Slide 1: Second Quarter Earnings Call
Second Quarter Earnings Call August 4, 2021 1
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward looking statements as a result of many factors including general economic conditions, weather, competitiv
Slide 3: Speakers
Speakers Pat Bowe President and Chief Executive Officer Brian Valentine Executive Vice President and Chief Financial Officer Mike Hoelter Vice President, Corporate Controller and Investor Relations Q2 2021 Earnings Call | 3
Slide 4: Second Quarter Highlights
Second Quarter Highlights Excellent merchandising results driven by strong execution, increased demand, and volatility across our broad portfolio of commodities and products Strong performance due to increased driving demand, values for corn oil and high- protein feed, and improved trading and risk
Slide 5: Key Financial Data – Second Quarter 2021
Key Financial Data – Second Quarter 2021 $ In millions except per share and ratio data Q2 '21 Q2 '20 VPY YTD '21 YTD '20 VPY Sales and merchandising revenues $3,273.7 $1,890.2 $1,383.5 $5,909.5 $3,743.3 $2,166.2 Gross profit 174.0 106.3 67.7 296.8 169.4 127.4 Operating, administrative and general ex
Slide 6: Cash, Liquidity, and Long-term Debt
Cash, Liquidity, and Long-term Debt Cash from Operations Before Working Capital Changes* Short-term Debt vs. RMI Net Capital Spending Total Long-term Debt (in millions) (in millions) (in millions) (in millions) * Non-GAAP financial measure; see appendix for reconciliations. Q2 2021 Earnings Call | 6
Slide 7: Trade — Q2 '21 Highlights
Trade — Q2 '21 Highlights • Merchandising income optimized from strong execution across our broad portfolio • Grain elevation margins exceeding traditional storage income Adjusted EBITDA* ($M) Unaudited in $M Q2 '21 Q2 '20 VPY YTD '21 YTD '20 VPY Revenues $2,297.9 $1,351.2 $946.7 $4,280.4 $2,729.2 $
Slide 8: Ethanol — Q2 '21 Highlights
Ethanol — Q2 '21 Highlights • Significantly increased ethanol demand on rebound in miles driven • Greatly improved co-product values, including high-protein feed, DDGs, and corn oil • Strong ethanol and veg oil trading results Unaudited in $M Q2 '21 Q2 '20 VPY YTD '21 YTD '20 VPY Adjusted EBITDA* ($
Slide 9: Plant Nutrient — Q2 '21 Highlights
Plant Nutrient — Q2 '21 Highlights • Higher margins in Ag Supply Chain due to strong execution on well-positioned inventory in favorable market conditions • Continued recovery in industrial products • Solid Engineered Granules demand offset by rising input costs and a tight labor market Adjusted EBI
Slide 10: Rail — Q2 '21 Highlights
Rail — Q2 '21 Highlights • Improved results from higher scrap prices and reduced expenses • Increased rail traffic but lease rates remained below long-term averages EBITDA* ($M) Unaudited in $M Q2 '21 Q2 '20 VPY YTD '21 YTD '20 VPY Revenues $37.9 $35.4 $2.5 $78.9 $72.6 $6.3 Gross Profit 10.6 10.7 (0
Slide 11: 2021 Outlook
2021 Outlook Merchandising opportunities are likely to remain strong with expected volatility, a large grain harvest, and high demand Positive outlook on expected higher driving demand; Co-product margins and trading opportunities expected to remain strong Fertilizer markets expected to remain solid
Slide 12: Q&A Session
Q&A Session Q2 2021 Earnings Call | 12
Slide 13: Thank you for joining us.
Thank you for joining us. Our next earnings call is scheduled for Wednesday, November 3, 2021, at 11 a.m. EDT. Q2 2021 Earnings Call | 13