Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q1 2020 Earnings Presentation
20 slides from Green Plains's earnings presentation, May 4, 2020
Slide 1: First Quarter 2020 Business Update
First Quarter 2020 Business Update May 4, 2020
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 Inc. TS | . > Green Plains
Slide 4: First Quarter 2020 Operating Results
First Quarter 2020 Operating Results ▪ Results of Operations • Net loss of $16.4 million, or $(0.47) per diluted share • Adjusted EBITDA of $2.7 million • Cash, cash equivalents and restricted cash of $205.5 million; availability under revolving credit agreements of $260.8 million at March 31, 2020
Slide 5: Business Activity
Business Activity ▪ Project 24 upgrade completed at Fergus Falls, Minn. and Superior, Iowa biorefineries, with early results showing a reduction in natural gas by 20%, electricity by 20% and water usage by 17% ▪ Project 24 upgrade at Fairmont, Minn. is expected to be completed within the next 60 day
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Mar 31, 2020 Mar 31, 2019 Ethanol production Ethanol sold (gallons) 240,466 155,040 Distillers grain sold (equivalent dried tons) 642 398 Corn oil sold (pounds) 62,552 34,983 Corn consumed (bushels) 83,883 54,041 Ag
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended March 31, 2020 2019 2020 2019 (in millions) (per gallon produced) Ethanol production: Operating loss ($60.8) ($44.2) ($0.25) ($0.28) Depreciation and amortization 15.9 15.3 0.07 0.10 Noncash goodwill impairment 24.1 - 0.10 - Tota
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, 2020 Dec 31, 2019 Cash, cash equivalents and restricted cash $205.5 $269.9 Working capital 213.6 193.2 (1) Working capital financing (167.0) (187.8) Working capital, net 46.6 5.4 Net inv
Slide 9: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Mar 31, 2020 Mar 31, 2019 Revenues $632.9 $438.6 Costs and expenses 687.2 477.3 Operating loss (54.3) (38.7) Other expense (8.3) (7.6) Income tax benefit 44.3 12.9 Income (los
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, 2020 Mar 31, 2019 Product volumes Storage and throughput services 241.6 155.7 Terminal services 59.0 50.4 Railcar capacity billed (daily average) 78.8 83.4 First Quarter 2020 Business Update | Ma
Slide 12: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet Green Plains Partners LP (in millions) Assets Mar 31, 2020 Dec 31, 2019 Current assets $16.8 $17.4 Property and equipment, net 36.8 37.4 Operating lease right-of-use assets 37.4 35.5 Other assets 15.4 15.4 Total assets $106.4 $105.7 Liabilities and Partners’ Defi
Slide 13: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Mar 31, 2020 Mar 31, 2019 Revenues $20.3 $21.1 Operating expenses 8.2 9.0 Operating income 12.1 12.1 Interest expense and other (1.9) (2.0) Income tax expense - (0.1) In
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, 2020 Mar 31, 2019 Mar 31, 2020 Net income $10.4 $10.2 $41.6 Interest expense 1.9 2.0 8.1 Income tax expense - 0.1 0.2 Depreciation and amortization 1.0 1.0 3.4 Unit-based compensation expense
Slide 15: Appendix
Appendix TS | . > Green Plains
Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Mar 31, 2020 Mar 31, 2019 Net loss from continuing operations including ($10.3) ($33.4) noncontrolling interest Interest expense 9.7 9.7 Income tax benefit, net of equity method income tax (41.8) (12.9) expense Deprec
Slide 17: 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% - Production % of Capacity Production Capacity First Quarter 2020 Business Update | May 4, 2020 Page 17
Slide 18: Consolidated Crush Margin and Operating Expense
Consolidated Crush Margin and Operating Expense Complex Crush Distillers Corn Natural Gas Ethanol Corn Oil Proteins Grains Components of Operating Costs • Corn Purchase Commissions • Chemicals, Yeast & Enzymes • Tank Car Capacity Charge • Denaturant • Repair & Maintenance • Production Payroll • Elec
Slide 19: What does Project 24 and high-protein technology do for our platform?
What does Project 24 and high-protein technology do for our platform? $350 $290 Improvement $300 $230 $250 Improvement $60 $150 (in millions) $200 $150 $150 $150 $100 $80 $50 $80 $80 $0 -$14 -$14 -$14 -$50 LTM Adjusted EBITDA Project 24 High-Protein Total Pro-Forma High-Protein 03/31/20 Technology E
Slide 20: 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