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 2020-09-30 Filed 2020-11-05
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 2020-11-05
8-K 2020-10-30
8-K 2020-09-22
8-K 2020-08-10
8-K 2020-08-06
8-K 2020-08-06
8-K 2020-07-27
8-K 2020-07-22
8-K 2020-07-22
8-K 2020-06-25
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 agfs9302020exhibit311.htm
EX-31.2 agfs9302020exhibit312.htm
EX-32.1 agfs9302020exhibit321.htm

AgroFresh Earnings 2020-09-30

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

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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 September 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

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, 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 ☐
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 October 22, 2020 was 53,054,960.


Table of Contents

TABLE OF CONTENTS
Page

2

Table of Contents
PART I - FINANCIAL INFORMATION
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share data)
 September 30,
2020
December 31,
2019
ASSETS  
Current Assets:
Cash and cash equivalents$25,149 $29,288 
Accounts receivable, net of allowance for doubtful accounts of $2,025 and $2,232, respectively
69,580 68,634 
Inventories24,444 22,621 
Other current assets17,265 11,802 
Total Current Assets136,438 132,345 
Property and equipment, net13,275 13,177 
Goodwill6,605 6,323 
Intangible assets, net599,236 631,369 
Deferred income tax assets10,502 10,317 
Other assets11,449 12,161 
TOTAL ASSETS$777,505 $805,692 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current Liabilities:
Accounts payable$13,784 $15,105 
Current portion of long-term debt3,316 4,675 
Income taxes payable7,629 5,648 
Accrued expenses and other current liabilities26,665 24,350 
Total Current Liabilities51,394 49,778 
Long-term debt264,850 398,064 
Other noncurrent liabilities5,989 7,246 
Deferred income tax liabilities35,577 16,574 
Total Liabilities357,810 471,662 
Commitments and contingencies (see Note 20)
Series B convertible preferred stock, par value $0.0001; 150,000 and 0 shares authorized, 150,000 and 0 shares designated and outstanding at September 30, 2020 and December 31, 2019, respectively
140,684  
Stockholders’ Equity:  
Common stock, par value $0.0001; 400,000,000 shares authorized, 53,054,960 and 51,839,527 shares issued and 52,393,579 and 51,178,146 outstanding at September 30, 2020 and December 31, 2019, respectively
5 5 
Preferred stock, par value $0.0001; 1 share authorized and outstanding at September 30, 2020 and December 31, 2019, respectively
  
Treasury stock, par value $0.0001; 661,381 shares at September 30, 2020 and December 31, 2019, respectively
(3,885)(3,885)
Additional paid-in capital559,037 561,006 
Accumulated deficit(241,710)(199,621)
Accumulated other comprehensive loss(41,164)(31,060)
Total AgroFresh Stockholders’ Equity272,283 326,445 
Non-controlling interest6,728 7,585 
Total Stockholders' Equity
279,011 334,030 
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY$777,505 $805,692 

 See accompanying notes to unaudited condensed consolidated financial statements.
3

Table of Contents
AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share data)

Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2019
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2019
Net sales$52,770 $48,972 $105,775 $109,095 
Cost of sales (excluding amortization, shown separately below)13,511 13,892 28,492 31,516 
Gross profit39,259 35,080 77,283 77,579 
Research and development expenses2,852 2,566 8,389 9,720 
Selling, general and administrative expenses13,494 14,998 39,925 47,044 
Amortization of intangibles10,973 11,754 32,866 35,136 
Impairment of long lived assets   992 
Change in fair value of contingent consideration (229) 128 
Grant income  (2,974) 
Operating income (loss)11,940 5,991 (923)(15,441)
Other income (expense)96 (81)1,596 (119)
Debt modification and extinguishment expenses(5,028) (5,028) 
Gain (loss) on foreign currency exchange1,390 54 2,466 (2,884)
Interest expense, net(4,922)(8,606)(18,401)(26,021)
Gain (loss) before income taxes3,476 (2,642)(20,290)(44,465)
Income taxes expense (benefit)25,857 (5,653)22,656 (12,530)
Net (loss) income including non-controlling interests(22,381)3,011 (42,946)(31,935)
Less: Net loss attributable to non-controlling interests(494)(278)(857)(336)
Net (loss) income attributable to AgroFresh Solutions, Inc(21,887)3,289 (42,089)(31,599)
Less: Dividends on convertible preferred stock4,400  4,400  
(Loss) income attributable to AgroFresh Solutions, Inc. common stockholders$(26,287)$3,289 $(46,489)$(31,599)
Net (loss) income per share:
Basic$(0.52)$0.06 $(0.92)$(0.64)
Diluted$(0.52)$0.06 $(0.92)$(0.64)
Weighted average shares outstanding:  
Basic51,001,852 50,227,590 50,765,829 50,138,835 
Diluted51,001,852 50,288,304 50,765,829 50,138,835 
 
See accompanying notes to unaudited condensed consolidated financial statements.

4

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

Three Months Ended
September 30, 2020
Three Months Ended
September 30, 2019
Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2019
Net (loss) income$(22,381)$3,011 $(42,946)$(31,935)
Other comprehensive (loss) income: 
Unrealized gain (loss) on hedging activity, net of tax of $61, $24, ($81) and $24, respectively
229 83 (304)83 
Recognition of gain on hedging activity reclassified to net loss, net of tax of ($239), ($78), ($398) and ($235), respectively
(857)(278)(1,411)(834)
Foreign currency translation adjustments296 (3,823)(8,389)(903)
Comprehensive loss, net of tax
$(22,714)$(1,007)$(53,050)$(33,589)
 
See accompanying notes to unaudited condensed consolidated financial statements.

5

Table of Contents
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— — — — — 2,473 — — — 2,473 
Issuance of stock, net of forfeitures— — 1,178,663 — — — — — — — 
Shares withheld for taxes— — (47,599)— — (239)— — — (239)
Issuance of common stock under employee stock purchase plan— — 84,369 — — 197 — — — 197 
Convertible preferred dividend— — — — — (4,400)— — — (4,400)
Comprehensive loss— — — — — — (42,089)(10,104)(857)(53,050)
Balances, September 30, 20201 $ 53,054,960 $5 $(3,885)$559,037 $(241,710)$(41,164)$6,728 $279,011 

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, June 30, 20201 $ 52,875,089 5 (3,885)$562,584 $(219,823)$(40,831)$7,222 $305,272 
Stock-based compensation— — — — — 872 — — — 872 
Issuance of stock, net of forfeitures— — 187,302 — — — — — — — 
Shares withheld for taxes— — (7,431)— — (19)— — — (19)
Issuance of common stock under employee stock purchase plan— —  — —  — — —  
Convertible preferred dividend— — — — — (4,400)— — — (4,400)
Comprehensive (loss) income— — — — — — (21,887)(333)(494)(22,714)
Balances, September 30, 20201 $ 53,054,960 5 (3,885)$559,037 $(241,710)$(41,164)$6,728 $279,011 

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— — — — — 2,256 — — — 2,256 
Issuance of stock, net of forfeitures— — 521,386 — — — — — — — 
Comprehensive loss— — — — — — (31,599)(1,654)(336)(33,589)
Balances, September 30, 20191 $ 51,592,959 $5 $(3,885)$538,075 $(170,388)$(30,491)$7,927 $341,243 

Preferred StockCommon StockTreasury StockAdditional Paid-in CapitalAccumulated
Deficit
Accumulated
Other
Comprehensive
Loss
Non-Controlling InterestTotal
Stockholders’
Equity
SharesAmountSharesAmountAmount
Balances, June 30, 20191 $ 51,620,770 $5 $(3,885)$537,259 $(173,677)$(26,473)$8,205 $341,434 
Stock-based compensation— — — — — 816 — — — 816 
Forfeiture of stock, net of issuances— — (27,811)— — — — — — — 
Comprehensive income (loss)— — — — — — 3,289 (4,018)(278)(1,007)
Balances, September 30, 20191 $ 51,592,959 $5 $(3,885)$538,075 $(170,388)$(30,491)$7,927 $341,243 
See accompanying notes to unaudited condensed consolidated financial statements.
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AgroFresh Solutions, Inc.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)
(in thousands)Nine Months Ended
September 30, 2020
Nine Months Ended
September 30, 2019
Cash flows from operating activities:
Net loss$(42,946)$(31,935)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization34,775 36,692 
 (Benefit) provision for bad debts(124)215 
Stock-based compensation 2,473 2,256 
Impairment of intangible assets 992 
Amortization of deferred financing costs2,342 2,032 
Interest income on interest rate swap(1,809)(1,070)
Accretion of contingent consideration 2,669 
Change in fair value of contingent consideration 128 
Deferred income taxes18,086 (14,499)
Loss on sales of property and equipment155 2 
Changes in operating assets and liabilities:
Accounts receivable(4,297)(1,499)
Inventories(2,281)(4,424)
Prepaid expenses and other current assets(6,784)(1,429)
Accounts payable(1,274)3,855 
Accrued expenses and other liabilities2,344 (2,958)
Income taxes payable2,846 (95)
Other assets and liabilities(3,865)384 
Net cash used in operating activities(359)(8,684)
Cash flows from investing activities:
Cash paid for property and equipment(2,131)(3,271)
Other investments (250)
Net cash used in investing activities(2,131)(3,521)
Cash flows from financing activities:
Net proceeds from issuance of convertible preferred stock145,490  
Costs associated with issuance of convertible preferred stock(7,006) 
Payment of preferred dividends(2,200) 
Proceeds from long-term debt2,042  
Repayment of long-term debt(131,599)(5,056)
Payment of deferred financing costs(7,988) 
Proceeds from issuance of stock under employee stock purchase plan259  
Net cash used in financing activities(1,002)(5,056)
Effect of exchange rate changes on cash and cash equivalents and restricted cash(1,176)1,682 
Net decrease in cash and cash equivalents and restricted cash(4,668)(15,579)
Cash and cash equivalents and restricted cash, beginning of period29,817 34,852 
Cash and cash equivalents, end of period$25,149 $19,273 
Supplemental disclosures of cash flow information:
Cash paid for:
Cash paid for interest$18,381 $18,007 
Cash paid for income taxes$1,733 $2,469 
Supplemental schedule of non-cash investing and financing activities:
Accrued purchases of property and equipment$146 $62 
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. RipeLockTM 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. During the three months ended September 30, 2020, as the Company’s primary sales regions moved to the northern hemisphere, the COVID-19 pandemic continued to not have a significant adverse impact on the Company’s results of operations. However, there were numerous obstacles presented and some localized financial impacts of the pandemic, including fluctuations in foreign currency exchange rates and customer demand and spending pattern changes. 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 100% 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
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U.S. dollar, which along with increased inflation, indicated that the three-year cumulative inflation rate in that country exceeded 100 percent as of June 30, 2018. As a result, the Company adopted highly inflationary accounting as of July 1, 2018 for its subsidiary in Argentina. Under highly inflationary accounting, the functional currency of the Company's subsidiary in Argentina became the U.S. dollar, and its income statement and balance sheet are measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on Argentine peso-denominated monetary assets and liabilities are reflected in earnings. As the three-year cumulative inflation rate exceeded 100 percent as of September 30, 2020, there is no change to highly inflationary accounting. As of September 30, 2020, the Company’s subsidiary in Argentina had a net asset position of $3.0 million. Net sales attributable to Argentina were approximately 6% and 6% of the Company’s consolidated net sales for each of the nine months ended September 30, 2020 and 2019, respectively.

Disaggregation of Revenue

The Company disaggregates revenue from contracts with customers into geographic region, product and timing of transfer of goods and services. The Company determined that disaggregating revenue into these categories achieves the disclosure objective of depicting how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

Revenues for the three months ended September 30, 2020
(in thousands)
RegionNorth America
(1)
EMEA
(2)
Latin America
(3)
Asia Pacific (4)Total Revenues
Product
1-MCP based$17,122 $28,906 $845 $1,165 $48,038 
Fungicides, waxes, coatings and disinfectants534 3,011 575  4,120 
Other*190 115 210 97 612 
$17,846 $32,032 $1,630 $1,262 $52,770 
Pattern of Revenue Recognition
Products transferred at a point in time$17,663 $31,921 $1,420 $1,165 $52,169 
Services transferred over time183 111 210 97 601 
$17,846 $32,032 $1,630 $1,262 $52,770 

Revenues for the three months ended September 30, 2019
(in thousands)
RegionNorth America
(1)
EMEA
(2)
Latin America
(3)
Asia Pacific (4)Total Revenues
Product
1-MCP based$19,726 $22,377 $1,680 $1,605 $45,388 
Fungicides, waxes, coatings and disinfectants 2,857 198  3,055 
Other*218 86 108 117 529 
$19,944 $25,320 $1,986 $1,722 $48,972 
Pattern of Revenue Recognition
Products transferred at a point in time$19,802 $25,238 $1,877 $1,605 $48,522 
Services transferred over time142 82 109 117 450 
$19,944 $25,320 $1,986 $1,722 $48,972 








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Revenues for the nine months ended September 30, 2020
(in thousands)
RegionNorth America
(1)
EMEA
(2)
Latin America
(3)
Asia Pacific (4)Total Revenues
Product
1-MCP based$19,264 $37,223 $23,217 $11,538 $91,242 
Fungicides, waxes, coatings and disinfectants534 9,650 1,750  11,934 
Other*722 700 938 239 2,599 
$20,520 $47,573 $25,905 $11,777 $105,775 
Pattern of Revenue Recognition
Products transferred at a point in time$19,823 $46,887 $25,338 $