Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q3 2022 Earnings Presentation
12 slides from Delek Us's earnings presentation, Nov 7, 2022
Slide 1: Delek US Holdings, Inc. Third Quarter 2022 Earnings Call
November 7, 2022 Delek US Holdings, Inc. Third Quarter 2022 Earnings Call Exhibit 99.2
Slide 2: Disclaimers
Disclaimers 2 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 slid
Slide 3: Third Quarter 2022
3 Third Quarter 2022 (1) See slides 9, 10, 11, and 12 for a reconciliation of adjusted net income to net income, adjusted net income per share to net income per share, adjusted EBITDA to net income, and contribution margin to adjusted segment contribution margin. (2) Excluding intercompany eliminati
Slide 4: Third Quarter 2022 Cash Flow and Financial Position
4 Third Quarter 2022 • Strong financial position with $1.15 billion of cash on the balance sheet • Cash flow from operating activities of approx. $130 million ◦ Cash flow from operating activities (excluding working capital) of approx. $129 million ▪ Negatively impacted by $225.1 million inventory h
Slide 5: Capitalization
5 Capitalization • Delek US Consolidated at September 30, 2022 ◦ Cash of $1.15 billion ◦ Net debt of $1.58 billion • Excluding Delek Logistics at September 30, 2022 ◦ Cash of $1.14 billion ◦ Net debt of $146 million • Balance sheet provides financial flexibility • DKL debt balance reflects 3 Bear De
Slide 6: Guidance
6 Guidance 4Q22 Guidance Range ($ in millions) Low High Consolidated Operating Expenses $190 $200 Consolidated G&A $82 $87 Consolidated Depreciation and Amort. $75 $80 Net Interest Expense $55 $60 Total Crude Throughput 280,000 290,000 Share Repurchases $75 $100 Debt Reduction $100 $150
Slide 7: Capital Expenditure
• 2022 Capital spending guidance of approximately $290 to $300 million ◦ Growth capital focused toward: ▪ Recently acquired 3 Bear assets ▪ Accelerating DPG activity ▪ New Retail stores to industry • Third Quarter 2022 capital expenditures were $81 million 7 Capital Expenditure Nine Months Ended Sep
Slide 8: Questions and Answers
Questions and Answers ESG-Conscious Investments with Clear Value Propositions and Sustainable Returns Long-term Sustainable Business Model Culture of Innovation and Operational Excellence Digital Transformation V Refinery of the Future Operational Optimization and Improved Margin Capture
Slide 9: Reconciliation of Net Income to Adjusted Net Income
9 Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss) Three Months Ended September 30, 2022 2021 $ in millions (unaudited) 2022 As Adjusted (1) (Unaudited) Reported net income (loss) attributable to Delek $ 7.4 $ 11.8 Adjusting items (2) Inventory LCM valuation lo
Slide 10: Reconciliation of GAAP Income per Share to Adjusted Net Income per Share
10 Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share: Three Months Ended September 30, $ per share (unaudited) 2022 2021 As Adjusted(1) (Unaudited) Reported diluted income (loss) per share $ 0.10 $ 0.16 Adjusting items, after tax (per share) (2) (3) Net inve
Slide 11: Reconciliation of Net Income to Adjusted EBITDA
11 Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA Three Months Ended September 30, $ in millions (unaudited) 2022 2021 As Adjusted(1) Reported net income (loss) attributable to Delek $ 7.4 $ 11.8 Add: Interest expense, net 50.7 37.5 Income tax expense (benefit) 4.0 4.5
Slide 12: Reconciliation of Segment Contribution Margin to Adjusted Segment Contribution Margin
12 Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin Three Months Ended September 30, 2022 $ in millions (unaudited) Refining Logistics Retail Corporate, Other and Eliminations Consolidated Reported segment contribution margin $ 106.0 $ 90.5 $ 17.4 $ (31