ENVIRI Corp Files Q3 2024 10-Q

Ticker: NVRI · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 45876

Sentiment: neutral

Topics: 10-Q, financials, quarterly-report

TL;DR

ENVIRI Corp's Q3 10-Q is in, check financials for latest performance.

AI Summary

ENVIRI Corp filed a 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Specific revenue figures and other financial metrics are presented for the periods ending September 30, 2024, and September 30, 2023.

Why It Matters

This filing provides investors with the latest financial results and operational status of ENVIRI Corp, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated.

Key Numbers

Key Players & Entities

FAQ

What were ENVIRI Corp's total revenues for the third quarter of fiscal year 2024?

The filing indicates revenue figures for the period 2024-07-01 to 2024-09-30, but specific dollar amounts are not detailed in the provided header information.

How do the revenues for the nine months ending September 30, 2024, compare to the same period in 2023?

The filing references revenue data for the periods 2024-01-01 to 2024-09-30 and 2023-01-01 to 2023-09-30, but the specific comparative dollar amounts are not in the header.

What is ENVIRI Corp's fiscal year end?

ENVIRI Corp's fiscal year ends on December 31 (1231).

What was ENVIRI Corp's former company name?

ENVIRI Corp was formerly known as HARSCO CORP.

In which state was ENVIRI Corp incorporated?

ENVIRI Corp was incorporated in Delaware (DE).

Filing Stats: 4,711 words · 19 min read · ~16 pages · Grade level 19.8 · Accepted 2024-10-31 13:08:59

Key Financial Figures

Filing Documents

— 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) 10 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 31 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 4.

Controls and Procedures

Controls and Procedures 42

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 43 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43 Item 5. Other Information 43 Item 6. Exhibits 44

SIGNATURES

SIGNATURES 45 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. 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) Performix Performix Metallurgical Additives, LLC, a subsidiary of HE Rail Harsco Rail reportable business segment Reed Reed Minerals, LLC, a subsidiary of HE Revolving Credit Facility Revolving credit facility under the Senior Secured Credit Facilities containing $50.0 million maturing on March 10, 2026 and $625.0 million maturing on September 5, 2

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ENVIRI CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands) September 30 2024 December 31 2023 ASSETS Current assets: Cash and cash equivalents $ 110,243 $ 121,239 Restricted cash 2,889 3,375 Trade accounts receivable, net 318,906 338,187 Other receivables 42,960 40,565 Inventories 196,189 189,369 Current portion of contract assets 64,190 64,875 Prepaid expenses 63,818 58,723 Other current assets 6,969 11,023 Total current assets 806,164 827,356 Property, plant and equipment, net 698,315 707,397 Right-of-use assets, net 95,710 102,891 Goodwill 767,076 780,978 Intangible assets, net 305,633 327,983 Deferred income tax assets 16,495 16,295 Other assets 112,682 91,798 Total assets $ 2,802,075 $ 2,854,698 LIABILITIES Current liabilities: Short-term borrowings $ 14,357 $ 14,871 Current maturities of long-term debt 17,952 15,558 Accounts payable 245,996 243,279 Accrued compensation 65,414 79,609 Income taxes payable 8,952 7,567 Reserve for forward losses on contracts 53,513 52,919 Current portion of advances on contracts 16,838 38,313 Current portion of operating lease liabilities 27,381 28,775 Other current liabilities 168,676 174,342 Total current liabilities 619,079 655,233 Long-term debt 1,431,868 1,401,437 Retirement plan liabilities 39,900 45,087 Operating lease liabilities 69,977 75,476 Environmental liabilities 22,959 25,682 Deferred tax liabilities 31,749 29,160 Other liabilities 60,664 47,215 Total liabilities 2,276,196 2,279,290 COMMITMENTS AND CONTINGENCIES ENVIRI CORPORATION STOCKHOLDERS' EQUITY Common stock 146,706 146,105 Additional paid-in capital 250,855 238,416 Accumulated other comprehensive loss ( 545,620 ) ( 539,694 ) Retained earnings 1,483,589 1,528,320 Treasury stock ( 851,541 ) ( 849,996 ) Total Enviri Corporation stockholders' equity 483,989 523,151 Noncontrolling interests 41,890 52,257 Total equity 525,879 575,408 Total liabili

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