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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 September 26, 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/8bdf6a87d77f2066604bfc1e4b05b4f9-entg-20200926_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 October 19, 2020, there were 134,992,425 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 SEPTEMBER 26, 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, 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; 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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Table of Contents
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)September 26, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$447,972 $351,911 
Trade accounts and notes receivable, net of allowance for doubtful accounts of $3,370 and $1,145300,489 234,409 
Inventories, net329,741 287,098 
Deferred tax charges and refundable income taxes38,100 24,552 
Other current assets30,148 34,427 
Total current assets1,146,450 932,397 
Property, plant and equipment, net of accumulated depreciation of $571,199 and $522,424490,298 479,544 
Other assets:
Right-of-use assets46,655 50,160 
Goodwill744,470 695,044 
Intangible assets, net of accumulated amortization of $449,454 and $409,328349,066 333,952 
Deferred tax assets and other noncurrent tax assets12,179 11,245 
Other12,510 13,744 
Total assets$2,801,628 $2,516,086 
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt, current maturities$ $4,000 
Accounts payable69,918 84,207 
Accrued payroll and related benefits77,585 62,340 
Other accrued liabilities74,264 87,778 
Income taxes payable25,606 26,108 
Total current liabilities247,373 264,433 
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $9,620 and $9,5161,085,380 932,484 
Pension benefit obligations and other liabilities38,064 37,867 
Deferred tax liabilities and other noncurrent tax liabilities88,103 71,586 
Long-term lease liability40,407 43,827 
Commitments and contingent liabilities  
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of September 26, 2020 and December 31, 2019
  
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of September 26, 2020: 135,238,325 and 135,035,925, respectively; issued and outstanding shares as of December 31, 2019: 134,929,768 and 134,727,368, respectively1,352 1,349 
Treasury stock, at cost: 202,400 shares held as of September 26, 2020 and December 31, 2019
(7,112)(7,112)
Additional paid-in capital835,953 842,784 
Retained earnings 516,111 366,127 
Accumulated other comprehensive loss(44,003)(37,259)
Total equity1,302,301 1,165,889 
Total liabilities and equity$2,801,628 $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 endedNine months ended
(In thousands, except per share data)September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net sales$480,987 $394,147 $1,341,719 $1,164,068 
Cost of sales254,987 223,797 722,869 650,051 
Gross profit226,000 170,350 618,850 514,017 
Selling, general and administrative expenses71,195 71,232 196,958 217,636 
Engineering, research and development expenses36,295 31,173 98,499 90,788 
Amortization of intangible assets11,749 15,152 41,176 50,400 
Operating income106,761 52,793 282,217 155,193 
Interest expense12,781 11,388 36,345 33,587 
Interest income(130)(1,172)(664)(4,020)
Other (income) expense, net(1,752)934 (1,351)(121,329)
Income before income tax expense 95,862 41,643 247,887 246,955 
Income tax expense16,559 876 39,542 49,533 
Net income $79,303 $40,767 $208,345 $197,422 
Basic earnings per common share$0.59 $0.30 $1.55 $1.46 
Diluted earnings per common share$0.58 $0.30 $1.53 $1.45 
Weighted shares outstanding:
Basic134,957135,092134,801135,256
Diluted136,252136,530136,209136,601
See the accompanying notes to condensed consolidated financial statements.

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Table of Contents
ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 Three months endedNine months ended
(In thousands)September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Net income$79,303 $40,767 $208,345 $197,422 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments4,765 (6,005)(6,772)(10,504)
Pension liability adjustments9 17 28 27 
Other comprehensive income (loss)4,774 (5,988)(6,744)(10,477)
Comprehensive income $84,077 $34,779 $201,601 $186,945 
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 
Shares issued under stock plans156 2  3,156    3,158 
Share-based compensation expense—  —  5,326    5,326 
Repurchase of common stock(358)(4)—  (2,206)(12,790)  (15,000)
Dividends declared ($0.08 per share)—  —  14 (10,909)  (10,895)
Pension liability adjustment—  —     17 17 
Foreign currency translation—  —    (6,005) (6,005)
Net income—  —   40,767   40,767 
Balance at September 28, 2019135,141 $1,351 (202)$(7,112)$837,212 $332,579 $(43,280)$(833)$1,119,917 

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(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 
Shares issued under stock plans290 3  (8,689)   (8,686)
Share-based compensation expense—  —  5,903    5,903 
Dividends declared ($0.08 per share)—  —   (10,782)  (10,782)
Pension liability adjustment—  —     9 9 
Foreign currency translation—  —    4,765  4,765 
Net income—  —   79,303   79,303 
Balance at September 26, 2020135,238 $1,352 (202)$(7,112)$835,953 $516,111 $(43,240)$(763)$1,302,301 

See the accompanying notes to condensed consolidated financial statements.
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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 Nine months ended
(In thousands)September 26, 2020September 28, 2019
Operating activities:
Net income $208,345 $197,422 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation62,064 54,623 
Amortization41,176 50,400 
Share-based compensation expense16,552 14,915 
Provision for deferred income taxes14,958 (2,123)
Charge for excess and obsolete inventory11,933 4,646 
Other6,214 9,605 
Changes in operating assets and liabilities:
Trade accounts and notes receivable(65,367)(30,405)
Inventories(54,278)(5,689)
Accounts payable and accrued liabilities10,076 (31,911)
Other current assets