Atmus Filtration Technologies Inc. · NYSE:ATMU
Atmus Filtration Technologies — Q1 2024 Earnings Presentation
15 slides from Atmus Filtration Technologies's earnings presentation, May 3, 2024
Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call May 3, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, those that are based on current expectations, estimates and projecti
Slide 3: Steph Disher, CEO and Jack Kienzler, CFO
Steph Disher Chief Executive Officer Jack Kienzler Chief Financial Officer | 3
Slide 4: First Quarter 2024 Financial Highlights
First Quarter 2024 Financial Highlights1 $427 ($13) Sales ($millions) Adj. FCF ($millions) 18.8% $0.60 Adj. EBITDA Margin Adj. Diluted EPS 1. For the 3 months ended March 31, 2024 GAAP net income was $46 million, diluted earnings per share was $0.54 and cash used in operating activities was $8 milli
Slide 5: Atmus Long-Term Value Creation
Atmus Long-Term Value Creation Mission-Critical Product in Strong Positioning Predictable & & Brand Growing End Recognition Markets Clear Strategy for Consistent & Growth as an Attractive Independent Financial Results Company | 5
Slide 6: Company Results
Company Results Three months ended March 31 2024 2023 Sales $427 $419 Gross margin $112 $110 Gross margin % 26.2% 26.2% Selling, General & Research (SAR) $53 $49 SAR% 12.5% 11.7% Joint venture / other income $10 $8 Adj. EBITDA1 $80 $79 Adj. EBITDA margin % 18.8% 18.8% Net Income $46 $53 Diluted earn
Slide 7: Consistent balance sheet strength fueling opportunities
Consistent balance sheet strength fueling opportunities 1 $103 million TTM adj. free cash flow 2 $549 million Liquidity 3 1.5 times Net debt to TTM adj. EBITDA | 7
Slide 8: 2024 Outlook
2024 Outlook Measure FY 2024 outlook Sales ($ millions) $1,610 - $1,675 Adj. EBITDA margin%1 18.25% - 19.25% Additional Planning Assumptions Adj. earnings per share1 $2.10 - $2.35 Joint venture income $30 - $35 Effective tax rate 22% - 24% Interest expense $40 - $45 Depreciation & amortization ~$30
Slide 9: Public
“@ Atmus QtA
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Public
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in our underlying operating results and provide additional insight and transparency
Slide 12: EBITDA and Adjusted EBITDA Reconciliations
Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Reconciliations ($ millions) For the Three Months Ended For the Twelve Months Ended March 31, December 31, 2024 2023 2023 2022 NET INCOME $ 46 $ 53 $ 171 $ 170 Plus: Interest expense $ 11 $ - $ 26 $ 1 Income tax expense $ 13 $ 16 $ 55 $ 42 Depre
Slide 13: EBITDA, Adjusted EPS Reconciliations and Net Debt
Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Reconciliations and Net Debt ($ millions) Trailing Twelve Months Adjusted EPS Reconciliation March 31, 2024 ($ Earnings per Share) NET INCOME $ 164 For the Three Months Ended Plus: March 31, Interest expense $ 36 2024 2023 Income tax expense $ 5
Slide 14: Free Cash Flow and Adjusted Free Cash Flow Reconciliations
Non-GAAP Financial Measures Free Cash Flow and Adjusted Free Cash Flow Reconciliations ($ millions) For the Three Months Ended Trailing Twelve March 31, Months 2024 2023 March 31, 2024 Cash (used in) provided by operating activities $ (8) $ 43 $ 138 Less: Capital expenditures $ 11 $ 6 $ 50 Free cash
Slide 15: Slide 15
Atmus Filtration Technologies — Q1 2024 Earnings Presentation on 6ix