Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q1 2021 Earnings Presentation
16 slides from Green Plains's earnings presentation, May 3, 2021
Slide 1: First Quarter 2021 Business Update
First Quarter 2021 Business Update May 3, 2021
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 $6.5 million, or $(0.17) per diluted share inclusive of $36.9 million gain related to the sale of certain assets and $22.1 million loss upon extinguishment of convertible notes • Adjusted EBITDA of $15.4 million, exclusive of $36.9 million ga
Slide 5: Business Activity & Updates
Business Activity & Updates • Announced acquisition of Fluid Quip Technologies LLC in partnership with Ospraie Management and accounts and funds managed by BlackRock. • Produced 58% sustainable Ultra-High Protein at its Shenandoah, Iowa biorefinery. • Announced a partnership with Summit Carbon Solut
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended March 31, 2021 March 31, 2020 Ethanol production Ethanol sold (gallons) 178,000 240,466 Distillers grain sold (equivalent dried tons) 465 642 Corn oil sold (pounds) 46,563 62,552 Corn consumed (bushels) 62,505 83,88
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended March 31, 2021 2020 2021 2020 (in millions) (per gallon produced) Ethanol production: Operating loss ($20.3) ($60.8) ($0.11) ($0.25) Depreciation and amortization 18.5 15.9 0.10 0.07 Noncash goodwill impairment - 24.1 - 0.10 Tota
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, 2021 March 31, 2020 Revenues $553.6 $632.9 Costs and expenses (1) 522.3 687.2 Operating loss 31.3 (54.3) Other expense (2) (31.6) (8.3) Income tax benefit (expense)
Slide 9: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending March 31, 2021 Dec 31, 2020 Cash, cash equivalents and restricted cash $654.4 $274.8 Working capital 185.8 168.8 Working capital financing(1) (174.1) (140.8) Working capital, net 11.7 28.0 Net i
Slide 10: Green Plains Partners LP
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Slide 11: Selected Operating Data - Green Plains Partners LP
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended March 31, 2021 March 31, 2020 Product volumes Storage and throughput services 179.0 241.6 Terminal services 42.8 59.0 Railcar capacity billed (daily average) 72.9 78.8 11
Slide 12: Condensed Consolidated Balance Sheet - Green Plains Partners LP
Condensed Consolidated Balance Sheet Green Plains Partners LP Assets March 31, 2021 Dec 31, 2020 Current assets $15.3 $18.0 Property and equipment, net 31.1 32.1 Operating lease right-of-use assets 43.5 40.6 Other assets 14.7 14.6 Total assets $104.6 $105.3 Liabilities and Partners’ Deficit Current
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 March 31, 2021 March 31, 2020 Revenues $20.4 $20.3 Operating expenses 7.9 8.2 Operating income 12.5 12.1 Interest expense (1.9) (1.9) Income tax expense (0.1) - Income f
Slide 14: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended March 31, 2021 March 31, 2020 March 31, 2021 Net income $10.7 $10.4 $41.5 Interest expense 1.9 1.9 8.6 Income tax expense 0.1 - 0.3 Depreciation and amortization 0.9 1.0 3.7 Unit-based compensation ex
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, 2021 March 31, 2020 Net loss ($2.0) ($10.3) Interest expense (1) 31.7 9.7 Income tax expense (benefit), net of equity method income 1.9 (41.8) tax expense Depreciation and amortization 20.7 18.1 EBITDA 52.3