Entegris Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Entegris Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

ENTEGRIS INC (ENTG) filed a Annual Report (10-K) with the SEC on February 15, 2024. Entegris Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 129 Concord Road, Billerica, MA. The filing includes financial data for the fiscal years 2021, 2022, and 2023. Entegris Inc. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking ENTEGRIS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Entegris's financial health, operational performance, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess the company's trajectory. The detailed financial statements and risk factors within the report offer insights into the company's ability to navigate the semiconductor industry's cyclical nature and its commitment to innovation and growth.

Risk Assessment

Risk Level: medium — ENTEGRIS INC shows moderate risk based on this filing. The company operates in the highly cyclical semiconductor industry, which is subject to rapid technological changes and fluctuations in demand, posing a medium risk to its financial performance.

Analyst Insight

Investors should review Entegris's detailed financial statements and risk factors in the 10-K to understand its performance in the semiconductor market and its strategies for future growth.

Key Numbers

• 150,396,207 — Total Assets (As of December 31, 2023)
• 2023-12-31 — Fiscal Year End (Reported Period)
• 2024-02-15 — Filing Date (10-K Submission)

Key Players & Entities

• ENTEGRIS INC (company) — Filer name
• 0001101302 (company) — Central Index Key
• DE (company) — State of Incorporation
• Billerica, MA (company) — Business Address City, State
• 9784366500 (company) — Business Phone
• 001-32598 (company) — SEC File Number

FAQ

Industry Context

Entegris Inc. operates within the semiconductor industry, providing advanced materials and process solutions critical for semiconductor manufacturing.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Analyze Entegris's revenue trends and profitability metrics from the 2023 10-K.
2. Assess the company's balance sheet strength, including its debt levels and cash position.
3. Review the risk factors section for potential challenges and management's mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-15: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparative data from previous filings will be incorporated as available.

Key Financial Figures

• $0.01 — ange on which Registered Common Stock, $0.01 Par Value ENTG The Nasdaq Global Select
• $1 — miconductor sales will double and reach $1 trillion by 2030, which we expect will
• $133.00 — ding common shares of CMC Materials for $133.00 in cash and 0.4506 shares of our common
• $6.0 billion — ve of debt retired and cash assumed) of $6.0 billion (based on our closing price on June 30,
• $3.8 billion — sing price on June 30, 2022), including $3.8 billion in cash paid to CMC Materials' sharehol
• $0.9 billion — nce share units equity awards assumed), $0.9 billion of debt 1 Table of Contents retire
• $0.3 billion — of Contents retired and approximately $0.3 billion of acquired cash. We financed the cash
• $134.3 million — ffiliate of Quad-C Management, Inc. for $134.3 million. On June 5, 2023, the Company termina
• $191.2 million — received net proceeds of approximately $191.2 million. On October 2, 2023, the Company comp
• $737.1 m — ation ("Fujifilm") for cash proceeds of $737.1 million, or net proceeds of $675.2 millio
• $675.2 m — s of $737.1 million, or net proceeds of $675.2 million, subject to customary final post-

Filing Documents

• entg-20231231.htm (10-K) — 2673KB
• exhibit10382024arentegriss.htm (EX-10.38) — 238KB
• exhibit1039formofprsuagree.htm (EX-10.39) — 68KB
• exhibit10ormofglobalrsuawa.htm (EX-10.40) — 92KB
• exhibit1041formofstockopti.htm (EX-10.41) — 51KB
• entg-12312023xex21.htm (EX-21) — 28KB
• entg-12312023xex23.htm (EX-23) — 2KB
• entg-12312023xex24.htm (EX-24) — 11KB
• entg-12312023xex311.htm (EX-31.1) — 9KB
• entg-12312023xex312.htm (EX-31.2) — 9KB
• entg-12312023xex321.htm (EX-32.1) — 5KB
• entg-12312023xex322.htm (EX-32.2) — 5KB
• exhibit97clawbackpolicy.htm (EX-97) — 34KB
• entg-20231231_g1.jpg (GRAPHIC) — 42KB
• entg-20231231_g2.jpg (GRAPHIC) — 144KB
• 0001101302-24-000009.txt (&nbsp;) — 14777KB
• entg-20231231.xsd (EX-101.SCH) — 71KB
• entg-20231231_cal.xml (EX-101.CAL) — 118KB
• entg-20231231_def.xml (EX-101.DEF) — 425KB
• entg-20231231_lab.xml (EX-101.LAB) — 999KB
• entg-20231231_pre.xml (EX-101.PRE) — 704KB
• entg-20231231_htm.xml (XML) — 2413KB

Risk Factors

Item 1A. Risk Factors 16

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 29

Cybersecurity

Item 1C. Cybersecurity 29

Properties

Item 2. Properties 31

Legal Proceedings

Item 3. Legal Proceedings 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32

Reserved

Item 6. Reserved 33

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

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 34

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 50

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50

Controls and Procedures

Item 9A. Controls and Procedures 50

Other Information

Item 9B. Other Information 52

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 53

Executive Compensation

Item 11. Executive Compensation 55

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

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 55

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 55

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 55 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 56

Form 10-K Summary

Item 16. Form 10-K Summary 60

Signatures

Signatures 61 Index to Financial Statements F- 1 Table of Contents PART I

Business

Item 1. Business. OUR COMPANY Entegris, Inc. ("Entegris", "the Company", "us", "we", or "our") is a leading supplier of mission-critical advanced materials and process solutions for the semiconductor and other high-technology industries. We leverage our unique breadth of capabilities to help our customers improve their productivity, performance and technology in the most advanced manufacturing environments. Semiconductors, or integrated circuits, are key components in electronic devices that have changed, and that we believe will continue to change, the way we live, communicate and work. Products and emerging applications such as smartphones, wearable technology, self-driving vehicles, artificial intelligence, the Internet of Things, gaming and virtual reality, high-performance and cloud computing, and smart healthcare will require faster, more powerful, more compact and more energy efficient semiconductors. We believe these trends, combined with existing applications, will drive long-term secular growth for semiconductors. We believe that semiconductor sales will double and reach $1 trillion by 2030, which we expect will create significant opportunities for our products. Advanced products and applications require improved chip performance, higher chip density, and greater energy efficiency. To meet these requirements, semiconductor manufacturing processes have rapidly become increasingly complex, for example, by moving to smaller geometries and adopting new device architectures. These complex processes are enabled by new and innovative materials and the increasing need to ensure materials purity throughout these process steps. We believe Entegris offers the industry's most comprehensive electronic materials portfolio, especially in the areas of materials science, materials purity, and complementary solutions that enable faster time to yield. We believe these capabilities are quickly becoming critical enablers of our customers' technology roadmaps. We expect t

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