$TSE
Trinseo PLC

2022 Q2 Form 10-Q Financial Statement

#000155837022007305 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.426B $1.387B $1.299B
YoY Change 11.92% 40.64% 69.05%
Cost Of Revenue $1.286B $1.211B $1.177B
YoY Change 22.08% 51.89% 65.62%
Gross Profit $139.1M $176.0M $121.6M
YoY Change -36.77% -6.83% -9.05%
Gross Profit Margin 9.76% 12.69% 9.36%
Selling, General & Admin $85.60M $96.70M $93.00M
YoY Change -12.02% 71.15% 48.09%
% of Gross Profit 61.54% 54.94% 76.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $48.10M $53.00M $56.50M
YoY Change 69.96% 129.44% 73.85%
% of Gross Profit 34.58% 30.11% 46.46%
Operating Expenses $86.90M $96.70M $93.00M
YoY Change -10.69% 71.15% 48.09%
Operating Profit $52.20M $64.60M $47.20M
YoY Change -65.43% -58.4% -53.63%
Interest Expense $14.00M -$21.90M -$300.0K
YoY Change -164.81% 82.5% -102.33%
% of Operating Profit 26.82% -33.9% -0.64%
Other Income/Expense, Net $1.700M -$3.000M -$1.100M
YoY Change -130.36% 25.0% -147.83%
Pretax Income $67.90M $39.70M $23.40M
YoY Change -56.53% -53.78% -74.76%
Income Tax $30.80M $22.60M $22.00M
% Of Pretax Income 45.36% 56.93% 94.02%
Net Earnings $37.40M $16.70M $123.8M
YoY Change -75.33% -76.64% 85.61%
Net Earnings / Revenue 2.62% 1.2% 9.53%
Basic Earnings Per Share $1.03 $0.45 $3.20
Diluted Earnings Per Share $1.011M $0.44 $3.14
COMMON SHARES
Basic Shares Outstanding 36.15M 37.30M 38.84M
Diluted Shares Outstanding 37.00M 38.10M

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $264.4M $448.7M $573.0M
YoY Change -27.96% -27.44% -2.67%
Cash & Equivalents $264.4M $448.7M $573.0M
Short-Term Investments
Other Short-Term Assets $36.20M $41.40M $44.30M
YoY Change 19.87% 162.03% 193.38%
Inventory $759.7M $682.0M $621.0M
Prepaid Expenses
Receivables $849.5M $814.3M $740.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.910B $1.986B $1.979B
YoY Change -9.58% -9.91% 30.41%
LONG-TERM ASSETS
Property, Plant & Equipment $747.8M $774.1M $804.3M
YoY Change 3.5% 19.68% 18.33%
Goodwill $727.4M $710.1M
YoY Change 925.95% 1043.48%
Intangibles
YoY Change
Long-Term Investments $271.4M $262.0M $247.8M
YoY Change 7.19% 5.6% 3.21%
Other Assets $114.4M $135.7M $147.7M
YoY Change -20.56% -1.52% -2.38%
Total Long-Term Assets $2.628B $2.714B $2.734B
YoY Change 9.85% 112.82% 105.84%
TOTAL ASSETS
Total Short-Term Assets $1.910B $1.986B $1.979B
Total Long-Term Assets $2.628B $2.714B $2.734B
Total Assets $4.538B $4.700B $4.712B
YoY Change 0.74% 35.06% 65.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $561.7M $600.8M $590.3M
YoY Change 13.45% 24.52% 66.09%
Accrued Expenses $247.6M $264.1M $253.5M
YoY Change 32.34% 59.1% 62.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.70M $18.20M $18.50M
YoY Change -7.33% 32.85% 51.64%
Total Short-Term Liabilities $859.3M $940.5M $914.4M
YoY Change 5.57% 38.8% 71.46%
LONG-TERM LIABILITIES
Long-Term Debt $2.302B $2.304B $2.306B
YoY Change -0.34% 43.56% 99.08%
Other Long-Term Liabilities $350.1M $307.9M $306.7M
YoY Change -11.28% -22.15% -22.35%
Total Long-Term Liabilities $2.652B $2.787B $2.785B
YoY Change -7.29% 31.07% 61.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $859.3M $940.5M $914.4M
Total Long-Term Liabilities $2.652B $2.787B $2.785B
Total Liabilities $3.614B $3.727B $3.699B
YoY Change -1.67% 32.94% 64.05%
SHAREHOLDERS EQUITY
Retained Earnings $746.4M $741.8M
YoY Change -7.54% 0.35%
Common Stock $476.1M $468.5M
YoY Change -17.77% -19.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $924.6M $972.8M $1.013B
YoY Change
Total Liabilities & Shareholders Equity $4.538B $4.700B $4.712B
YoY Change 0.74% 35.06% 65.62%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $37.40M $16.70M $123.8M
YoY Change -75.33% -76.64% 85.61%
Depreciation, Depletion And Amortization $48.10M $53.00M $56.50M
YoY Change 69.96% 129.44% 73.85%
Cash From Operating Activities -$83.10M -$5.000M $214.5M
YoY Change 295.71% -109.8% 67.97%
INVESTING ACTIVITIES
Capital Expenditures -$31.50M -$23.90M -$53.00M
YoY Change 81.03% 89.68% 147.66%
Acquisitions $22.20M
YoY Change
Other Investing Activities $7.300M -$23.10M $402.4M
YoY Change -100.53% -7416.36%
Cash From Investing Activities -$24.20M -$47.00M $349.4M
YoY Change -98.26% 273.02% -1398.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.90M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.20M -70.60M -197.1M
YoY Change -109.97% -115.66% 926.56%
NET CHANGE
Cash From Operating Activities -83.10M -5.000M 214.5M
Cash From Investing Activities -24.20M -47.00M 349.4M
Cash From Financing Activities -70.20M -70.60M -197.1M
Net Change In Cash -177.5M -124.3M 366.8M
YoY Change -74.99% -125.91% 349.51%
FREE CASH FLOW
Cash From Operating Activities -$83.10M -$5.000M $214.5M
Capital Expenditures -$31.50M -$23.90M -$53.00M
Free Cash Flow -$51.60M $18.90M $267.5M
YoY Change 1333.33% -70.28% 79.41%

Facts In Submission

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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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588700000
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448700000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1068400000
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450000000.0
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:6pt 0pt 0pt 0pt;">Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications pertain primarily to the Company’s entry into an agreement during the second quarter of 2021 to sell its Synthetic Rubber business, as a result of which the Company reclassified its Synthetic Rubber assets and liabilities as held-for-sale and reclassified the operating results of its Synthetic Rubber business, net of taxes, as discontinued operations for all periods presented. The sale of the Synthetic Rubber business was completed in December 2021. Refer to Note 4 for further information. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. </p>
CY2021Q1 us-gaap Business Acquisitions Pro Forma Revenue
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CY2021Q1 us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1386700000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 tse Number Of Joint Ventures
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q1 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
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303900000
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37900000
CY2022Q1 us-gaap Inventory Net
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2368800000
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CY2022Q1 us-gaap Long Term Debt Current
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CY2022Q1 us-gaap Goodwill
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CY2022Q1 tse European Commission Investigation Expenses
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CY2022Q1 us-gaap Defined Benefit Plan Contributions By Employer
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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206600000
CY2022Q1 tse Adjusted Ebitda Gain Loss On Disposition Of Business And Assets Addback
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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85900000
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CY2022Q1 tse Adjusted Corporate Overhead Costs And Certain Other Income And Expenses
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CY2021Q1 tse Adjusted Corporate Overhead Costs And Certain Other Income And Expenses
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22400000
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400000
CY2021Q1 tse Adjusted Ebitda Restructuring Charges Addback
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300000
CY2022Q1 tse Adjusted Ebitda Acquisition Transaction And Integration Costs
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3200000
CY2021Q1 tse Adjusted Ebitda Acquisition Transaction And Integration Costs
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CY2022Q1 tse Adjusted Ebitda Asset Impairment Charges Addback
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CY2022Q1 tse Adjusted Ebitda Addback European Commission Investigation Expenses
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35600000
CY2022Q1 tse Adjusted Ebitda Addback Other Items
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CY2021Q1 tse Adjusted Ebitda Addback Other Items
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2100000
CY2022Q1 tse Adjusted Ebitda Addbacks
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CY2021Q1 tse Adjusted Ebitda Addbacks
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CY2021Q1 us-gaap Restructuring And Related Cost Incurred Cost
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CY2022Q1 us-gaap Restructuring Reserve
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CY2021Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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71500000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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37300000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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38500000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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800000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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38100000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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39500000
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2021Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
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1.71
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.15
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.86
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.45
CY2021Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.67
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
CY2021Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.14
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.81
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
700000
CY2022Q1 tse European Commission Investigation Expenses
EuropeanCommissionInvestigationExpenses
35600000
CY2022Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
36300000

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