Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q2 2020 Earnings Presentation
12 slides from Delek Us's earnings presentation, Aug 6, 2020
Slide 1: Second Quarter 2020 Earnings Call
Delek US Holdings, Inc. Second Quarter 2020 Earnings Call August 5, 2020
Slide 2: Disclaimers
Disclaimers 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 slide
Slide 3: Second Quarter 2020: Transforming to More Diversified EBITDA
Second Quarter 2020 Transforming to More Diversified EBITDA • Reported EPS of $1.18 and adjusted EPS of $(1.50) (1) ◦ Adjusted net loss of $111 million and adjusted EBITDA loss of $85 million (1) ▪ Adjusted quarterly results were impacted by net losses totaling approximately $75 million (after-tax)
Slide 4: Second Quarter 2020 cash flow and financial position
Second Quarter 2020 • Strong financial position with over $849 million of cash on the balance sheet • Cash flow from operating activities of approx. $194 million • Working capital decreased cash flow by approx. $363 million ◦ $130 million of income tax receivables ◦ $35 million of SPR Inventory • To
Slide 5: Capitalization
Capitalization ($ in millions) June 30, 2020 December 31, 2019 • Delek US Consolidated at June 30, 2020 Current Portion of Long-Term Debt $33 $36 ◦ Cash of $849 million Long-Term Debt $2,422 $2,031 ◦ Net debt of $1.6 billion Total Debt $2,455 $2,067 Cash $849 $955 • Excluding Delek Logistics at June
Slide 6: Guidance
Guidance 3Q20 Guidance Range Low High Consolidated Operating Expenses, $ in millions $145.0 $155.0 Consolidated G&A, $ in millions $57.0 $63.0 Consolidated Depreciation and Amort., $ in millions $60.0 $63.0 Net interest expense, $ in millions $28.0 $30.0 Total Crude Throughput 230,000 250,000 6
Slide 7: Capital Expenditure
Capital Expenditure Six Months • Expected 2020 capital expenditures of $250 million Ending June 30, ◦ $206.4mm: Refining ($ in millions) 2020 2020 Forecast 2020 Remaining ◦ $18.2mm: Logistics Refining: ◦ $8.9mm: Retail Regulatory $41.5 $42.8 $1.3 ◦ $16.5mm: Corporate Maintenance/reliability $138.6 $
Slide 8: Delivering on Promises
Delivering on Promises
Slide 9: Questions and Answers
Questions and Answers Significant Organic Focus on Long-Term Growth / Margin Shareholder Returns Improvement Opportunities An Integrated and Permian Focused Diversified Refining, Financial Flexibility Refining System Logistics and Marketing Company Complementary Logistics Systems
Slide 10: Non-GAAP Reconciliations of Adjusted Net Income
Non-GAAP Reconciliations of Adjusted Net Income Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions, except per share data Three Months Ended June 30, Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss) 2020 2019 (Unaudited) Re
Slide 11: Non-GAAP Reconciliations of Adjusted Net Income per Share
Non-GAAP Reconciliations of Adjusted Net Income per Share Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions, except per share data Three Months Ended June 30, Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share 2020 2019
Slide 12: Non-GAAP Reconciliations of Adjusted EBITDA
Non-GAAP Reconciliations of Adjusted EBITDA Delek US Holdings, Inc. Reconciliation of Amounts Reported Under U.S. GAAP $ in millions Three Months Ended June 30, Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA 2020 2019 (Unaudited) Reported net (loss) income attributable