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| 8-K - DK 8-K INVESTOR PRESENTATION 2.27.17 - Delek US Holdings, Inc. | dk-8kxinvestorpresentation.htm |
March 2018
Delek US Holdings, Inc.
Investor Presentation
EX 99.1
Disclaimers
2
Forward Looking Statements:
Delek US Holdings, Inc. (“Delek US”) and Delek Logistics Partners, LP (“Delek Logistics”; collectively with Delek US, defined as “we”, “our”) are traded on the New York Stock Exchange in the
United States under the symbols “DK” and ”DKL”, respectively, and, as such, are governed by the rules and regulations of the United States Securities and Exchange Commission. These slides
and any accompanying oral and written presentations contain forward-looking statements that are based upon current expectations and involve a number of risks and uncertainties.
Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns,
or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not
limited to, statements regarding WTI-Brent crude oil differentials including improvement thereof and impact thereof on light crude oil refineries; global improvements and OPEC cuts; crude
oil markets, production, quality, pricing, imports, global production decline, exports, cuts, growth and transportation costs; light production from shale plays and Permian growth; differentials
including increases, trends and the impact of thereof on crack spreads; crude oil pricing; rig counts; Permian Crude capacity; pipeline takeaway capacity; crack spreads, refinery complexity,
configurations, utilization, crude oil slate flexibility, capacities, equipment limits and margins; the ability to unlock value from the Alon USA Energy, Inc. (“ALJ”) and Alon USA Partners LP
(“ALDW”) transactions from, among other things, simplification of corporate structure, synergy capture, improved operations, logistics growth, future dropdowns, cash flows, debt refinancing,
run rate synergies and reduced public company costs; the ability to add flexibility and increase margin potential at the Krotz Springs refinery; improved product netbacks; our ability to
complete the Alkylation project at Krotz Springs successfully or at all and the benefits, flexibility, returns and EBITDA therefrom; our ability to identify and complete California initiatives
successfully or at all and the costs, cash flow and benefits thereof; the ability to complete the sale of four asphalt terminals and other assets to a third party successfully or at all and the timing
and benefits therefrom; logistic asset growth; increases in drop down inventory and organic projects and the timing of and potential benefits therefrom; increased capacity on the Paline
Pipeline and the impacts and benefits therefrom; potential logistics dropdowns and the benefits therefrom; the ability of the newly formed joint venture with Green Plains Partners LP to
acquire additional assets, and the timing for and amount of such acquisitions; future distribution growth; retail growth and opportunities and the value therefrom; financial flexibility to
support initiatives; long-term value creation from capital allocation; share repurchases and returning cash to shareholders; execution of strategic initiatives and the benefits therefrom;
valuation relative to peer group; long term shareholder returns; organic growth; margin improvement; financial flexibility; access to crude oil and the benefits therefrom; potential dropdown
EBITDA and the timing thereof. Investors are cautioned that the following important factors, among others, may affect these forward-looking statements. These factors include, but are not
limited to: risks and uncertainties related to the ability to successfully integrate the businesses of Delek US, ALJ and ALDW; the risk that the combined company may be unable to achieve cost-
cutting synergies, or it may take longer than expected to achieve those synergies; uncertainty related to timing and amount of value returned to shareholders; risks and uncertainties with
respect to the quantities and costs of crude oil we are able to obtain and the price of the refined petroleum products we ultimately sell; gains and losses from derivative instruments;
management's ability to execute its strategy of growth through acquisitions and the transactional risks associated with acquisitions and dispositions; acquired assets may suffer a diminishment
in fair value as a result of which we may need to record a write-down or impairment in carrying value of the asset; changes in the scope, costs, and/or timing of capital and maintenance
projects; operating hazards inherent in transporting, storing and processing crude oil and intermediate and finished petroleum products; our competitive position and the effects of
competition; the projected growth of the industries in which we operate; general economic and business conditions affecting the geographic areas in which we operate; and other risks
contained in Delek US’and Delek Logistics’ filings with the United States Securities and Exchange Commission. Forward-looking statements should not be read as a guarantee of future
performance or results, and will not be accurate indications of the times at, or by which such performance or results will be achieved. Forward-looking information is based on information
available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in the statements. Neither Delek US nor Delek Logistics Partners undertakes any obligation to update or revise any such forward-looking statements.
Non-GAAP Disclosures:
Delek US and Delek Logistics believe that the presentation of earnings before interest, taxes, depreciation and amortization ("EBITDA"), adjusted EBITDA, adjusted net income (loss) per share,
distributable cash flow and distribution coverage ratio provides useful information to investors in assessing their financial condition, results of operations and cash flow their business is generating.
EBITDA, adjusted EBITDA, adjusted net income (loss) per share, distributable cash flow and distribution coverage ratio should not be considered as alternatives to net income, operating income, cash
from operations or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. EBITDA, adjusted EBITDA, adjusted net income (loss) per share, distributable cash
flow and distribution coverage ratio have important limitations as analytical tools because they exclude some, but not all, items that affect net income. Additionally, because EBITDA, adjusted EBITDA,
adjusted net income (loss) per share, distributable cash flow and distribution coverage ratio may be defined differently by other companies in its industry, Delek US' and Delek Logistics’ definitions may
not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Please see reconciliations of EBITDA, adjusted EBITDA, adjusted net income (loss) per share and
distributable cash flow to their most directly comparable financial measures calculated and presented in accordance with U.S. GAAP in the appendix.
Investment Highlights
(1) Based on price per common share as of close of trading on February 23, 2018.
(2) Currently 5.4% of the ownership interest in the general partner is owned by three members of senior management of Delek US (who are also directors of the general partner). The
remaining ownership interest is held by a subsidiary of Delek US.
(3) Please see page 36 for reconciliation of GAAP to non GAAP amounts 3
•Current Price: $34.26/share (1)
•Market Capitalization: $2.9 billion (1)
•NYSE: DKL: (Market cap $735.72 mm) Own 63.5%, including 2% GP(2)
Overview (NYSE: DK)
•Net income of $2.56/share
•Adjusted net income of $0.50 /share
•Adjusted EBITDA of $154.0 million
Strong Fourth Quarter 2017
Performance (3)
•Repurchased $118.8 million of stock from Nov. 2017 to Feb. 23, 2018
•Approved new $150.0 million authorization
• Increased regular quarterly dividend by 33% to $0.20/share from
$0.15/share
Cash Returns to Shareholders
•Closed Alon USA Energy transaction on July 1, 2017 to purchase
remaining 53%
•Closed purchase remaining 18.4% Alon USA Energy Partners LP units
on February 7, 2018
•Executing on strategic initiatives to unlock value
• Simplified corporate structure
Alon Acquisition
•December 31, 2017 balance sheet:
•Delek US: $931.8 million of cash; $1,465.6 million of debt
•Includes $4.7 million cash and $422.6 million debt of DKL
Flexible Financial Position to Support
Growth
Integrated Company with Asset Diversity and Scale
Strategically Located Assets with Permian Basin Exposure
4
Retail
• Approximately 300
stores
• Southwest US locations
• Largest licensee of 7-
Eleven stores in the US
• West Texas wholesale
marketing business
Asphalt (3)
• 14 asphalt terminals
located in TN, OK, TX,
WA, CA, AZ and NV
• Five terminals in CA, NV
and AZ in process of
being sold
• Largest asphalt supplier
in CA and second
largest asphalt supplier
in TX
Refining (1)
• 7th largest independent
refiner
• 302,000 bpd in total
•El Dorado, AR
•Tyler, TX
•Big Spring, TX
•Krotz Springs, LA
• Crude oil supply: 262,000
bpd WTI linked (207,000
bpd of Permian access)
Logistics (2)
• 10 terminals
• Approximately 1,290
miles of pipeline
• 11.4 million bbls of
storage capacity
• West Texas wholesale
• Joint venture crude oil
pipelines: RIO / Caddo
• Own 63.5%, incl. 2% GP,
of DKL
1) California refineries have not operated since 2012
2) Amounts include the Big Spring drop down that is expected to close in March 2018 with an effective date of March 1, 2018.
3) On February 12, 2018, Delek announced definitive agreement to sell the Mojave, Elk Grove, Phoenix, Fernley and Bakersfield terminals for $75.0 million.
Renewables
Approx. 61m gallons
Biodiesel:
• Crossett, AR
• Cleburne, TX
Renewable Diesel/Jet:
• California
Delek US Permian Focused WTI-Linked Crude Oil
Refining System
Current Refining Market Environment
Differential is additive to crack spread trends in the current market environment
Midland WTI-Brent Crude Oil Price Differential Trends Improving
61) Differential source: Argus – February 23, 2018; futures based on ICE/NYMEX curve.
• WTI versus Brent has widened
• Began in early 2017
• Primary drivers of this change include:
• Global market improvement - OPEC
cuts
• Current WTI price supports production
in U.S.
• Increased light production from Shale
plays
• Permian production has
continued to grow
• Transportation cost to clear light crude
oil in the export market
-$25.00
-$20.00
-$15.00
-$10.00
-$5.00
$0.00
$5.00
Jan-14
M
ay-14
Sep-14
Jan-15
M
ay-15
Sep-15
Jan-16
M
ay-16
Sep-16
Jan-17
M
ay-17
Sep-17
Jan-18
M
ay-18
Sep-18
Jan-19
M
ay-19
Sep-19
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Cushing-Brent Differential Midland-Cushing Differential
WTI Midland vs Brent, $/bbl (1) Outlook
Future curve
1) EIA production data through January 2018, Drilling Productivity Report; Baker Hughes rig count as of Feb 23, 2018.
2) Company estimates; current production based on EIA for January 2018.
7
Crude Oil Production Grew Despite Rig Decline (1)
-
500
1,000
1,500
2,000
2,500
3,000
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Rig Count Oil Prod. (MBbl/d)
Production continued to grow through crude oil price volatility
Permian Basin Attractive Drilling Economics Support Growth
• Crude oil production benefited by low
breakeven costs and improved
efficiencies
• As crude oil prices have increased, rig
count has followed
• Expected crude oil production
growth of 600,000 bpd in 2018
and 2019
• Delek US has access to approximately
207,000 bpd of Permian Crude
Permian Basin Crude Oil Production Growth (2)
0.9 0.9 1.0 1.2
1.4 1.6 1.9
2.0 2.4
3.1
3.7
2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E
Current production Jan. 2018:2.8m bpd
Permian Basin Outlook - Production versus Pipeline Takeaway Capacity
8
• Outlook assumes production growth of approximately 600 kbpd
• Permian pipeline take-away utilization should remain >90% during 2018
• Plains Sunrise Expansion and Cactus II are the only 2019 projects currently committed out of
announced pipelines
Source: Delek US, company reports. Takes into consideration pipelines that are currently being constructed and does not take into account announced
potential pipelines that may be constructed in the future.
Crack Spread Cycle Turning Up
Crack spread at highest since 2015 and expected to continue upward trend
9
-$30
-$20
-$10
$0
$10
$20
$30
$40
$50
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9
Brent-WTI Cushing Spread Per Barrel WTI 5-3-2 Gulf Coast Crack Spread Per Barrel
(1) Source: Platts as of February 23, 2018; 5-3-2 crack spread based on HSD. Mitsui Forward Curve as of February 23, 2018
(2) Crack Spreads: (+/-) Contango/Backwardation
2010
Avg:
$9.08
2011
Avg:
$23.78
2012
Avg:
$26.91
2013
Avg:
$18.08
2014
Avg:
$12.60
2015
Avg:
$15.67
2016
Avg:
$10.36
2017
Avg:
$13.51
2018F
Avg:
$14.57
2010 Brent-
WTI Diff:
$(0.67)
2011 Brent-
WTI Diff:
$(15.81)
2012 Brent-
WTI Diff:
$(17.57)
2013 Brent-
WTI Diff:
$(10.77)
2014 Brent-
WTI Diff:
$(6.48)
2015 Brent-
WTI Diff:
$(4.86)
2016 Brent-
WTI Diff:
$(1.71)
2017 Brent-
WTI Diff:
$(3.88)
2018F Brent-
WTI Diff:
$(3.93)
System with Over 300,000 bpd of Crude Oil Throughput Capacity (~69% Permian Basin Based)
WTI-Linked Refining System with Permian Based Crude Oil Slate
10
Tyler, Texas
• 75,000 bpd crude
throughput
• 8.7 complexity
• Light crude refinery
• Permian Basin and
east Texas sourced
crude
El Dorado, Arkansas
• 80,000 bpd crude
throughput
• 10.2 complexity
• Flexibility to process
medium and light
crude
• Permian Basin, local
Arkansas, east Texas
and Gulf Coast crudes
Big Spring, Texas
• 73,000 bpd crude
throughput
• 10.5 complexity
• Process WTI and WTS
crude
• Located in the Permian
Basin
Krotz Springs, Louisiana
• 74,000 bpd crude
throughput
• 8.4 complexity
• Permian Basin, local
and Gulf Coast crude
sources
Crude Oil Supply is Primarily WTI Linked barrels -
• Currently approximately 262,000 bpd/95.6 million barrels per year; $1/bbl. change in WTI-Brent differential
is approximately $96 million of EBITDA
• Access to Permian crude oil accounts for 207,000 bpd/ 75 million barrels per year of crude oil supply
• Krotz Springs – Midland vs LLS - Ability to increase Midland barrels by 10,000 bpd
Big Spring
73 kbpd
26.6 m bbls
100% WTI
linked
Tyler
75 kbpd
27.4 m bbls
100% WTI
linked
El Dorado
80 kbpd
29.2 m bbls
100% WTI
linked
Krotz
74 kbpd
27.0 m bbls
46% WTI
linked
Initiatives Underway to Create Sustainable Value
Simplifies corporate structure of Delek US
Acquisition of the remaining Alon USA Partners LP Units
12
• On February 7, 2018, acquired remaining limited partner units of Alon USA Partners (ALDW)
• Delek US owned 81.6% of the outstanding common units
• All stock for unit transaction for remaining 18.4% of the outstanding common units
• Exchange ratio of 0.49 shares of Delek US for each ALDW common unit not already owned
by Delek US
• Expected benefits
• Simplified corporate structure
• Ability to reallocate cash flow from distributions to investment
• Enables ability to more efficiently drop down logistic assets to DKL in the future
• Ability to use the balance sheet strength of Delek US to refinance high cost debt at ALDW
• Reduces number of public companies to 2 (DK and DKL) lowering public company costs
Robust Synergy Opportunity from DK/ALJ Combination
13
Expect to achieve run-rate synergies of approximately $105-$120 million in 2018;
Increased from original target of $85-$105 million
$89 million of annualized synergies captured as of Dec. 31, 2017
Type Description New Estimate
Previous
Estimate
Commercial
• Logistics, purchase and
trading benefits from a
larger platform
• $20-$30 m • $20-$35 m
Operational
• Sharing of resources
across the platform;
improved insurance
and procurement
efficiencies
• $19-$22 m • $13-$15 m
Cost of
Capital
• Benefit from Delek US’
financial position to
reduce interest
expense through
refinancing efforts
• $30-$31 m • $19-$20 m
Corporate
• Reducing the number
of public companies;
consolidating functions
to improve efficiencies
• $36-$37 m • $33-$35 m
Corporate
Cost of Capital
Operational
Commercial
Target
$105-$120
($ in millions)
On track to capture targeted synergies from transaction
To Date 12/31/17
Commercial
Operational
Corporate
$89
Cost of Capital
Areas of focus to add flexibility and increase margin potential from refinery
Krotz Springs Improvement Initiatives
14
Improve Units to Add Product Flexibility
• Alkylation Project – under construction - provides
ability to upgrade low value production into higher
value gasoline
Crude – Transportation and Flexibility
• Transportation – focus on reducing the cost of crude
oil delivered into Krotz Springs
• Flexibility – Working with DKL to explore ways to
increase ability to access lower cost crude oil
• Create ability to adjust crude slate between
LLS and Midland based on market conditions
and refinery runs
Product Netback Improvement
• Build out wholesale business along the Colonial
Pipeline system
Expected annual EBITDA $35 to $40 million; Target completion in 1Q19
Krotz Springs Alkylation Project
15
• Alkylation unit with 6,000 bpd capacity
• Approx. $103.0 estimated capital costs with
$29.0 million spent as of Dec. 31, 2017
• Improves refinery flexibility
• Converts lower priced iso-butane into higher
value alkylate
• Enables multiple summer grades of gasoline to
be produced
• Increases octane to produce premium gasoline
• Ability to access local markets
• Estimated project returns
• Estimated annual EBITDA(1) $35-$40 million
• Driven by the conversion/Reduces
dependency on crack spread environment for
project return
• Economics based on 67 cents/gallon spread
between CBOB 7.8 and iso-butane
• Sensitivity: each 10 cents/gallon change equals
$3.2 million EBITDA change
$0.69
$0.97
$1.23 $1.21
$0.90
$0.61 $0.65
$0.69
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
S
p
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d
,
C
P
G
Gulf Coast CBOB 7.8 – Isobutane Spread
38.4 44.0
22.2 22.2
8.0
8.0 11.1
8.7
Base Alky
Change in Yields, in 000 bpd
Gasoline Diesel/Jet Heavy Oils Other
1) Please see page 37 for a reconciliation of forecasted EBITDA to forecasted net income.
Assets are non core to Delek US geographic footprint; Exploring ways to derive value and reduce costs
Non-Core Asset Divesture Initiatives
16
• West Coast Asphalt Terminals
• On February 12, 2018 announced definitive agreement to sell West Coast terminals
• $75.0 million in cash plus working capital
• Four asphalt terminals in Bakersfield, Mojave and Elk Grove, CA and Phoenix, AZ
• Delek US’ 50 % equity interest in the Paramount-Nevada Asphalt Company, LLC joint venture
that operates an asphalt terminal located in Fernley, Nevada
• Timing: Expected to close in first half 2018 subject to customary closing conditions, certain
preferential rights under the joint venture arrangement and regulatory approval.
• Paramount/Long Beach/Bakersfield, California assets
• Refining assets have been idled since 2012
• Alt Air renewable fuels facility operates at the Paramount location
• Target to exit J Aron financing agreement for California mid-2018 that should reduce interest and fees
• Current status:
• Paramount and Long Beach (1) - Evaluating options to divest assets
• Bakersfield (1) - Evaluating options to lower carrying cost of this location
• Goal to divest assets to strategic buyers, returning cash to Delek US and reducing costs related to
these assets over time.
• $40.0-$45.0 million potential cost savings by divesting all California assets (2); cash flow to Delek
from asset sales
1) At Sept. 30, 2017 Paramount and Long Beach were moved to discontinued operations per accounting requirements due to efforts to divest the operations. Bakersfield
remains as part of continuing operations.
2) This amounts excludes any benefit from the biodiesel tax credit at Alt Air. Including a biodiesel tax credit at Alt Air the estimated range would be $20.0 to $25.0 million.
Logistics Assets Positioned for
Growth
• ~805 miles (1) of crude
and product
transportation pipelines,
including the 195 mile
crude oil pipeline from
Longview to Nederland,
TX
• ~ 600 mile crude oil
gathering system in AR
• Storage facilities with 10
million barrels (2) of
active shell capacity
• Rail Offloading Facility
Pipelines/Transportation
Segment
• Wholesale and
marketing business in
Texas
• 10 light product
terminals: (2) TX, TN, AR
• Approx. 1.4 million
barrels (2)of active shell
capacity
Wholesale/Terminalling
Segment
18
Logistics Assets Positioned to Benefit from Permian Basin Activity
Growing logistics assets support crude sourcing and product marketing for customers
(1) Includes approximately 240 miles of leased pipeline capacity.
(2) Amounts include the Big Spring drop down that is expected to close in March 2018 with an effective date of March 1, 2018.
Increased Drop Down Inventory plus Organic Project Creates Platform to
Support Logistics Growth
19
Potential Growth for DKL
• Delek Logistics Partners provides
platform to unlock logistics value
• Increased access to Permian and
Delaware basin through presence of
Big Spring refinery
• Improves ability to develop
crude oil gathering and
terminalling assets
• Big Spring Logistics assets dropdown
expected to close in March 2018
• $40m est. annualized EBITDA
• Completed Paline Pipeline expansion
in early March 2018
• Capacity to 42,000 bpd from
35,000 bod
• $8m est. annualized EBITDA
uplift
• Potential Drop Down Inventory:
• Krotz Springs Assets - $30 to
$34m EBITDA/ year (2)
1) Information for illustrative purposes only to show potential based on estimated dropdown assets listed. Actual amounts will vary based on market conditions, which assets
are dropped, timing of dropdowns, timing of Paline Pipeline 7,000 bpd capacity expansion, actual performance of the assets and Delek Logistics in the future.
2) Please see page 38 and 39 for a reconciliation of EBITDA.
Strong EBITDA Growth Profile Supporting Distribution Growth (1)
$115 $8 $40
$32
$196
$-
$50.0
$100.0
$150.0
$200.0
$250.0
DKL EBITDA
2017
Annualized
EBITDA - Paline
expansion
March 2018
Big Spring Drop
Down Inventory
March 2018
Krotz Springs
Drop Down
Inventory
Total EBITDA
Potential
($ in millions)
Note: based on DKL LTM EBITDA + potential
dropdowns + Paline expansion
Target
2019
20
1) Please see page 39 for a reconciliation of EBITDA.
Big Spring Logistics Asset Dropdown
• Drop down expected to close in March with an effective date of March 1, 2018
• Purchase price of $315.0 million which equates to a 7.8x EBITDA multiple.
• Expected annualized EBITDA of $40.2M
• Financed through a combination of cash on hand and borrowings on the revolving
credit facility.
• This acquisition consists of:
• Storage tanks and salt wells – ~2.9 million barrels of aggregate shell capacity,
consisting of 62 tanks, 4 salt wells and ancillary assets, including piping and pumps
located at the refinery.
• Product terminals – Consists of an asphalt terminal that operated at 3,900 bpd during
2H17 and a light products terminal with 54,000 bpd throughput capacity, which
operated at 28,000 bpd during 2H17
• Marketing agreement – Delek US will enter into a new wholesale marketing
agreement whereby Delek Logistics will provide services necessary to market various
refinery products produced at the Big Spring refinery. During 2H17, total sales
volume for products to be covered by this agreement was ~74,700 bpd
21
Joint Venture with Green Plains Partners
Improves logistics presence in North Little Rock and east Texas
• On February 20, 2018 announced a joint venture with Green Plains Partners to purchase
third party logistics assets
• Acquisition
• Two light products terminals – Caddo Mills, TX and North Little Rock, AR
• Purchased from an affiliate of American Midstream for $138.5 million in cash
• Subject to customary closing conditions and regulatory approval, the transaction is
expected to close in the first half of 2018
• Joint venture structure
• Immediately prior to closing Delek Logistics will contribute its North Little Rock, Arkansas
terminal and the Greenville tank farm located in Caddo Mills, Texas location plus
approximately $57.25 in cash
• At closing, Green Plains will contribute approximately $81.25 million in cash
• Delek Logistics will be the operator
• Strategic Rationale
• Acquired and contributed assets are complementary creating synergy opportunities
• Well positioned to support Delek US’ Tyler, Texas and El Dorado, AR refineries
• North Little Rock location has ability to unload ethanol unit trains
• Expected annualized EBITDA of $19.2 million in 2019 at joint venture
1) Please see page 39 for a reconciliation of EBITDA.
Positive Outlook for Paline Pipeline and West Texas Wholesale
22
• Approximately 195-mile 35 kbpd crude oil pipeline from
Longview, TX south to Beaumont
• Allows shippers the ability to ship Midland or Cushing
crude barrels to the Gulf Coast
• Adding capacity in March 2018
• Adding pump capacity to achieve 42,000 bpd
• Evaluating potential for additional capacity
• Transmission service agreement period until
February 28, 2018 for one year minimum volume
commitments
1) Source: Baker Hughes Drilling Rig report through Feb. 16, 2018.
2) RINs gross margin benefit included in the 2013 west Texas gross margin per barrel was approximately $6.4 million, or $0.99/Bbl, 2014 gross margin included $4.6 million, or $0.75/Bbl,
2015 gross margin included $5.3 million, or $0.89/Bbl, 2016 gross margin included $6.7 million, or $1.39/bbl, 2017 gross margin included $5.6 million, or $1.11/bbl
Paline Pipeline West Texas Wholesale
• Operates in an area around the Permian Basin;
Complementary to Delek US refining / retail in region:
• Purchases refined products from third parties for resale
at owned and third party terminals in west Texas
• Includes ethanol blending activity
• Drilling rig count has increased since May 2016; there
are currently 433 rigs operating in the Permian Basin(1)
West Texas Wholesale and Marketing Gross Margin
13,377
Bbl/d
14,353
Bbl/d
15,493
Bbl/d
16,523
Bbl/d 18,156
Bbl/d
16,707
Bbl/d
16,357
Bbl/d
13.482
Bbl/d
(2) (2) (2) (2)
($ in millions)
13.942
Bbl/d13,257
Bbl/d
(2) (2)
$7.2 $7.6 $8.5
$15.5 $14.0
$28.2
$8.0 $6.9
$20.3
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
2009 2010 2011 2012 2013 2014 2015 2016 2017
13,377
bpd
14,353
bpd
15,493
bpd
16,523
bpd 18,156
bpd
16,707
bpd
16,357
bpd 13,257bpd
13,817
bpd
23
Delek US GP and IDR Ownership is in DKL in the high splits
Future Potential Dropdowns to DKL Benefit Delek US Cash Flow
Supports Long Term Distribution Growth at Delek Logistics
Total Quarterly Distribution Per Unit
Target Amount Unitholders General Partner
Minimum Quarterly Distribution below $0.37500 98.0% 2.0%
First Target Distribution $0.37500 to $0.43125 98.0% 2.0%
Second Target Distribution $0.43125 to $0.46875 85.0% 15.0%
Third Target Distribution $0.46875 to $0.56250 75.0% 25.0%
Thereafter above $0.56250 50.0% 50.0%
• DKL Distribution was
$0.725/unit for 4Q 2017
• DKL distribution growth
target per LP unit of at least
10% annually through 2019
• Delek US Ownership:
• 61.5% of LP Units
• 2% GP Interest
(1) Based on no change in number of units and assumes all units are paid distribution, including IDRs to Delek US and its affiliates. Targeted annual growth rate in distribution
based on 10% through 2019 per Delek Logistics guidance in 4Q16 earnings release. Growth based on declared amounts. Growth from 2019 to 2020 based on 10% per year.
Delek US and affiliates own approximately 61% of limited partner units and 100% of the general partner units. Information for illustrative purposes only, actual amounts will
be determined by Delek Logistics based on future performance and pursuant to its partnership agreement.
Assumed Annual Distribution (LP and GP) to Delek US if Delek Logistics were to have a long term distribution
growth of 10% per year.(1) Combination of all Alon logistic assets, including asphalt, could potentially support
growth to 2020
$28.1 $33.1 $38.3
$42.7 $47.0 $51.7
$56.8$1.9
$5.0
$12.4
$18.8
$24.0
$31.5
$39.6
$-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2014 2015 2016 2017E 2018E 2019E 2020E
Distribution - LP Distribution - GP
$ in millions 2016 – 2020E GP distribution CAGR +33%
24
(1) MQD = minimum quarterly distribution set pursuant to the Partnership Agreement.
(2) Distribution coverage based on distributable cash flow divided by distribution amount in each period. Please see page 38 for reconciliation.
(3) 4Q17 based on total distributions paid on February 12, 2018.
(4) In 4Q17, the reimbursed capital expenditure amounts in the determination of distributable cash flow were revised to reflect the accrual of reimbursed capital expenditures from Delek rather than the cash
amounts received for reimbursed capital expenditures during the years ended December 31, 2017, 2016 and 2015.
(5) Leverage ratio based on LTM EBITDA as defined by credit facility covenants for respective periods.
1.70x 1.58x
2.28x 2.40x 3.21x 2.69x 2.55x 2.56x 3.00x
3.14x 3.11x 3.49x 3.48x 3.47x 3.70x 3.85x 3.83x 3.88x 3.72x 3.77x
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
DKL: Increased Distribution with Conservative Coverage and Leverage
Distribution per unit has been increased twentieth consecutive time since the IPO
Distributable Cash Flow Coverage Ratio (2)(3)(4)
Leverage Ratio (5)
$0.375 $0.385 $0.395 $0.405 $0.415 $0.425 $0.475 $0.490
$0.510 $0.530 $0.550 $0.570 $0.590 $0.610 $0.630
$0.655 $0.680 $0.690 $0.705 $0.715 $0.725
MQD (1)1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17
Increased 93.3% through 4Q 2017 distribution
1.39x 1.32x 1.35x 1.30x 1.61x
2.02x 1.42x 1.67x 1.25x 1.49x 1.47x 1.18x 1.20x 1.29x 0.98x 1.00x 0.88x
1.06x
0.97x 0.96x
1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q16 1Q17 2Q17 3Q17 4Q17
Avg. 1.35x in 2013
Avg. 1.68x in 2014
Avg. 1.35x in 2015
Avg. 1.11x in 2016 Avg. 0.97x in 2017
Opportunities for Retail
Integrated wholesale marketing and retail network at Big Spring; complementary to DKL west Texas
25
Current Retail Operations
• Approximately 300 store retail system in
Central/west Texas and New Mexico
• Supplies ~635 branded sites,
including substantially all of Alon’s
retail sites
• Opportunity to invest in business to
improves store base and grow over time
to increase retail system value
Refineries
Legend:
Big Spring
Krotz
Springs
Branded license agreement and payment card location
Branded company-operated and distributor location
Unbranded supply available
Phoenix
Tucson
El Paso
Abilene
Wichita
Falls
Albuquerque
DKL served terminals
El Dorado
Tyl
er
Prior Retail Experience
• Built Southeast U.S. retail system
with 348 stores
• In November 2016 sold the network
for $535.0 million, net cash proceeds
of $377.3 million before tax
• Deal value of approximately 12.7x
EBITDA multiple
13.6x 16.4x
6.9x 7.9x
19.3x
7.8x 10.4x
12.7x
Susser
(2014)
Hess
(2014)
Pioneer
(2014)
Aloha
(2014)
Warren
(2014)
Pantry
(2014)
CST
Brands
(2016)
DK
Retail
(2016)
Comparative Retail Transaction EBITDA Multiples
Median: 10.4x
Solid Financial Position
Financial Strength and Flexibility to Support Initiatives
At December 31, 2017 approximately $932 million of cash
27
• Focused on growing business, while maintaining
financial flexibility
• Sold retail assets in Nov. 2016 for $535
million
• Closed Alon transaction on July 1, 2017
• At December 31 cash balance of $932 million
and net debt of $534 million
• Net debt of $116 million excluding DKL
related cash/debt
• Current balance sheet should have financial
flexibility to support:
• Opportunity for cost of capital benefits from
combination estimated to be approximately
$30 million
• Capital allocation program focused on
investment, return to shareholders and
growth over cycle
1) Amounts prior to 4Q16 have been adjusted to remove cash associated the retail operations that were sold in November 2016.
2) Based on company filings as of 12/31/17.
Capitalization as of December 31, 2017 (2)
Cash Balance ($MM) (1)
$40
$219
$590
$383 $430
$287
$689 $932
2010 2011 2012 2013 2014 2015 2016 2017
($ in millions)
Current Debt $590.2
Long-Term Debt 875.4
Total Debt $1,465.6
Cash ($931.8)
Net Debt Delek US Consolidated $533.8
Delek Logistics
Total Debt $422.6
Cash ($4.7)
Net Debt Delek Logistics $417.9
Net Debt Delek US excluding DKL $115.9
• Invest in the business
• 2018 spending includes the Alky unit project at Krotz
Springs
• 1Q 2019 El Dorado Turnaround planning underway
• Programs in place allow different options to return cash to
shareholders
• Increased regular dividend by 33% to $0.20/qtr
• $150 million DK share repurchase plan(1) with
approximately $31 million remaining as of 2/23/18
• New $150 million DK share repurchase plan(1)
• Announced $75.0 million of asset divestitures in February
2018
Capital Allocation Focused on Long-Term Value Creation
28
Dividends Declared ($/share)
$0.15 $0.15 $0.21
$0.55 $0.60
$0.39
$0.40 $0.40
$0.15
$0.33
$0.60
$0.95 $1.00
$0.60 $0.60 $0.60
$0.80
2010 2011 2012 2013 2014 2015 2016 2017 2018F
Regular Special
$37.0
$74.6
$42.3
$6.0
$25.0
$93.8
2013 2014 2015 2016 4Q17 1Q18 to date
- 2/22/18
DK Share Repurchases ($MM)
1) These plans do not have expiration dates.
2) Based on annualized quarterly dividend of $0..20/share declared on 2/26/18. Actual amount for 2018 subject to approval by the Board of Directors during the year.
3) In addition to 2018 capital expenditures shown, there is approximately $40.0 million of midstream projects to enhance Delek’s Permian position in 2018.
$88.6
$157.1
$213.6 $191.0
$46.3
$177.5 $211.5
2012A 2013A 2014A 2015A 2016A 2017A 2018E
Historical Capital Spending (3)
($ in millions)
(2)
Initiatives Underway to Create Sustainable Value
Execution of strategic initiatives
29
•$89 million captured on annualized basis in 4Q17
• Increased annualized target range to $105 million to $120 million
•On track to reach annualized goal in 2018
Synergies
• Improve Krotz Springs refinery flexibility
•$103 million project; expected completion in 1Q19
•$35 to $40 million annual EBITDA potential
Invest in the Business
(Alky Project)
• Increase capacity to 42,000 bpd from 35,000 bpd
•$8.0 million potential EBITDA uplift on annual basis
Invest in the Business
(Paline Capacity Increase)
•Divest assets to create cash flow to Delek US
•$40 to $45 million potential savings from CA assets
•Announced $75 million of asset sales in February 2018
Divest Non core assets
•Announced $315 million Big Spring drop down to DKL- $40
million annualized EBITDA
•Approximately $32 million of potential logistics annualized
EBITDA in dropdown inventory
•Supports growth at DKL
Unlock Logistics Value
Current Valuation Below Peer EV to EBITDA
Permian focused refining system with flexible financial position
30(1) Based on NASDAQ IR Insights/Factset as of February 23, 2018.
• Balance sheet with $932 million of cash at 4Q17 supports company initiatives
• Permian focused refining system
• Capital allocation program returning cash to shareholders through share repurchases
• Current valuation for Delek US below peer group may create attractive opportunity
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
EV/EBITDA
2018 2019 18 avg 19 avg
31
Complementary
Logistics Systems
Significant Organic
Growth / Margin
Improvement
Opportunities
Focus on Long Term
Shareholder Returns
Financial FlexibilityPermian Focused Refining System
Questions and Answers
An Integrated and
Diversified Refining,
Logistics and Marketing
Company
Appendix
Delek US Focused on Growth through Acquisitions
(1) Includes logistic assets in purchase price. Purchase price includes working capital for refineries.
(2) Mt. Pleasant includes $1.1 million of inventory.
2006
Abilene & San Angelo
terminals
$55.1 mm
2012
Nettleton
Pipeline
$12.3 mm
2011
Paline Pipeline
$50 mm
Acquisition Completed
171 retail fuel &
convenience stores
& related assets
$157.3 mm
2005 to 2007 2011 to 2012 2013 to Current
Crude
Gathering
2013
Biodiesel
Facility
$5.3 mm
2011
Lion refinery &
related pipeline & terminals
$228.7 mm(1)
2005
Tyler refinery &
related assets
$68.1 mm(1)
2011 - 2014
Building new large format convenience stores
2013
Tyler-Big Sandy
Pipeline
$5.7 mm
2014
Biodiesel
Facility
$11.1 mm
Logistics Segment Retail SegmentRefinery Segment
Crude
Logistics
Refining
Product
Logistics
Retail
2012
Big Sandy
terminal & pipeline
$11.0 mm
2013
North Little Rock
Product Terminal
$5.0 mm
2011
SALA Gathering
Lion Oil acquisition
A
s
s
e
t
s
P
u
r
c
h
a
s
e
d
Increased Gathering
East and West Texas
33
2014
Mt. Pleasant
System
$11.1 mm (2)
2014
Frank
Thompson
Transport
$11.9 mm
DKL Joint Ventures
RIO Pipeline
Caddo Pipeline
Exp. Inv.: ~$104 mm
2015
47%
ownership
in Alon USA
2015
47%
ownership
in Alon USA
2016
Sold MAPCO
for $535mm
2017
Acquired rest
of Alon USA
2017
Acquired rest
of Alon USA
2018
Acquired rest
of Alon USA
Partners
34
Current Delek US Corporate Structure
(1) As of December 31, 2017, a 5.4% interest in the Delek US ownership interest in the general partner is held by three members of senior management of Delek US. The
remaining ownership interest is indirectly held by Delek US.
(2) Market cap based on share and unit prices on February 23, 2018.
94.6%
ownership interest (1)
2.0% interest
General partner interest
Incentive distribution
rightsDelek Logistics Partners, LP
NYSE: DKL
Market Cap: $735.7 million
Delek Logistics GP, LLC
(the General Partner)
Delek US Holdings, Inc.
NYSE: DK
Market Cap: $2.9 billion
61.5% interest in
LP units
($14.00)
($12.00)
($10.00)
($8.00)
($6.00)
($4.00)
($2.00)
$0.00
$2.00
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WTI Midland vs. WTI Cushing Crude Oil Pricing
Access to Midland Crude Oil Benefits Margins
($ per barrel)
Approx. 207,000
bpd of Midland
crude oil in DK
system
35Source: Argus – as of February 23, 2018
Non GAAP Reconciliations Delek US EPS and EBITDA
36
Reconciliation of U.S. GAAP Net Income
(Loss) to Adjusted Net Income (Loss) 2017 2016 2017 2016
Reported net income (loss) per share
attributable to Delek $2.56 $0.72 $4.00 ($2.49)
Adjustments, after tax (per share) (13)
Net inventory valuation gain (0.11) (0.08) (0.12) (0.35)
Alon goodwill impairment — — — —
Asset write offs — 0.03 0.01 0.05
Business interruption proceeds — — — (0.44)
Unrealized hedging loss 0.02 0.13 0.12 0.36
Loss on impairment of equity method
investment — — — 2.50
Inventory fair value adjustment — — 0.26 —
Transaction related expenses 0.03 0.06 0.24 0.09
Gain on remeasurement of equity method
investment in Alon — — (1.67) —
Deferred tax write-off — — 0.65 —
Tax Cuts and Jobs Act adjustment (2.02) — (2.31) —
Discontinued operations loss (gain) 0.02 (1.31) 0.08 (1.39)
Total adjustments (2.06) (1.17) (2.74) 0.81
Adjusted net income (loss) per share $0.50 ($0.45) $1.26 ($1.68)
Three Months Ended
December 31,
Year Ended
December 31,
(Unaudited) (Unaudited)
Reconciliation of U.S. GAAP Net Income (Loss) to Adjusted
EBITDA 2017 2016 2017 2016
Reported net income (loss) per share attributable to Delek $ 211.1 $ 44.2 $ 288.8 $ (153.7)
Add:
Interest expense, net 30.0 13.1 89.8 52.9
Income tax expense - continuing operations (140.7) (34.7) (29.2) (171.5)
Depreciation and amortization 47.9 29.8 153.3 116.4
EBITDA 148.3 52.4 502.7 (155.9)
Adjustments
Net inventory valuation gain (14.4) (7.8) (14.0) (33.8)
Alon goodwill impairment — — — —
Asset write offs — 2.7 0.7 4.9
Business interruption proceeds — — — (42.4)
Unrealized hedging loss 2.0 12.5 13.0 34.2
Loss on impairment of equity method investment in Alon — — — 245.3
Inventory fair value adjustment — — 33.2 —
Transaction related expenses 2.3 6.0 24.7 8.9
Gain on remeasurement of equity method investment in
Alon — — (190.1) —
Non controlling interest 14.0 4.6 33.8 20.3
Discontinued operations loss (gain), net of tax 1.8 (80.8) 5.9 (86.3)
Total adjustments 5.7 (62.8) (92.8) 151.1
Adjusted EBITDA $ 154.0 $ (10.4) $ 409.9 $ (4.8)
(Unaudited) (Unaudited)
Three Months Ended
December 31,
Year Ended December
31,
Non GAAP Reconciliations of Potential Alky Unit EBITDA (1)
37
(1) Based on projected range of potential future performance from the alkylation unit project at Krotz Springs. Amounts of EBITDA, net income and timing will vary. Actual
amounts will be based on timing of completion, performance of the project and market conditions.
Reconciliation of Forecast U.S. GAAP Net Income (Loss) to Forecast
EBITDA for Alkylation Project
Forecasted
Range
Forecasted Net Income $ 17.8 $ 21.0
Add:
Interest Expense, net — —
Income tax expense 10.3 12.1
Depreciation and amortization 6.9 6.9
Forecasted EBITDA $ 35.0 $ 40.0
Non GAAP Reconciliations of Potential Dropdown EBITDA (1)
38
(1) Based on projected range of potential future logistics assets that could be dropped to Delek Logistics from Delek US in the future. Amounts of EBITDA, net income and timing
will vary, which will affect the potential future EBITDA and associated deprecation and interest at DKL. Actual amounts will be based on timing, performance of the assets,
DKL’s growth plans and valuation multiples for such assets at the time of any transaction.
Reconciliation of Forecasted Logistics Dropdown EBITDA to Forecasted Amounts under US GAAP
Delek Logistics Partners LP
($ in millions)
Forecasted Net Income Range 2.9$ 3.3$
Add: Depreciation and amortization expenses 15.6$ 17.7$
Add: Interest and financing costs, net 11.5$ 13.0$
Forecasted EBITDA Range 30.0$ 34.0$
Potential Dropdown Range
Non GAAP Reconciliations of EBITDA (1)
39
(1) Amounts of EBITDA, net income and timing will vary, which will affect the potential future EBITDA and associated deprecation and interest at DKL. Actual amounts will be
based on timing, performance of the assets, DKL’s growth plans and valuation multiples for such assets at the time of any transaction.
(2) This amount represents the forecasted 2019 performance for the total joint venture. Each partner will record performance based on their respective percentage ownership in
the joint venture.
($ in millions)
Tanks, Terminals
and Marketing
Agreement
Forecasted Net income $ 20.5
Add:
Income tax expense -
Depreciation and amortization 5.1
Interest expense, net 14.6
Forecasted EBITDA $ 40.2
Big Spring Logistics Drop Down and Marketing Agreement
Reconciliation of Forecasted Annualized EBITDA to Forecasted Net Income
($ in millions) DKGP Joint Venture (2)
Forecasted Net income $ 11.0
Add:
Income tax expense -
Depreciation and amortization 8.2
Interest expense, net -
Forecasted EBITDA $ 19.2
DKGP Energy Terminals LLC
Reconciliation of Forecasted 2019 EBITDA to Forecasted Net Income
DKL: Reconciliation of Cash Available for Distribution
40
(1) Distribution based on actual amounts distributed during the periods; does not include a LTIP accrual. Coverage is defined as cash available for distribution divided by total distribution.
(2) Results in 2013, 2014 and 2015 are as reported excluding predecessor costs related to the drop down of the tank farms and product terminals at both Tyler and El Dorado during the
respective periods.
In 4Q17, the reimbursed capital expenditure amounts in the determination of distributable cash flow were revised to reflect the accrual of reimbursed capital expenditures from Delek rather than
the cash amounts received for reimbursed capital expenditures during the years ended December 31, 2017, 2016 and 2015.
Note: May not foot due to rounding and annual adjustments that occurred in year end reporting.
DKL: Income Statement and Non-GAAP EBITDA Reconciliation
41
(1) Includes approximately $2.0 million of estimated annual incremental general and administrative expenses expected to incur as a result of being a separate publicly traded partnership.
(2) Interest expense and cash interest both include commitment fees and interest expense that would have been paid by the predecessor had the revolving credit facility been in place during the 12
months ended 9/30/13 period presented and Delek Logistics had borrowed $90.0 million under the facility at the beginning of the period. Interest expense also includes the amortization of debt
issuance costs incurred in connection with our revolving credit facility.
(3) Forecast provided in the IPO prospectus on Nov. 1, 2012.
(4) Results in 2013 and 2014 are as reported excluding predecessor costs related to the drop down of the tank farms and product terminals at both Tyler and El Dorado during the respective periods.
(5) Results for 1Q15 are as reported excluding predecessor costs related to the 1Q15 drop downs.
Note: May not foot due to rounding.
2013(4) 1Q14(4) 2Q14 3Q14 4Q14 2014 (4) 1Q15(5) 2Q15 3Q15 4Q15 2015 1Q16 2Q16 3Q16 4Q16 2016 1Q17 2Q17 3Q17 4Q17 2017
Total Net Sales $907.4 $203.5 $236.3 $228.0 $173.3 $841.2 $143.5 $172.1 $165.1 $108.9 $589.7 $104.1 $111.9 $107.5 $124.7 $448.1 $129.5 $126.8 $130.6 $151.2 $538.1
Cost of Goods Sold (811.4) (172.2) (196.6) (194.1) (134.3) (697.2) (108.4) (132.5) (124.4) (71.0) (436.3) (66.8) (73.1) ($73.5) ($88.8) (302.2) (92.6) (85.0) ($89.1) ($106.1) (372.9)
Operating Expenses (25.8) (8.5) (9.5) (10.2) (9.7) (38.0) (10.6) (10.8) (11.6) (11.7) (44.8) (10.5) (8.7) ($9.3) ($8.8) (37.2) (10.4) (10.0) ($10.7) ($12.3) (43.3)
Contribution Margin $70.3 $22.8 $30.2 $23.7 $29.3 $106.0 $24.5 $28.8 $29.1 $26.2 $108.6 $26.8 $30.0 $24.7 $27.2 $108.7 $26.5 $31.8 $30.8 $32.8 $121.9
Depreciation and Amortization (10.7) (3.4) (3.5) (3.7) (3.9) (14.6) (4.0) (4.7) (4.5) (5.9) (19.2) (5.0) (4.8) ($5.4) ($5.6) (20.8) (5.2) (5.7) ($5.5) ($5.5) (21.9)
General and Administration Expense (6.3) (2.6) (2.2) (2.5) (3.3) (10.6) (3.4) (3.0) (2.7) (2.3) (11.4) (2.9) (2.7) ($2.3) ($2.3) (10.3) (2.8) (2.7) ($2.8) ($3.6) (11.8)
Gain (Loss) on Asset Disposal (0.2) - (0.1) - - (0.1) - - - (0.1) (0.1) 0.0 - ($0.0) $0.0 0.0 (0.0) 0.0 ($0.0) ($0.0) (0.0)
Operating Income $53.2 $16.8 $24.4 $17.5 $22.1 $80.8 $17.1 $21.1 $21.8 $17.9 $77.9 $19.0 $22.5 $17.0 $19.2 $77.7 $18.5 $23.4 $22.6 $23.7 $88.1
Interest Expense, net (4.6) (2.0) (2.3) (2.2) (2.1) (8.7) (2.2) (2.6) (2.8) (3.0) (10.7) (3.2) (3.3) ($3.4) ($3.7) (13.6) (4.1) (5.5) ($7.1) ($7.3) (23.9)
(Loss) Income from Equity Method Invesments (0.1) (0.3) (0.1) (0.6) (0.2) (0.2) ($0.3) ($0.4) (1.2) 0.2 1.2 $1.6 $1.9 5.0
Income Taxes (0.8) (0.1) (0.3) (0.2) 0.5 (0.1) (0.3) (0.1) (0.1) 0.6 0.2 (0.1) (0.129) ($0.1) $0.3 (0.1) (0.1) (0.1) ($0.2) $0.6 0.2
Net Income $47.8 $14.7 $21.8 $15.1 $20.5 $72.0 $14.6 $18.3 $18.6 $15.3 $66.8 $15.4 $18.9 $13.2 $15.3 $62.8 $14.6 $19.0 $16.9 $18.9 $69.4
EBITDA:
Net Income $47.8 $14.7 $21.8 $15.1 $20.5 $72.0 $14.6 $18.3 $18.6 $15.3 $66.8 $15.4 $18.9 $13.2 $15.3 $62.8 $14.6 $19.0 $16.9 $18.9 $69.4
Income Taxes 0.8 0.1 0.3 0.2 (0.5) 0.1 0.3 0.1 0.1 (0.6) (0.2) 0.1 0.1 $0.1 ($0.3) 0.1 0.1 0.1 0.2 (0.6) (0.2)
Depreciation and Amortization 10.7 3.4 3.5 3.7 3.9 14.6 4.0 4.7 4.5 5.9 19.2 5.0 4.8 $5.4 $5.6 20.8 5.2 5.7 5.5 5.5 21.9
Interest Expense, net 4.6 2.0 2.3 2.2 2.1 8.7 2.2 2.6 2.8 3.0 10.7 3.2 3.3 $3.4 $3.7 13.6 4.1 5.5 7.1 7.3 23.9
EBITDA $63.8 $20.2 $27.9 $21.2 $26.1 $95.4 $21.1 $25.7 $26.1 $23.6 $96.5 $23.7 $27.1 $22.0 $24.4 $97.3 $23.9 $30.3 $29.7 $31.1 $115.0
Investor Relations Contact:
Kevin Kremke Keith Johnson
Executive Vice President, CFO Vice President of Investor Relations
615-224-1323 615-435-1366