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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, 2021

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 1, 2021, was 53,595,978 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 

35

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

52

Item 4.

Controls and Procedures

54

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

55

Item 1A.

Risk Factors

55

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.

Defaults Upon Senior Securities

58

Item 4.

Mine Safety Disclosures

58

Item 5.

Other Information

58

 

Item 6.

Exhibits

59

Signatures

60

1


Commonly Used Defined Terms

Green Plains Inc. and Subsidiaries:

Green Plains; the company

Green Plains Inc. and its subsidiaries

BioProcess Algae

BioProcess Algae LLC

FQT

Fluid Quip Technologies, 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 Mount Vernon; Mount Vernon

Green Plains Mount Vernon LLC

Green Plains Obion; Obion

Green Plains Obion 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

JV

Joint Venture

LIBOR

London Interbank Offered Rate

SEC

Securities and Exchange Commission

Industry and Other Defined Terms:

BlackRock

Funds and accounts managed by BlackRock

CAFE

Corporate Average Fuel Economy

CARB

California Air Resources Board

the CARES Act

Coronavirus Aid, Relief, and Economic Security Act

COVID-19

Coronavirus Disease 2019

CST

Clean Sugar Technology

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

FFV

Flexible-fuel vehicle

GNS

Grain Neutral Spirits

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


2


PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)

September 30,
2021

December 31,
2020

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

589,822 

$

233,860 

Restricted cash

131,073 

40,950 

Accounts receivable, net of allowances of $382 and $143, respectively

90,271 

55,568 

Income taxes receivable

1,732 

661 

Inventories

243,207 

269,491 

Prepaid expenses and other

15,730 

16,531 

Derivative financial instruments

45,691 

25,292 

Total current assets

1,117,526 

642,353 

Property and equipment, net of accumulated depreciation
and amortization of $547,599 and $530,194, respectively

842,141 

801,690 

Operating lease right-of-use assets

66,971 

61,883 

Other assets

86,566 

72,991 

Total assets

$

2,113,204 

$

1,578,917 

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable

$

112,459 

$

140,058 

Accrued and other liabilities

42,731 

38,471 

Derivative financial instruments

35,401 

20,265 

Operating lease current liabilities

16,766 

14,902 

Short-term notes payable and other borrowings

162,470 

140,808 

Current maturities of long-term debt

34,477 

98,052 

Total current liabilities

404,304 

452,556 

Long-term debt

514,434 

287,299 

Operating lease long-term liabilities

53,050 

49,549 

Other liabilities

23,798 

12,849 

Total liabilities

995,586 

802,253 

Commitments and contingencies (Note 13)

 

 

Stockholders' equity

Common stock, $0.001 par value; 75,000,000 shares authorized;
61,838,598 and 47,470,505 shares issued, and 53,594,142
and 35,657,344 shares outstanding, respectively

65 

47 

Additional paid-in capital

1,067,583 

740,889 

Retained earnings (deficit)

(5,631)

39,375 

Accumulated other comprehensive income (loss)

1,038 

(2,172)

Treasury stock, 8,244,456 and 11,813,161 shares, respectively

(91,626)

(131,287)

Total Green Plains stockholders' equity

971,429 

646,852 

Noncontrolling interests

146,189 

129,812 

Total stockholders' equity

1,117,618 

776,664 

Total liabilities and stockholders' equity

$

2,113,204 

$

1,578,917 

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,

2021

2020

2021

2020

Revenues

Product revenues

$

745,240

$

423,027

$

2,019,006

$

1,441,248

Service revenues

1,551

1,035

5,843

3,707

Total revenues

746,791

424,062

2,024,849

1,444,955

Costs and expenses

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

730,179

393,933

1,878,820

1,372,057

Operations and maintenance expenses

5,162

6,647

17,153

19,410

Selling, general and administrative expenses

26,022

19,934

72,923

62,090

Loss (gain) on sale of assets, net

1,823

(2,000)

(31,245)

(2,000)

Goodwill impairment

-

-

-

24,091

Depreciation and amortization expenses

28,280

19,753

69,493

57,208

Total costs and expenses

791,466

438,267

2,007,144

1,532,856

Operating income (loss)

(44,675)

(14,205)

17,705

(87,901)

Other income (expense)

Interest income

25

3

496

643

Interest expense

(9,488)

(10,169)

(60,225)

(29,536)

Other, net

(440)

12

(1,680)

862

Total other expense

(9,903)

(10,154)

(61,409)

(28,031)

Loss before income taxes and income from equity method investees

(54,578)

(24,359)

(43,704)

(115,932)

Income tax benefit (expense)

(7)

(7,280)

2,914

48,461

Income from equity method investees, net of income taxes

174

906

517

20,917

Net loss

(54,411)

(30,733)

(40,273)

(46,554)

Net income attributable to noncontrolling interests

5,211

3,753

16,151

12,591

Net loss attributable to Green Plains

$

(59,622)

$

(34,486)

$

(56,424)

$

(59,145)

Earnings per share:

Net loss attributable to Green Plains - basic and diluted

$

(1.18)

$

(1.00)

$

(1.27)

$

(1.71)

Weighted average shares outstanding:

Basic and diluted

50,482

34,629

44,581

34,632

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
September 30,

Nine Months Ended
September 30,

2021

2020

2021

2020

Net loss

$

(54,411)

$

(