(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description of Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Green Plains Partners LP | |||||||||||
Date: May 4, 2023 | By: | /s/ James E. Stark | |||||||||
James E. Stark | |||||||||||
Chief Financial Officer (Principal Financial Officer) |
![]() | Exhibit 99.1 FOR IMMEDIATE RELEASE |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | % Var. | |||||||||||||||
Product volumes (mmg) | |||||||||||||||||
Storage and throughput services | 208.1 | 197.2 | 5.5% | ||||||||||||||
Terminal services: | |||||||||||||||||
Affiliate | 26.3 | 27.3 | (3.7) | ||||||||||||||
Non-affiliate | 24.6 | 21.5 | 14.4 | ||||||||||||||
50.9 | 48.8 | 4.3 | |||||||||||||||
Railcar capacity billed (daily avg.) | 72.7 | 69.7 | 4.3 |
March 31, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 18,119 | $ | 20,166 | |||||||
Accounts receivable, including from affiliates | 19,011 | 12,997 | |||||||||
Other current assets | 781 | 1,410 | |||||||||
Total current assets | 37,911 | 34,573 | |||||||||
Property and equipment, net | 26,572 | 26,137 | |||||||||
Operating lease right-of-use assets | 59,490 | 47,002 | |||||||||
Other assets | 13,792 | 13,710 | |||||||||
Total assets | $ | 137,765 | $ | 121,422 | |||||||
LIABILITIES AND PARTNERS' EQUITY (DEFICIT) | |||||||||||
Current liabilities | |||||||||||
Accounts payable, including to affiliates | $ | 7,700 | $ | 4,225 | |||||||
Operating lease current liabilities | 17,347 | 14,734 | |||||||||
Other current liabilities | 6,668 | 6,710 | |||||||||
Total current liabilities | 31,715 | 25,669 | |||||||||
Long-term debt | 58,588 | 58,559 | |||||||||
Asset retirement obligations | 3,660 | 2,862 | |||||||||
Operating lease long-term liabilities | 43,874 | 33,582 | |||||||||
Total liabilities | 137,837 | 120,672 | |||||||||
Partners' equity (deficit) | (72) | 750 | |||||||||
Total liabilities and partners' equity (deficit) | $ | 137,765 | $ | 121,422 |
Three Months Ended March 31, | |||||||||||||||||
2023 | 2022 | % Var. | |||||||||||||||
Revenues | |||||||||||||||||
Affiliate | $ | 19,656 | $ | 18,095 | 8.6 | % | |||||||||||
Non-affiliate | 1,119 | 1,005 | 11.3 | ||||||||||||||
Total revenues | 20,775 | 19,100 | 8.8 | ||||||||||||||
Operating expenses | |||||||||||||||||
Operations and maintenance (excluding depreciation and amortization reflected below) | 7,253 | 5,565 | 30.3 | ||||||||||||||
General and administrative | 1,230 | 1,185 | 3.8 | ||||||||||||||
Depreciation and amortization | 816 | 898 | (9.1) | ||||||||||||||
Total operating expenses | 9,299 | 7,648 | 21.6 | ||||||||||||||
Operating income | 11,476 | 11,452 | 0.2 | ||||||||||||||
Interest expense, net | (1,772) | (1,239) | 43.0 | ||||||||||||||
Income before income taxes and income from equity method investee | 9,704 | 10,213 | (5.0) | ||||||||||||||
Income tax benefit (expense) | 99 | (38) | (360.5) | ||||||||||||||
Income from equity method investee | 109 | 175 | (37.7) | ||||||||||||||
Net income | $ | 9,912 | $ | 10,350 | (4.2) | % | |||||||||||
Net income attributable to partners' ownership interests | |||||||||||||||||
General partner | $ | 198 | $ | 207 | (4.3) | % | |||||||||||
Limited partners - common unitholders | 9,714 | 10,143 | (4.2) | ||||||||||||||
Earnings per limited partner unit (basic and diluted) | |||||||||||||||||
Common units | $ | 0.42 | $ | 0.44 | (4.5) | % | |||||||||||
Weighted average limited partner units outstanding (basic and diluted) | |||||||||||||||||
Common units | 23,227 | 23,208 | |||||||||||||||
Supplemental Revenues Data: | |||||||||||||||||
Storage and throughput services | $ | 11,564 | $ | 11,558 | 0.1 | % | |||||||||||
Railcar transportation services | 6,309 | 4,652 | 35.6 | ||||||||||||||
Terminal services | 2,077 | 2,084 | (0.3) | ||||||||||||||
Trucking and other | 825 | 806 | 2.4 | ||||||||||||||
Total revenues | $ | 20,775 | $ | 19,100 | 8.8 | % |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 9,912 | $ | 10,350 | |||||||
Noncash operating adjustments | |||||||||||
Depreciation and amortization | 816 | 898 | |||||||||
Other | (265) | (47) | |||||||||
Net change in working capital | (1,600) | (2,277) | |||||||||
Net cash provided by operating activities | 8,863 | 8,924 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of property and equipment | (117) | (134) | |||||||||
Net cash used in investing activities | (117) | (134) | |||||||||
Cash flows from financing activities | |||||||||||
Payments of distributions | (10,793) | (10,429) | |||||||||
Net payments on long-term debt | — | (1,031) | |||||||||
Net cash used in financing activities | (10,793) | (11,460) | |||||||||
Net change in cash and cash equivalents | (2,047) | (2,670) | |||||||||
Cash and cash equivalents, beginning of period | 20,166 | 17,645 | |||||||||
Cash and cash equivalents, end of period | $ | 18,119 | $ | 14,975 |
Three Months Ended March 31, | LTM March 31, | ||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||
Net income | $ | 9,912 | $ | 10,350 | $ | 40,212 | |||||||||||
Interest expense, net | 1,772 | 1,239 | 6,457 | ||||||||||||||
Income tax (benefit) expense | (99) | 38 | (56) | ||||||||||||||
Depreciation and amortization | 816 | 898 | 4,011 | ||||||||||||||
Unit-based compensation expense | 59 | 59 | 240 | ||||||||||||||
Proportional share of EBITDA adjustments of equity method investee (1) | 45 | 45 | 180 | ||||||||||||||
Adjusted EBITDA | 12,505 | 12,629 | 51,044 | ||||||||||||||
Interest paid or payable, net of interest received | (1,772) | (1,239) | (6,457) | ||||||||||||||
Income taxes paid or payable | 99 | (38) | 56 | ||||||||||||||
Maintenance capital expenditures | (80) | (132) | (532) | ||||||||||||||
Distributable cash flow (2) | $ | 10,752 | $ | 11,220 | $ | 44,111 | |||||||||||
Distributions declared (3) | $ | 10,793 | $ | 10,547 | $ | 43,054 | |||||||||||
Coverage ratio | 1.00 | x | 1.06 | x | 1.02 | x | |||||||||||
Long-term debt | $ | 58,588 | |||||||||||||||
Less: Cash and cash equivalents | 18,119 | ||||||||||||||||
Long-term debt, net of cash and cash equivalents | $ | 40,469 | |||||||||||||||
Adjusted EBITDA | $ | 51,044 | |||||||||||||||
Leverage ratio | 0.79 | x |
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Cover |
May 04, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 04, 2023 |
Entity Registrant Name | GREEN PLAINS PARTNERS LP |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37469 |
Entity Tax Identification Number | 47-3822258 |
Entity Address, Address Line One | 1811 Aksarben Drive |
Entity Address, City or Town | Omaha |
Entity Address, State or Province | NE |
Entity Address, Postal Zip Code | 68106 |
City Area Code | 402 |
Local Phone Number | 884-8700 |
Title of 12(b) Security | Common Units, Representing Limited Partner Interests |
Trading Symbol | GPP |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001635650 |
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