Entegris Inc. Files 10-Q for Q2 2024

TL;DR

ENTEGRIS INC (ENTG) 10-Q FILED: Q2 2024 RESULTS SHOWING FINANCIAL PERFORMANCE VS 2023.

AI Summary

Entegris Inc. filed its 10-Q for the period ending June 29, 2024, reporting on its financial performance. The filing details its balance sheet, income statement, and cash flow for the fiscal second quarter and first half of 2024, comparing it to the same periods in 2023. Key financial figures and operational details are presented for investors and stakeholders.

Why It Matters

This filing provides crucial financial data for Entegris Inc., allowing investors to assess the company's performance, profitability, and financial health during the second quarter of 2024.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial performance, operational changes, or risks that could impact the company's stock price.

Key Numbers

• 20240629 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240731 — Filing Date (The date Entegris Inc. submitted this 10-Q filing to the SEC.)

Key Players & Entities

• ENTEGRIS INC (company) — Filer of the 10-Q report
• 20240629 (date) — End of the reporting period for the 10-Q
• 20240731 (date) — Date the 10-Q was filed
• DE (location) — State of incorporation for Entegris Inc.
• MA (location) — State of Entegris Inc.'s business and mailing address

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share ENTG The Nasdaq Sto

Filing Documents

• entg-20240629.htm (10-Q) — 1526KB
• entg-20240629xex311.htm (EX-31.1) — 9KB
• entg-20240629xex312.htm (EX-31.2) — 9KB
• entg-20240629xex321.htm (EX-32.1) — 5KB
• entg-20240629_g1.jpg (GRAPHIC) — 42KB
• 0001101302-24-000053.txt ( ) — 7153KB
• entg-20240629.xsd (EX-101.SCH) — 36KB
• entg-20240629_cal.xml (EX-101.CAL) — 72KB
• entg-20240629_def.xml (EX-101.DEF) — 205KB
• entg-20240629_lab.xml (EX-101.LAB) — 527KB
• entg-20240629_pre.xml (EX-101.PRE) — 365KB
• entg-20240629_htm.xml (XML) — 1127KB

Financial Information

PART I Financial Information

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets as of June 29, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 29, 2024 and July 1, 2023 5 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 29, 2024 and July 1, 2023 6 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 29, 2024 and July 1, 2023 7 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 29, 2024 and July 1, 2023 8 Notes to Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

Other Information

PART II Other Information

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 Cautionary Statements This Quarterly Report on Form 10-Q (this "Quarterly Report") contains "forward-looking statements." The words "believe," "expect," "anticipate," "intend," "estimate," "forecast," "project," "should," "may," "will," "would" or the negative thereof and similar expressions are intended to identify such forward-looking statements. These forward-looking statements may include statements about fluctuations in demand for semiconductors; global economic uncertainty and the risks inherent in operating a global business; supply chain matters; inflationary pressures; future period guidance or projections; the Company's performance relative to its markets, including the drivers of such performance; market and technology trends, including the duration and drivers of any growth trends; the development of new products and the success of their introductions; the focus of the Company's engineering, research and development projects; the Company's ability to obtain, protect and enforce intellectual property rights; information technology risks; the Company's ability to execute on our business strategies, including the Company's expansion of its manufacturing presence in Taiwan and in Colorado Springs; the Company's capital allocation strategy, which may be modified at any time for any reason, including with respect to share repurchases, dividends, debt repayments and potential acquisitions; the impact of the acquisitions and divestitures the Company has made and commercial partnerships the Company has established, including the acquisition of CMC Materials, Inc. (now known as CMC Materials LLC) ("CMC Materials"); the amount of goodwill we carry on our balance sheets; key employee retention; future capital and other expenditures, including estimates thereof; the Company's expected tax rate; the impact, financial or otherwise, of any organizational changes or changes in the legal and regulatory environment in which we operate; the impact of accou

Financial Statements

Item 1. Financial Statements ENTEGRIS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share data) June 29, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 320,008 $ 456,929 Trade accounts receivable, net of allowance for credit losses of $ 5,509 and $ 6,412 457,107 457,052 Inventories, net 633,373 607,051 Deferred tax charges and refundable income taxes 52,690 63,879 Assets held-for-sale 6,195 278,753 Other current assets 107,413 113,663 Total current assets 1,576,786 1,977,327 Property, plant and equipment, net of accumulated depreciation of $ 983,070 and $ 908,089 1,495,098 1,468,043 Right-of-use assets - Operating lease 61,396 57,990 Right-of-use assets - Finance lease 22,314 22,409 Goodwill 3,943,893 3,945,860 Intangible assets, net of accumulated amortization of $ 906,496 and $ 808,298 1,184,955 1,281,969 Deferred tax assets and other noncurrent tax assets 24,059 31,432 Other assets 28,085 27,561 Total assets $ 8,336,586 $ 8,812,591 LIABILITIES AND EQUITY Current liabilities: Accounts payable 141,579 134,211 Accrued payroll and related benefits 90,303 109,559 Accrued interest payable 24,360 24,759 Liabilities held-for-sale 662 19,223 Other accrued liabilities 120,538 148,840 Income taxes payable 62,416 77,403 Total current liabilities 439,858 513,995 Long-term debt, net of unamortized discount and debt issuance costs of $ 72,767 and $ 91,633 4,122,233 4,577,141 Pension benefit obligations and other liabilities 53,789 53,733 Deferred tax liabilities and other noncurrent tax liabilities 146,516 190,142 Long term lease liability - Operating lease 52,332 49,719 Long term lease liability - Finance lease 19,468 19,267 Equity: Preferred stock, par value $ 0.01 ; 5,000 shares authorized; none issued and outstanding as of June 29, 2024 and December 31, 2023 — — Common stock, par value $ 0.01 ; 400,000 shares authorized; issued and outstanding shares

View Full Filing

View this 10-Q filing on SEC EDGAR