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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Cash and cash equivalents [USD, thousands]

Restricted cash [USD, thousands]

Accounts receivable, net [USD, thousands]

Inventories [USD, thousands]

Prepaid expenses and other [USD, thousands]

Derivative financial instruments [USD, thousands]

Total current assets [USD, thousands]

Property and equipment, net [USD, thousands]

Operating lease right-of-use assets [USD, thousands]

Other assets [USD, thousands]

Total assets [USD, thousands]

Accounts payable [USD, thousands]

Accrued and other liabilities [USD, thousands]

Operating lease current liabilities [USD, thousands]

Short-term notes payable and other borrowings [USD, thousands]

Current maturities of long-term debt [USD, thousands]

Total current liabilities [USD, thousands]

Long-term debt [USD, thousands]

Operating lease long-term liabilities [USD, thousands]

Other liabilities [USD, thousands]

Total liabilities [USD, thousands]

Total Green Plains stockholders' equity [USD, thousands]

Noncontrolling interests [USD, thousands]

Total stockholders' equity [USD, thousands]

Total liabilities and stockholders' equity [USD, thousands]

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Revenues (USD, thousands)

Cost of Goods Sold (USD, thousands)

Selling, General and Administrative Expenses (USD, thousands)

Depreciation and Amortization Expenses (USD, thousands)

Operating Income (Loss) (USD, thousands)

Interest Income (USD, thousands)

Interest Expense (USD, thousands)

Other, Net (USD, thousands)

Income (Loss) Before Income Taxes and Income (Loss) from Equity Method Investees (USD, thousands)

Income Tax Benefit (Expense) (USD, thousands)

Income (Loss) from Equity Method Investees (USD, thousands)

Net Income (Loss) (USD, thousands)

Net Income Attributable to Noncontrolling Interests (USD, thousands)

Net Loss Attributable to Green Plains (USD, thousands)

EPS - Basic and Diluted (USD)

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The **lower cash and cash equivalents** in **Q2 2024** are a result of significant cash outflows across multiple areas. Specifically, the company experienced **net cash used in operating activities of $65.7 million**, **net cash used in investing activities of $55.5 million**, and **net cash used in financing activities of $32.4 million**, which collectively reduced its cash position from **$349,574 thousand at the end of December 2023** to **$195,554 thousand by the end of Q2 2024**.  **[0001309402-24-000114_gpre-20240630.htm:52]** **[0001309402-24-000114_gpre-20240630.htm:3]** 

Why is Cash and cash equivalents so low in Q2 2024?

The decline in **Total assets** in Q1 2024 was primarily driven by a **reduction in cash and cash equivalents**, a **decrease in inventories**, and a **reduction in derivative financial instruments**. Specifically, cash and cash equivalents fell from **$349,574 thousand** to **$237,302 thousand**, inventories decreased from **$215,810 thousand** to **$191,149 thousand**, and derivative financial instruments dropped from **$19,772 thousand** to **$7,893 thousand**. These changes were the main contributors to the overall decline, reflecting the impact of cash used for acquisitions, capital investments, operating losses, lower commodity prices, and hedging adjustments.  **[0001309402-24-000092_gpre-20240331.htm:3]** **[0001309402-24-000092_gpre-20240331.htm:45]** **[0001309402-24-000092_gpre-20240331.htm:12]** **[0001309402-24-000092_gpre-20240331.htm:16]** 

What drove the decline in Total assets in Q1 2024?

During Q3 2024, **Green Plains Inc.** significantly reduced its long-term debt by **retiring high-priced debt using the proceeds from the sale of the Birmingham unit train terminal** and by **incurring loan fees along with debt amortization**. These actions were part of the company’s strategic focus on reducing leverage and improving its financial structure.  **[GPRE_3405419_3]** **[GPRE_3405419_2]** **[GPRE_3405419_5]** 

Why did Long-term debt drop significantly in Q3 2024?

The sharp decline in **Accounts receivable, net** during Q3 2024 was due to a combination of factors. First, **lower revenues** played a significant role, as revenues dropped from **$892.8 million** in Q3 2023 to **$658.7 million** in Q3 2024, largely driven by decreased prices for ethanol, dry distillers grains, and renewable corn oil. In addition, the company experienced **improved cash collections** that reduced outstanding receivables, and there was an impact from **lower commodity input costs** affecting the pricing and timing of receivables.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:10]** **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** 

Why did Accounts receivable, net fall so sharply in Q3 2024?

7f91966b0da4d3a1e2c1af3fb8ecde6a438e5f340e9d495a4183b0beaf96d909

Green Plains Inc.’s Q1 2024 revenues were significantly lower, declining approximately **28.3%** from **$832,949 thousand** in Q1 2023 to **$597,214 thousand** in Q1 2024. This decrease was primarily due to **lower weighted average selling prices** for ethanol, distillers grains, and renewable corn oil, with revenue reductions of **$156.1 million**, **$32.0 million**, and **$9.3 million**, respectively.  **[0001309402-24-000092_gpre-20240331.htm:44]**  Although ethanol volumes sold increased slightly (adding **$2.5 million** in revenue), decreases in other product volumes, along with only partial revenue support from hedging activities (**$4.8 million**), contributed to the decline.  **[0001309402-24-000092_gpre-20240331.htm:44]**  Additionally, both the ethanol production segment (**$192.1 million** decrease) and the agribusiness and energy services segment (**$43.4 million** decrease) experienced significant revenue declines. An oversupplied ethanol market during a mild winter led to stock builds and lower realized prices, further exacerbating the revenue drop.  **[0001309402-24-000089_gpreq12024earningsrelease.htm:1]** **[GPRE_3382642_3]** 

Why were Revenues significantly lower in Q1 2024?

In Q3 2024, the sharp increase in operating income was primarily driven by several factors. **Improved consolidated crush margins** played a significant role, increasing from **$52.9 million** to **$58.3 million**. Additionally, a notable **$30.7 million gain** from the sale of the Birmingham unit train terminal significantly boosted operating income. **Lower SG&A expenses** by **$8.6 million** further contributed to the improvement, along with better plant utilization and overall cost management, which helped offset the effects of a decrease in total revenues.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[GPRE_3405419_1]** 

What drove the sharp increase in Operating Income in Q3 2024?

The strong Q3 2024 Net Income performance was driven by a combination of **asset sale gains**, **improved production margins**, and **cost reductions**. Specifically, the company realized a notable **gain of $30.7 million** from the sale of its Birmingham unit train terminal, which had a substantial positive impact on its net income.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[0001309402-24-000129_gpre-20240930.htm:52]**  Additionally, higher margins in the ethanol production segment further enhanced profitability, while reduced input costs—including lower weighted average corn prices and reduced natural gas expenses—helped lower overall costs and bolster net income.  **[0001309402-24-000129_gpre-20240930.htm:53]** 

What factors contributed to the strong Net Income performance in Q3 2024?

The **EPS nearly doubled** in Q3 2024 primarily due to a significant improvement in **net income** driven by enhanced operational performance. The company increased its net income from **$22.3 million** in Q3 2023 to **$48.2 million** in Q3 2024, benefited further by a **$30.7 million gain** from the sale of the Birmingham unit train terminal. In addition, **improved margins**—including higher consolidated crush margins—and **lower SG&A costs** by **$8.6 million** further boosted profitability, outweighing the dilution effects from convertible notes and stock-based compensation awards.  **[0001309402-24-000124_gpre-q32024earningsrelease.htm:1]** **[GPRE_3405419_3]** **[0001309402-24-000129_gpre-20240930.htm:32]** 

Why did EPS nearly double in Q3 2024?

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a3a25ac0582bf935aef8f9df417295ef176e0af038ee0d0e077b4cd46ee3a096

Net loss (USD, thousands)

Depreciation and amortization (USD, thousands)

Amortization of debt issuance costs and non-cash interest expense (USD, thousands)

Inventory lower of cost or net realizable value adjustment (USD, thousands)

Stock-based compensation (USD, thousands)

Loss (income) from equity method investees, net of income taxes (USD, thousands)

Other adjustments to net loss (USD, thousands)

Accounts receivable changes (USD, thousands)

Inventories changes (USD, thousands)

Derivative financial instruments changes (USD, thousands)

Prepaid expenses and other assets changes (USD, thousands)

Accounts payable and accrued liabilities changes (USD, thousands)

Current income taxes changes (USD, thousands)

Other operating liabilities changes (USD, thousands)

Net cash used in operating activities (USD, thousands)

Purchases of property and equipment, net (USD, thousands)

Investment in equity method investees (USD, thousands)

Net cash used in investing activities (USD, thousands)

Payments of principal on long-term debt (USD, thousands)

Proceeds from short-term borrowings (USD, thousands)

Payments on short-term borrowings (USD, thousands)

Payments on extinguishment of non-controlling interest (USD, thousands)

Payments of transaction costs (USD, thousands)

Payments related to tax withholdings for stock-based compensation (USD, thousands)

Other financing activities (USD, thousands)

Net cash used in financing activities (USD, thousands)

Net change in cash and cash equivalents, and restricted cash (USD, thousands)

Cash paid for income taxes, net (USD, thousands)

Cash paid for interest (USD, thousands)

Capital expenditures in accounts payable (USD, thousands)

Issuance of common stock as a result of the Merger (USD, thousands)

Non-cash extinguishment of non-controlling interest within additional paid-in capital (USD, thousands)

Non-cash ARO additions (USD, thousands)

Deferred income taxes (USD, thousands)

Cash and cash equivalents, and restricted cash, beginning of period (USD, thousands)

Green Plains Inc (GPRE)

Financials