ENVIRI Corp Files Q2 2024 10-Q
Ticker: NVRI · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 45876
Sentiment: neutral
Topics: 10-Q, quarterly-report, financials
TL;DR
ENVIRI Corp dropped its Q2 10-Q. Check financials.
AI Summary
ENVIRI Corp filed its 10-Q for the period ending June 30, 2024. The company, formerly known as HARSCO CORP, reported financial results for the second quarter of 2024. The filing provides details on their business operations and financial performance during this period.
Why It Matters
This filing provides investors with the latest financial performance data for ENVIRI Corp, crucial for understanding the company's current health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Players & Entities
- ENVIRI Corp (company) — Filer of the 10-Q
- HARSCO CORP (company) — Former name of ENVIRI Corp
- 20240630 (date) — Period of report for the 10-Q
- 20240801 (date) — Filing date of the 10-Q
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240630, meaning the filing covers the period ending June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20240801.
What was ENVIRI Corp's former name?
ENVIRI Corp's former name was HARSCO CORP, with a date of name change on 19920703.
Where is ENVIRI Corp headquartered?
ENVIRI Corp's business and mail address is located at Two Logan Square, 100-120 North 18th Street, 17th Floor, Philadelphia, PA 19103.
What is ENVIRI Corp's fiscal year end?
ENVIRI Corp's fiscal year ends on 1231.
Filing Stats: 4,667 words · 19 min read · ~16 pages · Grade level 19.6 · Accepted 2024-08-01 11:22:51
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-20240630.htm (10-Q) — 2192KB
- exhibit101executiverelocat.htm (EX-10.1) — 184KB
- exhibit102omnibusamendment.htm (EX-10.2) — 90KB
- exhibit104rsuawardagreemen.htm (EX-10.4) — 155KB
- exhibit105psuawardagreemen.htm (EX-10.5) — 186KB
- exhibit106sarawardagreemen.htm (EX-10.6) — 155KB
- nvri-exhibit311x2024q2.htm (EX-31.1) — 14KB
- nvri-exhibit312x2024q2.htm (EX-31.2) — 13KB
- nvri-exhibit32x2024q2.htm (EX-32) — 6KB
- ex102mksiga.jpg (GRAPHIC) — 9KB
- image_0a.jpg (GRAPHIC) — 8KB
- image_1a.jpg (GRAPHIC) — 1KB
- image_2a.jpg (GRAPHIC) — 11KB
- image_3b.jpg (GRAPHIC) — 19KB
- image_4.jpg (GRAPHIC) — 238KB
- nvri-20240630_g1.jpg (GRAPHIC) — 12KB
- 0000045876-24-000048.txt ( ) — 12657KB
- nvri-20240630.xsd (EX-101.SCH) — 59KB
- nvri-20240630_cal.xml (EX-101.CAL) — 102KB
- nvri-20240630_def.xml (EX-101.DEF) — 330KB
- nvri-20240630_lab.xml (EX-101.LAB) — 701KB
- nvri-20240630_pre.xml (EX-101.PRE) — 531KB
- nvri-20240630_htm.xml (XML) — 2375KB
— 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 29 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 39 Item 4.
Controls and Procedures
Controls and Procedures 39
— OTHER INFORMATION
PART II — OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5. Other Information 40 Item 6. Exhibits 41
SIGNATURES
SIGNATURES 42 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 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 SBB Federal railway system of Switzerland SCE Kingdom of Bahrain's Supreme Council for Environment SEC Securities and Exch
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS ENVIRI CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) June 30 2024 December 31 2023 ASSETS Current assets: Cash and cash equivalents $ 104,044 $ 121,239 Restricted cash 3,462 3,375 Trade accounts receivable, net 313,193 338,187 Other receivables 37,101 40,565 Inventories 188,503 189,369 Current portion of contract assets 70,067 64,875 Prepaid expenses 50,637 58,723 Other current assets 16,232 11,023 Total current assets 783,239 827,356 Property, plant and equipment, net 692,416 707,397 Right-of-use assets, net 101,281 102,891 Goodwill 770,858 780,978 Intangible assets, net 310,086 327,983 Deferred income tax assets 15,338 16,295 Other assets 95,449 91,798 Total assets $ 2,768,667 $ 2,854,698 LIABILITIES Current liabilities: Short-term borrowings $ 7,422 $ 14,871 Current maturities of long-term debt 17,752 15,558 Accounts payable 231,384 243,279 Accrued compensation 55,444 79,609 Income taxes payable 2,178 7,567 Reserve for forward losses on contracts 50,092 52,919 Current portion of advances on contracts 30,278 38,313 Current portion of operating lease liabilities 28,530 28,775 Other current liabilities 170,807 174,342 Total current liabilities 593,887 655,233 Long-term debt 1,417,776 1,401,437 Retirement plan liabilities 44,616 45,087 Operating lease liabilities 74,403 75,476 Environmental liabilities 24,540 25,682 Deferred tax liabilities 35,824 29,160 Other liabilities 48,823 47,215 Total liabilities 2,239,869 2,279,290 COMMITMENTS AND CONTINGENCIES ENVIRI CORPORATION STOCKHOLDERS' EQUITY Common stock 146,651 146,105 Additional paid-in capital 246,133 238,416 Accumulated other comprehensive loss ( 552,548 ) ( 539,694 ) Retained earnings 1,496,757 1,528,320 Treasury stock ( 851,327 ) ( 849,996 ) Total Enviri Corporation stockholders' equity 485,666 523,151 Noncontrolling interests 43,132 52,257 Total equity 528,798 575,408 Total liabilities