Venator Materials Plc · OTC:VNTRF
Venator Materials — Q1 2021 Earnings Presentation
13 slides from Venator Materials's earnings presentation, May 6, 2021
Slide 1: First Quarter 2021 Results Presentation
First Quarter 2021 Results Presentation May 6, 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: First Quarter 2021 Highlights
First Quarter 2021 Highlights Financial summary $ in millions, except per share amounts 1Q21 1Q20 4Q20 Revenues 553 532 476 Net (loss) income attributable to Venator (21) 7 (58) Adjusted net income (loss) attributable to Venator(1) 1 12 (13) Adjusted EBITDA(1) 49 57 25 Diluted (loss) earnings per sh
Slide 4: Titanium Dioxide
Titanium Dioxide 1Q21 volumes similar to 1Q20 Revenues Adjusted EBITDA $ in millions $ in millions 500 50 $46 450 $414 $402 45 $40 400 40 $348 350 35 11% 300 30 $25 10% 250 25 200 20 150 15 7% 100 10 50 5 0 0 1Q21 1Q20 4Q20 1Q21 1Q20 4Q20 Titanium Dioxide Adjusted EBITDA margin First Quarter Highlig
Slide 5: Performance Additives
Performance Additives 1Q21 sequential EBITDA improvement of $8 million Revenues Adjusted EBITDA $ in millions $ in millions $139 25 $23 $130 $128 24 $22 23 22 21 20 19 18 17 17% $15 16 17% 15 14 13 12 12% 11 10 9 8 7 6 5 4 3 2 1 0 1Q21 1Q20 4Q20 1Q21 1Q20 4Q20 Performance Additives Adjusted EBITDA m
Slide 6: Driving Further Cost Reduction
Driving Further Cost Reduction All savings on track 2020 BIP Highlights Timing (a) $ in millions ~$75 2020 Business Improvement Program on Non-recurring ~$65 track savings 2020 $57 Business Improvement German restructuring project on track ~$55 Program and cost in-line with expectations 2019 Bus
Slide 7: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges First Quarter 2021 $ in millions Q/Q $21 $(15) $3 $49 $15 $25 4Q20 Adjusted Price/Mix Volume COGS SGA / Other 1Q21 Adjusted EBITDA EBITDA Y/Y $(1) $23 $(27) $57 $(3) $49 1Q20 Adjusted Price/Mix Volume COGS SGA / Other 1Q21 Adjusted EBITDA EBITDA 7 See Appendix for reconciliat
Slide 8: Free Cash Flow Considerations
Free Cash Flow Considerations Year on year improvement of $55mm $ in millions 1Q21 Comments Adjusted EBITDA $49 Total liquidity(b) of $434mm as of March 31, 2021 – $187mm of cash Capital expenditures(a) (12) – $247mm available under the ABL Cash interest (28) No significant debt maturities until
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 Signed productio
Slide 10: Pro Forma Adj. EBITDA Reconciliation
Pro Forma Adj. EBITDA Reconciliation $ in millions 2014 2015 2016 2017 2018 2019 2020 1Q20 1Q21 1Q21 LTM Net (Loss) / Income $ (162) $ (352) $ (77) $ 144 $ (157) $ (170) $ (105) $ 8 $ (20) $ (133) Net income attributable to noncontrolling interests (2) (7) (10) (10) (6) (5) (7) (1) (1) (7) Net incom
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: 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