2024 Q3 Form 10-Q Financial Statement

#000170803524000101 Filed on August 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $179.2M $182.8M $184.1M
YoY Change 3.37% -0.7% -18.24%
Cost Of Revenue $124.5M $129.2M $123.1M
YoY Change 3.6% 4.92% -25.54%
Gross Profit $54.70M $53.66M $61.00M
YoY Change 2.86% -12.03% 1.91%
Gross Profit Margin 30.53% 29.35% 33.13%
Selling, General & Admin $19.95M $22.71M $21.40M
YoY Change 17.73% 6.11% -6.07%
% of Gross Profit 36.47% 42.31% 35.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.23M $21.62M $20.90M
YoY Change 30.69% 3.45% 6.33%
% of Gross Profit 42.46% 40.3% 34.27%
Operating Expenses $19.95M $22.71M $27.70M
YoY Change 17.73% -18.03% 21.58%
Operating Profit $31.54M $27.85M $33.30M
YoY Change -1.22% -16.37% 21.48%
Interest Expense $11.31M $12.90M $2.200M
YoY Change -4.28% 486.14% -75.25%
% of Operating Profit 35.84% 46.3% 6.61%
Other Income/Expense, Net -$566.0K -$410.0K -$600.0K
YoY Change 56.79% -31.67% 23.71%
Pretax Income $18.75M $11.38M $34.90M
YoY Change -23.37% -67.41% 31.49%
Income Tax $4.497M $3.080M $8.800M
% Of Pretax Income 23.99% 27.08% 25.21%
Net Earnings $14.25M $8.295M $26.10M
YoY Change -14.02% -68.22% 35.62%
Net Earnings / Revenue 7.95% 4.54% 14.18%
Basic Earnings Per Share $0.12 $0.07 $0.22
Diluted Earnings Per Share $0.12 $0.07 $0.22
COMMON SHARES
Basic Shares Outstanding 116.5M shares 117.0M shares 120.2M shares
Diluted Shares Outstanding 117.2M shares 117.6M shares 119.9M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $123.5M $83.32M $29.20M
YoY Change 222.45% 185.34% -80.69%
Cash & Equivalents $123.5M $83.32M $29.20M
Short-Term Investments
Other Short-Term Assets $32.30M $43.39M $42.20M
YoY Change -5.0% 2.83% 17.38%
Inventory $53.71M $52.03M $47.60M
Prepaid Expenses
Receivables $74.02M $85.22M $78.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $283.5M $264.0M $197.2M
YoY Change 38.77% 33.85% -44.7%
LONG-TERM ASSETS
Property, Plant & Equipment $571.7M $573.6M $616.8M
YoY Change -1.56% -7.01% 5.68%
Goodwill $405.8M $404.3M $404.2M
YoY Change 0.6% 0.01% 0.25%
Intangibles $106.6M $109.4M $123.5M
YoY Change -10.82% -11.37% -9.86%
Long-Term Investments $410.4M $409.2M $438.4M
YoY Change -7.1% -6.66% 2.83%
Other Assets $36.32M $35.24M $33.90M
YoY Change -0.8% 3.95% 9.27%
Total Long-Term Assets $1.557B $1.556B $1.617B
YoY Change -3.23% -3.76% 0.35%
TOTAL ASSETS
Total Short-Term Assets $283.5M $264.0M $197.2M
Total Long-Term Assets $1.557B $1.556B $1.617B
Total Assets $1.840B $1.820B $1.814B
YoY Change 1.5% 0.33% -7.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.39M $34.20M $34.60M
YoY Change 3.35% -1.17% -40.28%
Accrued Expenses $61.71M $48.54M $59.40M
YoY Change 21.94% -18.28% 0.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.730M $6.548M $9.000M
YoY Change -3.0% -27.24% 0.0%
Total Short-Term Liabilities $111.8M $97.03M $103.0M
YoY Change 11.34% -5.8% -23.22%
LONG-TERM LIABILITIES
Long-Term Debt $853.9M $855.9M $862.4M
YoY Change -0.78% -0.76% -0.8%
Other Long-Term Liabilities $18.78M $18.17M $43.80M
YoY Change -11.32% -58.52% 113.97%
Total Long-Term Liabilities $872.7M $874.0M $906.2M
YoY Change -1.03% -3.55% 1.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $111.8M $97.03M $103.0M
Total Long-Term Liabilities $872.7M $874.0M $906.2M
Total Liabilities $1.111B $1.103B $1.146B
YoY Change -2.14% -3.81% -3.64%
SHAREHOLDERS EQUITY
Retained Earnings -$147.1M -$161.3M -$217.4M
YoY Change -26.74% -25.77% -24.68%
Common Stock $1.409M $1.409M $1.407M
YoY Change 0.14% 0.14% 0.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $224.5M
YoY Change 933.34%
Treasury Stock Shares
Shareholders Equity $729.4M $717.3M $667.7M
YoY Change
Total Liabilities & Shareholders Equity $1.840B $1.820B $1.814B
YoY Change 1.5% 0.33% -7.82%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $14.25M $8.295M $26.10M
YoY Change -14.02% -68.22% 35.62%
Depreciation, Depletion And Amortization $23.23M $21.62M $20.90M
YoY Change 30.69% 3.45% 6.33%
Cash From Operating Activities $59.94M $9.957M $36.99M
YoY Change 85.57% -73.08% -20.34%
INVESTING ACTIVITIES
Capital Expenditures $15.05M $19.28M $20.50M
YoY Change 4.52% -5.98% -235.91%
Acquisitions
YoY Change
Other Investing Activities -$4.300M -$200.0K $0.00
YoY Change
Cash From Investing Activities -$19.35M -$19.48M -$20.50M
YoY Change 34.38% -5.0% 35.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -752.0K -10.17M -46.33M
YoY Change -92.91% -78.06% 395.03%
NET CHANGE
Cash From Operating Activities 59.94M 9.957M 36.99M
Cash From Investing Activities -19.35M -19.48M -20.50M
Cash From Financing Activities -752.0K -10.17M -46.33M
Net Change In Cash 39.84M -19.68M -29.85M
YoY Change 445.71% -34.04% -235.74%
FREE CASH FLOW
Cash From Operating Activities $59.94M $9.957M $36.99M
Capital Expenditures $15.05M $19.28M $20.50M
Free Cash Flow $44.89M -$9.320M $16.48M
YoY Change 150.78% -156.54% -73.2%

Facts In Submission

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CY2024Q2 ecvt Other Income Expense Net
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OperatingCostsAndExpenses
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us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
12980000 usd
CY2024Q2 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
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InventoryRawMaterialsNetOfReserves
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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LIFOInventoryAmount
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52027000 usd
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45115000 usd
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CY2024Q2 us-gaap Depreciation
Depreciation
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DebtInstrumentUnamortizedDiscount
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CY2024Q2 us-gaap Deferred Finance Costs Net
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LongTermDebt
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CY2024Q2 us-gaap Long Term Debt Current
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CY2024Q2 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
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us-gaap Derivative Cost Of Hedge
DerivativeCostOfHedge
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InterestExpense
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us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
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CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2024Q2 ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2023Q2 ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
117049000 usd
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AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11375000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13775000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
34385000 usd
CY2024Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
12895000 usd
CY2023Q2 us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
9168000 usd
us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
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us-gaap Interest Expense Nonoperating
InterestExpenseNonoperating
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CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21624000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
20969000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
43557000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
41166000 usd
CY2024Q2 ecvt Unallocated Corporate Expenses
UnallocatedCorporateExpenses
7532000 usd
CY2023Q2 ecvt Unallocated Corporate Expenses
UnallocatedCorporateExpenses
6153000 usd
ecvt Unallocated Corporate Expenses
UnallocatedCorporateExpenses
14613000 usd
ecvt Unallocated Corporate Expenses
UnallocatedCorporateExpenses
13080000 usd
CY2024Q2 ecvt Equity Method Investment Amortization Expense
EquityMethodInvestmentAmortizationExpense
3227000 usd
CY2023Q2 ecvt Equity Method Investment Amortization Expense
EquityMethodInvestmentAmortizationExpense
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EquityMethodInvestmentAmortizationExpense
6481000 usd
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EquityMethodInvestmentAmortizationExpense
6821000 usd
CY2024Q2 ecvt Equity Method Investments Charges Relatedto Purchase Accounting
EquityMethodInvestmentsChargesRelatedtoPurchaseAccounting
-940000 usd
CY2023Q2 ecvt Equity Method Investments Charges Relatedto Purchase Accounting
EquityMethodInvestmentsChargesRelatedtoPurchaseAccounting
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ecvt Equity Method Investments Charges Relatedto Purchase Accounting
EquityMethodInvestmentsChargesRelatedtoPurchaseAccounting
-2541000 usd
ecvt Equity Method Investments Charges Relatedto Purchase Accounting
EquityMethodInvestmentsChargesRelatedtoPurchaseAccounting
-3201000 usd
CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4560000 usd
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4560000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2024Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
34000 usd
CY2023Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-1128000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-614000 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-2306000 usd
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
99000 usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
398000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-79000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1136000 usd
CY2024Q2 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
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CY2023Q2 us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
1111000 usd
us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
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us-gaap Inventory Lifo Reserve Effect On Income Net
InventoryLIFOReserveEffectOnIncomeNet
2510000 usd
CY2024Q2 ecvt Transaction And Other Related Costs
TransactionAndOtherRelatedCosts
140000 usd
CY2023Q2 ecvt Transaction And Other Related Costs
TransactionAndOtherRelatedCosts
1190000 usd
ecvt Transaction And Other Related Costs
TransactionAndOtherRelatedCosts
198000 usd
ecvt Transaction And Other Related Costs
TransactionAndOtherRelatedCosts
2624000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3827000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5002000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7507000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9070000 usd
CY2024Q2 ecvt Business Optimization Integration Restructuring And Other Related Costs
BusinessOptimizationIntegrationRestructuringAndOtherRelatedCosts
159000 usd
CY2023Q2 ecvt Business Optimization Integration Restructuring And Other Related Costs
BusinessOptimizationIntegrationRestructuringAndOtherRelatedCosts
1106000 usd
ecvt Business Optimization Integration Restructuring And Other Related Costs
BusinessOptimizationIntegrationRestructuringAndOtherRelatedCosts
385000 usd
ecvt Business Optimization Integration Restructuring And Other Related Costs
BusinessOptimizationIntegrationRestructuringAndOtherRelatedCosts
2129000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
173000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-356000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
894000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-127000 usd
CY2024Q2 ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
64426000 usd
CY2023Q2 ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
85507000 usd
ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
117049000 usd
ecvt Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
135283000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
8032299 shares
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3827000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5002000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
939000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1181000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7507000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9070000 usd
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1841000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116912332 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118651402 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116935708 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120335414 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
722957 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1269340 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
609532 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1496528 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117635289 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119920742 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117545240 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121831942 shares
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
8295000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
26122000 usd
us-gaap Net Income Loss
NetIncomeLoss
9516000 usd
us-gaap Net Income Loss
NetIncomeLoss
24651000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116912332 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
118651402 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116935708 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120335414 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117635289 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119920742 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117545240 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121831942 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
16439000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9955000 usd
us-gaap Interest Paid Net
InterestPaidNet
33155000 usd
us-gaap Interest Paid Net
InterestPaidNet
19391000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
784000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
605000 usd
CY2024Q2 ecvt Excise Taxes Payable
ExciseTaxesPayable
0 usd
CY2023Q2 ecvt Excise Taxes Payable
ExciseTaxesPayable
630000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2957000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6202000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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