0000950170-22-022311.txt : 20221107 0000950170-22-022311.hdr.sgml : 20221107 20221107070016 ACCESSION NUMBER: 0000950170-22-022311 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20221107 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221107 DATE AS OF CHANGE: 20221107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CECO ENVIRONMENTAL CORP CENTRAL INDEX KEY: 0000003197 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564] IRS NUMBER: 132566064 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-07099 FILM NUMBER: 221363662 BUSINESS ADDRESS: STREET 1: 14651 NORTH DALLAS PARKWAY STREET 2: SUITE 500 CITY: DALLAS STATE: TX ZIP: 75254 BUSINESS PHONE: (513) 458-2600 MAIL ADDRESS: STREET 1: 4625 RED BANK ROAD STREET 2: SUITE 200 CITY: CINCINNATI STATE: OH ZIP: 45227 FORMER COMPANY: FORMER CONFORMED NAME: API ENTERPRISES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: ALARM PRODUCTS INTERNATIONAL INC DATE OF NAME CHANGE: 19851210 8-K 1 ceco-20221107.htm 8-K 8-K
false000000319700000031972022-11-072022-11-07

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 7, 2022

 

CECO ENVIRONMENTAL CORP.

(Exact Name of registrant as specified in its charter)

 

 

Delaware

 

000-7099

 

13-2566064

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

14651 North Dallas Parkway

Suite 500

Dallas, TX

 

75254

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (214) 357-6181

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

CECO

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02. Results of Operations and Financial Condition.

On November 7, 2022, CECO Environmental Corp. (the “Company”) issued a press release announcing its financial results for the three and nine months ended September 30, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

The information in this Item 2.02, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

 

Exhibit Title

 

 

99.1

 

104

 

 

 

 

 

Press Release, CECO Environmental Reports Third Quarter 2022 Results

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Date: November 7, 2022

 

 

 

CECO Environmental Corp.

 

 

 

 

 

 

 

 

By:

 

/s/ Paul M. Gohr

 

 

 

 

 

 

Paul M. Gohr

 

 

 

 

 

 

Chief Accounting Officer

 

 EX-99.1 2 ceco-ex99_1.htm EX-99.1 EX-99.1

img161054807_0.jpg
 

CECO ENVIRONMENTAL REPORTS THIRD QUARTER 2022 RESULTS

Strong Orders, Revenue and Income Growth; Updates to 2022 Outlook and Introduces 2023 Outlook

DALLAS (Nov. 7, 2022) -- CECO Environmental Corp. (Nasdaq: CECO) ("CECO"), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, today reported its financial results for the third quarter of 2022.

Highlights for the Quarter(1)

•
Orders of $101.7 million, up 10 percent; Backlog of $277.7 million, up 27 percent
•
Revenue of $108.4 million, up 36 percent
•
Net income of $1.9 million, up $3.1 million; non-GAAP net income of $7.1 million, up $6.6 million
•
Adjusted EBITDA of $9.2 million, up 156 percent
•
Company increases full year financial outlook; Company introduces full year 2023 financial outlook


(1) All comparisons are versus the comparable prior year period, unless otherwise stated.

Reconciliations of GAAP (reported) to non-GAAP measures are in the attached financial tables.

 

“We continue to deliver excellent results, highlighted by our third consecutive quarter with orders over $100 million and another quarter of very strong sales and income growth. In the quarter we also strengthened our industrial water position with the acquisition of South Korea-based DS21, and we repurchased more than $2 million of shares,” said CECO Chief Executive Officer, Todd Gleason.

Third quarter operating income was $2.8 million, up $3.4 million when compared to an operating loss of $0.6 million in the third quarter 2021. On an adjusted basis, non-GAAP operating income was $7.3 million, up $5.5 million when compared to $1.8 million in the third quarter of 2021. Net income was $1.9 million in the quarter, up $3.1 million compared to a net loss of $1.2 million in the third quarter 2021. Non-GAAP net income was $7.1 million, up $6.6 million compared to $0.5 million in the third quarter 2021. Adjusted EBITDA was $9.2 million, up 156 percent compared to $3.6 million in the third quarter 2021. The Company repurchased $2.2 million of shares in the third quarter as part of the previously announced $20 million share repurchase program.

“Our year-to-date results have been fantastic with orders growth of approximately 39 percent, backlog up 27 percent and revenue growth up more than 33 percent through three quarters. We expect that our near record backlog of approximately $278 million, coupled with the four strategic acquisitions we have completed in 2022, will support continued top-line and bottom-line growth and advanced leadership positions in our focus markets,” added Gleason.


Company Financial Outlook: Increases Full Year 2022 and Introduces Full Year 2023

The Company updated its expected full year 2022 guidance to reflect revenue to exceed $410 million, up over 25 percent year over year and its expected full year 2022 adjusted EBITDA to exceed $39 million, up more than 50 percent year over year.

 

The Company introduces its expected full year 2023 guidance of $450 to $475 million in revenue, up approximately 13 percent at the midpoint year over year and its expected full year adjusted EBITDA of between $45 and $48 million, up approximately 19 percent at the midpoint year over year.

 

“We are in excellent position to maintain double digit top-line and bottom-line growth as we exit 2022 and enter 2023. We expect our ongoing investments in growth and operational excellence programs, coupled with our programmatic M&A, will continue to transform CECO and yield sustainable results and shareholder value,” concluded Gleason.

 

 

EARNINGS CONFERENCE CALL


A conference call is scheduled for today at 8:30 a.m. ET to discuss the third quarter 2022 financial results. Please visit the Investor Relations portion of the website (www.cecoenviro.com) to listen to the call via webcast. The conference call may also be accessed by dialing 888-346-4547 (Toll-Free) within the U.S., or +1-412-317-5251 (Toll-Required) outside the U.S.
 

A replay of the conference call will be available on the Company’s website for a period of one year. The replay may also be accessed by dialing 877-344-7529 (Toll-Free) within the U.S., or +1-412-317-0088 (Toll-Required) outside the U.S. and entering access code 9288150.
 


ABOUT CECO ENVIRONMENTAL

CECO Environmental is a leading environmentally focused, diversified industrial company, serving the broad landscape of industrial air, industrial water and energy transition markets globally providing innovative solutions and application expertise. CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. CECO solutions improve air and water quality, optimize emissions management, and increase energy efficiency for highly-engineered applications in power generation, midstream and downstream hydrocarbon processing and transport, electric vehicle production, polysilicon fabrication, semiconductor and electronics, battery production and recycling, specialty metals and steel production, beverage can, and water/wastewater treatment and a wide range of other industrial end markets. CECO is listed on Nasdaq under the ticker symbol "CECO." Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

Company Contact:

Peter Johansson

Chief Financial and Strategy Officer
888-990-6670

investor.relations@onececo.com

Investor Relations Contact:

Steven Hooser or Gary Guyton

Three Part Advisors, LLC

214-872-2710

investor.relations@onececo.com

 

# # #

 

 

 

 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

(unaudited)
September 30, 2022

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,188

 

 

$

29,902

 

Restricted cash

 

 

1,026

 

 

 

2,093

 

Accounts receivable, net

 

 

89,959

 

 

 

74,991

 

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

56,775

 

 

 

51,429

 

Inventories, net

 

 

24,740

 

 

 

17,052

 

Prepaid expenses and other current assets

 

 

14,140

 

 

 

10,760

 

Prepaid income taxes

 

 

866

 

 

 

2,784

 

Total current assets

 

 

222,694

 

 

 

189,011

 

Property, plant and equipment, net

 

 

20,260

 

 

 

15,948

 

Right-of-use assets from operating leases

 

 

12,049

 

 

 

10,893

 

Goodwill

 

 

182,365

 

 

 

161,183

 

Intangible assets – finite life, net

 

 

36,095

 

 

 

25,841

 

Intangible assets – indefinite life

 

 

9,346

 

 

 

9,629

 

Deferred income taxes

 

 

505

 

 

 

505

 

Deferred charges and other assets

 

 

2,915

 

 

 

3,187

 

Total assets

 

$

486,229

 

 

$

416,197

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of debt

 

$

3,303

 

 

$

2,203

 

Accounts payable and accrued expenses

 

 

100,354

 

 

 

84,081

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

33,871

 

 

 

28,908

 

Note payable - current

 

 

500

 

 

 

—

 

Income taxes payable

 

 

1,799

 

 

 

1,493

 

Total current liabilities

 

 

139,827

 

 

 

116,685

 

Other liabilities

 

 

14,986

 

 

 

14,826

 

Debt, less current portion

 

 

107,034

 

 

 

61,577

 

Deferred income tax liability, net

 

 

9,809

 

 

 

8,390

 

Operating lease liabilities

 

 

9,153

 

 

 

8,762

 

Total liabilities

 

 

280,809

 

 

 

210,240

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

Preferred stock, $.01 par value; 10,000 shares authorized, none issued

 

—

 

 

—

 

Common stock, $.01 par value; 100,000,000 shares authorized, 34,329,751 and
35,028,197 shares issued and outstanding at September 30, 2022 and
December 31, 2021, respectively

 

 

343

 

 

 

350

 

Capital in excess of par value

 

 

249,248

 

 

 

252,989

 

Accumulated loss

 

 

(27,595

)

 

 

(36,715

)

Accumulated other comprehensive loss

 

 

(21,457

)

 

 

(12,070

)

Total CECO shareholders' equity

 

 

200,539

 

 

 

204,554

 

Non-controlling interest

 

 

4,881

 

 

 

1,403

 

Total shareholders' equity

 

 

205,420

 

 

 

205,957

 

Total liabilities and shareholders' equity

 

$

486,229

 

 

$

416,197

 

 

 

 

 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in thousands, except share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net sales

 

$

108,414

 

 

$

79,979

 

 

$

306,225

 

 

$

230,551

 

Cost of sales

 

 

75,988

 

 

 

57,254

 

 

 

215,696

 

 

 

158,164

 

Gross profit

 

 

32,426

 

 

 

22,725

 

 

 

90,529

 

 

 

72,387

 

Selling and administrative expenses

 

 

25,166

 

 

 

20,929

 

 

 

66,806

 

 

 

60,894

 

Amortization and earnout expenses

 

 

2,039

 

 

 

1,776

 

 

 

4,939

 

 

 

5,849

 

Restructuring expenses

 

 

—

 

 

 

397

 

 

 

73

 

 

 

655

 

Acquisition and integration expenses

 

 

1,287

 

 

 

219

 

 

 

3,827

 

 

 

357

 

Executive transition expenses

 

 

1,161

 

 

 

—

 

 

 

1,161

 

 

 

29

 

Income (loss) from operations

 

 

2,773

 

 

 

(596

)

 

 

13,723

 

 

 

4,603

 

Other income (expense), net

 

 

1,276

 

 

 

185

 

 

 

2,754

 

 

 

(1,155

)

Interest expense

 

 

(1,569

)

 

 

(722

)

 

 

(3,489

)

 

 

(2,152

)

Income (loss) before income taxes

 

 

2,480

 

 

 

(1,133

)

 

 

12,988

 

 

 

1,296

 

Income tax expense

 

 

314

 

 

 

63

 

 

 

3,287

 

 

 

813

 

Net income (loss)

 

 

2,166

 

 

 

(1,196

)

 

 

9,701

 

 

 

483

 

Non-controlling interest

 

 

223

 

 

 

53

 

 

 

579

 

 

 

259

 

Net income (loss) attributable to CECO Environmental Corp.

 

$

1,943

 

 

$

(1,249

)

 

$

9,122

 

 

$

224

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

(0.04

)

 

$

0.26

 

 

$

0.01

 

Diluted

 

$

0.06

 

 

$

(0.04

)

 

$

0.26

 

 

$

0.01

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

34,455,657

 

 

 

35,472,298

 

 

 

34,791,129

 

 

 

35,463,279

 

Diluted

 

 

34,871,313

 

 

 

35,472,298

 

 

 

35,035,041

 

 

 

35,729,887

 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

 

Nine months ended September 30,

 

(in thousands)

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

9,701

 

 

$

483

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

7,609

 

 

 

7,373

 

Unrealized foreign currency loss

 

 

2,525

 

 

 

1,531

 

Fair value adjustment to earnout liabilities

 

 

—

 

 

 

500

 

Earnout payments

 

 

(1,007

)

 

 

(587

)

Gain on sale of property and equipment

 

 

(7

)

 

 

(67

)

Debt discount amortization

 

 

279

 

 

 

304

 

Share-based compensation expense

 

 

2,859

 

 

 

2,466

 

Bad debt expense

 

 

823

 

 

 

456

 

Inventory reserve expense

 

 

115

 

 

 

428

 

Changes in operating assets and liabilities, net of acquisitions and divestitures:

 

 

 

 

 

 

Accounts receivable

 

 

(15,772

)

 

 

(7,502

)

Costs and estimated earnings in excess of billings on uncompleted contracts

 

 

(4,846

)

 

 

(5,091

)

Inventories

 

 

(4,620

)

 

 

(2,172

)

Prepaid expense and other current assets

 

 

(1,900

)

 

 

3,448

 

Deferred charges and other assets

 

 

2,311

 

 

 

43

 

Accounts payable and accrued expenses

 

 

17,648

 

 

 

5,655

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

6,567

 

 

 

3,903

 

Income taxes payable

 

 

(51

)

 

 

(23

)

Other liabilities

 

 

(2,538

)

 

 

(916

)

Net cash provided by operating activities

 

 

19,696

 

 

 

10,232

 

Cash flows from investing activities:

 

 

 

 

 

 

Acquisitions of property and equipment

 

 

(2,367

)

 

 

(1,740

)

Net proceeds from sale of assets

 

 

7

 

 

 

533

 

Net cash paid for acquisitions

 

 

(44,900

)

 

 

—

 

Net cash used in investing activities

 

 

(47,260

)

 

 

(1,207

)

Cash flows from financing activities:

 

 

 

 

 

 

Borrowings on revolving credit lines

 

 

73,600

 

 

 

32,100

 

Repayments on revolving credit lines

 

 

(35,900

)

 

 

(36,900

)

Borrowings on long-term debt

 

 

11,000

 

 

 

—

 

Repayments of long-term debt

 

 

(2,294

)

 

 

(2,188

)

Deferred financing fees paid

 

 

(130

)

 

 

—

 

Payments on finance leases and financing liability

 

 

(444

)

 

 

(411

)

Earnout payments

 

 

—

 

 

 

(823

)

Proceeds from employee stock purchase plan and exercise of stock options

 

 

169

 

 

 

239

 

Noncontrolling interest distributions

 

 

(1,201

)

 

 

(107

)

Common stock repurchase

 

 

(6,558

)

 

 

(3,745

)

Net cash provided by (used in) financing activities

 

 

38,242

 

 

 

(11,835

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(6,459

)

 

 

(535

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

4,219

 

 

 

(3,345

)

Cash, cash equivalents and restricted cash at beginning of period

 

 

31,995

 

 

 

37,811

 

Cash, cash equivalents and restricted cash at end of period

 

$

36,214

 

 

$

34,466

 

Cash paid (received) during the period for:

 

 

 

 

 

 

Interest

 

$

3,239

 

 

$

1,609

 

Income taxes

 

$

3,566

 

 

$

(2,678

)

 

 

 

 

 

 

 

 

 

CECO ENVIRONMENTAL CORP. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in millions, except ratios)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating income (loss) as reported in accordance with GAAP

 

$

2.8

 

 

$

(0.6

)

 

$

13.7

 

 

$

4.6

 

Operating margin in accordance with GAAP

 

 

2.6

%

 

 

(0.8

)%

 

 

4.5

%

 

 

2.0

%

Amortization and earnout expenses

 

 

2.0

 

 

 

1.8

 

 

 

4.9

 

 

 

5.8

 

Restructuring expenses

 

 

—

 

 

 

0.4

 

 

 

0.1

 

 

 

0.7

 

Acquisition and integration expenses

 

 

1.3

 

 

 

0.2

 

 

 

3.8

 

 

 

0.4

 

Executive transition expenses

 

 

1.2

 

 

 

—

 

 

 

1.2

 

 

 

—

 

Non-GAAP operating income

 

$

7.3

 

 

$

1.8

 

 

$

23.7

 

 

$

11.5

 

Non-GAAP operating margin

 

 

6.7

%

 

 

2.3

%

 

 

7.7

%

 

 

5.0

%

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in millions, except share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) as reported in accordance with GAAP

 

$

1.9

 

 

$

(1.2

)

 

$

9.1

 

 

$

0.2

 

Amortization and earnout expenses

 

 

2.0

 

 

 

1.8

 

 

 

4.9

 

 

 

5.8

 

Restructuring expenses

 

 

—

 

 

 

0.4

 

 

 

0.1

 

 

 

0.7

 

Acquisition and integration expenses

 

 

1.3

 

 

 

0.2

 

 

 

3.8

 

 

 

0.4

 

Executive transition expenses

 

 

1.2

 

 

 

—

 

 

 

1.2

 

 

 

—

 

Foreign currency remeasurement

 

 

2.5

 

 

 

(0.1

)

 

 

2.5

 

 

 

1.5

 

Tax benefit expense of adjustments

 

 

(1.8

)

 

 

(0.6

)

 

 

(3.1

)

 

 

(2.1

)

Non-GAAP net income

 

$

7.1

 

 

$

0.5

 

 

$

18.5

 

 

$

6.5

 

Depreciation

 

 

0.9

 

 

 

0.8

 

 

 

2.7

 

 

 

2.3

 

Non-cash stock compensation

 

 

1.1

 

 

 

0.9

 

 

 

2.9

 

 

 

2.5

 

Other (income) expense

 

 

(3.8

)

 

 

(0.1

)

 

 

(5.3

)

 

 

(0.3

)

Interest expense

 

 

1.6

 

 

 

0.7

 

 

 

3.5

 

 

 

2.2

 

Income tax expense

 

 

2.1

 

 

 

0.7

 

 

 

6.4

 

 

 

2.9

 

Noncontrolling interest

 

 

0.2

 

 

 

0.1

 

 

 

0.6

 

 

 

0.3

 

Adjusted EBITDA

 

$

9.2

 

 

$

3.6

 

 

$

29.3

 

 

$

16.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.06

 

 

$

(0.04

)

 

$

0.26

 

 

$

0.01

 

Diluted

 

$

0.06

 

 

$

(0.04

)

 

$

0.26

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

0.01

 

 

$

0.54

 

 

$

0.18

 

Diluted

 

$

0.20

 

 

$

0.01

 

 

$

0.53

 

 

$

0.18

 

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

(in millions, except ratios)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net cash provided by operating activities

 

$

1.0

 

 

$

6.1

 

 

$

19.7

 

 

$

10.2

 

Earnout payments (within operating activities)

 

 

—

 

 

 

0.6

 

 

 

1.0

 

 

 

0.6

 

Acquisitions of property and equipment

 

 

(0.9

)

 

 

(0.7

)

 

 

(2.4

)

 

 

(1.7

)

Free cash flow

 

$

0.1

 

 

$

6.0

 

 

$

18.3

 

 

$

9.1

 

 

NOTE REGARDING NON-GAAP FINANCIAL MEASURES

 

CECO is providing certain non-GAAP historical financial measures as presented above as we believe that these figures are helpful in allowing individuals to better assess the ongoing nature of CECO’s core operations. A "non-GAAP financial measure" is a numerical measure of a company's historical financial performance that excludes amounts that are included in the most directly comparable measure calculated and presented in accordance with GAAP.

 

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share and adjusted EBITDA, as we present them in the financial data included in this press release, have been adjusted to exclude the effects of amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. Management believes that these items are not necessarily indicative of the Company’s ongoing operations and their exclusion provides individuals with additional information to better compare the Company's results over multiple periods. Management utilizes this information to evaluate its ongoing financial performance. Our financial statements may continue to be affected by items similar to those excluded in the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP financial measures should not be construed as an inference that all such costs are unusual or infrequent.

 

Non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share and adjusted EBITDA are not calculated in accordance with GAAP, and should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of our business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of CECO’s results as reported under GAAP. Additionally, CECO cautions investors that non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.

 

In accordance with the requirements of Regulation G issued by the Securities and Exchange Commission, non-GAAP operating income, non-GAAP net income, non-GAAP operating margin, non-GAAP earnings per basic and diluted share and adjusted EBITDA stated in the tables above are reconciled to the most directly comparable GAAP financial measures.

 

Non-GAAP measures presented on a forward-looking basis were not reconciled to the comparable GAAP financial measures because the reconciliation could not be performed without unreasonable efforts. The GAAP measures are not accessible on a forward-looking basis because we are currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures for these periods but would not impact the non-GAAP measures. Such items may include amortization expenses for acquisition-related intangible assets, contingent retention and earnout expenses, restructuring expenses primarily relating to severance and legal expenses, acquisition and integration expenses which include retention, legal, accounting, banking, and other expenses, foreign currency remeasurement and other nonrecurring or infrequent items and the associated tax benefit of these items. The unavailable information could have a significant impact on our GAAP financial results.

 

SAFE HARBOR

Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties, among others, that could cause actual results to differ materially are discussed under “Part I – Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and may be included in subsequently filed Quarterly Reports on Form 10-Q, and include, but are not limited to: the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully integrate acquired businesses and realize the synergies from strategic transactions; and the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, such as uncertainties regarding the extent and duration of impacts of matters associated with the novel coronavirus (“COVID-19”), as well as management’s response to any of the aforementioned factors. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

 GRAPHIC 3 img161054807_0.jpg GRAPHIC begin 644 img161054807_0.jpg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end EX-101.LAB 4 ceco-20221107_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Entity Address, City or Town Entity Address, City or Town Soliciting Material Soliciting Material Amendment Flag Amendment Flag Entity Incorporation State Country Code Entity Incorporation, State or Country Code City Area Code City Area Code Document Period End Date Document Period End Date Entity Address, Postal Zip Code Entity Address, Postal Zip Code Entity File Number Entity File Number Entity Address, Address Line One Entity Address, Address Line One Entity Tax Identification Number Entity Tax Identification Number Entity Emerging Growth Company Entity Emerging Growth Company Entity Registrant Name Entity Registrant Name Pre Commencement Tender Offer Pre-commencement Tender Offer Security 12b Title Title of 12(b) Security Entity Address, State or Province Entity Address, State or Province Document Type Document Type Written Communications Written Communications Security Exchange Name Security Exchange Name Entity Address, Address Line Two Entity Address, Address Line Two Entity Central Index Key Entity Central Index Key Local Phone Number Local Phone Number Pre Commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Cover [Abstract] Trading Symbol Trading Symbol EX-101.PRE 5 ceco-20221107_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 6 ceco-20221107.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 100000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink XML 7 R1.htm IDEA: XBRL DOCUMENT v3.22.2.2
Document and Entity Information
Nov. 07, 2022
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Entity Registrant Name CECO ENVIRONMENTAL CORP.
Document Period End Date Nov. 07, 2022
Entity Central Index Key 0000003197
Entity File Number 000-7099
Entity Incorporation State Country Code DE
Entity Tax Identification Number 13-2566064
Entity Address, Address Line One 14651 North Dallas Parkway
Entity Address, Address Line Two Suite 500
Entity Address, City or Town Dallas
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75254
City Area Code 214
Local Phone Number 357-6181
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol CECO
Security Exchange Name NASDAQ
XML 8 ceco-20221107_htm.xml IDEA: XBRL DOCUMENT 0000003197 2022-11-07 2022-11-07 false 0000003197 8-K 2022-11-07 CECO ENVIRONMENTAL CORP. DE 000-7099 13-2566064 14651 North Dallas Parkway Suite 500 Dallas TX 75254 214 357-6181 false false false false Common Stock, par value $0.01 per share CECO NASDAQ false EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.2.2 html 1 23 1 false 0 0 false 0 false false R1.htm 100000 - Document - Document and Entity Information Sheet http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports ceco-20221107.htm ceco-20221107.xsd ceco-20221107_lab.xml ceco-20221107_pre.xml ceco-ex99_1.htm http://xbrl.sec.gov/dei/2022 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "ceco-20221107.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "inline": { "local": [ "ceco-20221107.htm" ] }, "labelLink": { "local": [ "ceco-20221107_lab.xml" ] }, "presentationLink": { "local": [ "ceco-20221107_pre.xml" ] }, "schema": { "local": [ "ceco-20221107.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-roles-2022.xsd", "https://xbrl.fasb.org/srt/2022/elts/srt-types-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-gaap-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-roles-2022.xsd", "https://xbrl.fasb.org/us-gaap/2022/elts/us-types-2022.xsd", "https://xbrl.sec.gov/country/2022/country-2022.xsd", "https://xbrl.sec.gov/dei/2022/dei-2022.xsd" ] } }, "elementCount": 24, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2022": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 23, "memberCustom": 0, "memberStandard": 0, "nsprefix": "ceco", "nsuri": "http://www.cecoenviro.com/20221107", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "p", "body", "html" ], "baseRef": "ceco-20221107.htm", "contextRef": "C_533b4a52-c5c3-45b4-9c06-9fa1f82b52ff", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "100000 - Document - Document and Entity Information", "role": "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "p", "body", "html" ], "baseRef": "ceco-20221107.htm", "contextRef": "C_533b4a52-c5c3-45b4-9c06-9fa1f82b52ff", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2022", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two", "terseLabel": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity Incorporation State Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre Commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre Commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Security 12b Title" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2022", "presentation": [ "http://www.cecoenviro.com/20221107/taxonomy/role/Role_DocumentDocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0000950170-22-022311-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000950170-22-022311-xbrl.zip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