Driving Shareholder Returns

Made public by

sourced by PitchSend

4 of 34

Creator

Chemours logo
Chemours

Category

Chemical Industry

Published

September 30, 2023

Slides

Transcriptions

#1Chemours™ The Chemours Company Investor Presentation November 2023#22 Safe Harbor Statement and Other Matters This presentation contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, 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 for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, including those related to the closing of Chemours' Kuan Yin manufacturing site located in Taiwan, 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, 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, such as full year guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward- looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions and the COVID- 19 pandemic, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 and in our Annual Report on Form 10-K for the year ended December 31, 2022. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law. We prepare our financial statements in accordance with Generally Accepted Accounting Principles ("GAAP"). Within this presentation we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Free Cash Flow, Adjusted Effective Tax Rate, Return on Invested Capital (ROIC) 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. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found in the appendix hereto. Management uses Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Free Cash Flow, Adjusted Effective Tax Rate, ROIC and Net Leverage Ratio to evaluate the company's performance excluding the impact of certain cash and 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. Additional information for investors is available on the company's website at investors.chemours.com. Chemours™#33 We Are Chemours Chemours is a different kind of chemistry company, committed to creating a better world through the power of our chemistry. Uriel URIEL Chemours™#4Essential. Responsible. Chemistry. Battery ENERGY STORAGE Our chemistry helps build a sustainable future for all. Market Leader Across Platforms Our proprietary chemistry, advanced process technology, and significant intellectual property enables thousands of products people use every day from cellphones, to automobiles, to medical devices, and more. Innovation & Sustainable Solutions We are enabling the next generation of more sustainable technologies and processes, including electric vehicles, membranes needed for carbon reduction, and low global warming refrigerants. Environmental Leadership We have set ambitious goals, including reaching net-zero greenhouse gas emissions from operations by 2050 (achieved 30% reduction through 2022) and committing to 50% of our revenue come from products that align with UN Sustainable Development Goals (achieved 48.2% of revenue contribution through 2022). Chemours™#55 Our Executive Team Mark Newman President and CEO Jonathan Lock SVP, Chief Financial Officer Denise Dignam President, Titanium Technologies Joseph Martinko President, Thermal & Specialized Solutions Gerardo Familiar President, Advanced Performance Materials Alvenia Scarborough SVP, Corporate Communications and Chief Brand Officer Kristine Wellman SVP, General Counsel and Corporate Secretary Ron Charles SVP, People Matthew Abbott SVP, Chief Enterprise Transformation Officer Chemours™#66 Our Priorities for Creating Shareholder Value Improve earnings quality of our Titanium Technologies (TT) segment Drive sustainability led growth in Thermal & Specialized Solutions (TSS) through low Global Warming Potential (GWP) applications, plus market-driven innovation Drive sustainability led growth in Advanced Performance Materials (APM) through Clean Energy and Advanced Electronics, while continuing to lead the industry in responsible manufacturing Manage and resolve legacy liabilities consistent with the Memorandum of Understanding between Chemours, DuPont and Corteva Maintain focus on prudent capital allocation strategy to unlock value Chemours™#7THERMAL & SPECIALIZED SOLUTIONS ADVANCED PERFORMANCE MATERIALS Chemours Businesses TITANIUM TECHNOLOGIES ww Chemours™#88 Industry Leading Businesses Collectively Driving Shareholder Returns (All $'s on a trailing twelve-month basis, in millions) Total Chemours 1 Titanium Technologies Thermal & Specialized Sols. Net Sales Adj. EBITDA Net Sales Adj. EBITDA Net Sales Adj. EBITDA Net Sales Advanced Performance Mats. Adj. EBITDA $6,004 Adj. EBITDA Margin $994 $2,635 $1,765 $615 $1,500 17% $268 $294 10% Global Business Mix 2 Performance Other Segment 2% Solutions 9% APM Advanced materials 16% FP&O 6% Refrigerants 23% TSS TT TiO2 and other minerals 44% Data Source: Company SEC filings 1) Includes $202 corporate and other expenses. Also includes Other Segment Net Sales of $104 and Adjusted EBITDA of $19. 2) Data reflects Net Sales for the trailing twelve months ended September 30, 2023. 3) See reconciliation of Non-GAAP measures in the appendix. 35% Geographical Breakdown 2 LATAM 11% EMEA 20% Asia Pacific 24% North America 45% 20% Chemours™#9Our Business TITANIUM TECHNOLOGIES (TT) Chemours' Titanium Technologies business creates a brighter, more durable and efficient world through TiO2 innovation and reliability while serving customers across coatings, plastics, and laminates applications. Ti-Pure Chemours™#1010 Titanium Technologies Improving the quality of earnings by utilizing our industry-leading manufacturing circuit and implementing a cost leadership strategy as part of our TT Transformation Plan A global leader2 in TiO 2 production 3 TiO2 plants, 6 production lines Mineral sands mine in Florida and Georgia Global sales, marketing and technical teams Strong brand reputation Ti-PureTM sold to approximately 500 customers globally Reliable supply, exceptional quality Industry-leading manufacturing cost position Unique chloride technology Feedstock flexibility Expanded manufacturing flexibility to respond to customer demand Top-tier cash generation in the industry Global Presence in Major Segments Coatings architectural, industrial, automotive Plastics - rigid/flexible packaging, PVC pipe/windows Papers-laminate papers, coated paper/paperboard, sheet 1 Data reflects Net Sales for the trailing twelve months ended September 30, 2023. 2 TiO 2 market share statistics based on internal estimates 3 Internal Analysis TT Key End Markets Geography 1 Product Type 1 Latin America 15% Papers EMEA North America 41% Plastics 19% Coatings Asia Pacific 25% Adj. EBITDA margin of 10% 1 Recent strategic actions to optimize manufacturing circuit in order to drive prospective margin improvement Chemours™#1111 Titanium Technologies Transformation Plan Launched TT Transformation Plan to accelerate the TT earnings improvement strategic priority ➤ TT Transformation Plan expected to drive improvements in business costs and margins over time, encompassing the recent closure of the Kuan Yin manufacturing facility and measures to reduce overhead and optimize our end-to- end operations These actions are projected to drive approximately $100 million of run-rate savings in 2024, with the Kuan Yin closure contributing $50 million in 2024 and $15 million in 2023. ➤In Q3 2023, we incurred $147 million in pre-tax charges associated with the TT Transformation Plan: . $78 million in non-cash charges related to asset-related impairments . $28 million for the write-off of certain raw materials inventory and $10 million in other charges $31 million in cash charges for severance, contract termination, and decommissioning Anticipate additional cash charges of $20 million to $30 million for decommissioning, dismantling, and removal costs in the next couple years ➤ Progress and additional updates under this plan will be disclosed in future periods Chemours™#1212 Cost-Advantaged Manufacturing Circuit to Fill Customer Needs Reliable operating supply and network support serving customers in over 100 countries DeLisle, Mississippi New Johnsonville, Tennessee Kallo, Belgium Altamira, Mexico Starke, Florida Newark, Delaware Jesup, Georgia Global warehousing network to serve Manufacturing Facilities Technical Services Laboratories customers in any region Mining Sites August 2023 Kuan Yin TiO2 Facility Closure Strategic decision to optimize manufacturing circuit and enhance cost competitiveness No disruption to meeting customer needs, placing greater reliance on existing warehousing and distribution network Anticipated annual run-rate savings of $50 million expected to commence in 2024, with $15 million projected to be realized in the remainder of 2023 Chemours™#1313 Innovative Market Channels to Reliably Meet Demand Ti-Pure TM Contract Ti-Pure TM Flex Ti-Pure TM Distributors Reliability. Contracted Supply. Long-term Value. Assured Supply • Predictable pricing • Contracted relationship • • • Defined share Direct sales Ti-Pure™ Connect digital hub • Technical support • Value creation collaborations • Track and Trace your orders • Dedicated customer service Flexibility. Accessibility. Agility. Available Supply • Dynamic pricing •No contracts or volume requirements Ti-Pure™ Flex E-commerce portal • Product Support • 6-month price visibility • Track and Trace your orders • Set price alerts • Make price and volume offers Dedicated customer service • Versatile. Convenient. Local. Available Supply • Dynamic pricing ⚫ Local relationship • • Chemours-trained customer support • Less than full truckload orders Chemours™#14Our Business 1111 THERMAL & SPECIALIZED SOLUTIONS (TSS) Chemours' Thermal & Specialized Solutions business delivers thermal management solutions with superior performance, quality, and safety, while meeting performance and regulatory requirements. Opteon™ Freon™ Chemours™#1515 Thermal & Specialized Solutions TSS Market Strength Global leading provider of refrigerants, thermal management solutions, propellants, foam blowing agents, and specialty solvents Category leader in next-gen low GWP refrigerant technology Opteon™ · • Market-leading 1234yf process technology at Corpus Christi, TX facility; currently undergoing 40% capacity expansion Robust international patent portfolio for 1234yf products and methods, most valid until the early 2030s HFO-1336(Z) capacity increase project announced, aimed at expanding applications in foam blowing agents Announced development of two-phased immersion cooling: OpteonTM 2P50 2 Cooling innovation leader driving continued R&D investments in low GWP thermal solutions Global supply chain positioned to respond to customers' needs based on evolving market and regulatory conditions 1 Data reflects Net Sales for the trailing twelve months ended September 30, 2023. 2 Commercialization targeted for 2025 pending appropriate regulatory approvals. MOBILE AIR CONDITIONING CHILLERS TSS Key End Markets AIR CONDITIONING Geography 1 Latin America 12% Asia Pacific. 10% EMEA 21% North America 57% COMMERCIAL REFRIGERATION FOAM BLOWING AGENTS FIRE SUPPRESSION Product Type Foam, Propellants & Other 20% 1 Refrigerants 80% Adj. EBITDA margin of 35% 1 PROPELLENTS Chemours™#16Favorable Regulatory Trends Accelerating Opteon TM Adoption •The EU and the United States are the two key end-markets driving regulatory acceleration of Opte on TM adoption through a GWP- based quota system • The AIM Act empowers the EPA to reduce US HFC production and consumption ~85% by 2036, driving customers to transition to low GWP HFO refrigerants, including Opteon TM as one of two viable choices • The phasedown is organized in a stepwise manner, utilizing an allowance allocation and trading program; GWP stepdown based on CO2eq allocation PERCENT OF PHASE DOWN* 100% 90% 80% 70% 60% 50% 40% 30% 2024 Stepdown US: 30% (40% cumulative) *EU:21% (76% cumulative) 20% 10% 0% 2015 2017 2019 2021 2023 2025 2027 YEAR 2029 2031 2033 2035 2037 2039 AIM F-Gas F-Gas Revision Kigali A1 Kigali A5 16 Source: Internal Estimates Footnote: US 304 MMT CO2eq EU 182 MMT CO2eq *EU Stepdown figures derived from F-Gas Revision Montreal Protocol/ Kigali US AIM Act EU F-Gas Regulation Chemours™#17Market Driven Innovation: Two-Phased Data Center Immersion Cooling with Opteon TM 2P50 The Technology Key Advantages Solution for future higher capacity computing energy and performance demands Low GWP Low asset footprint Low energy usage Low replacement Low maintenance Low water usage 17 Source: Internal Estimates • Vapor condenses on co How we fit: or lid condenser Fluid recirculates passively to bath Vapor rises to top Heat generated on chip and fluid turns into vapor How we win: Superior performance to all alternatives on the market today More than an estimated 95% of data centers currently use traditional air- and water-cooled technologies Limited alternatives or other cooling solutions in the market Data Centers are highly energy intensive with over 40% of that energy going to cooling of the IT equipment ⚫ Innovations with high-powered computing technologies are driving the need for improved cooling technologies • • 2-PIC nearly eliminates water use, reduces data center cooling energy consumption by more than 90%, all in a space up to 60% smaller Industry-leading research and development team to ensure the highest level of product stewardship Targeting project commercialization in 2025, • pending appropriate regulatory approvals Chemours™#18Our Business ADVANCED PERFORMANCE MATERIALS (APM) Chemours' Advanced Performance Materials business provides a broad portfolio of high-performance materials used in a wide variety of applications and industries. These materials enable products that people interact with every day and are the cornerstone of more sustainable solutions. Teflon Teflon™ Krytox™ Nafion™ Viton® Chemours™#1919 Driving Sustainability Led Growth • Enabling innovation and portfolio transformation towards high-value end markets, primarily in clean energy & advanced electronics Expect growth as a multiple of GDP with secular trends driving investment Differentiated offerings with exceptional performance Hydrogen Clean Energy EV Batteries Advanced Electronics Electronics 134 Semicon • Investing to support high-growth Performance Solutions platforms $200 million capital investment to increase Nafion TM ion exchange material production capacity in France to support growing European market demand for clean hydrogen generation Investing to expand Teflon™ PFA production capacity, which is critical for semiconductor manufacturing Chemours™#2020 Advanced Performance Materials at a Glance Leader Across a diverse range of high-end materials Customers & distributors; 1300+ no customer representing >10% of sales³ High Earnings upside through continued $1.5B Sales¹ $294M Adjusted EBITDA² specialty application Global Footprint' Latin America developments Diverse Revenue Base 1,2 Medical EMEA North America Energy & Industrial Asia Pacific Others Electronics & Communications Consumer Goods Transportation Chemical Processing Revenue Contribution by Portfolio4 Advanced Materials Performance Solutions 1 Data reflects Net Sales for the trailing twelve months ended September 30, 2023 2 Data reflects Adj. EBITDA for the trailing twelve months ended September 30, 2023 3 Excluded external monomer sales. 4 Figure reflects Net Sales year-to-date for the quarter ended September 30, 2023 62% 38% APM Opportunity Expanding our market-leading position with select investments supporting high-growth platforms Positioned to capture secular growth, projected to accelerate through the decade Chemours™#2121 Illustrative APM Applications in Clean Energy APM's suite of products while directly enabling water hydrolysis through our Nafion TM membranes also serve to support broader Hydrogen Economy and clean energy ventures Renewable Energy Production • Teflon TM used as release film to support production of composite turbine blades Viton TM used for sealing applications in control centers for offshore wind parks PHOTOVOLTACIS, WIND, HYDROPOWER OR BIOMASS Hydrogen Production • Nafion™ membranes used for PEM water electrolyzers • Teflon TM used as tubing fluid • transfer in alkaline water electrolysis hydrogen production systems Teflon TM used as binder materials in the electrodes Stationary & Mobility Fuel Cells & EV Batteries • Nafion TM membranes used for PEM fuel cells . • Teflon TM used as a binder for dry process in EV batteries Viton TM / Teflon TM gaskets and seals to prevent leaks and environmental releases to reduce CO2 emissions • New JV: THE MOBILITY F.C. Membranes Company, established to expand into Hydrogen mobility technology ELECTRICAL GRID DATA CENTERS, COMMERCIAL & INDUSTRIAL BUILDINGS, MICROGRIDS ELECTROLYZER HYDROGEN STORAGE TANK FUEL CELL SYSTEM FUEL CELL ELECTRIC VEHICLES HYDROGEN REFUELING STATION . Energy Storage Nafion TM membranes used for flow batteries •Teflon TM used as binder materials in the electrodes • Viton TM / Teflon TM gaskets and seals to prevent leaks and environmental releases to reduce CO2 emissions Chemours™#22Nafion™ Membranes: Contributing to the Advancement of the Hydrogen Economy Positioned to Lead Enhancing Industry Collaboration Investing in Innovation & Capacity Positioned to Lead • • • NafionTM is at the core of the Hydrogen Economy and created the category of ion exchange materials Chemours has a fully integrated supply chain and leading R&D center to support rapid advancement in technology applications Enhancing Industry Collaboration • Recent joint venture, THE Mobility F.C. Membranes Company, to accelerate fuel cell membrane technology development in heavy-duty fuel cell (HFDC) applications Focused on our strategic partners/customers to enable the Hydrogen Economy realization, including participation in ARCH2 Hydrogen Hub Investing in Innovation & Capacity • • Planned $200M investment for capacity expansion to enable the growth of our customers and partners Advancing innovation for Nafion™ platform for clean energy and e-mobility transitions 22 22 Chemours™#2333 23 Nafion TM Products to Drive Diesel and Hydrocarbon Parity Fuel Cell Diesel Parity Total Cost of Ownership Efficiency High Temperature Performance Hydrogen Crossover Durability Power Circularity Membrane Efficiency 50¢ per mile + Water Electrolysis Hydrocarbon Parity Efficiency Durability / Swelling Hydrogen Crossover Conductivity Circularity Membrane Efficiency F 2020 2025 2028 2030 2020 2025 Chemours Target to Demonstrate Recyclability ($ in millions) $2 per kg H₂ PEM Membrane TAM Outlook (thru 2030)1 Hydrogen diesel parity driving market adoption 1,505 927 1,901 2,280 2,777 CAGR 42% 1,589 CAGR 1,273 39% 572 1,006 401 750 240 549 368 260 161 2030 2023 2024 2025 2026 2027 2028 2029 2030 Base Case ■Best Case Source: The Chemours Company A Significant Market Opportunity for Chemours 1 IHS, GlobalData, JV and internal Chemours analysis Chemours™#24Empowering Semiconductor Manufacturing The Essential Chemistry Behind the Innovation . Vital Chemistry Fluid Handling for Semicon Infrastructure • PFA is a critical material used for chemical distribution systems within semiconductor manufacturing fabs Key Contributor to the U.S. Economy Chemours is the only domestic producer of PFA fluoropolymers used in the manufacture of semiconductor chips Robust Application Demand Semiconductor fabs require around 0.5kg1 of PFA per sq. ft. for advanced logic devices. An average mega fab is 600k square ft. Large and mega fabs are being built every day for advanced nodes •Diverse Applications Position to participate in both legacy node (>5nm), key chip used in auto production, and advanced nodes (≤5nm); major part of enabling advanced computing like Al, 5G, and consumer electronics 24 24 1 Internal Estimates Chemours™#2525 Enabling Innovation in Lithium-ion Batteries The Essential Chemistry Behind the Innovation - Anode Electrode Lithium-ion Battery Cell + Cathode Electrode • . Supporting Global Electrification Accelerated EV adoption is bolstered by government incentives, investment in EV infrastructure, and strong public support for renewable energy and fossil fuel phase-out. Boosting EV Battery Efficiency Battery cell manufacturers and OEMs are embracing "dry" electrode manufacturing, moving away from more costly solvent or "wet" processing. This shift results in meaningful change including lower manufacturing costs and plant footprint, increased cell energy density, reduced emissions, and elimination of a toxic solvent. Tailored Solutions We are developing advanced fluoropolymer binder solutions to drive a competitive edge and partnering with cell manufacturers to speed the dry adoption. Chemours™#2626 Progress Against Our Strategic Priorities Improve earnings quality of our Titanium Technologies segment ➤ Launched TT Transformation Plan to drive approx. $100 million run-rate cost savings in '24 Drive sustainability led growth in TSS through low GWP refrigerants and specialized solutions, plus market-driven innovation Drive sustainability led growth in APM through Clean Energy and Advanced Electronics investments; lead the industry in responsible manufacturing Manage and resolve legacy liabilities consistent with the CC/DD/CTVA MOU Maintain focus on prudent capital allocation strategy to unlock value Achieved quarterly Net Sales record in 3Q'23 ➤ Announced development of two-phase immersion cooling product: Opte on TM 2P50 Granted U.S. Department of Energy award to ARCH2 hydrogen hub, with CC as a project partner ➤ Achieved 11% YTD top-line growth in PS portfolio Obtained preliminary approval of comprehensive PFAS settlement with a defined class of US public water systems and funded water district settlement fund ➤ Completed sale of Glycolic Acid business, cash proceeds of $138 million ➤ Refinanced TLB upsized by ~$400 million Chemours™#27Chemours™ Appendix#2828 Segment Net Sales and Adjusted EBITDA (Unaudited) ($ in millions) Twelve Months Ended September 30 SEGMENT NET SALES Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment Total Company SEGMENT ADJUSTED EBITDA 2023 2022 $ 2,635 1,765 $ 3,638 1,655 1,500 1,582 104 156 6,004 $ 7,031 Titanium Technologies $ 268 69 Thermal & Specialized Solutions 615 754 644 Advanced Performance Materials 294 378 Other Segment 19 8 Corporate and Other (202) (236) Total Company $ 994 $ 1,548 SEGMENT ADJUSTED EBITDA MARGIN Titanium Technologies Thermal & Specialized Solutions Advanced Performance Materials Other Segment 10% 21% 35% 39% 20% 24% 18% 5% Corporate and Other Total Company 17% 22% Chemours™#2929 GAAP Income Before Income Taxes to Adjusted EBITDA Reconciliation (unaudited) ($ in millions) Adjusted EBITDA to GAAP Income (Loss) Before Income Taxes Reconciliation (UNAUDITED) (Loss) income before income taxes Interest expense, net Depreciation and amortization Non-operating pension and other post-retirement employee benefit income Exchange losses (gains), net Restructuring, asset-related, and other charges Natural disasters and catastrophic events Loss (gain) on extinguishment of debt Gain on sales of assets and businesses Transaction costs Qualified spend recovery Litigation-related charges Environmental charges Adjusted EBITDA $ Twelve Months Ended September 30 2023 (306) $ 186 307 47 169 2022 1,112 165 294 (6) (15) 17 ☐ $ 1 (101) 7 (60) 713 31 994 $ 2 (6) (140) (3) (49) (16) 193 1,548 Chemours™#3030 30 Estimated GAAP Net Loss Attributable to Chemours to Estimated Adjusted Net Income, Adjusted EBITDA and Adjusted EPS Reconciliation (*) (Unaudited) (In millions except per share amounts) (Estimated) Year Ending December 31, 2023 Low High Net loss attributable to Chemours Litigation-related charges Gain on sales of assets and businesses Restructuring, transaction, and other costs, net (1) Adjusted Net Income Interest expense, net Depreciation and amortization $ (201) $ (166) 675 675 (106) (106) 52 52 420 455 215 215 300 300 All remaining provision for income taxes 90 105 Adjusted EBITDA $ 1,025 $ 1,075 Weighted-average number of common shares outstanding - basic (2) Dilutive effect of the Company's employee compensation plans (3) Weighted-average number of common shares outstanding - diluted 148.8 2.9 151.7 148.8 2.9 151.7 Basic loss per share of common stock Diluted loss per share of common stock (4) Adjusted basic earnings per share of common stock Adjusted diluted earnings per share of common stock (4) $ (1.35) $ (1.12) (1.35) (1.12) 2.82 3.06 2.77 3.00 (1) Restructuring, transaction, and other costs, net includes the net provision for (benefit from) income taxes relating to reconciling items and adjustments made to income taxes for the removal of certain discrete income tax impacts; qualified spend recovery; shutdown of our Kuan Yin Taiwan manufacturing site and abandonment of ERP software implementation. Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 17 - Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements. (2) The Company's estimates for the weighted-average number of common shares outstanding - basic reflect results for the nine months ended September 30, 2023, which are carried forward for the projection period. (3) The Company's estimates for the dilutive effect of the Company's employee compensation plans reflect the dilutive effect for the nine months ended September 30, 2023, which is carried forward for the projection period. (4) 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. * These estimates reflect the Company's visibility and expectations as of October 27, 2023, based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from those estimates. The Company's estimates described herein are as of October 27, 2023, and are not updated or reaffirmed pursuant to this presentation. Chemours™#3131 Estimated GAAP Cash Flows Provided by Operating Activities to Adjusted Free Cash Flow Reconciliations (*) (Unaudited) ($ in millions) (Estimated) Year Ending December 31, Cash provided by operating activities Less: Purchases of property, plant, and equipment Free Cash Flows (1) PFAS Litigation Settlements (2) Adjusted Free Cash Flows (1) $ $ 2023 >588 ~(400) >188 37 >225 (1) Assumes the release of restricted cash related to the recent PFAS settlement with U.S. public water systems, which is subject to court approval, will occur after December 31, 2023. (2) Represents litigation settlements and fees related to PFAS and PFOA matters. * These estimates reflect the Company's visibility and expectations as of October 27, 2023, based on market factors, such as currency movements, macro-economic factors, and end- market demand. Actual results could differ materially from those estimates. The Company's estimates described herein are as of October 27, 2023, and are not updated or reaffirmed pursuant to this presentation. Chemours™#32Chemours™ Thank you!

Download to PowerPoint

Download presentation as an editable powerpoint.

Related

Maintaining Strategy to Deliver Volumetric Growth image

Maintaining Strategy to Deliver Volumetric Growth

Chemical Industry

H1 FY24 Financial Performance image

H1 FY24 Financial Performance

Chemical Industry

Fertiglobe Financial Overview image

Fertiglobe Financial Overview

Chemical Industry

AgroFresh SPAC Presentation Deck image

AgroFresh SPAC Presentation Deck

Consumer

Rentokil Initial Investor Day Presentation Deck image

Rentokil Initial Investor Day Presentation Deck

Industrials

Yaroslavl Region Development of Automotive Components Cluster image

Yaroslavl Region Development of Automotive Components Cluster

Regional Development

Coalbed Methane in Henan image

Coalbed Methane in Henan

Energy

Event Passport Krasnodar Region image

Event Passport Krasnodar Region

Tourism and Recreation