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AquaVenture Holdings Limited Announces Fourth Quarter and Full Year 2019 Earnings Results

AquaVenture Holdings Limited (NYSE: WAAS) ("AquaVenture" or the "Company"), a leader in Water-as-a-Service ® ("WAAS ® ") solutions, today reported financial results for the quarter and full year ended December 31, 2019.

2019 Highlights

For the three months ended December 31, 2019:

  • Total revenues of $52.6 million reflected a 25.7% increase over the prior year period, comprised of a 11.7% and 39.4% increase in the Seven Seas Water and Quench segments, respectively.
  • Net loss of $7.0 million, or ($0.22) per share, compared to net loss of $6.7 million, or ($0.25) per share, in the prior year period.
  • Adjusted EBITDA was $19.7 million, a 37.9% increase over the prior year period. Adjusted EBITDA Margin was 37.5%, an improvement of 330 basis points.
  • Adjusted EBITDA plus principal collected on the Peru construction contract increased 35.5% to $21.1 million from $15.6 million in the prior year period.
  • Quench completed four acquisitions during the quarter, including Mirex AquaPure Solutions L.P. (Houston, Texas), Flowline Canada, Inc. (Edmonton, Canada), Pure Planet Water, Inc. (Palm Desert, California) and Jonli Water Services, Inc. (Montreal, Quebec, Canada). In aggregate, these acquisitions added more than 2,500 customers and more than 5,000 units, including both company-owned rental and customer-owned service units, to Quenchs installed asset base.

For the full year ended December 31, 2019:

  • Total revenues of $203.5 million reflected a 39.7% increase over the prior year, comprised of a 33.0% and 45.4% increase in the Seven Seas Water and Quench segments, respectively.
  • Net loss of $20.1 million, or ($0.69) per share, compared to net loss of $20.7 million, or ($0.78) per share, in the prior year.
  • Adjusted EBITDA was $75.3 million, a 55.1% increase over the prior year. Adjusted EBITDA Margin was 37.0%, an improvement of 370 basis points.
  • Adjusted EBITDA plus principal collected on the Peru construction contract increased 50.8% to $80.6 million from $53.5 million in the prior year.

Tony Ibarguen, AquaVentures President and Chief Executive Officer announced: "AquaVenture delivered another year of strong financial results, driven by the continued execution on our organic and inorganic growth strategies. A large percentage of our year-over-year growth was related to the significant acquisitions completed during the fourth quarter of 2018, which we successfully and efficiently integrated into our systems and processes during 2019. Quench added to this inorganic growth with six acquisitions during 2019 and two so far in 2020. In addition, Quench delivered an impressive 13.6% organic growth in 2019, driven by solid performance in both the indirect dealer unit and direct rental business, which now has approximately 160,000 rental units in its installed asset base. Within our Seven Seas Water segment, we experienced significant growth in our AUC business that we acquired in November 2018, which now has 105 leased wastewater treatment plants. In addition, we demonstrated the value of our long-term customer relationships by completing a nine-year extension of our contract in The Bahamas and both a contract extension as well as a water production capacity expansion with our Limetree Bay Terminals customer in St. Croix. We also had significant achievements as a company in 2019, including the completion of our first follow-on public equity offering in July. All this culminated in the announcement of our definitive merger agreement to be acquired by Culligan in late December, which we believe handsomely rewards our shareholders, original investors, and teammates. We thank them all for their faithful support of our vision and efforts over the years. We look forward to completing this transaction in the near future and are excited for the road ahead as we continue to create clean water solutions for our customers around the world."

Business Update and Recent Developments

On December 23, 2019, the Company announced it had entered into a definitive merger agreement to be acquired by Culligan, a total solutions provider of water filtration systems and treatment solutions, which is controlled by Advent International, one of the largest and most experienced global private equity investors. The merger agreement provides that Culligan will acquire all of the outstanding shares of AquaVenture for $27.10 per share in an all-cash transaction valued at approximately $1.1 billion, including AquaVentures net debt. Due to the pending acquisition, AquaVenture does not plan to host an earnings conference call or provide forward-looking guidance.

On December 31, 2019, the Companys water supply agreement in Curacao expired and our customer, the Curacao Refinery Utilities B.V. ("CRU"), exercised its right to purchase the desalination facilities pursuant to the terms of the water supply agreement. The Company received a cash payment of $3.5 million, the applicable buy-out amount, on the contract expiration date of December 31, 2019. As a result of the transaction, the Company recorded a gain on sale of property, plant and equipment in the amount of $3.2 million which is reflected within selling, general and administrative expenses ("SG&A") in our Seven Seas Water segment.

On January 13, 2020, Quench acquired substantially all the assets of Smart Water Solutions LLC, a point-of-use water filtration company and Bluline dealer based in Butler, New Jersey. In addition, effective February 3, 2020, Quench acquired substantially all the assets of Krystal Kleer LLC, a point-of-use water filtration company based in Meridian, Connecticut. In aggregate, these acquisitions added approximately 6,000 rental units to Quenchs installed asset base.

Consolidated Financial Performance

For the three months ended December 31, 2019, total revenues of $52.6 million increased 25.7% from $41.8 million in the prior year period, which were comprised of 4.8% organic growth and 20.9% inorganic growth. Total gross margin of 50.6% decreased from 54.0% in the prior year period.

Total SG&A increased to $26.7 million in the fourth quarter of 2019 from $24.0 million in the same period of 2018. SG&A as a percentage of revenue was 50.8% for the three months ended December 31, 2019, a decrease from 57.3% for the three months ended December 31, 2018.

Net loss for the fourth quarter of 2019 was $7.0 million, compared to a net loss of $6.7 million in the same period of 2018. Adjusted EBITDA was $19.7 million for the fourth quarter of 2019, a 37.9% increase over $14.3 million in the same period of 2018. Adjusted EBITDA Margin of 37.5% for the fourth quarter of 2019 increased 330 basis points from 34.2% in the same period of 2018. Adjusted EBITDA plus the principal collected on the Peru construction contract was $21.1 million in the fourth quarter of 2019, an increase of 35.5% over $15.6 million in the same period of 2018.

For the year ended December 31, 2019, total revenues of $203.5 million increased 39.7% from $145.6 million in the prior year. Gross margin was 51.1% compared to 53.2% in the prior year, a decrease of 210 basis points. Total SG&A was $96.0 million for the year ended December 31, 2019, or 47.2% of revenue, compared to $83.6 million for the year ended December 31, 2018, or 57.4% of revenue. Net loss was $20.1 million, or ($0.69) per share, compared to a net loss of $20.7 million, or ($0.78) per share in the prior year period.

Adjusted EBITDA was $75.3 million for the year ended December 31, 2019, a 55.1% increase over $48.6 million in the prior year. Adjusted EBITDA Margin increased 370 basis points to 37.0% from 33.3% in the prior year. Adjusted EBITDA plus the principal collected on the Peru construction contract was $80.6 million for the year ended December 31, 2019, an increase of 50.8% over the prior year.

As of December 31, 2019, cash and cash equivalents were $103.3 million and total debt was $316.6 million.

Net cash provided by operating activities for the year ended December 31, 2019 was $31.0 million compared to $26.9 million for the same period of 2018. Capital expenditures were $36.6 million for the full year 2019, compared with $19.6 million in the prior year. The increase in capital expenditures was primarily due to growth activities in connection with our AUC operations.

Fourth Quarter and Full Year 2019 Segment Results

Seven Seas Water

Seven Seas Water revenues for the three months ended December 31, 2019 increased $2.4 million, or 11.7%, compared to the same period of 2018, which were comprised of 11.3% inorganic growth and 0.4% organic growth. Bulk water revenues increased $1.0 million, or 6.6%, compared to the prior year period, primarily due increases in our Limetree Bay Terminals and Anguilla operations driven by higher production volumes resulting from capacity expansions completed during 2019. Rental revenues increased $1.8 million, primarily due to timing of the acquisition of the AUC operations, which was acquired in November 2018.

Seven Seas Water gross margin for the three months ended December 31, 2019 decreased 120 basis points to 53.3% compared to 54.5% in the prior year period. Bulk water gross margin of 53.6% decreased from 55.5% in the prior year period primarily due to lower depreciation expense in the prior year period in connection with a purchase price refund received on in-service equipment at our Trinidad operations, and severance-related charges in our Curacao operations resulting from the expiration of our water supply agreement at the end of 2019. Rental gross margin of 68.7% decreased from 74.7% in the prior year period primarily due the finalization of the purchase accounting for the AUC acquisition which resulted in higher depreciation expense on property, plant and equipment in the fourth quarter of 2019 compared to the prior year period. Product sales gross margin of 10.6% decreased from 17.5% in the prior year quarter driven by a higher mix of lower-margin contracts compared to the prior year period.

Seven Seas Water SG&A expenses of $3.4 million for the three months ended December 31, 2019 decreased $4.3 million compared to the prior year period. The decrease was driven by a $3.0 million net gain on sale of property, plant and equipment primarily in connection with our customer in Curacao exercising its right to purchase the desalination facilities pursuant to the water supply agreement, and $1.1 million lower professional fees primarily due to higher costs in the prior year period related to the acquisition of the AUC operations in November 2018. Seven Seas Water SG&A expenses as a percentage of revenue were 14.9% for the three months ended December 31, 2019, a decline compared to 37.6% for the same period of 2018.

Net income for our Seven Seas Water segment was $5.1 million for the three months ended December 31, 2019 compared to $0.1 million in the same period of 2018. Adjusted EBITDA of $12.3 million for the fourth quarter of 2019 increased 30.5% over $9.4 million in the prior year period. Adjusted EBITDA Margin increased to 53.3% in the fourth quarter of 2019 from 45.7% in the same period of 2018. Adjusted EBITDA plus principal collected on the Peru construction contract was $13.7 million in the fourth quarter of 2019, an increase of 27.9% over $10.7 million in the prior year period.

For the year ended December 31, 2019, Seven Seas Water revenues were $88.3 million, an increase of 33.0% over revenues of $66.4 million in the prior year. Gross margin decreased 170 basis points to 54.0% from 55.7% in the prior year. Total SG&A expenses were $25.0 million for the year ended December 31, 2019, or 28.3% of revenue, compared to $30.1 million in the prior year, or 45.4% of revenue. Net income was $7.3 million compared to a net loss of $3.5 million in the prior year. Adjusted EBITDA was $46.7 million for the year ended December 31, 2019, an increase of 47.5% over $31.7 million in 2018. Adjusted EBITDA Margin increased 520 basis points to 52.9% from 47.7%. Adjusted EBITDA plus principal collected on the Peru construction contract was $52.0 million, a 42.3% increase over $36.6 million in the prior year.

Quench

Quench revenues for the three months ended December 31, 2019 increased $8.3 million, or 39.4% compared to the same period of 2018, which were comprised of 30.3% of inorganic growth and 9.1% organic growth. Rental revenues increased $4.6 million, or 27.3%, compared to the prior year period, which was comprised of 19.0% inorganic net growth from acquisitions and 8.3% of organic growth due to additional units placed under new leases in excess of unit attrition. Product sales increased $3.7 million compared to the same period of 2018, which included $3.2 million of inorganic net growth primarily due to the acquisitions of PHSI and Bluline in December 2018, and $0.5 million of organic growth driven by higher indirect dealer equipment sales and coffee sales.

Quench gross margin for the three months ended December 31, 2019 decreased 510 basis points to 48.5% from 53.6% for the same period of 2018. Rental gross margin for the fourth quarter of 2019 was 52.0%, a decrease from 57.3% in the prior year period, primarily due to an increase in depreciation and amortization expense as a percentage of revenues related to additional units placed on lease, and higher facilities expense. Product sales gross margin of 39.0% for the three months ended December 31, 2019 increased 20 basis points over the prior year period.

Quench SG&A expenses for the three months ended December 31, 2019 increased $0.9 million to $15.5 million compared to the prior year period. The increase was driven by higher amortization expense related to an increase in intangible assets from recent acquisitions, higher compensation and benefits primarily driven by increased headcount from the inclusion of staff added from certain acquisitions. Partially offsetting this increase was higher acquisition-related expenses and restructuring costs incurred in the prior year period in connection with the PHSI acquisition. Quench SG&A expenses as a percentage of revenue were 52.6% for the three months ended December 31, 2019, a decline compared to 68.9% for the same period of 2018.

Quench had a net loss of $2.7 million for the fourth quarter of 2019 compared to a net loss of $4.2 million in the prior year period. Adjusted EBITDA of $8.3 million for the fourth quarter of 2019 increased 38.9% over $6.0 million in the same period of 2018. Adjusted EBITDA Margin of 28.0% in the fourth quarter of 2019 remained relatively flat compared to the prior year period.

For the year ended December 31, 2019, Quench revenues were $115.2 million, an increase of 45.4% over revenues of $79.2 million in the prior year. Gross margin decreased 240 basis points to 48.8% from 51.2%. Total SG&A expenses were $59.6 million for the year ended December 31, 2019, or 51.7% of revenue, compared to $48.7 million in the prior year, or 61.5% of revenue. Net loss was $9.6 million compared to $11.4 million in the prior year. Adjusted EBITDA was $32.4 million for the year ended December 31, 2019, an increase of 58.7% over $20.4 million in 2018. Adjusted EBITDA Margin increased 240 basis points to 28.2% from 25.8%.

Corporate and Other

Corporate and Other SG&A expenses for the three months ended December 31, 2019 increased $6.2 million to $7.8 million compared to the same period of 2018. The increase was primarily due to $6.6 million of expenses in the fourth quarter of 2019 incurred in connection with the definitive merger agreement entered into in December 2019.

Corporate and Other SG&A expenses for the year ended December 31, 2019 increased $6.6 million to $11.4 million compared to the same period of 2018, which was driven by $6.6 million of expenses incurred in connection with the definitive merger agreement entered into in December 2019.

About AquaVenture

AquaVenture is a multinational provider of WAAS ® solutions that provide customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture is composed of two operating platforms: Quench, a leading provider of filtered water systems and related services with approximately 160,000 company-owned units installed at institutional and commercial customer locations across the U.S. and Canada; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing more than 8.5 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.

Safe Harbor Statement

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release regarding managements future expectations, beliefs, intentions, goals, strategies, plans or prospects, including, without limitation, statements relating to AquaVentures strategic focus; its expectations regarding performance, growth, cash flows and margins from recently completed and pending acquisitions; and the impacts on operating results of the timing, size, integration and accounting treatment of acquisitions, constitute forward-looking statements. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors detailed in AquaVentures filings with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, AquaVentures actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. AquaVenture is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

AQUAVENTURE HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

2019

 

2018

ASSETS

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

103,307

 

$

56,618

Trade receivables, net of allowances of $1,213 and $1,034, respectively

 

 

26,755

 

 

21,437

Inventory

 

 

17,385

 

 

15,496

Current portion of long-term receivables

 

 

7,561

 

 

6,538

Prepaid expenses and other current assets

 

 

8,130

 

 

8,272

Total current assets

 

 

163,138

 

 

108,361

Property, plant and equipment, net

 

 

167,173

 

 

150,064

Construction in progress

 

 

17,786

 

 

15,427

Right-of-use assets

 

 

10,721

 

 


Restricted cash

 

 

4,233

 

 

4,153

Long-term receivables

 

 

32,529

 

 

40,574

Other assets

 

 

11,820

 

 

6,251

Deferred tax asset

 

 

4,883

 

 

4,191

Intangible assets, net

 

 

186,409

 

 

205,443

Goodwill

 

 

198,889

 

 

190,999

Total assets

 

$

797,581

 

$

725,463

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

5,703

 

$

8,235

Accrued liabilities

 

 

29,903

 

 

25,116

Current portion of long-term debt

 

 

7,491

 

 

6,494

Deferred revenue

 

 

4,810

 

 

3,890

Total current liabilities

 

 

47,907

 

 

43,735

Long-term debt

 

 

309,104

 

 

313,215

Deferred tax liability

 

 

17,342

 

 

18,465

Other long-term liabilities

 

 

13,864

 

 

13,450

Operating lease liabilities, non-current

 

 

9,777

 

 


Total liabilities

 

 

397,994

 

 

388,865

Commitments and contingencies

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

Ordinary shares, no par value, 250,000 shares authorized; 31,838 and 26,780 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively

 

 


 

 


Additional paid-in capital

 

 

664,920

 

 

582,127

Accumulated other comprehensive income

 

 

(150)

 

 

(421)

Accumulated deficit

 

 

(265,183)

 

 

(245,108)

Total shareholders' equity

 

 

399,587

 

 

336,598

Total liabilities and shareholders' equity

 

$

797,581

 

$

725,463

AQUAVENTURE HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

 

2018

 

2017

Revenues:

 

 

 

 

 

 

 

 

 

Bulk water

 

$

60,460

 

$

57,262

 

$

53,436

Rental

 

 

94,282

 

 

64,216

 

 

52,997

Product sales

 

 

45,074

 

 

20,105

 

 

9,796

Financing

 

 

3,671

 

 

4,025

 

 

4,534

Total revenues

 

 

203,487

 

 

145,608

 

 

120,763

Cost of revenues:

 

 

 

 

 

 

 

 

 

Bulk water

 

 

27,700

 

 

26,516

 

 

27,145

Rental

 

 

42,493

 

 

28,025

 

 

23,484

Product sales

 

 

29,330

 

 

13,565

 

 

5,779

Total cost of revenues

 

 

99,523

 

 

68,106

 

 

56,408

Gross profit

 

 

103,964

 

 

77,502

 

 

64,355

Selling, general and administrative expenses

 

 

95,986

 

 

83,645

 

 

72,421

Income (loss) from operations

 

 

7,978

 

 

(6,143)

 

 

(8,066)

Other expense:

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(25,386)

 

 

(15,046)

 

 

(11,537)

Other expense, net

 

 

(460)

 

 

(850)

 

 

(1,850)

Loss before income tax expense

 

 

(17,868)

 

 

(22,039)

 

 

(21,453)

Income tax expense (benefit)

 

 

2,207

 

 

(1,311)

 

 

3,441

Net loss

 

 

(20,075)

 

 

(20,728)

 

 

(24,894)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

271

 

 

(404)

 

 

(17)

Comprehensive loss

 

$

(19,804)

 

$

(21,132)

 

$

(24,911)

 

 

 

 

 

 

 

 

 

 

Loss per share basic and diluted

 

$

(0.69)

 

$

(0.78)

 

 

(0.94)

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding basic and diluted

 

 

29,212

 

 

26,583

 

 

26,426

AQUAVENTURE HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

 

2018

 

2017

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(20,075)

 

$

(20,728)

 

$

(24,894)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

54,146

 

 

34,533

 

 

29,648

Share-based compensation expense

 

 

4,956

 

 

11,188

 

 

12,120

Provision for bad debts

 

 

1,219

 

 

1,035

 

 

605

Deferred income tax provision

 

 

(962)

 

 

(3,287)

 

 

1,488

Provision for inventory

 

 

376

 

 

308

 

 

89

Loss on extinguishment of debt

 

 


 

 


 

 

1,389

(Gain) loss on disposal of assets

 

 

(1,242)

 

 

1,563

 

 

1,468

Amortization of deferred financing fees

 

 

1,017

 

 

963

 

 

878

Accretion of and adjustments to acquisition contingent consideration

 

 

276

 

 

(27)

 

 


Accretion of and adjustments to asset retirement obligation

 

 

28

 

 

50

 

 

49

Other

 

 

(3)

 

 


 

 

60

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Trade receivables

 

 

(5,757)

 

 

2

 

 

(4,301)

Inventory

 

 

(3,213)

 

 

(2,162)

 

 

(1,219)

Prepaid expenses and other current assets

 

 

1,129

 

 

(1,135)

 

 

(710)

Long-term receivables

 

 

6,982

 

 

5,661

 

 

6,309

Right-of-use assets

 

 

1,727

 

 


 

 


Other assets

 

 

(11,218)

 

 

(4,124)

 

 

(3,462)

Current liabilities

 

 

2,160

 

 

2,579

 

 

(1,011)

Operating lease liabilities

 

 

(1,781)

 

 


 

 


Long-term liabilities

 

 

1,277

 

 

463

 

 

460

Net cash provided by operating activities

 

 

31,042

 

 

26,882

 

 

18,966

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(36,612)

 

 

(19,626)

 

 

(14,445)

Net cash paid for acquisition of assets or business

 

 

(19,687)

 

 

(198,473)

 

 

(9,921)

Proceeds from sale of fixed assets

 

 

3,831

 

 

680

 

 

22

Net cash received for sale of business

 

 


 

 

2,879

 

 


Net cash used in investing activities

 

 

(52,468)

 

 

(214,540)

 

 

(24,344)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from long-term debt

 

 


 

 

150,000

 

 

150,000

Payments of long-term debt

 

 

(6,812)

 

 

(6,528)

 

 

(118,205)

Payment of deferred financing fees

 

 

(86)

 

 

(70)

 

 

(3,677)

Payments related to debt extinguishment

 

 


 

 


 

 

(433)

Payments of secured borrowings

 

 

(422)

 

 

(17,500)

 

 


Payments of acquisition contingent consideration

 

 

(2,336)

 

 

(112)

 

 


Proceeds from exercise of stock options

 

 

3,088

 

 

442

 

 

73

Shares withheld to cover minimum tax withholdings on equity awards

 

 

(1,059)

 

 

(422)

 

 

(455)

Proceeds from the issuance of Employee Share Purchase Plan shares

 

 

403

 

 

285

 

 

204

Proceeds from issuance of ordinary shares, net of issuance costs

 

 

75,404

 

 


 

 

(1,169)

Net cash provided by financing activities

 

 

68,180

 

 

126,095

 

 

26,338

Effect of exchange rates on cash, cash equivalents and restricted cash

 

 

15

 

 

(25)

 

 

4

Change in cash, cash equivalents and restricted cash

 

 

46,769

 

 

(61,588)

 

 

20,964

Cash, cash equivalents and restricted cash at beginning of period

 

 

60,771

 

 

122,359

 

 

101,395

Cash, cash equivalents and restricted cash at end of period

 

$

107,540

 

$

60,771

 

$

122,359 

AQUAVENTURE HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - SEGMENT DATA
(IN THOUSANDS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2019

 

Three Months Ended December 31, 2018

 

 

Seven Seas

 

 

 

 

Corporate

 

 

 

 

Seven Seas

 

 

 

 

Corporate

 

 

 

 

 

Water

 

Quench

 

& Other

 

Total

 

Water

 

Quench

 

& Other

 

Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bulk water

 

$

15,544

 

$


 

$


 

$

15,544

 

$

14,580

 

$


 

$


 

$

14,580

Rental

 

 

4,158

 

 

21,464

 

 


 

 

25,622

 

 

2,318

 

 

16,857

 

 


 

 

19,175

Product sales

 

 

2,558

 

 

8,005

 

 


 

 

10,563

 

 

2,817

 

 

4,276

 

 


 

 

7,093

Financing

 

 

862

 

 


 

 


 

 

862

 

 

977

 

 


 

 


 

 

977

Total revenues

 

 

23,122

 

 

29,469

 

 


 

 

52,591

 

 

20,692

 

 

21,133

 

 


 

 

41,825

Gross profit:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bulk water

 

 

8,325

 

 


 

 


 

 

8,325

 

 

8,085

 

 


 

 


 

 

8,085

Rental

 

 

2,855

 

 

11,172

 

 


 

 

14,027

 

 

1,731

 

 

9,659

 

 


 

 

11,390

Product sales

 

 

271

 

 

3,119

 

 


 

 

3,390

 

 

493

 

 

1,659

 

 


 

 

2,152

Financing

 

 

862

 

 


 

 


 

 

862

 

 

977

 

 


 

 


 

 

977

Total gross profit

 

 

12,313

 

 

14,291

 

 


 

 

26,604

 

 

11,286

 

 

11,318

 

 


 

 

22,604

Selling, general and administrative expenses

 

 

3,442

 

 

15,495

 

 

7,793

 

 

26,730

 

 

7,782

 

 

14,569

 

 

1,605

 

 

23,956

Income (loss) from operations

 

 

8,871

 

 

(1,204)

 

 

(7,793)

 

 

(126)

 

 

3,504

 

 

(3,251)

 

 

(1,605)

 

 

(1,352)

Other expense, net

 

 

(3,034)

 

 

(1,584)

 

 

(1,565)

 

 

(6,183)

 

 

(3,420)

 

 

(1,011)

 

 

(945)

 

 

(5,376)

Income (loss) before income tax expense

 

 

5,837

 

 

(2,788)

 

 

(9,358)

 

 

(6,309)

 

 

84

 

 

(4,262)

 

 

(2,550)

 

 

(6,728)

Income tax expense (benefit)

 

 

742

 

 

(52)

 

 


 

 

690

 

 

17

 

 

(16)

 

 


 

 

1

Net income (loss)

 

$

5,095

 

$

(2,736)

 

$

(9,358)

 

$

(6,999)

 

$

67

 

$

(4,246)

 

$

(2,550)

 

$

(6,729)

...

AQUAVENTURE HOLDINGS LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - SEGMENT DATA
(IN THOUSANDS)

 

 

 

Year Ended December 31, 2019

 

Year Ended December 31, 2018

 

 

Seven Seas

 

 

 

 

Corporate

 

 

 

 

Seven Seas

 

 

 

 

Corporate

 

 

 

 

 

Water