Atmus Filtration Technologies Inc. · NYSE:ATMU
Atmus Filtration Technologies — Q4 2023 Earnings Presentation
16 slides from Atmus Filtration Technologies's earnings presentation, Feb 14, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings Call
Fourth Quarter and Full Year 2023 Earnings Call February 14, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including, without limitation, those that are based on current expectations, estimates and projecti
Slide 3: Steph Disher and Jack Kienzler
Steph Disher Chief Executive Officer Jack Kienzler Chief Financial Officer | 3
Slide 4: Financial highlights: fourth quarter and full year 2023
Fourth quarter and full year 2023 Financial highlights1 Q4 | full year $400 | $1,628 $30 | $152 Sales ($millions) Adj. FCF ($millions) 17.9% | 18.6% $0.49 | $2.31 Adj. EBITDA Margin Adj. Diluted EPS 1. For the 3 months and 12 months ended December 31, 2023 respectively GAAP net income was $35 millio
Slide 5: Transformative year for Atmus
Transformative year for Atmus | 5
Slide 6: Company results fourth quarter
Company results fourth quarter Three months ended December 31 2023 2022 Sales $400 $385 Gross margin $106 $83 Gross margin % 26.4% 21.5% Selling, General & Research (SAR) $58 $51 SAR% 14.4% 13.3% Joint venture / other income $10 $10 Adj. EBITDA1 $71 $53 Adj. EBITDA margin % 17.9% 13.9% Net Income $3
Slide 7: Company results full year
Company results full year Twelve months ended December 31 2023 2022 Sales $1,628 $1,562 Gross margin $433 $359 Gross margin % 26.6% 23.0% Selling, General & Research (SAR) $217 $178 SAR% 13.3% 11.4% Joint venture / other income $37 $32 Adj. EBITDA1 $302 $243 Adj. EBITDA margin % 18.6% 15.6% Net Inco
Slide 8: Balance sheet strength fueling opportunities
Balance sheet strength fueling opportunities 1 $152 million Full year 2023 adj. free cash flow 2 $568 million Liquidity 3 1.4 times Net debt to adj. EBITDA | 8
Slide 9: 2024 outlook
2024 outlook Measure FY 2024 outlook Sales ($ millions) $1,610 - $1,675 Adj. EBITDA margin%1 18.25% - 19.25% Additional Planning Assumptions Adj. earnings per share1 $2.10 - $2.35 Joint venture income $30 - $35 Effective tax rate 23% - 25% Interest expense $35 - $40 Depreciation & amortization ~$30
Slide 10: Q&A
“@ Atmus QtA
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Public
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial information and believe it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in our underlying operating results and provide additional insight and transparency
Slide 13: EBITDA and Adjusted EBITDA Reconciliations
Non-GAAP Financial Measures EBITDA and Adjusted EBITDA Reconciliations ($ millions) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 NET INCOME $ 35 36 $ 171 170 Plus: Interest expense $ 11 0 $ 26 1 Income tax expense $ 12 5 $ 55 42 Depreciation an
Slide 14: Adjusted EPS Reconciliation
Non-GAAP Financial Measures Adjusted EPS Reconciliation ($ Earnings per Share) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Diluted earnings per share $ 0.42 $ 0.43 $ 2.05 $ 2.05 Plus: One-Time separation costs (a) $ 0.10 $ 0.07 $ 0.34 $ 0.11 L
Slide 15: Free Cash Flow and Adjusted Free Cash Flow Reconciliations
Non-GAAP Financial Measures Free Cash Flow and Adjusted Free Cash Flow Reconciliations ($ millions) For the Three Months Ended For the Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 Cash provided by operating activities $42 $78 $189 $166 Less: Capital expenditures $16 $15 $46 $38
Slide 16: Slide 16
Atmus Filtration Technologies — Q4 2023 Earnings Presentation on 6ix