Delaware | 001-36272 | 37-1744899 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
1450 Centrepark Boulevard Suite 210 West Palm Beach, Florida | 33401 |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Emerging growth company o |
PLATFORM SPECIALTY PRODUCTS CORPORATION | ||
(Registrant) | ||
May 3, 2018 | /s/ John P. Connolly | |
(Date) | John P. Connolly | |
Chief Financial Officer |
• | Net sales increased 12% on a reported basis to $964 million; increased 5% on an organic basis |
• | GAAP diluted earnings per share of $0.13; adjusted earnings per share increased 31% to $0.21 |
• | Reported net income attributable to common stockholders of $37 million |
• | Adjusted EBITDA increased 7% to $207 million |
• | Reaffirming full year 2018 adjusted EBITDA guidance of $870 million to $900 million |
• | Separation plan on track for 2018 |
• | Net sales on a reported basis for the first quarter of 2018 were $964 million, an increase of 12%. Organic sales, which exclude the impact of currency changes and certain metal prices, increased 5%. |
◦ | MacDermid Performance Solutions (the Performance Solutions segment): net sales increased 10% to $492 million. Organic sales increased 4%. |
◦ | Arysta LifeScience (the Agricultural Solutions segment): net sales increased 14% to $472 million. Organic sales increased 6%. |
• | First quarter 2018 earnings per share performance: |
◦ | GAAP diluted earnings per share was $0.13, as compared to a loss of $0.09. |
◦ | Adjusted earnings per share was $0.21, an improvement of $0.05 per share. |
• | Reported net income attributable to common stockholders for the first quarter of 2018 was $37 million, as compared to a net loss of $24 million. |
• | Adjusted EBITDA for the first quarter of 2018 was $207 million, an increase of 7%. On a constant currency basis, adjusted EBITDA decreased 3%. |
◦ | MacDermid Performance Solutions: Adjusted EBITDA was $112 million, an increase of 9%. On a constant currency basis, adjusted EBITDA increased 2%. |
◦ | Arysta LifeScience: Adjusted EBITDA was $95 million, an increase of 5%. On a constant currency basis, adjusted EBITDA decreased 8%. |
◦ | Adjusted EBITDA margin for the combined company decreased by 90 basis points to 21.5%. On a constant currency basis, adjusted EBITDA margin decreased by 160 basis points. |
Three Months Ended March 31, | |||||||
(in millions, except per share amounts) | 2018 | 2017 | |||||
Net sales | $ | 964.1 | $ | 861.8 | |||
Cost of sales | 559.4 | 483.4 | |||||
Gross profit | 404.7 | 378.4 | |||||
Operating expenses: | |||||||
Selling, technical, general and administrative | 277.0 | 257.4 | |||||
Research and development | 23.5 | 21.6 | |||||
Total operating expenses | 300.5 | 279.0 | |||||
Operating profit | 104.2 | 99.4 | |||||
Other expense: | |||||||
Interest expense, net | (78.2 | ) | (89.4 | ) | |||
Foreign exchange gain (loss) | 58.0 | (12.6 | ) | ||||
Other income (expense), net | 19.0 | (2.3 | ) | ||||
Total other expense | (1.2 | ) | (104.3 | ) | |||
Income (loss) before income taxes and non-controlling interests | 103.0 | (4.9 | ) | ||||
Income tax expense | (65.0 | ) | (18.7 | ) | |||
Net income (loss) | 38.0 | (23.6 | ) | ||||
Net income attributable to the non-controlling interests | (0.7 | ) | (0.8 | ) | |||
Net income (loss) attributable to common stockholders | $ | 37.3 | $ | (24.4 | ) | ||
Earnings (loss) per share | |||||||
Basic | $ | 0.13 | $ | (0.09 | ) | ||
Diluted | $ | 0.13 | $ | (0.09 | ) | ||
Weighted average common shares outstanding | |||||||
Basic | 287.9 | 284.5 | |||||
Diluted | 293.8 | 284.5 |
3 |
March 31, | December 31, | ||||||
(in millions) | 2018 | 2017 | |||||
Assets | |||||||
Cash and cash equivalents | $ | 412.6 | $ | 477.8 | |||
Accounts receivable, net | 1,289.4 | 1,156.0 | |||||
Inventories | 611.6 | 490.4 | |||||
Prepaid expenses | 48.4 | 42.8 | |||||
Other current assets | 190.1 | 173.6 | |||||
Total current assets | 2,552.1 | 2,340.6 | |||||
Property, plant and equipment, net | 451.0 | 452.3 | |||||
Goodwill | 4,276.4 | 4,201.2 | |||||
Intangible assets, net | 3,126.6 | 3,137.3 | |||||
Other assets | 141.1 | 121.0 | |||||
Total assets | $ | 10,547.2 | $ | 10,252.4 | |||
Liabilities & stockholders' equity | |||||||
Accounts payable | $ | 498.1 | $ | 461.8 | |||
Current installments of long-term debt and revolving credit facilities | 116.3 | 38.9 | |||||
Accrued expenses and other current liabilities | 620.9 | 591.1 | |||||
Total current liabilities | 1,235.3 | 1,091.8 | |||||
Debt and capital lease obligations | 5,495.2 | 5,440.6 | |||||
Pension and post-retirement benefits | 70.1 | 69.0 | |||||
Deferred income taxes | 569.3 | 579.6 | |||||
Contingent consideration | 79.7 | 79.2 | |||||
Other liabilities | 130.6 | 132.2 | |||||
Total liabilities | 7,580.2 | 7,392.4 | |||||
Stockholders' equity | |||||||
Preferred stock - Series A | — | — | |||||
Common stock: 400.0 shares authorized (2018: 288.1 shares issued; 2017: 287.4 shares issued) | 2.9 | 2.9 | |||||
Additional paid-in capital | 4,043.6 | 4,032.0 | |||||
Treasury stock (2018 and 2017: 0.0 shares) | (0.1 | ) | (0.1 | ) | |||
Accumulated deficit | (833.7 | ) | (871.0 | ) | |||
Accumulated other comprehensive loss | (356.9 | ) | (420.7 | ) | |||
Total stockholders' equity | 2,855.8 | 2,743.1 | |||||
Non-controlling interests | 111.2 | 116.9 | |||||
Total equity | 2,967.0 | 2,860.0 | |||||
Total liabilities and stockholders' equity | $ | 10,547.2 | $ | 10,252.4 |
4 |
Three Months Ended March 31, | |||||||
(in millions) | 2018 | 2017 | |||||
Cash flows from operating activities: | |||||||
Net income (loss) | $ | 38.0 | $ | (23.6 | ) | ||
Reconciliation of net income (loss) to net cash flows used in operating activities: | |||||||
Depreciation and amortization | 91.7 | 85.9 | |||||
Deferred income taxes | (22.3 | ) | (14.2 | ) | |||
Foreign exchange (gain) loss | (67.5 | ) | 13.7 | ||||
Other, net | (3.2 | ) | 12.8 | ||||
Changes in assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (133.9 | ) | (120.1 | ) | |||
Inventories | (105.2 | ) | (83.9 | ) | |||
Accounts payable | 33.1 | 32.9 | |||||
Accrued expenses | 22.8 | (15.9 | ) | ||||
Other assets and liabilities | (14.6 | ) | (7.0 | ) | |||
Net cash flows used in operating activities | (161.1 | ) | (119.4 | ) | |||
Cash flows from investing activities: | |||||||
Capital expenditures | (10.0 | ) | (14.9 | ) | |||
Investment in registrations of products | (13.2 | ) | (12.9 | ) | |||
Proceeds from beneficial interests on sold accounts receivable | 10.0 | 0.1 | |||||
Proceeds from the sale of equity investment | 25.0 | — | |||||
Other, net | (5.0 | ) | 2.4 | ||||
Net cash flows provided by (used in) investing activities | 6.8 | (25.3 | ) | ||||
Cash flows from financing activities: | |||||||
Change in lines of credit, net | 74.5 | 89.0 | |||||
Repayments of borrowings | (0.2 | ) | (9.0 | ) | |||
Other, net | (0.1 | ) | (1.1 | ) | |||
Net cash flows provided by financing activities | 74.2 | 78.9 | |||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 14.1 | 9.6 | |||||
Net decrease in cash, cash equivalents and restricted cash | (66.0 | ) | (56.2 | ) | |||
Cash, cash equivalents and restricted cash at beginning of period | 483.9 | 423.5 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 417.9 | $ | 367.3 | |||
Non-cash Investing Activities | |||||||
Beneficial interests obtained in exchange for sold accounts receivable | $ | 14.4 | $ | 0.6 |
5 |
I. UNAUDITED SEGMENT RESULTS | |||||||||||||
Three Months Ended March 31, | |||||||||||||
($ amounts in millions) | 2018 | 2017 | Reported | Constant Currency | Organic | ||||||||
Net Sales | |||||||||||||
Performance Solutions | $ | 492.4 | $ | 447.1 | 10% | 3% | 4% | ||||||
Agricultural Solutions | 471.7 | 414.7 | 14% | 6% | 6% | ||||||||
Total | $ | 964.1 | $ | 861.8 | 12% | 5% | 5% | ||||||
Adjusted EBITDA | |||||||||||||
Performance Solutions | $ | 111.8 | $ | 102.3 | 9% | 2% | |||||||
Agricultural Solutions | 95.4 | 90.8 | 5% | (8)% | |||||||||
Total | $ | 207.2 | $ | 193.1 | 7% | (3)% | |||||||
Adjusted EBITDA excluding corporate costs | |||||||||||||
Performance Solutions | $ | 119.6 | $ | 110.1 | 9% | 2% | |||||||
Agricultural Solutions | $ | 103.1 | $ | 98.7 | 4% | (7)% |
Three Months Ended March 31, | |||||||||
Constant Currency | |||||||||
($ amounts in millions) | 2018 | 2017 | Reported | 2018 | Change | ||||
Adjusted EBITDA Margin | |||||||||
Performance Solutions | 22.7% | 22.9% | (20) bps | 22.6% | (30) bps | ||||
Agricultural Solutions | 20.2% | 21.9% | (170) bps | 19.0% | (290) bps | ||||
Total | 21.5% | 22.4% | (90) bps | 20.8% | (160) bps | ||||
Adjusted EBITDA Margin excluding corporate costs | |||||||||
Performance Solutions | 24.3% | 24.6% | (30) bps | 24.2% | (40) bps | ||||
Agricultural Solutions | 21.9% | 23.8% | (190) bps | 20.8% | (300) bps |
6 |
II. UNAUDITED CAPITAL STRUCTURE | |||||||||
(in millions) | Maturity | Coupon | March 31, 2018 | ||||||
Instrument | |||||||||
Corporate Revolver | 6/7/2020 | $ | 52.0 | ||||||
Term Loan B6 - USD | (1) (2) | 6/7/2023 | L + 300 | 1,135.3 | |||||
Term Loan B7 - USD | (1) | 6/7/2020 | L + 250 | 630.3 | |||||
Term Loan C5 - EUR | (1) (2) | 6/7/2023 | E + 275 | 738.6 | |||||
Term Loan C6 - EUR | (1) | 6/7/2020 | E + 250 | 719.4 | |||||
Other Secured Debt | 19.1 | ||||||||
Total First Lien Debt | 3,294.7 | ||||||||
Senior Notes due 2025 | 12/1/2025 | 5.875% | 800.0 | ||||||
Senior Notes due 2022 | 2/1/2022 | 6.5% | 1,100.0 | ||||||
Senior Notes due 2023 (Euro) | 2/1/2023 | 6.0% | 431.3 | ||||||
Other Unsecured Debt | 50.6 | ||||||||
Total Unsecured Debt | 2,381.9 | ||||||||
Total Debt | 5,676.6 | ||||||||
Cash Balance at 3/31/2018 | 412.6 | ||||||||
Net Debt | $ | 5,264.0 | |||||||
Adjusted Shares Outstanding | (3) | 302.0 | |||||||
Market Capitalization | (4) | $ | 2,908.3 | ||||||
Total Capitalization | $ | 8,172.3 |
(1) | Platform swapped certain of its floating term loans to fixed rate including $1.13 billion of its USD tranches and €278 million of its Euro tranches. At March 31, 2018, approximately 33% of debt was floating and 67% was fixed. |
(2) | These term loans mature on June 7, 2023, provided that the Company prepays, redeems or otherwise retires and/or refinances in full its 6.50% USD Senior Notes due 2022, as permitted under its Amended and Restated Credit Agreement, on or prior to November 2, 2021, otherwise the maturity reverts to November 2, 2021. |
(3) | See "Non-GAAP Adjusted Common Shares at March 31, 2018 and 2017 (Unaudited)" following the Adjusted Earnings Per Share table. |
(4) | Based on Platform's closing price of $9.63 at March 29, 2018, the last trading day of Q1 2018. |
III. SELECTED FINANCIAL DATA | |||||||
Three Months Ended March 31, | |||||||
(in millions) | 2018 | 2017 | |||||
Interest expense | $ | 79.0 | $ | 89.9 | |||
Interest paid | 86.4 | 93.4 | |||||
Income tax expense | 65.0 | 18.7 | |||||
Income taxes paid | 47.6 | 42.6 | |||||
Capital expenditures | 10.0 | 14.9 | |||||
Investment in registrations of products | 13.2 | 12.9 | |||||
Proceeds from disposal of property, plant and equipment | — | 4.0 |
7 |
Three Months Ended March 31, 2018 | |||||||||||
Reported Net Sales Growth | Impact of Currency | Constant Currency | Metals | Acquisitions | Organic Sales Growth | ||||||
Performance Solutions | 10% | (7)% | 3% | 1% | —% | 4% | |||||
Agricultural Solutions | 14% | (7)% | 6% | —% | —% | 6% | |||||
Total | 12% | (7)% | 5% | —% | —% | 5% |
Three Months Ended March 31, | ||||||||
(in millions, except per share amounts) | 2018 | 2017 | ||||||
Net income (loss) attributable to common stockholders | $ | 37.3 | $ | (24.4 | ) | |||
Reversal of amortization expense | (1) | 71.9 | 68.6 | |||||
Adjustment for investment in registration of products | (1) | (13.2 | ) | (12.9 | ) | |||
Restructuring expense | (2) | 3.0 | 2.3 | |||||
Acquisition and integration costs | (3) | 1.0 | 3.6 | |||||
Non-cash change in fair value of contingent consideration | (4) | 0.5 | 1.1 | |||||
Foreign exchange (gain) loss on foreign denominated external and internal long-term debt | (5) | (55.8 | ) | 11.8 | ||||
Nonrecourse factoring costs | (6) | 1.1 | 0.7 | |||||
Debt refinancing costs | (7) | — | 1.1 | |||||
Costs related to Proposed Separation | (8) | 3.1 | 0.2 | |||||
Gain on sale of equity investment | (9) | (11.3 | ) | — | ||||
Other, net | (10) | (7.3 | ) | 1.9 | ||||
Tax effect of pre-tax non-GAAP adjustments | (11) | 2.4 | (27.4 | ) | ||||
Adjustment to estimated effective tax rate | (11) | 30.0 | 20.4 | |||||
Adjustment to reverse income attributable to certain non-controlling interests | (12) | 1.2 | 1.9 | |||||
Adjusted net income attributable to common stockholders | $ | 63.9 | $ | 48.9 | ||||
Adjusted earnings per share | (13) | $ | 0.21 | $ | 0.16 | |||
Adjusted common shares outstanding | (13) | 302.0 | 300.3 |
(1) | The Company eliminates amortization associated with (i) intangible assets recognized in purchase accounting for acquisitions and (ii) costs capitalized in connection with obtaining regulatory approval of its products ("registration rights") as part of ongoing operations, and deducts capital expenditures associated with obtaining these registration rights. The Company believes this adjustment provides insight with respect to the cash flows necessary to maintain and enhance the Company's product portfolio. |
(2) | Adjusted for cost of restructuring the Company's operations, including those related to its acquired businesses in both the Agricultural Solutions and Performance Solutions segments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(3) | The Company adjusts for costs associated with acquisition and integration activity, including costs of obtaining related financing such as investment banking, legal and accounting fees, and transfer taxes. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(4) | The Company adjusts for the change in fair value of the contingent consideration related to the acquisition of MacDermid, Incorporated (the "MacDermid Acquisition"). The Company adjusts this cost because it is not considered to be reflective of ongoing operations. |
(5) | The Company adjusts for foreign exchanges gains and losses on long-term intercompany and third-party debt because the period-to-period movement of these currencies are expected to offset on a long-term basis and, due to their long-term nature, are not fully realized. The Company does not exclude foreign exchange gains and losses on short-term intercompany and third-party payables and receivables. |
(6) | The Company adjusts for costs associated with its non-recourse receivables factoring programs because they are considered to be part of the Company's capital structure, comparable to interest expense. These charges are included in STG&A. |
(7) | The Company adjusts for costs related to its term debt refinancing in 2017 because they are not considered to be reflective of ongoing operations. |
(8) | The Company adjusts for costs related to the proposed separation of its businesses (the "Proposed Separation"), which is expected to be completed in 2018. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(9) | The Company adjusts for gain on the sale of equity investment in 2018 because it is not considered to be reflective of ongoing operations. |
(10) | 2018 adjustments include a $4.8 million favorable adjustment to the Company's ARO reserve for a facility which is in the process of closing in connection with a previously terminated supply agreement related to the acquisition of the Chemtura AgroSolutions business of Chemtura Corporation and a $3.7 million insurance gain. 2017 adjustments include non-recurring senior executive severance payments. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(11) | The Company adjusts its effective tax rate to 34% for the three months ended March 31, 2018. This adjustment does not reflect the Company’s current or near-term tax structure, including limitations on its ability to utilize net operating losses and foreign tax credits in certain jurisdictions. These factors significantly increase the Company's effective tax rate from 34%. As a result of current tax structure, the Company’s effective tax rate in accordance with GAAP was 63.1% for the three months ended March 31, 2018. The Company also applies an effective tax rate of 34% to pre-tax non-GAAP adjustments. For the three months ended March 31, 2017, before the enactment of the Tax Reform in December 2017, the Company adjusted its effective tax rate to 35%. The Company adjusts the effective tax rates because it believes it provides a meaningful comparison of its performance between periods. |
(12) | The Company adjusts for the loss or income attributable to non-controlling interest created at the time of the MacDermid Acquisition because holders of such equity interest are expected to convert their holdings into shares of Platform's common stock. The Company adjusts these costs because they are not considered to be reflective of ongoing operations. |
(13) | The Company defines "Adjusted common shares" as the outstanding shares of Platform's common stock at March 31, 2018 and 2017 plus the number of shares that would be issued if all convertible stock were converted into Platform's common stock, stock options were vested and exercised, and awarded equity grants were vested at March 31, 2018 and 2017. The Company adjusts the outstanding shares of Platform's common stock for this calculation to provide an understanding of the Company’s results of operations on a per share basis. |
10 |
2018 | 2017 | ||||
(in millions) | Q1 | Q1 | |||
Basic outstanding common shares | 288.1 | 285.7 | |||
Number of shares issuable upon conversion of PDH Common Stock | 4.2 | 6.4 | |||
Number of shares issuable upon conversion of Series A Preferred Stock | 2.0 | 2.0 | |||
Number of shares issuable upon vesting and exercise of Stock Options | 0.7 | 0.7 | |||
Number of shares issuable upon vesting of granted Equity Awards | 7.0 | 5.5 | |||
Adjusted common shares outstanding | 302.0 | 300.3 |
Three Months Ended March 31, | ||||||||
(in millions) | 2018 | 2017 | ||||||
Net income (loss) attributable to common stockholders | $ | 37.3 | $ | (24.4 | ) | |||
Add (subtract): | ||||||||
Net income attributable to the non-controlling interests | 0.7 | 0.8 | ||||||
Income tax expense | 65.0 | 18.7 | ||||||
Interest expense, net | 78.2 | 89.4 | ||||||
Depreciation expense | 19.8 | 17.3 | ||||||
Amortization expense | 71.9 | 68.6 | ||||||
EBITDA | 272.9 | 170.4 | ||||||
Adjustments to reconcile to Adjusted EBITDA: | ||||||||
Restructuring expense | (2) | 3.0 | 2.3 | |||||
Acquisition and integration costs | (3) | 1.0 | 3.6 | |||||
Non-cash change in fair value of contingent consideration | (4) | 0.5 | 1.1 | |||||
Foreign exchange (gain) loss on foreign denominated external and internal long-term debt | (5) | (55.8 | ) | 11.8 | ||||
Nonrecourse factoring costs | (6) | 1.1 | 0.7 | |||||
Debt refinancing costs | (7) | — | 1.1 | |||||
Costs related to Proposed Separation | (8) | 3.1 | 0.2 | |||||
Gain on sale of equity investment | (9) | (11.3 | ) | — | ||||
Other, net | (10) | (7.3 | ) | 1.9 | ||||
Adjusted EBITDA | $ | 207.2 | $ | 193.1 |
11 |
12 |
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