Slide 1: Second Quarter 2019 Business Update
Second Quarter 2019 Business Update August 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: Second Quarter 2019 Highlights
Second Quarter 2019 Highlights ▪ Results of operations • Net loss of $45.3 million, or $(1.13) per diluted share • EBITDA of $(19.8) million • Cash, cash equivalents and restricted cash of $233.9 million; availability under revolving credit agreements of $458.8 million at June 30, 2019 ▪ Ethanol pro
Slide 4: Margins in the Current Environment
Margins in the Current Environment (thousand barrels) ($ 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 July 10, 2019 Second Quarter 2019 B
Slide 5: Green Plains Inc.
Green Plains Inc. TS | . > Green Plains
Slide 6: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Jun 30, 2019 Jun 30, 2018 Ethanol production Ethanol sold (gallons) 224,023 296,282 Distillers grains sold (equivalent dried tons) 586 739 Corn oil sold (pounds) 53,040 75,556 Corn consumed (bushels) 77,963 103,147
Slide 7: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended June 30, 2019 2018 2019 2018 (in millions) (per gallon produced) Ethanol production: Operating loss ($53.8) ($17.2) (0.24) (0.05) Depreciation and amortization $15.4 $20.6 0.07 0.07 Total ethanol production (38.4) 3.3 (0.17) 0.02
Slide 8: Select Balance Sheet Data
Select Balance Sheet Data Green Plains Inc. (in millions, except per share amounts) For the period ending Jun 30, 2019 Dec 31, 2018 Cash, cash equivalents and restricted cash 233.9 $318.2 Working capital 677.0 647.0 (1) Working capital financing (523.5) (538.2) Working capital, net 153.5 108.8 Net i
Slide 9: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Jun 30, 2019 Jun 30, 2018 Revenues $895.9 $986.8 Costs and expenses 935.2 975.1 Operating loss (39.3) 11.8 Other expense (15.5) (18.8) Income tax benefit 14.7 10.8 Net income (loss) (40.2)
Slide 10: Ethanol EBITDA Crush Margin
Ethanol EBITDA Crush Margin Q2-2019 Price Price / With P24 + Hi-pro gallon Project 24 @ All Revenues Conversions Ethanol $1.31 $1.31 DDG’s $131/t $0.34 Price / (2.87 / 0.0075) Revenue sub-total $1.65 Costs Corn $4.03 $1.40 Price / 2.87 Natural gas $2.85 $0.08 Price * 0.028 Sub-total $1.48 Gross crus
Slide 11: Green Plains Partners LP
Green Plains Partners LP TS | . > Green Plains
Slide 12: Selected Operating Data
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Jun 30, 2019 Jun 30, 2018 Product volumes Storage and throughput services 225.1 314.3 Terminal services 57.0 67.0 Railcar capacity billed (daily average) 81.1 98.6 Second Quarter 2019 Business Update | A
Slide 13: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Jun 30, 2019 Dec 31, 2018 Current assets $22.6 $16.6 Property and equipment, net 38.8 40.9 Operating lease right-of-use assets 38.5 - Other assets 23.3 23.6 Total assets $123.2 $81.1 Liabilities and Partners’ Deficit Current liabi
Slide 14: Consolidated Income Statement
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Jun 30, 2019 Jun 30, 2018 Revenues $20.8 $25.8 Operating expenses 8.0 10.2 Operating income 12.8 15.6 Interest expense and other (2.2) (1.8) Income tax expense - - Income (loss) f
Slide 15: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Jun 30, 2019 Jun 30, 2018 Jun 30, 2019 Net income $10.7 $13.7 $49.5 Interest expense 2.2 1.8 8.1 Income tax expense - - 0.2 Depreciation and amortization 0.8 1.1 3.9 Minimum volume commitment adjustme
Slide 16: Appendix
Appendix TS | . > 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% - Q1-13Q2-13Q3-13Q4-13Q1-14Q2-14Q3-14Q4-14Q1-15Q2-15Q3-15Q4-15Q1-16Q2-16Q3-16Q4-16Q1-17Q2-17Q3-17Q4-17Q1-18Q2-18Q3-18Q4-18Q1-19Q2-19 Production % of Capacity Production
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Jun 30, 2019 June 30, 2018 Net income (loss) ($40.2) $3.8 Interest expense 16.0 22.0 Income tax benefit (14.7) (10.8) Depreciation and amortization 19.1 26.8 EBITDA ($19.8) $41.8 Second Quarter 2019 Business Update |
Slide 19: 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