Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q1 2020 Earnings Presentation
12 slides from Delek Us's earnings presentation, May 6, 2020
Slide 1: Delek US Holdings, Inc. First Quarter 2020 Earnings Call
Delek US Holdings, Inc. First Quarter 2020 Earnings Call May 6, 2020
Slide 2: Disclaimers
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: First Quarter 2020
First Quarter 2020 Reduced Capital Spending • Reported EPS of $(4.28) and adjusted EPS of $(1.74) (1) ◦ Adjusted net loss of $(128.0) million and adjusted EBITDA loss of $(29.7) million (1) ▪ Adjusted quarterly results include a negative impact from "other inventory"of $90.8 million. ▪ Adjusted resu
Slide 4: First Quarter 2020
First Quarter 2020 • Strong financial position with over $785 million of cash on the balance sheet • Cash flow from operating activities of approx. $(154) million • Working capital increased cash flow by approx. $102 million • Total investing activities of approx. $147 million: ◦ Cash capital expend
Slide 5: Capitalization
Capitalization • Delek US Consolidated at March 31, 2020 ($ in millions) March 31, 2020 December 31, 2019 ◦ Cash of $785 million Current Portion of Long-Term Debt $31.4 $36.4 ◦ Net debt of $1.4 billion Long-Term Debt $2,185.5 $2,030.7 Total Debt $2,216.9 $2,067.1 Cash $784.9 $955.3 • Excluding Delek
Slide 6: Guidance
Guidance 2Q20 Guidance Range Low High Consolidated Operating Expenses, $ in millions $140.0 $150.0 Consolidated G&A, $ in millions $57.0 $63.0 Consolidated Depreciation and Amort., $ in millions $53.0 $55.0 Net interest expense, $ in millions $32.0 $34.0 Estimate Diluted Share Count (exclusive of re
Slide 7: Capital Expenditure
Capital Expenditure ($ in millions) 2020E (New) 2020E (Old) Change • Expected 2020 capital expenditures of $250 million ◦ $205.7mm: Refining Refining: ◦ $17.6mm: Logistics Regulatory $49.0 $56.2 $(7.2) ◦ $8.6mm: Retail Maintenance/reliability $155.2 $141.2 $14.0 ◦ $18.1mm: Corporate Discretionary/bu
Slide 8: Distinguishing Characteristics
Distinguishing Characteristics 1) Source: Platts and NYMEX as of May 5, 2020 8
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 March 31, Reconciliation of Net (Loss) Income attributable to Delek to Adjusted Net (Loss) Income 2020 2019 (Unaudited) R
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 March 31, Reconciliation of U.S. GAAP (Loss) Income per share to Adjusted Net (Loss) Income per share 2020 2019
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 March 31, Reconciliation of Net (Loss) Income attributable to Delek to Adjusted EBITDA 2020 2019 (Unaudited) Reported net (loss) income attributable