- 1Q22 EPS of $8.23
- 1Q22 Net Income and EBITDA of $339.2
million and $476.4 million,
respectively
- Year-over-year increase in 1Q22 consolidated operating income
driven primarily by China service
strength
- Repurchased approximately 0.7 million shares in 1Q22
HONOLULU, May 3, 2022
/PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE:
MATX), a leading U.S. carrier in the Pacific, today reported net
income of $339.2 million, or
$8.23 per diluted share, for the
quarter ended March 31, 2022.
Net income for the quarter ended March 31,
2021 was $87.2 million, or
$1.99 per diluted share.
Consolidated revenue for the first quarter 2022 was $1,165.5 million compared with $711.8 million for the first quarter 2021.
![Matson Logo. (PRNewsFoto/Matson) Matson Logo. (PRNewsFoto/Matson)](https://mma.prnewswire.com/media/128194/matson_logo.jpg)
"Matson is off to a solid start in 2022 with higher
year-over-year operating income 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 expedited ocean services as volume for
e-commerce, garments and other goods remained elevated. The
increase in consolidated operating income year-over-year was driven
primarily by continued strength in the China service. Currently in the
Transpacific tradelane, we are seeing supply chain challenges in
China, primarily due to actions to
mitigate the spread of COVID-19, as well as continued supply chain
constraints and congestion on the U.S. West Coast, elevated
consumption trends, and inventory restocking. Despite the
near-term uncertainty presented by the supply chain challenges in
China, we expect a combination of
the current supply and demand factors to remain largely in place
through at least the October peak season and continue to expect
elevated demand for our China
service for most of this year."
Mr. Cox added, "In our domestic ocean tradelanes, we continued
to see steady demand with higher year-over-year volumes in
Alaska and Guam, and demand in Hawaii comparable to the level achieved in the
year ago period. In Logistics, operating income increased
year-over-year with strength across all of the business lines as we
continued to see elevated goods consumption, inventory restocking
and favorable supply and demand fundamentals in our core
markets."
First Quarter 2022 Discussion and Update on Business
Conditions
Ocean Transportation: The Company's container
volume in the Hawaii service in
the first quarter 2022 was 0.6 percent lower
year-over-year. The decrease was primarily due to lower
eastbound volume. During the quarter, we continued to see
elevated hospitality-related demand as a result of strong domestic
tourist arrivals and modest improvement in international visitor
traffic. In the near-term, we are cautiously optimistic on
further economic recovery in Hawaii in 2022. The positive trends
include further improvement in the unemployment rate and increasing
tourism traffic, including meaningful international visitor traffic
later in the year, but incremental waves of COVID-19 variants
present the possibility of further economic slowdowns and the loss
of federal stimulus coupled with inflation and higher interest
rates may impact discretionary income.
In China, the Company's
container volume in the first quarter 2022 increased
13.4 percent year-over-year. The increase was a result
of five more eastbound voyages than the prior year. Volume
demand in the quarter was driven by e‑commerce, garments and other
goods. Matson continued to realize a significant rate premium
over the Shanghai Containerized Freight Index in the first quarter
2022 and achieved average freight rates that were considerably
higher than in the year ago period. Currently in the
Transpacific tradelane, we are seeing supply chain challenges in
China, primarily due to actions to
mitigate the spread of COVID-19, as well as continued supply chain
constraints and congestion on the U.S. West Coast, elevated
consumption trends, and inventory restocking. Despite the
near-term uncertainty presented by the supply chain challenges in
China, we expect a combination of
the current supply and demand factors to remain largely in place
through at least the October peak season and continue to expect
elevated demand for our China
service for most of this year.
In Guam, the Company's
container volume in the first quarter 2022 increased
10.0 percent year-over-year primarily due to higher
retail-related demand. In the near-term, we are cautiously
optimistic on further economic growth in Guam as tourism traffic improves as the year
progresses.
In Alaska, the Company's
container volume for the first quarter 2022 increased
20.2 percent year-over-year primarily due to (i) the
increase in volume from the Alaska-Asia Express ("AAX"), (ii)
higher northbound volume primarily due to higher retail-related
demand and volume related to a competitor's dry-docking and
(iii) higher southbound volume primarily due to higher seafood
volume. In the near-term, we expect improving economic trends
in Alaska, but the recovery's
trajectory continues to remain uncertain.
The contribution in the first quarter 2022 from the Company's
SSAT joint venture investment was $34.0 million, or $24.8 million higher than the first quarter
2021. The increase was primarily driven by higher other
terminal revenue.
Logistics: In the first quarter 2022, operating
income for the Company's Logistics segment was $16.4 million, or $10.3 million higher compared to the level
achieved in the first quarter 2021. The increase was due
primarily to higher contributions from all services as we continued
to see elevated goods consumption, inventory restocking and
favorable supply and demand fundamentals in our core markets.
Results By Segment
Ocean Transportation — Three months ended March 31, 2022
compared with 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2022
|
|
2021
|
|
Change
|
|
Ocean Transportation
revenue
|
|
$
|
943.9
|
|
$
|
560.5
|
|
$
|
383.4
|
|
68.4
|
%
|
Operating costs and
expenses
|
|
|
(527.7)
|
|
|
(446.4)
|
|
|
(81.3)
|
|
18.2
|
%
|
Operating
income
|
|
$
|
416.2
|
|
$
|
114.1
|
|
$
|
302.1
|
|
264.8
|
%
|
Operating income
margin
|
|
|
44.1
|
%
|
|
20.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume (Forty-foot
equivalent units (FEU), except for automobiles) (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii containers
|
|
|
35,500
|
|
|
35,700
|
|
|
(200)
|
|
(0.6)
|
%
|
Hawaii automobiles
|
|
|
8,600
|
|
|
10,700
|
|
|
(2,100)
|
|
(19.6)
|
%
|
Alaska containers
|
|
|
20,800
|
|
|
17,300
|
|
|
3,500
|
|
20.2
|
%
|
China containers
|
|
|
46,600
|
|
|
41,100
|
|
|
5,500
|
|
13.4
|
%
|
Guam containers
|
|
|
5,500
|
|
|
5,000
|
|
|
500
|
|
10.0
|
%
|
Other containers (2)
|
|
|
5,300
|
|
|
4,000
|
|
|
1,300
|
|
32.5
|
%
|
|
|
(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 $383.4 million, or 68.4 percent, during
the three months ended March 31, 2022, compared with the three
months ended March 31, 2021. The increase was primarily
due to higher revenue in China,
higher fuel-related surcharge revenue, and higher revenue in
Alaska. The higher revenue in China was primarily due to considerably higher
average freight rates and higher volume. The higher revenue
in Alaska was primarily the result
of higher volume.
On a year-over-year FEU basis, Hawaii container volume decreased
0.6 percent primarily due to lower eastbound volume;
Alaska volume increased
20.2 percent primarily due to (i) the increase in volume from
AAX, (ii) higher northbound volume primarily due to higher
retail-related demand and volume related to a competitor's
dry-docking, and (iii) higher southbound volume primarily due to
higher seafood volume; China
volume was 13.4 percent higher as a result of five more
eastbound voyages than the prior year; Guam volume was 10.0 percent higher
primarily due to higher retail-related demand; and Other containers
volume increased 32.5 percent primarily due to the addition of
China-Auckland Express volume in the South Pacific.
Ocean Transportation operating income increased $302.1 million during the three months ended
March 31, 2022, compared with the three months ended
March 31, 2021. The increase was primarily due to
considerably higher average freight rates and higher volume in
China and a higher contribution
from SSAT, partially offset by higher operating costs and expenses
primarily due to the CCX and CLX+ services and the timing of
fuel-related surcharge recovery.
The Company's SSAT terminal joint venture investment contributed
$34.0 million during the three
months ended March 31, 2022, compared to a contribution of
$9.2 million during the three
months ended March 31, 2021. The increase was primarily
driven by higher other terminal revenue.
Logistics — Three months ended March 31, 2022 compared
with 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(Dollars in millions)
|
|
2022
|
|
2021
|
|
Change
|
|
Logistics
revenue
|
|
$
|
221.6
|
|
$
|
151.3
|
|
$
|
70.3
|
|
46.5
|
%
|
Operating costs and
expenses
|
|
|
(205.2)
|
|
|
(145.2)
|
|
|
(60.0)
|
|
41.3
|
%
|
Operating
income
|
|
$
|
16.4
|
|
$
|
6.1
|
|
$
|
10.3
|
|
168.9
|
%
|
Operating income
margin
|
|
|
7.4
|
%
|
|
4.0
|
%
|
|
|
|
|
|
Logistics revenue increased $70.3 million, or 46.5 percent, during
the three months ended March 31, 2022, compared with the three
months ended March 31, 2021. The increase was primarily
due to higher transportation brokerage and supply chain management
revenue.
Logistics operating income increased $10.3 million, or 168.9 percent, for
the three months ended March 31, 2022, compared with the three
months ended March 31, 2021. The increase was primarily
due to higher contributions from all services.
Liquidity, Cash Flows and Capital Allocation
Matson's Cash and Cash Equivalents increased by $110.4 million from $282.4 million at December 31, 2021 to $392.8 million at
March 31, 2022. Matson generated net cash from operating
activities of $273.9 million
during the three months ended March 31, 2022, compared to
$122.9 million during the three
months ended March 31, 2021. Capital expenditures
totaled $37.4 million for the
three months ended March 31, 2022, compared with $38.5 million for the three months ended
March 31, 2021. Total debt decreased by $14.3 million during the three months to
$614.7 million as of
March 31, 2022, of which $549.7 million was classified as long-term
debt. As of March 31, 2022 Matson had available
borrowings under its revolving credit facility of $642.0 million.
During the first quarter 2022, Matson repurchased approximately
0.7 million shares for a total cost of $68.6 million. On January 27,
2022 the Company announced an increase of three million shares in
its existing share repurchase program. As of the end of the
first quarter 2022, there were approximately 2.8 million
shares remaining in the share repurchase program.
As previously announced, Matson's Board of Directors declared a
cash dividend of $0.30 per share
payable on June 2, 2022 to all shareholders of record as of
the close of business on May 12, 2022.
Teleconference and Webcast
A conference call is scheduled on May 3,
2022 at 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, May 3,
2022
|
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 an
additional 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 10, 2022 by dialing
1-855-859-2056 or 1-404-537-3406 and using the conference number
3729448. 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 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 North America. 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.
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, supply chain challenges in China, actions to mitigate the spread of
COVID-19, supply chain constraints and congestion on the U.S. West
Coast, consumption trends and consumer spending levels, inventory
restocking, duration of current supply and demand factors, demand
for Matson's China service, demand
for e-commerce, garments and other goods, duration of CCX service,
tourism levels, unemployment rates, waves of COVID-19 variants,
economic recovery and drivers in Hawaii, Alaska and Guam, import volume into U.S. West Coast,
inflation, interest rates, discretionary income, refleeting
initiatives, capital expenditures, the costs and timing of
liquified natural gas installations on certain vessels, vessel
deployments and operating efficiencies, vessel transit times, cargo
availability times, labor shortages, labor contract renewals, and
higher fuel costs. 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; changes in economic conditions or governmental policies,
including from the COVID-19 pandemic; our ability to offer a
differentiated service in China
for which customers are willing to pay a significant premium; new
or increased competition or improvements in competitors' service
levels; our relationship with customers, agents, vendors and
partners and changes in related agreements; fuel prices, our
ability to collect fuel related surcharges and/or the cost or
limited availability of required fuels; evolving stakeholder
expectations related to environmental, social and governance
matters; timely or successful completion of fleet upgrade
initiatives; the occurrence of poor weather, natural disasters,
maritime accidents, spill events and other physical and operating
risks, including those arising from climate change; transitional
and other risks arising from climate change; the magnitude and
timing of the impact of public health crises, including COVID-19;
significant operating agreements and leases that may not be
replaced on favorable terms; any unanticipated dry-dock or repair
expenses; joint venture relationships; conducting business in a
foreign shipping market, including the imposition of tariffs or a
change in international trade policies; any delays or cost overruns
related to the modernization of terminals; war, terrorist attacks
or other acts of violence; consummating and integrating
acquisitions; freight levels and increasing costs and availability
of truck capacity or alternative means of transporting freight;
relations with our unions; satisfactory negotiation and renewal of
expired collective bargaining agreements without significant
disruption to Matson's operations; loss of key personnel or failure
to adequately manage human capital; the use of our information
technology and communication systems and cybersecurity attacks;
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; costs to comply with and liability
related to numerous safety, environmental, and other laws and
regulations; and disputes, legal and other proceedings and
government inquiries or investigations. 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,
2021 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.
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
March 31,
|
(In millions, except per
share amounts)
|
|
2022
|
|
2021
|
Operating
Revenue:
|
|
|
|
|
|
|
Ocean Transportation
|
|
$
|
943.9
|
|
$
|
560.5
|
Logistics
|
|
|
221.6
|
|
|
151.3
|
Total Operating Revenue
|
|
|
1,165.5
|
|
|
711.8
|
|
|
|
|
|
|
|
Costs and
Expenses:
|
|
|
|
|
|
|
Operating costs
|
|
|
(703.7)
|
|
|
(544.7)
|
Income from SSAT
|
|
|
34.0
|
|
|
9.2
|
Selling, general and administrative
|
|
|
(63.2)
|
|
|
(56.1)
|
Total Costs and Expenses
|
|
|
(732.9)
|
|
|
(591.6)
|
|
|
|
|
|
|
|
Operating
Income
|
|
|
432.6
|
|
|
120.2
|
Interest expense
|
|
|
(4.8)
|
|
|
(7.3)
|
Other income (expense), net
|
|
|
2.0
|
|
|
1.4
|
Income before Income
Taxes
|
|
|
429.8
|
|
|
114.3
|
Income taxes
|
|
|
(90.6)
|
|
|
(27.1)
|
Net Income
|
|
$
|
339.2
|
|
$
|
87.2
|
|
|
|
|
|
|
|
Basic Earnings Per
Share
|
|
$
|
8.29
|
|
$
|
2.01
|
Diluted Earnings Per
Share
|
|
$
|
8.23
|
|
$
|
1.99
|
|
|
|
|
|
|
|
Weighted Average Number
of Shares Outstanding:
|
|
|
|
|
|
|
Basic
|
|
|
40.9
|
|
|
43.4
|
Diluted
|
|
|
41.2
|
|
|
43.8
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
(In millions)
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
392.8
|
|
$
|
282.4
|
Other current assets
|
|
|
482.0
|
|
|
422.1
|
Total current assets
|
|
|
874.8
|
|
|
704.5
|
Long-term
Assets:
|
|
|
|
|
|
|
Investment in SSAT
|
|
|
92.7
|
|
|
58.7
|
Property and equipment, net
|
|
|
1,894.6
|
|
|
1,878.3
|
Goodwill
|
|
|
327.8
|
|
|
327.8
|
Intangible assets, net
|
|
|
178.5
|
|
|
181.1
|
Other long-term assets
|
|
|
609.1
|
|
|
542.7
|
Total long-term
assets
|
|
|
3,102.7
|
|
|
2,988.6
|
Total assets
|
|
$
|
3,977.5
|
|
$
|
3,693.1
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Current portion of debt
|
|
$
|
65.0
|
|
$
|
65.0
|
Other current liabilities
|
|
|
545.2
|
|
|
547.4
|
Total current
liabilities
|
|
|
610.2
|
|
|
612.4
|
Long-term
Liabilities:
|
|
|
|
|
|
|
Long-term debt, net of deferred loan fees
|
|
|
535.7
|
|
|
549.7
|
Deferred income taxes
|
|
|
431.1
|
|
|
425.2
|
Other long-term liabilities
|
|
|
489.8
|
|
|
438.4
|
Total long-term
liabilities
|
|
|
1,456.6
|
|
|
1,413.3
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
1,910.7
|
|
|
1,667.4
|
Total liabilities and
shareholders' equity
|
|
$
|
3,977.5
|
|
$
|
3,693.1
|
MATSON, INC.
AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
(In millions)
|
|
2022
|
|
2021
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
|
|
Net
income
|
|
$
|
339.2
|
|
$
|
87.2
|
|
Reconciling adjustments:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
35.6
|
|
|
34.5
|
|
Amortization of operating lease
right of use assets
|
|
|
36.2
|
|
|
23.9
|
|
Deferred income
taxes
|
|
|
6.6
|
|
|
6.5
|
|
Share-based compensation
expense
|
|
|
4.7
|
|
|
4.8
|
|
Income from SSAT
|
|
|
(34.0)
|
|
|
(9.2)
|
|
Distribution from
SSAT
|
|
|
—
|
|
|
10.5
|
|
Other
|
|
|
(0.2)
|
|
|
(1.1)
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(27.7)
|
|
|
(7.7)
|
|
Deferred dry-docking
payments
|
|
|
(8.6)
|
|
|
(9.5)
|
|
Deferred dry-docking
amortization
|
|
|
6.7
|
|
|
6.6
|
|
Prepaid expenses and other
assets
|
|
|
(31.5)
|
|
|
(4.8)
|
|
Accounts payable, accruals and
other liabilities
|
|
|
(16.2)
|
|
|
5.6
|
|
Operating lease
liabilities
|
|
|
(35.4)
|
|
|
(22.5)
|
|
Other long-term
liabilities
|
|
|
(1.5)
|
|
|
(1.9)
|
|
Net cash provided by
operating activities
|
|
|
273.9
|
|
|
122.9
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
|
|
Capitalized vessel construction expenditures
|
|
|
(9.4)
|
|
|
—
|
|
Other capital expenditures
|
|
|
(37.4)
|
|
|
(38.5)
|
|
Proceeds from disposal of property and equipment
|
|
|
0.4
|
|
|
1.4
|
|
Cash deposits into Capital Construction Fund
|
|
|
(10.7)
|
|
|
—
|
|
Withdrawals from Capital Construction Fund
|
|
|
10.7
|
|
|
—
|
|
Net cash used in
investing activities
|
|
|
(46.4)
|
|
|
(37.1)
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
|
|
Repayments of debt
|
|
|
(14.4)
|
|
|
(14.4)
|
|
Proceeds from revolving credit facility
|
|
|
—
|
|
|
108.1
|
|
Repayments of revolving credit facility
|
|
|
—
|
|
|
(154.9)
|
|
Payment of financing costs
|
|
|
—
|
|
|
(3.0)
|
|
Dividends paid
|
|
|
(12.9)
|
|
|
(10.1)
|
|
Repurchase of Matson common stock
|
|
|
(70.4)
|
|
|
—
|
|
Tax
withholding related to net share settlements of restricted stock
units
|
|
|
(19.4)
|
|
|
(14.1)
|
|
Net cash used in
financing activities
|
|
|
(117.1)
|
|
|
(88.4)
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease)
in Cash, Cash Equivalents and Restricted Cash
|
|
|
110.4
|
|
|
(2.6)
|
|
Cash, Cash Equivalents
and Restricted Cash, Beginning of the Period
|
|
|
287.7
|
|
|
19.7
|
|
Cash, Cash Equivalents
and Restricted Cash, End of the Period
|
|
$
|
398.1
|
|
$
|
17.1
|
|
|
|
|
|
|
|
|
|
Reconciliation of Cash,
Cash Equivalents and Restricted Cash, End of the Period:
|
|
|
|
|
|
|
|
Cash and Cash Equivalents
|
|
$
|
392.8
|
|
$
|
11.8
|
|
Restricted Cash
|
|
|
5.3
|
|
|
5.3
|
|
Total Cash, Cash Equivalents and Restricted Cash, End of the
Period
|
|
$
|
398.1
|
|
$
|
17.1
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow
Information:
|
|
|
|
|
|
|
|
Interest paid, net of capitalized interest
|
|
$
|
4.5
|
|
$
|
5.7
|
|
Income tax payments and (refunds), net
|
|
$
|
103.1
|
|
$
|
(0.4)
|
|
|
|
|
|
|
|
|
|
Non-cash
Information:
|
|
|
|
|
|
|
|
Capital expenditures included in accounts payable, accruals
and other liabilities
|
|
$
|
7.1
|
|
$
|
8.8
|
|
MATSON, INC. AND
SUBSIDIARIES
Total Debt to Net Debt and Net Income to
EBITDA Reconciliations
(Unaudited)
NET DEBT
RECONCILIATION
|
|
|
|
|
|
|
March 31,
|
(In millions)
|
|
2022
|
Total Debt
(1):
|
|
$
|
614.7
|
Less: Cash and cash equivalents
|
|
|
(392.8)
|
Net Debt
|
|
$
|
221.9
|
EBITDA
RECONCILIATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
March 31,
|
|
Last Twelve
|
|
(In millions)
|
|
2022
|
|
2021
|
|
Change
|
|
Months
|
|
Net Income
|
|
$
|
339.2
|
|
$
|
87.2
|
|
$
|
252.0
|
|
$
|
1,179.4
|
|
Add: Income taxes
|
|
|
90.6
|
|
|
27.1
|
|
|
63.5
|
|
|
307.4
|
|
Add: Interest expense
|
|
|
4.8
|
|
|
7.3
|
|
|
(2.5)
|
|
|
20.1
|
|
Add: Depreciation and
amortization
|
|
|
35.1
|
|
|
32.3
|
|
|
2.8
|
|
|
134.9
|
|
Add: Dry-dock amortization
|
|
|
6.7
|
|
|
6.6
|
|
|
0.1
|
|
|
24.4
|
|
EBITDA (2)
|
|
$
|
476.4
|
|
$
|
160.5
|
|
$
|
315.9
|
|
$
|
1,666.2
|
|
|
|
(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.