HONOLULU, May 5, 2020 /PRNewswire/ -- Matson, Inc.
("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in
the Pacific, today reported net income of $3.8 million, or $0.09 per diluted share, for the quarter ended
March 31, 2020. Net income for the quarter ended
March 31, 2019 was $12.5 million, or $0.29 per diluted share. Consolidated
revenue for the first quarter 2020 was $513.9 million compared with $532.4 million for the first quarter 2019.
Matt Cox, Matson's Chairman and
Chief Executive Officer, commented, "Matson's businesses performed
well in the first quarter. However, much of the quarter
occurred prior to seeing most of the impacts from the evolving
COVID-19 situation. Our China service returned to normal
volume levels in March, slightly ahead of our expectation, and we
saw relatively steady volume in our Hawaii, Alaska and Guam tradelanes as consumers bought essential
goods and home food. But we also faced challenges at SSAT and
in our Logistics business segment due to the COVID-19
situation."
Mr. Cox added, "Our Hawaii, Guam and Alaska tradelanes currently face the challenge
of dramatically reduced tourism, and each of our business lines is
faced with an economic backdrop of increasing uncertainties
regarding the COVID-19 pandemic. Regardless, we remain
focused on safeguarding the health and safety of our employees and
maintaining our best-in-class vessel on-time performance to provide
a high-quality service to our customers and the communities that
count on us during this difficult time. We are also focused
on ensuring Matson has adequate financial liquidity, and our most
recent debt agreement amendments provide the necessary headroom for
us to manage through the economic downturn."
First Quarter 2020 Discussion and Update on Business
Conditions
Ocean Transportation: The Company's container
volume in the Hawaii service in
the first quarter 2020 was 1.7 percent higher year-over-year
primarily due to increased volume of home food and essential goods
as residents sheltered-in-place due to COVID-19. In March of
this year, the State of Hawaii
implemented several orders to address the spread of COVID-19 on the
islands. As a result, tourism to Hawaii fell significantly in late March and in
April, and is expected to have a meaningfully negative impact on
Hawaii's economy in the near-term.
In China, the Company's
container volume in the first quarter 2020 was 6.5 percent lower
year-over-year primarily due to an elongated post-Lunar New Year
period as China's shelter-in-place
orders impacted factory production, factory-to-port infrastructure
logistics, and inventory sourcing. Matson continued to
realize a rate premium in the first quarter 2020 and achieved
average freight rates that approximated the level achieved in the
first quarter 2019. The Company expects the disruption and
loss of capacity in the transpacific air cargo and ocean freight
markets to provide opportunities for its differentiated, expedited
CLX service.
In Guam, the Company's
container volume in the first quarter 2020 was 3.9 percent lower on
a year-over-year basis primarily due to typhoon relief-related
volume in the year ago period, partially offset by higher volume
due to COVID‑19 related home food and essential goods demand.
The loss of tourism and the temporary closure of retail stores is
expected to have a meaningfully negative impact on the Guam economy in the near-term.
In Alaska, the Company's
container volume for the first quarter 2020 increased 11.0 percent
year-over-year. The Company experienced higher northbound
volume in the quarter compared to the year ago period primarily due
to greater demand for home food and essential goods as residents
sheltered-in-place due to COVID-19 as well as volume associated
with the dry-docking of a competitor's vessel. Southbound
volume in the quarter was modestly lower than the level achieved in
first quarter 2019. The combination of negative economic
effects from the COVID-19 mitigation efforts and a low oil price
environment is expected to have a meaningfully negative impact on
Alaska's economy in the
near-term.
The contribution in the first quarter 2020 from the Company's
SSAT joint venture investment was $4.0
million, or $4.5 million
lower than the first quarter 2019. The decrease was primarily
due to the additional expense related to the new lease accounting
standard adopted in the second quarter of 2019, and lower lift
volume due to cancelled transpacific sailings.
Logistics: In the first quarter 2020, operating
income for the Company's Logistics segment was $5.1 million, or $3.0 million lower compared to the operating
income achieved in the first quarter 2019. The decrease was
due primarily to lower contributions from transportation brokerage
and freight forwarding.
Withdrawal of 2020 Outlook
Matson withdrew its full year 2020 outlook on April 6, 2020 due to the increasing economic
uncertainties regarding the COVID-19 pandemic.
Results By
Segment
|
|
Ocean
Transportation — Three months ended March 31, 2020 compared with
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2020
|
|
2019
|
|
Change
|
|
Ocean Transportation
revenue
|
|
$
|
400.9
|
|
$
|
397.9
|
|
$
|
3.0
|
|
0.8
|
%
|
Operating costs and
expenses
|
|
|
(393.0)
|
|
|
(388.5)
|
|
|
(4.5)
|
|
1.2
|
%
|
Operating
income
|
|
$
|
7.9
|
|
$
|
9.4
|
|
$
|
(1.5)
|
|
(16.0)
|
%
|
Operating income
margin
|
|
|
2.0
|
%
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (Forty-foot
equivalent units (FEU), except for automobiles) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii
containers
|
|
|
35,500
|
|
|
34,900
|
|
|
600
|
|
1.7
|
%
|
Hawaii
automobiles
|
|
|
13,300
|
|
|
17,000
|
|
|
(3,700)
|
|
(21.8)
|
%
|
Alaska
containers
|
|
|
18,200
|
|
|
16,400
|
|
|
1,800
|
|
11.0
|
%
|
China
containers
|
|
|
12,900
|
|
|
13,800
|
|
|
(900)
|
|
(6.5)
|
%
|
Guam
containers
|
|
|
4,900
|
|
|
5,100
|
|
|
(200)
|
|
(3.9)
|
%
|
Other containers
(2)
|
|
|
4,100
|
|
|
3,500
|
|
|
600
|
|
17.1
|
%
|
_________________________
|
(1)
|
Approximate volumes
included for the period are based on the voyage departure date, but
revenue and operating income are adjusted to reflect the percentage
of revenue and operating income earned during the reporting period
for voyages in transit at the end of each reporting
period.
|
(2)
|
Includes containers
from services in various islands in Micronesia and the South
Pacific, and Okinawa, Japan.
|
Ocean Transportation revenue increased $3.0 million during the three months ended
March 31, 2020, compared with the three months ended
March 31, 2019. The increase was primarily due to higher
freight revenue in Alaska,
partially offset by lower freight revenue in China.
On a year-over-year FEU basis, Hawaii container volume increased 1.7 percent
primarily due to increased volume of home food and essential goods
as residents sheltered-in-place due to COVID-19; Alaska volume increased 11.0 percent with
higher northbound volume primarily due to greater demand for home
food and essential goods as residents sheltered-in-place due to
COVID-19 as well as volume associated with the dry-docking of a
competitor's vessel, partially offset by modestly lower southbound
volume; China volume was
6.5 percent lower primarily due to an elongated post-Lunar New
Year period related to China's
COVID-19 mitigation efforts; Guam
volume was 3.9 percent lower primarily due to typhoon relief
volume in the year ago period, partially offset by higher volume
due to COVID-19 related home food and essential goods demand; and
Other containers volume increased 17.1 percent.
Ocean Transportation operating income decreased $1.5 million, or 16.0 percent, during the three
months ended March 31, 2020, compared with the three months
ended March 31, 2019. The decrease was primarily due to
a lower contribution from China
and SSAT and higher depreciation, partially offset by lower vessel
operating costs, primarily resulting from one less vessel operating
in the Hawaii service, and the
timing of fuel surcharge collections.
The Company's SSAT terminal joint venture investment contributed
$4.0 million during the three months
ended March 31, 2020, compared to a contribution of
$8.5 million during the three months
ended March 31, 2019. The decrease was primarily due to
the additional expense related to the new lease accounting standard
adopted in the second quarter of 2019 and lower lift volume due to
cancelled transpacific sailings.
Logistics — Three
months ended March 31, 2020 compared with 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2020
|
|
2019
|
|
Change
|
|
Logistics
revenue
|
|
$
|
113.0
|
|
$
|
134.5
|
|
$
|
(21.5)
|
|
(16.0)
|
%
|
Operating costs and
expenses
|
|
|
(107.9)
|
|
|
(126.4)
|
|
|
18.5
|
|
(14.6)
|
%
|
Operating
income
|
|
$
|
5.1
|
|
$
|
8.1
|
|
$
|
(3.0)
|
|
(37.0)
|
%
|
Operating income
margin
|
|
|
4.5
|
%
|
|
6.0
|
%
|
|
|
|
|
|
Logistics revenue decreased $21.5
million, or 16.0 percent, during the three months ended
March 31, 2020, compared with the three months ended
March 31, 2019. The decrease was primarily due to lower
transportation brokerage revenue.
Logistics operating income decreased $3.0
million, or 37.0 percent, for the three months ended
March 31, 2020, compared with the three months ended
March 31, 2019. The decrease was due primarily to lower
contributions from transportation brokerage and freight
forwarding.
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents decreased by $1.3 million from $21.2
million at December 31, 2019
to $19.9 million at
March 31, 2020. Matson generated net cash from operating
activities of $68.6 million during
the three months ended March 31, 2020, compared to
$33.4 million during the three months
ended March 31, 2019. Capital
expenditures, including capitalized vessel construction
expenditures, totaled $35.2 million
for the three months ended March 31, 2020, compared with
$34.4 million for the three months
ended March 31, 2019. Total debt decreased by
$33.5 million during the three months
to $924.9 million as of
March 31, 2020, of which $871.5
million was classified as long-term debt.
Matson's Net Income and EBITDA were $74.0
million and $261.5 million,
respectively, for the twelve months ended March 31,
2020. The ratio of Matson's Net Debt to last twelve months
EBITDA was 3.5 as of March 31, 2020.
Under the recently amended debt agreements, as of March 31, 2020 Matson had available borrowings
under its revolving credit facility of approximately $163.6 million. The available borrowings at
quarter end is based on the allowable leverage level under the
amended debt agreements and the definition of EBITDA under the debt
agreements, which is higher than the EBITDA reported in this press
release.
On April 27, 2020, Matson issued a
debt instrument under the U.S. Government's Title XI program for
gross proceeds of approximately $186
million. The net proceeds from the transaction of
approximately $177 million were used
to reduce outstanding debt. The Title XI debt matures in
October 2043, bears cash interest at
a rate of 1.22 percent, payable semi-annually, and is amortized by
semi-annual payments of approximately $4
million plus interest. The effective interest rate on
the Title XI Debt for accounting purposes is approximately 1.60
percent.
As previously announced, Matson's Board of Directors declared a
cash dividend of $0.22 per share
payable on June 4, 2020 to all shareholders of record as of
the close of business on May 7, 2020.
Teleconference and Webcast
A conference call is scheduled for 4:30
p.m. EST when Matt Cox,
Chairman and Chief Executive Officer, and Joel Wine, Senior Vice President and Chief
Financial Officer, will discuss Matson's first quarter results.
|
|
Date of Conference
Call:
|
Tuesday, May 5,
2020
|
Scheduled
Time:
|
4:30 p.m. EDT / 1:30
p.m. PDT / 10:30 a.m. HST
|
Participant Toll Free
Dial-In #:
|
1-877-312-5524
|
International Dial-In
#:
|
1-253-237-1144
|
The conference call will be broadcast live along with a slide
presentation on the Company's website at www.matson.com, under
Investors. A replay of the conference call will be available
approximately two hours after the call through May 12, 2020 by dialing 1-855-859-2056 or
1-404-537-3406 and using the conference number 1419536. The
slides and audio webcast of the conference call will be archived
for one full quarter on the Company's website at www.matson.com,
under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of
ocean transportation and logistics services. Matson provides
a vital lifeline of ocean freight transportation services to the
domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in
Micronesia. Matson also operates a premium, expedited service
from China to Long Beach, California and provides services
to Okinawa, Japan and various
islands in the South Pacific. The Company's fleet of owned
and chartered vessels includes containerships, combination
container and roll-on/roll-off ships and various types of
barges. Matson Logistics, established in 1987, extends the
geographic reach of Matson's ocean transportation network
throughout the continental U.S. Its integrated, asset-light
logistics services include rail intermodal services, long-haul and
regional highway brokerage, warehousing and distribution services,
consolidation and freight forwarding services, supply chain
management services, and other services. Additional
information about the Company is available at www.matson.com.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be
discussed in the conference call include non-GAAP measures.
While Matson reports financial results in accordance with U.S.
generally accepted accounting principles ("GAAP"), the Company also
considers other non-GAAP measures to evaluate performance, make
day-to-day operating decisions, help investors understand our
ability to incur and service debt and to make capital expenditures,
and to understand period-over-period operating results separate and
apart from items that may, or could, have a disproportional
positive or negative impact on results in any particular
period. These non-GAAP measures include, but are not limited
to, Earnings Before Interest, Income Taxes, Depreciation and
Amortization ("EBITDA") and Net Debt-to-EBITDA.
Forward-Looking Statements
Statements in this news release that are not historical facts
are "forward-looking statements," within the meaning of the Private
Securities Litigation Reform Act of 1995, including without
limitation those statements regarding liquidity, tourism, impacts
of the COVID-19 pandemic, profitability, cash flow expectations and
uses of cash and cash flows, operating cost savings, fleet renewal
progress, vessel deployments and operating efficiencies, vessel
transit times, fuel strategy and scrubber program, organic growth
opportunities, economic effects of competitors' services, demand
and volume levels in the China
service and in the Hawaii,
Alaska and Guam tradelanes, economic growth and drivers
in Hawaii and Alaska, Sand Island terminal upgrades, lift
volumes and operating costs at SSAT, transpacific air cargo
capacity, transpacific ocean cargo capacity, debt leverage levels,
capital expenditures and potential savings, benefits from the CARES
Act, and the likelihood and severity of recession. These
statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those contemplated
by the relevant forward-looking statement, including but not
limited to risks and uncertainties relating to repeal, substantial
amendment or waiver of the Jones Act or its application, or our
failure to maintain our status as a United States citizen under the Jones Act; the
uncertainty around the duration, breadth and severity of the COVID
19 pandemic, the actions taken to contain the virus or treat its
impact, and the impact of economic stimulus measures; regional,
national and international economic conditions; new or increased
competition or improvements in competitors' service levels; fuel
prices, our ability to collect fuel-related surcharges and/or the
cost or limited availability of low-sulfur fuel; delays or cost
overruns related to the installation of scrubbers; our relationship
with vendors, customers and partners and changes in related
agreements; the actions of our competitors; our ability to offer a
differentiated service in China
for which customers are willing to pay a significant premium; the
imposition of tariffs or a change in international trade policies;
the magnitude and timing of the impact of public health crises; the
ability of the NASSCO shipyard to construct and deliver Matsonia on
the contemplated timeframe; any unanticipated dry-dock or repair
expenses; any delays or cost overruns related to the modernization
of terminals; consummating and integrating acquisitions; changes in
general economic and/or industry-specific conditions; competition
and growth rates within the logistics industry; freight levels and
increasing costs and availability of truck capacity or alternative
means of transporting freight; changes in relationships with
existing truck, rail, ocean and air carriers; changes in customer
base due to possible consolidation among customers; conditions in
the financial markets; changes in our credit profile and our future
financial performance; our ability to obtain future debt
financings; continuation of the Title XI and CCF programs; the
impact of future and pending legislation, including environmental
legislation; government regulations and investigations; relations
with our unions; satisfactory negotiation and renewal of expired
collective bargaining agreements without significant disruption to
Matson's operations; war, terrorist attacks or other acts of
violence; the use of our information technology and communication
systems and cybersecurity attacks; and the occurrence of marine
accidents, poor weather or natural disasters. These
forward-looking statements are not guarantees of future
performance. This release should be read in conjunction with
our Annual Report on Form 10-K and our other filings with the SEC
through the date of this release, which identify important factors
that could affect the forward-looking statements in this
release. We do not undertake any obligation to update our
forward-looking statements.
|
|
Investor Relations
inquiries:
|
News Media
inquiries:
|
Lee
Fishman
|
Keoni
Wagner
|
Matson, Inc.
|
Matson, Inc.
|
510.628.4227
|
510.628.4534
|
lfishman@matson.com
|
kwagner@matson.com
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
(In millions, except per
share amounts)
|
|
2020
|
|
2019
|
Operating
Revenue:
|
|
|
|
|
|
|
Ocean
Transportation
|
|
$
|
400.9
|
|
$
|
397.9
|
Logistics
|
|
|
113.0
|
|
|
134.5
|
Total Operating
Revenue
|
|
|
513.9
|
|
|
532.4
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
Operating
costs
|
|
|
(448.3)
|
|
|
(467.1)
|
Income from
SSAT
|
|
|
4.0
|
|
|
8.5
|
Selling, general and
administrative
|
|
|
(56.6)
|
|
|
(56.3)
|
Total Costs and
Expenses
|
|
|
(500.9)
|
|
|
(514.9)
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
13.0
|
|
|
17.5
|
Interest
expense
|
|
|
(8.6)
|
|
|
(4.6)
|
Other income
(expense), net
|
|
|
0.6
|
|
|
0.6
|
Income before Income
Taxes
|
|
|
5.0
|
|
|
13.5
|
Income
taxes
|
|
|
(1.2)
|
|
|
(1.0)
|
Net Income
|
|
$
|
3.8
|
|
$
|
12.5
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
0.09
|
|
$
|
0.29
|
Diluted Earnings Per
Share
|
|
$
|
0.09
|
|
$
|
0.29
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
43.0
|
|
|
42.8
|
Diluted
|
|
|
43.3
|
|
|
43.1
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
(In millions)
|
|
2020
|
|
2019
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
19.9
|
|
$
|
21.2
|
Other current
assets
|
|
|
288.8
|
|
|
268.4
|
Total current
assets
|
|
|
308.7
|
|
|
289.6
|
Long-term
Assets:
|
|
|
|
|
|
|
Investment in
SSAT
|
|
|
74.3
|
|
|
76.2
|
Property and
equipment, net
|
|
|
1,589.6
|
|
|
1,598.1
|
Goodwill
|
|
|
327.8
|
|
|
327.8
|
Intangible assets,
net
|
|
|
200.2
|
|
|
202.9
|
Other long-term
assets
|
|
|
335.3
|
|
|
350.8
|
Total long-term
assets
|
|
|
2,527.2
|
|
|
2,555.8
|
Total
assets
|
|
$
|
2,835.9
|
|
$
|
2,845.4
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
53.4
|
|
$
|
48.4
|
Other current
liabilities
|
|
|
417.5
|
|
|
388.3
|
Total current
liabilities
|
|
|
470.9
|
|
|
436.7
|
Long-term
Liabilities:
|
|
|
|
|
|
|
Long-term
debt
|
|
|
871.5
|
|
|
910.0
|
Deferred income
taxes
|
|
|
340.2
|
|
|
337.6
|
Other long-term
liabilities
|
|
|
353.1
|
|
|
355.4
|
Total long-term
liabilities
|
|
|
1,564.8
|
|
|
1,603.0
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
800.2
|
|
|
805.7
|
Total liabilities and
shareholders' equity
|
|
$
|
2,835.9
|
|
$
|
2,845.4
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(In
millions)
|
|
2020
|
|
2019
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
3.8
|
|
$
|
12.5
|
|
Reconciling
adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
27.0
|
|
|
23.3
|
|
Amortization of
operating lease right of use assets
|
|
|
17.4
|
|
|
16.7
|
|
Deferred income
taxes
|
|
|
2.7
|
|
|
3.8
|
|
Share-based
compensation expense
|
|
|
3.1
|
|
|
3.2
|
|
Income from
SSAT
|
|
|
(4.0)
|
|
|
(8.5)
|
|
Distribution from
SSAT
|
|
|
7.8
|
|
|
4.2
|
|
Other
|
|
|
(0.1)
|
|
|
(0.6)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(12.9)
|
|
|
5.8
|
|
Deferred dry-docking
payments
|
|
|
(2.6)
|
|
|
(3.2)
|
|
Deferred dry-docking
amortization
|
|
|
6.1
|
|
|
8.1
|
|
Prepaid expenses and
other assets
|
|
|
(0.2)
|
|
|
4.8
|
|
Accounts payable,
accruals and other liabilities
|
|
|
38.9
|
|
|
(20.4)
|
|
Operating lease
liabilities
|
|
|
(16.9)
|
|
|
(16.7)
|
|
Other long-term
liabilities
|
|
|
(1.5)
|
|
|
0.4
|
|
Net cash provided by
operating activities
|
|
|
68.6
|
|
|
33.4
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
Capitalized vessel
construction expenditures
|
|
|
(9.1)
|
|
|
(20.9)
|
|
Other capital
expenditures
|
|
|
(26.1)
|
|
|
(13.5)
|
|
Proceeds from disposal
of property and equipment
|
|
|
14.5
|
|
|
1.2
|
|
Cash deposits into
Capital Construction Fund
|
|
|
(70.4)
|
|
|
(13.4)
|
|
Withdrawals from
Capital Construction Fund
|
|
|
70.4
|
|
|
13.4
|
|
Net cash used in
investing activities
|
|
|
(20.7)
|
|
|
(33.2)
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
Repayments of
debt
|
|
|
(11.4)
|
|
|
(8.2)
|
|
Proceeds from
revolving credit facility
|
|
|
111.4
|
|
|
107.8
|
|
Repayments of
revolving credit facility
|
|
|
(133.5)
|
|
|
(87.8)
|
|
Payment of financing
costs
|
|
|
(3.1)
|
|
|
—
|
|
Dividends
paid
|
|
|
(9.5)
|
|
|
(9.1)
|
|
Tax withholding
related to net share settlements of restricted stock
units
|
|
|
(4.5)
|
|
|
(3.1)
|
|
Net cash used in
financing activities
|
|
|
(50.6)
|
|
|
(0.4)
|
|
|
|
|
|
|
|
|
|
Net Decrease in Cash,
Cash Equivalents and Restricted Cash
|
|
|
(2.7)
|
|
|
(0.2)
|
|
Cash, Cash
Equivalents and Restricted Cash, Beginning of the Period
|
|
|
28.4
|
|
|
24.5
|
|
Cash, Cash
Equivalents and Restricted Cash, End of the Period
|
|
$
|
25.7
|
|
$
|
24.3
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Cash, Cash Equivalents and Restricted Cash, End of the
Period:
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
19.9
|
|
$
|
15.4
|
|
Restricted
Cash
|
|
|
5.8
|
|
|
8.9
|
|
Total Cash, Cash
Equivalents and Restricted Cash, End of the Period
|
|
$
|
25.7
|
|
$
|
24.3
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
$
|
8.6
|
|
$
|
4.8
|
|
Income tax payments,
net
|
|
$
|
(0.3)
|
|
$
|
(5.4)
|
|
|
|
|
|
|
|
|
|
Non-cash
Information:
|
|
|
|
|
|
|
|
Capital expenditures
included in accounts payable, accruals and other
liabilities
|
|
$
|
3.5
|
|
$
|
5.5
|
|
MATSON, INC.
AND SUBSIDIARIES
Total Debt to Net
Debt and Net Income to EBITDA Reconciliations
(Unaudited)
|
|
NET DEBT
RECONCILIATION
|
|
|
|
|
|
March 31,
|
(In millions)
|
|
2020
|
Total
Debt:
|
|
$
|
924.9
|
Less: Cash and
cash equivalents
|
|
|
(19.9)
|
Net Debt
|
|
$
|
905.0
|
|
EBITDA
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
|
March 31,
|
|
Last Twelve
|
|
(In millions)
|
|
2020
|
|
2019
|
|
Change
|
|
Months
|
|
Net Income
|
|
$
|
3.8
|
|
$
|
12.5
|
|
$
|
(8.7)
|
|
$
|
74.0
|
|
Add:
Income taxes
|
|
|
1.2
|
|
|
1.0
|
|
|
0.2
|
|
|
25.3
|
|
Add:
Interest expense
|
|
|
8.6
|
|
|
4.6
|
|
|
4.0
|
|
|
26.5
|
|
Add:
Depreciation and amortization
|
|
|
26.8
|
|
|
23.1
|
|
|
3.7
|
|
|
103.4
|
|
Add:
Dry-dock amortization
|
|
|
6.1
|
|
|
8.1
|
|
|
(2.0)
|
|
|
32.3
|
|
EBITDA (1)
|
|
$
|
46.5
|
|
$
|
49.3
|
|
$
|
(2.8)
|
|
$
|
261.5
|
|
___________________________
|
(1)
|
EBITDA is defined as
the sum of net income plus income taxes, interest expense and
depreciation and amortization (including deferred dry-docking
amortization). EBITDA should not be considered as an
alternative to net income (as determined in accordance with GAAP),
as an indicator of our operating performance, or to cash flows from
operating activities (as determined in accordance with GAAP) as a
measure of liquidity. Our calculation of EBITDA may not be
comparable to EBITDA as calculated by other companies, nor is this
calculation identical to the EBITDA used by our lenders to
determine financial covenant compliance.
|
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SOURCE Matson, Inc.