Slide 1: Fourth Quarter and Full Year 2020 Results Presentation
Fourth Quarter and Full Year 2020 Results Presentation February 24, 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: Fourth Quarter and Full Year 2020 Highlights
Fourth Quarter and Full Year 2020 Highlights Financial summary Quarter Full Year $ in millions, except per share amounts 4Q20 4Q19 3Q20 2020 2019 Revenues 476 464 474 1,938 2,130 Net (loss) income attributable to Venator(a) (58) (174) (42) (112) (175) Adjusted (loss) net income attributable to Venat
Slide 4: Titanium Dioxide
Titanium Dioxide Stronger than expected fourth quarter demand Revenues Adjusted EBITDA $ in millions $ in millions 500 35 $30 450 30 400 $348 $354 $25 $343 350 25 $21 300 20 250 200 15 8% 150 10 7% 100 6% 50 5 0 0 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 Titanium Dioxide Adjusted EBITDA margin Fourth Quarter H
Slide 5: Performance Additives
Performance Additives Fourth quarter volumes reflect recovery of automotive industry Revenues Adjusted EBITDA $ in millions $ in millions $128 $131 16 $15 15 $110 14 13 12 11 10 9 8 12% 7 6 $5 5 $4 4 3 4% 4% 2 1 0 4Q20 4Q19 3Q20 4Q20 4Q19 3Q20 Performance Additives Adjusted EBITDA margin Fourth Quar
Slide 6: Driving Further Cost Reduction
Driving Further Cost Reduction ~$55mm EBITDA improvement delivered by end of 2022(a) 2020 BIP Highlights Timing (a) $ in millions ~$75 Delivered $57mm savings in 2020 which included $27mm of COVID savings ~$65 Non-recurring savings 2020 2020 Business Improvement Program on $57 Business Improveme
Slide 7: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges Fourth Quarter 2020 Year / Year Adjusted EBITDA Bridge $ in millions $1 $11 $(10) $- $25 $23 4Q19 Adjusted Price/Mix Volume COGS SGA / Other 4Q20 Adjusted EBITDA EBITDA Quarter / Quarter Adjusted EBITDA Bridge $ in millions $11 $(7) $25 $4 $- $17 3Q20 Adjusted Price/Mix Volum
Slide 8: Free Cash Flow Considerations
Free Cash Flow Considerations Generated $13 million positive free cash flow in 4Q20 $ in millions Actual 4Q20 2020 Comments Adjusted EBITDA $25 $136 Total liquidity(a) of $471mm as of December 31, 2020 – $220mm of cash Capital expenditures(b) (13) (67) – $251mm available under the ABL Cash interes
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 Aligning Growth in higher Driving Reduce cash Potential sale of
Slide 10: Pro Forma Adj. EBITDA Reconciliation
Pro Forma Adj. EBITDA Reconciliation $ in millions 2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 4Q20 2020 Net (Loss) / Income $ (162) $ (352) $ (77) $ 144 $ (157) $ (170) $ 8 $ (17) $ (39) $ (57) $ (105) Net income attributable to noncontrolling interests (2) (7) (10) (10) (6) (5) (1) (2) (3) (1) (7
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: 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