Green Plains, Inc. · NASDAQ:GPRE
Green Plains — FY2020 Earnings Presentation
19 slides from Green Plains's earnings presentation, Feb 10, 2021
Slide 1: Fourth Quarter & Full Year 2020 Business Update
Fourth Quarter & Full Year 2020 Business Update February 10, 2021
Slide 2: Forward Looking Statements
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 uncertaint
Slide 3: Green Plains Inc.
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Slide 4: Fourth Quarter Results
Fourth Quarter Results Results of Operations • Net loss of $49.6 million, or $(1.43) per diluted share inclusive of $31.3 million of noncash losses consisting of $22.9 million related to the sale of certain assets and $8.4 million related to a valuation allowance on deferred tax assets • Adjusted ne
Slide 5: Business Activity & Updates
Business Activity & Updates • Announced acquisition of Fluid Quip Technologies LLC in partnership with Ospraie Management and accounts and funds managed by BlackRock. • Completed $125 million 5-year mezzanine note facility with accounts and funds managed by BlackRock, fully funding transformation pl
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Ethanol production Ethanol sold (gallons) 214,203 239,087 Distillers grain sold (equivalent dried tons) 550 633 Corn oil sold (pounds) 60,817 63,441 Corn consumed (bushels) 74,276 83,444
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Dec. 31, 2020 2019 2020 2019 (in millions) (per gallon produced) Ethanol production: Operating loss ($28.7) ($31.2) ($0.13) ($0.13) Depreciation and amortization 17.4 16.7 0.08 0.07 Total adjusted ethanol production (11.3) (14.5)
Slide 8: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Revenues $478.8 $715.7 Costs and expenses (1) 513.6 730.6 Operating loss (34.8) (14.9) Other expense (10.4) (2.3) Income tax benefit (expense) 1.9
Slide 9: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Dec. 31, 2020 Dec 31, 2019 Cash, cash equivalents and restricted cash $274.8 $269.9 Working capital 168.8 193.2 Working capital financing(1) (140.8) (187.8) Working capital, net 28.0 5.4 Net inv
Slide 10: Transformation Plan Drives Path to 2024 EBITDA
Transformation Plan Drives Path to 2024 EBITDA Assumptions $450 $440 • Assets produce at 95% of capacity on 958 million gallons of capacity $400 • Potential contributions from fuel ethanol business excluded $100 Ultra-High Protein $350 • Protein capital investment of ~$400 million based on 11 ethano
Slide 11: Green Plains Partners LP
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Slide 12: Selected Operating Data - Green Plains Partners LP
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Product volumes Storage and throughput services 215.1 240.1 Terminal services 48.9 55.4 Railcar capacity billed (daily average) 81.1 77.7 12
Slide 13: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet Green Plains Partners LP Assets Dec. 31, 2020 Dec. 31, 2019 Current assets $18.0 $17.4 Property and equipment, net 32.1 37.4 Operating lease right-of-use assets 40.6 35.5 Other assets 14.6 15.4 Total assets $105.3 $105.7 Liabilities and Partners’ Deficit Current
Slide 14: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Revenues $21.3 $20.3 Operating expenses 8.8 8.0 Operating income 12.5 12.3 Interest expense and other (2.3) (2.0) Income tax expense (0.1) (0
Slide 15: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2020 Net income $10.3 $10.4 $41.1 Interest expense 2.3 2.0 8.5 Income tax expense 0.1 0.1 0.2 Depreciation and amortization 0.9 0.7 3.8 Transaction costs - - 0.1 U
Slide 16: Appendix
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Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Net loss from continuing operations including noncontrolling ($43.1) ($34.5) interest Interest expense 10.5 8.7 Income tax expense (benefit), net of equity method income (1.9) 19.5 tax expe
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions, except per share amounts) For the three months ended Dec. 31, 2020 Dec. 31, 2019 Net loss attributable to Green Plains $(49.6) $(39.7) Non-GAAP adjustments to net loss attributable to Green Plains Loss (gain) on sale of assets, net $22.9 $(4.8)
Slide 19: Selected Operating Data
Selected Operating Data Green Plains Inc. 400 100% 350 300 80% 250 60% 200 40% 150 100 20% 50 0% - Production % of Capacity Production Capacity 19