$ in millions, except per share amounts | ||||||||||||
Q3 2021 | Q3 2020 | Variance |
YTD 2021
|
YTD 2020
| Variance | |||||||
Pretax Income (Loss) Attributable to the Company1,2
| $ | 17.9 | $ | (5.6) | $ | 23.5 | $ | 85.0 | $ | (30.1) | $ | 115.1 |
Adjusted Pretax Income (Loss) Attributable to the Company1,2
| 6.3 | (1.5) | 7.8 | 74.1 | (21.3) | 95.4 | ||||||
Trade1
| 27.6 | 6.9 | 20.7 | 56.0 | (0.4) | 56.4 | ||||||
Ethanol | (3.6) | 1.1 | (4.7) | 22.8 | (22.0) | 44.8 | ||||||
Plant Nutrient | (5.8) | (5.4) | (0.4) | 26.7 | 12.8 | 13.9 | ||||||
Other1
| (11.8) | (4.1) | (7.7) | (31.4) | (11.8) | (19.6) | ||||||
Net Income (Loss) Attributable to the Company2
| 13.9 | (1.5) | 15.4 | 66.9 | (11.5) | 78.4 | ||||||
Adjusted Net Income (Loss) Attributable to the Company1,2
| 5.2 | (2.9) | 8.1 | 58.8 | (19.6) | 78.4 | ||||||
Diluted Earnings Per Share (EPS)2
| 0.41 | (0.04) | 0.45 | 1.99 | (0.35) | 2.34 | ||||||
Adjusted Diluted EPS1,2
| 0.15 | (0.08) | 0.23 | 1.75 | (0.60) | 2.35 | ||||||
EBITDA1,2
| 67.9 | 42.9 | 25.0 | 233.4 | 89.7 | 143.7 | ||||||
Adjusted EBITDA1,2
| $ | 56.3 | $ | 47.0 | $ | 9.3 | $ | 222.5 | $ | 98.6 | $ | 123.9 |
Three months ended September 30, | Nine months ended September 30, | |||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||
Sales and merchandising revenues | $ | 2,998,824 | $ | 1,885,586 | $ | 8,829,348 | $ | 5,556,317 |
Cost of sales and merchandising revenues | 2,876,989 | 1,792,349 | 8,430,665 | 5,314,101 | ||||
Gross profit | 121,835 | 93,237 | 398,683 | 242,216 | ||||
Operating, administrative and general expenses | 110,275 | 92,610 | 312,833 | 277,363 | ||||
Interest expense, net | 8,799 | 6,853 | 28,848 | 25,951 | ||||
Other income, net: | ||||||||
Equity in earnings (losses) of affiliates, net | (250) | 20 | 2,389 | 228 | ||||
Other income, net | 13,806 | 3,846 | 24,743 | 10,154 | ||||
Income (loss) before income taxes from continuing operations | 16,317 | (2,360) | 84,134 | (50,716) | ||||
Income tax provision (benefit) from continuing operations | 4,027 | (4,148) | 18,065 | (18,628) | ||||
Net income (loss) from continuing operations | 12,290 | 1,788 | 66,069 | (32,088) | ||||
Income (loss) from discontinued operations, net of income taxes | 1,846 | 427 | 7,453 | 3,224 | ||||
Net income (loss) | 14,136 | 2,215 | 73,522 | (28,864) | ||||
Net income (loss) attributable to noncontrolling interests | (1,602) | 3,273 | (822) | (20,583) | ||||
Net income (loss) attributable to The Andersons, Inc. | $ | 15,738 | $ | (1,058) | $ | 74,344 | $ | (8,281) |
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders: | ||||||||
Basic earnings (loss): | ||||||||
Continuing operations | $ | 0.42 | $ | (0.04) | $ | 2.01 | $ | (0.35) |
Discontinued operations | 0.06 | 0.01 | 0.22 | 0.10 | ||||
$ | 0.48 | $ | (0.03) | $ | 2.23 | $ | (0.25) | |
Diluted earnings (loss): | ||||||||
Continuing operations | $ | 0.41 | $ | (0.04) | $ | 1.99 | $ | (0.35) |
Discontinued operations | 0.05 | 0.01 | 0.22 | 0.10 | ||||
$ | 0.46 | $ | (0.03) | $ | 2.21 | $ | (0.25) |
(in thousands) | September 30, 2021 | December 31, 2020 | September 30, 2020 | |||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 216,874 | $ | 29,123 | $ | 13,693 |
Accounts receivable, net | 735,349 | 641,326 | 509,964 | |||
Inventories | 1,017,804 | 1,293,066 | 747,588 | |||
Commodity derivative assets - current | 409,647 | 320,706 | 140,065 | |||
Current assets held-for-sale | 26,561 | 32,659 | 45,132 | |||
Other current assets | 92,159 | 99,529 | 83,807 | |||
Total current assets | 2,498,394 | 2,416,409 | 1,540,249 | |||
Other assets: | ||||||
Goodwill | 129,342 | 131,542 | 131,542 | |||
Other intangible assets, net | 118,690 | 140,084 | 148,846 | |||
Right of use assets, net | 50,270 | 33,387 | 33,547 | |||
Other assets held-for-sale | 38,863 | 643,474 | 642,538 | |||
Other assets, net | 74,923 | 46,914 | 44,738 | |||
Total other assets | 412,088 | 995,401 | 1,001,211 | |||
Property, plant and equipment, net | 797,660 | 860,311 | 870,151 | |||
Total assets | $ | 3,708,142 | $ | 4,272,121 | $ | 3,411,611 |
Liabilities and equity | ||||||
Current liabilities: | ||||||
Short-term debt | $ | 281,199 | $ | 403,703 | $ | 100,405 |
Trade and other payables | 825,923 | 954,809 | 635,206 | |||
Customer prepayments and deferred revenue | 147,225 | 178,226 | 47,906 | |||
Commodity derivative liabilities - current | 78,702 | 146,990 | 79,159 | |||
Current maturities of long-term debt | 106,255 | 69,366 | 62,499 | |||
Accrued taxes | 97,215 | 17,465 | 15,178 | |||
Current liabilities held-for-sale | 13,427 | 25,277 | 27,996 | |||
Accrued expenses and other current liabilities | 173,215 | 135,846 | 128,187 | |||
Total current liabilities | 1,723,161 | 1,931,682 | 1,096,536 | |||
Long-term lease liabilities | 31,332 | 19,835 | 19,216 | |||
Long-term debt, less current maturities | 542,821 | 886,453 | 717,198 | |||
Deferred income taxes | 79,636 | 170,147 | 163,454 | |||
Other long-term liabilities held-for-sale | 13,592 | 48,096 | 221,334 | |||
Other long-term liabilities | 81,587 | 55,248 | 56,646 | |||
Total liabilities | 2,472,129 | 3,111,461 | 2,274,384 | |||
Total equity | 1,236,013 | 1,160,660 | 1,137,227 | |||
Total liabilities and equity | $ | 3,708,142 | $ | 4,272,121 | $ | 3,411,611 |
Nine months ended September 30, | ||||
(in thousands) | 2021 | 2020 | ||
Operating Activities | ||||
Net income (loss) from continuing operations | $ | 66,069 | $ | (32,088) |
Income from discontinued operations, net of income taxes | 7,453 | 3,224 | ||
Net income (loss) | 73,522 | (28,864) | ||
Adjustments to reconcile net income (loss) to cash (used in) provided by operating activities: | ||||
Depreciation and amortization | 142,137 | 141,167 | ||
Bad debt (recovery) expense, net | (2,182) | 8,049 | ||
Equity in earnings of affiliates, net of dividends | (2,389) | (228) | ||
Gain on sale of business from continuing operations | (14,619) | - | ||
Loss on sale of business from discontinued operations | 1,491 | - | ||
Gain on sales of assets, net | (6,505) | (1,037) | ||
Stock-based compensation expense | 6,727 | 7,742 | ||
Deferred federal income tax | (93,725) | 21,917 | ||
Inventory write down | 3,399 | 10,933 | ||
Other | 7,005 | 4,141 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (89,902) | (1,952) | ||
Inventories | 266,865 | 400,262 | ||
Commodity derivatives | (158,741) | (2,574) | ||
Other assets | (3,357) | (34,343) | ||
Payables and other accrued expenses | (10,659) | (329,422) | ||
Net cash provided by operating activities | 119,067 | 195,791 | ||
Investing Activities | ||||
Purchases of property, plant and equipment and capitalized software | (52,730) | (59,414) | ||
Proceeds from sale of assets | 3,999 | 8,121 | ||
Purchases of investments | (5,993) | (2,849) | ||
Proceeds from sale of business from continuing operations | 18,130 | 2,467 | ||
Proceeds from sale of business from discontinued operations | 543,102 | - | ||
Purchases of Rail assets | (6,039) | (26,258) | ||
Proceeds from sale of Rail assets | 18,705 | 7,774 | ||
Other | 349 | - | ||
Net cash provided by (used in) investing activities | 519,523 | (70,159) | ||
Financing Activities | ||||
Net payments under lines of credit | (324,279) | (44,183) | ||
Proceeds from issuance of short-term debt | 608,250 | - | ||
Payments of short-term debt | (408,250) | - | ||
Proceeds from issuance of long-term debt | 186,800 | 213,906 | ||
Payments of long-term debt | (485,527) | (310,694) | ||
Contributions from noncontrolling interest owner | 4,655 | 6,493 | ||
Distributions to noncontrolling interest owner | (25) | (10,322) | ||
Payments of debt issuance costs | (2,059) | (250) | ||
Dividends paid | (17,503) | (17,234) | ||
Other | (12,709) | (4,143) | ||
Net cash used in financing activities | (450,647) | (166,427) | ||
Effect of exchange rates on cash and cash equivalents | (192) | (407) | ||
Increase (decrease) in cash and cash equivalents | 187,751 | (41,202) | ||
Cash and cash equivalents at beginning of period | 29,123 | 54,895 | ||
Cash and cash equivalents at end of period | $ | 216,874 | $ | 13,693 |
Three months ended September 30, | Nine months ended September 30, | |||||||
(in thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | ||||
Net income (loss) from continuing operations | $ | 12,290 | $ | 1,788 | $ | 66,069 | $ | (32,088) |
Net income (loss) attributable to noncontrolling interests | (1,602) | 3,273 | (822) | (20,583) | ||||
Net income (loss) from continuing operations attributable to The Andersons, Inc. | 13,892 | (1,485) | 66,891 | (11,505) | ||||
Items impacting other income, net of tax: | ||||||||
Transaction related stock compensation | 243 | 912 | 1,000 | 3,260 | ||||
Gain on sale of a business | (14,619) | - | (14,619) | - | ||||
Loss on cost method investment | 2,784 | - | 2,784 | - | ||||
Severance costs | - | 3,222 | - | 5,563 | ||||
Income tax impact of adjustments (a) | 2,898 | (5,511) | 2,709 | (16,962) | ||||
Total adjusting items, net of tax | (8,694) | (1,377) | (8,126) | (8,139) | ||||
Adjusted net income (loss) from continuing operations attributable to The Andersons, Inc. | $ | 5,198 | $ | (2,862) | $ | 58,765 | $ | (19,644) |
Diluted earnings (loss) from continuing operations attributable to The Andersons, Inc. common shareholders | $ | 0.41 | $ | (0.04) | $ | 1.99 | $ | (0.35) |
Impact on diluted earnings (loss) per share from continuing operations | $ | (0.26) | $ | (0.04) | $ | (0.24) | $ | (0.25) |
Adjusted diluted earnings (loss) from continuing operations per share | $ | 0.15 | $ | (0.08) | $ | 1.75 | $ | (0.60) |
(in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | |||||
Three months ended September 30, 2021 | ||||||||||
Sales and merchandising revenues | $ | 2,242,131 | $ | 614,637 | $ | 142,056 | $ | - | $ | 2,998,824 |
Gross profit | 98,196 | 5,751 | 17,888 | - | 121,835 | |||||
Operating, administrative and general expenses
| 67,590 | 10,014 | 22,883 | 9,788 | 110,275 | |||||
Other income (loss), net | 16,886 | 683 | 309 | (4,072) | 13,806 | |||||
Income (loss) before income taxes from continuing operations | 41,999 | (5,238) | (5,832) | (14,612) | 16,317 | |||||
Income (loss) attributable to noncontrolling interests | - | (1,602) | - | - | (1,602) | |||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 41,999 | $ | (3,636) | $ | (5,832) | $ | (14,612) | $ | 17,919 |
Adjustments to income (loss) before income taxes from continuing operations (b) | (14,376) | - | - | 2,784 | (11,592) | |||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 27,623 | $ | (3,636) | $ | (5,832) | $ | (11,828) | $ | 6,327 |
Three months ended September 30, 2020 | ||||||||||
Sales and merchandising revenues | $ | 1,432,922 | $ | 349,957 | $ | 102,707 | $ | - | $ | 1,885,586 |
Gross profit | 65,572 | 11,169 | 16,496 | - | 93,237 | |||||
Operating, administrative and general expenses | 58,385 | 5,650 | 21,175 | 7,400 | 92,610 | |||||
Other income (loss), net | 3,114 | 553 | 579 | (400) | 3,846 | |||||
Income (loss) before income taxes from continuing operations | 5,941 | 4,421 | (5,387) | (7,335) | (2,360) | |||||
Income (loss) attributable to noncontrolling interests | - | 3,273 | - | - | 3,273 | |||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 5,941 | $ | 1,148 | $ | (5,387) | $ | (7,335) | $ | (5,633) |
Adjustments to income (loss) before income taxes from continuing operations (b) | 912 | - | - | 3,222 | 4,134 | |||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 6,853 | $ | 1,148 | $ | (5,387) | $ | (4,113) | $ | (1,499) |
(a) Income (loss) from continuing operations 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. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) from continuing operations before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
(in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | |||||
Nine months ended September 30, 2021 | ||||||||||
Sales and merchandising revenues | $ | 6,522,508 | $ | 1,674,123 | $ | 632,717 | $ | - | $ | 8,829,348 |
Gross profit | 248,584 | 48,950 | 101,149 | - | 398,683 | |||||
Operating, administrative and general expenses | 186,035 | 23,247 | 72,850 | 30,701 | 312,833 | |||||
Other income (loss), net | 24,439 | 2,048 | 1,745 | (3,489) | 24,743 | |||||
Income (loss) before income taxes from continuing operations | 69,631 | 21,999 | 26,686 | (34,182) | 84,134 | |||||
Income (loss) attributable to noncontrolling interests | - | (822) | - | - | (822) | |||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 69,631 | $ | 22,821 | $ | 26,686 | $ | (34,182) | $ | 84,956 |
Adjustments to income (loss) before income taxes from continuing operations (b) | (13,619) | - | - | 2,784 | (10,835) | |||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | 56,012 | $ | 22,821 | $ | 26,686 | $ | (31,398) | $ | 74,121 |
Nine months ended September 30, 2020 | ||||||||||
Sales and merchandising revenues | $ | 4,162,130 | $ | 886,742 | $ | 507,445 | $ | - | $ | 5,556,317 |
Gross profit | 187,420 | (20,829) | 75,625 | - | 242,216 | |||||
Operating, administrative and general expenses | 181,539 | 17,271 | 59,197 | 19,356 | 277,363 | |||||
Other income (loss), net | 6,865 | 1,465 | 935 | 889 | 10,154 | |||||
Income (loss) before income taxes from continuing operations | (3,650) | (42,543) | 12,828 | (17,351) | (50,716) | |||||
Income (loss) attributable to noncontrolling interests | - | (20,583) | - | - | (20,583) | |||||
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | (3,650) | $ | (21,960) | $ | 12,828 | $ | (17,351) | $ | (30,133) |
Adjustments to income (loss) before income taxes from continuing operations (b) | 3,260 | - | - | 5,563 | 8,823 | |||||
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc. (a) | $ | (390) | $ | (21,960) | $ | 12,828 | $ | (11,788) | $ | (21,310) |
(a) Income (loss) from continuing operations 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. (b) Additional information on the individual adjustments that are included in the adjustments to income (loss) from continuing operations before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. |
Continuing Operations | Discontinued Operations | Total Company | ||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | Rail | ||||||||
Three months ended September 30, 2021 | ||||||||||||||
Net income (loss) | $ | 41,999 | $ | (5,238) | $ | (5,832) | $ | (18,639) | $ | 12,290 | $ | 1,846 | $ | 14,136 |
Interest expense (income) | 5,243 | 1,658 | 1,146 | 752 | 8,799 | 2,139 | 10,938 | |||||||
Tax provision (benefit) | - | - | - | 4,027 | 4,027 | (2,777) | 1,250 | |||||||
Depreciation and amortization | 11,037 | 22,811 | 6,508 | 2,455 | 42,811 | 4,172 | 46,983 | |||||||
EBITDA | 58,279 | 19,231 | 1,822 | (11,405) | 67,927 | 5,380 | 73,307 | |||||||
Adjusting items impacting EBITDA: | ||||||||||||||
Transaction related stock compensation | 243 | - | - | - | 243 | - | 243 | |||||||
Gain on sale of a business | (14,619) | - | - | - | (14,619) | - | (14,619) | |||||||
Loss on cost method investment | - | - | - | 2,784 | 2,784 | - | 2,784 | |||||||
Total adjusting items | (14,376) | - | - | 2,784 | (11,592) | - | (11,592) | |||||||
Adjusted EBITDA | $ | 43,903 | $ | 19,231 | $ | 1,822 | $ | (8,621) | $ | 56,335 | $ | 5,380 | $ | 61,715 |
Three months ended September 30, 2020 | ||||||||||||||
Net income (loss) | $ | 5,941 | $ | 4,421 | $ | (5,387) | $ | (3,187) | $ | 1,788 | $ | 427 | $ | 2,215 |
Interest expense (income) | 4,380 | 1,651 | 1,287 | (465) | 6,853 | 3,716 | 10,569 | |||||||
Tax provision (benefit) | - | - | - | (4,148) | (4,148) | (566) | (4,714) | |||||||
Depreciation and amortization | 11,079 | 18,282 | 6,316 | 2,710 | 38,387 | 8,882 | 47,269 | |||||||
EBITDA | 21,400 | 24,354 | 2,216 | (5,090) | 42,880 | 12,459 | 55,339 | |||||||
Adjusting items impacting EBITDA: | ||||||||||||||
Transaction related stock compensation | 912 | - | - | - | 912 | - | 912 | |||||||
Severance costs | - | - | - | 3,222 | 3,222 | - | 3,222 | |||||||
Total adjusting items | 912 | - | - | 3,222 | 4,134 | - | 4,134 | |||||||
Adjusted EBITDA | $ | 22,312 | $ | 24,354 | $ | 2,216 | $ | (1,868) | $ | 47,014 | $ | 12,459 | $ | 59,473 |
Continuing Operations | Discontinued Operations | Total Company | ||||||||||||
(in thousands) | Trade | Ethanol | Plant Nutrient | Other | Total | Rail | ||||||||
Nine months ended September 30, 2021 | ||||||||||||||
Net income (loss) | $ | 69,631 | $ | 21,999 | $ | 26,686 | $ | (52,247) | $ | 66,069 | $ | 7,453 | $ | 73,522 |
Interest expense (income) | 19,746 | 5,752 | 3,358 | (8) | 28,848 | 8,714 | 37,562 | |||||||
Tax provision (benefit) | - | - | - | 18,065 | 18,065 | (428) | 17,637 | |||||||
Depreciation and amortization | 33,317 | 60,608 | 19,345 | 7,107 | 120,377 | 21,760 | 142,137 | |||||||
EBITDA | 122,694 | 88,359 | 49,389 | (27,083) | 233,359 | 37,499 | 270,858 | |||||||
Adjusting items impacting EBITDA: | ||||||||||||||
Transaction related stock compensation | 1,000 | - | - | - | 1,000 | - | 1,000 | |||||||
Gain on sale of a business | (14,619) | - | - | - | (14,619) | - | (14,619) | |||||||
Loss on cost method investment | - | - | - | 2,784 | 2,784 | - | 2,784 | |||||||
Total adjusting items | (13,619) | - | - | 2,784 | (10,835) | - | (10,835) | |||||||
Adjusted EBITDA | $ | 109,075 | $ | 88,359 | $ | 49,389 | $ | (24,299) | $ | 222,524 | $ | 37,499 | $ | 260,023 |
Nine months ended September 30, 2020 | ||||||||||||||
Net income (loss) | $ | (3,650) | $ | (42,543) | $ | 12,828 | $ | 1,277 | $ | (32,088) | $ | 3,224 | $ | (28,864) |
Interest expense (income) | 16,624 | 5,908 | 4,535 | (1,116) | 25,951 | 12,032 | 37,983 | |||||||
Tax provision (benefit) | - | - | - | (18,628) | (18,628) | 250 | (18,378) | |||||||
Depreciation and amortization | 33,478 | 53,786 | 19,021 | 8,212 | 114,497 | 26,670 | 141,167 | |||||||
EBITDA | 46,452 | 17,151 | 36,384 | (10,255) | 89,732 | 42,176 | 131,908 | |||||||
Adjusting items impacting EBITDA: | ||||||||||||||
Transaction related stock compensation | 3,260 | - | - | - | 3,260 | - | 3,260 | |||||||
Severance costs | - | - | - | 5,563 | 5,563 | - | 5,563 | |||||||
Total adjusting items | 3,260 | - | - | 5,563 | 8,823 | - | 8,823 | |||||||
Adjusted EBITDA | $ | 49,712 | $ | 17,151 | $ | 36,384 | $ | (4,692) | $ | 98,555 | $ | 42,176 | $ | 140,731 |
Three Months Ended, |
Twelve months ended September 30, 2021
| |||||||||
(in thousands) | December 31, 2020 | March 31, 2021 | June 30, 2021 | September 30, 2021 | ||||||
Net income (loss) from continuing operations | $ | 15,917 | $ | 9,755 | $ | 44,024 | $ | 12,290 | $ | 81,986 |
Interest expense (income) | 7,833 | 9,989 | 10,060 | 8,799 | 36,681 | |||||
Tax provision (benefit) | 7,718 | 4,361 | 9,677 | 4,027 | 25,783 | |||||
Depreciation and amortization | 38,568 | 38,617 | 38,949 | 42,811 | 158,945 | |||||
EBITDA | 70,036 | 62,722 | 102,710 | 67,927 | 303,395 | |||||
Adjusting items impacting EBITDA: | ||||||||||
Transaction related stock compensation | 946 | 483 | 274 | 243 | 1,946 | |||||
Gain on sale of a business | - | - | - | (14,619) | (14,619) | |||||
Loss from cost method investment | - | - | - | 2,784 | 2,784 | |||||
Severance costs | 528 | - | - | - | 528 | |||||
Total adjusting items | 1,474 | 483 | 274 | (11,592) | (9,361) | |||||
Adjusted EBITDA | $ | 71,510 | $ | 63,205 | $ | 102,984 | $ | 56,335 | $ | 294,034 |
Three Months Ended, |
Twelve months ended September 30, 2020
| |||||||||
December 31, 2019 | March 31, 2020 | June 30, 2020 | September 30, 2020 | |||||||
Net income (loss) from continuing operations | $ | 1,206 | $ | (44,166) | $ | 10,290 | $ | 1,788 | $ | (30,882) |
Interest expense (income) | 9,663 | 11,104 | 7,994 | 6,853 | 35,614 | |||||
Tax provision (benefit) | 13,593 | (9,416) | (5,064) | (4,148) | (5,035) | |||||
Depreciation and amortization | 39,025 | 37,982 | 38,128 | 38,387 | 153,522 | |||||
EBITDA | 63,487 | (4,496) | 51,348 | 42,880 | 153,219 | |||||
Adjusting items impacting EBITDA: | ||||||||||
Transaction related stock compensation | 1,998 | 1,331 | 1,017 | 912 | 5,258 | |||||
Acquisition costs | 2,158 | - | - | - | 2,158 | |||||
Asset impairments including equity method investments | 43,097 | - | - | - | 43,097 | |||||
Loss from remeasurement of equity method investment | (36,287) | - | - | - | (36,287) | |||||
Gain on sales of assets | (8,646) | - | - | - | (8,646) | |||||
Severance costs | - | - | 2,341 | 3,222 | 5,563 | |||||
Total adjusting items | 2,320 | 1,331 | 3,358 | 4,134 | 11,143 | |||||
Adjusted EBITDA | $ | 65,807 | $ | (3,165) | $ | 54,706 | $ | 47,014 | $ | 164,362 |
Three months ended September 30, | Nine months ended September 30, | |||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||
Cash provided by (used in) operating activities | $ | 364,561 | $ | 50,280 | $ | 119,067 | $ | 195,791 |
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (31,564) | 7,229 | (89,902) | (1,952) | ||||
Inventories | (123,641) | (136,689) | 266,865 | 400,262 | ||||
Commodity derivatives | 91,950 | (17,554) | (158,741) | (2,574) | ||||
Other assets | (38,925) | (9,559) | (3,357) | (34,343) | ||||
Payables and other accrued expenses | 506,224 | 152,202 | (10,659) | (329,422) | ||||
Total changes in operating assets and liabilities | 404,044 | (4,371) | 4,206 | 31,971 | ||||
Adjusting items impacting cash from operations before working capital changes: | ||||||||
Changes in CARES Act tax refund receivable | - | (1,870) | 27,697 | (37,564) | ||||
Changes in deferred income taxes as a result of the Rail leasing sale | 95,097 | - | 95,097 | - | ||||
Cash from operations before working capital changes | $ | 55,614 | $ | 52,781 | $ | 237,655 | $ | 126,256 |
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The Andersons Inc. published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 20:34:05 UTC.