Green Plains Inc
For the period ended Dec 31, 2024. Filed Feb 7, 2025.
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FY2024 · Filed Feb 7, 2025
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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 expense, 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 |
| Nasdaq | The Nasdaq Global Market |
| SEC | Securities and Exchange Commission |
| Securities Act | Securities Act of 1933, as amended |
| SOFR | Secured Overnight Financing Rate |
Industry and Other Defined Terms:
| ATJ | Alcohol-to-Jet |
|---|---|
| BlackRock | Funds and accounts managed by BlackRock |
| BTU | British Thermal Units |
| CARB | California Air Resources Board |
| CI | Carbon Intensity |
| COVID-19 | Coronavirus Disease 2019 |
| CST™ | Clean Sugar Technology™ |
| DOE | Department of Energy |
| E10 | Gasoline blended with up to 10% ethanol by volume |
| E15 | Gasoline blended with up to 15% ethanol by volume |
| E85 | Gasoline blended with up to 85% ethanol by volume |
| EIA | U.S. Energy Information Administration |
| EPA | U.S. Environmental Protection Agency |
| EV | Electric Vehicle |
| FFV | Flexible-fuel vehicle |
| FSSC | Food Safety System Certification |
| GHG | Greenhouse gas |
| GP Turnkey Tharaldson | GP Turnkey Tharaldson LLC |
|---|---|
| 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., a wholly owned subsidiary of Green Plains ("Holdings"), with and into the partnership, with the partnership surviving such merger |
| Merger Agreement | Certain Agreement and Plan of Merger, dated as of September 16, 2023, by and among Green Plains Inc., Holdings, GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings, Green Plains Partners LP, and Green Plains Holdings LLC, the general partner of the partnership (the "General Partner") |
| MmBtu | Million British Thermal Units |
| mmg | Million gallons |
| mmgy | Million gallons per year |
| MSC™ | Maximized Stillage Co-products™ produced using process technology developed by Fluid Quip Technologies |
| MTBE | Methyl tertiary-butyl ether |
| R&D tax credit | Research and development tax credit |
| RFS | Renewable Fuels Standard |
| RIN | Renewable identification number |
| RVO | Renewable volume obligation |
| SAF | Sustainable Aviation Fuel |
| Sequence™ | A foundational feed ingredient made from a combination of corn and yeast protein, concentrated at 60% |
| SRE | Small refinery exemption |
| TTB | Alcohol and Tobacco Tax and Trade Bureau |
| U.S. | United States |
| USDA | U.S. Department of Agriculture |
Cautionary Statement Regarding Forward-Looking Statements
The SEC encourages companies to disclose forward-looking information so investors can better understand future prospects and make informed investment decisions. As such, forward-looking statements are included in this report or incorporated by reference to other documents filed with the SEC.
Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements may be identified by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “predict,” “may,” “could,” “should,” “will” and similar expressions, as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.
Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in this report under “Risk Factors” or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the status, expected timing, and expected outcome of our Board of Directors' ongoing review of strategic alternatives; 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; 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 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; the performance of the company; and other factors detailed in reports filed with the SEC.
We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management’s views as of the date of this report or documents incorporated by reference.
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