Renewable Energy Group, Inc. (NASDAQ:REGI) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 04:30 pm ET
Greetings and welcome to the Renewable Energy Group Inc. Q3 2019 Earnings Conference Call. [Operator Instructions]. Please note that this conference is being recorded.
I will now turn the conference over to your host, Todd Robinson, Treasurer of Renewable Energy Group. Please go ahead, sir.
Thank you, Gary. Good afternoon everyone, and welcome to our third quarter 2019 earnings conference call. With me today is our President and Chief Executive Officer, C.J. Warner; and our Chief Financial Officer, Chad Stone. Let me cover a few housekeeping items, before I turn the call over to C.J.
First, I would like to remind everyone that this call is being webcast and is available at the Investor Relations section of our website at regi.com. A replay will be available on our website, beginning later this afternoon. The webcast includes an accompanying slide deck for your reference. This will appear automatically with the webcast, but you will need to advance the slides manually as we prompt you. For those of you dialing in, the slide deck can be downloaded along with the earnings press release, in the Investor Relations section of our website.
Turning to slide 3, we would like to advise everyone that some of the information discussed on this call will contain forward-looking statements. These statements involve risks, uncertainties and assumptions that are difficult to predict and such forward-looking statements are not a guarantee of performance. The company's actual results could differ materially from those contained in such statements. Several factors could cause or contribute to those differences. These factors are described in detail in the risk factors and other sections of our Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, which are on file with the SEC. These forward-looking statements speak only as of the date of this call. The company undertakes no obligation to publicly update any forward-looking statements based on new information or revised expectations.
Today's discussion also includes non-GAAP financial measures. We believe these metrics will provide investors -- will help investors assess the operating performance of our core business. Please check the press release or the appendix to the accompanying slide deck, for a reconciliation of the non-GAAP measures to the most comparable GAAP measure.
With that, let me turn the call over to C.J. Warner. C.J.?
Thanks Todd and good afternoon to those on the call. Today, I will discuss our third quarter operating highlights and the regulatory environment and then Chad will provide more details on our financial results. Then I'll come back to discuss our outlook.
Results for the quarter were on-plan, with our gallons sold and adjusted EBITDA in line with expectations. As shown on slide 4, our adjusted EBITDA was $11 million. When including our estimated net benefit from a retroactive BTC reinstatement, our adjusted EBITDA would have been $88 million. Continued regulatory uncertainties suppressed margins during the quarter. Regardless, we maintained ongoing safe and efficient operations, delivered high quality products to our customers, and continue to pull through