Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q1 2019 Earnings Presentation
18 slides from Green Plains's earnings presentation, May 9, 2019
Slide 1: First Quarter 2019 Business Update
First Quarter 2019 Business Update May 9, 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: First Quarter 2019 Highlights
First Quarter 2019 Highlights ▪ Results of operations • Net loss of $42.8 million, or $(1.06) per diluted share • EBITDA of $(18.7) million • Cash, cash equivalents and restricted cash of $273.2 million; availability under revolving credit agreements of $472.8 million at March 31, 2019 ▪ Ethanol pro
Slide 4: Margins in the Current Environment
Margins in the Current Environment (thousand barrels) ($ 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 First Quarter 2019
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 Mar 31, 2019 Mar 31, 2018 Ethanol production Ethanol sold (gallons) 155,040 280,410 Distillers grains sold (equivalent dried tons) 398 729 Corn oil sold (pounds) 34,983 69,134 Corn consumed (bushels) 54,041 97,283 A
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Mar 31, 2019 2018 2019 2018 (in millions) (per gallon produced) Ethanol production: Operating income (loss) ($44.2) ($27.5) ($0.28) ($0.10) Depreciation and amortization 15.3 20.4 0.10 0.07 Total ethanol production (28.9) (7.1) (
Slide 8: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Mar 31, 2019 Dec 31, 2018 Cash, cash equivalents and restricted stock 273.2 $318.2 Working capital 626.1 647.0 Working capital financing(1) (526.5) (538.2) Working capital, net 99.6 108.8 Net in
Slide 9: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Mar 31, 2019 Mar 31, 2018 Revenues $642.3 $1,045.3 Costs and expenses 682.3 1,049.2 Operating loss (40.0) (3.9) Other expense (12.3) (21.6) Income tax benefit 14.5 6.0 Net loss (37.9) (19.
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 Mar 31, 2019 Mar 31, 2018 Product volumes Storage and throughput services 155.7 298.3 Terminal services 50.4 61.7 Railcar capacity billed (daily average) 83.4 99.2 First Quarter 2019 Business Update | Ma
Slide 12: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Mar 31, 2019 Dec 31, 2018 Current assets $21.9 $16.6 Property and equipment, net 39.9 40.9 Operating lease right-of-use assets 36.0 - Other assets 23.6 23.6 Total assets $121.4 $81.1 Liabilities and Partners’ Deficit Current liabi
Slide 13: Consolidated Income Statement
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Mar 31, 2019 Mar 31, 2018 Revenues $21.1 $25.9 Operating expenses 9.0 11.0 Operating income 12.1 14.9 Interest expense and other (2.0) (1.5) Income tax expense (0.1) - Income from
Slide 14: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Mar 31, 2019 Mar 31, 2018 Mar 31, 2019 Net income $10.2 $13.4 $52.6 Interest expense 2.0 1.6 7.8 Income tax expense 0.1 - 0.1 Depreciation and amortization 1.0 1.2 4.2 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 Q1-19 Production % of C
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Mar 31, 2019 Mar 31, 2018 Net loss ($37.9) ($19.5) Interest expense 14.4 22.1 Income tax benefit (14.5) (6.0) Depreciation and amortization 19.2 26.5 EBITDA ($18.7) $23.1 First Quarter 2019 Business Update | May 9, 20
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