August 6, 20240000821026false00008210262024-08-062024-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
______________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):August 6, 2024
__________________________________________
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The Andersons, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)
Ohio000-2055734-1562374
(State of incorporation or organization)(Commission File Number)(I.R.S. Employer Identification No.)
1947 Briarfield Boulevard
Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)

(419) 893-5050
(Registrant’s telephone number, including area code)
__________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[☐] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[☐] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[☐] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[☐] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
__________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol Name of each exchange on which registered:
Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Market LLC
__________________________________________
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
[☐] Emerging growth company
[☐] If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02 Results of Operations and Financial Condition.

The Andersons, Inc. issued a press release announcing its second quarter 2024 earnings. This press release is attached as exhibit 99.1 to this filing.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits:
Exhibit No.Description
99.1
104Inline XBRL for the cover page of this Current Report on Form 8-K



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
The Andersons, Inc.
August 6, 2024By:/s/ Brian A. Valentine
Brian A. Valentine
Executive Vice President
and Chief Financial Officer


Exhibit 99.1
logoa04a26.gif NEWS RELEASE

The Andersons, Inc. Reports Second Quarter Results

MAUMEE, OHIO, August 6, 2024 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the second quarter ended June 30, 2024.

Second Quarter Highlights:

•Company reported net income attributable to The Andersons of $36 million, or $1.05 per diluted share and adjusted net income of $39 million, or $1.15 per diluted share
•Adjusted EBITDA was $98 million for the quarter
•Renewables reported pretax income of $39 million and adjusted pretax income attributable to The Andersons of $23 million on strong operating performance and ethanol margins
•Trade generated increased pretax income of $5 million and adjusted pretax income of $9 million
•Nutrient & Industrial delivers pretax income of $23 million

"Overall, our second quarter results were consistent with our expectations given the shift in ag markets over the past several months. Renewables had a very solid quarter with increased ethanol production and higher margins but didn't match last year's results on declining co-product values. Trade results were slightly improved from last year despite lower prices and volatility. With the majority of fertilizer applications occurring in the second quarter, Nutrient & Industrial had solid results although well behind last year's outsized performance given weather-related delays and lower margins," said Chairman and CEO Pat Bowe. "Farmer selling remains relatively quiet with adequate supply in this low-price commodity environment. We are seeing the benefits of our portfolio mix with grain assets and our growing premium ingredients business helping to offset a reduction in merchandising opportunities."

"We actively pursue opportunities for growth. In early June, we announced plans to acquire an ownership interest in Skyland Grain LLC, which holds a large grain and agronomy footprint spread across Kansas, Eastern Colorado, and the Texas and Oklahoma panhandles. We are devoting significant resources to this opportunity and expect to provide an update later in the third quarter," continued Bowe. "Our longer-term Renewables projects are moving forward, and we are focused on lowering the carbon intensity of our ethanol plants. We continue to manage a robust pipeline with meaningful growth opportunities in each of our businesses."



$ in millions, except per share amounts
Q2 2024Q2 2023Variance
YTD 2024
YTD 2023
Variance
Pretax Income$57.3 $104.4 $(47.1)$71.3 $39.4 $31.9 
Pretax Income Attributable to the Company1
40.9 76.8 (35.9)47.7 56.1 (8.4)
Adjusted Pretax Income Attributable to the Company1
44.9 72.5 (27.6)51.5 80.6 (29.1)
     Trade1
9.5 7.2 2.3 18.2 30.9 (12.7)
     Renewables1
22.7 32.4 (9.7)35.3 38.7 (3.4)
     Nutrient & Industrial23.4 42.6 (19.2)21.6 32.1 (10.5)
     Other(10.7)(9.7)(1.0)(23.6)(21.2)(2.4)
Net Income Attributable to the Company
36.0 55.0 (19.0)41.6 40.3 1.3 
Adjusted Net Income Attributable to the Company1
39.5 51.8 (12.3)45.1 58.6 (13.5)
Diluted Earnings Per Share ("EPS")1.05 1.61 (0.56)1.21 1.18 0.03 
Adjusted EPS1
1.15 1.52 (0.37)1.31 1.72 (0.41)
EBITDA1
94.2 148.7 (54.5)145.7 132.6 13.1 
Adjusted EBITDA from Continuing Operations1
$98.3 $144.4 $(46.1)$149.4 $199.7 $(50.3)
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management

"Our businesses generate consistent cash flows and we've continued to reduce debt," said Executive Vice President and CFO Brian Valentine. "With the strong cash flows and lower commodity prices, we continue to show a higher-than-normal cash position at this point in the year. We remain well below our long-term debt to EBITDA target of less than 2.5 times and are pleased with the strength of our balance sheet. We expect to invest in additional growth projects utilizing a disciplined approach to ensure that projects align with our stated strategy and meet appropriate financial hurdles."

The company generated cash from operating activities of $304 million and $541 million in the second quarter of 2024 and 2023, respectively. Cash from operations before working capital changes in the same periods was $89 million and $118 million, respectively. Cash spent on capital projects in the quarter totaled $29 million, a $21 million decrease from 2023. We do have several larger projects planned for the last half of the year.

Second Quarter Segment Overview

Trade Results Resilient in Less Volatile Markets

The Trade segment recorded pretax income of $5 million and adjusted pretax income of $9 million for the quarter compared to pretax income of $5 million and adjusted pretax income of $7 million in the second quarter of 2023.

Results from our grain asset footprint were better than the prior year, due to improved wheat storage income in the eastern grain belt. Trade's growing premium food and feed ingredients business also showed year-over-year improvement, driven by the addition of ACJ International, acquired in July 2023, and other recent growth capital investments. The merchandising business remained profitable but below 2023. Commodity markets are currently well-supplied with limited volatility. Farmer engagement remains slow due to overall market prices. While these carry markets benefit our assets, reduced volatility and lower prices limit opportunities for the merchandising business.



Our portfolio mix of assets, ingredients and merchandising businesses provide a solid foundation for us to benefit from large crops and carry markets, as well as tight, demand-driven markets. Our assets are well-positioned for the grains to flow in due course. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.

Trade’s second quarter adjusted EBITDA was $24 million, compared to second quarter 2023 adjusted EBITDA of $27 million.

Renewables Reported Strong Quarter on Record Production and Favorable Ethanol Margins

The Renewables segment reported pretax income of $39 million and adjusted pretax income attributable to the company of $23 million in the second quarter. For the same period in 2023, the segment reported a pretax income of $67 million and adjusted pretax income attributable to the company of $32 million.

Margins on ethanol production improved year-over-year on lower corn basis in the east. Production facilities continued to operate efficiently in the quarter with increased volume and higher ethanol yields. Plant co-product values, particularly feed ingredients, were lower with feed ingredients following the overall price reduction of corn; however, feed ingredient demand improved year-over-year. Renewable diesel feedstock volumes continue to grow albeit with compressed margins on industry fundamentals. With a continued strong export environment, the ethanol margin environment should remain favorable.

Renewables had second quarter EBITDA of $52 million in 2024, compared to 2023 second quarter adjusted EBITDA of $74 million.

Nutrient & Industrial Ag Businesses Decline on Lower Prices and Delayed Application Season

The Nutrient & Industrial segment reported pretax income of $23 million, compared to a very strong 2023 second quarter pretax income of $43 million. Volumes were negatively impacted by a late and wet spring application season in our market areas and declining nutrient prices did not provide outsized margin opportunities we've seen in prior years. Also impacting the year-over-year comparison was a 2023 second quarter that had a significant shift of income from Q1 into Q2. The engineered granules business saw improvement in the quarter on higher sales volume. Looking forward, second half agronomy sales and applications are dependent on the timing of harvest and grower's overall profitability.

Nutrient & Industrial’s second quarter EBITDA was $32 million compared to 2023 second quarter EBITDA of $52 million.

Income Taxes; Corporate

The company recorded income tax expense at an effective rate of 9% for the quarter. This rate was impacted by the tax treatment of non-controlling interests, reversals of uncertain tax positions relating to research and development and other tax credits. We currently anticipate a full-year adjusted effective rate of approximately 14% - 18%.




Conference Call

The company will host a webcast on Wednesday, August 7, 2024, at 11 a.m. Eastern Time, to discuss its performance and provide its outlook for the remainder of 2024. To access the call, please dial 888-317-6003 or 412-317-6061 (elite entry number is 8135247). 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/JnmRj0k6l9G 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, geopolitical risk, 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) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); 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 pretax income (loss) or income (loss) before income taxes, net income (loss), 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
The Andersons, Inc., named for 2024 to Forbes list of America’s Most Successful Small Companies, Newsweek’s list of America’s Most Responsible Companies, and one of The Americas’ Fastest Growing Companies by the Financial Times, is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and nutrient & 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.

Investor Relations Contact    
Mike Hoelter    
Vice President, Corporate Controller and Investor Relations
Phone: 419-897-6715
E-mail: investorrelations@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)2024202320242023
Sales and merchandising revenues$2,795,205 $4,020,183 $5,513,422 $7,901,421 
Cost of sales and merchandising revenues2,619,834 3,798,246 5,209,731 7,531,473 
Gross profit175,371 221,937 303,691 369,948 
Operating, administrative and general expenses116,614 116,007 235,972 233,242 
Asset impairment— — — 87,156 
Interest expense, net6,611 13,953 13,133 30,578 
Other income, net5,200 12,441 16,728 20,445 
Income before income taxes57,346 104,418 71,314 39,417 
Income tax provision4,876 21,732 6,179 15,848 
Net income52,470 82,686 65,135 23,569 
Net income (loss) attributable to noncontrolling interests16,494 27,640 23,578 (16,727)
Net income attributable to The Andersons, Inc.$35,976 $55,046 $41,557 $40,296 
Earnings per share attributable to The Andersons, Inc. common shareholders:
Basic earnings:$1.06 $1.63 $1.22 $1.20 
Diluted earnings:$1.05 $1.61 $1.21 $1.18 






The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)June 30, 2024December 31, 2023June 30, 2023
Assets
Current assets:
  Cash and cash equivalents$530,386 $643,854 $96,293 
  Accounts receivable, net743,550 762,549 1,030,271 
  Inventories686,540 1,166,700 990,789 
  Commodity derivative assets – current180,189 178,083 347,684 
  Other current assets108,634 55,777 72,228 
Total current assets2,249,299 2,806,963 2,537,265 
Property, plant and equipment, net694,136 693,365 663,441 
Other assets, net356,378 354,679 369,340 
Total assets$3,299,813 $3,855,007 $3,570,046 
 
Liabilities and equity
Current liabilities:
  Short-term debt$4,021 $43,106 $102,752 
  Trade and other payables607,083 1,055,473 641,376 
  Customer prepayments and deferred revenue124,424 187,054 189,947 
  Commodity derivative liabilities – current128,847 90,849 251,101 
  Current maturities of long-term debt27,671 27,561 27,511 
  Accrued expenses and other current liabilities192,683 232,288 180,552 
Total current liabilities1,084,729 1,636,331 1,393,239 
Long-term debt, less current maturities549,378 562,960 576,489 
Other long-term liabilities145,444 139,329 161,836 
Total liabilities1,779,551 2,338,620 2,131,564 
Total equity 1,520,262 1,516,387 1,438,482 
Total liabilities and equity$3,299,813 $3,855,007 $3,570,046 




The Andersons, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
 Six months ended June 30,
 (in thousands)20242023
Operating Activities
Net income$65,135 $23,569 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization61,218 62,585 
Asset impairment— 87,156 
Other10,821 952 
Changes in operating assets and liabilities:
Accounts receivable15,284 207,867 
Inventories477,723 734,855 
Commodity derivatives36,010 102,753 
Other current and non-current assets(50,587)(1,247)
Payables and other current and non-current liabilities(550,797)(1,011,086)
Net cash provided by operating activities64,807 207,404 
Investing Activities
Acquisition of businesses, net of cash acquired(9,561)— 
Purchases of property, plant and equipment and capitalized software(55,389)(74,991)
Other6,812 3,318 
Net cash used in investing activities(58,138)(71,673)
Financing Activities
Net payments under short-term lines of credit(37,705)(173,384)
Proceeds from issuance of long-term debt— 100,000 
Payments of long-term debt(13,752)(35,861)
Distributions to noncontrolling interest owner(47,405)(24,344)
Dividends paid(12,993)(12,527)
Value of shares withheld for taxes(8,071)(6,616)
Other— (2,255)
Net cash used in financing activities(119,926)(154,987)
Effect of exchange rates on cash and cash equivalents(211)280 
Decrease in cash and cash equivalents(113,468)(18,976)
Cash and cash equivalents at beginning of period643,854 115,269 
Cash and cash equivalents at end of period$530,386 $96,293 


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)2024202320242023
Net income$52,470 $82,686 $65,135 $23,569 
Net income (loss) attributable to noncontrolling interests16,494 27,640 23,578 (16,727)
Net income attributable to The Andersons, Inc.35,976 55,046 41,557 40,296 
Adjustments:
Transaction related compensation4,049 939 6,900 2,607 
Gain on deconsolidation of joint venture— (6,544)(3,117)(6,544)
Insured inventory expenses (recoveries)— 1,310 — (16,080)
Asset impairment— — — 44,450 
Income tax impact of adjustments1
(531)1,074 (252)(6,108)
Total adjusting items, net of tax3,518 (3,221)3,531 18,325 
Adjusted net income attributable to The Andersons, Inc. $39,494 $51,825 $45,088 $58,621 
Diluted earnings per share attributable to The Andersons, Inc. common shareholders$1.05 $1.61 $1.21 $1.18 
Impact on diluted earnings (loss) per share$0.10 $(0.09)$0.10 $0.54 
Adjusted diluted earnings per share$1.15 $1.52 $1.31 $1.72 
1 The income tax impact of adjustments is taken at the statutory tax rate of 25% with the exception of certain transaction related compensation in both 2024 and 2023, 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 per share 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)TradeRenewablesNutrient & IndustrialOtherTotal
Three months ended June 30, 2024
Sales and merchandising revenues$1,757,741 $686,127 $351,337 $— $2,795,205 
Gross profit79,648 46,727 48,996 — 175,371 
Operating, administrative and general expenses
72,803 7,756 25,393 10,662 116,614 
Other income (loss), net4,033 1,176 509 (518)5,200 
Income (loss) before income taxes5,424 39,200 23,419 (10,697)57,346 
Income attributable to noncontrolling interests— 16,494 — — 16,494 
Income (loss) before income taxes attributable to The Andersons, Inc.1
$5,424 $22,706 $23,419 $(10,697)$40,852 
Adjustments to income (loss) before income taxes2
4,049 — — — 4,049 
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$9,473 $22,706 $23,419 $(10,697)$44,901 
Three months ended June 30, 2023
Sales and merchandising revenues$2,696,810 $877,781 $445,592 $— $4,020,183 
Gross profit80,711 68,292 72,934 — 221,937 
Operating, administrative and general expenses69,146 7,568 28,886 10,407 116,007 
Other income, net4,328 7,468 500 145 12,441 
Income (loss) before income taxes4,990 66,604 42,565 (9,741)104,418 
Income attributable to noncontrolling interests— 27,640 — — 27,640 
Income (loss) before income taxes attributable to The Andersons, Inc.1
$4,990 $38,964 $42,565 $(9,741)$76,778 
Adjustments to income (loss) before income taxes2
2,249 (6,544)— — (4,295)
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$7,239 $32,420 $42,565 $(9,741)$72,483 
1 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.
2 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.
Segment Data
(unaudited)
(in thousands)TradeRenewablesNutrient & IndustrialOtherTotal
Six months ended June 30, 2024
Sales and merchandising revenues$3,651,600 $1,343,166 $518,656 $— $5,513,422 
Gross profit157,930 73,297 72,464 — 303,691 
Operating, administrative and general expenses145,061 15,753 50,836 24,322 235,972 
Other income (loss), net9,566 5,926 1,557 (321)16,728 
Income (loss) before income taxes11,348 61,991 21,569 (23,594)71,314 
Income attributable to noncontrolling interests
— 23,578 — — 23,578 
Income (loss) before income taxes attributable to The Andersons, Inc.1
$11,348 $38,413 $21,569 $(23,594)$47,736 
Adjustments to income (loss) before income taxes2
6,900 (3,117)— — 3,783 
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$18,248 $35,296 $21,569 $(23,594)$51,519 
Six months ended June 30, 2023
Sales and merchandising revenues$5,574,590 $1,717,297 $609,534 $— $7,901,421 
Gross profit197,889 84,095 87,964 — 369,948 
Operating, administrative and general expenses141,126 16,472 53,018 22,626 233,242 
Other income, net10,311 8,309 1,346 479 20,445 
Income (loss) before income taxes44,354 (15,909)32,127 (21,155)39,417 
Loss attributable to noncontrolling interests— (16,727)— — (16,727)
Income (loss) before income taxes attributable to The Andersons, Inc.1
$44,354 $818 $32,127 $(21,155)$56,144 
Adjustments to income (loss) before income taxes2
(13,473)37,906 — — 24,433 
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$30,881 $38,724 $32,127 $(21,155)$80,577 
1 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.
2 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. All adjustments are consistent with the EBITDA reconciliation with the exception of a $42.7 million difference in the Renewables segment which represents the asset impairment expense attributable to the non-controlling interest that is reflected in Income attributable to the noncontrolling interest within the reconciliation above.




The Andersons, Inc.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
(in thousands)TradeRenewablesNutrient & Industrial Other Total
Three months ended June 30, 2024
Net income (loss)$5,424 $39,200 $23,419 $(15,573)$52,470 
Interest expense (income)5,454 947 693 (483)6,611 
Tax provision— — — 4,876 4,876 
Depreciation and amortization9,314 11,719 7,965 1,271 30,269 
EBITDA20,192 51,866 32,077 (9,909)94,226 
Adjusting items impacting EBITDA:
Transaction related compensation4,049 — — — 4,049 
Total adjusting items4,049 — — — 4,049 
Adjusted EBITDA$24,241 $51,866 $32,077 $(9,909)$98,275 
Three months ended June 30, 2023
Net income (loss)$4,990 $66,604 $42,565 $(31,473)$82,686 
Interest expense (income)10,903 1,588 1,983 (521)13,953 
Tax provision— — — 21,732 21,732 
Depreciation and amortization8,683 12,425 7,097 2,160 30,365 
EBITDA24,576 80,617 51,645 (8,102)148,736 
Adjusting items impacting EBITDA:
Transaction related compensation939 — — — 939 
Insured inventory recoveries1,310 — — — 1,310 
Gain on deconsolidation of joint venture— (6,544)— — (6,544)
Total adjusting items2,249 (6,544)— — (4,295)
Adjusted EBITDA$26,825 $74,073 $51,645 $(8,102)$144,441 
Adjusted EBITDA is defined as earnings before interest, taxes and 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.
Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
A non-GAAP financial measure
(unaudited)
(in thousands)TradeRenewablesNutrient & IndustrialOtherTotal
Six months ended June 30, 2024
Net income (loss)$11,348 $61,991 $21,569 $(29,773)$65,135 
Interest expense (income)11,087 1,479 1,616 (1,049)13,133 
Tax provision— — — 6,179 6,179 
Depreciation and amortization18,569 23,684 15,758 3,207 61,218 
EBITDA41,004 87,154 38,943 (21,436)145,665 
Adjusting items impacting EBITDA:
Transaction related compensation6,900 — — — 6,900 
Gain on deconsolidation of joint venture— (3,117)— — (3,117)
Total adjusting items6,900 (3,117)— — 3,783 
Adjusted EBITDA$47,904 $84,037 $38,943 $(21,436)$149,448 
Six months ended June 30, 2023
Net income (loss)$44,354 $(15,909)$32,127 $(37,003)$23,569 
Interest expense (income)22,720 4,685 4,165 (992)30,578 
Tax provision— — — 15,848 15,848 
Depreciation and amortization17,328 26,896 14,054 4,307 62,585 
EBITDA84,402 15,672 50,346 (17,840)132,580 
Adjusting items impacting EBITDA:
Transaction related compensation2,607 — — — 2,607 
Insured inventory recoveries(16,080)— — — (16,080)
Gain on deconsolidation of joint venture— (6,544)— — (6,544)
Asset impairment— 87,156 — — 87,156 
Total adjusting items(13,473)80,612 — — 67,139 
Adjusted EBITDA$70,929 $96,284 $50,346 $(17,840)$199,719 
Adjusted EBITDA is defined as earnings before interest, taxes and 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.
Trailing Twelve Months of EBITDA and Adjusted EBITDA
A non-GAAP financial measure
(unaudited)

Three Months Ended,
 Twelve months ended June 30, 2024
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024
Net income$30,523 $78,437 $12,665 $52,470 $174,095 
Interest expense8,188 8,101 6,522 6,611 29,422 
Tax provision7,862 13,324 1,303 4,876 27,365 
Depreciation and amortization31,215 31,306 30,949 30,269 123,739 
EBITDA77,788 131,168 51,439 94,226 354,621 
Adjusting items impacting EBITDA:
Transaction related compensation1,999 3,212 2,852 4,049 12,112 
Gain on sale of assets(5,643)— — — (5,643)
Gain on cost method investment(4,798)— — — (4,798)
Impairment on equity method investments963 — — — 963 
Gain on deconsolidation of joint venture— — (3,117)— (3,117)
Goodwill impairment— 686 — — 686 
Total adjusting items(7,479)3,898 (265)4,049 203 
Adjusted EBITDA$70,309 $135,066 $51,174 $98,275 $354,824 
Three Months Ended,
Twelve months ended June 30, 2023
September 30, 2022December 31, 2022March 31, 2023June 30, 2023
Net income (loss)$24,880 $21,170 $(59,117)$82,686 $69,619 
Interest expense14,982 14,087 16,625 13,953 59,647 
Tax provision (benefit)9,839 9,933 (5,884)21,732 35,620 
Depreciation and amortization33,322 33,476 32,220 30,365 129,383 
EBITDA83,023 78,666 (16,156)148,736 294,269 
Adjusting items impacting EBITDA:
Insured inventory expenses (recoveries)— 15,993 (17,390)1,310 (87)
Transaction related compensation— — 1,668 939 2,607 
Asset impairment— 9,000 87,156 — 96,156 
Gain on deconsolidation of joint venture— — — (6,544)(6,544)
Total adjusting items— 24,993 71,434 (4,295)92,132 
Adjusted EBITDA$83,023 $103,659 $55,278 $144,441 $386,401 




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)2024202320242023
Cash provided by operating activities$304,434 $540,939 $64,807 $207,404 
Changes in operating assets and liabilities
Accounts receivable(42,441)82,754 15,284 207,867 
Inventories308,640 556,845 477,723 734,855 
Commodity derivatives64,508 19,605 36,010 102,753 
Other current and non-current assets(52,510)16,296 (50,587)(1,247)
Payables and other current and non-current liabilities(62,528)(250,794)(550,797)(1,011,086)
Total changes in operating assets and liabilities215,669 424,706 (72,367)33,142 
Adjusting items impacting cash from operations before working capital changes:
Less: Insured inventory expenses (recoveries)— 1,310 — (16,080)
Cash from operations before working capital changes$88,765 $117,543 $137,174 $158,182 
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.

v3.24.2.u1
Cover page
Aug. 06, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 06, 2024
Entity Registrant Name Andersons, Inc.
Entity Incorporation, State or Country Code OH
Entity File Number 000-20557
Entity Tax Identification Number 34-1562374
Entity Address, Address Line One 1947 Briarfield Boulevard
Entity Address, City or Town Maumee
Entity Address, State or Province OH
Entity Address, Postal Zip Code 43537
City Area Code 419
Local Phone Number 893-5050
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.00 par value, $0.01 stated value
Trading Symbol ANDE
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0000821026
Amendment Flag false
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