10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001163609-23-000024`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	sdsp-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 28 Cash Flow Statement 50 Stockholders Equity 4

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$692.55K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$866.70K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$41.58M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$43.52M	USD	Point-in-time
Inventories	`InventoryNet`	$127.62M	USD	Point-in-time
Inventories	`InventoryNet`	$134.25M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$10.95M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$15.88M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$3.22M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$5.60M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.52M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.36M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$197.55M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$191.50M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$142.03M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$140.90M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$66.34M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$67.40M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$74.56M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$74.64M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$21.92M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$14.58M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.71M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.74M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$22.71M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$30.86M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$96.25K	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$96.25K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$54.61M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$39.09M	USD	Point-in-time
Total assets	`Assets`	$320.75M	USD	Point-in-time
Total assets	`Assets`	$311.20M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$14.40M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$18.50M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$138.16K	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$60.40M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.30M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.63M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$3.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.58M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$70.74M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$32.89M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$20.01M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$15.14M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$6.06M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$3.86M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$452.03K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$135.08K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$121.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$137.94M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$8.00M	USD	Point-in-time
Long-term debt, net of current maturities and unamortized debt issuance costs	`LongTermDebtNoncurrent`	$8.85M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$25.01M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$17.17M	USD	Point-in-time
Deferred liabilities	`OtherLiabilitiesAndDeferredRevenueNoncurrent`	$22.55K	USD	Point-in-time
Deferred liabilities	`OtherLiabilitiesAndDeferredRevenueNoncurrent`	$96.25K	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$26.11M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$33.03M	USD	Point-in-time
Commitments and contingencies (Notes 6, 7, 8, and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Notes 6, 7, 8, and 13)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$311.20M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$320.75M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$171.91M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$171.72M	USD	1 Quarter
Production	`ProductionCost`	$9.00M	USD	1 Quarter
Production	`ProductionCost`	$10.72M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$170.39K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$189.28K	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$152.91M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$147.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$18.81M	USD	1 Quarter
Gross profit	`GrossProfit`	$24.64M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.58M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.40M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$23.07M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$17.41M	USD	1 Quarter
Interest expense	`InterestExpense`	$387.56K	USD	1 Quarter
Interest expense	`InterestExpense`	$920.11K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-96.05K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$574.16K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$693.05K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$699.60K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-323.11K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$886.20K	USD	1 Quarter
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.74M	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.75	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.60	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

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.74M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.42M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$-7.26M	USD	1 Quarter
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$14.48M	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-4.38K	USD	1 Quarter
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$31.85K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$145.75K	USD	1 Quarter
Non-cash patronage dividends	`NoncashPatronageDividends`	$32.31K	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$62.66M	USD	1 Quarter
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$25.24M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.63M	USD	1 Quarter
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-35.86M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireInvestments`	$5.90M	USD	1 Quarter
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$733.52K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.56M	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-733.52K	USD	1 Quarter
Net cash provided by (used for) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.36M	USD	1 Quarter
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-4.10M	USD	1 Quarter
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-3.21M	USD	1 Quarter
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$57.82M	USD	1 Quarter
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$60.26M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	1 Quarter
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$36.49M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$6.58M	USD	1 Quarter
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$4.22M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$3.43M	USD	1 Quarter
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$5.13M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$22.82M	USD	1 Quarter
Net cash provided by (used for) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$36.36M	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-174.15K	USD	1 Quarter
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-229.74K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$866.70K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$604.00K	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`	$692.55K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$866.70K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$604.00K	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`	$692.55K	USD	Point-in-time
Interest	`InterestPaidNet`	$603.16K	USD	1 Quarter
Interest	`InterestPaidNet`	$283.07K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	1 Quarter
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$1.44M	USD	1 Quarter

Stockholders Equity 4 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$18.30M	USD	1 Quarter
Net income	`NetIncomeLoss`	$22.74M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	1 Quarter
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$36.49M	USD	1 Quarter

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