$ESI
Element Solutions Inc

2023 Q2 Form 10-Q Financial Statement

#000159071423000045 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $586.1M $574.4M
YoY Change -13.41% -15.55%
Cost Of Revenue $357.6M $346.6M
YoY Change -16.27% -16.92%
Gross Profit $228.5M $227.8M
YoY Change -8.53% -13.38%
Gross Profit Margin 38.99% 39.66%
Selling, General & Admin $147.0M $148.9M
YoY Change 0.34% -2.93%
% of Gross Profit 64.33% 65.36%
Research & Development $28.90M $12.50M
YoY Change 125.78% -11.35%
% of Gross Profit 12.65% 5.49%
Depreciation & Amortization $10.10M $39.10M
YoY Change -1.94% -6.01%
% of Gross Profit 4.42% 17.16%
Operating Expenses $175.9M $161.4M
YoY Change 10.42% -3.64%
Operating Profit $52.60M $66.40M
YoY Change -41.88% -30.47%
Interest Expense -$12.00M -$11.70M
YoY Change -9.09% -17.02%
% of Operating Profit -22.81% -17.62%
Other Income/Expense, Net -$4.600M -$6.500M
YoY Change 53.33% -65.97%
Pretax Income $48.00M $59.90M
YoY Change -45.14% -21.6%
Income Tax $21.20M $16.90M
% Of Pretax Income 44.17% 28.21%
Net Earnings $29.90M $43.00M
YoY Change -54.28% -23.76%
Net Earnings / Revenue 5.1% 7.49%
Basic Earnings Per Share $0.12 $0.18
Diluted Earnings Per Share $0.12 $0.18
COMMON SHARES
Basic Shares Outstanding 241.4M shares 241.4M shares
Diluted Shares Outstanding 241.7M shares 241.8M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $282.4M $279.0M
YoY Change 30.98% 27.51%
Cash & Equivalents $282.4M $279.0M
Short-Term Investments
Other Short-Term Assets $155.0M $132.3M
YoY Change 25.3% 30.73%
Inventory $332.8M $322.0M
Prepaid Expenses $34.10M $39.60M
Receivables $452.2M $461.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.257B $1.234B
YoY Change 1.51% 1.42%
LONG-TERM ASSETS
Property, Plant & Equipment $282.5M $277.6M
YoY Change 6.32% 0.95%
Goodwill $2.395B $2.425B
YoY Change -1.26% -3.7%
Intangibles $933.2M $780.9M
YoY Change 7.65% -16.01%
Long-Term Investments
YoY Change
Other Assets $145.4M $152.1M
YoY Change -6.5% 30.33%
Total Long-Term Assets $3.805B $3.692B
YoY Change 0.86% -5.61%
TOTAL ASSETS
Total Short-Term Assets $1.257B $1.234B
Total Long-Term Assets $3.805B $3.692B
Total Assets $5.061B $4.927B
YoY Change 1.02% -3.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $144.1M $151.2M
YoY Change -17.94% -15.77%
Accrued Expenses $222.5M $179.9M
YoY Change 8.06% -12.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.50M $11.50M
YoY Change -14.81% -16.06%
Total Short-Term Liabilities $378.1M $342.6M
YoY Change -4.28% -14.29%
LONG-TERM LIABILITIES
Long-Term Debt $2.029B $1.882B
YoY Change 7.38% -0.53%
Other Long-Term Liabilities $182.8M $174.3M
YoY Change 25.21% 14.97%
Total Long-Term Liabilities $182.8M $174.3M
YoY Change 25.21% 14.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $378.1M $342.6M
Total Long-Term Liabilities $182.8M $174.3M
Total Liabilities $2.741B $2.555B
YoY Change 5.66% -2.3%
SHAREHOLDERS EQUITY
Retained Earnings -$1.190B -$1.200B
YoY Change -4.85% -7.37%
Common Stock $2.700M $2.700M
YoY Change 0.0% 3.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.304B $2.355B
YoY Change
Total Liabilities & Shareholders Equity $5.061B $4.927B
YoY Change 1.02% -3.94%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $29.90M $43.00M
YoY Change -54.28% -23.76%
Depreciation, Depletion And Amortization $10.10M $39.10M
YoY Change -1.94% -6.01%
Cash From Operating Activities $83.80M $53.50M
YoY Change 10.12% -1055.36%
INVESTING ACTIVITIES
Capital Expenditures $13.80M $9.100M
YoY Change -213.11% -4.21%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$188.3M $3.000M
YoY Change -5806.06% -40.0%
Cash From Investing Activities -$202.1M -$11.60M
YoY Change 2170.79% -68.73%
FINANCING ACTIVITIES
Cash Dividend Paid $19.40M
YoY Change -2.51%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 126.8M -$29.50M
YoY Change -303.53% -56.04%
NET CHANGE
Cash From Operating Activities 83.80M $53.50M
Cash From Investing Activities -202.1M -$11.60M
Cash From Financing Activities 126.8M -$29.50M
Net Change In Cash 8.500M $13.40M
YoY Change 73.47% -112.04%
FREE CASH FLOW
Cash From Operating Activities $83.80M $53.50M
Capital Expenditures $13.80M $9.100M
Free Cash Flow $70.00M $44.40M
YoY Change -20.72% -394.04%

Facts In Submission

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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 $11.4 million and $11.6 million at March 31, 2023 and December 31, 2022, </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%">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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CY2023Q1 esi Inventory Step Up Cost
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CY2022Q1 esi Inventory Step Up Cost
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CY2023Q1 esi Restructuring And Related Expenses
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CY2022Q1 esi Adjustments For Stock Compensation Previously Not Probable
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CY2022Q1 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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