Venator Materials PLC · OTC:VNTRF
Venator Materials — Q3 2021 Earnings Presentation
15 slides from Venator Materials's earnings presentation, Nov 3, 2021
Slide 1: Third Quarter 2021 Results Presentation
Third Quarter 2021 Results Presentation November 3, 2021
Slide 2: Safe Harbor Statement and Other Matters
Safe Harbor Statement and Other Matters This presentation includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements include statemen
Slide 3: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights Financial summary $ in millions, except per share amounts 3Q21 3Q20 2Q21 Revenues 557 474 567 Net loss attributable to Venator (47) (42) (23) Adjusted net income (loss) attributable to Venator(1) 3 (18) - Adjusted EBITDA(1) 48 17 43 Diluted loss per share (0.44) (0.39)
Slide 4: Titanium Dioxide
Titanium Dioxide Price improvement offsetting increased cost pressures Revenues Adjusted EBITDA $ in millions $ in millions 500 $430 60 $54 450 $415 55 400 50 13% $343 350 45 $36 40 300 35 250 30 200 $21 9% 25 150 20 100 15 10 6% 50 5 0 0 3Q21 3Q20 2Q21 3Q21 3Q20 2Q21 Titanium Dioxide Adjusted EBITD
Slide 5: Performance Additives
Performance Additives(a) Normal seasonal volume decline with softer demand for Timber Treatment Revenues(a) Adjusted EBITDA(a) $ in millions $ in millions $148 19 $18 18 $127 $126 17 16 15 14 13 12 11 10 12% 9 8 7 6 $5 $5 5 4 4% 4% 3 2 1 0 3Q21 3Q20 2Q21 3Q21 3Q20 2Q21 Performance Additives Adjusted
Slide 6: Driving Further Cost Reduction
Driving Further Cost Reduction Savings continue on track $ in millions 2020 BIP Highlights Timing (a) $ in millions ~$75 2020 Business Improvement Program Non-recurring has delivered >$40 million of benefits to ~$65 COVID-19 savings date compared to 2019 baseline 2020 $57 Business Improvement ~$55
Slide 7: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges Third Quarter 2021 $ in millions Q/Q $19 $(10) $(9) $5 $48 $43 2Q21 Adjusted Price/Mix Volume COGS SGA / Other 3Q21 Adjusted EBITDA EBITDA Y/Y $14 $(36) $51 $2 $48 $17 3Q20 Adjusted Price/Mix Volume COGS SGA / Other 3Q21 Adjusted EBITDA EBITDA 7 See Appendix for reconciliatio
Slide 8: Cash Flow Considerations
Cash Flow Considerations Successfully completed valuation of largest pension plan $ in millions Free Cash Flow 3Q21 YTD Cash provided by operating activities $7 $2 Capital expenditures(a) (20) (47) Total free cash flow $(13) $(45) Liquidity and Debt Other Cash Flow Considerations Total liquidity(b
Slide 9: Focused on Maximizing Shareholder Value
Focused on Maximizing Shareholder Value Maximize Shareholder Value Focus on Improve Customer- Enhance specialty & free cash Portfolio tailored competitive differentiated flow optimization approach position products generation Increasing Growth in higher Driving Reduce cash Completed sale o
Slide 10: Pro Forma Adj. EBITDA Reconciliation
Pro Forma Adj. EBITDA Reconciliation $ in millions 2014 2015 2016 2017 2018 2019 2020 3Q21 3Q21 LTM Net (Loss) / Income $ (162) $ (352) $ (77) $ 144 $ (157) $ (170) $ (105) $ (47) $ (146) Net income attributable to noncontrolling interests (2) (7) (10) (10) (6) (5) (7) – (3) Net income of discontinu
Slide 11: Reconciliation of U.S. GAAP to Non-GAAP Measures
Reconciliation of U.S. GAAP to Non-GAAP Measures See Appendix for reconciliations and important explanatory notes 11
Slide 12: Reconciliation of U.S. GAAP to Non-GAAP Measures
Reconciliation of U.S. GAAP to Non-GAAP Measures See Appendix for reconciliations and important explanatory notes 12
Slide 13: Reconciliation of U.S. GAAP to Non-GAAP Measures
Reconciliation of U.S. GAAP to Non-GAAP Measures See Appendix for reconciliations and important explanatory notes 13
Slide 14: Reconciliation of U.S. GAAP to Non-GAAP Measures
Reconciliation of U.S. GAAP to Non-GAAP Measures See Appendix for reconciliations and important explanatory notes 14
Slide 15: Appendix
Appendix (1) Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income/loss before interest income/expense, net, income tax expense/benefit, depreciation and amortization, and net income attributable to noncontrolling interests, as well as eliminat