2021 Q4 Form 10-K Financial Statement

#000159071422000029 Filed on February 23, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $646.9M $2.400B $536.6M
YoY Change 20.56% 29.46% 18.01%
Cost Of Revenue $410.1M $1.439B $313.9M
YoY Change 30.65% 34.78% 19.17%
Gross Profit $236.8M $960.8M $222.7M
YoY Change 6.33% 22.24% 16.41%
Gross Profit Margin 36.61% 40.04% 41.5%
Selling, General & Admin $163.4M $611.2M $131.3M
YoY Change 24.45% 21.1% 32.09%
% of Gross Profit 69.0% 63.61% 58.96%
Research & Development $12.90M $49.70M $11.40M
YoY Change 13.16% 2.26% 10.68%
% of Gross Profit 5.45% 5.17% 5.12%
Depreciation & Amortization $43.20M $163.9M $40.90M
YoY Change 5.62% 1.55% 5.14%
% of Gross Profit 18.24% 17.06% 18.37%
Operating Expenses $176.3M $660.9M $142.7M
YoY Change 23.55% 19.45% 30.08%
Operating Profit $60.50M $299.9M $80.00M
YoY Change -24.37% 28.88% -1.96%
Interest Expense -$21.00M -$54.20M -$7.100M
YoY Change 195.77% -14.51% -150.35%
% of Operating Profit -34.71% -18.07% -8.88%
Other Income/Expense, Net -$1.600M -$48.20M -$1.300M
YoY Change 23.08% -68.21%
Pretax Income $37.90M $251.7M $71.60M
YoY Change -47.07% 210.36% -25.18%
Income Tax $31.80M $48.30M $41.70M
% Of Pretax Income 83.91% 19.19% 58.24%
Net Earnings $4.700M $203.7M $29.90M
YoY Change -84.28% 169.09% -59.81%
Net Earnings / Revenue 0.73% 8.49% 5.57%
Basic Earnings Per Share $0.82
Diluted Earnings Per Share $18.98K $0.82 $119.9K
COMMON SHARES
Basic Shares Outstanding 247.5M shares 247.4M shares 247.2M shares
Diluted Shares Outstanding 247.9M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $330.1M $330.1M $292.0M
YoY Change 13.05% 13.05% 53.68%
Cash & Equivalents $330.1M $330.1M $291.9M
Short-Term Investments
Other Short-Term Assets $88.40M $117.8M $67.50M
YoY Change 30.96% 28.04% 34.19%
Inventory $274.4M $274.4M $203.1M
Prepaid Expenses $29.40M $24.00M
Receivables $492.2M $492.2M $403.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.215B $1.215B $989.9M
YoY Change 22.69% 22.68% 18.78%
LONG-TERM ASSETS
Property, Plant & Equipment $278.1M $338.3M $240.4M
YoY Change 15.68% 14.29% -9.21%
Goodwill $2.526B $2.253B
YoY Change 12.15% 3.35%
Intangibles $956.7M $855.9M
YoY Change 11.78% -9.37%
Long-Term Investments
YoY Change
Other Assets $81.30M $102.6M $64.00M
YoY Change 27.03% 15.28% -33.12%
Total Long-Term Assets $3.924B $3.924B $3.494B
YoY Change 12.32% 12.34% 0.07%
TOTAL ASSETS
Total Short-Term Assets $1.215B $1.215B $989.9M
Total Long-Term Assets $3.924B $3.924B $3.494B
Total Assets $5.138B $5.138B $4.483B
YoY Change 14.61% 14.62% 3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.4M $138.4M $95.60M
YoY Change 44.77% 44.17% -1.24%
Accrued Expenses $264.1M $246.5M $204.0M
YoY Change 29.46% 33.97% 38.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.70M $12.70M $7.000M
YoY Change 81.43% 81.43% -12.5%
Total Short-Term Liabilities $415.2M $415.2M $314.3M
YoY Change 32.1% 32.23% 6.98%
LONG-TERM LIABILITIES
Long-Term Debt $1.894B $1.894B $1.508B
YoY Change 25.61% 25.61% -0.33%
Other Long-Term Liabilities $152.1M $188.2M $186.7M
YoY Change -18.53% -18.17% 46.2%
Total Long-Term Liabilities $152.1M $2.082B $186.7M
YoY Change -18.53% 19.82% 46.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $415.2M $415.2M $314.3M
Total Long-Term Liabilities $152.1M $2.082B $186.7M
Total Liabilities $2.638B $2.658B $2.165B
YoY Change 21.81% 22.81% 2.86%
SHAREHOLDERS EQUITY
Retained Earnings -$1.332B -$1.473B
YoY Change -9.59% -4.12%
Common Stock $2.600M $2.600M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $159.2M $137.7M
YoY Change 15.61% 74.52%
Treasury Stock Shares 15.20M shares 14.20M shares
Shareholders Equity $2.481B $2.481B $2.320B
YoY Change
Total Liabilities & Shareholders Equity $5.138B $5.138B $4.483B
YoY Change 14.61% 14.62% 3.68%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $4.700M $203.7M $29.90M
YoY Change -84.28% 169.09% -59.81%
Depreciation, Depletion And Amortization $43.20M $163.9M $40.90M
YoY Change 5.62% 1.55% 5.14%
Cash From Operating Activities $118.2M $322.5M $81.70M
YoY Change 44.68% 23.42% 14.75%
INVESTING ACTIVITIES
Capital Expenditures -$18.60M $46.30M -$7.100M
YoY Change 161.97% 60.76% -38.26%
Acquisitions $536.5M
YoY Change 5861.11%
Other Investing Activities -$100.0K -$13.90M -$1.400M
YoY Change -92.86% -465.79% -97.63%
Cash From Investing Activities -$18.70M -$568.9M -$8.500M
YoY Change 120.0% 1325.81% -87.96%
FINANCING ACTIVITIES
Cash Dividend Paid $61.90M
YoY Change 399.19%
Common Stock Issuance & Retirement, Net $19.60M
YoY Change -64.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.20M 290.0M -35.80M
YoY Change 29.05% -334.63% 157.55%
NET CHANGE
Cash From Operating Activities 118.2M 322.5M 81.70M
Cash From Investing Activities -18.70M -568.9M -8.500M
Cash From Financing Activities -46.20M 290.0M -35.80M
Net Change In Cash 53.30M $38.20M 37.40M
YoY Change 42.51% -62.48% -381.2%
FREE CASH FLOW
Cash From Operating Activities $118.2M $322.5M $81.70M
Capital Expenditures -$18.60M $46.30M -$7.100M
Free Cash Flow $136.8M $276.2M $88.80M
YoY Change 54.05% 18.8% 7.38%

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CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS<div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Environmental Matters</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is involved in various claims relating to environmental matters at current and former plants and waste management sites. At certain of these sites, the Company engages or participates in remedial and other environmental compliance activities. At other sites, the Company has been named as a potential responsible party pursuant to the federal Superfund Act and/or state Superfund laws comparable to the federal law for site remediation. After analyzing each individual site, considering the number of parties involved, the level of its potential liability or contribution relating to the other parties, the nature and magnitude of the hazardous waste involved, the method and extent of remediation, the potential insurance coverage, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred, the Company estimates the clean-up costs and related claims for each site. The estimates are based in part on discussions with other potential responsible parties, governmental agencies and engineering firms.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company accrues for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current laws and existing technologies. The accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. The Company's environmental liabilities, which are included in the Consolidated Balance Sheets as "Accrued expenses and other current liabilities" and "Other liabilities," totaled $13.1 million and $10.1 million at December 31, 2021 and 2020, respectively, primarily driven by environmental remediation, clean-up costs and monitoring of sites that were either closed or disposed of in prior years. While uncertainty exists with respect to the amount and timing of its ultimate environmental liabilities, the Company does not currently anticipate any material losses in excess of the amount recorded. However, new information about the sites, such as results of investigations, could make it necessary for the Company to reassess its potential exposure related to these environmental matters.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of the date hereof, the Company believes it is not practicable to provide an estimated range of reasonably possible environmental losses in excess of its recorded liabilities, and, as a result, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact that may be associated with these matters.</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Legal Matters</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Company is involved in various legal proceedings, investigations and/or claims in the normal course of its business. Although it cannot predict with certainty the ultimate resolution of these matters, which involve judgments that are inherently subjective, the Company believes that their resolutions, to the extent not covered by insurance, will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows.</span></div>
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13400000 USD
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524900000 USD
CY2020 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
422600000 USD
CY2019 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
416700000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
203300000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
75700000 USD
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
92200000 USD
CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
400000 USD
CY2020 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
700000 USD
CY2021 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
300000 USD
CY2020 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-1100000 USD
CY2019 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
13300000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48300000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4300000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61300000 USD
CY2021 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-54200000 USD
CY2020 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-63400000 USD
CY2019 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-90700000 USD
CY2021 us-gaap Depreciation
Depreciation
39700000 USD
CY2020 us-gaap Depreciation
Depreciation
42200000 USD
CY2019 us-gaap Depreciation
Depreciation
41500000 USD
CY2021 us-gaap Adjustment For Amortization
AdjustmentForAmortization
124200000 USD
CY2020 us-gaap Adjustment For Amortization
AdjustmentForAmortization
119200000 USD
CY2019 us-gaap Adjustment For Amortization
AdjustmentForAmortization
113200000 USD
CY2021 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
469800000 USD
CY2020 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
305900000 USD
CY2019 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
386300000 USD
CY2021 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
11700000 USD
CY2020 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
6300000 USD
CY2019 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
14100000 USD
CY2021 esi Inventory Step Up
InventoryStepUp
12900000 USD
CY2020 esi Inventory Step Up
InventoryStepUp
2400000 USD
CY2019 esi Inventory Step Up
InventoryStepUp
700000 USD
CY2021 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
14200000 USD
CY2020 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
12300000 USD
CY2019 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1900000 USD
CY2021 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
16600000 USD
CY2020 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-35400000 USD
CY2019 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
31900000 USD
CY2021 esi Debt Refinancing Costs
DebtRefinancingCosts
0 USD
CY2020 esi Debt Refinancing Costs
DebtRefinancingCosts
45700000 USD
CY2019 esi Debt Refinancing Costs
DebtRefinancingCosts
62000000.0 USD
CY2021 esi Foundation Contributions
FoundationContributions
0 USD
CY2020 esi Foundation Contributions
FoundationContributions
5000000.0 USD
CY2019 esi Foundation Contributions
FoundationContributions
0 USD
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 USD
CY2020 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0 USD
CY2019 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-17400000 USD
CY2021 esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
23900000 USD
CY2020 esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
0 USD
CY2019 esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
0 USD
CY2021 esi Other Expense Income
OtherExpenseIncome
-9000000.0 USD
CY2020 esi Other Expense Income
OtherExpenseIncome
-9600000 USD
CY2019 esi Other Expense Income
OtherExpenseIncome
-1000000.0 USD
CY2021 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
524900000 USD
CY2020 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
422600000 USD
CY2019 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
416700000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2399800000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1853700000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1835900000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
278100000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
240400000 USD

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