CMC Materials, Inc. (Nasdaq: CCMP), a leading global supplier of
consumable materials primarily to semiconductor manufacturers,
today reported financial results for its third quarter of fiscal
2021, which ended June 30, 2021.
“Our CMC Materials team delivered another quarter of solid
results, posting record revenue. Within Electronic Materials, we
are particularly proud of the execution from our CMP pads and
electronic chemicals businesses. We are also encouraged by the
improvement in our pipeline and industrial materials (PIM)
business,” said David Li, President and CEO of CMC Materials.
“Looking ahead, we have revised our expectation for full year
Adjusted EBITDA reflecting industry-wide inflationary pressures and
lower than expected CMP slurries revenue in the short-term, driven
by variability in order patterns from certain Chinese customers. As
we actively address these challenges, we remain confident that our
technological differentiation, deep customer collaboration and
extensive global footprint should enable us to build upon our
industry-leading positions,” said Li.
Key Highlights for the Third Quarter
The company’s record quarterly revenue of $309.5 million, an
increase of 12.7% compared to the same quarter last year, was
driven by continued robust demand in the company’s Electronic
Materials segment, which represents more than 80% of the company’s
revenue. In the company’s Performance Materials segment, the PIM
business showed solid improvement sequentially, yet continues to be
adversely impacted by the COVID-19 Pandemic (“Pandemic”). In the
quarter, the company recorded a $3.1 million impairment charge for
the wood treatment business related to the previously announced
strategic decision to exit this business. Net income was $33.6
million compared to $34.5 million in the prior year. Adjusted
EBITDA1 was $96.0 million, compared to $92.0 million in the prior
year. Year to date, the company generated $179.8 million in cash
flow from operations, and $263.0 million in the last twelve
months.
Key Financial Information for the Third
Quarter
- Revenue was $309.5 million, 12.7% higher than the same quarter
last year due to growth in both the company’s segments. Revenue was
up 6.5% sequentially.
- Net income was $33.6 million compared to $34.5 million in the
same quarter last year. Adjusted net income1 was $55.2 million,
3.9% higher compared to the prior year, as higher revenue and lower
interest expense was partially offset by higher costs.
- Diluted EPS was $1.13. Adjusted diluted EPS1 was $1.86, 3.3%
higher compared to the same quarter last year.
- Adjusted EBITDA1 was $96.0 million, up 4.3% compared to the
same quarter last year. Adjusted EBITDA margin1 for the quarter was
31.0%, compared to adjusted EBITDA margin of 33.5% in the same
quarter last year.
1 Refer to financial tables and “Use of Certain GAAP, non-GAAP
Adjusted Financial Information” below for information about these
non-GAAP financial measures and reconciliations of these non-GAAP
measures to their most comparable GAAP measure.
Electronic Materials – Revenue was $251.1
million, 13.9% higher than revenue in the same quarter last year
due to continued strength across all businesses, and the addition
of International Test Solutions (ITS), which is reported as
materials technologies. Revenue was 3.5% higher sequentially.
Adjusted EBITDA was $82.5 million, or 32.9% of revenue.
Performance Materials –
Revenue was $58.4 million for the quarter, 7.5% higher than revenue
in the same quarter last year, driven primarily by improved demand
for the company’s PIM products. Revenue was 21.8% higher
sequentially. Adjusted EBITDA was $25.5 million, or 43.6% of
revenue.
Current Financial Guidance
Sequentially, the company currently expects revenue in the
fourth quarter of fiscal 2021 to be approximately flat compared to
revenue in the third fiscal quarter. Electronic Materials revenue
is expected to be approximately flat and Performance Materials
revenue is expected to be up mid-single digits for the fourth
fiscal quarter.
The company revised the full fiscal year 2021 expectation for
its Adjusted EBITDA range to between $355 million to $365
million.
With respect to this guidance, and additional current
expectations provided in the company’s related slide presentation
and prepared commentary, the company notes the continued
uncertainty as to the ongoing macroeconomic environment and the
impact of the Pandemic on the industries in which the company
participates.
RELATED SLIDE PRESENTATION AND PREPARED
COMMENTARY
A slide presentation and corresponding prepared commentary
related to this press release will be available
at cmcmaterials.com in the Quarterly Results section of the
Investor Relations center at approximately the same time that this
press release is issued.
CONFERENCE CALL
CMC Materials’ quarterly earnings conference call will be held
at 10:00 a.m. Eastern Time (9:00 a.m. Central Time) on Thursday,
August 5. The conference call will be available via live
webcast and replay from the company’s website, cmcmaterials.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 7062157. 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 CMC MATERIALS, INC.
CMC Materials, Inc., headquartered in Aurora, Illinois, is a
leading global supplier of consumable materials primarily to
semiconductor manufacturers. 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. CMC Materials, Inc. 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 2,100 employees globally. For more
information about CMC Materials, Inc., visit www.cmcmaterials.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’s financial results are provided in accordance with
accounting principles generally accepted in the United States of
America (GAAP) and using certain non-GAAP financial measures. In
particular, the Company presents the following non-GAAP financial
measures: adjusted net income, adjusted diluted earnings per share,
adjusted EBITDA, adjusted EBITDA margin, free cash flow, and net
debt. Adjusted EBITDA is defined as earnings before interest,
income taxes, depreciation and amortization, and excludes certain
items that affect comparability from period to period. Adjusted
EBITDA margin is defined as adjusted EBITDA as a percentage of
revenue.
The non-GAAP financial measures provided in this press release
are 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
impairment charges, acquisitions, such as expenses incurred to
complete an acquisition and related integration and
acquisition-related amortization expenses, costs of restructuring
related to the wood treatment business, costs incurred related to
the COVID-19 pandemic (“Pandemic”) net of grants received, costs
related to the KMG-Bernuth warehouse fire net of insurance
recoveries and 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, are not indicative of its core
operating results and thus presents these certain measures
excluding these effects. The presentation of non-GAAP financial
measures 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, and the
expected benefits and synergies of such transactions; 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 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
the company; the company's management; foreign exchange
fluctuation; the company's current or future tax rate, including
the effects of changes to tax laws in the jurisdictions in which
the company operates; cybersecurity threats and vulnerabilities;
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 CMC Materials’ beliefs, plans and
expectations, are forward-looking statements. Such statements are
based on current expectations of CMC Materials’ 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 CMC
Materials’ filings with the Securities and Exchange Commission
(“SEC”), including the risk factors contained in CMC Materials’
Annual Report on Form 10-K for the fiscal year ended September 30,
2020 filed on November 17, 2020, and its Quarterly Report on Form
10-Q for the quarter ended June 30, 2021, which the Company expects
to file by August 9, 2021. Except as required by law, CMC Materials
undertakes no obligation to update forward-looking statements made
by it to reflect new information, subsequent events or
circumstances.
Contact: Colleen Mumford Vice President,
Communications and Marketing CMC Materials, Inc.(630) 499-2600
CMC MATERIALS, INC.CONSOLIDATED
STATEMENTS OF INCOME (LOSS)(Unaudited and amounts in
thousands, except per share amounts)
|
Quarter Ended |
|
Nine Months Ended |
|
June 30, 2021 |
|
March 31, 2021 |
|
June 30, 2020 |
|
June 30, 2021 |
|
June 30, 2020 |
Revenue |
$ |
309,516 |
|
|
$ |
290,528 |
|
|
$ |
274,727 |
|
|
$ |
887,907 |
|
|
$ |
842,063 |
|
Cost of sales |
180,320 |
|
|
166,782 |
|
|
152,973 |
|
|
512,061 |
|
|
470,525 |
|
Gross profit |
129,196 |
|
|
123,746 |
|
|
121,754 |
|
|
375,846 |
|
|
371,538 |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research, development and technical |
13,654 |
|
|
12,925 |
|
|
12,165 |
|
|
39,007 |
|
|
38,206 |
|
Selling, general and administrative |
56,242 |
|
|
58,538 |
|
|
51,847 |
|
|
170,700 |
|
|
162,495 |
|
Impairment charges |
3,090 |
|
|
208,221 |
|
|
— |
|
|
218,658 |
|
|
— |
|
Total operating expenses |
72,986 |
|
|
279,684 |
|
|
64,012 |
|
|
428,365 |
|
|
200,701 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
56,210 |
|
|
(155,938 |
) |
|
57,742 |
|
|
(52,519 |
) |
|
170,837 |
|
Interest expense |
9,551 |
|
|
9,508 |
|
|
10,406 |
|
|
28,667 |
|
|
33,079 |
|
Interest income |
11 |
|
|
13 |
|
|
131 |
|
|
47 |
|
|
589 |
|
Other (expense) income,
net |
(427 |
) |
|
(484 |
) |
|
(201 |
) |
|
541 |
|
|
(1,608 |
) |
Income (loss) before income
taxes |
46,243 |
|
|
(165,917 |
) |
|
47,266 |
|
|
(80,598 |
) |
|
136,739 |
|
Provision for (benefit from)
income taxes |
12,601 |
|
|
(16,109 |
) |
|
12,741 |
|
|
4,038 |
|
|
30,766 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
33,642 |
|
|
$ |
(149,808 |
) |
|
$ |
34,525 |
|
|
$ |
(84,636 |
) |
|
$ |
105,973 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per
share |
$ |
1.15 |
|
|
$ |
(5.13 |
) |
|
$ |
1.19 |
|
|
$ |
(2.90 |
) |
|
$ |
3.63 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share |
$ |
1.13 |
|
|
$ |
(5.13 |
) |
|
$ |
1.17 |
|
|
$ |
(2.90 |
) |
|
$ |
3.58 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic shares
outstanding |
29,260 |
|
|
29,210 |
|
|
29,079 |
|
|
29,197 |
|
|
29,157 |
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
29,682 |
|
|
29,210 |
|
|
29,456 |
|
|
29,197 |
|
|
29,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CMC MATERIALS, INC.CONSOLIDATED
CONDENSED BALANCE SHEETS(Unaudited and amounts in
thousands)
|
June 30,2021 |
|
September 30,2020 |
ASSETS: |
|
|
|
|
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
228,506 |
|
|
$ |
257,354 |
|
Accounts receivable, net |
170,346 |
|
|
134,023 |
|
Inventories |
169,147 |
|
|
159,134 |
|
Prepaid expenses and other current assets |
25,901 |
|
|
26,558 |
|
Total current assets |
593,900 |
|
|
577,069 |
|
|
|
|
|
Property, plant and equipment,
net |
357,304 |
|
|
362,067 |
|
Other long-term assets |
1,298,621 |
|
|
1,437,331 |
|
Total assets |
$ |
2,249,825 |
|
|
$ |
2,376,467 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
55,737 |
|
|
$ |
49,254 |
|
Current portion of long-term debt |
10,650 |
|
|
10,650 |
|
Accrued expenses, income taxes payable and other current
liabilities |
129,497 |
|
|
121,442 |
|
Total current liabilities |
195,884 |
|
|
181,346 |
|
|
|
|
|
Long-term debt, net of current
portion |
904,967 |
|
|
910,764 |
|
Other long-term liabilities |
167,727 |
|
|
210,044 |
|
Total liabilities |
1,268,578 |
|
|
1,302,154 |
|
|
|
|
|
Stockholders' equity |
981,247 |
|
|
1,074,313 |
|
Total liabilities and stockholders' equity |
$ |
2,249,825 |
|
|
$ |
2,376,467 |
|
|
|
|
|
|
|
|
|
CMC MATERIALS, INC.CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS(Unaudited and amounts
in thousands)
|
Nine months ended June 30, |
|
2021 |
|
2020 |
Net cash provided by operating activities |
$ |
179,793 |
|
|
$ |
204,083 |
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
Acquisition of a business, net of cash acquired |
(126,129 |
) |
|
— |
|
Additions to property, plant and equipment |
(31,574 |
) |
|
(107,015 |
) |
Proceeds from the sale of assets |
2,613 |
|
|
1,587 |
|
Net cash used in investing
activities |
(155,090 |
) |
|
(105,428 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Repayment of long-term debt |
(7,988 |
) |
|
(17,988 |
) |
Repurchases of common stock under Share Repurchase Program |
(15,171 |
) |
|
(35,009 |
) |
Repurchases of common stock withheld for taxes |
(5,492 |
) |
|
(3,112 |
) |
Proceeds from revolving line of credit |
— |
|
|
150,000 |
|
Proceeds from issuance of stock |
13,326 |
|
|
10,960 |
|
Dividends paid |
(39,570 |
) |
|
(37,527 |
) |
Other financing activities |
(219 |
) |
|
(123 |
) |
Net cash (used in) provided by
financing activities |
(55,114 |
) |
|
67,201 |
|
|
|
|
|
Effect of exchange rate
changes on cash |
1,563 |
|
|
357 |
|
(Decrease) increase in cash
and cash equivalents |
(28,848 |
) |
|
166,213 |
|
Cash and cash equivalents at
beginning of period |
257,354 |
|
|
188,495 |
|
Cash and cash equivalents at
end of period |
$ |
228,506 |
|
|
$ |
354,708 |
|
|
|
|
|
|
|
|
|
CMC MATERIALS, INC.Unaudited
Reconciliation of Certain GAAP Financial Measures to Certain
Non-GAAP Financial Measures (Unaudited and amounts in
thousands, except per share and percentage amounts)
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net
Income and GAAP Diluted Earnings Per Share to Non-GAAP Adjusted
Diluted Earnings Per Share |
|
Three Months Ended |
|
June 30,
2021 |
|
June 30,
2020 |
Net
income |
$ |
33,642 |
|
|
$ |
1.13 |
|
|
$ |
34,525 |
|
|
$ |
1.17 |
|
|
|
|
|
|
|
|
|
Amortization of acquisition related intangibles |
20,620 |
|
|
0.69 |
|
|
20,786 |
|
|
0.71 |
|
Acquisition and integration-related expenses |
3,353 |
|
|
0.11 |
|
|
2,735 |
|
|
0.09 |
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
26 |
|
|
— |
|
|
622 |
|
|
0.02 |
|
Net costs related to restructuring of wood treatment business |
24 |
|
|
— |
|
|
(293 |
) |
|
(0.01 |
) |
Costs related to Pandemic, net of grants received |
(200 |
) |
|
(0.01 |
) |
|
112 |
|
|
— |
|
U.S. tax reform |
— |
|
|
— |
|
|
18 |
|
|
— |
|
Impairment charge |
3,090 |
|
|
0.11 |
|
|
— |
|
|
— |
|
Tax effect on adjustments to net income1 |
(5,334 |
) |
|
(0.17 |
) |
|
(5,356 |
) |
|
(0.18 |
) |
Adjusted Net income |
$ |
55,221 |
|
|
$ |
1.86 |
|
|
$ |
53,149 |
|
|
$ |
1.80 |
|
Reconciliation of GAAP Revenue to Non-GAAP Adjusted Gross
Profit and Gross Margin |
|
Three Months
Ended |
|
June 30, 2021 |
|
June 30, 2020 |
Revenue |
$ |
309,516 |
|
|
|
$ |
274,727 |
|
|
Cost of sales |
180,320 |
|
|
|
152,973 |
|
|
Gross profit |
$ |
129,196 |
|
|
|
$ |
121,754 |
|
|
Gross margin |
41.7 |
|
% |
|
44.3 |
|
% |
|
|
|
|
Adjustments: |
|
|
|
Amortization of acquisition related intangibles |
3,754 |
|
|
|
3,347 |
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
26 |
|
|
|
622 |
|
|
Net costs related to restructuring of wood treatment business |
24 |
|
|
|
(293 |
) |
|
Costs related to the Pandemic, net of grants received |
(6 |
) |
|
|
198 |
|
|
Adjusted gross profit |
$ |
132,994 |
|
|
|
$ |
125,628 |
|
|
Adjusted gross margin |
43.0 |
|
% |
|
45.7 |
|
% |
Reconciliation of GAAP Operating expenses to Non-GAAP
Adjusted Operating expenses |
|
Three Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
Research,
development and technical |
$ |
13,654 |
|
|
$ |
12,165 |
|
Selling, general, and administrative |
56,242 |
|
|
51,847 |
|
Impairment charge |
3,090 |
|
|
— |
|
Operating expenses |
$ |
72,986 |
|
|
$ |
64,012 |
|
Adjustments: |
|
|
|
Amortization of acquisition related intangibles2 |
(16,866 |
) |
|
(17,439 |
) |
Acquisition and integration-related expenses2 |
(3,353 |
) |
|
(2,735 |
) |
Costs related to the Pandemic, net of grants received2 |
194 |
|
|
86 |
|
Impairment charge |
(3,090 |
) |
|
— |
|
Adjusted operating expenses |
$ |
49,871 |
|
|
$ |
43,924 |
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP Net Income to Non-GAAP Adjusted
EBITDA and EBITDA Margin |
|
|
|
|
|
|
|
Three Months Ended |
|
|
June 30, 2021 |
|
June 30, 2020 |
Net income |
|
$ |
33,642 |
|
|
|
$ |
34,525 |
|
|
Interest expense |
|
9,551 |
|
|
|
10,406 |
|
|
Interest income |
|
(11 |
) |
|
|
(131 |
) |
|
Provision for income taxes |
|
12,601 |
|
|
|
12,741 |
|
|
Depreciation & amortization |
|
33,927 |
|
|
|
31,324 |
|
|
EBITDA |
|
89,710 |
|
|
|
88,865 |
|
|
EBITDA margin |
|
29.0 |
|
% |
|
32.3 |
|
% |
|
|
|
|
|
Adjustments (pre-tax): |
|
|
|
|
Acquisition and integration-related expenses |
|
3,353 |
|
|
|
2,735 |
|
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery |
|
26 |
|
|
|
622 |
|
|
Net costs related to restructuring of wood treatment business |
|
24 |
|
|
|
(293 |
) |
|
Costs related to the Pandemic, net of grants received |
|
(200 |
) |
|
|
112 |
|
|
Impairment charge |
|
3,090 |
|
|
|
— |
|
|
Adjusted EBITDA |
|
$ |
96,003 |
|
|
|
$ |
92,041 |
|
|
Adjusted EBITDA margin |
|
31.0 |
|
% |
|
33.5 |
|
% |
|
|
|
|
|
|
|
|
|
Fiscal Year 2021 Guidance Reconciliation
3 |
|
|
|
|
|
Fiscal Year 2021 |
|
Fiscal Year 2021 |
|
Low |
|
High |
Net income |
$ |
(63,000 |
) |
|
$ |
(54,000 |
) |
Interest expense, net5 |
38,000 |
|
|
38,000 |
|
Provision for income taxes4 |
16,000 |
|
|
17,000 |
|
Depreciation4 |
53,000 |
|
|
53,000 |
|
Amortization |
85,000 |
|
|
85,000 |
|
EBITDA (Consolidated) |
$ |
129,000 |
|
|
$ |
139,000 |
|
Acquisition and integration-related expenses6 |
7,889 |
|
|
7,889 |
|
Costs related to KMG-Bernuth warehouse fire, net of insurance
recovery6 |
(1,050 |
) |
|
(1,050 |
) |
Net costs related to restructuring of wood treatment business6 |
96 |
|
|
96 |
|
Costs related to the Pandemic, net of grants received6 |
641 |
|
|
641 |
|
Impairment charges6 |
218,658 |
|
|
218,658 |
|
Adjusted EBITDA Guidance -
Consolidated |
$ |
355,234 |
|
|
$ |
365,234 |
|
|
|
|
|
Reconciliation of Cash Flow From Operations to Free Cash
Flow |
|
|
|
|
|
Nine Months Ended |
|
June 30, 2021 |
|
June 30, 2020 |
Net cash provided by operating activities |
$ |
179,793 |
|
|
$ |
204,083 |
|
Less: Capital expenditures |
31,574 |
|
|
107,015 |
|
Free cash flow |
$ |
148,219 |
|
|
$ |
97,068 |
|
|
|
|
|
Net cash used in investing
activities |
$ |
(155,090 |
) |
|
$ |
(105,428 |
) |
|
|
|
|
Net cash (used in) provided by
financing activities |
$ |
(55,114 |
) |
|
$ |
67,201 |
|
Reconciliation of GAAP Debt to Net Debt |
|
|
|
|
|
June 30,2021 |
|
September 30,2020 |
Total short-term and long-term debt |
$ |
915,617 |
|
|
$ |
921,414 |
|
Less: Cash and cash equivalents |
228,506 |
|
|
257,354 |
|
Total net debt |
$ |
687,111 |
|
|
$ |
664,060 |
|
|
|
|
|
|
|
|
|
1 Tax effect on the adjustments were calculated
using the U.S. Federal and state blended tax rate for the
respective periods as the related adjustments are mainly U.S.
driven. 2 Adjustment is related to the Selling, general and
administrative expenses.3 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 future impairment
charges associated with the anticipated closure of our wood
treatment business. 4 Amounts represent the mid-point of the
financial guidance provided on November 11, 2020.5 Amount
represents the mid-point of the current financial guidance provided
on August 4, 2021.6 Amounts represent actual Non-GAAP adjustments
through the third quarter fiscal year 2021.
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