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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

For the Quarterly Period Ended June 30, 2019

Commission File Number 001-32924

Green Plains Inc.

(Exact name of registrant as specified in its charter)

Iowa

84-1652107

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1811 Aksarben Drive, Omaha, NE 68106

(402) 884-8700

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.001 per share

GPRE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes o No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

    

Large accelerated filer x

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes x No

The number of shares of common stock, par value $0.001 per share, outstanding as of August 2, 2019, was 38,186,133 shares.


TABLE OF CONTENTS

Page

Commonly Used Defined Terms

2

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Consolidated Balance Sheets

3

Consolidated Statements of Operations

4

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Cash Flows

6

Notes to Consolidated Financial Statements

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4.

Controls and Procedures

50

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

51

Item 1A.

Risk Factors

51

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

Item 3.

Defaults Upon Senior Securities

52

Item 4.

Mine Safety Disclosures

52

Item 5.

Other Information

52

 

Item 6.

Exhibits

53

Signatures

54

1


Commonly Used Defined Terms

The abbreviations, acronyms and industry terminology used in this quarterly report are defined as follows:

Green Plains Inc., Subsidiaries, and Partners:

Green Plains; the company

Green Plains Inc. and its subsidiaries

BioProcess Algae

BioProcess Algae LLC

Fleischmann’s Vinegar

Fleischmann’s Vinegar Company, Inc.

Green Plains Cattle

Green Plains Cattle Company LLC

Green Plains Grain

Green Plains Grain Company LLC

Green Plains Partners; the partnership

Green Plains Partners LP

Green Plains Trade

Green Plains Trade Group LLC

Accounting Defined Terms:

ASC

Accounting Standards Codification

Bgy

Billion gallons per year

EBITDA

Earnings before interest, income taxes, depreciation and amortization

EPS

Earnings per share

Exchange Act

Securities Exchange Act of 1934, as amended

GAAP

U.S. Generally Accepted Accounting Principles

LIBOR

London Interbank Offered Rate

LTIP

Long-Term Incentive Plan

R&D Credits

Research and development tax credits

SEC

Securities and Exchange Commission

Industry Defined Terms:

CAFE

Corporate Average Fuel Economy

D.C.

District of Columbia

E10

Gasoline blended with up to 10% ethanol by volume

E15

Gasoline blended with up to 15% ethanol by volume

E85

Gasoline blended with up to 85% ethanol by volume

EIA

U.S. Energy Information Administration

EPA

U.S. Environmental Protection Agency

MmBtu

Million British Thermal Units

Mmg

Million gallons

MTBE

Methyl tertiary-butyl ether

RFS II

Renewable Fuels Standard II

RIN

Renewable identification number

RVO

Renewable volume obligation

U.S.

United States

USDA

U.S. Department of Agriculture


2


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

June 30,
2019

December 31,
2018

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

193,280 

$

251,683 

Restricted cash

40,628 

66,512 

Accounts receivable, net of allowances of $193 and $194, respectively

108,700 

100,361 

Income taxes receivable

12,879 

12,418 

Inventories

658,506 

734,883 

Prepaid expenses and other

11,993 

14,470 

Derivative financial instruments

60,202 

26,315 

Total current assets

1,086,188 

1,206,642 

Property and equipment, net of accumulated depreciation
and amortization of $467,212 and $430,405, respectively

872,154 

886,576 

Operating lease right-of-use assets

58,092 

-

Goodwill

34,689 

34,689 

Deferred income taxes

3,582 

-

Other assets

86,022 

88,525 

Total assets

$

2,140,727 

$

2,216,432 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

105,802 

$

156,901 

Accrued and other liabilities

59,863 

58,973 

Derivative financial instruments

9,670 

24,776 

Operating lease current liabilities

16,667 

-

Short-term notes payable and other borrowings

523,529 

538,243 

Current maturities of long-term debt

1,225 

54,807 

Total current liabilities

716,756 

833,700 

Long-term debt

370,880 

298,190 

Deferred income taxes

5,478 

10,123 

Operating lease long-term liabilities

44,108 

-

Other liabilities

8,931 

11,430 

Total liabilities

1,146,153 

1,153,443 

Commitments and contingencies (Note 13)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
46,918,984 and 46,637,549 shares issued, and 38,186,133
and 41,101,975 shares outstanding, respectively

47 

47 

Additional paid-in capital

726,068 

696,222 

Retained earnings

226,869 

324,728 

Accumulated other comprehensive income (loss)

24,177 

(16,016)

Treasury stock, 8,732,851 and 5,535,574 shares, respectively

(98,032)

(58,162)

Total Green Plains stockholders' equity

879,129 

946,819 

Noncontrolling interests

115,445 

116,170 

Total stockholders' equity

994,574 

1,062,989 

Total liabilities and stockholders' equity

$

2,140,727 

$

2,216,432 

See accompanying notes to the consolidated financial statements.

3


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2019

2018

2019

2018

Revenues

Product revenues

$

894,161

$

985,217

$

1,534,171

$

2,028,876

Service revenues

1,692

1,620

3,997

3,248

Total revenues

895,853

986,837

1,538,168

2,032,124

Costs and expenses

Cost of goods sold (excluding depreciation and amortization expenses reflected below)

888,257

910,625

1,523,832

1,898,960

Operations and maintenance expenses

6,234

7,893

13,098

16,293

Selling, general and administrative expenses

21,648

29,731

42,294

55,734

Depreciation and amortization expenses

19,094

26,823

38,329

53,297

Total costs and expenses

935,233

975,072

1,617,553

2,024,284

Operating income (loss)

(39,380)

11,765

(79,385)

7,840

Other income (expense)

Interest income

923

709

2,186

1,346

Interest expense

(15,969)

(22,021)

(30,396)

(44,149)

Other, net

(406)

2,545

432

2,479

Total other expense

(15,452)

(18,767)

(27,778)

(40,324)

Loss before income taxes

(54,832)

(7,002)

(107,163)

(32,484)

Income tax benefit

14,653

10,753

29,113

16,780

Net income (loss)

(40,179)

3,751

(78,050)

(15,704)

Net income attributable to noncontrolling interests

5,163

4,745

10,091

9,407

Net loss attributable to Green Plains

$

(45,342)

$

(994)

$

(88,141)

$

(25,111)

Earnings per share:

Net loss attributable to Green Plains - basic

$

(1.13)

$

(0.02)

$

(2.19)

$

(0.63)

Net loss attributable to Green Plains - diluted

$

(1.13)

$

(0.02)

$

(2.19)

$

(0.63)

Weighted average shares outstanding:

Basic

40,081

40,194

40,200

40,168

Diluted

40,081

40,194

40,200

40,168

Cash dividend declared per share

$

0.12

$

0.12

$

0.24

$

0.24

See accompanying notes to the consolidated financial statements.


4


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited and in thousands)

Three Months Ended
June 30,

Six Months Ended
June 30,

2019

2018

2019

2018

Net income (loss)

$

(40,179)

$

3,751

$

(78,050)

$

(15,704)

Other comprehensive income (loss), net of tax:

Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of ($9,884), $1,145, ($7,804) and ($3,971), respectively

33,260

(4,277)

26,377

12,873

Reclassification of realized losses (gains) on derivatives, net of tax benefit (expense) of ($947), $185, ($4,087) and $365, respectively

3,440

(581)

13,816

(1,184)

Total other comprehensive income (loss), net of tax

36,700

(4,858)

40,193

11,689

Comprehensive loss

(3,479)

(1,107)

(37,857)

(4,015)

Comprehensive income attributable to noncontrolling interests

5,163

4,745

10,091

9,407

Comprehensive loss attributable to Green Plains

$

(8,642)

$

(5,852)

$

(47,948)

$

(13,422)

See accompanying notes to the consolidated financial statements.


5


GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six Months Ended
June 30,

2019

2018

Cash flows from operating activities:

Net loss

$

(78,050)

$

(15,704)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization

38,329

53,297

Amortization of debt issuance costs and debt discount

10,306

7,515

Gain from insurance proceeds

-

(2,624)

Deferred income taxes

(27,543)

(23,061)

Stock-based compensation

4,809

5,435

Undistributed equity loss of affiliates

109

239

Other

1,328

-

Changes in operating assets and liabilities before effects of business combinations and dispositions:

Accounts receivable

(11,312)

14,054

Inventories

76,791

88,450

Derivative financial instruments

3,088

1,513

Prepaid expenses and other assets

2,830

2,797

Accounts payable and accrued liabilities

(51,901)

(96,295)

Current income taxes

(2,137)

10,540

Other

1,144

(297)

Net cash provided by (used in) operating activities

(32,209