Morgan Stanley Virtual 2020 Global

Chemicals, Agriculture, and Packaging

Conference

Russell L. Gordon - VP & CFO Scott. D. Copeland - VP-Financial Planning & Analysis Kathie Rogers - Manager of Investor Relations

November 10, 2020

Forward-Looking Statements & Regulation G

This presentation contains "Forward-Looking Statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements relate to our plans, expectations, estimates and beliefs of future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "would," "should," "expect," "plan," "anticipate," "target," "project," "intend," "believe," "estimate," "predict," "potential," "pro forma," "seek" or "continue" or the negative of those terms or other comparable terminology. Actual results may differ materially from expectations and are subject to certain risks and uncertainties such as those described in RPM's periodic reports and statements filed with the Securities and Exchange Commission and available through the company's website, www.rpminc.com. For example, the situation with Covid-19 is changing rapidly and cannot be predicted, but has already had impacts on our business. These impacts and other events related to COVID-19 have negatively affected, and could continue to negatively affect, our business, plans, performance, and anticipated financial results. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this presentation.

This presentation includes certain company data that do not directly conform to generally accepted accounting principles, or GAAP, and certain company data that has been restated for improved clarity, understanding and comparability, or pro forma. All non-GAAP data in this presentation are indicated by footnote. Tables reconciling such data with GAAP measures are available through our website, www.rpminc.com under Investor Information/Presentations.

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RPM At A Glance

A world leader in specialty coatings,

sealants, building materials and related services.

Q U I C K FA C T S

MANUFACTURING FACILITIES IN 26 COUNTRIES

DIVIDEND RECORD

FOUNDED:

1947

HEADQUARTERS:

Medina, OH

STOCK LISTING:

NYSE

consecutive years

(Symbol: RPM)

47

of dividend increases

FISCAL 2020 SALES:

$5.5 Billion

SALES LOCATIONS:

165 countries and

territories

EMPLOYEES:

14,600

STOCKHOLDERS

(percent of total shares)

Institutional: 80%

Individual: 20%

739 Institutions

159,100 Individuals

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Global Sales by Region

$ in millions

NORTH AMERICA

2020 - $4,145 - 75%

SOUTH AMERICA

2020 - $210 - 4%

CONSOLIDATED 2020 - $5,507

OUTSIDE NA

EUROPE2020 - $1,362

2020 - $936 - 17%

AFRICA/MIDDLE EAST

ASIA/PACIFIC

2020 - $64 - 1%

2020 - $152 - 3%

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Operating Groups Drive Growth & Efficiency

Through Four Reportable Segments

CONSTRUCTION

PERFORMANCE

PRODUCTS GROUP

COATINGS GROUP

FY20 Sales: $1.9 billion - 34%

FY20 Sales: $1.1 billion - 20%

FY20 SALES:

FY20 Sales: $1.9 billion - 35%

$5.5 BILLION

FY20 Sales: $0.6 billion - 11%

Entrepreneurial Approach to Customers with Leading Brands Driving Innovation and Growth Center-Led in Operations and Administration, Driving Efficiency and Continuous Improvement Value of 168: Transparency, Trust & Respect

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Strategic Balance: Repair & Maintenance vs. New Construction*

CONSTRUCTION

PERFORMANCE

PRODUCTS GROUP

COATINGS GROUP

40%

60%

CONSUMER

GROUP

15%

85%

*Current estimates, which are subject to change based on actual operating mix.

~30%

50%

50%

~70% SPECIALTY

PRODUCTS GROUP

50% 40%

New

Repair &

Specialty

10%

Construction

Maintenance

OEM

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Construction Products Group

$1.9 billon Fiscal 2020 Sales

GLOBAL BRANDS

REGIONAL BRANDS

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Construction Products Group

Target Markets

6 sides of the Building

  • Floor (seamless)
  • Fire protection
  • Concrete

BUILDING ENVELOPE

Air | Moisture | Thermal

•

Bridge

•

Tunnel

•

Rail

•

Water

•

Transit

•

Power

  • Highway

INFRASTRUCTURE

Concrete | Concrete Protection

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Performance Coatings Group

$1.1 billon Fiscal 2020 Sales

COATINGS

FLOOR SYSTEMS

INFRASTRUCTURE

FRP GRATING

PROTECTIVE COATINGS

SANITARY FLOORS FOOD & BEVERAGE

RESURFACING & REPAIRING BRIDGES

FIBERGLASS REINFORCED PLASTIC GRATINGS

FIREPROOFING SYSTEMS

FLOORS FOR COMMERCIAL SPACES

BUILDING MAINTENANCE SERVICES

RAILINGS

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Performance Coatings Group

Target Markets

Manufacturing

Metals & Mining

Pulp & Paper

Technology

Bridge & Highway

Water Wastewater

Transportation

Marine

Commercial Spaces

Food & Beverage

Pharmaceutical

Healthcare

Offshore Oil & Gas

Petrochemical

Power

Renewable Energy

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Consumer Group

$1.9 billon Fiscal 2020 Sales

#1 Supplier in the

#1 Caulk &

Fastest Growing

#1 Primer Brand

#1 Brand of Wall

Small Project

Sealant Supplier

Supplier of Wood

in Customer

Repair and

Paint Category

in North America

Finishes in North

Satisfaction

Spackle in North

Worldwide

America

among

America

Professionals in

North America

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Consumer Group

Target Markets

  • User Targets: DIY/Makers, Professionals, Industrial
  • Understanding targets' needs and unmet needs drives innovation machine
  • Over 30,000 user insights have been gained in the past 24 months alone

DIY

DIY

MAKERS

PROFESSIONALS

INDUSTRIAL

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Specialty Products Group

$0.6 billon Fiscal 2020 Sales

#1 Supplier of

World Leading

#1 in North

Global Market

Daylight

Manufacturer of

America for

Leader in Water-

Fluorescent

Professional

Professional

Based, Antifouling

Colorants

Restoration and

Touch-up and

Paints for the

Worldwide

Cleaning Solutions

Repair Products

Marine Industry

for Furniture and

Cabinetry

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Specialty Products Group

Target Markets

Food, Pharma,

Packaging, Safety

Agriculture,

Cosmetics

Equipment,

Forestry, Lumber

Apparel

Furniture and

Appliance, Auto,

Marine, Fuel,

Restoration &

Cabinetry

Marine,

Furniture

Cleaning

Construction

Protection,

Equipment &

Cosmetics

Chemicals

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MAP to Growth

PURPOSE

To position RPM for sustained, profitable growth creating superior value for its customers, entrepreneurs, associates and shareholders.

VISION

To transform RPM into a more connected and efficient company focused on operational excellence and continuous improvement, while maintaining the strengths of its entrepreneurial culture.

GOALS

RPM is targeting improvements to:

• $6.25 bb Revenues

• $1.0 bb Adj. EBIT on an annualized run rate

• $1.5 bb Return of Capital

Maintain Entrepreneurial

Align to

Increase Operational

Growth Culture

Execute

Efficiency

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MAP to Growth Drives Bottom-Line Success

MANUFACTURING

  • Consolidated manufacturing and distribution facilities; closed 23 out of the 31 plants that were originally targeted for closure.
  • Shed $90 million of low-margin product lines as of 5/31/20 to free resources for more value-added,EBIT-accretive volume.
  • Investing in new equipment, improving production methods and leveraging internal manufacturing network to provide increased capacity and produce more efficiently.
  • Carefully consolidating production to ensure there is adequate safety stock to maintain service levels.

PROCUREMENT

  • Center led procurement has narrowed and strengthen our supplier relationships.
  • Negotiated supplier contracts and secured improved pricing and terms, which positions us as a stronger strategic partner with major suppliers.
  • Focused on raw material costs in key product categories to grow earnings.
  • Maintained strong global supply chain.
  • Continuing to find categories beyond raw materials that add to the pipeline and maintain the momentum of savings (e.g., indirect spending, transportation).

G&A

  • Realigned to four operating segments, each with a new President.
  • Delayered management and streamlined workforce.
  • Transitioned to center-led legal
    and compliance and implemented shared services model for improved efficiencies.
  • Eliminated multiple accounting locations.
  • Consolidating 75 ERP systems to more effectively leverage data business operations.

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RPM 27% Ahead of Initial Targets

WAVES PLAN

MAP 2020

Annualized

Run Rate

$ in millions

MANUFACTURING

PROCUREMENT

G&A

$290

MM

$132 MM

EBIT

$106

$18

$101 MM

EBIT

$69

$290

$102 MM

$45

$83 MM

EBIT

EBIT

$41

$36

$25

INITIAL

INITIAL

INITIAL

TARGET

TARGET

TARGET

TARGET

WAVE 1

WAVE 2

WAVE 3

TOTAL

Sept 2018 - May 2019

June 2019 - May 2020

June 2020 - Dec 2020

  • From FY18 baseline, two-year effort has added $234MM in annualized run rate benefit, $50MM ahead of original targets
  • Wave 3 timeline extended 6 to 12 months due to Coronavirus impact/interruptions
  • Remain confident in exceeding total targeted savings of $290MM by 5/31/21

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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RPM Quarterly Performance

FY2019 through FY2021

Q4

Q1

Q2

Q3

Q4

Q1

Growth

2019

2020

2020

2020

2020

2021

Sales

2.8%

0.9%

2.8%

2.9%

-8.9%

9.1%

Adjusted EBIT*

22.4%

25.3%

22.0%

30.4%

-11.5%

39.8%

Adjusted EPS*

21.6%

25.0%

31.0%

76.9%

-8.9%

51.6%

* Adjusted EBIT growth and adjusted EPS growth are non-GAAP financial measures.

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Fiscal 2021 First-Quarter Reported Results

($ in millions, except per share amounts)

C O N S O L I D AT E D

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$1,607

$1,473

+9.1%

EBIT1

$250

$166

+51.0%

Net Income

$181

$106

+70.1%

Diluted EPS

$1.39

$0.82

+69.5%

SEGMENT RESULTS

CONSTRUCTION PRODUCTS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$548

$536

+2.2%

EBIT1

$100

$85

+18.6%

PERFORMANCE COATINGS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$260

$297

(12.6)%

EBIT1

$29

$28

+1.3%

CONSUMER GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$641

$479

+33.8%

EBIT1

$133

$59

+124.1%

SPECIALTY PRODUCTS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$158

$160

(1.3)%

EBIT1

$21

$23

(11.9)%

  • During the fiscal 2021 first quarter, select segments of the global economy began to gain momentum as stay-at-home orders were relaxed, which freed pent-up demand from last year's fourth quarter. This helped drive record top-line results, which was in sharp contrast to the Covid-19-related sales decline reported for the fiscal 2020 fourth quarter.
  • RPM's two largest segments posted positive growth in the first quarter, while the other two segments declined. Overall, results were outstanding on all fronts - revenue growth, margin improvement, and operating cash flow. This demonstrates a key benefit of RPM's balanced business model - diversity across its segments, where strength in one offsets weakness in another.
  • RPM continued to benefit from successful implementation of its MAP to Growth operating improvement plan, which enabled the company to leverage first-quarter sales growth into even stronger bottom-line results.
  • (1) EBIT is a non-GAAP financial measure. Refer to Appendix for reconciliations between GAAP and non-GAAP measures.

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Fiscal 2021 First-Quarter Adjusted Results

($ in millions, except per share amounts)

C O N S O L I D AT E D

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$1,607

$1,473

+9.1%

EBIT1

$269

$193

+39.8%

EBIT Margin1

16.8%

13.1%

+370 bps

Diluted EPS1

$1.44

$0.95

+51.6%

  • During Q1 2021, Adjusted EBIT and Adjusted Diluted EPS have excluded restructuring and other charges, nearly all of which have been incurred in relation to RPM's MAP to Growth initiatives.
  • (1) Adjusted EBIT and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures.

SEGMENT RESULTS

CONSTRUCTION PRODUCTS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$548

$536

+2.2%

EBIT1

$102

$87

+17.7%

EBIT Margin1

18.7%

16.2%

+250 bps

PERFORMANCE COATINGS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$260

$297

(12.6)%

EBIT1

$31

$37

(16.4)%

EBIT Margin1

11.9%

12.4%

(50) bps

CONSUMER GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$641

$479

+33.8%

EBIT1

$137

$62

+121.6%

EBIT Margin1

21.3%

12.9%

+840 bps

SPECIALTY PRODUCTS GROUP

Three months ended

Aug 31

Aug 31

%

2020

2019

Sales

$158

$160

(1.3)%

EBIT1

$24

$29

(15.9)%

EBIT Margin1

15.2%

17.9%

(270) bps

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Fiscal 2020 Full-Year Reported Results

Achieved Record EBIT & Diluted EPS

($ in millions, except per share amounts)

C O N S O L I D AT E D

12 months ended

May 31

May 31

%

2020

2019

Sales

$5,507

$5,565

(1.0)%

EBIT1

$499

$442

+13.0%

Net Income

$305

$268

+14.0%

Diluted EPS

$2.34

$2.01

+16.4%

SEGMENT RESULTS

CONSTRUCTION PRODUCTS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,880

$1,900

(1.0)%

EBIT1

$218

$187

+16.4%

PERFORMANCE COATINGS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,081

$1,136

(4.9)%

EBIT1

$102

$78

+31.4%

CONSUMER GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,945

$1,858

+4.7%

EBIT1

$198

$218

(9.0)%

SPECIALTY PRODUCTS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$601

$670

(10.3)%

EBIT1

$58

$86

(32.2)%

  • For the full fiscal year, organic sales declined 0.8%, while acquisitions added 1.1%. Foreign currency translation reduced sales by 1.3%.
  • Despite the impact of the pandemic during the fourth quarter, full-year consolidated EBIT was up 13%, Net Income increased 14% and diluted EPS was up 16%, largely due to the MAP to Growth operating improvement program.
  • (1) EBIT is a non-GAAP financial measure. Refer to Appendix for reconciliations between GAAP and non-GAAP measures.

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Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

Fiscal 2020 Full-Year Adjusted Results

Achieved Record EBIT & Diluted EPS

($ in millions, except per share amounts)

C O N S O L I D AT E D

12 months ended

May 31

May 31

%

2020

2019

Sales

$5,507

$5,565

(1.0)%

EBIT1

$620

$567

+9.3%

EBIT Margin1

11.3%

10.2%

+110 bps

Diluted EPS1

$3.07

$2.71

+13.3%

  • Fiscal 2020 and 2019 included restructuring and other charges of $121.3 million and $126.0 million, respectively. Excluding those charges in both years, adjusted EBIT was up 9.3% compared to the year-ago period.
  • Investments resulted in a net after-tax gain of $1.1 million during fiscal 2020 and an after-tax loss of $7.7 million during the same period last year. Excluding the restructuring and other charges, as well as investment gains and losses, adjusted diluted EPS increased 13.3% over fiscal 2019.
  • During fiscal year 2020, Adjusted EBIT and Adjusted Diluted EPS have excluded restructuring and other charges, nearly all of which have been incurred in relation to RPM's 2020 Margin Acceleration Plan initiatives.
  • (1) Adjusted EBIT and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Appendix for reconciliations between GAAP and non-GAAP measures.

SEGMENT RESULTS

CONSTRUCTION PRODUCTS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,880

$1,900

(1.0)%

EBIT1

$232

$201

+15.3%

EBIT Margin1

12.3%

10.6%

+170 bps

PERFORMANCE COATINGS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,081

$1,136

(4.9)%

EBIT1

$122

$114

+6.9%

EBIT Margin1

11.3%

10.0%

+130 bps

CONSUMER GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$1,945

$1,858

+4.7%

EBIT1

$253

$231

+9.6%

EBIT Margin1

13.0%

12.4%

+60 bps

SPECIALTY PRODUCTS GROUP

12 months ended

May 31

May 31

%

2020

2019

Sales

$601

$670

(10.3)%

EBIT1

$77

$102

(24.5)%

EBIT Margin1

12.8%

15.1%

(230) bps

22

Record Cash Flow Generated in FY21

($ in millions)

SUMMARIZED CASH FLOW AND FREE CASH FLOW METRICS

3 mo Ended

3 mo Ended

First Quarter

Aug 31

Aug 31

FY20 vs FY19

2020

2019

Source / (Use)

Net Income

$181

$106

$ 75

Stock-based Compensation

$

10

$

7

$

3

Depreciation & Amortization

$

35

$

36

($

1)

Working Capital

$

49

$

30

$ 19

Accrued Compensation & Benefits

($

55)

($

73)

$ 18

Restructuring Charges, Net of Payments

($

2)

$

1

($

3)

Increase in Other Liabilities

$109

$

51

$ 58

All Other Items

($

10)

($

12)

$

2

Cash From Operating Activities

$318

$145

$173

Capital Expenditures

($

41)

($

36)

($

5)

Cash Dividends

($

47)

($

45)

($

2)

Free Cash Flow Source / (Use)

$230

$

64

$166

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RPM is Positioned to Grow in New Markets and Product Channels

$ in billions

Powder Coatings, $1.1

Pleasure Marine

Cleaners,

Caulks, Sealants &

Coatings, $0.50

$6

Cleaning/Restoration,

Adhesives, $5

$0.25

Wood Care, $3

Fluorescent Colorants,

Wood

$0.150

Coatings, $10

Primers, $3

Food Coatings, $5

Small Project Paints, $3

Industrial

Coatings, $12

Polymer Flooring, $6

RPM Global

Addressable

High-Performance

Market

Infrastructure Coatings,

Sealants, $29

$134 bb**

$5

FRP, $1

Construction

EIFS North America,

Adhesives, $9

$0.27

Commercial Roofing,

Below-Grade

Cement and Concrete

Waterproofing, $1

Additives , $17

$17

*Sources: Adhesive Sealant Council, Fredonia, MarketsandMarkets, Stratview Research, EIMA Members, Fior Markets, Powder Coatings Institute, Orr & Boss Consulting, Global Market Insights and company estimates and Management's estimates.

** figures may not add due to rounding

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Construction Products Group

Innovative New Products

Insulated Concrete Forms

Eucon Baracade WPT

Outsulation Securock

Construct stronger, highly

A water-repellent admixture

ExoAir 430

energy efficient concrete

used to improve the durability

A collaborative solution

structures capable of

and surface integrity of

between Dryvit and Tremco

withstanding hurricanes.

concrete that is exposed to

that forms an ultimate

Nudura's new XR35 form

harsh weather conditions.

air/water barrier for the entire

significantly increases

Won Most Innovative Product

building enclosure while

insulation performance.

Award at World of Concrete.

reducing construction costs.

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Performance Coatings Group

Innovative New Products

Pyrocrete 341

A cementitious fireproofing that provides hydrocarbon fire, jet fire and cryogenic spill protection for structural steel.

Soilok

This grout can stabilize soil, shut off water intrusion and contain hazardous material spills to prevent them from spreading below ground and into water sources.

Stoncrete EFX

A troweled, epoxy mortar system that has the look and feel of polished concrete, but with longer lasting durability and performance.

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Consumer Group

Innovative New Products

BEFORE

AFTER

HOME Floor Coating

  • durable, two-step coating that transforms the look of outdated floors in just one day without the need for sanding, stripping or priming.

SmartCoat

Advanced paint and primer in one, a next-generation, intelligent paint line that makes painting walls easier than ever.

Eclipse Wall Repair Patches Quickly and effectively fix the most common drywall damage with no spackling, sanding or additional tools for

  • completely mess-free repair. 4x stronger than drywall.

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Specialty Products Group

Innovative New Products

TRU-CORE for Engineered Woods Fully penetrates wood from the inside out with anti- fungal, anti-insect and other protectants.

VerdeCoat

A new "green" barrier coating specially formulated for packaging using ingredients approved for direct food contact.

Underwater Antifouling Protection Kit Running Gear Guardian provides superior protection for all underwater metals, such as shafts and propellers, at an affordable price point.

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Acquisition Program Targets Niche Businesses with Leading Brands

Broadened focus beyond coatings and sealants to adjacent product categories, such as sanding, cleaning and others.

  • Successful, niche businesses with leading brands
  • Above average gross profit margins

CRITERIA  70% product line integrations

  • 30% stand-alone with entrepreneurial leadership that stays

★ Achieve revenue synergies

★ New channels

BENEFITS

★ New geographies

★

New technologies

★

Great home for entrepreneurs

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Intercompany Connections Drive Value Creation

Rust-Oleum and Tremco

Leveraging Rust-Oleum's retail relationships to expand the reach

of Tremco's product to contractors large and small

Tremco and Fibergrate

Connect to bring new rooftop safety solutions to market

Wood Finishes and Rust-Oleum

Wood Finishes manufactures stains and coatings marketed under Rust-Oleum's Varathane brand

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5-Year and 10-Year Cumulative Total Return

Among RPM, the S&P 500 and a Customized Peer Group

RPM'S TOTAL RETURN

HAS OUTPERFORMED

the S&P 500 by 44% and its Peers by 19%

over the past 10 years

This graph compares the cumulative five-year and ten-year total return provided stockholders on RPM International Inc.'s common stock relative to the cumulative total returns of the S&P 500 Index and a customized peer group of companies that includes: AkzoNobel N.V., Axalta Coating Systems Ltd., Ferro Corporation, GCP Applied Technologies Inc., H.B. Fuller Company, Masco Corporation, PPG Industries, Inc. and The Sherwin-Williams Company. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in RPM common stock, the peer group, and the index on 5/31/2015 and 5/31/2010 and their relative performance is tracked through 5/31/2020.

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RPM vs. Peers and Indices

Two-Year Stock Price Performance (5/31/18 - 5/31/20)

80%

56.59%

60%

51.07%

40%

25.17%

27.52%

20%

12.53%

0.74%

3.96%

4.45%

0%

-2.75%

-20%

-27.02%

-25.72%

-40%

-36.37%

-41.25%

-60%

FOE

GCP

FUL

AXTA.K S&P 500

PPG Dow Jones

AKZA-AE S&P 500

MAS

NASDAQ

RPM

SHW

(Chemicals)

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

32

Delivering Value to Shareholders

Only 41 publicly traded U.S. companies have an equal or better record*

$1.50

$1.25

$1.00

$0.75

$0.50

$0.25

$0.00

$2.6+ billion

Paid

47

Consecutive

Years of

Dividend

Increases

'75

'77

'79

'81

'83

'85

'87

'89

'91

'93

'95

'97

'99

'01

'03

'05

'07

'09

'11

'13

'15

'17

'19

'21

RPM returned approximately $892 million to shareholders over prior 2 years:

$367 million in cash dividends and $525 million of diluted share repurchases

*Sources: Mergent Handbook of Dividend Achievers, U.S.: Mergent Inc., July 22, 2020, ISBN 78-1641415750 and World Federation of Exchanges. (2018 August). Number of Listed Companies. Retrieved from https://www.world-exchanges.org/home/index.php/statistics/monthly-reports.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

33

RPM is Building a Better World

From homes and

workplaces,

and precious landmarks…

to infrastructure,

…RPM's products are trusted by consumers and professionals worldwide to beautify structures, protect them from harsh environments, prolong their lifecycles and enhance their sustainability.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

34

APPENDIX

Reconciliations of Non-GAAP Measures to GAAP Measures

Consolidated Statements of Income

($ in thousands, except per share data)

Fiscal Year Ended May 31,

2020

%

2019

%

% Change

Net Sales

$

5,506,994

$

5,564,551

(1.0)

Cost of Sales

3,414,139

62.0

3,476,231

62.5

Gross Profit

2,092,855

38.0

2,088,320

37.5

SG&A

1,548,653

28.1

1,596,043

28.7

Restructuring Expense

33,108

0.6

42,310

0.8

Other Intangible Asset Impairments

-

4,190

0.1

Other Expense, Net

12,066

0.2

4,270

0.1

EBIT*

499,028

9.1

441,507

7.9

13.0

Interest Expense

101,003

1.8

102,392

1.8

Investment (Income), Net

(9,739)

(0.2)

(730)

(0.0)

Income Before Taxes

407,764

7.4

339,845

6.1

Provision for Income Taxes

102,682

1.9

72,158

1.3

Net Income

305,082

5.5

267,687

4.8

14.0

Less: Net Income Attributable

to Noncontrolling Interests

697

0.0

1,129

0.0

Net Income Attributable to RPM

Stockholders

$

304,385

5.5

$

266,558

4.8

14.2

Diluted EPS

$

2.34

$

2.01

16.4

*EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Consolidated Statements of Income

($ in thousands, except per share data)

(Unaudited)

Three Months Ended August 31,

2020

%

2019

%

% Change

Net Sales

$

1,606,670

$

1,472,764

9.1

Cost of Sales

953,015

59.3

898,010

61.0

Gross Profit

653,655

40.7

574,754

39.0

SG&A

395,953

24.6

400,566

27.2

Restructuring Expense

4,233

0.3

6,622

0.4

Other Expense, Net

3,118

0.2

1,785

0.1

EBIT*

250,351

15.6

165,781

11.3

51.0

Interest Expense

21,745

1.4

28,317

1.9

Investment (Income), Net

(12,763)

(0.8)

(5,385)

(0.4)

Income Before Taxes

241,369

15.0

142,849

9.7

Provision for Income Taxes

60,584

3.8

36,353

2.5

Net Income

180,785

11.3

106,496

7.2

69.8

Less: Net Income Attributable

to Noncontrolling Interests

190

0.0

308

0.0

Net Income Attributable to RPM

Stockholders

$

180,595

11.2

$

106,188

7.2

70.1

Diluted EPS

$

1.39

$

0.82

69.5

*EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Non-GAAP Financial Measures

The following are the non-GAAP financial measures used in this presentation:

  • EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations. Tables reconciling this non-GAAP data with GAAP measures are available in the appendix of this presentation.
  • Adjusted EBIT is defined as earnings (loss) before interest and taxes, adjusted for items that management does not consider to be indicative of ongoing operations. Management uses Adjusted EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations. Tables reconciling this non-GAAP data with GAAP measures are available in the appendix of this presentation.
  • Adjusted Diluted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations. For example, investment returns including realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities are excluded from the calculation of Adjusted Diluted EPS due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the company's core business operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

38

Free Cash Flow Generation (Non-GAAP Measure)

($ in thousands)

Fiscal Year Ended May 31,

2020

2019

2018

2017

2016

Cash Flows from Operating Activities:

Net income

$

305,082

$

267,687

$

339,257

$

184,671

$

357,458

Depreciation and amortization

156,842

141,742

128,499

116,773

111,039

Working capital and all other operating activities

87,995

(116,488)

(77,373)

84,683

6,209

Cash Flow from Operations (GAAP)

549,919

292,941

390,383

386,127

474,706

Cash Flows from Investing Activities:

Capital expenditures

(147,756)

(136,757)

(114,619)

(126,109)

(117,183)

Cash Flows from Financing Activities:

Dividends

(185,101)

(181,409)

(167,476)

(156,752)

(144,350)

Free Cash Flow (non-GAAP measure)

217,062

(25,225)

108,288

103,266

213,173

All other investing activities

(61,857)

(111,489)

(146,574)

(213,556)

(48,683)

All other financing activities

(131,769)

127,567

(71,900)

192,723

(61,755)

Effect of exchange rate changes on cash and

short-term investments

(13,188)

(12,107)

4,111

2,912

(12,294)

Net increase (decrease) in cash and short-term

investments (GAAP)

$

10,248

$

(21,254)

$

(106,075)

$

85,345

$

90,441

Management views Free Cash Flow, a non-GAAP measure, as an excellent reflection of RPM's remaining cash flow to be used to acquire complementary businesses, reduce debt levels, or a combination there of, after supporting the organic growth needs of its businesses, including their working capital and capital expenditure needs, and after supporting RPM's dividend program.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Adjustments Detail

  1. Charges recorded in Cost of Goods Sold that reflect SKU rationalization at our Consumer segment, as well as inventory write-offs in connection with restructuring activities at our Consumer, Construction Products and Performance Coatings segments, offset somewhat by subsequent recoveries related to immaterial sales in excess of amounts reserved.
  2. Reflects restructuring charges, including headcount reductions, closures of facilities and related costs, and other restructuring costs, all in relation to our Margin Acceleration Plan ("MAP to Growth").
  3. Includes accelerated depreciation and amortization expense related to the shortened useful lives of facilities and equipment, ERP systems, and intangibles that are currently in use, but are in the process of being retired associated with various MAP to Growth initiatives including facility closures, exiting businesses, and ERP consolidations.
  4. Reflects the increase in our allowance for doubtful accounts deemed uncollectible as a result of a change in market and leadership strategy, offset by subsequent collections.
  5. Includes implementation costs associated our ERP consolidation plan.
  6. Comprises professional fees as well as the negotiation of a cooperation agreement, all of which have been incurred in relation to our MAP to Growth.
  7. Acquisition costs reflect amounts included in gross profit for inventory step-ups.
  8. Reflects unusual compensation costs that resulted from executive departures related to our MAP to Growth, including stock and deferred compensation plan arrangements.
  9. Reflects unusual compensation costs, net of insurance proceeds, that resulted from executive departures unrelated to our MAP to Growth
  10. Reflects true-up of reserves related to prior period gains or losses incurred upon divestiture of a business and/or assets.
  11. Reflects reversal of prior period charges related to the discontinuation of a product line targeting OEM markets and related inventory write-off. This resulted from ongoing product line rationalization efforts in connection with our MAP to Growth.
  12. Investment returns include realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities, which are adjusted due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the Company's core business operations.

Note: Adjustments described above correspond to slides 47-58

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT** (Non-GAAP Measure): RPM Consolidated

(As Reported)

($ in thousands, except per share and percent data)

Three Months Ended August 31,

(Unaudited)

2020

2019

Net Income

$

180,785

$

106,496

Provision for Income Taxes

60,584

36,353

Income Before Income Taxes

241,369

142,849

Interest Expense*

21,745

28,317

Investment (Income), Net

(12,763)

(5,385)

EBIT** (non-GAAP measure)

250,351

165,781

Inventory-related charges (a)

660

3,225

Restructuring Expense (b)

4,694

6,829

Accelerated expense - other (c)

1,535

1,052

Receivable write-offs (d)

(137)

3,133

ERP consolidation plan (e)

1,370

3,524

Professional fees (f)

8,277

8,146

Acquisition-related costs (g)

-

548

Unusual costs triggered by executive departures (h)

2,832

347

Unusual executive costs, net of insurance proceeds (i)

7

-

Divestitures (j)

(8)

-

Discontinued product line (k)

(375)

-

Adjusted EBIT***

$

269,206

$

192,585

Net Sales

$

1,606,670

$

1,472,764

EBIT** as a % of Net Sales (non-GAAP measure)

15.6%

11.3%

Adj EBIT*** as a % of Net Sales (non-GAAP measure)

16.8%

13.1%

*Interest expense, net includes the combination of interest (income) expense and investment (income) expense, net. **EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

***Adjusted EBIT is provided for the purpose of adjusting for one-off items impacting revenue and/or expenses that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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Reconciliation of "Reported" to "Adjusted" EPS

(Unaudited)

Three Months Ended August 31,

2020

2019

Reconciliation of Reported Earnings per Diluted Share to Adjusted

Earnings per Diluted Share (All amounts presented after-tax):

Reported Earnings per Diluted Share

$

1.39

$

0.82

Inventory-related charges (a)

-

0.02

Restructuring expense (b)

0.03

0.04

Accelerated expense - other (c)

0.01

-

Receivable write-offs (d)

-

0.02

ERP consolidation plan (e)

0.01

0.02

Professional fees (f)

0.05

0.05

Unusual costs triggered by executive departures (h)

0.02

-

Investment returns (l)

(0.07)

(0.02)

Adjusted Earnings per Diluted Share*

$

1.44

$

0.95

*Adjusted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT** (Non-GAAP Measure): Construction Products Segment

(As Reported)

($ in thousands, except per share and percent data)

Three Months Ended August 31,

(Unaudited)

2020

2019

Income Before Income Taxes

$

98,349

$

82,680

Add: Interest Expense, Net*

2,110

2,027

EBIT** (non-GAAP measure)

100,459

84,707

Inventory-related charges (a)

(51)

271

Restructuring Expense (b)

1,046

1,055

Accelerated expense - other (c)

697

202

Receivable write-offs (d)

-

53

ERP consolidation plan (e)

117

60

Professional fees (f)

65

11

Acquisition-related costs (g)

-

548

Divestitures (j)

(8)

-

Adjusted EBIT***

$

102,325

$

86,907

Net Sales

$

547,690

$

536,105

EBIT** as a % of Net Sales (non-GAAP measure)

18.3%

15.8%

Adj EBIT*** as a % of Net Sales (non-GAAP measure)

18.7%

16.2%

*Interest expense, net includes the combination of interest (income) expense and investment (income) expense, net. **EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

***Adjusted EBIT is provided for the purpose of adjusting for one-off items impacting revenue and/or expenses that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT** (Non-GAAP Measure): Performance Coatings Segment

(As Reported)

($ in thousands, except per share and percent data) (Unaudited)

Three Months Ended August 31,

20202019

Income Before Income Taxes

$

28,514

$

28,057

Add: Interest Expense, Net*

31

129

EBIT** (non-GAAP measure)

28,545

28,186

Inventory-related charges (a)

36

2,038

Restructuring Expense (b)

1,356

2,608

Accelerated expense - other (c)

685

701

Receivable write-offs (d)

(137)

3,023

ERP consolidation plan (e)

129

367

Professional fees (f)

257

-

Adjusted EBIT***

$

30,871

$

36,923

Net Sales

$

259,788

$

297,241

EBIT** as a % of Net Sales (non-GAAP measure)

11.0%

9.5%

Adj EBIT*** as a % of Net Sales (non-GAAP measure)

11.9%

12.4%

*Interest expense (income), net includes the combination of interest (income) expense and investment (income) expense, net.

**EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

***Adjusted EBIT is provided for the purpose of adjusting for one-off items impacting revenue and/or expenses that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT** (Non-GAAP Measure): Consumer Segment

(As Reported)

Three Months Ended August 31,

($ in thousands, except per share and percent data)

(Unaudited)

2020

2019

Income Before Income Taxes

$

132,722

$

59,158

Add: Interest Expense, Net*

62

105

EBIT** (non-GAAP measure)

132,784

59,263

Inventory-related charges (a)

675

916

Restructuring Expense (b)

1,485

1,282

Accelerated expense - other (c)

22

-

Receivable write-offs (d)

-

58

ERP consolidation plan (e)

14

-

Professional fees (f)

123

177

Unusual costs triggered by executive departures (h)

2,000

-

Discontinued product line (k)

(375)

-

Adjusted EBIT***

$

136,728

$

61,696

Net Sales

$

641,168

$

479,330

EBIT** as a % of Net Sales (non-GAAP measure)

20.7%

12.4%

Adj EBIT*** as a % of Net Sales (non-GAAP measure)

21.3%

12.9%

*Interest expense, net includes the combination of interest (income) expense and investment (income) expense, net.

**EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

***Adjusted EBIT is provided for the purpose of adjusting for one-off items impacting revenue and/or expenses that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT** (Non-GAAP Measure): Specialty Segment

(As Reported)

($ in thousands, except per share and percent data) (Unaudited)

Three Months Ended August 31,

20202019

Income Before Income Taxes

$

20,449

$

23,327

Add: Interest Expense (Income), Net*

82

(26)

EBIT** (non-GAAP measure)

20,531

23,301

Restructuring Expense (b)

808

1,889

Accelerated expense - other (c)

131

149

ERP consolidation plan (e)

1,110

3,097

Professional fees (f)

1,449

-

Unusual costs triggered by executive departures (h)

45

193

Adjusted EBIT***

$

24,074

$

28,629

Net Sales

$

158,024

$

160,088

EBIT** as a % of Net Sales (non-GAAP measure)

13.0%

14.6%

Adj EBIT*** as a % of Net Sales (non-GAAP measure)

15.2%

17.9%

*Interest expense, net includes the combination of interest (income) expense and investment (income) expense, net.

**EBIT is defined as earnings (loss) before interest and taxes. Management uses EBIT, as defined, as a measure of operating performance, since interest expense, net, essentially relates to corporate functions, as opposed to segment operations.

***Adjusted EBIT is provided for the purpose of adjusting for one-off items impacting revenue and/or expenses that are not considered by management to be indicative of ongoing operations.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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EBIT* & EBITDA (Non-GAAP Measures)

(in thousands)

Net Income

Add: Provision for income taxes

Add: Interest expense

Add: Investment (income), net

Add: MAP to Growth related initiatives

Add: Acquisition-related charges

Add: Convertible debt extinguishment

Add: Loss on South Africa Business

Add: Unusual costs triggered by executive departures

Add: Charge (adjustment) to exit Flowcrete China

Add: Charge to exit Flowcrete Middle East

Add: Goodwill and other intangible asset impairments

Add: Severance Expense

Adjusted EBIT * (non-GAAP measure) Add: Amortization

Adjusted EBITA * (non-GAAP measure) Add: Depreciation

Adjusted EBITDA * (non-GAAP measure) Deduct: Interest expense

Deduct: Investment expense (income), net

Deduct: Provision (benefit) for income taxes

Add: Changes in operating assets, liabilities, and other Cash from operating activities

Net Sales

Adjusted EBITA * as a % of net sales (non-GAAP measure) Adjusted EBITDA * as a % of net sales (non-GAAP measure)

*EBIT is defined as earnings before interest and taxes, while EBITDA is

defined as earnings before interest, taxes, depreciation and

amortization. We evaluate the profit performance of our segments

based on income before income taxes, but also look to EBIT as a

performance evaluation measure because interest expense is

essentially related to acquisitions, as opposed to segment operations.

2016

2017

2018

2019

2020

We believe EBIT is useful to investors for this purpose as well, using

$

357,458

$

184,671

339,257

267,687

305,082

EBIT as a metric in their investment decisions. EBIT should not be

considered an alternative to, or more meaningful than, income before

126,008

59,662

77,791

72,158

102,682

income taxes as determined in accordance with GAAP, since it omits the

91,683

96,954

104,547

102,392

101,003

impact of interest and taxes in determining operating performance,

(10,365)

(13,984)

(20,442)

(730)

(9,739)

which represent items necessary to our continued operations, given our

58,080

110,549

123,089

level of indebtedness and ongoing tax obligations.

We evaluate our

2,991

919

liquidity based on cash flows from operating, investing and financing

3,052

activities, as defined by GAAP, but also look to EBITDA as a

540

supplemental liquidity measure, because we find it useful to

8,840

(1,696)

understand and evaluate our capacity, excluding the impact of interest,

taxes,

and

non-cash

depreciation and

amortization

charges,

for

4,164

(1,039)

servicing our debt and otherwise meeting our cash needs, prior to our

12,275

consideration of the impacts of other potential sources and uses of cash

188,298

such as working capital items.

We believe that EBITDA is useful to

15,001

investors for these purposes as well. EBITDA should not be considered

564,784

542,877

563,397

567,479

620,301

an alternative to, or more meaningful than, cash flows from operating

44,307

44,903

46,523

47,699

48,299

activities, as determined in accordance with GAAP, since it omits the

609,091

587,780

609,920

615,178

668,600

impact

of

interest,

taxes

and

changes

in

working

capital

that

use/provide cash (such as receivables, payables, and inventories) as

66,732

71,870

81,976

94,043

108,543

well as

the

sources/uses of

cash associated

with

changes in other

675,823

659,650

691,896

709,221

777,143

balance sheet items (such as long-term loss accruals and deferred

(91,683)

(96,954)

(104,547)

(102,392)

(101,003)

items).

Since EBITDA excludes depreciation and amortization, EBITDA

10,365

13,984

20,442

730

9,739

does not reflect any cash requirements for the replacement of the

126,008

(59,662)

(77,791)

(72,158)

102,682

assets being depreciated and amortized, which assets will often have to

6,209

(130,891)

(139,617)

(242,460)

(238,642)

be replaced in the future. Further, EBITDA, since it also does not reflect

$

474,706

$

386,127

390,383

292,941

549,919

the impact of debt service, cash dividends or capital expenditures, does

not represent how much discretionary cash we have available for other

$

4,813,649

$

4,958,175

5,321,643

5,564,551

5,506,994

purposes. Nonetheless, EBIT and EBITDA are key measures expected by

12.7%

11.9%

11.5%

11.1%

12.1%

and useful to our fixed income investors, rating agencies and the

14.0%

13.3%

13.0%

12.7%

14.1%

banking community of all of whom believe, and we concur that these

measures are critical to the capital markets' analysis of (i) our segments core operating performance, and (ii) our ability to service debt, fund capital expenditures and otherwise meet cash needs, respectively. We also evaluate EBIT and EBITDA because it is clear that movements in these non-GAAP measures impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of these two measures in offering memoranda in conjunction with any debt underwriting or bank financing.

Morgan Stanley Virtual 2020 Global Chemicals, Agriculture, and Packaging Conference - 11/10/2020

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RPM International Inc. published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 14:06:05 UTC