Adjustments for Non-Cash Items (USD, thousands)

Stock-Based Compensation (USD, thousands)

Changes in Working Capital (USD, thousands)

Capital Expenditures (CapEx) (USD, thousands)

Proceeds from / Repayments of Debt (USD, thousands)

Share Repurchases (USD, thousands)

Dividend Payments (USD, thousands)

Net Change in Cash (USD, thousands)

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| Name                  | Position                                                      | Start Date         | Short Bio                                                                                                                                                                                                 |
|-----------------------|---------------------------------------------------------------|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Todd A. Becker        | President and Chief Executive Officer                         | January 2009       | Todd A. Becker has served as the **President and CEO** since **January 2009**. He has approximately **36 years of experience** in commodity processing, risk management, and supply chain management.  **[0001309402-24-000084_gpre-20240328.htm:15]** **[0001193125-23-279897_d565409ds4a.htm:149]** **[0001193125-23-256991_d565409ds4.htm:147]**                                   |
| James E. Stark        | Chief Financial Officer                                       | October 2022       | James E. Stark has served as the **CFO** since **October 2022**. He rejoined GPRE in **January 2022** after working at Darling Ingredients Inc. He has over **30 years of senior management experience**.  **[0001193125-23-279897_d565409ds4a.htm:150]** **[0001193125-23-256991_d565409ds4.htm:148]** **[0001309402-24-000084_gpre-20240328.htm:37]**                              |
| Grant D. Kadavy       | Executive Vice President - Commercial Operations              | October 2022       | Grant D. Kadavy has served as **EVP - Commercial Operations** since **October 2022**. He oversees all commercial activities and has held executive roles at Darigold and Cargill.  **[0001309402-24-000084_gpre-20240328.htm:38]** **[0001193125-23-279897_d565409ds4a.htm:152]** **[0001193125-23-256991_d565409ds4.htm:150]**                                                      |
| Michelle S. Mapes     | Chief Legal and Administration Officer and Corporate Secretary| January 2018       | Michelle S. Mapes has served as **Chief Legal and Administration Officer and Corporate Secretary** since **January 2018**. She previously held roles as EVP - General Counsel and Corporate Secretary.  **[0001309402-24-000084_gpre-20240328.htm:38]** **[0001193125-23-279897_d565409ds4a.htm:151]** **[0001309402-23-000060_gpre-20230329.htm:38]**                                |
| G. Patrich Simpkins Jr.| Chief Transformation Officer                                 | October 2022       | G. Patrich Simpkins Jr. has served as **Chief Transformation Officer** since **October 2022**. He joined GPRE in **May 2012** and has held various leadership roles, including CFO and Chief Development Officer.  **[0001309402-24-000084_gpre-20240328.htm:39]** **[0001193125-23-279897_d565409ds4a.htm:151]** **[0001193125-23-256991_d565409ds4.htm:149]**                     |
| James F. Herbert II   | Chief Human Resources Officer                                 | October 2022       | James F. Herbert II was appointed as **Chief Human Resources Officer** in **October 2022**. Before joining GPRE, he served as VP of Finance and Operations for Capstone IT and held HR leadership roles at Union Pacific Railroad.  **[0001309402-24-000084_gpre-20240328.htm:38]** **[0001193125-23-279897_d565409ds4a.htm:151]** **[0001193125-23-256991_d565409ds4.htm:149]**     |
| Leslie van der Meulen | Executive Vice President – Product Marketing and Innovation   | May 2021           | Leslie van der Meulen has served as **EVP – Product Marketing and Innovation** since **May 2021**. He is responsible for **Optimal Aquafeed** and has over **20 years of experience** in global marketing and sales.  **[0001309402-24-000084_gpre-20240328.htm:39]** **[0001193125-23-279897_d565409ds4a.htm:153]** **[0001309402-23-000060_gpre-20230329.htm:39]**                |
| Chris G. Osowski      | Executive Vice President – Operations and Technology          | January 2022       | Chris G. Osowski has served as **EVP – Operations and Technology** since **January 2022**. He leads the operations organization and has held senior-level positions at ADM and Tate & Lyle.  **[0001309402-24-000084_gpre-20240328.htm:38]** **[0001193125-23-279897_d565409ds4a.htm:152]** **[0001193125-23-256991_d565409ds4.htm:150]** **[0001309402-23-000060_gpre-20230329.htm:38]**                                         |

d8718348c6e866950bb5a9338e683e562a9aaef7532c106b848d7f67b25b432f

| Program Details          | Program 1          |
|--------------------------|--------------------|
| Approval Date            | August 2014, October 2019  **[0001309402-24-000129_gpre-20240930.htm:69]** **[0001309402-24-000129_gpre-20240930.htm:57]**  |
| End Date/Duration        | No specific end date  **[0001309402-24-000129_gpre-20240930.htm:69]** **[0001309402-24-000129_gpre-20240930.htm:57]**  |
| Total additional amount  | **$200 million**  **[0001309402-24-000129_gpre-20240930.htm:69]** **[0001309402-24-000129_gpre-20240930.htm:57]**  |
| Remaining authorization  | **$107.2 million**  **[0001309402-24-000129_gpre-20240930.htm:69]** **[0001309402-24-000129_gpre-20240930.htm:57]**  |
| Details                  | The program may be suspended, modified, or discontinued at any time without prior notice.  **[0001309402-24-000129_gpre-20240930.htm:69]** **[0001309402-24-000129_gpre-20240930.htm:57]**  |

007441648bb522b0fb5786eeab1226b40e7fc0b28ec13ea87128fd29eab02d2f

Green Plains Inc. (GPRE) is a leading biorefining company focused on producing sustainable, value-added ingredients and renewable energy. The company operates across multiple segments, primarily producing ethanol, distillers grains, Ultra-High Protein, and renewable corn oil. GPRE also engages in grain handling, storage, and commodity marketing, providing comprehensive solutions in the renewable energy sector.

1. **Ethanol Production** - Produces ethanol, distillers grains, Ultra-High Protein, and renewable corn oil, operating 10 ethanol plants across several states in the U.S..  **[0001309402-24-000023_gpre-20231231.htm:131]** **[0001309402-24-000089_gpreq12024earningsrelease.htm:4]** 
   - **Sub-products**:
     - **Ethanol** - A renewable fuel produced from corn.
     - **Distillers Grains and Ultra-High Protein** - Used as animal feed ingredients.
     - **Renewable Corn Oil** - A low-carbon feedstock for biodiesel and renewable diesel.

2. **Agribusiness and Energy Services** - Manages grain procurement, storage, and marketing, and engages in merchant trading of ethanol, distillers grains, renewable corn oil, and other commodities.  **[0001309402-24-000023_gpre-20231231.htm:131]** **[0001309402-24-000089_gpreq12024earningsrelease.htm:4]** 

3. **Partnership (Fuel Storage and Transportation)** - Provides fuel storage and transportation services, owning and operating ethanol storage tanks, terminals, and transportation assets.  **[0001309402-24-000023_gpre-20231231.htm:131]** **[0001309402-24-000089_gpreq12024earningsrelease.htm:4]**

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1. Given that margins for your protein products are being compressed due to the influx of cheap competing products  **[GPRE_3405419_6]** **[GPRE_3405419_14]** , how do you plan to sustain profitability in this segment, and what specific steps are you taking to differentiate your offerings in an increasingly competitive market?

2. With the delays and challenges faced in scaling up your Clean Sugar Technology at Shenandoah  **[GPRE_3405419_2]** **[GPRE_3405419_19]** **[GPRE_3405419_8]** , what assurances can you provide investors about the timeline and returns on this significant investment, and how will you mitigate risks in deploying this technology at additional facilities?

3. Considering your increased capital expenditures, including the $9 million allocated to the clean sugar initiative and the $110 million needed for carbon capture equipment  **[GPRE_3405419_4]** , how are you prioritizing these investments, and what financial metrics are you using to ensure they generate adequate returns given your current liquidity position  **[GPRE_3405419_3]** ?

4. Your ethanol margins have been under pressure due to market volatility and compression late in the quarter.  **[GPRE_3405419_9]** **[GPRE_3405419_1]**  In light of these uncertainties, are you contemplating adjustments to your production strategies, and is there a possibility that you might idle or reduce production at certain facilities if margins do not improve?

5. With the decision not to proceed with the Blue Blade Energy catalyst and a shift away from building an alcohol-to-jet plant  **[GPRE_3405419_12]** , how does this impact your long-term strategic goals in renewable fuels, and what alternative growth opportunities are you pursuing to compensate for this change in direction?

2c8384647090fe5c9c9d5230f76aa8d88f29fe391157f5ec65b4c9772497ee74

---

### **1. Q3 2024 Earnings Call**
- **Issued Period**: Q3 2024  
- **Guided Period**: FY 2024  

#### Guidance:
1. **Plant Utilization Rate**: Expected to remain in the **mid-90% range** of stated capacity for Q4 2024, barring uncontrollable events.  **[GPRE_3405419_3]**   
2. **Capital Expenditures (CapEx)**:  
   - Total CapEx for FY 2024 expected to be **$90 million to $100 million**, excluding **$110 million** for carbon capture equipment in Nebraska.  **[GPRE_3405419_4]**   
3. **Protein Production**:  
   - Upgrades at the Wood River plant to be completed in **Q1 2025**, enabling more efficient production of the 60 Pro Sequence product.  **[GPRE_3405419_6]**   
   - Limiting volumes of 60 Pro Sequence until upgrades are completed.  **[GPRE_3405419_6]**   
4. **Clean Sugar Technology (CST)**:  
   - First bulk commercial sales and shipments of low-carbon-intensity dextrose expected in **Q4 2024**.  **[GPRE_3405419_2]**   
   - Optimization and debottlenecking of the Shenandoah facility to continue.  **[GPRE_3405419_6]**   
5. **Carbon Capture and Storage (CCS)**:  
   - Groundbreaking on CCS project expected within **30 to 45 days** (as of October 31, 2024).  **[GPRE_3405419_7]** 

---

### **2. Q2 2024 Earnings Call**
- **Issued Period**: Q2 2024  
- **Guided Period**: Q3 2024 and Q4 2024  

#### Guidance:
1. **Profitability**: Expected to return to profitability in **Q3 2024**, assuming stable market conditions.  **[GPRE_3396633_6]**   
2. **Plant Utilization**:  
   - Utilization rates for the rest of FY 2024 expected in the **mid-90% range**, barring uncontrollable events.  **[GPRE_3396633_3]**   
   - High 90% utilization rates targeted after equipment upgrades at Mount Vernon and Obion plants, unlocking 40 million gallons of capacity.  **[GPRE_3396633_1]**   
3. **Margins**:  
   - **Q3 2024** margins expected to range from **high $0.20s to high $0.30s per gallon**.  **[GPRE_3396633_1]**   
   - **Q4 2024** margins expected to improve, trending back to the long-term mean.  **[GPRE_3396633_1]**   
4. **Capital Expenditures (CapEx)**:  
   - Total CapEx for FY 2024 projected at **$90 million to $110 million**, excluding **$110 million** for carbon capture equipment.  **[GPRE_3396633_3]**   
5. **Tax Rate**: Normalized tax rate for FY 2024 expected to remain around **24%**.  **[GPRE_3396633_3]**   
6. **Interest Expense**: Expected to decrease by **$1.8 million per quarter starting in Q4 2024**, following the sale of the Birmingham terminal and payoff of partnership debt.  **[GPRE_3396633_3]**   
7. **Sequence Protein Production**: Targeting **20% to 30% of 60% protein production by the end of FY 2024**.  **[GPRE_3396633_20]**   
8. **Carbon Capture and Storage (CCS)**: Trailblazer CCS project in Nebraska on track for a **second-half 2025 start-up**.  **[GPRE_3396633_5]** 

---

### **3. Q1 2024 Earnings Call**
- **Issued Period**: Q1 2024  
- **Guided Period**: FY 2025  

#### Guidance:
1. **EBITDA Contribution for FY 2025**:  
   - Near **$300 million** from protein, corn oil, clean sugar, and decarbonization pillars, excluding base ethanol, corporate overhead, or Ag and Energy segments.  **[GPRE_3382642_7]**   
2. **Protein Segment**:  
   - **$80 million to $120 million** EBITDA contribution from 640 million gallons of converted capacity, including joint venture ownership.  **[GPRE_3382642_7]**   
3. **Corn Oil Segment**: Base contribution of **$100 million** in FY 2025, with potential growth.  **[GPRE_3382642_7]**   
4. **Clean Sugar Segment**: Shenandoah facility expected to generate **$15 million to $25 million annually** on a full-year basis.  **[GPRE_3382642_7]**   
5. **Decarbonization (Nebraska-First Strategy)**: Nebraska assets alone could generate **$110 million or more annually** starting in FY 2025.  **[GPRE_3382642_7]**   
6. **Plant Utilization Rate**: Expected to perform in the **mid-90% range** of stated capacity for FY 2024.  **[GPRE_3382642_3]**   
7. **Depreciation and Amortization (D&A)**: Anticipated to average approximately **$22 million per quarter** for FY 2024.  **[GPRE_3382642_3]**   
8. **Capital Expenditures (CapEx)**: Expected to range between **$95 million and $115 million** for FY 2024.  **[GPRE_3382642_3]**   
9. **Tax Rate**: Normalized tax rate for FY 2024 expected to average around **24%**.  **[GPRE_3382642_3]**   
10. **Carbon Capture (Nebraska Facilities)**: Expected to contribute over **$100 million per year in carbon EBITDA** starting in the second half of FY 2025.  **[GPRE_3382642_5]**   
11. **Sequence Protein Sales**: On track to exit FY 2024 with **20%-30% of production capacity** committed to repeat sales customers.  **[GPRE_3382642_2]**   
12. **Ethanol Margins**: **Q2 2024** margins expected to range from **mid-high single digits to low teens** per gallon.  **[GPRE_3382642_1]**   
13. **Ethanol Exports**: Optimistic for a **record year in FY 2024**, potentially exceeding 2018\u2019s 1.7 billion gallons.  **[GPRE_3382642_2]** **[GPRE_3382642_8]** 

---

### **4. Q4 2023 Earnings Call**
- **Issued Period**: Q4 2023  
- **Guided Period**: FY 2025  

#### Guidance:
1. **Plant Utilization Rate**: Expected to remain in the **low to mid-90% range** of stated capacity for FY 2024.  **[GPRE_3372167_3]**   
2. **Depreciation and Amortization**: Expected to average approximately **$24 million per quarter** in FY 2024.  **[GPRE_3372167_3]**   
3. **Tax Rate**: Anticipated to be around **24%** for FY 2024.  **[GPRE_3372167_3]**   
4. **Capital Expenditures (CapEx)**: Expected to be in the range of **$125 million to $150 million** for FY 2024.  **[GPRE_3372167_4]**   
5. **Protein Production**: Targeting **20% to 30% of the portfolio** to be converted to 60% protein sales by the end of FY 2024.  **[GPRE_3372167_6]**   
6. **Carbon Opportunities**: Carbon-related projects in Nebraska expected to represent over **$100 million per year** in opportunity as the company exits FY 2025.  **[GPRE_3372167_8]**   
7. **2025 Guidance**: Reaffirmed **FY 2025 targets**, with variability based on pricing, timing, and capital allocation.  **[GPRE_3372167_8]**   
8. **Free Cash Flow**: Highlighted potential for **significant free cash flow generation** in FY 2025.  **[GPRE_3372167_8]**   
9. **Clean Sugar Technology (CST)**: First commercial-scale CST system expected to begin delivering product in **Q2 2024**.  **[GPRE_3372167_5]** 

--- 

This table summarizes the issued and guided periods along with the exhaustive guidance metrics for each earnings call.

3ea69b04046d6101a564459038da4811ac60340bd9d7f64be1849a1318a05aaf

1. **Carbon Capture Revenue Potential**  
   **Q:** How will carbon credits impact future earnings?  
   **A:** We expect carbon credits to generate a **$250-$300 million** annual run-rate value from our Nebraska assets, which is likely not reflected in current models.  **[GPRE_3405419_16]**  We have a fixed-fee agreement with Trailblazer for transport and injection without sharing upside in credit values.  **[GPRE_3405419_16]**  We plan to monetize credits from **45Z**, **45Q**, and either voluntary or LCFS credits, aiming to reduce our carbon score below 50 and generate over **800,000 tons** of high-quality carbon credits.  **[GPRE_3405419_16]**  We have interest from companies to take our credits to market, and we expect significant profitability from these initiatives.  **[GPRE_3405419_16]** 

2. **Election Risk to Tax Credits**  
   **Q:** Could changes jeopardize 45Z and 45Q credits?  
   **A:** While there is political talk about eliminating the IRA, we believe **45Q** is not part of it and has bipartisan support.  **[GPRE_3405419_17]**  Even in a worst-case scenario, 45Q remains a **12-year program** starting when we begin sequestering carbon.  **[GPRE_3405419_17]**  Multiple industries support preserving and extending 45Z, so we are optimistic about the prospects despite election risks.  **[GPRE_3405419_17]** 

3. **Ethanol Margins Outlook**  
   **Q:** Will producers lower rates to lift prices?  
   **A:** The margin environment is volatile, but we're cautiously optimistic.  **[GPRE_3405419_9]**  We saw compression late in the quarter, but recent data shows demand is absorbing production.  **[GPRE_3405419_9]**  We're not at a point to significantly reduce production, and as we approach driving season, margins could improve.  **[GPRE_3405419_9]**  The corn basis in Q3 was **$0.50 per bushel** better than the prior three years.  **[GPRE_3405419_9]** 

4. **Protein Margins and Outlook**  
   **Q:** How do you view ultra-high protein premiums?  
   **A:** While protein margins are lighter than hoped, we still earn a margin and expect the market to absorb additional supply over the next **18 months**.  **[GPRE_3405419_14]**  Demand remains strong internationally, and pet food demand is robust with increased volumes.  **[GPRE_3405419_14]**  We're focusing on cost reductions and improving product consistency to enhance margins.  **[GPRE_3405419_14]** 

5. **Clean Sugar Technology Progress**  
   **Q:** What's the status of Clean Sugar Technology?  
   **A:** We've started producing commercial volumes of dextrose using our CST, with early feedback from North American customers being positive.  **[GPRE_3405419_10]**  Margins remain strong, as making dextrose instead of alcohol yields significantly higher margins.  **[GPRE_3405419_8]**  We're obtaining food-grade certifications to enter consumer markets.  **[GPRE_3405419_8]**  This technology is a **game-changer** that's never been done before at this scale.  **[GPRE_3405419_8]** 

6. **Decision on Blue Blade Energy**  
   **Q:** Update on Blue Blade Energy project?  
   **A:** We've decided not to proceed with the initial catalyst for Blue Blade Energy.  **[GPRE_3405419_12]**  Instead, we're focusing on technologies that are quicker to market, such as those from UOP Honeywell.  **[GPRE_3405419_12]**  Our emphasis is on being a provider of low-carbon fuels, energy, and ingredients rather than building an alcohol-to-jet plant ourselves.  **[GPRE_3405419_12]** 

7. **Capacity Increases at Plants**  
   **Q:** What capacity increases are expected?  
   **A:** At Mount Vernon, improvements are complete, adding about **20 million gallons** of annual capacity along with increased corn oil and protein production.  **[GPRE_3405419_18]**  At Obion, we expect to add another **20-25 million gallons** per year once construction is finished in the first quarter of next year.  **[GPRE_3405419_18]**  Combined, these will add **40-50 million gallons** of capacity, supplying more product to existing markets.  **[GPRE_3405419_18]** 

8. **Ethanol Export Outlook**  
   **Q:** What's your view on ethanol exports next year?  
   **A:** We believe exports will remain robust as global markets increase blend rates.  **[GPRE_3405419_13]**  Our product is very competitive, being **$0.40 to $0.50** less than wholesale gasoline.  **[GPRE_3405419_13]**  We expect to continue exporting to markets like Brazil, India, and the EU, and anticipate a strong margin environment in 2025.  **[GPRE_3405419_13]** 

9. **Future Clean Sugar Facilities**  
   **Q:** Will you invest in more CST facilities?  
   **A:** While we're optimistic about CST, we want to operate the Shenandoah plant longer before deciding on additional facilities.  **[GPRE_3405419_19]**  The economics remain favorable, with an uplift of **$0.67 to $0.87 per gallon** compared to making alcohol.  **[GPRE_3405419_19]**  We're focusing on optimizing and validating the technology before further investment.  **[GPRE_3405419_19]** 

10. **Novozymes Partnership Update**  
    **Q:** Any updates on Novozymes partnership?  
    **A:** We've renewed our agreement with Novozymes and are collaborating on higher protein products and improved nutritional characteristics.  **[GPRE_3405419_20]**  We're making progress in reducing production costs and increasing protein concentrations.  **[GPRE_3405419_20]**  We expect significant inroads in the **60 Pro** market next year, with demand from pet food customers increasing.  **[GPRE_3405419_20]** 

98b3c5de892fb96e835309e6c1a55afeab0ff5a8d19ae167d26460bbd4ef1afb

- **Green Plains expects to generate significant free cash flow starting in 2025** due to their simplified corporate structure and transformational initiatives like clean sugar technology and decarbonization efforts.  **[GPRE_3372167_9]**
- **The company is months away from commercial-scale production of dextrose using their clean sugar technology**, which management believes will be a game-changer and could redefine Green Plains' future.  **[GPRE_3372167_11]**
- **Green Plains achieved a capacity utilization rate of 95% in the quarter** and expects to maintain or improve upon this rate, indicating efficient operations and potential for increased earnings.  **[GPRE_3372167_18]**

8272e35ef50584ec4f071ddc25846ef1084a1429846579b8b7c88e600e51f53a

- **Strong ethanol export demand driving margins and supporting profitability**: The company emphasizes that robust ethanol exports are sustaining strong margins, expecting this trend to continue due to factors like Brazil's ethanol shortfall and competitive U.S. ethanol pricing.  **[GPRE_3396633_11]** **[GPRE_3396633_10]**
- **Advancements in high-protein products enhancing returns**: Green Plains is progressing in increasing protein content to **60% and potentially 70%**, improving margins by producing higher-value products more efficiently.  **[GPRE_3396633_19]** **[GPRE_3396633_20]** **[GPRE_3396633_23]**
- **Decreasing capital expenditures leading to increased free cash flow and strategic positioning in low-carbon initiatives**: With major capital investments winding down, the company anticipates generating free cash flow beyond capital needs. Their fully financed carbon capture projects also position them favorably in the low-carbon fuels market, including opportunities in sustainable aviation fuel.  **[GPRE_3396633_7]** **[GPRE_3396633_15]**

50ef08ab76aa3ccc22c1f26abe1f5dd9840d88991b29b043ae485151d10bb825

Green Plains Inc (GPRE)

Financials