Green Plains Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Green Plains Inc. filed its Q1 2024 10-Q report, detailing financial performance and segment operations.</b>

AI Summary

Green Plains Inc. (GPRE) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Green Plains Inc. reported its Q1 2024 financial results on May 3, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's primary business segments include Ethanol Production, Agribusiness and Energy Services, and Renewable Corn Oil. The filing details intersegment revenues and eliminations across these segments. Green Plains Inc. 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 filing provides investors with the latest financial data for Green Plains Inc., crucial for assessing the company's performance in the renewable energy and agribusiness sectors. Understanding the segment breakdown and intersegment eliminations offers insight into the operational structure and revenue streams of the company.

Risk Assessment

Risk Level: low — Green Plains Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk disclosures.

Analyst Insight

Monitor future 10-Q filings for revenue trends and segment performance to gauge Green Plains Inc.'s ongoing operational and financial health.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report.)
• 2024-01-01 — Period Start Date (Reporting period for the 10-Q.)
• 12-31 — Fiscal Year End (Company's fiscal year end.)

Key Players & Entities

• Green Plains Inc. (company) — Filer and subject of the report.
• Green Plains Renewable Energy, Inc. (company) — Former name of Green Plains Inc.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-03 (date) — Filed as of date.

FAQ

Industry Context

Green Plains Inc. operates within the industrial organic chemicals sector, focusing on ethanol production and related agribusiness and energy services.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including quarterly reporting requirements under the 1934 Act.

What Investors Should Do

1. Review detailed financial statements within the 10-Q for revenue, net income, and other key performance indicators.
2. Analyze segment performance data to understand contributions from Ethanol Production, Agribusiness, and Renewable Corn Oil.
3. Compare Q1 2024 results with prior periods to identify trends and assess year-over-year performance.

Key Dates

• 2024-05-03: Filing Date — Submission of the 10-Q report.
• 2024-03-31: Period End Date — End of the reporting quarter.
• 2024-01-01: Period Start Date — Beginning of the reporting quarter.

Year-Over-Year Comparison

This filing represents the Q1 2024 quarterly report, following the previous fiscal year-end report (10-K) and prior quarterly filings.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share GPRE The Nasdaq Stock Market

Filing Documents

• gpre-20240331.htm (10-Q) — 1252KB
• exhibit41.htm (EX-4.1) — 19KB
• exhibit101.htm (EX-10.1) — 58KB
• exhibit102.htm (EX-10.2) — 16KB
• exhibit103.htm (EX-10.3) — 23KB
• exhibit104.htm (EX-10.4) — 39KB
• exhibit311.htm (EX-31.1) — 9KB
• exhibit312.htm (EX-31.2) — 9KB
• exhibit321.htm (EX-32.1) — 4KB
• exhibit322.htm (EX-32.2) — 4KB
• 0001309402-24-000092.txt (&nbsp;) — 8526KB
• gpre-20240331.xsd (EX-101.SCH) — 55KB
• gpre-20240331_cal.xml (EX-101.CAL) — 73KB
• gpre-20240331_def.xml (EX-101.DEF) — 318KB
• gpre-20240331_lab.xml (EX-101.LAB) — 679KB
• gpre-20240331_pre.xml (EX-101.PRE) — 535KB
• gpre-20240331_htm.xml (XML) — 1380KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 5 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Income (Loss) 7 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 44

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Signatures 2 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; 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 SEC Securities and Exchange Commission SOFR Secured Overnight Financing Rate Industry and Other Defined Terms: ATJ Alcohol-to-Jet BlackRock Funds and accounts managed by BlackRock the CARES Act Coronavirus Aid, Relief, and Economic Security Act CI Carbon Intensity COVID-19 Coronavirus Disease 2019 CST Clean Sugar Technology developed by Fluid Quip Technologies, LLC 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 EV Electric Vehicle FFV Flexible-fuel vehicle GHG Greenhouse gas IRA Inflation Reduction Act LCFS Low Carbon Fuel Standard Merger Merger of GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of GPLP Holdings Inc. with and into the partnership, with the partnership surviving such merger Merger Agreeme

Financial Statements

Item 1. Financial Statements. GREEN PLAINS INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets Cash and cash equivalents $ 237,302 $ 349,574 Restricted cash 40,080 29,188 Accounts receivable, net of allowances of $ 80 and $ 85 , respectively 87,556 94,446 Income taxes receivable 716 822 Inventories 191,149 215,810 Prepaid expenses and other 23,745 23,118 Derivative financial instruments 7,893 19,772 Total current assets 588,441 732,730 Property and equipment, net of accumulated depreciation and amortization of $ 705,382 and $ 686,077 , respectively 1,022,041 1,021,928 Operating lease right-of-use assets 75,236 73,993 Other assets 113,717 110,671 Total assets $ 1,799,435 $ 1,939,322 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 123,573 $ 186,643 Accrued and other liabilities 50,346 57,029 Derivative financial instruments 6,687 10,577 Operating lease current liabilities 23,930 22,908 Short-term notes payable and other borrowings 130,038 105,973 Current maturities of long-term debt 1,828 1,832 Total current liabilities 336,402 384,962 Long-term debt 490,295 491,918 Operating lease long-term liabilities 54,121 53,879 Other liabilities 18,149 18,507 Total liabilities 898,967 949,266 Commitments and contingencies (Note 13) Stockholders' equity Common stock, $ 0.001 par value; 150,000,000 shares authorized; 67,421,931 and 62,326,622 shares issued, and 64,616,872 and 59,521,563 shares outstanding, respectively 67 62 Additional paid-in capital 1,209,672 1,113,806 Retained deficit ( 287,213 ) ( 235,801 ) Accumulated other comprehensive loss ( 3,898 ) ( 3,160 ) Treasury stock, 2,805,059 shares ( 31,174 ) ( 31,174 ) Total Green Plains stockholders' equity 887,454 843,733 Noncontrolling interests 13,014 146,323 Total stockholders' equity 900,468 990,056 Total liabilities and stockholders' equity $ 1,799,435 $ 1,939

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES References to the Company References to "Green Plains" or the "company" in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries. Consolidated Financial Statements The consolidated financial statements include the company's accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity basis. On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Acquisition included herein for more information. The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements. The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company's annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 9, 2024. The financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year. Reclassifications

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