Production and Utilization - In Q1 2023, the company maintained an average utilization rate of approximately 87.5%, resulting in ethanol production of 206.7 million gallons, compared to 196.3 million gallons in Q1 2022, reflecting a 5.4% increase in production [159]. - The company operates eleven ethanol plants capable of processing approximately 330 million bushels of corn per year, producing around 958 million gallons of ethanol, 2.4 million tons of distillers grains, and 310 million pounds of renewable corn oil [159]. - Ethanol sold increased by 5.4% to 206,880 thousand gallons for the three months ended March 31, 2023, compared to 196,348 thousand gallons in 2022 [190]. Market and Demand - Domestic ethanol production averaged 1.01 million barrels per day in Q1 2023, a 1.0% decrease from 1.02 million barrels per day in Q1 2022, while gasoline demand remained stable at 8.6 million barrels per day [161]. - U.S. domestic ethanol ending stocks decreased by approximately 1.4 million barrels, or 5.3%, to 25.1 million barrels as of March 31, 2023 [161]. - The EPA has proposed Renewable Volume Obligations (RVOs) for 2023, 2024, and 2025, setting implied conventional ethanol levels at 15.25 billion gallons for each year [167]. Financial Performance - Consolidated revenues increased by $51.5 million for the three months ended March 31, 2023, compared to the same period in 2022, primarily due to higher volumes sold of ethanol, distillers grains, and renewable corn oil [186]. - Ethanol production segment revenues from external customers were $695,494, representing a 9.1% increase from $637,553 in the same period last year [180]. - Adjusted EBITDA increased by $0.1 million for the three months ended March 31, 2023 [187]. Costs and Margins - The cost of goods sold for ethanol production increased by 8.4% to $716,947 from $661,560 [181]. - The gross margin for ethanol production was negative $21,453, an improvement from negative $24,007, reflecting a 10.6% decrease [181]. - Operating loss for ethanol production was $53,362, a 4.3% increase from the loss of $51,158 in the previous year [181]. Capital and Debt Management - As of March 31, 2023, Green Plains had $709.6 million in total debt, with $271.6 million bearing variable interest rates [231]. - The company issued $125.0 million of junior secured mezzanine notes due 2026, with an interest rate of 11.75% [217]. - The company has total revolving commitments of $350.0 million with an accordion feature allowing for an increase of up to $100.0 million [220]. Strategic Initiatives - The company is producing Ultra-High Protein at five locations and deploying FQT MSC™ technology at additional sites to meet growing global demand for protein feed ingredients [160]. - The partnership's assets include 27 ethanol storage facilities and approximately 2,300 leased railcars, enhancing the company's logistics capabilities [159]. - The company has a share repurchase program authorized for up to $200.0 million, with no shares repurchased during the first quarter of 2023 [205]. Government and Regulatory Impact - The Inflation Reduction Act of 2022 includes a Clean Fuel Production Credit of $1.00 per gallon, which could impact the company's fuel ethanol depending on GHG reduction levels [165]. - The company received $27.7 million in funds from the USDA as part of COVID-19 relief measures [172]. Cash Flow and Operating Activities - Net cash used in operating activities was $117.0 million for the three months ended March 31, 2023, an improvement from $162.5 million in the same period in 2022 [200]. - Capital expenditures were approximately $32.6 million during the three months ended March 31, 2023, primarily for expansion projects [202].

Operational Performance - The company maintained an average utilization rate of approximately 91% of capacity during 2022, compared to 77% in the prior year[243]. - The top four producers accounted for approximately 41% of the domestic ethanol production capacity as of December 31, 2022[74]. - The company produced Ultra-High Protein at three locations and began commissioning FQT's MSC technology at two additional locations in Q4 2022[243]. - The company has formed a 50/50 joint venture with Tharaldson Ethanol to enhance renewable corn oil yields[82]. - Ethanol production segment sold 872,133 thousand gallons in 2022, up from 750,648 thousand gallons in 2021, representing a volume increase of approximately 16.2%[289]. Financial Performance - Total revenues including intersegment activity reached $3,662,849,000 in 2022, a 29.5% increase from $2,827,168,000 in 2021[275]. - Ethanol production segment revenues from external customers increased to $3,070,192,000 in 2022, up 42.5% from $2,153,368,000 in 2021[275]. - Agribusiness and energy services segment revenues from external customers decreased to $588,654,000 in 2022, down 12.1% from $669,526,000 in 2021[275]. - The partnership segment generated revenues from external customers of $4,003,000 in 2022, a slight decrease from $4,274,000 in 2021[275]. - Consolidated revenues increased by $835.7 million in 2022 compared to 2021, primarily due to higher average selling prices and higher volumes sold in the ethanol production segment[286]. Cost and Expenses - Cost of goods sold for ethanol production was $3,068,366,000 in 2022, an increase of 48.7% from $2,063,283,000 in 2021[275]. - The company’s cost of goods sold includes significant raw material costs, with corn being the most significant, followed by natural gas[262]. - Operating loss in the ethanol production segment increased by $89.8 million in 2022, primarily due to decreased margins[291]. - Corporate activities incurred an operating loss of $(60,478,000) in 2022, compared to a loss of $(10,499,000) in 2021[282]. Profitability - The operating loss for the ethanol production segment was $(117,764,000) in 2022, compared to a loss of $(27,996,000) in 2021[276]. - Adjusted EBITDA for the ethanol production segment was $(8,619,000) in 2022, down from $55,056,000 in 2021[282]. - The net loss for the year ended December 31, 2022, was $(103,377,000), compared to $(44,146,000) in 2021[280]. Cash Flow and Capital Expenditures - Net cash provided by operating activities was $69.7 million in 2022, a significant increase from $4.2 million in 2021[300]. - Capital expenditures totaled $212.4 million in 2022, primarily for Ultra-High Protein expansion projects, with projected capital spending for 2023 estimated between $150 million and $250 million[302]. - The company had $444.7 million in cash and cash equivalents and $55.6 million in restricted cash as of December 31, 2022[298]. Debt and Financing - As of December 31, 2022, the outstanding principal balance on the $125.0 million junior secured mezzanine notes was $125.0 million with an interest rate of 11.75%[318]. - The company has a $75.0 million delayed draw loan agreement with an outstanding principal balance of $74.6 million and an interest rate of 5.02% as of December 31, 2022[318]. - Green Plains Partners has a term loan balance of $59.0 million with an interest rate of 12.77% as of December 31, 2022[325]. - Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility with an outstanding principal balance of $22.7 million and an interest rate of 6.05% as of December 31, 2022[321]. - The company expects to refinance or extend its $40.0 million revolving credit facility prior to maturity[321]. Grants and Other Income - The company received a $27.7 million grant from the USDA in 2022 as part of the Biofuel Producer Program[267]. Shareholder Activities - The company authorized a share repurchase program of up to $200.0 million of its common stock, with no repurchases made in 2022[305]. - In August 2022, the company exchanged approximately $32.6 million of 4.125% notes for about 1.2 million shares of common stock[316]. Taxation - Income tax expense increased to $4.7 million in 2022 from $1.8 million in 2021, primarily due to an increase in the valuation allowance against certain deferred tax assets[296].

Forward Looking Statements This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expressed or implied in its reports filed with the Securiti ...

Financial Data and Key Metrics Changes - Green Plains consolidated revenues for Q4 2022 were $914 million, an increase of $112 million compared to the same period in 2021, driven by higher run rates [21] - The net loss attributable to Green Plains was $38.6 million or $0.66 per diluted share, compared to a loss of $9.6 million or $0.18 per diluted share for the same period in 2021 [49] - Adjusted EBITDA for Q4 2022 was $5.8 million, down from $32 million in the same period last year [49] - The consolidated crush margin for Q4 2022 was $0.03 per gallon, which is $0.17 lower than the previous year [49] Business Line Data and Key Metrics Changes - The Ag and Energy segment recorded an EBITDA increase of $9.6 million to $11.8 million for Q4 2022, driven by market volatility in merchant trading and distribution [22] - The plant utilization rate improved to 93.4% in Q4 2022, compared to 83% in the same period last year [21] - Capital expenditures for 2022 totaled $212 million, with expectations for 2023 CapEx in the range of $150 million to $250 million [25][52] Market Data and Key Metrics Changes - The basis in the Western Corn Belt remained high, about $0.45 per bushel higher than the prior five-year average [15] - The company anticipates interest expense for 2023 to be approximately $40 million, reflecting current interest rates [23] Company Strategy and Development Direction - The company is focused on its transformation plan, which includes expanding MSC protein and corn oil facilities, completing a clean sugar facility, and executing carbon capture initiatives [20][34] - Green Plains is positioning itself for sustainable aviation fuel opportunities through partnerships and technology advancements [45][61] - The company aims to capitalize on the Inflation Reduction Act's benefits to enhance margins starting in 2025 [89] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the ethanol market but expressed optimism about the potential for margin improvements as market conditions evolve [14][93] - The company is confident in its transformation strategy and the long-term value of its biorefinery platform [19][34] - Management highlighted strong customer engagement and expectations for continued demand for their products [27][68] Other Important Information - The company has contracted and sold nearly half of its anticipated production for 2023, with approximately 250,000 tons or 75% of capacity effectively spoken for [27] - The partnership with Tallgrass and United Airlines aims to develop sustainable aviation fuel technology, which is seen as a significant opportunity for the company [45][61] Q&A Session Summary Question: What are the current asset values and their implications for the ethanol industry? - Management noted strong interest in sustainable aviation fuel and decarbonization, leading to increased asset values in the ethanol industry [64] Question: How is the company approaching the commercial process for its clean sugar technology? - Management indicated that learnings from the protein sales side will apply to the clean sugar technology business, emphasizing the importance of quality control and ramping up sales processes [73] Question: What are the expectations for protein pricing in 2023? - Management confirmed that they have exceeded the initial target of a $200 premium over traditional products and are effectively sold out for the first half of the year [67][68] Question: How does the company view the future of ethanol pricing in relation to sustainable aviation fuel? - Management expressed optimism that the transition to sustainable aviation fuel will provide the industry with pricing power and improve margins [76][100]

| --- | --- | --- | --- | |----------------------------------------|-------|-------|-------| | | | | | | | | | | | Stephens Annual Investment Conference | | | | | November 16-17, 2022 | | | | Forward-Looking Statements This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains ha ...

Green Plains Inc. (NASDAQ:GPRE) Q2 2022 Earnings Conference Call August 2, 2022 11:00 AM ET Company Participants Phil Boggs - Executive Vice President, Investor Relations Todd Becker - President, Chief Executive Officer and Director Patrich Simpkins - Chief Financial Officer Devin Mogler - Senior Vice President, Government Relations, Sustainability and Communications Leslie van der Meulen - Executive Vice President, Product Marketing & Innovation Conference Call Participants Jordan Levy - Truist Adam Samuel ...

```markdown [FORM 10-Q Filing Information](index=1&type=section&id=FORM%2010-Q) [Filing Details](index=1&type=section&id=Filing%20Details) Green Plains Inc. filed its Form 10-Q for Q2 2022 as a large accelerated filer, reporting **58,092,288 common shares outstanding** as of July 28, 2022 - Green Plains Inc. is filing a Quarterly Report on Form 10-Q for the period ended June 30, 2022[2](index=2&type=chunk) - The registrant is classified as a **large accelerated filer**[6](index=6&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Metric | Value | | :--- | :--- | | Common Stock Outstanding (as of July 28, 2022) | 58,092,288 shares | [Commonly Used Defined Terms](index=3&type=section&id=Commonly%20Used%20Defined%20Terms) [Green Plains Inc.

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|-------|-------|-------|-------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2022 Business Update | | | | | | | August 2, 2022 | | | | | | | | | | Forward Looking Statements 2 This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions a ...

ROTH 8th Annual London Conference June 21-23, 2022 Forward-Looking Statements 2 This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those expres ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2022 Commission File Number 001-32924 GREEN PLAINS INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 1811 Aksarben Drive, Omaha, NE 68106 (402) 884-87 ...