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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.

1


TABLE OF CONTENTS

Page

Commonly Used Defined Terms

3

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

4

Consolidated Balance Sheets

4

Consolidated Statements of Operations

5

Consolidated Statements of Comprehensive Income (Loss)

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations 

29

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

41

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

45

Item 3.

Defaults Upon Senior Securities

45

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

 

Item 6.

Exhibits

47

Signatures

48

2


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


3


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.

4


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.


5


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.


6


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


7


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