ENTEGRIS : REPORTS RESULTS FOR SECOND QUARTER OF 2022 - Form 8-K
August 02, 2022 at 06:23 am EDT
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ENTEGRIS REPORTS RESULTS FOR SECOND QUARTER OF 2022
•Second-quarter revenue of $692 million, increased 21% from prior year
•Second-quarter GAAP diluted EPS of $0.73, increased 12%
•Second-quarter non-GAAP diluted EPS of $1.00, increased 18%
BILLERICA, Mass., August 2, 2022 - Entegris, Inc. (NASDAQ: ENTG), today reported its financial results for the Company's second quarter ended July 2, 2022. Second-quarter sales were $692.5 million, an increase of 21% from the same quarter last year. Second-quarter GAAP net income was $99.5 million, or $0.73 per diluted share, which included $12.5 million of amortization of intangible assets, $10.2 million of integration costs, $2.4 million of deal and transaction costs and $22.7 million interest expense, net. Non-GAAP net income was $136.8 million for the second quarter and non-GAAP earnings per diluted share was $1.00. Entegris' acquisition of CMC Materials closed on July 6, 2022. As a result, Entegris' second quarter 2022 results do not include results from CMC Materials third fiscal quarter of 2022 (ending June 30).
Bertrand Loy, Entegris' president and chief executive officer, said: "Sales growth and operational execution were once again very strong in the second quarter. Growth was significant across all three divisions, driven by demand for our solutions and great execution by our supply chain teams. In particular, we saw robust activity at the advanced nodes, where we enjoy greater Entegris content per wafer. Non-GAAP EPS was slightly below our expectations in the second quarter, primarily due to a significant decline in a few major currencies versus the U.S. Dollar."
Mr. Loy added: "We are very excited about our combination with CMC Materials, which uniquely positions Entegris to address our customers' most demanding process challenges and helps them achieve a faster time-to-solution. Our focus going forward, will be rapidly and effectively completing the integration of CMC Materials, driving revenue and cost synergies, and paying down the debt."
Mr. Loy added: "For the full year 2022, we expect to achieve strong growth on a proforma basis. Looking further ahead, we will be pragmatic, closely monitoring industry developments, and ready to make adjustments as needed. And with 80 percent of our revenue now unit driven, our model should prove to be even more resilient, regardless of the macro environment."
Quarterly Financial Results Summary
(in thousands, except percentages and per share data)
GAAP Results
July 2, 2022
July 3, 2021
April 2, 2022
Net sales
$692,489
$571,352
$649,646
Operating income
$157,970
$138,889
$163,346
Operating margin - as a % of net sales
22.8
%
24.3
%
25.1
%
Net income
$99,491
$88,770
$125,705
Diluted earnings per common share
$0.73
$0.65
$0.92
Non-GAAP Results
Non-GAAP adjusted operating income
$183,039
$151,603
$182,251
Non-GAAP adjusted operating margin - as a % of net sales
26.4
%
26.5
%
28.1
%
Non-GAAP net income
$136,816
$116,711
$145,133
Diluted non-GAAP earnings per common share
$1.00
$0.85
$1.06
Third-Quarter Outlook
For the third quarter ending October 1, 2022, the Company expects sales (for the combined company) of $1.00 billion to $1.04 billion and EBITDA of approximately 30 percent of sales. The foregoing forward looking guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the Company is unable to predict with a reasonable degree of certainty certain items contained in the forward looking GAAP measures without unreasonable efforts. Such items include, but are not limited to, acquisition related expenses, restructuring and related expenses, share-based compensation and other items not reflective of the Company's ongoing operations.
Segment Results
The Company reports its results in the following segments:
Specialty Chemicals and Engineered Materials (SCEM): SCEM provides high-performance and high-purity process chemistries, gases and materials, and safe and efficient delivery systems to support semiconductor and other advanced manufacturing processes.
Microcontamination Control (MC): MC offers solutions to filter and purify critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-technology industries.
Advanced Materials Handling (AMH): AMH develops solutions to monitor, protect, transport and deliver critical liquid chemistries, wafers and other substrates for a broad set of applications in the semiconductor, life sciences and other high-technology industries.
Second-Quarter Results Conference Call Details
Entegris will hold a conference call to discuss its results for the second quarter on Tuesday, August 2, 2022, at 9:00 a.m. Eastern Time. Participants should dial 888-220-8451 or +1 323-794-2588, referencing confirmation code 8913803. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. For a replay of the call, please Click Hereusing passcode 8913803. The on-demand playback will be available for six weeks after the conclusion of the teleconference. The call can also be accessed live and on-demand from the Investor Relations section of www.entegris.com.
Management's slide presentation concerning the results for the second quarter will be posted on the Investor Relations section of www.entegris.com Tuesday morning before the call.
Entegris, Inc. - page 2 of 13
About Entegris
Entegris is the global leader in electronic materials for the semiconductor market. With approximately 8,800 employees across its global operations, Entegris offers the industry's most comprehensive and innovative unit-driven end-to-end offering for semiconductor customers, in addition to solutions for the life sciences and other advanced manufacturing environments. Entegris' solutions help customers improve their performance, productivity and yields to enable technologies that transform the world. It has manufacturing, customer service, and/or research facilities in the United States, Canada, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea, and Taiwan. For more information about Entegris, visit us at
www.entegris.com, or follow us on LinkedIn, Twitter, Facebook, and Instagram.
Non-GAAP Information
The Company's condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA, adjusted gross profit, adjusted segment profit, adjusted operating income, non-GAAP net income, non-GAAP adjusted operating margin and diluted non-GAAP earnings per common share, together with related measures thereof, are considered "non-GAAP financial measures" under the rules and regulations of the Securities and Exchange Commission. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company provides supplemental non-GAAP financial measures to better understand and manage its business and believes these measures provide investors and analysts additional and meaningful information for the assessment of the Company's ongoing results. Management also uses these non-GAAP measures to assist in the evaluation of the performance of its business segments and to make operating decisions. Management believes that the Company's non-GAAP measures help indicate the Company's baseline performance before certain gains, losses or other charges that may not be indicative of the Company's business or future outlook, and that non-GAAP measures offer a more consistent view of business performance. The Company believes the non-GAAP measures aid investors' overall understanding of the Company's results by providing a higher degree of transparency for such items and providing a level of disclosure that will help investors generally understand how management plans, measures and evaluates the Company's business performance. Management believes that the inclusion of non-GAAP measures provides greater consistency in its financial reporting and facilitates investors' understanding of the Company's historical operating trends by providing an additional basis for comparisons to prior periods. The reconciliations of GAAP gross profit to adjusted gross profit, GAAP segment profit to adjusted operating income, GAAP net income to adjusted operating income and adjusted EBITDA, GAAP net income and diluted earnings per common share to non-GAAP net income and diluted non-GAAP earnings per common share and GAAP outlook to non-GAAP outlook are included elsewhere in this release.
Cautionary Note on Forward Looking Statements
This news release 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 the ongoing impacts of the COVID-19 pandemic and the conflict in Ukraine on the Company's operations and markets, including supply chain issues and inflationary pressures related thereto; 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 and the impact of the COVID-19 pandemic on such 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 execute on our business strategies, including with respect to Company's expansion of its manufacturing presence in Taiwan; the Company's capital allocation strategy, which may be modified at any time for any reason, including share repurchases, dividends, debt repayments and potential acquisitions; the impact of the acquisitions the Company has made and commercial partnerships the Company has established, including the acquisition of CMC Materials, Inc. ("CMC Materials"); trends relating to the fluctuation of currency exchange rates; future capital and other expenditures, including estimates thereof; the Company's expected tax rate; the impact, financial or otherwise, of any organizational changes; the impact of accounting pronouncements; quantitative and qualitative disclosures about market risk; and other matters. These forward looking statements are based on current management expectations and assumptions only as of the date of this Quarterly Report, are not guarantees of future performance and involve substantial risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from the results expressed in, or implied by, these forward looking statements. These risks and uncertainties include, but are not limited to, weakening of global and/or regional economic conditions, generally or specifically in the semiconductor industry, which could decrease the demand for the Company's products and solutions; the level of, and obligations associated with, the Company's indebtedness, including the debts incurred in connection with the acquisition of CMC Materials; risks related to the acquisition and integration of CMC Materials, including unanticipated difficulties or expenditures relating thereto; the ability to achieve the anticipated synergies and value-creation contemplated by the acquisition of CMC Materials and the diversion of management time on transaction-related matters;
Entegris, Inc. - page 3 of 13
risks related to the COVID-19 pandemic on the global economy and financial markets, as well as on the Company, its customers and suppliers, which may impact its sales, gross margin, customer demand and its ability to supply its products to its customers; raw material shortages, supply and labor constraints and price increases or pricing and inflationary pressures; operational, political and legal risks of the Company's international operations; the Company's dependence on sole source and limited source suppliers; the Company's ability to meet rapid demand shifts; the Company's ability to continue technological innovation and introduce new products to meet customers' rapidly changing requirements; substantial competition; the Company's concentrated customer base; the Company's ability to identify, complete and integrate acquisitions, joint ventures or other transactions; the Company's ability to effectively implement any organizational changes; the Company's ability to protect and enforce intellectual property rights; the ongoing conflict in Ukraine and the global response thereto; the increasing complexity of certain manufacturing processes; changes in government regulations of the countries in which the Company operates, including the imposition of tariffs, export controls and other trade laws and restrictions and changes to foreign and national security policy, especially as they relate to China; fluctuation of currency exchange rates; fluctuations in the market price of the Company's stock; and other risk factors and additional information described in the Company's filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on February 4, 2022, in Item 1A of the Company's Quarterly Report on Form 10-Q for the period ended April 2, 2022, filed on April 26, 2022, and in the Company's other periodic filings. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company undertakes no obligation to update publicly any forward-looking statements or information contained herein, which speak as of their respective dates.
Entegris, Inc. - page 4 of 13
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three months ended
July 2, 2022
July 3, 2021
April 2, 2022
Net sales
$692,489
$571,352
$649,646
Cost of sales
382,092
305,968
339,826
Gross profit
310,397
265,384
309,820
Selling, general and administrative expenses
90,685
72,621
87,108
Engineering, research and development expenses
49,248
41,972
46,715
Amortization of intangible assets
12,494
11,902
12,651
Operating income
157,970
138,889
163,346
Interest expense, net
31,343
10,643
12,864
Other expense, net
9,619
23,560
4,902
Income before income tax expense
117,008
104,686
145,580
Income tax expense
17,517
15,916
19,875
Net income
$99,491
$88,770
$125,705
Basic earnings per common share:
$0.73
$0.66
$0.93
Diluted earnings per common share:
$0.73
$0.65
$0.92
Weighted average shares outstanding:
Basic
135,895
135,498
135,670
Diluted
136,454
136,533
136,552
Entegris, Inc. - page 5 of 13
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Six months ended
July 2, 2022
July 3, 2021
Net sales
$1,342,135
$1,084,196
Cost of sales
721,918
583,826
Gross profit
620,217
500,370
Selling, general and administrative expenses
177,793
144,010
Engineering, research and development expenses
95,963
79,720
Amortization of intangible assets
25,145
23,773
Operating income
321,316
252,867
Interest expense, net
44,207
22,224
Other expense, net
14,521
27,890
Income before income tax expense
262,588
202,753
Income tax expense
37,392
29,307
Net income
$225,196
$173,446
Basic earnings per common share:
$1.66
$1.28
Diluted earnings per common share:
$1.65
$1.27
Weighted average shares outstanding:
Basic
135,783
135,283
Diluted
136,503
136,518
Entegris, Inc. - page 6 of 13
Entegris, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
July 2, 2022
December 31, 2021
ASSETS
Current assets:
Cash, cash equivalents and restricted cash
$2,743,231
$402,565
Trade accounts and notes receivable, net
381,251
347,413
Inventories, net
583,766
475,213
Deferred tax charges and refundable income taxes
38,907
35,312
Other current assets
129,003
52,867
Total current assets
3,876,158
1,313,370
Property, plant and equipment, net
779,631
654,098
Other assets:
Right-of-use assets
68,389
66,563
Goodwill
789,540
793,702
Intangible assets, net
308,871
335,113
Deferred tax assets and other noncurrent tax assets
26,549
17,671
Other
12,033
11,379
Total assets
$5,861,171
$3,191,896
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
$146,441
$130,734
Accrued liabilities
198,171
199,131
Income tax payable
48,523
49,136
Total current liabilities
393,135
379,001
Long-term debt, excluding current maturities
3,408,801
937,027
Long-term lease liability
60,893
60,101
Other liabilities
85,628
101,986
Shareholders' equity
1,912,714
1,713,781
Total liabilities and equity
$5,861,171
$3,191,896
Entegris, Inc. - page 7 of 13
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three months ended
Six months ended
July 2, 2022
July 3, 2021
July 2, 2022
July 3, 2021
Operating activities:
Net income
$99,491
$88,770
$225,196
$173,446
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
24,381
22,574
48,286
44,669
Amortization
12,494
11,902
25,145
23,773
Share-based compensation expense
10,182
7,519
19,467
14,657
Loss on extinguishment of debt and modification
-
23,338
-
23,338
Other
8,492
(8,369)
8,687
(203)
Changes in operating assets and liabilities, net of effects of acquisitions:
Trade accounts and notes receivable
(26,138)
(26,667)
(57,309)
(48,231)
Inventories
(47,465)
(30,386)
(124,941)
(69,723)
Accounts payable and accrued liabilities
49,468
13,244
27,145
(15,347)
Income taxes payable, refundable income taxes and noncurrent taxes payable
(20,308)
(22,854)
(3,548)
(26,442)
Other
313
2,784
6,570
15,033
Net cash provided by operating activities
110,910
81,855
174,698
134,970
Investing activities:
Acquisition of property and equipment
(107,692)
(41,771)
(192,097)
(85,101)
Acquisition of business, net of cash acquired
-
(2,250)
-
(2,250)
Other
-
18
1,123
90
Net cash used in investing activities
(107,692)
(44,003)
(190,974)
(87,261)
Financing activities:
Proceeds from revolving credit facility and long-term debt
2,527,314
451,000
2,606,314
451,000
Payments of revolving credit facility and long-term debt
(114,000)
(601,000)
(193,000)
(601,000)
Payments for debt extinguishment costs
-
(19,080)
-
(19,080)
Payments for dividends
(13,589)
(10,889)
(27,484)
(21,797)
Issuance of common stock
5,598
15,245
8,977
16,817
Taxes paid related to net share settlement of equity awards
(200)
(55)
(16,317)
(15,093)
Repurchase and retirement of common stock
-
(15,000)
-
(30,000)
Other
(10,204)
(4,800)
(11,166)
(4,801)
Net cash provided by (used in) financing activities
2,394,919
(184,579)
2,367,324
(223,954)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(7,638)
(760)
(10,382)
(3,615)
Increase (decrease) in cash, cash equivalents and restricted cash
2,390,499
(147,487)
2,340,666
(179,860)
Cash, cash equivalents and restricted cash at beginning of period
352,732
548,520
402,565
580,893
Cash, cash equivalents and restricted cash at end of period
$2,743,231
$401,033
$2,743,231
$401,033
Entegris, Inc. - page 8 of 13
Entegris, Inc. and Subsidiaries
Segment Information
(In thousands)
(Unaudited)
Three months ended
Six months ended
Net sales
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
Specialty Chemicals and Engineered Materials
$207,729
$180,366
$196,421
$404,150
$346,907
Microcontamination Control
274,133
227,521
266,637
540,770
434,620
Advanced Materials Handling
224,084
172,502
198,113
422,197
321,043
Inter-segment elimination
(13,457)
(9,037)
(11,525)
(24,982)
(18,374)
Total net sales
$692,489
$571,352
$649,646
$1,342,135
$1,084,196
Three months ended
Six months ended
Segment profit
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
Specialty Chemicals and Engineered Materials
$45,718
$44,945
$48,851
$94,569
$79,501
Microcontamination Control
100,107
78,132
98,618
198,725
148,698
Advanced Materials Handling
46,926
42,093
46,690
93,616
74,188
Total segment profit
192,751
165,170
194,159
386,910
302,387
Amortization of intangibles
12,494
11,902
12,651
25,145
23,773
Unallocated expenses
22,287
14,379
18,162
40,449
25,747
Total operating income
$157,970
$138,889
$163,346
$321,316
$252,867
Entegris, Inc. - page 9 of 13
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP Gross Profit to Adjusted Gross Profit
(In thousands)
(Unaudited)
Three months ended
Six months ended
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
Net sales
$692,489
$571,352
$649,646
$1,342,135
$1,084,196
Gross profit-GAAP
$310,397
$265,384
$309,820
$620,217
$500,370
Adjusted gross profit
$310,397
$265,384
$309,820
$620,217
$500,370
Gross margin - as a % of net sales
44.8
%
46.4
%
47.7
%
46.2
%
46.2
%
Adjusted gross margin - as a % of net sales
44.8
%
46.4
%
47.7
%
46.2
%
46.2
%
Entegris, Inc. - page 10 of 13
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP Segment Profit to Adjusted Operating Income
(In thousands)
(Unaudited)
Three months ended
Six months ended
Segment profit-GAAP
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
Specialty Chemicals and Engineered Materials (SCEM)
$45,718
$44,945
$48,851
$94,569
$79,501
Microcontamination Control (MC)
100,107
78,132
98,618
198,725
148,698
Advanced Materials Handling (AMH)
46,926
42,093
46,690
93,616
74,188
Total segment profit
192,751
165,170
194,159
386,910
302,387
Amortization of intangible assets
12,494
11,902
12,651
25,145
23,773
Unallocated expenses
22,287
14,379
18,162
40,449
25,747
Total operating income
$157,970
$138,889
$163,346
$321,316
$252,867
Three months ended
Six months ended
Adjusted segment profit
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
SCEM segment profit
$45,718
$44,945
$48,851
$94,569
$79,501
Severance and restructuring costs
-
51
-
-
98
Charge for fair value write-up of acquired inventory sold
-
-
-
-
-
SCEM adjusted segment profit
$45,718
$44,996
$48,851
$94,569
$79,599
MC segment profit
$100,107
$78,132
$98,618
$198,725
$148,698
Severance and restructuring costs
-
55
-
-
106
MC adjusted segment profit
$100,107
$78,187
$98,618
$198,725
$148,804
AMH segment profit
$46,926
$42,093
$46,690
$93,616
$74,188
Severance and restructuring costs
-
38
-
-
75
AMH adjusted segment profit
$46,926
$42,131
$46,690
$93,616
$74,263
Unallocated general and administrative expenses
$22,287
$14,379
$18,162
$40,449
$25,747
Unallocated deal and integration costs
(12,575)
(632)
(6,254)
(18,829)
(2,676)
Unallocated severance and restructuring costs
-
(36)
-
-
(44)
Adjusted unallocated general and administrative expenses
$9,712
$13,711
$11,908
$21,620
$23,027
Total adjusted segment profit
$192,751
$165,314
$194,159
$386,910
$302,666
Adjusted amortization of intangible assets
-
-
-
-
-
Adjusted unallocated general and administrative expenses
9,712
13,711
11,908
21,620
23,027
Total adjusted operating income
$183,039
$151,603
$182,251
$365,290
$279,639
Entegris, Inc. - page 11 of 13
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP Net Income to Adjusted Operating Income and Adjusted EBITDA
(In thousands)
(Unaudited)
Three months ended
Six months ended
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
Net sales
$692,489
$571,352
$649,646
$1,342,135
$1,084,196
Net income
$99,491
$88,770
$125,705
$225,196
$173,446
Net income - as a % of net sales
14.4
%
15.5
%
19.3
%
16.8
%
16.0
%
Adjustments to net income:
Income tax expense
17,517
15,916
19,875
37,392
29,307
Interest expense, net
31,343
10,643
12,864
44,207
22,224
Other expense, net
9,619
23,560
4,902
14,521
27,890
GAAP - Operating income
157,970
138,889
163,346
321,316
252,867
Operating margin - as a % of net sales
22.8
%
24.3
%
25.1
%
23.9
%
23.3
%
Deal and transaction costs
2,410
-
5,008
7,418
-
Integration costs
10,165
632
1,246
11,411
2,676
Severance and restructuring costs
-
180
-
-
323
Amortization of intangible assets
12,494
11,902
12,651
25,145
23,773
Adjusted operating income
183,039
151,603
182,251
365,290
279,639
Adjusted operating margin - as a % of net sales
26.4
%
26.5
%
28.1
%
27.2
%
25.8
%
Depreciation
24,381
22,574
23,905
48,286
44,669
Adjusted EBITDA
$207,420
$174,177
$206,156
$413,576
$324,308
Adjusted EBITDA - as a % of net sales
30.0
%
30.5
%
31.7
%
30.8
%
29.9
%
Entegris, Inc. - page 12 of 13
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP Net Income and Diluted Earnings per Common Share to Non-GAAP Net Income and Diluted Non-GAAP Earnings per Common Share
(In thousands, except per share data)
(Unaudited)
Three months ended
Six months ended
July 2, 2022
July 3, 2021
April 2, 2022
July 2, 2022
July 3, 2021
GAAP net income
$99,491
$88,770
$125,705
$225,196
$173,446
Adjustments to net income:
Deal and transaction costs
2,410
-
5,008
7,418
-
Integration costs
10,165
632
1,246
11,411
2,676
Severance and restructuring costs
-
180
-
-
323
Loss on extinguishment of debt and modification
-
23,338
-
-
23,338
Interest expense, net
22,742
-
4,683
27,425
-
Amortization of intangible assets
12,494
11,902
12,651
25,145
23,773
Tax effect of adjustments to net income and discrete items1
(10,486)
(8,111)
(4,160)
(14,646)
(11,332)
Non-GAAP net income
$136,816
$116,711
$145,133
$281,949
$212,224
Diluted earnings per common share
$0.73
$0.65
$0.92
$1.65
$1.27
Effect of adjustments to net income
$0.27
$0.20
$0.14
$0.42
$0.28
Diluted non-GAAP earnings per common share
$1.00
$0.85
$1.06
$2.07
$1.55
1The tax effect of pre-tax adjustments to net income was calculated using the applicable marginal tax rate during the respective years.
Entegris, Inc. - page 13 of 13
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Entegris Inc. published this content on 02 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2022 10:21:10 UTC.
Entegris, Inc. is a supplier of advanced materials and process solutions for the semiconductor and other high technology industries (high-tech). The Company's segments include Materials Solutions (MS), Microcontamination Control (MC) and Advanced Materials Handling (AMH). The MS segment provides advanced consumable materials, such as chemical mechanical planarization (CMP) slurries and pads, deposition materials, process chemistries and gases, formulated cleans, etchants and other specialty materials. The MC segment is engaged in filtering and purifying critical liquid chemistries and gases used in semiconductor manufacturing processes and other high-tech industries. The AMH segment protects critical materials during manufacturing, transportation, and storage; including products that monitor, protect, transport and deliver critical liquid chemistries, wafers, and other substrates for a broad set of applications in the semiconductor, life sciences and other high-tech industries.