乐天堂fun88(中国区)官方网站

Three months ended

Twelve months ended

December 31,

December 31,

In millions, except per share amounts

2024

2023

2024

2023

Revenues

$听听听听 1,452

$听听听听 1,403

$听听听听 6,036

$听听听听 6,111

Net (loss) income attributable to 乐天堂fun88(中国区)官方网站 Corporation

$听听听听听 (141)

$听听听听听听听 (71)

$听听听听听 (189)

$听听听听听听 101

Adjusted net (loss) income⁽¹⁾

$听听听听听听听 (43)

$听听听听听听听 (36)

$听听听听听听听 (13)

$听听听听听听听听 67

Diluted (loss) income per share

$听听听听 (0.82)

$听听听听 (0.41)

$听听听听 (1.10)

$听听听听听 0.57

Adjusted diluted (loss) income per share⁽¹⁾

$听听听听 (0.25)

$听听听听 (0.21)

$听听听听 (0.08)

$听听听听听 0.37

Adjusted EBITDA⁽¹⁾

$听听听听听听听听 71

$听听听听听听听听 44

$听听听听听听 414

$听听听听听听 472

Net cash provided by operating activities from continuing operations

$听听听听听听 159

$听听听听听听 166

$听听听听听听 285

$听听听听听听 251

Free cash flow from continuing operations⁽²⁾

$听听听听听听 108

$听听听听听听听听 83

$听听听听听听 101

$听听听听听听听听 21

See end of press release for footnote explanations and reconciliations of non-GAAP measures.

Table 1 鈥� Results of Operations

Three months ended

Twelve months ended

December 31,

December 31,

In millions, except per share amounts

2024

2023

2024

2023

Revenues

$听听听听 1,452

$听听听听 1,403

$听听听听 6,036

$听听听听 6,111

Cost of goods sold

1,264

1,251

5,170

5,205

Gross profit

188

152

866

906

Operating expenses, net

193

195

793

804

Restructuring, impairment and plant closing costs

19

11

39

18

Gain on acquisition of assets, net

-

-

(51)

-

Prepaid asset write-off

-

-

71

-

Loss on dissolution of subsidiaries

39

-

39

-

Operating (loss) income

(63)

(54)

(25)

84

Interest expense, net

(19)

(17)

(79)

(65)

Equity in income of investment in unconsolidated affiliates

2

13

44

83

Other (expense) income, net

(1)

(1)

21

(3)

(Loss) income from continuing operations before income taxes

(81)

(59)

(39)

99

Income tax (expense) benefit

(29)

2

(61)

(64)

(Loss) income from continuing operations

(110)

(57)

(100)

35

(Loss) income from discontinued operations, net of tax⁽³⁾

(15)

(2)

(27)

118

Net (loss) income

(125)

(59)

(127)

153

Net income attributable to noncontrolling interests

(16)

(12)

(62)

(52)

Net (loss) income attributable to 乐天堂fun88(中国区)官方网站 Corporation

$听听听听听 (141)

$听听听听听听听 (71)

$听听听听听 (189)

$听听听听听听 101

Adjusted EBITDA⁽¹⁾

$听听听听听听听听 71

$听听听听听听听听 44

$听听听听听听 414

$听听听听听听 472

Adjusted net (loss) income ⁽¹⁾

$听听听听听听听 (43)

$听听听听听听听 (36)

$听听听听听听听 (13)

$听听听听听听听听 67

Basic (loss) income per share

$听听听听 (0.82)

$听听听听 (0.41)

$听听听听 (1.10)

$听听听听听 0.57

Diluted (loss) income per share

$听听听听 (0.82)

$听听听听 (0.41)

$听听听听 (1.10)

$听听听听听 0.57

Adjusted diluted (loss) income per share⁽¹⁾

$听听听听 (0.25)

$听听听听 (0.21)

$听听听听 (0.08)

$听听听听听 0.37

Common share information:

Basic weighted average shares

172

172

172

177

Diluted weighted average shares

172

172

172

177

Diluted shares for adjusted diluted (loss) income per share

172

172

172

179

See end of press release for footnote explanations.

Table 2 鈥� Results of Operations by Segment

Three months ended

Twelve months ended

December 31,

Better /

December 31,

Better /

In millions

2024

2023

(Worse)

2024

2023

(Worse)

Segment Revenues:

Polyurethanes

$听听听听听听 970

$听听听听听听 895

8听%

$听听听听 3,900

$听听听听 3,865

1听%

Performance Products

239

260

(8听%)

1,109

1,178

(6听%)

Advanced Materials

254

251

1听%

1,055

1,092

(3听%)

Total Reportable Segments' Revenues

1,463

1,406

4听%

6,064

6,135

(1听%)

Intersegment Eliminations

(11)

(3)

n/m

(28)

(24)

n/m

Total Revenues

$听听听听 1,452

$听听听听 1,403

3听%

$听听听听 6,036

$听听听听 6,111

(1听%)

Segment Adjusted EBITDA⁽¹⁾:

Polyurethanes

$听听听听听听听听 50

$听听听听听听听听 13

285听%

$听听听听听听 245

$听听听听听听 248

(1听%)

Performance Products

23

28

(18听%)

153

201

(24听%)

Advanced Materials

37

38

(3听%)

179

186

(4听%)

Total Reportable Segments' Adjusted EBITDA⁽¹⁾

110

79

39听%

577

635

(9听%)

Corporate, LIFO and other

(39)

(35)

(11听%)

(163)

(163)

0听%

$听听听听听听听听 71

$听听听听听听听听 44

61听%

$听听听听听听 414

$听听听听听听 472

(12听%)

n/m = not meaningful

See end of press release for footnote explanations.

Table 3 鈥� Factors Impacting Sales Revenue

Three months ended

December 31, 2024 vs. 2023

Average Selling Price^(a)

Local

Exchange

Sales

Currency & Mix

Rate

Volume^(b)

Total

Polyurethanes

(1听%)

0听%

9听%

8听%

Performance Products

3听%

0听%

(11听%)

(8听%)

Advanced Materials

(5听%)

0听%

6听%

1听%

Twelve months ended

December 31, 2024 vs. 2023

Average Selling Price^(a)

Local

Exchange

Sales

Currency & Mix

Rate

Volume^(b)

Total

Polyurethanes

(7听%)

0听%

8听%

1听%

Performance Products

(7听%)

0听%

1听%

(6听%)

Advanced Materials

(8听%)

0听%

5听%

(3听%)

(a) Excludes sales from tolling arrangements, by-products and raw materials.

(b) Excludes sales from by-products and raw materials.

Table 4 鈥� Reconciliation of U.S. GAAP to Non-GAAP Measures

听Income Tax听

听Diluted (Loss) Income听

听EBITDA听

and Other Expense

听Net Loss听

听Per Share听

Three months ended

Three months ended

Three months ended

Three months ended

December 31,

December 31,

December 31,

December 31,

In millions, except per share amounts

2024

2023

2024

2023

2024

2023

2024

2023

Net loss

$听听听听听听 (125)

$听听听听听听听听 (59)

$听听听听听听 (125)

$听听听听听听听听 (59)

$听听听听听 (0.73)

$听听听听听 (0.34)

Net income attributable to noncontrolling interests

(16)

(12)

(16)

(12)

(0.09)

(0.07)

Net loss attributable to 乐天堂fun88(中国区)官方网站 Corporation

(141)

(71)

(141)

(71)

(0.82)

(0.41)

Interest expense, net from continuing operations

19

17

Income tax expense (benefit) from continuing operations

29

(2)

$听听听听听听听听 (29)

$听听听听听听听听听听 2

Income tax (benefit) expense from discontinued operations⁽³⁾

(3)

3

Depreciation and amortization from continuing operations

75

70

Business acquisition and integration expenses and purchase accounting inventory adjustments

-

1

(1)

(1)

(1)

-

(0.01)

-

EBITDA / Loss (income) from discontinued operations⁽³⁾

18

(1)

听N/A听

听N/A听

15

2

0.09

0.01

Establishment of significant deferred tax asset valuation allowances

-

-

23

14

23

14

0.13

0.08

Loss on sale of business/assets

-

1

(3)

-

(3)

1

(0.02)

0.01

Loss on dissolution of subsidiaries

39

-

-

-

39

-

0.23

-

Fair value adjustments to Venator investment, net and other tax matter adjustments

-

-

1

-

1

-

0.01

-

Certain legal and other settlements and related expenses

-

2

(4)

(1)

(4)

1

(0.02)

0.01

Certain non-recurring information technology project implementation costs

-

-

-

(1)

-

(1)

-

(0.01)

Amortization of pension and postretirement actuarial losses

14

12

(4)

(4)

10

8

0.06

0.05

Restructuring, impairment and plant closing and transition costs

21

12

(3)

(2)

18

10

0.10

0.06

Adjusted⁽¹⁾

$听听听听听听听听听 71

$听听听听听听听听听 44

$听听听听听听听听 (20)

$听听听听听听听听听听 7

(43)

(36)

$听听听听听 (0.25)

$听听听听听 (0.21)

Adjusted income tax expense (benefit)⁽¹⁾

20

(7)

Net income attributable to noncontrolling interests

16

12

Adjusted pre-tax loss⁽¹⁾

$听听听听听听听听听 (7)

$听听听听听听听听 (31)

Adjusted effective tax rate⁽⁴⁾

N/M

23听%

Effective tax rate

(36听%)

3听%

听Income Tax听

听Net (Loss)听

听Diluted (Loss) Income听

听EBITDA听

and Other Expense

听Income听

听Per Share听

Twelve months ended

Twelve months ended

Twelve months ended

Twelve months ended

December 31,

December 31,

December 31,

December 31,

In millions, except per share amounts

2024

2023

2024

2023

2024

2023

2024

2023

Net (loss) income

$听听听听听听 (127)

$听听听听听听听 153

$听听听听听听 (127)

$听听听听听听听 153

$听听听听听 (0.74)

$听听听听听听 0.86

Net income attributable to noncontrolling interests

(62)

(52)

(62)

(52)

(0.36)

(0.29)

Net (loss) income attributable to 乐天堂fun88(中国区)官方网站 Corporation

(189)

101

(189)

101

(1.10)

0.57

Interest expense, net from continuing operations

79

65

Income tax expense from continuing operations

61

64

$听听听听听听听听 (61)

$听听听听听听听听 (64)

Income tax (benefit) expense from discontinued operations⁽³⁾

(11)

17

Depreciation and amortization from continuing operations

289

278

Business acquisition and integration expenses and purchase accounting inventory adjustments

21

4

(17)

(1)

4

3

0.02

0.02

Income tax settlement related to U.S. Tax Reform Act

-

-

5

-

5

-

0.03

-

EBITDA / Loss (income) from discontinued operations⁽³⁾

38

(135)

N/A

N/A

27

(118)

0.16

(0.66)

Establishment of significant deferred tax asset valuation allowances

-

-

23

14

23

14

0.13

0.08

Loss on sale of business/assets

1

-

-

-

1

-

0.01

-

Loss on dissolution of subsidiaries

39

-

-

-

39

-

0.23

-

Fair value adjustments to Venator investment, net and other tax matter adjustments

(12)

5

3

-

(9)

5

(0.05)

0.03

Certain legal and other settlements and related expenses⁽⁶⁾

13

6

(3)

(1)

10

5

0.06

0.03

Certain non-recurring information technology project implementation costs

-

5

-

(1)

-

4

-

0.02

Amortization of pension and postretirement actuarial losses

39

37

(3)

(6)

36

31

0.21

0.17

Restructuring, impairment and plant closing and transition costs

46

25

(6)

(3)

40

22

0.23

0.12

Adjusted⁽¹⁾

$听听听听听听听 414

$听听听听听听听 472

$听听听听听听听听 (59)

$听听听听听听听听 (62)

(13)

67

$听听听听听 (0.08)

$听听听听听听 0.37

Adjusted income tax expense⁽¹⁾

59

62

Net income attributable to noncontrolling interests

62

52

Adjusted pre-tax income⁽¹⁾

$听听听听听听听 108

$听听听听听听听 181

Adjusted effective tax rate⁽⁴⁾

55听%

34听%

Effective tax rate

(156听%)

65听%

N/M = not meaningful

See end of press release for footnote explanations.

Table 5 鈥� Balance Sheets

December 31,

December 31,

In millions

2024

2023

Cash

$听听听听听听听听听听听听听 340

$听听听听听听听听听听听听听 540

Accounts and notes receivable, net

725

753

Inventories

917

867

Prepaid expenses

114

92

Other current assets

29

62

Property, plant and equipment, net

2,493

2,376

Other noncurrent assets

2,496

2,558

Total assets

$听听听听听听听听听听听 7,114

$听听听听听听听听听听听 7,248

Accounts payable

$听听听听听听听听听听听听听 770

$听听听听听听听听听听听听听 719

Other current liabilities

470

441

Current portion of debt

325

12

Long-term debt

1,510

1,676

Other noncurrent liabilities

876

922

乐天堂fun88(中国区)官方网站 Corporation stockholders' equity

2,959

3,251

Noncontrolling interests in subsidiaries

204

227

Total liabilities and equity

$听听听听听听听听听听听 7,114

$听听听听听听听听听听听 7,248

Table 6 鈥� Outstanding Debt

December 31,

December 31,

In millions

2024

2023

Debt:

Revolving credit facility

$听听听听听听听听听听听听听听听听 -

$听听听听听听听听听听听听听听听听 -

Senior notes

1,799

1,471

Accounts receivable programs

-

169

Variable interest entities

16

26

Other debt

20

22

Total debt - excluding affiliates

1,835

1,688

Total cash

340

540

Net debt - excluding affiliates⁽⁵⁾

$听听听听听听听听听听听 1,495

$听听听听听听听听听听听 1,148

See end of press release for footnote explanations.

Table 7 鈥� Summarized Statements of Cash Flows

Three months ended

Twelve months ended

December 31,

December 31,

In millions

2024

2023

2024

2023

Total cash at beginning of period

$听听听听听听听听听听 330

$听听听听听听听听听听 496

$听听听听听听听听听听 540

$听听听听听听听听听听 654

Net cash provided by operating activities from continuing operations

159

166

285

251

Net cash used in operating activities from discontinued operations⁽³⁾

(6)

(2)

(22)

(42)

Net cash (used in) provided by investing activities from continuing operations

(39)

(86)

(126)

309

Net cash used in investing activities from discontinued operations⁽³⁾

-

-

-

(4)

Net cash used in financing activities

(95)

(39)

(326)

(620)

Effect of exchange rate changes on cash

(9)

5

(11)

(8)

Total cash at end of period

$听听听听听听听听听听 340

$听听听听听听听听听听 540

$听听听听听听听听听听 340

$听听听听听听听听听听 540

Free cash flow from continuing operations⁽²⁾:

Net cash provided by operating activities from continuing operations

$听听听听听听听听听听 159

$听听听听听听听听听听 166

$听听听听听听听听听听 285

$听听听听听听听听听听 251

Capital expenditures

(51)

(83)

(184)

(230)

Free cash flow from continuing operations⁽²⁾

$听听听听听听听听听听 108

$听听听听听听听听听听听听 83

$听听听听听听听听听听 101

$听听听听听听听听听听听听 21

Supplemental cash flow information:

Cash paid for interest

$听听听听听听听听听听听 (22)

$听听听听听听听听听听听 (25)

$听听听听听听听听听听听 (77)

$听听听听听听听听听听听 (68)

Cash paid for income taxes

(30)

(15)

(90)

(97)

Cash paid for restructuring and integration

(3)

(8)

(29)

(59)

Cash paid for pensions

(9)

(9)

(35)

(50)

Depreciation and amortization from continuing operations

75

70

289

278

Change in primary working capital:

Accounts and notes receivable

$听听听听听听听听听听听听 79

$听听听听听听听听听听听听 86

$听听听听听听听听听听听听听听 7

$听听听听听听听听听听 103

Inventories

60

92

(77)

125

Accounts payable

48

(15)

69

(224)

Total change in primary working capital

$听听听听听听听听听听 187

$听听听听听听听听听听 163

$听听听听听听听听听听听听听 (1)

$听听听听听听听听听听听听听听 4

See end of press release for footnote explanations.

Footnotes

(1)

We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments.听 We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business.听 We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss).听 Additional information with respect to our use of each of these financial measures follows:

Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.

Adjusted EBITDA is computed by eliminating the following from net income (loss):听 (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.听

Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above.听 The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.

We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.

(2)

Management internally uses free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

(3)

During the first quarter 2023, we completed the divestiture of our Textile Effects business, which is reported as discontinued operations on the income and cash flow statements.

(4)

We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.

Our forward-looking adjusted effective tax rate is calculated based on our forecast effective tax rate, and the range of our forward-looking adjusted effective tax rate equals the range of our forecast effective tax rate. We disclose forward-looking adjusted effective tax rate because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted effective tax rate represents the forecast effective tax rate on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our effective tax rate to differ.

(5)

Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.

(6)

Certain legal and other settlements and related expenses for the twelve months ended December 31, 2024 includes approximately $10 million related to the settlement of a claim in connection with a commercial dispute. 听