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02.08.2022 22:05:00
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The Andersons, Inc. Reports All-Time Record Quarterly Results
MAUMEE, Ohio, Aug. 2, 2022 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2022.
Second Quarter Highlights:
- Company reported net income from continuing operations attributable to The Andersons of $80.5 million, or $2.34 per diluted share, and adjusted net income of $82.2 million or $2.39 per diluted share
- Adjusted EBITDA from continuing operations was $169.3 million for the quarter
- Trailing twelve months adjusted EBITDA is $412.0 million
- Renewables produced record pretax income attributable to The Andersons of $45.9 million
- Plant Nutrient had its second-best quarter ever, generating pretax income of $38.3 million
- Trade reported strong adjusted pretax income of $24.4 million
"I'm thrilled with the outstanding performance in this second quarter. The Renewables team nearly doubled last year's already strong performance, showing good yields and higher crush margins in our ethanol plants. Within Plant Nutrient, good inventory position management and high fertilizer prices led to higher margins and strong profitability," said President and CEO Pat Bowe. "In Trade, we entered the quarter with good basis ownership positions and as expected, we benefited from basis improvement during the quarter. In addition, we had very strong feed ingredients merchandising results in several of our locations. Global ag markets remain volatile, creating opportunities; our teams continue to execute well and remain focused on customer needs and operational excellence."
$ in millions, except per share amounts | ||||||
Q2 2022 | Q2 2021 | Variance | YTD 2022 | YTD 2021 | Variance | |
Pretax Income Attributable to the Company1,2 | $ 96.3 | $ 51.1 | $ 45.2 | $ 106.5 | $ 67.0 | $ 39.5 |
Adjusted Pretax Income (Loss) Attributable to the Company1,2 | 97.0 | 51.4 | 45.6 | 107.2 | 67.8 | 39.4 |
Trade1 | 24.4 | 14.1 | 10.3 | 28.0 | 28.4 | (0.4) |
Renewables | 45.9 | 23.5 | 22.4 | 51.4 | 26.5 | 24.9 |
Plant Nutrient | 38.3 | 24.0 | 14.3 | 49.1 | 32.5 | 16.6 |
Other | (11.6) | (10.2) | (1.4) | (21.4) | (19.6) | (1.8) |
Net Income Attributable to the Company2 | 80.5 | 41.4 | 39.1 | 86.6 | 53.0 | 33.6 |
Adjusted Net Income Attributable to the Company1,2 | 82.2 | 41.6 | 40.6 | 88.2 | 53.6 | 34.6 |
Diluted Earnings Per Share (EPS)2 | 2.34 | 1.23 | 1.11 | 2.52 | 1.58 | 0.94 |
Adjusted Diluted EPS1,2 | 2.39 | 1.24 | 1.15 | 2.57 | 1.60 | 0.97 |
EBITDA1,2 | 168.6 | 102.7 | 65.9 | 224.5 | 165.4 | 59.1 |
Adjusted EBITDA1,2 | $ 169.3 | $ 103.0 | $ 66.3 | $ 225.2 | $ 166.2 | $ 59.0 |
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. 2 Measure represents only continuing operations of the Company. | ||||||
Cash, Liquidity and Long-Term Debt Management
"Our businesses continue to generate strong operating cash flows and we remain disciplined in our approach to capital spending decisions," said Executive Vice President and CFO Brian Valentine. "We are well below our goal of long-term debt to EBITDA of less than 2.5 times, ending the quarter at 1.5 times, and are well-positioned to fund strategic growth projects with appropriate returns."
The company generated $134.6 million and $93.1 million in cash from operations before working capital changes during the second quarters of 2022 and 2021, respectively. Working capital remains high, primarily due to high commodity prices that impact the value of inventory and accounts receivable.
Second Quarter Segment Overview
Trade Results Improve Significantly; Year-to-Date Results Comparable to 2021
The Trade segment recorded pretax income and adjusted pretax income of $23.7 million and $24.4 million, respectively, for the quarter compared to adjusted pretax income of $14.1 million in the second quarter of 2021. With some reduction in commodity prices from Q1 highs, the segment benefited from basis appreciation and good selling margins for many of its products.
Despite initial delays in planting, crops in key draw areas are better than current USDA national ratings for corn and soybeans. Wheat ownership in our grain elevator assets is again earning space income. Continued merchandising opportunities and strong elevation margins are also expected to continue as global stocks are not projected to recover quickly from the recent global supply disruptions.
Trade's second quarter adjusted EBITDA was $46.6 million, compared to second quarter 2021 adjusted EBITDA of $32.7 million.
Renewables Generates Record Q2 Earnings of $45.9 million on Strong Margins; Co-Product Values and Merchandising Remain Strong
The Renewables segment reported pretax income attributable to the company of $45.9 million in the second quarter compared to pretax income attributable to the company of $23.5 million realized in the same period in 2021. Included in pretax income attributable to The Andersons is $8.9 million of USDA Biofuels Producer COVID relief funds. Also included in pretax income in the quarter is $24.4 million of positive mark-to-market impact, nearly $18 million of which are reversals of prior mark-to-market losses. This compared to positive mark-to-market impacts of $13.5 million in the second quarter of 2021.
The operating improvement was driven by strong overall production margins. Seasonal demand has been impacted by high gasoline prices, but higher exports have firmed ethanol prices. High corn costs for ethanol production in the western U.S. may negatively impact ethanol production there, while our eastern corn belt production facilities are well-positioned for corn supply.
Renewables had record second quarter EBITDA of $85.7 million in 2022, up $38.5 million from 2021 second quarter EBITDA of $47.2 million.
Plant Nutrient Posts Strong Second Quarter Results
The Plant Nutrient segment posted pretax income of $38.3 million, compared to 2021's pretax income of $24.0 million. As expected, well-positioned inventory and an overall favorable spring planting season led to strong margins that more than offset a volume decrease for our agricultural fertilizers, particularly within our wholesale nutrients, farm centers, and specialty liquids low-salt starters products.
Plant Nutrient's second quarter EBITDA was $46.8 million compared to 2021 second quarter EBITDA of $31.6 million.
Income Taxes; Corporate
The company recorded income taxes from continuing operations at an effective rate of 13.3% for the quarter due to the tax treatment of derivatives, hedging activities, and non-controlling interests. We now anticipate a full-year effective rate of approximately 18%-21%.
Conference Call
The company will host a webcast on Wednesday, August 3, 2022, at 11 a.m. Eastern Daylight Time, to discuss its performance and provide its outlook for the remainder of 2022. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 4313758). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://app.webinar.net/NKr9d6xjJv0. Complete the six fields as directed and click "Register." A replay of the call can also be accessed under the heading "Investors" on the company's refreshed website at www.andersonsinc.com.
Forward-Looking Statements
This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially. Without limitation, these risks include economic, weather and regulatory conditions, competition, the COVID-19 pandemic, the ongoing economic impacts from the war in Ukraine, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission. Although the company believes that the assumptions upon which the financial information and its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
Non-GAAP Measures
This release contains non-GAAP financial measures. The company believes that adjusted pretax income (loss) from continuing operations, pretax income (loss) attributable to the company from continuing operations, adjusted pretax income (loss) attributable to the company from continuing operations, adjusted net income attributable to the company from continuing operations, adjusted diluted earnings per share from continuing operations; earnings before interest, taxes, depreciation, and amortization (or EBITDA); EBITDA from continuing operations; adjusted EBITDA; adjusted EBITDA from continuing operations; and cash from operations before working capital changes provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and liquidity and better period-to-period comparability. The above measures are not and should not be considered as alternatives to net income from continuing operations, pretax income from continuing operations or income (loss) before income taxes from continuing operations, diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders from continuing operations and cash provided by (used in) operating activities as determined by generally accepted accounting principles. Reconciliations of the GAAP to non-GAAP measures may be found within this press release and the financial tables provided herein.
Company Description
The Andersons, Inc., celebrating 75 years of service and named to Forbes® lists of America's Best Employers for 2022 and Best Employers for Diversity 2022 as well as America's Most Trusted Companies 2022 by Newsweek®, is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and plant nutrient sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc. | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||
Sales and merchandising revenues | $ 4,450,617 | $ 3,235,805 | $ 8,428,571 | $ 5,830,524 | |||
Cost of sales and merchandising revenues | 4,219,776 | 3,072,398 | 8,078,195 | 5,553,676 | |||
Gross profit | 230,841 | 163,407 | 350,376 | 276,848 | |||
Operating, administrative and general expenses | 112,559 | 105,560 | 214,546 | 202,558 | |||
Interest expense, net | 16,921 | 10,060 | 27,780 | 20,049 | |||
Other income, net: | |||||||
Equity in earnings (losses) of affiliates, net | (6,034) | 845 | (6,278) | 2,639 | |||
Other income, net | 22,826 | 5,070 | 26,988 | 10,938 | |||
Income before income taxes from continuing operations | 118,153 | 53,702 | 128,760 | 67,818 | |||
Income tax provision from continuing operations | 15,753 | 9,677 | 19,856 | 14,038 | |||
Net income from continuing operations | 102,400 | 44,025 | 108,904 | 53,780 | |||
Income (loss) from discontinued operations, net of income taxes | (739) | 2,099 | (1,294) | 5,606 | |||
Net income | 101,661 | 46,124 | 107,610 | 59,386 | |||
Net income attributable to noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 | |||
Net income attributable to The Andersons, Inc. | $ 79,805 | $ 43,499 | $ 85,307 | $ 58,606 | |||
Earnings per share attributable to The Andersons, Inc. common shareholders: | |||||||
Basic earnings (loss): | |||||||
Continuing operations | $ 2.38 | $ 1.25 | $ 2.56 | $ 1.60 | |||
Discontinued operations | (0.02) | 0.06 | (0.04) | 0.17 | |||
$ 2.36 | $ 1.31 | $ 2.52 | $ 1.77 | ||||
Diluted earnings (loss): | |||||||
Continuing operations | $ 2.34 | $ 1.23 | $ 2.52 | $ 1.58 | |||
Discontinued operations | (0.02) | 0.07 | (0.04) | 0.17 | |||
$ 2.32 | $ 1.30 | $ 2.48 | $ 1.75 | ||||
The Andersons, Inc. | |||||
(in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 86,035 | $ 216,444 | $ 27,538 | ||
Accounts receivable, net | 1,141,167 | 835,180 | 702,869 | ||
Inventories | 1,618,326 | 1,814,538 | 904,924 | ||
Commodity derivative assets – current | 638,357 | 410,813 | 507,148 | ||
Current assets held-for-sale | 18,627 | 20,885 | 28,555 | ||
Other current assets | 70,367 | 74,468 | 63,266 | ||
Total current assets | 3,572,879 | 3,372,328 | 2,234,300 | ||
Other assets: | |||||
Goodwill | 129,342 | 129,342 | 131,542 | ||
Other intangible assets, net | 105,222 | 117,137 | 125,731 | ||
Right of use assets, net | 50,233 | 52,146 | 42,330 | ||
Other assets held-for-sale | 24,298 | 43,169 | 620,745 | ||
Other assets, net | 91,758 | 69,068 | 70,879 | ||
Total other assets | 400,853 | 410,862 | 991,227 | ||
Property, plant and equipment, net | 763,443 | 786,029 | 823,563 | ||
Total assets | $ 4,737,175 | $ 4,569,219 | $ 4,049,090 | ||
Liabilities and equity | |||||
Current liabilities: | |||||
Short-term debt | $ 1,161,428 | $ 501,792 | $ 757,271 | ||
Trade and other payables | 772,996 | 1,199,324 | 543,503 | ||
Customer prepayments and deferred revenue | 184,154 | 358,119 | 55,943 | ||
Commodity derivative liabilities – current | 185,903 | 128,911 | 90,366 | ||
Current maturities of long-term debt | 53,951 | 32,256 | 50,069 | ||
Current liabilities held-for-sale | 7,314 | 13,379 | 25,185 | ||
Accrued expenses and other current liabilities | 211,830 | 230,148 | 168,221 | ||
Total current liabilities | 2,577,576 | 2,463,929 | 1,690,558 | ||
Long-term lease liabilities | 28,929 | 31,322 | 27,134 | ||
Long-term debt, less current maturities | 563,447 | 600,487 | 837,609 | ||
Deferred income taxes | 63,383 | 71,127 | 173,212 | ||
Other long-term liabilities held-for-sale | 3,113 | 16,119 | 43,993 | ||
Other long-term liabilities | 83,521 | 78,531 | 51,620 | ||
Total liabilities | 3,319,969 | 3,261,515 | 2,824,126 | ||
Total equity | 1,417,206 | 1,307,704 | 1,224,964 | ||
Total liabilities and equity | $ 4,737,175 | $ 4,569,219 | $ 4,049,090 | ||
The Andersons, Inc. | |||
Six months ended June 30, | |||
(in thousands) | 2022 | 2021 | |
Operating Activities | |||
Net income from continuing operations | $ 108,904 | $ 53,780 | |
Income (loss) from discontinued operations, net of income taxes | (1,294) | 5,606 | |
Net income | 107,610 | 59,386 | |
Adjustments to reconcile net income to cash used in operating activities: | |||
Depreciation and amortization | 67,945 | 95,154 | |
Bad debt expense, net | 3,069 | (1,156) | |
Equity in (earnings) losses of affiliates, net of dividends | 6,278 | (2,639) | |
Gain on sales of assets, net | (10,305) | (6,253) | |
Stock-based compensation expense | 4,708 | 4,112 | |
Deferred federal income tax | (13,755) | 170 | |
Other | 8,549 | 5,570 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (289,196) | (58,338) | |
Inventories | 186,685 | 390,506 | |
Commodity derivatives | (189,090) | (250,691) | |
Other current and non-current assets | 5,106 | 35,568 | |
Payables and other current and non-current liabilities | (609,403) | (516,883) | |
Net cash used in operating activities | (721,799) | (245,494) | |
Investing Activities | |||
Purchases of property, plant and equipment and capitalized software | (43,472) | (34,264) | |
Proceeds from sale of assets | 4,672 | 3,794 | |
Purchases of investments | (2,105) | (4,701) | |
Purchases of Rail assets | (27,276) | (4,751) | |
Proceeds from sale of Rail assets | 36,341 | 15,616 | |
Other | 1,746 | 832 | |
Net cash used in investing activities | (30,094) | (23,474) | |
Financing Activities | |||
Net receipts (payments) under short-term lines of credit | 862,698 | (258,157) | |
Proceeds from issuance of short-term debt | 350,000 | 608,250 | |
Payments of short-term debt | (550,000) | — | |
Proceeds from issuance of long-term debt | — | 108,300 | |
Payments of long-term debt | (15,077) | (177,586) | |
Contributions from noncontrolling interest owner | 2,450 | 2,940 | |
Distributions to noncontrolling interest owner | (9,980) | (25) | |
Payments of debt issuance costs | (7,802) | (2,059) | |
Dividends paid | (12,245) | (11,677) | |
Proceeds from exercises of stock options | 5,024 | — | |
Other | (2,955) | (2,436) | |
Net cash provided by financing activities | 622,113 | 267,550 | |
Effect of exchange rates on cash and cash equivalents | (629) | (167) | |
Decrease in cash and cash equivalents | (130,409) | (1,585) | |
Cash and cash equivalents at beginning of period | 216,444 | 29,123 | |
Cash and cash equivalents at end of period | $ 86,035 | $ 27,538 | |
The Andersons, Inc. | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||
Net income from continuing operations | $ 102,400 | $ 44,025 | $ 108,904 | $ 53,780 | |||
Net income attributable to noncontrolling interests | 21,856 | 2,625 | 22,303 | 780 | |||
Net income from continuing operations attributable to The Andersons, Inc. | 80,544 | 41,400 | 86,601 | 53,000 | |||
Adjustments: | |||||||
Gain on sale of frac sand assets | (3,762) | — | (3,762) | — | |||
Impairment on equity method investment | 4,455 | — | 4,455 | — | |||
Transaction related stock compensation | — | 274 | — | 757 | |||
Income tax impact of adjustments | 940 | (68) | 940 | (189) | |||
Total adjusting items, net of tax | 1,633 | 206 | 1,633 | 568 | |||
Adjusted net income from continuing operations attributable to The Andersons, Inc. | $ 82,177 | $ 41,606 | $ 88,234 | $ 53,568 | |||
Diluted earnings per share from continuing operations attributable to The Andersons, Inc. common shareholders | $ 2.34 | $ 1.23 | $ 2.52 | $ 1.58 | |||
Impact on diluted earnings per share from continuing operations | $ 0.05 | $ 0.01 | $ 0.05 | $ 0.02 | |||
Adjusted diluted earnings per share from continuing operations | $ 2.39 | $ 1.24 | $ 2.57 | $ 1.60 | |||
Adjusted net income (loss) from continuing operations attributable to The Andersons, Inc. reflects reported net income (loss) from continuing operations available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) from continuing operations per share reflects the fully diluted EPS of The Andersons, Inc. after removal of the effect on EPS as reported of specified items described above. Management believes that Adjusted net income (loss) from continuing operations attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) from continuing operations per share are useful measures of The Andersons, Inc. performance as they provide investors additional information about the operations of the company allowing better evaluation of underlying business performance and better comparability to previous periods. These non-GAAP financial measures are not intended to replace or be alternatives to Net income attributable to The Andersons, Inc. and Diluted earnings attributable to The Andersons, Inc. common shareholders as reported, the most directly comparable GAAP financial measures, or any other measures of operating results under GAAP. Earnings amounts described above have been divided by the company's average number of diluted shares outstanding for each respective period in order to arrive at an adjusted diluted earnings (loss) from continuing operations per share amount for each specified item. |
The Andersons, Inc. | |||||||||
(in thousands) | Trade | Renewables | Plant | Other | Total | ||||
Three months ended June 30, 2022 | |||||||||
Sales and merchandising revenues | $ 3,097,767 | $ 882,567 | $ 470,283 | $ — | $ 4,450,617 | ||||
Gross profit | 101,994 | 59,888 | 68,959 | — | 230,841 | ||||
Operating, administrative and general expenses | 62,977 | 8,590 | 29,591 | 11,401 | 112,559 | ||||
Other income (loss), net | 3,983 | 18,490 | 866 | (513) | 22,826 | ||||
Income (loss) before income taxes from continuing operations | 23,666 | 67,776 | 38,311 | (11,600) | 118,153 | ||||
Income (loss) attributable to noncontrolling interests | — | 21,856 | — | — | 21,856 | ||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 23,666 | $ 45,920 | $ 38,311 | $ (11,600) | $ 96,297 | ||||
Adjustments to income (loss) before income taxes from continuing operations (b) | 693 | — | — | — | 693 | ||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 24,359 | $ 45,920 | $ 38,311 | $ (11,600) | $ 96,990 | ||||
Three months ended June 30, 2021 | |||||||||
Sales and merchandising revenues | $ 2,297,869 | $ 616,527 | $ 321,409 | $ — | $ 3,235,805 | ||||
Gross profit | 77,831 | 34,716 | 50,860 | — | 163,407 | ||||
Operating, administrative and general expenses | 61,514 | 6,577 | 26,568 | 10,901 | 105,560 | ||||
Other income (loss), net | 4,067 | 38 | 849 | 116 | 5,070 | ||||
Income (loss) before income taxes from continuing operations | 13,777 | 26,156 | 23,995 | (10,226) | 53,702 | ||||
Income (loss) attributable to noncontrolling interests | — | 2,625 | — | — | 2,625 | ||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 13,777 | $ 23,531 | $ 23,995 | $ (10,226) | $ 51,077 | ||||
Adjustments to income (loss) before income taxes from continuing operations (b) | 274 | — | — | — | 274 | ||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 14,051 | $ 23,531 | $ 23,995 | $ (10,226) | $ 51,351 | ||||
(a) Income (loss) from continuing operations before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) from continuing operations before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. | |||||||||
The Andersons, Inc. | |||||||||
(in thousands) | Trade | Renewables | Plant | Other | Total | ||||
Six months ended June 30, 2022 | |||||||||
Sales and merchandising revenues | $ 6,182,448 | $ 1,565,798 | $ 680,325 | $ — | $ 8,428,571 | ||||
Gross profit | 169,613 | 75,079 | 105,684 | — | 350,376 | ||||
Operating, administrative and general expenses | 122,520 | 16,480 | 54,916 | 20,630 | 214,546 | ||||
Other income (loss), net | 8,007 | 18,918 | 1,670 | (1,607) | 26,988 | ||||
Income (loss) before income taxes from continuing operations | 27,335 | 73,738 | 49,054 | (21,367) | 128,760 | ||||
Income (loss) attributable to noncontrolling interests | — | 22,303 | — | — | 22,303 | ||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 27,335 | $ 51,435 | $ 49,054 | $ (21,367) | $ 106,457 | ||||
Adjustments to income (loss) before income taxes from continuing operations (b) | 693 | — | — | — | 693 | ||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 28,028 | $ 51,435 | $ 49,054 | $ (21,367) | $ 107,150 | ||||
Six months ended June 30, 2021 | |||||||||
Sales and merchandising revenues | $ 4,280,377 | $ 1,059,486 | $ 490,661 | $ — | $ 5,830,524 | ||||
Gross profit | 150,388 | 43,199 | 83,261 | — | 276,848 | ||||
Operating, administrative and general expenses | 118,445 | 13,233 | 49,967 | 20,913 | 202,558 | ||||
Other income (loss), net | 7,553 | 1,365 | 1,436 | 584 | 10,938 | ||||
Income (loss) before income taxes from continuing operations | 27,632 | 27,237 | 32,518 | (19,569) | 67,818 | ||||
Income (loss) attributable to noncontrolling interests | — | 780 | — | — | 780 | ||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 27,632 | $ 26,457 | $ 32,518 | $ (19,569) | $ 67,038 | ||||
Adjustments to income (loss) before income taxes from continuing operations (b) | 757 | — | — | — | 757 | ||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ 28,389 | $ 26,457 | $ 32,518 | $ (19,569) | $ 67,795 | ||||
(a) Income (loss) from continuing operations before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales and merchandising revenues plus identifiable other income less all identifiable operating expenses, including interest expense for carrying working capital and long-term assets and is reported net of the noncontrolling interest share of income. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) from continuing operations before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
The Andersons, Inc. | |||||||||||||
Continuing Operations | Discontinued | Total Company | |||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | Rail | |||||||
Three months ended June 30, 2022 | |||||||||||||
Net income (loss) | $ 23,666 | $ 67,776 | $ 38,311 | $ (27,353) | $ 102,400 | $ (739) | $ 101,661 | ||||||
Interest expense (income) | 13,300 | 2,012 | 1,923 | (314) | 16,921 | — | 16,921 | ||||||
Tax provision | — | — | — | 15,753 | 15,753 | 2,051 | 17,804 | ||||||
Depreciation and amortization | 8,914 | 15,875 | 6,595 | 2,183 | 33,567 | — | 33,567 | ||||||
EBITDA | 45,880 | 85,663 | 46,829 | (9,731) | 168,641 | 1,312 | 169,953 | ||||||
Adjusting items impacting EBITDA: | |||||||||||||
Gain on sale of frac sand assets | (3,762) | — | — | — | (3,762) | — | (3,762) | ||||||
Impairment on equity method investment | 4,455 | — | — | — | 4,455 | — | 4,455 | ||||||
Total adjusting items | 693 | — | — | — | 693 | — | 693 | ||||||
Adjusted EBITDA | $ 46,573 | $ 85,663 | $ 46,829 | $ (9,731) | $ 169,334 | $ 1,312 | $ 170,646 | ||||||
Three months ended June 30, 2021 | |||||||||||||
Net income (loss) | $ 13,777 | $ 26,156 | $ 23,995 | $ (19,903) | $ 44,025 | $ 2,099 | $ 46,124 | ||||||
Interest expense (income) | 7,452 | 2,021 | 1,146 | (559) | 10,060 | 3,394 | 13,454 | ||||||
Tax provision | — | — | — | 9,677 | 9,677 | 965 | 10,642 | ||||||
Depreciation and amortization | 11,155 | 18,983 | 6,456 | 2,355 | 38,949 | 8,701 | 47,650 | ||||||
EBITDA | 32,384 | 47,160 | 31,597 | (8,430) | 102,711 | 15,159 | 117,870 | ||||||
Adjusting items impacting EBITDA: | |||||||||||||
Transaction related stock compensation | 274 | — | — | — | 274 | — | 274 | ||||||
Total adjusting items | 274 | — | — | — | 274 | — | 274 | ||||||
Adjusted EBITDA | $ 32,658 | $ 47,160 | $ 31,597 | $ (8,430) | $ 102,985 | $ 15,159 | $ 118,144 | ||||||
The Andersons, Inc. | |||||||||||||
Continuing Operations | Discontinued | Total Company | |||||||||||
(in thousands) | Trade | Renewables | Plant Nutrient | Other | Total | Rail | |||||||
Six months ended June 30, 2022 | |||||||||||||
Net income (loss) | $ 27,335 | $ 73,738 | $ 49,054 | $ (41,223) | $ 108,904 | $ (1,294) | $ 107,610 | ||||||
Interest expense (income) | 21,487 | 3,779 | 3,384 | (870) | 27,780 | — | 27,780 | ||||||
Tax provision | — | — | — | 19,856 | 19,856 | 3,344 | 23,200 | ||||||
Depreciation and amortization | 17,888 | 32,514 | 13,174 | 4,368 | 67,944 | — | 67,944 | ||||||
EBITDA | 66,710 | 110,031 | 65,612 | (17,869) | 224,484 | 2,050 | 226,534 | ||||||
Adjusting items impacting EBITDA: | |||||||||||||
Gain on sale of frac sand assets | (3,762) | — | — | — | (3,762) | — | (3,762) | ||||||
Impairment on equity method investment | 4,455 | — | — | — | 4,455 | — | 4,455 | ||||||
Total adjusting items | 693 | — | — | — | 693 | — | 693 | ||||||
Adjusted EBITDA | $ 67,403 | $ 110,031 | $ 65,612 | $ (17,869) | $ 225,177 | $ 2,050 | $ 227,227 | ||||||
Six months ended June 30, 2021 | |||||||||||||
Net income (loss) | $ 27,632 | $ 27,237 | $ 32,518 | $ (33,607) | $ 53,780 | $ 5,606 | $ 59,386 | ||||||
Interest expense (income) | 14,503 | 4,094 | 2,212 | (760) | 20,049 | 6,574 | 26,623 | ||||||
Tax provision | — | — | — | 14,038 | 14,038 | 2,349 | 16,387 | ||||||
Depreciation and amortization | 22,280 | 37,797 | 12,837 | 4,652 | 77,566 | 17,588 | 95,154 | ||||||
EBITDA | 64,415 | 69,128 | 47,567 | (15,677) | 165,433 | 32,117 | 197,550 | ||||||
Adjusting items impacting EBITDA: | |||||||||||||
Transaction related stock compensation | 757 | — | — | — | 757 | — | 757 | ||||||
Total adjusting items | 757 | — | — | — | 757 | — | 757 | ||||||
Adjusted EBITDA | $ 65,172 | $ 69,128 | $ 47,567 | $ (15,677) | $ 166,190 | $ 32,117 | $ 198,307 | ||||||
The Andersons, Inc. | |||||||||
Three Months Ended, | Twelve months | ||||||||
(in thousands) | September 30, 2021 | December 31, 2021 | March 31, 2022 | June 30, 2022 | |||||
Net income from continuing operations | $ 12,290 | $ 65,473 | $ 6,504 | $ 102,400 | $ 186,667 | ||||
Interest expense | 8,799 | 8,444 | 10,859 | 16,921 | 45,023 | ||||
Tax provision | 4,027 | 11,163 | 4,103 | 15,753 | 35,046 | ||||
Depreciation and amortization | 42,811 | 36,797 | 34,377 | 33,567 | 147,552 | ||||
EBITDA | 67,927 | 121,877 | 55,843 | 168,641 | 414,288 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related stock compensation | 243 | 274 | — | — | 517 | ||||
Gain on sale of a business | (14,619) | — | — | — | (14,619) | ||||
Loss from cost method investment | 2,784 | — | — | — | 2,784 | ||||
Asset impairment including equity method investments | — | 8,321 | — | 4,455 | 12,776 | ||||
Gain on sale of frac sand assets | — | — | — | (3,762) | (3,762) | ||||
Total adjusting items | (11,592) | 8,595 | — | 693 | (2,304) | ||||
Adjusted EBITDA | $ 56,335 | $ 130,472 | $ 55,843 | $ 169,334 | $ 411,984 | ||||
Three Months Ended, | Twelve months | ||||||||
September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | ||||||
Net income from continuing operations | $ 1,788 | $ 15,917 | $ 9,755 | $ 44,025 | $ 71,485 | ||||
Interest expense | 6,853 | 7,833 | 9,989 | 10,060 | 34,735 | ||||
Tax provision (benefit) | (4,148) | 7,718 | 4,361 | 9,677 | 17,608 | ||||
Depreciation and amortization | 38,387 | 38,568 | 38,617 | 38,949 | 154,521 | ||||
EBITDA | 42,880 | 70,036 | 62,722 | 102,711 | 278,349 | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related stock compensation | 912 | 946 | 483 | 274 | 2,615 | ||||
Severance costs | 3,222 | 528 | — | — | 3,750 | ||||
Total adjusting items | 4,134 | 1,474 | 483 | 274 | 6,365 | ||||
Adjusted EBITDA | $ 47,014 | $ 71,510 | $ 63,205 | $ 102,985 | $ 284,714 | ||||
The Andersons, Inc. | |||||||
Three months ended June 30, | Six months ended June 30, | ||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||
Cash used in operating activities | $ 353,199 | $ 200,233 | $ (721,799) | $ (245,494) | |||
Changes in operating assets and liabilities | |||||||
Accounts receivable | (74,184) | (24,862) | (289,196) | (58,338) | |||
Inventories | 323,505 | 385,499 | 186,685 | 390,506 | |||
Commodity derivatives | 88,671 | (197,396) | (189,090) | (250,691) | |||
Other current and non-current assets | 43,916 | 18,828 | 5,106 | 35,568 | |||
Payables and other current and non-current liabilities | (163,307) | (74,962) | (609,403) | (516,883) | |||
Total changes in operating assets and liabilities | 218,601 | 107,107 | (895,898) | (399,838) | |||
Adjusting items impacting cash from operations before working capital changes: | |||||||
Changes in CARES Act tax refund receivable | — | — | — | 27,697 | |||
Cash from operations before working capital changes | $ 134,598 | $ 93,126 | $ 174,099 | $ 182,041 | |||
Cash from operations before working capital changes is defined as cash provided by (used in) operating activities before the impact of changes in working capital within the statement of cash flows. The Company calculates cash from operations by eliminating the effect of changes in accounts receivable, inventories, commodity derivatives, other assets, and payables and accrued expenses from the cash provided by (used in) operating activities. Management believes that cash from operations before working capital changes is a useful measure of the company's performance as it provides investors additional information about the company's operations allowing better evaluation of underlying business performance and improved comparability to prior periods. Cash from operations before working capital changes is a non-GAAP financial measure and is not intended to replace or be an alternative to cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. |
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SOURCE The Andersons, Inc.
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