Myers Industries, Inc. · NYSE:MYE
Myers Industries — Investor Day (March 2024)
90 slides from Myers Industries's investor day presentation, Mar 19, 2024
Slide 1: 2024 Investor Day: Myers is on the Move
2024 Investor Day Myers is on the Move March 19, 2024
Slide 2: Opening Remarks
Opening Remarks Meghan Beringer, Senior Director of Investor Relations 2
Slide 3: Safe Harbor Statement & Non-GAAP Measures
Safe Harbor Statement & Non-GAAP Measures Statements in this presentation contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including information regarding the Company’s financial outlook, future plans,
Slide 4: Today's Speakers
Today’s Speakers Mike McGaugh Grant Fitz Dave Basque President and Chief Executive Officer Executive Vice President and Chief Financial Officer Business Vice President Jim Gurnee Jeff Condino Meghan Beringer Business Vice President Business Vice President Sr. Director, Investor Relations 4
Slide 5: Agenda
Agenda ❑ Strategic Overview…………………………...Mike McGaugh ❑ Financials...........……………………………..Grant Fitz ❑ 15 Minute Break ❑ Automotive Aftermarket………………………Jim Gurnee ❑ Material Handling……………………………..Dave Basque ❑ Signature Systems........................................Jeff Condino ❑ Management Q&A 5
Slide 6: Strategic Overview
Strategic Overview Mike McGaugh, President & Chief Executive Officer 6
Slide 7: Today's Key Messages
Today’s Key Messages ❑ Consistent execution of Myers’ 3 Horizon Strategy ❑ Delivered Horizon One: Built our foundation ❑ Executing Horizon Two: A new Myers ❑ Repositioning the Company to unlock value 7
Slide 8: A Look Back at 2023
A Look Back at 2023 ❑ Some end markets hit cyclical trough or near trough conditions ❑ Operational and Commercial Excellence delivered value ❑ Myers Business System – making our ‘best practices’ permanent ❑ Signature Systems acquisition, a pivot point for Myers ❑ One of the strongest years in recent
Slide 9: What We Are
What We Are ❑ ~ $500 million differentiated, branded, high-margin products business ❑ ~ $300 million industrial distributor with a leadership position in tire supplies ❑ ~ $200 million custom molder (contract manufacturer) for plastic and steel products Note: Directional revenue trajectory over Comp
Slide 10: Who We Are
Who We Are ❑ #1 or #2 position in niche, profitable businesses ❑ Branded, differentiated products ❑ Large-cap talent at a small-cap company ❑ World Class operational and commercial capabilities ❑ Cyclical end markets, some currently at ‘trough’ or ‘near trough’ demand levels ❑ Addressing cyclicality
Slide 11: Our Areas of Focus
Our Areas of Focus ❑ Grow branded products ❑ Leading brands: #1 or #2 position ❑ Reduce private label or contract manufacturing exposure ❑ Consistent innovator ❑ Acquisitive company 11
Slide 12: Myers Industries at a Glance
Myers Industries at a Glance Revenue & Adj. EBITDA by Segment 2023 Distribution 12% Distribution 32% Revenue $813M Material Handling 68% Material Handling 88% 1 Revenue Adj. EBITDA 1 Does not include corporate costs of $32M not allocated to the segments. See appendix for non-GAAP reconciliations. 12
Slide 13: Myers Industries at a Glance (Pro forma)
Myers Industries at a Glance Revenue & Adj. EBITDA by Segment (Pro forma including Signature Systems) Distribution 9% 2023 Distribution 28% Pro forma Revenue Material Handling Material Handling 1 72% 91% $923M 2 Revenue Adj. EBITDA 1 Includes Signature Systems 2023 revenue of $110 million and EBITDA
Slide 14: Myers Industries at a Glance: Net Revenue Mix
Myers Industries at a Glance NET REVENUE MIX (Pro forma including Signature Systems) Segment End Market Infrastructure 12% Distribution Industrial 24% 28% Automotive Aftermarket 28% Vehicle Material 13% Handling 72% Food & Beverage Consumer 13% 10% 14
Slide 15: Full Company Pro Forma 2023 Results
Full Company Pro Forma 2023 Results $923M #1 and #2 Position in Diverse, Pro forma Revenue Niche Markets $137M ~2,700 Pro forma Adj. EBITDA Employees 15% 10 Pro forma Adj. Strong brands EBITDA Margin Includes Signature 2023 revenue of $110 million and adjusted EBITDA of $39 million. These results ar
Slide 16: Our Company is Driven by Power Brands
Our Company is Driven by 4 Power Brands ~80% of pro forma profits are represented by these 4 brands 16
Slide 17: Transforming Myers Industries: Our Long-Term Vision
Transforming Myers Industries: Our Long-Term Vision Horizon 3 2026 - 2029 Horizon 2 2024 - 2026 Horizon 1 Continued execution 2020 - 2023 of Horizons 1 & 2 Continued execution + of Horizon 1 Enterprise-level M&A Self Help, Organic + with Global focus Growth, Bolt-On M&A Enterprise-level M&A with Nor
Slide 18: Strategic Pillars: Driving Consistency, Focus, Execution
Strategic Pillars: Driving Consistency, Focus, Execution Strategic Objective: Our “True North” Transform Material Handling Segment into a high-growth, customer-centric innovator of engineered plastic solutions, while continuing to optimize and grow Distribution Segment 1 2 3 4 Organic Strategic Oper
Slide 19: 2023 Progress Against Strategic Pillars
2023 Progress Against Strategic Pillars 1 ❑ Diversifying into Military and Industrial end-markets to overcome Consumer and RV end-market softness Organic ❑ Continued growth in e-Commerce and large accounts in Automotive Aftermarket Growth ❑ Innovation and sales gains in Industrial products to balanc
Slide 20: The Myers Business System
The Myers Business System Standardizing Work Processes ❑ Purchasing Self Help ❑ Pricing Excellence ❑ SG&A Discipline ❑ Supply Chain Operational ❑ Manufacturing Excellence ❑ Asset Management ❑ Target Account Plans Organic ❑ Market Plans Growth ❑ e-Commerce 20
Slide 21: Horizon Strategic Imperatives
Horizon 2 Strategic Imperatives Maximize Grow Value 21
Slide 22: Horizon 2: Our Strategic Lens
Horizon 2: Our Strategic Lens Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket Branded, high-performance products Designed and tailored solutions that High-quality repair and replacement that move, store and protect meet our customers’ unique
Slide 23: Diverse End Markets Reduce Risk & Provide Growth Opportunities
Diverse End Markets Reduce Risk & Provide Growth Opportunities Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket Branded, high-performance products Designed and tailored solutions that High-quality repair and replacement that move, store and pr
Slide 24: Horizon Strategic Imperatives
Horizon 2 Strategic Imperatives Maximize Grow Value Storage, Handling Engineered Automotive & Protection Solutions Aftermarket 24
Slide 25: Myers Strategic Lens
Myers Strategic Lens Portfolio Pro forma Revenue Mix Portfolio Pro forma EBITDA Mix Auto Aftermarket 10% Auto Aftermarket 28% Storage, Handling Engineered & Protection Solutions Storage, Handling & 10% Storage, Handling & XX% Protection Protection 50% 80% Engineered Solutions 22% Note: Includes Sign
Slide 26: Significant Runway for Shareholder Value Creation
Significant Runway for Shareholder Value Creation Material Handling Distribution Storage, Handling & Automotive Engineered Solutions Protection Aftermarket Peers Market Multiple 18 – 20X 8 – 9X 10 – 12X Target Adj. EBITDA Margin 30 – 35+ % 8 – 15% 10 – 12% CY23 Pro forma Revenue $459M $206M $258M CY
Slide 27: What We Seek to Acquire
What We Seek to Acquire ❑ Branded products, avoid private label ❑ Primarily #1 or #2 position in growing markets ❑ Stronger under Myers Business System ❑ Less cyclical or counter cyclical ❑ Favorable sustainability profile 27
Slide 28: Growing our Portfolio Through M&A
Growing our Portfolio Through M&A $1,000 Total Revenue ($ Millions) $900 $800 $700 $600 $500 $400 2016 2017 2018 2019 2020 2021 2022 2023 2024 Note: 2023 revenue pro forma for acquisition of Signature Systems completed in February 2024. 28
Slide 29: Summary
Summary ❑ Built foundation in Horizon One ❑ Transformation accelerating in Horizon Two ❑ Signature Systems is a catalyst ❑ Storage, Handling & Protection portfolio is a significant value driver 29
Slide 30: Financials
Financials Grant Fitz, EVP & Chief Financial Officer 30
Slide 31: Transforming Myers Industries: Our Long-Term Vision
Transforming Myers Industries: Our Long-Term Vision Horizon 3 2026 - 2029 Horizon 2 2024 - 2026 Horizon 1 Continued execution 2020 - 2023 of Horizons 1 & 2 Continued execution + of Horizon 1 Enterprise-level M&A Self Help, Organic + with Global focus Growth, Bolt-On M&A Enterprise-level M&A with Nor
Slide 32: Strong Performance and Free Cash Flow Generation
Strong Performance and Free Cash Flow Generation Net Sales ($M) Gross Profit ($M) (% Margin) 30.3% 28.8% 31.6% 33.2% 33.7% 27.8% 31.5% 31.9% $900 $761 $813 $283 $259 $534 $547 $567 $516 $211 $510 $162 $179 $171 $172 $157 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
Slide 33: How We Did in 2023
How We Did in 2023 2023 marked a year of continued progress in spite of cyclical end market declines and yielded one of the highest adjusted earnings per share, adjusted EBITDA and revenue in recent years (In $ millions except EPS) 2023 Key Metrics 2023 Net Sales $813.1 ROIC - % 15.5% Free Cash Flow
Slide 34: Where We're Going: Horizon Strategy Outlook
Where We’re Going: Horizon Strategy Outlook FY 2024 FY 2026 FY 2029 Guidance Horizon 2 Target Horizon 3 Target >10% 5% Organic Revenue + 15-20% + Potential Upside + Acquisitions for Acquisitions International Expansion Adj. Diluted EPS $1.30 – $1.45 > $2 > $3 ❑ Storage, Handling & Protection product
Slide 35: Myers with Signature – 2024 Guidance
Myers with Signature – 2024 Guidance ($ in millions) ($ per share) Revenue Adj. EPS* $976.0 $1.45 $935.0 $1.39 +20.0% +15.0% $813.0 $1.30 2023 2024 Guidance Range 2023 2024 Guidance Range A compelling business with stronger revenue growth opportunities and a much- improved profitability profile post
Slide 36: Three Year Financial Targets
Three Year Financial Targets 10+% Adjusted Earnings Per Share 10-15% Revenue CAGR CAGR >$2 $900 $1.68 $813 $761 $1.39 $547 $567 $534 $516 $510 $0.97 $0.85 $0.76 $0.78 $0.48 $0.51 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Strong grow
Slide 37: Current Market View on Myers Business
Current Market View on Myers Business 2023 Pro forma Segment Revenue of $923 Million Distribution March 15, 2024 28% Stock Price $20.84 / share Material Implied Adj. EBITDA Handling 72% Multiple ~8.5X Note: Includes Signature Systems 2023 revenue of $110 million as part of Material Handling Segment
Slide 38: Unleashing the Value
Unleashing the Value Material Handling Distribution Corporate Storage, Handling Engineered Automotive Leverage Scale & Protection Solutions Aftermarket Branded, Contract Industrial Centers of High Value Manufacturing Distribution Excellence Target Adj. EBITDA Margin 30 - 35+% 8 - 15% 10 - 12% 38
Slide 39: Breaking Myers Out to Unleash the Value Potential
Breaking Myers Out to Unleash the Value Potential 2023 Pro forma Revenue Mix Over 50% of our Revenue is in Storage, Storage, Handling & Handling & Protection Material Protection Distribution 28% Handling 72% 50% High-margin, high- growth brands with a Engineered Solutions targeted 30 – 35+% 22% Adju
Slide 40: Significant Runway for Shareholder Value Creation
Significant Runway for Shareholder Value Creation Material Handling Distribution Storage, Handling & Automotive Engineered Solutions Protection Aftermarket Peers Market Multiple 18 – 20X 8 – 9X 10 – 12X Target Adj. EBITDA Margin 30 – 35+ % 8 – 15% 10 – 12% CY23 Pro forma Revenue $459M $206M $258M CY
Slide 41: Disciplined Capital Allocation Policy
Disciplined Capital Allocation Policy Capital Allocation Priorities Historically Conservative Leverage Profile Total leverage1 Focus on debt repayment to return to historical Net leverage2 1 leverage levels 1.4x 1.2x 1.1x 0.9x 0.7x Maintain strong balance sheet with ample liquidity via 2 cash on han
Slide 42: New Capital Structure with Signature Acquisition
New Capital Structure with Signature Acquisition ❑ Transaction funded by a secured 5-year $400M term loan A facility ❑ Amended $250M Senior Revolving Credit Facility New ❑ Projected net leverage ratio is within Myers’ strategy to be ~3X at the time of acquisition, with free cashflow expected to allo
Slide 43: New Capital Structure with Signature Acquisition
New Capital Structure with Signature Acquisition Targeted Net Debt Leverage Ratio (Excluding potential future acquisitions) < 3.0 3.0 New < 2.0 2.0 Capital 1.5 Structure 1.0 - 2024 2025 2026 Projected >60% FCF Conversion Each Year 43
Slide 44: Summary
Summary ❑ Myers provides a compelling opportunity for investment ▪ Strong Earnings and Free Cash Flow profile ▪ High Margin, Power Brands in our Storage, Handling and Protection products provide growth upside ▪ Disciplined Capital Allocation approach ❑ Leveraging the Myers Business System to execute
Slide 45: Automotive Aftermarket
Automotive Aftermarket Jim Gurnee, Business Vice President 45
Slide 46: Automotive Aftermarket
Automotive Aftermarket Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket Branded, high-performance products Designed and tailored solutions that High-quality repair and replacement that move, store and protect meet our customers’ unique needs p
Slide 47: Automotive Aftermarket
Automotive Aftermarket Myers is a leading supplier serving national, regional and multi-location tire outlets across four key Automotive Aftermarket segments 47
Slide 48: Scale = Superior Service Levels
Scale = Superior Service Levels Myers is the largest and most capable distributor providing professionals need to service tires, wheels and related components US Operating Facilities “Best in Class” Service ❑ 97% Orders shipped same day ❑ Right Part, Right Place, Right Time, Every Time Central Ameri
Slide 49: Scale = Cost Advantage
Scale = Cost Advantage Size and scale allows greater purchasing power and cost advantage ❑ Broadest Category Offerings in the industry ❑ Good, Better, Best solutions ❑ Strategic Supplier relationships for targeted growth Equipment Retread & Repair Wheel Weights ❑ Lifts ❑ Patchers ❑ Clip on weights ❑
Slide 50: Ease of Doing Business
Ease of Doing Business Myers Tire Supply has the size and scale to financially support key customer needs that enable Myers to stay ahead of competitors Myers Service ‘Differentiators” that deliver superior service levels Multiple Ordering & Most Experienced / Ability to Flex and VMI/CMI Services Se
Slide 51: Pro Sales
Pro Sales Myers Tire Supply has a strong brand supported by an experienced well-trained team The business is built on relationships and service Myers wins on both Myers Service ‘Differentiators” that deliver superior service levels ❑ Dedicated Corporate and Regional Account Managers – Industry Leade
Slide 52: Market Expansion/Tailwinds
Market Expansion/Tailwinds Meaningful Market Trends support Myers growth into the future Demand for EVs will continue to grow, with a greater need for tire repair for EVs vs. ICEs Continued consolidation among the top tier tire dealers – best served by a national distributor Vehicle Miles traveled p
Slide 53: Summary
Summary ❑ Myers is the Largest Distributor serving this end-market ❑ Our size and scale allows us Greater Cost Advantage ❑ Our cornerstone is Superior Service with advanced technology ❑ Largest, most knowledgeable Sales Force in the industry ❑ There are Favorable Tailwinds which align to Myers stren
Slide 54: Material Handling
Material Handling Dave Basque, Business Vice President 54
Slide 55: Material Handling
Material Handling Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket Branded, high-performance products Designed and tailored solutions that High-quality repair and replacement that move, store and protect meet our customers’ unique needs parts
Slide 56: Summary
Summary 4 Four powerful and differentiated brands with #1 and #2 market positions Scaling Commercial Excellence to grow, innovate, and price to the value we create Experts in material substitution, helping Brands and consumers switch to durable plastic Executing Operational Excellence system to driv
Slide 57: Four Power Brands – Storage, Handling & Protection
Four Power Brands – Storage, Handling & Protection Top provider of the strongest reusable solutions for the world’s biggest Brands Leader in industrial storage systems to support inventory management Brand of choice for fuel storage, marine accessories, and plastic ammunition storage Leading designe
Slide 58: Diverse End Markets Reduce Risk & Provide Growth Opportunities
Diverse End Markets Reduce Risk & Provide Growth Opportunities Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket End Markets Agriculture & Food RV/Marine Tire Repair Centers Consumer Outdoor & Leisure Commercial Fleets Industrial Industrial Hea
Slide 59: Food Conversion – Storage, Handling & Protection
Food Conversion – Storage, Handling & Protection Value created by driving Material Substitution to a better solution Food & Beverage Ingredients Intrepid IBC Corrugated Gaylord & Wood Pallet • Reusable 10 years + • Easy Clean, FDA Compliant PP • <18 month payback 59
Slide 60: Chemical Conversion – Storage, Handling & Protection
Chemical Conversion – Storage, Handling & Protection Value created by driving Material Substitution to a better solution Chemicals & Hazardous Materials Tuff Series IBC Composite IBC / Bottle-in-Cage • Consistent Quality • Cost & Waste Reduction • All Plastic • UN / DOT Compliant 60
Slide 61: Organization Conversion – Storage, Handling & Protection
Organization Conversion – Storage, Handling & Protection Value created by driving Material Substitution to a better solution Industrial Stockroom AkroBin Cardboard Disposable Shippers • Reduce Out-of-Stocks / Increase Turns • 60lb capacity • Poka Yoke / Kanban Enablement 61
Slide 62: Military Conversion – Storage, Handling & Protection
Military Conversion – Storage, Handling & Protection Value created by driving Material Substitution to a better solution Military Ammunition Scepter Military Steel / Wood • Heavy Duty Plastic • 17%-35% Lighter • Weather / Impact Resistant • UN / NATO Qualified 62
Slide 63: Outdoor Conversion – Storage, Handling & Protection
Outdoor Conversion – Storage, Handling & Protection Value created by driving Material Substitution to a better solution Traditional Wooden Dock Connect-a-Dock Wood / Steel • High Customization • Easy Install / Low Maintenance • Strong & Durable 63
Slide 64: e-Commerce Revenue Growth
e-Commerce Revenue Growth Channel growth in e-Commerce starting with 2 Material Handling Power Brands +15% CAGR 2021 2022 2023 Akro-Mils Scepter 64
Slide 65: Innovation – Storage, Handling & Protection
Innovation – Storage, Handling & Protection Scepter Flo ‘n Go Powered Fueling Station ❑ Convenience of a gas pump at home or on the job Target Audiences ❑ Pro User / Small Landscape Company ❑ DIYer ❑ Power Sports Enthusiasts Features/Benefits ❑ Simple, intuitive controls ❑ Powered on-the-go with A
Slide 66: Operational Excellence
Operational Excellence Executing to drive down costs while maintaining service levels Lower Increase Increase Capability Cost Productivity Revenue Development Scale & Discipline More with Less Enable Growth People Focus $ $ ❑ Unlock Hidden Factory ❑ Profitable Portfolio ❑ Recruit High Caliber ❑ Purc
Slide 67: Diverse End Markets Reduce Risk & Provide Growth Opportunities
Diverse End Markets Reduce Risk & Provide Growth Opportunities Material Handling Distribution Storage, Handling & Engineered Automotive Protection Solutions Aftermarket End Markets Agriculture & Food RV/Marine Tire Repair Centers Consumer Outdoor & Leisure Commercial Fleets Industrial Industrial Hea
Slide 68: Engineered Solutions – Operational Excellence
Engineered Solutions – Operational Excellence Solutions for contract manufacturing and private label production Myers’ Brands Myers’ Engineered Strategy Provide customers exceptional value, emphasizing operational excellence and efficiency ❑ Leveraged Material Purchasing ❑ Design & Engineering ❑ Rot
Slide 69: Summary
Summary 4 Four powerful and differentiated brands with #1 and #2 market positions Scaling Commercial Excellence to grow, innovate, and price to the value we create Experts in material substitution, helping Brands and consumers switch to durable plastic Executing Operational Excellence system to driv
Slide 70: Signature Systems
Signature Systems Jeff Condino, Business Vice President 70
Slide 71: Protecting the World from the Ground Up
Protecting the World from the Ground Up ❑ Leading manufacturer of composite ground protection solutions ❑ Leading provider of turf protection solutions for stadiums and event venues ❑ Significant continued growth opportunity for composite mats due to overall end- market demand and displacement of tr
Slide 72: Full Line of Branded, Differentiated Products
Full Line of Branded, Differentiated Products Ground Protection Turf Protection 72
Slide 73: Industrial Ground Protection
Industrial Ground Protection Heavy Duty Mat 1,025 pounds 7.5’ x 14’ x 4” Medium Duty Mat 500 pounds 6.9’ x 10’ x 2.5” Light Duty Mat 90 pounds 4’ x 8’ x 5” Track Out Mat 430 pounds 7’ x 12’ x 3.75” 73
Slide 74: Stadium Turf Protection
Stadium Turf Protection OmniDeck HD 90 pounds 3’ x 6’ x 1.5” (closed bottom) OmniDeck LD 36 pounds 3’ x 6’ x 1.5” (open bottom) Matrax HD 50 pounds 4’ x 4’ x 1.5” (closed bottom) Matrax LD 31 pounds 4’ x 4’ x 1.5” (open bottom) 74
Slide 75: Signature Sites, Capabilities, Technologies
Signature Sites, Capabilities, Technologies Locations and Operations Manufacturing Technology ❑ Compression Molding ❑ Structural Foam Injection Molding ❑ Hot Plate Welding ❑ CNC Machining ❑ Polyethylene, Calcium Carbonate Intellectual Property ❑ 14 Active US Patents ❑ 25 Active Global Patents 75
Slide 76: Diverse, High-Growth End Markets…
Diverse, High-Growth End Markets… Long runway for high-end, profitable growth due to broader, large end market and conversion opportunities North America Composite End Markets Matting Demand $450M 7% 7% > 10% CAGR 14% Electrical T&D 35% Civil Infrastructure $250M Turf Protection Oil & Gas 20% Other
Slide 77: …With Significant Growth Runway
…With Significant Growth Runway Global North America matting market matting market ~$2.7B ~350M sq. ft. Signature Systems Composite Matting ❑ Established & growing ❑ Preferred solution for Alternative presence outside of ROW Materials turf protection North America 68% (~$1.8B) 81% ❑ Growing faster t
Slide 78: Favorable ESG Profile
Favorable ESG Profile Replacing wood and metal alternatives with reusable and/or widely recyclable products Composite Mat vs. Wood Mat Industry’s Only Closed-Loop Recycling Program 78
Slide 79: Strong Expansion Tailwinds
Strong Expansion Tailwinds ❑ Continued migration from wood to composites ❑ 10 years+ of runway in Infrastructure upgrades that require ground protection ▪ $560B from the Infrastructure Investment & Jobs Act ▪ $400B from the Federal Inflation Reduction Act ❑ Conversion from mandated gravel track-out
Slide 80: Signature Systems Outlook
Signature Systems Outlook Revenue Trend 10 – 15 % ($ in millions) CAGR $110M 2023 2024 2025 2026 High-growth end market, with a projected 10 – 15% annual growth rate over the three- year horizon, while continuing to maintain a strong EBITDA margin profile 80
Slide 81: Summary
Summary ❑ 100% branded products, no private label manufacturing ❑ Leading provider of composite ground protection solutions ❑ Strengthened as a significant addition to Myers ❑ Attractive end-markets with strong growth trajectory ❑ Favorable sustainability profile vs. alternative materials 81
Slide 82: Myers Industries
INDUSTRIES
Slide 83: Appendix
my INDUSTRIES
Slide 84: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Conversion ($M) 2016 2017 2018 2019 2020 2021 2022 2023 Net sales - continuing operations $ 534.4 $ 547.0 $ 566.7 $ 515.7 $ 510.4 $ 761.4 $ 899.5 $ 813.1 Net income (loss) from continuing o
Slide 85: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Adj. Gross Profit, Adj. Gross Margin, Adj. Operating Income and Adj. Operating Income Margin ($M) 2023 Net sales - continuing operations $ 813.1 Gross profit from continuing operations $ 259.1 Gross margin 31.9% Restructuring expenses and other adjustments 0.8 Acq
Slide 86: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Segment Adjusted Operating Income and Adjusted EBITDA Storage, Material handling & Engineered Handling Distribution Myers protection Solutions Segment Segment Corporate Industries ($M) FY 2023 FY 2023 FY 2023 FY 2023 FY 2023 FY 2023 Operating income $ 92.5 $ 7.6 $
Slide 87: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Unaudited Pro Forma Myers Unaudited Myers Used for Pro Forma Metrics Unaudited Industries Signature Industries Signature ($M) FY 2023 FY 2023 FY 2023* ($M) FY 2023 Net sales Storage, Handling & Protection $ 348.9 $ 110.2 $ 459.1 Operating income $ 30.5 Engineered
Slide 88: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Adjusted EPS 2016 2017 2018 2019 2020 2021 2022 2023 Net Income (loss) per common diluted share from continuing operations $ 0.38 $ 0.35 $ (0.05) $ 0.68 $ 1.02 $ 0.92 $ 1.64 $ 1.32 Restructuring, severance and other adjustments 0.09 0.28 0.03 (0.02) 0.07 0.05 0.02
Slide 89: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Return On Invested Capital ($M) 2022 2023 Operating income (loss) $ 72.4 Less: Income tax at normalized effective tax rate (18.1) Normalized effective tax rate 25.0% Net operating profit after tax ("NOPAT") $ 54.3 Total Assets $ 542.6 $ 541.6 Less: Excess cash (9.
Slide 90: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Guidance for Full Year 2024 Adjusted EPS Full Year 2024 Guidance Low High GAAP diluted net income per common share $1.03 $1.23 Add: Net restructuring expenses and other adjustments 0.04 0.04 Add: Acquisition and integration costs 0.32 0.26 Less: Adjusted effective