$ESI
Element Solutions Inc

2023 Q3 Form 10-Q Financial Statement

#000159071423000073 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $599.3M $586.1M
YoY Change -3.1% -13.41%
Cost Of Revenue $357.4M $357.6M
YoY Change -9.88% -16.27%
Gross Profit $241.9M $228.5M
YoY Change 9.01% -8.53%
Gross Profit Margin 40.36% 38.99%
Selling, General & Admin $149.9M $147.0M
YoY Change 14.08% 0.34%
% of Gross Profit 61.97% 64.33%
Research & Development $12.90M $28.90M
YoY Change 14.16% 125.78%
% of Gross Profit 5.33% 12.65%
Depreciation & Amortization $11.80M $10.10M
YoY Change 11.32% -1.94%
% of Gross Profit 4.88% 4.42%
Operating Expenses $242.8M $175.9M
YoY Change 70.15% 10.42%
Operating Profit -$900.0K $52.60M
YoY Change -101.14% -41.88%
Interest Expense -$13.30M -$12.00M
YoY Change 8.13% -9.09%
% of Operating Profit -22.81%
Other Income/Expense, Net -$15.50M -$4.600M
YoY Change 64.89% 53.33%
Pretax Income -$16.40M $48.00M
YoY Change -123.5% -45.14%
Income Tax $15.30M $21.20M
% Of Pretax Income 44.17%
Net Earnings -$31.80M $29.90M
YoY Change -159.66% -54.28%
Net Earnings / Revenue -5.31% 5.1%
Basic Earnings Per Share -$0.13 $0.12
Diluted Earnings Per Share -$0.13 $0.12
COMMON SHARES
Basic Shares Outstanding 241.5M shares 241.4M shares
Diluted Shares Outstanding 241.5M shares 241.7M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $330.0M $282.4M
YoY Change 41.03% 30.98%
Cash & Equivalents $329.6M $282.4M
Short-Term Investments
Other Short-Term Assets $166.3M $155.0M
YoY Change 26.08% 25.3%
Inventory $322.8M $332.8M
Prepaid Expenses $31.30M $34.10M
Receivables $449.5M $452.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.300B $1.257B
YoY Change 10.26% 1.51%
LONG-TERM ASSETS
Property, Plant & Equipment $279.2M $282.5M
YoY Change 6.0% 6.32%
Goodwill $2.282B $2.395B
YoY Change -1.92% -1.26%
Intangibles $889.6M $933.2M
YoY Change 10.63% 7.65%
Long-Term Investments
YoY Change
Other Assets $169.2M $145.4M
YoY Change -31.58% -6.5%
Total Long-Term Assets $3.669B $3.805B
YoY Change -0.59% 0.86%
TOTAL ASSETS
Total Short-Term Assets $1.300B $1.257B
Total Long-Term Assets $3.669B $3.805B
Total Assets $4.969B $5.061B
YoY Change 2.04% 1.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.8M $144.1M
YoY Change -9.22% -17.94%
Accrued Expenses $221.0M $222.5M
YoY Change 20.3% 8.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $11.50M
YoY Change 0.84% -14.81%
Total Short-Term Liabilities $376.7M $378.1M
YoY Change 6.41% -4.28%
LONG-TERM LIABILITIES
Long-Term Debt $2.028B $2.029B
YoY Change 7.48% 7.38%
Other Long-Term Liabilities $179.1M $182.8M
YoY Change 4.37% 25.21%
Total Long-Term Liabilities $179.1M $182.8M
YoY Change 4.37% 25.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $376.7M $378.1M
Total Long-Term Liabilities $179.1M $182.8M
Total Liabilities $2.723B $2.741B
YoY Change 6.14% 5.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.241B -$1.190B
YoY Change 1.98% -4.85%
Common Stock $2.700M $2.700M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.230B $2.304B
YoY Change
Total Liabilities & Shareholders Equity $4.969B $5.061B
YoY Change 2.04% 1.02%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$31.80M $29.90M
YoY Change -159.66% -54.28%
Depreciation, Depletion And Amortization $11.80M $10.10M
YoY Change 11.32% -1.94%
Cash From Operating Activities $87.40M $83.80M
YoY Change -31.02% 10.12%
INVESTING ACTIVITIES
Capital Expenditures $13.40M $13.80M
YoY Change -220.72% -213.11%
Acquisitions
YoY Change
Other Investing Activities $900.0K -$188.3M
YoY Change -118.75% -5806.06%
Cash From Investing Activities -$12.50M -$202.1M
YoY Change -21.38% 2170.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.70M 126.8M
YoY Change -72.38% -303.53%
NET CHANGE
Cash From Operating Activities 87.40M 83.80M
Cash From Investing Activities -12.50M -202.1M
Cash From Financing Activities -22.70M 126.8M
Net Change In Cash 52.20M 8.500M
YoY Change 82.52% 73.47%
FREE CASH FLOW
Cash From Operating Activities $87.40M $83.80M
Capital Expenditures $13.40M $13.80M
Free Cash Flow $74.00M $70.00M
YoY Change -46.3% -20.72%

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us-gaap Loss Contingency Disclosures
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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 $11.8 million and $11.6 million at June 30, 2023 and December 31, 2022, 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>
CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
11800000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
11600000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23900000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43900000 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
15700000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
586100000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
676900000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1160500000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1357100000 usd
CY2023Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
116100000 usd
CY2022Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
140400000 usd
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
228400000 usd
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
285200000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
29900000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65200000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
72800000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
121300000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-200000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
200000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-100000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
500000 usd
CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2900000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
2900000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1800000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23900000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
38100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
43900000 usd
CY2023Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-12000000.0 usd
CY2022Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-13200000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-23700000 usd
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-27300000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
10100000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
10300000 usd
us-gaap Depreciation
Depreciation
19600000 usd
us-gaap Depreciation
Depreciation
20900000 usd
CY2023Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
31000000.0 usd
CY2022Q2 us-gaap Adjustment For Amortization
AdjustmentForAmortization
30300000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
60600000 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
61300000 usd
CY2023Q2 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
101100000 usd
CY2022Q2 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
141300000 usd
esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
211800000 usd
esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
273400000 usd
CY2023Q2 esi Inventory Step Up Cost
InventoryStepUpCost
0 usd
CY2022Q2 esi Inventory Step Up Cost
InventoryStepUpCost
0 usd
esi Inventory Step Up Cost
InventoryStepUpCost
0 usd
esi Inventory Step Up Cost
InventoryStepUpCost
500000 usd
CY2023Q2 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
1900000 usd
CY2022Q2 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
1300000 usd
esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
4200000 usd
esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
3200000 usd
CY2023Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4400000 usd
CY2022Q2 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
1100000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
8300000 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4000000.0 usd
CY2023Q2 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
8500000 usd
CY2022Q2 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
900000 usd
esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
14100000 usd
esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
-700000 usd
CY2023Q2 esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
15700000 usd
CY2022Q2 esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
0 usd
esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
15700000 usd
esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
0 usd
esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
0 usd
esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
1300000 usd
CY2023Q2 esi Other Expense Income
OtherExpenseIncome
-1500000 usd
CY2022Q2 esi Other Expense Income
OtherExpenseIncome
2400000 usd
esi Other Expense Income
OtherExpenseIncome
-2500000 usd
esi Other Expense Income
OtherExpenseIncome
-2100000 usd
CY2023Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
116100000 usd
CY2022Q2 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
140400000 usd
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
228400000 usd
esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
285200000 usd
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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