Venator Materials PLC · OTC:VNTRF
Venator Materials — Q2 2022 Earnings Presentation
15 slides from Venator Materials's earnings presentation, Jul 26, 2022
Slide 1: Second Quarter 2022 Results Presentation
Second Quarter 2022 Results Presentation July 26, 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: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights Financial summary $ in millions, except per share amounts 2Q22 2Q21 1Q22 Revenues 642 567 659 Net income (loss) income attributable to Venator 93 (23) (3) Adjusted net income attributable to Venator(1) 14 - 6 Adjusted EBITDA(1) 61 43 57 Diluted earnings (loss) earnings
Slide 4: Titanium Dioxide
Titanium Dioxide Maintaining margins despite continued cost pressure Revenues Adjusted EBITDA 600 $ in millions $ in millions $510 55 $49 $486 $49 500 50 $415 45 400 40 $36 35 10% 300 30 10% 25 9% 200 20 15 100 10 5 0 0 2Q22 2Q21 1Q22 2Q22 2Q21 1Q22 Titanium Dioxide Adjusted EBITDA margin Second Qua
Slide 5: Performance Additives
Performance Additives(a) Continued focus on margins and product mix Revenues(a) Adjusted EBITDA(a) $ in millions $ in millions $156 22 $20 $148 $149 21 20 $19 19 $18 18 17 16 15 14 13 12 13% 11 12% 12% 10 9 8 7 6 5 4 3 2 1 0 2Q22 2Q21 1Q22 2Q22 2Q21 1Q22 Performance Additives Adjusted EBITDA margin
Slide 6: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges Second Quarter 2022 $ in millions Q/Q $37 $(17) $(22) $57 $6 $61 $40 $57 1Q22 Adjusted Price/Mix Volume COGS SGA / Other 2Q22 Adjusted EBITDA EBITDA Y/Y $132 $(23) $(93) $2 $61 $43 $2 2Q21 Adjusted Price/Mix Volume COGS SGA / Other 2Q22 Adjusted EBITDA EBITDA 6 See Appendix f
Slide 7: Cash Flow Considerations
Cash Flow Considerations Ample 2Q liquidity $ in millions Free Cash Flow 2Q22 Cash provided by operating activities $73 Capital expenditures (15) Total free cash flow $58 Liquidity and Debt Other Cash Flow Considerations Total liquidity(a) of $341mm as of June 30, 2022 Expected 2022 capital expe
Slide 8: 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 Optimizing Growth in higher Driving Reducing cash Stren
Slide 9: Appendix
VENATOF Appendix
Slide 10: Pro Forma Adj. EBITDA Reconciliation
Pro Forma Adj. EBITDA Reconciliation $ in millions 2017 2018 2019 2020 2021 2Q22 2Q22 LTM Net (Loss) / Income $ 144 $ (157) $ (170) $ (105) $ (74) $ 95 $ 61 Net income attributable to noncontrolling interests (10) (6) (5) (7) (3) (2) (4) Net income of discontinued operations (8) – – – – – – Interest
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: Footnotes
Footnotes (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 elimina