Green Plains, Inc. · NASDAQ:GPRE
Green Plains — Q4 2022 Earnings Presentation
16 slides from Green Plains's earnings presentation, Feb 8, 2023
Slide 1: Fourth Quarter 2022 Business Update
Fourth Quarter 2022 Business Update February 8, 2023
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.
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Slide 4: Fourth Quarter 2022 Results
Fourth Quarter 2022 Results Results of Operations ◦ EPS of $(0.66) per basic and diluted share ◦ EBITDA of $5.7 million ◦ Cash and cash equivalents, and restricted cash of $500.3 million and $235.0 million available under a committed credit facility Production Segment ◦ Processed 78.0 million bushel
Slide 5: Business Activity & Updates
Business Activity & Updates • Protein technology currently operating at five facilities • Clean Sugar TechnologyTM construction at Green Plains Shenandoah underway and conversations advancing with numerous potential customers and co-location partners • Achieved record renewable corn oil yields acros
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands) For the three months ended December 31, 2022 2021 Ethanol production Ethanol sold (gallons) 225,206 200,521 Distillers grains sold (equivalent dried tons) 585 518 Renewable corn oil sold (pounds) 77,228 62,972 Corn consumed (bushels) 78,038 70
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended December 31, 2022 2021 2022 2021 (in millions) (per gallon produced) Ethanol production: Operating income (loss) (1) $ (29.9) $ 3.0 $ (0.13) $ 0.01 Depreciation and amortization 22.4 20.3 0.10 0.10 Total adjusted ethanol producti
Slide 8: Condensed Consolidated Income Statement
Condensed Consolidated Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended December 31, 2022 2021 Revenues $ 914.0 $ 802.3 Costs and expenses 937.0 794.5 Operating income (loss) $ (23.0) $ 7.8 Other expense (4.6) (7.1) Income tax expense (4.9) (4.8)
Slide 9: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending December 31, 2022 2021 Cash and cash equivalents, restricted cash and marketable securities $ 500.3 $ 685.8 Working capital $ 101.8 $ 185.6 Working capital financing (1) (137.7) (173.4) Working
Slide 10: Green Plains Partners LP
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Slide 11: Selected Operating Data - Green Plains Partners LP
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended December 31, 2022 2021 Product volumes Storage and throughput services 226.2 201.4 Terminal services 50.7 47.7 Railcar capacity billed (daily average) 73.5 68.3 11
Slide 12: Condensed Consolidated Balance Sheet - Green Plains Partners LP
Condensed Consolidated Balance Sheet Green Plains Partners LP (in millions) For the period ending December 31, 2022 2021 Assets Current assets $ 34.6 $ 33.0 Property and equipment, net 26.1 28.8 Operating lease right-of-use assets 47.0 38.9 Other assets 13.7 13.8 Total assets $ 121.4 $ 114.5 Liabili
Slide 13: Condensed Consolidated Income Statement - Green Plains Partners LP
Condensed Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended December 31, 2022 2021 Revenues $ 20.9 $ 19.1 Operating expenses 9.7 8.1 Operating income $ 11.2 $ 11.0 Interest expense (1.8) (1.3) Income tax expense — 0.1 Income from
Slide 14: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions, except ratios) Three Months Ended Year Ended December 31, December 31, 2022 2021 2022 Net income $ 9.6 $ 9.9 $ 40.7 Interest expense (1) 1.8 1.3 5.9 Income tax (benefit) expense — (0.1) 0.1 Depreciation and amortization 1.2 1.0 4.1 Unit-
Slide 15: Appendix
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Slide 16: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended December 31, 2022 2021 Net loss $ (32.3) $ (3.9) Interest expense 6.4 6.9 Income tax expense 4.9 4.8 Depreciation and amortization (1) 26.7 22.5 EBITDA $ 5.7 $ 30.3 Loss on sale of assets, net — 1.7 Proportional share