Company Quick10K Filing
Green Plains Partners
Price1.00 EPS-31,089,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt139 EBIT38
TEV139 TEV/EBIT4
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-06
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-14
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-18
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-12
8-K 2020-08-03 Earnings, Exhibits
8-K 2020-07-16 Other Events, Exhibits
8-K 2020-06-04
8-K 2020-05-04
8-K 2020-04-16
8-K 2020-03-18
8-K 2020-02-10
8-K 2020-01-16
8-K 2019-11-05
8-K 2019-10-17
8-K 2019-08-05
8-K 2019-07-18
8-K 2019-05-08
8-K 2019-05-08
8-K 2019-04-18
8-K 2019-02-11
8-K 2019-01-17
8-K 2018-11-30
8-K 2018-11-15
8-K 2018-11-07
8-K 2018-10-18
8-K 2018-10-15
8-K 2018-10-10
8-K 2018-08-01
8-K 2018-08-01
8-K 2018-07-19
8-K 2018-07-16
8-K 2018-05-07
8-K 2018-04-19
8-K 2018-03-19
8-K 2018-02-16
8-K 2018-02-07
8-K 2018-01-18

GPP 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 gpp-20200630xex31_1.htm
EX-31.2 gpp-20200630xex31_2.htm
EX-32.1 gpp-20200630xex32_1.htm
EX-32.2 gpp-20200630xex32_2.htm

Green Plains Partners Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
12585455-35-752013201520172020
Assets, Equity
30241812602013201520172020
Rev, G Profit, Net Income
75417-27-61-952013201520172020
Ops, Inv, Fin

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extr

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 June 30, 2020

Commission File Number 001-37469

Green Plains PARTNERS LP

(Exact name of registrant as specified in its charter)

Delaware

47-3822258

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

1811 Aksarben Drive, Omaha, NE 68106

(402) 884-8700

(Address of principal executive offices, including zip code)

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units, Representing Limited Partner Interests

GPP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

x Yes o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer o

Accelerated Filer x

Non-Accelerated Filer ¨

Smaller Reporting Company o

Emerging Growth Company x

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.  x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

o Yes x No

The registrant had 23,208,171 common units outstanding as of July 30, 2020.


TABLE OF CONTENTS

 

2


Commonly Used Defined Terms

The abbreviations, acronyms and industry terminology used in this quarterly report are defined as follows:

Green Plains Partners LP, Subsidiaries, and Partners:

z

Green Plains Operating Company

Green Plains Operating Company LLC

Green Plains Partners; the partnership

Green Plains Partners LP and its subsidiaries

NLR

NLR Energy Logistics LLC

Green Plains Inc. and Subsidiaries:

Green Plains; the parent or sponsor

Green Plains Inc. and its subsidiaries

Green Plains Holdings, the general partner

Green Plains Holdings LLC

Green Plains Trade

Green Plains Trade Group LLC

Other Defined Terms:

2019 annual report

The partnership’s annual report on Form 10-K for the year ended December 31, 2019, filed February 20, 2020

ARO

Asset retirement obligation

ASC

Accounting Standards Codification

Bgy

Billion gallons per year

CAFE

Corporate Average Fuel Economy

CAMEX

Brazil Chamber of Foreign Trade

Conflicts committee

The partnership’s committee responsible for reviewing situations involving certain transactions with affiliates or other potential conflicts of interest

COVID-19

Coronavirus Disease 2019

D.C.

District of Columbia

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

EBITDA

Earnings before interest, taxes, depreciation and amortization

EIA

U.S. Energy Information Administration

EPA

U.S. Environmental Protection Agency

Exchange Act

Securities Exchange Act of 1934, as amended

FASB

Financial Accounting Standards Board

GAAP

U.S. Generally Accepted Accounting Principles

GATT

General Agreement on Tariffs and Trade

LIBOR

London Interbank Offered Rate

LTIP

Green Plains Partners LP 2015 Long-Term Incentive Plan

Mmg

Million gallons

MTBE

Methyl tertiary-butyl ether

MVCs

Minimum volume commitments

Partnership agreement

First Amended and Restated Agreement of Limited Partnership of Green Plains Partners LP, dated as of July 1, 2015, between Green Plains Holdings LLC and Green Plains Inc.

PCAOB

Public Company Accounting Oversight Board

RFS II

Renewable Fuels Standard II

RIN

Renewable identification number

RVO

Renewable volume obligation

SEC

Securities and Exchange Commission

SRE

Small refinery exemption

USDA

U.S. Department of Agriculture

WTO

World Trade Organization


3


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit amounts)

June 30, 2020

December 31, 2019

(unaudited)

ASSETS

Current assets

Cash and cash equivalents

$

3,037

$

261

Accounts receivable

598

985

Accounts receivable from affiliates

16,262

15,666

Prepaid expenses and other

1,286

517

Total current assets

21,183

17,429

Property and equipment, net of accumulated depreciation and amortization of $33,903 and $31,976, respectively

35,953

37,355

Operating lease right-of-use assets

33,897

35,456

Goodwill

10,598

10,598

Investment in equity method investee

3,662

4,329

Other assets

18

486

Total assets

$

105,311

$

105,653

LIABILITIES AND PARTNERS' DEFICIT

Current liabilities

Accounts payable

$

5,279

$

5,050

Accounts payable to affiliates

411

543

Accrued and other liabilities

3,174

4,461

Asset retirement obligations

1,000

565

Operating lease current liabilities

11,865

13,093

Current maturities of long-term debt

36,334

132,100

Total current liabilities

58,063

155,812

Long-term debt

90,576

-

Asset retirement obligations

2,610

2,500

Operating lease long-term liabilities

23,214

23,088

Total liabilities

174,463

181,400

Commitments and contingencies (Note 10)

 

 

Partners' deficit

Common unitholders - public (11,574,003 units issued and outstanding)

117,342

114,006

Common unitholders - Green Plains (11,586,548 units issued and outstanding)

(185,121)

(188,304)

General partner interests

(1,373)

(1,449)

Total partners' deficit

(69,152)

(75,747)

Total liabilities and partners' deficit

$

105,311

$

105,653

See accompanying notes to the consolidated financial statements.

4


GREEN PLAINS PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per unit amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2020

2019

2020

2019

Revenues

Affiliate

$

18,997

$

19,133

$

37,980

$

37,915

Non-affiliate

1,384

1,692

2,672

3,997

Total revenues

20,381

20,825

40,652

41,912

Operating expenses

Operations and maintenance (excluding depreciation and amortization reflected below)

6,603

6,233

12,763

13,098

General and administrative

878

988

1,922

2,105

Depreciation and amortization

966

771

1,927

1,756

Total operating expenses

8,447

7,992

16,612

16,959

Operating income

11,934

12,833

24,040

24,953

Other income (expense)

Interest income

-

20

-

40

Interest expense

(1,820)

(2,166)

(3,684)

(4,221)

Other

-

(73)

-

(73)

Total other expense

(1,820)

(2,219)

(3,684)

(4,254)

Income before income taxes and income from equity method investee

10,114

10,614

20,356

20,699

Income tax expense

(105)

(47)

(136)

(99)

Income from equity method investee

175

142

333

357

Net income

$

10,184

$

10,709

$

20,553

$

20,957

Net income attributable to partners' ownership interests:

General partner

$

204

$

213

$

411

$

418

Limited partners - common unitholders

9,980

10,496

20,142

20,539

Earnings per limited partner unit (basic and diluted):

Common units

$

0.43

$

0.45

$

0.87

$

0.89

Weighted average limited partner units outstanding (basic and diluted):

Common units

23,138

23,120

23,138

23,119

See accompanying notes to the consolidated financial statements.

 

5


GREEN PLAINS PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Six Months Ended
June 30,

2020

2019

Cash flows from operating activities:

Net income

$

20,553

$

20,957

Adjustments to reconcile net income to net cash
provided by operating activities:

Depreciation and amortization

1,927

1,756

Accretion

127

2

Amortization of debt issuance costs

562

406

Loss on the disposal of assets

-

73

Unit-based compensation

158

158

Income from equity method investee

(333)

(357)

Distribution from equity method investee

1,000

-

Other

75

(17)

Changes in operating assets and liabilities:

Accounts receivable

387

400

Accounts receivable from affiliates

(596)

(6,121)

Prepaid expenses and other assets

(769)

(179)

Accounts payable and accrued liabilities

(1,182)

7,314

Accounts payable to affiliates

(132)

(246)

Operating lease liabilities and right-of-use assets

457

(213)

Other

10

23

Net cash provided by operating activities

22,244

23,956

Cash flows from investing activities:

Purchases of property and equipment, net

(54)

82

Net cash provided by (used in) investing activities

(54)

82

Cash flows from financing activities:

Payments of distributions

(14,116)

(22,538)

Proceeds from credit facility

39,800

41,700

Payments on credit facility

(41,900)

(43,500)

Payments of loan fees

(3,198)

-

Net cash used in financing activities

(19,414)

(24,338)

Net change in cash and cash equivalents

2,776

(300)

Cash and cash equivalents, beginning of period

261

569

Cash and cash equivalents, end of period

$

3,037

$

269

Supplemental disclosures of cash flow

Cash paid for income taxes

$

91

$

193

Cash paid for interest