Ingevity (NGVT) FY2022 results: revenue $1.7 billion, up 19.9% on the year

Ingevity Corp. (NGVT) reported revenue of $1.7 billion for fiscal 2022, the year ended 31 December 2022, up 19.9% on the year before. Net income was $212 million, up 79.2%, and diluted earnings per share $5.50. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$1.7 billion

+19.9% on the year

FY2015FY2022

Operating margin

27.1%

30.3% a year earlier

FY2015FY2022

Net income

$212 million

+79.2% on the year

FY2015FY2022

Diluted EPS

$5.50

+86.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,668	1,392	1,216	+19.9%
Cost of revenue	1,098	879	751	+25.0%
Gross profit	570	513	466	+11.2%
Gross margin	34.2%	36.9%	38.3%
Research and development	30.3	26.3	22.6	+15.2%
Selling, general and administrative	199	179	149	+10.9%
Operating income	453	422	398	+7.2%
Operating margin	27.1%	30.3%	32.7%
Interest expense	61.8	51.7	47.1	+19.5%
Pre-tax income	270	163	235	+65.6%
Income tax	58.0	44.7	53.7	+29.8%
Effective tax rate	21.5%	27.5%	22.8%
Net income	212	118	181	+79.2%
Net margin	12.7%	8.5%	14.9%
Diluted EPS	$5.50	$2.95	$4.37	+86.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	313	293	352	+6.9%
Capital expenditure	142	104	82.1	+37.3%
Free cash flow	171	189	270	-9.8%
Free cash flow margin	10.2%	13.6%	22.2%
Cash from investing	-552	-139	-111
Cash from financing	48.1	-133	-50.2
Depreciation and amortisation	109	110	100	-1.0%
Share-based compensation	16.1	12.3	8.4	+30.9%
Buybacks	145	109	88.0	+32.7%
Diluted shares, weighted	38m	40m	42m	-4.0%
Shares outstanding at period end	37m	39m	41m	-5.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	698	674	642	+3.6%
Debt	1,472	1,270	1,306	+16.0%
Operating lease liabilities	40.8	36.2	34.7	+12.7%
Finance lease liabilities	101	102	102	-0.6%
Other liabilities	424	388	249	+9.3%
Total liabilities and equity	2,736	2,469	2,334	+10.8%
Fixed assets	799	720	704	+11.0%
Goodwill	518	442	445	+17.3%
Intangible assets	405	338	373	+19.9%
Investments	n/a	35.3	0.0
Securities held for sale or to maturity	71.6	n/a	n/a
Cash and equivalents	76.7	275	258	-72.1%
Receivables	n/a	n/a	148
Inventory	335	241	189	+38.9%
Other assets	531	418	218	+27.2%
Total assets	2,736	2,469	2,334	+10.8%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.