First Quarter 2021 Earnings Conference Call April 27, 2021 1 First Quarter 2021 Earnings Conference Call Matson. Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of April 27, 2021. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pages 12-21 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34187 Matson, Inc. (Exact name of registrant as specified in its charter) Hawaii 99-0032630 (State or other jurisdiction ...

Matson, Inc. (NYSE:MATX) Q1 2021 Earnings Conference Call April 27, 2021 4:30 PM ET Company Participants Lee Fishman - Director, IR Matthew Cox - Chairman & CEO Joel Wine - EVP & CFO Conference Call Participants Benjamin Nolan - Stifel, Nicolaus & Company Stephen O'Hara - Sidoti & Company Operator Good day, and thank you for standing by. Welcome to the First Quarter 2021 Financial Results Conference call. [Operator Instructions]. I would now like to turn the conference over to your host, Mr. Lee Fishman. Pl ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Matson, Inc. is a leading provider of ocean transportation and logistics services, operating through two main segments: Ocean Transportation and Logistics [Company Overview](index=4&type=section&id=A.%20Company%20Overview) Matson, Inc. is a holding company with two primary business segments: Ocean Transportation and Logistics, providing ocean freight services to domestic non-contiguous economies and international expedited routes, alongside asset-light logistics services and a 35% interest in SSA Terminals, LLC - Matson operates through two main segments: **Ocean Transportation and Logistics**[18](index=18&type=chunk) - The Ocean Transportation business (MatNav) serves Hawaii, Alaska, Guam, Micronesia, and operates two premium, expedited services from China to Long Beach, California[19](index=19&type=chunk) - The Logistics business (Matson Logistics) is an asset-light model providing transportation brokerage, freight forwarding, warehousing, and supply chain management services[21](index=21&type=chunk) - Matson holds a **35% ownership interest** in SSA Terminals, LLC (SSAT), a joint venture providing terminal and stevedoring services on the U.S. West Coast[20](index=20&type=chunk) [Business Description](index=6&type=section&id=B.%20Business%20Description) The company's business is detailed through its two segments, Ocean Transportation and Logistics, encompassing various routes, fleet operations, terminal investments, and asset-light services, all while facing diverse competition - In May 2020, Matson launched a new expedited China-Long Beach Express Plus (CLX+) service due to increased market demand[27](index=27&type=chunk) - In September 2020, the company launched the Alaska-Asia Express (AAX) service, transporting seafood from Dutch Harbor, Alaska to China[34](index=34&type=chunk) - The company has completed a **$1,024 million investment** in four new vessels as part of its fleet renewal program, with the final vessel, Matsonia, entering service in December 2020[43](index=43&type=chunk) - Approximately **62% of Ocean Transportation revenues in 2020** came from the Hawaii and Alaska trades, which are subject to the Jones Act[68](index=68&type=chunk) [Employees and Labor Relations](index=20&type=section&id=C.%20Employees%20and%20Labor%20Relations) As of 2020, Matson employed 4,149 people worldwide, with 71% covered by collective bargaining agreements, and is investing in human capital programs to attract and retain a diverse workforce 2020 Employee Headcount | Category | Number of Employees | | :--- | :--- | | Total Worldwide Employees | 4,149 | | International Employees | 128 | | Unionized Employees | 2,953 (71%) | - The company is investing in diversity initiatives, committing **$100,000 for new scholarships** and **over $200,000 to expand its paid internship program** to increase diversity in the industry[94](index=94&type=chunk)[96](index=96&type=chunk) - Matson and its joint venture SSAT are members of the Pacific Maritime Association (PMA), which has a collective bargaining agreement with the International Longshore and Warehouse Union (ILWU) extending to July 1, 2022[102](index=102&type=chunk) [Available Information](index=25&type=section&id=D.%20Available%20Information) Matson's financial reports, including Form 10-K, 10-Q, and 8-K, are available free of charge on its website and the SEC's website - Company filings are accessible on the Matson corporate website and the SEC's EDGAR database[105](index=105&type=chunk)[106](index=106&type=chunk) [Risk Factors](index=25&type=section&id=Item%201A.%20Risk%20Factors) The company faces several material risks, including potential repeal or adverse changes to the Jones Act, operational risks from the COVID-19 pandemic, economic downturns, intense competition, dependency on key vendors, fuel price volatility, labor disruptions, cybersecurity threats, and extensive regulatory compliance - Repeal, substantial amendment, or waiver of the Jones Act could allow foreign-flagged competitors with lower operating costs to enter the Hawaii or Alaska markets, adversely affecting the business[108](index=108&type=chunk) - The COVID-19 pandemic has negatively impacted tourism-dependent markets like Hawaii and Guam, but has also increased demand for the company's expedited ocean services from China[111](index=111&type=chunk)[112](index=112&type=chunk) - Fuel is a significant operating expense, and the company's profitability is sensitive to fuel price volatility and its ability to recover costs through fuel-related surcharges. Compliance with IMO 2020 low-sulfur fuel regulations also presents cost and operational risks[122](index=122&type=chunk)[123](index=123&type=chunk) - A significant portion of Matson's employees are unionized. Work stoppages or other labor disruptions, either by its own workforce or in related industries (e.g., longshore labor), could severely impact operations[137](index=137&type=chunk)[138](index=138&type=chunk) - The company is highly dependent on its information technology systems and faces cybersecurity risks. The shipping industry is a frequent target of cyber attacks, which could disrupt operations and lead to financial loss or reputational harm[144](index=144&type=chunk) [Unresolved Staff Comments](index=42&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC - **None**[163](index=163&type=chunk) [Properties](index=43&type=section&id=Item%202.%20Properties) Matson leases material terminal facilities for its Ocean Transportation segment in key locations, with primary U.S. West Coast facilities leased by its joint venture, SSAT, and other material properties including warehouses and cross-dock facilities Material Leased Terminal Facilities | Terminal Location | Acreage | | :--- | :--- | | Honolulu, Hawaii | 105 | | Anchorage, Alaska | 38 | | Dutch Harbor, Alaska | 18 | | Kodiak, Alaska | 6 | | Tacoma, Washington | 14 | | Polaris Point, Guam | 30 | [Legal Proceedings](index=43&type=section&id=Item%203.%20Legal%20Proceedings) The company is subject to environmental risks but believes it is in material compliance with environmental laws, and other legal actions are not expected to have a material financial effect - The company believes it is in material compliance with applicable environmental laws and regulations[167](index=167&type=chunk) - Other legal actions are not expected to have a material effect on the company's financial condition, results of operations, or cash flows[169](index=169&type=chunk) [Mine Safety Disclosures](index=43&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not Applicable**[170](index=170&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=44&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Matson's common stock trades on the New York Stock Exchange under the ticker symbol "MATX", with 2,103 shareholders of record as of February 19, 2021, and the company has a history of paying quarterly cash dividends, totaling $0.90 per share in 2020 - Matson's common stock is traded on the NYSE under the symbol **MATX**[172](index=172&type=chunk) Dividends Declared Per Share | Quarter | 2019 | 2020 | | :--- | :--- | :--- | | First | $0.21 | $0.22 | | Second | $0.21 | $0.22 | | Third | $0.22 | $0.23 | | Fourth | $0.22 | $0.23 | | **Total** | **$0.86** | **$0.90** | [Selected Financial Data](index=47&type=section&id=Item%206.%20Selected%20Financial%20Data) This section presents a five-year summary of Matson's key financial data from 2016 to 2020, highlighting a significant increase in profitability in 2020 with total operating revenue of $2,383.3 million, operating income of $280.3 million, net income of $193.1 million, and diluted EPS of $4.44 Selected Financial Data (2018-2020) | (In millions, except per share amounts) | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **$2,383.3** | **$2,203.1** | **$2,222.8** | | Ocean Transportation | $1,853.9 | $1,666.6 | $1,641.3 | | Logistics | $529.4 | $536.5 | $581.5 | | **Total Operating Income** | **$280.3** | **$129.1** | **$163.8** | | **Net Income** | **$193.1** | **$82.7** | **$109.0** | | **Diluted Earnings Per Share** | **$4.44** | **$1.91** | **$2.53** | | **Total Assets (at year-end)** | **$2,900.6** | **$2,845.4** | **$2,430.4** | | **Total Debt Obligations (at year-end)** | **$744.8** | **$958.4** | **$856.4** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=49&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2020, Matson's financial performance improved significantly, driven by its Ocean Transportation segment's strong demand and higher freight rates in the China service, leading to an 8.2% increase in total operating revenue to $2,383.3 million and a 117.1% surge in operating income to $280.3 million, while also reducing total debt by $198.3 million Consolidated Results: 2020 vs 2019 | (In millions) | 2020 | 2019 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Operating revenue | $2,383.3 | $2,203.1 | $180.2 | 8.2% | | Operating income | $280.3 | $129.1 | $151.2 | 117.1% | | Net income | $193.1 | $82.7 | $110.4 | 133.5% | | Diluted EPS | $4.44 | $1.91 | $2.53 | 132.5% | - Ocean Transportation revenue increased by **$187.3 million (11.2%) in 2020**, primarily due to higher freight revenue from the China service, including the new CLX+ service[205](index=205&type=chunk) - China container volume increased by **85.8% year-over-year**, driven by the CLX+ service and higher volume on the original CLX service[203](index=203&type=chunk)[206](index=206&type=chunk) - Total debt decreased by **$198.3 million during 2020**, with the revolving credit facility balance falling from **$379.1 million to $71.8 million**[216](index=216&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=66&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk from its borrowing activities, with $71.8 million in variable-rate debt as of December 31, 2020, and is preparing for the discontinuation of LIBOR, while foreign currency risk is considered not material - The company's primary market risk is from changes in interest rates on its variable-rate debt, which was **$71.8 million at year-end 2020**[244](index=244&type=chunk) - A hypothetical **100 basis point increase** in the variable interest rate would have an impact of approximately **$0.7 million on 2020 operating results**[245](index=245&type=chunk) - The company is preparing for the transition away from LIBOR as a benchmark interest rate, which is expected to be discontinued by mid-2023[246](index=246&type=chunk) [Financial Statements and Supplementary Data](index=67&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements for the fiscal year ended December 31, 2020, including Management's Annual Report on Internal Control Over Financial Reporting, the Independent Registered Public Accounting Firm's Report, and the consolidated statements of income, balance sheets, cash flows, and shareholders' equity, along with detailed notes Consolidated Income Statement Highlights (FY 2020) | (In millions) | Amount | | :--- | :--- | | Total Operating Revenue | $2,383.3 | | Total Costs and Expenses | ($2,103.0) | | Operating Income | $280.3 | | Net Income | $193.1 | Consolidated Balance Sheet Highlights (As of Dec 31, 2020) | (In millions) | Amount | | :--- | :--- | | Total Assets | $2,900.6 | | Total Liabilities | $1,939.4 | | Total Shareholders' Equity | $961.2 | Consolidated Cash Flow Highlights (FY 2020) | (In millions) | Amount | | :--- | :--- | | Net cash provided by operating activities | $429.8 | | Net cash used in investing activities | ($177.0) | | Net cash used in financing activities | ($261.5) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=130&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with the company's accountants on accounting and financial disclosure - **None**[445](index=445&type=chunk) [Controls and Procedures](index=130&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of December 31, 2020, with no material changes to internal control over financial reporting during the fourth quarter of 2020 - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[446](index=446&type=chunk) - Management's annual report on internal control over financial reporting concluded that controls were effective as of December 31, 2020[254](index=254&type=chunk)[447](index=447&type=chunk) [Other Information](index=130&type=section&id=Item%209B.%20Other%20Information) There is no other information to report under this item - **None**[449](index=449&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=131&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding the company's directors, executive officers, corporate governance practices, and code of ethics is incorporated by reference from Matson's Proxy Statement for the 2021 Annual Meeting of Shareholders - Information required for this item is incorporated by reference from the company's 2021 Proxy Statement[452](index=452&type=chunk)[453](index=453&type=chunk)[454](index=454&type=chunk)[455](index=455&type=chunk) [Executive Compensation](index=131&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from Matson's Proxy Statement for the 2021 Annual Meeting of Shareholders - Information required for this item is incorporated by reference from the company's 2021 Proxy Statement[456](index=456&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=131&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides information on the company's equity compensation plans as of December 31, 2020, with further details regarding security ownership incorporated by reference from Matson's 2021 Proxy Statement Equity Compensation Plan Information (as of Dec 31, 2020) | Plan Category | Number of shares to be issued upon exercise (a) | Weighted-average exercise price (b) | Number of shares remaining available for future issuance (c) | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by shareholders | 793,080 | $20.84 | 1,000,659 | [Certain Relationships and Related Transactions, and Director Independence](index=133&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from Matson's Proxy Statement for the 2021 Annual Meeting of Shareholders - Information required for this item is incorporated by reference from the company's 2021 Proxy Statement[461](index=461&type=chunk) [Principal Accountant Fees and Services](index=133&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from Matson's Proxy Statement for the 2021 Annual Meeting of Shareholders - Information required for this item is incorporated by reference from the company's 2021 Proxy Statement[462](index=462&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=134&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements included in Item 8 and the exhibits filed with the Form 10-K, noting that all financial statement schedules are omitted as they are not applicable or the required information is included elsewhere in the report - The Consolidated Financial Statements are located in Item 8 of this report[465](index=465&type=chunk) - All financial statement schedules have been omitted because the conditions requiring them were not met[466](index=466&type=chunk) [Form 10-K Summary](index=142&type=section&id=Item%2016.%20Form%2010-K%20Summary) No Form 10-K summary is provided - **None**[477](index=477&type=chunk)

Financial Data and Key Metrics Changes - Matson's ocean transportation operating income for Q4 2020 increased by $90.3 million year-over-year to $108.1 million, driven by higher contributions from the China service and CLX+ service [56] - For the full year 2020, ocean transportation operating income rose by $154 million year-over-year to $244.8 million, primarily due to higher contributions from the China service and lower vessel operating costs [60] - EBITDA for Q4 2020 increased by $95.3 million year-over-year to $156.3 million, reflecting higher consolidated operating income [58] Business Line Data and Key Metrics Changes - Logistics operating income for Q4 2020 was $9.6 million, an increase of $2 million year-over-year, attributed to higher contributions from transportation brokerage [51] - For the full year 2020, logistics operating income decreased by $2.8 million year-over-year to $35.5 million, primarily due to lower contributions from freight forwarding [61] Market Data and Key Metrics Changes - In Hawaii, container volume for Q4 2020 increased by 0.8% year-over-year, driven by higher demand for sustenance and home improvement goods [18] - In Guam, container volume for Q4 2020 increased by 4.2% year-over-year, primarily due to higher demand for sustenance and home improvement goods [39] - In Alaska, container volume for Q4 2020 increased by 18.9% year-over-year, driven by higher northbound volume due to additional sailings [42] Company Strategy and Development Direction - Matson plans to invest $55 million in new containers and chassis to support growth in the CLX+ and AAX services, addressing port congestion and enhancing service flexibility [13][37] - The company is focused on maintaining vessel schedule integrity and positioning its domestic tradelane services for economic recovery as the pandemic subsides [15] - Matson continues to evaluate organic and inorganic growth opportunities while maintaining financial flexibility with an investment-grade balance sheet [16] Management's Comments on Operating Environment and Future Outlook - Management noted that 2020 was a significant year operationally and financially, with strong performance despite pandemic challenges [11] - The company expects favorable supply and demand dynamics in the transpacific trade to continue in the first half of 2021, with ongoing demand for CLX and CLX+ services [38] - The recovery trajectory for the Hawaii economy remains uncertain, heavily dependent on tourism recovery [21] Other Important Information - Matson's SSAT terminal joint venture contributed $10.9 million in Q4 2020, significantly higher than the prior year due to increased container lift volume [49] - The company generated cash flow from operations of $429.8 million for the trailing 12 months ending December 31, 2020 [62] - Total debt at the end of Q4 2020 was $760.1 million, with a leverage ratio of 1.7x [63] Q&A Session Summary Question: What's happening in the transpacific regarding rates and contracts? - Management indicated that Matson has historically operated a mix of spot and long-term contracts, with a shift towards the spot market due to elevated rates, expecting increases in annual contracted freight rates [94][95] Question: Can you elaborate on the $55 million investment for CLX+? - The investment aims to increase equipment availability to meet demand and ensure service levels are maintained, with a focus on not missing any booking opportunities [96][97] Question: How much of the $760 million debt can be prepaid without penalty? - Management stated that $71 million of the revolver can be prepaid, while the remaining long-term debt has amortization schedules but cannot be prepaid without penalties [98][99]

Fourth Quarter 2020 Earnings Conference Call 1 Fourth Quarter 2020 Earnings Conference Call February 23, 2021 Matson. Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of February 23, 2021. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pag ...

1 Investor Presentation │January 13, 2021 Matson. Investor Presentation January 13, 2021 Forward-Looking Statements Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of January 13, 2021. We believe that our expectations and assumptions are reasonable. Actual results may differ materially, due to risks and uncertainties, such as those described on pages 24-34 of our Form 10-Q file ...

Financial Performance - Ocean Transportation revenue increased by $61.1 million, a 14.0% increase, reaching $498.3 million in Q3 2020 compared to $437.2 million in Q3 2019[20] - Logistics operating income increased by $0.6 million year-over-year, reaching $11.9 million in Q3 2020 [18, 20] - Total operating income increased by $43.2 million, a 78.3% increase, reaching $98.4 million in Q3 2020 compared to $55.2 million in Q3 2019[20] - Net income increased by $34.7 million, a 95.9% increase, reaching $70.9 million in Q3 2020 compared to $36.2 million in Q3 2019[20] - Total debt is $823.6 million, with a $66.4 million debt reduction in Q3 2020[24] Volume Trends - Hawaii container volume decreased by 0.8% year-over-year in Q3 2020 [9] - China container volume increased by 124.7% year-over-year in Q3 2020, with approximately 85% of the increase driven by CLX+[11] - Guam container volume increased by 2.1% year-over-year in Q3 2020[13] - Alaska container volume increased by 1.5% year-over-year in Q3 2020[15] Strategic Initiatives - The company is focused on making CLX+ a permanent service and introduced the AAX service in August as a back-haul for CLX+[8, 12]

Financial Data and Key Metrics Changes - Ocean transportation operating income for Q3 2020 increased by $42.6 million year-over-year to $86.5 million, primarily due to higher contributions from the China service, including CLX+ [55] - EBITDA for the quarter increased by $45.6 million year-over-year to $134.7 million, driven by higher consolidated operating income and other income [56] - Total debt at the end of the quarter was $823.6 million, with a leverage ratio of 2.4 times compared to 3.03 times at the end of the second quarter [59] Business Line Data and Key Metrics Changes - Hawaii container volume for Q3 decreased by 0.8% year-over-year, impacted by COVID-19 restrictions and tourism decline [41] - Matson's volume in the China service increased by 124.7% year-over-year, with 85% of this increase attributed to the CLX+ service [44] - Logistics operating income for Q3 was $11.9 million, $0.6 million higher than the prior year, driven by improved performance across all business lines [53] Market Data and Key Metrics Changes - In Guam, container volume increased by 2.1% year-over-year, benefiting from the reopening of the local economy and government stimulus [47] - Alaska's container volume increased by 1.5% year-over-year, driven by stronger seafood volumes despite being in the off-season [50] - The Hawaii economy remains in a downturn with unemployment projected to be well above pre-pandemic levels for the next several years [43] Company Strategy and Development Direction - The company aims to make the CLX+ service permanent due to its strong performance and customer demand [8][29] - Focus on maintaining cost and capital discipline during economic uncertainty, with a goal to reduce leverage and generate free cash flow [35] - Investment in new equipment to support growth in the China service and AAX, with approximately $30 million allocated for this purpose [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand picture remains favorable due to current consumption trends and low inventory levels [20] - The company expressed caution regarding future economic recovery, emphasizing uncertainty around government stimulus and the pandemic's progression [94] - Management highlighted that the logistics business tends to thrive in chaotic environments, expecting continued good performance despite macroeconomic uncertainties [78] Other Important Information - The company completed the first phase of the Sand Island terminal renovation and expects to begin work on the second phase in 2021 [37] - The final vessel in the Hawaii service new build program is expected to be delivered by the end of the quarter, marking a significant achievement for the company [36] Q&A Session Summary Question: Outlook and Seasonal Trends - Inquiry about the lack of normal line item guidance and how to think about seasonal trends in ocean transportation [68] - Management responded that it is difficult to forecast due to macroeconomic factors and strong demand in various markets [70] Question: Cost Initiatives and 2021 Guidance - Question regarding the $40 million to $50 million cost initiatives and how much may return in 2021 [71] - Management indicated that some costs may return depending on market volumes, but a portion will be permanent [74] Question: Logistics Segment Performance - Inquiry about the logistics segment's performance and expectations for 2021 [77] - Management noted that logistics businesses are performing well and expect continued good performance amid economic recovery [78] Question: Volume Dependency on Stimulus - Question about how much cargo volume is linked to stimulus payments and potential risks if those payments cease [93] - Management acknowledged that while demand has returned faster than expected, there is uncertainty about future volume sustainability [95]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34187 Matson, Inc. (Exact name of registrant as specified in its charter) Hawaii 99-0032630 (State or other jurisdict ...