Albemarle Corp. operates in 3 segments: Lithium; Bromine; and Catalysts.
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- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Segment Profit Margin
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Lithium Segment Profit Margin
- The Lithium segment exhibits a fluctuating yet ultimately upward trend in profit margin over the five-year period. Starting at 43.22% in 2018, the margin declined gradually to 34.34% by 2020, indicating a reduction in profitability during the initial years. A slight recovery occurred in 2021 with a margin of 35.18%, followed by a substantial increase to 61.94% in 2022. This marked rise suggests a significant improvement in segment profitability, possibly due to enhanced operational efficiency, favorable market conditions, or increased product demand in the most recent year.
- Bromine Segment Profit Margin
- The Bromine segment's profit margin remains relatively stable throughout the period, fluctuating narrowly between 31.39% and 33.54%. The margin starts at 31.39% in 2018, edges up to its peak of 33.54% in 2020, decreases slightly to 31.97% in 2021, and then experiences a minor increase to 32.37% in 2022. This consistency suggests a steady performance, with no significant gains or losses in segment profitability, indicating mature operations or balanced market dynamics.
- Catalysts Segment Profit Margin
- The Catalysts segment displays a pronounced declining trend in profit margins over the analyzed period. Beginning at 25.81% in 2018, the margin slightly decreased to 25.49% in 2019 before dropping sharply to 16.31% in 2020. This downward trajectory continued into 2021 with a margin of 14.05%, culminating in a substantial contraction to a low of 3.19% by 2022. The persistent decline points to increasing challenges in maintaining profitability within this segment, which may reflect heightened competitive pressures, rising costs, or adverse market conditions.
Segment Profit Margin: Lithium
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Net sales | |||||
Segment Profitability Ratio | |||||
Segment profit margin1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Net sales
= 100 × ÷ =
- Net Sales
- Net sales exhibited a fluctuating trend over the five-year period. Starting at $1,228,171 thousand in 2018, sales increased slightly to $1,358,170 thousand in 2019 before declining to $1,144,778 thousand in 2020. In 2021, net sales recovered to $1,363,284 thousand, demonstrating a rebound post the previous decline. A substantial increase occurred in 2022, with net sales reaching $5,008,850 thousand, reflecting a significant expansion in the segment's revenue base.
- Adjusted EBITDA
- The adjusted EBITDA displayed a variable trajectory initially, starting at $530,773 thousand in 2018 and slightly decreasing to $524,934 thousand in 2019. It then declined more notably to $393,093 thousand in 2020. An improvement was observed in 2021, with adjusted EBITDA rising to $479,538 thousand. The year 2022 marked a remarkable increase to $3,102,662 thousand, aligning with the sharp rise in net sales and indicating enhanced profitability and operational leverage within the segment.
- Segment Profit Margin
- The profit margin experienced a downward trend from 43.22% in 2018 to 34.34% in 2020, suggesting increased cost pressures or reduced pricing power during this period. The margin stabilized slightly in 2021 at 35.18%. A notable improvement occurred in 2022, with the segment profit margin increasing significantly to 61.94%, indicating improved efficiency, favorable pricing, or a more profitable sales mix contributing to higher profitability.
- Overall Trends and Insights
- Between 2018 and 2021, the segment showed moderate variability in sales and profitability, with declines in both net sales and EBITDA in 2020, followed by partial recoveries in 2021. The year 2022 stands out with dramatic growth in net sales and adjusted EBITDA, accompanied by a strong increase in profit margin. This suggests a substantial enhancement in the segment’s financial performance, possibly due to increased demand, improved market conditions, or operational improvements. The significant rise in profit margin in 2022 also reflects a more efficient cost structure or favorable market dynamics contributing to higher profitability.
Segment Profit Margin: Bromine
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Net sales | |||||
Segment Profitability Ratio | |||||
Segment profit margin1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Net sales
= 100 × ÷ =
The analysis of the annual financial data for the Bromine reportable segment reveals several key trends over the five-year period from 2018 to 2022.
- Adjusted EBITDA
- Adjusted EBITDA exhibited a consistent upward trend throughout the period. Starting at US$288.1 million in 2018, it increased steadily each year, reaching US$456.9 million in 2022. This represents a significant absolute increase, indicating improved operational profitability and potentially enhanced cost efficiency or higher value product sales within the segment.
- Net Sales
- Net sales followed a similar positive trajectory, rising from US$917.9 million in 2018 to US$1.41 billion in 2022. Despite a slight dip in 2020, net sales recovered strongly in subsequent years. This growth suggests increasing demand or expanding market share in the Bromine segment, with particularly strong increases noted in 2021 and 2022.
- Segment Profit Margin
- The segment profit margin exhibited relative stability, fluctuating modestly within a range of approximately 31.4% to 33.5%. The margin peaked at 33.54% in 2020, declined slightly in 2021 to 31.97%, and then showed a minor recovery to 32.37% in 2022. This stability indicates maintained profitability relative to sales despite fluctuations in market conditions or input costs.
In summary, the Bromine segment experienced robust growth in both net sales and adjusted EBITDA over the analyzed period, with profitability margins remaining relatively stable. These trends suggest effective management of costs and revenue generation capabilities, resulting in a strengthening financial performance for the segment.
Segment Profit Margin: Catalysts
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Net sales | |||||
Segment Profitability Ratio | |||||
Segment profit margin1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment profit margin = 100 × Adjusted EBITDA ÷ Net sales
= 100 × ÷ =
- Net Sales
- There is a noticeable decline in net sales from 2018 to 2021, dropping from approximately $1.10 billion to $761.2 million. In 2022, sales showed a partial recovery rising to about $899.6 million, although they had not yet returned to the levels seen in 2018 and 2019.
- Adjusted EBITDA
- Adjusted EBITDA mirrored the overall sales trend but with more pronounced fluctuations. After decreasing steadily from $284.3 million in 2018 to $106.9 million in 2021, it fell sharply to $28.7 million in 2022. This indicates a significant compression in earnings before interest, taxes, depreciation, and amortization despite the modest rebound in sales that year.
- Segment Profit Margin
- The segment profit margin shows a clear downward trend across the entire period. It started at a strong 25.8% in 2018 and remained relatively stable through 2019 at 25.5%. However, it declined sharply in subsequent years, reaching 16.3% in 2020, 14.1% in 2021, and falling drastically to just 3.2% by 2022. This trend highlights a significant reduction in profitability within the segment, especially in the latter two years.
- Overall Insights
- The data reveals a challenging environment for the segment with declining sales and profitability over the five-year span. The steep decrease in Adjusted EBITDA and segment profit margin, even during the partial recovery in sales in 2022, suggests increased cost pressures, margin erosion, or other operational challenges impacting earnings quality. The persistent downward trajectory in profitability metrics warrants attention to underlying cost structures and market dynamics affecting the segment.
Segment Return on Assets (Segment ROA)
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The analysis of the annual reportable segment Return on Assets (ROA) percentages reveals distinct trends across the three segments over the five-year period.
- Lithium
- The ROA percentage for the Lithium segment displays a downward trend from 2018 through 2020, decreasing from 11.53% in 2018 to a low of 5.51% in 2020. This was followed by a modest recovery in 2021, with the ROA rising slightly to 6.25%. A significant surge is observed in 2022, where the ROA dramatically increased to 28.74%. This indicates a substantial improvement in asset efficiency and profitability within the Lithium segment during the most recent year.
- Bromine
- The Bromine segment shows relatively stable ROA values over the five-year period, with minor fluctuations. Starting at 38.25% in 2018, it rose to 41.09% in 2019, dipped slightly to 37.3% in 2020, then increased gently to 38.38% in 2021. The highest ROA percentage across the period occurs in 2022 at 42.6%. Overall, this segment maintains consistently strong performance with ROA hovering around the high 30s to low 40s percentile range.
- Catalysts
- The Catalysts segment reveals a clear declining trend in ROA percentages across the period. Beginning at 25.05% in 2018, the ROA gradually decreases each year, reaching 23.26% in 2019, then experiencing a sharper drop to 12.21% in 2020, followed by further declines to 9.3% in 2021 and a low of 2.37% in 2022. This continuous decline suggests diminishing asset efficiency and profitability within the Catalysts segment throughout the observed timeframe.
In summary, the Lithium segment experienced a marked improvement in profitability in the most recent year after a prior decline, the Bromine segment maintained a stable and robust ROA, while the Catalysts segment faced a persistent downward trend, indicating challenges in maintaining asset returns.
Segment ROA: Lithium
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Identifiable assets | |||||
Segment Profitability Ratio | |||||
Segment ROA1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted EBITDA ÷ Identifiable assets
= 100 × ÷ =
The financial data for the Lithium segment demonstrates significant fluctuations and growth over the five-year period from 2018 to 2022. The Adjusted EBITDA shows a general decline from 2018 through 2020, dropping from approximately $531 million to $393 million. In 2021, there is a rebound to around $480 million, followed by a substantial increase in 2022, reaching over $3.1 billion. This sharp increase in 2022 indicates a notable improvement in profitability or operational efficiency within the segment.
Identifiable assets within the segment exhibit a consistent upward trend throughout the period. Starting at approximately $4.6 billion in 2018, the asset base grows considerably each year, culminating in nearly $10.8 billion by the end of 2022. This steady increase suggests ongoing investment and expansion efforts in the Lithium segment, positioning it for higher capacity or enhanced operational capabilities.
Segment Return on Assets (ROA) reflects varying performance over the years. From 2018 to 2020, ROA declines from 11.53% to 5.51%, indicating diminishing efficiency in asset utilization during that time. However, the trend reverses from 2020 onward, with ROA rising modestly to 6.25% in 2021 and then sharply improving to 28.74% in 2022. This substantial rise in 2022 aligns with the dramatic increase in Adjusted EBITDA, showing significantly improved profitability relative to the asset base.
- Adjusted EBITDA
- Decreased initially from 2018 to 2020, then increased in 2021, and surged markedly in 2022.
- Identifiable Assets
- Consistently increased year-over-year, nearly doubling from 2018 to 2022.
- Segment ROA
- Initially declined until 2020, followed by steady improvement and a sharp rise in 2022, reflecting enhanced asset efficiency.
Overall, the Lithium segment appears to have undergone a period of contraction or challenges between 2018 and 2020, followed by recovery and significant growth, culminating in substantial profitability gains and asset expansion by 2022.
Segment ROA: Bromine
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Identifiable assets | |||||
Segment Profitability Ratio | |||||
Segment ROA1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted EBITDA ÷ Identifiable assets
= 100 × ÷ =
- Adjusted EBITDA
- The Adjusted EBITDA exhibited an overall upward trajectory throughout the five-year period. Starting at 288,116 thousand US dollars in 2018, it increased steadily each year, reaching 328,457 in 2019 and slightly dipping to 323,605 in 2020. Following this minor setback, the metric rebounded with significant growth in subsequent years, rising to 360,682 in 2021 and peaking at 456,916 thousand US dollars in 2022. This indicates improved operational profitability over time with a strong recovery after 2020.
- Identifiable Assets
- Identifiable assets showed consistent growth year-over-year, reflecting an ongoing expansion of the asset base within the segment. The value increased from 753,157 thousand US dollars in 2018 to 799,456 in 2019. The upward trend continued through 2020, 2021, and 2022, reaching 867,648, 939,808, and finally 1,072,535 thousand US dollars respectively. This steady asset growth suggests sustained investment or asset acquisition contributing to the segment’s capacity.
- Segment Return on Assets (ROA)
- The segment ROA demonstrated some fluctuations but generally remained strong, indicating effective use of assets to generate returns. Beginning at 38.25% in 2018, ROA increased to 41.09% in 2019 before declining to 37.3% in 2020. It showed a moderate recovery to 38.38% in 2021 and rose substantially to 42.6% in 2022. The improvement in the latter year, combined with increasing asset values, suggests enhanced profitability relative to assets during the most recent period.
Segment ROA: Catalysts
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Adjusted EBITDA | |||||
Identifiable assets | |||||
Segment Profitability Ratio | |||||
Segment ROA1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment ROA = 100 × Adjusted EBITDA ÷ Identifiable assets
= 100 × ÷ =
- Adjusted EBITDA
- The adjusted EBITDA experienced a significant decline from 2018 to 2022. Starting at $284,307 thousand in 2018, it slightly decreased to $270,624 thousand in 2019. A more pronounced drop occurred in 2020, with EBITDA falling to $130,134 thousand, followed by further decreases to $106,941 thousand in 2021 and reaching a low of $28,732 thousand in 2022. This trend indicates a sharp reduction in earnings performance over the five-year period.
- Identifiable Assets
- Identifiable assets showed a relatively stable but slightly fluctuating pattern, beginning at $1,134,975 thousand in 2018. There was a moderate increase to $1,163,590 thousand in 2019, followed by a decrease to $1,066,089 thousand in 2020. The assets recovered somewhat in 2021 to $1,149,592 thousand and continued to rise to $1,214,482 thousand in 2022. Overall, asset levels have remained within a consistent range with a mild upward trajectory by the end of the period.
- Segment Return on Assets (ROA)
- The segment ROA demonstrated a continuous downward trend throughout the period. From a strong 25.05% in 2018, the ROA dropped to 23.26% in 2019, then sharply declined to 12.21% in 2020. The downward progression persisted with ROA falling to 9.3% in 2021 and further deteriorating to 2.37% in 2022. This steady decline signals decreasing efficiency in asset utilization to generate returns within the segment.
- Overall Insights
- The data reveal a challenging operational environment for the segment, with profitability indicators such as adjusted EBITDA and ROA declining notably over the five-year span. Despite a relatively stable base of identifiable assets, the capability to convert assets into profits has diminished substantially. The pronounced decrease in earnings and returns suggests potential pressures from market conditions, cost structure changes, or other external/internal factors impacting segment performance. The asset base growth in later years may reflect strategic investments or asset acquisitions, yet these have not translated into improved profitability as of the latest reporting period.
Segment Asset Turnover
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The analysis of the annual reportable segment asset turnover ratios over the five-year period reveals distinct trends across the three segments: Lithium, Bromine, and Catalysts.
- Lithium Segment
- The asset turnover ratio for the Lithium segment exhibits a general decline from 0.27 in 2018 to a low of 0.16 in 2020, indicating a reduced efficiency in generating revenue from assets during this timeframe. A slight recovery occurred in 2021, rising to 0.18. Notably, 2022 shows a significant increase to 0.46, suggesting an improvement in asset utilization or a substantial increase in sales relative to assets in that year.
- Bromine Segment
- The Bromine segment demonstrates relatively stability with modest fluctuations. Starting at 1.22 in 2018, the ratio increased marginally to 1.26 in 2019, followed by a dip to 1.11 in 2020. Subsequently, it rose again to 1.20 in 2021 and further to 1.32 in 2022. Overall, the Bromine segment maintains strong and consistent asset turnover ratios, indicating effective asset use and stable operational performance over the studied period.
- Catalysts Segment
- The Catalysts segment shows a decreasing trend in asset turnover ratios over the years. Beginning at 0.97 in 2018, the ratio steadily declined to 0.91 in 2019, 0.75 in 2020, and reached its lowest point at 0.66 in 2021. A slight improvement is noted in 2022, with the ratio increasing to 0.74. This downward trend implies a gradual reduction in the efficiency of asset use for generating revenue in this segment, although the modest improvement in the final year could signify early signs of operational optimization.
In summary, while the Bromine segment remains robust with consistent asset turnover, the Lithium segment experienced a rebound after a period of decrease, and the Catalysts segment generally declined, with a minor recovery toward the end of the period. These patterns may reflect varying market conditions, investment strategies, or operational changes within each segment.
Segment Asset Turnover: Lithium
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Net sales | |||||
Identifiable assets | |||||
Segment Activity Ratio | |||||
Segment asset turnover1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
The analysis of the Lithium segment data over the five-year period reveals several noteworthy trends and developments in financial performance and asset management.
- Net Sales
- Net sales demonstrated variability across the years, starting at approximately $1.23 billion in 2018. There was an increase in 2019 to around $1.36 billion, followed by a decline in 2020 to about $1.14 billion. In 2021, net sales rebounded to nearly $1.36 billion, reaching a significant peak in 2022 at approximately $5.01 billion. This sharp increase in the most recent year suggests a strong growth phase or expansion in sales volume or pricing power within the segment.
- Identifiable Assets
- Identifiable assets showed consistent growth throughout the period. Starting from approximately $4.61 billion in 2018, the asset base expanded steadily each year to reach nearly $10.80 billion by 2022. The continuous asset growth indicates ongoing investments, acquisitions, or capital expenditures aimed at supporting the segment's operations and potential capacity enhancements.
- Segment Asset Turnover
- The asset turnover ratio, which measures the efficiency of asset utilization in generating sales, displayed a declining trend from 0.27 in 2018 to a low of 0.16 in 2020, signaling decreasing efficiency during that period. This was followed by a slight improvement to 0.18 in 2021. A notable change occurred in 2022, with the ratio rising sharply to 0.46. This increase suggests a substantially better conversion of assets into sales during the latest year, reflective of either more effective asset use or a surge in sales relative to asset growth.
Overall, the data portrays a segment that has undergone significant expansion in asset base alongside fluctuations in sales performance, culminating in a pronounced improvement in asset utilization efficiency in the most recent year. The surge in net sales in 2022, combined with increased asset turnover, points to enhanced operational performance or favorable market conditions driving growth.
Segment Asset Turnover: Bromine
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Net sales | |||||
Identifiable assets | |||||
Segment Activity Ratio | |||||
Segment asset turnover1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
- Net Sales
- The net sales for the segment exhibited an overall upward trend from 2018 to 2022. Starting at $917.9 million in 2018, sales increased to $1.00 billion in 2019, followed by a slight decline to $965.0 million in 2020. Subsequently, net sales rebounded strongly to $1.13 billion in 2021 and continued their growth trajectory, reaching $1.41 billion in 2022. This indicates robust revenue expansion over the five-year period, particularly in the last two years.
- Identifiable Assets
- Identifiable assets showed consistent growth throughout the period. The asset base increased steadily from $753.2 million at the end of 2018 to $1.07 billion by the end of 2022. This steady asset growth suggests ongoing investment in the segment's operational capabilities and infrastructure over these years.
- Segment Asset Turnover
- The segment asset turnover ratio displayed some variability but generally indicated improving efficiency. After rising slightly from 1.22 in 2018 to 1.26 in 2019, it experienced a decline to 1.11 in 2020. However, this ratio recovered to 1.20 in 2021 and further improved to 1.32 in 2022, reaching the highest level in the reported period. The increase in asset turnover ratio towards the end of the period reflects enhanced ability to generate sales from the asset base.
- Summary of Trends
- Overall, the segment demonstrated solid growth in sales and asset base from 2018 to 2022, despite a slight dip in sales and asset turnover in 2020. The recovery and improvement in these metrics in 2021 and 2022 indicate strengthening operational performance and increased efficiency in utilizing assets to generate revenue. The positive trajectory in both net sales and asset turnover suggests effective management and favorable market conditions contributing to the segment's financial progress.
Segment Asset Turnover: Catalysts
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Net sales | |||||
Identifiable assets | |||||
Segment Activity Ratio | |||||
Segment asset turnover1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment asset turnover = Net sales ÷ Identifiable assets
= ÷ =
- Net Sales
- Net sales exhibited a declining trend from 2018 to 2021, decreasing from approximately 1,101,554 thousand US dollars in 2018 to 761,235 thousand US dollars in 2021. However, a recovery was noted in 2022, with net sales increasing to 899,572 thousand US dollars, signaling a partial rebound after the prior years' declines.
- Identifiable Assets
- Identifiable assets showed a general upward trend across the period analyzed. Starting at 1,134,975 thousand US dollars in 2018, the value increased steadily with minor fluctuations, reaching 1,214,482 thousand US dollars by the end of 2022. This indicates ongoing investment or growth in assets attributed to the segment.
- Segment Asset Turnover
- The segment asset turnover ratio experienced a consistent decline from 0.97 in 2018 down to 0.66 in 2021, representing decreasing efficiency in generating sales from the segment's assets. In 2022, there was a slight improvement, as the ratio increased to 0.74, suggesting a modest recovery in asset utilization effectiveness.
- Overall Insights
- The data reflects a period of decreased sales performance and reduced asset efficiency through 2021, potentially indicating challenges in market demand or operational execution within the segment. The steady increase in identifiable assets alongside declining sales and asset turnover ratios may suggest an accumulation of assets not immediately translating into revenue. The partial recovery observed in 2022 in both net sales and asset turnover hints at possible operational improvements or market conditions stabilizing.
Segment Capital Expenditures to Depreciation
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The analysis of annual reportable segment capital expenditures to depreciation ratios reveals distinct trends across the Lithium, Bromine, and Catalysts segments over the period from 2018 to 2022.
- Lithium Segment
- The capital expenditure to depreciation ratio for Lithium showed a rising trend from 5.26 in 2018 to a peak of 6.69 in 2019, indicating an increase in investments relative to depreciation expense. However, from 2020 onwards, there is a gradual decline with the ratio decreasing to 6.38 in 2020, then further to 5.86 in 2021, and finally reaching 5.34 in 2022. This suggests a slight reduction in capital spending relative to depreciation over the later years, although the ratio remains substantially above 5, pointing to continued significant investment in this segment.
- Bromine Segment
- The Bromine segment exhibits more variability. Starting at 1.91 in 2018, the ratio decreased to 1.73 in 2019 and further declined sharply to 1.14 by 2020, reflecting reduced capital expenditures relative to depreciation. Thereafter, the ratio increased modestly to 1.38 in 2021, followed by a notable rise to 2.84 in 2022. The increase in 2022 signals a renewed or intensified phase of capital investment relative to depreciation in the Bromine segment.
- Catalysts Segment
- For the Catalysts segment, the capital expenditure to depreciation ratio starts fairly low at 1.06 in 2018 and shows a slight increase to 1.16 in 2019. There is a decline to 0.89 in 2020, suggesting a decrease in capital expenditure relative to depreciation, followed by a gradual recovery to 0.96 in 2021 and 1.29 in 2022. Despite fluctuations, the overall level remains close to 1, indicating that capital expenditures in this segment are generally on par with depreciation charges.
In summary, the Lithium segment consistently maintains the highest investment intensity relative to depreciation, although with a mild decline over the most recent years. The Bromine segment shows a significant dip followed by a strong rebound in investment activity. The Catalysts segment maintains a steady but lower capital expenditure ratio, with moderate variation but generally aligned with depreciation levels.
Segment Capital Expenditures to Depreciation: Lithium
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Capital expenditures | |||||
Depreciation and amortization | |||||
Segment Financial Ratio | |||||
Segment capital expenditures to depreciation1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital Expenditures
- The capital expenditures demonstrated a consistent upward trend over the five-year period. Starting at approximately $501 million in 2018, expenditures increased each year, reaching over $1 billion by the end of 2022. This indicates a strategic emphasis on expanding or upgrading Lithium segment assets or operations, reflecting sustained investment efforts.
- Depreciation and Amortization
- Depreciation and amortization expenses also rose steadily during the same timeframe. Beginning at about $95 million in 2018, these expenses grew each year, culminating near $189 million by the close of 2022. This increase aligns with the rise in capital expenditures and suggests that the asset base has been expanding, leading to higher related non-cash expenses.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation displayed some variability but generally trended downwards after peaking in 2019. Starting at 5.26 in 2018, it increased to 6.69 in 2019, then gradually declined to 5.34 in 2022. This pattern indicates that although capital spending remains substantially higher than depreciation, the intensity of investment relative to asset aging or consumption has slightly moderated over the last few years, potentially suggesting a phase of more balanced asset renewal.
Segment Capital Expenditures to Depreciation: Bromine
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Capital expenditures | |||||
Depreciation and amortization | |||||
Segment Financial Ratio | |||||
Segment capital expenditures to depreciation1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital expenditures
- The capital expenditures show a fluctuating trend over the five-year period. They slightly increased from 79,357 thousand US dollars in 2018 to 82,208 thousand in 2019, followed by a notable decrease to 57,486 thousand in 2020. The expenditures then recovered to 70,711 thousand in 2021 and sharply rose to 153,407 thousand in 2022, more than doubling the previous year's amount. This indicates a significant increase in investment activities in the most recent year.
- Depreciation and amortization
- Depreciation and amortization expenses consistently increased over the period, starting at 41,607 thousand US dollars in 2018 and gradually rising each year to reach 54,096 thousand in 2022. The growth is steady but moderate compared to the volatility observed in capital expenditures.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation reveals variability in investment relative to asset usage or aging. It decreased from 1.91 in 2018 to a low of 1.14 in 2020, indicating that capital expenditures were closer to or less than depreciation during that year, possibly reflecting reduced investment or a focus on maintenance rather than expansion. In 2021, the ratio increased to 1.38 and then sharply jumped to 2.84 in 2022, highlighting a period of substantially heightened investment relative to asset depreciation, suggesting an expansion phase or major capital projects within the segment.
Segment Capital Expenditures to Depreciation: Catalysts
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Selected Financial Data (US$ in thousands) | |||||
Capital expenditures | |||||
Depreciation and amortization | |||||
Segment Financial Ratio | |||||
Segment capital expenditures to depreciation1 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
1 2022 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital Expenditures
- Capital expenditures demonstrate a fluctuating trend over the five-year period. Beginning at approximately $52.0 million in 2018, the amount increased to about $57.9 million in 2019. It subsequently declined to around $44.4 million in 2020, before a moderate rebound to nearly $49.3 million in 2021. In 2022, capital expenditures rose significantly to approximately $66.3 million, reaching the highest level in the analyzed timeframe.
- Depreciation and Amortization
- The depreciation and amortization expense exhibited relative stability throughout the period. Starting at roughly $49.1 million in 2018, the figure rose slightly each year, peaking at about $51.6 million in 2021, and then maintaining a comparable level of approximately $51.4 million in 2022. This consistency indicates a steady allocation of cost for asset usage and amortization.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation fluctuated notably. It started slightly above parity at 1.06 in 2018, increased to 1.16 in 2019, indicating that capital expenditures exceeded depreciation by a larger margin. The ratio then dropped below 1.0 in 2020 and 2021, to 0.89 and 0.96 respectively, suggesting capital expenditures were less than depreciation during these years. However, the ratio surged to 1.29 in 2022, reflecting a substantial increase in capital investments relative to depreciation expenses. This ratio trend suggests varying investment intensity, with a notable capital expansion in the most recent year analyzed.
Net sales
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts | |||||
All Other | |||||
Corporate | |||||
Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The net sales data across various segments over the five-year period reveals several notable trends, highlighting shifts in revenue contributions and overall business dynamics.
- Lithium Segment
- The Lithium segment exhibits a generally upward trend with fluctuations. Initial growth is observed from 1,228,171 thousand US dollars in 2018 to 1,358,170 thousand in 2019, followed by a decline to 1,144,778 thousand in 2020. Sales recover in 2021 to 1,363,284 thousand before experiencing a substantial surge in 2022, reaching 5,008,850 thousand. This sharp increase in 2022 indicates a significant expansion in the Lithium business, possibly reflecting increased demand or successful strategic initiatives.
- Bromine Segment
- The Bromine segment shows moderate growth over the period. From 917,880 thousand in 2018, sales steadily increased to 1,004,216 thousand in 2019, dipped slightly to 964,962 thousand in 2020, and then rose consistently through 2021 and 2022 to 1,412,682 thousand. This progression indicates stable demand with a positive upward trajectory, although less volatile compared to the Lithium segment.
- Catalysts Segment
- Sales in the Catalysts segment demonstrate a declining trend from 1,101,554 thousand in 2018 to 899,572 thousand in 2022. After a modest decrease to 1,061,817 thousand in 2019, there is a sharper downward movement in 2020 and 2021, reaching 797,914 thousand and 761,235 thousand respectively, before a slight rebound in 2022. This trend suggests challenges or reduced demand within this segment during the period under review.
- All Other Segment
- The "All Other" category shows variability with an increase from 127,186 thousand in 2018 to 221,255 thousand in 2020, then a steep decline to 75,095 thousand in 2021. Data for 2022 is unavailable, which limits trend analysis for the most recent year. The fluctuations may indicate either a restructuring of segment classification or variable performance of miscellaneous business lines.
- Corporate
- Corporate figures are negligible or sparsely reported, showing only a value of 159 thousand in 2018 and no data thereafter, suggesting limited direct sales activity attributable to the corporate segment.
- Total Net Sales
- Total net sales mirror the patterns seen in the segment data. There is an increase from 3,374,950 thousand in 2018 to a peak of 3,589,427 thousand in 2019, followed by a decline to 3,128,909 thousand in 2020 and a modest recovery in 2021 to 3,327,957 thousand. The most striking change is in 2022, with total net sales more than doubling to 7,320,104 thousand. This significant growth is primarily driven by the surge in Lithium segment sales, which strongly influences the overall revenue profile.
In summary, the data indicates that Lithium has become the dominant driver of growth in recent performance, markedly impacting total sales figures. Bromine maintains a stable growth trajectory, while Catalysts face declining sales. Variability in the "All Other" segment and minimal corporate contributions provide less clarity. The exceptional increase in 2022 total sales underscores a strategic or market shift favoring the Lithium segment within the reporting period.
Adjusted EBITDA
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts | |||||
All Other | |||||
Corporate | |||||
Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The data reveals distinct trends within the adjusted EBITDA of several segments over the five-year period examined. The Lithium segment exhibits a relatively stable performance from 2018 through 2021, with values fluctuating between approximately $393 million and $531 million. However, in 2022 there is a pronounced surge to over $3.1 billion, indicating a significant increase in profitability or operational scale for this segment.
The Bromine segment shows a gradual upward trajectory across the years. Starting at around $288 million in 2018, it experiences consistent growth, reaching approximately $457 million by 2022. This steady increase suggests ongoing improvements or favorable market conditions driving performance in this segment.
In contrast, the Catalysts segment demonstrates a clear declining trend in adjusted EBITDA. Beginning at about $284 million in 2018, figures progressively decrease each year, reaching close to $29 million by 2022. This substantial reduction points to deteriorating segment profitability or possibly restructuring and divestitures.
The All Other category, which appears less significant in terms of absolute values, shows a rise from around $14 million in 2018 to nearly $85 million in 2020, followed by a sharp decline to approximately $30 million in 2021. Data for 2022 is unavailable, which limits the analysis for the most recent year.
The Corporate segment reflects consistent negative adjusted EBITDA values throughout the timeframe, with losses fluctuating between approximately -$111 million and -$137 million. This indicates sustained overhead or cost allocations that impact consolidated results but are not directly tied to operating segments.
Overall, total adjusted EBITDA experienced moderate fluctuations, starting at around $1 billion in 2018 and peaking slightly above $1 billion in 2019. A decline was evident in the subsequent two years, falling to approximately $819 million in 2020 and $871 million in 2021. However, total figures dramatically increase in 2022 to approximately $3.5 billion, primarily driven by the substantial growth in the Lithium segment. This pronounced increase suggests a major positive shift in the company's overall segment profitability in the latest period under review.
Identifiable assets
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts | |||||
All Other | |||||
Corporate | |||||
Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The identifiable assets data over the five-year period demonstrates notable trends and shifts in segment contributions.
- Lithium
- The Lithium segment exhibits consistent and significant growth in assets from 2018 through 2022. Starting at approximately 4.6 billion USD, the assets increased steadily each year, reaching nearly 10.8 billion USD by the end of 2022. This represents more than a doubling of assets in five years, highlighting the increasing emphasis or expansion in this segment.
- Bromine
- The Bromine segment shows moderate but steady growth over the period. Asset values increased from about 753 million USD in 2018 to approximately 1.07 billion USD in 2022. The growth is gradual and consistent, reflecting stability and modest expansion in this segment.
- Catalysts
- The Catalysts segment assets demonstrate relative stability with minor fluctuations. Values rose slightly from around 1.13 billion USD in 2018 to about 1.21 billion USD in 2022, with a dip observed in 2020 before recovering in subsequent years. This suggests a mature segment with limited asset growth.
- All Other
- The "All Other" category shows inconsistent data, with values present only until 2020 (around 128 million to 137 million USD). No data is reported for 2021 and 2022, indicating either a reclassification, divestiture, or consolidation of these assets into other segments or categories.
- Corporate
- Corporate assets display a general upward trend throughout the years, increasing from approximately 960 million USD in 2018 to over 2.37 billion USD in 2022. Notably, there is a significant increase in 2022, more than doubling assets compared to the previous year. This could indicate increased corporate-level investments, acquisitions, or asset recognition during that year.
- Total
- The total identifiable assets grow substantially over the examined period, starting at roughly 7.58 billion USD in 2018 and reaching around 15.46 billion USD in 2022. This reflects an overall doubling of assets, driven mainly by growth in the Lithium segment alongside continued increases in Bromine and Corporate asset bases.
In summary, the data points to a strategic emphasis on the Lithium segment, significant corporate asset growth in the latest year, and consistent contributions from Bromine and Catalysts. The absence of recent data in the "All Other" category suggests a structural change in segment reporting or asset classification.
Depreciation and amortization
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts | |||||
All Other | |||||
Corporate | |||||
Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
The data reveals distinct trends in depreciation and amortization across various reportable segments over the five-year period from 2018 to 2022.
- Lithium Segment
- The Lithium segment exhibits a consistent and significant upward trend in depreciation and amortization expenses. Beginning at approximately $95.2 million in 2018, this figure increased steadily each year, reaching about $189.3 million by 2022. This nearly doubling over the period indicates substantial investment or asset base expansion within this segment, reflecting possibly increased production capacity or capital expenditures associated with lithium-related operations.
- Bromine Segment
- The Bromine segment shows moderate growth in depreciation and amortization over the period. Starting at around $41.6 million in 2018, the expenses rose gradually to approximately $54.1 million in 2022. The annual increases are relatively modest compared to Lithium, suggesting steady but slower growth or asset investment in this segment.
- Catalysts Segment
- The Catalysts segment's data depicts relative stability over the examined years. The depreciation and amortization values fluctuate slightly but remain close to the $49 to $52 million range throughout the period. This stability may indicate a mature segment with limited recent asset additions or changes in capital allocation.
- All Other Segment
- The "All Other" category shows an irregular pattern. Starting at roughly $8.1 million in 2018, the expense values hover near this level through 2020, but there is a marked drop in 2021 to approximately $1.9 million, and data for 2022 is missing. This sharp decrease could be the result of asset disposals, restructuring, or reclassification of items previously included in this category.
- Corporate Segment
- Depreciation and amortization in the Corporate segment increased from about $6.7 million in 2018 to a peak near $10.6 million in 2021, followed by a decline to around $6.0 million in 2022. This pattern suggests a temporary build-up of depreciable assets or capital expenses at the corporate level that were subsequently reduced or adjusted.
- Total
- The aggregate figure for depreciation and amortization rises consistently from approximately $200.7 million in 2018 to $300.8 million in 2022. This represents an overall increase of nearly 50%, driven primarily by substantial upward trends in the Lithium and, to a lesser extent, the Bromine segments.
Capital expenditures
Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
---|---|---|---|---|---|
Lithium | |||||
Bromine | |||||
Catalysts | |||||
All Other | |||||
Corporate | |||||
Total |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Overall Capital Expenditures Trend
- The total capital expenditures have shown a generally increasing trend over the five-year period from 2018 to 2022. Starting at approximately $700 million in 2018, expenditures increased to about $1.26 billion by 2022. Despite a slight dip in 2020 compared to 2019, the overall trajectory is upward, indicating growing investment activities.
- Lithium Segment
- Capital expenditures for the lithium segment consistently increased each year, rising from approximately $500.8 million in 2018 to over $1 billion in 2022. This segment accounted for the largest portion of total capital spending and displayed the most significant absolute growth, highlighting an intensified focus on lithium-related investments.
- Bromine Segment
- The bromine segment exhibited some volatility. After a slight increase from around $79.4 million in 2018 to $82.2 million in 2019, expenditures declined sharply to approximately $57.5 million in 2020. However, spending rebounded in subsequent years, reaching a new peak of about $153.4 million in 2022. This rebound and subsequent spike suggest renewed emphasis or expansion within the bromine area.
- Catalysts Segment
- Expenditures in the catalysts category decreased from roughly $52.0 million in 2018 to $44.4 million in 2020 but then showed a recovery, reaching about $66.3 million in 2022. The initial decline followed by a rebound indicates fluctuating investment priorities within this segment, with a stronger focus apparent in the most recent year.
- All Other Segment
- Capital expenditures classified as "All Other" remained relatively low, fluctuating between approximately $2.3 million and $7.3 million from 2018 to 2021. Data for 2022 is missing, limiting the ability to assess recent trends. The relatively small amounts suggest this segment is not a major focus.
- Corporate Segment
- Corporate capital expenditures showed a declining trend from about $62.5 million in 2018 to a low of $18.2 million in 2021, followed by an increase to around $31.3 million in 2022. This pattern reflects a reduction in corporate-level spending over the initial years with a partial rebound in the latest period.
- Key Insights
- The data highlight a strong strategic emphasis on lithium-related investments, evidenced by consistent and substantial increases in capital expenditures. Bromine and catalysts segments have experienced more volatility but demonstrated renewed investment interest in recent years. The corporate capital expenditures decreased initially but showed recovery in the final year observed. Overall, the upward trend in total capital expenditures indicates an expanding capital investment agenda with particular focus on growth areas such as lithium.