argan, inc.arganinc.com/wp-content/uploads/2020/04/investor... · 1/31/2020 · argan’sactual...
TRANSCRIPT
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April 2020
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Safe Harbor Statement
All statements in this presentation that are not historical are forward-looking
statements within the meaning of Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements may be identified by words such as
“believe,” “intend,” “expect,” “may,” “could,” “would,” “will,” “should,” “plan,”
“project,” “contemplate,” “anticipate,” or similar statements. Because these
statements reflect the current views of Argan, Inc. (“Argan” or the “Company”)
concerning future events, these forward-looking statements are subject to risks and
uncertainties. Argan’s actual results could differ materially from those anticipated
in these forward-looking statements as a result of many factors, which are
described under the caption “Risk Factors” in Argan’s most recent Form 10-K filed
with the Securities and Exchange Commission. Argan undertakes no obligation to
update publicly any forward-looking statements contained in this presentation.
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Company Overview
⚫ NYSE: AGX
⚫ Holding company for four 100% controlled subsidiaries
⚫ Market capitalization (4/8/20) – $0.6 billion
⚫ Quarterly dividend $0.25 per share
⚫ Safe balance sheet at 1/31/20
– No leverage– Cash & short-term investments - $328 million– Net liquidity - $278 million
⚫ RUPO* (1/31/20) – $0.8 billion
⚫ Project backlog (1/31/20) – $1.3 billion
⚫ Signed EPC services contracts for approximately 7.3 GW of rated power represented by natural gas-fired power plants, with a total contract value in excess of $3.0 billion
⚫ Strong safety record with RIR** of 0.4 and 0.54 the last two years
* The amount of remaining unsatisfied performance obligations (“RUPO”) represents the unrecognized amounts of transaction price for
active contracts with customers, which is a subset of project backlog.
** OSHA reportable incident rates weighted by hours worked for all of our subsidiaries, with results significantly below national averages.
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Business Overview – Holding Company
⚫ Gemma Power Systems (“GPS”) provides
engineering, procurement and construction
(“EPC”) services to power generation and
renewable energy markets
⚫ The Roberts Company (“TRC”) is
principally an industrial steel fabricator and
field services provider serving both light and
heavy industrial organizations
⚫ Atlantic Projects Company (“APC”)
provides turbine, boiler, large rotating
equipment installation, commissioning and
outage services to the global power industry
⚫ SMC Infrastructure Solutions (“SMC”)
provides telecommunications data
infrastructure services
2020* Revenues by Subsidiary
27.3%**
3.6%
29.5%39.6%
* Fiscal year ended January 31, 2020
** Historically, GPS has generated the majority of the Company’s revenues.
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Revenues*
$142
$279
$227
$383 $413
$675
$893
$482
$239
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
2012 2013 2014 2015 2016 2017 2018 2019 2020
$ M
illio
ns
* With several major projects completed in the year ended January 31, 2019, our revenues and several other financial metrics
were lower during Fiscal 2020 compared to prior years, however the increasing construction activities for the Guernsey Power
Station should result in improved revenues over the coming year.
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Net Income (Loss)*
$9.3
$23.3
$40.1
$30.4
$36.3
$70.3 $72.0
$52.0
($42.7)
$(50)
$(40)
$(30)
$(20)
$(10)
$-
$10
$20
$30
$40
$50
$60
$70
$80
2012 2013 2014 2015 2016 2017 2018 2019 2020
$ M
illio
ns
* Attributable to the Stockholders of AGX.
** The net loss excluding the effect of the TeesREP job and impairment losses at APC and TRC is $3.5 million for
Fiscal 2020.
($3.5) **
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Project Backlog / RUPO*
RUPO $1.0
RUPO $0.4
RUPO $0.1
RUPO $0.8
$1.0
$0.4
$1.1
$1.3
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
2017 2018 2019 2020
$ B
illio
ns
As of January 31,
* The amount of remaining unsatisfied performance obligations (“RUPO”) represents the unrecognized amounts of transaction price for
active contracts with customers, which is a subset of project backlog.
PR
OJ
EC
T B
AC
KL
OG
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Book Value
$5.87 $7.16
$9.50 $11.29 $11.58
$16.08
$20.34
$22.83
$19.59
$0.50
$1.10
$1.85
$2.55 $3.25
$4.25
$5.25
$6.25
$7.25
$-
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
2012 2013 2014 2015 2016 2017 2018 2019 2020
Tangible Book Value* & Cumulative Dividends Per Share
Tangible Book Value Cumulative Dividends
* Tangible Book Value = Total Stockholders’ Equity – Goodwill – Other Intangible Assets
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Annual Financial Results
(1) We define Net Liquidity, or working capital, as our total current assets less our total current liabilities.
(2) The amount of remaining unsatisfied performance obligations (“RUPO”) represents the unrecognized amounts of transaction price
for active contracts with customers, which is a subset of project backlog.
(in thousands, except per share data)
2020 2019 Change
For the Fiscal Year Ended:
Revenues 238,997$ 482,153$ (243,156)$
Gross (loss) profit (6,820) 82,438 (89,258)
Gross margins (2.9)% 17.1% (20.0)%
Net (loss) income attributable to stockholders of the Company (42,689)$ 52,036$ (94,725)$
Diluted per share (2.73) 3.32 (6.05)
As of:
Cash, cash equivalents and short-term investments 327,862$ 296,531$ 31,331$
Net Liquidity (1)
277,721 335,032 (57,311)
RUPO (2)
781,400 99,400 682,000
Project backlog 1,334,000 1,094,000 240,000
January 31,
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Annual Financial Drivers
⚫ Revenues declined $243.2 million, with decreases at all of our subsidiaries. The primary reason is the
delayed starts of new GPS projects, though the Guernsey power project did begin late in Fiscal 2020 and is
expected to increase revenues in Fiscal 2021. Additionally, two major APC projects either concluded or
decreased in activity from the prior year to the current year.
⚫ Gross profits decreased in part due to the reduction in consolidated revenues between years, but more
significantly, because of the large contract loss incurred during the current year by APC in the amount of
$33.6 million, primarily recognized in the first quarter, which caused us to report a consolidated gross loss of
$6.8 million for the year.
⚫ Increased SG&A of $3.2 million due to the carry costs of maintaining core GPS staff.
⚫ Increased impairment loss of $3.4 million. Remaining APC goodwill write off and additional reduction of
TRC goodwill.
⚫ In the prior year, we completed a yearlong detailed review of the activities performed by the engineering staff
of GPS on major EPC services projects in order to identify and quantify the amounts of research and
development credits. Based on this review, we booked a $16.6 million tax benefit in the prior year.
⚫ Our balance sheet remains strong. As of January 31, 2020, our cash, cash equivalents and short-term
investments totaled $328 million and adjusted net liquidity was $278 million; plus, we had no debt.
⚫ Our RUPO rose to $0.8 billion as of January 31, 2020 from $0.1 billion at the end of the prior year, driven by
the Guernsey power project start. Currently, we have signed EPC services
contracts for approximately 7.3 GW of rated power represented by natural gas-fired
power plants, with a total contract value in excess of $3.0 billion.
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COVID-19
⚫ APC - Almost all planned power plant outage and maintenance projects for APC have been postponed for
an indefinite period other than emergency tasks, which necessitated the temporary lay-off of the majority of
APC’s workers. Construction on the TeesREP project was suspended on March 24, 2020 due to the
COVID-19 pandemic. At the time of the suspension of work on the TeesREP project, APC had completed
approximately 90% of its subcontracted work.
⚫ GPS - Continues to progress the works on the Guernsey Power Station. GPS has implemented measures to
help keep workers safe as required under the Ohio state order. To the extent possible under the
circumstances, current work on the project, which includes primarily site preparation efforts, design
engineering and early phases of construction, has continued. However, as the project ramps-up into heavier
construction phases later this year, COVID-19 impacts could become more meaningful. GPS is monitoring
supply-chain issues for impacts on equipment delivery delays related to the COVID-19 health crisis. The
ultimate impacts of the health crisis on this major GPS project and the related future revenues and financial
performance are not known. The force majeure clauses of the Company’s fixed-price construction contracts
provide certain relief that helps to mitigate these adverse effects.
⚫ TRC/SMC - Their operational activities have not been meaningfully affected by the COVID-19 outbreak
yet. Nonetheless, revenues of these businesses for the first few quarters of the fiscal year ending January 31,
2021 are expected to be less than revenues of the comparable periods of Fiscal 2020.
⚫ All - We intend to pursue where possible government assistance to help offset the negative impacts of
COVID-19 on our employees and on the operations and performance of the Company.
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Overview of Gemma Power Systems
⚫ History – acquired by Argan in December 2006 for $33 million and
has generated cumulative EBITDA since acquisition of approximately
$628 million, or ~19x cash on cash and an IRR of ~75%
⚫ Business – engineering, procurement and construction of natural gas-
fired and alternative power energy facilities throughout the United
States
⚫ Track Record – Installed capacity exceeding 15 gigawatts of mostly
domestic power-generating capacity
⚫ Safety Record – 10 million safe hours achieved over the past seven
years. Gemma’s OSHA recordable injury rate is significantly below
the national average
⚫ Employees – Many of our employees are veterans
⚫ Customers – Independent power producers and utilities
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Extensive Project Portfolio
⚫ Power facilities – combined cycle solution
– Guernsey Power Station
– Caithness Moxie Freedom Generating Plant
– CPV Towantic Energy Center
– NTE Kings Mountain Energy Center
– NTE Middletown Energy Center
– Panda Liberty Energy Project
– Panda Patriot Energy Project
– Colusa Generating Station
– Roseville Energy Park
– Hines PB-2 Power Project
– Rowan County Power Project
– Effingham County Power Project
– Richmond County Phase II Power Project
– Dighton Power Project
⚫ Pollution solutions
– Brayton Point Power Station
– La Rosita SCR Project
⚫ Biomass power facilities
- Woodville, Texas
⚫ Solar facilities
- Canton, MA
- Carver, MA
- Beaumont Solar
⚫ Power facilities – simple cycle solution
– Exelon West Medway II Facility
– CPV Sentinel Energy Project
– A.L. Pierce Re-powering Project
– Vandolah Power Project
– DeSoto County Power Project
– Indigo Energy Facility
– Larkspur Energy Facility
– Richmond County Phase I Power
– Monroe Power Project
– Richland Peaking Project
– Rocky Road Unit 4 Project
– Broad River Energy Center
– Middletown, CT Project
⚫ Process facilities – biodiesel
– Renewable BioFuels Port Neches
– Galena Park
– Green Earth Fuels Houston LLC
⚫ Process facilities – ethanol
– Carleton Ethanol Facility
⚫ Wind Facilities
- LaSalle County, Illinois
- Vantage, Washington
- Henry County, Illinois
- Ebensburg, Pennsylvania
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Construction Services Peer Group
Source: Stifel - Engineering, Construction and Infrastructure Newsletter (4/14/2020)
Stock 12 Month LTM LTM Return
Price Total Market Debt/ LTM Gross EBITDA on Avg.
Ticker 4 /10 /2 0 2 0 Return Cap Equity Revenue Margin Margin Equity
AGX $ 37.89 % (23.3) % $ 592.3 0.0 X* $ 239.0 NEG
% NEG % NEG
%
FLR 7.86 (79.5) 1,101.8 1.2 18,520.5 NEG NEG NEG
GVA 16.75 (60.7) 761.8 0.4 3,389.8 5.5 0.3 NEG
J 81.31 8.6 10,818.3 0.4 13,014.1 19.7 7.5 6.8
KBR KBR, Inc. 22.22 13.4 3,161.8 0.8 5,639.0 11.6 6.7 11.2
ORN 2.29 (18.2) 67.8 0.8 708.4 9.0 4.7 NEG
TPC 7.17 (62.2) 361.9 0.6 4,450.8 5.4 0.9 NEG
PRIM 16.91 (20.5) 816.0 1.0 3,106.3 10.7 7.3 13.3
TSX: SNC 16.83 (30.9) 2,954.7 0.7 7,336.4 3.7 4.1 9.1
STRL 9.30 (27.0) 258.9 2.0 * 1,126.3 9.6 5.8 20.3
Mean (30.0)% 0.7x 9.4% 4.7% 12.1%
NEG: Negative, * Excluded from mean ca lculation
Sterl ing Construction Co. Inc.
Company Name
Argan, Inc.
Fluor Corporation
Granite Construction Incorporated
Jacobs Engineering Group Inc.
Orion Group Holdings , Inc.
Tutor Perini Corporation
Primoris Services Corporation
SNC-Laval in Group Inc.
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Corporate Data
Websites
NYSE Listing
Common: AGX
Investor Relations
Investor Relations
301-315-0027
Argan, Inc.
www.arganinc.com
Gemma Power Systems
www.gemmapower.com
The Roberts Company
www.robertscompany.com
Atlantic Projects Company
www.atlanticprojects.com
SMC Infrastructure Solutions
www.smcinc.biz
Corporate Headquarters
Argan, Inc.
One Church Street, Suite 201
Rockville, Maryland 20850
301-315-0027
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AppendixConsolidated Income Statements – Quarter
(in thousands except per share amounts)
Revenues $ 67,988 $ 58,406 $ 63,059 $ 49,544 $ 87,658
Cost of revenues 62,739 52,414 60,094 70,570 80,912
Gross profit (loss) 5,249 5,992 2,965 (21,026) 6,746
Gross margin % 7.7% 10.3% 4.7% -42.4% 7.7%
Impairment loss 2,823 — — 2,072 1,491
Selling, general and administrative expenses 12,364 12,135 10,038 9,588 9,548
Loss from operations (9,938) (6,143) (7,073) (32,686) (4,293)
Other income, net 603 3,578 1,642 2,252 1,860
Loss before income taxes (9,335) (2,565) (5,431) (30,434) (2,433)
Income tax (benefit) expense (2,117) 1,996 (6,411) (521) (142)
Net (loss) income (7,218) (4,561) 980 (29,913) (2,291)
Net (loss) income attributable to noncontrolling interests (30) 2,294 (174) (113) (84)
Net (loss) income attributable to the stockholders of AGX $ (7,188) $ (6,855) $ 1,154 $ (29,800) $ (2,207)
EPS attributable to the stockholders of Argan, Inc.
Basic $ (0.46) $ (0.44) $ 0.07 $ (1.91) $ (0.14)
Diluted $ (0.46) $ (0.44) $ 0.07 $ (1.91) $ (0.14)
Weighted average number of shares outstanding
Basic 15,634 15,633 15,633 15,583 15,573
Diluted 15,634 15,633 15,757 15,583 15,573
Cash dividends per share $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25
31-Jan-20
Three Months Ended
31-Oct-19 31-Jul-19 30-Apr-19 31-Jan-19
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AppendixConsolidated Income Statements – Year
(in thousands except per share amounts)
Revenues $ 238,997 $ 482,153 $ 892,815
Cost of revenues 245,817 399,715 743,490
Gross profit (loss) (6,820) 82,438 149,325
Gross margin % -2.9% 17.1% 16.7%
Impairment losses 4,895 1,491 584
Selling, general and administrative expenses 44,125 40,710 41,764
Loss from operations (55,840) 40,237 106,977
Other income, net 8,075 6,981 5,648
Loss before income taxes (47,765) 47,218 112,625
Income tax (benefit) expense (7,053) (4,651) 40,279
Net (loss) income (40,712) 51,869 72,346
Net (loss) income attributable to noncontrolling interests 1,977 (167) 335
Net (loss) income attributable to the stockholders of AGX $ (42,689) $ 52,036 $ 72,011
EPS attributable to the stockholders of Argan, Inc.
Basic $ (2.73) $ 3.34 $ 4.64
Diluted $ (2.73) $ 3.32 $ 4.56
Weighted average number of shares outstanding
Basic
Diluted
Cash dividends per share $ 1.00 $ 1.00 $ 1.00
2020
15,621
15,621
Years Ended Janaury 31,
2019
15,569 15,522
15,780
2018
15,693
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AppendixReconciliations to EBITDA – Consolidated
Years Ended January 31,
2020 2019 2018
Net (loss) income $ (40,712) $ 51,869 $ 72,346
Less EBITDA attributable to noncontrolling interests (1,977) 167 (335)
Interest expense — 659 —
Income tax (benefit) expense (7,053) (4,651) 40,279
Depreciation 3,513 3,422 2,779
Amortization of purchased intangible assets 1,136 1,012 1,032
EBITDA attributable to the stockholders of Argan, Inc. (45,093)$ 52,478$ 116,101$
Weighted average diluted shares 15,621 15,693 15,780
EBITDA per diluted share (2.89)$ 3.34$ 7.36$
31-Jan-20 31-Oct-19 31-Jul-19 30-Apr-19 31-Jan-19
Net (loss) income $ (7,218) $ (4,561) $ 980 $ (29,913) $ (2,291)
Less EBITDA attributable to noncontrolling interests 30 (2,294) 172 115 84
Interest expense — — — — —
Income tax (benefit) expense (2,117) 1,996 (6,411) (521) (142)
Depreciation 903 899 882 829 957
Amortization of purchased intangible assets 272 272 293 299 253
EBITDA attributable to the stockholders of Argan, Inc. (8,130)$ (3,688)$ (4,084)$ (29,191)$ (1,139)$
Weighted average diluted shares 15,634 15,633 15,757 15,583 15,573
EBITDA per diluted share (0.52)$ (0.24)$ (0.26)$ (1.87)$ (0.07)$
Three Months Ended
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AppendixConsolidated Balance Sheets – Assets
(dollars in thousands) January 31, 2020 January 31, 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 167,363 $ 164,318
Short-term investments 160,499 132,213
Accounts receivable, net 37,192 36,174
Contract assets 33,379 58,357
Other current assets 23,322 25,286
TOTAL CURRENT ASSETS 421,755 416,348
Property, plant and equipment, net 22,539 19,778
Goodwill 27,943 32,838
Other purchased intangible assets, net 5,001 6,137
Deferred taxes 7,894 1,257
Rights-of-use and other assets 2,408 290
TOTAL ASSETS $ 487,540 $ 476,648
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AppendixConsolidated Balance Sheets – Liabilities and Equity
(dollars in thousands) January 31, 2020 January 31, 2019
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable $ 35,442 $ 39,870
Accrued expenses 35,907 33,097
Contract liabilities 72,685 8,349
TOTAL CURRENT LIABILITIES 144,034 81,316
Other noncurrent liabilities 2,476 960
TOTAL LIABILITIES 146,510 82,276
STOCKHOLDERS’ EQUITY
Common stock 2,346 2,337
Additional paid-in capital 148,713 144,961
Retained earnings 189,306 247,616
Accumulated other comprehensive loss (1,116) (346)
TOTAL STOCKHOLDERS’ EQUITY 339,249 394,568
Non-controlling interests 1,781 (196)
TOTAL EQUITY 341,030 394,372
TOTAL LIABILITIES AND EQUITY $ 487,540 $ 476,648