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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________
FORM 10-Q
______________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 27, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 001-32598
https://cdn.kscope.io/7040f2de8b43524fec74909433399b5e-entg-20200627_g1.jpg
_______________________________________
Entegris, Inc.
(Exact name of registrant as specified in its charter)
 _________________________________________
Delaware 41-1941551
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
129 Concord Road,Billerica,Massachusetts 01821
(Address of principal executive offices) (Zip Code)
(978) 436-6500
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
 _______________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareENTGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ýAccelerated filer 
Non-accelerated filer ¨Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ý
As of July 20, 2020, there were 134,818,927 shares of the registrant’s common stock outstanding.



Table of Contents
ENTEGRIS, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
FOR THE QUARTER ENDED JUNE 27, 2020
DescriptionPage
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Cautionary Statements
This Quarterly Report on Form 10-Q 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 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; 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 its business strategies; 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; 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, risks related to the COVID-19 pandemic on the global economy and financial markets, as well as on the Company, our customers and suppliers, which may impact our sales, gross margin, customer demand and our ability to supply our products to our customers; 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 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; the Company’s concentrated customer base; the Company’s ability to identify, effect 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; operational, political and legal risks of the Company’s international operations; the Company’s dependence on sole source and limited source suppliers; the increasing complexity of certain manufacturing processes; raw material shortages, supply constraints and price increases; changes in
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government regulations of the countries in which the Company operates; fluctuation of currency exchange rates; fluctuations in the market price of the Company’s stock; the level of, and obligations associated with, the Company’s indebtedness; and other risk factors and additional information described in the Company’s filings with the Securities and Exchange Commission, including under the heading “Risks Factors” in Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed on February 7, 2020, under the heading “Risk Factors” in Item 1A of this Quarterly Report 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.
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PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements

ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) 
(In thousands, except share and per share data)June 27, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$532,667  $351,911  
Trade accounts and notes receivable, net of allowance for doubtful accounts of $3,066 and $1,145
275,557  234,409  
Inventories, net332,885  287,098  
Deferred tax charges and refundable income taxes20,291  24,552  
Other current assets27,447  34,427  
Total current assets1,188,847  932,397  
Property, plant and equipment, net of accumulated depreciation of $558,433 and $522,424
475,202  479,544  
Other assets:
Right-of-use assets47,911  50,160  
Goodwill725,678  695,044  
Intangible assets, net of accumulated amortization of $437,450 and $409,328342,258  333,952  
Deferred tax assets and other noncurrent tax assets11,772  11,245  
Other12,372  13,744  
Total assets$2,804,040  $2,516,086  
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt, current maturities$  $4,000  
Accounts payable80,359  84,207  
Accrued payroll and related benefits61,884  62,340  
Accrued interest payable12,607  9,653  
Other accrued liabilities58,626  78,125  
Income taxes payable24,479  26,108  
Total current liabilities237,955  264,433  
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $11,008 and $9,516
1,183,992  932,484  
Pension benefit obligations and other liabilities37,106  37,867  
Deferred tax liabilities and other noncurrent tax liabilities71,494  71,586  
Long-term lease liability41,704  43,827  
Commitments and contingent liabilities    
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of June 27, 2020 and December 31, 2019
    
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of June 27, 2020: 134,948,625 and 134,746,225, respectively; issued and outstanding shares as of December 31, 2019: 134,929,768 and 134,727,368, respectively
1,349  1,349  
Treasury stock, at cost: 202,400 shares held as of June 27, 2020 and December 31, 2019
(7,112) (7,112) 
Additional paid-in capital838,739  842,784  
Retained earnings 447,590  366,127  
Accumulated other comprehensive loss(48,777) (37,259) 
Total equity1,231,789  1,165,889  
Total liabilities and equity$2,804,040  $2,516,086  
See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
 Three months endedSix months ended
(In thousands, except per share data)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net sales$448,405  $378,874  $860,732  $769,921  
Cost of sales241,033  212,600  467,882  426,254  
Gross profit207,372  166,274  392,850  343,667  
Selling, general and administrative expenses66,872  64,150  125,763  146,404  
Engineering, research and development expenses32,572  30,624  62,204  59,615  
Amortization of intangible assets13,216  16,591  29,427  35,248  
Operating income94,712  54,909  175,456  102,400  
Interest expense13,005  11,315  23,564  22,199  
Interest income(213) (1,623) (534) (2,848) 
Other (income) expense, net(477) (122,015) 401  (122,263) 
Income before income tax expense 82,397  167,232  152,025  205,312  
Income tax expense14,361  43,235  22,983  48,657  
Net income $68,036  $123,997  $129,042  $156,655  
Basic earnings per common share$0.51  $0.92  $0.96  $1.16  
Diluted earnings per common share$0.50  $0.91  $0.95  $1.15  
Weighted shares outstanding:
Basic134,700135,378134,722135,338
Diluted136,007136,581136,188136,637
See the accompanying notes to condensed consolidated financial statements.

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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedSix months ended
(In thousands)June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income$68,036  $123,997  $129,042  $156,655  
Other comprehensive loss, net of tax
Foreign currency translation adjustments(2,176) (1,712) (11,537) (4,499) 
Pension liability adjustments9  (14) 19  10  
Other comprehensive loss(2,167) (1,726) (11,518) (4,489) 
Comprehensive income $65,869  $122,271  $117,524  $152,166  
See the accompanying notes to condensed consolidated financial statements.

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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(In thousands)Common
shares
outstanding
Common
stock
Treasury sharesTreasury stockAdditional
paid-in
capital
Retained earnings
Foreign currency translation adjustmentsDefined benefit pension adjustmentsTotal
Balance at December 31, 2018136,179  $1,362  (202) $(7,112) $837,658  $213,753  $(32,776) $(860) $1,012,025  
Shares issued under stock plans572  5  —    (6,817)       (6,812) 
Share-based compensation expense—    —    4,653        4,653  
Repurchase and retirement of common stock(1,035) (10) —    (6,364) (23,413)     (29,787) 
Dividends declared ($0.07 per share)—    —    7  (9,517)     (9,510) 
Pension liability adjustment—    —          24  24  
Foreign currency translation—    —        (2,787)   (2,787) 
Net income—    —      32,658      32,658  
Balance at March 30, 2019135,716  $1,357  (202) $(7,112) $829,137  $213,481  $(35,563) $(836) $1,000,464  
Shares issued under stock plans49      (572)       (572) 
Share-based compensation expense—    —    4,936        4,936  
Repurchase and retirement of common stock(422) (4) —    (2,579) (12,417)     (15,000) 
Dividends declared ($0.07 per share)—    —      (9,550)     (9,550) 
Pension liability adjustment—    —          (14) (14) 
Foreign currency translation—    —        (1,712)   (1,712) 
Net income—    —      123,997      123,997  
Balance at June 29, 2019135,343  $1,353  (202) $(7,112) $830,922  $315,511  $(37,275) $(850) $1,102,549  

(In thousands)Common
shares
outstanding
Common
stock
Treasury sharesTreasury stockAdditional
paid-in
capital
Retained earnings
Foreign currency translation adjustmentsDefined benefit pension adjustmentsTotal
Balance at December 31, 2019134,930  $1,349  (202) $(7,112) $842,784  $366,127  $(36,468) $(791) $1,165,889  
Shares issued under stock plans483  5  —    (10,894)       (10,889) 
Share-based compensation expense—    —    4,994        4,994  
Repurchase and retirement of common stock(604) (6) —    (3,740) (25,818)     (29,564) 
Dividends declared ($0.08 per share)—    —    15  (10,773)     (10,758) 
Pension liability adjustment—    —          10  10  
Foreign currency translation—    —        (9,361)   (9,361) 
Net income—    —      61,006      61,006  
Balance at March 28, 2020134,809  $1,348  (202) $(7,112) $833,159  $390,542  $(45,829) $(781) $1,171,327  
Shares issued under stock plans139  1    (83)       (82) 
Share-based compensation expense—    —    5,655        5,655  
Dividends declared ($0.08 per share)—    —    8  (10,988)     (10,980) 
Pension liability adjustment—    —          9  9  
Foreign currency translation—    —        (2,176)   (2,176) 
Net income—    —      68,036      68,036  
Balance at June 27, 2020134,948  $1,349  (202) $(7,112) $838,739  $447,590  $(48,005) $(772) $1,231,789  

See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 Six months ended
(In thousands)June 27, 2020June 29, 2019
Operating activities:
Net income $129,042  $156,655  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation41,287  35,317  
Amortization29,427  35,248  
Share-based compensation expense10,649  9,589  
Provision for deferred income taxes(859) (2,157) 
Charge for excess and obsolete inventory8,393  3,315  
Other5,361  4,982  
Changes in operating assets and liabilities:
Trade accounts and notes receivable(42,087) 5,436  
Inventories(55,362) 3,709  
Accounts payable and accrued liabilities5,643  (52,707) 
Other current assets4,871  13,028  
Income taxes payable and refundable income taxes4,412  15,391  
Other647  557  
Net cash provided by operating activities141,424  228,363  
Investing activities:
Acquisition of property, plant and equipment(46,873) (60,101) 
Acquisition of businesses, net of cash acquired(75,645) (49,267) 
Other211  197  
Net cash used in investing activities(122,307) (109,171) 
Financing activities:
Proceeds from short-term borrowings and long-term debt617,000    
Payments of long-term debt(368,000) (2,000) 
Payments for debt issuance costs(3,964)   
Payments for dividends(21,652) (18,964) 
Issuance of common stock1,749  917  
Repurchase and retirement of common stock(29,564) (50,321) 
Taxes paid related to net share settlement of equity awards(12,720) (8,301) 
Deferred acquisition payments(16,125)   
Other(2,891) (497) 
Net cash provided by (used in) financing activities