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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 October 1, 2022
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/f4317ba1546763f86a69560c0e9912c8-entg-20221001_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.
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 31, 2022, there were 149,034,584 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 OCTOBER 1, 2022
DescriptionPage
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 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; 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; 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, price increases, inflationary pressures and rising interest rates; operational, political and legal risks of the Company’s international operations;
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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 national security and international trade 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 (the “SEC”), 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, and in the Company’s other SEC filings. Except as required under the federal securities laws and the rules and regulations of the SEC, 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)October 1, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$752,787 $402,565 
Restricted cash1,880  
Trade accounts and notes receivable, net of allowance for credit losses of $4,304 and $2,349
519,793 347,413 
Inventories, net823,637 475,213 
Deferred tax charges and refundable income taxes22,024 35,312 
Other current assets102,155 52,867 
Total current assets2,222,276 1,313,370 
Property, plant and equipment, net of accumulated depreciation of $1,120,337 and $653,104
1,383,693 654,098 
Other assets:
Right-of-use assets95,397 66,563 
Goodwill4,405,292 793,702 
Intangible assets, net of accumulated amortization of $585,137 and $494,601
1,969,729 335,113 
Deferred tax assets and other noncurrent tax assets18,637 17,671 
Other38,380 11,379 
Total assets$10,133,404 $3,191,896 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt, including current portion of long-term debt$219,787 $ 
Accounts payable187,697 130,734 
Accrued payroll and related benefits149,269 108,818 
Accrued interest payable74,513 6,073 
Other accrued liabilities166,924 84,240 
Income taxes payable42,831 49,136 
Total current liabilities841,021 379,001 
Long-term debt, excluding current maturities, net of unamortized discount and debt issuance costs of $147,515 and $7,973
5,627,698 937,027 
Pension benefit obligations and other liabilities54,048 37,816 
Deferred tax liabilities and other noncurrent tax liabilities411,450 64,170 
Long-term lease liability82,870 60,101 
Commitments and contingent liabilities  
Equity:
Preferred stock, par value $.01; 5,000,000 shares authorized; none issued and outstanding as of October 1, 2022 and December 31, 2021
  
Common stock, par value $.01; 400,000,000 shares authorized; issued and outstanding shares as of October 1, 2022: 149,236,984 and 149,034,584, respectively; issued and outstanding shares as of December 31, 2021: 135,719,366 and 135,516,966, respectively
1,492 1,357 
Treasury stock, at cost: 202,400 shares held as of October 1, 2022 and December 31, 2021
(7,112)(7,112)
Additional paid-in capital2,190,961 879,845 
Retained earnings 988,848 879,776 
Accumulated other comprehensive loss(57,872)(40,085)
Total equity3,116,317 1,713,781 
Total liabilities and equity$10,133,404 $3,191,896 
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)October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Net sales$993,828 $579,493 $2,335,963 $1,663,689 
Cost of sales622,157 315,289 1,344,075 899,115 
Gross profit371,671 264,204 991,888 764,574 
Selling, general and administrative expenses226,446 71,032 404,239 215,042 
Engineering, research and development expenses64,990 41,972 160,953 121,692 
Amortization of intangible assets65,346 11,843 90,491 35,616 
Operating income14,889 139,357 336,205 392,224 
Interest expense84,150 9,395 129,027 31,744 
Interest income(1,395)(56)(2,065)(181)
Other expense, net12,852 1,917 27,373 29,807 
(Loss) income before income tax expense (80,718)128,101 181,870 330,854 
Income tax (benefit) expense(7,015)10,640 30,377 39,947 
Net (loss) income $(73,703)$117,461 $151,493 $290,907 
Basic (loss) earnings per common share$(0.50)$0.87 $1.08 $2.15 
Diluted (loss) earnings per common share$(0.50)$0.86 $1.08 $2.13 
Weighted shares outstanding:
Basic148,570135,583140,045135,383
Diluted148,570136,631140,892136,556
See the accompanying notes to condensed consolidated financial statements.

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ENTEGRIS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
 
 Three months endedNine months ended
(In thousands)October 1, 2022October 2, 2021October 1, 2022October 2, 2021
Net (loss) income$(73,703)$117,461 $151,493 $290,907 
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments(37,461)637 (48,603)(1,622)
Pension liability adjustments  73 39 
       Interest rate swap - cash flow hedge40,028  40,028  
       Income tax expense(9,285) (9,285) 
       Total Interest rate swap - cash flow hedge30,743  30,743  
Other comprehensive (loss) income(6,718)637 (17,787)(1,583)
Comprehensive (loss) income $(80,421)$118,098 $133,706 $289,324 
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 adjustmentsInterest Rate Swap - Cash flow hedgeTotal
Balance at December 31, 2020135,149 $1,351 202 $(7,112)$844,850 $577,833 $(36,588)$(840)$ $1,379,494 
Shares issued under stock plans392 4 —  (13,470)    (13,466)
Share-based compensation expense—  —  7,138     7,138 
Repurchase and retirement of common stock(145)(1)—  (904)(14,095)   (15,000)
Dividends declared ($0.08 per share)
—  —  8 (10,840)   (10,832)
Pension liability adjustment—  —     39  39 
Foreign currency translation—  —    (3,716)  (3,716)
Net income—  —   84,676    84,676 
Balance at April 3, 2021135,396 $1,354 202 $(7,112)$837,622 $637,574 $(40,304)$(801)$ $1,428,333 
Shares issued under stock plans559 5  15,185     15,190 
Share-based compensation expense—  —  7,519     7,519 
Repurchase and retirement of common stock(130)(1)—  (813)(14,186)   (15,000)
Dividends declared ($0.08 per share)
—  —  7 (10,945)   (10,938)
Foreign currency translation—  —    1,457   1,457 
Net income—  —   88,770    88,770 
Balance at July 3, 2021135,825 $1,358 202 $(7,112)$859,520 $701,213 $(38,847)$(801) $1,515,331 
Shares issued under stock plans65 1  779     780 
Share-based compensation expense—  —  7,467     7,467 
Repurchase of common stock(166)(2)—  (1,050)(18,948)   (20,000)
Dividends declared ($0.08 per share)
—  —   (10,896)   (10,896)
Foreign currency translation—  —    637   637 
Net income—  —   117,461    117,461 
Balance at October 2, 2021135,724 $1,357 202 $(7,112)$866,716 $788,830 $(38,210)$(801)$ $1,610,780 
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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 adjustmentsInterest Rate Swap - Cash flow hedgeTotal
Balance at December 31, 2021135,719 $1,357 202 $(7,112)$879,845 $879,776 $(38,863)$(1,222)$ $1,713,781 
Shares issued under stock plans366 4 —  (12,742)    (12,738)
Share-based compensation expense—  —  9,285     9,285 
Dividends declared ($0.10 per share)
—  —   (13,660)   (13,660)
Pension liability adjustment—  —     73  73 
Foreign currency translation—  —    (2,128)  (2,128)
Net income—  —   125,705    125,705 
Balance at April 2, 2022136,085 $1,361 202 $(7,112)$876,388 $991,821 $(40,991)$(1,149)$ $1,820,318 
Shares issued under stock plans88 1  5,397     5,398 
Share-based compensation expense—  —  10,182     10,182 
Dividends declared ($0.10 per share)
—  —   (13,661)   (13,661)
Foreign currency translation—  —    (9,014)  (9,014)
Net income—  —   99,491    99,491 
Balance at July 2, 2022136,173 $1,362 202 $(7,112)$891,967 $1,077,651 $(50,005)$(1,149) $1,912,714 
Shares issued under stock plans137 1  (4,644)    (4,643)
Share-based compensation expense—  —  38,077     38,077 
Issuance of common stock in connection with CMC Materials acquisition12,927 129 —  1,265,561     1,265,690 
Dividends declared ($0.10 per share)
—  —   (15,100)   (15,100)
Interest Rate Swap - Cash flow hedge—  —      30,743 30,743 
Foreign currency translation—  —    (37,461)  (37,461)
Net loss—  —   (73,703)   (73,703)
Balance at October 1, 2022149,237 $1,492 202 $(7,112)$2,190,961 $988,848 $(87,466)$(1,149)$30,743 $3,116,317 
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)October 1, 2022October 2, 2021
Operating activities:
Net income $151,493 $290,907 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation93,489 67,510 
Amortization90,491 35,616 
Share-based compensation expense57,544 22,124 
Charge for fair value mark-up of acquired inventory sold61,932  
Provision for deferred income taxes(56,964)(12,307)
Loss on extinguishment of debt and modification2,235 23,338 
Charge for excess and obsolete inventory17,582 10,066 
Other38,670 265 
Changes in operating assets and liabilities:
Trade accounts and notes receivable(34,378)(53,358)
Inventories(180,335)(115,187)
Accounts payable and accrued liabilities83,307 37,577 
Other current assets(4,248)10,575 
Income taxes payable and refundable income taxes(15,637)(35,275)
Other15,049 2,623 
Net cash provided by operating activities320,230 284,474 
Investing activities:
Acquisition of property, plant and equipment(318,836)(133,986)
Acquisition of businesses, net of cash acquired(4,474,925)(2,250)
Other1,124 4,416 
Net cash used in investing activities(4,792,637)(131,820)
Financing activities:
Proceeds from revolving credit facility and short-term debt476,000 451,000 
Payments of revolving credit facility and short-term debt(271,000)(601,000)
Proceeds from long-term debt4,940,753  
Payments of long-term debt(145,000) 
Payments for debt extinguishment costs (19,080)
Payments for debt issuance costs(99,489)(