Ecovyst Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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Schedule I—Parent Company Financial Information
CONDENSED STATEMENTS OF (LOSS) INCOME
| Years ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Stock compensation expense | $14,043 | $16,031 | $20,632 |
| Equity in net (income) from subsidiaries | (7,391) | (87,185) | (94,329) |
| Net (loss) income | (6,652) | 71,154 | 73,697 |
| Other comprehensive income (loss), net of tax: | |||
| Pension and postretirement benefits | 855 | 1,120 | (2,676) |
| Net (loss) gain from hedging activities | (2,644) | (12,126) | 24,382 |
| Foreign currency translation | (4,660) | 4,056 | (9,922) |
| Total other comprehensive (loss) income | (6,449) | (6,950) | 11,784 |
| Comprehensive (loss) income | $(13,101) | $64,204 | $85,481 |
CONDENSED BALANCE SHEETS
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Investment in subsidiaries | $700,460 | $705,464 |
| Total assets | $700,460 | $705,464 |
| LIABILITIES | ||
| Total liabilities | $— | $— |
| STOCKHOLDERS' EQUITY | ||
| Common stock (0.01 par); authorized shares 450,000,000; issued shares 140,872,846 and 140,744,045 on December 31, 2024 and 2023, respectively; outstanding shares 116,534,803 and 116,116,895 on December 31, 2024 and 2023, respectively | 1,409 | 1,407 |
| Preferred stock (0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2024 and 2023, respectively | — | — |
| Additional paid-in capital | 1,106,792 | 1,102,581 |
| Accumulated deficit | (177,508) | (170,856) |
| Treasury stock, at cost; shares 24,338,043 and 24,627,150 on December 31, 2024 and 2023, respectively | (222,826) | (226,710) |
| Accumulated other comprehensive loss | (7,407) | (958) |
| Total equity | 700,460 | 705,464 |
| Total liabilities and equity | $700,460 | $705,464 |
CONDENSED STATEMENTS OF CASH FLOWS
| Years ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net (loss) income | $(6,652) | $71,154 | $73,697 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Equity in net (income) from subsidiaries | (7,391) | (87,185) | (94,329) |
| Stock compensation expense | 14,043 | 16,031 | 20,632 |
| Net cash provided by operating activities | — | — | — |
| 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 | $— | $— | $— |
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.
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