Renewable Energy Group, Inc. (NASDAQ:REGI) Q2 2020 Earnings Conference Call - Final Transcript
Aug 04, 2020 • 04:30 pm ET
Greetings and welcome to Renewable Energy Group, Inc. Second Quarter 2020 Earnings Conference Call Webcast. [Operator Instructions]
I would now like to turn the conference over to your host, Mr. Todd Robinson, Treasurer. Please go ahead, sir.
Thank you, Hector. Good afternoon everyone, and welcome to our second quarter 2020 earnings conference call. With me today is our President and Chief Executive Officer, CJ Warner, and our Chief Financial Officer, Chad Stone. Let me cover a few housekeeping items before I turn the call over to CJ. 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, which will appear automatically with the webcast. You will need to advance the slides manually as we prompt to 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 you that some of the
Information discussed on this conference 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 help investors assess the operating performance of our core business. Please see 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. Let me also remind you that near the end of last year, the Biodiesel Mixture Excise Tax Credit, or BTC, was retroactively reinstated for 2018 and 2019. It was also put in place for 2020 through 2022. The net benefit of that retroactive reinstatement for both years was reflected in our GAAP financial statements for the fourth quarter of 2019. Because the credit related to our 2018 and 2019 operations, our adjusted EBITDA and other line items reflected an allocation of the net benefits of the credit to our 2018 and 2019 results by quarter to reflect the period in which the associated gallons were sold. Chad
Will provide more details on this when he reviews the financial results.
With that, let me turn the call over to our President and CEO, CJ Warner. CJ?
Cynthia J. Warner
Thank you, Todd. And good afternoon everyone. We