2024 Q1 Form 10-K Financial Statement

#000159071424000054 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $575.0M $573.4M $2.333B
YoY Change 0.1% -0.07% -8.48%
Cost Of Revenue $330.0M $353.1M $1.415B
YoY Change -4.79% -0.76% -11.4%
Gross Profit $245.0M $220.3M $918.5M
YoY Change 7.55% 1.06% -3.59%
Gross Profit Margin 42.61% 38.42% 39.37%
Selling, General & Admin $149.1M $151.0M $596.8M
YoY Change 0.13% 2.51% 3.15%
% of Gross Profit 60.86% 68.54% 64.98%
Research & Development $18.10M $13.80M $68.10M
YoY Change 44.8% 30.19% 39.55%
% of Gross Profit 7.39% 6.26% 7.41%
Depreciation & Amortization $40.30M $42.00M $166.7M
YoY Change 3.07% 6.87% 3.35%
% of Gross Profit 16.45% 19.06% 18.15%
Operating Expenses $167.2M $164.8M $744.9M
YoY Change 3.59% 4.37% 18.73%
Operating Profit $77.80M $55.50M $173.6M
YoY Change 17.17% -7.65% -46.63%
Interest Expense -$13.90M -$13.00M -$49.30M
YoY Change 18.8% -33.33% -3.71%
% of Operating Profit -17.87% -23.42% -28.4%
Other Income/Expense, Net -$8.300M -$4.900M -$44.50M
YoY Change 27.69% 113.04% -16.51%
Pretax Income $69.50M $37.60M $129.1M
YoY Change 16.03% -1.83% -52.54%
Income Tax $13.50M -$40.40M $13.00M
% Of Pretax Income 19.42% -107.45% 10.07%
Net Earnings $56.00M $77.10M $118.2M
YoY Change 30.23% 507.09% -37.13%
Net Earnings / Revenue 9.74% 13.45% 5.07%
Basic Earnings Per Share $0.23 $0.49
Diluted Earnings Per Share $0.23 $0.32 $0.49
COMMON SHARES
Basic Shares Outstanding 242.0M shares 241.5M shares 241.4M shares
Diluted Shares Outstanding 242.5M shares 241.8M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.3M $289.3M $289.3M
YoY Change 2.62% 8.92% 8.92%
Cash & Equivalents $286.3M $289.3M $289.3M
Short-Term Investments
Other Short-Term Assets $146.3M $115.0M $147.5M
YoY Change 10.58% -16.73% -16.48%
Inventory $319.1M $298.9M $298.9M
Prepaid Expenses $25.10M $32.50M
Receivables $459.0M $461.8M $461.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.236B $1.198B $1.198B
YoY Change 0.13% 0.74% 0.74%
LONG-TERM ASSETS
Property, Plant & Equipment $295.5M $296.9M $296.9M
YoY Change 6.45% 7.11% -18.05%
Goodwill $2.302B $2.337B
YoY Change -5.07% -3.15%
Intangibles $840.0M $879.3M
YoY Change 7.57% 9.16%
Long-Term Investments
YoY Change
Other Assets $125.7M $143.2M $263.7M
YoY Change -17.36% -14.76% 96.21%
Total Long-Term Assets $3.676B $3.777B $3.777B
YoY Change -0.43% 1.66% 1.66%
TOTAL ASSETS
Total Short-Term Assets $1.236B $1.198B $1.198B
Total Long-Term Assets $3.676B $3.777B $3.777B
Total Assets $4.912B $4.974B $4.974B
YoY Change -0.29% 1.44% 1.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $132.9M $140.6M $140.6M
YoY Change -12.1% 6.35% 6.35%
Accrued Expenses $196.5M $217.3M $217.3M
YoY Change 9.23% 8.27% 11.32%
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 0.0% 0.0% 0.0%
Total Short-Term Liabilities $340.9M $369.4M $369.4M
YoY Change -0.5% 7.26% 7.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.919B $1.921B $1.921B
YoY Change 1.96% 1.97% 1.97%
Other Long-Term Liabilities $183.7M $202.4M $230.5M
YoY Change 5.39% 20.12% 12.33%
Total Long-Term Liabilities $183.7M $202.4M $2.152B
YoY Change 5.39% 20.12% 2.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.9M $369.4M $369.4M
Total Long-Term Liabilities $183.7M $202.4M $2.152B
Total Liabilities $2.573B $2.630B $2.646B
YoY Change 0.69% 2.94% 2.89%
SHAREHOLDERS EQUITY
Retained Earnings -$1.147B -$1.183B
YoY Change -4.47% -3.31%
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 $2.324B $2.329B $2.329B
YoY Change
Total Liabilities & Shareholders Equity $4.912B $4.974B $4.974B
YoY Change -0.29% 1.44% 1.44%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $56.00M $77.10M $118.2M
YoY Change 30.23% 507.09% -37.13%
Depreciation, Depletion And Amortization $40.30M $42.00M $166.7M
YoY Change 3.07% 6.87% 3.35%
Cash From Operating Activities $58.20M $111.1M $335.8M
YoY Change 8.79% 10.55% 13.48%
INVESTING ACTIVITIES
Capital Expenditures $19.00M $16.40M $52.70M
YoY Change 108.79% 9.33% 10.25%
Acquisitions $3.900M $214.8M
YoY Change 850.44%
Other Investing Activities $0.00 -$7.600M -$15.90M
YoY Change -100.0% -547.06% -265.63%
Cash From Investing Activities -$22.90M -$24.00M -$250.2M
YoY Change 97.41% 80.45% 232.71%
FINANCING ACTIVITIES
Cash Dividend Paid $20.00M $77.40M
YoY Change 3.09% -1.28%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$32.70M -133.3M -$58.70M
YoY Change 10.85% 108.28% -78.7%
NET CHANGE
Cash From Operating Activities $58.20M 111.1M 335.8M
Cash From Investing Activities -$22.90M -24.00M -$250.2M
Cash From Financing Activities -$32.70M -133.3M -$58.70M
Net Change In Cash -$3.000M -46.20M $23.70M
YoY Change -122.39% -299.14% -136.74%
FREE CASH FLOW
Cash From Operating Activities $58.20M $111.1M $335.8M
Capital Expenditures $19.00M $16.40M $52.70M
Free Cash Flow $39.20M $94.70M $283.1M
YoY Change -11.71% 10.76% 14.11%

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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:f-1538"><span style="-sec-ix-hidden:f-1539">Other liabilities</span></span>," totaled $11.3 million and $11.6 million at December 31, 2023 and 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. 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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CY2021 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-54200000 usd
CY2023 us-gaap Depreciation
Depreciation
42600000 usd
CY2022 us-gaap Depreciation
Depreciation
41600000 usd
CY2021 us-gaap Depreciation
Depreciation
39700000 usd
CY2023 us-gaap Adjustment For Amortization
AdjustmentForAmortization
124100000 usd
CY2022 us-gaap Adjustment For Amortization
AdjustmentForAmortization
119700000 usd
CY2021 us-gaap Adjustment For Amortization
AdjustmentForAmortization
124200000 usd
CY2023 esi Operating Income Loss Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossEarningsBeforeInterestTaxesDepreciationAndAmortization
345100000 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
CY2023 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
11400000 usd
CY2022 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
9500000 usd
CY2021 esi Restructuring And Related Expenses
RestructuringAndRelatedExpenses
11700000 usd
CY2023 esi Inventory Step Up
InventoryStepUp
3300000 usd
CY2022 esi Inventory Step Up
InventoryStepUp
500000 usd
CY2021 esi Inventory Step Up
InventoryStepUp
12900000 usd
CY2023 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
16800000 usd
CY2022 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
10600000 usd
CY2021 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
14200000 usd
CY2023 esi Foreign Currency Transaction Gain Loss On Foreign External And Internal Debt
ForeignCurrencyTransactionGainLossOnForeignExternalAndInternalDebt
9700000 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
CY2023 esi Debt Refinancing Costs
DebtRefinancingCosts
7800000 usd
CY2022 esi Debt Refinancing Costs
DebtRefinancingCosts
0 usd
CY2021 esi Debt Refinancing Costs
DebtRefinancingCosts
0 usd
CY2023 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
80000000.0 usd
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023 esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
15700000 usd
CY2022 esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
0 usd
CY2021 esi Acquisition Research Development Charge
AcquisitionResearchDevelopmentCharge
0 usd
CY2023 esi Adjustments For Stock Compensation Previously Not Probable
AdjustmentsForStockCompensationPreviouslyNotProbable
0 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
CY2023 esi Other Expense Income
OtherExpenseIncome
-11900000 usd
CY2022 esi Other Expense Income
OtherExpenseIncome
-12400000 usd
CY2021 esi Other Expense Income
OtherExpenseIncome
-8900000 usd
CY2023 esi Operating Income Loss Adjusted Earnings Before Interest Taxes Depreciation And Amortization
OperatingIncomeLossAdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
482300000 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
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2333200000 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
CY2023Q4 us-gaap Noncurrent Assets
NoncurrentAssets
296900000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
277200000 usd

Files In Submission

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0001590714-24-000054-index-headers.html Edgar Link pending
0001590714-24-000054-index.html Edgar Link pending
0001590714-24-000054.txt Edgar Link pending
0001590714-24-000054-xbrl.zip Edgar Link pending
esi-20231231.htm Edgar Link pending
esi-20231231.xsd Edgar Link pending
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