THE ANDERSONS, INC. Forward Looking Statements
The following "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements which relate to future events or future financial performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Such factors include, but are not limited to, the effects on our business from the COVID-19 pandemic and the pace of recovery from the pandemic, economic and political conditions, globally and in the markets we serve, fluctuations in cost and availability of commodities, weather and agricultural conditions, governmental regulations, the effectiveness of our internal control over financial reporting and the unpredictability of existing and possible future litigation. However, it is not possible to predict or identify all such factors. The reader is urged to carefully consider these risks and others, including those risk factors listed under Item 1A of our Annual Report on Form 10-K for the year endedDecember 31, 2020 ("2020 Form 10-K"). In some cases, the reader can identify forward-looking statements by terminology such as may, anticipates, believes, estimates, predicts, or the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These forward-looking statements relate only to events as of the date on which the statements are made and the Company undertakes no obligation, other than any imposed by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Critical Accounting Policies and Estimates
Our critical accounting policies and critical accounting estimates, as described in our 2020 Form 10-K, have not materially changed through the second quarter of 2021. Executive Overview
Our operations are organized, managed and classified into four reportable business segments: Trade, Ethanol, Plant Nutrient, and Rail. Each of these segments is generally based on the nature of products and services offered and aligns with the management structure.
The agricultural commodity-based business is one in which changes in selling prices generally move in relationship to changes in purchase prices. Therefore, increases or decreases in prices of the agricultural commodities that the business deals in will have a relatively equal impact on sales and cost of sales and a much less significant impact on gross profit. As a result, changes in sales between periods may not necessarily be indicative of the overall performance of the business and more focus should be placed on changes in gross profit. The Company has considered the potential impact of the book value of the Company's total shareholders' equity exceeding the Company's market capitalization at various points during the year for impairment indicators. The Company continues to believe that the share price is not an accurate reflection of its current value. The long-term outlook remains positive for agricultural commodities due to market volatility driven by scarcity of supply and strong demand. Management believes that the market's impact on the Company's equity value does not accurately reflect the impact of these external factors on the Company. As a result of prior period tests, reviews of current operating results and other relevant market factors, management ultimately concluded that, while the Company's shareholders equity exceeded the market capitalization for certain portions of the period, that no impairment trigger existed as ofJune 30, 2021 . However, adverse market conditions or alternative management decisions on operations may result in future impairment considerations.
Trade
The Trade Group's second quarter results improved substantially over the prior year as the Group saw the benefits of a demand-driven agriculture rally. Commodity price volatility and market dislocations created merchandising opportunities for the Group to be well positioned and execute on many commodities in both the domestic and export markets. This demand driven rally has created an inversion in the futures market for the majority of the agricultural commodities stored by the Group's asset business. However, traditional space income through the old crop carryout has been accelerated and exceeded by strong elevation margins and merchandising results. The Group's propane business added significant volume both through a new terminal location and displacement opportunities. Finally, the business continued to benefit from prior year reorganization synergies and other cost-cutting efforts.The Andersons, Inc. | Q2 2021 Form 10-Q | 23
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Agricultural inventories on hand atJune 30, 2021 were 85.8 million bushels, of which 1.2 million bushels were stored for others. These amounts compare to 74.4 million bushels on hand atJune 30, 2020 , of which 1.7 million bushels were stored for others. Total Trade storage space capacity, including temporary pile storage, was approximately 202 million bushels atJune 30, 2021 compared to 201 million bushels atJune 30, 2020 .
We expect continued merchandising opportunities into harvest as scarcity of supply is impacting overall prices. Crop conditions in the majority of the Group's draw area are excellent and the business is preparing for a large harvest. As the volume of grain in store is expected to remain at levels below recent years for some time, high prices and strong elevation margins are expected to continue into 2022.
Ethanol
The Ethanol Group's second quarter results were profitable, and a substantial improvement compared to the prior year. The Group's prior year results were significantly impacted by COVID-19 as negative crush margins and weak demand plagued the ethanol industry. The 2021 results reflect a considerable improvement in crush margins, overall ethanol demand and higher ethanol trading results. The Group also benefited from increased co-product values, including high protein and traditional DDG products, as well as corn and other vegetable oils. Spot ethanol crush margins have continued to improve from the prior year and higher corn and soybean meal prices continue to support feed product values. While there is a level of uncertainty that persists regarding a tighter corn balance sheet and how quickly the ethanol industry as a whole will recover from COVID-19, the group has observed rebounding driving demand, strong coproduct margins and continued trading opportunities.
Ethanol and related co-products volumes for the three and six months ended
Three months ended June 30, Six months ended June 30,
(in thousands) 2021 2020 2021 2020
Ethanol (gallons shipped) 186,396 119,528 358,608 266,873
E-85 (gallons shipped) 11,914 4,396 19,805 13,489
Corn oil (pounds shipped) 56,760 20,968 104,708 50,262
DDG (tons shipped)* 454 334 931 964
* DDG tons shipped converts wet tons to a dry ton equivalent amount.
Plant Nutrient
The Plant Nutrient Group's second quarter results were considerably improved compared to the prior year period. The improvement was largely driven by improved margins in the Ag Supply Chain and Specialty Liquids product lines and reflect demand from favorable spring weather, strong grower income and well-positioned fertilizer inventory. Engineered Granules maintained strong demand but contended against rising input costs and a tight labor market. The group's outlook is positive, anticipating continued higher fertilizer prices and strong demand into the fall application season. Storage capacity at our Ag Supply Chain and Specialty Liquids facilities, including leased storage, was approximately 463 thousand tons for dry nutrients and approximately 509 thousand tons for liquid nutrients atJune 30, 2021 , compared to approximately 481 thousand tons for dry nutrients and approximately 510 thousand tons for liquid nutrients atJune 30, 2020 .The Andersons, Inc. | Q2 2021 Form 10-Q | 24
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Tons of product sold for the three and six months ended
Three months ended June 30, Six months ended June 30,
(in thousands) 2021 2020 2021 2020
Ag Supply Chain 661 690 1,008 904
Specialty Liquids 133 121 233 196
Engineered Granules 165 151 323 273
Total tons 959 962 1,564 1,373
In the table above, Ag Supply Chain represents facilities principally engaged in
the wholesale distribution and retail sale and application of primary
agricultural nutrients such as bulk nitrogen, phosphorus, and
potassium. Specialty Liquid locations produce and sell a variety of low-salt
liquid starter fertilizers, micronutrients for agricultural use, and specialty
products for use in various industrial processes. Engineered Granules facilities
primarily manufacture granulated dry products for use in specialty turf and
agricultural applications and a variety of corncob-based products.
Rail
Rail results increased driven by the opportunistic sale of older railcars due to favorable scrap prices. The leasing business improved due to lower maintenance expenses and bad debt recoveries despite slightly decreased average lease rates. Average utilization rates increased from 88.3 percent in the second quarter of 2020 to 89.7 percent in the second quarter of 2021. Rail assets under management (owned, leased or managed for financial institutions in non-recourse arrangements) atJune 30, 2021 were 21.8 thousand compared to 24.0 thousand atJune 30, 2020 .
While the North American railcar industry is showing signs of a slow recovery, lease rates are expected to stay relatively flat for much of the year.
Other
Our "Other" activities include corporate income and expense and cost for functions that provide support and services to the operating segments. The results include expenses and benefits not allocated to the operating segments and other elimination and consolidation adjustments.
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Operating Results
The following discussion focuses on the operating results as shown in the Condensed Consolidated Statements of Operations and includes a separate discussion by segment. Additional segment information is included herein in Note 12, Segment Information.
Comparison of the three months ended
Three months ended June 30, 2021
(in thousands) Trade Ethanol Plant Nutrient Rail Other Total
Sales and merchandising revenues
$ 321,409 $ 37,921 $ -$ 3,273,726 Cost of sales and merchandising revenues 2,220,038 581,811 270,549 27,284 - 3,099,682 Gross profit 77,831 34,716 50,860 10,637 - 174,044 Operating, administrative and general expenses 61,514 6,577 26,568 4,416 10,901
109,976
Interest expense (income), net 7,452 2,021 1,146 3,394 (559)
13,454
Equity in earnings of affiliates, net 845 - - - - 845 Other income, net 4,067 38 849 237 116 5,307
Income (loss) before income taxes
$ 23,995 $ 3,064 $ (10,226) $ 56,766 Income (loss) before income taxes attributable to the noncontrolling interests - 2,625 - - -
2,625
Non-GAAP Income (loss) before income taxes attributable to the Company$ 13,777 $ 23,531 $ 23,995 $ 3,064 $ (10,226) $ 54,141 Three months ended June 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Other Total
Sales and merchandising revenues
$ 279,825 $ 35,442 $ -$ 1,890,180 Cost of sales and merchandising revenues 1,291,786 226,344 241,060 24,724 - 1,783,914 Gross profit 59,382 (2,599) 38,765 10,718 - 106,266 Operating, administrative and general expenses 54,998 5,506 18,281 5,184 6,167
90,136
Interest expense (income), net 5,056 1,900 1,463 3,833 (425)
11,827
Equity in earnings (losses) of affiliates, net 79 - - - - 79 Other income (expense), net 986 466 386 905 707 3,450
Income (loss) before income taxes
$ 19,407 $ 2,606 $ (5,035) $ 7,832 Income (loss) before income taxes attributable to the noncontrolling interests - (10,407) - - -
(10,407)
Non-GAAP Income (loss) before income taxes attributable to the Company$ 393 $ 868 $ 19,407 $ 2,606 $ (5,035) $ 18,239 The Company uses Income (loss) before income taxes attributable to the Company, a non-GAAP financial measure as defined by theSecurities and Exchange Commission , to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted inthe United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Income (loss) before income taxes attributable to the Company is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing evaluation of underlying business performance and period-to-period comparability. This measure is not intended to replace or be alternatives to Income (loss) before income taxes, the most directly comparable amounts reported under GAAP. The Andersons, Inc. | Q2 2021 Form 10-Q | 26
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Trade
Operating results for theTrade Group increased by$13.4 million compared to the results of the same period last year. Sales and merchandising revenues increased by$946.7 million and cost of sales and merchandising revenues increased by$928.3 million for a favorable net gross profit impact of$18.4 million . Most of the increase to sales and cost of sales is the result of increased commodity prices. The net increase in gross profit was primarily driven by improved merchandising results as weather and export demand created volatility that allowed traders to identify arbitrage opportunities from geographical dislocations. This increase was partially offset by a decrease in the Group's traditional assets, however, as inverted futures markets in several commodities provided less space income, replacing and accelerating the income with merchandising opportunities noted above.
Operating, administrative and general expenses increased by
Interest expense increased by
Other income increased by
Ethanol
Operating results for theEthanol Group increased by$22.7 million from the same period last year. Sales and merchandising revenues increased by$392.8 million and cost of sales and merchandising revenues increased by$355.5 million compared to prior year results. As a result gross profit increased by$37.3 million compared to 2020 results. Most of the increase to sales and cost of sales is the result of increased commodity prices. The net increase to gross profit in the current period results reflect improved ethanol margins, higher coproduct sales from DDGs and corn oil and strong merchandising revenues. The prior year results were significantly impacted by COVID-19. Operating, administrative and general expenses increased by$1.1 million from the increase in labor and incentive compensation costs from increased production and improved operating results, respectively.
Plant Nutrient
Operating results for thePlant Nutrient Group increased by$4.6 million compared to the same period in the prior year. Sales and merchandising revenues increased by$41.6 million and cost of sales and merchandising revenues increased by$29.5 million resulting in a$12.1 million increase in gross profit. The increase in gross profit was driven by improved margins across the Ag Supply Chain and Specialty Liquids product lines and reflects higher spring demand, strong grower income and well positioned fertilizer inventory.
Operating, administrative and general expenses increased by
Interest expense decreased by
Rail
Operating results increased by$0.5 million from the same period last year. Sales and merchandising revenues increased by$2.5 million from prior year. This was driven by a$4.9 million increase in car sale revenues and a$0.6 million increase in repair revenues that was partially offset by a$3.0 million decrease in leasing revenue. Cost of sales and merchandising revenues increased by$2.6 million compared to the prior year due to increased car sale revenues from the prior year. As a result, gross profit decreased by$0.1 million compared to the same period last year. Operating, administrative and general expenses decreased by$0.8 million due to a decrease in bad debt expense as compared to the prior year. This was partially offset by higher incentive compensation from improved operating results.
Interest expense decreased by
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Other
Operating results for the second quarter declined by$5.2 million compared to the same period in 2020. The increase in operating losses was primarily driven by higher operating, administrative and general expenses due to increased incentive-based compensation as a result of improved company-wide performance year over year and higher professional services expenses.
Income Taxes
For the three months endedJune 30, 2021 , the Company recorded an income tax expense of$10.6 million at an effective rate of 18.7%. For the three months endedJune 30, 2020 , the Company recorded an income tax benefit of$12.2 million at an effective tax rate of 155.8%. The change in effective tax rate for the three months endedJune 30, 2021 as compared to the same period last year was primarily attributed to the treatment of mark-to-market activity on certain contracts in the Ethanol segment. The prior year also reflects the benefit of net operating loss carryback tax savings opportunities as provided by the CARES Act.
Comparison of the six months ended
Six months ended June 30, 2021
(in thousands) Trade Ethanol Plant Nutrient Rail Other Total
Sales and merchandising revenues
$ 490,661 $ 78,931 $ -$ 5,909,455 Cost of sales and merchandising revenues 4,129,989 1,016,287 407,400 59,023 - 5,612,699 Gross profit 150,388 43,199 83,261 19,908 - 296,756 Operating, administrative and general expenses 118,445 13,233 49,967 7,290 20,913
209,848
Interest expense (income), net 14,503 4,094 2,212 6,574 (760)
26,623
Equity in earnings (losses) of affiliates, net 2,639 - - - - 2,639 Other income (expense), net 7,553 1,365 1,436 1,911 584 12,849
Income (loss) before income taxes
$ 32,518 $ 7,955 $ (19,569) $ 75,773 Income (loss) before income taxes attributable to the noncontrolling interests - 780 - - -
780
Non-GAAP Income (loss) before income taxes attributable to the Company$ 27,632 $ 26,457 $ 32,518 $ 7,955 $ (19,569) $ 74,993 Six months ended June 30, 2020 (in thousands) Trade Ethanol Plant Nutrient Rail Other Total
Sales and merchandising revenues
$ 404,738 $ 72,555 $ -$ 3,743,286 Cost of sales and merchandising revenues 2,607,361 568,782 345,609 52,138 - 3,573,890 Gross profit 121,848 (31,998) 59,129 20,417 - 169,396 Operating, administrative and general expenses 123,153 11,621 38,022 10,443 11,957
195,196
Interest expense (income), net 12,245 4,257 3,248 8,316 (652)
27,414
Equity in earnings (losses) of affiliates, net 209 - - - - 209 Other income (expense), net 3,750 912 356 1,955 1,290 8,263
Income (loss) before income taxes
$ 18,215 $ 3,613 $ (10,015) $ (44,742) Income (loss) before income taxes attributable to the noncontrolling interests - (23,856) - - -
(23,856)
Non-GAAP Income (loss) before income taxes attributable to the Company$ (9,591) $ (23,108) $ 18,215 $ 3,613 $ (10,015) $ (20,886) The Andersons, Inc. | Q2 2021 Form 10-Q | 28
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Trade
Operating results for theTrade Group increased by$37.2 million compared to the results of the same period last year. Sales and merchandising revenues increased by$1,551.2 million and cost of sales and merchandising revenues increased by$1,522.6 million for an increased gross profit impact of$28.5 million . Most of the increase to sales and cost of sales is the result of increased commodity prices. The net increase in gross profit was primarily driven by improved merchandising results as weather and export demand created volatility that allowed traders to identify arbitrage opportunities from geographical dislocations. This increase was partially offset by a decrease in the Group's traditional assets, however, as inverted futures markets in several commodities provided less space income, replacing and accelerating the income with merchandising opportunities noted above. Operating, administrative and general expenses decreased by$4.7 million . The decrease from the prior year is primarily related to the Company's cost saving initiatives, much of which is headcount reduction, both from acquisition integration and in response to the COVID-19 pandemic. The decrease was partially offset by higher incentive compensation costs from improved operating results.
Interest expense increased by
Ethanol
Operating results for theEthanol Group increased by$49.6 million from the same period last year. Sales and merchandising revenues increased by$522.7 million and cost of sales and merchandising revenues increased by$447.5 million compared to prior year. As a result, gross profit increased by$75.2 million compared to prior year. Most of the increase to sales and cost of sales is the result of increased commodity prices. The net increase to gross profit in the current period results reflect significantly improved crush margins, higher coproduct sales from DDGs and corn oil and strong merchandising revenues. The prior year results were significantly impacted by COVID-19 and the group recorded a$10.9 million inventory write down and a$9.6 million mark to market loss.
Operating, administrative and general expenses increased by
Plant Nutrient
Operating results for thePlant Nutrient Group increased by$14.3 million compared to the same period in the prior year. Sales and merchandising revenues increased$85.9 million and cost of sales and merchandising revenues increased by$61.8 million resulting in increased gross profit of$24.1 million . Gross profit improved year over year due to increases in volumes and margins across the breadth of product lines and reflects higher demand, strong grower income and well positioned fertilizer inventory.
Operating, administrative and general expenses increased by
Interest expense decreased by
Rail Operating results increased by$4.3 million from the same period last year. Sales and merchandising revenues increased by$6.4 million . This was driven by a$11.5 million increase in car sale revenues and a$1.8 million increase in repair revenues that was partially offset by a$6.9 million decrease in leasing revenue. Cost of sales and merchandising increased by$6.9 million compared to the prior year driven by the book value of cars that were sold in the quarter. As a result, gross profit decreased by$0.5 million compared to the same period last year. Operating, administrative and general expenses decreased by$3.2 million driven by a$1.6 million recovery of previously written off bad debt and overall lower expenses in the period.
Interest expense decreased by
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Other
Operating results declined by$9.6 million from the same period last year. The increase in operating losses was primarily driven by increased incentive-based compensation in operating, administrative and general expenses due to improved company-wide performance year over year and higher professional services expenses.
Income Taxes
For the six months endedJune 30, 2021 , the Company recorded an income tax expense of$16.4 million at an effective rate of 21.6%. For the six months endedJune 30, 2020 , the Company recorded an income tax benefit of$13.7 million at an effective tax rate of 30.5%. The change in effective tax rate for the six months endedJune 30, 2021 as compared to the same period last year primarily attributed improved operating results in the current year, including additional nondeductible compensation and increased foreign tax expense, as well as the treatment of mark-to-market activity on certain contracts in the Ethanol segment.
Liquidity and Capital Resources
Working Capital AtJune 30, 2021 , the Company had working capital of$543.7 million . The following table presents changes in the components of current assets and current liabilities: (in thousands) June 30, 2021 June 30, 2020 Variance Current Assets: Cash and cash equivalents$ 27,538 $ 30,011 $ (2,473) Accounts receivable, net 721,575 537,011 184,564 Inventories 912,299 616,323 295,976 Commodity derivative assets - current 507,148 112,089 395,059 Other current assets 65,740 102,755 (37,015) Total current assets$ 2,234,300 $ 1,398,189 $ 836,111 Current Liabilities: Short-term debt 757,271 96,071 661,200 Trade and other payables 547,169 503,892 43,277 Customer prepayments and deferred revenue 58,155 45,734 12,421 Commodity derivative liabilities - current 90,366 65,186 25,180 Current maturities of long-term debt 56,582 68,477 (11,895) Accrued expenses and other current liabilities 181,015 147,422 33,593 Total current liabilities$ 1,690,558 $ 926,782 $ 763,776 Working Capital$ 543,742 $ 471,407 $ 72,335 Current assets as ofJune 30, 2021 increased$836.1 million in comparison to those as ofJune 30, 2020 . This increase was noted in all areas except for cash and cash equivalents and other current assets. The increases in accounts receivable, current commodity derivative assets and inventory balances can largely be attributable to the significant increases in the prices of agricultural commodities that the Company transacts in the ordinary course of business. The decrease in other current assets is attributable to the receipt of federal income tax refunds as a result of the CARES Act in 2020. See also the discussion below on additional sources and uses of cash for an understanding of the increase in cash from prior year. Current liabilities increased$763.8 million compared to the prior year primarily due to increases in short-term debt and trade and other payables. The increase in short-term debt is the result of higher working capital needs and driven by significant increases in the prices of agricultural commodities. The increase in trade and other payables is also the result of increasing agricultural commodity prices. Short-term borrowings, while typically at a seasonal high in the spring, are further supporting an unusual price run-up in our core commodities. As we liquidate these commodities in advance of harvest, we expect a reduction to the level of short-term borrowing. The increase in current liabilities was slightly offset by reductions in current maturities of long-term debt. The Andersons, Inc. | Q2 2021 Form 10-Q | 30
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Sources and Uses of Cash
Six Months Ended
(in thousands) June 30, 2021 June 30, 2020
Net cash (used in) provided by operating activities $ (245,494) $ 145,511
Net cash used in investing activities (23,474) (66,002)
Net cash provided by (used in) financing activities 267,550 (105,068) Operating Activities Our operating activities used cash of$245.5 million and provided cash of$145.5 million in the first six months of 2021 and 2020, respectively. The increase in cash used was primarily due to a result in the change of working capital, as discussed above, driven by significant increases in agricultural commodity prices. However, when you remove the impact from changes in working capital, cash provided by operating activities was much stronger than the prior period due to favorable operating results. Investing Activities Investing activities used cash of$23.5 million through the first six months of 2021 compared to cash used of$66.0 million in the prior year. The decrease from the prior year was a result of higher proceeds from sales of assets and railcars, fewer purchased railcars and the continued strategic use of capital spending to enhance overall liquidity and cash management. We expect to invest approximately$100 million in property, plant and equipment in 2021; approximately 60% of which will be to maintain facilities. Financing Activities Financing activities provided cash of$267.6 million and$105.1 million for the six months endedJune 30, 2021 and 2020, respectively. This change from the prior year was largely due to a significant increase in short term borrowings to cover working capital needs as the prices of agricultural commodities continue to rise. The Company is party to borrowing arrangements with a syndicate of banks that provide a total of$1,404.6 million in borrowings. Of the total capacity,$404.6 million is non-recourse to the Company. As ofJune 30, 2021 , the Company had$1,173.5 million available for borrowing with$237.2 million of that total being non-recourse to the Company. The Company paid$11.7 million in dividends in the first six months of 2021 compared to$11.5 million in the prior year. The Company paid$0.175 per common share for the dividends paid in January and April of 2021 and 2020. OnJune 25, 2021 , the Company declared a cash dividend of$0.175 per common share payable onJuly 22, 2021 to shareholders of record onJuly 6, 2021 . Certain of our long-term borrowings include covenants that, among other things, impose minimum levels of equity and limitations on additional debt. The Company is in compliance with all such covenants as ofJune 30, 2021 . In addition, certain of our long-term borrowings are collateralized by first mortgages on various facilities or are collateralized by railcar assets. Our non-recourse long-term debt is collateralized by ethanol plant assets and railcar assets. Because the Company is a significant borrower of short-term debt in peak seasons and the majority of this is variable rate debt, increases in interest rates could have a significant impact on our profitability. In addition, periods of high grain prices and/or unfavorable market conditions could require us to make additional margin deposits on our exchange traded futures contracts. Conversely, in periods of declining prices, the Company could receive a return of cash. Management believes our sources of liquidity will be adequate to fund our operations, capital expenditures and service our indebtedness.
At
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