$
(1,656
)
 
$
(111,767
)
 
$
765,253

Conversion of restricted stock units to common stock (net of 138,012 shares of treasury stock purchased)
283,339

 

 

 

 

 
(2,760
)
 
(2,760
)
Settlement of stock appreciation rights in common stock (net of 9,888 shares of treasury stock purchased)
16,937

 

 
(12
)
 

 

 
(159
)
 
(171
)
Partial termination of capped call options
(1,087
)
 

 
30

 

 

 
(30
)
 

Convertible debt extinguishment impact

 

 
(152
)
 

 

 

 
(152
)
Stock compensation expense

 

 
1,353

 

 

 

 
1,353

Other comprehensive loss

 

 

 

 
(362
)
 

 
(362
)
Adoption of ASC Topic 842, Leases

 

 

 
(6,516
)
 

 

 
(6,516
)
Net loss

 

 

 
(43,404
)
 

 

 
(43,404
)
BALANCE, March 31, 2019
37,618,131

 
$
5

 
$
452,646

 
$
377,324

 
$
(2,018
)
 
$
(114,716
)
 
$
713,241

Conversion of restricted stock units to common stock (net of 805 shares of treasury stock purchased)
58,759

 

 

 

 

 
(518
)
 
(518
)
Settlement of stock appreciation rights in common stock (net of 2,274 shares of treasury stock purchased)
4,631

 

 
(7
)
 

 

 
(17
)
 
(24
)
Settlement of 2019 Convertible Senior Notes conversion premium
1,902,781

 

 
(18,779
)
 

 

 
18,779

 

Termination of capped call options
(625,558
)
 

 
8,952

 

 

 
(8,952
)
 

Stock compensation expense

 

 
1,824

 

 

 

 
1,824

Other comprehensive income

 

 

 

 
395

 

 
395

Net loss

 

 

 
(62,097
)
 

 

 
(62,097
)
BALANCE, June 30, 2019
38,958,744

 
$
5

 
$
444,636

 
$
315,227

 
$
(1,623
)
 
$
(105,424
)
 
$
652,821


4



   
Company Stockholders’ Equity
   
Common
Stock
Shares
 
Common
Stock
 
Common Stock -
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Treasury
Stock
 
Total
BALANCE, January 1, 2020
38,967,079

 
$
5

 
$
438,591

 
$
800,792

 
$
(1,994
)
 
$
(105,488
)
 
$
1,131,906

Conversion of restricted stock units to common stock (net of 25,134 shares of treasury stock purchased)
38,144

 

 

 

 

 
(578
)
 
(578
)
Settlement of stock appreciation rights in common stock (net of 14,438 shares of treasury stock purchased)
16,704

 

 
(5
)
 

 

 
(240
)
 
(245
)
Convertible debt extinguishment impact (net of tax impact of $1,013)

 

 
(17,829
)
 

 

 

 
(17,829
)
Stock compensation expense

 

 
1,367

 

 

 

 
1,367

Other comprehensive loss

 

 

 

 
(551
)
 

 
(551
)
Net income

 

 

 
76,853

 

 

 
76,853

BALANCE, March 31, 2020
39,021,927

 
$
5

 
$
422,124

 
$
877,645

 
$
(2,545
)
 
$
(106,306
)
 
$
1,190,923

Conversion of restricted stock units to common stock (net of 86,701 shares of treasury stock purchased)
230,265

 

 

 

 

 
(2,063
)
 
(2,063
)
Settlement of stock appreciation rights in common stock (net of 21,794 shares of treasury stock purchased)
39,962

 

 
(276
)
 

 

 
(776
)
 
(1,052
)
Convertible debt extinguishment impact (net of tax impact of $1,055)

 

 
(20,860
)
 

 

 

 
(20,860
)
Stock compensation expense

 

 
1,855

 

 

 

 
1,855

Other comprehensive income

 

 

 

 
842

 

 
842

Net income

 

 

 
848

 

 

 
848

BALANCE, June 30, 2020
39,292,154

 
$
5

 
$
402,843

 
$
878,493

 
$
(1,703
)
 
$
(109,145
)
 
$
1,170,493


See notes to condensed consolidated financial statements.

5



RENEWABLE ENERGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
Six months ended
   
June 30, 2020
 
June 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
   
 
   
Net income (loss)
$
77,701

 
$
(105,501
)
Net income (loss) from discontinuing operations

 
(6,479
)
Net income (loss) from continuing operations
77,701

 
(99,022
)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
   
 
   
Depreciation expense
18,037

 
18,241

Amortization expense of assets and liabilities, net
8,968

 
10,316

Accretion of convertible note discount
464

 
2,092

Amortization of marketable securities
111

 
(146
)
Change in fair value of contingent consideration

 
702

Gain on sale of property, plant and equipment
(187
)
 

(Gain) loss on debt extinguishment
(1,791
)
 
2

Provision for doubtful accounts
509

 
(120
)
Impairment of property, plant and equipment

 
468

Stock compensation expense
3,222

 
3,177

Deferred tax expense
1,855

 
(530
)
Gain on lease termination
(4,459
)
 

Other operating activities
123

 
76

Changes in assets and liabilities:
   
 
   
Accounts receivable, net
607,215

 
(1,798
)
Inventories
1,257

 
(2,645
)
Prepaid expenses and other assets
(33,667
)
 
3,997

Accounts payable
(187,659
)
 
7,178

Accrued expenses and other liabilities
(18,665
)
 
(4,131
)
Operating lease obligations
(8,969
)
 
(8,231
)
Deferred revenue
(2,233
)
 
4,236

Net cash flows provided by (used in) operating activities - continuing operations
461,832

 
(66,138
)
Net cash flows used in operating activities - discontinuing operations

 
(6,794
)
Cash provided by (used in) operating activities
461,832

 
(72,932
)
CASH FLOWS FROM INVESTING ACTIVITIES:
   
 
   
Cash paid for marketable securities
(179,476
)
 
(3,478
)
Cash received from maturities of marketable securities

 
54,584

Cash paid for purchase of property, plant and equipment
(31,048
)
 
(18,032
)
Cash paid for investments

 
(1,203
)
Other investing activities
187

 

Net cash flows (used in) provided by investing activities - continuing operations
(210,337
)
 
31,871

Net cash flows provided by investing activities - discontinuing operations

 
3,100

Cash (used in) provided by investing activities
(210,337
)
 
34,971

CASH FLOWS FROM FINANCING ACTIVITIES:
   
 
   
Net (repayments) borrowings on revolving line of credit
(76,990
)
 
54,490

Borrowings on other lines of credit

 
36,925

Repayments on other lines of credit

 
(34,728
)
Cash paid on notes payable
(73,051
)
 
(71,068
)
Cash paid for debt issuance costs

 
(58
)
Cash paid for contingent consideration settlement

 
(6,128
)
Cash paid for conversion of restricted stock units and stock appreciation rights
(3,938
)
 
(3,473
)
Net cash flows used in financing activities - continuing operations
(153,979
)
 
(24,040
)
Net cash flows used in financing activities - discontinuing operations

 

Cash used in financing activities
(153,979
)
 
(24,040
)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
97,516

 
(62,001
)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, Beginning of period
53,436

 
126,575

Effect of exchange rate changes on cash
(2
)
 
23

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, End of period
$
150,950

 
$
64,597

(continued)

6




RENEWABLE ENERGY GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
 
Six months ended
 
June 30, 2020
 
June 30, 2019
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:
   
 
   
Cash paid for income taxes
$

 
$
1,259

Cash paid for interest
$
3,724

 
$
4,734

Leased assets obtained in exchange for new operating lease liabilities
$
1,873

 
$
8,528

 
 
 
 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
   
 
   
Amounts included in period-end accounts payable for:
   
 
   
Purchases of property, plant and equipment
$
4,467

 
$
5,446

Issuance of treasury stock to settle 2019 Convertible Senior Notes conversion premium
$

 
$
(18,779
)
Receipt in treasury stock for settlement of capped call options
$

 
$
8,952

(concluded)
   
See notes to condensed consolidated financial statements.



7



RENEWABLE ENERGY GROUP, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For The Six Months Ended June 30, 2020 and 2019
(unaudited)
(in thousands, except share and per share amounts)
NOTE 1 — 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" or "REG"), 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, 2020. 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, 2020, the Company owns and operates a network of thirteen biorefineries, with eleven locations in North America and two locations in Europe, which includes twelve operating biomass-based diesel production facilities with aggregate nameplate production capacity of 505 million gallons per year ("mmgy") and one fermentation facility. Ten of these plants are “multi-feedstock capable”, which allows them to use a broad range of lower-cost feedstocks, such as distillers corn oil, used cooking oil and inedible animal fats in addition to vegetable oils, such as soybean oil and canola oil. In August 2019, the Company closed the New Boston, Texas biorefinery, which had a nameplate capacity of 15 mmgy.
The biomass-based diesel industry and the Company’s business have benefited from certain federal and state government programs. The federal biodiesel mixture excise tax credit (the "BTC") was retroactively reinstated on December 20, 2019 for the years 2018 and 2019. The BTC has also been extended through December 31, 2022. The modification of federal and state government programs could adversely affect the financial results of the Company.
NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies should be read in conjunction with a summary of the significant accounting policies the Company has disclosed in its Annual Report on Form 10-K for the year ended December 31, 2019.

Restricted Cash
The Company segregates certain cash balances as restricted cash that represent those funds required to be set aside by a contractual agreement. The Company classifies restricted cash between current and non-current assets based on the length of time of the restricted use.
As of June 30, 2020 and 2019, current restricted cash was $3,000, representing pledges for outstanding letters of credit issued to support our operations. See the table below for reconciliation of "Cash, Cash Equivalents and Restricted Cash" in the Condensed Consolidated Statements of Cash Flows:
 
June 30, 2020
 
June 30, 2019
Cash and cash equivalents
$
147,950

 
$
61,597

Restricted cash
3,000

 
3,000

Total cash, cash equivalents and restricted cash in the Condensed Statements of Cash Flows
$
150,950

 
$
64,597




8



Accounts Receivable and Subsequent Events
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.
 
June 30, 2020
 
December 31, 2019
Trade accounts receivable from customers (net of allowance for doubtful accounts of $1,510 and $1,001, respectively)
$
185,182

 
$
185,156

BTC receivables from the government
65,696

 
672,627

Other trade receivables
299

 
1,139

Total
$
251,177

 
$
858,922


Marketable Securities
The Company's marketable securities are classified as available-for-sale and are reported at fair value, with unrealized gains and losses, net of tax, recorded in accumulated other comprehensive income (loss). Realized gains or losses and declines in value judged to be other-than-temporary, if any, on available-for-sale securities are reported in other income, net. The Company evaluates such investments periodically for possible other-than-temporary impairment. A decline of fair value below amortized costs of debt securities is considered an other-than-temporary impairment if the Company has the intent to sell the security or if it is more likely than not that the Company will be required to sell the security before recovery of the entire amortized cost basis. In those instances, an impairment charge equal to the difference between the fair value and the amortized cost basis is recognized in earnings. Regardless of the Company's intent or requirement to sell a debt security, an impairment is considered other-than-temporary if the Company does not expect to recover the entire amortized cost basis; in those instances, a credit loss equal to the difference between the present value of the cash flows expected to be allocated based on credit risk and the amortized cost basis of the debt security is recognized in earnings. The Company has no current requirement or intent to sell a material portion of marketable securities as of June 30, 2020. The Company expects to recover up to (or beyond) the initial cost of investment for securities held. In computing realized gains and losses on available-for-sale securities, the Company determines cost based on amounts paid, including direct costs such as commissions to acquire the security, using the specific identification method.
Renewable Identification Numbers ("RINs")
When the Company produces and sells a gallon of biomass-based diesel, 1.5 to 1.7 RINs per gallon are generated. RINs are used to track compliance with the Renewable Fuel Standard ("RFS2"). RFS2 allows the Company to attach between zero and 2.5 RINs to any gallon of biomass-based diesel. As a result, a portion of the selling price for a gallon of biomass-based diesel is generally attributable to RFS2 compliance. However, RINs that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the RIN when it is generated, regardless of whether the RIN is transferred with the biomass-based diesel produced or held by the Company pending attachment to other biomass-based diesel production sales.
In addition, the Company also obtains RINs from third parties who have separated the RINs from gallons of biomass-based diesel. From time to time, the Company holds varying amounts of these separated RINs for resale. RINs obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period. The resulting adjustments are reflected in costs of goods sold for the period. The value of these RINs is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheets. The cost of goods sold related to the sale of these RINs is determined using the average cost method, while market prices are determined by RIN values, as reported by the Oil Price Information Service ("OPIS").

Low Carbon Fuel Standard
The Company generates Low Carbon Fuel Standard ("LCFS") credits for its low carbon fuels or blendstocks when its qualified low carbon fuels are transported into an LCFS market. LCFS credits are used to track compliance with the LCFS. As a result, a portion of the selling price for a gallon of biomass-based diesel sold into an LCFS market is also attributable to LCFS compliance. However, LCFS credits that the Company generates are a form of government incentive and not a result of the physical attributes of the biomass-based diesel production. Therefore, no cost is allocated to the LCFS credit when it is generated, regardless of whether the LCFS credit is transferred with the biomass-based diesel produced or held by the Company.

9



In addition, the Company also obtains LCFS credits from third-party trading activities. From time to time, the Company holds varying amounts of these third-party LCFS credits for resale. LCFS credits obtained from third parties are initially recorded at their cost and are subsequently revalued at the lower of cost or net realizable value as of the last day of each accounting period, and the resulting adjustments are reflected in costs of goods sold for the period. The value of LCFS credits obtained from third parties is reflected in “Prepaid expenses and other assets” on the Condensed Consolidated Balance Sheet. The cost of goods sold related to the sale of these LCFS credits is determined using the average cost method, while market prices are determined by LCFS values, as reported by the OPIS. At June 30, 2020 and December 31, 2019, the Company held no LCFS credits purchased from third parties.
The Company records assets acquired and liabilities assumed through the exchange of non-monetary assets based on the fair value of the assets and liabilities acquired or the fair value of the consideration exchanged, whichever is more readily determinable.
Convertible Debt
In June 2016, the Company issued $152,000 aggregate principal amount of 4% convertible senior notes due in 2036 (the "2036 Convertible Senior Notes"). See "Note 7 - Debt" for a further description of the 2036 Convertible Senior Notes. During the three and six months ended June 30, 2020 the Company used $31,855 to repurchase $14,000 principal amount and $57,804 to repurchase $25,008 principal amount of the 2036 Convertible Senior Notes, respectively, reflecting conversion premium, after tax impact, of $20,860 and $38,689, respectively, as a reduction of Additional Paid-in Capital and gains on debt extinguishment of $619 and $1,791, respectively, in the Condensed Consolidated Statements of Operations. During the three and six months ended June 30, 2019 the Company made no repurchases of the 2036 Convertible Senior Notes.
Security Repurchase Programs
In June 2018, January 2019, and February 2020 the Company's Board of Directors approved a repurchase program, of up to $75,000, $75,000 and $100,000, respectively, of the Company's convertible notes and/or shares of common stock (the "2018 Program", "2019 Program", and "2020 Program", respectively). Under these programs, the Company may repurchase convertible notes or shares from time to time in open market transactions, privately negotiated transactions or by other means. The timing and amount of repurchase transactions under each program are determined by the Company's management based on its evaluation of market conditions, share price, bond price, legal requirements and other factors.
The Company made no repurchases of shares of common stock or convertible notes during the three and six months ended June 30, 2019. The table below sets out the information regarding the activities under the 2019 Program during the three and six months ended June 30, 2020:
 
Three months ended June 30, 2020
 
Six months ended June 30, 2020
 
Principal amount in 000's
 
January 2019 Program
 
Principal amount in 000's
 
January 2019 Program
2036 Senior Convertible Notes Repurchases
$
14,000

 
$
31,855

 
$
25,008

 
$
57,804


The 2018 Program has been fully utilized prior to December 31, 2019. There was no activity under the 2020 Program during the three and six months ended June 30, 2020. At June 30, 2020, the remaining amounts were $10,000 under the 2019 Program and $110,000 under both programs.
Revenue Recognition
The Company generally has a single performance obligation in its arrangements with customers. The Company believes for most of its contracts with customers, control is transferred at a point in time, typically upon delivery to the customers. When the Company performs shipping and handling activities after the transfer of control to the customers (e.g., when control transfers prior to delivery), they are considered as fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company generally expenses sales commissions when incurred because the amortization period would have been less than one year. The Company records these costs within selling, general and administrative expenses.
The following is a description of principal activities from which we generate revenue. Revenues from contracts with customers are recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services.
sales of biodiesel and renewable diesel produced at our facilities, including RINs and LCFS credits;

10



resale of petroleum acquired from third parties, along with the sale of petroleum-based products further blended with biodiesel produced at our wholly owned facilities or acquired from third parties;
sales of separated RINs and LCFS credits;
sales of raw materials, glycerin and other co-products of the biomass-based diesel production process;
other revenue, including biomass-based diesel facility management and operational services; and
incentive payments from federal and state governments, including the BTC, and from the USDA Advanced Biofuel Program.

Disaggregation of revenue:
All revenue recognized in the income statement, except for Biomass-based diesel Government Incentives, is considered to be revenue from contracts with customers. The following table depicts the disaggregation of revenue according to product line and segment:
 
Reportable Segments
Three months ended June 30, 2020
Biomass-based
Diesel
 
Services
 
Corporate
and other
 
Intersegment
Revenues
 
Consolidated
Total
Biomass-based diesel sales, net of BTC related amount due to customers of ($25)
$
338,987

 
$

 
$

 
$
(478
)
 
$
338,509

Petroleum diesel sales

 

 
22,496

 

 
22,496

LCFS credit sales
30,709

 

 

 

 
30,709

Separated RIN sales
26,992

 

 

 

 
26,992

Co-product sales
12,908

 

 

 

 
12,908

Raw material sales
7,692

 

 

 

 
7,692

Other biomass-based diesel revenue
12,023

 

 

 

 
12,023

Other revenues

 
26,486

 

 
(25,985
)
 
501

Total revenues from contracts with customers
$
429,311