$TSE
Trinseo PLC

2023 Q2 Form 10-Q Financial Statement

#000155837023008238 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $962.6M $996.3M $1.387B
YoY Change -32.47% -28.15% 40.64%
Cost Of Revenue $909.0M $959.1M $1.211B
YoY Change -29.34% -20.78% 51.89%
Gross Profit $53.60M $37.20M $176.0M
YoY Change -61.47% -78.86% -6.83%
Gross Profit Margin 5.57% 3.73% 12.69%
Selling, General & Admin $53.80M $84.70M $96.70M
YoY Change -37.15% -12.41% 71.15%
% of Gross Profit 100.37% 227.69% 54.94%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.50M $56.00M $53.00M
YoY Change 9.15% 5.66% 129.44%
% of Gross Profit 97.95% 150.54% 30.11%
Operating Expenses $53.80M $84.70M $96.70M
YoY Change -38.09% -12.41% 71.15%
Operating Profit -$336.8M -$30.20M $64.60M
YoY Change -745.21% -146.75% -58.4%
Interest Expense -$40.20M -$38.30M -$21.90M
YoY Change -387.14% 74.89% 82.5%
% of Operating Profit -33.9%
Other Income/Expense, Net $2.900M $2.900M -$3.000M
YoY Change 70.59% -196.67% 25.0%
Pretax Income -$374.1M -$65.60M $39.70M
YoY Change -650.96% -265.24% -53.78%
Income Tax -$25.10M -$16.70M $22.60M
% Of Pretax Income 56.93%
Net Earnings -$349.0M -$48.90M $16.70M
YoY Change -1033.16% -392.81% -76.64%
Net Earnings / Revenue -36.26% -4.91% 1.2%
Basic Earnings Per Share -$9.93 -$1.40 $0.45
Diluted Earnings Per Share -$9.93 -$1.40 $0.44
COMMON SHARES
Basic Shares Outstanding 35.15M 34.98M 37.30M
Diluted Shares Outstanding 35.20M 35.00M 38.10M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $269.5M $217.1M $448.7M
YoY Change 1.93% -51.62% -27.44%
Cash & Equivalents $269.5M $217.1M $448.7M
Short-Term Investments
Other Short-Term Assets $33.60M $34.10M $41.40M
YoY Change -7.18% -17.63% 162.03%
Inventory $430.9M $502.6M $682.0M
Prepaid Expenses
Receivables $590.1M $622.5M $814.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.324B $1.376B $1.986B
YoY Change -30.67% -30.71% -9.91%
LONG-TERM ASSETS
Property, Plant & Equipment $732.1M $754.0M $774.1M
YoY Change -2.1% -2.6% 19.68%
Goodwill $62.50M $414.2M $727.4M
YoY Change -43.06% 925.95%
Intangibles
YoY Change
Long-Term Investments $255.2M $252.7M $262.0M
YoY Change -5.97% -3.55% 5.6%
Other Assets $242.1M $184.9M $135.7M
YoY Change 111.63% 36.26% -1.52%
Total Long-Term Assets $2.031B $2.365B $2.714B
YoY Change -22.73% -12.84% 112.82%
TOTAL ASSETS
Total Short-Term Assets $1.324B $1.376B $1.986B
Total Long-Term Assets $2.031B $2.365B $2.714B
Total Assets $3.355B $3.742B $4.700B
YoY Change -26.07% -20.4% 35.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $434.5M $454.6M $600.8M
YoY Change -22.65% -24.33% 24.52%
Accrued Expenses $204.8M $243.9M $264.1M
YoY Change -17.29% -7.65% 59.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $18.50M $16.60M $18.20M
YoY Change 4.52% -8.79% 32.85%
Total Short-Term Liabilities $695.2M $717.8M $940.5M
YoY Change -19.1% -23.68% 38.8%
LONG-TERM LIABILITIES
Long-Term Debt $2.299B $2.300B $2.304B
YoY Change -0.16% -0.19% 43.56%
Other Long-Term Liabilities $239.4M $236.7M $307.9M
YoY Change -31.62% -23.12% -22.15%
Total Long-Term Liabilities $2.639B $2.648B $2.787B
YoY Change -0.52% -5.0% 31.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $695.2M $717.8M $940.5M
Total Long-Term Liabilities $2.639B $2.648B $2.787B
Total Liabilities $3.334B $3.365B $3.727B
YoY Change -7.74% -9.71% 32.94%
SHAREHOLDERS EQUITY
Retained Earnings -$138.9M $210.4M $746.4M
YoY Change -71.81% -7.54%
Common Stock $497.2M $493.7M $476.1M
YoY Change 3.7% -17.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.20M $376.2M $972.8M
YoY Change
Total Liabilities & Shareholders Equity $3.355B $3.742B $4.700B
YoY Change -26.07% -20.4% 35.06%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$349.0M -$48.90M $16.70M
YoY Change -1033.16% -392.81% -76.64%
Depreciation, Depletion And Amortization $52.50M $56.00M $53.00M
YoY Change 9.15% 5.66% 129.44%
Cash From Operating Activities $56.50M $45.40M -$5.000M
YoY Change -167.99% -1008.0% -109.8%
INVESTING ACTIVITIES
Capital Expenditures $13.80M $21.80M -$23.90M
YoY Change -143.81% -191.21% 89.68%
Acquisitions $22.20M
YoY Change
Other Investing Activities $22.30M $0.00 -$23.10M
YoY Change 205.48% -100.0%
Cash From Investing Activities $8.500M -$21.80M -$47.00M
YoY Change -135.12% -53.62% 273.02%
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 -11.20M -20.50M -70.60M
YoY Change -84.05% -70.96% -115.66%
NET CHANGE
Cash From Operating Activities 56.50M 45.40M -5.000M
Cash From Investing Activities 8.500M -21.80M -47.00M
Cash From Financing Activities -11.20M -20.50M -70.60M
Net Change In Cash 53.80M 5.400M -124.3M
YoY Change -130.31% -104.34% -125.91%
FREE CASH FLOW
Cash From Operating Activities $56.50M $45.40M -$5.000M
Capital Expenditures $13.80M $21.80M -$23.90M
Free Cash Flow $42.70M $23.60M $18.90M
YoY Change -182.75% 24.87% -70.28%

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AdjustedEbitdaAssetImpairmentChargesAddback
300000
CY2022Q1 tse Adjusted Ebitda Asset Impairment Charges Addback
AdjustedEbitdaAssetImpairmentChargesAddback
700000
CY2022Q1 tse Adjusted Ebitda Addback European Commission Investigation Expenses
AdjustedEbitdaAddbackEuropeanCommissionInvestigationExpenses
35600000
CY2023Q1 tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
3600000
CY2022Q1 tse Adjusted Ebitda Addback Other Items
AdjustedEbitdaAddbackOtherItems
23400000
CY2023Q1 tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
7600000
CY2022Q1 tse Adjusted Ebitda Addbacks
AdjustedEbitdaAddbacks
63000000.0
CY2023Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
7700000
CY2022Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
400000
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
13300000
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
3700000
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
6400000
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
10600000
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-48900000
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
17100000
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-400000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-48900000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
16700000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35000000.0
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
37300000
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
800000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35000000.0
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38100000
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.40
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.46
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.01
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.40
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.40
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.45
CY2022Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.40
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
900000
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
300000
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
700000
CY2022Q1 tse European Commission Investigation Expenses
EuropeanCommissionInvestigationExpenses
35600000
CY2023Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
300000
CY2022Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
36300000

Files In Submission

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