Slide 1: Fourth Quarter and Full Year 2020 Earnings Presentation
Fourth Quarter and Full Year 2020 Earnings Presentation February 25, 2021 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statement Any "forward-looking" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involv
Slide 3: 2020 in Review
2020 in Review TriMas’ Multi-Industry Positioning Delivers Strong Results in 2020 • TriMas Business Model proved robust as we navigated through the onset and uncertainty of the pandemic • Solid sales and earnings performance with exceptional cash flow • Continued progress against our capital allocat
Slide 4: Solid Finish to a Challenging Year
Solid Finish to a Challenging Year YOY Growth % Organic Acquisitions Fx Total Adjusted for Special Items Q4 2020 Q4 2019 FY 2020 FY 2019 Q4 2020 vs. Q4 2019 Net Sales $188.2 $170.9 $770.0 $723.5 Consolidated TriMas 2.7% 6.5% 0.9% 10.1% Operating Profit $21.1 $21.2 $100.2 $96.2 Packaging 25.0% 5.5% 1
Slide 5: Strong Balance Sheet and Cash Flow
Strong Balance Sheet and Cash Flow December 31, December 31, Key Credit Statistics 2020 2019 Total Debt $346.3 $294.7 Less: Cash $74.0 $172.5 Net Debt $272.3 $122.2 LTM Adjusted EBITDA(1) $156.8 $146.5 Net Leverage(2) 1.7x 0.8x Q4 Free Cash Flow(3) $26.8 $28.3 FY Free Cash Flow(3) $95.4 $71.0 Strong
Slide 6: Segment Results
>’ TriMias Segment Results
Slide 7: TriMas Packaging Segment
TriMas Packaging Segment Adjusted for Special Items Q4 2020 Q4 2019 Net Sales $124.3 $94.0 Operating Profit $24.2 $19.5 Operating Margin 19.4% 20.7% Adjusted EBITDA(1) $30.3 $25.2 Adjusted EBITDA Margin 24.3% 26.8% Note: Q4 Sales Growth – Organic 25.0%, Acquisitions 5.5% and F(x) 1.7% Quarterly Take
Slide 8: TriMas Aerospace Segment
TriMas Aerospace Segment Adjusted for Special Items Q4 2020 Q4 2019 Net Sales $37.1 $48.5 Operating Profit $0.5 $7.7 Operating Margin 1.3% 15.8% Adjusted EBITDA(1) $5.0 $11.4 Adjusted EBITDA Margin 13.5% 23.6% Note: Q4 Sales Growth – Organic -35.6%, Acquisitions 12.1% Quarterly Takeaways • Sharp sal
Slide 9: TriMas Specialty Products Segment
TriMas Specialty Products Segment Adjusted for Special Items Q4 2020 Q4 2019 Net Sales $26.8 $28.4 Operating Profit $3.5 $2.5 Operating Margin 13.0% 8.7% Adjusted EBITDA(1) $4.5 $3.4 Adjusted EBITDA Margin 16.7% 11.9% Quarterly Takeaways • Increased demand for steel cylinders for the industrial end
Slide 10: Outlook & Summary
>’ TriMias Outlook & Summary
Slide 11: Forward Expectations
Forward Expectations As of 2/25/21 TriMas Q1 2021 Outlook Broader 2021 Thoughts Consolidated TriMas (1) • Overall sales growth driven by acquisitions Sales • Free Cash Flow(2) generation greater than 100% of net income Consolidated TriMas $190M - $200M % change as compared to 2020 4% to 9% TriMas Pa
Slide 12: TriMas Well-Positioned for Market Recovery
TriMas Well-Positioned for Market Recovery • Strong Brand Names • Innovative Product Solutions • Diverse End Markets • Exceptional Cash Conversion FY 2020 Sales % by Segment 22% Aerospace 63% • Commercial Jet • Military & Defense Packaging • Business Jet • Beauty & Personal Care • Food & Beverage •
Slide 13: TriMas' Capital Allocation Strategy
TriMas’ Capital Allocation Strategy Capital Allocation Priorities TriMas Business Model 1 • Reinvest in our businesses for long-term growth 2 • Maintain a strong balance sheet with an Drive Performance overarching target net leverage ratio below 2.0x and Exceptional Cash Conversion 3 • Augment organ
Slide 14: >’ TriMias
>’ TriMias
Slide 15: Appendix
>’ TriMias Appendix
Slide 16: Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet December 31, December 31, 2020 2019 Assets Current assets: Cash and cash equivalents $ 73,950 $ 172,470 Receivables, net 113,410 108,860 Inventories 149,380 132,660 Prepaid expenses and other current assets 15,090 20,050 Total current assets 351,830 434,040 Prope
Slide 17: Consolidated Statement of Operations
Consolidated Statement of Operations Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 (unaudited) Net sales $ 188,170 $ 170,920 $ 769,970 $ 723,530 Cost of sales (141,620) (126,590) (587,890) (529,630) Gross profit 46,550 44,330 182,080 193,900 Selling, general an
Slide 18: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Twelve months ended December 31, 2020 2019 Cash Flows from Operating Activities: Net income (loss) $ (79,760) $ 98,620 Income from discontinued operations - 36,680 Income (loss) from continuing operations (79,760) 61,940 Adjustments to reconcile income (loss) fro
Slide 19: Company and Segment Financial Information
Company and Segment Financial Information Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 Packaging Net sales $ 124,340 $ 94,030 $ 488,340 $ 392,340 Operating profit $ 23,650 $ 20,750 $ 93,990 $ 80,770 Special Items to consider in evaluating operating profit: Rev
Slide 20: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 Income (loss) from continuing operations, as reported $ 23,690 $ 13,430 $ (79,760) $ 61,940 Special Items to consider in evaluating quality of income (loss) from continuin
Slide 21: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended December 31, 2020 2019 As reported Special Items As adjusted As reported Special Items As adjusted Net cash provided by operating activities from continuing operations $ 48,300 1,350 $ 49,650 $ 35,100 $ 830 $ 35,930 Less: Capital expendi
Slide 22: Additional Information on Non-GAAP Measures
Additional Information on Non-GAAP Measures Three months ended Twelve months ended December 31, December 31, 2020 2019 2020 2019 Income (loss) from continuing operations, as reported $ 23,690 $ 13,430 $ (79,760) $ 61,940 Depreciation expense 7,320 6,540 29,020 24,870 Amortization expense 5,290 4,600