Venator Materials PLC · OTC:VNTRF
Venator Materials — FY2021 Earnings Presentation
15 slides from Venator Materials's earnings presentation, Feb 22, 2022
Slide 1: Fourth Quarter and Full Year 2021 Results Presentation
Fourth Quarter and Full Year 2021 Results Presentation February 22, 2022
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: Fourth Quarter and Full Year 2021 Highlights
Fourth Quarter and Full Year 2021 Highlights Financial summary Quarter Full Year $ in millions, except per share amounts 4Q21 4Q20 3Q21 2021 2020 Revenues 535 476 557 2,212 1,938 Net income (loss) attributable to Venator 14 (58) (47) (77) (112) Adjusted net (loss) income attributable to Venator(1) (
Slide 4: Titanium Dioxide
Titanium Dioxide Pricing actions mitigating cost pressures Revenues Adjusted EBITDA $ in millions $ in millions 500 60 $430 $54 450 $406 55 400 50 13% $348 45 350 40 $35 300 35 250 30 $25 200 25 9% 150 20 7% 15 100 10 50 5 0 0 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 Titanium Dioxide Adjusted EBITDA margin Fou
Slide 5: Performance Additives
Performance Additives(a) Volumes at normal seasonal levels Revenues(a) Adjusted EBITDA(a) $ in millions $ in millions $129 $127 20 $19 $122 19 18 17 $15 16 15 14 13 12 15% 11 10 12% 9 8 7 $5 6 5 4 4% 3 2 1 0 4Q21 4Q20 3Q21 4Q21 4Q20 3Q21 Performance Additives Adjusted EBITDA margin Fourth Quarter Hi
Slide 6: Driving Further Cost Reduction
Driving Further Cost Reduction Actions substantively complete to capture full delivery of benefits $ in millions 2020 BIP Highlights Timing (a) $ in millions ~$75 2020 Business Improvement Program $71 Non-recurring has delivered >$50 million of benefits to COVID-19 savings date compared to 2019 ba
Slide 7: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges Fourth Quarter 2021 $ in millions Q/Q $30 $(17) $(14) $48 $(7) $40 $(7) 3Q21 Adjusted Price/Mix Volume COGS SGA / Other 4Q21 Adjusted EBITDA EBITDA Y/Y $74 $(3) $(57) $1 $40 $25 $1 4Q20 Adjusted Price/Mix Volume COGS SGA / Other 4Q21 Adjusted EBITDA EBITDA 7 See Appendix for
Slide 8: Cash Flow Considerations
Cash Flow Considerations Over $350mm of liquidity $ in millions Free Cash Flow 4Q21 FY21 Cash provided by operating activities $17 $19 Capital expenditures(a) (26) (73) Total free cash flow $(9) $(54) Liquidity and Debt Other Cash Flow Considerations Total liquidity(b) of $357mm as of December 31,
Slide 9: Focused on Maximizing Shareholder Value
Focused on Maximizing Shareholder Value Maximize Shareholder Value Focus on Customer- Enhance Improve Environmental specialty & tailored competitive free cash flow Social differentiated approach position generation Governance products Increasing Growth in higher Driving Reduce cash Strengt
Slide 10: Pro Forma Adj. EBITDA Reconciliation
Pro Forma Adj. EBITDA Reconciliation $ in millions 2017 2018 2019 2020 1Q21 2Q21 3Q21 4Q21 2021 Net (Loss) / Income $ 144 $ (157) $ (170) $ (105) $ (20) $ (22) $ (47) $ 15 $ (74) Net income attributable to noncontrolling interests (10) (6) (5) (7) (1) (1) – (1) (3) Net income of discontinued operati
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: 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 13
Slide 14: 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 14
Slide 15: 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