$MATV

SCHWEITZER MAUDUIT INTERNATIONAL INC

CIK:0001000623|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 531.8	$ 525.4	$ 1,011.4	$ 1,010.2
Cost of products sold	418.5	421.7	813.2	833.9
Gross profit	113.3	103.7	198.2	176.3
Selling and general expense	56.6	57.2	111.4	120.5
Research and development expense	4.9	6.7	10.4	13.0
Intangible asset amortization expense	15.8	15.9	31.8	31.3
Total nonmanufacturing expenses	77.3	79.8	153.6	164.8
Goodwill impairment expense	0.0	0.0	0.0	411.9
Restructuring and other impairment expense	0.7	3.8	2.0	10.1
Operating profit (loss)	35.3	20.1	42.6	(410.5)
Interest expense	19.3	18.6	36.8	36.4
Loss on debt extinguishment	8.7	0.0	8.7	0.0
Other income (expense), net	(0.5)	1.5	1.0	(0.3)
Income (loss) before income taxes	6.8	3.0	(1.9)	(447.2)
Income tax expense (benefit), net	3.2	12.5	6.2	(12.2)
Net income (loss)	$ 3.6	$ (9.5)	$ (8.1)	$ (435.0)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.06	$ (0.18)	$ (0.15)	$ (7.98)
Diluted (in dollars per share)	$ 0.06	$ (0.18)	$ (0.15)	$ (7.98)
Weighted average shares outstanding:
Basic (in shares)	55,118,000	54,624,900	54,974,000	54,536,500
Diluted (in shares)	55,679,200	54,624,900	54,974,000	54,536,500

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating
Net loss	$ (8.1)	$ (435.0)
Adjustments to reconcile Net loss to Net cash provided by operations:
Depreciation and amortization	69.5	71.5
Amortization of deferred issuance costs	3.4	4.1
Goodwill and other impairments	0.1	417.2
Deferred income tax	0.9	(14.2)
Stock-based compensation	3.6	6.2
Loss on debt extinguishment	8.7	0.0
Other items, net	(6.6)	(1.9)
Changes in operating working capital:
Accounts receivable	(31.7)	(40.9)
Inventories	(14.7)	22.2
Prepaid expenses	(2.7)	(3.8)
Accounts payable and other current liabilities	39.0	15.8
Accrued income taxes	7.5	0.5
Net changes in operating working capital	(2.6)	(6.2)
Net cash provided by operations	68.9	41.7
Investing
Capital spending	(15.9)	(22.6)
Proceeds from sale of assets	0.0	1.7
Cash received from settlement of cross-currency swap contracts	0.0	3.4
Other investing	0.1	(0.1)
Net cash used in investing	(15.8)	(17.6)
Financing
Cash dividends paid	(11.5)	(11.4)
Proceeds from long-term debt	693.7	64.0
Payments on long-term debt	(716.9)	(67.4)
Payments for debt issuance costs	(32.6)	0.0
Payments on financing lease obligations	(1.4)	(1.4)
Shares withheld for employee taxes	(2.1)	(1.3)
Net cash used in financing	(70.8)	(17.5)
Effect of exchange rate changes on Cash and cash equivalents and Restricted cash	(1.3)	5.1
Increase (decrease) in Cash and cash equivalents and Restricted cash	(19.0)	11.7
Cash and cash equivalents and Restricted cash at beginning of period	89.8	94.3
Cash and cash equivalents and Restricted cash at end of period	70.8	106.0
Supplemental Cash Flow Disclosures
Cash paid for interest, net	40.2	42.4
Cash paid (received) for taxes, net	(2.4)	2.8
Capital spending in Accounts payable and Accrued expenses and other current liabilities	$ 3.4	$ 2.6

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 66.3	$ 84.2
Restricted cash	4.5	5.6
Accounts receivable, net	211.2	180.9
Inventories, net	340.3	329.1
Income taxes receivable	10.6	17.7
Other current assets	22.3	21.1
Total current assets	655.2	638.6
Property, plant and equipment, net	595.0	624.9
Operating lease right-of-use assets	45.7	48.4
Deferred income tax assets	98.6	104.0
Goodwill	56.3	57.6
Intangible assets, net	475.9	514.2
Other assets	64.0	63.9
Total assets	1,990.7	2,051.6
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current debt	4.4	2.9
Operating lease liabilities	9.0	9.0
Accounts payable	199.0	160.7
Income taxes payable	1.3	1.5
Accrued expenses and other current liabilities	117.6	111.2
Total current liabilities	331.3	285.3
Long-term debt	970.1	1,015.3
Finance lease liabilities, noncurrent	15.1	16.1
Operating lease liabilities, noncurrent	36.3	38.8
Pension and other postretirement benefits	49.9	53.8
Deferred income tax liabilities	71.1	74.9
Other liabilities	46.2	68.7
Total liabilities	1,520.0	1,552.9
Stockholders’ equity:
Preferred stock, $0.10 par value; 10,000,000 shares authorized; none issued or outstanding	0.0	0.0
Common stock, $0.10 par value; 100,000,000 shares authorized; $55,124,504 and 54,681,114 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	5.5	5.5
Additional paid-in-capital	686.6	685.0
Accumulated deficit	(215.1)	(195.8)
Accumulated other comprehensive income (loss), net of tax	(6.3)	4.0
Total stockholders’ equity	470.7	498.7
Total liabilities and stockholders’ equity	$ 1,990.7	$ 2,051.6