Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q3 2020 Earnings Presentation
19 slides from Green Plains's earnings presentation, Nov 5, 2020
Slide 1: Third Quarter 2020 Business Update
Third Quarter 2020 Business Update November 5, 2020
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.
Green Plains Inc. TS | . > Green Plains
Slide 4: Third Quarter 2020 Operating Results
Third Quarter 2020 Operating Results ▪ Results of Operations • Net loss of $34.5 million, or $(1.00) per diluted share • Adjusted EBITDA of $8.8 million • Cash, cash equivalents and restricted cash of $182.3 million; availability under committed loan facilities of $349.8 million at Sept. 30, 2020 •
Slide 5: Business Activity and Updates
Business Activity and Updates ▪ Announced an exclusive partnership with Hayashikane to focus on delivering nutritious and innovative aquafeed solutions ▪ Closed on $75 million,15-year delayed draw term financing with MetLife to fund continued expansion of ultra-high protein technology ▪ Closed on th
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Sept. 30, 2020 Sept. 30, 2019 Ethanol production Ethanol sold (gallons) 189,202 238,473 Distillers grain sold (equivalent dried tons) 479 617 Corn oil sold (pounds) 50,953 60,607 Corn consumed (bushels) 65,284 82,73
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Sept. 30, 2020 2019 2020 2019 (in millions) (per gallon produced) Ethanol production: Operating loss ($21.4) ($49.3) ($0.11) ($0.21) Depreciation and amortization 17.5 15.6 0.09 0.07 Total adjusted ethanol production ($3.9) ($33.
Slide 8: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Sept. 30, 2020 Sept. 30, 2019 Revenues $424.1 $632.4 Costs and expenses 438.3 674.7 Operating loss (14.2) (42.3) Other expense (10.1) (9.7) Income tax benefit (expense) (7.3)
Slide 9: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Sept. 30, 2020 Dec 31, 2019 Cash, cash equivalents and restricted cash $182.3 $269.9 Working capital 190.6 193.2 (1) Working capital financing (146.6) (187.8) Working capital, net 44.0 5.4 Net i
Slide 10: Path to 2024 Baseline EBITDA prior to Ethanol Economics
Path to 2024 Baseline EBITDA prior to Ethanol Economics Green Plains Inc. $305 - $400 $400 $295 - $385 $60 $55 $350 $35 $35 $300 $225 - $290 $30 $250 (in millions) $35 $140 $150 $200 $149 - $185 $70 $8 $28 $150 $19 $75 $75 $75 $100 $62 $50 $68 $80 $80 $80 $0 2021 2022 2023 2024 P24 USP Base $1.00 Ul
Slide 11: Green Plains Partners LP
Green Plains Partners LP | SWZ | . > Green Plains
Slide 12: Selected Operating Data - Green Plains Partners LP
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Sept. 30, 2020 Sept. 30, 2019 Product volumes Storage and throughput services 189.6 238.9 Terminal services 52.2 58.1 Railcar capacity billed (daily average) 81.5 77.0 Third Quarter 2020 Business Update
Slide 13: Condensed Consolidated Income Statement - Green Plains Partners LP
Condensed Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Sept. 30, 2020 Sept. 30, 2019 Revenues $21.4 $20.2 Operating expenses 8.7 8.2 Operating income 12.7 12.0 Interest expense and other (2.5) (2.0) Income tax expense - (0.1
Slide 14: Condensed Consolidated Balance Sheet - Green Plains Partners LP
Condensed Consolidated Balance Sheet Green Plains Partners LP (in millions) Assets Sept. 30, 2020 Dec 31, 2019 Current assets $17.9 $17.4 Property and equipment, net 35.2 37.4 Operating lease right-of-use assets 36.3 35.5 Other assets 14.5 15.4 Total assets $103.9 $105.7 Liabilities and Partners’ De
Slide 15: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Sept. 30, 2020 Sept. 30, 2019 Sept. 30, 2020 Net income $10.3 $10.1 $41.2 Interest expense 2.5 2.1 8.2 Income tax expense - 0.1 0.2 Depreciation and amortization 0.9 1.0 3.6 Unit-based compensation ex
Slide 16: Appendix
Appendix TS | . > Green Plains
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Sept. 30, 2020 Sept. 30, 2019 Net loss from continuing operations including ($30.7) ($38.9) noncontrolling interest Interest expense 10.2 10.5 Income tax expense (benefit), net of equity method 7.5 (12.5) income tax e
Slide 18: Production and Utilization History
Production and Utilization History Green Plains Inc. (% of capacity) 400 (mmgy) 100% 350 300 80% 250 60% 200 40% 150 100 20% 50 0% - Production % of Capacity Production Capacity Third Quarter 2020 Business Update | November 5, 2020 Page 18
Slide 19: Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com
Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com