ENVIRI Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>ENVIRI Corp (NVRI) has submitted its 2023 10-K filing, detailing financial performance and key accounting information.</b>

AI Summary

ENVIRI Corp (NVRI) filed a Annual Report (10-K) with the SEC on February 29, 2024. ENVIRI Corp filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as HARSCO CORP, with a name change on July 3, 1992. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement elements like Common Stock, Treasury Stock, Additional Paid-In Capital, Retained Earnings, Accumulated Other Comprehensive Income, and Noncontrolling Interest are detailed for multiple periods. The report references specific accounting standards for Property, Plant, and Equipment Net, and Long-Term Debt (Current and Noncurrent).

Why It Matters

For investors and stakeholders tracking ENVIRI Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of ENVIRI Corp's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and make informed decisions. The detailed financial data and references to accounting standards offer transparency into the company's asset management, debt structure, and equity components, aiding in valuation and risk assessment.

Risk Assessment

Risk Level: medium — ENVIRI Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine disclosure for public companies. However, the absence of specific financial performance metrics (revenue, net income, etc.) in the provided text limits a deeper risk assessment beyond the general nature of such filings.

Analyst Insight

Investors should review the full 10-K filing to analyze ENVIRI Corp's financial statements, management discussion, and risk factors for a complete understanding of its current standing and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 1992-07-03 — Former Company Name Change Date (DATE OF NAME CHANGE)

Key Players & Entities

• ENVIRI Corp (company) — COMPANY CONFORMED NAME
• NVRI (company) — tk
• HARSCO CORP (company) — FORMER COMPANY
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-02-29 (date) — FILED AS OF DATE
• 267-857-8715 (phone) — BUSINESS PHONE

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document for investors to understand a company's financial standing for the past fiscal year.)

PropertyPlantAndEquipmentNet

The net book value of a company's tangible assets used in operations, after deducting accumulated depreciation. (Indicates the company's investment in its operational infrastructure.)

LongTermDebtCurrent

Portion of long-term debt that is due within one year. (Reflects the company's short-term obligations related to its long-term financing.)

LongTermDebtNoncurrent

Portion of long-term debt that is due after one year. (Indicates the company's long-term financing obligations.)

Key Financial Figures

• $1.25 — ich registered Common stock, par value $1.25 per share NVRI New York Stock Exchange
• $500 million — ltiemployer pension plan New Term Loan $500 million term loan raised in March 2021 under th
• $100 million — nd cash equivalents (up to a maximum of $100 million) as defined in the Company's Credit Agr
• $700 million — Recovery Act Revolving Credit Facility $700 million multi-year revolving credit facility un
• $3.1 billion — tracts had estimated future revenues of $3.1 billion at current production levels, which is

Filing Documents

• nvri-20231231.htm (10-K) — 3629KB
• exhibit41-enviricorporatio.htm (EX-4.1) — 29KB
• nvri-exhibit21x20231231x10k.htm (EX-21) — 160KB
• nvri-exhibit23x20231231x10k.htm (EX-23) — 3KB
• nvri-exhibit311x2023xq4.htm (EX-31.1) — 14KB
• nvri-exhibit312x2023xq4.htm (EX-31.2) — 13KB
• nvri-exhibit32x2023xq4.htm (EX-32) — 6KB
• exhibit97enviricorporation.htm (EX-97) — 29KB
• nvri-20231231_g1.jpg (GRAPHIC) — 16KB
• nvri-20231231_g2.jpg (GRAPHIC) — 16KB
• nvri-20231231_g3.jpg (GRAPHIC) — 15KB
• nvri-20231231_g4.jpg (GRAPHIC) — 133KB
• 0000045876-24-000010.txt (&nbsp;) — 21462KB
• nvri-20231231.xsd (EX-101.SCH) — 117KB
• nvri-20231231_cal.xml (EX-101.CAL) — 172KB
• nvri-20231231_def.xml (EX-101.DEF) — 721KB
• nvri-20231231_lab.xml (EX-101.LAB) — 1554KB
• nvri-20231231_pre.xml (EX-101.PRE) — 1088KB
• nvri-20231231_htm.xml (XML) — 4255KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 40 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. 96 Item 9A.

Controls and Procedures

Controls and Procedures. 96 Item 9B. Other Information. 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 96 PART III Item 10. Directors, Executive Officers and Corporate Governance. 96 Item 11.

Executive Compensation

Executive Compensation. 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 97 Item 13. Certain Relationships and Related Transactions, and Director Independence. 97 Item 14. Principal Accountant Fees and Services. 97 PART IV Item 15. Exhibit and Financial Statement Schedules. 98 Item 16. Form 10-K Summary. 105

SIGNATURES

SIGNATURES 106 Glossary of Terms Unless the context requires otherwise, "Enviri," the "Company," "we," "our," or "us" refers to Enviri Corporation on a consolidated basis. Effective June 5, 2023, the Company's corporate name was changed from Harsco Corporation to Enviri Corporation. The Company may use other terms in this Annual Report on Form 10-K, including the Consolidated Financial Statements and Notes, which are defined below: Term Description AOCI Accumulated Other Comprehensive Income (Loss) AR Facility Revolving trade receivables securitization facility Board The Board of Directors of Enviri Corporation CE Clean Earth reportable business segment CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980 Clean Earth CEHI Acquisition Corporation and Subsidiaries Consolidated Adjusted EBITDA EBITDA as calculated in accordance with the Company's Credit Agreement Credit Agreement Credit Agreement governing the Senior Secured Credit Facilities DEA U.S. Drug Enforcement Administration Deutsche Bahn National railway company in Germany DTSC California Department of Toxic Substances Control EBITDA Earnings before interest, tax, depreciation and amortization ESOL Stericycle Environmental Solutions business EPA U.S. Environmental Protection Agency FASB Financial Accounting Standards Board HE Harsco Environmental reportable business segment ICMS Type of value-added tax in Brazil IKG The former Harsco Industrial IKG business ISDA International Swaps and Derivatives Association LIBOR London Interbank Offered Rates MEPP Multiemployer pension plan New Term Loan $500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028 Net Debt Total debt minus cash and cash equivalents (up to a maximum of $100 million) as defined in the Company's Credit Agreement Network Rail Infrastructure manager for most of the railway in the U.K. NPPC Net periodic pension cost (inco

Business

Item 1. Business. OUR COMPANY - OUR VISION Enviri Corporation is a market-leading, global provider of environmental solutions for industrial and specialty waste streams. Our two reportable business segments are Harsco Environmental and Clean Earth and we are a single-thesis environmental solutions company that is a leader in the markets we serve. We have worked in recent years to both transform our portfolio and strengthen our financial results, and we have invested to achieve these objectives and to grow the Company. These investments include targeted organic investments, as well as mergers and acquisitions, that have accelerated our business transformation. The purchases of Clean Earth and ESOL, along with the sale of our energy-linked business in 2019 and our plan to sell our Rail business, have been significant strategic steps for our Company. As a result, 100% of our revenues from continuing operations in 2021 through 2023 were generated from our two environmentally-focused segments. It also is important to note that these transactions have reduced the Company's portfolio complexity and business cyclicality. More broadly, we are committed to viewing every customer need through a sustainability lens. Our customers expect customizable solutions that address environmental challenges within their industries. The Company is responding to this need by helping our customers build better businesses and, in a larger sense, a better environment. Our go-forward strategy is clear: to continue building a leading, global environmental solutions company. SEGMENT INFORMATION The Company's current operations consist of two reportable business segments: Harsco Environmental and Clean Earth. Until the fourth quarter of 2021, the Company reported the Harsco Rail segment. The Company previously announced its plan to sell the Rail business and the sale process is ongoing. Historical results for Rail are accounted for as discontinued operations. The Company reports segment

View Full Filing

View this 10-K filing on SEC EDGAR