Company Quick10K Filing
GCP Applied Technologies
Price19.71 EPS1
Shares73 P/E22
MCap1,437 P/FCF33
Net Debt45 EBIT77
TEV1,482 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-02
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-11
10-Q 2016-03-31 Filed 2016-05-11
10-K 2015-12-31 Filed 2016-03-30
8-K 2020-07-30 Earnings, Other Events, Exhibits
8-K 2020-07-29 Officers, Regulation FD, Exhibits
8-K 2020-07-02 Enter Agreement, Other Events, Exhibits
8-K 2020-05-28
8-K 2020-05-06
8-K 2020-04-15
8-K 2020-03-31
8-K 2020-03-13
8-K 2020-02-26
8-K 2020-02-24
8-K 2019-12-03
8-K 2019-11-06
8-K 2019-09-30
8-K 2019-08-06
8-K 2019-06-27
8-K 2019-06-18
8-K 2019-05-08
8-K 2019-05-02
8-K 2019-03-15
8-K 2019-03-11
8-K 2019-02-27
8-K 2019-02-27
8-K 2019-01-31
8-K 2019-01-29
8-K 2018-11-06
8-K 2018-08-07
8-K 2018-08-07
8-K 2018-07-12
8-K 2018-06-28
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-04-10
8-K 2018-03-26
8-K 2018-03-26
8-K 2018-02-27

GCP 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
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 6. Exhibits
EX-31.1 a2020q210-qexhibit311.htm
EX-31.2 a2020q210-qexhibit312.htm
EX-32 a2020q210-qexhibit32.htm

GCP Applied Technologies Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.81.41.00.60.2-0.22015201620182020
Assets, Equity
0.70.50.40.20.1-0.12015201620182020
Rev, G Profit, Net Income
1.10.80.50.2-0.1-0.42015201620182020
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 EndedJune 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number1-37533
GCP Applied Technologies Inc.
Delaware47-3936076
(State of Incorporation)(I.R.S. Employer Identification No.)
62 Whittemore Avenue, Cambridge, Massachusetts 02140-1623
(617876-1400
(Address and phone number of principal executive offices)
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 ý    No o
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 and post such files). 
Yes ý    No o
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
ý 
Accelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 ☒
Securities registered pursuant to Section 12(b) of the Act:
ClassTrading SymbolExchange on which registered
Common Stock, $0.01 par value per shareGCPNew York Stock Exchange
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
ClassOutstanding at July 29, 2020
Common Stock, $0.01 par value per share72,974,610


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TABLE OF CONTENTS

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Presentation of Information
Unless the context requires otherwise, references to "GCP Applied Technologies Inc.", "GCP", "we", "us", "our" and "the Company" refer to GCP Applied Technologies Inc., and its consolidated subsidiaries for periods subsequent to its separation from W.R. Grace & Co. on February 3, 2016. For periods prior to February 3, 2016, these terms refer to the combined historical business and operations of W.R. Grace & Co.’s construction products and packaging technologies businesses as they were historically managed as part of W.R. Grace & Co. Unless the context requires otherwise, references to "Grace" refer to W.R. Grace & Co., and its consolidated subsidiaries, which is the Company’s former parent company. References in this Quarterly Report on Form 10-Q to the "Separation" refer to the legal separation and transfer of Grace’s construction products and packaging technologies businesses to the Company through a dividend distribution of all of the then-outstanding common stock of GCP to Grace shareholders on February 3, 2016.

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PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
GCP Applied Technologies Inc.
Consolidated Statements of Operations (unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions, except per share amounts)2020201920202019
Net sales$195.4  $262.2  $412.1  $488.3  
Cost of goods sold119.0  163.2  253.8  307.1  
Gross profit76.4  99.0  158.3  181.2  
Selling, general and administrative expenses65.7  71.4  133.8  140.4  
Research and development expenses3.7  4.6  8.6  9.3  
Interest expense and related financing costs5.0  5.7  10.7  11.6  
Repositioning expenses1.0  5.8  3.7  11.2  
Restructuring expenses and asset impairments0.4  4.4  3.5  5.0  
Other income, net(2.7) (1.7) (4.9) (3.5) 
Total costs and expenses73.1  90.2  155.4  174.0  
Income from continuing operations before income taxes3.3  8.8  2.9  7.2  
(Provision for) benefit from income taxes(4.5) (5.7) (2.6) 10.7  
(Loss) income from continuing operations(1.2) 3.1  0.3  17.9  
(Loss) income from discontinued operations, net of income taxes   (0.5) (0.3) 6.3  
Net (loss) income(1.2) 2.6    24.2  
Less: Net income attributable to noncontrolling interests(0.1)   (0.2) (0.2) 
Net (loss) income attributable to GCP shareholders$(1.3) $2.6  $(0.2) $24.0  
Amounts Attributable to GCP Shareholders:
(Loss) income from continuing operations attributable to GCP shareholders(1.3) 3.1  0.1  17.7  
(Loss) income from discontinued operations, net of income taxes  (0.5) (0.3) 6.3  
Net (loss) income attributable to GCP shareholders$(1.3) $2.6  $(0.2) $24.0  
Earnings (Loss) Per Share Attributable to GCP Shareholders
Basic earnings (loss) per share:(2)
(Loss) income from continuing operations attributable to GCP shareholders$(0.02) $0.04  $  $0.24  
(Loss) income from discontinued operations, net of income taxes$  $(0.01) $  $0.09  
Net (loss) income attributable to GCP shareholders(1)
$(0.02) $0.04  $  $0.33  
Weighted average number of basic shares72.9  72.6  72.9  72.5  
Diluted earnings (loss) per share:(2)
(Loss) income from continuing operations attributable to GCP shareholders$(0.02) $0.04  $  $0.24  
(Loss) income from discontinued operations, net of income taxes$  $(0.01) $  $0.09  
Net (loss) income attributable to GCP shareholders(1)
$(0.02) $0.04  $  $0.33  
Weighted average number of diluted shares72.9  73.0  73.0  72.9  
______________________________
(1)Amounts may not sum due to rounding.
(2)Dilutive effect is only applicable to the periods during which GCP generated net income from continuing operations.

The Notes to Consolidated Financial Statements are an integral part of these statements.
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GCP Applied Technologies Inc.
Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months Ended June 30,Six Months Ended June 30,
(In millions)2020201920202019
Net (loss) income$(1.2) $2.6  $  $24.2  
Other comprehensive income (loss):
Defined benefit pension and other postretirement plans, net of income taxes
    0.1    
Currency translation adjustments, net of income taxes
4.9  (3.9) (28.9) (0.6) 
(Loss) gain from hedging activities, net of income taxes
(0.1)   0.1  (0.1) 
Total other comprehensive income (loss) 4.8  (3.9) (28.7) (0.7) 
Comprehensive income (loss) 3.6  (1.3) (28.7) 23.5  
Less: Comprehensive income attributable to noncontrolling interests
(0.1)   (0.2) (0.2) 
Comprehensive income (loss) attributable to GCP shareholders
$3.5  $(1.3) $(28.9) $23.3  

The Notes to Consolidated Financial Statements are an integral part of these statements.
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GCP Applied Technologies Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except par value and shares)June 30,
2020
December 31,
2019
ASSETS
Current Assets
Cash and cash equivalents$318.2  $325.0  
Trade accounts receivable, net of allowance for credit losses of $7.3 million and $7.5 million, respectively
148.9  183.7  
Inventories, net98.5  95.9  
Other current assets45.4  43.7  
Total Current Assets611.0  648.3  
Properties and equipment, net 243.1  245.3  
Operating lease right-of-use assets33.8  29.3  
Goodwill200.3  208.9  
Technology and other intangible assets, net72.7  80.7  
Deferred income taxes17.5  26.1  
Overfunded defined benefit pension plans23.6  25.0  
Other assets38.3  38.0  
Non-current assets held for sale  0.5  
Total Assets$1,240.3  $1,302.1  
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current Liabilities  
Debt payable within one year$2.7  $2.7  
Operating lease obligations payable within one year8.0  8.1  
Accounts payable73.1  88.4  
Other current liabilities92.1  113.6  
Total Current Liabilities175.9  212.8  
Debt payable after one year348.7  346.5  
Income taxes payable35.2  41.4  
Deferred income taxes11.9  13.1  
Operating lease obligations26.5  21.6  
Unrecognized tax benefits42.6  42.2  
Underfunded and unfunded defined benefit pension plans68.7  67.5  
Other liabilities15.6  15.9  
Total Liabilities725.1  761.0  
Commitments and Contingencies - Note 11
Stockholders' Equity  
Series A Junior Participating Preferred Stock, par value $0.01; 10,000,000 shares authorized, no shares issued or outstanding (Note 12)
    
Common stock issued, par value $0.01; 300,000,000 shares authorized; outstanding: 72,974,610 and 72,850,268, respectively
0.7  0.7  
Paid-in capital56.9  53.4  
Accumulated earnings610.0  610.2  
Accumulated other comprehensive loss(145.7) (117.0) 
Treasury stock(8.9) (8.6) 
Total GCP's Shareholders' Equity513.0  538.7  
Noncontrolling interests2.2  2.4  
Total Stockholders' Equity515.2  541.1  
Total Liabilities and Stockholders' Equity$1,240.3  $1,302.1  

The Notes to Consolidated Financial Statements are an integral part of these statements.
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GCP Applied Technologies Inc.
Consolidated Statements of Stockholders' Equity (unaudited)
Common StockTreasury Stock
(In millions)
Number of Shares(1)
Par Value
Number of Shares(1)
CostAdditional Paid-in CapitalAccumulated EarningsAccumulated Other Comprehensive LossNoncontrolling InterestsTotal Stockholders' Equity
Balance, December 31, 201872.4  $0.7  0.2  $(4.8) $39.6  $563.9  $(120.0) $2.0  $481.4  
Net income—  —  —  —  —  24.0  —  0.2  24.2  
Issuance of common stock in connection with stock plans(1)
0.3  —  —  —  —  —  —  —  —  
Share-based compensation—  —  —  —  5.6  —  —  5.6  
Exercise of stock options0.3  —  —  —  5.0  —  —  —  5.0  
Share repurchases(2)
—  —  0.1  (3.2) —  —  —  —  (3.2) 
Other comprehensive income—  —  —  —  —  —  (0.7) —  (0.7) 
Balance, June 30, 201973.0  $0.7  0.3  $(8.0) $50.2  $587.9  $(120.7) $2.2  $512.3  
Balance, December 31, 201973.2  $0.7  0.3  $(8.6) $53.4  $610.2  $(117.0) $2.4  $541.1  
Net (loss) income—  —  —  —  —  (0.2) —  0.2    
Issuance of common stock in connection with stock plans(1)
0.1  —  —  —  —  —  —  —  —  
Share-based compensation—  —  —  —  2.8  —  —  —  2.8  
Exercise of stock options  —  —  —  0.7  —  —  —  0.7  
Share repurchases(2)
—  —  0.1  (0.3) —  —  —  —  (0.3) 
Other comprehensive loss—  —  —  —  —  —  (28.7) —  (28.7) 
Dividends and other changes in noncontrolling interest —  —  —  —  —  —  —  (0.4) (0.4) 
Balance, June 30, 202073.3  $0.7  0.4  $(8.9) $56.9  $610.0  $(145.7) $2.2  $515.2  
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(1)The par value of common shares issued may not be included in the table due to rounding. Total share amounts for common stock and treasury stock may not sum due to rounding.
(2)Refer to Note 15, “Stock Incentive Plans”, for further information.


The Notes to Consolidated Financial Statements are an integral part of these statements.
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Table of Contents
GCP Applied Technologies Inc.
Consolidated Statements of Cash Flows (unaudited)
Six Months Ended June 30,
(In millions)20202019
OPERATING ACTIVITIES  
Net income$  $24.2  
Less: (Loss) income from discontinued operations(0.3) 6.3  
Income from continuing operations0.3  17.9  
Reconciliation to net cash provided by (used in) operating activities:  
Depreciation and amortization22.7  21.1  
Amortization of debt discount and financing costs0.7  0.7  
Stock-based compensation expense2.3  5.0  
Unrealized loss on foreign currency1.6