Income Statement Mativ Holdings, Inc.

Equities

MATV

US8085411069

Commodity Chemicals

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08-08	Transcript : Mativ Holdings, Inc., Q2 2024 Earnings Call, Aug 08, 2024
08-07	Earnings Flash (MATV) MATIV HOLDINGS Posts Q2 EPS $0.34, vs. Street Est of $0.23	MT

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Published financial data: MATIV HOLDINGS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	1.02B	1.07B	1.44B	2.17B	2.03B
Total Revenues	1.02B	1.07B	1.44B	2.17B	2.03B
Cost of Goods Sold, Total	733M	761M	1.11B	1.73B	1.67B
Gross Profit	290M	313M	331M	438M	358M
Selling General & Admin Expenses, Total	141M	156M	211M	294M	324M
R&D Expenses	13.5M	13.8M	20.3M	26.6M	21.2M
Other Operating Expenses, Total	154M	170M	231M	321M	345M
Operating Income	136M	144M	99.8M	117M	13.5M
Interest Expense, Total	-36.1M	-30.5M	-46.1M	-86.1M	-62.2M
Net Interest Expenses	-36.1M	-30.5M	-46.1M	-86.1M	-62.2M
Income (Loss) On Equity Invest.	4.1M	4.9M	6.4M	7.8M	-
Currency Exchange Gains (Loss)	-1.4M	-900K	-400K	6M	2.3M
Other Non Operating Income (Expenses)	2.5M	3.1M	9.4M	-1.2M	-2.2M
EBT, Excl. Unusual Items	105M	120M	69.1M	43.8M	-48.6M
Restructuring Charges	-2.6M	-16.8M	-9.2M	-20.4M	-26.4M
Merger & Related Restructuring Charges	-	-1.1M	-15.6M	-45.5M	-
Impairment of Goodwill	-	-	-	-	-401M
Gain (Loss) On Sale Of Assets	-	-	35.2M	2.9M	-
Asset Writedown	-1.1M	-	-1.6M	-	-
Legal Settlements	-	-	1.6M	-	-4.9M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	101M	102M	79.5M	-19.2M	-481M
Income Tax Expense	15.2M	18.4M	-9.4M	-12.6M	26.8M
Earnings From Continuing Operations	85.8M	83.8M	88.9M	-6.6M	-508M
Earnings Of Discontinued Operations	-	-	-	-	198M
Net Income to Company	85.8M	83.8M	88.9M	-6.6M	-310M
Net Income - (IS)	85.8M	83.8M	88.9M	-6.6M	-310M
Preferred Dividend and Other Adjustments	600K	1.1M	1.1M	900K	700K
Net Income to Common Incl Extra Items	85.2M	82.7M	87.8M	-7.5M	-310M
Net Income to Common Excl. Extra Items	85.2M	82.7M	87.8M	-7.5M	-508M
Per Share Items
Net EPS - Basic	2.78	2.68	2.83	-0.18	-5.69
Basic EPS - Continuing Operations	2.78	2.68	2.83	-0.18	-9.33
Basic Weighted Average Shares Outstanding	30.65M	30.83M	31.03M	42.44M	54.51M
Net EPS - Diluted	2.76	2.66	2.8	-0.18	-5.69
Diluted EPS - Continuing Operations	2.76	2.66	2.8	-0.18	-9.33
Diluted Weighted Average Shares Outstanding	30.84M	31.1M	31.4M	42.44M	54.51M
Normalized Basic EPS	2.13	2.43	1.39	0.64	-0.56
Normalized Diluted EPS	2.12	2.41	1.38	0.64	-0.56
Dividend Per Share	1.76	1.76	1.76	1.68	1
Payout Ratio	63.4	65.63	62.2	-1.09K	-17.87
Supplemental Items
EBITDA	191M	211M	189M	242M	155M
EBITA	156M	168M	140M	171M	74.5M
EBIT	136M	144M	99.8M	117M	13.5M
EBITDAR	198M	218M	200M	256M	168M
Effective Tax Rate - (Ratio)	15.05	18	-11.82	65.62	-5.57
Current Domestic Taxes	8.9M	8.8M	5.7M	2.8M	-15.8M
Current Foreign Taxes	9.7M	14.8M	11.9M	16.3M	18.8M
Total Current Taxes	18.6M	23.6M	17.6M	19.1M	3M
Deferred Domestic Taxes	400K	-4.3M	7.3M	-23.3M	-4.8M
Deferred Foreign Taxes	-3.8M	-900K	-34.3M	-8.4M	28.6M
Total Deferred Taxes	-3.4M	-5.2M	-27M	-31.7M	23.8M
Normalized Net Income	65.44M	75.06M	43.19M	27.38M	-30.38M
Interest on Long-Term Debt	200K	1.5M	3.8M	700K	1.4M
Non-Cash Pension Expense	2M	3.2M	2.8M	300K	100K
Supplemental Operating Expense Items
Selling and Marketing Expenses	33.7M	36.9M	46.7M	74.2M	78.9M
General and Administrative Expenses	105M	116M	161M	220M	243M
Research And Development Expense From Footnotes	13.5M	13.8M	20.3M	26.6M	21.2M
Net Rental Expense, Total	6.5M	7.2M	10.7M	14.6M	12.9M
Imputed Operating Lease Interest Expense	3.16M	2.96M	4.11M	6.58M	4.39M
Imputed Operating Lease Depreciation	3.34M	4.24M	6.59M	8.02M	8.51M
Stock-Based Comp., Other (Total)	7.8M	8.8M	8.5M	20.4M	10.5M
Total Stock-Based Compensation	7.8M	8.8M	8.5M	20.4M	10.5M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	103M	54.7M	74.7M	124M	120M
Total Cash And Short Term Investments	103M	54.7M	74.7M	124M	120M
Accounts Receivable, Total	113M	130M	208M	217M	144M
Other Receivables	37.7M	24.6M	40.1M	66.3M	60.5M
Total Receivables	151M	154M	248M	283M	204M
Inventory	161M	180M	260M	535M	353M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	12.3M	7.6M	12.8M	32.5M	34.9M
Total Current Assets	428M	396M	595M	975M	712M
Gross Property Plant And Equipment	825M	725M	1.02B	1.49B	942M
Accumulated Depreciation	-473M	-366M	-535M	-564M	-206M
Net Property Plant And Equipment	351M	359M	489M	928M	736M
Long-term Investments	52.4M	59.3M	67.9M	97.2M	10.9M
Goodwill	337M	404M	648M	847M	474M
Other Intangibles, Total	263M	328M	528M	726M	640M
Deferred Tax Assets Long-Term	3.7M	2.6M	33.9M	34.4M	6.4M
Other Long-Term Assets, Total	36.4M	36.5M	58.8M	61.6M	62.5M
Total Assets	1.47B	1.58B	2.42B	3.67B	2.64B
Liabilities
Accounts Payable, Total	66.4M	60.5M	116M	226M	139M
Accrued Expenses, Total	81.6M	95.7M	102M	182M	112M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	1.5M	2.3M	2.7M	34.6M	2.8M
Current Portion of Leases	5.3M	5.7M	7.8M	10.2M	11.3M
Current Income Taxes Payable	2.8M	2.7M	2.6M	11.4M	14.3M
Other Current Liabilities	-	-	-	2.3M	1.5M
Total Current Liabilities	158M	167M	231M	466M	281M
Long-Term Debt	538M	595M	1.27B	1.67B	1.11B
Long-Term Leases	20M	18.6M	21M	47.3M	53.5M
Pension & Other Post Retirement Benefits	31.6M	36.5M	39M	81.6M	62.2M
Deferred Tax Liability Non Current	48.2M	45.1M	95.1M	172M	142M
Other Non Current Liabilities	78.6M	72.9M	85M	56.7M	47.2M
Total Liabilities	874M	935M	1.74B	2.49B	1.69B
Common Stock, Total	3.1M	3.1M	3.1M	5.5M	5.4M
Additional Paid In Capital	78.8M	92.2M	102M	658M	670M
Retained Earnings	638M	666M	696M	611M	235M
Comprehensive Income and Other	-123M	-112M	-119M	-95.4M	39.1M
Total Common Equity	598M	650M	682M	1.18B	949M
Total Equity	598M	650M	682M	1.18B	949M
Total Liabilities And Equity	1.47B	1.58B	2.42B	3.67B	2.64B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	31.19M	31.42M	31.68M	54.98M	54.3M
ECS Total Common Shares Outstanding	30.9M	31.32M	31.45M	54.93M	54.21M
Book Value / Share	19.35	20.74	21.69	21.47	17.51
Tangible Book Value	-2.8M	-81.7M	-494M	-394M	-165M
Tangible Book Value Per Share	-0.09	-2.61	-15.7	-7.17	-3.04
Total Debt	565M	622M	1.3B	1.76B	1.17B
Net Debt	462M	567M	1.22B	1.63B	1.05B
Debt Equivalent of Unfunded Proj. Benefit Obligation	24.9M	25.7M	11.4M	26.8M	11.8M
Debt Equivalent Oper. Leases	52M	57.6M	85.6M	117M	103M
Equity Method Investments, Total	52.4M	59.3M	64.6M	59.1M	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	61.1M	65.3M	113M	206M	130M
Inventories - Work In Process, Total	20.7M	23.2M	41.9M	80.5M	50.4M
Inventories - Finished Goods, Total	65.3M	83.5M	95.7M	224M	160M
Inventories - Others	14.3M	7.7M	8.5M	24.5M	12.6M
Land - (BS)	14.8M	13.6M	31.6M	85.3M	78.3M
Buildings, Total	142M	144M	194M	286M	192M
Machinery, Total	623M	524M	740M	1.01B	559M
Full Time Employees	3.4K	3.6K	5.1K	7.5K	5.4K
Accumulated Allowance for Doubtful Accounts (Supple)	1.5M	1.1M	1.4M	2.4M	3.2M
Order Backlog	167M	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	85.8M	83.8M	88.9M	-6.6M	-310M
Depreciation & Amortization - CF	35.5M	42.6M	49.5M	71M	80.6M
Amortization of Goodwill and Intangible Assets - (CF)	20.3M	24.6M	39.7M	53.4M	61M
Depreciation & Amortization, Total	55.8M	67.2M	89.2M	124M	142M
Amortization of Deferred Charges, Total - (CF)	1.9M	2.1M	3M	10.9M	12.6M
(Gain) Loss From Sale Of Asset	-	-	-35.3M	-2.9M	-
Asset Writedown & Restructuring Costs	1.1M	2.9M	2.1M	14.1M	420M
(Income) Loss On Equity Investments - (CF)	-4.1M	-4.9M	-6.4M	-5.2M	-
Stock-Based Compensation (CF)	7.7M	8.8M	8.5M	20.4M	10.5M
Tax Benefit from Stock Options	-	-	-	-	-
Net Cash From Discontinued Operations	-	-	-	-	30M
Other Operating Activities, Total	13.9M	7.4M	-30.5M	-17.3M	-179M
Change In Accounts Receivable	10.8M	-5.3M	-28.1M	157M	2M
Change In Inventories	-11.2M	-3.5M	-31.4M	-82.2M	52.2M
Change In Accounts Payable	-2.1M	-12.7M	3.5M	4.4M	-64.4M
Change In Income Taxes	-3M	7.8M	-6.1M	-14.6M	-9.4M
Change in Other Net Operating Assets	3.7M	8M	700K	-200K	-200K
Cash from Operations	160M	162M	58.1M	202M	107M
Capital Expenditure	-28.6M	-30.1M	-35.9M	-56.9M	-66M
Sale of Property, Plant, and Equipment	14.7M	500K	35.3M	7.5M	-
Cash Acquisitions	-	-169M	-631M	-462M	-
Sale (Purchase) of Intangible assets	-5.5M	-3.2M	-3M	-2.7M	-400K
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	4.6M	-1M	-2.3M	33.3M	614M
Cash from Investing	-14.8M	-203M	-636M	-481M	547M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	19.1M	213M	744M	775M	241M
Total Debt Issued	19.1M	213M	744M	775M	241M
Short Term Debt Repaid, Total	-100K	-	-	-	-
Long-Term Debt Repaid, Total	-99.5M	-165M	-71.3M	-342M	-836M
Total Debt Repaid	-99.6M	-165M	-71.3M	-342M	-836M
Repurchase of Common Stock	-900K	-1M	-3.4M	-6.9M	-10.6M
Common Dividends Paid	-54.4M	-55M	-55.3M	-72.2M	-55.3M
Common & Preferred Stock Dividends Paid	-54.4M	-55M	-55.3M	-72.2M	-55.3M
Other Financing Activities, Total	-	-	-14.6M	-21.8M	-2.4M
Cash from Financing	-136M	-8.6M	600M	332M	-663M
Foreign Exchange Rate Adjustments	-500K	1.8M	-1.5M	-2.8M	4.9M
Net Change in Cash	9.2M	-48.3M	20M	49.7M	-4.2M
Supplemental Items
Cash Interest Paid	29.1M	31.4M	47.4M	-	-
Cash Income Tax Paid (Refund)	20.8M	14.8M	22.4M	26M	37.5M
Levered Free Cash Flow	115M	106M	-21.14M	-14.1M	193M
Unlevered Free Cash Flow	138M	125M	7.68M	33.31M	225M
Change In Net Working Capital	-21.5M	9.1M	116M	130M	-125M
Net Debt Issued / Repaid	-80.5M	47.4M	673M	432M	-595M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.77	5.87	3.11	2.41	0.27
Return on Total Capital	7.24	7.37	3.84	2.98	0.33
Return On Equity %	14.85	13.44	13.35	-0.71	-47.71
Return on Common Equity	14.75	13.26	13.19	-0.81	-47.77
Margin Analysis
Gross Profit Margin %	28.35	29.15	22.99	20.23	17.69
SG&A Margin	13.78	14.51	14.65	13.59	15.98
EBITDA Margin %	18.71	19.61	13.12	11.15	7.66
EBITA Margin %	15.24	15.65	9.69	7.88	3.68
EBIT Margin %	13.26	13.36	6.93	5.41	0.67
Income From Continuing Operations Margin %	8.39	7.8	6.17	-0.3	-25.06
Net Income Margin %	8.39	7.8	6.17	-0.3	-15.28
Net Avail. For Common Margin %	8.33	7.7	6.1	-0.35	-25.09
Normalized Net Income Margin	6.4	6.99	3	1.26	-1.5
Levered Free Cash Flow Margin	11.25	9.9	-1.47	-0.65	9.54
Unlevered Free Cash Flow Margin	13.46