Annual report pursuant to Section 13 and 15(d)

Schedule I - Condensed Financial Information of Parent

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Schedule I - Condensed Financial Information of Parent
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information
SCHEDULE I
ECOVYST INC. AND SUBSIDIARIES (PARENT)
CONDENSED FINANCIAL INFORMATION
CONDENSED STATEMENTS OF INCOME
(in thousands)


Years ended
December 31,
2023 2022 2021
Stock compensation expense $ 16,031  $ 20,632  $ 39,523 
Equity in net (income) loss from subsidiaries (87,185) (94,329) 100,426 
Net income (loss) 71,154  73,697  (139,949)
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits 1,120  (2,676) 9,530 
Net gain (loss) from hedging activities (12,126) 24,382  2,914 
Foreign currency translation 4,056  (9,922) (2,248)
Total other comprehensive income (6,950) 11,784  10,196 
Comprehensive income (loss) $ 64,204  $ 85,481  $ (129,753)
SCHEDULE I
ECOVYST INC. AND SUBSIDIARIES (PARENT)
CONDENSED FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
(in thousands, except share and per share amounts)


December 31,
2023		 December 31,
2022
ASSETS
Investment in subsidiaries $ 705,464  $ 707,229 
Total assets $ 705,464  $ 707,229 
LIABILITIES
Total liabilities $ —  $ — 
STOCKHOLDERS' EQUITY
Common stock (0.01 par); authorized shares 450,000,000; issued shares 140,744,045 and 139,571,272 on December 31, 2023 and 2022, respectively; outstanding shares 116,116,895 and 122,186,238 on December 31, 2023 and 2022, respectively
 1,407  1,396 
Preferred stock (0.01 par); authorized shares 50,000,000; no shares issued or outstanding on December 31, 2023 and 2022, respectively
 —  — 
Additional paid-in capital 1,102,581  1,091,475 
Accumulated deficit (170,856) (242,010)
Treasury stock, at cost; shares 24,627,150 and 17,385,034 on December 31, 2023 and 2022, respectively
 (226,710) (149,624)
Accumulated other comprehensive (loss) income (958) 5,992 
Total equity 705,464  707,229 
Total liabilities and equity $ 705,464  $ 707,229 
SCHEDULE I
ECOVYST INC. AND SUBSIDIARIES (PARENT)
CONDENSED FINANCIAL INFORMATION
CONDENSED STATEMENTS OF CASH FLOWS
(in thousands)


Years ended
December 31,
2023 2022 2021
Cash flows from operating activities:
Net income (loss) $ 71,154  $ 73,697  $ (139,949)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in net income from subsidiaries (87,185) (94,329) 100,426 
Stock compensation expense 16,031  20,632  39,523 
Net cash provided by operating activities —  —  — 
Cash flows from investing activities:
Distribution from subsidiaries —  —  435,593 
Net cash provided by investing activities —  —  435,593 
Cash flows from financing activities:
Dividends paid to stockholders —  —  (435,593)
Net cash used in financing activities —  —  (435,593)
Effect of exchange rate changes on cash and cash equivalents —  —  — 
Net change in cash and cash equivalents —  —  — 
Cash and cash equivalents at beginning of period —  —  — 
Cash and cash equivalents at end of period of continuing operations $ —  $ —  $ — 
SCHEDULE I
ECOVYST INC. AND SUBSIDIARIES (PARENT)
CONDENSED FINANCIAL INFORMATION
NOTES TO CONDENSED SCHEDULE I

1. Description of Ecovyst Inc. and Subsidiaries
Ecovyst Inc. (“Ecovyst” or the “Parent Company”) is a holding company that conducts substantially all of its business operations through its wholly owned subsidiary, Ecovyst Catalyst Technologies LLC. As specified in certain of Ecovyst Catalyst Technologies LLC’s debt agreements, there are restrictions on the ability of Ecovyst Catalyst Technologies LLC to make payments to its stockholder, Ecovyst, on behalf of its equity interests (refer to Note 16 to the Ecovyst consolidated financial statements for further information regarding Ecovyst debt).
2. Basis of Presentation
The accompanying condensed Parent Company financial statements are required in accordance with Rule 4-08(e)(3) of Regulation S-X. These condensed financial statements have been presented on a “parent-only” basis and are not the general-purpose financial statements of Ecovyst. Under a parent-only presentation, the Parent Company’s investment in its consolidated subsidiary is recorded based upon its proportionate share of the subsidiary’s net assets, similar to presenting it under the equity method of accounting. Under the equity method, the investment in subsidiary is stated at cost plus contributions and equity in undistributed income (loss) of the subsidiary, less distributions received since the date of acquisition. These parent-only financial statements should be read in conjunction with Ecovyst’s audited consolidated financial statements and the accompanying notes thereto.
3. Stock-Based Compensation
Refer to Note 21 of the notes to the Ecovyst consolidated financial statements for a description of stock-based compensation.
4. Dividends Paid
On August 4, 2021, Ecovyst’s Board of Directors declared a special cash dividend of $3.20 per share, using the after tax cash proceeds from the sale of the Performance Chemicals business. The dividend was paid on August 23, 2021 to the Company’s stockholders of record at the close of business on August 12, 2021.