Pacific ethanol, inc. (PEIX)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Operating Activities:
Consolidated net loss

-114,277

-101,282

-86,055

-66,286

-72,600

-67,936

-47,515

-38,752

-34,086

-38,074

-10,780

-13,757

1,267

1,526

-12,411

-23,556

-27,590

-18,873

-5,015

14,396

30,310

26,002

22,642

12,459

-3,377

-1,162

-20,518

-24,804

-35,966

-43,355

-32,982

-18,692

-13,335

-4,023

0

0

0

Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization (accretion) of debt discount (premium)

454

689

720

720

720

720

721

720

678

636

1,846

1,985

2,157

2,322

1,263

1,227

973

716

383

150

302

1,815

2,212

2,325

2,604

1,272

0

0

0

-

-

-

-

-

-

-

-

Non-cash compensation

2,874

2,809

2,962

3,261

3,502

3,438

3,422

3,365

3,343

3,828

3,713

3,593

3,254

2,616

2,442

2,285

2,096

2,019

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value adjustments on convertible debt and warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,559

0

0

0

Warrant fair value adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Amortization of debt discount

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Amortization of deferred financing fees

681

511

712

564

570

900

918

922

877

503

379

251

174

137

191

226

266

272

256

261

1,165

1,217

1,527

2,570

2,013

2,009

1,902

925

680

736

621

659

656

651

0

0

0

Fair value adjustments

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value adjustments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

Depreciation and amortization of intangibles

-

-

-

-

-

40,849

40,800

40,661

39,705

38,651

37,401

36,179

35,900

35,441

35,055

34,554

28,874

23,632

18,514

13,496

13,422

13,186

12,932

12,615

12,335

12,136

0

0

0

-

-

-

-

-

-

-

-

Deferred income taxes

-

-

-

-

-

27

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Interest expense added to term debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fair value adjustments

-

-

-

-

-

-

-

-

-

-473

31

100

141

557

-175

-1,446

-1,853

-1,641

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-3,035

-1,795

778

817

0

0

0

0

-

-

-

-

Inventory valuation

0

-

-

-

-

-

-

-

-

-

-

0

0

-

-

0

0

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

Interest added to debt

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on derivatives

-

555

-787

1,541

-6,338

-6,714

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Depreciation and amortization of intangibles

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Interest expense added to plant owners' debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,818

3,542

0

0

0

-

-

-

-

Non-cash compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

-

1,005

1,303

1,805

2,278

0

0

0

Loss (gain) on derivatives

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

0

0

0

-

-

-

-

Bad debt expense

20

27

28

27

24

45

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

240

186

200

-6

0

0

0

-

-

0

0

Changes in operating assets and liabilities:
Bad debt expense

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

-98

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts receivable

-25,296

6,698

363

-5,795

3,387

-12,663

-4,593

14,492

-1,392

-17,562

-8,193

-25,486

661

25,235

17,773

32,854

11,004

15,950

10,116

-14,477

-9,552

-726

3,270

6,814

19,184

9,414

-171

4,377

5,215

-2,095

-505

10,080

3,303

-2,067

0

0

0

Inventories

-12,976

2,780

7,393

9,835

-7,881

-4,080

-13,745

-2,588

3,581

-5,070

-3,027

-2,585

-9,131

-750

17,259

18,083

21,029

13,296

-1,260

-7,739

-8,165

-3,866

2,256

3,431

5,858

2,150

-96

4,014

533

929

4,926

4,501

4,001

1,128

0

0

0

Prepaid expenses and other assets

-4,741

-10,197

-4,410

-5,551

133

3,880

1,974

-5,694

-6,459

-2,677

117

6,174

4,662

-3,189

-5,809

-5,322

-1,489

1,093

10,951

12,382

5,043

7,818

-1,090

-938

2,311

2,340

0

0

0

-

-

-

-

-933

0

0

0

Prepaid expenses and other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Prepaid inventory

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-720

121

8,476

-303

6,893

5,137

-6,110

-1,635

-3,817

-6,202

111

-4,918

-6,524

0

0

0

Prepaid inventory

-3,431

-1,562

1,749

1,466

1,531

-191

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating leases

9,833

10,161

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Assets held-for-sale

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Liabilities held-for-sale

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

-4,372

-2,587

-4,525

-5,301

-4,130

4,105

764

9,738

11,183

-5,538

8,073

-1,223

650

9,279

-3,814

-12,716

-8,797

-10,045

-5,120

-4,529

-4,404

1,853

3,704

9,142

7,886

8,889

-818

2,242

2,957

129

-2,193

-4,246

-1,287

-2,358

0

0

0

Net cash provided by operating activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

88,332

85,564

69,262

43,517

14,187

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) operating activities

18,565

-23,363

-51,714

-29,094

-22,371

1,566

27,586

26,324

33,327

36,509

0

0

0

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-7,812

3,707

-798

-3,950

0

0

0

Investing Activities:
Additions to property and equipment

3,414

3,281

6,424

9,350

11,909

15,154

19,392

21,977

21,112

20,866

17,474

17,915

18,316

19,171

16,872

15,826

17,295

20,507

20,943

18,890

19,604

13,259

12,053

9,610

5,517

3,993

2,094

1,586

1,686

2,273

3,021

2,606

2,981

2,365

0

0

0

Purchases of PE Op Co. ownership interests

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,340

1,836

11,836

11,639

10,000

0

0

0

-

-

-

-

Net cash used in investing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-13,259

-18,557

-10,114

-6,218

-6,333

0

0

0

-

-

-

-

-

-

-

-

Net cash used in investing activities

-3,414

-3,281

-6,424

-9,350

-11,909

-15,154

-20,045

-51,551

-50,686

-50,440

0

0

0

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-22,138

-11,723

-12,098

-11,482

0

0

0

Financing Activities:
Proceeds from assessment financing

-

-

-

-

-

2,043

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from warrant and option exercises

-

-

-

-

-

-

-

-

-

1,202

2,366

1,854

1,201

1,164

0

0

177

368

1,388

25,804

31,737

43,676

42,656

18,240

12,130

2,064

2,064

2,064

2,064

0

0

0

0

-

-

-

-

Proceeds from assessment financing

-

-

-

-

-

-

-

-

-

5,618

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Series A Convertible Notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

Proceeds from plant borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,000

12,500

16,000

22,022

24,022

6,389

2,521

7,060

6,958

0

0

0

Net proceeds (payments) from Kinergy's line of credit

-10,027

21,282

20,327

5,908

12,009

7,578

15,384

16,871

9,695

-385

0

0

0

-

-

-

-

-

-

-

-

-1,512

-5,640

-1,464

2,549

-669

0

0

0

-

-

-

-

-

-

-

-

Proceeds from senior notes and warrants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,192

22,192

22,192

22,192

0

0

0

0

-

-

-

-

Proceeds from issuance of common stock

282

3,670

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchase of Plant Owners' debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-25,273

-25,273

-23,357

0

0

0

0

-

-

-

-

Net payments on Kinergy's line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments on borrowings

-

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on plant borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

39,792

43,871

44,871

32,993

17,115

0

0

0

-

-

-

-

-

-

-

-

Principal Payments on Senior Notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

Net payments on Kinergys' line of credit

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Principal Payments on Plant Owners' borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Payments on senior notes

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,984

14,889

15,813

17,335

6,208

0

0

0

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-2,726

-2,726

-2,210

-1,166

0

0

0

-

-

-

-

Payment on related party note

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

750

750

750

750

0

0

0

0

-

-

-

-

-

-

-

-

Preferred stock dividends paid

-

946

1,265

1,265

1,265

1,265

1,265

1,265

1,265

1,265

1,266

1,266

1,266

1,269

1,268

1,268

1,268

1,265

3,459

3,459

3,459

3,459

1,265

1,265

1,265

1,265

1,265

1,895

1,265

1,268

0

0

0

-

-

-

-

Payments on capital leases

-

-

-

-

-

772

799

866

839

626

4,526

5,396

6,251

7,089

4,811

4,348

4,780

5,059

4,543

5,256

5,127

4,916

4,947

4,067

2,736

1,640

0

0

0

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

-

-18,140

-19,926

-40,208

-33,647

-10,289

0

0

0

-

-

-

-

-

-

-

-

Net cash provided by (used in) financing activities

-10,123

19,014

20,966

-7,624

-1,349

-9,274

-4,040

685

5,336

-839

0

0

0

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

31,813

3,850

9,427

15,610

0

0

0

Net increase (decrease) in cash and cash equivalents

5,028

-7,630

-37,172

-46,068

-35,629

-22,862

3,501

-24,542

-12,023

-14,770

13,115

56,612

51,358

12,709

-13,568

-18,740

-24,218

-10,523

-3,200

23,339

34,428

56,933

47,081

18,940

3,652

-2,435

-9,496

1,317

-787

-1,328

1,863

-4,166

-3,469

178

0

0

0

Supplemental Information:
Interest paid

16,471

18,763

17,725

16,637

15,814

15,147

14,141

13,879

12,323

11,133

0

0

0

-

-

-

-

-

-

-

-

6,596

8,527

10,563

9,490

7,515

5,918

4,603

6,776

8,828

11,126

11,837

11,778

11,669

0

0

0

Accrued preferred stock dividends

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Interest paid

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax refunds

-

-

-

-

-

743

756

5,779

5,779

5,614

5,601

3

253

4,784

10,494

10,494

10,244

5,710

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncash financing and investing activities:
Initial right of use assets and liabilities recorded under ASC 842

-

43,753

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Preferred stock dividends paid in common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,192

0

0

0

-

-

-

-

-

-

-

-

Preferred stock dividends accrued

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Preferred stock dividends paid in common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

732

-14,700

-7,000

0

0

0

0

Reclass of warrant liability to equity upon exercises

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

41,486

40,884

20,008

11,377

260

373

373

261

113

0

0

0

-

-

-

-

Reclass of noncontrolling interest to APIC upon acquisitions of ownership interests in New PE Holdco

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,646

0

0

0

-

-

-

-

Reclass of noncontrolling interest to APIC upon acquisitions of ownership positions in New PE Holdco

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

Original discount on senior and convertible debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

0

-

-

-

-