Slide 1: Fourth Quarter Earnings Call
Fourth Quarter Earnings Call February 16, 2022 1
Slide 2: Safe Harbor and Non-GAAP Financial Measures
Safe Harbor and Non-GAAP Financial Measures Certain information discussed today constitutes forward-looking statements. Actual results could differ materially from those presented in the forward looking statements as a result of many factors including general economic conditions, weather, competitiv
Slide 3: Speakers
Speakers Pat Bowe President and Chief Executive Officer Brian Valentine Executive Vice President and Chief Financial Officer Mike Hoelter Vice President, Corporate Controller and Investor Relations Q4 2021 Earnings Call | 3
Slide 4: Fourth Quarter Highlights
Fourth Quarter Highlights Strong results across the asset footprint and new ag supply chain businesses Significant improvements in ethanol crush margins; Continued strength in co-product margins and merchandising activities Continued solid agriculture product margins on rising fertilizer prices, tig
Slide 5: Key Financial Data – Fourth Quarter 2021
Key Financial Data – Fourth Quarter 2021 $ In millions except per share and ratio data Q4 '21 Q4 '20 VPY YTD '21 YTD '20 VPY Sales and merchandising revenues $3,782.7 $2,508.3 $1,274.4 $12,612.1 $8,064.6 $4,547.5 Gross profit 194.0 124.0 70.0 592.7 366.2 226.5 Operating, administrative and general e
Slide 6: Cash, Liquidity, and Long-term Debt
Cash, Liquidity, and Long-term Debt Cash from Operations Before Working Capital Changes1 Short-term Debt vs. RMI Capital Spending2 Total Long-term Debt (in millions) (in millions) (in millions) (in millions) 1 Non-GAAP financial measure; see appendix for reconciliations. 2 Measure derived from purch
Slide 7: Trade — Q4 '21 Highlights
Trade — Q4 '21 Highlights • All-time record full-year gross profit and EBITDA • Stronger elevation margins in grain assets compared to prior year • Optimized ag supply chain income from execution across our broad portfolio, including new profit centers Adjusted EBITDA* ($M) Unaudited in $M Q4 '21 Q4
Slide 8: Renewables — Q4 '21 Highlights
Renewables — Q4 '21 Highlights • All-time record full-year gross profit and EBITDA • Increased ethanol crush margins on high demand and solid operating performance • Strong results from our renewable diesel feedstocks business and continued high co-product values Unaudited in $M Q4 '21 Q4 '20 VPY YT
Slide 9: Plant Nutrient — Q4 '21 Highlights
Plant Nutrient — Q4 '21 Highlights • Record fourth quarter and full-year pretax income and EBITDA • Strong execution and well-positioned inventory drove results • Manufactured products continue to be impacted by inflation of raw materials and labor constraints Adjusted EBITDA* ($M) Unaudited in $M Q
Slide 10: Early 2022 Outlook
Early 2022 Outlook Well-positioned to capture value and growth across our diverse portfolio in commodity markets with expected ongoing strong fundamentals Continue to build renewable diesel feedstock business; Expect lower seasonal ethanol crush margins in first quarter but improvements as driving d
Slide 11: Strategy for Growth
Strategy for Growth Increasing global demand provides opportunities to grow core grain and fertilizer ag supply chains Innovation to drive growth in sustainable ag Track record of strong execution in volatile markets with experienced trading, logistics, and operations Disciplined capital allocation
Slide 12: Q&A Session
Q&A Session Q4 2021 Earnings Call | 12
Slide 13: Thank you for joining us.
Thank you for joining us. Our next earnings call is scheduled for May 4, 2022, at 11 a.m. EDT Q4 2021 Earnings Call | 13
Slide 14: Appendix
Appendix Q4 2021 Earnings Call | 14
Slide 15: Non-GAAP Reconciliation — Adjusted net income
Non-GAAP Reconciliation — Adjusted net income (loss) from continuing operations attributable to The Andersons, Inc. (unaudited) Three months ended December 31, Twelve months ended December 31, (in thousands, except per share data) 2021 2020 2021 2020 Net income (loss) from continuing operations $ 65
Slide 16: Non-GAAP Reconciliation — Quarter to Date Segment Data
Non-GAAP Reconciliation — Quarter to Date Segment Data (unaudited) (in thousands) Trade Renewables Plant Nutrient Other Total Three months ended December 31, 2021 Sales and merchandising revenues $ 2,781,849 $ 766,675 $ 234,178 $ — $ 3,782,702 Gross profit 87,098 67,676 39,240 — 194,014 Operating, a
Slide 17: Non-GAAP Reconciliation — Year to Date Segment Data
Non-GAAP Reconciliation — Year to Date Segment Data (unaudited) (in thousands) Trade Renewables Plant Nutrient Other Total Twelve months ended December 31, 2021 Sales and merchandising revenues $ 9,304,357 $ 2,440,798 $ 866,895 $ — $ 12,612,050 Gross profit 335,682 116,626 140,389 — 592,697 Operatin
Slide 18: Non-GAAP Reconciliation — Quarter to Date EBITDA
Non-GAAP Reconciliation — Quarter to Date EBITDA and Adjusted EBITDA (unaudited) Discontinued Continuing Operations Operations (in thousands) Trade Renewables Plant Nutrient Other Total Rail Total Company Three months ended December 31, 2021 Net Income (Loss) $ 18,315 $ 59,206 $ 15,929 $ (27,977) $
Slide 19: Non-GAAP Reconciliation — Year to Date EBITDA
Non-GAAP Reconciliation — Year to Date EBITDA and Adjusted EBITDA (unaudited) Discontinued Continuing Operations Operations (in thousands) Trade Renewables Plant Nutrient Other Total Rail Total Company Twelve months ended December 31, 2021 Net Income (Loss) $ 87,946 $ 81,205 $ 42,615 $ (80,224) $ 13
Slide 20: Non-GAAP Reconciliation — Cash from Operations
Non-GAAP Reconciliation — Cash from Operations Before Working Capital Changes (unaudited) Three months ended December 31, Twelve months ended December 31, (in thousands, except per share data) 2021 2020 2021 2020 Cash provided by (used in) operating activities $ (170,117) $ (270,223) $ (51,050) $ (7