Exhibit 99.1

NEWS RELEASE

The Andersons, Inc. Reports Strong Fourth Quarter Results; Record Full Year Earnings

MAUMEE, OHIO, February 14, 2023 - The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2022.

Fourth Quarter Highlights:

•Company reported net income from continuing operations attributable to The Andersons of $15 million, or $0.44 per diluted share, and adjusted net income from continuing operations of $34 million, or $0.98 per diluted share

•EBITDA from continuing operations was $79 million for the quarter, and adjusted EBITDA from continuing operations was $104 million

•Trade reported pretax income of $27 million and record adjusted pretax income of $52 million, driven by strong elevation margins and merchandising

•Renewables reported pretax income of $19 million and pretax income attributable to the company of $13 million on solid plant performance and good merchandising

"We finished the year with strong fourth quarter results, particularly in our Trade segment. Our merchandising teams and grain assets had outstanding results from improving basis after harvest, sales into destinations experiencing crop deficits, storage income and rising propane values. With another record quarter, our Trade business is positioned to execute well in these favorable markets with continuing strong ag fundamentals," said President and CEO Pat Bowe.

"We enjoyed very good results in renewable fuels on solid renewable feedstock values but didn't experience the outsized ethanol margins that occurred in the fourth quarter of 2021 due to supply chain disruptions. The ethanol crush margin outlook is currently challenged but we expect this to improve with seasonal maintenance shutdowns and increased driving demand," added Bowe. "Our Plant Nutrient segment had mixed results with good fall applications and farmer engagement on specialty liquids but more limited early orders of granular fertilizer as buyers are waiting for declining prices to stabilize. With strong farm income, this sets us up well for a higher volume spring planting season although likely at more normalized margins. Our growth project pipeline remains robust, and we expect to close several transactions and continue making growth investments in 2023."

$ in millions, except per share amounts
			Q4 2022			Q4 2021			Variance			YTD 2022			YTD 2021			Variance
Pretax Income from Continuing Operations			$	31		$	77		$	(46)		$	195		$	161		$	34
Pretax Income from Continuing Operations Attributable to the Company1			25			44			(19)			159			129			30
Adjusted Pretax Income (Loss) from Continuing Operations Attributable to the Company1			50			53			(3)			184			127			57
Trade1			52			27			25			121			83			38
Renewables1			13			27			(14)			72			49			23
Plant Nutrient			2			16			(14)			39			43			(4)
Other1			(16)			(17)			1			(48)			(48)			—
Net Income from Continuing Operations Attributable to the Company			15			33			(18)			119			100			19
Adjusted Net Income from Continuing Operations Attributable to the Company1			34			39			(5)			139			98			41
Diluted Earnings Per Share from Continuing Operations (EPS)			0.44			0.95			(0.51)			3.46			2.94			0.52
Adjusted Diluted Earnings Per Share from Continuing Operations1			0.98			1.14			(0.16)			4.05			2.89			1.16
EBITDA from Continuing Operations1			79			122			(43)			386			355			31
Adjusted EBITDA from Continuing Operations1			$	104		$	130		$	(26)		$	412		$	353		$	59

1 Non-GAAP financial measures; see appendix for explanations and reconciliations.

Cash, Liquidity and Long-Term Debt Management

"Strong operating cash flows continued into the fourth quarter, and we have significantly reduced short term borrowings as much of our grain acquired during harvest include extended payments to producers," said Executive Vice President and CFO Brian Valentine. "We repurchased $5 million in common shares in the quarter. With a strong balance sheet and a long-term debt to EBITDA ratio well below our target of 2.5 times, we are well-positioned to fund good growth projects with appropriate returns."

The company generated $440 million and used $170 million in cash from operating activities for the fourth quarters of 2022 and 2021, respectively, and generated $90 million and $84 million in cash from operations before working capital changes for the same periods, respectively.

Fourth Quarter Segment Overview

Trade Posts Record Fourth Quarter Driven by Grain Assets and Merchandising Performance

Trade recorded pretax income of $27 million and adjusted pretax income of $52 million for the quarter, 50% more than pretax income of $18 million and nearly double adjusted pretax income of $27 million in the fourth quarter of the prior year.

Strong elevation margins in core grain assets and merchandising drove the significant improvement. The quarter over quarter increase reflects rising basis values, storage income, and healthy margins on shipments into grain deficit destinations. Our international merchandising business also continued to perform well in the fourth quarter.

Ag supply chain opportunities are expected to remain very strong in 2023. Continued worldwide demand coupled with supply uncertainty due to the ongoing war in Ukraine and potential weather impacts in global grain production regions, continues to keep commodity prices relatively high and provide ongoing merchandising opportunities.

An adjustment was made for an asset impairment charge of $9 million due to a reorganization of western US grain assets. Earnings were also adjusted for a $16 million charge for insured inventory that was damaged in a late December fire.

Trade’s fourth quarter adjusted EBITDA was $72 million, which is 71% higher than fourth quarter 2021 adjusted EBITDA of $42 million. Full year adjusted EBITDA increased from $151 million in 2021 to a record $199 million in 2022, primarily as a result of improved elevation margins and outstanding merchandising results.

Renewables Posts Another Good Quarter

The Renewables segment reported pretax income of $19 million and pretax income attributable to the company of $13 million in the fourth quarter compared to record pretax income of $59 million and pretax income attributable to the company of $27 million in the same period of the prior year. Ethanol board crush margins for the 2022 fourth quarter were down over $0.90/gallon from the very strong fourth quarter of 2021. Renewable diesel feedstock merchandising results improved with the volume merchandised more than double the fourth quarter of 2021.

Sales volumes for ethanol, corn oil, and feed ingredients were up, driven by higher production and additional third-party sales from the merchandising business. Spot ethanol crush margins have declined into 2023 and are expected to seasonally move upward with driving demand. Corn oil demand is expected to remain high and merchandising of low-carbon-intensive renewable feedstocks should remain strong as additional renewable diesel facilities begin operations driving significant growth.

Renewables recorded EBITDA of $36 million in the fourth quarter of 2022, compared to 2021 fourth quarter EBITDA of $78 million. For the full year, Renewables recorded EBITDA of $180 million in 2022, an increase of $14 million from 2021.

Plant Nutrient Declines from Record Prior Year on Lower Demand and Falling Prices

Plant Nutrient recorded pretax income of $2 million in the fourth quarter compared to record pretax income of $16 million in the same period of 2021. Falling fertilizer prices have likely shifted some demand from the fourth quarter of 2022 into 2023 as buyers wait for prices to moderate. Strong farmer income and lower prices are expected to drive higher volumes of agricultural fertilizers in the spring season, albeit at more normalized margins.

Plant Nutrient’s current quarter EBITDA was $11 million compared to 2021 fourth quarter EBITDA of $24 million. For the full year, Plant Nutrient recorded EBITDA of $73 million in 2022, comparable to the prior year.

Conference Call

The company will host a webcast on Wednesday, February 15, 2023, at 11 a.m. EST, to discuss its performance and provide its outlook for 2023. To access the call, please dial 888-317-6003 or 412-317-6061 (international toll) and use elite entry number 7095205. 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/OlgR2D825A0 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, the ongoing economic impacts from the war in Ukraine, 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) 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) per share 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-GAAP measures may be found within this press release and the financial tables provided herein.

Company Description

The Andersons, Inc., having been named one of America's Greatest Workplaces for Diversity 2023 by Newsweek®, 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 December 31,												Twelve months ended December 31,
(in thousands, except per share data)			2022						2021						2022						2021
Sales and merchandising revenues			$	4,677,488					$	3,782,702					$	17,325,384					$	12,612,050
Cost of sales and merchandising revenues			4,507,465						3,588,688						16,641,220						12,019,353
Gross profit			170,023						194,014						684,164						592,697
Operating, administrative and general expenses			136,471						119,240						466,556						432,073
Interest expense, net			14,087						8,444						56,849						37,292
Other income, net			11,638						10,306						33,823						37,438
Income before income taxes from continuing operations			31,103						76,636						194,582						160,770
Income tax provision from continuing operations			9,933						11,163						39,628						29,228
Net income from continuing operations			21,170						65,473						154,954						131,542
Income (loss) from discontinued operations, net of income taxes			(6,074)						(3,129)						12,025						4,324
Net income			15,096						62,344						166,979						135,866
Net income attributable to the noncontrolling interest			6,072						32,702						35,899						31,880
Net income attributable to The Andersons, Inc.			$	9,024					$	29,642					$	131,080					$	103,986
Earnings (loss) per share attributable to The Andersons, Inc. common shareholders:
Basic earnings (loss):
Continuing operations			$	0.45					$	0.98					$	3.53					$	2.99
Discontinued operations			(0.18)						(0.09)						0.36						0.13
			$	0.27					$	0.89					$	3.89					$	3.12
Diluted earnings (loss):
Continuing operations			$	0.44					$	0.95					$	3.46					$	2.94
Discontinued operations			(0.18)						(0.09)						0.35						0.13
			$	0.26					$	0.86					$	3.81					$	3.07

The Andersons, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)			December 31, 2022						December 31, 2021
Assets
Current assets:
Cash and cash equivalents			$	115,269					$	216,444
Accounts receivable, net			1,248,878						835,180
Inventories			1,731,725						1,814,538
Commodity derivative assets – current			295,588						410,813
Current assets held-for-sale			2,871						20,885
Other current assets			71,622						74,468
Total current assets			3,465,953						3,372,328
Other assets:
Goodwill			129,342						129,342
Other intangible assets, net			100,907						117,137
Right of use assets, net			61,890						52,146
Other assets held-for-sale			—						43,169
Other assets, net			87,175						69,068
Total other assets			379,314						410,862
Property, plant and equipment, net			762,729						786,029
Total assets			$	4,607,996					$	4,569,219
Liabilities and equity
Current liabilities:
Short-term debt			$	272,575					$	501,792
Trade and other payables			1,423,633						1,199,324
Customer prepayments and deferred revenue			370,524						358,119
Commodity derivative liabilities – current			98,519						128,911
Current maturities of long-term debt			110,155						32,256
Current liabilities held-for-sale			—						13,379
Accrued expenses and other current liabilities			245,916						230,148
Total current liabilities			2,521,322						2,463,929
Long-term lease liabilities			37,147						31,322
Long-term debt, less current maturities			492,518						600,487
Deferred income taxes			64,080						71,127
Other long-term liabilities held-for-sale			—						16,119
Other long-term liabilities			63,160						78,531
Total liabilities			3,178,227						3,261,515
Total equity			1,429,769						1,307,704
Total liabilities and equity			$	4,607,996					$	4,569,219

The Andersons, Inc.

Consolidated Statements of Cash Flows

(unaudited)

			Three months ended December 31,												Twelve months ended December 31,
(in thousands)			2022						2021						2022						2021
Operating Activities
Net income from continuing operations			$	21,170					$	65,473					$	154,954					$	131,542
Income from discontinued operations, net of income taxes			(6,074)						(3,129)						12,025						4,324
Net income			15,096						62,344						166,979						135,866
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Depreciation and amortization			33,476						36,797						134,742						178,934
Bad debt expense, net			973						2,419						6,001						237
Equity in losses (earnings) of affiliates, net of dividends			74						(2,453)						5,671						(4,842)
Loss (gain) on sales of assets, net			1,706						321						(7,148)						(6,184)
Stock-based compensation expense			3,495						4,311						11,192						11,038
Deferred federal income tax			810						(10,893)						(20,009)						(104,618)
Gain on sale of business from continuing operations			—						—						—						(14,619)
(Gain) loss on sale of business from discontinued operations			—						—						(27,091)						1,491
Asset impairment			11,818						8,947						11,818						8,947
Damaged inventory			17,328						—						17,328						—
Other			5,495						141						15,550						10,545
Changes in operating assets and liabilities:
Accounts and notes receivable			(250,537)						(94,100)						(391,403)						(184,002)
Inventories			(179,995)						(794,938)						56,859						(528,073)
Commodity derivatives			170,300						51,553						65,399						(107,188)
Other current and non-current assets			8,936						(113,046)						10,936						(116,403)
Payables and other current and non-current liabilities			601,512						678,480						230,293						667,821
Net cash provided by (used in) operating activities			440,487						(170,117)						287,117						(51,050)
Investing Activities
Acquisition of businesses, net of cash acquired			(20,245)						(11,425)						(20,245)						(11,425)
Purchases of property, plant and equipment and capitalized software			(36,037)						(23,036)						(108,284)						(75,766)
Proceeds from sale of assets			497						509						5,307						4,508
Purchase of investments			—						(250)						(2,105)						(6,243)
Proceeds from sale of business from continuing operations			—						—						5,171						18,130
Proceeds from sale of business from discontinued operations			—						—						56,302						543,102
Purchases of Rail assets			(3,994)						—						(31,458)						(6,039)
Proceeds from sale of Rail assets			—						445						36,706						19,150
Other			3,958						1,482						5,704						1,831
Net cash (used in) provided by investing activities			(55,821)						(32,275)						(52,902)						487,248
Financing Activities
Net receipts (payments) under short-term lines of credit			(382,591)						218,384						(21,273)						(105,895)
Proceeds from issuance of short-term debt			—						—						350,000						608,250
Payments of short-term debt			—						—						(550,000)						(408,250)
Proceeds from issuance of long-term debt			—						16,200						—						203,000
Payments of long-term debt			(7,460)						(45,206)						(30,045)						(530,733)
Contributions from noncontrolling interest owner			2,450						—						4,900						4,655
Distributions to noncontrolling interest owner			(9,980)						—						(44,910)						(25)
Payments of debt issuance costs			(306)						(633)						(8,108)						(2,692)
Dividends paid			(6,347)						(6,243)						(24,609)						(23,746)
Proceeds from exercises of stock options			—						6,667						5,024						6,667
Common stock repurchased			(5,952)						—						(12,721)						—
Other			(33)						12,709						(2,988)						—
Net cash (used in) provided by financing activities			(410,219)						201,878						(334,730)						(248,769)
Effect of exchange rates on cash and cash equivalents			51						84						(660)						(108)
(Decrease) increase in cash and cash equivalents			(25,502)						(430)						(101,175)						187,321
Cash and cash equivalents at beginning of year			140,771						216,874						216,444						29,123
Cash and cash equivalents at end of year			$	115,269					$	216,444					$	115,269					$	216,444

The Andersons, Inc.

Adjusted Net Income Attributable to The Andersons, Inc.

A non-GAAP financial measure

(unaudited)

			Three months ended December 31,												Twelve months ended December 31,
(in thousands, except per share data)			2022						2021						2022						2021
Net income from continuing operations			$	21,170					$	65,473					$	154,954					$	131,542
Net income attributable to noncontrolling interests			6,072						32,702						35,899						31,880
Net income from continuing operations attributable to The Andersons, Inc.			15,098						32,771						119,055						99,662
Adjustments:
Inventory damage			15,993						—						15,993						—
Asset impairment			9,000						8,321						9,000						8,321
Impairment on equity method and cost method investments			—						—						4,455						2,784
Gain on sale of frac sand assets			—						—						(3,762)						—
Transaction related stock compensation			—						274						—						1,274
Gain on sale of a business			—						—						—						(14,619)
Income tax impact of adjustments1			(6,248)						(2,148)						(5,308)						561
Total adjusting items, net of tax			18,745						6,447						20,378						(1,679)
Adjusted net income from continuing operations attributable to The Andersons, Inc.			$	33,843					$	39,218					$	139,433					$	97,983
Diluted earnings per share attributable to The Andersons, Inc. common shareholders from continuing operations			$	0.44					$	0.95					$	3.46					$	2.94
Impact on diluted earnings (loss) per share from continuing operations			$	0.54					$	0.19					$	0.59					$	(0.05)
Adjusted diluted earnings per share attributable to The Andersons, Inc. common shareholders from continuing operations			$	0.98					$	1.14					$	4.05					$	2.89

1 The income tax impact of adjustments is taken at the statutory tax rate of 25% with the exception of the impairment on the equity method investment of $4.5 million for the twelve months ended December 31, 2022, which had no income tax impact.

Adjusted net income (loss) attributable to The Andersons, Inc. from continuing operations reflects reported net income (loss) available to The Andersons, Inc. common shareholders from continuing operations after the removal of specified items described above. Adjusted diluted earnings (loss) from continuing operations 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. from continuing operations and Adjusted diluted earnings (loss) from continuing operations 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 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) from continuing operations per share amount for each specified item.

The Andersons, Inc.

Segment Data

(unaudited)

(in thousands)			Trade						Renewables						Plant Nutrient						Other						Total
Three months ended December 31, 2022
Sales and merchandising revenues			$	3,624,563					$	797,818					$	255,107					$	—					$	4,677,488
Gross profit			113,726						27,239						29,058						—						170,023
Operating, administrative and general expenses			86,725						7,197						25,660						16,889						136,471
Other income (loss), net			10,513						981						313						(169)						11,638
Income (loss) before income taxes from continuing operations			27,232						18,582						1,717						(16,428)						31,103
Income attributable to the noncontrolling interests			—						6,072						—						—						6,072
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	27,232					$	12,510					$	1,717					$	(16,428)					$	25,031
Adjustments to income (loss) before income taxes from continuing operations2			24,993						—						—						—						24,993
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	52,225					$	12,510					$	1,717					$	(16,428)					$	50,024
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, administrative and general expenses			73,891						7,772						22,697						14,880						119,240
Other income (loss), net			9,050						1,152						383						(279)						10,306
Income (loss) before income taxes from continuing operations			18,315						59,206						15,929						(16,814)						76,636
Income attributable to the noncontrolling interests			—						32,702						—						—						32,702
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	18,315					$	26,504					$	15,929					$	(16,814)					$	43,934
Adjustments to income (loss) before income taxes from continuing operations2			8,595						—						—						—						8,595
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	26,910					$	26,504					$	15,929					$	(16,814)					$	52,529

1 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.

2 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.

The Andersons, Inc.

Segment Data (continued)

(unaudited)

(in thousands)			Trade						Renewables						Plant Nutrient						Other						Total
Twelve months ended December 31, 2022
Sales and merchandising revenues			$	13,047,537					$	3,178,539					$	1,099,308					$	—					$	17,325,384
Gross profit			407,707						126,995						149,462						—						684,164
Operating, administrative and general expenses			282,592						30,730						106,003						47,231						466,556
Other income (loss), net			12,661						20,731						3,001						(2,570)						33,823
Income (loss) before income taxes from continuing operations			95,225						108,221						39,162						(48,026)						194,582
Income attributable to the noncontrolling interests			—						35,899						—						—						35,899
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	95,225					$	72,322					$	39,162					$	(48,026)					$	158,683
Adjustments to income (loss) before income taxes from continuing operations2			25,686						—						—						—						25,686
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	120,911					$	72,322					$	39,162					$	(48,026)					$	184,369
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
Operating, administrative and general expenses			259,926						31,019						95,547						45,581						432,073
Other income (loss), net			35,878						3,200						2,128						(3,768)						37,438
Income (loss) before income taxes from continuing operations			87,946						81,205						42,615						(50,996)						160,770
Income attributable to the noncontrolling interests			—						31,880						—						—						31,880
Income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	87,946					$	49,325					$	42,615					$	(50,996)					$	128,890
Adjustments to income (loss) before income taxes from continuing operations2			(5,024)						—						—						2,784						(2,240)
Adjusted income (loss) before income taxes from continuing operations attributable to The Andersons, Inc.1			$	82,922					$	49,325					$	42,615					$	(48,212)					$	126,650

1 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.

2 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.

The Andersons, Inc.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

A non-GAAP financial measure

(unaudited)

			Continuing Operations																														Discontinued Operations						Total Company
(in thousands)			Trade						Renewables						Plant Nutrient						Other						Total						Rail
Three months ended December 31, 2022
Net income (loss)			$	27,232					$	18,582					$	1,717					$	(26,361)					$	21,170					$	(6,074)					$	15,096
Interest expense (income)			10,282						2,441						1,994						(630)						14,087						—						14,087
Tax provision			—						—						—						9,933						9,933						3,943						13,876
Depreciation and amortization			9,054						15,443						6,834						2,145						33,476						—						33,476
EBITDA			46,568						36,466						10,545						(14,913)						78,666						(2,131)						76,535
Adjusting items impacting EBITDA:
Asset impairment			9,000						—						—						—						9,000						—						9,000
Inventory damage			15,993						—						—						—						15,993						—						15,993
Total adjusting items			24,993						—						—						—						24,993						—						24,993
Adjusted EBITDA			$	71,561					$	36,466					$	10,545					$	(14,913)					$	103,659					$	(2,131)					$	101,528
Three months ended December 31, 2021
Net income (loss)			$	18,315					$	59,206					$	15,929					$	(27,977)					$	65,473					$	(3,129)					$	62,344
Interest expense			3,942						1,850						997						1,655						8,444						69						8,513
Tax provision			—						—						—						11,163						11,163						3,759						14,922
Depreciation and amortization			11,018						16,934						6,612						2,233						36,797						—						36,797
EBITDA			33,275						77,990						23,538						(12,926)						121,877						699						122,576
Adjusting items impacting EBITDA:
Transaction related stock compensation			274						—						—						—						274						—						274
Asset impairment			8,321						—						—						—						8,321						—						8,321
Total adjusting items			8,595						—						—						—						8,595						—						8,595
Adjusted EBITDA			$	41,870					$	77,990					$	23,538					$	(12,926)					$	130,472					$	699					$	131,171

The Andersons, Inc.

Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

A non-GAAP financial measure

(unaudited)

			Continuing Operations																														Discontinued Operations						Total Company
(in thousands)			Trade						Renewables						Plant Nutrient						Other						Total						Rail
Twelve months ended December 31, 2022
Net income (loss)			$	95,225					$	108,221					$	39,162					$	(87,654)					$	154,954					$	12,025					$	166,979
Interest expense (income)			42,551						8,775						7,298						(1,775)						56,849						—						56,849
Tax provision			—						—						—						39,628						39,628						13,112						52,740
Depreciation and amortization			35,953						63,458						26,634						8,697						134,742						—						134,742
EBITDA			173,729						180,454						73,094						(41,104)						386,173						25,137						411,310
Adjusting items impacting EBITDA:
Gain on sale of frac sand assets			(3,762)						—						—						—						(3,762)						—						(3,762)
Asset impairment			9,000						—						—						—						9,000						—						9,000
Impairment on equity method and cost method investments			4,455						—						—						—						4,455						—						4,455
Inventory damage			15,993						—						—						—						15,993						—						15,993
Total adjusting items			25,686						—						—						—						25,686						—						25,686
Adjusted EBITDA			$	199,415					$	180,454					$	73,094					$	(41,104)					$	411,859					$	25,137					$	436,996
Twelve months ended December 31, 2021
Net income (loss)			$	87,946					$	81,205					$	42,615					$	(80,224)					$	131,542					$	4,324					$	135,866
Interest expense			23,688						7,602						4,355						1,647						37,292						8,783						46,075
Tax provision			—						—						—						29,228						29,228						3,331						32,559
Depreciation and amortization			44,335						77,542						25,957						9,340						157,174						21,760						178,934
EBITDA			155,969						166,349						72,927						(40,009)						355,236						38,198						393,434
Adjusting items impacting EBITDA:
Transaction related stock compensation			1,274						—						—						—						1,274						—						1,274
Asset impairment			8,321						—						—						—						8,321						—						8,321
Impairment on equity method and cost method investments			—						—						—						2,784						2,784						—						2,784
Gain on sale of a business			(14,619)						—						—						—						(14,619)						—						(14,619)
Total adjusting items			(5,024)						—						—						2,784						(2,240)						—						(2,240)
Adjusted EBITDA			$	150,945					$	166,349					$	72,927					$	(37,225)					$	352,996					$	38,198					$	391,194

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.

Cash from Operations Before Working Capital Changes

A non-GAAP financial measure

(unaudited)

			Three months ended December 31,												Twelve months ended December 31,
(in thousands)			2022						2021						2022						2021
Cash provided by (used in) operating activities			$	440,487					$	(170,117)					$	287,117					$	(51,050)
Changes in operating assets and liabilities
Accounts receivable			(250,537)						(94,100)						(391,403)						(184,002)
Inventories			(179,995)						(794,938)						56,859						(528,073)
Commodity derivatives			170,300						51,553						65,399						(107,188)
Other current and non-current assets			8,936						(113,046)						10,936						(116,403)
Payables and other current and non-current liabilities			601,512						678,480						230,293						667,821
Total changes in operating assets and liabilities			350,216						(272,051)						(27,916)						(267,845)
Adjusting items impacting cash from operations before working capital changes:
Changes in CARES Act tax refund receivable			—						—						—						27,697
Changes in deferred income taxes as a result of the Rail leasing sale			—						(95,097)						—						—
Taxes paid as a result of the Rail leasing sale			—						77,537						—						77,537
Cash from operations before working capital changes			$	90,271					$	84,374					$	315,033					$	322,029

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 current and non-current assets, and payables and other current and non-current liabilities; and adjusted by specific items 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.