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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 quarterly period ended September 30, 2019
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: 001-38221
PQ Group Holdings Inc.
Delaware
 
81-3406833
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
300 Lindenwood Drive
 
 
Malvern,
Pennsylvania
 
19355
(Address of principal executive offices)
 
(Zip Code)
(610)
651-4400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common stock, par value $0.01 per share
PQG
New York Stock Exchange
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
The number of shares of common stock outstanding as of October 31, 2019 was 136,474,348.
 
 
 
 
 


Table of Contents

PQ GROUP HOLDINGS INC.

INDEX—FORM 10-Q
September 30, 2019
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


2

Table of Contents

PART IFINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS (UNAUDITED).

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(unaudited)
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
Sales
$
423,801

 
$
427,203

 
$
1,214,697

 
$
1,228,113

Cost of goods sold
310,904

 
319,703

 
905,395

 
934,088

Gross profit
112,897

 
107,500

 
309,302

 
294,025

Selling, general and administrative expenses
39,528

 
42,145

 
123,611

 
126,240

Other operating expense, net
15,795

 
16,501

 
28,353

 
41,688

Operating income
57,574

 
48,854

 
157,338

 
126,097

Equity in net (income) from affiliated companies
(17,261
)
 
(5,605
)
 
(31,625
)
 
(31,123
)
Interest expense, net
27,697

 
28,238

 
84,855

 
84,622

Debt extinguishment costs
1,767

 
864

 
1,767

 
6,743

Other expense, net
1,834

 
2,451

 
1,890

 
13,114

Income before income taxes and noncontrolling interest
43,537

 
22,906

 
100,451

 
52,741

Provision for income taxes
16,718

 
8,470

 
39,472

 
21,590

Net income
26,819

 
14,436

 
60,979

 
31,151

Less: Net income attributable to the noncontrolling interest
106

 
251

 
541

 
970

Net income attributable to PQ Group Holdings Inc.
$
26,713

 
$
14,185

 
$
60,438

 
$
30,181

 
 
 
 
 
 
 
 
Net income per share:
 
 
 
 
 
 
 
Basic income per share
$
0.20

 
$
0.11

 
$
0.45

 
$
0.23

Diluted income per share
$
0.20

 
$
0.11

 
$
0.45

 
$
0.22

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
134,511,819

 
133,336,352

 
134,213,571

 
133,237,653

Diluted
135,649,710

 
134,576,162

 
135,305,370

 
134,223,628

See accompanying notes to condensed consolidated financial statements.


3

Table of Contents

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
26,819

 
$
14,436

 
$
60,979

 
$
31,151

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Pension and postretirement benefits
(59
)
 
(52
)
 
(120
)
 
1,305

Net (loss) gain from hedging activities
35

 
370

 
(2,684
)
 
3,106

Foreign currency translation
(13,872
)
 
5,186

 
(620
)
 
(15,636
)
Total other comprehensive income (loss)
(13,896
)
 
5,504

 
(3,424
)
 
(11,225
)
Comprehensive income
12,923

 
19,940

 
57,555

 
19,926

Less: Comprehensive income (loss) attributable to noncontrolling interests
(304
)
 
1,218

 
586

 
1,697

Comprehensive income attributable to PQ Group Holdings Inc.
$
13,227

 
$
18,722

 
$
56,969

 
$
18,229

 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.


4

Table of Contents

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(unaudited)

 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Cash and cash equivalents
$
78,510

 
$
57,854

Accounts receivable, net
214,626

 
196,770

Inventories, net
259,766

 
264,748

Prepaid and other current assets
39,055

 
39,244

Total current assets
591,957

 
558,616

Investments in affiliated companies
477,144

 
468,211

Property, plant and equipment, net
1,178,479

 
1,208,979

Goodwill
1,251,296

 
1,254,929

Other intangible assets, net
683,296

 
728,436

Right-of-use lease assets
54,238

 

Other long-term assets
129,069

 
108,254

Total assets
$
4,365,479

 
$
4,327,425

LIABILITIES
 
 
 
Notes payable and current maturities of long-term debt
$
8,210

 
$
7,237

Accounts payable
132,096

 
148,365

Operating lease liabilities—current
14,095

 

Accrued liabilities
108,365

 
100,009

Total current liabilities
262,766

 
255,611

Long-term debt, excluding current portion
2,006,717

 
2,106,720

Deferred income taxes
214,935

 
196,124

Operating lease liabilities—noncurrent
38,473

 

Other long-term liabilities
105,927

 
104,825

Total liabilities
2,628,818

 
2,663,280

Commitments and contingencies (Note 17)

 

EQUITY
 
 
 
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 136,469,863 and 135,758,269 on September 30, 2019 and December 31, 2018, respectively; outstanding shares 136,157,186 and 135,592,045 on September 30, 2019 and December 31, 2018, respectively
1,365

 
1,358

Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on September 30, 2019 and December 31, 2018

 

Additional paid-in capital
1,692,223

 
1,674,703

Retained earnings
83,912

 
25,523

Treasury stock, at cost; shares 312,677 and 166,224 on September 30, 2019 and December 31, 2018, respectively
(5,155
)
 
(2,920
)
Accumulated other comprehensive loss
(40,699
)
 
(39,104
)
Total PQ Group Holdings Inc. equity
1,731,646

 
1,659,560

Noncontrolling interest
5,015

 
4,585

Total equity
1,736,661

 
1,664,145

Total liabilities and equity
$
4,365,479

 
$
4,327,425

 
 
 
 
See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands)
(unaudited)
 
 
Common
stock
 
Additional
paid-in
capital
 
Retained
earnings
 
Treasury
stock, at
cost 
 
Accumulated
other
comprehensive
income (loss)
 
Non-
controlling
interest
 
Total
Balance, December 31, 2018, as previously reported
 
$
1,358

 
$
1,674,703

 
$
25,523

 
$
(2,920
)
 
$
(39,104
)
 
$
4,585

 
$
1,664,145

Cumulative effect adjustment from adoption of new accounting standards
 

 

 
(2,049
)
 

 
1,874

 

 
(175
)
Balance, December 31, 2018, as adjusted
 
$
1,358

 
$
1,674,703

 
$
23,474

 
$
(2,920
)
 
$
(37,230
)
 
$
4,585

 
$
1,663,970

Net income
 

 

 
3,151

 

 

 
290

 
3,441

Other comprehensive income
 

 

 

 

 
5,270

 
315

 
5,585

Repurchases of common shares
 

 

 

 
(1,339
)
 

 

 
(1,339
)
Stock compensation expense
 

 
3,400

 

 

 

 

 
3,400

Shares issued under equity incentive plan, net of forfeitures
 
2

 
213

 

 

 

 

 
215

Balance, March 31, 2019
 
$
1,360

 
$
1,678,316

 
$
26,625

 
$
(4,259
)
 
$
(31,960
)
 
$
5,190

 
$
1,675,272

Net income
 

 

 
30,574

 

 

 
145

 
30,719

Other comprehensive income
 

 

 

 

 
4,747

 
140

 
4,887

Distributions to noncontrolling interests
 

 

 

 

 

 
(156
)
 
(156
)
Stock compensation expense
 

 
5,370

 

 

 

 

 
5,370

Shares issued under equity incentive plan, net of forfeitures
 
4

 
3,256

 

 

 

 

 
3,260

Balance, June 30, 2019
 
$
1,364

 
$
1,686,942

 
$
57,199

 
$
(4,259
)
 
$
(27,213
)
 
$
5,319

 
$
1,719,352

Net income
 

 

 
26,713

 

 

 
106

 
26,819

Other comprehensive income (loss)
 

 

 

 

 
(13,486
)
 
(410
)
 
(13,896
)
Repurchases of common shares
 

 

 

 
(896
)
 

 

 
(896
)
Stock compensation expense
 

 
4,806

 

 

 

 

 
4,806

Shares issued under equity incentive plan, net of forfeitures
 
1

 
475

 

 

 

 

 
476

Balance, September 30, 2019
 
$
1,365

 
$
1,692,223

 
$
83,912

 
$
(5,155
)
 
$
(40,699
)
 
$
5,015

 
$
1,736,661

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

6

Table of Contents

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common
stock
 
Additional
paid-in
capital
 
Accumulated
deficit
 
Treasury
stock, at
cost 
 
Accumulated
other
comprehensive
income (loss)
 
Non-
controlling
interest 
 
Total 
Balance, December 31, 2017
 
$
1,352

 
$
1,655,114

 
$
(32,777
)
 
$

 
$
4,311

 
$
3,919

 
$
1,631,919

Net income
 

 

 
214

 

 

 
342

 
556

Other comprehensive income
 

 

 

 

 
9,532

 
1,304

 
10,836

Repurchases of common shares
 

 

 

 
(58
)
 

 

 
(58
)
Stock compensation expense
 

 
3,831

 

 

 

 

 
3,831

Balance, March 31, 2018
 
$
1,352

 
$
1,658,945

 
$
(32,563
)
 
$
(58
)
 
$
13,843

 
$
5,565

 
$
1,647,084

Net income
 

 

 
15,782

 

 

 
377

 
16,159

Other comprehensive income (loss)
 

 

 

 

 
(26,021
)
 
(1,544
)
 
(27,565
)
Distributions to noncontrolling interests
 

 

 

 

 

 
(153
)
 
(153
)
Stock compensation expense
 

 
3,796

 

 

 

 

 
3,796

Shares issued under equity incentive plan, net of forfeitures
 

 
7

 

 

 

 

 
7

Balance, June 30, 2018
 
$
1,352

 
$
1,662,748

 
$
(16,781
)
 
$
(58
)
 
$
(12,178
)
 
$
4,245

 
$
1,639,328

Net income
 

 

 
14,185

 

 

 
251

 
14,436

Other comprehensive income
 

 

 

 

 
4,537

 
967

 
5,504

Repurchases of common shares
 

 

 

 
(710
)
 

 

 
(710
)
Distributions to noncontrolling interests
 

 

 

 

 

 
(373
)
 
(373
)
Stock compensation expense
 

 
4,252

 

 

 

 

 
4,252

Shares issued under equity incentive plan, net of forfeitures
 

 
36

 

 

 

 

 
36

Balance, September 30, 2018
 
$
1,352

 
$
1,667,036

 
$
(2,596
)
 
$
(768
)
 
$
(7,641
)
 
$
5,090

 
$
1,662,473

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to condensed consolidated financial statements.

7

Table of Contents

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
 
 
Nine months ended
September 30,
 
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
60,979

 
$
31,151

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation
 
97,088

 
99,491

Amortization
 
38,142

 
39,807

Amortization of inventory step-up
 

 
1,603

Amortization of deferred financing costs and original issue discount
 
4,352

 
4,629

Debt extinguishment costs
 
1,767

 
4,619

Foreign currency exchange loss
 
5,380

 
15,347

Pension and postretirement healthcare benefit expense
 
2,731

 
347

Pension and postretirement healthcare benefit funding
 
(8,917
)
 
(6,415
)
Deferred income tax provision
 
16,822

 
1,494

Net (gain) loss on asset disposals
 
(7,697
)
 
11,106

Stock compensation
 
13,576

 
11,879

Equity in net (income) from affiliated companies
 
(31,625
)
 
(31,123
)
Dividends received from affiliated companies
 
20,072

 
35,890

Net interest income on swaps designated as net investment hedges
 
(8,435
)
 
(4,279
)
Other, net
 
(887
)
 
(6,473
)
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:
 
 
 
 
Receivables
 
(22,472
)
 
(43,106
)
Inventories
 
(1,793
)
 
8,778

Prepaids and other current assets
 
268

 
(1,555
)
Accounts payable
 
(4,072
)
 
(7,594
)
Accrued liabilities
 
6,615

 
407

Net cash provided by operating activities
 
181,894

 
166,003

Cash flows from investing activities:
 
 
 
 
Purchases of property, plant and equipment
 
(91,653
)
 
(95,322
)
Investment in affiliated companies
 

 
(5,000
)
Business combinations, net of cash acquired
 

 
(1,006
)
Proceeds from sale of product line
 
28,000

 

Net interest proceeds on swaps designated as net investment hedges
 
8,435

 
4,279

Other, net
 
475

 
1,142

Net cash used in investing activities
 
(54,743
)
 
(95,907
)
Cash flows from financing activities:
 
 
 
 
Draw down of revolving credit facilities
 
161,630

 
139,577

Repayments of revolving credit facilities
 
(160,342
)
 
(163,103
)
Issuance of long-term debt
 

 
1,267,000

Debt issuance costs
 

 
(6,156
)
Repayments of long-term debt
 
(105,821
)
 
(1,313,832
)
Stock repurchases
 
(2,235
)
 
(768
)
Distributions to noncontrolling interests
 
(156
)
 
(526
)
Proceeds from stock options exercised
 
3,956

 
43

Other, net
 
(283
)
 

Net cash used in financing activities
 
(103,251
)
 
(77,765
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
(3,371
)
 
(1,557
)
Net change in cash, cash equivalents and restricted cash
 
20,529

 
(9,226
)
Cash, cash equivalents and restricted cash at beginning of period
 
59,726

 
67,243

Cash, cash equivalents and restricted cash at end of period
 
$
80,255

 
$
58,017

 
 
 
 
 
For supplemental cash flow disclosures, see Note 21.
See accompanying notes to condensed consolidated financial statements.

8

Table of Contents

PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(unaudited)



1. Background and Basis of Presentation:
Description of Business
PQ Group Holdings Inc. and subsidiaries (the “Company” or “PQ Group Holdings”) is a leading integrated and innovative global provider of specialty catalysts, materials, chemicals and services. The Company supports customers globally through its strategically located network of manufacturing facilities. The Company believes that its products, which are predominantly inorganic, and services contribute to improving the sustainability of the environment.
The Company has four uniquely positioned specialty businesses: Refining Services provides sulfuric acid recycling to the North American refining industry; Catalysts serves the packaging and engineered plastics and the global refining, petrochemical and emissions control industries; Performance Materials produces transportation reflective safety markings for roads and airports; and Performance Chemicals supplies diverse product end uses, including personal and industrial cleaning products, fuel-efficient tires, surface coatings, and food and beverage products.
Effective March 1, 2019, the Company changed the structure of its internal organization to create the four independent businesses described above in order to promote increased visibility to business unit performance, optimize the Company’s product portfolio and create efficiencies. Previously, the Company had two reportable segments, namely the Environmental Catalysts and Services segment and the Performance Materials and Chemicals segment. Beginning with the quarter ended March 31, 2019, the segment results and disclosures included in the Company’s consolidated financial statements reflect the new segment structure for all periods presented. The changes to the Company’s segment structure affect only the manner in which the results of the Company’s reportable segments were previously reported; there are no changes to the Company’s consolidated balance sheet, statement of income or cash flows for the prior periods. For the purposes of the Company’s goodwill impairment testing, the four new operating segments align with the Company’s reporting units at which level goodwill has been assigned and historically tested for impairment.
Seasonal changes and weather conditions typically affect the Company’s Performance Materials and Refining Services segments. In particular, the Company’s Performance Materials segment generally experiences lower sales and profit in the first and fourth quarters of the year because highway striping projects typically occur during warmer weather months. Additionally, the Company’s Refining Services segment typically experiences similar seasonal fluctuations as a result of higher demand for gasoline products in the summer months. As a result, working capital requirements tend to be higher in the first and second quarters of the year, which can adversely affect the Company’s liquidity and cash flows. Because of this seasonality associated with certain of the Company’s segments, results for any one quarter are not necessarily indicative of the results that may be achieved for any other quarter or for the full year.
Basis of Presentation
The condensed consolidated financial statements included herein are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations for interim reporting. In the opinion of management, all adjustments of a normal and recurring nature necessary to state fairly the financial position and results of operations have been included. The results of operations are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Other than the update to our lease accounting policies described in Note 12, the Company has continued to follow the accounting policies set forth in those consolidated financial statements.
2. New Accounting Standards:
Recently Adopted Accounting Standards
In February 2016, the Financial Accounting Standards Board (“FASB”) issued guidance (with subsequent targeted amendments) that modifies the accounting for leases. Under the new guidance, a lessee recognizes right-of-use lease assets and lease liabilities for most leases (including those classified under existing GAAP as operating leases, which based on previous standards are not reflected on the balance sheet), but recognizes expenses in a manner that is generally consistent with existing practices. The new guidance also requires companies to provide expanded disclosures regarding leasing arrangements. For public companies, the new guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those years. The new guidance must be adopted using a modified retrospective transition method.