(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
EXHIBIT INDEX | ||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ENTEGRIS, INC. | ||||||||
Dated: August 3, 2023 | By: | /s/ Linda LaGorga | ||||||
Name: | Linda LaGorga | |||||||
Title: | Senior Vice President and Chief Financial Officer |
PRESS RELEASE Bill Seymour VP of Investor Relations T + 1 952 556 1844 bill.seymour@entegris.com |
GAAP Results | July 1, 2023 | July 2, 2022 | April 1, 2023 | ||||||||
Net sales | $901,000 | $692,489 | $922,396 | ||||||||
Operating income | $267,614 | $157,970 | $13,466 | ||||||||
Operating margin - as a % of net sales | 29.7 | % | 22.8 | % | 1.5 | % | |||||
Net income (loss) | $197,646 | $99,491 | $(88,166) | ||||||||
Diluted earnings (loss) per common share | $1.31 | $0.73 | $(0.59) | ||||||||
Non-GAAP Results | |||||||||||
Non-GAAP adjusted operating income | $200,917 | $183,039 | $204,772 | ||||||||
Non-GAAP adjusted operating margin - as a % of net sales | 22.3 | % | 26.4 | % | 22.2 | % | |||||
Non-GAAP net income | $99,605 | $136,816 | $97,782 | ||||||||
Diluted non-GAAP earnings per common share | $0.66 | $1.00 | $0.65 | ||||||||
Three months ended | ||||||||||||||
July 1, 2023 | July 2, 2022 | April 1, 2023 | ||||||||||||
Net sales | $901,000 | $692,489 | $922,396 | |||||||||||
Cost of sales | 516,834 | 382,092 | 520,711 | |||||||||||
Gross profit | 384,166 | 310,397 | 401,685 | |||||||||||
Selling, general and administrative expenses | 145,596 | 90,685 | 169,867 | |||||||||||
Engineering, research and development expenses | 71,030 | 49,248 | 71,906 | |||||||||||
Amortization of intangible assets | 54,680 | 12,494 | 57,574 | |||||||||||
Goodwill impairment | — | — | 88,872 | |||||||||||
Gain on termination of alliance agreement | (154,754) | — | — | |||||||||||
Operating income | 267,614 | 157,970 | 13,466 | |||||||||||
Interest expense, net | 78,605 | 31,343 | 84,821 | |||||||||||
Other expense (income), net | 7,724 | 9,619 | (4,658) | |||||||||||
Income (loss) before income tax (benefit) expense | 181,285 | 117,008 | (66,697) | |||||||||||
Income tax (benefit) expense | (16,491) | 17,517 | 21,469 | |||||||||||
Equity in net loss of affiliates | 130 | — | — | |||||||||||
Net income (loss) | $197,646 | $99,491 | $(88,166) | |||||||||||
Basic earnings (loss) per common share: | $1.32 | $0.73 | $(0.59) | |||||||||||
Diluted earnings (loss) per common share: | $1.31 | $0.73 | $(0.59) | |||||||||||
Weighted average shares outstanding: | ||||||||||||||
Basic | 149,825 | 135,895 | 149,426 | |||||||||||
Diluted | 150,837 | 136,454 | 149,426 |
Six months ended | |||||||||||
July 1, 2023 | July 2, 2022 | ||||||||||
Net sales | $1,823,396 | $1,342,135 | |||||||||
Cost of sales | 1,037,545 | 721,918 | |||||||||
Gross profit | 785,851 | 620,217 | |||||||||
Selling, general and administrative expenses | 315,463 | 177,793 | |||||||||
Engineering, research and development expenses | 142,936 | 95,963 | |||||||||
Amortization of intangible assets | 112,254 | 25,145 | |||||||||
Goodwill impairment | 88,872 | — | |||||||||
Gain on termination of alliance agreement | (154,754) | — | |||||||||
Operating income | 281,080 | 321,316 | |||||||||
Interest expense, net | 163,426 | 44,877 | |||||||||
Other expense, net | 3,066 | 14,521 | |||||||||
Income before income tax expense | 114,588 | 262,588 | |||||||||
Income tax expense | 4,978 | 37,392 | |||||||||
Equity in net loss of affiliates | 130 | — | |||||||||
Net income | $109,480 | $225,196 | |||||||||
Basic earnings per common share: | $0.73 | $1.66 | |||||||||
Diluted earnings per common share: | $0.73 | $1.65 | |||||||||
Weighted average shares outstanding: | |||||||||||
Basic | 149,626 | 135,783 | |||||||||
Diluted | 150,609 | 136,503 |
July 1, 2023 | December 31, 2022 | ||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash, cash equivalents and restricted cash | $567,017 | $563,439 | |||||||||||||||
Trade accounts and notes receivable, net | 435,973 | 535,485 | |||||||||||||||
Inventories, net | 740,351 | 812,815 | |||||||||||||||
Deferred tax charges and refundable income taxes | 55,461 | 47,618 | |||||||||||||||
Assets held-for-sale | 1,051,947 | 246,531 | |||||||||||||||
Other current assets | 117,799 | 129,297 | |||||||||||||||
Total current assets | 2,968,548 | 2,335,185 | |||||||||||||||
Property, plant and equipment, net | 1,364,760 | 1,393,337 | |||||||||||||||
Other assets: | |||||||||||||||||
Right-of-use assets | 81,048 | 94,940 | |||||||||||||||
Goodwill | 3,970,247 | 4,408,331 | |||||||||||||||
Intangible assets, net | 1,421,710 | 1,841,955 | |||||||||||||||
Deferred tax assets and other noncurrent tax assets | 66,682 | 28,867 | |||||||||||||||
Other | 40,029 | 36,242 | |||||||||||||||
Total assets | $9,913,024 | $10,138,857 | |||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current liabilities | |||||||||||||||||
Short-term debt, including current portion of long-term debt | — | 151,965 | |||||||||||||||
Accounts payable | 132,157 | 172,488 | |||||||||||||||
Accrued liabilities | 311,784 | 328,784 | |||||||||||||||
Liabilities held-for-sale | 115,784 | 10,637 | |||||||||||||||
Income tax payable | 86,564 | 98,057 | |||||||||||||||
Total current liabilities | 646,289 | 761,931 | |||||||||||||||
Long-term debt, excluding current maturities | 5,492,011 | 5,632,928 | |||||||||||||||
Long-term lease liability | 69,405 | 80,716 | |||||||||||||||
Other liabilities | 353,114 | 445,282 | |||||||||||||||
Shareholders’ equity | 3,352,205 | 3,218,000 | |||||||||||||||
Total liabilities and equity | $9,913,024 | $10,138,857 |
Three months ended | Six months ended | |||||||||||||
July 1, 2023 | July 2, 2022 | July 1, 2023 | July 2, 2022 | |||||||||||
Operating activities: | ||||||||||||||
Net income | $197,646 | $99,491 | $109,480 | $225,196 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation | 43,719 | 24,381 | 90,494 | 48,286 | ||||||||||
Amortization | 54,680 | 12,494 | 112,254 | 25,145 | ||||||||||
Share-based compensation expense | 11,458 | 10,182 | 42,136 | 19,467 | ||||||||||
Loss on extinguishment of debt and modification | 4,482 | — | 7,269 | — | ||||||||||
Impairment of Goodwill | — | — | 88,872 | — | ||||||||||
Gain on termination of alliance agreement | (154,754) | — | (154,754) | — | ||||||||||
Loss on sale of business and held for sale assets | 14,935 | — | 28,577 | — | ||||||||||
Other | (10,318) | 8,492 | (17,288) | 8,687 | ||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||||||||||
Trade accounts and notes receivable | 9,562 | (26,138) | 17,941 | (57,309) | ||||||||||
Inventories | 29,843 | (47,465) | (5,009) | (124,941) | ||||||||||
Accounts payable and accrued liabilities | (43,638) | 49,468 | (23,595) | 27,145 | ||||||||||
Income taxes payable, refundable income taxes and noncurrent taxes payable | (31,437) | (20,308) | (15,570) | (3,548) | ||||||||||
Other | 840 | 313 | (1,918) | 6,570 | ||||||||||
Net cash provided by operating activities | 127,018 | 110,910 | 278,889 | 174,698 | ||||||||||
Investing activities: | ||||||||||||||
Acquisition of property and equipment | (116,051) | (107,692) | (250,043) | (192,097) | ||||||||||
Proceeds from sale of business | 759 | — | 134,286 | — | ||||||||||
Proceeds from termination of alliance agreement | 169,251 | — | 169,251 | — | ||||||||||
Other | 258 | — | 366 | 1,123 | ||||||||||
Net cash provided by (used in) investing activities | 54,217 | (107,692) | 53,860 | (190,974) | ||||||||||
Financing activities: | ||||||||||||||
Proceeds from revolving credit facility, short-term debt and long-term debt | — | 2,527,314 | 117,170 | 2,606,314 | ||||||||||
Payments of revolving credit facility, short-term debt and long-term debt | (311,501) | (114,000) | (428,671) | (193,000) | ||||||||||
Payments for debt issuance costs | (3,475) | (10,579) | (3,475) | (10,579) | ||||||||||
Payments for dividends | (14,980) | (13,589) | (30,150) | (27,484) | ||||||||||
Issuance of common stock | 18,374 | 5,598 | 36,767 | 8,977 | ||||||||||
Taxes paid related to net share settlement of equity awards | (240) | (200) | (9,646) | (16,317) | ||||||||||
Other | (279) | 375 | (578) | (587) | ||||||||||
Net cash (used in) provided by financing activities | (312,101) | 2,394,919 | (318,583) | 2,367,324 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11,149) | (7,638) | (10,588) | (10,382) | ||||||||||
(Decrease) increase in cash, cash equivalents and restricted cash | (142,015) | 2,390,499 | 3,578 | 2,340,666 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 709,032 | 352,732 | 563,439 | 402,565 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $567,017 | $2,743,231 | $567,017 | $2,743,231 |
Three months ended | Six months ended | |||||||||||||||||||
Net sales | July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | |||||||||||||||
Specialty Chemicals and Engineered Materials | $200,073 | $179,412 | $198,004 | $398,077 | $345,188 | |||||||||||||||
Advanced Planarization Solutions | 240,561 | 28,317 | 250,326 | 490,887 | 58,962 | |||||||||||||||
Microcontamination Control | 283,614 | 274,133 | 269,297 | 552,911 | 540,770 | |||||||||||||||
Advanced Materials Handling | 190,356 | 224,084 | 218,853 | 409,209 | 422,197 | |||||||||||||||
Inter-segment elimination | (13,604) | (13,457) | (14,084) | (27,688) | (24,982) | |||||||||||||||
Total net sales | $901,000 | $692,489 | $922,396 | $1,823,396 | $1,342,135 |
Three months ended | Six months ended | |||||||||||||||||||
Segment profit | July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | |||||||||||||||
Specialty Chemicals and Engineered Materials | $173,319 | $35,539 | $3,268 | $176,587 | $73,231 | |||||||||||||||
Advanced Planarization Solutions | 42,419 | 10,179 | (32,790) | 9,629 | 21,338 | |||||||||||||||
Microcontamination Control | 100,661 | 100,107 | 95,997 | 196,658 | 198,725 | |||||||||||||||
Advanced Materials Handling | 35,830 | 46,926 | 48,165 | 83,995 | 93,616 | |||||||||||||||
Total segment profit | 352,229 | 192,751 | 114,640 | 466,869 | 386,910 | |||||||||||||||
Amortization of intangibles | 54,680 | 12,494 | 57,574 | 112,254 | 25,145 | |||||||||||||||
Unallocated expenses | 29,935 | 22,287 | 43,600 | 73,535 | 40,449 | |||||||||||||||
Total operating income | $267,614 | $157,970 | $13,466 | $281,080 | $321,316 |
Three months ended | Six months ended | |||||||||||||||||||
July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | ||||||||||||||||
Net Sales | $901,000 | $692,489 | $922,396 | $1,823,396 | $1,342,135 | |||||||||||||||
Gross profit-GAAP | $384,166 | $310,397 | $401,685 | $785,851 | $620,217 | |||||||||||||||
Adjustments to gross profit: | ||||||||||||||||||||
Restructuring costs 1 | — | — | 7,377 | 7,377 | — | |||||||||||||||
Adjusted gross profit | $384,166 | $310,397 | $409,062 | $793,228 | $620,217 | |||||||||||||||
Gross margin - as a % of net sales | 42.6 | % | 44.8 | % | 43.5 | % | 43.1 | % | 46.2 | % | ||||||||||
Adjusted gross margin - as a % of net sales | 42.6 | % | 44.8 | % | 44.3 | % | 43.5 | % | 46.2 | % | ||||||||||
Three months ended | Six months ended | |||||||||||||||||||
Adjusted segment profit | July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | |||||||||||||||
SCEM segment profit | $173,319 | $35,539 | $3,268 | $176,587 | $73,231 | |||||||||||||||
Restructuring costs 1 | — | — | 6,523 | 6,523 | — | |||||||||||||||
Loss from the sale of QED and held for sales assets of EC 2 | 1,304 | — | 13,642 | 14,946 | — | |||||||||||||||
Gain on termination of alliance agreement4 | (154,754) | — | — | (154,754) | — | |||||||||||||||
SCEM adjusted segment profit | $19,869 | $35,539 | $23,433 | $43,302 | $73,231 | |||||||||||||||
APS segment profit | $42,419 | $10,179 | $(32,790) | $9,629 | 21,338 | |||||||||||||||
Goodwill impairment 3 | — | — | 88,872 | 88,872 | — | |||||||||||||||
Restructuring costs 1 | — | — | 585 | 585 | — | |||||||||||||||
Loss from the sale of QED and held for sales assets of EC 2 | 13,632 | — | — | 13,632 | — | |||||||||||||||
APS adjusted segment profit | $56,051 | $10,179 | $56,667 | $112,718 | $21,338 | |||||||||||||||
MC segment profit | $100,661 | $100,107 | $95,997 | $196,658 | $198,725 | |||||||||||||||
Restructuring costs 1 | — | — | 2,795 | 2,795 | — | |||||||||||||||
MC adjusted segment profit | $100,661 | $100,107 | $98,792 | $199,453 | $198,725 | |||||||||||||||
AMH segment profit | $35,830 | $46,926 | $48,165 | $83,995 | $93,616 | |||||||||||||||
Restructuring costs 1 | — | — | 1,254 | 1,254 | — | |||||||||||||||
AMH adjusted segment profit | $35,830 | $46,926 | $49,419 | $85,249 | $93,616 | |||||||||||||||
Unallocated general and administrative expenses | $29,935 | $22,287 | $43,600 | $73,535 | $40,449 | |||||||||||||||
Less: unallocated deal and integration costs | (18,441) | (12,575) | (19,975) | (38,416) | (18,829) | |||||||||||||||
Less: unallocated restructuring costs 1 | — | — | (86) | (86) | — | |||||||||||||||
Adjusted unallocated general and administrative expenses | $11,494 | $9,712 | $23,539 | $35,033 | $21,620 | |||||||||||||||
Total adjusted segment profit | $212,411 | $192,751 | $228,311 | $440,722 | $386,910 | |||||||||||||||
Less: adjusted unallocated general and administrative expenses | 11,494 | 9,712 | 23,539 | 35,033 | 21,620 | |||||||||||||||
Total adjusted operating income | $200,917 | $183,039 | $204,772 | $405,689 | $365,290 |
Three months ended | Six months ended | |||||||||||||||||||
July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | ||||||||||||||||
Net sales | $901,000 | $692,489 | $922,396 | $1,823,396 | $1,342,135 | |||||||||||||||
Net income (loss) | $197,646 | $99,491 | $(88,166) | $109,480 | $225,196 | |||||||||||||||
Net income (loss) - as a % of net sales | 21.9 | % | 14.4 | % | (9.6 | %) | 6.0 | % | 16.8 | % | ||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
Equity in net loss of affiliates | 130 | — | — | 130 | — | |||||||||||||||
Income tax (benefit) expense | (16,491) | 17,517 | 21,469 | 4,978 | 37,392 | |||||||||||||||
Interest expense, net | 78,605 | 31,343 | 84,821 | 163,426 | 44,877 | |||||||||||||||
Other expense (income), net | 7,724 | 9,619 | (4,658) | 3,066 | 14,521 | |||||||||||||||
GAAP - Operating income | 267,614 | 157,970 | 13,466 | 281,080 | 321,316 | |||||||||||||||
Operating margin - as a % of net sales | 29.7 | % | 22.8 | % | 1.5 | % | 15.4 | % | 23.9 | % | ||||||||||
Goodwill Impairment 1 | — | — | 88,872 | 88,872 | — | |||||||||||||||
Deal and transaction costs 2 | — | 2,410 | 3,001 | 3,001 | 7,418 | |||||||||||||||
Integration costs: | ||||||||||||||||||||
Professional fees 3 | 13,324 | 9,525 | 11,988 | 25,312 | 10,321 | |||||||||||||||
Severance costs 4 | 965 | — | 1,362 | 2,327 | — | |||||||||||||||
Retention costs 5 | 362 | — | 1,280 | 1,642 | — | |||||||||||||||
Other costs 6 | 3,789 | 640 | 2,345 | 6,134 | 1,090 | |||||||||||||||
Restructuring costs 7 | — | — | 11,242 | 11,242 | — | |||||||||||||||
Loss on sale of business and held for sale assets 8 | 14,937 | — | 13,642 | 28,579 | — | |||||||||||||||
Gain on termination of alliance agreement 9 | (154,754) | — | — | (154,754) | — | |||||||||||||||
Amortization of intangible assets 10 | 54,680 | 12,494 | 57,574 | 112,254 | 25,145 | |||||||||||||||
Adjusted operating income | 200,917 | 183,039 | 204,772 | 405,689 | 365,290 | |||||||||||||||
Adjusted operating margin - as a % of net sales | 22.3 | % | 26.4 | % | 22.2 | % | 22.2 | % | 27.2 | % | ||||||||||
Depreciation | 43,719 | 24,381 | 46,775 | 90,494 | 48,286 | |||||||||||||||
Adjusted EBITDA | $244,636 | $207,420 | $251,547 | $496,183 | $413,576 | |||||||||||||||
Adjusted EBITDA - as a % of net sales | 27.2 | % | 30.0 | % | 27.3 | % | 27.2 | % | 30.8 | % |
Three months ended | Six months ended | |||||||||||||||||||
July 1, 2023 | July 2, 2022 | April 1, 2023 | July 1, 2023 | July 2, 2022 | ||||||||||||||||
GAAP net income (loss) | $197,646 | $99,491 | $(88,166) | $109,480 | $225,196 | |||||||||||||||
Adjustments to net income (loss): | ||||||||||||||||||||
Goodwill Impairment 1 | — | — | 88,872 | 88,872 | — | |||||||||||||||
Deal and transaction costs 2 | — | 2,410 | 3,001 | 3,001 | 7,418 | |||||||||||||||
Integration costs: | ||||||||||||||||||||
Professional fees 3 | 13,324 | 9,525 | 11,988 | 25,312 | 10,321 | |||||||||||||||
Severance costs 4 | 965 | — | 1,362 | 2,327 | — | |||||||||||||||
Retention costs 5 | 362 | — | 1,280 | 1,642 | — | |||||||||||||||
Other costs 6 | 3,789 | 640 | 2,345 | 6,134 | 1,090 | |||||||||||||||
Restructuring costs 7 | — | — | 11,242 | 11,242 | — | |||||||||||||||
Loss on extinguishment of debt and modification 8 | 4,481 | — | 3,880 | 8,361 | — | |||||||||||||||
Loss on sale of business and held for sale assets9 | 14,937 | — | 13,642 | 28,579 | — | |||||||||||||||
Infineum termination fee, net 10 | — | — | (10,877) | (10,877) | — | |||||||||||||||
Interest expense, net 11 | — | 22,742 | — | — | 27,425 | |||||||||||||||
Amortization of intangible assets 12 | 54,680 | 12,494 | 57,574 | 112,254 | 25,145 | |||||||||||||||
Gain on termination of alliance agreement 13 | (154,754) | — | — | (154,754) | — | |||||||||||||||
Tax effect of adjustments to net income (loss) and discrete items14 | (35,825) | (10,486) | 1,639 | (34,186) | (14,646) | |||||||||||||||
Non-GAAP net income | $99,605 | $136,816 | $97,782 | $197,387 | $281,949 | |||||||||||||||
Diluted earnings (loss) per common share | $1.31 | $0.73 | $(0.59) | $0.73 | $1.65 | |||||||||||||||
Effect of adjustments to net income (loss) | $(0.65) | $0.27 | $1.26 | $0.58 | $0.42 | |||||||||||||||
Diluted non-GAAP earnings per common share | $0.66 | $1.00 | $0.65 | $1.31 | $2.07 | |||||||||||||||
Diluted weighted averages shares outstanding | 150,837 | 136,454 | 149,426 | 150,609 | 136,503 | |||||||||||||||
Effect of adjustment to diluted weighted average shares outstanding | — | — | 955 | — | — | |||||||||||||||
Diluted non-GAAP weighted average shares outstanding | 150,837 | 136,454 | 150,381 | 150,609 | 136,503 |
Third-Quarter Outlook | |||||
Reconciliation GAAP Operating Margin to non-GAAP Operating Margin and Adjusted EBITDA Margin | September 30,2023 | ||||
Net sales | $875 - $900 | ||||
GAAP - Operating income | $118 - $133 | ||||
Operating margin - as a % of net sales | 13% - 15% | ||||
Deal, transaction and integration costs | 12 | ||||
Amortization of intangible assets | 51 | ||||
Adjusted operating income | $181 - $196 | ||||
Adjusted operating margin - as a % of net sales | 21% - 22% | ||||
Depreciation | 47 | ||||
Adjusted EBITDA | $228 - $243 | ||||
Adjusted EBITDA - as a % of net sales | 26% - 27% |
Third-Quarter Outlook | |||||
Reconciliation GAAP net income to non-GAAP net income | September 30,2023 | ||||
GAAP net income | $34 - $42 | ||||
Adjustments to net income: | |||||
Deal, transaction and integration costs | 12 | ||||
Amortization of intangible assets | 51 | ||||
Income tax effect | (11) | ||||
Non-GAAP net income | $86 - $94 | ||||
Third-Quarter Outlook | |||||
Reconciliation GAAP diluted earnings per share to non-GAAP diluted earnings per share | September 30,2023 | ||||
Diluted earnings per common share | $0.23 - $0.28 | ||||
Adjustments to diluted earnings per common share: | |||||
Deal, transaction and integration costs | 0.09 | ||||
Amortization of intangible assets | 0.34 | ||||
Income tax effect | (0.09) | ||||
Diluted non-GAAP earnings per common share | $0.57 - $0.62 |
Three months ended | Six months ended | ||||||||||
July 1, 2022 | April 1, 2022 | July 1, 2022 | |||||||||
Proforma Net Sales 1 | $1,011,862 | $969,091 | $1,980,953 | ||||||||
Less: Wood treatment 2 | (200) | (10,907) | (11,107) | ||||||||
Proforma Net Sales - Non GAAP | $1,011,662 | $958,184 | $1,969,846 |
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