$TSE
Trinseo PLC

2020 Q2 Form 10-Q Financial Statement

#000155837020008715 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $534.3M $888.8M $951.8M
YoY Change -43.86% -16.54% -23.03%
Cost Of Revenue $510.9M $828.8M $865.6M
YoY Change -40.98% -17.59% -19.4%
Gross Profit $23.40M $60.00M $86.20M
YoY Change -72.85% 1.18% -47.02%
Gross Profit Margin 4.38% 6.75% 9.06%
Selling, General & Admin $52.90M $92.00M $71.40M
YoY Change -25.91% 27.07% 15.72%
% of Gross Profit 226.07% 153.33% 82.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $34.80M $34.30M $34.70M
YoY Change 0.29% 0.29% 7.43%
% of Gross Profit 148.72% 57.17% 40.26%
Operating Expenses $52.90M $92.00M $71.40M
YoY Change -25.91% 27.07% 15.72%
Operating Profit -$15.10M -$11.20M $55.10M
YoY Change -127.4% -163.28% -58.94%
Interest Expense -$11.70M $3.900M -$9.900M
YoY Change 18.18% -93.3% -8.33%
% of Operating Profit -17.97%
Other Income/Expense, Net -$400.0K $10.60M -$1.500M
YoY Change -73.33% -127.46% -66.67%
Pretax Income -$27.20M -$17.50M $43.70M
YoY Change -162.24% -373.44% -63.18%
Income Tax -$53.00M -$23.20M $15.70M
% Of Pretax Income 35.93%
Net Earnings -$128.4M $5.700M $28.00M
YoY Change -558.57% -733.33% -71.52%
Net Earnings / Revenue -24.03% 0.64% 2.94%
Basic Earnings Per Share -$3.36 $0.14 $0.69
Diluted Earnings Per Share -$3.35 $0.14 $0.68
COMMON SHARES
Basic Shares Outstanding 38.20M 48.78M 40.80M
Diluted Shares Outstanding 38.30M 41.10M

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $581.8M $456.2M $534.9M
YoY Change 8.77% 0.86% 18.5%
Cash & Equivalents $581.8M $456.2M $534.9M
Short-Term Investments
Other Short-Term Assets $12.20M $25.90M $25.30M
YoY Change -51.78% 26.34% -12.46%
Inventory $313.3M $438.2M $458.5M
Prepaid Expenses
Receivables $432.2M $449.7M $619.8M
Other Receivables $0.00 $121.1M $0.00
Total Short-Term Assets $1.340B $1.491B $1.639B
YoY Change -18.25% -8.59% -7.71%
LONG-TERM ASSETS
Property, Plant & Equipment $573.5M $625.8M $574.3M
YoY Change -0.14% 5.69% -4.35%
Goodwill $67.70M $56.70M $68.70M
YoY Change -1.46% -17.83%
Intangibles
YoY Change
Long-Term Investments $212.3M $188.1M $199.1M
YoY Change 6.63% 5.03% 21.55%
Other Assets $136.5M $123.2M $67.60M
YoY Change 101.92% 91.9% -0.29%
Total Long-Term Assets $1.250B $1.268B $1.166B
YoY Change 7.21% 15.72% 6.02%
TOTAL ASSETS
Total Short-Term Assets $1.340B $1.491B $1.639B
Total Long-Term Assets $1.250B $1.268B $1.166B
Total Assets $2.589B $2.759B $2.804B
YoY Change -7.67% 1.17% -2.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $213.6M $343.0M $394.9M
YoY Change -45.91% -3.16% -11.91%
Accrued Expenses $151.3M $168.5M $171.0M
YoY Change -11.52% 5.44% 16.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.70M $11.10M $8.700M
YoY Change 34.48% 58.57% 24.29%
Total Short-Term Liabilities $435.6M $527.6M $579.1M
YoY Change -24.78% -1.75% -6.26%
LONG-TERM LIABILITIES
Long-Term Debt $1.261B $1.163B $1.161B
YoY Change 8.69% 0.16% -0.18%
Other Long-Term Liabilities $322.4M $300.2M $214.7M
YoY Change 50.16% 39.69% -13.39%
Total Long-Term Liabilities $1.695B $1.562B $1.480B
YoY Change 14.51% 9.94% 4.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $435.6M $527.6M $579.1M
Total Long-Term Liabilities $1.695B $1.562B $1.480B
Total Liabilities $2.130B $2.090B $2.059B
YoY Change 3.46% 6.73% -0.67%
SHAREHOLDERS EQUITY
Retained Earnings $585.4M $781.0M $784.1M
YoY Change -25.34% 3.69%
Common Stock $576.8M $575.2M $571.7M
YoY Change 0.89% -0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $458.8M $668.9M $745.1M
YoY Change
Total Liabilities & Shareholders Equity $2.589B $2.759B $2.804B
YoY Change -7.67% 1.17% -2.46%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$128.4M $5.700M $28.00M
YoY Change -558.57% -733.33% -71.52%
Depreciation, Depletion And Amortization $34.80M $34.30M $34.70M
YoY Change 0.29% 0.29% 7.43%
Cash From Operating Activities $81.60M $47.60M $80.80M
YoY Change 0.99% -62.81% -42.94%
INVESTING ACTIVITIES
Capital Expenditures -$23.90M -$38.90M -$22.60M
YoY Change 5.75% 27.54% -21.8%
Acquisitions
YoY Change
Other Investing Activities $200.0K $6.500M $0.00
YoY Change -6600.0% -100.0%
Cash From Investing Activities -$23.70M -$32.40M -$22.60M
YoY Change 4.87% 5.88% -15.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 81.10M -44.90M -41.50M
YoY Change -295.42% -32.07% -23.85%
NET CHANGE
Cash From Operating Activities 81.60M 47.60M 80.80M
Cash From Investing Activities -23.70M -32.40M -22.60M
Cash From Financing Activities 81.10M -44.90M -41.50M
Net Change In Cash 139.0M -29.70M 16.70M
YoY Change 732.34% -194.89% -72.4%
FREE CASH FLOW
Cash From Operating Activities $81.60M $47.60M $80.80M
Capital Expenditures -$23.90M -$38.90M -$22.60M
Free Cash Flow $105.5M $86.50M $103.4M
YoY Change 2.03% -45.43% -39.35%

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9400000
CY2019Q2 tse Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
123600000
tse Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
88300000
tse Adjusted Earnings Before Interest Taxes Depreciation And Amortization
AdjustedEarningsBeforeInterestTaxesDepreciationAndAmortization
251700000
tse Adjusted Ebitda Gain Loss On Disposition Of Business And Assets Addback
AdjustedEbitdaGainLossOnDispositionOfBusinessAndAssetsAddback
400000
tse Adjusted Ebitda Gain Loss On Disposition Of Business And Assets Addback
AdjustedEbitdaGainLossOnDispositionOfBusinessAndAssetsAddback
200000
CY2020Q2 tse Adjusted Ebitda Restructuring Charges Addback
AdjustedEbitdaRestructuringChargesAddback
6300000
CY2019Q2 tse Adjusted Ebitda Restructuring Charges Addback
AdjustedEbitdaRestructuringChargesAddback
-300000
tse Adjusted Ebitda Restructuring Charges Addback
AdjustedEbitdaRestructuringChargesAddback
8100000
tse Adjusted Ebitda Restructuring Charges Addback
AdjustedEbitdaRestructuringChargesAddback
100000
CY2020Q2 tse Adjusted Ebitda Acquisition Transaction And Integration Costs
AdjustedEbitdaAcquisitionTransactionAndIntegrationCosts
-400000
CY2019Q2 tse Adjusted Ebitda Acquisition Transaction And Integration Costs
AdjustedEbitdaAcquisitionTransactionAndIntegrationCosts
700000
tse Adjusted Ebitda Acquisition Transaction And Integration Costs
AdjustedEbitdaAcquisitionTransactionAndIntegrationCosts
-300000
tse Adjusted Ebitda Acquisition Transaction And Integration Costs
AdjustedEbitdaAcquisitionTransactionAndIntegrationCosts
700000
tse Adjusted Ebitda Asset Impairment Charges Addback
AdjustedEbitdaAssetImpairmentChargesAddback
38300000
CY2020Q2 tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
3000000.0
CY2019Q2 tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
14100000
tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
21800000
tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
25100000
CY2020Q2 tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
8900000
CY2019Q2 tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
14500000
tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
67500000
tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
25700000
CY2020Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
7500000
CY2019Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
-300000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
10600000
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
100000
us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
12500000
CY2020Q1 us-gaap Proceeds From Sale Of Property Held For Sale
ProceedsFromSaleOfPropertyHeldForSale
1300000
us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
GainLossOnSalesOfAssetsAndAssetImpairmentCharges
600000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
17900000
us-gaap Restructuring Charges
RestructuringCharges
7100000
us-gaap Payments For Restructuring
PaymentsForRestructuring
7900000
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
17100000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-128400000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
28000000.0
us-gaap Net Income Loss
NetIncomeLoss
-164700000
us-gaap Net Income Loss
NetIncomeLoss
63800000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38200000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
40800000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38400000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41000000.0
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
300000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38200000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41100000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38400000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41500000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.36
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.29
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.36
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.29
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.54
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000

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