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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 June 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: 001-38221
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 classTrading symbolName of each exchange on which registered
Common stock, par value $0.01 per sharePQGNew 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 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  ☒
The number of shares of common stock outstanding as of July 30, 2020 was 136,048,286.

1

Table of Contents

PQ GROUP HOLDINGS INC.

INDEX—FORM 10-Q
June 30, 2020
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
June 30,
Six months ended
June 30,
2020201920202019
Sales$359,525  $431,675  $721,123  $790,896  
Cost of goods sold266,686  316,180  539,685  594,491  
Gross profit92,839  115,495  181,438  196,405  
Selling, general and administrative expenses38,926  43,375  82,224  84,083  
Other operating expense, net12,735  1,819  34,677  12,558  
Operating income41,178  70,301  64,537  99,764  
Equity in net (income) from affiliated companies(11,492) (12,300) (19,842) (14,364) 
Interest expense, net22,275  28,540  46,730  57,158  
Debt extinguishment costs    2,513    
Other (income) expense, net(2,114) 3,035  691  56  
Income before income taxes and noncontrolling interest32,509  51,026  34,445  56,914  
Provision for income taxes16,262  20,307  17,689  22,754  
Net income16,247  30,719  16,756  34,160  
Less: Net income attributable to the noncontrolling interest321  145  606  435  
Net income attributable to PQ Group Holdings Inc.$15,926  $30,574  $16,150  $33,725  
Net income per share:
Basic income per share$0.12  $0.23  $0.12  $0.25  
Diluted income per share$0.12  $0.23  $0.12  $0.25  
Weighted average shares outstanding:
Basic135,083,126  134,142,552  135,278,764  134,044,972  
Diluted135,671,830  135,323,024  136,079,540  135,107,007  
See accompanying notes to condensed consolidated financial statements.

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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
2020201920202019
Net income$16,247  $30,719  $16,756  $34,160  
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits(13) (31) (28) (61) 
Net (loss) gain from hedging activities495  (1,167) (34) (2,719) 
Foreign currency translation11,939  6,085  (34,416) 13,252  
Total other comprehensive income (loss)12,421  4,887  (34,478) 10,472  
Comprehensive income (loss)28,668  35,606  (17,722) 44,632  
Less: Comprehensive income (loss) attributable to noncontrolling interests697  285  (2,506) 890  
Comprehensive income (loss) attributable to PQ Group Holdings Inc.$27,971  $35,321  $(15,216) $43,742  
See accompanying notes to condensed consolidated financial statements.

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

June 30,
2020
December 31,
2019
ASSETS
Cash and cash equivalents$88,640  $72,284  
Accounts receivable, net197,777  179,632  
Inventories, net266,620  280,945  
Prepaid and other current assets34,667  35,730  
Total current assets587,704  568,591  
Investments in affiliated companies476,668  472,929  
Property, plant and equipment, net1,132,665  1,186,770  
Goodwill1,254,998  1,259,805  
Other intangible assets, net643,226  676,385  
Right-of-use lease assets50,293  57,295  
Other long-term assets101,656  99,070  
Total assets$4,247,210  $4,320,845  
LIABILITIES
Notes payable and current maturities of long-term debt$8,602  $7,766  
Accounts payable109,231  144,365  
 Operating lease liabilities—current
14,392  15,183  
Accrued liabilities88,893  102,154  
Total current liabilities221,118  269,468  
Long-term debt, excluding current portion1,898,943  1,899,196  
Deferred income taxes222,180  218,037  
 Operating lease liabilities—noncurrent
34,799  40,156  
Other long-term liabilities93,996  108,670  
Total liabilities2,471,036  2,535,527  
Commitments and contingencies (Note 17)
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 136,763,507 and 136,861,382 on June 30, 2020 and December 31, 2019, respectively; outstanding shares 136,045,822 and 136,464,961 on June 30, 2020 and December 31, 2019, respectively
1,368  1,369  
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on June 30, 2020 and December 31, 2019
    
Additional paid-in capital1,709,367  1,696,899  
Retained earnings119,163  103,013  
Treasury stock, at cost; shares 717,685 and 396,421 on June 30, 2020 and December 31, 2019, respectively
(10,372) (6,483) 
Accumulated other comprehensive loss(46,714) (15,348) 
Total PQ Group Holdings Inc. equity1,772,812  1,779,450  
Noncontrolling interest3,362  5,868  
Total equity1,776,174  1,785,318  
Total liabilities and equity$4,247,210  $4,320,845  
See accompanying notes to condensed consolidated financial statements.
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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, 2019$1,369  $1,696,899  $103,013  $(6,483) $(15,348) $5,868  $1,785,318  
Net income
—  —  224  —  —  285  509  
Other comprehensive income
—  —  —  —  (43,411) (3,488) (46,899) 
Repurchases of common shares
—  —  —  (3,889) —  —  (3,889) 
Stock compensation expense
—  5,920  —  —  —  —  5,920  
Shares issued under equity incentive plan, net of forfeitures
4  177  —  —  —  —  181  
Balance, March 31, 2020$1,373  $1,702,996  $103,237  $(10,372) $(58,759) $2,665  $1,741,140  
Net income
—  —  15,926  —  —  321  16,247  
Other comprehensive income
—  —  —  —  12,045  376  12,421  
Stock compensation expense
—  6,366  —  —  —  —  6,366  
Shares issued under equity incentive plan, net of forfeitures
(5) 5  —  —  —  —    
Balance, June 30, 2020$1,368  $1,709,367  $119,163  $(10,372) $(46,714) $3,362  $1,776,174  
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) 
December 31, 2018, as adjusted1,358  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  
See accompanying notes to condensed consolidated financial statements.
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PQ GROUP HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six months ended
June 30,
20202019
Cash flows from operating activities:
Net income$16,756  $34,160  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation66,744  65,535  
Amortization23,749  25,449  
Amortization of deferred financing costs and original issue discount2,427  2,872  
Foreign currency exchange loss2,483  923  
Pension and postretirement healthcare benefit expense(3) 2,185  
Pension and postretirement healthcare benefit funding(4,153) (3,632) 
Deferred income tax provision5,990  10,844  
Net (gain) loss on asset disposals8,401  (8,839) 
Stock compensation12,286  8,770  
Equity in net income from affiliated companies(19,842) (14,364) 
Dividends received from affiliated companies15,098  5,072  
Net interest income on swaps designated as net investment hedges(2,197) (4,478) 
Other, net(1,225) (4,356) 
Working capital changes that provided (used) cash, excluding the effect of acquisitions and dispositions:
Receivables(24,601) (46,261) 
Inventories(9,276) (12,191) 
Prepaids and other current assets42  2,183  
Accounts payable(15,322) (189) 
Accrued liabilities(15,248) (3,691) 
Net cash provided by operating activities62,109  59,992  
Cash flows from investing activities:
Purchases of property, plant and equipment(50,510) (65,475) 
Proceeds from sale of product line  26,665  
Proceeds from sale of assets10,330    
Proceeds from sale of investment1,761    
Net interest proceeds on swaps designated as net investment hedges2,197  4,478  
Other, net  475  
Net cash used in investing activities(36,222) (33,857) 
Cash flows from financing activities:
Draw down of revolving credit facilities164,704  74,863  
Repayments of revolving credit facilities(163,928) (72,247) 
Debt issuance costs(3,023)   
Repayments of long-term debt  (5,000) 
Stock repurchases(3,889) (1,339) 
Proceeds from stock options exercised181  3,475  
Other, net  (153) 
Net cash used in financing activities(5,955) (401) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3,261) (1,501) 
Net change in cash, cash equivalents and restricted cash16,671