10-Q Filing

SOUTH DAKOTA SOYBEAN PROCESSORS LLC CIK: 1163609 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001163609-23-000031`
Period End Date	20230630
Filing Date	20230811
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	sdsp-20230630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 56 Cash Flow Statement 54 Stockholders Equity 7

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$570.48K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$866.70K	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$46.86M	USD	Point-in-time
Trade accounts receivable	`AccountsReceivableNetCurrent`	$43.52M	USD	Point-in-time
Inventories	`InventoryNet`	$110.10M	USD	Point-in-time
Inventories	`InventoryNet`	$134.25M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$11.10M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractAssetCurrent`	$10.95M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$3.21M	USD	Point-in-time
Margin deposits	`MarginDepositAssets`	$5.60M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$2.36M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$1.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$173.44M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$197.55M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$140.90M	USD	Point-in-time
Property and equipment	`PropertyPlantAndEquipmentGross`	$145.36M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$68.81M	USD	Point-in-time
Less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$66.34M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$76.55M	USD	Point-in-time
Total property and equipment, net	`PropertyPlantAndEquipmentNet`	$74.56M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$14.58M	USD	Point-in-time
Investments in related parties	`EquityMethodInvestments`	$31.71M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.74M	USD	Point-in-time
Investments in cooperatives	`OtherLongTermInvestments`	$1.71M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$29.97M	USD	Point-in-time
Right-of-use lease asset, net	`OperatingLeaseRightOfUseAsset`	$22.71M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$96.25K	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$336.50K	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$63.75M	USD	Point-in-time
Total other assets	`AssetsNoncurrentExcludingPropertyPlantAndEquipment`	$39.09M	USD	Point-in-time
Total assets	`Assets`	$313.74M	USD	Point-in-time
Total assets	`Assets`	$311.20M	USD	Point-in-time
Excess of outstanding checks over bank balance	`BankOverdrafts`	$17.32M	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`	-	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$4.00M	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$138.16K	USD	Point-in-time
Note payable - seasonal loan	`ShortTermBankLoansAndNotesPayable`	$36.44M	USD	Point-in-time
Current operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.92M	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
Accounts payable	`AccountsPayableCurrent`	$2.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.25M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$35.62M	USD	Point-in-time
Accrued commodity purchases	`AccruedCommodityPurchasesCurrent`	$70.74M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$17.82M	USD	Point-in-time
Commodity derivative instruments	`CommodityContractLiabilitiesCurrent`	$20.01M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$4.33M	USD	Point-in-time
Accrued expenses	`OtherAccruedLiabilitiesCurrent`	$6.06M	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$135.08K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$310.03K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$561.99K	USD	Point-in-time
Deferred liabilities - current	`DeferredRevenueAndLiabilitiesCurrent`	$1.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$121.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$121.55M	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`	$17.17M	USD	Point-in-time
Long-term operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.26M	USD	Point-in-time
Deferred liabilities	`OtherLiabilitiesAndDeferredRevenueNoncurrent`	$33.06K	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`	$32.29M	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`	$313.74M	USD	Point-in-time
Total liabilities and members' equity	`LiabilitiesAndStockholdersEquity`	$311.20M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$356.85M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$346.97M	USD	2 Qtrs
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$175.25M	USD	1 Quarter
Net revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$184.94M	USD	1 Quarter
Production	`ProductionCost`	$17.94M	USD	2 Qtrs
Production	`ProductionCost`	$8.94M	USD	1 Quarter
Production	`ProductionCost`	$20.40M	USD	2 Qtrs
Production	`ProductionCost`	$9.68M	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$209.31K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$379.70K	USD	2 Qtrs
Brokerage fees	`BrokerageFees`	$209.80K	USD	1 Quarter
Brokerage fees	`BrokerageFees`	$399.08K	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$320.06M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$150.68M	USD	1 Quarter
Total cost of revenues	`CostOfRevenue`	$303.59M	USD	2 Qtrs
Total cost of revenues	`CostOfRevenue`	$172.79M	USD	1 Quarter
Gross profit	`GrossProfit`	$36.80M	USD	2 Qtrs
Gross profit	`GrossProfit`	$43.38M	USD	2 Qtrs
Gross profit	`GrossProfit`	$24.57M	USD	1 Quarter
Gross profit	`GrossProfit`	$12.15M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$2.99M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$2.87M	USD	2 Qtrs
Administration	`GeneralAndAdministrativeExpense`	$1.41M	USD	1 Quarter
Administration	`GeneralAndAdministrativeExpense`	$1.48M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$10.74M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$23.09M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$33.81M	USD	2 Qtrs
Operating income	`OperatingIncomeLoss`	$40.50M	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.98M	USD	2 Qtrs
Interest expense	`InterestExpense`	$547.77K	USD	1 Quarter
Interest expense	`InterestExpense`	$935.33K	USD	2 Qtrs
Interest expense	`InterestExpense`	$1.06M	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$794.46K	USD	2 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$-75.97K	USD	2 Qtrs
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$20.08K	USD	1 Quarter
Other non-operating income (expense)	`OtherNonoperatingIncomeExpense`	$220.30K	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	-	USD	1 Quarter
Patronage dividend income	`InvestmentIncomeDividend`	$693.05K	USD	2 Qtrs
Patronage dividend income	`InvestmentIncomeDividend`	$699.60K	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.36M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-1.04M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-327.47K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$558.73K	USD	2 Qtrs
Net income	`NetIncomeLoss`	$22.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.45M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.06M	USD	2 Qtrs
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.32	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$0.75	USD	1 Quarter
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.07	USD	2 Qtrs
Earnings Per Share, Basic	`EarningsPerShareBasic`	$1.35	USD	2 Qtrs
Weighted average number of capital units outstanding for calculation of basic and diluted earnings per capital unit (in shares)	`WeightedAverageNumberOfUnitsOutstandingForCalculationOfBasicAndDilutedLossPerCapitalUnit`	30.41M	shares	2 Qtrs
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`	30.41M	shares	2 Qtrs
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

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$22.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.45M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.06M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.85M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.77M	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$7.27M	USD	2 Qtrs
Net (gain) loss recognized on derivative activities	`DerivativeGainLossOnDerivativeNet`	$10.80M	USD	2 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$31.53K	USD	2 Qtrs
Loss (gain) on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-2.93K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$145.75K	USD	2 Qtrs
Non-cash patronage dividends	`NoncashPatronageDividends`	$32.31K	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$59.25M	USD	2 Qtrs
Change in current assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$5.77M	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-22.84M	USD	2 Qtrs
Net cash provided by (used for) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$18.67M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	$15.69M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireInvestments`	-	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherNoncurrentAssetsInvestingActivities`	$240.25K	USD	2 Qtrs
Increase in other assets	`IncreaseDecreaseInOtherNoncurrentAssetsInvestingActivities`	$96.25K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	2 Qtrs
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.90K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.91M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.29M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.74M	USD	2 Qtrs
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.38M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-4.02M	USD	2 Qtrs
Change in excess of outstanding checks over bank balances	`ProceedsFromRepaymentsOfBankOverdrafts`	$-1.18M	USD	2 Qtrs
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$48.67M	USD	2 Qtrs
Net proceeds from seasonal borrowings	`ProceedsFromOtherShortTermDebt`	$36.30M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$36.49M	USD	2 Qtrs
Distributions to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$4.22M	USD	2 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$6.58M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$5.13M	USD	2 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$3.43M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$26.41M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.77M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-296.22K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$184.78K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$866.70K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$570.48K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$833.74K	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`	$1.02M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$570.48K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$833.74K	USD	Point-in-time
Interest	`InterestPaidNet`	$1.80M	USD	2 Qtrs
Interest	`InterestPaidNet`	$819.58K	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income taxes	`IncomeTaxesPaid`	-	USD	2 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	-	USD	2 Qtrs
Soybean meal contributed as investment in related party	`NoncashOrPartNoncashAcquisitionInvestmentsAcquired1`	$1.44M	USD	2 Qtrs

Stockholders Equity 7 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$22.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$32.45M	USD	2 Qtrs
Net income	`NetIncomeLoss`	$9.71M	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.06M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$36.49M	USD	2 Qtrs
Distribution to members	`DistributionMadeToLimitedLiabilityCompanyLLCMemberCashDistributionsPaid`	$17.34M	USD	2 Qtrs
Liquidation of members' equity (in shares)	`CapitalUnitsLiquidated`	7,500.00	shares	2 Qtrs

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