THE ANDERSONS, INC. INVESTOR
PRESENTATION
March 2024
SAFE HARBOR AND NON-GAAP FINANCIAL MEASURES
Certain information disclosed 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, weather, and regulatory conditions, competition, geopolitical risk, and additional factors that are described in the company's publicly-filed documents, including its '34 Act filings and the prospectuses prepared in connection with the company's offerings.
This presentation 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) pershare 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-GAAPmeasures may be found within the financial tables in the appendix.
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TABLE OF CONTENTS
COMPANY AND FINANCIAL OVERVIEW | 4 |
TRADE | 16 |
RENEWABLES | 20 |
NUTRIENT & INDUSTRIAL | 23 |
APPENDIX | 29 |
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THE ANDERSONS AT A GLANCE
FOUNDED | LISTED (NASDAQ) | MARKET CAP | EMPLOYEES | LOCATIONS | REVENUE1 | ADJUSTED EBITDA1,2,3 |
1947 | 1996, ANDE | ~$1.8B | ~2,300 | ~120 | $14.8B | $405M |
The Andersons is integral to the ag supply chain, helping our customers not only grow and market their crops but also transport the resulting products to end markets such as food, feed, and fuel.
OUR VISION:
To be the Most Nimble and Innovative North American Ag Supply Chain Company
1 For the twelve months ended December 31, 2023. | 2 From continuing operations. 3 Non-GAAP measure. See reconciliation tables in Appendix. | 4 |
THE ANDERSONS AT A GLANCE
TRADE | RENEWABLES | NUTRIENT & INDUSTRIAL |
82 Facilities | 4 Facilities | 38 Facilities |
100+ Commodities Merchandised | 1.2M Tons of Feed Products Produced | 10 Farm Centers |
36M Tonnes Traded | 1.3B Pounds of Veg Oils Merchandised | 1.9M Tons Sold |
168M Bushel Grain Storage Capacity | 488M Gallons of Ethanol Produced | 30+ U.S. Patents |
Note: Volumes and facilities are as of December 31, 2023. | 5 |
INVESTMENT THESIS
While we are firmly rooted in the U.S. ag supply chain, we are actively extending our presence to emerging trends and international markets. The strength of our balance sheet, sustainable cash flows, tight strategic focus of our business, and our ability to execute quickly on opportunities positions The Andersons well to participate in these growing markets.
- We are firmly established in the ag supply chain, providing us the ability to both extend our reach as well as deliver products when and where our customers need it.
- We have the ability to have repeatable, profitable businesses in various market conditions.
- We can grow and strengthen our industry position with a strong balance sheet and a clear strategy.
- Emerging trends provide opportunities that are meaningful to shareholders.
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EXPERIENCED LEADERSHIP TEAM
PAT BOWE | BILL KRUEGER | BRIAN VALENTINE | CHRISTINE CASTELLANO | JOE MCNEELY | SARAH ZIBBEL |
President and CEO | COO and President, | Executive Vice President | Executive Vice President, | President, Nutrient & | Executive Vice President and |
Former: 30+ years with | Trade and Processing | and CFO | General Counsel and Corporate | Industrial | Chief Human Resources |
Cargill | Former: CEO of Lansing | Former: CFO of Lubrizol | Secretary | Former: CEO of FreightCar | Officer |
Joined: 2015 | Trade Group | Joined: 2018 | Former: GC of Ingredion | America | Former: SVP and CHRO of |
Joined: 2019 | Joined: 2020 | Joined: 2018 | Libbey | ||
Joined: 2023 |
BROAD INDUSTRY EXPERIENCE
Executive team with deep industry expertise Top-grade talent with diverse skills and backgrounds Focus on succession and developing strong talent pipeline
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NORTH AMERICAN AG SUPPLY CHAIN
CONNECTING PRODUCTION TO DEMAND ACROSS TIME AND
GEOGRAPHY IN THE FOOD, FEED, AND FUEL SUPPLY CHAINS
Serving Critical Links Across the North
SERVING CRITICAL LINKS ACROSS THE
NORTH AMERICAN AG SUPPLY CHAIN
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BROAD GEOGRAPHIC FOOTPRINT IN GRAIN AND FERTILIZER BUSINESSES
FACILITIES LOCATED ACROSS THE NORTH AMERICAN AG SUPPLY CHAIN
WELL-POSITIONED IN KEY GEOGRAPHIES
CONNECTING PRODUCTION TO DEMAND ACROSS TIME AND | ||||
AND FUEL SUPPLY CHAINS | ||||
BC AB | SK MB | ON | QB | United |
Kingdom | ||||
Primary facilities strategically located near producers in key productive agricultural areas
Scale and regional strength in specialty markets
Ample opportunity to expand in current and new markets without substantial capital investment
SERVING CRITICAL LINKS ACROSS THE NORTH AMERICAN AG SUPPLY CHAIN
WA
MT | ND | |||
OR | ID | |||
SD | ||||
WY | ||||
NE | ||||
NV | UT | CO | ||
CA | KS | |||
AZ | NM | OK | ||
TX |
MN | WI | ON | NY | |
MI | ||||
IA | PA | |||
MD | ||||
OH | ||||
IL | IN | WV | ||
VA | ||||
MO | KY | |||
TN | NC | |||
AR | SC | |||
MS | GA | |||
AL | ||||
LA | ||||
FL |
Singapore
ME
VT NH
MA | Switzerland |
RI | |
CT |
NJ
DE
Romania
Puerto Rico
Maumee Office (HQ)
Overland Park Office
Trade
Renewables
Nutrient & Industrial
UPDATED FEBRUARY 2024
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FINANCIAL PERFORMANCE OVERVIEW ($In Millions)
Gross Profit1 | Adjusted EBITDA1,2 | |
$745 | ||
$684 | ||
$593 | $412 | $405 |
$353
$460 | |
$366 | |
$188 | $170 |
2019 | 2020 | 2021 | 2022 | 2023³ | 2019 | 2020 | 2021 | 2022 | 2023³ |
Adjusted Pretax Income Attributable to The | Cash from Operations before | ||
Andersons, Inc.1,2 | Working Capital Changes2 | ||
$184 | |||
$159 | $322 | $315 | $330 |
$127 |
$193 $201
$36
$5
2019 | 2020 | 2021 | 2022 | 2023³ | 2019 | 2020 | 2021 | 2022 | 2023³ |
HIGHLIGHTS
Strong results driven by growth and solid execution in dynamic markets
Generates consistent and growing cash flows before changes in working capital in all market conditions
1 From continuing operations. 2 Non-GAAP measure. See reconciliation tables in Appendix. 3 For the twelve months ended December 31, 2023. | 10 |
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Disclaimer
The Andersons Inc. published this content on 11 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2024 20:17:19 UTC.
