ENVIRI Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ENVIRI Corp (NVRI) has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

ENVIRI Corp (NVRI) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. ENVIRI Corp filed a 10-Q report for the period ending March 31, 2024. The company's former name was HARSCO CORP, with a name change date of July 3, 1992. ENVIRI Corp is incorporated in Delaware and has a fiscal year end of December 31. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key financial statement components such as common stock, retained earnings, and accumulated other comprehensive income are detailed for various periods.

Why It Matters

For investors and stakeholders tracking ENVIRI Corp, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for ENVIRI Corp. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: — ENVIRI Corp shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative or positive indicators, suggesting a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand revenue trends and profitability drivers for ENVIRI Corp.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-05-02 — Filing Date (Filed as of date)
• 1992-07-03 — Former Company Name Change Date (Date of name change)

Key Players & Entities

• ENVIRI Corp (company) — Filer name
• NVRI (company) — Ticker symbol
• HARSCO CORP (company) — Former company name
• DE (company) — State of incorporation
• Philadelphia (company) — Business address city
• 267-857-8715 (dollar_amount) — Business phone number

FAQ

Industry Context

ENVIRI Corp operates within the services sector, specifically 'Services, NEC' (Not Elsewhere Classified) under SIC code 8900.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, indicating compliance with SEC regulations for public companies.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Products and Services) for Q1 2024 compared to Q1 2023.
2. Examine changes in equity accounts (Common Stock, Retained Earnings, etc.) between December 31, 2023, and March 31, 2024.
3. Review any disclosures related to the 'HarscoRailMember' segment or restatement adjustments.

Year-Over-Year Comparison

This is the first 10-Q filing for ENVIRI Corp under its current name, following a name change from HARSCO CORP.

Key Financial Figures

• $1.25 — ich registered Common stock, par value $1.25 per share NVRI New York Stock Exchange
• $500 million — the railway in the U.K. New Term Loan $500 million term loan raised in March 2021 under th
• $700 million — ness segment Revolving Credit Facility $700 million multi-year revolving credit facility un

Filing Documents

• nvri-20240331.htm (10-Q) — 1633KB
• nvri-exhibit311x2024q1.htm (EX-31.1) — 14KB
• nvri-exhibit312x2024q1.htm (EX-31.2) — 13KB
• nvri-exhibit32x2024q1.htm (EX-32) — 6KB
• nvri-20240331_g1.jpg (GRAPHIC) — 12KB
• 0000045876-24-000026.txt (&nbsp;) — 9333KB
• nvri-20240331.xsd (EX-101.SCH) — 60KB
• nvri-20240331_cal.xml (EX-101.CAL) — 101KB
• nvri-20240331_def.xml (EX-101.DEF) — 330KB
• nvri-20240331_lab.xml (EX-101.LAB) — 621KB
• nvri-20240331_pre.xml (EX-101.PRE) — 486KB
• nvri-20240331_htm.xml (XML) — 1718KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Operations (Unaudited) 5 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Condensed Consolidated Statements of Equity (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 2 Table of Contents Glossary of Defined Terms Unless the context requires otherwise, "Enviri," the "Company," "we," "our," or "us" refers to Enviri Corporation on a consolidated basis. The Company also uses several other terms in this Quarterly Report on Form 10-Q, which are further defined below: Term Description AOCI Accumulated Other Comprehensive Income (Loss) AR Facility Revolving trade receivables securitization facility ASU Financial Accounting Standards Board Accounting Standards Update CE Clean Earth reportable business segment CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980 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 United States 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 EPA U.S. Environmental Protection Agency ESOL Stericycle Environmental Solutions business 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 Network Rail Infrastructure manager for most of the railway in the U.K. New Term Loan $500 million term loan raised in March 2021 under the Senior Secured Credit Facilities, maturing on March 10, 2028 OCI Other Comprehensive Income (Loss) PA DEP Pennsylvania Department of Environmental Protection Rail The Harsco Rail reportable business segment Revolving Credit Facility $700 million multi-year revolving credit facility under the Senior Secured Credit Facilities ROU Right of use SBB Federal railway system of Switzerland SCE Kingdom of Bahrain's S

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ENVIRI CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) March 31 2024 December 31 2023 ASSETS Current assets: Cash and cash equivalents $ 103,876 $ 121,239 Restricted cash 3,532 3,375 Trade accounts receivable, net 308,213 338,187 Other receivables 33,693 40,565 Inventories 190,288 189,369 Current portion of contract assets 69,057 64,875 Prepaid expenses 53,081 58,723 Current portion of assets held-for-sale 8,282 195 Other current assets 13,627 10,828 Total current assets 783,649 827,356 Property, plant and equipment, net 688,638 707,397 Right-of-use assets, net 102,278 102,891 Goodwill 771,404 780,978 Intangible assets, net 319,522 327,983 Deferred income tax assets 15,884 16,295 Assets held-for-sale 8,873 — Other assets 100,030 91,798 Total assets $ 2,790,278 $ 2,854,698 LIABILITIES Current liabilities: Short-term borrowings $ 3,251 $ 14,871 Current maturities of long-term debt 16,021 15,558 Accounts payable 224,509 243,279 Accrued compensation 52,947 79,609 Income taxes payable 5,172 7,567 Reserve for forward losses on contracts 46,592 52,919 Current portion of advances on contracts 35,965 38,313 Current portion of operating lease liabilities 28,569 28,775 Current portion of liabilities of assets held-for-sale 2,342 — Other current liabilities 162,415 174,342 Total current liabilities 577,783 655,233 Long-term debt 1,444,883 1,401,437 Retirement plan liabilities 44,866 45,087 Operating lease liabilities 75,151 75,476 Environmental liabilities 25,253 25,682 Deferred tax liabilities 33,651 29,160 Other liabilities 42,567 47,215 Total liabilities 2,244,154 2,279,290 COMMITMENTS AND CONTINGENCIES ENVIRI CORPORATION STOCKHOLDERS' EQUITY Common stock 146,548 146,105 Additional paid-in capital 241,833 238,416 Accumulated other comprehensive loss ( 546,532 ) ( 539,694 ) Retained earnings 1,510,358 1,528,320 Treasury stock ( 851,266 ) ( 849,996 ) Total E

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View this 10-Q filing on SEC EDGAR