NEPTUNE WELLNESS SOLUTIONS INC.: Entering into a Final Material Agreement, Unrecorded Sale of Securities, Material Adjustment of Equity of Securities, Other Events, Financial Statements and Expositions (Form 8-K)

MGP Components INC Management Discussion and Analysis of Financial Condition and Results of Operations (Amounts in thousands, unless otherwise noted) (Form 10-Q)

A cautionary notice concerning components that will have an effect on future outcomes

This Report on Kind 10-Q comprises ahead trying statements in addition to
historic data. All statements, apart from statements of historic
info, concerning the prospects of our business and our prospects, plans,
monetary place, and strategic plan could represent ahead trying
statements. As well as, ahead trying statements are normally recognized by or
are related to such phrases as "intend," "plan," "consider," "estimate,"
"anticipate," "anticipate," "hopeful," "ought to," "could," "will," "may,"
"inspired," "alternatives," "potential," and/or the negatives or variations
of those phrases or comparable terminology. Ahead trying statements are based mostly on
present expectations and assumptions which might be topic to dangers and uncertainties
which can trigger precise outcomes to vary materially from these expressed or
implied within the ahead trying statements. An in depth dialogue of dangers and
uncertainties that would trigger precise outcomes and occasions to vary materially
from such ahead trying statements is included within the part titled "Threat
Elements" (Merchandise 1A) of our Annual Report on Kind 10-Ok for the 12 months ended December
31, 2021 and the extra threat components included in our Kind 10-Q for the
quarter ended June 30, 2022 in Half II, Merchandise 1A. Ahead trying statements are
made as of the date of this report, and we undertake no obligation to replace or
revise publicly any ahead trying statements, whether or not due to new
data, future occasions or in any other case.

Overview

MGP is a number one producer and provider of premium distilled spirits, branded
spirits and meals elements. Distilled spirits embrace premium bourbon and rye
whiskeys and grain impartial spirits ("GNS"), together with vodka and gin. We're additionally
a prime producer of top of the range industrial alcohol to be used in each meals and
non-food functions. Our distilled spirits are both packaged and offered below
our personal manufacturers to distributors, offered, instantly or not directly, to producers
of different branded spirits, or direct to shopper. Our Branded Spirits encompass
producing, importing, bottling and rectifying distilled spirits via our
distilleries and bottling services. The Firm's protein and starch meals
elements present a bunch of purposeful, dietary, and sensory advantages for
a variety of meals merchandise to serve the packaged items business.

The next dialogue and evaluation of our monetary situation and outcomes of
operations needs to be learn together with our unaudited condensed
consolidated monetary statements and accompanying notes included on this Kind
10-Q, in addition to our audited consolidated monetary statements and accompanying
notes and Administration's Dialogue and Evaluation of Monetary Situation and
Outcomes of Operations - Normal, set forth in our Annual Report on Kind 10-Ok for
the 12 months ended December 31, 2021.


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Operations outcomes

Mixed outcomes

The desk beneath particulars the consolidated outcomes for the quarters ended
September 30, 2022 and 2021:

                                                      Quarter Ended September 30,
                                                        2022                  2021                   2022 v. 2021
Gross sales                                             $     201,146           $ 176,611                            14  %
Value of gross sales                                           142,098             119,525                            19
Gross revenue                                             59,048              57,086                             3
  Gross margin %                                           29.4   %            32.3  %                       (2.9)   pp(a)
Promoting and promotion bills                        7,279               5,664                            29
Promoting, basic, and administrative ("SG&A")
bills                                                 17,904              18,527                            (3)
Different working (earnings) expense, internet                         1                  11                           (91)
Working earnings                                         33,864              32,884                             3
  Working margin %                                       16.8   %            18.6  %                       (1.8)   pp
Curiosity expense, internet                                    (1,350)             (1,116)                          (21)
Different earnings (expense), internet                              (1,353)               (421)                         (221)
Earnings earlier than earnings taxes                               31,161              31,347                            (1)
Earnings tax expense                                        7,533               7,674                            (2)
  Efficient tax expense price %                             24.2   %            24.5  %                       (0.3)   pp
Web earnings                                        $      23,628           $  23,673                             -  %
  Web earnings margin %                                      11.7   %            13.4  %                       (1.7)   pp

(a) Share factors (“pp”).

Gross sales - Gross sales for quarter ended September 30, 2022 had been $201,146, a rise of
14 % in comparison with the year-ago quarter, which was the results of elevated
gross sales within the Distilling Options, Ingredient Options and Branded Spirits
segments. Throughout the Distilling Options phase, gross sales had been up 19 %,
primarily attributable to a rise within the gross sales of brown items inside premium beverage
alcohol and distillers feed and associated co-products. Throughout the Ingredient
Options phase, gross sales had been up 24 %, primarily attributable to elevated gross sales of
specialty wheat starches and commodity wheat starches. Throughout the Branded
Spirits phase, gross sales had been up 2 %, primarily attributable to elevated gross sales of
manufacturers within the extremely premium value tier (see Section Outcomes).

Gross revenue - Gross revenue for quarter ended September 30, 2022 was $59,048, an
improve of three % in comparison with the year-ago quarter. The rise was pushed
by a rise in gross revenue within the Branded Spirits and Ingredient Options
segments, partially offset by a lower in Distilling Options phase gross
revenue. Within the Branded Spirits phase, gross revenue elevated by $1,850, or 8
%. Within the Ingredient Options phase, gross revenue elevated by $1,176,
or 17 %. Within the Distilling Options phase, gross revenue declined by
$1,064, or 4 % (see Section Outcomes).

Promoting and promotion bills - Promoting and promotion bills for
quarter ended September 30, 2022 had been $7,279, a rise of 29 % in contrast
to the year-ago quarter, primarily pushed by elevated promoting and promotion
funding within the Branded Spirits phase, particularly within the extremely premium,
tremendous premium and premium value tiers.

SG&A bills - SG&A bills for quarter ended September 30, 2022 had been $17,904,
a lower of three % in comparison with the year-ago quarter, primarily attributable to decrease
incentive compensation expense and one-time acquisition prices in 2021 associated to
the Merger with Luxco that didn't recur in 2022.
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Working earnings - Working earnings for quarter ended September 30, 2022
elevated to $33,864 from $32,884 for quarter ended September 30, 2021,
primarily attributable to a rise in gross revenue within the Branded Spirits and
Ingredient Options segments in addition to a lower within the beforehand described
SG&A bills. These had been partially offset by a rise within the beforehand
described Promoting and promotion bills and a lower in gross revenue in
the Distilling Options phase.

Working earnings, quarter versus quarter                         Working Earnings               Change
Working earnings for quarter ended September 30, 2021           $         

32,884

Enhance in gross revenue - Branded Spirits phase(a)                      1,850                        5    pp(b)
Enhance in gross revenue - Ingredient Options
phase(a)                                                                 1,176                        4    pp
Lower in gross revenue - Distilling Options
phase(a)                                                                (1,064)                      (3)   pp
Enhance in Promoting and promotion bills                            (1,615)                      (5)   pp
Lower in SG&A bills                                                    623                        2    pp
Change in Different working earnings (expense), internet                               10                        -    pp
Working earnings for quarter ended September 30, 2022           $         33,864                        3  %



(a) See phase dialogue.
(b) Share factors ("pp").

Earnings tax expense - Earnings tax expense for quarter ended September 30, 2022 was
$7,533, for an efficient tax price of 24.2 %. Earnings tax expense for the
quarter ended September 30, 2021, was $7,674, for an efficient tax price of 24.5
%. The lower in Earnings tax expense, quarter versus quarter, was due
primarily to decrease Earnings earlier than earnings taxes. The lower in efficient tax
price, quarter versus quarter, was due primarily to favorable tax advantages,
associated to sure tax credit regarding our capital spend.

Earnings per widespread share ("EPS") - Primary EPS was $1.07 for quarter ended
September 30, 2022, in comparison with $1.08 for quarter ended September 30, 2021. The
change in Primary EPS, quarter versus quarter, was primarily attributable to a change in
Different earnings (expense), internet and a change in curiosity expense, internet, partially
offset by a rise in Working earnings. Dilutive EPS was $1.06 for the
quarter ended September 30, 2022, in comparison with $1.08 for the quarter ended
September 30, 2021. The change in Diluted EPS, quarter versus quarter, was
primarily because of the identical modifications as Primary EPS in addition to the affect of dilutive
shares excellent.

                                                                   Primary and
Change in fundamental and diluted EPS, quarter versus quarter           Diluted EPS               Change

Primary and diluted earnings per share for the quarter ended September 30, 2021

                                                            $        

1.08

Enhance in Working earnings(a)                                          0.03                       3    pp(b)
Change in Different earnings (expense), internet(a)                                (0.03)                     (3)   pp

Change in Curiosity expense, internet(a)                                      (0.01)                     (1)   pp

Primary EPS for quarter ended September 30, 2022                  $        1.07                      (1) %
Impression of dilutive shares excellent                                   (0.01)                     (1)   pp
Diluted EPS for quarter ended September 30, 2022                $        1.06                      (2) %


(a) Merchandise internet tax based mostly on the efficient tax price for the bottom 12 months (2021). (b) Share factors (“pp”).


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The desk beneath exhibits the small print of the consolidated outcomes for the 12 months then ended
September 30, 2022 and 2021:

                                                Yr to Date Ended September 30,
                                                    2022                   2021                    2022 v. 2021
Gross sales                                        $       591,363           $  459,873                            29  %
Value of gross sales                                        401,270              313,661                            28
Gross revenue                                         190,093              146,212                            30
  Gross margin %                                        32.1   %             31.8  %                        0.3    pp(a)
Promoting and promotion bills                    18,848                9,888                            91
SG&A bills                                         52,029               55,266                            (6)
Different working (earnings) expense, internet                    (34)                  11                          (409)
Working earnings                                     119,250               81,047                            47
  Working margin %                                    20.2   %             17.6  %                        2.6    pp
Curiosity expense, internet                                 (4,491)              (2,708)                          (66)
Different earnings (expense), internet                           (2,361)                (479)                         (393)
Earnings earlier than earnings taxes                           112,398               77,860                            44
Earnings tax expense                                    26,037               18,701                            39
  Efficient tax expense price %                          23.2   %             24.0  %                       (0.8)   pp
Web earnings                                   $        86,361           $   59,159                            46  %
  Web earnings margin %                                   14.6   %             12.9  %                        1.7    pp

(a) Share factors (“pp”).

Gross sales - Gross sales for 12 months thus far ended September 30, 2022 had been $591,363, an
improve of 29 % in comparison with the year-ago interval, which was the results of
elevated gross sales within the Distilling Options, Branded Spirits and Ingredient
Options segments. Throughout the Distilling Options phase, gross sales had been up 21
%, primarily attributable to a rise within the gross sales of brown items inside premium
beverage alcohol and distillers feed and associated co-products. Throughout the Branded
Spirits phase, gross sales had been up 44 %, primarily because of the extra
manufacturers acquired as a part of the April 1, 2021 Merger. Throughout the Ingredient
Options phase, gross sales had been up 29 %, primarily attributable to elevated gross sales of
specialty wheat starches and proteins, and commodity wheat starches (see Section
Outcomes).

Gross revenue - Gross revenue for 12 months thus far ended September 30, 2022 was
$190,093, a rise of 30 % in comparison with the year-ago interval. The
improve was pushed by a rise in gross revenue within the Branded Spirits,
Distilling Options, and Ingredient Options segments. Within the Branded Spirits
phase, gross revenue elevated by $29,072, or 70 %. Within the Distilling
Options phase, gross revenue elevated by $7,419, or 9 %. Within the
Ingredient Options phase, gross revenue elevated by $7,390, or 43 %
(see Section Outcomes).

Promoting and promotion bills - Promoting and promotion bills for 12 months
thus far ended September 30, 2022 had been $18,848, a rise of 91 %
in comparison with the year-ago interval, primarily pushed by the belief of Luxco's
Promoting and promotion bills in addition to elevated promoting and
promotion funding within the Branded Spirits phase, particularly within the extremely
premium, tremendous premium and premium value tiers.

SG&A bills - SG&A bills for 12 months thus far ended September 30, 2022 had been
$52,029, a lower of 6 % in comparison with the year-ago interval. The lower
in SG&A bills was pushed primarily by the one-time acquisition prices in 2021
associated to the Merger with Luxco that didn't recur in 2022, partially offset by
the belief of Luxco's SG&A bills.

Working earnings - Working earnings for 12 months thus far ended September 30, 2022
elevated to $119,250 from $81,047 for 12 months thus far interval ended September 30,
2021, primarily attributable to a rise in gross revenue within the Branded Spirits,
Distilling Options, and Ingredient Options segments in addition to a lower in
the beforehand described SG&A bills. These had been partially offset by an
improve within the beforehand described Promoting and promotion bills.
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                                                                 Working
Working earnings, 12 months thus far versus 12 months thus far                 Earnings                 Change

Working earnings for the 12 months thus far September 30, 2021

                                                           $    81,047
Enhance in gross revenue - Branded Spirits phase(a)               29,072                       36    pp(b)
Enhance in gross revenue - Distilling Options
phase(a)                                                           7,419                        9    pp
Enhance in gross revenue - Ingredient Options
phase(a)                                                           7,390                        9    pp
Enhance in Promoting and promotion bills                      (8,960)                     (11)   pp
Lower in SG&A bills                                            3,237                        4    pp
Change in Different working earnings (expense), internet                         45                        -    pp
Working earnings for 12 months thus far ended September 30,
2022                                                           $   119,250                       47  %


(a) See phase dialogue.
(b) Share factors ("pp").

Earnings tax expense - Earnings tax expense for 12 months thus far ended September 30,
2022 was $26,037, for an efficient tax price of 23.2 %. Earnings tax expense
for the 12 months thus far ended September 30, 2021, was $18,701, for an efficient tax
price of 24.0 %. The rise in Earnings tax expense, 12 months thus far versus
12 months thus far, was primarily attributable to greater Earnings earlier than earnings taxes. The
lower in efficient tax price, 12 months thus far versus 12 months thus far, was attributable to
favorable tax advantages, associated to sure tax credit regarding our capital
spend.

Earnings per widespread share - EPS was $3.91 for 12 months thus far ended September 30,
2022, in comparison with $2.91 for 12 months thus far ended September 30, 2021. EPS
elevated, 12 months thus far versus 12 months thus far, primarily attributable to a rise in
working earnings, partially offset by a rise in shares excellent as a
results of shares issued as a part of the consideration paid for the Merger with
Luxco.
Change in fundamental and diluted EPS, 12 months thus far versus              Primary and
12 months thus far                                                     Diluted EPS               Change

Primary and diluted earnings per share for the 12 months ended September 30, 2021

                                                       $        

2.91

Enhance in working earnings(a)                                         1.63                      56    pp(b)
Change in curiosity expense, internet(a)                                     (0.08)                     (3)   pp
Change in different earnings (expense), internet(a)                               (0.06)                     (2)   pp
Tax: Change in efficient tax price                                       0.02                       1    pp
Change in weighted common shares excellent                          (0.51)                    (18)   pp

Primary and diluted earnings per share for the 12 months ended September 30, 2022

                                                       $        3.91                      34  %


(a) Merchandise internet tax based mostly on the efficient tax price for the bottom 12 months (2021). (b) Share factors (“pp”).

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Sectoral outcomes

distillation options

The next tables present the particular monetary data for the Qatarization Options phase for the ended quarters September 30, 2022 and 2021.

Distilling Gross sales Options

                                                                                      Quarter versus Quarter Gross sales Change
                                      Quarter Ended September 30,                             Enhance/(Lower)
                                       2022                   2021                    $ Change                     % Change
Brown items                     $       57,423           $    42,793          $               14,630                        34  %
White items                             20,469                21,187                            (718)                       (3)
Premium beverage alcohol                77,892                63,980                          13,912                        22
Industrial alcohol                      10,761                14,790                          (4,029)                      (27)
Meals grade alcohol                      88,653                78,770                           9,883                        13
Gasoline grade alcohol                       3,713                 3,592                             121                         3
Distillers feed and associated
co-products                              9,943                 4,016                           5,927                       148
Warehouse companies                       6,335                 4,666                           1,669                        36
Whole Distilling Options      $      108,644           $    91,044          $               17,600                        19  %

                                         Change in Quarter versus Quarter Gross sales Attributed to:
                                    Whole (a)              Quantity(b)              Web Value/Combine(c)
Premium beverage alcohol               22%                     4%                        18%

                                                                   Different Monetary Data
                                      Quarter Ended September 30,          

Enhance/(lower) on a quarterly foundation

                                       2022                   2021                    $ Change                     % Change
Gross revenue                    $       25,917           $    26,981          $               (1,064)                       (4) %
Gross margin %                            23.9   %              29.6  %                                                   (5.7)   pp(d)


(a) Whole gross sales change is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

Whole gross sales of Distilling Options for quarter ended September 30, 2022
elevated by $17,600, or 19 %, in comparison with the prior 12 months quarter. Gross sales
of brown items inside premium beverage alcohol, distillers feed and associated
co-products, warehouse companies, and gasoline grade alcohol elevated whereas
industrial alcohol and white items inside premium beverage alcohol decreased
in comparison with the prior 12 months quarter. The rise in gross sales of brown items was
pushed by greater gross sales quantity. The rise in gross sales of distillers feed and
associated co-products was attributable to greater common promoting value, partially offset by
decrease gross sales volumes, each of which primarily resulted from the beforehand
disclosed dryer fireplace at our Atchison facility which occurred in 2020. These
will increase had been partially offset by a lower in gross sales of business alcohol and
white items which had been pushed primarily by decrease gross sales quantity, partially offset
by greater common promoting value.

Gross revenue decreased quarter versus quarter by $1,064, or 4 %. Gross
margin for the quarter ended September 30, 2022 decreased to 23.9 % from
29.6 % for the prior 12 months quarter. The lower in gross revenue was
primarily attributable to greater enter prices for white items and industrial alcohol. The
common promoting value for these merchandise additionally elevated, however not sufficient to
offset the upper enter prices. This lower in gross revenue was partially
offset by a rise in brown items gross revenue.





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The next tables current the particular monetary data for the Qatarization Options phase for the 12 months thus far September 30, 2022 and 2021.

Distilling Gross sales Options

                                                                                       Yr to Date versus Yr to Date
                                    Yr to Date Ended September 30,                   Gross sales Change Enhance/(Lower)
                                        2022                   2021                   $ Change                   % Change
Brown Items                      $       175,899           $  129,600          $            46,299                        36  %
White Items                               57,996               56,049                        1,947                         3
Premium beverage alcohol                 233,895              185,649                       48,246                        26
Industrial alcohol                        35,141               46,896                      (11,755)                      (25)
Meals grade alcohol                       269,036              232,545                       36,491                        16
Gasoline grade alcohol                        10,307               10,862                         (555)                       (5)
Distillers feed and associated
co-products                               30,127               13,660                       16,467                       121
Warehouse companies                        17,821               12,949                        4,872                        38
Whole Distilling Options       $       327,291           $  270,016          $            57,275                        21  %

                                   Change in Yr to Date versus Yr to Date Gross sales Attributed to:
                                      Whole(a)               Quantity(b)            Web Value/Combine(c)
Premium beverage alcohol                 26%                    6%                      20%

                                                                  Different Monetary Data
                                                                                 Yr to Date versus Yr to Date Enhance /
                                    Yr to Date Ended September 30,                              (Lower)
                                        2022                   2021                   $ Change                   % Change
Gross revenue                     $        94,630           $   87,211          $             7,419                         9  %
Gross margin %                              28.9   %             32.3  %                                                (3.4)   pp(d)



(a) Whole gross sales change is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

Whole gross sales of Distilling Options for 12 months thus far ended September 30, 2022
elevated by $57,275, or 21 % in comparison with the year-ago interval. Gross sales of
brown items inside premium beverage alcohol, distillers feed and associated
co-products, warehouse companies and white items inside premium beverage alcohol
elevated whereas industrial alcohol and gasoline grade alcohol decreased in comparison with
the prior 12 months thus far interval. The rise in gross sales of brown items was pushed
by greater gross sales quantity and better common promoting value. The rise in gross sales
of distillers feed and associated co-products was attributable to greater common promoting
value, partially offset by decrease gross sales volumes, each of which primarily resulted
from the beforehand disclosed dryer fireplace at our Atchison facility which occurred
in 2020. The rise in gross sales of white items was pushed by greater common
promoting value, partially offset by decrease gross sales quantity. These will increase had been
partially offset by a lower in gross sales of business alcohol which was pushed
by decrease gross sales quantity, partially offset by greater common promoting value.

Gross revenue for 12 months thus far ended September 30, 2022 elevated by $7,419, or 9
% in comparison with the year-ago interval. Gross margin for 12 months thus far ended
September 30, 2022 decreased to twenty-eight.9 % from 32.3 % for the prior
12 months interval. The rise in gross revenue was due primarily to greater common
promoting value and better gross sales quantity on brown items. These will increase had been
partially offset by greater enter prices for industrial alcohol, white items, and
gasoline grade alcohol. The typical promoting value for these merchandise additionally elevated,
however not sufficient to offset the upper enter prices which brought about a lower within the
gross margin proportion.


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Branded spirits

The next tables current the monetary data chosen for Branded spirits
A part of the quarter ended 12 months September 30, 2022 and 2021.

Branded spirits gross sales

                                                                                            Quarter versus Quarter Gross sales Change
                                            Quarter Ended September 30,                             Enhance/(Lower)
                                             2022                   2021                    $ Change                     % Change
Extremely premium                          $      13,804           $    11,363          $                2,441                        21  %
Tremendous premium                                  3,350                 2,798                             552                        20
Premium                                        6,013                 5,683                             330                         6
Mid                                           20,834                22,992                          (2,158)                       (9)
Worth                                         12,097                12,756                            (659)                       (5)
Different                                          6,663                 5,969                             694                        12
Whole Branded Spirits                  $      62,761           $    61,561          $                1,200                         2  %

                                               Change in Quarter versus Quarter Gross sales Attributed to:
                                           Whole (a)             Quantity(b)              Web Value/Combine(c)
Whole Branded Spirits                         2%                    (6)%                       8%

                                                                         Different Monetary Data
                                            Quarter Ended September 30,                Quarter versus Quarter Enhance / (Lower)
                                             2022                   2021                    $ Change                     % Change
Gross revenue                           $      25,067           $    23,217          $                1,850                         8  %
Gross margin %                                  39.9   %              37.7  %                                                    2.2    pp(d)


(a) Whole gross sales change is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

Whole gross sales of Branded Spirits for quarter ended September 30, 2022 elevated by
$1,200, or 2 % in comparison with the prior 12 months quarter. Gross sales elevated
primarily attributable to a rise within the extremely premium value tier due primarily to
elevated gross sales of American whiskey manufacturers in addition to a rise within the different
tier attributable to timing of sure contracted personal label gross sales. These will increase
had been partially offset by a lower in gross sales of manufacturers throughout the mid value tier
because of a change within the product combine in direction of extra premium manufacturers as properly
because the re-opening of on-premise places throughout the prior 12 months interval.

Gross revenue elevated quarter versus quarter by $1,850, or 8 %. Gross
margin for the quarter ended September 30, 2022 elevated to 39.9 % from
37.7 % for the prior 12 months quarter. The rise in gross revenue was
primarily pushed by elevated gross sales quantity and better common promoting value of
manufacturers throughout the extremely premium value tier. These will increase had been partially
offset by elevated inputs prices within the mid and worth value tier classes.











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The next tables current the monetary data chosen for Branded spirits
Part for the 12 months thus far ending September 30, 2022 and 2021.

                                                                              BRANDED SPIRITS SALES
                                                                                         Yr to Date versus Yr to Date Gross sales Change
                                           Yr to Date Ended September 30,                           Enhance/(Lower)
                                              2022                    2021                     $ Change                     % Change
Extremely premium                          $        35,836           $    19,491          $                16,345                        84  %
Tremendous premium                                    9,522                 6,393                            3,129                        49
Premium                                         17,928                11,012                            6,916                        63
Mid                                             63,408                48,399                           15,009                        31
Worth                                           36,304                25,984                           10,320                        40
Different                                           14,080                11,278                            2,802                        25
Whole Branded Spirits                  $       177,078           $   122,557          $                54,521                        44  %

                                            Change in Yr to Date versus

Yr-to-date gross sales are attributable to:

                                            Whole (a)              Quantity(b)               Web Value/Combine(c)
Whole Branded Spirits                          44%                    31%                        13%

                                                                           Different Monetary Data
                                                                                          Yr to Date versus Yr to Date Enhance /
                                           Yr to Date Ended September 30,                                (Lower)
                                              2022                    2021                     $ Change                     % Change
Gross revenue                           $        70,809           $    41,737          $                29,072                        70  %
Gross margin %                                    40.0   %              34.1  %                                                     5.9    pp(d)


(a) Whole gross sales change is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

complete gross sales Branded spirits For the 12 months thus far ended September 30, 2022
elevated price $54521, or 44 % in comparison with the identical interval final 12 months. Gross sales throughout all value ranges elevated in comparison with the identical interval final 12 months, primarily attributable to extra manufacturers acquired as a part of the merger.

Gross revenue for 12 months thus far ended September 30, 2022 elevated by $29,072, or
70 %. Gross margin for 12 months thus far ended September 30, 2022 elevated to
40.0 % from 34.1 % for the prior 12 months. The rise in gross revenue
was primarily pushed by the extra manufacturers acquired as a part of the Merger as
properly as a required step up in worth of sure belongings attributable to buy accounting
associated to the Merger in 2021 that didn't recur in 2022. Of the acquisition
accounting step ups, $2,529 was related to marking the completed items
stock to truthful worth and totally flowed via within the prior 12 months interval.


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Element Options

The next tables present the chosen monetary data for the Element Options phase for the quarters ended September 30, 2022 and 2021.

Element Options Gross sales

                                                                                      Quarter versus Quarter Gross sales Change Enhance /
                                              Quarter Ended September 30,                               (Lower)
                                               2022                   2021                  $ Change                   % Change
Specialty wheat starches                 $      16,241           $    12,231          $            4,010                        33  %
Specialty wheat proteins                         9,697                 8,901                         796                         9
Commodity wheat starches                         3,803                 2,626                       1,177                        45
Commodity wheat proteins                             -                   248                        (248)                     (100)
Whole Ingredient Options               $      29,741           $    24,006          $            5,735                        24  %

                                               Change in Quarter versus 

Quarterly gross sales attributable to:

                                             Whole(a)              Quantity(b)            Web Value/Combine(c)
Whole Ingredient Options                      24%                    5%                      19%

                                                                         Different Monetary Data
                                              Quarter Ended September 30,              Quarter versus Quarter Enhance / (Lower)
                                               2022                   2021                  $ Change                   % Change
Gross revenue                             $       8,064           $     6,888          $            1,176                        17  %
Gross margin %                                    27.1   %              28.7  %                                               (1.6)   pp(d)



(a) Whole gross sales change is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

Whole Ingredient Options gross sales for quarter ended September 30, 2022 elevated
by $5,735, or 24 %, in comparison with the prior 12 months quarter. The rise was
primarily pushed by greater gross sales of specialty wheat starches attributable to greater gross sales
quantity and better common promoting costs. Commodity wheat starches and specialty
wheat proteins elevated due primarily to greater common promoting value.

Gross revenue elevated quarter versus quarter by $1,176, or 17 %. Gross
margin for the quarter ended September 30, 2022 decreased to 27.1 % from
28.7 % for the prior 12 months quarter. The rise in gross revenue was
primarily pushed by greater common promoting value of specialty wheat starches and
proteins, and commodity wheat starches, partially offset by greater enter prices
for specialty wheat starches and proteins, and commodity starches. These
elevated enter prices are the first driver for the lower in gross margin
proportion.

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The next tables present the particular monetary data for the Element Options phase from the 12 months thus far September 30, 2022 and 2021.

                                                                               INGREDIENT SOLUTIONS SALES
                                                                                            Yr to Date versus Yr to Date Gross sales Change
                                              Yr to Date Ended September 30,                           Enhance/(Lower)
                                                  2022                   2021                     $ Change                     % Change
Specialty wheat starches                   $        47,445           $   35,051          $                12,394                        35  %
Specialty wheat proteins                            29,225               23,299                            5,926                        25
Commodity wheat starches                            10,286                7,572                            2,714                        36
Commodity wheat proteins                                38                1,378                           (1,340)                      (97)
Whole Ingredient Options                 $        86,994           $   67,300          $                19,694                        29  %

                                               Change in Yr to Date

For year-to-date gross sales attributable to:

                                                Whole(a)               Quantity(b)              Web Value/Combine(c)
Whole Ingredient Options                         29%                    9%                        20%

                                                                              Different Monetary Data
                                                                                             Yr to Date versus Yr to Date Enhance /
                                              Yr to Date Ended September 30,                                (Lower)
                                                  2022                   2021                     $ Change                     % Change
Gross revenue                               $        24,654           $   17,264          $                 7,390                        43  %
Gross margin %                                        28.3   %             25.7  %                                                     2.6    pp(d)



(a) Whole sale modifications is calculated by taking the distinction between present
interval gross sales {dollars} and prior interval gross sales {dollars}, divided by prior interval
gross sales {dollars}.
(b) Quantity change is calculated by taking the distinction between present interval
gross sales quantity and prior interval gross sales quantity, multiplied by prior interval gross sales per
unit. The product is then divided by prior interval gross sales {dollars}.
(c) Value/Combine change is calculated by taking the distinction between present
interval sales-per-unit and prior interval sales-per unit, multiplied by present
interval gross sales quantity. The product is then divided by prior interval gross sales {dollars}.
(d) Share factors ("pp").

Whole Ingredient Options gross sales for 12 months thus far ended September 30, 2022
elevated by $19,694, or 29 %, in comparison with the prior 12 months interval. The
improve in Ingredient Options gross sales was primarily pushed by greater gross sales of
specialty wheat starches primarily attributable to greater gross sales quantity and better common
promoting costs. Moreover, the rise in Ingredient Options gross sales was
pushed by greater gross sales of specialty wheat proteins primarily attributable to greater
common promoting value and better gross sales quantity. Gross sales of commodity wheat starches
had been additionally up attributable to greater common promoting value. These will increase had been partially
offset by a lower in gross sales of commodity wheat proteins attributable to decrease gross sales
quantity.

Gross revenue elevated by $7,390, or 43 % for 12 months thus far ended September
30, 2022 in comparison with the prior 12 months interval. Gross margin for the 12 months thus far
ended September 30, 2022 elevated to twenty-eight.3 % from 25.7 % for the
prior 12 months interval. The rise in gross revenue was primarily pushed by greater
common promoting value and better gross sales volumes of specialty wheat starches and
proteins and commodity wheat starches. These will increase had been partially offset by
greater enter prices for all product strains throughout the phase. Gross revenue within the
prior 12 months thus far interval was impacted by a short lived curtailment of pure gasoline
utilization attributable to excessive climate situations which brought about the Firm to close down
the Atchison services for a number of days.


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Money stream, monetary situations and liquidity

We consider that our monetary place stays of top of the range, as evidenced by our capacity to generate enough money from operations with easy accessibility to capital at aggressive charges.

Working money stream and borrowings via our Credit score Settlement, Convertible
Senior Notes and Word Buy Settlement (Word 5) present the first sources of
money to fund working wants and capital expenditures. These identical sources of
money are used to fund shareholder dividends and different discretionary makes use of. Our
total liquidity displays our robust enterprise outcomes and an efficient money
administration technique that takes under consideration liquidity administration, financial
components, and tax concerns. We anticipate our sources of money to be enough to
present for budgeted capital expenditures, potential mergers or acquisitions,
and anticipated working necessities for the foreseeable future.

Money Stream Abstract

                                                      Yr to Date Ended September 30,            Adjustments, 12 months versus
                                                                                                     12 months Enhance /
                                                         2022                    2021                  (Lower)

Money supplied by working actions             $         72,253          $     70,785          $            1,468

Money utilized in investing actions                          (31,764)             (189,166)                    157,402

Money supplied by (utilized in) financing
actions                                                 (11,301)              112,883                    (124,184)

Impact of alternate price modifications on money                        (82)                   (2)                        (80)

Enhance (lower) in money and money
equivalents                                       $         29,106          $     (5,500)         $           34,606



Money elevated $29,106 for 12 months thus far ended September 30, 2022, in comparison with a
lower of $5,500 for 12 months thus far ended September 30, 2021, for a internet improve
in money of $34,606, interval versus interval.

Working Actions. Money supplied by working actions for 12 months thus far
ended September 30, 2022 was $72,253. The money supplied by working actions
resulted primarily from internet earnings of $86,361, changes for non-cash or
non-operating prices of $20,503, together with depreciation and amortization, and
share-based compensation, partially offset by money utilized in working belongings and
liabilities of $34,611. The first drivers of the modifications in working belongings
and liabilities had been $30,599 use of money associated to a rise in inventories,
primarily attributable to a rise in completed items stock and barreled
distillate, in addition to $15,582 use of money associated to elevated accounts
receivables, internet attributable to elevated gross sales throughout the 12 months thus far interval, as properly
as timing of buyer funds. These makes use of of money had been partially offset,
primarily by $12,613 money supplied by a rise in accounts payable.

Money supplied by working actions for 12 months thus far ended September 30, 2021
was $70,785. The money supplied by working actions resulted primarily from
internet earnings of $59,159, changes for non-cash or non-operating prices of
$19,149, together with depreciation and amortization, and share-based compensation,
in addition to money utilized in working belongings and liabilities of $7,523. The first
drivers of the modifications in working belongings and liabilities, excluding the asset
and legal responsibility balances acquired as a part of the Merger, had been $7,588 use of money
associated to a rise in inventories, primarily barreled distillate, $6,678 use
of money associated to a lower in accounts payable, and $5,593 use of money
associated to accounts receivables, internet attributable to elevated gross sales throughout the quarter
in addition to a rise in insurance coverage recoveries receivable. These makes use of of money
had been partially offset by $15,859 money supplied by accrued bills and different
primarily associated to legally dedicated insurance coverage restoration quantities obtained prior
to contingencies associated to the insurance coverage declare being resolved.

Investing Actions. Money utilized in investing actions for 12 months thus far ended
September 30, 2022 was $31,764, which primarily resulted from additions to
property, plant and tools of $29,217 (see Capital Spending). Money utilized in
investing actions for 12 months thus far ended September 30, 2021 was $189,166,
which primarily resulted from $149,613 associated to the Merger with Luxco, and
additions to property, plant and tools of $37,257 (see Capital Spending).

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Capital Spending. We handle capital spending to help our enterprise development
plans. We've incurred $28,524 and $33,882 of capital expenditures and have
paid $29,217 and $37,257 for capital expenditures for 12 months thus far ended
September 30, 2022 and 2021, respectively. The distinction between the quantity of
capital expenditures incurred and quantity paid is because of the change in capital
expenditures in accounts payable. We anticipate roughly $47,200 in capital
expenditures in 2022, which can be used for facility enchancment and enlargement,
facility sustaining tasks, and environmental well being and security tasks.

Financing Actions. Money utilized in financing actions for 12 months thus far ended
September 30, 2022 was $11,301, attributable to funds of dividends and dividend
equivalents of $7,984 (see Dividends and Dividend Equivalents), internet funds on
debt of $2,603 (see Lengthy-Time period and Quick-Time period Debt) and purchases of treasury
inventory of $714 (see Treasury Purchases).

Money supplied by financing actions for 12 months thus far ended September 30, 2021
was $112,883, attributable to internet proceeds from debt of $208,521 (see Lengthy-term and
Quick-term Debt), partially offset by $87,509 cost on assumed debt as a part of
the Merger, funds of dividends and dividend equivalents of $7,362 (see
Dividends and Dividend Equivalents) and purchases of treasury inventory of $767 (see
Treasury Purchases).

Treasury purchases. 29,366 RSUs acquired and transformed into worker widespread inventory throughout the 12 months thus far ended September 30, 2022We booked and bought 9,027 shares for the treasury at a worth of $714 to cowl the cost of related withholding taxes.

38,059 RSUs vested and transformed to widespread shares for workers throughout 12 months to
date ended September 30, 2021, of which we withheld and bought for treasury
11,885 shares valued at $767 to cowl cost of related withholding taxes.

Share Repurchases. On February 25, 2019, our Board of Administrators accredited a
$25,000 share repurchase authorization commencing February 27, 2019, via
February 27, 2022. The Firm didn't repurchase any shares throughout 2022 prior
to the expiration of this system on February 27, 2022.

Dividends and bonuses

                                                              Dividend and 

Dividend System Data (per share and unit)

                                                                                                                           Dividend          Dividend equal
 Declaration date             Document date                 Fee date              Declared(c)          Paid(c)           cost              cost(a)(b)              Whole cost(b)
2022
February 22, 2022         March 11, 2022             March 25, 2022               $       0.12          $  0.12          $   2,638          $                23          $           2,661
Might 5, 2022               Might 20, 2022               June 3, 2022                         0.12             0.12              2,638                           23                      2,661
August 4, 2022            August 19, 2022            September 2, 2022                    0.12             0.12              2,639                           23                      2,662
                                                                                  $       0.36          $  0.36          $   7,915          $                69          $           7,984

2021
February 23, 2021         March 12, 2021             March 26, 2021               $       0.12          $  0.12          $   2,033          $                19          $           2,052
Might 3, 2021               Might 21, 2021               June 4, 2021                         0.12             0.12              2,635                           20                      2,655
August 2, 2021            August 20, 2021            September 3, 2021                    0.12             0.12              2,635                           20                      2,655
                                                                                  $       0.36          $  0.36          $   7,303          $                59          $           7,362

(a) Equal dividends on unvested taking part securities. (b) Contains estimated expropriations. (c) Share quantity

on me November 3, 2022Our Board of Administrators has declared a quarterly dividend payable to registered shareholders as of November 18 2022of the Firm’s widespread inventory, and an equal dividend payable to holders of sure RSUs as of
November 18 2022From $0.12 Per share and per unit, payable in December 2, 2022.

Lengthy-Time period and Quick-Time period Debt. We preserve debt ranges we think about acceptable
after evaluating various components, together with money stream expectations, money
necessities for ongoing operations, funding and financing plans (together with
model growth and share repurchase actions) and the general price of
capital. Whole debt was $231,051 (internet of unamortized mortgage charges of $6,199) at
September 30, 2022, and $233,399 (internet of unamortized mortgage charges of $6,454) at
December 31, 2021.

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Monetary Situation and Liquidity. Our principal makes use of of money within the atypical
course of enterprise are for enter prices utilized in our manufacturing processes,
salaries, capital expenditures, and investments supporting our strategic plan,
such because the ageing of barreled distillate and potential mergers and acquisitions.

Usually, in periods of excessive commodity costs, our operations require elevated use of money to help stock ranges.

Our principal sources of money are product gross sales and borrowing on our numerous
debt agreements. Underneath our debt agreements, we should meet sure monetary
covenants and restrictions, and at September 30, 2022, we met these covenants
and restrictions.

At September 30, 2022, our present belongings exceeded our present liabilities by
$339,853, largely attributable to our inventories, at price, of $275,478. At September 30,
2022, our money steadiness was $50,674 and now we have used our numerous debt agreements
for liquidity functions, with $400,000 below our Credit score Settlement remaining for
extra borrowings and as much as $120,000 probably obtainable below the Word
Buy Settlement. We anticipate with the ability to help our short-term liquidity
and working wants largely via money generated from operations. We usually
assess our money wants and the obtainable sources to fund these wants. We make the most of
short-term and long-term debt to fund discretionary gadgets, equivalent to capital
investments, dividend funds in addition to potential mergers and acquisitions.
Topic to market situations, we may additionally fund future mergers and acquisitions
via the issuance of extra shares of widespread inventory. As well as, now we have
robust working outcomes such that we consider monetary establishments ought to
present adequate credit score funding to satisfy short-term financing necessities, if
wanted.

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