The Andersons, Inc.

Anderson's 2023 First Quarter Earnings Conference Call. All participants will be in a listen-only mode for the duration of the call. And should you need any assistance during that time, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please also note that this event is being recorded today. I would now like to turn the conference over to Mike Holter, Vice President, Corporate Controller, and Investor Relations. Please go ahead, sir.

Good morning, everyone, and thank you for joining us for the Anderson's first quarter earnings call. We have provided a slide presentation that will enhance today's discussion. If you are 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. Please direct your attention to the disclosure statement on slide two, as well as the disclaimers in the press release related to forward-looking statements. Certain information discussed today constitutes forward-looking statements that reflect the company's current views with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Actual results could differ materially as a result of many factors which are described in the company's reports on file with the SEC. We encourage you to review these factors. This presentation and today's prepared remarks contain non-GAAP financial measures. Reconciliations of non-GAAP measures to the most directly comparable GAAP financial measure are included within the appendix of this presentation. 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, we will be happy to take your questions. I will now turn the call over to Pat.

Thank you, Mike, and good morning, everyone. Thank you for joining our call this morning to review our first quarter results and for your continued interest in the Andersons. As we noted in yesterday's release, our adjusted results are comparable to last year, but the mix was different. Trade posted a significant improvement over last year, and our renewables business also exceeded 2022 on an adjusted basis. Our nutrient and industrial segment results declined significantly from last year's record first quarter. Our overall performance remains strong, with trailing 12 months adjusted EBITDA totaling over $411 million. Trade group results continued its string of outstanding quarters with a very strong result spread across a number of profit centers. Performance in our assets was strong due to higher margins. Our merchandising teams also had a great quarter across many products and geographies. Our premium food and feed ingredients business also delivered better results. The operating results from our renewables business were also improved. We continue to benefit from good merchandising of ethanol and co-products and are growing our low CI renewable diesel feedstock merchandising volumes. By the end of this week, we anticipate that all of our plants will have completed their planned maintenance shutdowns. As you announced earlier, the Kansas plant has been placed into receivership and is on an extended shutdown. Nutrient and industrial results reflect a very slow quarter with buyers delaying fertilizer purchases as they monitor declining prices. We also believe that the increased interest rates have influenced the timing of customer purchases. This is in contrast to the first quarter of 2022 when fertilizer market prices were moving toward a record high, and there were concerns regarding availability of supply. This drove buyers to lock in orders early and at significant margins for sellers. Brian will now cover some key financial data. After that, I'll be back to discuss our outlook for the remainder of 2023. Brian?