Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
General Information: Matson’s common stock is traded on the New York Stock Exchange under the ticker symbol “MATX”. As of February 19, 2021, there were 2,103 shareholders of record of Matson common stock.
Stockholder Return Performance Graph and Trading Information: The following information in this Item 5 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933.
The cumulative total return listed below assumed an initial investment of $100 and reinvestment of dividends at each fiscal end and measures the performance of this investment as of the last trading day in the month of December for each of the five years ended December 31, 2020. The graph is a historical representation of past performance only and is not necessarily indicative of future performance.
*
$100 invested on December 31, 2015 in stock or index, including reinvestment of dividends.
Trading volume averaged 234,930 shares a day in 2020, compared with 155,804 shares a day in 2019 and 232,289 shares a day in 2018, as reported by the New York Stock Exchange.
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Dividends: Dividends declared per share of common stock by the Company for each fiscal quarter during 2019 and 2020 were as follows:
Dividends
2019
Declared
First Quarter
$
0.21
Second Quarter
$
0.21
Third Quarter
$
0.22
Fourth Quarter
$
0.22
2020
First Quarter
$
0.22
Second Quarter
$
0.22
Third Quarter
$
0.23
Fourth Quarter
$
0.23
Matson’s Board of Directors also declared a cash dividend of $0.23 per share for the first quarter 2021, payable on March 4, 2021 to shareholders of record on February 11, 2021. Although Matson expects to continue paying quarterly cash dividends on its common stock, the declaration and payment of dividends are subject to the discretion of the Board of Directors and will depend upon Matson’s financial condition, results of operations, cash requirements and other factors deemed relevant by the Board of Directors.
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ITEM 6. SELECTED FINANCIAL DATA
The comparative selected financial data of the Company is presented for each of the five years in the period ended December 31, 2020. The information should be read in conjunction with Item 8, “Financial Statements and Supplementary Data,” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. All fiscal years include 52 weeks, except for the year ended December 31, 2016 which includes 53 weeks:
(In millions, except per share amounts)
2020
2019
2018
2017
2016
Operating Revenue: (1)
Ocean Transportation
$
1,853.9
$
1,666.6
$
1,641.3
$
1,571.8
$
1,541.1
Logistics
529.4
536.5
581.5
475.1
400.5
Total Operating Revenue
$
2,383.3
$
2,203.1
$
2,222.8
$
2,046.9
$
1,941.6
Operating and Net Income: (1)
Ocean Transportation (2)
$
244.8
$
90.8
$
131.1
$
126.4
$
144.5
Logistics
35.5
38.3
32.7
20.9
12.2
Total Operating Income
280.3
129.1
163.8
147.3
156.7
Interest expense
(27.4)
(22.5)
(18.7)
(24.2)
(24.1)
Other income (expense), net
6.1
1.2
2.6
2.1
(2.1)
Income before Income Taxes
259.0
107.8
147.7
125.2
130.5
Income taxes (3)
(65.9)
(25.1)
(38.7)
105.8
(49.1)
Net Income
$
193.1
$
82.7
$
109.0
$
231.0
$
81.4
Identifiable Assets: (1)(6)
Ocean Transportation (4)
$
2,431.1
$
2,424.5
$
2,071.6
$
1,941.5
$
1,726.3
Logistics
469.5
420.9
358.8
310.1
293.3
Total Assets
$
2,900.6
$
2,845.4
$
2,430.4
$
2,251.6
$
2,019.6
Capital Expenditure: (5)
Ocean Transportation
$
190.0
$
294.5
$
385.4
$
305.3
$
179.1
Logistics
2.3
15.8
15.8
1.7
0.3
Total Capital Expenditures
$
192.3
$
310.3
$
401.2
$
307.0
$
179.4
Depreciation and Amortization:
Ocean Transportation
$
107.4
$
93.6
$
87.0
$
93.3
$
92.6
Logistics
7.5
6.8
7.4
7.9
4.5
114.9
100.4
94.4
101.2
97.1
Deferred Dry-docking Amortization — Ocean Transportation
25.1
34.3
37.4
46.2
38.9
Total Depreciation and Amortization
$
140.0
$
134.7
$
131.8
$
147.4
$
136.0
Earnings Per Share in Net Income:
Basic
$
4.48
$
1.93
$
2.55
$
5.38
$
1.89
Diluted
$
4.44
$
1.91
$
2.53
$
5.35
$
1.87
Cash dividends per share declared
$
0.90
$
0.86
$
0.82
$
0.78
$
0.74
As of December 31:
Total debt obligations — including current portion
$
744.8
$
958.4
$
856.4
$
857.1
$
738.9
Total Shareholders' equity
$
961.2
$
805.7
$
755.3
$
677.2
$
494.9
Shares outstanding
43.2
42.9
42.7
42.5
42.9
(1) 2016 and subsequent selected financial data includes the operation of Span Alaska acquired as of August 4, 2016.
(2) The Ocean Transportation segment includes $26.3 million, $20.8 million, $36.8 million, $28.2 million and $15.8 million of equity in income from the Company’s investment in SSAT, for 2020, 2019, 2018, 2017 and 2016, respectively.
(3) Income taxes for the years ended December 31, 2019, 2018 and 2017 include a non-cash income tax (expense)/benefit of $2.9 million, $(2.9) million and $154.0 million, respectively, related to the remeasurement of the Company’s deferred assets and liabilities and other discrete adjustments as a result of applying the Tax Cut and Jobs Act of 2017.
(4) The Ocean Transportation segment includes $48.7 million, $76.2 million, $87.0 million, $93.2 million and $82.4 million related to the Company’s investment in SSAT as of December 31, 2020, 2019, 2018, 2017 and 2016, respectively.
(5) Excludes expenditures related to Matson’s acquisition of Span Alaska which were classified as payments for acquisitions in Cash Flows used in Investing Activities within the Consolidated Statements of Cash Flows.
(6) Identifiable assets for 2020 and 2019 includes Operating lease right of use assets resulting from the adoption of the lease accounting standard in 2019.
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