Slide 1: Fourth Quarter and Full Year 2018 Business Update
Fourth Quarter and Full Year 2018 Business Update February 11, 2019
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: Fourth Quarter 2018 Highlights
Fourth Quarter 2018 Highlights Results of operations • Net income of $53.5 million, or $1.13 per diluted share • EBITDA of $127.7 million, inclusive of $150.4 million gain on sale of assets and $3.4 million of severance expense • $500 million senior secured term loan due 2023 balance paid off Et
Slide 4: Margins in the Current Environment
Margins in the Current Environment (thousand barrels) ($ per gallon) 26,500 $1.50 $1.25 24,500 $1.00 22,500 $0.75 20,500 $0.50 $0.25 18,500 $0.00 16,500 -$0.25 14,500 -$0.50 Ethanol Inventory Weekly Avg Crush Margins Source: Energy Information Administration as of February 2, 2019 Fourth Quarter and
Slide 5: Green Plains Inc.
Green Plains Inc. | SWZ | . > Green Plains
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Dec 31, 2018 Dec 31, 2017 Ethanol production Ethanol (gallons) 205,115 340,754 Distillers grains (equivalent dried tons) 536 893 Corn oil (pounds) 53,305 85,438 Corn consumed (bushels) 70,689 118,664 Agribusiness an
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Dec 31, 2018 2017 2018 2017 (in millions) (per gallon produced) Ethanol production: Operating loss $(51.1) $(19.1) $(0.25) $(0.06) Depreciation and amortization 14.9 20.5 0.07 0.07 Total ethanol production (36.2) 1.4 (0.18) 0.01
Slide 8: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Dec 31, 2018 Dec 31, 2017 Total cash and restricted cash $318.2 $312.4 Working capital 647.0 602.0 Working capital financing(1) (538.2) (526.2) Working capital, net 108.8 75.8 Net investment in
Slide 9: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Dec 31, 2018 Dec 31, 2017 Revenues $827.5 $921.0 Costs and expenses 720.3 913.6 Operating income 107.2 7.4 Other expense (32.6) (19.0) Income tax (expense) benefit (14.7) 63.9 Net income 5
Slide 10: Green Plains Partners LP
Green Plains Partners LP | SWZ | . > Green Plains
Slide 11: Selected Operating Data
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Dec 31, 2018 Dec 31, 2017 Product volumes Storage and throughput services 208.0 335.0 Terminal services 57.9 69.5 Railcar capacity billed (daily average) 91.8 98.2 Fourth Quarter and Full Year 2018 Busin
Slide 12: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Dec 31, 2018 Dec 31, 2017 Current assets $16.6 $21.6 Property and equipment, net 40.9 48.3 Other assets 23.6 22.4 Total assets $81.1 $92.3 Liabilities and Partners’ Capital Current liabilities $8.2 $16.0 Long-term debt 142.0 134.9
Slide 13: Consolidated Income Statement
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Dec. 31, 2018 Dec. 31, 2017 Revenues $23.3 $28.2 Operating expenses 7.2 10.6 Operating income 16.1 17.6 Interest expense and other (2.0) (1.3) Net income $14.1 $16.3 Earnings per
Slide 14: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2018 Net income $14.1 $16.3 $55.7 Interest expense 2.0 1.5 7.3 Income tax expense 0.1 - 0.1 Depreciation and amortization 1.0 1.3 4.4 Minimum volume commitment adjust
Slide 15: Appendix
Appendix | SWZ | . > Green Plains
Slide 16: Production and Utilization History
Production and Utilization History Green Plains Inc. (% of capacity) (mmgy) 400 100% 350 300 80% 250 60% 200 40% 150 100 20% 50 0% - Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Production % of Capacit
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Dec 31, 2018 Dec 31, 2017 Net income $59.9 $52.4 Interest expense 33.5 20.3 Income tax expense (benefit) 14.7 (63.9) Depreciation and amortization 19.6 27.3 EBITDA $127.7 $36.1 For the twelve months ended Dec 31, 2018
Slide 18: Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com
Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com