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Timkensteel Corp☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))CONSOLIDATED STATEMENTS OF OPERATIONSThree Months Ended
June 30,Six Months Ended
June 30,(in millions, except per share data) (Unaudited)20212020Net salesCost of products soldGross ProfitSelling, general & administrative expenses (SG&A)Restructuring chargesLoss (gain) on sale or disposal of assets, netImpairment charges—Other (income) expense, netEarnings (Loss) Before Interest and Taxes (EBIT) (1)Interest expenseIncome (Loss) Before Income TaxesProvision (benefit) for income taxesNet Income (Loss)Net Income (Loss) per Common Share:Basic earnings (loss) per shareDiluted earnings (loss) per share (2)Weighted average shares outstanding - basicWeighted average shares outstanding - dilutedCONSOLIDATED BALANCE SHEETS(Dollars in millions) (Unaudited)June 30,
2021December 31, 2020ASSETSCash and cash equivalentsAccounts receivable, net of allowancesInventories, netDeferred charges and prepaid expensesAssets held for saleOther current assetsTotal Current AssetsProperty, plant and equipment, netOperating lease right-of-use assetsPension assetsIntangible assets, netOther non-current assetsTotal AssetsLIABILITIESAccounts payableSalaries, wages and benefitsAccrued pension and postretirement costsCurrent operating lease liabilitiesCurrent convertible notes, netOther current liabilitiesTotal Current LiabilitiesNon-current convertible notes, netCredit agreementNon-current operating lease liabilitiesDeferred income taxesOther non-current liabilitiesTotal LiabilitiesSHAREHOLDERS' EQUITYAdditional paid-in capitalRetained deficitTreasury sharesAccumulated other comprehensive income (loss)Total Shareholders' EquityTotal Liabilities and Shareholders' EquityCONSOLIDATED STATEMENTS OF CASH FLOWSCASH PROVIDED (USED)Operating ActivitiesNet income (loss)Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:Depreciation and amortizationAmortization of deferred financing fees and debt discountLoss (gain) on sale or disposal of assetsStock-based compensation expensePension and postretirement expense (benefit), netChanges in operating assets and liabilities:Accounts receivable, netOther accrued expensesPension and postretirement contributions and paymentsOther, netNet Cash Provided (Used) by Operating ActivitiesInvesting ActivitiesCapital expendituresProceeds from disposals of property, plant and equipmentNet Cash Provided (Used) by Investing ActivitiesFinancing ActivitiesProceeds from exercise of stock optionsShares surrendered for employee taxes on stock compensationRepayments on credit agreementsRepayments on convertible notesNet Cash Provided (Used) by Financing ActivitiesIncrease (Decrease) in Cash and Cash EquivalentsCash and cash equivalents at beginning of periodCash and Cash Equivalents at End of PeriodReconciliation of Free Cash Flow (1) to GAAP Net Cash Provided (Used) by Operating Activities:Less: Capital expendituresFree Cash FlowReconciliation of adjusted net income (loss) ( 3 ) to GAAP net income (loss) and adjusted diluted earnings (loss) per share ( 1 ,4,5) to GAAP diluted earnings (loss) per share for the three months ended June 30, 2021, June 30, 2020, and March 31, 2021Three months ended June 30, 2021Net
income
(loss)SG&ARestructuring
chargesOther
(income) expense,
netDiluted
earnings
(loss) per
share (1)As reportedAdjustments: (3)Gain from remeasurement of benefit plansBusiness transformation costs (2)Sales and use tax refundExecutive severance and transition costsAs adjusted$—Three months ended June 30, 2020Cost of
products
soldLoss (gain) on sale or disposal
of assets, netDiluted
earnings
(loss) per
share (4)Gain on sale of TMS assetsTMS inventory write-downBusiness transformation costs (2)Three months ended March 31, 2021Impairment
chargesDiluted
earnings
(loss)
per share (5)As reported (Adjusted)Accelerated depreciation and amortizationLoss from remeasurement of benefit plansWrite-down of supplies inventoryTMS impairment chargesHarrison melt impairment chargesand June 30, 2020Six months ended June 30, 2021Six months ended June 30, 2020Loss (gain) on sale
or disposal
of assets, netLoss on sale of scrap processing facilityFaircrest plant asset disposal, net of recoveryto GAAP Net Income (Loss):Three Months Ended
June 30,Six Months Ended
June 30,Three Months Ended
March 31,Earnings Before Interest and Taxes (EBIT) (1)EBIT Margin (1)17.4%(7.9%)11.5%(6.94.3%Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) (2)EBITDA Margin (2)22.2%3.1%17.0%1.6%10.8%Adjustments:Accelerated depreciation and amortization (EBIT only)Gain (loss) from remeasurement of benefit plansBusiness transformation costs (5)Adjusted EBIT (3)Adjusted EBIT Margin (3)(7.213.4%(4.69.0%Adjusted EBITDA (4)Adjusted EBITDA Margin (4)21.7%3.7%18.6%3.5%14.9%Quarterly End Market Sector Sales Data(Dollars in millions, tons in thousands)Three Months Ended June 30, 2021MobileIndustrialEnergyOtherTotalTonsNet SalesLess: SurchargesBase SalesNet Sales / TonSurcharges / TonBase Sales / TonThree Months Ended June 30, 2020Six Months Ended June 30, 2021Surcharges /TonSix Months Ended June 30, 2020Calculation of Total Liquidity (1) :March 31,
2021December 31,
2020Credit Agreement:Maximum availabilitySuppressed availability (2)AvailabilityCredit facility amount borrowedLetter of credit obligationsAvailability not borrowedTotal liquidityADJUSTED EBITDA (1) WALKS2020 2Q
vs. 2021 2Q2021 1Q
vs. 2021 2QBeginning Adjusted EBITDA (1)VolumePrice/MixRaw Material SpreadManufacturingInventory ReserveEnding Adjusted EBITDA (1)PK ! C3s s docProps/app.xml
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