Delek Us Holdings, Inc. · NYSE:DK
Delek Us — Q1 2022 Earnings Presentation
14 slides from Delek Us's earnings presentation, May 3, 2022
Slide 1: First Quarter 2022 Earnings Call
May 3, 2022 Delek US Holdings, Inc. First Quarter 2022 Earnings Call Exhibit 99.2
Slide 2: Disclaimers
Disclaimers 2 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 slid
Slide 3: First Quarter 2022
3 First Quarter 2022 (1) See slides 11, 12, 13, and 14 for a reconciliation of adjusted net income to net income, adjusted net income per share to net income per share, adjusted EBITDA to net income, contribution margin to adjusted segment contribution margin. (2) Excluding intercompany eliminations
Slide 4: First Quarter 2022 Cash Flow
4 First Quarter 2022 • Strong financial position with $854 million of cash on the balance sheet • Cash flow from operating activities of approx. $27 million • Cash flow from operating activities (excluding working capital) of approx. $104 million • Working capital impacted cash flow by approx. $(77)
Slide 5: Capitalization
5 Capitalization • Delek US Consolidated at March 31, 2022 ◦ Cash of $854 million ◦ Net debt of $1.36 billion • Excluding Delek Logistics at March 31, 2022 ◦ Cash of $851 million ◦ Net debt of $456 million • Balance sheet provides financial flexibility • 3Bear acquisition expected to be funded prima
Slide 6: Guidance
6 Guidance 2Q22 Guidance Range ($ in millions) Low High Consolidated Operating Expenses $165 $175 Consolidated G&A $57 $62 Consolidated Depreciation and Amort. $65 $70 Net interest expense $35 $40 Total Crude Throughput 280,000 290,000
Slide 7: Capital Expenditure Guidance
• 2022 spending guidance of approximately $250 to $260 million (excludes expected capital on 3Bear assets in 2H22) ◦ Growth capital focused toward: ▪ Permian Gathering business ▪ Retail new stores to industry • First Quarter 2022 capital expenditures were $33 million • 2021 includes the following pr
Slide 8: (1) (2) (3)(1)(2)(3)(1)(2)(3)
8 (1) (2) (3)(1)(2)(3)(1)(2)(3)
Slide 9: (1) (2) (3)(1)(2)(3)(1)(2)(3)
9 (1) (2) (3)(1)(2)(3)(1)(2)(3)
Slide 10: Questions and Answers
Questions and Answers ESG-Conscious Investments with Clear Value Propositions and Sustainable Returns Long-term Sustainable Business Model Culture of Innovation and Operational Excellence Digital Transformation V Refinery of the Future Operational Optimization and Improved Margin Capture
Slide 11: Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss)
11 Reconciliation of Net Income (Loss) attributable to Delek to Adjusted Net Income (Loss)
Slide 12: Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share
12 Reconciliation of U.S. GAAP Income (Loss) per share to Adjusted Net Income (Loss) per share: (1)Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. (2) The adjustments have been tax effected using the estimated marginal tax rate, as applica
Slide 13: Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA
13 Reconciliation of Net Income (Loss) attributable to Delek to Adjusted EBITDA (1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. (2) See further discussion in the "Significant Transactions During the Quarter Impacting Results" section o
Slide 14: Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin
14 Reconciliation of U.S. GAAP Segment Contribution Margin to Adjusted Segment Contribution Margin (1) Adjusted to reflect the retrospective change in accounting policy from LIFO to FIFO for certain inventories. (2) Reflects the prior period conforming reclassification adjustment between operating e