The Andersons, Inc.

Good morning, ladies and gentlemen, and welcome to the 2020 First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. If anyone should require assistance during the conference, please press star, then zero on your touchtone telephone. I would now like to turn the conference over to your host, John Krause, Director of Investor Relations. You may begin.

Thanks, Celine. Good morning, everyone, and thank you for joining us for the Anderson's First Quarter 2020 Earnings Call. We've provided a slide presentation that will enhance today's discussion. If you're viewing this presentation via our webcast, the slides and commentary will be in sync. This webcast is being recorded, and the recording and the supporting slides will be made available on the Investors page of our website at andersonsinc.com shortly. Certain information discussed today constitutes forward-looking statements and actual results could differ materially from those presented in the forward-looking statements as a result of many factors, including general economic conditions, weather, competitive conditions, conditions in the company's industries, both in the United States and internationally, the COVID-19 pandemic, and additional factors that are described in the company's publicly filed documents including its 34-act filings and the prospectuses prepared in connection with the company's offerings. Today's call includes financial information which the company's independent auditors have not completely reviewed. 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 accurate. This presentation and today's prepared remarks contain non-GAAP financial measures. The company believes adjusted pre-tax income, adjusted pre-tax income attributable to the company, EBITDA and adjusted EBITDA provide additional information to investors and others about its operations, allowing an evaluation of underlying operating performance and better period-to-period comparability. Adjusted pre-tax income, EBITDA, and adjusted EBITDA do not and should not be considered as alternatives to net income or income before income taxes as determined by generally accepted accounting principles. On the call with me today are Pat Bowe, President and Chief Executive Officer, and Brian Valentine, Executive Vice President and Chief Financial Officer. After our prepared remarks, Pat, Brian, and I will be happy to take your questions. Before making his opening comments, I want to reiterate that we were sorry to have to postpone our April 1 Investor Day. We still intend to host that presentation later this year. We look forward to sharing more details with you about that in the coming weeks. With that, Pat, the floor is yours. Thank you, John, and good morning, everyone.

Thank you for joining our call this morning, not only to review our first quarter results, but also so that we can tell you All more about how our company is responding to the COVID-19 pandemic and what we think it might mean for us in the coming months. Before Brian provides the financial details, I want to spend a few moments reflecting on the experience of the last couple months. We have operated for more than 70 years with a mission-driven focus on serving our customers, employees, shareholders, and communities. It is a noble purpose. These fundamental principles serve us well in a time of crisis like this. We are an important part of a critical infrastructure industry. We've continued our efforts to provide extraordinary service to our customers by operating our more than 130 facilities because they are central to the North American agriculture supply chain. We've been closely monitoring the crisis and formed an executive-level task force that actively manage our response early on. We've communicated with employees often and made sure that we all practice physical distancing and good health hygiene. We've helped our community leaders identify the most pressing needs and help them fund them through both our related private foundations and by matching employee gifts. We've also promoted no-contact volunteer opportunities as a way for our employees and their families to serve their communities. Brian will discuss our financial response to the crisis momentarily. I'm very proud of our response to the pandemic thus far. We've been able to stay responsive to customers and suppliers. Our employees have shifted seamlessly to the new normal, whether it be working from home or in our plants. I'd like to offer my heartfelt thanks to our operational workers who show up every day to support the American ag food supply chain and to all our employees who have kept our business running smoothly. And finally, I'd like to express our deepest sympathies for all the families and communities who have been affected by COVID-19. The pandemic had a significant impact on our first quarter results. Thank you very much. A dramatic decrease in vehicle miles traveled resulted from the stay-at-home orders throughout most of the country. Those changes resulted in a significant decline in gasoline demand, which in turn decreased ethanol margins and corn bases. While ethanol production slowed nationally, it did not fall as quickly as demand did, leading to record stocks that are now beginning to slowly subside. the rail group impacted by Kalu traffic declines that are being exacerbated by the pandemic. The plant nutrient group's first quarter was much improved from last year. After Brian discusses our current financial condition and responses to the pandemic, he'll quickly review our first quarter financial results, and then I'll be back to discuss what we're doing now to manage through the crisis and what we expect to see for the company going forward. Now I'll turn the call over to Brian.