UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0129150 (State or ...

Archer-Daniels-Midland Company (NYSE:ADM) 2023 Bernstein's 39th Annual Strategic Decisions Conference Call May 31, 2023 3:30 PM ET Company Participants Juan Luciano - Chairman & Chief Executive Officer Conference Call Participants Alexia Howard - Bernstein Alexia Howard Okay. Good afternoon, everyone. I'm Alexia Howard covering the U.S. food producers at Bernstein. And I'm delighted to have with me on the podium Juan Luciano, who is the CEO of ADM since 2015. Now under Juan's leadership, the company has evo ...

Archer-Daniels-Midland Company (NYSE:ADM) 2023 BMO Capital Markets Global Farm to Market Conference Transcript May 17, 2023 9:30 AM ET Executives Chris Cuddy - Senior Vice President and President, Carbohydrate Solutions Vikram Luthar - Senior Vice President and CFO Analysts Andrew Strelzik - BMO Capital Markets Andrew Strelzik All right. We are thrilled to have ADM with us today to discuss its strategy for realizing sustainable long-term growth. ADM has executed on the strategy through improvements to its p ...

Financial Data and Key Metrics Changes - The company reported strong first quarter adjusted earnings per share of $2.09, with an adjusted segment operating profit of $1.7 billion and a trailing fourth quarter average adjusted ROIC of 14% [5][6][24] - Strong operating cash flows before working capital were $1.3 billion, with $325 million allocated to capital expenditures and $600 million returned to shareholders through share repurchases and dividends [24] Business Line Data and Key Metrics Changes - Ag Services & Oilseeds had significantly higher year-over-year results, driven by excellent risk management and higher export demand due to a record Brazilian soybean crop [16] - Carbohydrate Solutions delivered solid results, although lower than the very strong first quarter of the prior year, with strong volumes and margins in North America [19] - Nutrition results were significantly lower year-over-year, with human nutrition results in line with the first quarter of 2022, while animal nutrition faced challenges due to lower margins in amino acids [20][21] Market Data and Key Metrics Changes - Demand for biodiesel and renewable green diesel remained robust, driving strong gross margins [9] - The supply and demand situation remains fundamentally solid, with normalization of supply and shifts in products driving demand [8] Company Strategy and Development Direction - The company continues to pursue growth opportunities and increase shareholder returns in alignment with a disciplined capital allocation framework [6] - Strategic milestones include the opening of a probiotic production facility in Spain and agreements to advance innovations in gut microbiome and cell-based meat [6][7] - The decarbonization agenda is a priority, with plans to triple the number of carbon capture and sequestration wells in the Decatur area [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on plans for 2023 despite pockets of soft demand, with expectations for strong performance in the second half of the year [26] - The company anticipates achieving $6 to $7 in earnings per share in 2023, supported by a strong balance sheet and cash position [27] Other Important Information - The effective tax rate for the first quarter of 2023 was approximately 16%, in line with the prior year, with expectations for the full year to remain between 16% and 19% [23] - The company was named one of Fortune's Most Admired Companies for the 15th consecutive year and received its fourth consecutive Ethisphere award as one of the world's most ethical companies [7] Q&A Session Summary Question: Earnings cadence in the crushing subsegment - Management indicated that the second quarter is expected to come in lower than the first quarter, with crush margins anticipated to improve in the second half of the year [30][31] Question: Confidence in nutrition recovery - Management noted that the first half of nutrition is expected to be weak, with strength anticipated in the second half due to a robust pipeline and resolution of demand fulfillment challenges [36][38] Question: Outlook for Ag Services and oilseeds - Management highlighted strong performance in Ag Services, with expectations for lower year-on-year earnings in Q2 due to changes in trade flows and market conditions [44][46] Question: Ethanol outlook - Management expressed a constructive outlook for ethanol, anticipating improved demand and blending rates, despite lower margins compared to the previous year [55][56] Question: Carbon capture plans - Management provided details on plans to triple carbon capture well capacity, with a timeline of approximately two years for completion [67][68] Question: Renewable diesel and crush capacity - Management confirmed that the North Dakota facility is on schedule to come online for the 2023 harvest, with expectations for competitive U.S. meal in global markets [71][72]

1 Proprietary business information of ADM. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 1-44 ARCHER-DANIELS-MIDLAND COMPANY (Exact name of registrant as specified in its charter) Delaware 41-0129150 (State or ...

Summary of Archer-Daniels-Midland Company (ADM) Conference Call Company Overview - **Company**: Archer-Daniels-Midland Company (NYSE: ADM) - **Date**: March 1, 2023 - **Participants**: Greg Morris (SVP, President, Agricultural Services and Oilseeds), Sal Tiano (Bank of America), Steve Byrne (Bank of America) Key Points Financial Performance - Adjusted earnings per share for the previous year was $7.85, a 51% increase year-over-year [3] - Ag Services and Oilseeds reported operating profits of nearly $4.4 billion, marking a 58% increase from the previous year [4] Strategic Focus - The company has emphasized cash, cost, capital, and customer focus, aiming for quality of earnings alongside quantity [2] - Significant portfolio adjustments were made, exiting underperforming and volatile businesses to stabilize earnings growth [3] Growth Initiatives - Future growth will depend on productivity and innovation, including modernizing facilities and enhancing operational resiliency [4] - The company is focusing on environmentally friendly practices in agriculture, such as regenerative agriculture and climate-smart farming [5] Ag Services Investments - Investments in Ag Services include acquiring high-throughput facilities and enhancing existing facilities to improve throughput [10] - The company aims to push more volume through its network while managing risk [10] Crushing and Refining Operations - The Spiritwood crush plant in North Dakota is set to be commissioned by Q3/Q4 2023, adding 1.5 million tons of crush capacity [12] - Expansion of refining capacity in Quincy, Illinois, was completed to better match crush capacity with refined oils demand [12] Nutrition Business Synergies - The company is leveraging synergies between its Ag Services, crushing, and nutrition businesses to optimize raw material sourcing [16] - Collaborations with customers, such as Pepsi, are part of the sustainability initiatives [18] Sustainability and Decarbonization - ADM is focusing on reducing carbon emissions, with 70% of carbon generated on farms, and is incentivizing farmers to adopt environmentally friendly practices [20] - The company has expanded its regenerative agriculture program from 150,000 acres in 2021 to over 1 million acres in 2023 [24] Market Dynamics - Global supply-demand balance is tight, particularly for soybeans and corn, with significant regional disparities [38] - Brazil is expected to produce a large soybean crop, while Argentina faces challenges with the smallest crop in 20 years due to adverse weather [38] - The Black Sea region continues to face logistical challenges affecting market access [39] China Market Outlook - China's consumer demand is recovering post-COVID, which could lead to increased trade flows and demand for agricultural products [42] Commodity Pricing - Wheat balance sheets are in better shape compared to corn and soybeans, with U.S. farmers likely to plant significant corn and soybean acreage [45] - Meal prices have risen due to crop issues in Argentina, while soybean oil prices have been weaker but are expected to firm as demand grows [56][58] Future Projections - The renewable green diesel market is projected to expand significantly, with U.S. capacity expected to reach around 3.5 billion gallons by the end of 2023 [32] - The company anticipates that oil demand growth will outpace meal demand growth, supporting oil prices in the medium term [58] Additional Insights - The company is actively working on carbon capture and sequestration initiatives to enhance its sustainability efforts [28] - The complexity of future supply chains will require careful management to avoid additional costs while ensuring compliance with sustainability goals [26]

Part I [Business](index=5&type=section&id=Item%201.%20Business) ADM is a global agricultural supply chain manager and processor, structured into three segments, emphasizing food security and sustainability - ADM operates as a global agricultural supply chain manager and processor, structured into **three reportable segments**: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition, focusing on food security and sustainability[6](index=6&type=chunk)[13](index=13&type=chunk) - The company's "Strive 35" environmental goals aim to reduce Scope 1, 2, and 3 GHG emissions by **25%**, energy intensity by **15%**, and water intensity by **10%** by 2035 from a 2019 baseline[11](index=11&type=chunk)[47](index=47&type=chunk) Product Revenue Contribution | Product | % of Revenues (2022) | % of Revenues (2021) | % of Revenues (2020) | | :--- | :--- | :--- | :--- | | Soybeans | 17% | 18% | 18% | | Corn | 14% | 14% | 12% | | Soybean Meal | 12% | 12% | 14% | - As of December 31, 2022, ADM employed approximately **42,001 people globally**, with **75% male** and **25% female** employees[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - ADM aims for gender parity in senior leadership by 2030, with female representation at **28%** in 2022, up from **21%** in 2018[60](index=60&type=chunk) [Risk Factors](index=21&type=section&id=Item%201A.%20Risk%20Factors) The company manages diverse risks including operational, strategic, geopolitical, and regulatory factors, impacting its global operations - Operational risks include business disruptions from equipment failure, natural disasters, and transportation issues, alongside sensitivity to energy price fluctuations affecting costs and product prices[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - Strategic and economic risks arise from highly volatile agricultural commodity prices influenced by weather, government policies, and global demand, alongside intense competition based on price and quality[81](index=81&type=chunk)[87](index=87&type=chunk) - Geopolitical risks, particularly the conflict in Ukraine, could impact global margins through increased commodity and energy costs, supply chain disruptions, and risks to regional assets and operations[96](index=96&type=chunk)[97](index=97&type=chunk) - Technological risks include reliance on key IT systems and exposure to cybersecurity breaches, with a new ERP system being implemented to mitigate legacy system risks[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - Regulatory risks stem from operating in over **190 countries**, requiring compliance with diverse laws, where changes in government policies like the U.S. Renewable Fuel Standard can significantly impact operating results[104](index=104&type=chunk)[106](index=106&type=chunk) [Unresolved Staff Comments](index=31&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - The Company has no unresolved staff comments[108](index=108&type=chunk) [Properties](index=31&type=section&id=Item%202.%20Properties) ADM owns and leases extensive processing plants, storage facilities, and a comprehensive transportation network globally - The Company owns a significant transportation fleet, including approximately **1,800 barges**, **10,000 rail cars**, **240 trucks**, and **3 ocean-going vessels**, supplemented by leased assets[110](index=110&type=chunk) Daily Processing Capacity by Segment | Segment | Owned Daily Processing Capacity (metric tons) | Leased Daily Processing Capacity (metric tons) | | :--- | :--- | :--- | | Ag Services and Oilseeds | 160,000 | 2,000 | | Carbohydrate Solutions | 95,000 | 1,000 | | Nutrition | 101,000 | 88,000 | Storage Capacity by Segment | Segment | Owned Storage Capacity (metric tons) | Leased Storage Capacity (metric tons) | | :--- | :--- | :--- | | Ag Services and Oilseeds | 17,352,000 | 2,239,000 | | Carbohydrate Solutions | 588,000 | 104,000 | | Nutrition | 344,000 | 2,000 | [Legal Proceedings](index=33&type=section&id=Item%203.%20Legal%20Proceedings) The company is routinely involved in legal actions and regulatory inquiries, including ethanol price manipulation lawsuits - The Company is routinely involved in legal actions and regulatory inquiries, recording liabilities for probable and estimable material loss contingencies[119](index=119&type=chunk) - ADM is defending against class-action lawsuits alleging ethanol benchmark price manipulation, denying liability and expecting no material adverse effect on its financial condition[477](index=477&type=chunk) [Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no applicable mine safety disclosures for its operations - None[120](index=120&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=34&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) ADM common stock trades on NYSE, with an active repurchase program extended through 2024 for up to 100 million shares - The Company's common stock trades on the NYSE under symbol "ADM", with **8,153 registered stockholders** as of December 31, 2022[122](index=122&type=chunk) Stock Repurchase Activity | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2022 | 115,433 | $94.162 | | Nov 1 - Nov 30, 2022 | 837,596 | $94.786 | | Dec 1 - Dec 31, 2022 | 1,722,577 | $92.864 | | **Total Q4 2022** | **2,675,606** | **$93.522** | - The Board extended the stock repurchase program through December 31, 2024, authorizing up to an additional **100 million shares**, with **87,812,005 shares** remaining available as of December 31, 2022[124](index=124&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) ADM's 2022 net earnings increased **60%** to **$4.3 billion**, driven by strong segment performance and robust liquidity - Net earnings attributable to controlling interests for 2022 increased by **60%** to **$4.3 billion**, up from **$2.7 billion** in 2021, with adjusted segment operating profit rising to **$6.6 billion** from **$4.8 billion**[142](index=142&type=chunk) - Ag Services and Oilseeds operating profit increased **58%**, driven by strong global trade, higher South American origination margins, and robust demand for protein and renewable diesel[158](index=158&type=chunk) - Carbohydrate Solutions operating profit increased **6%**, with strong Starches and Sweeteners results offsetting lower ethanol margins in Vantage Corn Processors[159](index=159&type=chunk) - Nutrition operating profit grew **7%**, driven by strong Health and Wellness and Animal Nutrition performance, despite lower Flavors results due to demand and cost challenges[160](index=160&type=chunk) - Cash provided by operating activities was **$3.5 billion** in 2022, a decrease from **$6.6 billion** in 2021 due to working capital changes, while maintaining strong liquidity with **$10.3 billion** available at year-end[173](index=173&type=chunk)[178](index=178&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) ADM manages market risks from commodity prices, foreign currency, and interest rates using derivatives and VaR limits - The company manages commodity price risk using derivative contracts, volumetric limits, and VaR monitoring, with a hypothetical **10% adverse price change** resulting in a **$39 million** market risk for 2022[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - The company faces foreign currency risk from operations in over **70 countries**; a hypothetical **10% adverse exchange rate change** could result in a **$1.6 billion** loss on **$13.0 billion** invested in foreign subsidiaries[201](index=201&type=chunk)[202](index=202&type=chunk) Fair Value of Long-Term Debt and Market Risk | Metric | Dec 31, 2022 (in millions) | Dec 31, 2021 (in millions) | | :--- | :--- | :--- | | Fair value of long-term debt | $7,502 | $9,512 | | Fair value amount over (under) carrying value | $(232) | $1,500 | | Market risk (from 50 bps rate decrease) | $342 | $490 | [Financial Statements and Supplementary Data](index=57&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents audited consolidated financial statements for 2020-2022, including revenues, net earnings, and balance sheet data Consolidated Statements of Earnings | (In millions, except per share amounts) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Revenues | $101,556 | $85,249 | $64,355 | | Gross Profit | $7,570 | $5,987 | $4,453 | | Net Earnings Attributable to Controlling Interests | $4,340 | $2,709 | $1,772 | | Diluted earnings per common share | $7.71 | $4.79 | $3.15 | Consolidated Balance Sheets | (In millions) | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | $35,410 | $31,909 | | Total Assets | $59,774 | $56,136 | | **Liabilities & Equity** | | | | Total Current Liabilities | $24,191 | $21,948 | | Long-term debt | $7,735 | $8,011 | | Total Shareholders' Equity | $24,317 | $22,508 | Consolidated Statements of Cash Flows | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by Operating Activities | $3,478 | $6,595 | $(2,386) | | Net cash used in Investing Activities | $(1,400) | $(2,669) | $4,465 | | Net cash used in Financing Activities | $(2,499) | $(1,118) | $(423) | - In fiscal year 2021, the Nutrition segment completed **five acquisitions** for an aggregate consideration of **$1.6 billion**, significantly expanding capabilities with additions like P4, Deerland, and Sojaprotein[279](index=279&type=chunk) - The company's accounts receivable securitization program provides up to **$2.6 billion** in funding, fully utilized as of December 31, 2022[358](index=358&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=128&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on accounting or financial disclosure matters - None[495](index=495&type=chunk) [Controls and Procedures](index=128&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management concluded the Company's disclosure controls and procedures were effective as of December 31, 2022[496](index=496&type=chunk) - Management assessed and concluded internal control over financial reporting was effective as of December 31, 2022, attested by Ernst & Young LLP[499](index=499&type=chunk) [Other Information](index=128&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[500](index=500&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=130&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details executive officers and incorporates director and corporate governance information by reference - Information on directors, code of conduct, and the audit committee is incorporated by reference from the definitive proxy statement[502](index=502&type=chunk) - Executive officers include Juan R. Luciano (Chairman, CEO, and President, age **61**) and Vikram Luthar (SVP and CFO, age **56**)[504](index=504&type=chunk)[505](index=505&type=chunk) [Executive Compensation](index=132&type=section&id=Item%2011.%20Executive%20Compensation) Executive and director compensation information is incorporated by reference from the definitive proxy statement - Information responsive to this item is incorporated by reference from the definitive proxy statement for the Company's annual meeting of stockholders[507](index=507&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=132&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership information for beneficial owners, management, and equity plans is incorporated by reference - Information responsive to this item is incorporated by reference from the definitive proxy statement for the Company's annual meeting of stockholders[508](index=508&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=132&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions and director independence information is incorporated by reference from the proxy statement - Information responsive to this item is incorporated by reference from the definitive proxy statement for the Company's annual meeting of stockholders[509](index=509&type=chunk) [Principal Accounting Fees and Services](index=132&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information on independent auditor fees and audit committee pre-approval policies is incorporated by reference - Information responsive to this item is incorporated by reference from the definitive proxy statement for the Company's annual meeting of stockholders[510](index=510&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=133&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed with the Form 10-K, including valuation allowances Schedule II - Valuation and Qualifying Accounts and Reserves | (In millions) | Beginning Balance (Jan 1, 2022) | Additions | Deductions | Ending Balance (Dec 31, 2022) | | :--- | :--- | :--- | :--- | :--- | | Allowance for doubtful accounts | $122 | $88 | $(12) | $199 | | Income tax valuation allowance | $281 | $18 | $(90) | $209 | - A detailed list of exhibits includes the company's Bylaws, debt instrument Indentures, equity compensation plans, and required CEO/CFO certifications[515](index=515&type=chunk)[521](index=521&type=chunk)[528](index=528&type=chunk) [Form 10-K Summary](index=139&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is listed in the table of contents but contains no substantive information - This item is noted as 'Not Applicable' in the exhibit list[528](index=528&type=chunk)

1 Proprietary business information of ADM. 2 Safe Harbor Statement Proprietary ...

Archer-Daniels-Midland Company (NYSE:ADM) Q4 2022 Earnings Conference Call January 26, 2023 9:00 AM ET Company Participants Megan Britt - Vice President, Investor Relations Juan Luciano - Chairman and Chief Executive Officer Vikram Luthar - Chief Financial Officer Conference Call Participants Ben Bienvenu - Stephens Adam Samuelson - Goldman Sachs Ben Theurer - Barclays Manav Gupta - UBS Salvator Tiano - Bank of America Robert Moskow - Credit Suisse Eric Larson - Seaport Global Securities Steve Byrne - Bank ...