Ecovyst Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Schedule I—Parent Company Financial Information
CONDENSED STATEMENTS OF INCOME
| Years endedDecember 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Stock compensation expense | $16,031 | $20,632 | $39,523 |
| Equity in net (income) loss from subsidiaries | (87,185) | (94,329) | 100,426 |
| Net income (loss) | 71,154 | 73,697 | (139,949) |
| Other comprehensive income (loss), net of tax: | |||
| Pension and postretirement benefits | 1,120 | (2,676) | 9,530 |
| Net gain (loss) from hedging activities | (12,126) | 24,382 | 2,914 |
| Foreign currency translation | 4,056 | (9,922) | (2,248) |
| Total other comprehensive income | (6,950) | 11,784 | 10,196 |
| Comprehensive income (loss) | $64,204 | $85,481 | $(129,753) |
CONDENSED BALANCE SHEETS
| December 31,2023 | December 31,2022 | |
|---|---|---|
| ASSETS | ||
| Investment in subsidiaries | $705,464 | $707,229 |
| Total assets | $705,464 | $707,229 |
| LIABILITIES | ||
| Total liabilities | $— | $— |
| STOCKHOLDERS' EQUITY | ||
| Common stock (0.01 par); authorized shares 450,000,000; issued shares 140,744,045 and 139,571,272 on December 31, 2023 and 2022, respectively; outstanding shares 116,116,895 and 122,186,238 on December 31, 2023 and 2022, respectively | 1,407 | 1,396 |
| Preferred stock (0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2023 and 2022, respectively | — | — |
| Additional paid-in capital | 1,102,581 | 1,091,475 |
| Accumulated deficit | (170,856) | (242,010) |
| Treasury stock, at cost; shares 24,627,150 and 17,385,034 on December 31, 2023 and 2022, respectively | (226,710) | (149,624) |
| Accumulated other comprehensive (loss) income | (958) | 5,992 |
| Total equity | 705,464 | 707,229 |
| Total liabilities and equity | $705,464 | $707,229 |
CONDENSED STATEMENTS OF CASH FLOWS
| Years endedDecember 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $71,154 | $73,697 | $(139,949) |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Equity in net income from subsidiaries | (87,185) | (94,329) | 100,426 |
| Stock compensation expense | 16,031 | 20,632 | 39,523 |
| Net cash provided by operating activities | — | — | — |
| Cash flows from investing activities: | |||
| Distribution from subsidiaries | — | — | 435,593 |
| Net cash provided by investing activities | — | — | 435,593 |
| Cash flows from financing activities: | |||
| Dividends paid to stockholders | — | — | (435,593) |
| Net cash used in financing activities | — | — | (435,593) |
| Effect of exchange rate changes on cash and cash equivalents | — | — | — |
| Net change in cash and cash equivalents | — | — | — |
| Cash and cash equivalents at beginning of period | — | — | — |
| Cash and cash equivalents at end of period of continuing operations | $— | $— | $— |
NOTES TO CONDENSED SCHEDULE I
- Description of Ecovyst Inc. and Subsidiaries
Ecovyst Inc. (“Ecovyst” or the “Parent Company”) is a holding company that conducts substantially all of its business operations through its wholly owned subsidiary, Ecovyst Catalyst Technologies LLC. As specified in certain of Ecovyst Catalyst Technologies LLC’s debt agreements, there are restrictions on the ability of Ecovyst Catalyst Technologies LLC to make payments to its stockholder, Ecovyst, on behalf of its equity interests (refer to Note 16 to the Ecovyst consolidated financial statements for further information regarding Ecovyst debt).
- Basis of Presentation
The accompanying condensed Parent Company financial statements are required in accordance with Rule 4-08(e)(3) of Regulation S-X. These condensed financial statements have been presented on a “parent-only” basis and are not the general-purpose financial statements of Ecovyst. Under a parent-only presentation, the Parent Company’s investment in its consolidated subsidiary is recorded based upon its proportionate share of the subsidiary’s net assets, similar to presenting it under the equity method of accounting. Under the equity method, the investment in subsidiary is stated at cost plus contributions and equity in undistributed income (loss) of the subsidiary, less distributions received since the date of acquisition. These parent-only financial statements should be read in conjunction with Ecovyst’s audited consolidated financial statements and the accompanying notes thereto.
- Stock-Based Compensation
Refer to Note 21 of the notes to the Ecovyst consolidated financial statements for a description of stock-based compensation.
- Dividends Paid
On August 4, 2021, Ecovyst’s Board of Directors declared a special cash dividend of $3.20 per share, using the after tax cash proceeds from the sale of the Performance Chemicals business. The dividend was paid on August 23, 2021 to the Company’s stockholders of record at the close of business on August 12, 2021.
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