Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q4 2019 Earnings Presentation
12 slides from Delek Us's earnings presentation, Feb 26, 2020
Slide 1: Fourth Quarter 2019 Earnings Call
Exhibit 99.2 Delek US Holdings, Inc. Fourth Quarter 2019 Earnings Call February 26, 2020
Slide 2: Disclaimers: Forward Looking Statements
Disclaimers Forward Looking Statements: Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; and collectively with Delek US, “we” or “our”) are traded on the New York Stock Exchange in the United States under the symbols “DK” and ”DKL”, respectively. These slides
Slide 3: Fourth Quarter 2019
Fourth Quarter 2019 • Fourth Quarter 2019 Performance ◦ Reported EPS of $0.44 and adjusted EPS of $(0.11) (1) ◦ Adjusted net loss of $8.5 million and adjusted EBITDA of $66.0 million (1) ▪ Adjusted results include $31.1 million benefit from retroactive BTC, partially offset by headwinds of approxima
Slide 4: Fourth Quarter 2019 Financial Position and Cash Flow
Fourth Quarter 2019 • Strong financial position with over $955 million of cash on the balance sheet • Cash flow from operating activities was approx. $127 million • Working capital decreased cash flow by approx. $10 million • Total investing activities of approx. $182 million: ◦ Cash capital expendi
Slide 5: Capitalization
Capitalization • Delek US Consolidated at December 31, 2019 December 31, 2019 December 31, 2018 ◦ Cash of $955 million ($ in millions) Current Portion of Long-Term Debt $36.4 $32.0 ◦ Net debt of $1.1 billion Long-Term Debt $2,030.7 $1,751.3 Total Debt $2,067.1 $1,783.3 • Excluding Delek Logistics at
Slide 6: Guidance
Guidance 1Q20 Guidance Range Low High Consolidated Operating Expenses, $ in millions $165.0 $175.0 Consolidated G&A, $ in millions $65.0 $70.0 Consolidated Depreciation and Amort., $ in millions $50.0 $52.0 Net interest expense, $ in millions $31.0 $33.0 Effective Tax Rate (1) 16.0% 18.0% Estimate D
Slide 7: Capital Expenditure
Capital Expenditure • Expected 2020 capital expenditures of $325.7 million ($ in millions) 2019 2020 E ◦ $205.2mm: Refining Refining: ◦ $22.7mm: Logistics Regulatory $62.3 $56.2 ◦ $26.2mm: Retail Maintenance/reliability $168.3 $141.2 ◦ $71.6mm: Corporate Discretionary/business development $36.0 $7.8
Slide 8: Significant Cash Returns to Shareholders
Significant Cash Returns to Shareholders Focus on returning cash while maintaining financial strength • Continue to target competitive dividend level for a (2) growth company that can be supported through the Cash to Shareholders cycle ◦ Announced a 1 cent dividend increase or 3.3% to $0.31 per shar
Slide 9: Questions and Answers
Questions and Answers Significant Organic Focus on Long-Term Growth / Margin Shareholder Returns Improvement Opportunities An Integrated and Permian Focused Diversified Refining, Financial Flexibility Refining System Logistics and Marketing Company Complementary Logistics Systems
Slide 10: Non-GAAP Reconciliations of Adjusted Net Income
Non-GAAP Reconciliations of Adjusted Net Income Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions, except per share data Three Months Ended December 31, Reconciliation of U.S. GAAP Net Loss to Adjusted Net Income 2019 2018 $ in million, except per share amounts
Slide 11: Non-GAAP Reconciliations of Adjusted Net Income per Share
Non-GAAP Reconciliations of Adjusted Net Income per Share Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions, except per share data Three Months Ended December 31, Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income per share 2019 2018 (Un
Slide 12: Non-GAAP Reconciliations of Adjusted EBITDA
Non-GAAP Reconciliations of Adjusted EBITDA Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions Three Months Ended December 31, Reconciliation of Net Income attributable to Delek to Adjusted EBITDA 2019 2018 (Unaudited) Reported net income attributable to Delek $