Mativ Holdings, Inc. · NYSE:MATV
Mativ — Q3 2023 Earnings Presentation
13 slides from Mativ's earnings presentation, Nov 9, 2023
Slide 1: Mativ Third Quarter 2023 Earnings Release Presentation
Mativ Third Quarter 2023 Earnings Release Presentation November 9, 2023
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: Beginning second year as Mativ focused on capital and operating efficiencies
Year 1: Integration Year 2: Optimization • Increasing capital • Merged companies, efficiency through Beginning second year as established new can-do culture supply chain and capital spending; inventory take Mativ focused on capital • Quickly identified and • out of $50 mm vs. Q1 23 Streamlining and
Slide 4: Q3 consolidated results reflecting demand softness due to external environment
Q3 consolidated results reflecting demand softness due to external environment Continuing Operations • Continuing Operations exclude Engineered Papers in all periods ($ millions, except EPS) 3Q:23 3Q:22 • Revenues reflect lower demand due to continued uncertain market Sales $498.2 $551.5 conditions
Slide 5: Segment Results and Consolidated Adjusted EBITDA Bridge
Segment Results and Consolidated Adjusted EBITDA Bridge Continuing Operations ($ millions, except EPS) 3Q:23 3Q:22 EBITDA Bridge ATM Sales $393.8 $426.1 % versus: -8% ATM Adj. EBITDA 58.7 62.2 % versus: -6% FBS Sales $104.4 $125.4 % versus: -17% • Revenues in both segments reflect lower customer dem
Slide 6: Other Financial Items
Other Financial Items Q3 Non-Cash Impairment and Corporate Items Engineered Papers Sale Asset Write downs of $420 mm • Unallocated adjusted EBITDA of • On track and expected to close • Goodwill impairment charge of approximately $(18) million in as originally planned in Q4 $401 million in ATM due to
Slide 7: Faster growing portfolio, well-positioned for long term growth as volumes recover
• Post-EP, 80% of Mativ is in faster-growing ATM markets • Businesses have delivered attractive mid-teen Faster growing portfolio, EBITDA margins • Appealing growth prospects (water and air well-positioned for long filtration, cable wrap, hygiene, infrastructure) • Broad geographic reach in both ind
Slide 8: Appendix
ANANSNAAANS ANAAANS AANAAN TVS
Slide 9: Segment Reporting from Continuing Operations
Non-GAAP Reconciliation: Segment Reporting from Continuing Operations NOTE RE: SEGMENT REPORTING & COMPARABILITY On August 1, 2023, Mativ Holdings, Inc. (“Mativ” or the “Company”) announced the planned sale of its Engineered Papers business, which is now presented as discontinued operations. Effecti
Slide 10: Segment Reporting (cont.)
Non-GAAP Reconciliation: Segment Reporting (cont.) BUSINESS SEGMENTS, AS REPORTED, $ millions Non-GAAP Adjustments to Operating Profit Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 ATM - Amortization of intangibles and other purchase accounting adjustments $ 14
Slide 11: Segment Reporting (cont.)
Non-GAAP Reconciliation: Segment Reporting (cont.) BUSINESS SEGMENTS, AS REPORTED, $ millions Non-GAAP Adjustments to Adjusted Operating Profit Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 ATM - Depreciation and stock-based compensation $ 13.3 $ 12.4 $ 39.6 $
Slide 12: Consolidated Reported Results
Non-GAAP Reconciliation: Consolidated Reported Results $ millions Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating profit from continuing operations $ (419.9) $ (31.6) $ (411.7) $ (42.3) Plus: Restructuring and other impairment related expenses 19.0 1.8
Slide 13: Consolidated Reported Results
Non-GAAP Reconciliation: Consolidated Reported Results $ millions Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Income (loss) from continuing operations $ (464.3) $ (34.0) $ (494.1) $ (66.4) Plus: Restructuring and other impairment expenses 16.3 $ 1.8 17.6 17.3