HONOLULU, April 27, 2021 /PRNewswire/ -- Matson, Inc.
("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in
the Pacific, today reported net income of $87.2 million, or $1.99 per diluted share, for the quarter ended
March 31, 2021. Net income for
the quarter ended March 31, 2020 was
$3.8 million, or $0.09 per diluted share. Consolidated
revenue for the first quarter 2021 was $711.8 million compared with $513.9 million for the first quarter 2020.
![Matson Logo. (PRNewsFoto/Matson) Matson Logo. (PRNewsFoto/Matson)](https://mma.prnewswire.com/media/128194/matson_logo.jpg)
"Matson is off to a strong start to 2021 with continued solid
performance in both Ocean Transportation and Logistics," said
Chairman and Chief Executive Officer Matt
Cox. "Within Ocean Transportation, our China service continued to see significant
demand for its CLX and CLX+ expedited ocean services as volume for
e-commerce and other high demand goods remained elevated, which
resulted in very strong pre- and post-Lunar New Year volumes.
Our financial performance in the China service was the primary driver of the
increase in consolidated operating income year-over-year.
Currently, significant supply chain congestion continues,
particularly at the California
ports, and these conditions will most likely persist through the
second quarter and into the traditional peak season. We also
expect demand in the Transpacific tradelane to remain favorable as
elevated consumption trends, including heightened e-commerce
activity, are expected to continue beyond the second quarter.
Consequently, we expect significant demand for our expedited CLX
and CLX+ services to remain throughout the peak season into late
October."
Mr. Cox added, "In our other core tradelanes, we continued to
see steady demand for sustenance and home improvement goods with
higher year-over-year volumes. Logistics operating income
increased year-over-year as a result of continued elevated goods
consumption and inventory restocking in addition to favorable
supply and demand fundamentals in our core markets."
First Quarter 2021 Discussion and Update on Business
Conditions
Ocean Transportation: The Company's container
volume in the Hawaii service in
the first quarter 2021 was 0.6 percent higher year-over-year
primarily due to higher demand for sustenance and home improvement
goods, partially offset by one less westbound sailing and lower
tourism activity as a result of the pandemic. The low tourism
levels during the COVID-19 pandemic have had a meaningfully
negative impact on Hawaii's
economy. With eased visitor travel restrictions and increased
vaccinations on the mainland, tourism to the Hawaiian islands has
recently picked up and is expected to accelerate into the summer as
vaccinations become more widespread. The recovery in tourism
is expected to lead to gradually improving economic conditions in
the state, but the economic recovery trajectory continues to remain
uncertain.
In China, the Company's
container volume in the first quarter 2021 increased 218.6 percent
year-over-year primarily due to volume from the CLX+ service in
addition to higher volume on the CLX service as a result of our
increased capacity in the tradelane. Matson continued to
realize a significant rate premium in the first quarter 2021 and
achieved average freight rates that were considerably higher than
in the year ago period. At present, significant supply chain
congestion continues, particularly at the California ports, and these conditions will
most likely persist through the second quarter 2021 and into the
traditional peak season. We also expect demand in the
Transpacific tradelane to remain favorable as elevated consumption
trends, including heightened e-commerce activity, are expected to
continue beyond the second quarter. Accordingly, we expect
significant demand for our expedited CLX and CLX+ services to
remain throughout the peak season into late October.
In Guam, the Company's
container volume in the first quarter 2021 increased 2.0 percent
year-over-year primarily due to higher demand for sustenance and
home improvement goods, partially offset by lower tourism activity
as a result of the pandemic. In the near-term, we expect
depressed tourism levels to have a negative impact on the
Guam economy.
In Alaska, the Company's
container volume for the first quarter 2021 decreased 4.9 percent
year-over-year as a result of lower northbound volume primarily due
to one less sailing this year and volume related to a competitor's
dry-docking in the year ago period and lower southbound volume,
partially offset by volume from the Alaska-to-Asia Express service.
Normalizing for the one less sailing this year and volume related
to a competitor's dry-docking in the year ago period, Alaska volume increased approximately 2.5
percent. In the near-term, we expect the Alaska economy to slowly recover, but remain
challenged until the pandemic subsides and the unemployment rate
improves.
The contribution in the first quarter 2021 from the Company's
SSAT joint venture investment was $9.2
million, or $5.2 million
higher than the first quarter 2020. The increase was driven
by higher lift volume.
Logistics: In the first quarter 2021, operating
income for the Company's Logistics segment was $6.1 million, or $1.0 million higher compared to the
operating income achieved in the first quarter 2020. The
increase was due primarily to higher contributions from
transportation brokerage and supply chain management as a result of
elevated goods consumption and inventory restocking in addition to
tight supply and demand fundamentals in our core markets.
Results By
Segment
Ocean
Transportation — Three months ended March 31, 2021 compared with
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2021
|
|
2020
|
|
Change
|
|
Ocean Transportation
revenue
|
|
$
|
560.5
|
|
$
|
400.9
|
|
$
|
159.6
|
|
39.8
|
%
|
Operating costs and
expenses
|
|
|
(446.4)
|
|
|
(393.0)
|
|
|
(53.4)
|
|
13.6
|
%
|
Operating
income
|
|
$
|
114.1
|
|
$
|
7.9
|
|
$
|
106.2
|
|
1,344.3
|
%
|
Operating income
margin
|
|
|
20.4
|
%
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (Forty-foot
equivalent units (FEU), except for automobiles) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii
containers
|
|
|
35,700
|
|
|
35,500
|
|
|
200
|
|
0.6
|
%
|
Hawaii
automobiles
|
|
|
10,700
|
|
|
13,300
|
|
|
(2,600)
|
|
(19.5)
|
%
|
Alaska
containers
|
|
|
17,300
|
|
|
18,200
|
|
|
(900)
|
|
(4.9)
|
%
|
China
containers
|
|
|
41,100
|
|
|
12,900
|
|
|
28,200
|
|
218.6
|
%
|
Guam
containers
|
|
|
5,000
|
|
|
4,900
|
|
|
100
|
|
2.0
|
%
|
Other containers
(2)
|
|
|
4,000
|
|
|
4,100
|
|
|
(100)
|
|
(2.4)
|
%
|
|
|
|
|
|
|
|
(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 $159.6 million during the three months ended
March 31, 2021, compared with the three months ended
March 31, 2020. The increase
was primarily due to higher freight revenue in the China service, including revenue associated
with the CLX+ service, partially offset by lower fuel-related
surcharge revenue and lower service revenue in Alaska.
On a year-over-year FEU basis, Hawaii container volume increased 0.6 percent
primarily due to higher demand for sustenance and home improvement
goods, partially offset by one less westbound sailing and lower
tourism activity as a result of the pandemic; Alaska volume decreased 4.9 percent due to
lower northbound volume primarily due to one less sailing this year
and volume related to a competitor's dry-docking in the year ago
period and lower southbound volume, partially offset by volume from
the Alaska-to-Asia Express
service; China volume was
218.6 percent higher primarily due to volume from the CLX+
service in addition to higher volume on the CLX service as a result
of our increased capacity in the tradelane; Guam volume was 2.0 percent higher
primarily due to higher demand for sustenance and home improvement
goods, partially offset by lower tourism activity as a result of
the pandemic; and Other containers volume decreased
2.4 percent.
Ocean Transportation operating income increased $106.2 million during the three months ended
March 31, 2021, compared with the three months ended
March 31, 2020. The increase was primarily due to a
higher contribution from China,
including the contribution from the CLX+ service, and a higher
contribution from SSAT, partially offset by a lower contribution
from the Alaska service and higher
depreciation.
The Company's SSAT terminal joint venture investment contributed
$9.2 million during the three months
ended March 31, 2021, compared to a contribution of
$4.0 million during the three months
ended March 31, 2020. The increase was driven by higher
lift volume.
Logistics — Three
months ended March 31, 2021 compared with 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2021
|
|
2020
|
|
Change
|
|
Logistics
revenue
|
|
$
|
151.3
|
|
$
|
113.0
|
|
$
|
38.3
|
|
33.9
|
%
|
Operating costs and
expenses
|
|
|
(145.2)
|
|
|
(107.9)
|
|
|
(37.3)
|
|
34.6
|
%
|
Operating
income
|
|
$
|
6.1
|
|
$
|
5.1
|
|
$
|
1.0
|
|
19.6
|
%
|
Operating income
margin
|
|
|
4.0
|
%
|
|
4.5
|
%
|
|
|
|
|
|
Logistics revenue increased $38.3
million, or 33.9 percent, during the three months ended
March 31, 2021, compared with the three months ended
March 31, 2020. The increase was primarily due to higher
transportation brokerage revenue.
Logistics operating income increased $1.0
million, or 19.6 percent, for the three months ended
March 31, 2021, compared with the three months ended
March 31, 2020. The increase was primarily due to higher
contributions from transportation brokerage and supply chain
management.
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents decreased by $2.6 million from $14.4 million at December 31, 2020 to $11.8 million at March 31, 2021.
Matson generated net cash from operating activities of $122.9 million during the three months ended
March 31, 2021, compared to $68.6
million during the three months ended March 31, 2020.
Capital expenditures totaled $38.5
million for the three months ended March 31, 2021, compared with $35.2 million for the three months ended
March 31, 2020. Total debt decreased by $61.2 million during the three months to
$698.9 million as of March 31,
2021, of which $639.7 million
was classified as long-term debt.
Under the recently amended debt agreements, as of March 31, 2021 Matson had available borrowings
under its revolving credit facility of $616.9 million and a leverage ratio per the
amended debt agreements of approximately 1.25x.
As previously announced, Matson's Board of Directors declared a
cash dividend of $0.23 per share
payable on June 3, 2021 to all shareholders of record as of
the close of business on May 6, 2021.
Teleconference and Webcast
A conference call is scheduled for 4:30
p.m. ET when Matt Cox,
Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief
Financial Officer, will discuss Matson's first quarter results.
Date of Conference
Call:
|
Tuesday, April 27,
2021
|
Scheduled
Time:
|
4:30 p.m. ET / 1:30
p.m. PT / 10:30 a.m. HT
|
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 4, 2021 by dialing 1-855-859-2056 or
1-404-537-3406 and using the conference number 7354223. 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 to the domestic non-contiguous economies of
Hawaii, Alaska, and Guam, and to other island economies in
Micronesia. Matson also operates two premium, expedited
services from China to
Long Beach, California, provides
service to Okinawa, Japan and
various islands in the South Pacific, and operates an international
export service from Dutch Harbor
to Asia. The Company's fleet of owned and chartered vessels
includes containerships, combination container and roll-on/roll-off
ships and custom-designed barges. Matson Logistics,
established in 1987, extends the geographic reach of Matson's
transportation network throughout the continental U.S. Its
integrated, asset-light logistics services include rail intermodal,
highway brokerage, warehousing, freight consolidation, Asia supply chain services, and forwarding to
Alaska. 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 performance and financial
results, the COVID-19 pandemic and related economic effects,
vaccinations, demand for expedited CLX and CLX+ services, supply
and demand dynamics in the Transpacific tradelane, supply chain
congestion, consumption trends, retail and e-commerce demand,
retail inventory/sales ratio, tourism levels, vessel deployments
and operating efficiencies, duration and availability of vessel
charters, vessel transit times, organic growth opportunities,
demand and volume levels in the China service and in the Hawaii, Alaska and Guam tradelanes, economic growth and drivers
in Hawaii, Alaska and Guam, lift volumes at SSAT, capital
expenditures and reducing debt. 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; 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, including COVID-19; 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 and regulations, including environmental legislation
and regulations; 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 for the year ended December 31, 2020 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)
|
|
2021
|
|
2020
|
Operating
Revenue:
|
|
|
|
|
|
|
Ocean
Transportation
|
|
$
|
560.5
|
|
$
|
400.9
|
Logistics
|
|
|
151.3
|
|
|
113.0
|
Total Operating
Revenue
|
|
|
711.8
|
|
|
513.9
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
Operating
costs
|
|
|
(544.7)
|
|
|
(448.3)
|
Income from
SSAT
|
|
|
9.2
|
|
|
4.0
|
Selling, general and
administrative
|
|
|
(56.1)
|
|
|
(56.6)
|
Total Costs and
Expenses
|
|
|
(591.6)
|
|
|
(500.9)
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
120.2
|
|
|
13.0
|
Interest
expense
|
|
|
(7.3)
|
|
|
(8.6)
|
Other income
(expense), net
|
|
|
1.4
|
|
|
0.6
|
Income before Income
Taxes
|
|
|
114.3
|
|
|
5.0
|
Income
taxes
|
|
|
(27.1)
|
|
|
(1.2)
|
Net Income
|
|
$
|
87.2
|
|
$
|
3.8
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
2.01
|
|
$
|
0.09
|
Diluted Earnings Per
Share
|
|
$
|
1.99
|
|
$
|
0.09
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
43.4
|
|
|
43.0
|
Diluted
|
|
|
43.8
|
|
|
43.3
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
(In millions)
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
11.8
|
|
$
|
14.4
|
Other current
assets
|
|
|
302.1
|
|
|
291.5
|
Total current
assets
|
|
|
313.9
|
|
|
305.9
|
Long-term
Assets:
|
|
|
|
|
|
|
Investment in
SSAT
|
|
|
47.5
|
|
|
48.7
|
Property and
equipment, net
|
|
|
1,684.0
|
|
|
1,689.9
|
Goodwill
|
|
|
327.8
|
|
|
327.8
|
Intangible assets,
net
|
|
|
189.3
|
|
|
192.0
|
Other long-term
assets
|
|
|
367.2
|
|
|
336.3
|
Total long-term
assets
|
|
|
2,615.8
|
|
|
2,594.7
|
Total
assets
|
|
$
|
2,929.7
|
|
$
|
2,900.6
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
59.2
|
|
$
|
59.2
|
Other current
liabilities
|
|
|
459.9
|
|
|
452.3
|
Total current
liabilities
|
|
|
519.1
|
|
|
511.5
|
Long-term
Liabilities:
|
|
|
|
|
|
|
Long-term debt, net of
deferred loan fees
|
|
|
624.3
|
|
|
685.6
|
Deferred income
taxes
|
|
|
396.1
|
|
|
389.6
|
Other long-term
liabilities
|
|
|
361.3
|
|
|
352.7
|
Total long-term
liabilities
|
|
|
1,381.7
|
|
|
1,427.9
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
|
|
1,028.9
|
|
|
961.2
|
Total liabilities and
shareholders' equity
|
|
$
|
2,929.7
|
|
$
|
2,900.6
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(In
millions)
|
|
2021
|
|
2020
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
87.2
|
|
$
|
3.8
|
|
Reconciling
adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
34.5
|
|
|
27.0
|
|
Amortization of
operating lease right of use assets
|
|
|
23.9
|
|
|
17.4
|
|
Deferred income
taxes
|
|
|
6.5
|
|
|
2.7
|
|
Share-based
compensation expense
|
|
|
4.8
|
|
|
3.1
|
|
Income from
SSAT
|
|
|
(9.2)
|
|
|
(4.0)
|
|
Distribution from
SSAT
|
|
|
10.5
|
|
|
7.8
|
|
Other
|
|
|
(1.1)
|
|
|
(0.1)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(7.7)
|
|
|
(12.9)
|
|
Deferred dry-docking
payments
|
|
|
(9.5)
|
|
|
(2.6)
|
|
Deferred dry-docking
amortization
|
|
|
6.6
|
|
|
6.1
|
|
Prepaid expenses and
other assets
|
|
|
(4.8)
|
|
|
(0.2)
|
|
Accounts payable,
accruals and other liabilities
|
|
|
5.6
|
|
|
38.9
|
|
Operating lease
liabilities
|
|
|
(22.5)
|
|
|
(16.9)
|
|
Other long-term
liabilities
|
|
|
(1.9)
|
|
|
(1.5)
|
|
Net cash provided by
operating activities
|
|
|
122.9
|
|
|
68.6
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
Capitalized vessel
construction expenditures
|
|
|
—
|
|
|
(9.1)
|
|
Other capital
expenditures
|
|
|
(38.5)
|
|
|
(26.1)
|
|
Proceeds from disposal
of property and equipment
|
|
|
1.4
|
|
|
14.5
|
|
Cash deposits into
Capital Construction Fund
|
|
|
—
|
|
|
(70.4)
|
|
Withdrawals from
Capital Construction Fund
|
|
|
—
|
|
|
70.4
|
|
Net cash used in
investing activities
|
|
|
(37.1)
|
|
|
(20.7)
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
Repayments of
debt
|
|
|
(14.4)
|
|
|
(11.4)
|
|
Proceeds from
revolving credit facility
|
|
|
108.1
|
|
|
111.4
|
|
Repayments of
revolving credit facility
|
|
|
(154.9)
|
|
|
(133.5)
|
|
Payment of financing
costs
|
|
|
(3.0)
|
|
|
(3.1)
|
|
Dividends
paid
|
|
|
(10.1)
|
|
|
(9.5)
|
|
Tax withholding
related to net share settlements of restricted stock
units
|
|
|
(14.1)
|
|
|
(4.5)
|
|
Net cash used in
financing activities
|
|
|
(88.4)
|
|
|
(50.6)
|
|
|
|
|
|
|
|
|
|
Net Decrease in Cash,
Cash Equivalents and Restricted Cash
|
|
|
(2.6)
|
|
|
(2.7)
|
|
Cash, Cash
Equivalents and Restricted Cash, Beginning of the Period
|
|
|
19.7
|
|
|
28.4
|
|
Cash, Cash
Equivalents and Restricted Cash, End of the Period
|
|
$
|
17.1
|
|
$
|
25.7
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Cash, Cash Equivalents and Restricted Cash, End of the
Period:
|
|
|
|
|
|
|
|
Cash and Cash
Equivalents
|
|
$
|
11.8
|
|
$
|
19.9
|
|
Restricted
Cash
|
|
|
5.3
|
|
|
5.8
|
|
Total Cash, Cash
Equivalents and Restricted Cash, End of the Period
|
|
$
|
17.1
|
|
$
|
25.7
|
|
|
|
|
|
|
|
|
|
Supplemental Cash
Flow Information:
|
|
|
|
|
|
|
|
Interest paid, net of
capitalized interest
|
|
$
|
5.7
|
|
$
|
8.6
|
|
Income tax (refunds)
and payments, net
|
|
$
|
(0.4)
|
|
$
|
(0.3)
|
|
|
|
|
|
|
|
|
|
Non-cash
Information:
|
|
|
|
|
|
|
|
Capital expenditures
included in accounts payable, accruals and other
liabilities
|
|
$
|
8.8
|
|
$
|
3.5
|
|
MATSON, INC.
AND SUBSIDIARIES
Total Debt to Net
Debt and Net Income to EBITDA Reconciliations
(Unaudited)
|
|
NET DEBT
RECONCILIATION
|
|
|
|
|
|
|
March 31,
|
(In millions)
|
|
2021
|
Total Debt
(1):
|
|
$
|
698.9
|
Less: Cash and
cash equivalents
|
|
|
(11.8)
|
Net Debt
|
|
$
|
687.1
|
|
|
EBITDA
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
March 31,
|
|
Last Twelve
|
(In millions)
|
|
2021
|
|
2020
|
|
Change
|
|
Months
|
Net Income
|
|
$
|
87.2
|
|
$
|
3.8
|
|
$
|
83.4
|
|
$
|
276.5
|
Add:
Income taxes
|
|
|
27.1
|
|
|
1.2
|
|
|
25.9
|
|
|
91.8
|
Add:
Interest expense
|
|
|
7.3
|
|
|
8.6
|
|
|
(1.3)
|
|
|
26.1
|
Add:
Depreciation and amortization
|
|
|
32.3
|
|
|
26.8
|
|
|
5.5
|
|
|
117.7
|
Add:
Dry-dock amortization
|
|
|
6.6
|
|
|
6.1
|
|
|
0.5
|
|
|
25.6
|
EBITDA (2)
|
|
$
|
160.5
|
|
$
|
46.5
|
|
$
|
114.0
|
|
$
|
537.7
|
|
|
|
|
|
|
|
|
(1)
|
Total Debt is
presented before any reduction for deferred loan fees as required
by GAAP.
|
(2)
|
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.