Company: MATV
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001000623-25-000024
Chunk: 42

Company: Mativ Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 42
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As of March 31, 2025, the Company had $1,122.8 million of total debt, $84.0 million of Cash and cash equivalents, $9.8 million of Restricted cash, and $323.2 million of undrawn capacity on its $600.0 million revolving line of credit facility (the "Revolving Facility"). Per the terms of the Company's amended credit agreement (the "Amended Credit Agreement"), net leverage was 4.7x at the end of the first quarter, versus a current maximum covenant ratio of 5.50x. 

As of March 31, 2025, the Company’s nearest debt maturity was our Revolving Credit Facility, Term Loan A Facility, and Delayed Draw Term Loan Facility, due on May 6, 2027. Refer to "Liquidity and Capital Resources" section for additional detail.

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SUMMARY

Three Months EndedMarch 31,Percent of Net Sales(in millions, except per share amounts)2025202420252024Net sales$484.8 $500.2 100.0 %100.0 %Gross profit72.6 84.0 15.0 %16.8 %Restructuring & other impairment expense6.3 14.4 1.3 %2.9 %Operating loss(430.6)(13.8)(88.8)%(2.8)%Interest expense17.8 18.3 3.7 %3.7 %Net loss$(425.5)$(28.0)(87.8)%(5.6)%Diluted loss per share$(7.82)$(0.52)Cash used in operations$(15.9)$(13.0)Capital spending$13.9 $12.1 

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RESULTS OF OPERATIONS

Comparison of the Three Months Ended March 31, 2025 and 2024

Net Sales

The following table presents net sales by segment (in millions):

Three Months EndedMarch 31,20252024ChangePercent ChangeFiltration & Advanced Materials$187.6 $202.7 $(15.1)(7.4)%Sustainable & Adhesive Solutions297.2 297.5 (0.3)(0.1)%Total$484.8 $500.2 $(15.4)(3.1)%

Consolidated net