
The Andersons, Inc. Reports Fourth Quarter and Full Year Results
MAUMEE, Ohio , /CNW/ -- The Andersons, Inc. (Nasdaq: ANDE) announces financial results for the fourth quarter ended December 31, 2024 .
Financial Highlights:
Full year net income attributable to The Andersons of $114 million , or $3.32 per diluted share, and $117 million , or $3.40 per diluted share, on an adjusted basis
Fourth quarter net income attributable to The Andersons of $45 million , or $1.31 per diluted share, and $47 million , or $1.36 per diluted share, on an adjusted basis
Adjusted EBITDA of $363 million for the year, and $117 million for the fourth quarter
Trade reported record fourth quarter pretax income of $54 million on solid operations
Renewables reported pretax income of $25 million and pretax income attributable to the company of $16 million on efficient plant performance and solid merchandising
Strong balance sheet; healthy cash flows result in a cash balance of $562 million
"Trade had an excellent fourth quarter, with an early harvest, where we were able to accumulate higher-than-normal quality grain at good basis values. We also saw some improved merchandising opportunities and good results in our premium ingredients business. We are integrating Skyland Grain, LLC locations into our trade flows and this report includes two months of results from that recent investment. Renewables also had a very solid quarter but could not duplicate 2023 despite record ethanol production due to lower ethanol prices and co-product values. In Nutrient & Industrial, we had year-over-year improvement led by our manufactured product lines that helped offset soft ag supply chain results due to limited farmer engagement," said President and CEO Bill Krueger . "In these changing ag markets, I'm proud of our team."
"Looking forward, we see continued regulatory and geopolitical uncertainties coupled with potentially challenging agricultural economics. We also see signs of opportunity. We currently expect a significant increase in planted corn acres and continuing strong ethanol exports. Our mix of North American agribusiness and ethanol production assets along with our strength in merchandising, positions us well to withstand downward pressures from these market shifts," added Krueger. "In addition to the recent Skyland Grain investment, we are making progress on several longer-term capital investments that will enhance future results. We also continue to actively pursue growth in the Renewables space, both by lowering the carbon intensity of our ethanol plants as well as evaluating expansion and acquisition opportunities. In December, we announced some changes to improve the alignment of our commercial teams to serve our customers even better, gain operational efficiencies, and continue to drive growth. We are excited about the new Agribusiness and Renewables teams and are working hard to achieve our growth strategy."
$ in millions, except per share amounts
Q4 2024
Q4 2023
Variance
YTD 2024
YTD 2023
Variance
Pretax Income
$ 67.3
$ 91.8
$ (24.5)
$ 200.8
$ 169.6
$ 31.2
Pretax Income Attributable to the Company 1
58.2
64.5
(6.3)
144.1
138.2
5.9
Adjusted Pretax Income (Loss) Attributable to the Company 1
60.6
68.4
(7.8)
146.7
159.1
(12.4)
Trade 1
53.6
47.0
6.6
94.6
83.3
11.3
Renewables 1
16.0
32.7
(16.7)
79.8
97.7
(17.9)
Nutrient & Industrial 1
3.5
2.1
1.4
18.9
25.7
(6.8)
Other 1
(12.5)
(13.4)
0.9
(46.6)
(47.7)
1.1
Net Income Attributable to the Company
45.1
51.2
(6.1)
114.0
101.2
12.8
Adjusted Net Income Attributable to the Company 1
46.9
54.6
(7.7)
116.7
118.3
(1.6)
Diluted Earnings Per Share (EPS)
1.31
1.49
(0.18)
3.32
2.94
0.38
Adjusted EPS 1
1.36
1.59
(0.23)
3.40
3.44
(0.04)
EBITDA 1
113.7
131.2
(17.5)
360.3
341.5
18.8
Adjusted EBITDA 1
$ 116.5
$ 135.1
$ (18.6)
$ 363.4
$ 405.1
$ (41.7)
1 Non-GAAP financial measures; see appendix for explanations and reconciliations.
Cash, Liquidity, and Long-Term Debt Management
"Our businesses continued to generate solid operating cash flows into the fourth quarter. Our cash flows and lower commodity prices resulted in a cash position of more than $560 million at the end of the year. In addition, our debt remains at a modest level, inclusive of debt acquired as part of the Skyland Grain investment," said Executive Vice President and CFO Brian Valentine . "Our long-term debt to adjusted EBITDA ratio of 1.8 times is still well below our stated target of 2.5 times. We were pleased to be able to deploy more capital during the quarter and anticipate increased spending on some of the previously announced growth projects in 2025."
The company generated $269 million and $251 million in cash from operating activities for the fourth quarters of 2024 and 2023, respectively, and generated $100 million and $122 million in cash from operations before working capital changes for the same periods, respectively.
For the full years of 2024 and 2023, the company generated $332 million and $947 million in cash from operating activities, respectively. Cash from operations before working capital changes for the same years was $323 million and $330 million even with the changing ag markets.
Fourth Quarter Segment Overview
Trade Posts Record Fourth Quarter Driven by Solid Operations
Trade recorded pretax income and adjusted pretax income attributable to the company of $54 million for the quarter, compared to pretax income of $44 million and adjusted pretax income of $47 million in the fourth quarter of the prior year.
Solid elevation margins and space income in core grain assets on an early and robust harvest drove results. The merchandising businesses realized improvements over the prior year, despite limited volatility in the grain markets. The premium ingredients business had another consistent and profitable quarter.
The portfolio mix of assets, ingredients, and merchandising businesses provides a solid foundation to benefit from large crops and carry markets, as well as tight, demand-driven markets. With a lower-than-expected corn carryout at the end of the year, an inverse has returned to the corn markets, which could result in an increase in corn acres planted and increased volatility in 2025. Domestic premium ingredient demand is also expected to stay solid and should continue to support recent capital growth investments.
Trade's fourth quarter adjusted EBITDA was $76 million , compared to fourth quarter 2023 adjusted EBITDA of $62 million . For the full year, adjusted EBITDA was $161 million in 2024, compared to $155 million in 2023.
Renewables Reports Solid Quarter on Efficient Operations
The Renewables segment reported pretax income of $25 million and pretax income attributable to the company of $16 million in the fourth quarter compared to pretax income of $60 million and pretax income attributable to the company of $33 million in the fourth quarter of 2023.
Fourth quarter results were down from a prior year record, as ethanol board crush margins were down $0.16 /gallon and co-product values traded lower on reduced corn prices and weaker corn oil values. Partially offsetting these headwinds, the four ethanol plants continued to run efficiently, with record fourth quarter production, and reduced input cost, including lower corn basis of $0.09 /gallon year-over-year. Third-party ethanol merchandising also saw improved profitability in 2024.
While spot ethanol crush margins are generally seasonally soft in the first quarter, a portion of first quarter volumes have been hedged at favorable levels. While there remains regulatory uncertainty, elevated export demand, upcoming planned maintenance in the industry, and the spring driving rebound should all support improved plant economics. Co-product values may also see improvement as there has been a recent rebound in corn values.
Renewables recorded EBITDA of $40 million in the fourth quarter of 2024, compared to 2023 fourth quarter EBITDA of $73 million . For the full year, adjusted EBITDA was $189 million in 2024, compared to $230 million 2023.
Nutrient & Industrial Shows Improvement on Prior Year
Nutrient & Industrial recorded pretax income and pretax income attributable to the company of $3 million in the fourth quarter, an improvement from the prior year. The increased results are primarily due to improvements in manufactured products and one-time prior year expenses that did not repeat. Core agriculture product lines were down year-over-year on softer industry fundamentals. With high yields during harvest pulling more nutrients from the soil and an expected increase in corn acres planted, there may be an opportunity for increased volume in 2025.
Nutrient & Industrial's current quarter EBITDA was $13 million , compared to adjusted EBITDA of $11 million in 2023. For the full year, Nutrient & Industrial recorded EBITDA of $57 million in 2024, compared to adjusted EBITDA of $62 million in 2023.
Income Taxes
The company recorded income tax expense at an effective rate of 20% for the fourth quarter and 15% for the year. This rate was impacted by the tax treatment of noncontrolling interests and federal tax credits; a significant portion are biofuel tax credits related to the production of cellulosic ethanol.
Conference Call
The company will host a webcast on Wednesday, February 19, 2025 , at 8:30 a.m. ET , to discuss its performance and provide its outlook for 2025. To access the call, please dial 888-317-6003 or 412-317-6061 (international toll) and use elite entry number: 3381023. 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/k56MoWjneK8 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, geopolitical risk, 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) attributable to the company; adjusted pretax income (loss) attributable to the company; adjusted pretax income (loss); adjusted net income attributable to the company; adjusted diluted earnings per share; earnings before interest, taxes, depreciation, and amortization (or EBITDA); adjusted EBITDA; 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 pretax income (loss) or income (loss) before income taxes, net income (loss), diluted earnings (loss) per share attributable to The Andersons, Inc. common shareholders 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., named in 2024 as one of The Americas' Fastest Growing Companies by the Financial Times and one of America's Climate Leaders by USA Today, is a diversified company rooted in agriculture that conducts business in the agribusiness and renewables 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.
The Andersons, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
December 31, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$ 561,771
$ 643,854
Accounts receivable, net
764,550
762,549
Inventories
1,286,811
1,166,700
Commodity derivative assets – current
148,801
178,083
Other current assets
88,344
55,777
Total current assets
2,850,277
2,806,963
Other assets:
Goodwill
127,856
127,856
Other intangible assets, net
69,345
85,579
Right of use assets, net
104,630
54,234
Other assets, net
101,055
87,010
Total other assets
402,886
354,679
Property, plant and equipment, net
868,151
693,365
Total assets
$ 4,121,314
$ 3,855,007
Liabilities and equity
Current liabilities:
Short-term debt
$ 166,614
$ 43,106
Trade and other payables
1,047,436
1,055,473
Customer prepayments and deferred revenue
194,025
187,054
Commodity derivative liabilities – current
59,766
90,849
Current maturities of long-term debt
36,139
27,561
Accrued expenses and other current liabilities
227,192
232,288
Total current liabilities
1,731,172
1,636,331
Long-term lease liabilities
65,312
31,659
Long-term debt, less current maturities
608,151
562,960
Deferred income taxes
55,005
58,581
Other long-term liabilities
61,838
49,089
Total liabilities
2,521,478
2,338,620
Total equity
1,599,836
1,516,387
Total liabilities and equity
$ 4,121,314
$ 3,855,007
The Andersons, Inc.
Consolidated Statements of Cash Flows
(unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
(in thousands)
2024
2023
2024
2023
Operating Activities
Net income
$ 54,104
$ 78,437
$ 170,700
$ 132,529
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
36,178
31,306
127,804
125,106
Bad debt expense, net
6,138
5,438
17,637
11,519
Stock-based compensation expense
3,611
3,493
13,629
12,857
Asset impairment
—
—
—
87,156
Deferred federal income tax
(1,997)
6,696
(2,911)
(1,596)
Other
1,862
(10,535)
(3,595)
(16,341)
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed:
Accounts and notes receivable
32,279
62,705
35,777
468,968
Inventories
(191,041)
(175,883)
87,906
572,235
Commodity derivatives
(34,322)
12,027
15,005
111,506
Other current and non-current assets
31,326
4,481
(28,050)
6,529
Payables and other current and non-current liabilities
330,673
232,498
(102,396)
(563,718)
Net cash provided by operating activities
268,811
250,663
331,506
946,750
Investing Activities
Acquisition of businesses, net of cash acquired
(19,611)
(313)
(29,172)
(24,698)
Purchases of property, plant and equipment and capitalized software
(55,957)
(41,725)
(149,187)
(150,443)
Property insurance proceeds
2,918
4,999
12,137
7,499
Proceeds from sale of business
—
—
—
10,318
Proceeds from sale of Rail assets
—
—
—
2,871
Other
168
423
3,148
574
Net cash used in investing activities
(72,482)
(36,616)
(163,074)
(153,879)
Financing Activities
Net (payments) receipts under short-term lines of credit
(64,897)
27,456
(91,951)
(233,696)
Proceeds from issuance of long-term debt
67,000
—
67,000
100,000
Payments of long-term debt
(62,940)
(6,886)
(83,589)
(49,620)
Distributions to noncontrolling interest owner
(14,970)
(2,114)
(102,295)
(46,418)
Dividends paid
(6,807)
(6,602)
(26,273)
(25,373)
Common stock repurchased
(2,295)
—
(2,295)
(1,747)
Payments of debt issuance costs
(2,851)
—
(2,851)
—
Value of shares withheld for taxes
(4)
(3)
(8,105)
(6,630)
Other
—
2
—
(509)
Net cash provided by (used in) financing activities
(87,764)
11,853
(250,359)
(263,993)
Effect of exchange rates on cash and cash equivalents
(859)
(101)
(156)
(293)
Increase (decrease) in Cash and cash equivalents
107,706
225,799
(82,083)
528,585
Cash and cash equivalents at the beginning of the period
454,065
418,055
643,854
115,269
Cash and cash equivalents at the end of the period
$ 561,771
$ 643,854
$ 561,771
$ 643,854
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)
2024
2023
2024
2023
Net income
$ 54,104
$ 78,437
$ 170,700
$ 132,529
Net income attributable to noncontrolling interests
9,014
27,251
56,688
31,339
Net income attributable to The Andersons, Inc.
45,090
51,186
114,012
101,190
Adjustments:
Transaction related compensation
2,536
3,212
11,104
7,818
Insurance recoveries
(4,446)
—
(9,650)
(16,080)
Gain on deconsolidation of joint venture
—
—
(3,117)
(6,544)
Acquisition costs
2,738
—
2,738
—
(Gain) loss on cost method investment
1,535
—
1,535
(4,798)
Asset impairment
—
—
—
45,413
Gain on sale of assets
—
—
—
(5,643)
Goodwill impairment
—
686
—
686
Income tax impact of adjustments 1
(590)
(520)
42
(3,775)
Total adjusting items, net of tax
1,773
3,378
2,652
17,077
Adjusted net income attributable to The Andersons, Inc.
$ 46,863
$ 54,564
$ 116,664
$ 118,267
Diluted earnings per share attributable to The Andersons, Inc. common shareholders
$ 1.31
$ 1.49
$ 3.32
$ 2.94
Impact on diluted earnings per share
$ 0.05
$ 0.10
$ 0.08
$ 0.50
Adjusted diluted earnings per share attributable to The Andersons, Inc. common shareholders
$ 1.36
$ 1.59
$ 3.40
$ 3.44
1
The income tax impact of adjustments is taken at the blended federal, state, and local tax rate of 25% with the exception of certain transaction related compensation, certain acquisition costs, and goodwill impairments in both 2024 and 2023, respectively.
Adjusted net income (loss) attributable to The Andersons, Inc. reflects reported net income (loss) available to The Andersons, Inc. common shareholders after the removal of specified items described above. Adjusted diluted earnings (loss) 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. and Adjusted diluted earnings (loss) 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) per share amount for each specified item.
The Andersons, Inc.
Segment Data
(unaudited)
(in thousands)
Trade
Renewables
Nutrient &
Industrial
Other
Total
Three months ended December 31, 2024
Sales and merchandising revenues
$ 2,222,762
$ 713,958
$ 186,418
$ —
$ 3,123,138
Gross profit
146,976
35,479
30,655
—
213,110
Operating, administrative and general expenses
95,504
10,901
27,811
12,938
147,154
Other income (loss), net
10,441
992
1,564
(1,437)
11,560
Income (loss) before income taxes
53,818
24,921
2,551
(14,040)
67,250
Income (loss) attributable to noncontrolling interests
1,018
8,941
(945)
—
9,014
Income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 52,800
$ 15,980
$ 3,496
$ (14,040)
$ 58,236
Adjustments to income (loss) before income taxes 2
828
—
—
1,535
2,363
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 53,628
$ 15,980
$ 3,496
$ (12,505)
$ 60,599
Three months ended December 31, 2023
Sales and merchandising revenues
$ 2,212,434
$ 795,236
$ 205,330
$ —
$ 3,213,000
Gross profit
126,064
65,257
26,393
—
217,714
Operating, administrative and general expenses
88,097
7,933
24,091
12,591
132,712
Other income (loss), net
11,839
3,401
439
(819)
14,860
Income (loss) before income taxes
43,807
59,988
1,374
(13,408)
91,761
Income attributable to noncontrolling interests
—
27,251
—
—
27,251
Income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 43,807
$ 32,737
$ 1,374
$ (13,408)
$ 64,510
Adjustments to income (loss) before income taxes 2
3,212
—
686
—
3,898
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 47,019
$ 32,737
$ 2,060
$ (13,408)
$ 68,408
1
Income (loss) 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) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $0.5 million difference in acquisition costs in the Trade segment for the three months ended December 31, 2024.
The Andersons, Inc.
(unaudited)
(in thousands)
Trade
Renewables
Nutrient &
Industrial
Other
Total
Twelve months ended December 31, 2024
Sales and merchandising revenues
$ 7,622,077
$ 2,802,330
$ 833,141
$ —
$ 11,257,548
Gross profit
403,682
169,151
121,093
—
693,926
Operating, administrative and general expenses
316,390
35,493
103,238
48,499
503,620
Other income (loss), net
28,728
8,678
6,444
(1,639)
42,211
Income (loss) before income taxes
91,433
139,495
17,988
(48,159)
200,757
Income (loss) attributable to noncontrolling interests
1,018
56,615
(945)
—
56,688
Income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 90,415
$ 82,880
$ 18,933
$ (48,159)
$ 144,069
Adjustments to income (loss) before income taxes 2
4,192
(3,117)
—
1,535
2,610
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 94,607
$ 79,763
$ 18,933
$ (46,624)
$ 146,679
Twelve months ended December 31, 2023
Sales and merchandising revenues
$ 10,426,083
$ 3,380,632
$ 943,397
$ —
$ 14,750,112
Gross profit
409,950
202,397
133,016
—
745,363
Operating, administrative and general expenses
308,470
32,737
103,342
47,711
492,260
Other income, net
29,988
15,056
2,391
3,048
50,483
Income (loss) before income taxes
96,234
91,175
25,049
(42,895)
169,563
Income attributable to noncontrolling interests
—
31,339
—
—
31,339
Income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 96,234
$ 59,836
$ 25,049
$ (42,895)
$ 138,224
Adjustments to income (loss) before income taxes 2
(12,942)
37,906
686
(4,798)
20,852
Adjusted income (loss) before income taxes attributable to The Andersons, Inc. 1
$ 83,292
$ 97,742
$ 25,735
$ (47,693)
$ 159,076
1
Income (loss) 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) before income taxes can be found in the Reconciliation to EBITDA and Adjusted EBITDA table. All adjustments are consistent with the EBITDA reconciliation with the exception of items where a portion of the expense is attributable to the noncontrolling interest and is represented in Income attributable to the noncontrolling interest within the reconciliation above. These adjustments include a $0.5 million difference in acquisition costs in the Trade segment for the year ended December 31, 2024, and a $42.7 million difference in asset impairment expense in the Renewables segment for the year ended December 31, 2023.
(in thousands)
Trade
Renewables
Nutrient &
Industrial
Other
Total
Three months ended December 31, 2024
Net income (loss)
$ 53,818
$ 24,921
$ 2,551
$ (27,186)
$ 54,104
Interest expense (income)
8,095
649
1,857
(335)
10,266
Tax provision
—
—
—
13,146
13,146
Depreciation and amortization
12,559
14,079
8,585
955
36,178
EBITDA
74,472
39,649
12,993
(13,420)
113,694
Adjusting items impacting EBITDA:
Acquisition costs
3,193
—
—
—
3,193
Transaction related compensation
2,536
—
—
—
2,536
Insurance recoveries
(4,446)
—
—
—
(4,446)
Loss on cost method investment
—
—
—
1,535
1,535
Total adjusting items
1,283
—
—
1,535
2,818
Adjusted EBITDA
$ 75,755
$ 39,649
$ 12,993
$ (11,885)
$ 116,512
Three months ended December 31, 2023
Net income (loss)
$ 43,807
$ 59,988
$ 1,374
$ (26,732)
$ 78,437
Interest expense (income)
5,999
737
1,367
(2)
8,101
Tax provision
—
—
—
13,324
13,324
Depreciation and amortization
9,450
12,184
7,750
1,922
31,306
EBITDA
59,256
72,909
10,491
(11,488)
131,168
Adjusting items impacting EBITDA:
Transaction related compensation
3,212
—
—
—
3,212
Goodwill impairment
—
—
686
—
686
Total adjusting items
3,212
—
686
—
3,898
Adjusted EBITDA
$ 62,468
$ 72,909
$ 11,177
$ (11,488)
$ 135,066
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.
(in thousands)
Trade
Renewables
Nutrient &
Industrial
Other
Total
Twelve months ended December 31, 2024
Net income (loss)
$ 91,433
$ 139,495
$ 17,988
$ (78,216)
$ 170,700
Interest expense (income)
24,587
2,841
6,311
(1,979)
31,760
Tax provision
—
—
—
30,057
30,057
Depreciation and amortization
40,505
49,705
32,488
5,106
127,804
EBITDA
156,525
192,041
56,787
(45,032)
360,321
Adjusting items impacting EBITDA:
Transaction related compensation
11,104
—
—
—
11,104
Insurance recoveries
(9,650)
—
—
—
(9,650)
Acquisition costs
3,193
—
—
—
3,193
Gain on deconsolidation of joint venture
—
(3,117)
—
—
(3,117)
Loss on cost method investment
—
—
—
1,535
1,535
Total adjusting items
4,647
(3,117)
—
1,535
3,065
Adjusted EBITDA
$ 161,172
$ 188,924
$ 56,787
$ (43,497)
$ 363,386
Twelve months ended December 31, 2023
Net income (loss)
$ 96,234
$ 91,175
$ 25,049
$ (79,929)
$ 132,529
Interest expense (income)
35,234
6,385
7,016
(1,768)
46,867
Tax provision
—
—
—
37,034
37,034
Depreciation and amortization
36,109
51,408
29,268
8,321
125,106
EBITDA
167,577
148,968
61,333
(36,342)
341,536
Adjusting items impacting EBITDA:
Insurance recoveries
(16,080)
—
—
—
(16,080)
Gain on sale of assets
(5,643)
—
—
—
(5,643)
Transaction related compensation
7,818
—
—
—
7,818
Asset impairment including equity method investments
963
87,156
—
—
88,119
Gain on deconsolidation of joint venture
—
(6,544)
—
—
(6,544)
Goodwill impairment
—
—
686
—
686
Gain on cost method investment
—
—
—
(4,798)
(4,798)
Total adjusting items
(12,942)
80,612
686
(4,798)
63,558
Adjusted EBITDA
$ 154,635
$ 229,580
$ 62,019
$ (41,140)
$ 405,094
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.
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.
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In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". In preparing the Forward-Looking Information in this news release, Perpetua Resources has applied several material assumptions, including, but not limited to, assumptions that the EXIM application will be reviewed and approved within the expected timeframe at the amount equal to or higher than the amount indicated in the LOI; that the Company will be able to satisfy the conditions to obtain a funding commitment from EXIM and to receive committed funds when needed; the ongoing royalty financing negotiations will proceed in a timely manner and result in a binding agreement on the terms anticipated; that the Company will be able to satisfy financial assurance requirements applicable under applicable federal and state law; that the Company's proposed financing package will be sufficient to finance permitting, pre-construction and construction of the Project or that the company will be able to secure alternate financing if necessary; that the current exploration, development, environmental and other objectives concerning the Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner and that permitting and operations costs will not materially increase; and that we will be able to discharge our liabilities as they become due and continue as a going concern. Forward-Looking Information are based on certain material assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among other things, risks related to delays in the EXIM application review process; any approved amount of EXIM financing may not be sufficient to commence construction of the Project; the terms of the guarantee agreement and related surety agreements may not be sufficient to satisfy financial assurance requirements applicable under applicable federal and state law; risks related to unforeseen delays in the review and permitting process, including as a result of legal challenges to the ROD or other permits; risks related to opposition to the Project; risks related to increased or unexpected costs in operations or the permitting process; risks that necessary financing will be unavailable when needed on acceptable terms, or at all, as well as those factors discussed in Perpetua Resources' public filings with the SEC and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business and liquidity, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, which are available at and with the Canadian securities regulators, which are available at Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Perpetua Resources Corp.


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A preliminary prospectus supplement relating to and describing the terms of the Offering will be filed with the SEC and will be available on the SEC's website at Copies of the preliminary prospectus supplement and accompanying prospectus, as well as copies of the final prospectus supplement, once available, may be obtained upon request by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, or by email at [email protected]. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. About Hycroft Mining Holding Corporation Hycroft Mining Holding Corporation is a US-based gold and silver company developing the Hycroft Mine, among the world's largest precious metals deposits located in northern Nevada, a Tier-One mining jurisdiction. After a long history of oxide heap leaching operations, the Company is focused on completing the technical studies to transition the Hycroft Mine into the next phase of commercial operations for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to further expand the newly discovered high-grade dominant silver systems and unlock the full potential of this worldclass asset, including oxide leaching potential at Manganese. For further information, please contact: [email protected] Cautionary Note Regarding Forward-Looking Statements This news release contains "forward-looking statements" within the meaning of Section 27A of the United States Securities Act of 1933, as amended, Section 21E of the United States Securities Exchange Act of 1934, as amended, or the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein and public statements by our officers or representatives, that address activities, events or developments that our management expects or anticipates will or may occur in the future, are forward- looking statements, including but not limited to such things as future business strategy, plans and goals, competitive strengths and expansion and growth of our business. The words "estimate", "plan", "anticipate", "expect", "intend", "believe" "target", "budget", "may", "can", "will", "would", "could", "should", "seeks", or "scheduled to" and similar words or expressions, or negatives of these terms or other variations of these terms or comparable language or any discussion of strategy or intention identify forward-looking statements. Forward-looking statements address activities, events, or developments that the Company expects or anticipates will or may occur in the future and are based on current expectations and assumptions. Forward-looking statements in this news release relate to, among other things, the completion of the Offering and the terms thereof, the closing of the Offering, the intended use of proceeds of the Offering and the strategic vision and objectives for the Company and expectations regarding exploration potential. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks related to changes in our operations at the Hycroft Mine, including risks associated with the cessation of mining operations at the Hycroft Mine; uncertainties concerning estimates of mineral resources; risks related to a lack of a completed feasibility study; risks related to our ability to re-establish commercially feasible mining operations; industry related risks, including fluctuations in the price of gold and silver; the commercial success of, and risks related to, our exploration and development activities; uncertainties and risks related to our reliance on contractors and consultants; and the availability and cost of equipment, supplies, energy, or reagents. The occurrence of one or more of the events or circumstances described alone or in combination with other events or circumstances may have a material adverse effect on the Company's business, cash flows, financial condition, and results of operations. Please see our "Risk Factors" outlined in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports we have filed with the SEC for more information about these and other risks. You are cautioned against attributing undue certainty to forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Although these forward-looking statements were based on assumptions that the Company believed were reasonable when made, you are cautioned that forward-looking statements are not guarantees of future performance and that actual results, performance, or achievements may differ materially from those made in or suggested by the forward-looking statements in this news release. In addition, even if our results, performance, or achievements are consistent with the forward-looking statements contained in this news release, those results, performance or achievements may not be indicative of results, performance or achievements in subsequent periods. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements made in this news release speak only as of the date of those statements. Readers cannot be assured that the Offering will be completed on the terms described above, or at all. We undertake no obligation to update those statements or publicly announce the results of any revisions to any of those statements to reflect future events or developments except as required by applicable law. All forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements.