FALSE000130940200013094022024-02-072024-02-07

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  February 07, 2024
_______________________________
GREEN PLAINS INC.
(Exact name of registrant as specified in its charter)
_______________________________
Iowa001-3292484-1652107
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
1811 Aksarben Drive
Omaha, Nebraska 68106
(Address of Principal Executive Offices) (Zip Code)
(402) 884-8700
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareGPREThe Nasdaq Stock Market LLC
_______________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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. ☐


Item 2.02. Results of Operations and Financial Condition.
Green Plains Inc. issued a press release announcing its financial results for the three and twelve months ended December 31, 2023. A copy of this press release is attached as Exhibit 99.1.
The information in this current report on Form 8-K, including Exhibit 99.1, is “furnished,” not “filed,” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not subject to liability of that section nor deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, before or after this date and regardless of any general incorporation language in the filing, unless explicitly incorporated by reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report.
Exhibit No.Description of Exhibit
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Green Plains Inc.
Date: February 07, 2024By:
/s/ James E. Stark
James E. Stark
Chief Financial Officer
(Principal Financial Officer)

image.jpg
Exhibit 99.1


FOR IMMEDIATE RELEASE
Green Plains Reports Fourth Quarter and Full Year 2023 Financial Results

Results for the Fourth Quarter 2023:
•Net income attributable to Green Plains of $7.2 million, or EPS of $0.12 per diluted share
•EBITDA of $44.7 million
•Achieved platform utilization rate of 95% for the fourth quarter

Business Highlights:
•Completed acquisition of Green Plains Partners LP, streamlining operations, improving efficiencies and improving cash flow
•The Board of Directors is initiating a comprehensive strategic review process to explore all opportunities to enhance value
•Continued development of 60% protein sales, producing commercial quantities, with significant negotiations taking place for 2024 and 2025 volumes focused on unique uses in global aquaculture and pet food markets
•Achieved record renewable corn oil yield across the platform with continued upside in 2024
•First-ever commercial deployment of Clean Sugar Technology™ at Green Plains Shenandoah to begin commissioning during the first quarter
•Ongoing commercial negotiations for multi-year agreements for dextrose corn syrups are expected to be completed during the first quarter
•Diversification of decarbonization strategy, with three Nebraska facilities committed to carbon capture and sequestration (CCS) anticipated to become operational in 2025, four Iowa and Minnesota facilities anticipated to be operational in 2026 on a separate CCS system
•Strong liquidity position with $378.8 million of cash and cash equivalents, and restricted cash along with $251.0 million available under a committed revolving credit facility

OMAHA, Neb., Feb 7, 2024 (BUSINESS WIRE) - Green Plains Inc. (NASDAQ:GPRE) (“Green Plains” or the “company”) today announced financial results for the fourth quarter and full year 2023. Net income attributable to the company was $7.2 million, or $0.12 per diluted share for the fourth quarter compared to net loss attributable to the company of $38.6 million, or ($0.66) per diluted share, for the same period in 2022. Revenues for the quarter were $712.4 million compared with $914.0 million for the same period in the prior year. EBITDA was $44.7 million for the quarter compared to $5.7 million for the same period in 2022.

“The last half of 2023 has started to show the results of years of planning and execution to get our asset base and team ready for a further transition to higher-value, higher-margin products,” said Todd Becker, President and Chief Executive Officer. “During the fourth quarter, we achieved a 95% utilization rate which contributed to another solid financial performance. We continue to see the positive impact from Ultra-High Protein production and expanded renewable corn oil yields over each of the last two quarters, and we believe we can continue to optimize our asset base to higher utilization in the future.”

“Since we started our transformation path to 2025, while our product and innovation portfolio continues to evolve, the upside opportunity from decarbonization is in sight and we are more optimistic than ever,” added Becker. “We believe our Nebraska platform is in an advantaged position to capitalize on incentives to reduce our carbon intensity, and is ideally situated to participate in the early days of the 45Z Clean Fuel Production Credit. We believe that our Nebraska asset base could have a significant early advantage and could further benefit after taking into consideration the potential for alcohol-to-jet sustainable aviation fuel. We believe our diversified decarbonization strategy will be a strong contributor to our future earnings potential with our first facilities positioned to begin carbon capture in 2025.”

“We are nearing completion of three instrumental projects that will help define our path to true biorefineries with recurring, higher quality earnings streams,” added Becker. “Our first commercial-scale clean sugar facility is anticipated to begin commissioning during the first quarter of 2024. We believe CST is a game changer and as we begin to ship low carbon-intensity dextrose to support the emerging bio-economy, food companies and industrial users, we will demonstrate the true potential of our technology and production platform. Our joint venture to build the world’s largest MSC high-protein facility with Tharaldson Ethanol is in the process of commissioning and is anticipated to begin full production in the coming months, further expanding our capacity for Ultra-High Protein. Last but certainly not least, construction of the facility combining MSC technology with Shell Fiber Conversion Technology is anticipated to be completed this quarter. This novel, disruptive technology aims to become a powerful
1

processor of agricultural feedstocks to liberate the remaining high-value proteins, vegetable oil feedstocks, and cellulosic sugars to be used in food, fuel and feed products globally.”

“As we close out a solid second half of 2023, we are seeing the fruits of our investments and the dedication of our employees,” added Becker. “The progress we made in the second half of last year, from consistent operations and deployment of new technology, leave us well-positioned to continue the execution of our long-term vision to add more value to every bushel of corn we process, through our high protein ingredients and renewable corn oil, capture of biogenic carbon dioxide and conversion of a portion of the starch into low-CI dextrose.”

“In light of our progress, the buy-in of the partnership and these positive catalysts on the horizon, the Board has decided to review the company’s strategic alternatives to determine the best way for Green Plains and its shareholders to realize the full value of the transformation we have made and are continuing to make,” concluded Becker.

Full Year Highlights and Recent Developments:
•Began development of a novel Sustainable Aviation Fuel technology through a joint venture, Blue Blade Energy, with United Airlines and Tallgrass
•Published third annual Sustainability Report, providing updates on progress toward emissions reduction, governance and other goals
•Successfully completed full scale 60% protein production runs using Fluid Quip Technologies’ MSC™ system combined with biological solutions
•Expanded protein sales to customers in North America, South America and Asia Pacific across multiple species
•Announced technology collaboration with Equilon Enterprises LLC to deploy Shell Fiber Conversion Technology, with construction nearing completion at Green Plains York

Results of Operations
Green Plains’ ethanol production segment sold 215.7 million gallons of ethanol during the fourth quarter of 2023, compared with 225.2 million gallons for the same period in 2022. The consolidated ethanol crush margin was $49.7 million for the fourth quarter of 2023, compared with $7.9 million for the same period in 2022. The consolidated ethanol crush margin is the ethanol production segment’s operating income before depreciation and amortization, which includes renewable corn oil and Ultra-High Protein, plus intercompany storage, transportation, nonrecurring decommissioning costs, nonethanol operating activities and other fees, net of related expenses.

Consolidated revenues decreased $201.7 million for the three months ended December 31, 2023, compared with the same period in 2022, primarily due to lower average selling prices and lower volumes sold on ethanol, distillers grains and renewable corn oil within our ethanol production segment. Revenues were also lower within our agribusiness and energy services segment as a result of decreased trading margins.

Net income attributable to Green Plains increased $45.8 million and EBITDA increased $39.0 million for the three months ended December 31, 2023, compared with the same period last year, primarily due to higher margins in our ethanol production segment. Interest expense increased $2.2 million for the three months ended December 31, 2023 compared with the same period in 2022. Income tax benefit was $0.3 million for the three months ended December 31, 2023 compared with income tax expense of $4.9 million for the same period in 2022, primarily due to a decrease in the valuation allowance recorded against certain deferred tax assets for the three months ended December 31, 2023.

Segment Information
The company reports the financial and operating performance for the following three operating segments: (1) ethanol production, which includes the production of ethanol, distillers grains, Ultra-High Protein and renewable corn oil, (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, grain, natural gas and other commodities and (3) partnership, which includes fuel storage and transportation services. Intercompany fees charged to the ethanol production segment for storage and logistics services, grain procurement and product sales are included in the partnership and agribusiness and energy services segments and eliminated upon consolidation. Third-party costs of grain consumed and revenues from product sales are reported directly in the ethanol production segment.
2


Strategic Review
The Board of Directors has initiated a formal review process to evaluate strategic alternatives for the Company. This comprehensive evaluation is intended to explore a broad range of opportunities for the Company to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings.

There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The Company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.

3

GREEN PLAINS INC.
SEGMENT OPERATIONS
(unaudited, in thousands)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
20232022% Var.20232022% Var.
Revenues
Ethanol production$620,273 $760,458 (18.4)%$2,815,873$3,070,192 (8.3)%
Agribusiness and energy services97,613 159,582 (38.8)500,903615,615 (18.6)
Partnership19,640 20,947 (6.2)81,08379,767 1.6
Intersegment eliminations(25,134)(26,944)(6.7)(102,116)(102,725)(0.6)
$712,392 $914,043 (22.1)%$3,295,743 $3,662,849 (10.0)%
Gross margin
Ethanol production$45,234 $2,316 *%$64,581 $1,826 *%
Agribusiness and energy services14,818 14,649 1.246,127 52,665 (12.4)
Partnership19,640 20,947 (6.2)81,083 79,767 1.6
Intersegment eliminations257 1,800 (85.7)114 3,580 (96.8)
$79,949 $39,712 101.3%$191,905 $137,838 39.2%
Depreciation and amortization
Ethanol production$22,358 $22,444 (0.4)%$89,537$81,545 9.8%
Agribusiness and energy services477 1,252 (61.9)2,3603,466 (31.9)
Partnership751 1,178 (36.2)3,1754,093 (22.4)
Corporate activities747 1,811 (58.8)3,1723,594 (11.7)
$24,333 $26,685 (8.8)%$98,244 $92,698 6.0%
Operating income (loss)
Ethanol production (1)
$10,828 $(29,991)(136.1)%$(66,931)$(117,764)(43.2)%
Agribusiness and energy services10,488 10,521 (0.3)28,10036,415 (22.8)
Partnership12,115 11,793 2.746,85947,699 (1.8)
Intersegment eliminations257 1,800 (85.7)114 3,580 (96.8)
Corporate activities (2)
(17,420)(17,130)1.7(69,720)(68,878)1.2
$16,268 $(23,007)(170.7)%$(61,578)$(98,948)(37.8)%
Adjusted EBITDA
Ethanol production (1)
$32,970 $(8,102)*%$26,769 $(8,619)*%
Agribusiness and energy services11,431 11,789 (3.0)31,689 39,798 (20.4)
Partnership13,296 13,154 1.151,678 52,429 (1.4)
Intersegment eliminations257 1,800 (85.7)114 3,580 (96.8)
Corporate activities (2)
(13,233)(12,925)2.4(56,219)(60,478)(7.0)
EBITDA44,721 5,716 *54,031 26,710 102.3
Other income (3)
— — —(3,440)(27,712)(87.6)
Loss (gain) on sale of assets, net386 — *(5,265)— *
Proportional share of EBITDA adjustments to equity method investees45 45 —180 180 —
$45,152 $5,761 *%$45,506 $(822)*%

(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $2.6 million for the three and twelve months ended December 31, 2023, and $12.3 million for the three and twelve months ended December 31, 2022.
(2) Corporate activities includes a $0.5 million loss on sale of assets and $4.1 million gain on sale of assets for the three and twelve months ended December 31, 2023, respectively.
(3) Other income includes grants received from the USDA related to the Biofuel Producer Program of $3.4 million and $27.7 million for the twelve months ended December 31, 2023 and 2022, respectively.

* Percentage variances not considered meaningful
4

GREEN PLAINS INC.
SELECTED OPERATING DATA
(unaudited, in thousands)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
20232022% Var.20232022% Var.
Ethanol production
Ethanol sold (gallons)215,717 225,206 (4.2)%840,819 872,133 (3.6)%
Distillers grains sold (equivalent dried tons)479 563 (14.9)1,933 2,213 (12.7)
Ultra-High Protein sold (tons)66 22 200.0223 67 232.8
Renewable corn oil sold (pounds)72,934 77,228 (5.6)279,861 281,730 (0.7)
Corn consumed (bushels)74,152 78,038 (5.0)289,267 301,868 (4.2)
Agribusiness and energy services (1)
Domestic ethanol sold (gallons)257,443 259,287 (0.7)1,083,017 948,971 14.1
Export ethanol sold (gallons)1,053 15,786 (93.3)6,746 137,835 (95.1)
258,496 275,073 (6.0)1,089,763 1,086,806 0.3
Partnership
Storage and throughput (gallons)217,349 226,184 (3.9)%846,622 875,601 (3.3)%

(1) Includes gallons from the ethanol production segment

GREEN PLAINS INC.
CONSOLIDATED CRUSH MARGIN
(unaudited, in thousands)

Three Months Ended
December 31,
20232022
Ethanol production operating income (loss) (1)
$10,828 $(29,991)
Depreciation and amortization22,358 22,444 
Adjusted ethanol production operating income (loss)33,186 (7,547)
Intercompany fees, net
Storage and logistics (partnership)9,833 12,274 
Marketing and agribusiness fees (2)
6,705 3,123 
Consolidated ethanol crush margin$49,724 $7,850 
(1) Ethanol production includes an inventory lower of average cost or net realizable value adjustment of $2.6 million and $12.3 million for the three months ended December 31, 2023 and 2022, respectively.
(2) For the three months ended December 31, 2023 and 2022, includes $1.8 million and $2.9 million, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.
5

Liquidity and Capital Resources
As of December 31, 2023, Green Plains had $378.8 million in total cash and cash equivalents, and restricted cash, and $251.0 million available under a committed revolving credit facility, which is subject to restrictions and other lending conditions. Total debt outstanding at December 31, 2023 was $599.7 million, including $105.9 million outstanding debt under working capital revolvers and other short-term borrowing arrangements and $56.0 million of non-recourse debt related to Green Plains Partners.

Conference Call Information
On February 7, 2024, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss fourth quarter and full year 2023 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains’ website https://investor.gpreinc.com/events-and-presentations.

Non-GAAP Financial Measures
Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company’s financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to our proportional share of EBITDA adjustments of our equity method investees, gains and losses related to the sale of assets, and other income associated with the USDA COVID-19 relief grant. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP calculations may vary from company to company. Accordingly, the company’s computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

About Green Plains Inc.
Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Ultra-High Protein and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit www.gpreinc.com.

Forward-Looking Statements
All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions of the combined company after the merger; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “should,” “will,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project” and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics, such as the COVID-19 outbreak; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions; the financial condition of the company’s customers; any non-performance by customers of their contractual obligations; changes in customer, employee or supplier relationships resulting from the merger; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws; risks related to acquisition and
6

disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; and the performance of the company.

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company’s management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company’s control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the “Risk Factors” section of the company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
7

GREEN PLAINS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

December 31,
20232022
(unaudited)
ASSETS
Current assets
Cash and cash equivalents$349,574 $444,661 
Restricted cash29,188 55,615 
Accounts receivable, net94,446 108,610 
Income taxes receivable822 1,286 
Inventories215,810 278,950 
Other current assets42,890 39,628 
Total current assets732,730 928,750 
Property and equipment, net1,021,928 1,029,327 
Operating lease right-of-use assets73,993 73,244 
Other assets110,671 91,810 
Total assets$1,939,322 $2,123,131 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$186,643 $234,301 
Accrued and other liabilities57,029 44,443 
Derivative financial instruments10,577 47,941 
Operating lease current liabilities22,908 20,721 
Short-term notes payable and other borrowings105,973 137,678 
Current maturities of long-term debt1,832 1,838 
Total current liabilities384,962 486,922 
Long-term debt491,918 495,243 
Operating lease long-term liabilities53,879 55,515 
Other liabilities18,507 24,385 
Total liabilities949,266 1,062,065 
Stockholders' equity
Total Green Plains stockholders' equity843,733 910,031 
Noncontrolling interests146,323 151,035 
Total stockholders' equity990,056 1,061,066 
Total liabilities and stockholders' equity$1,939,322 $2,123,131 
8

GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands except per share amounts)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Revenues$712,392 $914,043 $3,295,743 $3,662,849 
Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)632,443 874,331 3,103,838 3,525,011 
Operations and maintenance expenses6,122 7,146 27,154 25,158 
Selling, general and administrative expenses32,840 28,888 133,350 118,930 
Loss (gain) on sale of assets386 — (5,265)— 
Depreciation and amortization expenses24,333 26,685 98,244 92,698 
Total costs and expenses696,124 937,050 3,357,321 3,761,797 
Operating income (loss)16,268 (23,007)(61,578)(98,948)
Other income (expense)
Interest income3,304 2,637 11,707 5,277 
Interest expense(8,674)(6,460)(37,703)(32,642)
Other, net915 (782)5,225 27,612 
Total other income (expense)(4,455)(4,605)(20,771)247 
Income (loss) before income taxes and income from equity method investees11,813 (27,612)(82,349)(98,701)
Income tax benefit (expense)264 (4,893)5,617 (4,747)
Income (loss) from equity method investees(99)183 433 71 
Net income (loss)11,978 (32,322)(76,299)(103,377)
Net income attributable to noncontrolling interests4,745 6,294 17,085 23,841 
Net income (loss) attributable to Green Plains$7,233 $(38,616)$(93,384)$(127,218)
Earnings per share
Net income (loss) attributable to Green Plains - basic and diluted$0.12 $(0.66)$(1.59)$(2.29)
Weighted average shares outstanding
Basic and diluted58,913 58,482 58,814 55,541 
9

GREEN PLAINS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

Twelve Months Ended
December 31,
20232022
Cash flows from operating activities
Net loss$(76,299)$(103,377)
Noncash operating adjustments
Depreciation and amortization98,244 92,698 
Gain on sale of assets, net(5,265)— 
Inventory lower of average cost or net realizable value adjustment2,627 12,323 
Other10,640 17,679 
Net change in working capital26,399 50,386 
Net cash provided by operating activities56,346 69,709 
Cash flows from investing activities
Purchases of property and equipment, net(108,093)(212,366)
Proceeds from the sale of marketable securities— 124,523 
Proceeds from the sale of assets, net25,403 — 
Investment in equity method investees(24,206)(17,409)
Net cash used in investing activities(106,896)(105,252)
Cash flows from financing activities
Net proceeds (borrowings) - long term debt(4,838)43,249 
Net borrowings - short-term borrowings(32,786)(35,099)
Other(33,340)(33,290)
Net cash used in financing activities(70,964)(25,140)
Net change in cash and cash equivalents, and restricted cash(121,514)(60,683)
Cash and cash equivalents, and restricted cash, beginning of period500,276 560,959 
Cash and cash equivalents, and restricted cash, end of period$378,762 $500,276 
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents$349,574 $444,661 
Restricted cash29,188 55,615 
Total cash and cash equivalents, and restricted cash$378,762 $500,276 
10

GREEN PLAINS INC.
RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES
(unaudited, in thousands)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Net income (loss)$11,978 $(32,322)$(76,299)$(103,377)
Interest expense8,674 6,460 37,703 32,642 
Income tax expense (benefit)(264)4,893 (5,617)4,747 
Depreciation and amortization (1)
24,333 26,685 98,244 92,698 
EBITDA44,721 5,716 54,031 26,710 
Other income (2)
— — (3,440)(27,712)
Loss (gain) on sale of assets, net386 — (5,265)— 
Proportional share of EBITDA adjustments to equity method investees45 45 180 180 
Adjusted EBITDA$45,152 $5,761 $45,506 $(822)

(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
(2) Other income includes grants received from the USDA related to the Biofuel Producer Program of $3.4 million and $27.7 million for the twelve months ended December 31, 2023 and 2022, respectively.

Green Plains Inc. Contacts
Investors: Phil Boggs | Executive Vice President, Investor Relations | 402.884.8700 | phil.boggs@gpreinc.com
Media: Lisa Gibson | Communications Manager | 402.952.4971 | lisa.gibson@gpreinc.com


###
11
v3.24.0.1
Cover
Feb. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 07, 2024
Entity Registrant Name GREEN PLAINS INC.
Entity Incorporation, State or Country Code IA
Entity File Number 001-32924
Entity Tax Identification Number 84-1652107
Entity Address, Address Line One 1811 Aksarben Drive
Entity Address, City or Town Omaha
Entity Address, State or Province NE
Entity Address, Postal Zip Code 68106
City Area Code 402
Local Phone Number 884-8700
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol GPRE
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001309402
Green Plains (NASDAQ:GPRE)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Green Plains Charts.
Green Plains (NASDAQ:GPRE)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Green Plains Charts.