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03.08.2021 22:05:00
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The Andersons, Inc. Reports Second Quarter Results; Best Q2 since 2014
MAUMEE, Ohio, Aug. 3, 2021 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2021.
Second Quarter Highlights:
- Company reported net income attributable to The Andersons of $43.5 million, or $1.30 per diluted share, and adjusted net income of $43.7 million, or $1.31 per diluted share. On an adjusted basis, this was our best second quarter since 2014.
- Adjusted EBITDA was $118.1 million for the quarter, up $48.1 million year over year and represents the highest ever quarterly EBITDA. Trailing twelve month adjusted EBITDA exceeds $342 million.
- Trade reported pretax income of$13.8 million and adjusted pretax income of $14.1 million on strong elevation margins and merchandising results.
- Ethanol reported pretax income attributable to The Andersons of $23.5 million on improved co-product margins and strong trading results.
- Plant Nutrient reported pretax income of $24.0 million on stronger margins in their key application season.
- Rail reported pretax income of $3.1 million on end-of-life railcar sales.
"I'm very pleased that each of our four businesses delivered outstanding, year-over-year improvement with good execution in volatile markets. I'm proud of our team; they anticipated market opportunities and executed well. These market conditions play into our strengths of commodity trading, logistics, and position management. We expect that North American demand will remain strong and currently anticipate large harvests in our key draw areas this fall which should drive strong performance into 2022," said President and CEO Pat Bowe.
"While ethanol margins have been volatile, risk management and effective hedging coupled with strong returns from co-products are evident in the segment's results," added Bowe. "Plant Nutrient followed up a very strong first quarter with a great second quarter driven by strong margins in supply-constrained markets. And while Rail continues its slow recovery, it has capitalized on record high scrap steel prices to extract value on end-of-life railcars. Lastly, I'm pleased to announce that our twelve trailing months adjusted EBITDA was greater than $342 million, well in excess of the $300 million run rate goal we established for 2021."
$ in millions, except per share amounts | ||||||||||||||||||
Q2 2021 | Q2 2020 | Variance | YTD 2021 | YTD 2020 | Variance | |||||||||||||
Pretax Income (Loss) Attributable to the | $ | 54.1 | $ | 18.2 | $ | 35.9 | $ | 75.0 | $ | (20.9) | $ | 95.9 | ||||||
Adjusted Pretax Income (Loss) Attributable to the Company1 | 54.4 | 21.6 | 32.8 | 75.8 | (16.2) | 92.0 | ||||||||||||
Trade1 | 14.1 | 1.4 | 12.7 | 28.4 | (7.2) | 35.6 | ||||||||||||
Ethanol | 23.5 | 0.9 | 22.6 | 26.5 | (23.1) | 49.6 | ||||||||||||
Plant Nutrient | 24.0 | 19.4 | 4.6 | 32.5 | 18.2 | 14.3 | ||||||||||||
Rail | 3.1 | 2.6 | 0.5 | 8.0 | 3.6 | 4.4 | ||||||||||||
Other1 | (10.2) | (2.7) | (7.5) | (19.6) | (7.7) | (11.9) | ||||||||||||
Net Income (Loss) Attributable to the Company | 43.5 | 30.4 | 13.1 | 58.6 | (7.2) | 65.8 | ||||||||||||
Adjusted Net Income (Loss) Attributable to the Company1 | 43.7 | 29.3 | 14.4 | 59.2 | (14.0) | 73.2 | ||||||||||||
Diluted EPS | 1.30 | 0.92 | 0.38 | 1.74 | (0.22) | 1.96 | ||||||||||||
Adjusted Diluted EPS1 | 1.31 | 0.88 | 0.43 | 1.76 | (0.43) | 2.19 | ||||||||||||
EBITDA1 | 117.9 | 66.7 | 51.2 | 197.6 | 76.6 | 121.0 | ||||||||||||
Adjusted EBITDA1 | $ | 118.1 | $ | 70.0 | $ | 48.1 | $ | 198.3 | $ | 81.3 | $ | 117.0 | ||||||
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. | ||||||||||||||||||
Liquidity and Cash Management
"Our improved operating performance led to strong cash flow from operations before working capital changes of $93.1 million for the second quarter and $182.0 million for the year to date," said Executive Vice President and CFO Brian Valentine. "We were able to reduce total long-term debt by more than $69 million since the start of the year and continue to maintain discipline over capital spending. Our short-term borrowings reflect the impact of higher commodity prices on our working capital lines but have declined from $915.2 million at the close of our first quarter, which is our typical seasonal high. We continue to have strong support from our lenders and are confident that available capacity will be sufficient to cover our needs. We remain focused on overall liquidity, disciplined risk management, and expense control."
Readily marketable inventories of $612 million and margin deposits of $220 million at June 30, 2021, are supported by short-term borrowings of $757 million. The balance of readily marketable inventories is a significant increase from the prior year and reflects the overall inflation in commodity prices.
The company invested $7.7 million, net of proceeds from asset sales, on capital projects in the quarter. This is a reduction from 2020, primarily resulting from fewer purchases and the opportunistic scrapping of railcars. The company expects to invest approximately $100 million in 2021.
Second Quarter Segment Overview
Strong Trade Results Driven by Elevation Margins and Merchandising Income Result in $12.7 Million Improvement
The Trade segment recorded improved adjusted pretax income of $14.1 million for the quarter compared to an adjusted pretax income of $1.4 million in the second quarter of 2020. The difference in reported and adjusted income in both periods was attributable to stock compensation expense associated with the 2019 acquisition of Lansing Trade Group.
Strong commodity merchandising and elevation results are driving nearly all of the year-over-year improvement. Once again, good positioning and execution within domestic and export markets has contributed to year-over-year improved performance. Operating and interest expense for the segment were up $9 million primarily due to higher incentive compensation and commodity prices; labor and benefits continue to reflect a decrease from our cost reduction projects and Lansing Trade Group integration.
As scarcity of supply entering this fall harvest is impacting overall prices, we expect continued merchandising opportunities. Crop conditions in the majority of our draw area are excellent and we are preparing for a large harvest. With continued strong demand and limited board carry, the volume of grain in storage is expected to remain at levels below recent years, as higher prices and strong elevation margins are expected to continue into 2022.
Trade's second quarter adjusted EBITDA was $32.7 million, nearly double the second quarter 2020 adjusted EBITDA of $17.5 million.
Ethanol Generates $23.5 Million of Pretax Income on Improved Co-Product Values and Trading; Best Second Quarter since 2014
The Ethanol segment reported pretax income attributable to the company of $23.5 million in the second quarter compared to the pretax income attributable to the company of $0.9 million it realized in the same period in 2020.
The quarter-over-quarter improvement was driven by strong co-product margins at the five ethanol plants and profitable third-party trading of ethanol, feed ingredients, and vegetable oil. The segment also recorded a non-cash mark-to-market gain of $13.5 million in 2021 compared to a gain of $8.7 million in the second quarter of 2020. Most of this gain is a reversal of mark-to-market losses experienced in previous periods.
Sales volumes for ethanol, corn oil, and feed ingredients were up, driven by higher production and additional third-party sales from the trading business. Current Q3 ethanol board crush margins are positive; we will opportunistically hedge forward ethanol production when profitable in the future months as driving demand seasonally declines.
Ethanol recorded EBITDA of $47.2 million in the second quarter of 2021, up almost $37 million from 2020 second quarter EBITDA of $10.3 million.
Plant Nutrient Continues Excellent Performance with a Great Finish to the Spring Season
The Plant Nutrient segment posted another outstanding quarter, recording pretax income of $24.0 million, which was up $4.6 million compared to pretax income of $19.4 million last year. Gross profit for the group was up $12.1 million resulting from high demand and product mix. Margin improvements were experienced across the breadth of product lines and reflect strong demand, improved grower income, and well-positioned inventory. Plant Nutrient's EBITDA was $31.6 million compared to 2020 second quarter EBITDA of $27.2 million, a 16% increase.
Rail Benefits from High Scrap Steel Prices
Rail recorded second quarter pretax income of $3.1 million compared to $2.6 million of pretax income in the same period of the prior year. Scrap steel prices have remained high and we continue to scrap older railcars where it makes economic sense. Second quarter 2021 EBITDA was $15.2 million which was flat year-over-year.
Income Taxes; Corporate
The company has recorded income taxes at an effective rate of 18.7% for the second quarter and anticipates a full year effective rate of approximately 25%.
Increases in Corporate expense are primarily a result of increased variable incentive compensation as a product of the strong year-to-date performance. Year-over-year cost reductions, resulting from our cost savings initiatives, are reflected in our business segments.
Conference Call
The company will host a webcast on Wednesday, August 4, 2021, at 11 a.m. Eastern Daylight Time, to discuss its performance and provide its updated outlook for 2021. To access the call, please dial 866-439-8514 or 678-509-7568 (participant passcode is 4071499). It is recommended that you call 10 minutes before the conference call begins.
To access the webcast, click on the link: https://edge.media-server.com/mmc/p/wsnkx8qk. Complete the four fields as directed and click "Submit." A replay of the call can also be accessed under the heading "Investors" on the company's 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 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), pretax income (loss) attributable to the company, adjusted pretax income (loss) attributable to the company, adjusted net income attributable to the company, adjusted diluted earnings per share, earnings before interest, taxes, depreciation and amortization (or EBITDA), adjusted EBITDA 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, pretax income or income (loss) before income taxes, diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders 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
Founded in 1947 in Maumee, Ohio, The Andersons, Inc. (Nasdaq: ANDE) is a diversified company rooted in agriculture that conducts business in the commodity trading, ethanol, plant nutrient, and rail sectors. Guided by its Statement of Principles, The Andersons strives to provide extraordinary service to its customers, help its employees improve, support its communities, and increase the value of the company. For more information, please visit www.andersonsinc.com.
The Andersons, Inc. Condensed Consolidated Statements of Operations (unaudited) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Sales and merchandising revenues | $ | 3,273,726 | $ | 1,890,180 | $ | 5,909,455 | $ | 3,743,286 | |||||||
Cost of sales and merchandising revenues | 3,099,682 | 1,783,914 | 5,612,699 | 3,573,890 | |||||||||||
Gross profit | 174,044 | 106,266 | 296,756 | 169,396 | |||||||||||
Operating, administrative and general expenses | 109,976 | 90,136 | 209,848 | 195,196 | |||||||||||
Interest expense, net | 13,454 | 11,827 | 26,623 | 27,414 | |||||||||||
Other income, net: | |||||||||||||||
Equity in earnings of affiliates, net | 845 | 79 | 2,639 | 209 | |||||||||||
Other income, net | 5,307 | 3,450 | 12,849 | 8,263 | |||||||||||
Income (loss) before income taxes | 56,766 | 7,832 | 75,773 | (44,742) | |||||||||||
Income tax provision (benefit) | 10,642 | (12,200) | 16,387 | (13,664) | |||||||||||
Net income (loss) | 46,124 | 20,032 | 59,386 | (31,078) | |||||||||||
Net income (loss) attributable to noncontrolling interests | 2,625 | (10,407) | 780 | (23,856) | |||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | |||||||
Per common share: | |||||||||||||||
Basic earnings (loss) attributable to The Andersons, Inc. common | $ | 1.31 | $ | 0.92 | $ | 1.76 | $ | (0.22) | |||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common shareholders | $ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) | |||||||
The Andersons, Inc. Condensed Consolidated Balance Sheets (unaudited) | |||||||||||
(in thousands) | June 30, 2021 | December 31, 2020 | June 30, 2020 | ||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 27,538 | $ | 29,123 | $ | 30,011 | |||||
Accounts receivable, net | 721,575 | 659,834 | 537,011 | ||||||||
Inventories | 912,299 | 1,300,693 | 616,323 | ||||||||
Commodity derivative assets – current | 507,148 | 320,706 | 112,089 | ||||||||
Other current assets | 65,740 | 106,053 | 102,755 | ||||||||
Total current assets | 2,234,300 | 2,416,409 | 1,398,189 | ||||||||
Other assets: | |||||||||||
Goodwill | 135,709 | 135,709 | 135,709 | ||||||||
Other intangible assets, net | 127,756 | 142,940 | 160,180 | ||||||||
Right of use assets, net | 61,299 | 56,031 | 62,838 | ||||||||
Other assets, net | 73,678 | 49,907 | 48,235 | ||||||||
Total other assets | 398,442 | 384,587 | 406,962 | ||||||||
Rail assets leased to others, net | 574,585 | 591,946 | 592,821 | ||||||||
Property, plant and equipment, net | 841,762 | 879,179 | 906,017 | ||||||||
Total assets | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 | |||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | 757,271 | $ | 403,703 | $ | 96,071 | |||||
Trade and other payables | 547,169 | 957,683 | 503,892 | ||||||||
Customer prepayments and deferred revenue | 58,155 | 180,160 | 45,734 | ||||||||
Commodity derivative liabilities – current | 90,366 | 146,990 | 65,186 | ||||||||
Current maturities of long-term debt | 56,582 | 75,475 | 68,477 | ||||||||
Accrued expenses and other current liabilities | 181,015 | 167,671 | 147,422 | ||||||||
Total current liabilities | 1,690,558 | 1,931,682 | 926,782 | ||||||||
Long-term lease liabilities | 41,852 | 37,177 | 41,061 | ||||||||
Long-term debt, less current maturities | 866,454 | 916,540 | 975,973 | ||||||||
Deferred income taxes | 173,212 | 170,147 | 162,475 | ||||||||
Other long-term liabilities | 52,049 | 55,915 | 65,615 | ||||||||
Total liabilities | 2,824,125 | 3,111,461 | 2,171,906 | ||||||||
Total equity | 1,224,964 | 1,160,660 | 1,132,083 | ||||||||
Total liabilities and equity | $ | 4,049,089 | $ | 4,272,121 | $ | 3,303,989 | |||||
The Andersons, Inc. Consolidated Statements of Cash Flows (unaudited) | |||||||
Six months ended June 30, | |||||||
2021 | 2020 | ||||||
Operating Activities | |||||||
Net income (loss) | $ | 59,386 | $ | (31,078) | |||
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | |||||||
Depreciation and amortization | 95,154 | 93,898 | |||||
Bad debt (recovery) expense, net | (1,156) | 6,290 | |||||
Equity in earnings of affiliates, net of dividends | (2,639) | (209) | |||||
Gain on sales of Rail assets and related leases, net | (4,987) | (569) | |||||
(Gain) loss on sales of assets, net | (1,266) | 341 | |||||
Stock-based compensation expense | 4,112 | 5,016 | |||||
Deferred federal income tax | 170 | 21,761 | |||||
Inventory write down | 2,599 | 10,922 | |||||
Other | 2,971 | 2,797 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (58,338) | (9,181) | |||||
Inventories | 390,506 | 536,951 | |||||
Commodity derivatives | (250,691) | 14,980 | |||||
Other assets | 35,568 | (24,784) | |||||
Payables and other accrued expenses | (516,883) | (481,624) | |||||
Net cash (used in) provided by operating activities | (245,494) | 145,511 | |||||
Investing Activities | |||||||
Purchases of Rail assets | (4,751) | (24,649) | |||||
Proceeds from sale of Rail assets | 15,616 | 4,637 | |||||
Purchases of property, plant and equipment and capitalized software | (34,264) | (44,644) | |||||
Proceeds from sale of assets | 3,794 | 1,503 | |||||
Purchase of investments | (4,701) | (2,849) | |||||
Other | 832 | — | |||||
Net cash used in investing activities | (23,474) | (66,002) | |||||
Financing Activities | |||||||
Net borrowings (payments) under lines of credit | (258,157) | (47,564) | |||||
Proceeds from issuance of short-term debt | 608,250 | — | |||||
Proceeds from issuance of long-term debt | 108,300 | 165,975 | |||||
Payments of long-term debt | (177,586) | (203,835) | |||||
Contributions from noncontrolling interest owner | 2,940 | 4,409 | |||||
Distributions to noncontrolling interest owner | (25) | (10,298) | |||||
Payments of debt issuance costs | (2,059) | (250) | |||||
Dividends paid | (11,677) | (11,469) | |||||
Other | (2,436) | (2,036) | |||||
Net cash provided by (used in) financing activities | 267,550 | (105,068) | |||||
Effect of exchange rates on cash and cash equivalents | (167) | 675 | |||||
Decrease in cash and cash equivalents | (1,585) | (24,884) | |||||
Cash and cash equivalents at beginning of period | 29,123 | 54,895 | |||||
Cash and cash equivalents at end of period | $ | 27,538 | $ | 30,011 | |||
The Andersons, Inc. Adjusted Net Income Attributable to The Andersons, Inc. A non-GAAP financial measure (unaudited) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Net income (loss) attributable to The Andersons, Inc. | $ | 43,499 | $ | 30,439 | $ | 58,606 | $ | (7,222) | |||||||
Items impacting other income, net of tax: | |||||||||||||||
Transaction related stock compensation | 274 | 1,017 | 757 | 2,348 | |||||||||||
Severance costs | — | 2,341 | — | 2,341 | |||||||||||
Income tax impact of adjustments (a) | (68) | (4,541) | (189) | (11,451) | |||||||||||
Total adjusting items, net of tax | 206 | (1,183) | 568 | (6,762) | |||||||||||
Adjusted net income (loss) attributable to The Andersons, Inc. | $ | 43,705 | $ | 29,256 | $ | 59,174 | $ | (13,984) | |||||||
Diluted earnings (loss) attributable to The Andersons, Inc. common | $ | 1.30 | $ | 0.92 | $ | 1.74 | $ | (0.22) | |||||||
Impact on diluted earnings (loss) per share | $ | 0.01 | $ | (0.04) | $ | 0.02 | $ | (0.21) | |||||||
Adjusted diluted earnings (loss) per share | $ | 1.31 | $ | 0.88 | $ | 1.76 | $ | (0.43) | |||||||
(a) Prior year income tax adjustments include $(3.7) million and $(10.3) million due to CARES Act benefits for the quarter ended June 30, 2020 and year to date June 30, 2020, respectively. | |||||||||||||||
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) 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) attributable to The Andersons, Inc. and Adjusted diluted earnings (loss) 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) per share amount for each specified item. | |||||||||||||||
The Andersons, Inc. Segment Data (unaudited) | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,297,869 | $ | 616,527 | $ | 321,409 | $ | 37,921 | $ | — | $ | 3,273,726 | |||||||||||
Gross profit | 77,831 | 34,716 | 50,860 | 10,637 | — | 174,044 | |||||||||||||||||
Operating, administrative and general expenses | 61,514 | 6,577 | 26,568 | 4,416 | 10,901 | 109,976 | |||||||||||||||||
Other income, net | 4,067 | 38 | 849 | 237 | 116 | 5,307 | |||||||||||||||||
Income (loss) before income taxes | 13,777 | 26,156 | 23,995 | 3,064 | (10,226) | 56,766 | |||||||||||||||||
Income attributable to the noncontrolling interests | — | 2,625 | — | — | — | 2,625 | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 13,777 | $ | 23,531 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 54,141 | |||||||||||
Adjustments to income (loss) before income taxes (b) | 274 | — | — | — | — | 274 | |||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 14,051 | $ | 23,531 | $ | 23,995 | $ | 3,064 | $ | (10,226) | $ | 54,415 | |||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 1,351,168 | $ | 223,745 | $ | 279,825 | $ | 35,442 | $ | — | $ | 1,890,180 | |||||||||||
Gross profit | 59,382 | (2,599) | 38,765 | 10,718 | — | 106,266 | |||||||||||||||||
Operating, administrative and general expenses | 54,998 | 5,506 | 18,281 | 5,184 | 6,167 | 90,136 | |||||||||||||||||
Other income, net | 986 | 466 | 386 | 905 | 707 | 3,450 | |||||||||||||||||
Income (loss) before income taxes | 393 | (9,539) | 19,407 | 2,606 | (5,035) | 7,832 | |||||||||||||||||
Loss attributable to the noncontrolling interests | — | (10,407) | — | — | — | (10,407) | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 393 | $ | 868 | $ | 19,407 | $ | 2,606 | $ | (5,035) | $ | 18,239 | |||||||||||
Adjustments to income (loss) before income taxes (b) | 1,017 | — | — | — | 2,341 | 3,358 | |||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 1,410 | $ | 868 | $ | 19,407 | $ | 2,606 | $ | (2,694) | $ | 21,597 | |||||||||||
(a) Income (loss) 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) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 4,280,377 | $ | 1,059,486 | $ | 490,661 | $ | 78,931 | $ | — | $ | 5,909,455 | |||||||||||
Gross profit | 150,388 | 43,199 | 83,261 | 19,908 | — | 296,756 | |||||||||||||||||
Operating, administrative and general expenses | 118,445 | 13,233 | 49,967 | 7,290 | 20,913 | 209,848 | |||||||||||||||||
Other income, net | 7,553 | 1,365 | 1,436 | 1,911 | 584 | 12,849 | |||||||||||||||||
Income (loss) before income taxes | 27,632 | 27,237 | 32,518 | 7,955 | (19,569) | 75,773 | |||||||||||||||||
Income attributable to the noncontrolling interests | — | 780 | — | — | — | 780 | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 27,632 | $ | 26,457 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 74,993 | |||||||||||
Adjustments to income (loss) before income taxes (b) | 757 | — | — | — | — | 757 | |||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | 28,389 | $ | 26,457 | $ | 32,518 | $ | 7,955 | $ | (19,569) | $ | 75,750 | |||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||
Sales and merchandising revenues | $ | 2,729,209 | $ | 536,784 | $ | 404,738 | $ | 72,555 | $ | — | $ | 3,743,286 | |||||||||||
Gross profit | 121,848 | (31,998) | 59,129 | 20,417 | — | 169,396 | |||||||||||||||||
Operating, administrative and general expenses | 123,153 | 11,621 | 38,022 | 10,443 | 11,957 | 195,196 | |||||||||||||||||
Other income, net | 3,750 | 912 | 356 | 1,955 | 1,290 | 8,263 | |||||||||||||||||
Income (loss) before income taxes | (9,591) | (46,964) | 18,215 | 3,613 | (10,015) | (44,742) | |||||||||||||||||
Loss attributable to the noncontrolling interests | — | (23,856) | — | — | — | (23,856) | |||||||||||||||||
Income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | (9,591) | $ | (23,108) | $ | 18,215 | $ | 3,613 | $ | (10,015) | $ | (20,886) | |||||||||||
Adjustments to income (loss) before income taxes (b) | 2,348 | — | — | — | 2,341 | 4,689 | |||||||||||||||||
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. (a) | $ | (7,243) | $ | (23,108) | $ | 18,215 | $ | 3,613 | $ | (7,674) | $ | (16,197) | |||||||||||
(a) Income (loss) 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) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. | |||||||||||||||||||||||
The Andersons, Inc. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) A non-GAAP financial measure (unaudited) | |||||||||||||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||
Net income (loss) | $ | 13,777 | $ | 26,156 | $ | 23,995 | $ | 3,064 | $ | (20,868) | $ | 46,124 | |||||||||||
Interest expense (income) | 7,452 | 2,021 | 1,146 | 3,394 | (559) | 13,454 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | 10,642 | 10,642 | |||||||||||||||||
Depreciation and amortization | 11,155 | 18,983 | 6,456 | 8,701 | 2,355 | 47,650 | |||||||||||||||||
EBITDA | 32,384 | 47,160 | 31,597 | 15,159 | (8,430) | 117,870 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 274 | — | — | — | — | 274 | |||||||||||||||||
Total adjusting items | 274 | — | — | — | — | 274 | |||||||||||||||||
Adjusted EBITDA | $ | 32,658 | $ | 47,160 | $ | 31,597 | $ | 15,159 | $ | (8,430) | $ | 118,144 | |||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||
Net income (loss) | $ | 393 | $ | (9,539) | $ | 19,407 | $ | 2,606 | $ | 7,165 | $ | 20,032 | |||||||||||
Interest expense (income) | 5,056 | 1,900 | 1,463 | 3,833 | (425) | 11,827 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (12,200) | (12,200) | |||||||||||||||||
Depreciation and amortization | 11,055 | 17,952 | 6,364 | 8,869 | 2,757 | 46,997 | |||||||||||||||||
EBITDA | 16,504 | 10,313 | 27,234 | 15,308 | (2,703) | 66,656 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 1,017 | — | — | — | — | 1,017 | |||||||||||||||||
Severance Costs | — | — | — | — | 2,341 | 2,341 | |||||||||||||||||
Total adjusting items | 1,017 | — | — | — | 2,341 | 3,358 | |||||||||||||||||
Adjusted EBITDA | $ | 17,521 | $ | 10,313 | $ | 27,234 | $ | 15,308 | $ | (362) | $ | 70,014 | |||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Rail | Other | Total | |||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||
Net income (loss) | $ | 27,632 | $ | 27,237 | $ | 32,518 | $ | 7,955 | $ | (35,956) | $ | 59,386 | |||||||||||
Interest expense (income) | 14,503 | 4,094 | 2,212 | 6,574 | (760) | 26,623 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | 16,387 | 16,387 | |||||||||||||||||
Depreciation and amortization | 22,280 | 37,797 | 12,837 | 17,588 | 4,652 | 95,154 | |||||||||||||||||
EBITDA | 64,415 | 69,128 | 47,567 | 32,117 | (15,677) | 197,550 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 757 | — | — | — | — | 757 | |||||||||||||||||
Total adjusting items | 757 | — | — | — | — | 757 | |||||||||||||||||
Adjusted EBITDA | $ | 65,172 | $ | 69,128 | $ | 47,567 | $ | 32,117 | $ | (15,677) | $ | 198,307 | |||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||
Net income (loss) | $ | (9,591) | $ | (46,964) | $ | 18,215 | $ | 3,613 | $ | 3,649 | $ | (31,078) | |||||||||||
Interest expense (income) | 12,245 | 4,257 | 3,248 | 8,316 | (652) | 27,414 | |||||||||||||||||
Tax provision (benefit) | — | — | — | — | (13,664) | (13,664) | |||||||||||||||||
Depreciation and amortization | 22,399 | 35,504 | 12,705 | 17,788 | 5,502 | 93,898 | |||||||||||||||||
EBITDA | 25,053 | (7,203) | 34,168 | 29,717 | (5,165) | 76,570 | |||||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||||||
Transaction related stock compensation | 2,348 | — | — | — | — | 2,348 | |||||||||||||||||
Severance Costs | — | — | — | — | 2,341 | 2,341 | |||||||||||||||||
Total adjusting items | 2,348 | — | — | — | 2,341 | 4,689 | |||||||||||||||||
Adjusted EBITDA | $ | 27,401 | $ | (7,203) | $ | 34,168 | $ | 29,717 | $ | (2,824) | $ | 81,259 | |||||||||||
The Andersons, Inc. Trailing Twelve Months of EBITDA and Adjusted EBITDA A non-GAAP financial measure (unaudited) | |||||||||||||||||||
Three Months Ended, | Twelve months ended | ||||||||||||||||||
(in thousands) | September 30, 2020 | December 31, 2020 | March 31, 2021 | June 30, 2021 | |||||||||||||||
Net income (loss) | $ | 2,215 | $ | 14,649 | $ | 13,262 | $ | 46,124 | $ | 76,250 | |||||||||
Interest expense (income) | 10,569 | 13,292 | 13,169 | 13,454 | 50,484 | ||||||||||||||
Tax provision (benefit) | (4,714) | 8,119 | 5,745 | 10,642 | 19,792 | ||||||||||||||
Depreciation and amortization | 47,269 | 47,471 | 47,504 | 47,650 | 189,894 | ||||||||||||||
EBITDA | 55,339 | 83,531 | 79,680 | 117,870 | 336,420 | ||||||||||||||
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 | $ | 59,473 | $ | 85,005 | $ | 80,163 | $ | 118,144 | $ | 342,785 | |||||||||
Three Months Ended, | Twelve months ended | ||||||||||||||||||
September 30, 2019 | December 31, 2019 | March 31, 2020 | June 30, 2020 | ||||||||||||||||
Net income (loss) | $ | (5,870) | $ | 5,667 | $ | (51,111) | $ | 20,032 | $ | (31,282) | |||||||||
Interest expense (income) | 13,975 | 14,078 | 15,587 | 11,827 | 55,467 | ||||||||||||||
Tax provision (benefit) | (7,212) | 14,708 | (1,464) | (12,200) | (6,168) | ||||||||||||||
Depreciation and amortization | 34,250 | 47,770 | 46,898 | 46,997 | 175,915 | ||||||||||||||
EBITDA | 35,143 | 82,223 | 9,910 | 66,656 | 193,932 | ||||||||||||||
Adjusting items impacting EBITDA: | |||||||||||||||||||
Acquisition costs | (23) | 2,158 | — | — | 2,135 | ||||||||||||||
Transaction related stock compensation | 2,577 | 1,998 | 1,331 | 1,017 | 6,923 | ||||||||||||||
Asset impairments including equity method investments | — | 43,097 | — | — | 43,097 | ||||||||||||||
Loss from remeasurement of equity method investment | — | (36,287) | — | — | (36,287) | ||||||||||||||
Severance Costs | — | — | — | 2,341 | 2,341 | ||||||||||||||
Gain on sales of assets | — | (8,646) | — | — | (8,646) | ||||||||||||||
Total adjusting items | 2,554 | 2,320 | 1,331 | 3,358 | 9,563 | ||||||||||||||
Adjusted EBITDA | $ | 37,697 | $ | 84,543 | $ | 11,241 | $ | 70,014 | $ | 203,495 | |||||||||
The Andersons, Inc. Cash from Operations Before Working Capital Changes A non-GAAP financial measure (unaudited) | |||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Cash provided by (used in) operating activities | $ | 200,233 | $ | 373,941 | $ | (245,494) | $ | 145,511 | |||||||
Changes in operating assets and liabilities | |||||||||||||||
Accounts receivable | (24,862) | 2,556 | (58,338) | (9,181) | |||||||||||
Inventories | 385,499 | 414,628 | 390,506 | 536,951 | |||||||||||
Commodity derivatives | (197,396) | 13,749 | (250,691) | 14,980 | |||||||||||
Other assets | 18,828 | (13,897) | 35,568 | (24,784) | |||||||||||
Payables and other accrued expenses | (74,962) | (119,015) | (516,883) | (481,624) | |||||||||||
Total changes in operating assets and liabilities | 107,107 | 298,021 | (399,838) | 36,342 | |||||||||||
Less: changes in CARES Act tax refund receivable | — | (14,147) | 27,697 | (35,694) | |||||||||||
Cash from operations before working capital changes | $ | 93,126 | $ | 61,773 | $ | 182,041 | $ | 73,475 | |||||||
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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