Company Quick10K Filing
AgroFresh
Price2.25 EPS-1
Shares51 P/E-3
MCap115 P/FCF-13
Net Debt389 EBIT-45
TEV503 TEV/EBIT-11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-03-11
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-15
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-22
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-11
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-14
10-Q 2015-03-31 Filed 2015-05-15
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-15
10-K 2013-12-31 Filed 2014-03-31
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-08-06 Shareholder Vote
8-K 2020-08-06 Other Events
8-K 2020-07-27 Enter Agreement, Sale of Shares, Shareholder Rights, Officers, Amend Bylaw, Regulation FD, Exhibits
8-K 2020-07-22 Other Events
8-K 2020-07-22 Other Events
8-K 2020-06-25 Enter Agreement, Other Events, Exhibits
8-K 2020-06-13
8-K 2020-05-11
8-K 2020-04-23
8-K 2020-03-12
8-K 2020-01-14
8-K 2019-12-23
8-K 2019-12-20
8-K 2019-11-07
8-K 2019-11-06
8-K 2019-10-14
8-K 2019-08-30
8-K 2019-08-08
8-K 2019-06-05
8-K 2019-03-31
8-K 2019-02-01
8-K 2018-12-31
8-K 2018-11-07
8-K 2018-10-22
8-K 2018-10-01
8-K 2018-08-30
8-K 2018-08-09
8-K 2018-06-07
8-K 2018-05-10
8-K 2018-03-14
8-K 2018-02-23
8-K 2018-01-18

AGFS 10Q Quarterly Report

Part I - Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 agfs6302020exhibit311.htm
EX-31.2 agfs6302020exhibit312.htm
EX-32.1 agfs6302020exhibit321.htm

AgroFresh Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02014201620182020
Assets, Equity
0.10.10.0-0.0-0.1-0.12013201520172020
Rev, G Profit, Net Income
0.50.30.1-0.1-0.3-0.52014201620182020
Ops, Inv, Fin

agfs-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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: 001-36316
AgroFresh Solutions, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware46-4007249
(State or other jurisdiction of incorporation)(IRS Employer Identification Number)
One Washington Square
510-530 Walnut Street, Suite 1350
Philadelphia, PA 19106
(Address of principal executive offices)
(267) 317-9139
(Registrant’s telephone number, including area code)

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, par value $0.0001 per shareAGFSThe Nasdaq Stock Market LLC
Warrants to purchase shares of Common StockAGFSWThe 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. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐
Accelerated 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 by Rule 12b-2 of the Act). Yes x No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
The number of shares of common stock outstanding as of July 27, 2020 was 52,875,089.


Table of Contents

TABLE OF CONTENTS
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Table of Contents
PART I - FINANCIAL INFORMATION
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 June 30,
2020
December 31,
2019
ASSETS  
Current Assets:
Cash and cash equivalents$35,619  $29,288  
Accounts receivable, net of allowance for doubtful accounts of $2,005 and $2,232, respectively
38,418  68,634  
Inventories25,119  22,621  
Other current assets16,740  11,802  
Total Current Assets115,896  132,345  
Property and equipment, net12,890  13,177  
Goodwill6,351  6,323  
Intangible assets, net609,545  631,369  
Deferred income tax assets10,564  10,317  
Other assets12,191  12,161  
TOTAL ASSETS$767,437  $805,692  
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current Liabilities:
Accounts payable$15,182  $15,105  
Current portion of long-term debt4,776  4,675  
Income taxes payable6,607  5,648  
Accrued expenses and other current liabilities19,460  24,350  
Total Current Liabilities46,025  49,778  
Long-term debt397,898  398,064  
Other noncurrent liabilities6,565  7,246  
Deferred income tax liabilities11,677  16,574  
Total liabilities462,165  471,662  
Commitments and contingencies (see Note 20)
Stockholders’ Equity:  
Common stock, par value $0.0001; 400,000,000 shares authorized, 52,875,089 and 51,839,527 shares issued and 52,213,708 and 51,178,146 outstanding at June 30, 2020 and December 31, 2019, respectively
5  5  
Preferred stock, par value $0.0001; 1 share authorized and outstanding at June 30, 2020 and December 31, 2019, respectively
    
Treasury stock, par value $0.0001; 661,381 shares at June 30, 2020 and December 31, 2019, respectively
(3,885) (3,885) 
Additional paid-in capital562,584  561,006  
Accumulated deficit(219,823) (199,621) 
Accumulated other comprehensive loss(40,831) (31,060) 
Total AgroFresh Stockholders’ Equity298,050  326,445  
Non-controlling interest7,222  7,585  
Total Stockholders' Equity305,272  334,030  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$767,437  $805,692  

 See accompanying notes to unaudited condensed consolidated financial statements.
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AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)

Three Months Ended
June 30, 2020
Three Months Ended
June 30, 2019
Six Months Ended
June 30, 2020
Six Months Ended
June 30, 2019
Net sales$19,982  $21,183  $53,005  $60,123  
Cost of sales (excluding amortization, shown separately below)6,453  6,289  14,981  17,624  
Gross profit13,529  14,894  38,024  42,499  
Research and development expenses2,895  3,257  5,537  7,154  
Selling, general and administrative expenses12,722  16,148  26,431  32,046  
Amortization of intangibles10,936  11,766  21,893  23,382  
Impairment of long lived assets  992    992  
Change in fair value of contingent consideration  167    357  
Grant income(2,974)   (2,974)   
Operating loss(10,050) (17,436) (12,863) (21,432) 
Other (expense) income(7) (26) 1,500  (38) 
Gain (loss) on foreign currency exchange449  (2,519) 1,076  (2,938) 
Interest expense, net(6,513) (8,670) (13,479) (17,415) 
Loss before income taxes(16,121) (28,651) (23,766) (41,823) 
Income taxes expense (benefit)630  (6,290) (3,201) (6,877) 
Net loss including non-controlling interests(16,751) (22,361) (20,565) (34,946) 
Less: Net loss attributable to non-controlling interests(197) (92) (363) (58) 
Net loss attributable to AgroFresh Solutions, Inc$(16,554) $(22,269) $(20,202) $(34,888) 
Net loss per share:
Basic$(0.33) $(0.45) $(0.41) $(0.70) 
Diluted$(0.33) $(0.45) $(0.41) $(0.70) 
Weighted average shares outstanding:  
Basic50,758,273  50,146,513  50,646,522  50,094,822  
Diluted50,758,273  50,146,513  50,646,522  50,094,822  
 
See accompanying notes to unaudited condensed consolidated financial statements.

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AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(In thousands)

Three Months Ended
June 30, 2020
Three Months Ended
June 30, 2019
Six Months Ended
June 30, 2020
Six Months Ended
June 30, 2019
Net loss$(16,751) $(22,361) $(20,565) $(34,946) 
Other comprehensive loss: 
Unrealized gain (loss) on hedging activity, net of tax of $(57), $, $142 and $, respectively
213    (533)   
Recognition of gain on hedging activity reclassified to net loss, net of tax of $78, $78, $157 and $157, respectively
(279) (278) (556) (556) 
Foreign currency translation adjustments417  7,223  (8,682) 2,920  
Comprehensive loss$(16,400) $(15,416) $(30,336) $(32,582) 
 
See accompanying notes to unaudited condensed consolidated financial statements.

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AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY
(Unaudited)
(In thousands, except share and per share data)

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, December 31, 20191  $  51,839,527  $5  $(3,885) $561,006  $(199,621) $(31,060) $7,585  $334,030  
Stock-based compensation—  —  —  —  —  1,601  —  —  —  1,601  
Issuance of stock, net of forfeitures—  —  991,361  —  —  —  —  —  —  —  
Shares withheld for taxes—  —  (40,168) —  —  (220) —  —  —  (220) 
Issuance of common stock under employee stock purchase plan—  —  84,369  —  —  197  —  —  —  197  
Comprehensive loss—  —  —  —  —  —  (20,202) (9,771) (363) (30,336) 
Balances, June 30, 20201  $  52,875,089  $5  $(3,885) $562,584  $(219,823) $(40,831) $7,222  $305,272  

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, March 31, 20201  $  51,835,988  5  (3,885) $561,483  $(203,269) $(41,182) $7,419  $320,571  
Stock-based compensation—  —  —  —  —  958  —  —  —  958  
Issuance of stock, net of forfeitures—  —  964,532  —  —  —  —  —  —  —  
Shares withheld for taxes—  —  (9,800) —  —  (54) —  —  —  (54) 
Issuance of common stock under employee stock purchase plan—  —  84,369  —  —  197  —  —  —  197  
Comprehensive (loss) gain—  —  —  —  —  —  (16,554) 351  (197) (16,400) 
Balances, June 30, 20201  $  52,875,089  5  (3,885) $562,584  $(219,823) $(40,831) $7,222  $305,272  

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, December 31, 20181  $  51,071,573  $5  $(3,885) $535,819  $(138,789) $(28,837) $8,263  $372,576  
Stock-based compensation—  —  —  —  —  1,440  —  —  —  1,440  
Issuance of stock, net of forfeitures—  —  549,197  —  —  —  —  —  —  —  
Comprehensive (loss) gain—  —  —  —  —  —  (34,888) 2,364  (58) (32,582) 
Balances, June 30, 20191  $  51,620,770  $5  $(3,885) $537,259  $(173,677) $(26,473) $8,205  $341,434  

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, March 31, 20191  $  51,425,734  $5  $(3,885) $536,407  $(151,408) $(33,418) $8,297  $355,998  
Stock-based compensation—  —  —  —  —  852  —  —  —  852  
Forfeiture of stock, net of issuances—  —  195,036  —  —  —  —  —  —  —  
Comprehensive (loss) gain—  —  —  —  —  —  (22,269) 6,945  (92) (15,416) 
Balances, June 30, 20191  $  51,620,770  $5  $(3,885) $537,259  $(173,677) $(26,473) $8,205  $341,434  
See accompanying notes to unaudited condensed consolidated financial statements.

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AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)Six Months Ended
June 30, 2020
Six Months Ended
June 30, 2019
Cash flows from operating activities:
Net loss$(20,565) $(34,946) 
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization23,145  24,336  
(Benefit) provision for bad debts(81) 309  
Stock-based compensation 1,600  1,440  
Impairment of intangible assets  992  
Amortization of deferred financing costs1,163  1,409  
Interest income on interest rate swap(713) (713) 
Accretion of contingent consideration  1,772  
Change in fair value of contingent consideration  357  
Deferred income taxes(5,668) (8,203) 
Loss on sales of property126  31  
Changes in operating assets and liabilities:
Accounts receivable24,901  21,393  
Inventories(3,957) (1,138) 
Prepaid expenses and other current assets(5,942) (832) 
Accounts payable83  4,791  
Accrued expenses and other liabilities(4,545) (3,739) 
Income taxes payable1,669  (457) 
Other assets and liabilities(2,061) (675) 
Net cash provided by operating activities9,155  6,127  
Cash flows from investing activities:
Cash paid for property and equipment(905) (3,269) 
Other investments  (250) 
Net cash used in investing activities(905) (3,519) 
Cash flows from financing activities:
Proceeds from long-term debt1,395    
Repayment of long-term debt(2,683) (2,805) 
Proceeds from issuance of stock under employee stock purchase plan197    
Net cash used in financing activities(1,091) (2,805) 
Effect of exchange rate changes on cash and cash equivalents and restricted cash(1,357) 1,737  
Net increase in cash and cash equivalents and restricted cash5,802  1,540  
Cash and cash equivalents and restricted cash, beginning of period29,817  34,852  
Cash and cash equivalents, end of period$35,619  $36,392  
Supplemental disclosures of cash flow information:
Cash paid for:
Cash paid for interest$12,726  $10,255  
Cash paid for income taxes$2,345  $2,230  
Supplemental schedule of non-cash investing and financing activities:
Accrued purchases of property and equipment$419  $52  
See accompanying notes to unaudited condensed consolidated financial statements.
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AgroFresh Solutions, Inc.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Description of Business

AgroFresh Solutions, Inc. (the “Company”) is a global leader in delivering innovative food preservation and waste prevention solutions for fresh produce. The Company is empowering the food industry with a range of integrated solutions designed to help growers, packers and retailers improve produce freshness and quality while preventing waste. The Company has an extensive portfolio of solutions to extend freshness across the produce supply chain from near-harvest up to the point-of-sale. These include HarvistaTM for near-harvest optimization and the SmartFreshTM Quality System, the Company's flagship post-harvest freshness solution. Additional post-harvest freshness solutions include fungicides that can be applied to meet various customer operational requirements in both foggable (ActiMist™) and liquid (ActiSeal™) delivery options. The Company has a controlling interest in Tecnidex Fruit Protection, S.A. (“Tecnidex”), a leading regional provider of post-harvest fungicides, waxes, disinfectants and packinghouse equipment for the citrus market. Beyond apples, SmartFresh technology can provide ready-to-eat freshness for other fruits and vegetables including avocados, bananas, melons, tomatoes, broccoli and mangos. Additionally, LandSpringTM eases transplant shock for higher potential yields. RipeLock is the Company's modified atmosphere packaging technology for fruits and vegetables. The Company has key products registered in over 50 countries and supports customers with over 25,000 storage rooms globally.

The end-markets that the Company serves are seasonal and are generally aligned with the seasonal growing patterns of the Company’s customers. For those customers growing, harvesting or storing apples and pears, the Company’s core crops, the peak season in the southern hemisphere is the first and second quarters of each year, while the peak season in the northern hemisphere is the third and fourth quarters of each year. Within each half-year period (i.e., January through June for the southern hemisphere, and July through December for the northern hemisphere) the growing season has historically occurred during both quarters. A variety of factors, including weather and fruit quality, may affect the timing of the growing, harvesting and storing patterns of the Company’s customers and therefore shift consumption of the Company’s services and products between the first and second quarters primarily in the southern hemisphere or between the third and fourth quarters primarily in the northern hemisphere.

2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. These financial statements include all adjustments that are necessary for a fair presentation of the Company's condensed consolidated results of operations, financial condition and cash flows for the periods shown, including normal, recurring accruals and other items. The condensed consolidated results of operations for the interim periods presented are not necessarily indicative of results for the full year. For additional information, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2019.

COVID-19

In March 2020, the World Health Organization characterized the coronavirus ("COVID-19") a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The rapid spread of the pandemic and the continuously evolving responses to combat it have had an increasingly negative impact on the global economy. For the three months ended June 30, 2020, the Company did not experience significant disruptions to operations or supply chains and results have not been materially impacted. However, there were numerous obstacles presented and some localized financial impacts of the pandemic, including the weakening of foreign currencies. While the Company is following the requirements of governmental authorities and taking additional preventative and protective measures to ensure the safety of its workforce, including implementing remote working arrangements and varying procedures for essential workforce, the Company cannot be certain there will not be any incidents across its global operations that may cause service interruptions. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the coronavirus outbreak, although the Company operates in an industry that thus far has not been as severely impacted as others. Nevertheless, the outbreak presents some uncertainty and risk with respect to the Company and its performance and financial results.

Adoption of Highly Inflationary Accounting in Argentina

GAAP requires the use of highly inflationary accounting for countries whose cumulative three-year inflation rate exceeds 100 percent. The Company closely monitors the inflation data and currency volatility in Argentina, where there are multiple data sources for measuring and reporting inflation. In the second quarter of 2018, the Argentine peso rapidly devalued relative to the U.S. dollar, which along with increased inflation, indicated that the three-year cumulative inflation rate in that country exceeded