Green Plains, Inc. · NASDAQ:GPRE
Green Plains — FY2019 Earnings Presentation
20 slides from Green Plains's earnings presentation, Feb 11, 2020
Slide 1: Fourth Quarter and Full Year 2019 Business Update
Fourth Quarter and Full Year 2019 Business Update February 11, 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. Tz | . > Green Plains
Slide 4: Fourth Quarter Results
Fourth Quarter Results Results of Operations • Net loss of $39.7 million, or $(1.13) per diluted share including non-cash tax valuation allowance • Adjusted net loss of $14.4 million, or ($0.41) per diluted share • Adjusted EBITDA of $16.0 million • Cash, cash equivalents and restricted cash of $2
Slide 5: Business Activity
Business Activity Project 24 upgrade completed at Wood River, NE plant and is now at full production and exceeding operating cost reduction expectations Repurchased 0.5 million shares for $5.8 million during Q4, bringing the total for FY 2019 to 5.4 million shares for approximately $61.6 million
Slide 6: Processing Segment: Consolidated Crush Margin and Operating Expense
Processing Segment: Consolidated Crush Margin and Operating Expense Complex Crush Distillers Corn Natural Gas Ethanol Corn Oil Proteins Grains Components of Operating Costs • Corn Purchase Commissions • Chemicals, Yeast & Enzymes • Tank Car Capacity Charge • Denaturant • Repair & Maintenance • Produ
Slide 7: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands) For the three months ended Dec. 31, 2019 Dec. 31, 2018 Ethanol production Ethanol sold (gallons) 239,087 205,115 Distillers grain sold (equivalent dried tons) 633 536 Corn oil sold (pounds) 63,441 53,305 Corn consumed (bushels) 83,444 70,689 A
Slide 8: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Dec. 31, 2019 2018 2019 2018 (in millions) (per gallon produced) Ethanol production: Operating loss $(31.2) $(51.1) $(0.13) $(0.25) Depreciation and amortization 16.7 14.9 0.07 0.07 Total ethanol production (14.5) (36.2) (0.06) (
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, 2019 Dec. 31, 2018 Cash, cash equivalents and restricted cash 269.9 283.3 Working capital(1) 193.2 308.2 Working capital financing(2) (187.8) (163.8) Working capital, net 5.4 144.4 Net
Slide 10: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Dec. 31, 2019 Dec. 31, 2018 Revenues $715.7 $583.5 Costs and expenses 730.6 480.6 Operating income (loss) (14.9) 102.9 Other expense (2.3) (28.3) Income tax expense (19.5) (14.5) Income (l
Slide 11: Green Plains Partners LP
Green Plains Partners LP Tz | . > Green Plains
Slide 12: Selected Operating Data
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Dec. 31, 2019 Dec. 31, 2018 Product volumes Storage and throughput services 240.1 208.0 Terminal services 55.4 57.9 Railcar capacity billed (daily average) 77.7 91.8 Fourth Quarter and Full Year 2019 Bus
Slide 13: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Dec. 31, 2019 Dec 31, 2018 Current assets $17.4 $16.6 Property and equipment, net 37.4 40.9 Operating lease right-of-use assets 35.5 - Other assets 15.4 23.6 Total assets $105.7 $81.1 Liabilities and Partners’ Deficit Current liab
Slide 14: Consolidated Income Statement
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Dec. 31, 2019 Dec. 31, 2018 Revenues $20.3 $23.3 Operating expenses 8.0 7.2 Operating income 12.3 16.1 Interest expense and other (2.0) (2.0) Income tax expense (0.1) - Income fro
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, 2019 Dec. 31, 2018 Dec. 31, 2019 Net income $10.4 $14.1 $41.5 Interest expense 2.0 2.0 8.3 Income tax expense 0.1 0.1 0.2 Depreciation and amortization 0.7 1.0 3.4 Transaction costs - 0.5 - U
Slide 16: What does Project 24 and high-protein technology do for our platform?
What does Project 24 and high-protein technology do for our platform? $350 $290 Improvement $300 $230 $250 $150 Improvement $60 $200 (in millions) $150 $150 $150 $100 $80 $50 $80 $80 $0 -$35 -$35 -$35 -$50 LTM EBITDA 12/31/19 Project 24 High-Protein Pro-Forma Pro-Forma and L5Y Range Technology EBITD
Slide 17: Appendix
Appendix Tz | . > Green Plains
Slide 18: Production and Utilization History
Production and Utilization History Green Plains Inc. (% of capacity) (mmgy) 400 100% 350 300 80% 250 60% 200 40% 150 100 20% 50 0% - Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Production % of Capacity Production Capacity Fourth Q
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Dec. 31, 2019 Dec. 31, 2018 Net income (loss) from continuing operations including $(34.5) $60.1 noncontrolling interest Interest expense 8.7 29.1 Income tax expense (benefit) 19.5 14.5 Depreciation and amortization 1
Slide 20: Green Plains Inc. | NASDAQ: GPRE
Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com