UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM
Securities Exchange Act of 1934
For the Quarterly Period Ended
Commission File Number
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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(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:
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Title of each class | Trading Symbol | Name of each exchange on which registered |
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.
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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
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.
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Large accelerated filer o | |
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Non-accelerated filer o | |
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Smaller reporting company | Emerging growth company |
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
The number of shares of common stock, par value $0.001 per share, outstanding as of November 2, 2020, was
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PART I – FINANCIAL INFORMATION | ||
Item 1. | 3 | |
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Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 38 |
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Item 3. | 54 | |
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Item 4. | 55 | |
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PART II – OTHER INFORMATION | ||
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Item 1. | 57 | |
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Item 1A. | 57 | |
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Item 2. | 59 | |
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Item 3. | 59 | |
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Item 4. | 59 | |
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Item 5. | 59 | |
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Item 6. | 60 | |
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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:
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Green Plains; the company | Green Plains Inc. and its subsidiaries |
BioProcess Algae | BioProcess Algae LLC |
Green Plains Cattle; GPCC | Green Plains Cattle Company LLC |
Green Plains Commodity Management | Green Plains Commodity Management LLC |
Green Plains Grain | Green Plains Grain Company LLC |
Green Plains Partners; the partnership | Green Plains Partners LP |
Green Plains Shenandoah; Shenandoah | Green Plains Shenandoah LLC |
Green Plains Trade | Green Plains Trade Group LLC |
Green Plains Wood River; Wood River | Green Plains Wood River LLC |
Accounting Defined Terms:
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ASC | Accounting Standards Codification |
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 and Other Defined Terms:
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Bgy | Billion gallons per year |
CAFE | Corporate Average Fuel Economy |
the CARES Act | Coronavirus Aid, Relief, and Economic Security Act |
COVID-19 | Coronavirus Disease 2019 |
D.C. | District of Columbia |
DOE | Department of Energy |
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 |
GATT | General Agreement on Tariffs and Trade |
MmBtu | Million British Thermal Units |
Mmg | Million gallons |
MTBE | Methyl tertiary-butyl ether |
MVC | Minimum volume commitment |
RFS II | Renewable Fuels Standard II |
RIN | Renewable identification number |
RVO | Renewable volume obligation |
SRE | Small refinery exemption |
U.S. | United States |
USDA | U.S. Department of Agriculture |
WTO | World Trade Organization |
PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
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ASSETS | |||||
Current assets |
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Cash and cash equivalents | $ | |
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Restricted cash |
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Accounts receivable, net of allowances of $ |
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Income taxes receivable |
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Inventories |
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Prepaid expenses and other |
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Derivative financial instruments |
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Total current assets |
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Property and equipment, net of accumulated depreciation and amortization of $ |
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Operating lease right-of-use assets |
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Investment in equity method investees |
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Other assets |
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Total assets | $ | |
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LIABILITIES AND STOCKHOLDERS' EQUITY | |||||
Current liabilities |
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Accounts payable | $ | |
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Accrued and other liabilities |
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Derivative financial instruments |
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Operating lease current liabilities |
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Short-term notes payable and other borrowings |
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Current maturities of long-term debt |
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Total current liabilities |
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Long-term debt |
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Operating lease long-term liabilities |
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Other liabilities |
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Total liabilities |
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Commitments and contingencies (Note 14) |
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Stockholders' equity |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss |
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Treasury stock, |
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Total Green Plains stockholders' equity |
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Noncontrolling interests |
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Total stockholders' equity |
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Total liabilities and stockholders' equity | $ | |
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See accompanying notes to the consolidated financial statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)
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| Three Months Ended |
| Nine Months Ended | ||||||||
| 2020 |
| 2019 |
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| 2019 | ||||
Revenues |
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Product revenues | $ | |
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Service revenues |
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Total revenues |
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Costs and expenses |
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Cost of goods sold (excluding depreciation and amortization expenses reflected below) |
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Operations and maintenance expenses |
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Selling, general and administrative expenses |
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Goodwill impairment |
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Gain on sale of asset |
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Depreciation and amortization expenses |
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Total costs and expenses |
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Operating loss from continuing operations |
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Other income (expense) |
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Interest income |
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Interest expense |
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Other, net |
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Total other expense |
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Loss from continuing operations before income taxes and income from equity method investees |
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Income tax benefit (expense) |
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Income from equity method investees, net of income taxes |
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Net loss from continuing operations including noncontrolling interest |
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Net income from discontinued operations, net of income taxes |
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Net loss |
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Net income attributable to noncontrolling interests |
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Net loss attributable to Green Plains | $ | ( |
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Earnings per share - basic and diluted |
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Net loss from continuing operations | $ | ( |
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Net income from discontinued operations |
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Net loss attributable to Green Plains | $ | ( |
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