Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q3 2019 Earnings Presentation
19 slides from Green Plains's earnings presentation, Nov 6, 2019
Slide 1: Third Quarter 2019 Business Update
Third Quarter 2019 Business Update November 6, 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: Third Quarter Results
Third Quarter Results ▪ Results of Operations • Net loss of $39.0 million, or $(1.06) per diluted share • Adjusted EBITDA of $(13.4) million • Cash, cash equivalents and restricted cash of $254.0 million; availability under revolving credit agreements of $260.4 million at Sept. 30, 2019 ▪ Ethanol Pr
Slide 4: Business Activity
Business Activity ▪ Green Plains Cattle Company • Green Plains Inc. and a group of investors have formed a joint venture to own and operate Green Plains Cattle Company LLC • The investment funds purchased 50% of the membership interests of Green Plains Cattle Company from Green Plains Inc. for appro
Slide 5: Margins in the Current Environment
Margins in the Current Environment (thousand barrels) ($ 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 Third Quarter 2019 Business Update | November 6, 2019 Page 5
Slide 6: Green Plains Inc.
Green Plains Inc. | SWZ | . > Green Plains
Slide 7: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands) For the three months ended Sept. 30, 2019 Sept. 30, 2018 Ethanol production Ethanol (gallons) 238,473 304,826 Distillers grains (equivalent dried tons) 617 811 Corn oil (pounds) 60,607 78,304 Corn consumed (bushels) 82,730 105,965 Agribusiness
Slide 8: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended Sept. 30, 2019 2018 2019 2018 (in millions) (per gallon produced) Ethanol production: Operating income (loss) $(49.3) $(16.0) $(0.21) $(0.05) Depreciation and amortization 15.6 24.3 0.07 0.08 Total ethanol production (33.7) 8.3 (
Slide 9: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Sept. 30, 2019 Dec 31, 2018 Cash, cash equivalents and restricted cash $254.0 $283.3 Working capital(1) 183.2 308.2 Working capital financing(2) (149.1) (163.8) Working capital, net 34.1 144.4 N
Slide 10: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Sept. 30, 2019 Sept. 30, 2018 Revenues $632.4 $789.0 Costs and expenses 674.7 792.8 Operating loss (42.3) (3.8) Other expense (9.7) (18.8) Income tax benefit 12.5 15.0 Income (loss) from e
Slide 11: Green Plains Partners LP
Green Plains Partners LP | SWZ | . > Green Plains
Slide 12: Selected Operating Data
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Sept. 30, 2019 Sept. 30, 2018 Product volumes Storage and throughput services 238.9 314.1 Terminal services 58.1 63.3 Railcar capacity billed (daily average) 77.0 98.2 Third Quarter 2019 Business Update
Slide 13: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Sept. 30, 2019 Dec 31, 2018 Current assets $20.2 $16.6 Property and equipment, net 38.1 40.9 Operating lease right-of-use assets 38.4 - Other assets 23.1 23.6 Total assets $119.8 $81.1 Liabilities and Partners’ Deficit Current lia
Slide 14: Consolidated Income Statement
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Sept. 30, 2019 Sept. 30, 2018 Revenues $20.2 $25.8 Operating expenses 8.2 9.5 Operating income 12.0 16.3 Interest expense and other (2.0) (1.8) Income tax expense (0.1) - Income f
Slide 15: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Sept. 30, 2019 Sept. 30, 2018 Sept. 30, 2019 Net income $10.1 $14.5 $45.2 Interest expense 2.1 1.9 8.4 Income tax expense 0.1 - 0.2 Depreciation and amortization 1.0 1.1 3.8 Minimum volume commitment
Slide 16: Appendix
Appendix | SWZ | . > Green Plains
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 Third Quarter 2019 Business Update | November 6, 2019 Page 17
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Sept. 30, 2019 Sept. 30, 2018 Net loss from continuing operations including $(38.9) $(7.9) noncontrolling interest Interest expense 10.5 19.7 Income tax benefit (12.5) (15.0) Depreciation and amortization 17.9 29.3 EB
Slide 19: Green Plains Inc. | NASDAQ: GPRE
Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com