HIGHLIGHTS: (comparisons versus prior year period)
- Net sales of $392.6 million, up 2.6%
- Net income of $50.7 million and diluted earnings per share
(EPS) of $1.35; adjusted earnings of $41.1 million and diluted
adjusted EPS of $1.09
- Adjusted EBITDA of $103.9 million and adjusted EBITDA margin of
26.5%
- Operating cash flow of $5.2 million with free cash flow of
negative $20.2 million, reflecting seasonal inventory build
- Share repurchases of $33.4 million
- Converting Crossett, AR plant to run 100% on non-CTO feedstocks
to produce oleo-based alternate fatty acids (AFA)
- Adjusted 2023 guidance for sales between $1.75 billion to $1.95
billion and adjusted EBITDA between $450 million to $480
million
The results and guidance in this release
include non-GAAP financial measures. Refer to the section entitled
“Use of non-GAAP financial measures” within this release.
Ingevity Corporation (NYSE: NGVT) today reported its financial
results for the first quarter 2023.
First quarter net sales of $392.6 million rose 2.6% versus the
prior year quarter, reflecting increased pricing across all
segments and revenue from the Ozark road markings business
acquisition (Ozark) completed in the fourth quarter of 2022,
partially offset by weaker volumes across most business lines. Net
income decreased 17% to $50.7 million and diluted earnings per
share (EPS) decreased 13% to $1.35 with diluted adjusted EPS of
$1.09. Net income and EPS were negatively impacted by lower
operating earnings, and increased interest expense and depreciation
and amortization associated with Ozark.
Adjusted EBITDA decreased 13% to $103.9 million with adjusted
EBITDA margin of 26.5%. The decrease is primarily due to gross
margin pressure from lower volumes, increased raw material costs,
and higher SG&A.
“The first quarter started slow, especially in January and
February, due to the delayed recovery in China which negatively
impacted both Performance Materials and Advanced Polymer
Technologies segments. We also saw continued destocking in certain
product lines, particularly adhesives in Performance Chemicals’
Industrial Specialties business, and pressure on margins from
rising crude tall oil (CTO) costs,” said John Fortson, president
and CEO. “I’m extremely proud of the team for continuing to execute
well on what they can control and deliver solid results in this
challenging environment.”
Performance Chemicals
Sales in the Performance Chemicals segment were $185.6 million,
up 8% from prior year.
Industrial Specialties posted sales of $139.8 million, down 3%,
due to lower volume attributed to continued customer destocking,
particularly in adhesives products. Pavement Technologies sales
increased to $45.8 million, driven by sales associated with Ozark
and growth from technology adoption in our legacy pavement
applications.
Segment EBITDA was $20.3 million, down 34% versus the prior year
quarter primarily reflecting lower sales volumes and its impact on
plant utilization, and higher raw material costs, resulting in
segment EBITDA margin of 10.9%.
“Pavement Technologies saw volume improvement from its legacy
business primarily due to regional expansion outside of the United
States, and we saw the benefit of our increased presence in road
markings from Ozark. Industrial Specialties continued to be
impacted by customer destocking, primarily in adhesives, which
outweighed the growth in Pavement,” said Fortson. “We continued to
feel margin pressure, particularly from elevated CTO pricing, our
key raw material for the segment, and expect further increases
before prices stabilize toward the end of the year. As part of our
strategy to diversify our raw material stream and maximize plant
utilization to reduce cost volatility, we have consolidated CTO
processing in our DeRidder and North Charleston sites and are fully
transitioning Crossett to AFA production.”
Advanced Polymer Technologies
Sales in the Advanced Polymer Technologies (APT) segment were
$65.6 million in the first quarter, up 6% from prior year due to
higher pricing across the segment and increased demand in the
automotive and bioplastics markets, particularly in North America,
partially offset by lower demand in Europe and customer destocking
in Asia. Segment EBITDA was $13.8 million, up 34% and segment
EBITDA margin for the quarter was 21.0%.
“This is the first time we are reporting APT, formerly known as
Engineered Polymers, as its own segment. APT delivered another
quarter of strong results driven by increased year over year
pricing and strong customer demand in key end markets,” said
Fortson. “The business delivered margin improvement of over four
hundred basis points, which is a reflection of pricing gains
required to offset higher input costs.”
Performance Materials
Sales in Performance Materials were $141.4 million in the
quarter, down 5% primarily due to the slower than expected
automotive recovery in China as well as foreign currency headwinds,
which offset price increases and a strong sales quarter in North
America. Segment EBITDA was $69.8 million, down 10% versus the
strong prior year quarter due to lower sales volume resulting in
unplanned downtime at our manufacturing facilities supporting the
China market in response to the slower automotive recovery, with
segment EBITDA margins of 49.4%.
“Performance Materials had strong sales in North America during
the quarter, but the slower China recovery impacted their results,”
said Fortson. “Margins continue to remain impressive, and the team
is ready to serve the China market once it picks up, while taking
advantage of the expected increase in vehicle production in both
the U.S. and Europe.”
Liquidity/Other
First quarter operating cash flow was $5.2 million with free
cash flow of negative $20.2 million reflecting lower earnings and
seasonal inventory build. Share repurchases for the quarter were
$33.4 million and $411.5 million remains available under the July
2022 $500 million Board authorization. Net leverage was 3.1 times,
reflecting increased borrowing for the Ozark acquisition.
Full Year 2023 Guidance
“We are expecting a strong year in APT and Performance Materials
as the China market recovers and automotive production picks up, as
well as strength in our Pavement Technologies business. We expect
results in Industrial Specialties to be challenged by elevated CTO
costs and the pace of the AFA transition and product adoption.
Given this, as well as recent market softness and the possibility
of a recession, we are adjusting full year 2023 guidance to sales
between $1.75 billion and $1.95 billion, and adjusted EBITDA
between $450 million and $480 million,” said Fortson.
Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect
and enhance the world around us. Through a team of talented and
experienced people, we develop, manufacture and bring to market
solutions that help customers solve complex problems and make the
world more sustainable. We operate in three reporting segments:
Performance Chemicals, which includes specialty chemicals and
pavement technologies; Advanced Polymer Technologies, which
includes biodegradable plastics and polyurethane materials; and
Performance Materials, which includes activated carbon. Our
products are used in a variety of demanding applications, including
adhesives, agrochemicals, asphalt paving, bioplastics, coatings,
elastomers, lubricants, pavement markings, publication inks, oil
exploration and production and automotive components that reduce
gasoline vapor emissions. Headquartered in North Charleston, South
Carolina, Ingevity operates from 31 countries around the world and
employs approximately 2,050 people. The company’s common stock is
traded on the New York Stock Exchange (NYSE:NGVT). For more
information, visit Ingevity.com. Follow Ingevity on LinkedIn.
Additional Information
The company will host a live webcast on Thursday, May 4, 2023,
at 10:00 a.m. (Eastern) to discuss first quarter 2023 fiscal
results. The webcast can be accessed here or on the investors
section of Ingevity’s website. You may also listen to the
conference call by dialing 833 470 1428 (inside the U.S.) or 929
526 1599 (outside the U.S.) and entering access code 122397.
Information on how to access the webcast and conference call, along
with a slide deck containing other relevant financial and
statistical information, will be posted to Ingevity’s investor site
prior to the call. beginning at approximately 2:00 p.m. (Eastern)
on May 4, 2023, through May 3, 2024, at this replay link.
Use of non-GAAP financial measures: This press release
includes certain non‐GAAP financial measures intended to
supplement, not substitute for, comparable GAAP measures.
Reconciliations of non‐GAAP financial measures to GAAP financial
measures are provided within the Appendix to this presentation.
Investors are urged to consider carefully the comparable GAAP
measures and the reconciliations to those measures provided. The
company does not attempt to provide reconciliations of
forward-looking non-GAAP guidance to the comparable GAAP measure
because the impact and timing of the factors underlying the
guidance assumptions are inherently uncertain and difficult to
predict and are unavailable without unreasonable efforts. In
addition, Ingevity believes such reconciliations would imply a
degree of certainty that could be confusing to investors.
Forward-looking statements:
This press release contains “forward-looking statements” within
the meaning of the Securities Exchange Act of 1934, as amended, and
the Private Securities Litigation Reform Act of 1995. Such
statements generally include the words “will,” “plans,” “intends,”
“targets,” “expects,” “outlook,” "guidance," “believes,”
“anticipates” or similar expressions. Forward-looking statements
may include, without limitation, the potential benefits of any
acquisition or investment transaction, expected financial
positions, expected financial positions, guidance, results of
operations and cash flows; financing plans; business strategies and
expectations; operating plans; impact of COVID-19; capital and
other expenditures; competitive positions; growth opportunities for
existing products; benefits from new technology and cost-reduction
initiatives, plans and objectives; litigation related strategies
and outcomes; markets for securities and expected future
repurchases of shares, including statements about the manner,
amount and timing of repurchases. Actual results could differ
materially from the views expressed. Factors that could cause
actual results to materially differ from those contained in the
forward-looking statements, or that could cause other
forward-looking statements to prove incorrect, include, without
limitation, adverse effects from general global economic,
geopolitical and financial conditions beyond our control, including
inflation and war in Ukraine; risks related to our international
sales and operations; adverse conditions in the automotive market;
competition from substitute products, new technologies and new or
emerging competitors; worldwide air quality standards; a decrease
in government infrastructure spending; adverse conditions in
cyclical end markets; the limited supply of or lack of access to
sufficient crude tall oil and other raw materials; issues with or
integration of future acquisitions and other investments; the
provision of services by third parties at several facilities;
adverse effects from the COVID-19 pandemic; supply chain
disruptions; natural disasters and extreme weather events; or other
unanticipated problems such as labor difficulties (including work
stoppages), equipment failure or unscheduled maintenance and
repair; attracting and retaining key personnel; dependence on
certain large customers; legal actions associated with our
intellectual property rights; protection of our intellectual
property and other proprietary information; information technology
security breaches and other disruptions; complications with
designing or implementing our new enterprise resource planning
system; government policies and regulations, including, but not
limited to, those affecting the environment, climate change, tax
policies, tariffs and the chemicals industry; and losses due to
lawsuits arising out of environmental damage or personal injuries
associated with chemical or other manufacturing processes, and the
other factors detailed from time to time in the reports we file
with the SEC, including those described in Part I, Item 1A. Risk
Factors in our Annual Report on Form 10-K as well as in our other
filings with the SEC. These forward-looking statements speak only
to management’s beliefs as of the date of this press release.
Ingevity assumes no obligation to provide any revisions to, or
update, any projections and forward-looking statements contained in
this press release.
INGEVITY CORPORATION
Condensed Consolidated
Statements of Operations (Unaudited)
Three Months Ended March
31,
In millions, except per share
data
2023
2022
Net sales
$
392.6
$
382.8
Cost of sales
262.2
245.0
Gross profit
130.4
137.8
Selling, general and administrative
expenses
48.6
40.0
Research and technical expenses
8.8
7.3
Restructuring and other (income) charges,
net
5.6
3.6
Acquisition-related costs
1.9
—
Other (income) expense, net
(18.2
)
(1.4
)
Interest expense, net
19.6
10.7
Income (loss) before income taxes
64.1
77.6
Provision (benefit) for income taxes
13.4
16.8
Net income (loss)
$
50.7
$
60.8
Per share data
Basic earnings (loss) per share
$
1.36
$
1.56
Diluted earnings (loss) per share
1.35
1.55
Weighted average shares outstanding
Basic
37.2
39.0
Diluted
37.5
39.3
INGEVITY CORPORATION
Segment Operating Results
(Unaudited)
Three Months Ended March
31,
In millions
2023
2022
Net sales
Performance Materials
$
141.4
$
148.4
Performance Chemicals
$
185.6
$
172.6
Pavement Technologies product line
45.8
27.9
Industrial Specialties product line
139.8
144.7
Advanced Polymer Technologies
$
65.6
$
61.8
Total net sales
$
392.6
$
382.8
Segment EBITDA (1)
Performance Materials
$
69.8
$
77.9
Performance Chemicals
20.3
30.8
Advanced Polymer Technologies
13.8
10.3
Total segment EBITDA (1)
$
103.9
$
119.0
Interest expense, net
(19.6
)
(10.7
)
(Provision) benefit for income taxes
(13.4
)
(16.8
)
Depreciation and amortization -
Performance Materials
(10.0
)
(9.0
)
Depreciation and amortization -
Performance Chemicals
(13.8
)
(10.2
)
Depreciation and amortization - Advanced
Polymer Technologies
(7.3
)
(7.9
)
Restructuring and other income (charges),
net (2)
(5.6
)
(3.6
)
Acquisition and other-related costs
(3)
(2.7
)
—
Gain on sale of strategic investment
(4)
19.2
—
Net income (loss)
$
50.7
$
60.8
_________________
(1) Segment EBITDA is the primary measure
used by our chief operating decision maker to evaluate the
performance of and allocate resources among our operating segments.
Segment EBITDA is defined as segment revenue less segment operating
expenses (segment operating expenses consist of costs of sales,
selling, general and administrative expenses, research and
technical expenses, other (income) expense, net, excluding
depreciation and amortization). We have excluded the following
items from segment EBITDA: interest expense, net, associated with
corporate debt facilities, income taxes, depreciation,
amortization, restructuring and other (income) charges, net,
acquisition and other related costs, litigation verdict charges,
(losses) and gains from the sale of strategic investments, pension
and postretirement settlement and curtailment (income) charges,
net.
(2) For the three months ended March 31,
2023, charges of $1.7 million relate to the Performance Materials
segment, charges of $3.1 million relate to the Performance
Chemicals segment, and charges of $0.8 million relate to the
Advanced Polymer Technologies segment. For the three months ended
March 31, 2022, charges of $1.3 million relate to the Performance
Materials segment, charges of $1.8 million relate to the
Performance Chemicals segment, and charges of $0.5 million relate
to the Advanced Polymer Technologies segment.
(3) For the three months ended March 31,
2023, all charges relate to the acquisition and integration of
Ozark Materials into the Performance Chemicals segment.
(4) For the three months ended March 31,
2023, gain on sale of strategic investment relates to the
Performance Materials segment.
INGEVITY CORPORATION
Condensed Consolidated Balance
Sheets (Unaudited)
In millions
March 31,
2023
December 31,
2022
Assets
Cash and cash equivalents
$
77.9
$
76.7
Accounts receivable, net
240.4
224.8
Inventories, net
361.4
335.0
Prepaid and other current assets
36.6
42.5
Current assets
716.3
679.0
Property, plant, and equipment, net
804.6
798.6
Goodwill
522.0
518.5
Other intangibles, net
398.7
404.8
Restricted investment
78.8
78.0
Strategic investments
98.9
109.8
Other assets
152.9
147.8
Total Assets
$
2,772.2
$
2,736.5
Liabilities
Accounts payable
$
173.9
$
174.8
Accrued expenses
54.6
54.4
Other current liabilities
50.3
74.3
Current liabilities
278.8
303.5
Long-term debt including finance lease
obligations
1,502.5
1,472.5
Deferred income taxes
107.5
106.5
Other liabilities
157.7
155.7
Total Liabilities
2,046.5
2,038.2
Equity
725.7
698.3
Total Liabilities and Equity
$
2,772.2
$
2,736.5
INGEVITY CORPORATION
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Three Months Ended March
31,
In millions
2023
2022
Cash provided by (used in) operating
activities:
Net income (loss)
$
50.7
$
60.8
Adjustments to reconcile net income (loss)
to cash provided by (used in) operating activities:
Depreciation and amortization
31.1
27.1
Gain on sale of strategic investment
(19.2
)
—
Other non-cash items
34.4
21.5
Changes in operating assets and
liabilities, net of effect of acquisitions:
Changes in other operating assets and
liabilities, net
(91.8
)
(85.1
)
Net cash provided by (used in) operating
activities
$
5.2
$
24.3
Cash provided by (used in) investing
activities:
Capital expenditures
$
(25.4
)
$
(27.6
)
Proceeds from sale of strategic
investment
31.4
—
Other investing activities, net
(4.1
)
(2.6
)
Net cash provided by (used in) investing
activities
$
1.9
$
(30.2
)
Cash provided by (used in) financing
activities:
Proceeds from revolving credit
facility
$
90.3
$
—
Payments on revolving credit facility
(60.3
)
—
Payments on long-term borrowings
—
(4.7
)
Financing lease obligations, net
(0.3
)
(0.2
)
Tax payments related to withholdings on
vested equity awards
(4.5
)
(1.8
)
Proceeds and withholdings from share-based
compensation plans, net
2.6
0.8
Repurchases of common stock under publicly
announced plan
(33.4
)
(40.4
)
Net cash provided by (used in) financing
activities
$
(5.6
)
$
(46.3
)
Increase (decrease) in cash, cash
equivalents, and restricted cash
1.5
(52.2
)
Effect of exchange rate changes on
cash
(0.4
)
(0.7
)
Change in cash, cash equivalents, and
restricted cash(1)
1.1
(52.9
)
Cash, cash equivalents, and restricted
cash at beginning of period
77.3
276.1
Cash, cash equivalents, and restricted
cash at end of period (1)
$
78.4
$
223.2
(1) Includes restricted cash of $0.5
million and $0.6 million and cash and cash equivalents of $77.9
million and $222.6 million at March 31, 2023 and 2022,
respectively. Restricted cash is included within "Prepaid and other
current assets" within the condensed consolidated balance
sheets.
Supplemental cash flow
information:
Cash paid for interest, net of capitalized
interest
$
15.3
$
11.0
Cash paid for income taxes, net of
refunds
4.7
3.5
Purchases of property, plant, and
equipment in accounts payable
4.3
5.3
Leased assets obtained in exchange for new
operating lease liabilities
3.9
2.9
Ingevity Corporation
Non-GAAP Financial Measures
Ingevity has presented certain financial measures, defined
below, which have not been prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”) and has provided
a reconciliation to the most directly comparable financial measure
calculated in accordance with GAAP on the following pages. These
financial measures are not meant to be considered in isolation or
as a substitute for the most directly comparable financial measure
calculated in accordance with GAAP. Investors should consider the
limitations associated with these non-GAAP measures, including the
potential lack of comparability of these measures from one company
to another.
We believe these non-GAAP financial measures provide management
as well as investors, potential investors, securities analysts and
others with useful information to evaluate the performance of the
business, because such measures, when viewed together with our
financial results computed in accordance with GAAP, provide a more
complete understanding of the factors and trends affecting our
historical financial performance and projected future results.
Ingevity uses the following non-GAAP measures:
Adjusted earnings (loss) is defined as
net income (loss) plus restructuring and other (income) charges,
net, acquisition and other-related costs, debt refinancing fees,
litigation verdict charges, (losses) and gains from the sale of
strategic investments, pension and postretirement settlement and
curtailment (income) charges and the income tax expense (benefit)
on those items, less the provision (benefit) from certain discrete
tax items.
Diluted adjusted earnings (loss) per
share is defined as diluted earnings (loss) per common share
plus restructuring and other (income) charges, net per share,
acquisition and other-related costs per share, debt refinancing
fees per share, litigation verdict charge per share, (losses) and
gains from the sale of strategic investments per share, pension and
postretirement settlement and curtailment (income) charges per
share and the income tax expense (benefit) per share on those
items, less the per share tax provision (benefit) from certain
discrete tax items per share.
Adjusted EBITDA is defined as net
income (loss) plus interest expense, net, provision (benefit) for
income taxes, depreciation, amortization, restructuring and other
(income) charges, net, acquisition and other-related costs,
litigation verdict charge, (losses) and gains from the sale of
strategic investments, pension and postretirement settlement and
curtailment (income) charges, net.
Adjusted EBITDA Margin is defined as
Adjusted EBITDA divided by Net sales.
Free Cash Flow is defined as the sum
of cash provided by (used in) the following items: operating
activities less capital expenditures.
Net Debt is defined as the sum of
notes payable, short-term debt, current maturities of long-term
debt and long-term debt less the sum of cash and cash equivalents,
restricted cash associated with our New Market Tax Credit financing
arrangement, and restricted investment excluding the allowance for
credit losses on held-to-maturity debt securities.
Net Debt Ratio is defined as Net Debt
divided by last twelve months Adjusted EBITDA, inclusive of
acquisition-related pro forma adjustments.
Ingevity also uses the above financial measures as the primary
measures of profitability used by managers of the business. In
addition, Ingevity believes Adjusted EBITDA and Adjusted EBITDA
Margin are useful measures because they exclude the effects of
financing and investment activities as well as non-operating
activities.
GAAP Reconciliation of 2023 Adjusted EBITDA Guidance
A reconciliation of net income to adjusted EBITDA as projected
for 2023 is not provided. Ingevity does not forecast net income as
it cannot, without unreasonable effort, estimate or predict with
certainty various components of net income. These components, net
of tax, include further restructuring and other income (charges),
net; additional acquisition and other-related costs; litigation
verdict charges; (losses) and gains from the sale of strategic
investments; additional pension and postretirement settlement and
curtailment (income) charges; and revisions due to legislative tax
rate changes. Additionally, discrete tax items could drive
variability in our projected effective tax rate. All of these
components could significantly impact such financial measures.
Further, in the future, other items with similar characteristics to
those currently included in adjusted EBITDA, that have a similar
impact on comparability of periods, and which are not known at this
time, may exist and impact adjusted EBITDA.
Reconciliation of Net Income (Loss) (GAAP) and Diluted
Earnings (Loss) Per Share (GAAP) to Adjusted Earnings (Loss)
(Non-GAAP) and Diluted Adjusted Earnings (Loss) Per Share
(Non-GAAP)
INGEVITY CORPORATION
Reconciliation of Non-GAAP
Financial Measures
Reconciliation of Net Income
(Loss) (GAAP) and Diluted Earnings (Loss) Per Share (GAAP) to
Adjusted Earnings (Loss) (Non-GAAP) and Diluted Adjusted Earnings
(Loss) Per Share (Non-GAAP)
Three Months Ended March
31,
In millions, except per share data
(unaudited)
2023
2022
Net income (loss) (GAAP)
$
50.7
$
60.8
Restructuring and other (income) charges,
net
5.6
3.6
Acquisition and other-related costs
2.7
—
Gain on sale of strategic investment
(19.2
)
—
Tax effect on items above
2.5
(0.8
)
Certain discrete tax provision (benefit)
(1)
(1.2
)
(0.1
)
Adjusted earnings (loss)
(Non-GAAP)
$
41.1
$
63.5
Diluted earnings (loss) per common
share (GAAP)
$
1.35
$
1.55
Restructuring and other (income) charges,
net
0.15
0.09
Acquisition and other-related costs
0.07
—
Gain on sale of strategic investment
(0.51
)
—
Tax effect on items above
0.07
(0.02
)
Certain discrete tax provision
(benefit)
(0.04
)
—
Diluted adjusted earnings (loss) per
share (Non-GAAP)
$
1.09
$
1.62
Weighted average common shares outstanding
- Diluted
37.5
39.3
_______________
(1) Represents certain discrete tax items
such as excess tax benefits on stock compensation and impacts of
legislative tax rate changes. Management believes excluding these
discrete tax items assists investors, potential investors,
securities analysts, and others in understanding the tax provision
and the effective tax rate related to continuing operating results
thereby providing useful supplemental information about operational
performance.
INGEVITY CORPORATION
Reconciliation of Non-GAAP
Financial Measures
Reconciliation of Net Income
(Loss) (GAAP) to Adjusted EBITDA (Non-GAAP)
Three Months Ended March
31,
In millions, except percentages
(unaudited)
2023
2022
Net income (loss) (GAAP)
$
50.7
$
60.8
Provision (benefit) for income taxes
13.4
16.8
Interest expense, net
19.6
10.7
Depreciation and amortization
31.1
27.1
Restructuring and other (income) charges,
net
5.6
3.6
Acquisition and other-related costs
2.7
—
Gain on sale of strategic investment
(19.2
)
—
Adjusted EBITDA (Non-GAAP)
$
103.9
$
119.0
Net sales
$
392.6
$
382.8
Net income (loss) margin
12.9
%
15.9
%
Adjusted EBITDA margin
26.5
%
31.1
%
INGEVITY CORPORATION
Reconciliation of Non-GAAP
Financial Measures
Calculation of Free Cash Flow
(Non-GAAP)
Three Months Ended March
31,
In millions (unaudited)
2023
2022
Cash Flow from Operations
$
5.2
$
24.3
Less: Capital Expenditures
25.4
27.6
Free Cash Flow
$
(20.2
)
$
(3.3
)
INGEVITY CORPORATION
Reconciliation of Non-GAAP
Financial Measures
Calculation of Net Debt Ratio
(Non-GAAP)
In millions, except ratios
(unaudited)
March 31, 2023
Notes payable and current maturities of
long-term debt
$
0.9
Long-term debt including finance lease
obligations
1,502.5
Debt issuance costs
6.2
Total Debt
1,509.6
Less:
Cash and cash equivalents (1)
78.1
Restricted investment (2)
79.2
Net Debt
$
1,352.3
Net Debt Ratio (Non GAAP)
Adjusted EBITDA (3)
Twelve months ended December 31, 2022
$
452.6
Three months ended March 31, 2022
(119.0
)
Three months ended March 31, 2023
103.9
Adjusted EBITDA - last twelve months (LTM)
as of March 31, 2023
$
437.5
Net debt ratio (Non GAAP)
3.1x
_______________
(1) Includes $0.2 million of Restricted
Cash related to the New Market Tax Credit arrangement.
(2) Excludes $0.4 million allowance for
credit losses on held-to-maturity debt securities.
(3) Refer to the Reconciliation of Net
Income (GAAP) to Adjusted EBITDA (Non-GAAP) schedule for the
reconciliation to the most comparable GAAP financial measure.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230503005877/en/
Caroline Monahan 843-740-2068 media@ingevity.com
Investors: John E. Nypaver, Jr. 843-740-2002
investors@ingevity.com
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