Company: SDSYA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001163609-25-000010
Chunk: 30

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 30
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, 2023. Working capital decreased between periods primarily due to expenditures related to the construction and development of the High Plains Processing plant, which we have a controlling ownership stake through our subsidiaries. 

Comparison of the Years Ended December 31, 2024 and 2023 

 20242023Net cash provided by operating activities$58,395,262 $128,890,291 Net cash used in investing activities(176,001,498)(104,214,603)Net cash provided by financing activities84,289,984 47,367,949 

Cash Flows Provided by Operating Activities

The $70.5 million decline in cash flows from operating activities was primarily driven by a $49.3 million decrease in net income, along with a $37.0 million reduction in cash generated from inventories. During the year ended December 31, 2024, our inventories decreased by $23.8 million, compared to $60.8 million in 2023.

Cash Flows Used in Investing Activities

The $71.8 million increase in cash flows used for investing activities was primarily driven by the $71.4 million increase in expenditures for purchasing various property and equipment. During 2024, we spent $175.7 million on property and equipment purchases, largely for the construction and development of the High Plains Processing plant, compared to $104.3 million during 2023.

Cash Flows Provided by Financing Activities

The $36.9 million increase in cash flows provided by financing activities was principally due to a $78.1 million increase in net proceeds on borrowings. Net proceeds on borrowings increased by $69.2 million during the year ended December 31, 2024, compared to net payments of $8.9 million during the same period in 2023. Partially offsetting the increase was a $40.6 million decrease in investment proceeds received and a $3.0 million increase in cash distributions to our members during the year ended December 31, 2024, compared to the same period in 2023. 

Comparison of the Years Ended December 31, 2023 and 2022

 20232022Net cash from operating activities$128,890,291 $27,431,814 Net cash used for investing activities(104,214,603)(9,951,071)Net cash used for financing activities47,367,949 (17,447,782)

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Cash Flows Provided