Mativ Holdings, Inc. · NYSE:MATV
Mativ — Q4 2023 Earnings Presentation
17 slides from Mativ's earnings presentation, Feb 22, 2024
Slide 1: Mativ Fourth Quarter and Full Year 2023 Earnings Release Presentation
Mativ Fourth Quarter and Full Year 2023 Earnings Release Presentation February 22, 2024
Slide 2: Forward Looking Statements, Non-GAAP Disclosure, & Definitions
Forward Looking Statements, Non-GAAP Disclosure, & Definitions This presentation may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws that are subject to the safe harbor created by such laws and other le
Slide 3: Q4 consolidated results reflect demand softness partially offset by synergies and cost reduction
Q4 consolidated results reflect demand softness partially offset by synergies and incremental cost reduction efforts Continuing Operations • Continuing Operations exclude Engineered Papers in all periods ($ millions, except EPS) 4Q:23 4Q:22 Sales $452.3 $524.4 • Revenues reflect lower demand due to
Slide 4: 2023 Key Accomplishments
2023 Key Accomplishments Controlling Costs Streamlining the Portfolio Reducing Debt and Leverage • Exceeded $25 million synergy goal • Divested Engineered Papers • Paid down debt by more than 35% • Forecasting an additional $25 • Consolidated manufacturing • Reduced net leverage by 0.3x million in s
Slide 5: Q4 Segment Results
Q4 Segment Results Continuing • Revenues in both segments reflect prevailing lower customer demand Operations amid suppressed macro-economic conditions ($ millions) 4Q:23 4Q:22 ATM Sales $362.0 $409.1 • ATM Adjusted EBITDA decline due to lower volume partly offset by net % versus: -12% selling price
Slide 6: 2024 Segment Realignment – Beginning in Q1 2024
2024 Segment Realignment – Beginning in Q1 2024 Filtration & Advanced Materials Sustainable & Adhesive Solutions 40% of Annual Revenue 60% of Annual Revenue Higher Growth at GDP+ rates Growth in line with GDP Mid-to-High Teens Adj. EBITDA % Low-to-Mid Teens Adj. EBITDA % Applications / End Uses Prod
Slide 7: Appendix
Appendix ANNSAANS AANANAANS AANANAN TVS
Slide 8: Segment Reporting from Continuing Operations
Non-GAAP Reconciliation: Segment Reporting from Continuing Operations NOTE RE: SEGMENT REPORTING & COMPARABILITY On November 30, 2023, Mativ Holdings, Inc. (“Mativ” or the “Company”) closed on the sale of its Engineered Papers business, which is now presented as discontinued operations. Effective Ju
Slide 9: Segment Reporting (cont.)
Non-GAAP Reconciliation: Segment Reporting (cont.) BUSINESS SEGMENTS, AS REPORTED, $ millions Non-GAAP Adjustments to Operating Profit Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 ATM - Amortization of intangibles and other purchase accounting adjustments $ 14.5 $ 18.1
Slide 10: Segment Reporting (cont.)
Non-GAAP Reconciliation: Segment Reporting (cont.) BUSINESS SEGMENTS, AS REPORTED, $ millions Non-GAAP Adjustments to Adjusted Operating Profit Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 ATM - Depreciation and stock-based compensation $ 12.7 $ 12.8 $ 52.3 $ 40.6 FBS
Slide 11: Consolidated Reported Results
Non-GAAP Reconciliation: Consolidated Reported Results $ millions Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Operating profit (loss) from continuing operations $ (2.2) $ 2.0 $ (413.9) $ (40.2) Plus: Restructuring and other impairment related expenses 4.8 3.1 26.4 20.
Slide 12: Consolidated Reported Results
Non-GAAP Reconciliation: Consolidated Reported Results $ millions Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Loss from continuing operations $ (13.6) $ (2.5) $ (507.7) $ (68.9) Plus: Restructuring and other impairment expenses 5.0 $ 1.8 22.6 19.1 Less: Tax impact of
Slide 13: Consolidated Reported Results (cont.)
Non-GAAP Reconciliation: Consolidated Reported Results (cont.) $ millions Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Loss per share from continuing operations - diluted $ (0.25) $ (0.05) $ (9.33) $ (1.64) Plus: Restructuring and other impairment related expenses 0.09
Slide 14: Consolidated Reported Results (cont.)
Non-GAAP Reconciliation: Consolidated Reported Results (cont.) $ millions Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Net Loss from continuing operations $ (13.6) $ (2.5) $ (507.7) $ (68.9) Plus: Interest expense 13.4 13.6 62.2 57.3 Plus: Financing fees 2.1 — 4.5 — Pl
Slide 15: Reconciliation of Continuing Operations for Comparability
Non-GAAP Reconciliation of Continuing Operations for Comparability $ millions Three Months Ended December 31, December 31, 2022 2023 Mativ Mativ Continuing Continuing Legacy Mativ Adjustments(1) Operations Operations Advanced Technical Materials (ATM) Net Sales $ 409.1 $ — $ 409.1 $ 362.0 GAAP Opera
Slide 16: Reconciliation of Continuing Operations for Comparability (cont.)
Non-GAAP Reconciliation of Continuing Operations for Comparability (cont.) $ millions Three Months Ended December 31, December 31, 2022 2023 Mativ Mativ Continuing Continuing Legacy Mativ Adjustments(1) Operations Operations Corporate Unallocated GAAP Operating Loss $ (31.4) $ — $ (31.4) $ (32.5) Re
Slide 17: Sales Results
Non-GAAP Reconciliation: Sales Results $ millions Non-GAAP Reconciliation of Organic Net Sales Growth Advanced Fiber-Based Technical Materials Solutions Consolidated Mativ Three Months Ended December 31, Mativ 2022 Net Sales from Continuing Operations $ 409.1 $ 115.3 $ 524.4 Divestiture/closure adju