10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001163609-22-000044`
Period End Date	20220930
Filing Date	20221110
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	sdsp-20220930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 56 Cash Flow Statement 56 Stockholders Equity 7

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$833.74K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$534.15K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$36.57M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$47.38M	USD	Point-in-time
Inventories	`InventoryNet`	$95.07M	USD	Point-in-time
Inventories	`InventoryNet`	$146.13M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$13.43M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$11.93M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$8.51M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$2.10M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.69M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.41M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$217.39M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$149.20M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$140.05M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$133.92M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$61.39M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$65.46M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$74.59M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$72.53M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$12.20M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$10.76M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.71M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.56M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$11.23M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$17.52M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$96.25K	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	-	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$31.52M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$23.56M	USD	Point-in-time
Total assets	`Assets`	$245.29M	USD	Point-in-time
Total assets	`Assets`	$323.50M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$24.72M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$10.70M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$2.90M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	-	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$39.48M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.24M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$1.96M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.13M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$61.15M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$60.89M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$27.64M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$13.50M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$5.00M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$4.31M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$240.69K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$67.13K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$153.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$111.75M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$13.99M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$10.00M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$6.13M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$12.31M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$22.30M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$20.12M	USD	Point-in-time
Commitments and contingencies (Notes 5, 6, 7, and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 5, 6, 7, and 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$245.29M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$323.50M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$431.70M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$531.70M	USD	3 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$147.80M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$184.73M	USD	1 Quarter
Production	`ProductionCost`	$27.36M	USD	3 Qtrs
Production	`ProductionCost`	$8.31M	USD	1 Quarter
Production	`ProductionCost`	$23.09M	USD	3 Qtrs
Production	`ProductionCost`	$9.42M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$550.89K	USD	3 Qtrs
Brokerage fees	`BrokerageFees`	$544.05K	USD	3 Qtrs
Brokerage fees	`BrokerageFees`	$164.35K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$164.13K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$131.80M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$405.93M	USD	3 Qtrs
Total cost of revenues	`CostOfRevenue`	$172.73M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$476.33M	USD	3 Qtrs
Gross profit	`GrossProfit`	$11.99M	USD	1 Quarter
Gross profit	`GrossProfit`	$16.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$55.37M	USD	3 Qtrs
Gross profit	`GrossProfit`	$25.77M	USD	3 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$1.25M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$3.30M	USD	3 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$1.22M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$4.12M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$51.25M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$22.48M	USD	3 Qtrs
Operating income	`OperatingIncomeLoss`	$10.74M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$14.78M	USD	1 Quarter
Interest expense	`InterestExpense`	$638.69K	USD	1 Quarter
Interest expense	`InterestExpense`	$1.57M	USD	3 Qtrs
Interest expense	`InterestExpense`	$1.28M	USD	3 Qtrs
Interest expense	`InterestExpense`	$470.52K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$162.31K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$331.93K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$1.13M	USD	3 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$256.92K	USD	3 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$699.60K	USD	3 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$365.15K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-308.22K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-658.76K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-306.76K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$251.97K	USD	3 Qtrs
Net income	`NetIncomeLoss`	$10.44M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.82M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$51.50M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$14.47M	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.72	USD	3 Qtrs
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.34	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.69	USD	3 Qtrs
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.48	USD	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.41M	shares	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	1 Quarter
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.42M	shares	3 Qtrs
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.41M	shares	3 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.44M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.82M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$51.50M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$14.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.16M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$3.79M	USD	3 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$1.92M	USD	3 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$12.86M	USD	3 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$89.15K	USD	3 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-23.79K	USD	3 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$75.41K	USD	3 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$145.75K	USD	3 Qtrs
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	-	USD	3 Qtrs
Forgiveness of Paycheck Protection Program loan	`LoanForgiveness`	$10.00K	USD	3 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$69.90M	USD	3 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$63.41M	USD	3 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-27.23M	USD	3 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-39.90M	USD	3 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	-	USD	3 Qtrs
Retirement of patronage dividends	`ProceedsFromRetirementOfPatronageDividends`	$54.90K	USD	3 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$126.06K	USD	3 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.90K	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	3 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$96.25K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.19M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.24M	USD	3 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.33M	USD	3 Qtrs
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00M	USD	3 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$14.02M	USD	3 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$3.93M	USD	3 Qtrs
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$39.48M	USD	3 Qtrs
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$48.59M	USD	3 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	3 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$4.22M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$11.84M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$11.34M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$7.13M	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$43.59M	USD	3 Qtrs
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$33.26M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.32M	USD	3 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-299.58K	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$335.03K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$833.74K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$534.15K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$335.03K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$833.74K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$534.15K	USD	Point-in-time
Interest	`InterestPaidNet`	$1.19M	USD	3 Qtrs
Interest	`InterestPaidNet`	$1.40M	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	3 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$1.44M	USD	3 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	3 Qtrs

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$10.44M	USD	1 Quarter
Net income	`NetIncomeLoss`	$21.82M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$51.50M	USD	3 Qtrs
Net income	`NetIncomeLoss`	$14.47M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$9.43M	USD	3 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	3 Qtrs
Liquidation of members' equity (in shares)	`CapitalUnitsLiquidated`	7,500.00	shares	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.