May 7, 20240000821026false00008210262024-05-072024-05-07

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):May 7, 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 first 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.
May 7, 2024By:/s/ Brian A. Valentine
Brian A. Valentine
Executive Vice President
and Chief Financial Officer


Exhibit 99.1
logoa04a26a.gif NEWS RELEASE

The Andersons, Inc. Reports First Quarter Results

MAUMEE, OHIO, May 7, 2024 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the first quarter ended March 31, 2024.

First Quarter Highlights:

•Company reported net income attributable to The Andersons of $6 million, or $0.16 per diluted share; comparable on an adjusted basis
•EBITDA was $51 million for the quarter
•Renewables reported pretax income of $23 million and adjusted pretax income attributable to The Andersons of $13 million on strong operating performance
•Trade generated adjusted pretax income of $9 million
•Nutrient & Industrial shows good improvement over Q1 2023

"Overall, our first quarter results were fairly comparable to last year's first quarter. Renewables doubled our 2023 results on great operating performance in our ethanol plants. We had good improvement in Nutrient & Industrial's agricultural product lines. Trade had a tough comparison against last year's record first quarter but posted an above average Q1 result in generally quiet ag markets," said President and CEO Pat Bowe. "We are feeling some market sluggishness, with farmers reluctant to engage in this lower-price environment and softer global demand for U.S. crops. We are also seeing a return of carry in the wheat markets and expect an increase in the wheat storage rates."

"We are actively pursuing opportunities for growth across our businesses. In Renewables, these opportunities include several longer-term capital projects to lower the carbon intensity of our ethanol plants, which are expected to result in positive financial results under the Inflation Reduction Act. We continue to grow the volume merchandised by our renewable diesel feedstock team. Although refinery delays have compressed the current margins, we expect this to improve as the industry build-out continues. Within Trade, we have partnered with several large consumer products companies to source lower-carbon commodities from growers and expect to continue to develop these capabilities," continued Bowe. "In Nutrient & Industrial, we recently closed on the acquisition of Reed and Perrine, a bolt-on acquisition that will result in geographic expansion of our Turf business. We continue to manage a very robust pipeline with significant growth opportunities in each of our businesses. With our well-positioned balance sheet, we have good capacity for growth."



$ in millions, except per share amounts
Q1 2024
Q1 2023
Variance
Pretax Income (Loss)$14.0 $(65.0)$79.0 
Pretax Income (Loss) Attributable to the Company1
6.9 (20.6)27.5 
Adjusted Pretax Income (Loss) Attributable to the Company1
6.6 8.1 (1.5)
     Trade1
8.8 23.6 (14.8)
     Renewables1
12.6 6.3 6.3 
     Nutrient & Industrial(1.9)(10.4)8.5 
     Other(12.9)(11.4)(1.5)
Net Income (Loss) Attributable to the Company
5.6 (14.8)20.4 
Adjusted Net Income Attributable to the Company1
5.6 6.8 (1.2)
Diluted Earnings (Loss) Per Share ("EPS")0.16 (0.44)0.60 
Adjusted EPS1
0.16 0.20 (0.04)
EBITDA1
51.4 (16.2)67.6 
Adjusted EBITDA1
$51.2 $55.3 $(4.1)
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.

Cash, Liquidity, and Long-Term Debt Management

"Our businesses continue to generate strong cash flows," said Executive Vice President and CFO Brian Valentine. "Our first quarter is typically the peak of our working capital usage cycle. Due to the strong recent cash flows and lower commodity prices, we continue to show a higher-than-normal cash position at quarter end and our $1.5 billion main credit facility remains undrawn. 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 have meaningful capacity for growth and continue our disciplined approach to evaluating projects that fall within our stated strategy and meet our required financial hurdles."

The company used cash from operating activities of $240 million and $334 million in the first quarter of 2024 and 2023, respectively, and cash from operations before working capital changes in the same periods was $48 million and $41 million, respectively. Cash spent on capital projects in the quarter totaled $27 million, a slight increase from 2023.


First Quarter Segment Overview

Trade Results Lower with Difficult Prior Year Comparison

The Trade segment recorded pretax income of $6 million and adjusted pretax income of $9 million for the quarter compared to pretax income of $39 million and adjusted pretax income of $24 million in the first quarter of 2023.

Trade's grain asset locations were relatively consistent year-over-year as domestic producers are still hesitant to forward sell due to lower commodity prices combined with limited basis appreciation to start the year. The merchandising business remained profitable but could not match a very strong Q1 2023. An oversupply of commodities have shifted the global supply and demand balance, moving the market from an inverse to a carry and causing prices to weaken. While carry markets benefit our assets, reduced volatility and lower prices reduce opportunities for the merchandising business. In addition, given recent geopolitical unrest, we have intentionally and prudently pulled back on activity in certain regions.



Premium food and feed product lines produced stronger results in the first quarter, and recent acquisitions and growth capital investments continue to be accretive to this line of business.

With shifting fundamentals, our mix of assets and merchandising businesses provide a solid foundation for us to benefit from large crops and carry markets, with potential improved wheat income opportunities returning to the market. 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 first quarter adjusted EBITDA was $24 million, compared to first quarter 2023 adjusted EBITDA of $44 million.

Renewables Reported Strong Quarter on Record Production and Favorable Ethanol Margins

The Renewables segment reported pretax income of $23 million and adjusted pretax income attributable to the company of $13 million in the first quarter. For the same period in 2023, the segment reported a pretax loss of $83 million and adjusted pretax income attributable to the company of $6 million.

Ethanol crush margins improved year-over-year, further supported by favorable hedging positions entered during the fourth quarter. Production facilities continue to operate efficiently in the quarter with record production and lower natural gas prices. Renewable diesel feedstocks volumes continue to grow albeit with compressed margins on industry fundamentals. Feed ingredient demand was also improved; however, values declined on lower corn prices. All four plants have now completed their semi-annual maintenance shutdowns and are back to running at full capacity. The ethanol margin environment should remain favorable, especially at the eastern plants as corn basis in the east remains well below levels in the west.

Renewables had first quarter adjusted EBITDA of $32 million in 2024, compared to 2023 first quarter adjusted EBITDA of $22 million.

Nutrient & Industrial Ag Businesses Recover on Improved Volumes and Margin

The Nutrient & Industrial segment reported a pretax loss of $2 million, compared to a 2023 first quarter pretax loss of $10 million. While the first quarter is a seasonally slow period, the majority of the improvement was driven by increased volumes and margins in core agricultural product lines. Total group volumes were up 12% with an overall increase in margins. Spring application is delayed in our core geographic areas due to wet and cold weather. We expect strong demand over the next several weeks if planting conditions improved and the outlook for the second quarter remains solid.

Nutrient & Industrial’s first quarter EBITDA was $7 million compared to 2023 first quarter EBITDA of $(1) million.

Income Taxes; Corporate

The company recorded income tax expense at an effective rate of 9% for the quarter due to the tax treatment of non-controlling interests. We anticipate a full-year adjusted effective rate of approximately 18% - 22%.



Conference Call

The company will host a webcast on Wednesday, May 8, 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 6704269). 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/jL4XbozdKGx 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 plant nutrient sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.

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 March 31,
(in thousands, except per share data)20242023
Sales and merchandising revenues$2,718,217 $3,881,238 
Cost of sales and merchandising revenues2,589,897 3,733,227 
Gross profit128,320 148,011 
Operating, administrative and general expenses119,358 117,235 
Asset impairment— 87,156 
Interest expense, net6,522 16,625 
Other income, net11,528 8,004 
Income (loss) before income taxes13,968 (65,001)
Income tax provision (benefit)1,303 (5,884)
Net income (loss)12,665 (59,117)
Net income (loss) attributable to noncontrolling interests7,084 (44,367)
Net income (loss) attributable to The Andersons, Inc.$5,581 $(14,750)
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders:
Basic earnings (loss):$0.16 $(0.44)
Diluted earnings (loss):$0.16 $(0.44)






The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)March 31, 2024December 31, 2023March 31, 2023
Assets
Current assets:
  Cash and cash equivalents$283,902 $643,854 $70,853 
  Accounts receivable, net701,706 762,549 1,125,071 
  Inventories994,543 1,166,700 1,551,101 
  Commodity derivative assets – current178,623 178,083 222,036 
  Other current assets55,134 55,777 81,407 
Total current assets2,213,908 2,806,963 3,050,468 
Other assets:
Goodwill127,856 127,856 129,342 
Other intangible assets, net80,527 85,579 95,134 
Right of use assets, net52,541 54,234 59,209 
Other assets, net97,128 87,010 89,174 
Total other assets358,052 354,679 372,859 
Property, plant and equipment, net689,113 693,365 678,717 
Total assets$3,261,073 $3,855,007 $4,102,044 
 
Liabilities and equity
Current liabilities:
  Short-term debt$10,148 $43,106 $638,210 
  Trade and other payables625,836 1,055,473 768,872 
  Customer prepayments and deferred revenue174,651 187,054 309,546 
  Commodity derivative liabilities – current67,079 90,849 107,983 
  Current maturities of long-term debt27,617 27,561 85,567 
  Accrued expenses and other current liabilities177,953 232,288 202,133 
Total current liabilities1,083,284 1,636,331 2,112,311 
Long-term lease liabilities31,223 31,659 35,727 
Long-term debt, less current maturities556,174 562,960 486,892 
Deferred income taxes59,149 58,581 54,391 
Other long-term liabilities55,593 49,089 66,311 
Total liabilities1,785,423 2,338,620 2,755,632 
Total equity 1,475,650 1,516,387 1,346,412 
Total liabilities and equity$3,261,073 $3,855,007 $4,102,044 




The Andersons, Inc.
Consolidated Statements of Cash Flows
(unaudited)
 Three months ended March 31,
 (in thousands)20242023
Operating Activities
Net income (loss)$12,665 $(59,117)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization30,949 32,220 
Asset impairment— 87,156 
Other4,795 (2,230)
Changes in operating assets and liabilities:
Accounts receivable57,725 125,113 
Inventories169,083 178,010 
Commodity derivatives(28,498)83,148 
Other current and non-current assets1,923 (17,543)
Payables and other current and non-current liabilities(488,269)(760,292)
Net cash used in operating activities(239,627)(333,535)
Investing Activities
Purchases of property, plant and equipment and capitalized software(26,775)(25,470)
Proceeds from sale of Rail assets— 2,871 
Other4,723 2,792 
Net cash used in investing activities(22,052)(19,807)
Financing Activities
Net (payments) receipts under short-term lines of credit(31,913)363,619 
Payments of long-term debt(6,870)(30,251)
Distributions to noncontrolling interest owner(44,910)(9,980)
Dividends paid(6,516)(6,279)
Value of shares withheld for taxes(8,071)(6,616)
Other— (1,676)
Net cash (used in) provided by financing activities(98,280)308,817 
Effect of exchange rates on cash and cash equivalents7 109 
Decrease in cash and cash equivalents(359,952)(44,416)
Cash and cash equivalents at beginning of period643,854 115,269 
Cash and cash equivalents at end of period$283,902 $70,853 


The Andersons, Inc.
Adjusted Net Income Attributable to The Andersons, Inc.
A non-GAAP financial measure
(unaudited)
Three months ended March 31,
(in thousands, except per share data)20242023
Net income (loss)$12,665 $(59,117)
Net income (loss) attributable to noncontrolling interests7,084 (44,367)
Net income (loss) attributable to The Andersons, Inc.5,581 (14,750)
Adjustments:
Transaction related compensation2,852 1,668 
Gain on deconsolidation of joint venture(3,117)— 
Insured inventory recoveries— (17,390)
Asset impairment— 44,450 
Income tax impact of adjustments1
279 (7,182)
Total adjusting items, net of tax14 21,546 
Adjusted net income attributable to The Andersons, Inc. $5,595 $6,796 
Diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders$0.16 $(0.44)
Impact on diluted earnings (loss) per share$— $0.64 
Adjusted diluted earnings per share$0.16 $0.20 
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 March 31, 2024
Sales and merchandising revenues$1,893,859 $657,039 $167,319 $— $2,718,217 
Gross profit78,282 26,570 23,468 — 128,320 
Operating, administrative and general expenses72,258 7,997 25,443 13,660 119,358 
Other income, net5,533 4,750 1,048 197 11,528 
Income (loss) before income taxes5,924 22,791 (1,850)(12,897)13,968 
Income attributable to noncontrolling interests
— 7,084 — — 7,084 
Income (loss) before income taxes attributable to The Andersons, Inc.1
$5,924 $15,707 $(1,850)$(12,897)$6,884 
Adjustments to income (loss) before income taxes2
2,852 (3,117)— — (265)
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$8,776 $12,590 $(1,850)$(12,897)$6,619 
Three months ended March 31, 2023
Sales and merchandising revenues$2,877,780 $839,516 $163,942 $— $3,881,238 
Gross profit117,178 15,803 15,030 — 148,011 
Operating, administrative and general expenses71,980 8,904 24,132 12,219 117,235 
Other income, net5,983 841 846 334 8,004 
Income (loss) before income taxes39,364 (82,513)(10,438)(11,414)(65,001)
Loss attributable to noncontrolling interests— (44,367)— — (44,367)
Income (loss) before income taxes attributable to The Andersons, Inc.1
$39,364 $(38,146)$(10,438)$(11,414)$(20,634)
Adjustments to income (loss) before income taxes2
(15,722)44,450 — — 28,728 
Adjusted income (loss) before income taxes attributable to The Andersons, Inc.1
$23,642 $6,304 $(10,438)$(11,414)$8,094 
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 & IndustrialOtherTotal
Three months ended March 31, 2024
Net income (loss)$5,924 $22,791 $(1,850)$(14,200)$12,665 
Interest expense (income)5,633 532 923 (566)6,522 
Tax provision— — — 1,303 1,303 
Depreciation and amortization9,255 11,965 7,793 1,936 30,949 
EBITDA20,812 35,288 6,866 (11,527)51,439 
Adjusting items impacting EBITDA:
Transaction related compensation2,852 — — — 2,852 
Gain on deconsolidation of joint venture— (3,117)— — (3,117)
Total adjusting items2,852 (3,117)— — (265)
Adjusted EBITDA$23,664 $32,171 $6,866 $(11,527)$51,174 
Three months ended March 31, 2023
Net income (loss)$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 amortization8,645 14,472 6,957 2,146 32,220 
EBITDA59,826 (64,944)(1,299)(9,739)(16,156)
Adjusting items impacting EBITDA:
Transaction related compensation1,668 — — — 1,668 
Insured inventory recoveries(17,390)— — — (17,390)
Asset impairment— 87,156 — — 87,156 
Total adjusting items(15,722)87,156 — — 71,434 
Adjusted EBITDA$44,104 $22,212 $(1,299)$(9,739)$55,278 
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 March 31, 2024
(in thousands)June 30, 2023September 30, 2023December 31, 2023March 31, 2024
Net income$82,686 $30,523 $78,437 $12,665 $204,311 
Interest expense13,953 8,188 8,101 6,522 36,764 
Tax provision21,732 7,862 13,324 1,303 44,221 
Depreciation and amortization30,365 31,215 31,306 30,949 123,835 
EBITDA148,736 77,788 131,168 51,439 409,131 
Adjusting items impacting EBITDA:
Transaction related compensation939 1,999 3,212 2,852 9,002 
Gain on sale of assets— (5,643)— — (5,643)
Gain on cost method investment— (4,798)— — (4,798)
Impairment on equity method investments— 963 — — 963 
Insured inventory expenses1,310 — — — 1,310 
Gain on deconsolidation of joint venture(6,544)— — (3,117)(9,661)
Goodwill impairment— — 686 — 686 
Total adjusting items(4,295)(7,479)3,898 (265)(8,141)
Adjusted EBITDA$144,441 $70,309 $135,066 $51,174 $400,990 
Three Months Ended,
Twelve months ended March 31, 2023
June 30, 2022September 30, 2022December 31, 2022March 31, 2023
Net income (loss)$102,400 $24,880 $21,170 $(59,117)$89,333 
Interest expense16,921 14,982 14,087 16,625 62,615 
Tax provision (benefit)15,753 9,839 9,933 (5,884)29,641 
Depreciation and amortization33,567 33,322 33,476 32,220 132,585 
EBITDA168,641 83,023 78,666 (16,156)314,174 
Adjusting items impacting EBITDA:
Insured inventory expenses (recoveries)— — 15,993 (17,390)(1,397)
Transaction related compensation— — — 1,668 1,668 
Asset impairment including equity method investments4,455 — 9,000 87,156 100,611 
      Gain on sale of frac sand assets(3,762)— — — (3,762)
Total adjusting items693 — 24,993 71,434 97,120 
Adjusted EBITDA$169,334 $83,023 $103,659 $55,278 $411,294 




The Andersons, Inc.
Cash from Operations Before Working Capital Changes
A non-GAAP financial measure
(unaudited)
Three months ended March 31,
(in thousands)20242023
Cash used in operating activities$(239,627)$(333,535)
Changes in operating assets and liabilities
Accounts receivable57,725 125,113 
Inventories169,083 178,010 
Commodity derivatives(28,498)83,148 
Other current and non-current assets1,923 (17,543)
Payables and other current and non-current liabilities(488,269)(760,292)
Total changes in operating assets and liabilities(288,036)(391,564)
Adjusting items impacting cash from operations before working capital changes:
Less: Insured inventory recoveries
— (17,390)
Cash from operations before working capital changes$48,409 $40,639 
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.

v3.24.1.u1
Cover page
May 07, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date May 07, 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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