Net sales

Net income

EPS

Adjusted EBITDA¹

Earnings before interest, taxes, depreciation, amortization and non-cash stock compensation. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. We provide these measures because we believe that they provide helpful comparisons to other companies in our industry and peer group. The items excluded from Adjusted EBITDA are detailed in the reconciliation attached to this news release, and reflect an elimination of taxes, interest, depreciation, amortization, the effects of equity compensation, and the proxy contest costs. Other companies (including the Company’s competitors) may define EBITDA differently.

Net sales

Gross margin %

Opex as % of sales

Adjusted EBITDA

Net income

Company Contact:

Investor Representative

American Vanguard Corporation

the Equity Group Inc.

William A. Kuser, Director of Investor Relations

www.theequitygroup.com

(949) 260-1200

Lena Cati / 212-836-9611

williamk@amvac-chemical.com

Lcati@equityny.com

Current assets:

Cash and cash equivalents

Receivables:

Trade, net of allowance for doubtful accounts of $5,692 and $5,136, respectively

Other

Total receivables, net

Inventories

Prepaid expenses

Income taxes receivable

Total current assets

Property, plant and equipment, net

Operating lease right-of-use assets

Intangible assets, net

Goodwill

Other assets

Deferred income tax assets, net

Total assets

Current liabilities:

Accounts payable

Customer prepayments

Accrued program costs

Accrued expenses and other payables

Operating lease liabilities, current

Total current liabilities

Long-term debt, net

Operating lease liabilities, long term

Other liabilities, net of current installments

Deferred income tax liabilities, net

Total liabilities

Commitments and contingent liabilities

Stockholders’ equity:

Preferred stock, $0.10 par value per share; authorized 400,000 shares; none issued

Common stock, $0.10 par value per share; authorized 40,000,000 shares; issued 34,463,829 shares at March 31, 2023 and 34,446,194 shares at December 31, 2022

Additional paid-in capital

Accumulated other comprehensive loss

Retained earnings

Less treasury stock at cost, 5,057,727 shares at March 31, 2023 and 5,029,892 shares at December 31, 2022

Total stockholders’ equity

Total liabilities and stockholders’ equity

Net sales

Cost of sales

Gross profit

Operating expenses

Operating income

Change in fair value of an equity investment

Interest expense, net

Income before provision for income taxes

Income tax benefit (expense)

Net income

Earnings per common share—basic

Earnings per common share—assuming dilution

Weighted average shares outstanding—basic

Weighted average shares outstanding—assuming dilution

Net sales:

U.S. crop

U.S. non-crop

Total U.S.

International

Total net sales:

Gross profit:

U.S. crop

U.S. non-crop

Total U.S.

International

Total gross profit:

Gross margin:

U.S. crop

U.S. non-crop

Total U.S.

International

Gross margin:

Cash flows from operating activities:

Net income

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization of property, plant and equipment and intangible assets

Amortization of other long-term assets

Provision for bad debts

Fair value adjustment of contingent consideration

Stock-based compensation

Change in deferred income taxes

Change in liabilities for uncertain tax positions or unrecognized tax benefits

Other

Foreign currency transaction gains

Changes in assets and liabilities associated with operations:

Increase in net receivables

Increase in inventories

Decrease (increase) in prepaid expenses and other assets

Change in income tax receivable/payable, net

Increase in accounts payable

Decrease in customer prepayments

Increase in accrued program costs

(Decrease) increase in other payables and accrued expenses

Net cash used in operating activities

Cash flows from investing activities:

Capital expenditures

Proceeds from disposal of property, plant and equipment

Acquisition of a product line

Intangible assets

Net cash used in investing activities

Cash flows from financing activities:

Payments under line of credit agreement

Borrowings under line of credit agreement

Net receipt from the issuance of common stock under ESPP

Net receipt from the exercise of stock options

Receipt payment for tax withholding on stock-based compensation awards

Repurchase of common stock

Payment of cash dividends

Net cash provided by financing activities

Net (decrease) increase in cash and cash equivalents

Effect of exchange rate changes on cash and cash equivalents

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Net income, as reported

Provision for income taxes

Interest expense, net

Proxy costs

Depreciation and amortization

Stock compensation

Adjusted EBITDA²

Earnings before interest, taxes, depreciation, amortization and non-cash stock compensation. Adjusted EBITDA is not a financial measure calculated and presented in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income (loss), operating income (loss) or any other financial measure so calculated and presented, nor as an alternative to cash flow from operating activities as a measure of liquidity. We provide these measures because we believe that they provide helpful comparisons to other companies in our industry and peer group. The items excluded from Adjusted EBITDA are detailed in the reconciliation attached to this news release, and reflect an elimination of taxes, interest, depreciation, amortization, the effects of equity compensation, and the proxy contest costs. Other companies (including the Company’s competitors) may define EBITDA differently.