$MATV
Mativ Holdings, Inc.

2021 Q1 Form 10-Q Financial Statement

#000100062321000081 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $288.2M $261.5M
YoY Change 10.21% 1.36%
Cost Of Revenue $207.4M $187.2M
YoY Change 10.79% -1.53%
Gross Profit $80.80M $74.30M
YoY Change 8.75% 9.43%
Gross Profit Margin 28.04% 28.41%
Selling, General & Admin $41.80M $36.90M
YoY Change 13.28% 7.89%
% of Gross Profit 51.73% 49.66%
Research & Development $3.800M $3.200M
YoY Change 18.75% -3.03%
% of Gross Profit 4.7% 4.31%
Depreciation & Amortization $16.90M $15.30M
YoY Change 10.46% 6.25%
% of Gross Profit 20.92% 20.59%
Operating Expenses $45.60M $40.10M
YoY Change 13.72% 6.93%
Operating Profit $33.50M $34.10M
YoY Change -1.76% 12.17%
Interest Expense $2.900M $6.900M
YoY Change -57.97% -11.54%
% of Operating Profit 8.66% 20.23%
Other Income/Expense, Net -$2.600M $600.0K
YoY Change -533.33% -200.0%
Pretax Income $28.00M $27.80M
YoY Change 0.72% 26.36%
Income Tax $7.400M $5.300M
% Of Pretax Income 26.43% 19.06%
Net Earnings $21.60M $22.50M
YoY Change -4.0% 29.31%
Net Earnings / Revenue 7.49% 8.6%
Basic Earnings Per Share $0.69 $0.72
Diluted Earnings Per Share $0.68 $0.72
COMMON SHARES
Basic Shares Outstanding 30.97M shares 30.71M shares
Diluted Shares Outstanding 31.34M shares 30.91M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.70M
YoY Change
Cash & Equivalents $63.70M $126.7M
Short-Term Investments
Other Short-Term Assets $14.90M $11.20M
YoY Change 33.04% 43.59%
Inventory $173.3M $159.5M
Prepaid Expenses
Receivables $172.9M $170.4M
Other Receivables $3.300M
Total Short-Term Assets $428.1M $473.7M
YoY Change -9.63% 10.06%
LONG-TERM ASSETS
Property, Plant & Equipment $324.1M $324.9M
YoY Change -0.25% -2.55%
Goodwill $401.8M $396.5M
YoY Change 1.34% 17.2%
Intangibles $304.8M $329.8M
YoY Change -7.58% 23.71%
Long-Term Investments $60.00M $51.50M
YoY Change 16.5% -1.34%
Other Assets $68.50M $74.10M
YoY Change -7.56% 15.06%
Total Long-Term Assets $1.159B $1.182B
YoY Change -1.87% 11.96%
TOTAL ASSETS
Total Short-Term Assets $428.1M $473.7M
Total Long-Term Assets $1.159B $1.182B
Total Assets $1.588B $1.655B
YoY Change -4.09% 11.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.60M $67.70M
YoY Change -1.62% -6.1%
Accrued Expenses $83.50M $69.80M
YoY Change 19.63% 10.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $2.700M $1.900M
YoY Change 42.11% -38.71%
Total Short-Term Liabilities $157.7M $142.4M
YoY Change 10.74% 1.93%
LONG-TERM LIABILITIES
Long-Term Debt $615.2M $752.8M
YoY Change -18.28% 21.97%
Other Long-Term Liabilities $63.70M $73.40M
YoY Change -13.22% 11.04%
Total Long-Term Liabilities $678.9M $826.2M
YoY Change -17.83% 20.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $157.7M $142.4M
Total Long-Term Liabilities $678.9M $826.2M
Total Liabilities $934.6M $1.063B
YoY Change -12.1% 15.11%
SHAREHOLDERS EQUITY
Retained Earnings $670.9M $646.2M
YoY Change 3.82% 5.8%
Common Stock $3.100M $3.100M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $652.9M $592.0M
YoY Change
Total Liabilities & Shareholders Equity $1.588B $1.655B
YoY Change -4.09% 11.41%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $21.60M $22.50M
YoY Change -4.0% 29.31%
Depreciation, Depletion And Amortization $16.90M $15.30M
YoY Change 10.46% 6.25%
Cash From Operating Activities $12.70M $5.100M
YoY Change 149.02% -60.77%
INVESTING ACTIVITIES
Capital Expenditures $7.100M $7.400M
YoY Change -4.05% 1.37%
Acquisitions $0.00 $170.6M
YoY Change -100.0%
Other Investing Activities -$300.0K -$2.400M
YoY Change -87.5% 118.18%
Cash From Investing Activities -$7.300M -$176.3M
YoY Change -95.86% 2219.74%
FINANCING ACTIVITIES
Cash Dividend Paid $13.80M $13.70M
YoY Change 0.73% 0.74%
Common Stock Issuance & Retirement, Net $3.100M $1.000M
YoY Change 210.0% 11.11%
Debt Paid & Issued, Net $600.0K $400.0K
YoY Change 50.0% -33.33%
Cash From Financing Activities $4.500M $196.9M
YoY Change -97.71% -1386.93%
NET CHANGE
Cash From Operating Activities $12.70M $5.100M
Cash From Investing Activities -$7.300M -$176.3M
Cash From Financing Activities $4.500M $196.9M
Net Change In Cash $9.000M $23.70M
YoY Change -62.03% -327.88%
FREE CASH FLOW
Cash From Operating Activities $12.70M $5.100M
Capital Expenditures $7.100M $7.400M
Free Cash Flow $5.600M -$2.300M
YoY Change -343.48% -140.35%

Facts In Submission

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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021Q1 us-gaap Nature Of Operations
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General<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Nature of Business</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Schweitzer-Mauduit International, Inc. ("SWM," "we," or the "Company"), headquartered in the United States of America, is a multinational diversified producer of highly engineered solutions and advanced materials for a variety of industries. The Company maintains two operating product line segments: Advanced Materials &amp; Structures and Engineered Papers.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Advanced Materials &amp; Structures ("AMS") segment produces mostly resin-based rolled goods such as nets, films and meltblown materials, typically through an extrusion process or other non-woven technologies. AMS also provides converting and coating services. These products are used in a variety of specialty applications across the filtration, transportation, healthcare, construction, and industrial end-markets. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Engineered Papers ("EP") segment primarily serves the tobacco industry with production of various cigarette papers and reconstituted tobacco products ("Recon"). Traditional reconstituted tobacco leaf ("RTL") is used as a blend with virgin tobacco in cigarettes and used in the production of small cigars. Recon, as well as low ignition propensity ("LIP") cigarette paper, a specialty product with fire-safety features, are two key profit drivers, which together account for more than half of segment net sales. The EP segment also produces non-tobacco papers for premium applications, such as energy storage and industrial commodity paper grades.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We conduct business in over 90 countries and operate 23 production locations worldwide, with facilities in the U.S., Canada, United Kingdom, France, Luxembourg, Belgium, Russia, Brazil, China and Poland. We also have a 50% equity interest in two joint ventures in China. The first, China Tobacco Mauduit (Jiangmen) Paper Industry Ltd. ("CTM"), produces various cigarette papers and the second, China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd. ("CTS"), produces RTL.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Basis of Presentation</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions of Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission ("SEC") and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America ("U.S. GAAP"). However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on March 1, 2021.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Principles of Consolidation</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned and controlled subsidiaries. The Company’s share of the net income of its 50%-owned joint ventures in China is included in the condensed consolidated statements of income as Income from equity affiliates, net of income taxes. Intercompany balances and transactions have been eliminated. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, inventory valuation, useful lives of tangible and intangible assets, fair values, sales returns and rebates, receivables valuation, pension, postretirement and other benefits, restructuring and impairment, taxes and contingencies. Furthermore, the Company considered the potential impact from the global economic and social disruption caused by the novel coronavirus (“COVID-19”) in estimates used in the Company’s financial statements as of and for the period ended March 31, 2021. The Company determined changes to these estimates did not have a material impact on our assessment of recoverability of our assets, including Accounts receivable, net, Goodwill, Intangible assets or long-lived assets. There may also be long-term undetermined effects on some of our customers and suppliers, and as a result of these uncertainties, actual results could differ materially from these estimates and assumptions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recently Adopted Accounting Standards</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The new standard simplifies income tax accounting requirements by removing certain exceptions to the general principles in Topic 740, Income Taxes. The provisions of this ASU were adopted effective January 1, 2021 and did not have a material impact on the condensed consolidated financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2018, the FASB issued ASU 2018-14, "Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans." The new standard modifies the annual disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans and requires the amendments to be applied on a retrospective basis for all periods presented. The provisions of this ASU were adopted effective January 1,2021 and the required changes, which are not significant and not expected to have a material impact, will be reflected in the annual financial statements.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recently Issued Accounting Standards</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new standard provides optional expedients and exceptions for applying generally accepted accounting principles ("GAAP") to contracts, hedging relationships, and other transactions affected by reference rate reform and the anticipated discontinuance of the London Interbank Offered Rate ("LIBOR") if certain criteria are met. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. The Company does not currently have any contracts that have been changed to a new reference rate but will continue to evaluate the applicability and impact of the guidance.</span></div>
CY2021Q1 us-gaap Number Of Operating Segments
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, inventory valuation, useful lives of tangible and intangible assets, fair values, sales returns and rebates, receivables valuation, pension, postretirement and other benefits, restructuring and impairment, taxes and contingencies. Furthermore, the Company considered the potential impact from the global economic and social disruption caused by the novel coronavirus (“COVID-19”) in estimates used in the Company’s financial statements as of and for the period ended March 31, 2021. The Company determined changes to these estimates did not have a material impact on our assessment of recoverability of our assets, including Accounts receivable, net, Goodwill, Intangible assets or long-lived assets. There may also be long-term undetermined effects on some of our customers and suppliers, and as a result of these uncertainties, actual results could differ materially from these estimates and assumptions.</span></div>
CY2021Q1 swm Number Of Revenue Sources
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CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2020Q1 us-gaap Restructuring Reserve Translation And Other Adjustment
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CY2021Q1 us-gaap Long Term Debt And Capital Lease Obligations
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3400000 USD
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LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4000000.0 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
78400000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
2600000 USD
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
188700000 USD
CY2021Q1 swm Long Term Debt Maturity After Year Four
LongTermDebtMaturityAfterYearFour
345100000 USD
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
622200000 USD
CY2021Q1 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
4000000 USD
CY2019Q3 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.01724
CY2019Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
185000000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
2600000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
21500000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
1200000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
31100000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2020Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.264
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
288200000 USD
CY2021Q1 swm Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.000
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
261500000 USD
CY2020Q1 swm Sales Revenue Net Percentage
SalesRevenueNetPercentage
1.000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
33500000 USD
CY2021Q1 swm Operating Profit Percentage
OperatingProfitPercentage
1.000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
34100000 USD
CY2020Q1 swm Operating Profit Percentage
OperatingProfitPercentage
1.000

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