$ESI
Element Solutions Inc

2022 Q1 Form 10-Q Financial Statement

#000159071422000045 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $680.2M $646.9M $550.1M
YoY Change 23.65% 20.56% 21.54%
Cost Of Revenue $417.2M $410.1M $309.1M
YoY Change 34.97% 30.65% 21.07%
Gross Profit $263.0M $236.8M $241.0M
YoY Change 9.13% 6.33% 22.15%
Gross Profit Margin 38.67% 36.61% 43.81%
Selling, General & Admin $153.4M $163.4M $129.6M
YoY Change 18.36% 24.45% 3.51%
% of Gross Profit 58.33% 69.0% 53.78%
Research & Development $14.10M $12.90M $11.50M
YoY Change 22.61% 13.16% -34.29%
% of Gross Profit 5.36% 5.45% 4.77%
Depreciation & Amortization $41.60M $43.20M $39.10M
YoY Change 6.39% 5.62% -2.01%
% of Gross Profit 15.82% 18.24% 16.22%
Operating Expenses $167.5M $176.3M $141.1M
YoY Change 18.71% 23.55% -1.12%
Operating Profit $95.50M $60.50M $99.90M
YoY Change -4.4% -24.37% 82.97%
Interest Expense -$14.10M -$21.00M -$12.90M
YoY Change 9.3% 195.77% -22.75%
% of Operating Profit -14.76% -34.71% -12.91%
Other Income/Expense, Net -$19.10M -$1.600M $13.50M
YoY Change -241.48% 23.08% -132.07%
Pretax Income $76.40M $37.90M $113.4M
YoY Change -32.63% -47.07% 807.2%
Income Tax $20.00M $31.80M $31.10M
% Of Pretax Income 26.18% 83.91% 27.43%
Net Earnings $56.40M $4.700M $82.30M
YoY Change -31.47% -84.28% 856.98%
Net Earnings / Revenue 8.29% 0.73% 14.96%
Basic Earnings Per Share $0.23 $0.33
Diluted Earnings Per Share $0.23 $18.98K $0.33
COMMON SHARES
Basic Shares Outstanding 247.3M shares 247.5M shares 247.2M shares
Diluted Shares Outstanding 249.2M shares 248.6M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $218.8M $330.1M $318.0M
YoY Change -31.19% 13.05% -36.02%
Cash & Equivalents $218.8M $330.1M $317.5M
Short-Term Investments
Other Short-Term Assets $101.2M $88.40M $60.70M
YoY Change 66.72% 30.96% 14.53%
Inventory $323.4M $274.4M $243.4M
Prepaid Expenses $32.70M $29.40M $26.20M
Receivables $540.8M $492.2M $422.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.217B $1.215B $1.070B
YoY Change 13.72% 22.69% -6.77%
LONG-TERM ASSETS
Property, Plant & Equipment $275.0M $278.1M $235.3M
YoY Change 16.87% 15.68% -8.34%
Goodwill $2.519B $2.526B $2.225B
YoY Change 13.2% 12.15% 4.6%
Intangibles $929.7M $956.7M $817.4M
YoY Change 13.74% 11.78% -8.62%
Long-Term Investments
YoY Change
Other Assets $116.7M $81.30M $125.6M
YoY Change -7.09% 27.03% -3.9%
Total Long-Term Assets $3.912B $3.924B $3.407B
YoY Change 14.83% 12.32% -0.27%
TOTAL ASSETS
Total Short-Term Assets $1.217B $1.215B $1.070B
Total Long-Term Assets $3.912B $3.924B $3.407B
Total Assets $5.129B $5.138B $4.477B
YoY Change 14.57% 14.61% -1.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.5M $138.4M $122.5M
YoY Change 46.53% 44.77% 20.33%
Accrued Expenses $206.5M $264.1M $183.0M
YoY Change 12.84% 29.46% 34.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.70M $12.70M $7.000M
YoY Change 95.71% 81.43% -97.87%
Total Short-Term Liabilities $399.7M $415.2M $320.0M
YoY Change 24.91% 32.1% -46.94%
LONG-TERM LIABILITIES
Long-Term Debt $1.892B $1.894B $1.507B
YoY Change 25.55% 25.61% -0.33%
Other Long-Term Liabilities $151.6M $152.1M $149.5M
YoY Change 1.4% -18.53% 5.21%
Total Long-Term Liabilities $151.6M $152.1M $149.5M
YoY Change 1.4% -18.53% 5.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $399.7M $415.2M $320.0M
Total Long-Term Liabilities $151.6M $152.1M $149.5M
Total Liabilities $2.615B $2.638B $2.129B
YoY Change 22.85% 21.81% -12.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.296B -$1.332B -$1.403B
YoY Change -7.65% -9.59% -8.15%
Common Stock $2.600M $2.600M $2.600M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $201.8M $159.2M $139.2M
YoY Change 44.97% 15.61% 22.21%
Treasury Stock Shares 17.10M shares 15.20M shares 14.30M shares
Shareholders Equity $2.495B $2.481B $2.350B
YoY Change
Total Liabilities & Shareholders Equity $5.129B $5.138B $4.477B
YoY Change 14.57% 14.61% -1.9%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $56.40M $4.700M $82.30M
YoY Change -31.47% -84.28% 856.98%
Depreciation, Depletion And Amortization $41.60M $43.20M $39.10M
YoY Change 6.39% 5.62% -2.01%
Cash From Operating Activities -$5.600M $118.2M $32.60M
YoY Change -117.18% 44.68% -29.89%
INVESTING ACTIVITIES
Capital Expenditures $9.500M -$18.60M $8.500M
YoY Change 11.76% 161.97% -19.05%
Acquisitions $22.60M $0.00
YoY Change
Other Investing Activities $5.000M -$100.0K -$19.00M
YoY Change -126.32% -92.86% -422.03%
Cash From Investing Activities -$37.10M -$18.70M $10.50M
YoY Change -453.33% 120.0% -164.02%
FINANCING ACTIVITIES
Cash Dividend Paid $19.90M $12.40M
YoY Change 60.48%
Common Stock Issuance & Retirement, Net $18.30M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$67.10M -46.20M -$14.20M
YoY Change 372.54% 29.05% -105.01%
NET CHANGE
Cash From Operating Activities -$5.600M 118.2M $32.60M
Cash From Investing Activities -$37.10M -18.70M $10.50M
Cash From Financing Activities -$67.10M -46.20M -$14.20M
Net Change In Cash -$111.3M 53.30M $25.60M
YoY Change -534.77% 42.51% -91.67%
FREE CASH FLOW
Cash From Operating Activities -$5.600M $118.2M $32.60M
Capital Expenditures $9.500M -$18.60M $8.500M
Free Cash Flow -$15.10M $136.8M $24.10M
YoY Change -162.66% 54.05% -33.06%

Facts In Submission

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Element Solutions Inc
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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 Condensed Consolidated Balance Sheets as "Accrued expenses and other current liabilities" and "Other liabilities," totaled $13.2 million and $13.1 million at March 31, 2022 and December 31, 2021, 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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CY2021Q1 esi Amortization Of Inventory Step Up Cost
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