- $90 million of 2015 Adjusted EBITDA,
at midpoint of guidance
- 55% 2015 Adjusted EBITDA
margins
- 2015 constant currency Sales down
3%, compared to estimated 8%-10% decline in global apple
crop
- Operating Cash Flow of $36 million
generated in the fourth quarter
AgroFresh Solutions, Inc. (“AgroFresh” or the “Company”)
(NASDAQ:AGFS), a global leader in produce freshness solutions,
announced financial results for the fourth quarter and full year
ended December 31, 2015. AgroFresh became a stand-alone company
upon the closing of a transaction with The Dow Chemical Company
(“Dow”) on July 31, 2015 (the “Business Combination”). AgroFresh is
in the business of preserving and enhancing the quality and
freshness of food, reducing food waste and improving
productivity.
Reported Sales for full year 2015 were $164 million, a decline
of 3% year-over-year on a constant currency basis. This compares to
an estimated 8% - 10% year-over-year decline in the size of the
global apple crop, which is the primary crop that AgroFresh
serves.
Adjusted EBITDA was $90 million for full year 2015, at the
midpoint of the Company’s guidance. On a constant currency basis,
Adjusted EBITDA for fiscal year 2015 declined 9% year-over-year.
Adjusted EBITDA margins remained strong in fiscal year 2015 at
55%.
Margo Loebl, Executive Vice President and Chief Financial
Officer, commented, “Our full year 2015 results were in line with
our previously provided guidance, reflecting a strong business
model and profit profile despite challenges, particularly the much
smaller apple crop in the Northern Hemisphere after a record crop
in 2014.” Ms. Loebl continued, “Despite headwinds, we generated $36
million of operating cash flow in the fourth quarter. These healthy
cash flows will support not only our current capital structure and
funding requirements, but also our investments in growth going
forward.”
Ms. Nance Dicciani Chair of the Board added, “In 2016, we remain
focused on strengthening our competitive position, controlling
costs, and maintaining a high-margin portfolio of current and
future freshness solutions for customers. We expect to continue to
build on our success as we penetrate additional fruits, build
momentum for new technologies, expand our market leadership, and
enter into new geographies. We are very confident in the long-term
fundamentals of our markets and the business. We believe that our
unique and growing capabilities to enhance our market leading
positions will drive strong financial performance and value
creation for shareholders.”
*Certain of the financial measures presented in this release,
including Adjusted EBITDA, are non-GAAP financial measures. Please
see the information and tables under “Non-GAAP Financial Measures”
below for a description of these non-GAAP financial measures, and
the tables at the end of this press release for a reconciliation of
non-GAAP financial measures to GAAP results.
Full Year 2015 Results
Reported Sales for full year 2015 were $164 million, a decline
of 3% year-over-year on a constant currency basis. The decrease in
Sales was primarily attributable to a smaller apple crop in the
Northern Hemisphere in 2015 following a record crop in 2014.
Increased penetration of the Company’s market leading SmartFresh™
into apples, other fruits, and new geographies helped to offset
much of the impact of the smaller Northern Hemisphere apple
crop.
Cost of Sales for full year 2015 was $102 million, or $29
million excluding the amortization of a non-cash inventory step-up
adjustment of $73 million, resulting in an adjusted gross profit
margin of 82%.
SG&A expenses for full year 2015 were $48 million. These
expenses included transaction and acquisition related costs of $1.8
million, incremental recurring expenses of $4.4 million, one-time
expenses of $8.1 million, and the amortization of $2.6 million of a
$5.0 million upfront payment made to Dow pursuant to a Transition
Services Agreement entered into on July 31, 2015.
R&D expenses for full year 2015 were $16.9 million. As
planned, the Company focused its R&D spend on its
high-potential growth projects, resulting in a $2.5 million
year-over-year reduction in R&D expenses.
Adjusted EBITDA was $90 million for full year 2015, at the
midpoint of our guidance, or a decline of 9% year-over-year on a
constant currency basis. Adjusted EBITDA margins were 55%.
Fourth Quarter 2015 Results
Reported Sales for fourth quarter 2015 were $51 million, or a
decline of 18% on a constant currency basis. The change in Sales
was due to both a shift in sales from the fourth quarter to the
third quarter due to an earlier Northern Hemisphere apple harvest
in 2015 versus 2014 and the overall smaller Northern Hemisphere
apple crop in 2015 following a record crop in 2014.
Cost of Sales for fourth quarter 2015 was $46 million, or $12
million excluding the amortization of a non-cash inventory step-up
adjustment of $34 million.
SG&A expenses for fourth quarter 2015 were $18.6 million.
These expenses included $4.7 million of non-recurring costs related
to accounting, consulting, human resources and other professional
services, the amortization of $1.6 million of a $5.0 million
upfront payment made to Dow pursuant to a Transition Services
Agreement entered into on July 31, 2015, and incremental recurring
expenses of $4.3 million.
Fourth quarter 2015 Adjusted EBITDA was $27 million, a 36%
decline year-over-year on a constant currency basis. The decrease
was driven primarily by lower year-over-year Sales.
Balance Sheet and Cash Flow
The balance sheet on December 31, 2015 reflected the
establishment of the Company as an independent public entity on
July 31, 2015 as compared to the AgroFresh Business on a carve-out
basis as of December 31, 2014. The year-end 2015 balance sheet
reflects the addition of long-term debt of $406 million and
short-term debt of $4 million associated with the financing of the
Business Combination.
For full year 2015, the Company generated $49 million of cash
from operating activities, excluding changes in income taxes
payable while part of Dow. At December 31, 2015, the ending cash
position for the Company was $58 million, reflecting an increase of
$29 million versus the end of third quarter 2015.
2016 Business Outlook
The Company expects net Sales for full year 2016 to increase 5%
to 12% year-over-year and expects Adjusted EBITDA to range from $90
million to $100 million.
Conference Call
The Company will conduct a conference call to discuss its fourth
quarter and full year 2015 results at 8:30 a.m. Eastern Time on
March 11, 2016. To access the call, please dial (844) 663-0324 from
the U.S. or (970) 297-2315 from outside the U.S. The conference
call I.D. number is 55982570. The call will also be available as a
live webcast with an accompanying slide presentation, which can be
accessed on the “Events & Presentation” tab of the Investor
Relations section of the Company’s website, www.agrofresh.com. All
participants should call or access the website approximately 10
minutes before the conference begins. The webcast will be available
for replay for at least 90 days.
A telephonic replay of this conference call will also be
available by dialing (800) 585-8367 (US) and (404) 537-3406
(International) from 10:30 am ET on March 11, 2016 until 11:59 pm
ET on March 25, 2016.
Basis for Presentation
As a result of the Business Combination, the Company was
identified as the acquirer for accounting purposes, and the
AgroFresh Business, which is the business conducted prior to the
closing of the Business Combination by Dow through a combination of
wholly-owned subsidiaries and operations of Dow, including through
AgroFresh Inc. in the United States, is the acquiree and accounting
Predecessor. The Company’s financial statement presentation
reflects the AgroFresh Business as the “Predecessor” for periods
through July 31, 2015 (the “Closing Date”). Where we discuss
results for the period ended December 31, 2015, we are referring to
the combined results of the Predecessor for the seven months ending
July 31, 2015 and the Successor for the five months ending December
31, 2015. On the Closing Date, the Company, which was formerly
named Boulevard Acquisition Corp., was re-named AgroFresh
Solutions, Inc. and is the “Successor” for periods after the
Closing Date, which includes consolidation of the AgroFresh
Business subsequent to the Closing Date. The acquisition was
accounted for as a business combination using the acquisition
method of accounting, and the Successor financial statements
reflect a new basis of accounting that is based on the fair value
of net assets acquired. As a result of the application of the
acquisition method of accounting as of the effective time of the
Business Combination, the financial statements for the Predecessor
period and for the Successor period are presented on different
bases. The historical financial information of Boulevard
Acquisition Corp. prior to the Business Combination has not been
reflected in the Predecessor period financial statements as those
amounts are not considered to be material.
Non-GAAP Financial Measures
This press release contains certain financial measures, in
particular non-GAAP earnings per share, Adjusted EBITDA, Constant
Currency Adjusted EBITDA and Constant Currency Net Sales, which are
not presented in accordance with GAAP. These non-GAAP financial
measures are being presented because the Company believes these
non-GAAP financial measures provide meaningful supplemental
information as they are used by the Company’s management to
evaluate the Company’s performance, as management believes that
these measures enhance a reader’s understanding of the financial
performance of the Company, are more indicative of operating
performance of the Company, and facilitate a better comparison
among fiscal periods, as the non-GAAP measures exclude items that
are not considered core to the Company’s operations. In particular,
Adjusted EBITDA is a key measure used by the Company to evaluate
its performance, and is calculated by the Company in a manner
consistent with the definition of Consolidated EBITDA in the
Company’s Credit Agreement.
The Company also reports Sales performance using the non-GAAP
financial measure of "constant currency" net Sales. This measure
provides information on the change in net Sales assuming that
foreign currency exchange rates had not changed between the prior
and current period. Likewise, the Company presents both Adjusted
EBITDA and constant currency Adjusted EBITDA, both of which are
non-GAAP measures. In discussing the Company’s operating results,
the term currency exchange rates refers to the currency exchange
rates the Company uses to convert into U.S. dollars the operating
results for all countries where the functional currency is not the
U.S. dollar. The Company calculates the effect of changes in
currency exchange rates as the difference between current period
activity translated using the current period's currency exchange
rates, and the comparable prior year period's currency exchange
rates. When the Company refers to constant currency operating
results, this means operating results without the impact of the
currency exchange rate fluctuations. The disclosure of constant
currency amounts or results permits investors to understand better
the Company’s underlying performance without the effects of
currency exchange rate fluctuations. The comparisons presented as
constant currency rates reflect comparative local currency Sales at
the prior year's foreign exchange rates. The Company routinely
evaluates its net Sales performance at constant currency so that
Sales results can be viewed without the impact of foreign currency
exchange rates, thereby facilitating a period-to-period comparison
of the Company’s operational activities, and the Company believes
that this presentation also provides useful information to
investors for the same reason.
The Company does not intend for any of the non-GAAP financial
measures contained in this release to be a substitute for any GAAP
financial information. Readers of this press release should use
these non-GAAP financial measures only in conjunction with the
comparable GAAP financial measures. Reconciliations of non-GAAP
financial measures to the most comparable GAAP measures are
provided in the tables at the end of this press release.
About AgroFresh
AgroFresh Solutions, Inc. (NASDAQ: AGFS) is a global industry
leader in providing innovative data-driven specialty solutions
aimed at enabling growers and packers of fresh produce to preserve
and enhance the freshness, quality and value of fresh produce and
to maximize the percentage of produce supplied to the market
relative to the amount of produce grown. Its flagship product is
the SmartFresh™ Quality System, a freshness protection technology
proven to maintain firmness, texture and appearance of fruits
during storage and transport. SmartFresh is currently
commercialized in over 40 countries worldwide. For more
information, please visit www.agrofresh.com.
Forward-Looking Statements
In addition to historical information, this release may contain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this release that
address activities, events or developments that the Company expects
or anticipates will or may occur in the future are forward-looking
statements and are identified with, but not limited to, words such
as “anticipate”, “believe”, “expect”, “estimate”, “plan”,
“outlook”, and “project” and other similar expressions (or the
negative versions of such words or expressions). Forward-looking
statements include, without limitation, information concerning the
Company’s possible or assumed future results of operations,
including all statements regarding financial guidance, anticipated
future growth, business strategies, competitive position, industry
environment, potential growth opportunities and the effects of
regulation. These statements are based on management’s current
expectations and beliefs, as well as a number of assumptions
concerning future events. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside the Company’s
management’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks include, without limitation, the risk of
increased competition; the ability of the business to grow and
manage growth profitably; costs related to the Business Combination
and/or related to operating AgroFresh as a stand-alone public
company; changes in applicable laws or regulations, and the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors. Additional risks
and uncertainties are identified and discussed in the Company’s
filings with the SEC, which are available at the SEC’s website at
www.sec.gov.
AgroFresh Solutions, Inc.
CONSOLIDATED AND COMBINED BALANCE SHEETS (In thousands,
except share and per share data) Successor
Predecessor December 31, December 31,
2015 2014 ASSETS Cash and cash equivalents $
57,765 $ - Accounts receivable, net of allowance for doubtful
accounts of $190 and $1,678, respectively 71,518 64,399 Inventories
44,176 12,193 Other assets 7,197 - Deferred income tax assets
- 2,574 Total current assets 180,656 79,166 Property
and equipment, net 4,606 4,134 Goodwill 56,006 155,953 Intangible
assets, net 825,056 96,961 Deferred income tax assets 12,278 475
Other Assets 4,072 817 Total Assets $ 1,082,674 $
337,506
LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts
payable $ 13,924 $ 5,944 Current portion of long-term debt 4,250 -
Income taxes payable 1,801 51,137 Deferred income tax liabilities -
32 Accrued expenses and other current liabilities 47,595
12,057 Total current liabilities 67,570 69,170 Long-term
debt 406,286 - Other noncurrent liabilities 164,630 7,461 Deferred
income tax liabilities 285 26,524 Total liabilities
638,771 103,155
Stockholders’ equity
Common stock, par value $0.0001;
400,000,000 shares authorized, 49,940,548 shares issued
and 49,528,214 shares outstanding at
December 31, 2015
5 - Preferred stock; par value $0.0001, 1 share authorized and
outstanding at December 31, 2015 - - Treasury stock; par value
$0.0001, 412,334 shares at
December 31, 2015
(2,397) Additional paid-in capital 472,494 -
Accumulated deficit
(20,640) - Accumulated other comprehensive (loss) income (5,559)
2,058 Net parent investment - 232,293 Total equity
443,903 234,351 Total liabilities and stockholders’
equity $ 1,082,674 $ 337,506
AgroFresh Solutions, Inc.
CONSOLIDATED AND COMBINED STATEMENTS OF
(LOSS) INCOME
(In thousands, except share and per
share data)
Successor Predecessor
August 1, 2015
Twelve Months
Three Months
Through
January 1,
Three Months
Ended
Ended December
September 30,
2015 Through
Ended December
December 31,
31, 2015
2015
July 31, 2015
31, 2014
2014
Net sales $ 51,431 $ 59,650 $ 52,682 $ 66,769 $ 180,508
Cost of sales (excluding amortization,
shown
separately below)
46,033 45,719 10,630
11,239 30,659 Gross profit 5,398 13,931 42,052
55,530 149,849 Research and development expenses 3,310 1,946 11,599
3,825 19,399 Selling, general, and administrative expenses 18,573
12,744 16,774 8,098 31,534 Amortization of intangibles 9,689 6,815
16,895 7,353 29,656 Change in fair value of contingent
consideration (25,142 ) 1,450
Operating (loss) income (1,032 ) (9,024 ) (3,216 ) 36,254
69,260 Other (expense) income (12 ) (12 ) 8 1 Loss on foreign
currency exchange (124 ) (263 ) Interest expense, net
(13,889 ) ( 9,313 ) - - (4 )
(Loss) income before income taxes (15,057 ) (18,612 ) (3,208 )
36,255 69,256 (Benefit) provision for income taxes (14,641 )
(4,591 ) 10,849 20,153 41,399
Net (loss) income $ (416 ) $ (14,021 ) $ (14,057 ) $ 16,102
$ 27,857 Loss per share: Basic ($0.01 ) ($0.28 ) Diluted
($0.01 ) ($0.28 ) Weighted average shares outstanding Basic
49,845,934 49,457,847 Diluted 49,845,934 49,457,847
AgroFresh Solutions, Inc.
CONSOLIDATED AND COMBINED STATEMENT OF
CASH FLOWS
(In thousands) Successor
Predecessor August 1, 2015 January 1, 2015
Through Through
Year Ended December
December 31, 2015 July 31, 2015
31, 2014
Cash flows from operating activities Net (loss) income $
(14,437) $ (14,057) $ $ 27,857
Adjustments to reconcile net (loss) income
to net cash provided by (used in)
operating activities:
Depreciation and amortization 16,763 17,379 30,393 Provision for
bad debts 190 - - Stock based compensation 1,124 - - Pension
Expense 119 - - Amortization of inventory fair value adjustment
73,054 - - Deferred financing cost 130 - - Transaction costs
(4,487) - - Accretion of fees and discounts on long-term debt 781 -
- Accretion of contingent consideration 11,862 - - Decrease in
contingent consideration (23,692) - - Deferred income taxes
(19,886) (4,218) (9,739) Loss on sales of property - (12) - Other
2,556 - - Changes in operating assets and liabilities (net of
effects of acquisition): - - - Accounts receivable (42,703) 42,585
(3,420) Inventories 2,288 (5,756) (3,719) Prepaid expenses and
other current assets (1,159) - 365 Accounts payable 13,785 (798) -
Accrued expenses and other current liabilities 2,492 - - Income
taxes payable - (36,070) - Other assets and liabilities -
(4,651) 14,074
Net cash provided by (used in)
operating activities 18,780 (5,598) 55,811
Cash flows from investing activities Cash paid for
property and equipment (516) (676) (1,300) Proceeds from sale of
property - 63 - Acquisition of business, net of cash acquired
(625,541) - - Restricted cash 220,505 - -
Net cash used in investing activities (405,552)
(613) (1,300)
Cash flows from financing
activities Proceeds from long term debt 425,000 - - Payment of
debt issuance costs (13,120) - - Payment of revolving credit
facility fees (1,266) - - Other financing costs (7,776) - -
Repayment of long term debt (2,125) - - Proceeds from private
placement 50,000 - - Borrowings under revolving credit facility 500
- - Repayments of revolving credit facility (500) - - Insurance
premium financing 1,294 - - Repayment of notes payable (380) - -
Repurchase of stock for treasury (2,397) Repurchase of warrants
(2,524) - - Cash transfers to/from parent, net -
6,211 (54,511)
Net cash provided by (used in) financing
activities 446,706 6,211 (54,511)
Effect of exchange rate changes on cash and cash equivalents
(2,253) - -
Net (decrease)/increase in cash and cash
equivalents 57,681 - - Cash and cash
equivalents, beginning of period 84 - - Cash
and cash equivalents, end of period $ 57,765 $ - $ -
Supplemental disclosures of cash flow information: Cash
paid for: Interest $ 10,411 Income taxes $ -
Supplemental
schedule of non-cash investing and financing activities:
Issuance of common stock as consideration for acquisition of
business $ 210,000 Acquisition-related contingent consideration $
190,150
GAAP to Non-GAAP Reconciliations
The following tables set forth reconciliations of the non-GAAP
financial measures used in this press release to the most closely
comparable GAAP financial measures. See “Non-GAAP Financial
Measures” above for more information.
Adjusted EBITDA
The following is a reconciliation between the non-GAAP financial
measure of Adjusted EBITDA and Constant Currency Adjusted EBITDA to
their most directly comparable GAAP financial measure, income
(loss) before income taxes:
Combined
Successor Predecessor Twelve Three
August 1,
January 1,
Three
Twelve Months Months
2015
2015
Months
Months Ended Ended
Through
Through
Ended
Ended
December 31,
December
September
July 31,
December
December
2015
31, 2015
30, 2015
2015
31, 2014
31, 2014 GAAP (loss) income before income
taxes $ (36,877 ) $ (15,057 ) $ (18,612 ) $ (3,208 ) $ 36,255 $
69,256 Amortization of Inventory Step-up (1) 73,054 34,352 38,702 -
- - Transaction and acquisition related costs (2) 1,813 - 1,813 - -
- Share-based compensation (3) 1,461 407 673 381 125 557 Interest
expense (4) 23,202 13,889 9,313 - - - Depreciation and amortization
(3) 36,813 11,465 7,969 17,379 7,513 30,311 Stand-alone costs (5)
905 581 324 - - - Research & development cost synergies (6)
3,249 - - 3,249 1,404 5,802 Other non-recurring costs (3) 10,364
6,390 3,470 504 689 689 Loss on currency translation (7) 387 125
262 - - - Mark-to-market adjustments, net (8) (23,692 ) (25,142 )
1,450 - - - Pro forma deferred revenue (9) (1,167 ) - - (1,167 )
(500 ) (2,000 ) Franchise and state taxes (3) 371
371 -
Non-GAAP
adjusted EBITDA $ 89,883 $ 27,381 $ 45,364 $ 17,138 $ 45,486 $
104,615 Constant currency adjustment (10) 4,909
1,559 2,796 554 -
-
Non-GAAP constant currency adjusted
EBITDA
$
94,792
$ 28,940 $ 48,160 $ 17,692 $ 45,486
$ 104,615 (1) The
amortization of inventory step-up related to the acquisition of
AgroFresh is charged to income based on the pace of inventory usage
(2) Costs associated with the Business Combination incurred in the
current period (3) Expenses incurred during the period added back
to EBITDA related to equity compensation, depreciation &
amortization largely associated with intangible assets, franchise
and business and occupation taxes, pro forma run-rate savings, and
certain non-recurring expenses incurred during the period primarily
related to professional services, relocation costs and a write-off
of inventory (4) Interest paid on the term loan, inclusive of
accretion for debt discounts and debt issuance costs, as well as
accretion on contingent consideration (5) Administrative and
professional fees associated with becoming a stand-alone public
company (6) R&D savings related to two projects (Invinsa and
IDC) (7) Non-cash adjustment to the fair value of contingent
consideration (8) Loss on currency translation relates to net gains
and losses resulting from the remeasurement of assets and
liabilities denominated in foreign currencies (9) Deferred revenue
associated with a revenue agreement not included in the Business
Combination (10) Constant currency figures are based upon 2015
results using 2014 average foreign exchange rates
Non-GAAP EPS
The following is a reconciliation between non-GAAP earnings per
diluted share to its most directly comparable GAAP (unaudited)
financial measure, (loss) income per basic and diluted share:
Successor Predecessor
Three Months
August 1, 2015
January 1,
Three Months
Twelve Months
Ended
Through
2015
Ended
Ended
December 31,
September 30,
Through
December 31,
December 31,
2015
2015
July 31, 2015
2014
2014 Reported GAAP (loss) income per basic and
diluted (0.01) (0.28) - GAAP (loss) income per basic and
diluted (1) - - (0.28) 0.32 0.56 Amortization of inventory step-up
(2) (9) 0.45 0.51 - Transaction and acquisition related costs (3)
(9) - 0.02 - Stand-alone costs (4)(9) 0.01 - - Research &
development savings (5) (9) - 0.04 0.02 0.08 Other non-recurring
costs (6) (9) 0.08 0.05 0.01 0.01 0.01 Accretion of Contingent
Consideration (7) (9) 0.09 0.06 Mark-to-market adjustments, net (8)
(9) (0.33) 0.02 -
Non-GAAP earnings (loss) per
basic share 0.29 0.38 (0.23) 0.35 0.65
(1) Earnings per share not reported, effected for reported
tax rate (2) The amortization of inventory step-up related to the
acquisition of AgroFresh is charged to income based on the pace of
inventory usage (3) Costs associated with the Business Combination
incurred in the current period (4) Administrative and professional
fees associated with becoming a stand-alone public company (5)
R&D savings related to two projects (Invinsa and IDC) (6)
Expenses incurred during the period added back to EBITDA related to
pro forma run-rate savings and certain non-recurring expenses
incurred during the period (7) Represents accretion of the
contingent consideration factors related to the Business
Combination (8) Non-cash adjustment to the fair value of contingent
consideration (9) These adjustments were effected using an
estimated 35% tax rate for each period
Constant Currency
The table below reflects the calculation of constant currency
for net sales and Non-GAAP Adjusted EBITDA for the three and twelve
months ended December 31, 2015 and 2014.
Three Months Ended Twelve Months
Ended December 31, 2015 December 31, 2014
December 31, 2015 December 31, 2014 Net
Sales: As reported $ 51,431 $ 66,769 $ 163,763 $
180,508 Currency exchange rate fluctuations (1) 3,557
- 11,388 - Constant currency adjusted
net sales
$ 54,988 $ 66,769
$ 175,151 $ 180,508 As
Reported Growth Rates -23.0 % -9.3 % Constant Currency Growth Rates
-17.6 % -3.0 %
Adjusted EBITDA: As reported $ 27,381
$ 45,486 $ 89,883 $ 104,615 Currency exchange rate fluctuations (1)
1,559 - 4,909 - Constant
currency adjusted EBITDA
$ 28,940 $
45,486 $ 94,792 $ 104,615
As Reported Growth Rates -39.8 % -14.1 % Constant Currency
Growth Rates -36.4 % -9.4 % (1)
Constant currency figures are based upon 2015 results using 2014
average foreign exchange rates
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160311005180/en/
AgroFresh Solutions, Inc.Investor ContactMargaret M.
Loebl, 215-592-3323Executive Vice President and Chief Financial
OfficerCmolino@agrofresh.com
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