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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 September 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 November 4, 2019, was 35,955,233 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 

41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

Item 4.

Controls and Procedures

57

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

 

Item 6.

Exhibits

60

Signatures

61

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; GPCC

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

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)

September 30,
2019

December 31,
2018

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

235,537 

$

251,681 

Restricted cash

18,502 

31,603 

Accounts receivable, net of allowances of $203 and $147, respectively

64,322 

88,501 

Income taxes receivable

12,933 

12,418 

Inventories

250,614 

302,600 

Prepaid expenses and other

10,578 

14,125 

Derivative financial instruments

29,569 

26,315 

Current assets of discontinued operations

-

479,399 

Total current assets

622,055 

1,206,642 

Property and equipment, net of accumulated depreciation
and amortization of $469,216 and $418,652, respectively

809,041 

815,235 

Operating lease right-of-use assets

56,437 

-

Goodwill

34,689 

34,689 

Investment in equity method investees

93,029 

29,714 

Deferred income taxes

22,578 

-

Other assets

54,242 

57,092 

Noncurrent assets of discontinued operations

-

73,060 

Total assets

$

1,692,071 

$

2,216,432 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

126,815 

$

135,829 

Accrued and other liabilities

43,440 

52,563 

Derivative financial instruments

14,564 

7,852 

Operating lease current liabilities

16,954 

-

Short-term notes payable and other borrowings

149,143 

163,751 

Current maturities of long-term debt

132,999 

54,769 

Current liabilities of discontinued operations

-

418,936 

Total current liabilities

483,915 

833,700 

Long-term debt

248,289 

298,110 

Deferred income taxes

1,903 

10,123 

Operating lease long-term liabilities

42,142 

-

Other liabilities

9,360 

11,428 

Noncurrent liabilities of discontinued operations

-

82 

Total liabilities

785,609 

1,153,443 

Commitments and contingencies (Note 14)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
46,914,764 and 46,637,549 shares issued, and 36,519,306
and 41,101,975 shares outstanding, respectively

47 

47 

Additional paid-in capital

730,808 

696,222 

Retained earnings

187,899 

324,728 

Accumulated other comprehensive loss

(11,754)

(16,016)

Treasury stock, 10,395,458 and 5,535,574 shares, respectively

(114,046)

(58,162)

Total Green Plains stockholders' equity

792,954 

946,819 

Noncontrolling interests

113,508 

116,170 

Total stockholders' equity

906,462 

1,062,989 

Total liabilities and stockholders' equity

$

1,692,071 

$

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
September 30,

Nine Months Ended
September 30,

2019

2018

2019

2018

Revenues

Product revenues

$

631,032

$

787,750

$

1,696,245

$

2,395,877

Service revenues

1,318

1,298

5,315

4,546

Total revenues

632,350

789,048

1,701,560

2,400,423

Costs and expenses

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

632,129

733,080

1,700,481

2,233,914

Operations and maintenance expenses

6,216

7,271

19,314

23,564

Selling, general and administrative expenses

18,542

23,215

56,450

75,751

Depreciation and amortization expenses

17,828

29,266

52,963

80,170

Total costs and expenses

674,715

792,832

1,829,208

2,413,399

Operating loss from continuing operations

(42,365)

(3,784)

(127,648)

(12,976)

Other income (expense)

Interest income

767

745

2,813

2,053

Interest expense

(10,548)

(19,703)

(31,528)

(58,330)

Other, net

88

133

630

260

Total other expense

(9,693)

(18,825)

(28,085)

(56,017)

Loss from continuing operations before income taxes and income (loss) from equity method investees

(52,058)

(22,609)

(155,733)

(68,993)

Income tax benefit

12,530

14,973

40,692

34,524

Income (loss) from equity method investees, net of income taxes

644

(250)

534

(489)

Net loss from continuing operations including noncontrolling interest

(38,884)

(7,886)

(114,507)

(34,958)

Net income from discontinued operations, net of income taxes

3,393

467

966

11,835

Net loss

(35,491)

(7,419)

(113,541)

(23,123)

Net income attributable to noncontrolling interests

3,479

5,050

13,570

14,457

Net loss attributable to Green Plains

$

(38,970)

$

(12,469)

$

(127,111)

$

(37,580)