0001564590-19-027990.txt : 20190801 0001564590-19-027990.hdr.sgml : 20190801 20190801163259 ACCESSION NUMBER: 0001564590-19-027990 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20190801 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190801 DATE AS OF CHANGE: 20190801 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Chemours Co CENTRAL INDEX KEY: 0001627223 STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800] IRS NUMBER: 464845564 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36794 FILM NUMBER: 19993154 BUSINESS ADDRESS: STREET 1: 1007 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19899 BUSINESS PHONE: 302-773-1000 MAIL ADDRESS: STREET 1: 1007 MARKET STREET CITY: WILMINGTON STATE: DE ZIP: 19899 FORMER COMPANY: FORMER CONFORMED NAME: Chemours Company, LLC DATE OF NAME CHANGE: 20141205 8-K 1 cc-8k_20190630.htm 8-K cc-8k_20190630.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

August 1, 2019

Date of Report (Date of Earliest Event Reported)

The Chemours Company

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

001-36794

 

46-4845564

(State or Other Jurisdiction

 

(Commission

 

(I.R.S. Employer

Of Incorporation)

 

File Number)

 

Identification No.)

 

1007 Market Street

Wilmington, Delaware, 19801

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (302) 773-1000

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

 

☐

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

 

☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol(s)

 

Name of Exchange on Which Registered

Common Stock ($.01 par value)

 

CC

 

New York Stock Exchange

 

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition.

 

On August 1, 2019, The Chemours Company (the “Company”) issued a press release regarding its second quarter 2019 financial results. A copy of the press release is furnished hereto as Exhibit 99.1.

 

The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and it will not be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1Press release dated August 1, 2019.

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

THE CHEMOURS COMPANY

 

By:

 

/s/ Sameer Ralhan

 

 

Sameer Ralhan

 

 

Senior Vice President, Chief Financial

 

 

Officer and Treasurer

 

Date:

 

August 1, 2019

 

 

 

 EX-99.1 2 cc-ex991_6.htm EX-99.1 cc-ex991_6.htm

EXHIBIT 99.1

 

 

 

 

 

The Chemours Company Reports Second Quarter 2019 Results

Committed to Core Growth Strategy Despite Near Term Headwinds

 

WILMINGTON, Del., August 1, 2019 /PRNewswire/ --

 

Second Quarter 2019 Highlights

 

•

Net Sales of $1.4 billion

 

•

Net Income of $96 million, with diluted EPS of $0.57

 

•

Adjusted Net Income of $120 million, with diluted Adjusted EPS of $0.72

 

•

Adjusted EBITDA of $283 million

 

•

Returned $108 million to shareholders through share repurchases and dividends

 

Other Highlights

 

•

Completed the acquisition of Southern Ionics Minerals on August 1, enabling operational synergies and access to high value ores

 

 

•

Reduced 2019 outlook for Adjusted EBITDA, Adjusted EPS, and Free Cash Flow

 

 

The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in Fluoroproducts, Chemical Solutions and Titanium Technologies, today announced its financial results for the second quarter 2019.

 

“The second quarter was challenging on a number of fronts, including softer than expected Ti-Pure™ demand and the continued impact of illegal imports of HFC refrigerants into Europe,” said Chemours President and CEO Mark Vergnano.  “Both issues impacted our volumes in the second quarter and more than offset increasing adoption of Opteon™ mobile refrigerants in the United States and Asia, as well as productivity efforts.  We are clearly not satisfied with these results and remain firm in our commitment to grow our businesses and improve the financial performance of Chemours.”

 

Second quarter 2019 net sales were $1.4 billion in comparison to $1.8 billion in the record-setting, prior-year quarter.  Results were driven primarily by lower volume in Titanium Technologies, resulting in a 22 percent decrease in net sales. Currency and price were small headwinds in the quarter. Second quarter net income was $96 million, or $0.57 per diluted share, inclusive of a $7 million charge related to our Fayetteville facility. Adjusted EBITDA for the second quarter 2019 was $283 million in comparison to $497 million in the previous year's second quarter, a result of lower volumes across all segments.

 

Fluoroproducts
Fluoroproducts segment net sales in the second quarter were $711 million in comparison to $801 million in the prior-year quarter.  Illegal imports of HFC refrigerants into the European Union, softer base refrigerants demand in North America, and macro-economic weakness more than offset higher demand for Opteon™ mobile refrigerants and positive impact of application development projects, resulting in a volume decline versus last year's second quarter. Price was a 2 percent headwind on a year-over-year basis. Segment Adjusted EBITDA of $180 million decreased 22 percent versus the prior-year quarter, due to lower net sales and the trailing impact of operating issues communicated in the previous quarter.

 

Chemical Solutions
Chemical Solutions segment net sales in the second quarter were $130 million in comparison to $153 million in the prior-year quarter. Volumes were lower year-over-year primarily driven by reduced sales in Performance Chemicals and Intermediates as well as in Mining Solutions due to operational issues at a key customer mine. Higher average price was realized as a result of previously communicated price announcements. Second quarter 2019 segment Adjusted EBITDA of $16 million increased 4 percent versus the prior-year quarter, reflecting price tailwinds and increased other income from licensing agreements.

 

EXHIBIT 99.1

 

 

 

 

 

Titanium Technologies
Titanium Technologies segment net sales in the second quarter were $567 million in comparison to $862 million in the prior-year quarter. This decrease was a result of lower volumes of Ti-Pure™ titanium dioxide driven by a combination of weak demand and market share loss as we continue the implementation of our Ti-Pure™ Value Stabilization strategy. Global average selling prices were stable in comparison to last year's second quarter and sequentially against the first quarter of 2019.  Segment Adjusted EBITDA was $127 million, in comparison to $295 million in last year's record second quarter. Results were driven mainly by lower volumes of Ti-Pure™ titanium dioxide and higher unit costs.

 

Corporate and Other
Corporate and Other in the second quarter 2019 represented a $40 million offset to Adjusted EBITDA, versus a $44 million offset in the prior-year quarter. This improvement was primarily attributable to lower costs associated with certain legacy environmental matters.

 

The company realized an Adjusted Effective Tax Rate of approximately 22 percent for the quarter.  The company expects its Adjusted Effective Tax Rate for the full-year 2019 to be within a range of 18 to 20 percent, reflecting the company's anticipated geographic mix of earnings.

 

Liquidity
As of June 30, 2019, gross consolidated debt was $4.2 billion. Debt, net of $630 million cash, was $3.6 billion, resulting in a net leverage ratio of approximately 2.7 times on a trailing twelve-month basis.

 

Cash (used for) provided by operating activities for the second quarter 2019 was $7 million, versus $343 million in the prior-year quarter. Capital expenditures for the second quarter 2019 were $124 million, versus $126 million in last year's second quarter. Free Cash Flow for the second quarter 2019 was ($117) million versus the prior-year quarter of $217 million.

 

Acquisition

Chemours also announced the strategic acquisition of Southern Ionics Minerals, LLC (SIM), a minerals exploration, mining and manufacturing company headquartered in Jacksonville, Florida for $25 million.  The transaction with SIM’s parent, Southern Ionics Incorporated, closed on August 1.  SIM mines and processes titanium and zirconium mineral sands from the same Trail Ridge geological formation mined by Chemours in Florida. This acquisition expands Chemours flexibility and scalability to internally source ore. The acquisition includes a mineral sands processing plant, an existing mine site, administrative offices, and mineral rights currently held by SIM.

 

Outlook
As a result of the weaker financial performance in the second quarter and increasing macro-economic uncertainty, the company is lowering its earnings guidance for the full year 2019.  The company now expects to deliver 2019 Adjusted EBITDA within a range of $1.00 to $1.15 billion. Capital expenditures are expected to be approximately $500 million, with Free Cash Flow of approximately $100 million.  The company expects Adjusted EPS of between $2.37 and $3.08 per share.

 

Mr. Vergnano concluded, “We are disappointed in having to reduce our guidance for 2019.  However, as we look beyond the next two quarters, we remain confident in the growth prospects for each of our three core businesses.  We have an outstanding asset base, strong balance sheet, the right strategies, and more importantly, a great team capable of navigating the business cycle.  We will continue to work hard to increase the long-term value of Chemours, fully aligned with the interests of our shareholders.”  

 

Conference Call
As previously announced, Chemours will hold a conference call and webcast on Friday, August 2, 2019 at 8:30 AM EDT. The webcast and additional presentation materials can be accessed by visiting the Events & Presentations page of Chemours' investor website, investors.chemours.com. A webcast replay of the conference call will be available on the Chemours investor website.

 

EXHIBIT 99.1

 

 

 

 

 

About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry.  Chemours is a global leader in fluoroproducts, chemical solutions, and titanium technologies, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations.  Chemours ingredients are found in refrigeration and air conditioning, mining and general industrial manufacturing, plastics and coatings. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 28 manufacturing sites serving approximately 3,700 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com, or follow us on Twitter @Chemours, or LinkedIn. 

 

Non-GAAP Financial Measures
We prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Effective Tax Rate, Return on Invested Capital and Net Leverage Ratio which are non-GAAP financial measures. The company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.

 

Management uses Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Effective Tax Rate, Return on Invested Capital and Net Leverage Ratio to evaluate the company's performance excluding the impact of certain noncash charges and other special items which we expect to be infrequent in occurrence in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter.

 

Accordingly, the company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the company's financial statements and footnotes contained in the documents that the company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the company in this press release may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures" and materials posted to the company's website at investors.chemours.com.

 

EXHIBIT 99.1

 

 

 

 

 

Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance, business plans, prospects, targets, goals and commitments, capital investments and projects, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, and our outlook for net sales, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, Adjusted Effective Tax Rate, and Return on Invested Capital, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2018. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.

CONTACT:

INVESTORS 
Jonathan Lock 
VP, Corporate Development and Investor Relations 
+1.302.773.2263 
investor@chemours.com 

 

NEWS MEDIA 
David Rosen
Executive and Financial Communications Manager
+1.302.773.2711
media@chemours.com

 

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Consolidated Statements of Operations (Unaudited)

(Dollars in millions, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

1,408

 

 

$

1,816

 

 

$

2,784

 

 

$

3,546

 

Cost of goods sold

 

 

1,085

 

 

 

1,259

 

 

 

2,165

 

 

 

2,452

 

Gross profit

 

 

323

 

 

 

557

 

 

 

619

 

 

 

1,094

 

Selling, general, and administrative expense

 

 

136

 

 

 

161

 

 

 

292

 

 

 

304

 

Research and development expense

 

 

19

 

 

 

20

 

 

 

41

 

 

 

40

 

Restructuring, asset-related, and other charges

 

 

7

 

 

 

10

 

 

 

15

 

 

 

20

 

Total other operating expenses

 

 

162

 

 

 

191

 

 

 

348

 

 

 

364

 

Equity in earnings of affiliates

 

 

8

 

 

 

10

 

 

 

16

 

 

 

22

 

Interest expense, net

 

 

(52

)

 

 

(48

)

 

 

(103

)

 

 

(100

)

Loss on extinguishment of debt

 

 

—

 

 

 

(38

)

 

 

—

 

 

 

(38

)

Other income, net

 

 

16

 

 

 

33

 

 

 

55

 

 

 

90

 

Income before income taxes

 

 

133

 

 

 

323

 

 

 

239

 

 

 

704

 

Provision for income taxes

 

 

37

 

 

 

41

 

 

 

50

 

 

 

125

 

Net income

 

 

96

 

 

 

282

 

 

 

189

 

 

 

579

 

Less: Net income attributable to non-controlling interests

 

 

—

 

 

 

1

 

 

 

—

 

 

 

1

 

Net income attributable to Chemours

 

$

96

 

 

$

281

 

 

$

189

 

 

$

578

 

Per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

0.58

 

 

$

1.58

 

 

$

1.14

 

 

$

3.21

 

Diluted earnings per share of common stock

 

 

0.57

 

 

 

1.53

 

 

 

1.12

 

 

 

3.11

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Consolidated Balance Sheets

(Dollars in millions, except per share amounts)

 

 

 

(Unaudited)

 

 

 

 

 

 

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

630

 

 

$

1,201

 

Accounts and notes receivable, net

 

 

879

 

 

 

861

 

Inventories

 

 

1,250

 

 

 

1,147

 

Prepaid expenses and other

 

 

73

 

 

 

84

 

Total current assets

 

 

2,832

 

 

 

3,293

 

Property, plant, and equipment

 

 

9,259

 

 

 

8,992

 

Less: Accumulated depreciation

 

 

(5,768

)

 

 

(5,701

)

Property, plant, and equipment, net

 

 

3,491

 

 

 

3,291

 

Operating lease right-of-use assets

 

 

322

 

 

 

—

 

Goodwill and other intangible assets, net

 

 

178

 

 

 

181

 

Investments in affiliates

 

 

177

 

 

 

160

 

Other assets

 

 

433

 

 

 

437

 

Total assets

 

$

7,433

 

 

$

7,362

 

Liabilities

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

956

 

 

$

1,137

 

Current maturities of long-term debt

 

 

18

 

 

 

13

 

Other accrued liabilities

 

 

474

 

 

 

559

 

Total current liabilities

 

 

1,448

 

 

 

1,709

 

Long-term debt, net

 

 

4,190

 

 

 

3,959

 

Operating lease liabilities

 

 

265

 

 

 

—

 

Deferred income taxes

 

 

214

 

 

 

217

 

Other liabilities

 

 

487

 

 

 

457

 

Total liabilities

 

 

6,604

 

 

 

6,342

 

Commitments and contingent liabilities

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Common stock (par value $0.01 per share; 810,000,000 shares authorized; 188,801,201 shares issued and 163,481,966 shares outstanding at June 30, 2019;

187,204,567 shares issued and 170,780,474 shares outstanding at December 31, 2018)

 

 

2

 

 

 

2

 

Treasury stock, at cost (25,319,235 shares at June 30, 2019;

16,424,093 shares at December 31, 2018)

 

 

(1,072

)

 

 

(750

)

Additional paid-in capital

 

 

853

 

 

 

860

 

Retained earnings

 

 

1,571

 

 

 

1,466

 

Accumulated other comprehensive loss

 

 

(531

)

 

 

(564

)

Total Chemours stockholders’ equity

 

 

823

 

 

 

1,014

 

Non-controlling interests

 

 

6

 

 

 

6

 

Total equity

 

 

829

 

 

 

1,020

 

Total liabilities and equity

 

$

7,433

 

 

$

7,362

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Consolidated Statements of Cash Flows (Unaudited)

(Dollars in millions)

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

189

 

 

$

579

 

Adjustments to reconcile net income to cash (used for) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

154

 

 

 

142

 

Gain on sales of assets and businesses

 

 

(3

)

 

 

(45

)

Equity in earnings of affiliates, net

 

 

(15

)

 

 

6

 

Loss on extinguishment of debt

 

 

—

 

 

 

38

 

Amortization of debt issuance costs and issue discounts

 

 

5

 

 

 

7

 

Deferred tax provision

 

 

2

 

 

 

38

 

Stock-based compensation expense

 

 

14

 

 

 

15

 

Net periodic pension cost (income)

 

 

1

 

 

 

(7

)

Defined benefit plan contributions

 

 

(13

)

 

 

(8

)

Other operating charges and credits, net

 

 

1

 

 

 

(5

)

Decrease (increase) in operating assets:

 

 

 

 

 

 

 

 

Accounts and notes receivable, net

 

 

(16

)

 

 

(175

)

Inventories and other operating assets

 

 

(70

)

 

 

(74

)

(Decrease) increase in operating liabilities:

 

 

 

 

 

 

 

 

Accounts payable and other operating liabilities

 

 

(287

)

 

 

28

 

Cash (used for) provided by operating activities

 

 

(38

)

 

 

539

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(257

)

 

 

(228

)

Acquisition of business, net

 

 

—

 

 

 

(37

)

Proceeds from sales of assets and businesses, net

 

 

1

 

 

 

41

 

Foreign exchange contract settlements, net

 

 

—

 

 

 

(6

)

Cash used for investing activities

 

 

(256

)

 

 

(230

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from issuance of debt, net

 

 

—

 

 

 

520

 

Proceeds from revolving loan

 

 

150

 

 

 

—

 

Debt repayments

 

 

(6

)

 

 

(672

)

Payments related to extinguishment of debt

 

 

—

 

 

 

(29

)

Payments of debt issuance costs

 

 

—

 

 

 

(12

)

Purchases of treasury stock, at cost

 

 

(322

)

 

 

(394

)

Proceeds from exercised stock options, net

 

 

8

 

 

 

13

 

Payments related to tax withholdings on vested stock awards

 

 

(30

)

 

 

(6

)

Payments of dividends

 

 

(83

)

 

 

(61

)

Cash used for financing activities

 

 

(283

)

 

 

(641

)

Effect of exchange rate changes on cash and cash equivalents

 

 

6

 

 

 

(7

)

Decrease in cash and cash equivalents

 

 

(571

)

 

 

(339

)

Cash and cash equivalents at January 1,

 

 

1,201

 

 

 

1,556

 

Cash and cash equivalents at June 30,

 

$

630

 

 

$

1,217

 

 

 

 

 

 

 

 

 

 

Supplemental cash flows information

 

 

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Changes in property, plant, and equipment included in accounts payable

 

$

(25

)

 

$

(1

)

Obligations incurred under build-to-suit lease arrangement

 

 

30

 

 

 

26

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Segment Financial and Operating Data (Unaudited)

(Dollars in millions)

 

Segment Net Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

Ended

 

 

Sequential

 

 

June 30,

 

 

Increase /

 

 

March 31,

 

 

Increase /

 

 

2019

 

 

2018

 

 

(Decrease)

 

 

2019

 

 

(Decrease)

 

Fluoroproducts

$

 

711

 

 

$

 

801

 

 

$

 

(90

)

 

$

 

687

 

 

$

 

24

 

Chemical Solutions

 

 

130

 

 

 

 

153

 

 

 

 

(23

)

 

 

 

134

 

 

 

 

(4

)

Titanium Technologies

 

 

567

 

 

 

 

862

 

 

 

 

(295

)

 

 

 

555

 

 

 

 

12

 

Total Net Sales

$

 

1,408

 

 

$

 

1,816

 

 

$

 

(408

)

 

$

 

1,376

 

 

$

 

32

 

 

Segment Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

Ended

 

 

Sequential

 

 

June 30,

 

 

Increase /

 

 

March 31,

 

 

Increase /

 

 

2019

 

 

2018

 

 

(Decrease)

 

 

2019

 

 

(Decrease)

 

Fluoroproducts

$

 

180

 

 

$

 

230

 

 

$

 

(50

)

 

$

 

159

 

 

$

 

21

 

Chemical Solutions

 

 

16

 

 

 

 

16

 

 

 

 

0

 

 

 

 

15

 

 

 

 

1

 

Titanium Technologies

 

 

127

 

 

 

 

295

 

 

 

 

(168

)

 

 

 

126

 

 

 

 

1

 

Corporate and Other

 

 

(40

)

 

 

 

(44

)

 

 

 

4

 

 

 

 

(38

)

 

 

 

(2

)

Total Adjusted EBITDA

$

 

283

 

 

$

 

497

 

 

$

 

(214

)

 

$

 

262

 

 

$

 

21

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA Margin

20%

 

 

27%

 

 

 

 

 

19%

 

 

 

 

 

Quarterly Change in Net Sales from June 30, 2018

 

 

 

 

 

 

 

 

 

Percentage

 

Percentage Change Due To

 

 

June 30, 2019

Net Sales

 

 

Change vs.

June 30, 2018

 

Local Price

 

Volume

 

Currency Effect

 

Total Company

$

 

1,408

 

 

 

(22

)%

 

(1

)%

 

(20

)%

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fluoroproducts

$

 

711

 

 

 

(11

)%

 

(2

)%

 

(7

)%

 

(2

)%

Chemical Solutions

 

 

130

 

 

 

(15

)%

 

4

%

 

(19

)%

 

—

%

Titanium Technologies

 

 

567

 

 

 

(34

)%

 

—

%

 

(33

)%

 

(1

)%

 

Quarterly Change in Net Sales from March 31, 2019

 

 

 

 

 

 

 

 

 

Percentage

 

Percentage Change Due To

 

 

June 30, 2019

Net Sales

 

 

Change vs.

March 31, 2019

 

Local Price

 

Volume

 

Currency Effect

 

Total Company

$

 

1,408

 

 

 

2

%

 

(1

)%

 

4

%

 

(1

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fluoroproducts

$

 

711

 

 

 

4

%

 

—

%

 

5

%

 

(1

)%

Chemical Solutions

 

 

130

 

 

 

(3

)%

 

(1

)%

 

(2

)%

 

—

%

Titanium Technologies

 

 

567

 

 

 

2

%

 

(1

)%

 

3

%

 

—

%

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)

(Dollars in millions)

 

Adjusted EBITDA and Adjusted Net Income to GAAP Net Income Reconciliation

 

Adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represent the components of net periodic pension (income) costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; asset impairments; (gains) losses on sale of business or assets; and, other items not considered indicative of the Company’s ongoing operational performance and expected to occur infrequently. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

Net income attributable to Chemours

 

$

 

96

 

 

$

281

 

 

$

94

 

 

$

 

189

 

 

$

578

 

Non-operating pension and other post-retirement employee benefit income

 

 

 

(3

)

 

 

 

(7

)

 

 

 

(3

)

 

 

 

(6

)

 

 

 

(14

)

Exchange losses (gains), net

 

 

 

9

 

 

 

 

(2

)

 

 

 

(6

)

 

 

 

3

 

 

 

 

(2

)

Restructuring, asset-related, and other charges

 

 

 

7

 

 

 

 

10

 

 

 

 

8

 

 

 

 

15

 

 

 

 

20

 

Loss on extinguishment of debt

 

 

 

—

 

 

 

 

38

 

 

 

 

—

 

 

 

 

—

 

 

 

 

38

 

Gain on sales of assets and businesses (1)

 

 

 

(2

)

 

 

 

(3

)

 

 

 

—

 

 

 

 

(2

)

 

 

 

(45

)

Transaction costs

 

 

 

1

 

 

 

 

9

 

 

 

 

—

 

 

 

 

1

 

 

 

 

9

 

Legal charges (2)

 

 

 

8

 

 

 

 

10

 

 

 

 

29

 

 

 

 

38

 

 

 

 

14

 

Adjustments made to income taxes (3)

 

 

 

7

 

 

 

 

(8

)

 

 

 

(5

)

 

 

 

1

 

 

 

 

(13

)

Benefit from income taxes relating to reconciling items (4)

 

 

 

(3

)

 

 

 

(14

)

 

 

 

(8

)

 

 

 

(11

)

 

 

 

(5

)

Adjusted Net Income

 

 

 

120

 

 

 

 

314

 

 

 

 

109

 

 

 

 

228

 

 

 

 

580

 

Net income attributable to non-controlling interests

 

 

 

—

 

 

 

 

1

 

 

 

 

—

 

 

 

 

—

 

 

 

 

1

 

Interest expense, net

 

 

 

52

 

 

 

 

48

 

 

 

 

51

 

 

 

 

103

 

 

 

 

100

 

Depreciation and amortization

 

 

 

78

 

 

 

 

71

 

 

 

 

76

 

 

 

 

154

 

 

 

 

141

 

All remaining provision for income taxes

 

 

 

33

 

 

 

 

63

 

 

 

 

26

 

 

 

 

60

 

 

 

 

143

 

Adjusted EBITDA

 

$

 

283

 

 

$

 

497

 

 

$

 

262

 

 

$

 

545

 

 

$

 

965

 

 

(1)

For the six months ended June 30, 2018, gain on sales of assets and businesses included a $42 million gain associated with the sale of the Company’s Linden, New Jersey site.

 

(2)

Includes litigation settlements, PFOA drinking water treatment accruals, and other legal charges. For the three and six months ended June 30, 2019, legal charges included $7 million and $34 million in additional charges for the approved final Consent Order associated with certain matters at the Company’s Fayetteville, North Carolina facility.

 

 

(3)

Includes the removal of certain discrete income tax impacts within the Company’s provision for income taxes, such as the benefit from windfalls on its share-based payments, historical valuation allowance adjustments, unrealized gains and losses on foreign exchange rate changes, and other discrete income tax items.

 

 

(4)

The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred and represents both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)

(Dollars in millions, except per share amounts)

 

Adjusted Earnings per Share to GAAP Earnings per Share Reconciliation

 

Adjusted earnings per share (“EPS”) is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which includes unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Chemours

 

$

 

96

 

 

$

 

281

 

 

$

 

94

 

 

$

 

189

 

 

$

 

578

 

Adjusted Net Income

 

 

 

120

 

 

 

 

314

 

 

 

 

109

 

 

 

 

228

 

 

 

 

580

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding - basic

 

 

 

164,118,816

 

 

 

 

177,798,484

 

 

 

 

167,866,468

 

 

 

 

165,982,289

 

 

 

 

179,922,433

 

Dilutive effect of the Company's employee compensation plans

 

 

 

2,822,810

 

 

 

 

6,022,757

 

 

 

 

4,194,432

 

 

 

 

3,508,621

 

 

 

 

6,142,986

 

Weighted-average number of common shares outstanding - diluted

 

 

 

166,941,626

 

 

 

 

183,821,241

 

 

 

 

172,060,900

 

 

 

 

169,490,910

 

 

 

 

186,065,419

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share - basic

 

$

 

0.58

 

 

$

 

1.58

 

 

$

 

0.56

 

 

$

 

1.14

 

 

$

 

3.21

 

Earnings per share - diluted

 

 

 

0.57

 

 

 

 

1.53

 

 

 

 

0.55

 

 

 

 

1.12

 

 

 

 

3.11

 

Adjusted earnings per share - basic

 

 

 

0.73

 

 

 

 

1.77

 

 

 

 

0.65

 

 

 

 

1.38

 

 

 

 

3.22

 

Adjusted earnings per share - diluted

 

 

 

0.72

 

 

 

 

1.71

 

 

 

 

0.63

 

 

 

 

1.35

 

 

 

 

3.12

 

 

2019 Estimated Adjusted EBITDA and Estimated Adjusted EPS to Estimated GAAP Net Income Reconciliation (*)

 

 

 

Year Ended December 31, 2019

 

 

 

Low

 

 

High

 

Net income attributable to Chemours

 

$

357

 

 

$

466

 

Restructuring, asset-related, and other charges

 

 

40

 

 

 

50

 

Adjusted Net Income

 

 

397

 

 

 

516

 

Interest expense, net

 

 

207

 

 

 

212

 

Depreciation and amortization

 

 

309

 

 

 

309

 

Provision for income taxes

 

 

87

 

 

 

113

 

Adjusted EBITDA

 

$

1,000

 

 

$

1,150

 

 

 

 

 

 

 

 

 

 

Weighted-average number of common shares outstanding - basic (1)

 

 

164.2

 

 

 

164.2

 

Dilutive effect of the Company's employee compensation plans (1,2)

 

 

3.5

 

 

 

3.5

 

Weighted-average number of common shares outstanding - diluted (1,2)

 

 

167.7

 

 

 

167.7

 

 

 

 

 

 

 

 

 

 

Basic earnings per share of common stock

 

$

2.17

 

 

$

2.84

 

Diluted earnings per share of common stock (2)

 

 

2.13

 

 

 

2.78

 

Adjusted basic earnings per share of common stock

 

 

2.42

 

 

 

3.14

 

Adjusted diluted earnings per share of common stock (2)

 

 

2.37

 

 

 

3.08

 

 

(1)

The Company’s estimates for the weighted-average number of common shares outstanding - basic and diluted reflect actual results through June 30, 2019 which are carried forward for the projection period and updated for the estimated impacts of the Company’s 2019 share repurchases.

 

 

(2)

Diluted earnings per share is calculated using net income available to common shareholders divided by diluted weighted-average common shares outstanding during each period, which includes unvested restricted shares. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect.

 

 

(*)

The Company’s estimates reflect its current visibility and expectations based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from these current estimates.

 

 

EXHIBIT 99.1

 

 

The Chemours Company

Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)

(Dollars in millions)

 

Free Cash Flows to GAAP Cash Flow Provided by Operating Activities Reconciliation

 

Free Cash Flows is defined as cash flow provided by (used for) operating activities, less purchases of property, plant, and equipment as shown in the consolidated statements of cash flows.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2019

 

 

2018

 

Cash flow (used for) provided by operating activities

 

$

 

7

 

 

$

 

343

 

 

$

 

(44

)

 

$

 

(38

)

 

$

 

539

 

Less: Purchases of property, plant, and equipment

 

 

 

(124

)

 

 

 

(126

)

 

 

 

(133

)

 

 

 

(257

)

 

 

 

(228

)

Free Cash Flows

 

$

 

(117

)

 

$

 

217

 

 

$

 

(177

)

 

$

 

(295

)

 

$

 

311

 

 

2019 Estimated Free Cash Flow to GAAP Cash Flow Provided by Operating Activities Reconciliation (*)

 

 

 

(Estimated)

 

 

Year Ended December 31,

 

 

2019

Cash flow provided by operating activities

 

$

~ 600

Less: Purchases of property, plant, and equipment

 

 

~ (500)

Free Cash Flows

 

$

~ 100

 

(*)

The Company’s estimates reflect its current visibility and expectations based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from these current estimates.

 

 

Return on Invested Capital Reconciliation

 

Return on Invested Capital (“ROIC”) is defined as Adjusted EBITDA, less depreciation and amortization (“Adjusted EBIT”), divided by the average of invested capital, which amounts to net debt, or debt less cash and cash equivalents, plus equity.

 

 

 

Period Ended June 30,

 

 

 

2019

 

 

2018

 

Adjusted EBITDA (1)

 

$

1,321

 

 

$

1,740

 

Less: Depreciation and amortization (1)

 

 

(296

)

 

 

(273

)

Adjusted EBIT

 

 

1,025

 

 

 

1,467

 

 

 

 

 

 

 

 

 

 

Total debt

 

 

4,208

 

 

 

3,973

 

Total equity

 

 

829

 

 

 

1,025

 

Less: Cash and cash equivalents

 

 

(630

)

 

 

(1,217

)

Invested capital, net

 

$

4,407

 

 

$

3,781

 

 

 

 

 

 

 

 

 

 

Average invested capital (2)

 

$

3,989

 

 

$

3,481

 

 

 

 

 

 

 

 

 

 

Return on Invested Capital

 

 

25.7

%

 

 

42.1

%

 

(1)

Based on amounts for the trailing 12 months ended June 30, 2019 and 2018. Reconciliations of Adjusted EBITDA to net income (loss) attributable to Chemours are provided on a quarterly basis. See the preceding table for the reconciliation of Adjusted EBITDA to net income attributable to Chemours for the three and six months ended June 30, 2019 and 2018.

 

(2)

Average invested capital is based on a five-quarter trailing average of invested capital, net.

 

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