Benson Hill Inc

NASDAQ:BHILUnited States

Nov 12, 2024

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• *DJ Benson Hill 3Q Rev $34.1M Vs. $23.5M >BHIL, from 7:06AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:06AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BHIL
  Payments of debt issuance costs -- (2,000) Borrowing under revolving line of credit 3,562 -- Repayments under revolving line of credit (3,562) -- Payments of finance lease obligations (3,042) (2,428) Proceeds from exercise of stock awards, net of withholding taxes 58 249 -------------- ------------- Net cash used in financing activities (53,990) (9,053) -------------- ------------- Effect of exchange rate changes on cash (12) -- -------------- ------------- Net decrease in cash and cash equivalents (9,095) (10,684) Cash, cash equivalents and restricted cash, beginning of period 16,081 43,321 -------------- ------------- Cash, cash equivalents and restricted cash, end of period $ 6,986 $ 32,637 ============== ============= Supplemental disclosure of cash flow information Cash paid for taxes $ -- $ 35 Cash paid for interest $6,604 $14,523 Supplemental disclosure of non-cash activities Purchases of property and equipment included in liabilities $ 165 $ 125 Benson Hill, Inc. Non-GAAP Reconciliation (In Thousands) This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, changes in fair value of warrants and conversion options, realized (gains) losses on marketable securities, goodwill and long-lived asset impairment, restructuring-related costs (including severance costs) and the impact of significant non-recurring items. The Company defines free cash flow as net cash (used in) provided by operating activities minus capital expenditures. Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA: Three Months Ended Nine Months Ended September 30, September 30, --------------------- -------------------- 2024 2023 2024 2023 -------- --------- -------- -------- Net loss from continuing operations, net of income taxes $(21,896) $ (17,552) $(66,193) $(60,842) Interest expense, net 1,849 7,155 12,153 20,401 Income tax expense (benefit) -- 6 6 (117) Depreciation and amortization 3,863 3,648 11,536 10,651 Stock-based compensation 959 867 3,373 (392) Changes in fair value of warrants and conversion option 456 (12,001) 170 (30,661) Impairment of goodwill -- -- -- 9,260 Exit costs related to divestiture of Creston facility -- -- 2,881 -- Business transformation -- -- 732 -- Proceeds from a corporate-owned life insurance policy -- -- (2,173) -- Severance 35 3,338 1,511 4,576 Other 2,106 180 3,879 3,054 -------- --------- -------- -------- Total Adjusted EBITDA $(12,628) $ (14,359) $(32,125) $(44,070) ======== ========= ======== ======== Adjustments to reconcile net loss from our continuing operations to free cash flow loss: Three Months Ended Nine Months Ended September 30, September 30, --------------------- ----------------------- 2024 2023 2024 2023 -------- --------- -------- ----------- Net loss from continuing operations, net of income taxes $(21,896) $ (17,552) $(66,193) $ (60,842) Depreciation and amortization 3,863 3,648 11,536 10,651 Stock-based compensation 959 867 3,373 (392) Changes in fair value of warrants and conversion option 456 (12,001) 170 (30,661) Impairment of goodwill -- -- -- 9,260 Accretion and amortization related to financing activities -- 2,306 6,191 6,624 Change in working capital (74) (2,159) (2,931) (19,911) Other (320) 1,010 (483) 6,775 -------- --------- -------- ----------- Net cash used in operating activities (17,012) (23,881) (48,337) (78,496) Payments for acquisitions of property and equipment (83) 100 (541) (6,213) -------- --------- -------- ----------- Free cash flow loss $(17,095) $ (23,781) $(48,878) $ (84,709) ======== ========= ======== ===========
  

• -- Earnings Flash (BHIL) BENSON HILL Posts Q3 Revenue $34.1M, from 7:04AM ET on Tuesday Nov 12, 2024 by MT Newswires

  7:04AM ET on Tuesday Nov 12, 2024 by MT Newswires
  Companies Mentioned: BHIL
  07:04 AM EST, 11/12/2024 (MT Newswires) -- ...

• Benson Hill Announces Third Quarter Financial Results and Strategic Progress, from 7:00AM ET on Tuesday Nov 12, 2024 by Dow Jones

  7:00AM ET on Tuesday Nov 12, 2024 by Dow Jones
  Companies Mentioned: BHIL
  Payments of debt issuance costs -- (2,000) Borrowing under revolving line of credit 3,562 -- Repayments under revolving line of credit (3,562) -- Payments of finance lease obligations (3,042) (2,428) Proceeds from exercise of stock awards, net of withholding taxes 58 249 -------------- ------------- Net cash used in financing activities (53,990) (9,053) -------------- ------------- Effect of exchange rate changes on cash (12) -- -------------- ------------- Net decrease in cash and cash equivalents (9,095) (10,684) Cash, cash equivalents and restricted cash, beginning of period 16,081 43,321 -------------- ------------- Cash, cash equivalents and restricted cash, end of period $ 6,986 $ 32,637 ============== ============= Supplemental disclosure of cash flow information Cash paid for taxes $ -- $ 35 Cash paid for interest $6,604 $14,523 Supplemental disclosure of non-cash activities Purchases of property and equipment included in liabilities $ 165 $ 125 Benson Hill, Inc. Non-GAAP Reconciliation (In Thousands) This press release contains financial measures not derived in accordance with generally accepted accounting principles ("GAAP"). Reconciliations to the most comparable GAAP measures are provided below. The Company defines Adjusted EBITDA as net loss from continuing operations excluding income taxes, interest, depreciation, amortization, stock-based compensation, changes in fair value of warrants and conversion options, realized (gains) losses on marketable securities, goodwill and long-lived asset impairment, restructuring-related costs (including severance costs) and the impact of significant non-recurring items. The Company defines free cash flow as net cash (used in) provided by operating activities minus capital expenditures. Adjustments to reconcile net loss from our continuing operations to Adjusted EBITDA: Three Months Ended Nine Months Ended September 30, September 30, --------------------- -------------------- 2024 2023 2024 2023 -------- --------- -------- -------- Net loss from continuing operations, net of income taxes $(21,896) $ (17,552) $(66,193) $(60,842) Interest expense, net 1,849 7,155 12,153 20,401 Income tax expense (benefit) -- 6 6 (117) Depreciation and amortization 3,863 3,648 11,536 10,651 Stock-based compensation 959 867 3,373 (392) Changes in fair value of warrants and conversion option 456 (12,001) 170 (30,661) Impairment of goodwill -- -- -- 9,260 Exit costs related to divestiture of Creston facility -- -- 2,881 -- Business transformation -- -- 732 -- Proceeds from a corporate-owned life insurance policy -- -- (2,173) -- Severance 35 3,338 1,511 4,576 Other 2,106 180 3,879 3,054 -------- --------- -------- -------- Total Adjusted EBITDA $(12,628) $ (14,359) $(32,125) $(44,070) ======== ========= ======== ======== Adjustments to reconcile net loss from our continuing operations to free cash flow loss: Three Months Ended Nine Months Ended September 30, September 30, --------------------- ----------------------- 2024 2023 2024 2023 -------- --------- -------- ----------- Net loss from continuing operations, net of income taxes $(21,896) $ (17,552) $(66,193) $ (60,842) Depreciation and amortization 3,863 3,648 11,536 10,651 Stock-based compensation 959 867 3,373 (392) Changes in fair value of warrants and conversion option 456 (12,001) 170 (30,661) Impairment of goodwill -- -- -- 9,260 Accretion and amortization related to financing activities -- 2,306 6,191 6,624 Change in working capital (74) (2,159) (2,931) (19,911) Other (320) 1,010 (483) 6,775 -------- --------- -------- ----------- Net cash used in operating activities (17,012) (23,881) (48,337) (78,496) Payments for acquisitions of property and equipment (83) 100 (541) (6,213) -------- --------- -------- ----------- Free cash flow loss $(17,095) $ (23,781) $(48,878) $ (84,709) ======== ========= ======== ===========