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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 March 31, 2022
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 registrant had 53,821,745 common stock outstanding as of April 28, 2022.
Commonly Used Defined Terms
Green Plains Inc. and Subsidiaries:
| |
Green Plains; the company | Green Plains Inc. and its subsidiaries |
FQT | Fluid Quip Technologies, LLC |
Green Plains Commodity Management | Green Plains Commodity Management LLC |
Green Plains Finance Company | Green Plains Finance Company 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 |
LIBOR | London Interbank Offered Rate |
SEC | Securities and Exchange Commission |
SOFR | Secured Overnight Financing Rate |
Industry and Other Defined Terms:
| |
BlackRock | Funds and accounts managed by BlackRock |
the CARES Act | Coronavirus Aid, Relief, and Economic Security Act |
COVID-19 | Coronavirus Disease 2019 |
CST | Clean Sugar TechnologyTM |
DOE | Department of Energy |
E10 | Gasoline blended with up to 10% ethanol by volume |
E15 | Gasoline blended with up to 15% ethanol by volume |
EIA | U.S. Energy Information Administration |
EPA | U.S. Environmental Protection Agency |
FFV | Flexible-fuel vehicle |
LCFS | Low Carbon Fuel Standard |
MmBtu | Million British Thermal Units |
Mmg | Million gallons |
MSCTM | Maximized Stillage Coproducts produced using process technology developed by Fluid Quip Technologies LLC |
MTBE | Methyl tertiary-butyl ether |
RFS | Renewable Fuels Standard |
RIN | Renewable identification number |
RVO | Renewable volume obligation |
SRE | Small refinery exemption |
U.S. | United States |
USDA | U.S. Department of Agriculture |
PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
| | | | | |
| March 31, 2022 | | December 31, 2021 |
| (unaudited) | | | |
ASSETS |
Current assets | | | | | |
Cash and cash equivalents | $ | 509,195 | | $ | 426,220 |
Restricted cash | | 95,070 | | | 134,739 |
Marketable securities | | 24,942 | | | 124,859 |
Accounts receivable, net of allowances of $282 and $682, respectively | | 142,041 | | | 119,961 |
Income taxes receivable | | 646 | | | 911 |
Inventories | | 313,950 | | | 267,838 |
Prepaid expenses and other | | 20,675 | | | 16,483 |
Derivative financial instruments | | 56,087 | | | 26,738 |
Total current assets | | 1,162,606 | | | 1,117,749 |
Property and equipment, net of accumulated depreciation and amortization of $584,957 and $567,027, respectively | | 940,912 | | | 893,517 |
Operating lease right-of-use assets | | 64,376 | | | 64,042 |
Other assets | | 84,607 | | | 84,447 |
Total assets | $ | 2,252,501 | | $ | 2,159,755 |
| | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY |
Current liabilities | | | | | |
Accounts payable | $ | 106,308 | | $ | 146,063 |
Accrued and other liabilities | | 46,979 | | | 56,980 |
Derivative financial instruments | | 64,620 | | | 43,244 |
Operating lease current liabilities | | 16,859 | | | 16,814 |
Short-term notes payable and other borrowings | | 310,190 | | | 173,418 |
Current maturities of long-term debt | | 35,701 | | | 35,285 |
Total current liabilities | | 580,657 | | | 471,804 |
Long-term debt | | 557,937 | | | 514,006 |
Operating lease long-term liabilities | | 50,233 | | | 49,795 |
Other liabilities | | 21,067 | | | 22,131 |
Total liabilities | | 1,209,894 | | | 1,057,736 |
| | | | | |
Commitments and contingencies (Note 13) | | | | | |
| | | | | |
Stockholders' equity | | | | | |
Common stock, $0.001 par value; 75,000,000 shares authorized; 62,066,201 and 61,840,434 shares issued, and 53,821,745 and 53,595,978 shares outstanding, respectively | | 62 | | | 62 |
Additional paid-in capital | | 1,067,651 | | | 1,069,573 |
Retained deficit | | (76,673) | | | (15,199) |
Accumulated other comprehensive loss | | (8,889) | | | (12,310) |
Treasury stock, 8,244,456 shares | | (91,626) | | | (91,626) |
Total Green Plains stockholders' equity | | 890,525 | | | 950,500 |
Noncontrolling interests | | 152,082 | | | 151,519 |
Total stockholders' equity | | 1,042,607 | | | 1,102,019 |
Total liabilities and stockholders' equity | $ | 2,252,501 | | $ | 2,159,755 |
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)
| | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Revenues | | | | | |
Product revenues | $ | 776,690 | | $ | 551,980 |
Service revenues | | 4,745 | | | 1,660 |
Total revenues | | 781,435 | | | 553,640 |
| | | | | |
Costs and expenses | | | | | |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | | 772,509 | | | 509,233 |
Operations and maintenance expenses | | 5,566 | | | 5,754 |
Selling, general and administrative expenses | | 30,863 | | | 23,518 |
Gain on sale of assets, net | | - | | | (36,893) |
Depreciation and amortization expenses | | 20,399 | | | 20,681 |
Total costs and expenses | | 829,337 | | | 522,293 |
Operating income (loss) | | (47,902) | | | 31,347 |
| | | | | |
Other income (expense) | | | | | |
Interest income | | 71 | | | 30 |
Interest expense | | (8,806) | | | (31,679) |
Other, net | | 411 | | | 10 |
Total other expense | | (8,324) | | | (31,639) |
Loss before income taxes and income (loss) from equity method investees | | (56,226) | | | (292) |
Income tax benefit (expense) | | 1,153 | | | (1,862) |
Income (loss) from equity method investees | | (799) | | | 175 |
Net loss | | (55,872) | | | (1,979) |
Net income attributable to noncontrolling interests | | 5,602 | | | 4,566 |
Net loss attributable to Green Plains | $ | (61,474) | | $ | (6,545) |
| | | | | |
Earnings per share: | | | | | |
Net loss attributable to Green Plains - basic and diluted | $ | (1.16) | | $ | (0.17) |
| | | | | |
Weighted average shares outstanding: | | | | | |
Basic and diluted | | 52,887 | | | 37,695 |
See accompanying notes to the consolidated financial statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited and in thousands)
| | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Net loss | $ | (55,872) | | $ | (1,979) |
Other comprehensive income (loss), net of tax: | | | | | |
Unrealized gains (losses) on derivatives arising during the period, net of tax benefit (expense) of ($1,921) and $1,527, respectively | | 5,386 | | | (4,849) |
Reclassification of realized losses (gains) on derivatives, net of tax expense of $701 and $434, respectively | | (1,965) | | | (1,377) |
Total other comprehensive income (loss), net of tax | | 3,421 | | | (6,226) |
Comprehensive loss | | (52,451) | | | (8,205) |
Comprehensive income attributable to noncontrolling interests | | 5,602 | | | 4,566 |
Comprehensive loss attributable to Green Plains | $ | (58,053) | | $ | (12,771) |
See accompanying notes to the consolidated financial statements.
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
| | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Cash flows from operating activities: | | | | | |
Net loss | $ | (55,872) | | $ | (1,979) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | |
Depreciation and amortization | | 20,399 | | | 20,681 |
Amortization of debt issuance costs and debt discount | | 1,846 | | | 2,672 |
Gain on sale of assets, net | | - | | | (36,303) |
Loss on extinguishment of debt | | - | | | 22,100 |
Deferred income taxes | | (1,219) | | | 1,960 |
Stock-based compensation | | 1,875 | | | 882 |
Loss (income) from equity method investees | | 799 | | | (175) |
Other | | (442) | | | (82) |
Changes in operating assets and liabilities before effects of business combinations and dispositions: | | | | | |
Accounts receivable | | (22,783) | | | (6,874) |
Inventories | | (46,112) | | | 332 |
Derivative financial instruments | | (3,788) | | | 18,574 |
Prepaid expenses and other assets | | (4,192) | | | 917 |
Accounts payable and accrued liabilities | | (52,661) | | | (62,032) |
Current income taxes | | 265 | | | 177 |
Other | | (655) | | | 2,169 |
Net cash used in operating activities | | (162,540) | | | (36,981) |
| | | | | |
Cash flows from investing activities: | | | | | |
Purchases of property and equipment, net | | (61,984) | | | (31,524) |
Proceeds from the sale of assets | | - | | | 73,846 |
Proceeds from the sale of marketable securities | | 99,917 | | | - |
Net cash provided by investing activities | | 37,933 | | | 42,322 |
| | | | | |
Cash flows from financing activities: | | | | | |
Proceeds from the issuance of long-term debt | | 45,000 | | | 355,000 |
Payments of principal on long-term debt | | (1,177) | | | (135,835) |
Proceeds from short-term borrowings | | 1,075,119 | | | 686,486 |
Payments on short-term borrowings | | (939,647) | | | (691,166) |
Payments on extinguishment of convertible debt | | - | | | (20,861) |
Payments of cash distributions | | (5,122) | | | (1,395) |
Proceeds from issuance of common stock, net | | - | | | 191,134 |
Payments of loan fees | | (2,522) | | | (8,614) |
Payments related to tax withholdings for stock-based compensation | | (3,738) | | | (3,804) |
Other financing activities | | - | | | 3,330 |
Net cash provided by financing activities | | 167,913 | | | 374,275 |
| | | | | |
Net change in cash, cash equivalents and restricted cash | | 43,306 | | | 379,616 |
Cash, cash equivalents and restricted cash, beginning of period | | 560,959 | | | 274,810 |
Cash, cash equivalents and restricted cash, end of period | $ | 604,265 | | $ | 654,426 |
| | | | | |
Continued on the following page | | | | | |
GREEN PLAINS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
| | | | | |
Continued from the previous page | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Reconciliation of total cash, cash equivalents and restricted cash: | | | | | |
Cash and cash equivalents | $ | 509,195 | | $ | 446,833 |
Restricted cash | | 95,070 | | | 207,593 |
Total cash, cash equivalents and restricted cash | $ | 604,265 | | $ | 654,426 |
| | | | | |
Supplemental investing activities: | | | | | |
Assets disposed of in sale | $ | - | | $ | 35,317 |
Less: liabilities relinquished | |