Tronox Reports Third Quarter 2024 Financial Results
Tronox Holdings reported Q3 2024 financial results with revenue of $804 million, up 21% year-over-year but down 2% quarter-over-quarter. The company posted a net loss of $25 million and adjusted EBITDA of $143 million with a 17.8% margin. TiO2 revenue increased 10% to $616 million, while Zircon revenue grew 124% to $74 million. For Q4 2024, the company expects TiO2 volumes to decline 10-15% compared to Q3, with Adjusted EBITDA projected at $120-135 million.
Tronox Holdings ha riportato i risultati finanziari del terzo trimestre del 2024 con un fatturato di 804 milioni di dollari, in aumento del 21% rispetto all'anno precedente ma in calo del 2% rispetto al trimestre precedente. L'azienda ha registrato una perdita netta di 25 milioni di dollari e un EBITDA rettificato di 143 milioni di dollari con un margine del 17,8%. I ricavi da TiO2 sono aumentati del 10%, raggiungendo i 616 milioni di dollari, mentre i ricavi da Zircon sono cresciuti del 124% a 74 milioni di dollari. Per il quarto trimestre del 2024, l'azienda si aspetta una diminuzione dei volumi di TiO2 del 10-15% rispetto al terzo trimestre, con un EBITDA rettificato previsto tra 120 e 135 milioni di dollari.
Tronox Holdings reportó los resultados financieros del tercer trimestre de 2024 con ingresos de 804 millones de dólares, un aumento del 21% en comparación con el año anterior, pero una disminución del 2% en comparación con el trimestre anterior. La compañía reportó una pérdida neta de 25 millones de dólares y un EBITDA ajustado de 143 millones de dólares con un margen del 17,8%. Los ingresos por TiO2 aumentaron un 10%, alcanzando los 616 millones de dólares, mientras que los ingresos por Zircon crecieron un 124%, alcanzando los 74 millones de dólares. Para el cuarto trimestre de 2024, la empresa espera que los volúmenes de TiO2 disminuyan entre un 10 y 15% en comparación con el tercer trimestre, con un EBITDA ajustado proyectado entre 120 y 135 millones de dólares.
트로녹스 홀딩스는 2024년 3분기 실적을 보고했습니다. 매출은 8억 4백만 달러로, 전년 대비 21% 증가했지만 전분기 대비 2% 감소했습니다. 회사는 2천5백만 달러의 순손실을 기록했으며, 조정된 EBITDA는 1억 4천3백만 달러로 17.8%의 마진을 보였습니다. TiO2 매출은 10% 증가하여 6억 1천6백만 달러에 달했고, 지르콘 매출은 124% 증가하여 7천4백만 달러에 달했습니다. 2024년 4분기에는 TiO2 물량이 3분기 대비 10-15% 감소할 것으로 예상되며, 조정된 EBITDA는 1억 2천만에서 1억 3천5백만 달러로 예상됩니다.
Tronox Holdings a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires de 804 millions de dollars, en hausse de 21 % par rapport à l'année précédente mais en baisse de 2 % par rapport au trimestre précédent. La société a affiché une perte nette de 25 millions de dollars et un EBITDA ajusté de 143 millions de dollars avec une marge de 17,8 %. Les revenus de TiO2 ont augmenté de 10 % pour atteindre 616 millions de dollars, tandis que les revenus de Zircon ont crû de 124 % pour atteindre 74 millions de dollars. Pour le quatrième trimestre 2024, l'entreprise s'attend à une baisse des volumes de TiO2 de 10 à 15 % par rapport au troisième trimestre, avec un EBITDA ajusté prévu entre 120 et 135 millions de dollars.
Tronox Holdings hat die finanziellen Ergebnisse für das 3. Quartal 2024 gemeldet, mit einem Umsatz von 804 Millionen Dollar, was einem Anstieg von 21% im Vergleich zum Vorjahr entspricht, aber einem Rückgang von 2% im Vergleich zum Vorquartal. Das Unternehmen verzeichnete einen Nettoverlust von 25 Millionen Dollar und ein bereinigtes EBITDA von 143 Millionen Dollar mit einer Marge von 17,8%. Die Erlöse aus TiO2 stiegen um 10% auf 616 Millionen Dollar, während die Erlöse aus Zirkon um 124% auf 74 Millionen Dollar wuchsen. Für das 4. Quartal 2024 erwartet das Unternehmen einen Rückgang des TiO2-Volumens um 10-15% im Vergleich zum 3. Quartal, wobei das bereinigte EBITDA zwischen 120 und 135 Millionen Dollar prognostiziert wird.
- Revenue increased 21% year-over-year to $804 million
- TiO2 revenue grew 10% year-over-year with 12% volume increase
- Zircon revenue surged 124% year-over-year
- Adjusted EBITDA increased 23% year-over-year to $143 million
- Net loss of $25 million, compared to $14 million loss year-ago
- TiO2 volumes declined 7% sequentially, missing guidance of 2-4% decrease
- Q4 outlook projects 10-15% TiO2 volume decline
- Net leverage ratio at 5.0x on trailing twelve-month basis
- Free cash flow negative at -$14 million
Insights
The Q3 2024 results paint a challenging picture for Tronox, with several concerning metrics. Revenue of
Key concerns include:
- High leverage with net debt of
$2.7 billion and a concerning 5.0x net leverage ratio - Declining TiO2 volumes (
7% sequential drop) with guidance suggesting further10-15% decline in Q4 - Compressed margins with Adjusted EBITDA margin falling 180 basis points sequentially to
17.8%
The weak Q4 guidance and management's commentary about slower recovery suggest continued near-term headwinds, though longer-term catalysts like potential interest rate cuts and trade defense investigations could provide support.
The titanium dioxide market dynamics reveal significant structural challenges. While year-over-year volumes improved, the sequential decline and pessimistic Q4 outlook indicate deteriorating demand conditions, particularly in Europe and Asia Pacific. The pricing environment remains unfavorable, with TiO2 prices down
The bright spot is zircon, showing strong volume growth of
STAMFORD, Conn., Oct. 24, 2024 /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide ("TiO2") pigment, today reported its financial results for the quarter ending September 30, 2024, as follows:
Third Quarter 2024 Financial Highlights:
- Produced revenue of
, a$804 million 21% increase compared to the prior year, or a2% decrease compared to the prior quarter - Generated income from operations of
, and a net loss of$54 million ; adjusted net loss was$25 million (non-GAAP)$21 million - GAAP diluted loss per share was
; Adjusted diluted loss per share was$0.16 (non-GAAP)$0.13 - Delivered Adjusted EBITDA of
and an Adjusted EBITDA margin of$143 million 17.8% (non-GAAP) - Invested
in capital expenditures in the quarter, primarily in the previously announced mining extension projects in$101 million South Africa - Returned
to shareholders in the nine months ending September 30, 2024 in the form of dividends$61 million
Q4 2024 Outlook:
- TiO2 volumes expected to decline approximately 10
-15% compared to Q3 2024 (flat to mid single-digit increase compared to Q4 2023) - Zircon volumes expected to be flat to slightly down compared to Q3 2024 (double-digit increase compared to Q4 2023)
- Adjusted EBITDA expected to be
and Adjusted EBITDA margin to be in the high-teens$120 -135 million
This outlook is based on Tronox's views on current global economic activity and is subject to changes and impacts associated with the macroeconomic conditions, global supply chain, and inflation-related challenges, among others.
Note: For the Company's guidance with respect to fourth quarter 2024 non-GAAP measures, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP financial measure, because certain items that impact such measures are uncertain, out of the Company's control or cannot be reasonably predicted.
Summary of Select Financial Results for the Quarter Ending September 30, 2024 | ||||||
($M unless otherwise noted) | Q3 2024 | Q3 2023 | Y-o-Y % ∆ | Q2 2024 | Q-o-Q % ∆ | |
Revenue | 21 % | (2) % | ||||
TiO2 | 10 % | (6) % | ||||
Zircon | 124 % | (13) % | ||||
Other products | 61 % | 39 % | ||||
Income from operations | 69 % | (29) % | ||||
Net (Loss) Income | ( | ( | n/m | n/m | ||
Net (Loss) Income attributable to Tronox | ( | ( | n/m | n/m | ||
GAAP diluted (loss) earnings per share | ( | ( | n/m | n/m | ||
Adjusted diluted (loss) earnings per share | ( | ( | n/m | n/m | ||
Adjusted EBITDA | 23 % | (11) % | ||||
Adjusted EBITDA Margin % | 17.8 % | 17.5 % | 30 bps | 19.6 % | (180) bps | |
Free cash flow | ( | ( | n/m | n/m | ||
Y-o-Y % ∆ | Q-o-Q % ∆ | |||||
Volume | Price / Mix | FX | Volume | Price / Mix | FX | |
TiO2 | 12 % | (2) % | 0 % | (7) % | 1 % | 0 % |
Zircon | 134 % | (10) % | — | (12) % | (1) % | — |
CEO's Remarks and Outlook
Chief Executive Officer John D. Romano commented, "Tronox's third quarter results demonstrated continued demand recovery compared to the prior year, though ultimately came in below our expectations as a result of softer than anticipated market conditions as the pace of the recovery slowed late in the quarter. Orders in
"On operations, we successfully achieved our targeted average production utilization rate of ~
Mr. Romano added, "Looking ahead to the fourth quarter, we anticipate
Mr. Romano concluded, "Our third quarter results are not indicative of our earnings potential or our ability to deliver industry-leading results. There are significant positive tailwinds building for Tronox. From a macro standpoint, continued market recovery in the medium and long term will be aided by interest rate cuts, stimulus measures and anti-dumping investigations. Trade defense investigations are currently ongoing in the European Union,
Third Quarter 2024 Results
(Comparisons are to prior year (Q3 2024 vs. Q3 2023) unless otherwise noted)
The Company recorded third quarter revenue of
Revenue from TiO2 sales was
Zircon revenue increased
Revenue from other products was
Net loss attributable to Tronox in the quarter was
Adjusted EBITDA of
Sequentially, Adjusted EBITDA decreased
The Company's selling, general and administrative expenses were
Balance Sheet, Cash Flow and Capital Allocation
Tronox ended the quarter with
Free cash flow for the quarter was a use of
Webcast Conference Call
Tronox will conduct a webcast conference call on Friday, October 25, 2024, at 8:00 AM ET (
Internet Broadcast: http://investor.tronox.com
Dial-in Telephone Numbers:
International: +44 80 0279 7040
Conference ID: 99615
Conference Call Presentation Slides will be used during the conference call and made available on our website: http://investor.tronox.com
Conference Call Replay: Available via the internet and telephone beginning on October 25, 2024, by 12:00 PM ET, until October 31, 2024, 11:59 PM ET.
Internet Replay: http://investor.tronox.com
Replay Dial-in Telephone Numbers:
US Toll Free: +1 (888) 660-6264
International: +44 20 8609 4320
Replay Access Code: 99615 #
About Tronox
Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 6,500 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world. For more information about how our products add brightness and durability to paints, plastics, paper and other everyday products, visit tronox.com.
Cautionary Statement about Forward-Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the
Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.
Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have disclosed in this release certain non-
Investor Relations and Media Contact: Jennifer Guenther
+1.646.960.6598 (Investor Relations)
+1.203.705.3701 extension: 103701 (Media)
TRONOX HOLDINGS PLC | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS ( | |||||||
(UNAUDITED) | |||||||
(Millions of | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ 804 | $ 662 | $ 2,398 | $ 2,164 | |||
Cost of goods sold | 676 | 568 | 2,000 | 1,780 | |||
Gross profit | 128 | 94 | 398 | 384 | |||
Selling, general and administrative expenses | 74 | 62 | 227 | 206 | |||
Income from operations | 54 | 32 | 171 | 178 | |||
Interest expense | (42) | (42) | (126) | (113) | |||
Interest income | 3 | 4 | 9 | 10 | |||
Loss on extinguishment of debt | (3) | — | (3) | — | |||
Other (expense) income, net | (11) | — | 7 | 6 | |||
Income (Loss) before income taxes | 1 | (6) | 58 | 81 | |||
Income tax provision | (26) | (8) | (82) | (339) | |||
Net loss | (25) | (14) | (24) | (258) | |||
Net (loss) income attributable to noncontrolling interest | — | — | (6) | 2 | |||
Net loss attributable to Tronox Holdings plc | $ (25) | $ (14) | $ (18) | $ (260) | |||
Loss per share: | |||||||
Basic | $ (0.16) | $ (0.09) | $ (0.11) | $ (1.66) | |||
Diluted | $ (0.16) | $ (0.09) | $ (0.11) | $ (1.66) | |||
Weighted average shares outstanding, basic (in thousands) | 158,095 | 156,816 | 157,811 | 156,260 | |||
Weighted average shares outstanding, diluted (in thousands) | 158,095 | 156,816 | 157,811 | 156,260 | |||
Other Operating Data: | |||||||
Capital expenditures | 101 | 54 | 253 | 202 | |||
Depreciation, depletion and amortization expense | 70 | 67 | 214 | 206 |
TRONOX HOLDINGS PLC | |||||||
RECONCILIATION OF NON- | |||||||
(UNAUDITED) | |||||||
(Millions of | |||||||
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC ( | |||||||
TO ADJUSTED NET (LOSS) INCOME ATTRIBUTABLE TO TRONOX HOLDINGS PLC (NON- | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss attributable to Tronox Holdings plc ( | $ (25) | $ (14) | $ (18) | $ (260) | |||
Sale of royalty interest (a) | — | — | (21) | — | |||
Loss on extinguishment of debt (b) | 3 | — | 3 | — | |||
Tax valuation allowance (c) | — | — | 16 | 293 | |||
Other (d) | 1 | 2 | 4 | 3 | |||
Adjusted net (loss) income attributable to Tronox Holdings plc (non- | $ (21) | $ (12) | $ (16) | $ 36 | |||
Diluted net loss per share ( | $ (0.16) | $ (0.09) | $ (0.11) | $ (1.66) | |||
Sale of royalty interest, per share | — | — | (0.14) | — | |||
Loss on extinguishment of debt, per share | 0.02 | — | 0.02 | — | |||
Tax valuation allowance, per share | — | — | 0.10 | 1.87 | |||
Other, per share | 0.01 | 0.01 | 0.03 | 0.02 | |||
Diluted adjusted net (loss) income per share attributable to Tronox Holdings plc (non- | $ (0.13) | $ (0.08) | $ (0.10) | $ 0.23 | |||
Weighted average shares outstanding, diluted (in thousands) | 158,095 | 156,816 | 157,811 | 157,053 | |||
(1) Only the sale of royalty interest and certain other items have been tax impacted whereas certain other items were not tax impacted as they were recorded in jurisdictions with full valuation allowances. | |||||||
(2) Diluted adjusted net income per share attributable to Tronox Holdings plc was calculated from exact, not rounded Adjusted net income attributable to Tronox Holdings plc and share information. | |||||||
(a) Represents the sale of a royalty interest in certain Canadian mineral properties, net of associated transaction costs included in "Other (expense) income, net" in the unaudited Condensed Consolidated Statements of Operations. | |||||||
(b) Represents the loss in connection with the refinancing of the Term Loan Facility in the US. | |||||||
(c) 2024 amount represents the establishment of a full valuation allowance against the deferred tax assets within our Brazilian jurisdiction. 2023 amount represents the establishment of a full valuation allowance against the deferred tax assets within our Australian jurisdiction. | |||||||
(d) Represents other activity not representative of the ongoing operations of the Company. |
TRONOX HOLDINGS PLC | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(UNAUDITED) | |||
(Millions of | |||
September 30, 2024 | December 31, 2023 | ||
ASSETS | |||
Current Assets | |||
Cash and cash equivalents | $ 167 | $ 273 | |
Restricted cash | 1 | — | |
Accounts receivable (net of allowance for credit losses of | 373 | 290 | |
Inventories, net | 1,482 | 1,421 | |
Prepaid and other assets | 187 | 141 | |
Income taxes receivable | 9 | 10 | |
Total current assets | 2,219 | 2,135 | |
Noncurrent Assets | |||
Property, plant and equipment, net | 1,938 | 1,835 | |
Mineral leaseholds, net | 644 | 654 | |
Intangible assets, net | 247 | 243 | |
Lease right of use assets, net | 129 | 132 | |
Deferred tax assets | 874 | 917 | |
Other long-term assets | 140 | 218 | |
Total assets | $ 6,191 | $ 6,134 | |
LIABILITIES AND EQUITY | |||
Current Liabilities | |||
Accounts payable | $ 492 | $ 461 | |
Accrued liabilities | 243 | 230 | |
Short-term lease liabilities | 20 | 24 | |
Short-term debt | 17 | 11 | |
Long-term debt due within one year | 34 | 27 | |
Income taxes payable | 11 | — | |
Total current liabilities | 817 | 753 | |
Noncurrent Liabilities | |||
Long-term debt, net | 2,767 | 2,786 | |
Pension and postretirement healthcare benefits | 102 | 104 | |
Asset retirement obligations | 195 | 172 | |
Environmental liabilities | 41 | 48 | |
Long-term lease liabilities | 102 | 103 | |
Deferred tax liabilities | 183 | 149 | |
Other long-term liabilities | 38 | 39 | |
Total liabilities | 4,245 | 4,154 | |
Commitments and Contingencies | |||
Shareholders' Equity | |||
Tronox Holdings plc ordinary shares, par value | 2 | 2 | |
Capital in excess of par value | 2,080 | 2,064 | |
Retained earnings | 606 | 684 | |
Accumulated other comprehensive loss | (775) | (814) | |
Total Tronox Holdings plc shareholders' equity | 1,913 | 1,936 | |
Noncontrolling interest | 33 | 44 | |
Total equity | 1,946 | 1,980 | |
Total liabilities and equity | $ 6,191 | $ 6,134 |
TRONOX HOLDINGS PLC | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(UNAUDITED) | |||
(Millions of | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Cash Flows from Operating Activities: | |||
Net loss | $ (24) | $ (258) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation, depletion and amortization | 214 | 206 | |
Deferred income taxes | 64 | 314 | |
Share-based compensation expense | 17 | 15 | |
Amortization of deferred debt issuance costs and discount on debt | 7 | 6 | |
Loss on extinguishment of debt | 3 | - | |
Other non-cash items affecting net income (loss) | 24 | 34 | |
Changes in assets and liabilities: | |||
(Increase) decrease in accounts receivable, net of allowance for credit losses | (82) | 84 | |
Increase in inventories, net | (11) | (141) | |
Decrease in prepaid and other assets | 32 | 5 | |
Decrease in accounts payable and accrued liabilities | (2) | (154) | |
Net changes in income tax payables and receivables | 8 | (5) | |
Changes in other non-current assets and liabilities | (32) | (32) | |
Cash provided by operating activities | 218 | 74 | |
Cash Flows from Investing Activities: | |||
Capital expenditures | (253) | (202) | |
Proceeds from sale of assets | 27 | 3 | |
Cash used in investing activities | (226) | (199) | |
Cash Flows from Financing Activities: | |||
Repayments of short-term debt | (12) | (136) | |
Repayments of long-term debt | (221) | (13) | |
Proceeds from long-term debt | 212 | 347 | |
Proceeds from short-term debt | - | 81 | |
Debt issuance costs | (14) | (3) | |
Dividends paid | (61) | (69) | |
Restricted stock and performance-based shares settled in cash for withholding taxes | (1) | - | |
Cash (used in) provided by financing activities | (97) | 207 | |
Effects of exchange rate changes on cash and cash equivalents and restricted cash | - | - | |
Net (decrease) increase in cash and cash equivalents and restricted cash | (105) | 82 | |
Cash and cash equivalents and restricted cash at beginning of period | 273 | 164 | |
Cash and cash equivalents and restricted cash at end of period | $ 168 | $ 246 |
TRONOX HOLDINGS PLC | |||||||
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA, ADJUSTED EBITDA AS A % OF NET SALES AND NET DEBT TO TRAILING-TWELVE MONTHS ADJUSTED | |||||||
(UNAUDITED) | |||||||
(Millions of | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net loss ( | $ (25) | $ (14) | $ (24) | $ (258) | |||
Interest expense | 42 | 42 | 126 | 113 | |||
Interest income | (3) | (4) | (9) | (10) | |||
Income tax provision | 26 | 8 | 82 | 339 | |||
Depreciation, depletion and amortization expense | 70 | 67 | 214 | 206 | |||
EBITDA (non- | 110 | 99 | 389 | 390 | |||
Share-based compensation (a) | 7 | 4 | 17 | 15 | |||
Accretion expense and other adjustments to asset retirement | 8 | 6 | 22 | 14 | |||
Accounts receivable securitization program (c) | 4 | 4 | 11 | 9 | |||
Foreign currency remeasurement (d) | 8 | (1) | 10 | (7) | |||
Sale of royalty interest (e) | — | — | (28) | — | |||
Loss on extinguishment of debt (f) | 3 | — | 3 | — | |||
Other items (g) | 3 | 4 | 11 | 9 | |||
Adjusted EBITDA (non- | $ 143 | $ 116 | $ 435 | $ 430 | |||
Three Months Ended September 30, | |||||||
2024 | 2023 | ||||||
Net sales | $ 804 | $ 662 | |||||
Net loss ( | $ (25) | $ (14) | |||||
Net loss ( | (3.1) % | (2.1) % | |||||
Adjusted EBITDA (non- | 17.8 % | 17.5 % | |||||
September 30, 2024 | December 31, 2023 | ||||||
Long-term debt, net | $ 2,767 | $ 2,786 | |||||
Short-term debt | 17 | 11 | |||||
Long-term debt due within one year | 34 | 27 | |||||
(Less) Cash and cash equivalents | (167) | (273) | |||||
Net debt | $ 2,651 | $ 2,551 | |||||
Trailing-twelve month Adjusted EBITDA (non- | $ 529 | $ 524 | |||||
Net debt to trailing-twelve month Adjusted EBITDA (non- | 5.0x | 4.9x | |||||
(a) Represents non-cash share-based compensation. | |||||||
(b) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities. | |||||||
(c) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall | |||||||
(d) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities | |||||||
(e) Represents the sale of a royalty interest in certain Canadian mineral properties, net of associated transaction costs included in "Other (expense) income, net" in the unaudited | |||||||
(f) Represents the loss in connection with the refinancing of the Term Loan Facility in the US. | |||||||
(g) Includes noncash pension and postretirement costs, asset write-offs and other items included in "Selling general and administrative expenses", "Cost of goods sold" and |
TRONOX HOLDINGS PLC | ||||||
FREE CASH FLOW (NON- | ||||||
(UNAUDITED) | ||||||
(Millions of | ||||||
The following table reconciles cash provided by operating activities to free cash flow for the three and nine months ended September 30, 2024: | ||||||
Nine Months Ended | Six Months Ended | Three Months Ended | ||||
Cash provided by operating activities | $ 218 | $ 131 | $ 87 | |||
Capital expenditures | (253) | (152) | (101) | |||
Free cash flow (non- | $ (35) | $ (21) | $ (14) |
TRONOX HOLDINGS PLC | ||||||||||
RECONCILIATION OF TRAILING TWELVE MONTH NET (LOSS) INCOME TO EBITDA AND ADJUSTED EBITDA (NON- | ||||||||||
(UNAUDITED) | ||||||||||
(Millions of | ||||||||||
Three Months Ended | Trailing Twelve Month | |||||||||
December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | |||||||
Net (loss) income ( | $ (56) | $ (9) | $ 10 | $ (25) | $ (80) | |||||
Interest expense | 45 | 42 | 42 | 42 | 171 | |||||
Interest income | (8) | (4) | (2) | (3) | (17) | |||||
Income tax provision | 24 | 11 | 45 | 26 | 106 | |||||
Depreciation, depletion and amortization expense | 69 | 72 | 72 | 70 | 283 | |||||
EBITDA (non- | 74 | 112 | 167 | 110 | 463 | |||||
Share-based compensation (a) | 6 | 6 | 4 | 7 | 23 | |||||
Foreign currency remeasurement (b) | 1 | (2) | 4 | 8 | 11 | |||||
Accretion expense and other adjustments to asset | 8 | 7 | 7 | 8 | 30 | |||||
Accounts receivable securitization program (d) | 3 | 3 | 4 | 4 | 14 | |||||
Sale of royalty interest (e) | — | — | (28) | — | (28) | |||||
Loss on extinguishment of debt (f) | — | — | — | 3 | 3 | |||||
Other items (g) | 2 | 5 | 3 | 3 | 13 | |||||
Adjusted EBITDA (non- | $ 94 | $ 131 | $ 161 | $ 143 | $ 529 | |||||
(a) Represents non-cash share-based compensation. | ||||||||||
(b) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of | ||||||||||
(c) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities. | ||||||||||
(d) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure. | ||||||||||
(e) Represents the sale of a royalty interest in certain Canadian mineral properties, net of associated transaction costs included in "Other (expense) income, net" in the unaudited Condensed Consolidated Statements of Operations. | ||||||||||
(f) Represents the loss in connection with the refinancing of the Term Loan Facility in the US. | ||||||||||
(g) Includes noncash pension and postretirement costs, asset write-offs, severance expense and other items included in "Selling general and administrative expenses", "Cost of goods sold" and "Other (expense) income, net" in the |
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SOURCE Tronox Holdings plc
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