0000353020 Aegion Corp false --12-31 Q3 2020 4,629 7,224 0.10 0.10 2,000,000 2,000,000 0 0 0.01 0.01 125,000,000 125,000,000 30,770,323 30,770,323 30,715,959 30,715,959 3 4 2000000 2000000 1 7 10 0 3 Amounts presented net of tax of $0 and $30 for the quarters ended September 30, 2020 and 2019, respectively, and $0 and $180 for the nine months ended September 30, 2020 and 2019, respectively. Amounts exclude contract assets of $0.9 million and contract liabilities of less than $0.1 million that were classified as held for sale at September 30, 2020 (see Note 5). For the quarter ended September 30, 2020, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with optimizing the cathodic protection operations in North America, disposing of certain international businesses and other cost savings initiatives. For the quarter ended September 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. Amounts exclude operating lease assets of $0.3 million, accrued expenses of $0.2 million and other liabilities of $0.2 million that were classified as held for sale at December 31, 2019 (see Note 5). Refers to cash utilized to settle charges during the first nine months of 2019. During the second quarter of 2020, the Company recorded a $1.3 million goodwill impairment related to restructuring activities within Energy Services (see Note 4). Total pre-tax restructuring charges for the nine months ended September 30, 2019 include cash charges of $11.6 million and non-cash charges of $6.4 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. Total pre-tax restructuring charges for the nine months ended September 30, 2020 include cash charges of $9.5 million and non-cash charges of $3.2 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. Operating income (loss) in the third quarters of 2020 and 2019 includes $4.5 million and $0.8 million, respectively, of restructuring charges (see Note 4). Operating loss in the first nine months of 2020 and 2019 includes $7.6 million and $4.3 million, respectively, of restructuring charges (see Note 4). Additionally, operating loss in the first nine months of 2019 includes $2.9 million of impairment charges to assets held for sale. Revenues and gross profit are attributed to the country of origin Amounts presented net of tax of $(9) and $6 for the quarters ended September 30, 2020 and 2019, respectively, and $5 and $7 for the nine months ended September 30, 2020 and 2019, respectively. During the nine months ended September 30, 2020, as a result of disposing of certain international entities, $1.5 million was reclassified out of accumulated other comprehensive loss to "Other expense" in the Consolidated Statements of Operations. Operating income (loss) in the third quarters of 2020 and 2019 includes $0.9 million and $0.1 million, respectively, of restructuring charges (see Note 4). Additionally, operating loss in the third quarter of 2020 includes goodwill impairment charges of $39.4 million. Operating income (loss) in the first nine months of 2020 and 2019 includes $2.2 million and $0.2 million, respectively, of restructuring charges (see Note 4). Additionally, operating loss in the first nine months of 2020 includes $40.7 million of goodwill impairment charges and $1.0 million of definite-lived intangible asset impairment charges. Operating income in the third quarters of 2020 and 2019 includes reversals of $0.2 million and charges of $1.2 million, respectively, related to restructuring (see Note 4). Additionally, the third quarter of 2019 includes $0.5 million of costs primarily related to the divestiture of certain international operations. Operating income in the first nine months of 2020 and 2019 includes $0.4 million and $4.7 million, respectively, of restructuring charges (see Note 4) and $0.2 million and $1.0 million, respectively, of divestiture costs. Additionally, operating income in the first nine months of 2020 includes $0.7 million of impairment reversals while operating income in the first nine months of 2019 includes $9.0 million of impairment charges to assets held for sale. For the nine months ended September 30, 2020, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals, release of cumulative currency translation adjustments and other restructuring-related costs in connection with optimizing the cathodic protection operations in North America, exiting the CIPP operations in Europe, disposing of certain international businesses and other cost savings initiatives. Amounts also include goodwill and definite-lived intangible asset impairments related to the exiting P2S. For the nine months ended September 30, 2019, charges primarily related to certain wind-down costs, allowances for accounts receivable, fixed asset disposals and other restructuring-related costs in connection with exiting the CIPP operations in Europe, exiting the cathodic protection operations in the Middle East and other cost savings initiatives. Other income in the third quarter of 2020 includes gains of $1.5 million related to restructuring (see Note 4) and a $0.6 million loss on the sale of Insituform Australia (see Note 1). Other expense in the third quarter of 2019 includes $5.3 million of restructuring charges (see Note 4). Other income (expense) in the first nine months of 2020 and 2019 includes gains of $1.8 million and charges of $6.5 million, respectively, related to restructuring (see Note 4). Other income in the first nine months of 2020 also includes gains of $0.1 million related to divestitures of Insituform Australia and Insituform Spain (see Note 1). Total pre-tax restructuring charges for the quarter ended September 30, 2019 include cash charges of $3.1 million and non-cash charges of $5.5 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. During the second quarter of 2020, the Company recorded intangible asset impairments related to restructuring activities within Energy Services of $0.3 million for trademarks and $0.7 million for customer relationships (see Note 4). Includes Environmental Techniques and land held at Corporate. Refers to cash utilized to settle charges during the first nine months of 2020. During the third quarter of 2020, the Company recorded a $39.4 million goodwill impairment within Energy Services (see Note 2). Amounts exclude operating lease assets of $0.2 million, accrued expenses of less than $0.1 and other liabilities of less than $0.1 million that were classified as held for sale at September 30, 2020 (see Note 5). Includes Insituform Australia, Insituform Spain, Environmental Techniques and land held at Corporate. Amounts exclude contract assets of $5.4 million and contract liabilities of $0.1 million that were classified as held for sale at December 31, 2019 (see Note 5). Total pre-tax restructuring charges for the quarter ended September 30, 2020 include cash charges of $3.7 million and non-cash charges of $0.5 million. Cash charges consist of charges incurred during the quarter that will be settled in cash, either during the current period or future periods. Operating loss in the third quarters of 2020 and 2019 includes $0.5 million and $1.1 million, respectively, of restructuring charges (see Note 4) and $0.7 million and $1.3 million, respectively, of divestiture costs. Operating loss in the first nine months of 2020 and 2019 includes $2.0 million and $2.4 million, respectively, of restructuring charges (see Note 4) and $2.0 million and $1.6 million, respectively, of divestiture costs. 00003530202020-01-012020-09-30 xbrli:shares 00003530202020-10-23 thunderdome:item iso4217:USD 00003530202020-07-012020-09-30 00003530202019-07-012019-09-30 00003530202019-01-012019-09-30 iso4217:USDxbrli:shares 00003530202020-09-30 00003530202019-12-31 0000353020us-gaap:CommonStockMember2020-06-30 0000353020us-gaap:CommonStockMember2019-06-30 0000353020us-gaap:CommonStockMember2019-12-31 0000353020us-gaap:CommonStockMember2018-12-31 0000353020us-gaap:CommonStockMember2020-07-012020-09-30 0000353020us-gaap:CommonStockMember2019-07-012019-09-30 0000353020us-gaap:CommonStockMember2020-01-012020-09-30 0000353020us-gaap:CommonStockMember2019-01-012019-09-30 0000353020us-gaap:RestrictedStockUnitsRSUMemberus-gaap:CommonStockMember2020-07-012020-09-30 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Table of Contents

 

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 quarter 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: 001-35328

 

Aegion Corporation

(Exact name of registrant as specified in its charter)

   
 

Delaware

 

45-3117900

 
 

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 
 

 

 

 

 
 

17988 Edison Avenue, Chesterfield, Missouri

 

63005-1195

 
 

(Address of principal executive offices) 

 

(Zip Code)

 
 

 

 

 

 
 

Registrant’s telephone number, including area code:  (636) 530-8000

 

 

aeghoriz_small.jpg

 

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 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. Yes ☐ No ☐

 

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:

 

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Shares, $0.01 par value

AEGN

The Nasdaq Global Select Market

 

There were 30,772,852 shares of Class A common stock, $0.01 par value per share, outstanding at October 23, 2020.

 

1

 

 
 

TABLE OF CONTENTS

 

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements (Unaudited):

 

 

 

 

 

Consolidated Statements of Operations for the Quarters and Nine Months Ended September 30, 2020 and 2019

3

 

 

 

 

Consolidated Statements of Comprehensive Income for the Quarters and Nine Months Ended September 30, 2020 and 2019

4

 

 

 

 

Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

5

 

 

 

 

Consolidated Statements of Equity for the Quarters and Nine Months Ended September 30, 2020 and 2019

6

 

 

 

 

Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019

7

 

 

 

 

Notes to Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

 

 

 

Item 4.

Controls and Procedures

50

 

 

 

PART II—OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

51

 

 

 

Item 1.A.

Risk Factors

51

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

52

 

 

 

Item 4.

Mine Safety Disclosures

52

     
Item 6.

Exhibits

53

 

 

 

SIGNATURE

54

 

2

 

 

PART I—FINANCIAL INFORMATION

 

Item 1. Financial Statements

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share amounts)

 

 

  

Quarter Ended September 30,

  

Nine Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Revenues

 $275,884  $308,789  $808,276  $904,433 

Cost of revenues

  215,624   241,997   644,557   721,909 

Gross profit

  60,260   66,792   163,719   182,524 

Operating expenses

  45,055   48,866   133,373   147,990 
Goodwill impairment  39,430      40,688    

Definite-lived intangible asset impairment

        957    
Impairment (gain) of assets held for sale        (658)  11,946 

Acquisition and divestiture expenses

  680   1,842   2,189   2,759 

Restructuring and related charges

  2,335   1,435   4,287   5,495 

Operating income (loss)

  (27,240)  14,649   (17,117)  14,334 

Other income (expense):

                

Interest expense

  (4,288)  (3,446)  (12,174)  (10,602)

Interest income

  258   268   701   814 

Other

  245   (5,236)  1,634   (6,925)

Total other expense

  (3,785)  (8,414)  (9,839)  (16,713)

Income (loss) before taxes (benefit)

  (31,025)  6,235   (26,956)  (2,379)

Taxes (benefit) on income (loss)

  (3,131)  (114)  (1,755)  3,410 

Net income (loss)

  (27,894)  6,349   (25,201)  (5,789)

Non-controlling interests income

  (580)  (313)  (1,049)  (542)

Net income (loss) attributable to Aegion Corporation

 $(28,474) $6,036  $(26,250) $(6,331)
                 

Income (loss) per share attributable to Aegion Corporation:

                
Basic $(0.93) $0.20  $(0.85) $(0.20)
Diluted $(0.93) $0.19  $(0.85) $(0.20)

 

The accompanying notes are an integral part of the consolidated financial statements.

 

3

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

 

 

  

Quarter Ended September 30,

  

Nine Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Net income (loss)

 $(27,894) $6,349  $(25,201) $(5,789)

Other comprehensive income (loss):

                
Currency translation adjustments  1,905   439   660   3,505 
Deferred gain (loss) on hedging activity, net of tax (1)  618   (1,180)  (5,556)  (6,879)
Pension activity, net of tax (2)  (39)  28   22   31 

Total comprehensive income (loss)

  (25,410)  5,636   (30,075)  (9,132)
Comprehensive income attributable to non-controlling interests  (528)  (286)  (907)  (535)

Comprehensive income (loss) attributable to Aegion Corporation

 $(25,938) $5,350  $(30,982) $(9,667)

 


 

(1) 

Amounts presented net of tax of $0 and $30 for the quarters ended September 30, 2020 and 2019, respectively, and $0 and $180 for the nine months ended September 30, 2020 and 2019, respectively.

 

 

(2) 

Amounts presented net of tax of $(9) and $6 for the quarters ended September 30, 2020 and 2019, respectively, and $5 and $7 for the nine months ended September 30, 2020 and 2019, respectively.

 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

4

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share amounts)

 

 

  

September 30, 2020

  

December 31, 2019

 

Assets

        

Current assets

        

Cash and cash equivalents

 $75,758  $64,874 

Restricted cash

  986   1,348 

Receivables, net of allowances of $4,629 and $7,224, respectively

  178,249   192,604 

Retainage

  30,970   33,103 

Contract assets

  51,150   51,092 

Inventories

  47,637   57,193 

Prepaid expenses and other current assets

  39,147   33,909 

Assets held for sale

  11,083   16,092 

Total current assets

  434,980   450,215 

Property, plant & equipment, less accumulated depreciation

  98,361   101,091 

Other assets

        

Goodwill

  216,340   256,835 

Intangible assets, less accumulated amortization

  93,945   104,828 

Operating lease assets

  67,504   71,466 

Deferred income tax assets

  445   1,216 

Other non-current assets

  8,955   9,862 

Total other assets

  387,189   444,207 

Total Assets

 $920,530  $995,513 
         

Liabilities and Equity

        

Current liabilities

        

Accounts payable

 $66,226  $60,614 

Accrued expenses

  93,141   96,577 

Contract liabilities

  37,034   37,562 

Current maturities of long-term debt

  23,825   32,803 

Liabilities held for sale

  1,864   6,485 

Total current liabilities

  222,090   234,041 

Long-term debt, less current maturities

  201,600   243,629 
Other liabilities        

Operating lease liabilities

  52,418   56,253 

Deferred income tax liabilities

  9,453   11,254 

Other non-current liabilities

  27,274   15,243 
Total other liabilities  89,145   82,750 

Total liabilities

  512,835   560,420 
         

(See Commitments and Contingencies: Note 11)

          
         

Equity

        

Preferred stock, undesignated, $.10 par – shares authorized 2,000,000; none outstanding

      

Common stock, $.01 par – shares authorized 125,000,000; shares issued and outstanding 30,770,323 and 30,715,959, respectively

  308   307 

Additional paid-in capital

  103,977   101,148 

Retained earnings

  332,748   358,998 

Accumulated other comprehensive loss

  (37,426)  (32,694)

Total stockholders’ equity

  399,607   427,759 

Non-controlling interests

  8,088   7,334 

Total equity

  407,695   435,093 

Total Liabilities and Equity

 $920,530  $995,513 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

5

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(Unaudited)

(in thousands, except number of shares)

 

 

  

Quarter Ended September 30,

  

Nine Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Common Stock - Shares

                
Balance, beginning of period  30,768,399   30,941,394   30,715,959   31,922,409 
Issuance of common stock upon stock option exercises           52,783 
Issuance of shares pursuant to restricted stock units  9,888   17,471   198,433   222,745 
Issuance of shares pursuant to performance units        71,541   111,158 
Issuance of shares pursuant to deferred stock units  1,685   6,698   58,267   84,184 
Shares repurchased and retired  (9,649)  (158,015)  (273,877)  (1,585,731)

Balance, end of period

  30,770,323   30,807,548   30,770,323   30,807,548 
                 

Common Stock - Amount

                
Balance, beginning of period $308  $309  $307  $319 
Issuance of common stock upon stock option exercises           1 
Issuance of shares pursuant to restricted stock units        2   2 
Issuance of shares pursuant to performance units        1   1 
Issuance of shares pursuant to deferred stock units        1   1 
Shares repurchased and retired     (1)  (3)  (16)

Balance, end of period

 $308  $308  $308  $308 
                 

Additional Paid-In Capital

                
Balance, beginning of period $100,490  $102,841  $101,148  $122,818 
Issuance of common stock upon stock option exercises           955 
Shares repurchased and retired  (151)  (2,971)  (5,252)  (28,127)
Equity-based compensation expense  3,638   1,757   8,081   5,981 

Balance, end of period

 $103,977  $101,627  $103,977  $101,627 
                 

Retained Earnings

                
Balance, beginning of period $361,222  $367,523  $358,998  $379,890 
Net income (loss) attributable to Aegion Corporation  (28,474)  6,036   (26,250)  (6,331)

Balance, end of period

 $332,748  $373,559  $332,748  $373,559 
                 

Accumulated Other Comprehensive Loss

                
Balance, beginning of period $(39,962) $(42,940) $(32,694) $(40,290)
Currency translation adjustment and derivative transactions, net  2,536   (686)  (4,732)  (3,336)

Balance, end of period

 $(37,426) $(43,626) $(37,426) $(43,626)
                 

Non-Controlling Interests

                
Balance, beginning of period $7,560  $6,290  $7,334  $7,450 
Net income  580   313   1,049   542 
Distributions to non-controlling interests        (153)  (1,409)
Currency translation adjustment, net  (52)  (27)  (142)  (7)

Balance, end of period

 $8,088  $6,576  $8,088  $6,576 
                 

Total Equity

                

Balance, beginning of period

 $429,618  $434,023  $435,093  $470,187 

Net income (loss)

  (27,894)  6,349   (25,201)  (5,789)

Issuance of common stock upon stock option exercises

           956 

Issuance of shares pursuant to restricted stock units

        2   2 

Issuance of shares pursuant to performance units

        1   1 

Issuance of shares pursuant to deferred stock units

        1   1 

Shares repurchased and retired

  (151)  (2,972)  (5,255)  (28,143)

Equity-based compensation expense

  3,638   1,757   8,081   5,981 

Distributions to non-controlling interests

        (153)  (1,409)

Currency translation adjustment and derivative transactions, net

  2,484   (713)  (4,874)  (3,343)

Balance, end of period

 $407,695  $438,444  $407,695  $438,444 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

6

Table of Contents

 

 

AEGION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

 

 

  

Nine Months Ended September 30,

 
  

2020

  

2019

 

Cash flows from operating activities:

        
Net loss $(25,201) $(5,789)

Adjustments to reconcile to net cash provided by operating activities:

        
Depreciation and amortization  26,853   26,530 
Gain on sale of fixed assets  (568)  (527)
Equity-based compensation expense  8,081   5,981 
Deferred income taxes  (1,670)  883 
Non-cash restructuring charges  1,067   6,419 
Goodwill impairment  40,688    
Definite-lived intangible asset impairment  957    
Impairment of assets held for sale     11,946 
Gain on sale of businesses  (109)   
Loss on foreign currency transactions  420   370 
Other  767   (39)

Changes in operating assets and liabilities (net of acquisitions):

        
Receivables net, retainage and contract assets  16,135   (1,488)
Inventories  6,283   (3,170)
Prepaid expenses and other assets  (4,953)  2,225 
Accounts payable and accrued expenses  3,198   (8,476)
Contract liabilities  (381)  (1,435)
Other operating  7,812   (1,779)

Net cash provided by operating activities

  79,379   31,651 
         

Cash flows from investing activities:

        
Capital expenditures  (15,238)  (21,392)
Proceeds from sale of fixed assets  1,143   1,270 
Patent expenditures  (264)  (292)
Sale of businesses, net of cash disposed  3,602    

Net cash used in investing activities

  (10,757)  (20,414)
         

Cash flows from financing activities:

        
Proceeds from issuance of common stock upon stock option exercises     956 
Repurchase of common stock  (5,251)  (28,143)
Distributions to non-controlling interests  (153)  (1,409)
Credit facility amendment fees  (1,995)   
Payments on notes payable, net     (273)
Proceeds from (payments on) line of credit, net  (24,000)  8,000 
Principal payments on long-term debt  (26,250)  (19,688)

Net cash used in financing activities

  (57,649)  (40,557)
Effect of exchange rate changes on cash  (451)  (970)

Net increase (decrease) in cash, cash equivalents and restricted cash for the period

  10,522   (30,290)

Cash, cash equivalents and restricted cash, beginning of year

  66,222   84,886 

Cash, cash equivalents and restricted cash, end of period

 $76,744  $54,596 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

7

Table of Contents

 

AEGION CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1.

GENERAL

 

The accompanying unaudited consolidated financial statements of Aegion Corporation and its subsidiaries (collectively, “Aegion” or the “Company”) reflect all adjustments (consisting only of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the Company’s financial position, results of operations and cash flows for the dates and periods presented. Results for interim periods are not necessarily indicative of the results to be expected during the remainder of the current year or for any future period. All significant intercompany related accounts and transactions have been eliminated in consolidation.

 

The Consolidated Balance Sheet as of December 31, 2019, which is derived from the audited consolidated financial statements, and the interim unaudited consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), the requirements of Form 10-Q and Article 10 of Regulation S-X and, consequently, do not include all information or footnotes required by GAAP for complete financial statements or all the disclosures normally made in an Annual Report on Form 10-K. Accordingly, the unaudited consolidated financial statements included herein should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 2, 2020.

 

Strategic Initiatives/Acquisitions/Divestitures

 

Restructuring Activities

 

On July 28, 2017, the Company’s board of directors approved a comprehensive global realignment and restructuring plan (the “Restructuring”) intended to generate more predictable and sustainable long‐term earnings growth, which included, among other things, actions to reduce upstream oil & gas exposure, the exit or divestiture of multiple smaller international businesses, the restructuring of unprofitable businesses in North America and other efforts to right‐size underperforming businesses and reduce corporate and other operating costs. See further discussion in Note 4.

 

Infrastructure Solutions Segment (“Infrastructure Solutions”)

 

On February 13, 2020, the Company sold its Spanish CIPP contracting entity, Insituform Technologies Iberica, S.A. (“Insituform Spain”), to Lajusocarley S.L. In connection with the sale, the Company entered into a five-year tube supply agreement whereby Insituform Spain will buy felt liners exclusively from the Company. Insituform Spain is also entitled to use the Insituform® trade name in Spain based on a trademark license granted for the same five-year time period. The Company had classified Insituform Spain’s assets and liabilities as held for sale on the Consolidated Balance Sheet at December 31, 2019. See Note 5.

 

On January 24, 2020, the Company sold its Australian CIPP contracting entity, Insituform Pacific Pty Limited (“Insituform Australia”), to Insituform Holdings Pty Ltd, an entity affiliated with Killard Infrastructure Pty Ltd. In connection with the sale, the Company entered into a five-year tube supply agreement whereby Insituform Australia, under its new ownership, will buy liners exclusively from the Company. Insituform Australia is also entitled to use the Insituform® trade name in Australia based on a trademark license granted for the same five-year time period. The Company had classified Insituform Australia’s assets and liabilities as held for sale on the Consolidated Balance Sheet at December 31, 2019. See Note 5.

 

During the second quarter of 2019, the Company initiated plans to sell its contracting business in Northern Ireland, Environmental Techniques Limited (“Environmental Techniques”). Accordingly, the Company has classified the assets and liabilities of this business as held for sale on the Consolidated Balance Sheets at September 30, 2020 and December 31, 2019. The Company has suspended the sales process for Environmental Techniques due to COVID-19 and expects to recommence the sales process as soon as reasonably practicable. See Note 5.

 

8

 
 

2.

ACCOUNTING POLICIES

 

Accumulated Other Comprehensive Loss

 

As set forth below, the Company’s accumulated other comprehensive loss is comprised of three main components: (i) currency translation; (ii) derivatives; and (iii) gains and losses associated with the Company’s defined benefit plan in the United Kingdom (in thousands):

 

  

September 30, 2020

  

December 31, 2019

 

Currency translation adjustments (1)

 $(26,439) $(27,241)

Derivative hedging activity

  (10,078)  (4,522)

Pension activity

  (909)  (931)

Total accumulated other comprehensive loss

 $(37,426) $(32,694

)

 

 

(1) 

During the nine months ended September 30, 2020, as a result of disposing of certain international entities, $1.5 million was reclassified out of accumulated other comprehensive loss to “Other expense” in the Consolidated Statements of Operations.

 

For the Company’s international subsidiaries, the local currency is generally the functional currency. Assets and liabilities of these subsidiaries are translated into U.S. dollars using rates in effect at the balance sheet date while revenues and expenses are translated into U.S. dollars using average exchange rates. The cumulative translation adjustment resulting from changes in exchange rates are included in the Consolidated Balance Sheets as a component of “Accumulated other comprehensive loss” in total stockholders’ equity. Net foreign exchange transaction losses of $0.7 million and gains of $0.1 million in the third quarters of 2020 and 2019, respectively, and losses of $0.4 million and $0.4 million for the nine months ended September 30, 2020 and 2019, respectively, are included in “Other expense” in the Consolidated Statements of Operations.

 

Taxation

 

The Company provides for estimated income taxes payable or refundable on current year income tax returns as well as the estimated future tax effects attributable to temporary differences and carryforwards, based upon enacted tax laws and tax rates, and in accordance with FASB ASC 740, Income Taxes (“FASB ASC 740”). FASB ASC 740 also requires that a valuation allowance be recorded against any deferred tax assets that are not likely to be realized in the future. The determination is based on the Company’s ability to generate future taxable income and, at times, is dependent on its ability to implement strategic tax initiatives to ensure full utilization of recorded deferred tax assets. Should the Company not be able to implement the necessary tax strategies, it may need to record valuation allowances for certain deferred tax assets, including those related to foreign income tax benefits. Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowances recorded against net deferred tax assets.

 

Earnings per Share

 

Earnings per share have been calculated using the following share information:

 

  

Quarter Ended September 30,

  

Nine Months Ended September 30,

 
  

2020

  

2019

  

2020

  

2019

 

Weighted average number of common shares used for basic EPS

  30,770,324   30,866,188   30,738,150   31,259,594 

Effect of dilutive stock options and restricted and deferred stock unit awards

     511,244       

Weighted average number of common shares and dilutive potential common stock used for dilutive EPS

  30,770,324   31,377,432   30,738,150   31,259,594 

 

The Company excluded 501,802 and 484,712 restricted and deferred stock units for the quarter and nine-month period ended September 30, 2020, respectively, and 497,192 restricted and deferred stock units for the nine-month period ended September 30, 2019 from the diluted earnings per share calculation for the Company’s common stock because of the reported net loss for the periods.

 

Cash, Cash Equivalents and Restricted Cash

 

The Company classifies highly liquid investments with original maturities of 90 days or less as cash equivalents. Recorded book values are reasonable estimates of fair value for cash and cash equivalents.

 

Cash, cash equivalents and restricted cash reported within the Consolidated Balance Sheets and Consolidated Statements of Cash Flows are as follows (in thousands):

 

Balance sheet data

 

September 30, 2020

  

December 31, 2019

 

Cash and cash equivalents

 $75,758  $64,874 

Restricted cash

  986   1,348 

Cash, cash equivalents and restricted cash

 $76,744  $66,222 

 

Restricted cash held in escrow primarily relates to funds reserved for legal requirements, deposits made in lieu of retention on specific projects performed for municipalities and state agencies, or advance customer payments and compensating balances for bank undertakings in Europe. Restricted cash related to operations is similar to retainage, and is, therefore, classified as a current asset, consistent with the Company’s policy on retainage.

 

9

 

Fair Value Measurements

 

FASB ASC 820, Fair Value Measurements (“FASB ASC 820”), defines fair value and establishes a framework for measuring and disclosing fair value instruments. The guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

 

 

Level 1 – defined as quoted prices in active markets for identical instruments;

 

Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

 

Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for derivative instruments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective footnotes. Changes in assumptions or estimation methods could affect the fair value estimates. Other financial instruments including notes payable are recorded at cost, which approximates fair value, and is based on Level 2 inputs as previously defined. The Company had no transfers between Level 1, 2 or 3 inputs during the nine months ended September 30, 2020 and 2019.

 

Long-Lived Assets

 

Property, plant and equipment and other identified intangibles (primarily customer relationships, patents and acquired technologies, trademarks, licenses and non-compete agreements) are recorded at cost, net of accumulated depreciation, amortization and impairment, and, except for goodwill, are depreciated or amortized on a straight-line basis over their estimated useful lives. Changes in circumstances such as technological advances, changes to the Company’s business model or changes in the Company’s capital strategy can result in the actual useful lives differing from the Company’s estimates. If the Company determines that the useful life of its property, plant and equipment or its identified intangible assets should be shortened, the Company would prospectively depreciate or amortize the net book value in excess of the salvage value over its revised remaining useful life, thereby increasing depreciation or amortization expense.

 

Long-lived assets, including property, plant and equipment and other intangibles, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Such impairment tests are based on a comparison of undiscounted cash flows to the recorded value of the asset. The estimate of cash flow is based upon, among other things, assumptions about expected future operating performance. The Company’s estimates of undiscounted cash flow may differ from actual cash flow due to, among other things, technological changes, economic conditions, changes to its business model or changes in its operating performance. If an impairment is determined to exist, any related impairment loss is calculated based on fair value. Impairment losses on assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal.

 

Impairment Review – Third Quarter 2020

 

The oil and gas industry experienced an unprecedented disruption during the first nine months of 2020 as a result of a combination of factors, including the substantial decline in global demand for oil caused by the COVID-19 pandemic. These market conditions have significantly impacted a portion of the Company’s business, with a more severe impact to the refinery industry on the United States West Coast. Customers in our Energy Services reporting unit continue to revise their capital and maintenance budgets in order to adjust spending levels in response to the lower commodity prices and lower fuel demand, and the Company has experienced significant activity reductions and pricing pressure for its services, which management now expects to continue for the foreseeable future. Given the prolonged uncertainty, management performed a market assessment of the Energy Services reporting unit during the third quarter of 2020 and concluded that sustained low oil prices and lower fuel demand would continue to create market challenges for the foreseeable future, including a continued reduction in spending by certain of our customers in 2020 and into 2021. As a result, the Company determined a triggering event had occurred and evaluated the fair value of long-lived assets in its Energy Services reporting unit in accordance with FASB ASC 360, Property, Plant and Equipment (“FASB ASC 360”). The results of the Energy Services reporting unit and its related asset groups are reported within the Energy Services reportable segment.

 

The assets of an asset group represent the lowest level for which identifiable cash flows can be determined independent of other groups of assets and liabilities. The Energy Services asset group was the only at-risk asset group reviewed for impairment. The Company developed internal forward business plans under the guidance of local and regional leadership to determine the undiscounted expected future cash flows derived from Energy Services’ long-lived assets. Such were based on management’s best estimates considering the likelihood of various outcomes. Based on the internal projections, the Company determined that the sum of the undiscounted expected future cash flows for the Energy Services asset group exceeded the carrying value of the assets and no impairment was recorded.

 

The fair value estimates described above were determined using observable inputs and significant unobservable inputs, which are based on level 3 inputs as defined in the Fair Value Measurements section above.

 

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Goodwill

 

Under FASB ASC 350, Goodwill and Other (“FASB ASC 350”), the Company conducts an impairment test of goodwill on an annual basis or when events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. An impairment charge will be recognized to the extent that the fair value of a reporting unit is less than its carrying value. Factors that could potentially trigger an impairment review include (but are not limited to):

 

 

significant underperformance of a segment relative to expected, historical or forecasted operating results;