10-Q 1 aste-20220630.htm FORM 10-Q - Q2 2022 aste-20220630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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: 001-11595
aste-20220630_g1.jpg
Astec Industries, Inc.
(Exact name of registrant as specified in its charter)
Tennessee62-0873631
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
1725 Shepherd Road
Chattanooga, TN
37421
(Address of principal executive offices)(Zip Code)
(423) 899-5898
(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 StockASTEThe 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. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 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 FilerAccelerated Filer
Non-accelerated filerSmaller 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 in Rule 12b-2 of the Exchange Act). Yes ☐ No

As of July 29, 2022, there were 22,864,911 shares of Common Stock outstanding.


ASTEC INDUSTRIES, INC.
Index to Quarterly Report on Form 10-Q
For the Quarter Ended June 30, 2022



PART I ‑ FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
ASTEC INDUSTRIES, INC.
Consolidated Balance Sheets
(In millions, except share and per share data, unaudited)
June 30, 2022December 31, 2021
ASSETS
Current assets:
Cash, cash equivalents and restricted cash$50.6 $134.4 
Investments5.8 8.6 
Trade receivables and contract assets, net of allowance for credit losses of $2.0 and $2.3, respectively
160.1 141.7 
Other receivables, net of allowance for credit losses of $0.7, respectively
7.4 3.5 
Inventories371.1 298.7 
Prepaid and refundable income taxes18.3 20.5 
Prepaid expenses and other assets27.7 23.5 
Assets held for sale20.5 5.1 
Total current assets661.5 636.0 
Property and equipment, net of accumulated depreciation of $238.3 and $248.0, respectively
162.3 171.7 
Investments14.5 12.2 
Goodwill46.0 38.6 
Intangible assets, net of accumulated amortization of $41.2 and $38.1, respectively
27.1 22.7 
Deferred income tax assets23.8 16.2 
Other long-term assets14.7 8.4 
Total assets$949.9 $905.8 
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$0.2 $0.1 
Short-term debt5.8 2.6 
Accounts payable104.3 82.2 
Customer deposits73.4 60.2 
Accrued product warranty11.6 10.5 
Accrued payroll and related liabilities30.8 23.6 
Accrued loss reserves2.2 1.9 
Other current liabilities45.1 42.2 
Total current liabilities273.4 223.3 
Long-term debt0.1 0.2 
Deferred income tax liabilities3.2 1.4 
Other long-term liabilities29.3 29.6 
Total liabilities306.0 254.5 
Commitments and contingencies (Note 9)
Shareholders' equity:
Preferred stock - authorized 4,000,000 shares of $1.00 par value; none issued
  
Common stock – authorized 40,000,000 shares of $0.20 par value; issued and outstanding – 22,864,529 as of June 30, 2022 and 22,767,052 as of December 31, 2021
4.6 4.5 
Additional paid-in capital132.6 130.6 
Accumulated other comprehensive loss(36.8)(32.4)
Company stock held by deferred compensation programs, at cost(1.1)(1.2)
Retained earnings544.0 549.3 
Shareholders' equity643.3 650.8 
Noncontrolling interest0.6 0.5 
Total equity643.9 651.3 
Total liabilities and equity$949.9 $905.8 
    

The accompanying notes are an integral part of these unaudited consolidated financial statements.
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ASTEC INDUSTRIES, INC.
Consolidated Statements of Operations
(In millions, except share and per share data, unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net sales$318.2 $277.6 $609.4 $562.0 
Cost of sales257.6 211.5 482.7 427.7 
Gross profit60.6 66.1 126.7 134.3 
Selling, general and administrative expenses53.7 48.0 106.4 99.7 
Research and development expenses7.5 7.0 14.5 13.3 
Restructuring, impairment and other asset charges, net3.4 0.8 4.4 1.5 
(Loss) income from operations(4.0)10.3 1.4 19.8 
Other income:
Interest expense(0.6)(0.2)(1.0)(0.4)
Interest income0.2 0.2 0.4 0.3 
Other (expenses) income, net(0.3)0.1 (0.5) 
(Loss) income from operations before income taxes(4.7)10.4 0.3 19.7 
Income tax (benefit) provision(0.8)2.1 0.1 2.9 
Net (loss) income(3.9)8.3 0.2 16.8 
Net income attributable to noncontrolling interest    
Net (loss) income attributable to controlling interest$(3.9)$8.3 $0.2 $16.8 
Per share data:
(Loss) earnings per common share - Basic$(0.17)$0.36 $0.01 $0.74 
(Loss) earnings per common share - Diluted$(0.17)$0.36 $0.01 $0.73 
Weighted average shares outstanding - Basic22,850,515 22,742,162 22,816,684 22,688,339 
Weighted average shares outstanding - Diluted22,850,515 22,917,957 22,923,868 22,905,270 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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ASTEC INDUSTRIES, INC.
Consolidated Statements of Comprehensive (Loss) Income
(In millions, unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net (loss) income$(3.9)$8.3 $0.2 $16.8 
Other comprehensive (loss) income:
Foreign currency translation adjustments(8.5)4.1 (4.3)3.3 
Other comprehensive (loss) income(8.5)4.1 (4.3)3.3 
Comprehensive (loss) income(12.4)12.4 (4.1)20.1 
Comprehensive loss (income) attributable to noncontrolling interest 0.1 (0.1) 
Comprehensive (loss) income attributable to controlling interest$(12.4)$12.5 $(4.2)$20.1 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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ASTEC INDUSTRIES, INC.
Consolidated Statements of Cash Flows
(In millions, unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net income$0.2 $16.8 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization13.6 15.1 
Provision for credit losses0.2 0.7 
Provision for warranties6.4 4.9 
Deferred compensation (benefit) expense(0.9)0.3 
Share-based compensation3.4 2.9 
Deferred tax (benefit) provision(8.0)5.4 
Gain on disposition of property and equipment (0.3)
Asset impairment charges, net3.0 0.2 
Distributions to deferred compensation programs' participants(0.4)(1.1)
Change in operating assets and liabilities, excluding the effects of acquisitions:
Purchase of trading securities, net(0.5)(3.1)
Receivables and other contract assets(21.5)(32.5)
Inventories(71.5)(6.6)
Prepaid expenses(3.8)(0.1)
Other assets(4.8)(0.5)
Accounts payable22.7 25.5 
Accrued loss reserves0.5 (0.4)
Accrued payroll and related expenses6.7 7.8 
Other accrued liabilities2.0 6.6 
Accrued product warranty(5.2)(4.7)
Customer deposits14.2 0.9 
Income taxes payable/prepaid1.8 (7.3)
Net cash (used in) provided by operating activities(41.9)30.5 
Cash flows from investing activities:
Acquisitions, net of cash acquired(17.8)0.1 
Price adjustment on prior sale of subsidiary (1.1)
Expenditures for property and equipment(18.8)(7.2)
Proceeds from sale of property and equipment0.2 1.5 
Purchase of investments(0.6)(0.6)
Sale of investments0.1 0.5 
Net cash used in investing activities(36.9)(6.8)

(Continued)
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ASTEC INDUSTRIES, INC.
Consolidated Statements of Cash Flows (Continued)
(In millions, unaudited)
Six Months Ended June 30,
20222021
Cash flows from financing activities:
Payment of dividends(5.5)(5.0)
Proceeds from borrowings on credit facility and bank loans28.5 2.3 
Repayments of borrowings on credit facility and bank loans(25.3)(2.7)
Sale of Company stock by deferred compensation programs, net0.2 0.5 
Withholding tax paid upon vesting of share-based compensation awards(1.6)(3.2)
Net cash used in financing activities(3.7)(8.1)
Effect of exchange rates on cash(1.3)0.3 
(Decrease) increase in cash and cash equivalents and restricted cash(83.8)15.9 
Cash and cash equivalents and restricted cash, beginning of period134.4 158.6 
Cash and cash equivalents and restricted cash, end of period$50.6 $174.5 
Supplemental cash flow information:
Cash paid during the year for:
Interest, net of capitalized interest$0.2 $0.1 
Income taxes paid$6.7 $5.7 
Supplemental disclosures of non-cash items:
Non-cash investing activities:
Capital expenditures in accounts payable$1.2 $0.2 
Non-cash financing activities:
Additions to right-of-use assets and lease liabilities$2.5 $1.3 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

ASTEC INDUSTRIES, INC.
Consolidated Statements of Equity
(In millions, unaudited)

Common StockCommon Stock AmountAdditional Paid-in-CapitalAccumulated Other Comprehensive LossCompany Shares Held by SERPRetained EarningsNon-controlling InterestTotal Equity
Balance, December 31, 202122,767,052 $4.5 $130.6 $(32.4)$(1.2)$549.3 $0.5 $651.3 
Net income— — — — — 4.1 — 4.1 
Other comprehensive income— — — 4.1 — — 0.1 4.2 
Dividends ($0.12 per share)
— — — — — (2.8)— (2.8)
Share-based compensation— — 1.8 — — — — 1.8 
Issuance of common stock under incentive plan69,995 0.1 — — — — — 0.1 
Withholding tax paid upon equity award vesting— — (1.3)— — — — (1.3)
Balance, March 31, 202222,837,047 $4.6 $131.1 $(28.3)$(1.2)$550.6 $0.6 $657.4 
Net loss— — — — — (3.9) (3.9)
Other comprehensive loss— — — (8.5)— —  (8.5)
Dividends ($0.12 per share)
— — 0.1 — — (2.7)— (2.6)
Share-based compensation— — 1.6 — — — — 1.6 
Issuance of common stock under incentive plan27,482  — — — — —  
Withholding tax paid upon equity award vesting— — (0.3)— — — — (0.3)
Deferred compensation programs' transactions, net— — 0.1 — 0.1 — — 0.2 
Balance, June 30, 202222,864,529 $4.6 $132.6 $(36.8)$(1.1)$544.0 $0.6 $643.9 

Common StockCommon Stock AmountAdditional Paid-in-CapitalAccumulated Other Comprehensive LossCompany Shares Held by SERPRetained EarningsNon-controlling InterestTotal Equity
Balance, December 31, 202022,611,976 4.5 127.8 (33.5)(1.5)543.7 0.5 641.5 
Net income— — — — — 8.5  8.5 
Other comprehensive loss— — — (0.7)— — (0.1)(0.8)
Dividends ($0.11 per share)
— — — — — (2.5)— (2.5)
Share-based compensation— — 1.4 — — — — 1.4 
Issuance of common stock under incentive plan103,541 — — — — — — — 
Withholding tax paid upon equity award vesting— — (3.0)— — — — (3.0)
Deferred compensation programs' transactions, net— — 0.1 — 0.1 — — 0.2 
Balance, March 31, 202122,715,517 $4.5 $126.3 $(34.2)$(1.4)$549.7 $0.4 $645.3 
Net income— — — — — 8.3  8.3 
Other comprehensive income— — — 4.0 — — 0.1 4.1 
Dividends ($0.11 per share)
— — — — — (2.5)— (2.5)
Share-based compensation— — 1.5 — — — — 1.5 
Issuance of common stock under incentive plan41,809 0.1 — — — — — 0.1 
Withholding tax paid upon equity award vesting— — (0.2)— — — — (0.2)
Deferred compensation programs' transactions, net— — 0.2 — 0.1 — — 0.3 
Balance, June 30, 202122,757,326 $4.6 $127.8 $(30.2)$(1.3)$555.5 $0.5 $656.9 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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ASTEC INDUSTRIES, INC.
Notes To Unaudited Consolidated Financial Statements

Note 1. Basis of Presentation and Significant Accounting Policies

Description of Business

Astec Industries, Inc. ("Astec" or the "Company") is a Tennessee corporation which was incorporated in 1972. The Company designs, engineers, manufactures and markets equipment and components used primarily in road building and related construction activities, as well as other products discussed below. The Company's products are used in each phase of road building, from quarrying and crushing the aggregate to application of the road surface. The Company also manufactures certain equipment and components unrelated to road construction, including equipment for the mining, quarrying, construction and demolition industries and port and rail yard operators; industrial heat transfer equipment; commercial whole-tree pulpwood chippers; horizontal grinders; blower trucks; concrete plants; commercial and industrial burners; and combustion control systems.

The Company operates in two reportable segments (plus Corporate and Other) - Infrastructure Solutions and Materials Solutions. The Company's two reportable business segments comprise sites based upon the nature of the products or services produced, the type of customer for the products, the similarity of economic characteristics, the manner in which management reviews results and the nature of the production process, among other considerations.

The Corporate and Other category consists primarily of the parent company, Astec Insurance Company ("Astec Insurance" or the "captive"), a captive insurance company, and the controls and automation business, which do not meet the requirements for separate disclosure as an operating segment or inclusion in one of the other reporting segments.

Basis of Presentation

The accompanying unaudited consolidated financial statements include the accounts of Astec and its subsidiaries and have been prepared by the Company, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The Company prepares its financial statements in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"). Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the SEC rules and regulations governing interim financial statements. However, the Company believes that the disclosures made in the unaudited consolidated financial statements and related notes are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. All intercompany balances and transactions between the Company and its affiliates have been eliminated in consolidation.

Noncontrolling interest in the Company's consolidated financial statements represents the 7% interest in a consolidated subsidiary which is not owned by the Company. Since the Company controls this subsidiary, the subsidiary's financial statements are consolidated with those of the Company, and the noncontrolling owner's 7% share of the subsidiary's net assets and results of operations is deducted and reported as "Noncontrolling interest" in the Consolidated Balance Sheets and as "Net income attributable to noncontrolling interest" in the Consolidated Statements of Operations. The Company executed an agreement in February 2022 with the noncontrolling interest holder, which is undergoing a judicial reorganization in Brazil, to acquire their outstanding interest in full for R$10.0M (approximately $2.0 million, subject to the effect of exchange rates). Completion of the transaction is subject to obtaining certain judicial approval in Brazil.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include inventory obsolescence costs, warranty costs, inventory net realizable value, self-insurance loss reserves, share-based compensation and the measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. The COVID-19 pandemic and its contributory impacts on the economy have resulted in uncertainties in the Company's business, which may result in actual results differing from those estimates. As a result, the Company's accounting estimates and assumptions may change over time in response to COVID-19 and its contributory impacts. Such changes could result in future impairments of goodwill, intangibles, long-lived assets and investment securities and incremental credit losses on receivables, among other issues. On an ongoing basis, the Company evaluates these assumptions, judgments and estimates. Actual results may differ from these estimates.

As discussed in Note 2. Immaterial Error Correction, the Company identified certain immaterial errors during the first quarter of 2022 for which the prior period and all relevant footnotes to the consolidated financial statements in this Form 10-Q have been revised to reflect the corrected balances.

In the opinion of management, the consolidated financial statements contain all adjustments necessary for a fair statement of the results of operations and comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021, the financial
7

position as of June 30, 2022 and December 31, 2021 and the cash flows for the six months ended June 30, 2022 and 2021, and except as otherwise discussed herein, such adjustments consist only of those of a normal recurring nature. The interim results are not necessarily indicative of results that may be achieved in a full reporting year.

All dollar amounts, except share and per share amounts, are in millions of dollars unless otherwise indicated.

Recently Adopted Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832)", which aims to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance and the effect of the assistance on an entity’s financial statements. The new guidance requires expanded disclosure about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. This new standard was effective for the Company on January 1, 2022. Availability of government assistance has typically been limited. The Company did not receive government assistance in 2022.

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers", which requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The new standard is effective on a prospective basis for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company elected to early adopt this guidance on April 1, 2022. The adoption of this new standard did not have a material impact on its financial position, results of operations, cash flows or disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", which provides optional guidance for a limited period of time to ease the potential burden in accounting (or recognizing the effects of) reference rate reform on financial reporting. This was in response to stakeholders raising certain operational challenges likely to arise in accounting for contract modifications and hedge accounting because of reference rate reform. Some of those challenges relate to the significant volume of contracts and other arrangements, such as debt agreements, lease agreements and derivative instruments, which will be modified to replace references to discontinued rates with references to replacement rates. For accounting purposes, such contract modifications are required to be evaluated in determining whether the modifications result in the establishment of new contracts or the continuation of existing contracts. Stakeholders indicated that due to the significant volume of affected contracts and other arrangements, together with a compressed time frame for making contract modifications, the application of existing accounting standards on assessing modifications versus extinguishments could be costly and burdensome. In addition, stakeholders indicated that financial reporting results should reflect the intended continuation of such contracts and arrangements during the period of the market-wide transition to alternative reference rates. The amendments are elective and are effective upon issuance through December 31, 2022. The Company intends to apply this guidance if modifications of its contracts that include LIBOR occur, which is not expected to have a material impact on the Company's consolidated financial statements.

Recent accounting guidance not discussed above is not applicable, did not have, or is not expected to have a material impact on the Company.

Note 2. Immaterial Error Correction

During the first quarter of 2022, the Company identified errors in its previously issued financial statements related to an overstatement of work-in-process inventory that mainly accumulated over the periods from 2018 through 2021 thereby understating "Cost of sales" in those periods and an overstatement of "Net sales" and "Cost of sales" as well as impacts to certain consolidated balance sheet financial statement line items as a result of over-time revenue recognition calculation errors at one of the Company's sites which impacted the second, third and fourth quarters of 2021.

The Company assessed the materiality of these misstatements both quantitatively and qualitatively and determined the correction of these errors to be immaterial to the prior period consolidated financial statements taken as a whole. To reflect the correction of the above errors, the Company is revising the previously issued consolidated financial statements for the three and six months ended June 30, 2021 in this Form 10-Q. The Company is also disclosing the impact of the revisions on the previously filed audited Consolidated Balance Sheet as of December 31, 2021 and the opening balance sheet equity impact for December 31, 2020. As a result, the Company has corrected the misstatements as disclosed in the following tables for all impacted financial statement line items in prior periods.

8

Balance Sheet

December 31, 2021
(in millions)As Previously ReportedAdjustmentAs Revised
Trade receivables and contract assets, net$144.1 $(2.4)$141.7 
Inventories303.0 (4.3)298.7 
Prepaid and refundable income taxes19.5 1.0 20.5 
Total current assets641.7 (5.7)636.0 
Deferred income tax assets16.0 0.2 16.2 
Total assets911.3 (5.5)905.8 
Accounts payable83.5 (1.3)82.2 
Other current liabilities42.9 (0.7)42.2 
Total current liabilities225.3 (2.0)223.3 
Total liabilities256.5 (2.0)254.5 
Retained earnings552.8 (3.5)549.3 
Shareholders' equity654.3 (3.5)650.8 
Total equity654.8 (3.5)651.3 
Total liabilities and equity911.3 (5.5)905.8 

Statement of Operations

Three Months Ended June 30, 2021Six Months Ended June 30, 2021
(in millions)As Previously ReportedAdjustmentAs RevisedAs Previously ReportedAdjustmentAs Revised
Net sales$278.0 $(0.4)$277.6 $562.4 $(0.4)$562.0 
Cost of sales211.0 0.5 211.5 426.9 0.8 427.7 
Gross profit67.0 (0.9)66.1 135.5 (1.2)134.3 
(Loss) income from operations11.2 (0.9)10.3 21.0 (1.2)19.8 
(Loss) income from operations before income taxes11.3 (0.9)10.4 20.9 (1.2)19.7 
Income tax (benefit) provision2.3 (0.2)2.1 3.2 (0.3)2.9 
Net (loss) income9.0 (0.7)8.3 17.7 (0.9)16.8 
Net (loss) income attributable to controlling interest9.0 (0.7)8.3 17.7 (0.9)16.8 
Per share data:
(Loss) earnings per common share - Basic0.40 (0.04)