Myers Industries, Inc. · NYSE:MYE
Myers Industries — Q4 2020 Earnings Presentation
19 slides from Myers Industries's earnings presentation, Mar 11, 2021
Slide 1: Earnings Presentation | Fourth Quarter 2020
Earnings Presentation | FOURTH QUARTER 2020
Slide 2: Safe Harbor Statement & Non-GAAP Measures
SAFE HARBOR STATEMENT & NON-GAAP MEASURES Statements in this presentation include “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that is not of historical fact may be deemed “forward-looking”. Words such as “will”, “expect”, “be
Slide 3: Our Long-Term Vision
OUR LONG-TERM VISION Horizon 3 2026 - 2029 Horizon 2 2023 - 2026 Continued execution Horizon 1 2020 - 2023 of Horizons 1 & 2 Continued execution + of Horizon 1 Enterprise-level M&A Self Help, Organic + Growth, Bolt-On M&A with Global focus Enterprise-level M&A with North America focus • Execute via
Slide 4: Strategy for Horizon One
STRATEGY FOR HORIZON ONE Strategic Objective: 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 Operational High-Performing Growth M&A Excellence Cul
Slide 5: Progress Against Pillars
PROGRESS AGAINST PILLARS 1 Sales & Commercial ▪ Launched new, more robust sales, marketing, and product management structure Organic excellence ▪ Sales training of cross selling underway Sales Growth ▪ eCommerce finished the year up 30+% eCommerce ▪ Leader appointed; stand alone organization in plac
Slide 6: Q4 2020 Operating Highlights
Q4 2020 OPERATING HIGHLIGHTS » Strategic Transformation is Underway » Successfully Integrating Elkhart Acquisition » Strong Revenue Growth » COVID-19 Resurge at Year-end Impacted Some Production and Shipments » Increases in Raw Material Costs Impacted Margins 6
Slide 7: Q4 2020 Financial Summary
Q4 2020 FINANCIAL SUMMARY Operating Results GAAP Financial Highlights » Net sales up $21M (+18%), or $9M (+8%) (In $ mi l l i ons except EPS) Q4 '20 Q4 '19 vs PY excluding incremental sales from the Elkhart Net Sales $137.5 $116.8 17.7% acquisition Gross Profit 39.8 39.2 1.5% » Material Handling up
Slide 8: Q4 2020 Segment Results
Q4 2020 SEGMENT RESULTS Material Handling Segment Material Handling » Net sales up 26%, or 10% excluding Elkhart » Food and Beverage and Vehicle markets up double digits (In $ mi l l i ons ) Q4 '20 Q4 '19 vs PY (excluding Elkhart) due primarily to higher seed box sales Net Sales $92.2 $73.4 25.5% an
Slide 9: Balance Sheet and Cash Flow
BALANCE SHEET AND CASH FLOW Q4 Highlights » Free cash flow generation of $10.7M, an Total Debt ($M) and Debt to Adj. EBITDA increase of $7.8M over prior year » Working capital as a percentage of sales up due $77.6 $77.2 $77.3 $77.4 $77.5 to higher inventory and AR balances and Elkhart acquisition 1.
Slide 10: Full Year Fiscal 2021 Outlook
FULL YEAR FISCAL 2021 OUTLOOK Net Sales Growth Including Impact of Elkhart Acquisition Mid to High 20% Range Diluted EPS $0.88 - $1.03 Adjusted Diluted EPS $0.90 - $1.05 Capital Expenditures ~$15M Effective Tax Rate ~26% Other Items » Depreciation and amortization to approximately be $23M » Net inte
Slide 11: Appendix
Appendix
Slide 12: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended December 31, 2020 Material Segment Corporate & Handling Distribution Total Other Total GAAP Net sales $
Slide 13: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES GROSS PROFIT, OPERATING INCOME AND EBITDA (UNAUDITED) (Dollars in thousands) Quarter Ended December 31, 2019 Material Segment Corporate & Handling Distribution Total Other Total GAAP Net sales $
Slide 14: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INCOME AND EARNINGS PER DILUTED SHARE (UNAUDITED) (Dollars in thousands, except per share data) Quarter Ended December 31, Year Ended December 31, 2020 2019 2020 2019 GAAP Operating income (loss)
Slide 15: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF FREE CASH FLOW TO GAAP NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES – CONTINUING OPERATIONS (UNAUDITED) (Dollars in thousands) YTD YTD December 31, 2020 December 31, 2019 Net cash provided by (used for) operating ac
Slide 16: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED EBITDA AND DEBT (UNAUDITED) (Dollars in thousands) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Income (loss) from continuing operations $ 6,643 $ 6,606 $ 5,219 $ 5,74
Slide 17: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES WORKING CAPITAL (UNAUDITED) (Dollars in thousands) Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Net sales $ 139,115 $ 134,285 $ 125,480 $ 116,818 $ 122,250 $ 118,394 $ 132,258
Slide 18: Reconciliation of Non-GAAP Measures
RECONCILIATION OF NON-GAAP MEASURES MYERS INDUSTRIES, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES ADJUSTED DILUTED EARNINGS PER SHARE (UNAUDITED) Full Year 2021 Guidance Low High GAAP diluted net income per common share $ 0.88 $ 1.03 Add: Restructuring expenses and other adjustments 0.01 0.01
Slide 19: Myers Industries, Inc.
MYERS INDUSTRIES, INC.