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02.05.2023 22:05:00
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The Andersons, Inc. Reports Quarterly Results
MAUMEE, Ohio, May 2, 2023 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2023.
First Quarter Highlights:
- Company reported a net loss attributable to The Andersons of $15 million, or $0.44 per diluted share and adjusted net income of $7 million, or $0.20 per diluted share
- Adjusted EBITDA was $55 million for the quarter
- Trade reported pretax income of $39 million and adjusted pretax income of $24 million, a record first quarter
- Renewables produced a pretax loss of $83 million due to a previously announced non-cash impairment and adjusted pretax income attributable to The Andersons of $6 million
- Nutrient & Industrial (formerly Plant Nutrient) reported a pretax loss of $10 million on a slow start to the planting season
"Once again, our Trade business led the way for the quarter. The team continues to execute well and we are seeing positive results from our base business, as well as, recent growth investments. The Renewables team was faced with lower ethanol crush margins to start the quarter but showed improvement over 2022 on an adjusted basis. The Nutrient & Industrial business was faced with declining fertilizer prices and deferred customer purchasing in the quarter. In April, customers have engaged and prices have firmed a bit as fieldwork began in our service geography. While some of the typical first quarter business will shift into Q2, we do not expect that all the business will be recovered," said President and CEO Pat Bowe.
"We are making good progress on several growth opportunities. We remain focused on executing within our stated strategy in our core grain and fertilizer verticals including further focus on renewables and new opportunities in renewable diesel feedstocks," continued Bowe. "We remain confident in the long-term outlook for the company and achieving our previously stated goal."
$ in millions, except per share amounts | |||
Q1 2023 | Q1 2022 | Variance | |
Pretax Income (Loss) from Continuing Operations | $ (65.0) | $ 10.6 | $ (75.6) |
Pretax Income (Loss) from Continuing Operations Attributable to the Company1 | (20.6) | 10.2 | (30.8) |
Adjusted Pretax Income (Loss) from Continuing Operations Attributable to the Company1 | 8.1 | 10.2 | (2.1) |
Trade1 | 23.6 | 3.7 | 19.9 |
Renewables1 | 6.3 | 5.5 | 0.8 |
Nutrient & Industrial | (10.4) | 10.7 | (21.1) |
Other | (11.4) | (9.8) | (1.6) |
Net Income (Loss) from Continuing Operations Attributable to the Company | (14.8) | 6.1 | (20.9) |
Adjusted Net Income from Continuing Operations Attributable to the Company1 | 6.8 | 6.1 | 0.7 |
Diluted Earnings (Loss) Per Share from Continuing Operations (EPS) | (0.44) | 0.18 | (0.62) |
Adjusted Diluted Earnings Per Share from Continuing Operations1 | 0.20 | 0.18 | 0.02 |
EBITDA from Continuing Operations1 | (16.2) | 55.8 | (72.0) |
Adjusted EBITDA from Continuing Operations1 | $ 55.3 | $ 55.8 | $ (0.5) |
1 Non-GAAP financial measures; see appendix for explanations and reconciliations. | |||
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. We continue to be well below our long-term debt to EBITDA target of less than 2.5 times," said Executive Vice President and CFO Brian Valentine. "In light of the current, high interest rate environment, we are strategically managing working capital usage. Our short-term debt funding working capital at the end of the first quarter of 2023 totaled $638 million, less than half of the $1,450 million we borrowed a year ago."
The company used cash of $334 million and $1,075 million in its operating activities for the first quarters of 2023 and 2022, respectively, and generated $41 million and $40 million in cash from operations before working capital changes for the same periods, respectively.
First Quarter Segment Overview
Trade Generates Strong Earnings; Record Q1
The Trade segment recorded pretax income of $39 million and adjusted pretax income of $24 million for the quarter compared to pretax income of $4 million in the first quarter of 2022.
Trade benefited from strong elevation margins in its assets, and excellent merchandising results across the portfolio. Its well-positioned premium food and feed ingredients business also generated good margins. All three lines of business exceeded the 2022 first quarter.
Spring planting is just getting started in the Midwest. Commodity prices have moderated from the highs of last spring, but stocks remain relatively low. With the mix of assets and merchandising capabilities across key geographies, Trade is well-positioned for an expected large 2023 harvest. Unfavorable weather conditions could result in production shortfalls and continuing global supply and demand imbalances, which would allow for continued merchandising opportunities and strong elevation margins.
Adjustments to earnings primarily related to insurance recoveries on the late December fire-damaged inventory.
Trade's first quarter adjusted EBITDA was $44 million, more than double first quarter 2022 EBITDA of $21 million.
Renewables Generates Solid Q1 Adjusted Earnings; Takes Impairment Charge on ELEMENT
The Renewables segment reported a pretax loss of $83 million and adjusted pretax income attributable to the company of $6 million in the first quarter, which is comparable to the same period in 2022.
The ELEMENT non-cash impairment charge was $87 million of which $44 million was the company's share.
Ethanol crush margins were weak starting the quarter but rebounded later in the period during the start of the spring maintenance season. Driving demand has also picked up and corn prices have moderated. The merchandising businesses including renewable diesel feedstocks continue to deliver solid results, but were impacted by lower values, partially due to delays in renewable diesel plant startups. Our eastern corn belt production facilities remain well-positioned for corn supply and ethanol margins have strengthened further after the close of the quarter.
Renewables had first quarter adjusted EBITDA of $22 million in 2023, a slight decrease from 2022 first quarter EBITDA of $24 million.
Nutrient & Industrial Ag Businesses Decline; Slow Customer Engagement on Declining Prices
The Nutrient & Industrial segment posted a pretax loss of $10 million, compared to record first quarter income in the prior year of $11 million. Significantly declining market prices continued to keep customers on the sidelines. With strong farmer income and planted acres anticipated to be high, second quarter volumes are expected to improve, but some of the margin decline is not likely to be recovered.
Nutrient & Industrial's first quarter EBITDA was $(1) million compared to 2022 first quarter EBITDA of $19 million.
Income Taxes; Corporate
The company recorded an income tax benefit at an effective rate of 9.1% for the quarter due to the tax treatment of non-controlling interests. We anticipate a full-year adjusted effective rate of approximately 22% - 25%.
Conference Call
The company will host a webcast on Wednesday, May 3, 2023, at 11 a.m. Eastern Daylight Time, to discuss its performance and provide its outlook for the remainder of 2023. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 9649408). 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/PWwnqVbqG3R and submit the requested information as directed. 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 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 pretax income (loss) from continuing operations attributable to the company; adjusted pretax income (loss) from continuing operations attributable to the company; adjusted pretax income (loss) from continuing operations; adjusted net income from continuing operations attributable to the company; 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., named to Forbes list of America's Best Small Companies for 2023 and one of America's Greatest Workplaces for Diversity 2023 by Newsweek®, is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and nutrient and industrial 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 | |||
(in thousands, except per share data) | 2023 | 2022 | |
Sales and merchandising revenues | $ 3,881,238 | $ 3,977,954 | |
Cost of sales and merchandising revenues | 3,733,227 | 3,858,419 | |
Gross profit | 148,011 | 119,535 | |
Operating, administrative and general expenses | 117,235 | 101,987 | |
Asset impairment | 87,156 | — | |
Interest expense, net | 16,625 | 10,859 | |
Other income, net | 8,004 | 3,918 | |
Income (loss) before income taxes from continuing operations | (65,001) | 10,607 | |
Income tax provision (benefit) from continuing operations | (5,884) | 4,103 | |
Net income (loss) from continuing operations | (59,117) | 6,504 | |
Loss from discontinued operations, net of income taxes | — | (554) | |
Net income (loss) | (59,117) | 5,950 | |
Net income (loss) attributable to noncontrolling interests | (44,367) | 447 | |
Net income (loss) attributable to The Andersons, Inc. | $ (14,750) | $ 5,503 | |
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | |||
Basic earnings (loss): | |||
Continuing operations | $ (0.44) | $ 0.18 | |
Discontinued operations | — | (0.02) | |
$ (0.44) | $ 0.16 | ||
Diluted earnings (loss): | |||
Continuing operations | $ (0.44) | $ 0.18 | |
Discontinued operations | — | (0.02) | |
$ (0.44) | $ 0.16 | ||
The Andersons, Inc. | |||||
(in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 70,853 | $ 115,269 | $ 36,381 | ||
Accounts receivable, net | 1,125,071 | 1,248,878 | 1,050,259 | ||
Inventories | 1,551,101 | 1,731,725 | 1,950,303 | ||
Commodity derivative assets – current | 222,036 | 295,588 | 769,916 | ||
Current assets held-for-sale | — | 2,871 | 20,255 | ||
Other current assets | 81,407 | 71,622 | 113,589 | ||
Total current assets | 3,050,468 | 3,465,953 | 3,940,703 | ||
Other assets: | |||||
Goodwill | 129,342 | 129,342 | 129,342 | ||
Other intangible assets, net | 95,134 | 100,907 | 111,055 | ||
Right of use assets, net | 59,209 | 61,890 | 51,821 | ||
Other assets held-for-sale | — | — | 45,264 | ||
Other assets, net | 89,174 | 87,175 | 92,506 | ||
Total other assets | 372,859 | 379,314 | 429,988 | ||
Property, plant and equipment, net | 678,717 | 762,729 | 772,245 | ||
Total assets | $ 4,102,044 | $ 4,607,996 | $ 5,142,936 | ||
Liabilities and equity | |||||
Current liabilities: | |||||
Short-term debt | $ 638,210 | $ 272,575 | $ 1,449,768 | ||
Trade and other payables | 768,872 | 1,423,633 | 741,124 | ||
Customer prepayments and deferred revenue | 309,546 | 370,524 | 384,723 | ||
Commodity derivative liabilities – current | 107,983 | 98,519 | 216,836 | ||
Current maturities of long-term debt | 85,567 | 110,155 | 54,158 | ||
Current liabilities held-for-sale | — | — | 10,200 | ||
Accrued expenses and other current liabilities | 202,133 | 245,916 | 205,958 | ||
Total current liabilities | 2,112,311 | 2,521,322 | 3,062,767 | ||
Long-term lease liabilities | 35,727 | 37,147 | 31,419 | ||
Long-term debt, less current maturities | 486,892 | 492,518 | 571,181 | ||
Deferred income taxes | 54,391 | 64,080 | 68,437 | ||
Other long-term liabilities held-for-sale | — | — | 14,738 | ||
Other long-term liabilities | 66,311 | 63,160 | 77,173 | ||
Total liabilities | 2,755,632 | 3,178,227 | 3,825,715 | ||
Total equity | 1,346,412 | 1,429,769 | 1,317,221 | ||
Total liabilities and equity | $ 4,102,044 | $ 4,607,996 | $ 5,142,936 | ||
The Andersons, Inc. | |||
Three months ended | |||
(in thousands) | 2023 | 2022 | |
Operating Activities | |||
Net income (loss) from continuing operations | $ (59,117) | $ 6,504 | |
Loss from discontinued operations, net of income taxes | — | (554) | |
Net income (loss) | (59,117) | 5,950 | |
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||
Depreciation and amortization | 32,220 | 34,377 | |
Bad debt expense, net | — | 1,255 | |
Stock-based compensation expense | 2,596 | 1,818 | |
Deferred federal income tax | (8,051) | (6,947) | |
Asset impairment | 87,156 | — | |
Other | 3,225 | 3,048 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 125,113 | (215,012) | |
Inventories | 178,010 | (136,820) | |
Commodity derivatives | 83,148 | (277,761) | |
Other current and non-current assets | (17,543) | (38,810) | |
Payables and other current and non-current liabilities | (760,292) | (446,096) | |
Net cash used in operating activities | (333,535) | (1,074,998) | |
Investing Activities | |||
Purchases of property, plant and equipment and capitalized software | (25,470) | (20,722) | |
Purchases of investments | — | (1,333) | |
Purchases of Rail assets | — | (3,186) | |
Proceeds from sale of Rail assets | 2,871 | 248 | |
Other | 2,792 | 72 | |
Net cash used in investing activities | (19,807) | (24,921) | |
Financing Activities | |||
Net receipts under short-term lines of credit | 363,619 | 796,209 | |
Proceeds from issuance of short-term debt | — | 350,000 | |
Payments of short-term debt | — | (200,000) | |
Payments of long-term debt | (30,251) | (7,566) | |
Contributions from noncontrolling interest owner | — | 2,450 | |
Distributions to noncontrolling interest owner | (9,980) | (9,980) | |
Payments of debt issuance costs | (5) | (7,310) | |
Dividends paid | (6,279) | (6,144) | |
Proceeds from exercises of stock options | — | 5,024 | |
Common stock repurchased | (1,671) | — | |
Value of shares withheld for taxes | (6,616) | (3,319) | |
Other | — | 393 | |
Net cash provided by financing activities | 308,817 | 919,757 | |
Effect of exchange rates on cash and cash equivalents | 109 | 99 | |
Decrease in cash and cash equivalents | (44,416) | (180,063) | |
Cash and cash equivalents at beginning of period | 115,269 | 216,444 | |
Cash and cash equivalents at end of period | $ 70,853 | $ 36,381 | |
The Andersons, Inc. | |||
Three months ended | |||
(in thousands, except per share data) | 2023 | 2022 | |
Net income (loss) from continuing operations | $ (59,117) | $ 6,504 | |
Net income (loss) attributable to noncontrolling interests | (44,367) | 447 | |
Net income (loss) from continuing operations attributable to The Andersons, Inc. | (14,750) | 6,057 | |
Adjustments: | |||
Transaction related compensation | 1,668 | — | |
Asset Impairment | 44,450 | — | |
Insurance proceeds and receivables | (17,390) | — | |
Income tax impact of adjustments1 | (7,182) | — | |
Total adjusting items, net of tax | 21,546 | — | |
Adjusted net income from continuing operations attributable to The Andersons, Inc. | $ 6,796 | $ 6,057 | |
Diluted earnings (loss) per share from continuing operations attributable to The Andersons, Inc. common shareholders | $ (0.44) | $ 0.18 | |
Impact on diluted earnings (loss) per share from continuing operations | $ 0.64 | $ — | |
Adjusted diluted earnings per share from continuing operations | $ 0.20 | $ 0.18 | |
1 | The income tax impact of adjustments is taken at the statutory tax rate of 25%. |
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 from continuing operations attributable to The Andersons, Inc. and Diluted earnings per share from continuing operations 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 | Nutrient & | Other | Total | ||||
Three months ended March 31, 2023 | |||||||||
Sales and merchandising revenues | $ 2,877,780 | $ 839,516 | $ 163,942 | $ — | $ 3,881,238 | ||||
Gross profit | 117,178 | 15,803 | 15,030 | — | 148,011 | ||||
Operating, administrative and general expenses | 71,980 | 8,904 | 24,132 | 12,219 | 117,235 | ||||
Other income, net | 5,983 | 841 | 846 | 334 | 8,004 | ||||
Income (loss) before income taxes from continuing operations | 39,364 | (82,513) | (10,438) | (11,414) | (65,001) | ||||
Loss attributable to noncontrolling interests | — | (44,367) | — | — | (44,367) | ||||
Income (loss) before income taxes from continuing operations | $ 39,364 | $ (38,146) | $ (10,438) | $ (11,414) | $ (20,634) | ||||
Adjustments to income (loss) before income taxes from | (15,722) | 44,450 | — | — | 28,728 | ||||
Adjusted income (loss) before income taxes from continuing operations | $ 23,642 | $ 6,304 | $ (10,438) | $ (11,414) | $ 8,094 | ||||
Three months ended March 31, 2022 | |||||||||
Sales and merchandising revenues | $ 3,084,681 | $ 683,231 | $ 210,042 | $ — | $ 3,977,954 | ||||
Gross profit | 67,619 | 15,191 | 36,725 | — | 119,535 | ||||
Operating, administrative and general expenses | 59,543 | 7,890 | 25,325 | 9,229 | 101,987 | ||||
Other income (loss), net | 3,780 | 428 | 804 | (1,094) | 3,918 | ||||
Income (loss) before income taxes from continuing operations | 3,669 | 5,962 | 10,743 | (9,767) | 10,607 | ||||
Income attributable to noncontrolling interests | — | 447 | — | — | 447 | ||||
Income (loss) before income taxes from continuing operations | $ 3,669 | $ 5,515 | $ 10,743 | $ (9,767) | $ 10,160 | ||||
1 Income (loss) from continuing operations before income taxes attributable to The Andersons, Inc. for each operating segment is defined as net sales 2 Additional information on the individual adjustments that are included in the adjustments to income (loss) from continuing operations before income taxes | |||||||||
The Andersons, Inc. | |||||||||
(in thousands) | Trade | Renewables | Nutrient & | Other | Total | ||||
Three months ended March 31, 2023 | |||||||||
Net income (loss)1 | $ 39,364 | $ (82,513) | $ (10,438) | $ (5,530) | $ (59,117) | ||||
Interest expense (income) | 11,817 | 3,097 | 2,182 | (471) | 16,625 | ||||
Tax benefit | — | — | — | (5,884) | (5,884) | ||||
Depreciation and amortization | 8,645 | 14,472 | 6,957 | 2,146 | 32,220 | ||||
EBITDA1 | 59,826 | (64,944) | (1,299) | (9,739) | (16,156) | ||||
Adjusting items impacting EBITDA: | |||||||||
Transaction related compensation | 1,668 | — | — | — | 1,668 | ||||
Insurance proceeds & receivables | (17,390) | — | — | — | (17,390) | ||||
Asset Impairment | — | 87,156 | — | — | 87,156 | ||||
Total adjusting items | (15,722) | 87,156 | — | — | 71,434 | ||||
Adjusted EBITDA1 | $ 44,104 | $ 22,212 | $ (1,299) | $ (9,739) | $ 55,278 | ||||
Three months ended March 31, 2022 | |||||||||
Net income (loss) from continuing operations | $ 3,669 | $ 5,962 | $ 10,743 | $ (13,870) | $ 6,504 | ||||
Interest expense (income) | 8,187 | 1,767 | 1,461 | (556) | 10,859 | ||||
Tax provision | — | — | — | 4,103 | 4,103 | ||||
Depreciation and amortization | 8,974 | 16,639 | 6,579 | 2,185 | 34,377 | ||||
EBITDA from continuing operations | $ 20,830 | $ 24,368 | $ 18,783 | $ (8,138) | $ 55,843 | ||||
1 Amounts for the three months ended March 31, 2023, contain no activity from discontinued operations. As such, references to EBITDA and EBITDA from continuing operations, as well as, Adjusted EBITDA and Adjusted EBITDA from continuing operations will yield the same results for the three months ended March 31, 2023.
Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for specified items. The company calculates adjusted EBITDA by removing the impact of specified items and adding back the amounts of interest expense, tax expense and depreciation and amortization to net income (loss). Management believes that adjusted EBITDA 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. Adjusted EBITDA is a non-GAAP financial measure and is not intended to replace or be an alternative to net income (loss), the most directly comparable GAAP financial measure. |
The Andersons, Inc. | |||||||||
Three Months Ended, | Twelve months ended | ||||||||
(in thousands) | June 30, | September 30, | December 31, | March 31, | |||||
Net income (loss) from continuing operations | $ 102,400 | $ 24,880 | $ 21,170 | $ (59,117) | $ 89,333 | ||||
Interest expense | 16,921 | 14,982 | 14,087 | 16,625 | 62,615 | ||||
Tax provision (benefit) | 15,753 | 9,839 | 9,933 | (5,884) | 29,641 | ||||
Depreciation and amortization | 33,567 | 33,322 | 33,476 | 32,220 | 132,585 | ||||
EBITDA from continuing operations | 168,641 | 83,023 | 78,666 | (16,156) | 314,174 | ||||
Adjusting items impacting EBITDA from continuing operations: | |||||||||
Transaction related compensation expense | — | — | — | 1,668 | 1,668 | ||||
Inventory damage (related insurance recoveries) | — | — | 15,993 | (17,390) | (1,397) | ||||
Asset impairment including equity method investments | 4,455 | — | 9,000 | 87,156 | 100,611 | ||||
Gain on sale of frac sand assets | (3,762) | — | — | — | (3,762) | ||||
Total adjusting items | 693 | — | 24,993 | 71,434 | 97,120 | ||||
Adjusted EBITDA from continuing operations | $ 169,334 | $ 83,023 | $ 103,659 | $ 55,278 | $ 411,294 | ||||
Three Months Ended, | Twelve months ended | ||||||||
June 30, | September 30, | December 31, | March 31, | ||||||
Net income from continuing operations | $ 44,024 | $ 12,290 | $ 65,473 | $ 6,504 | $ 128,291 | ||||
Interest expense | 10,060 | 8,799 | 8,444 | 10,859 | 38,162 | ||||
Tax provision | 9,677 | 4,027 | 11,163 | 4,103 | 28,970 | ||||
Depreciation and amortization | 38,949 | 42,811 | 36,797 | 34,377 | 152,934 | ||||
EBITDA from continuing operations | 102,710 | 67,927 | 121,877 | 55,843 | 348,357 | ||||
Adjusting items impacting EBITDA from continuing operations: | |||||||||
Transaction related compensation expense | 274 | 243 | 274 | — | 791 | ||||
Gain on sale of a business | — | (14,619) | — | — | (14,619) | ||||
Loss from cost method investment | — | 2,784 | — | — | 2,784 | ||||
Asset impairments | — | — | 8,321 | — | 8,321 | ||||
Total adjusting items | 274 | (11,592) | 8,595 | — | (2,723) | ||||
Adjusted EBITDA from continuing operations | $ 102,984 | $ 56,335 | $ 130,472 | $ 55,843 | $ 345,634 | ||||
The Andersons, Inc. | |||
Three months ended | |||
(in thousands) | 2023 | 2022 | |
Cash used in operating activities | $ (333,535) | $ (1,074,998) | |
Changes in operating assets and liabilities | |||
Accounts receivable | 125,113 | (215,012) | |
Inventories | 178,010 | (136,820) | |
Commodity derivatives | 83,148 | (277,761) | |
Other current and non-current assets | (17,543) | (38,810) | |
Payables and other current and non-current liabilities | (760,292) | (446,096) | |
Total changes in operating assets and liabilities | (391,564) | (1,114,499) | |
Adjusting items impacting cash from operations before working capital changes: | |||
Less: Damaged inventory insurance proceeds and receivables | (17,390) | — | |
Cash from operations before working capital changes | $ 40,639 | $ 39,501 | |
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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