CABOT CORPORATION First Quarter Earnings Announcement, Fiscal 2022
CABOT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Fiscal 2022 (A) | ||||||||||
Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | ||||||
Reconciliation of Adjusted EPS to GAAP EPS | ||||||||||
Net income (loss) per share attributable to Cabot Corporation | $ | (1.57) | $ | - | $ | - | $ | - | $ | (1.57) |
Less: Certain items after tax per share | (2.86) | - | - | - | (2.86) | |||||
Adjusted earnings (loss) per share | $ | 1.29 | $ | - | $ | - | $ | - | $ | 1.29 |
Fiscal 2021 (A) | ||||||||||
Dec. Q | Mar. Q | June Q | Sept. Q | FY 2021 | ||||||
Reconciliation of Adjusted EPS to GAAP EPS | ||||||||||
Net income (loss) per share attributable to Cabot Corporation | $ | 1.06 | $ | 1.30 | $ | 1.48 | $ | 0.50 | $ | 4.34 |
Less: Certain items after tax per share | (0.12) | (0.08) | 0.13 | (0.61) | (0.68) | |||||
Adjusted earnings (loss) per share | $ | 1.18 | $ | 1.38 | $ | 1.35 | $ | 1.11 | $ | 5.02 |
(A) Per share amounts are calculated after tax. | ||||||||||
Dollars in millions | Fiscal 2022 | |||||||||
Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | ||||||
Reconciliation of Total Segment EBIT, Total Segment EBITDA and Adjusted | ||||||||||
EBITDA to Net Income and Segment EBITDA Margin | ||||||||||
Net income (loss) attributable to Cabot Corporation | $ | (89) | $ | ― | $ | ― | $ | ― | $ | (89) |
Net income (loss) attributable to noncontrolling interests | 9 | - | - | - | 9 | |||||
Equity in earnings of affiliated companies, net of tax | (1) | - | - | - | (1) | |||||
Provision (benefit) for income taxes | (12) | - | - | - | (12) | |||||
Income (loss) before income taxes and equity in earnings of affiliated companies | $ | (93) | $ | ― | $ | ― | $ | ― | $ | (93) |
Interest expense | 12 | - | - | - | 12 | |||||
Certain items | 204 | - | - | - | 204 | |||||
Unallocated corporate costs | 14 | - | - | - | 14 | |||||
General unallocated (income) expense | (1) | - | - | - | (1) | |||||
Less: Equity in earnings of affiliated companies | (1) | - | - | - | (1) | |||||
Total Segment EBIT | $ | 137 | $ | ― | $ | ― | $ | ― | $ | 137 |
Depreciation and amortization | 39 | - | - | - | 39 | |||||
Adjustments to depreciation (B) | - | - | - | - | - | |||||
Total Segment EBITDA | $ | 176 | $ | ― | $ | ― | $ | ― | $ | 176 |
Less: Unallocated corporate costs before corporate depreciation | 14 | - | - | - | 14 | |||||
Adjusted EBITDA | $ | 162 | $ | ― | $ | ― | $ | ― | $ | 162 |
- Adjustments to depreciation includes the addition of the depreciation expense of a contractual joint venture in Purification Solutions less accelerated depreciation expense not allocated to a business.
Dollars in millions | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | |||||
Reinforcement Materials EBIT | $ | 85 | $ | ― | $ | ― | $ | ― | $ | 85 |
Reinforcement Materials Depreciation and amortization | 18 | - | - | - | 18 | |||||
Reinforcement Materials EBITDA | $ | 103 | $ | ― | $ | ― | $ | ― | $ | 103 |
Reinforcement Materials Sales | $ | 541 | $ | ― | $ | ― | $ | ― | $ | 541 |
Reinforcement Materials EBITDA Margin | 19% | -% | -% | -% | 19% | |||||
Dollars in millions | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | |||||
Performance Chemicals EBIT | $ | 52 | $ | ― | $ | ― | $ | ― | $ | 52 |
Performance Chemicals Depreciation and amortization | 18 | - | - | - | 18 | |||||
Performance Chemicals EBITDA | $ | 70 | $ | ― | $ | ― | $ | ― | $ | 70 |
Performance Chemicals Sales | $ | 302 | $ | ― | $ | ― | $ | ― | $ | 302 |
Performance Chemicals EBITDA Margin | 23% | -% | -% | -% | 23% | |||||
Dollars in millions | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | |||||
Purification Solutions EBIT | $ | ― | $ | ― | $ | ― | $ | ― | $ | ― |
Purification Solutions Depreciation and amortization | 3 | - | - | - | 3 | |||||
Purification Solutions EBITDA | $ | 3 | $ | ― | $ | ― | $ | ― | $ | 3 |
Purification Solutions Sales | $ | 61 | $ | ― | $ | ― | $ | ― | $ | 61 |
Purification Solutions EBITDA Margin | 5% | -% | -% | -% | 5% | |||||
Dollars in millions | Fiscal 2022 | |||||||||
Reconciliation of Free Cash Flow and Discretionary Free Cash Flow to Cash Flow | ||||||||||
from Operating Activities | Dec. Q | Mar. Q | June Q | Sept. Q | FY 2022 | |||||
Cash flow from operating activities (C) | $ | (49) | $ | ― | $ | ― | $ | ― | $ | (49) |
Less: Additions to property, plant and equipment | 30 | - | - | - | 30 | |||||
Free cash flow | $ | (79) | $ | ― | $ | ― | $ | ― | $ | (79) |
Plus: Additions to property, plant and equipment | 30 | - | - | - | 30 | |||||
Less: Changes in net working capital (D) | (143) | - | - | - | (143) | |||||
Less: Sustaining and compliance capital expenditures | 22 | - | - | - | 22 | |||||
Discretionary free cash flow | $ | 72 | $ | ― | $ | ― | $ | ― | $ | 72 |
- As provided in the Condensed Consolidated Statements of Cash Flows.
- Defined as changes in accounts receivable, inventory and accounts payable and accrued liabilities as presented on the Condensed Consolidated Statements of Cash Flows.
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Cabot Corporation published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 22:40:12 UTC.
