Green Plains Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Green Plains Inc. has filed its 2023 10-K report detailing financial performance and business operations.</b>

AI Summary

Green Plains Inc. (GPRE) filed a Annual Report (10-K) with the SEC on February 9, 2024. Green Plains Inc. filed its 2023 Form 10-K on February 9, 2024, reporting for the fiscal year ending December 31, 2023. The company's principal business is in Industrial Organic Chemicals. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Key financial statement items such as Revenues, Cost of Goods and Services, and Inventories are referenced. The company was formerly known as Green Plains Renewable Energy, Inc.

Why It Matters

For investors and stakeholders tracking Green Plains Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Green Plains Inc.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing performance and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for understanding the company's operational landscape and potential challenges within the industrial organic chemicals sector.

Risk Assessment

Risk Level: medium — Green Plains Inc. shows moderate risk based on this filing. The company operates in the industrial organic chemicals sector, which can be subject to market volatility and regulatory changes, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Green Plains Inc.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-09 — Filing Date (Date of submission)
• 2021-01-01 — Start Date (Financial reporting period)
• 2023-12-31 — End Date (Financial reporting period)

Key Players & Entities

• Green Plains Inc. (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240209 (date) — Filing date
• 2860 (industry_code) — Standard Industrial Classification
• IA (location) — State of incorporation
• Green Plains Renewable Energy, Inc. (company) — Former company name

FAQ

Industry Context

Green Plains Inc. operates within the industrial organic chemicals sector, a field characterized by the production of chemicals derived from organic sources, often used as intermediates in various manufacturing processes.

Regulatory Implications

As a publicly traded company, Green Plains Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into performance drivers and trends.
3. Examine the Risk Factors section for potential challenges and uncertainties affecting the company's business.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-09: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share GPRE The Nasdaq Stock Market
• $32 — ice of the common stock on that date of $32.24, was approximately $ 1,869.1 million
• $4.1 million — in on the sale of the Atkinson plant of $4.1 million recorded within corporate activities. R
• $9.5 million — was an operating loss of approximately $9.5 million in 2023 related to this incident, after

Filing Documents

• gpre-20231231.htm (10-K) — 2361KB
• ex105c-greenplainsincrsaag.htm (EX-10.5(C)) — 28KB
• ex105d-greenplainsincpsuag.htm (EX-10.5(D)) — 44KB
• ex1031-greenplainsincdirec.htm (EX-10.31) — 10KB
• ex1032-partnership2015ltip.htm (EX-10.32) — 110KB
• ex211-12312023.htm (EX-21.1) — 13KB
• ex231-12312023.htm (EX-23.1) — 3KB
• ex311-12312023.htm (EX-31.1) — 9KB
• ex312-12312023.htm (EX-31.2) — 9KB
• ex321-12312023.htm (EX-32.1) — 4KB
• ex322-12312023.htm (EX-32.2) — 4KB
• ex97-greenplainsincclawbac.htm (EX-97) — 20KB
• gpre-20231231_g1.jpg (GRAPHIC) — 102KB
• image_02.jpg (GRAPHIC) — 147KB
• image_1.jpg (GRAPHIC) — 62KB
• 0001309402-24-000023.txt (&nbsp;) — 13726KB
• gpre-20231231.xsd (EX-101.SCH) — 80KB
• gpre-20231231_cal.xml (EX-101.CAL) — 118KB
• gpre-20231231_def.xml (EX-101.DEF) — 518KB
• gpre-20231231_lab.xml (EX-101.LAB) — 1075KB
• gpre-20231231_pre.xml (EX-101.PRE) — 789KB
• gpre-20231231_htm.xml (XML) — 1988KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 48 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 48 Item 9A.

Controls and Procedures

Controls and Procedures. 48 Item 9B. Other Information. 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 51 PART III Item 10. Directors, Executive Officers and Corporate Governance. 51 Item 11.

Executive Compensation

Executive Compensation. 51 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 51 Item 13. Certain Relationships and Related Transactions, and Director Independence. 51 Item 14. Principal Accounting Fees and Services. 51 PART IV Item 15. Exhibits, Financial Statement Schedules. 52 Item 16. Form 10-K Summary. 60 Signatures. 61 1 Table of Contents Commonly Used Defined Terms Green Plains Inc. and Subsidiaries: Green Plains Inc.; 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; GPP; 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 expense, 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 Nasdaq The Nasdaq Global Market R&D Credits Research and development tax credits SEC Securities and Exchange Commission Securities Act Securities Act of 1933, as amended SOFR Secured Overnight Financing Rate Industry and Other Defined Terms: ATJ Alcohol-to-Jet BlackRock Funds and accounts managed by BlackRock BTU British Thermal Units CARB California Air Resources Board the CARES Act Coronavirus Aid, Relief, and Economic Security Act CI Carbon Intensity COVID-19 Coronavirus Disease 2019 CST Clean Sugar Technology DOE

Business

Item 1. Business. References to "we," "us," "our," "Green Plains," or the "company" refer to Green Plains Inc. and its subsidiaries. Overview Green Plains is an Iowa corporation, founded in June 2004 as a producer of low-carbon fuels and has grown to be a leading biorefining company maximizing the potential of existing resources through fermentation and patented agribusiness technologies. We continue the transition from a commodity-processing business to a value-added agricultural technology company creating sustainable, high-value ingredients from existing resources. To that end, we are currently executing on a number of initiatives to develop and implement proven agricultural, food and industrial biotechnology systems that allow for product diversification, new market opportunities and production of additional value-added low-carbon ingredients, such as Ultra-High Protein, dextrose, renewable corn oil and more, as well as offering these technologies to the broader biofuels industry. Green Plains Partners LP, a master limited partnership, is our primary downstream storage and logistics provider since its assets are the principal method of storing and delivering the ethanol we produce. As of December 31, 2023, we owned a 48.8% limited partner interest, a 2.0% general partner interest and all of the partnership's incentive distribution rights. The public owned the remaining 49.2% limited partner interest. The partnership is consolidated in our financial statements, and we record a noncontrolling interest for the economic interest in the partnership held by the public common unitholders. On January 9, 2024, pursuant to the Merger Agreement, we completed the acquisition of all the publicly held common units of the partnership not already owned by us and our affiliates. As a result of the Merger, the partnership common units are no longer publicly traded. Refer to Note 5 - Acquisition and Dispositions included in the notes to the audited consolidated financial state

View Full Filing

View this 10-K filing on SEC EDGAR