AQUAVENTURE HOLDINGS LLC

CIK:0001422841|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total revenues	$ 203,487	$ 145,608	$ 120,763
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 (benefit)	(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
Bulk water
Total revenues	$ 60,460	$ 57,262	$ 53,436
Total cost of revenues	27,700	26,516	27,145
Gross profit	32,760	30,746	26,291
Rental
Total revenues	94,282	64,216	52,997
Total cost of revenues	42,493	28,025	23,484
Gross profit	51,789	36,191	29,513
Product sales
Total revenues	45,074	20,105	9,796
Total cost of revenues	29,330	13,565	5,779
Gross profit	15,744	6,540	4,017
Financing
Total revenues	3,671	4,025	4,534
Gross profit	$ 3,671	$ 4,025	$ 4,534

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
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
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 (see Note 15)
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