2023 Q1 Form 10-K Financial Statement

#000159071423000027 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $574.4M $573.8M $2.549B
YoY Change -15.55% -11.3% 6.23%
Cost Of Revenue $346.6M $355.8M $1.597B
YoY Change -16.92% -13.24% 10.96%
Gross Profit $227.8M $218.0M $952.7M
YoY Change -13.38% -7.94% -0.84%
Gross Profit Margin 39.66% 37.99% 37.37%
Selling, General & Admin $148.9M $147.3M $578.6M
YoY Change -2.93% -9.85% -5.33%
% of Gross Profit 65.36% 67.57% 60.73%
Research & Development $12.50M $10.60M $48.80M
YoY Change -11.35% -17.83% -1.81%
% of Gross Profit 5.49% 4.86% 5.12%
Depreciation & Amortization $39.10M $39.30M $161.3M
YoY Change -6.01% -9.03% -1.59%
% of Gross Profit 17.16% 18.03% 16.93%
Operating Expenses $161.4M $157.9M $627.4M
YoY Change -3.64% -10.44% -5.07%
Operating Profit $66.40M $60.10M $325.3M
YoY Change -30.47% -0.66% 8.47%
Interest Expense -$11.70M -$19.50M -$51.20M
YoY Change -17.02% -7.14% -5.54%
% of Operating Profit -17.62% -32.45% -15.74%
Other Income/Expense, Net -$6.500M -$2.300M -$53.30M
YoY Change -65.97% 43.75% 10.58%
Pretax Income $59.90M $38.30M $272.0M
YoY Change -21.6% 1.06% 8.07%
Income Tax $16.90M $25.40M $85.80M
% Of Pretax Income 28.21% 66.32% 31.54%
Net Earnings $43.00M $12.70M $188.0M
YoY Change -23.76% 170.21% -7.71%
Net Earnings / Revenue 7.49% 2.21% 7.37%
Basic Earnings Per Share $0.18 $0.76
Diluted Earnings Per Share $0.18 $0.05 $0.76
COMMON SHARES
Basic Shares Outstanding 241.4M shares 242.1M shares 245.1M shares
Diluted Shares Outstanding 241.8M shares 245.8M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $279.0M $265.6M $265.6M
YoY Change 27.51% -19.54% -19.54%
Cash & Equivalents $279.0M $265.6M $265.6M
Short-Term Investments
Other Short-Term Assets $132.3M $138.1M $176.6M
YoY Change 30.73% 56.22% 49.92%
Inventory $322.0M $290.7M $290.7M
Prepaid Expenses $39.60M $38.50M
Receivables $461.3M $455.8M $455.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.234B $1.189B $1.189B
YoY Change 1.42% -2.12% -2.12%
LONG-TERM ASSETS
Property, Plant & Equipment $277.6M $277.2M $362.3M
YoY Change 0.95% -0.32% 7.09%
Goodwill $2.425B $2.413B
YoY Change -3.7% -4.49%
Intangibles $780.9M $805.5M
YoY Change -16.01% -15.8%
Long-Term Investments
YoY Change
Other Assets $152.1M $168.0M $134.4M
YoY Change 30.33% 106.64% 30.99%
Total Long-Term Assets $3.692B $3.715B $3.715B
YoY Change -5.61% -5.32% -5.32%
TOTAL ASSETS
Total Short-Term Assets $1.234B $1.189B $1.189B
Total Long-Term Assets $3.692B $3.715B $3.715B
Total Assets $4.927B $4.904B $4.904B
YoY Change -3.94% -4.57% -4.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.2M $132.2M $132.2M
YoY Change -15.77% -4.48% -4.48%
Accrued Expenses $179.9M $200.7M $195.2M
YoY Change -12.88% -24.01% -20.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.50M $11.50M $11.50M
YoY Change -16.06% -9.45% -9.45%
Total Short-Term Liabilities $342.6M $344.4M $344.4M
YoY Change -14.29% -17.05% -17.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.882B $1.884B $1.884B
YoY Change -0.53% -0.55% -0.55%
Other Long-Term Liabilities $174.3M $168.5M $205.2M
YoY Change 14.97% 10.78% 9.03%
Total Long-Term Liabilities $174.3M $168.5M $2.089B
YoY Change 14.97% 10.78% 0.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $342.6M $344.4M $344.4M
Total Long-Term Liabilities $174.3M $168.5M $2.089B
Total Liabilities $2.555B $2.555B $2.571B
YoY Change -2.3% -3.15% -3.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.200B -$1.224B
YoY Change -7.37% -8.12%
Common Stock $2.700M $2.700M
YoY Change 3.85% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.355B $2.333B $2.333B
YoY Change
Total Liabilities & Shareholders Equity $4.927B $4.904B $4.904B
YoY Change -3.94% -4.57% -4.57%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $43.00M $12.70M $188.0M
YoY Change -23.76% 170.21% -7.71%
Depreciation, Depletion And Amortization $39.10M $39.30M $161.3M
YoY Change -6.01% -9.03% -1.59%
Cash From Operating Activities $53.50M $100.5M $295.9M
YoY Change -1055.36% -14.97% -8.25%
INVESTING ACTIVITIES
Capital Expenditures $9.100M $15.00M $47.80M
YoY Change -4.21% -180.65% 3.24%
Acquisitions $0.00 $22.60M
YoY Change -100.0% -95.79%
Other Investing Activities $3.000M $1.700M $9.600M
YoY Change -40.0% -1800.0% -169.06%
Cash From Investing Activities -$11.60M -$13.30M -$75.20M
YoY Change -68.73% -28.88% -86.78%
FINANCING ACTIVITIES
Cash Dividend Paid $19.40M $78.40M
YoY Change -2.51% 26.66%
Common Stock Issuance & Retirement, Net $151.0M
YoY Change 670.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$29.50M -64.00M -$275.6M
YoY Change -56.04% 38.53% -195.03%
NET CHANGE
Cash From Operating Activities $53.50M 100.5M $295.9M
Cash From Investing Activities -$11.60M -13.30M -$75.20M
Cash From Financing Activities -$29.50M -64.00M -$275.6M
Net Change In Cash $13.40M 23.20M -$64.50M
YoY Change -112.04% -56.47% -268.85%
FREE CASH FLOW
Cash From Operating Activities $53.50M $100.5M $295.9M
Capital Expenditures $9.100M $15.00M $47.80M
Free Cash Flow $44.40M $85.50M $248.1M
YoY Change -394.04% -37.5% -10.17%

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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 "<span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjRjN2YzMGY1YTAzNjQxMzViYTRlOTViNzI1ODY1YWExL3NlYzo0YzdmMzBmNWEwMzY0MTM1YmE0ZTk1YjcyNTg2NWFhMV8yMzgvZnJhZzphNTU4ZGE3NjcyMGE0MDI5YmI1NTAwZGRjMzg1OTE1Mi90ZXh0cmVnaW9uOmE1NThkYTc2NzIwYTQwMjliYjU1MDBkZGMzODU5MTUyXzMyOTg1MzQ4ODY1MDE_562a68c4-c9f1-4340-aee8-b7e58fa3abf8"><span style="-sec-ix-hidden:id3VybDovL2RvY3MudjEvZG9jOjRjN2YzMGY1YTAzNjQxMzViYTRlOTViNzI1ODY1YWExL3NlYzo0YzdmMzBmNWEwMzY0MTM1YmE0ZTk1YjcyNTg2NWFhMV8yMzgvZnJhZzphNTU4ZGE3NjcyMGE0MDI5YmI1NTAwZGRjMzg1OTE1Mi90ZXh0cmVnaW9uOmE1NThkYTc2NzIwYTQwMjliYjU1MDBkZGMzODU5MTUyXzMyOTg1MzQ4ODY1MDE_6ccdb6e3-7781-4a58-b992-8ee9da7044ad">Other liabilities</span></span>," totaled $11.6 million and $13.1 million at December 31, 2022 and 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. 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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OtherAccruedLiabilitiesCurrent
200700000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
264100000 usd
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2549400000 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
CY2022 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
526600000 usd
CY2021 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
524800000 usd
CY2020 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
423300000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
187200000 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
CY2022 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
800000 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
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1800000 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
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
85800000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48300000 usd
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4300000 usd
CY2022 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-51200000 usd
CY2021 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-54200000 usd
CY2020 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-63400000 usd
CY2022 us-gaap Depreciation
Depreciation
41600000 usd
CY2021 us-gaap Depreciation
Depreciation
39700000 usd
CY2020 us-gaap Depreciation
Depreciation
42200000 usd
CY2022 us-gaap Adjustment For Amortization
AdjustmentForAmortization
119700000 usd
CY2021 us-gaap Adjustment For Amortization
AdjustmentForAmortization
124200000 usd
CY2020 us-gaap Adjustment For Amortization
AdjustmentForAmortization
119200000 usd
CY2022 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
484500000 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
CY2022 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
9500000 usd
CY2021 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
11700000 usd
CY2020 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
6300000 usd
CY2022 esi Inventory Step Up
InventoryStepUp
500000 usd
CY2021 esi Inventory Step Up
InventoryStepUp
12900000 usd
CY2020 esi Inventory Step Up
InventoryStepUp
2400000 usd
CY2022 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
10600000 usd
CY2021 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
14200000 usd
CY2020 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
12300000 usd
CY2022 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-7800000 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
CY2022 esi Debt Refinancing Costs
DebtRefinancingCosts
0 usd
CY2021 esi Debt Refinancing Costs
DebtRefinancingCosts
0 usd
CY2020 esi Debt Refinancing Costs
DebtRefinancingCosts
45700000 usd
CY2022 esi Foundation Contributions
FoundationContributions
0 usd
CY2021 esi Foundation Contributions
FoundationContributions
0 usd
CY2020 esi Foundation Contributions
FoundationContributions
5000000.0 usd
CY2022 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1300000 usd
CY2021 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-100000 usd
CY2020 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
700000 usd
CY2022 esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
1300000 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
CY2022 esi Other Expense Income
OtherExpenseIncome
-11100000 usd
CY2021 esi Other Expense Income
OtherExpenseIncome
-9000000.0 usd
CY2020 esi Other Expense Income
OtherExpenseIncome
-9600000 usd
CY2022 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
526600000 usd
CY2021 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
524800000 usd
CY2020 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
423300000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2549400000 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
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
277200000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
278100000 usd

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0001590714-23-000027.txt Edgar Link pending
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esi-20221231.xsd Edgar Link pending
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