Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q1 2022 Earnings Presentation
16 slides from Green Plains's earnings presentation, May 23, 2022
Slide 1: First Quarter 2022 Business Update
First Quarter 2022 Business Update May 2, 2022
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 Ingredients that matter Green Plains Inc.
Slide 4: First Quarter Results
First Quarter Results Results of Operations • Net loss of $61.5 million, or $(1.16) per diluted share • Adjusted EBITDA of ($27.8) million • Cash, cash equivalents, restricted cash and marketable securities of $629.2 million and $45.0 million available under a committed credit facility Production Se
Slide 5: Business Activity & Updates
Business Activity & Updates • Achieved 60% protein concentration with MSC™ technology and exclusive biological solutions in a month-long innovation trial at Green Plains Wood River • Achieved record-high yields of up to 1.4 pounds per bushel, of low-carbon renewable corn oil in innovation trial • Th
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands) For the three months ended March 31, 2022 2021 Ethanol production Ethanol sold (gallons) 196,348 178,000 Distillers grains sold (equivalent dried tons) 516 465 Corn oil sold (pounds) 59,295 46,563 Corn consumed (bushels) 68,304 62,505 Agribusi
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended March 31, 2022 2021 2022 2021 (in millions) (per gallon produced) Ethanol production: Operating loss ($51.1) ($20.3) ($0.26) ($0.11) Depreciation and amortization 18.4 18.5 0.10 0.10 Total ethanol production (32.7) (1.8) (0.16) (
Slide 8: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended March 31, 2022 2021 Revenues $781.4 $553.6 Costs and expenses 829.3 522.3 Operating income (loss) (47.9) 31.3 Other expense (8.3) (31.6) Income tax benefit (expense) 1.1 (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 Mar. 31, 2022 Dec. 31, 2021 Cash, cash equivalents, restricted cash & marketable securities $629.2 $685.8 Working capital 315.5 185.6 (1) Working capital financing (310.2) (173.4) Working capita
Slide 10: Green Plains Partners LP
Green Plains Partners LP
Slide 11: Selected Operating Data
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended March 31, 2022 2021 Product volumes Storage and throughput services 197.2 179.0 Terminal services 48.8 42.8 Railcar capacity billed (daily average) 69.7 72.9 11
Slide 12: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet Green Plains Partners LP (in millions) Assets Mar. 31, 2022 Dec. 31, 2021 Current assets $32.6 $33.0 Property and equipment, net 28.2 28.8 Operating lease right-of-use assets 40.4 38.9 Other assets 14.0 13.8 Total assets $115.2 $114.5 Liabilities and Partners’ Ca
Slide 13: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended March 31, 2022 2021 Revenues $19.1 $20.4 Operating expenses 7.6 7.8 Operating income 11.5 12.6 Interest expense (1.2) (1.9) Income tax expense - (0.1) Income from equity
Slide 14: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions, except ratios) For the three months ended LTM ended Mar. 31, 2022 Mar. 31, 2021 Mar. 31, 2022 Net income $10.4 $10.7 $40.0 Interest expense(1) 1.2 1.9 6.7 Income tax expense - 0.1 0.1 Depreciation and amortization 0.9 0.9 3.7 Unit-based
Slide 15: Appendix
> Green Plains Ingredients that matter Appendix
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended March 31, 2022 2021 Net loss ($55.9) ($2.0) Interest expense 8.8 31.7 Income tax expense (benefit) (1.1) 1.9 Depreciation and amortization (1) 20.4 20.7 EBITDA (27.8) 52.3 Loss on sale of assets, net - (36.9) Adjusted