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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, 2020

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 o

Accelerated filer x

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 2, 2020, was 35,658,284 shares.


TABLE OF CONTENTS

Page

Commonly Used Defined Terms

2

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

3

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 

38

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

54

Item 4.

Controls and Procedures

55

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

57

Item 1A.

Risk Factors

57

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3.

Defaults Upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

 

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

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:

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:

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

2


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

September 30,
2020

December 31,
2019

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

150,407

$

245,977 

Restricted cash

31,877

23,919 

Accounts receivable, net of allowances of $191 and $166, respectively

54,482

107,183 

Income taxes receivable

57,929

6,216 

Inventories

184,661

252,992 

Prepaid expenses and other

14,634

13,685 

Derivative financial instruments

14,687

17,941 

Total current assets

508,677

667,913 

Property and equipment, net of accumulated depreciation

and amortization of $541,690 and $486,677, respectively

858,490

827,271 

Operating lease right-of-use assets

56,904

52,476 

Investment in equity method investees

73,563

68,998 

Other assets

39,786

81,560 

Total assets

$

1,537,420

$

1,698,218 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

89,566

$

156,693 

Accrued and other liabilities

28,682

39,384 

Derivative financial instruments

17,577

8,721 

Operating lease current liabilities

14,663

16,626 

Short-term notes payable and other borrowings

146,614

187,812 

Current maturities of long-term debt

34,378

132,555 

Total current liabilities

331,480

541,791 

Long-term debt

345,056

243,990 

Operating lease long-term liabilities

45,360

38,314 

Other liabilities

11,969

8,837 

Total liabilities

733,865

832,932 

Commitments and contingencies (Note 14)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
47,466,527 and 46,964,115 shares issued, and 35,653,366
and 36,031,933 shares outstanding, respectively

47 

47 

Additional paid-in capital

738,774

734,580 

Retained earnings

89,005

148,150 

Accumulated other comprehensive loss

(10,913)

(11,064)

Treasury stock, 11,813,161 and 10,932,182 shares, respectively

(131,287)

(119,808)

Total Green Plains stockholders' equity

685,626

751,905 

Noncontrolling interests

117,929

113,381 

Total stockholders' equity

803,555

865,286 

Total liabilities and stockholders' equity

$

1,537,420

$

1,698,218 

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,

2020

2019

2020

2019

Revenues

Product revenues

$

423,027

$

631,032

$

1,441,248

$

1,696,245

Service revenues

1,035

1,318

3,707

5,315

Total revenues

424,062

632,350

1,444,955

1,701,560

Costs and expenses

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

393,933

632,129

1,372,057

1,700,481

Operations and maintenance expenses

6,647

6,216

19,410

19,314

Selling, general and administrative expenses

19,934

18,542

62,090

56,450

Goodwill impairment

-

-

24,091

-

Gain on sale of asset

(2,000)

-

(2,000)

-

Depreciation and amortization expenses

19,753

17,828

57,208

52,963

Total costs and expenses

438,267

674,715

1,532,856

1,829,208

Operating loss from continuing operations

(14,205)

(42,365)

(87,901)

(127,648)

Other income (expense)

Interest income

3

767

643

2,813

Interest expense

(10,169)

(10,548)

(29,536)

(31,528)

Other, net

12

88

862

630

Total other expense

(10,154)

(9,693)

(28,031)

(28,085)

Loss from continuing operations before income taxes and income from equity method investees

(24,359)

(52,058)

(115,932)

(155,733)

Income tax benefit (expense)

(7,280)

12,530

48,461

40,692

Income from equity method investees, net of income taxes

906

644

20,917

534

Net loss from continuing operations including noncontrolling interest

(30,733)

(38,884)

(46,554)

(114,507)

Net income from discontinued operations, net of income taxes

-

3,393

-

966

Net loss

(30,733)

(35,491)

(46,554)

(113,541)

Net income attributable to noncontrolling interests

3,753

3,479

12,591

13,570

Net loss attributable to Green Plains

$

(34,486)

$

(38,970)

$

(59,145)

$

(127,111)

Earnings per share - basic and diluted

Net loss from continuing operations

$

(1.00)

$

(1.15)

$

(1.71)

$

(3.28)

Net income from discontinued operations

-

0.09

-

0.03

Net loss attributable to Green Plains

$

(1.00)

$

(1.06)

$

(1.71)

$

(3.25)