Fuel Forward: The Digest’s 2019 Enhanced Multi-Slide Guide to Renewable Energy Group

Chad Stone: As we note consistently, our business is seasonal, and we do not believe a single quarter’s results reflect our long-term earnings power. To see our long-term earnings power more clearly and to reduce the impacts of seasonality, we look at time periods of a year or more. Slide 14 shows our trailing 12-month adjusted EBITDA, and Slide 15 shows trailing 12-month return on invested capital. The light blue on the bar charts reflects the net benefit of the BTC is reinstated.