Cabot Microelectronics Corporation (Nasdaq: CCMP), a leading
global supplier of consumable materials to semiconductor
manufacturers and pipeline companies, today reported financial
results for its third quarter of fiscal 2020, which ended June 30,
2020.
Key Highlights
Total company revenue increased 1.0% over the
prior year driven by stronger demand for CMP slurries and CMP pads,
as well as higher wood treatment business revenue, which more than
offset lower revenue in pipeline performance products, primarily
due to softer industry conditions. Net income for the quarter was
$34.5 million. Adjusted EBITDA was $92.0 million in the quarter, up
7.3% compared with the prior year. Year to date, the company
generated $204.1 million in cash flow from operations, and had
$354.7 million of cash on hand and $1,076.0 million in total debt
as of June 30, 2020, which includes the $150 million drawn from the
company’s revolving credit facility in the second quarter.
“We are pleased with our results this quarter,
which demonstrate the continued strength and resiliency of our
businesses as well as our team’s ability to execute, despite the
unprecedented business environment. I am proud of and
thankful for the efforts and dedication of our employees globally,
who continue to maintain our essential operations and support our
customers despite these challenges,” said David Li, President and
CEO of Cabot Microelectronics Corporation. “Although near-term
outlook remains uncertain across our end markets, we see steady
demand from our semiconductor customers as well as improving
conditions in our pipeline performance business in the fourth
quarter. We expect to continue to drive growth and best in class
profitability by leveraging our positions in the most advanced and
challenging technologies as well as our deep customer
relationships.”
Key Financial Information for the Third
Quarter of Fiscal 2020
- Revenue was $274.7 million, 1.0% higher than the revenue
reported in the same quarter last year. Revenue was down 3.3%
compared to the prior quarter primarily due to softer oil and gas
industry conditions that negatively impacted revenue in pipeline
performance products.
- Net income was $34.5 million, 82.9% higher than last year.
Adjusted net income was $53.1 million, 13.3% higher compared to
adjusted net income in the prior year. Adjusted net income
benefited from higher revenue, lower operating expenses, and lower
interest expense in the quarter compared to last year.
- Diluted earnings per share (EPS) was $1.17, 82.8% higher than
last year. Adjusted diluted EPS was $1.80, 13.2% higher than
adjusted EPS in the same quarter last year.
- Adjusted EBITDA was $92.0 million, up 7.3% compared to adjusted
EBITDA in the same quarter last year. Adjusted EBITDA margin
for the quarter was 33.5%, compared to adjusted EBITDA margin of
31.5% in the same quarter last year.
Electronic
Materials – Revenue was $220.4 million for the quarter,
3.9% higher than revenue in the same quarter last year. Higher
revenue for CMP slurries and CMP pads offset slightly lower revenue
for electronic chemicals. Adjusted EBITDA was $76.9 million,
or 34.9% of revenue.
Performance Materials – Revenue
was $54.4 million for the quarter, 9.0% lower than revenue in the
same quarter last year. The decrease was driven by lower demand for
pipeline performance products, which more than offset higher
revenue in the wood treatment and QED businesses. Adjusted EBITDA
was $27.0 million, or 49.6% of revenue.
Guidance for the Fourth Quarter and Full
Year of Fiscal 2020
With continued uncertainty as to the ongoing
macroeconomic and industry impact of the COVID-19 pandemic, the
company currently expects fiscal fourth quarter revenue to be up
low single digits compared to the company’s revenue in the third
quarter of fiscal 2020. Sequentially, Electronic
Materials revenue is expected to be approximately flat to
up low single digits and Performance Materials revenue is
expected to be up low to mid-single digits.
The company currently expects full fiscal year
2020 adjusted EBITDA to be between $357 million and $362
million. Additional current expectations are provided on slide 8 in
the related slide presentation.
[1] Refer to financial tables and “Use of
Certain GAAP, non-GAAP Adjusted Financial Information” in the press
release below for information about these non-GAAP financial
measures and reconciliations of these non-GAAP measures to their
most comparable GAAP measure.
RELATED SLIDE PRESENTATION
A slide presentation related to this press
release will be available at ir.cabotcmp.com in the Quarterly
Results section of the Investor Relations center at approximately
the same time that this press release is issued.
CONFERENCE CALL
Cabot Microelectronics Corporation’s quarterly
earnings conference call will be held at 10:00 a.m. Eastern Time
(9:00 a.m. Central Time) on Thursday, August 6. The
conference call will be available via live webcast and replay from
the company’s website, www.cabotcmp.com, or by phone at (833)
714-0937. Callers outside the U.S. may dial (778) 560-2685.
The conference code for the call is 1775053. A transcript of
the formal comments made during the conference call will also be
available in the Investor Relations section of the company’s
website.
ABOUT CABOT MICROELECTRONICS CORPORATION
Cabot Microelectronics Corporation,
headquartered in Aurora, Illinois, is a leading global supplier of
consumable materials to semiconductor manufacturers and pipeline
companies. The company’s products play a critical role in the
production of advanced semiconductor devices, helping to enable the
manufacture of smaller, faster and more complex devices by its
customers. Cabot Microelectronics Corporation is also a
leading provider of performance materials to pipeline operators.
The company's mission is to create value by delivering
high-performing and innovative solutions that solve its customers’
challenges. The company has approximately 2,000 employees
globally. For more information about Cabot Microelectronics
Corporation, visit www.cabotcmp.com, or contact Colleen Mumford,
Vice President, Communications and Marketing, at 630-499-2600.
USE OF CERTAIN GAAP AND NON-GAAP
ADJUSTED FINANCIAL INFORMATION
The company presented the following measures
considered as non-GAAP by the SEC: adjusted net income, adjusted
diluted earnings per share, adjusted EBITDA, adjusted EBITDA
margin, free cash flow, and net debt. Adjusted EBITDA margin is
defined as adjusted EBITDA as a percentage of revenue. Adjusted
EBITDA is defined as earnings before interest, income taxes,
depreciation and amortization, adjusted for certain items that
affect comparability from period to period. These adjustments
include items related to the company’s acquisition of KMG
Chemicals, Inc. (“KMG”) (“Acquisition”), such as expenses
incurred to complete the Acquisition and related integration, costs
of restructuring related to the wood treatment business and related
adjustments in 2020, costs related to the KMG-Bernuth warehouse
fire net of insurance recovery, costs incurred in 2020 related to
the Pandemic net of grants received and, in 2019, impact of fair
value adjustments to inventory acquired from KMG. The
non-GAAP adjusted financial information provided in this press
release is a supplement to, and not a substitute for, the company’s
financial results presented in accordance with U.S. GAAP.
These non-GAAP financial measures are provided to enhance the
investor's understanding about the company's ongoing
operations. Specifically, the company believes the impact of
the adjustments related to the Acquisition, such as expenses
incurred to complete the Acquisition and related integration,
acquisition-related amortization expenses, costs of restructuring
related to the wood treatment business and related adjustments in
2020, costs related to the KMG-Bernuth warehouse fire net of
insurance recovery, costs incurred in 2020 related to the Pandemic
net of grants received, the effects of Tax Cuts and Jobs Act in
December 2017 in the United States (“Tax Act”) and the issued final
regulations related to the Tax Act, and in 2019, impact of fair
value adjustments to inventory acquired from KMG are not indicative
of its core operating results and thus presents these certain
metrics excluding these effects. The presentation of non-GAAP
adjusted financial information is not meant to be considered in
isolation or as a substitute for results prepared and presented in
accordance with U.S. GAAP. Reconciliations of non-GAAP
measures to their most comparable GAAP measures are included in the
financial statements portion of this press release.
Adjusted EBITDA for the Electronic Materials and
Performance Materials segments is presented in conformity with
Accounting Standards Codification Topic 280, Segment Reporting.
This measure is reported to the chief operating decision maker for
purposes of making decisions about allocating resources to the
segments and assessing their performance. For these reasons, this
measure is excluded from the definition of non-GAAP financial
measures under the SEC Regulation G and Item 10(e) of Regulation
S-K.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements, which address a variety of subjects including, for
example, future sales and operating results; growth or contraction,
and trends in the industries and markets in which the company
participates such as the semiconductor, and oil and gas,
industries; the acquisition of, investment in, or collaboration
with other entities, including the company’s acquisition of KMG,
and the expected benefits and synergies of such acquisitions;
divestment or disposition, or cessation of investment in certain,
of the company’s businesses; new product introductions; development
of new products, technologies and markets; product performance; the
financial conditions of the company's customers; the competitive
landscape that relates to the company’s business; the company's
supply chain; natural disasters; various economic or political
factors and international or national events, including related to
global public health crises such as the COVID-19 pandemic, and the
enactment of trade sanctions, tariffs, or other similar matters;
the generation, protection and acquisition of intellectual
property, and litigation related to such intellectual property or
third party intellectual property; environmental, health and safety
laws and regulations, and related compliance; the operation of
facilities by Cabot Microelectronics; the company's management;
foreign exchange fluctuation; the company's current or future tax
rate, including the effects of the Tax Cuts and Jobs Act in the
United States (“Tax Act”); cybersecurity threats; financing
facilities and related debt, pay off or payment of principal and
interest, and compliance with covenants and other terms; and, uses
and investment of the company's cash balance, including dividends
and share repurchases, which may be suspended, terminated or
modified at any time for any reason by the company, based on a
variety of factors. Statements that are not historical facts,
including statements about Cabot Microelectronics’ beliefs, plans
and expectations, are forward-looking statements. Such statements
are based on current expectations of Cabot Microelectronics’
management and are subject to a number of factors and
uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
For information about factors that could cause actual results to
differ materially from those described in the forward-looking
statements, please refer to Cabot Microelectronics’ filings with
the Securities and Exchange Commission (“SEC”), including the risk
factors contained in Cabot Microelectronics’ Annual Report on Form
10-K for the fiscal year ended September 30, 2019 and its Quarterly
Report on Form 10-Q for the quarter ended June 30, 2020 to be filed
by August 10, 2020. Except as required by law, Cabot
Microelectronics undertakes no obligation to update forward-looking
statements made by it to reflect new information, subsequent events
or circumstances.
Contact:
Colleen MumfordVice President, Communications
and MarketingCabot Microelectronics Corporation(630) 499-2600
CABOT
MICROELECTRONICS CORPORATION |
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CONSOLIDATED
STATEMENTS OF INCOME |
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|
(Unaudited and amounts
in thousands, except per share amounts) |
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Quarter Ended |
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Nine Months Ended |
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June 30, 2020 |
|
March 31, 2020 |
|
June 30, 2019 |
|
June 30, 2020 |
|
June 30, 2019 |
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Revenue |
|
$274,727 |
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|
$284,193 |
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|
$271,882 |
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|
$842,063 |
|
|
$759,051 |
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|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
|
|
152,973 |
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|
163,091 |
|
|
|
156,492 |
|
|
|
470,525 |
|
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|
429,508 |
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|
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|
|
|
|
|
|
|
|
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|
Gross profit |
|
|
121,754 |
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|
|
121,102 |
|
|
|
115,390 |
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|
371,538 |
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|
329,543 |
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|
|
|
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|
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|
Operating
expenses: |
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Research, development and technical |
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12,165 |
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|
13,230 |
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|
12,191 |
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|
38,206 |
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|
39,009 |
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Selling, general and administrative |
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51,847 |
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|
56,209 |
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|
50,959 |
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162,495 |
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|
162,415 |
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|
|
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|
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|
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Total operating expenses |
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64,012 |
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|
|
69,439 |
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|
63,150 |
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|
|
200,701 |
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|
|
201,424 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
57,742 |
|
|
|
51,663 |
|
|
|
52,240 |
|
|
|
170,837 |
|
|
|
128,119 |
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|
|
|
|
|
|
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|
|
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Interest
expense |
|
|
10,406 |
|
|
|
10,753 |
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|
|
12,757 |
|
|
|
33,079 |
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|
|
32,978 |
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Interest
income |
|
|
131 |
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|
|
143 |
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|
417 |
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|
|
589 |
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|
|
2,004 |
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|
|
|
|
|
|
|
|
|
|
|
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Other income
(expense), net |
|
|
(201 |
) |
|
|
(1,010 |
) |
|
|
(472 |
) |
|
|
(1,608 |
) |
|
|
(2,897 |
) |
|
|
|
|
|
|
|
|
|
|
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Income
before income taxes |
|
|
47,266 |
|
|
|
40,043 |
|
|
|
39,428 |
|
|
|
136,739 |
|
|
|
94,248 |
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|
|
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|
|
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|
Provision
for income taxes |
|
|
12,741 |
|
|
|
7,144 |
|
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|
20,550 |
|
|
|
30,766 |
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|
34,790 |
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|
|
|
|
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|
Net income |
|
$34,525 |
|
|
$32,899 |
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|
$18,878 |
|
|
$105,973 |
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|
$59,458 |
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Basic
earnings per share |
|
$1.19 |
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|
$1.12 |
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|
$0.65 |
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|
$3.63 |
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|
$2.09 |
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|
Diluted
earnings per share |
|
$1.17 |
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|
$1.11 |
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|
$0.64 |
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|
$3.58 |
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|
$2.06 |
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|
Weighted
average basic shares outstanding |
|
|
29,079 |
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|
29,287 |
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|
29,064 |
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|
29,157 |
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|
28,399 |
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Weighted average diluted shares outstanding |
|
29,456 |
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|
|
29,725 |
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|
|
29,568 |
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|
|
29,603 |
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|
|
28,924 |
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CABOT MICROELECTRONICS CORPORATION |
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CONSOLIDATED CONDENSED BALANCE SHEETS |
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(Unaudited and amounts in thousands) |
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June 30, 2020 |
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September 30, 2019 |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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|
$354,708 |
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$188,495 |
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Accounts receivable, net |
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|
137,736 |
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|
146,113 |
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Inventories |
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|
161,805 |
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|
145,278 |
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Prepaid expenses and other current assets |
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|
24,623 |
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|
28,670 |
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Total current assets |
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|
678,872 |
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|
508,556 |
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Property, plant and equipment, net |
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|
356,022 |
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|
276,818 |
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Other long-term assets |
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1,450,479 |
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|
1,476,392 |
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Total assets |
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|
$2,485,373 |
|
$2,261,766 |
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LIABILITIES AND STOCKHOLDERS' EQUITY: |
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Current liabilities: |
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Accounts payable |
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|
$50,211 |
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$54,529 |
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Short-term debt |
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|
150,000 |
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- |
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Current portion of long-term debt |
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|
13,313 |
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|
13,313 |
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Accrued expenses, income taxes payable and other current
liabilities |
|
|
126,399 |
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|
103,618 |
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Total current liabilities |
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|
339,923 |
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|
171,460 |
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Long-term debt, net of current portion |
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|
|
912,691 |
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928,463 |
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Other long-term liabilities |
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|
207,725 |
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|
181,466 |
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Total liabilities |
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1,460,339 |
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1,281,389 |
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Stockholders' equity |
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|
1,025,034 |
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|
980,377 |
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Total liabilities and stockholders' equity |
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|
$2,485,373 |
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$2,261,766 |
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CABOT MICROELECTRONICS CORPORATION |
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Unaudited Reconciliation of Certain GAAP Financial Measures
to Certain Non-GAAP Financial Measures |
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(Unaudited and amounts in thousands, except per share and
percentage amounts) |
|
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|
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|
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Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net
Income |
|
|
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|
|
Three Months Ended |
|
|
|
|
|
June 30, 2020 |
|
June 30, 2019 |
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|
|
GAAP Net
income |
|
$34,525 |
|
|
$18,878 |
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|
|
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Amortization of acquisition related intangibles |
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20,786 |
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|
16,923 |
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Acquisition and integration-related expenses |
|
|
2,735 |
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|
|
2,910 |
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Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
622 |
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|
|
4,450 |
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Net costs related to restructuring of wood treatment business1 |
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|
(293 |
) |
|
|
- |
|
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|
Costs related to COVID -19 (Pandemic), net of grants received |
|
|
112 |
|
|
|
- |
|
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|
|
Charges for fair value write-up of acquired inventory sold |
|
|
- |
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|
42 |
|
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|
U.S. tax reform |
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|
18 |
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|
|
9,128 |
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Tax effect on adjustments to net income2 |
|
|
(5,356 |
) |
|
|
(5,431 |
) |
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|
Adjusted Net
income |
|
$53,149 |
|
|
$46,900 |
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|
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|
1 Represents adjustments to previously recorded severance liability
related to the wood treatment business. |
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2 Tax effect on the
adjustments was calculated using the U.S. Federal and state blended
tax rate for the respective periods as the related adjustments are
mainly U.S. driven. |
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|
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Reconciliation of GAAP Diluted Earnings Per Share to
Non-GAAP Adjusted Diluted Earnings Per Share |
|
|
|
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|
|
|
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|
Three Months Ended |
|
|
|
|
|
June 30, 2020 |
|
June 30, 2019 |
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|
|
GAAP Diluted
earnings per share |
|
$1.17 |
|
|
$0.64 |
|
|
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|
Adjustments
(net of tax)3 : |
|
|
|
|
|
|
|
Amortization of acquisition related intangibles |
|
|
0.55 |
|
|
|
0.44 |
|
|
|
|
Acquisition and integration-related expenses |
|
|
0.07 |
|
|
|
0.08 |
|
|
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
0.02 |
|
|
|
0.12 |
|
|
|
|
Net costs related to restructuring of wood treatment business1 |
|
|
(0.01 |
) |
|
|
- |
|
|
|
|
U.S. tax reform |
|
|
- |
|
|
|
0.31 |
|
|
|
|
Adjusted
Diluted earnings per share |
|
$1.80 |
|
|
$1.59 |
|
|
|
|
|
|
|
|
|
|
|
|
3 Tax effect on the
adjustments was calculated using the U.S. Federal and state blended
tax rate for the respective periods as the related adjustments are
mainly U.S. driven. |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Revenue to Non-GAAP Adjusted Gross
Profit and Gross Margin |
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
revenue |
|
$274,727 |
|
|
$271,882 |
|
|
|
|
Cost of
sales |
|
|
152,973 |
|
|
|
156,492 |
|
|
|
|
Gross profit and gross margin |
|
$121,754 |
|
44.3 |
% |
$115,390 |
|
42.4 |
% |
|
|
Adjustments: |
|
|
|
|
|
|
|
Amortization of acquisition related intangibles |
|
|
3,347 |
|
|
|
3,469 |
|
|
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
622 |
|
|
|
4,200 |
|
|
|
|
Net costs related to restructuring of wood treatment business1 |
|
|
(293 |
) |
|
|
- |
|
|
|
|
Costs related to the Pandemic, net of grants received |
|
|
198 |
|
|
|
- |
|
|
|
|
Charges for fair value write-up of acquired inventory sold |
|
|
- |
|
|
|
42 |
|
|
|
|
Adjusted
gross profit and gross margin |
|
$125,628 |
|
45.7 |
% |
$123,101 |
|
45.3 |
% |
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Operating expenses to Non-GAAP
Adjusted Operating expenses |
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Research, development and technical |
|
$12,165 |
|
|
$12,191 |
|
|
|
|
GAAP
Selling, general, and administrative |
|
|
51,847 |
|
|
|
50,959 |
|
|
|
|
Operating
expenses |
|
$64,012 |
|
|
$63,150 |
|
|
|
|
Adjustments4
: |
|
|
|
|
|
|
|
Amortization of acquisition related intangibles |
|
|
(17,439 |
) |
|
|
(13,454 |
) |
|
|
|
Acquisition and integration-related expenses |
|
|
(2,735 |
) |
|
|
(2,910 |
) |
|
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
- |
|
|
|
(250 |
) |
|
|
|
Costs related to the Pandemic, net of grants received |
|
|
86 |
|
|
|
- |
|
|
|
|
Adjusted
operating expenses |
|
$43,924 |
|
|
$46,536 |
|
|
|
|
|
|
|
|
|
|
|
|
4 All the adjustments are related to the Selling, general and
administrative expenses. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income to Non-GAAP Adjusted
EBITDA and EBITDA Margin |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
$34,525 |
|
|
$18,878 |
|
|
|
|
Interest expense |
|
|
10,406 |
|
|
|
12,757 |
|
|
|
|
Interest income |
|
|
(131 |
) |
|
|
(417 |
) |
|
|
|
Provision for income taxes |
|
|
12,741 |
|
|
|
20,550 |
|
|
|
|
Depreciation & amortization |
|
|
31,324 |
|
|
|
26,587 |
|
|
|
|
EBITDA and
EBITDA margin5 |
|
$88,865 |
|
32.3 |
% |
$78,355 |
|
28.8 |
% |
|
|
Adjustments
(pre-tax): |
|
|
|
|
|
|
|
Acquisition and integration-related expenses |
|
|
2,735 |
|
|
|
2,910 |
|
|
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
622 |
|
|
|
4,450 |
|
|
|
|
Net costs related to restructuring of wood treatment business1 |
|
|
(293 |
) |
|
|
- |
|
|
|
|
Costs related to the Pandemic, net of grants received |
|
|
112 |
|
|
|
- |
|
|
|
|
Charges for fair value write-up of acquired inventory sold |
|
|
- |
|
|
|
42 |
|
|
|
|
Adjusted
EBITDA and EBITDA margin6 |
|
$92,041 |
|
33.5 |
% |
$85,757 |
|
31.5 |
% |
|
|
|
|
|
|
|
|
|
|
5 EBITDA represents earnings before interest, taxes, depreciation
and amortization. |
|
|
|
|
|
|
6 Adjusted EBITDA is
calculated by excluding items from EBITDA that are believed to be
infrequent or not indicative of the company's continuing operating
performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year
2020 Guidance Reconciliation7 |
|
|
|
|
|
Fiscal Year 2020 Low |
|
|
Fiscal Year 2020 High |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$134,000 |
|
|
$138,100 |
|
|
|
|
Interest expense, net8 |
|
|
43,500 |
|
|
|
43,500 |
|
|
|
|
Provision for income taxes8 |
|
|
38,000 |
|
|
|
38,900 |
|
|
|
|
Depreciation8 |
|
|
42,500 |
|
|
|
42,500 |
|
|
|
|
Amortization |
|
|
90,000 |
|
|
|
90,000 |
|
|
|
|
EBITDA
(Consolidated) |
|
$348,000 |
|
|
$353,000 |
|
|
|
|
Acquisition and integration-related expenses |
|
|
7,800 |
|
|
|
7,800 |
|
|
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
|
1,200 |
|
|
|
1,200 |
|
|
|
|
Net costs related to restructuring of wood treatment business1 |
|
|
(300 |
) |
|
|
(300 |
) |
|
|
|
Costs related to the Pandemic, net of grants received |
|
|
300 |
|
|
|
300 |
|
|
|
|
Adjusted
EBITDA Guidance (Consolidated) |
|
$357,000 |
|
|
$362,000 |
|
|
|
|
|
|
|
|
|
|
|
|
7 This is a
reconciliation of our indicated full year net income to our
adjusted EBITDA. The amounts above may not reflect certain future
charges costs and/or gains that are inherently difficult to predict
and estimate due to their unknown timing, effect and/or
significance, including impairment charges associated with the
anticipated closure of our wood treatment business. |
|
|
|
8 Amounts represent
the mid-point of the current financial guidance provided on August
5, 2020. |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash Flow From Operations to Free Cash
Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
|
|
|
June 30, 2020 |
|
June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities |
|
$204,083 |
|
|
$117,045 |
|
|
|
|
Less: Capital expenditures |
|
|
107,015 |
|
|
|
32,691 |
|
|
|
|
Free cash
flow |
|
$97,068 |
|
|
$84,354 |
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
|
($105,428 |
) |
|
|
($1,209,708 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by financing activities |
|
$67,201 |
|
|
$908,678 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Debt to Net Debt |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
September 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
Total
short-term and long-term debt |
|
$1,076,004 |
|
|
$941,776 |
|
|
|
|
Less: Cash and cash equivalents |
|
|
354,708 |
|
|
|
188,495 |
|
|
|
|
Total net
debt |
|
$721,296 |
|
|
$753,281 |
|
|
|
|
|
|
|
|
|
|
|
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