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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 27, 2020
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 1-37393
SPX FLOW, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware47-3110748
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
13320 Ballantyne Corporate Place28277
Charlotte, NC
(Zip Code)
(Address of Principal Executive Offices)
Registrant’s Telephone Number, Including Area Code (704752-4400
(Former Name, Former Address, and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, Par Value $0.01FLOWNew 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 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
Common shares outstanding as of July 31, 2020 were 42,426,470.




SPX FLOW, INC. AND SUBSIDIARIES
FORM 10-Q INDEX





PART I—FINANCIAL INFORMATION
ITEM 1. Condensed Consolidated Financial Statements

SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)

Three months endedSix months ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Revenues$308.1  $385.4  $597.6  $758.8  
Cost of products sold194.6  254.8  383.0  504.8  
Gross profit113.5  130.6  214.6  254.0  
Selling, general and administrative90.8  96.2  176.0  183.7  
Intangible amortization2.9  2.8  5.7  5.7  
Asset impairment charges0.8    2.7    
Restructuring and other related charges4.8  1.9  7.4  6.9  
Operating income14.2  29.7  22.8  57.7  
Other income, net5.8  1.5  4.3  6.8  
Interest expense, net(9.4) (8.4) (17.5) (16.0) 
Income from continuing operations before income taxes10.6  22.8  9.6  48.5  
Income tax provision(3.9) (11.5) (3.0) (22.2) 
Income from continuing operations6.7  11.3  6.6  26.3  
Income (loss) from discontinued operations, net of tax(31.6) 50.9  (36.7) 56.0  
Net income (loss)(24.9) 62.2  (30.1) 82.3  
Less: Net income (loss) attributable to noncontrolling interests0.2  (0.4) 0.3  0.2  
Net income (loss) attributable to SPX FLOW, Inc.$(25.1) $62.6  $(30.4) $82.1  
Amounts attributable to SPX FLOW, Inc. common shareholders:
Income from continuing operations, net of tax$6.5  $11.2  $6.2  $25.9  
Income (loss) from discontinued operations, net of tax(31.6) 51.4  (36.6) 56.2  
Net income (loss) attributable to SPX FLOW, Inc.$(25.1) $62.6  $(30.4) $82.1  
Basic income (loss) per share of common stock:
Income per share from continuing operations$0.15  $0.26  $0.15  $0.61  
Income (loss) per share from discontinued operations(0.75) 1.21  (0.86) 1.33  
Net income (loss) per share attributable to SPX FLOW, Inc.(0.59) 1.48  (0.71) 1.94  
Diluted income (loss) per share of common stock:
Income per share from continuing operations$0.15  $0.26  $0.15  $0.61  
Income (loss) per share from discontinued operations(0.74) 1.21  (0.86) 1.32  
Net income (loss) per share attributable to SPX FLOW, Inc.(0.59) 1.47  (0.71) 1.93  
Weighted average number of common shares outstanding - basic42.397  42.368  42.524  42.410  
Weighted average number of common shares outstanding - diluted42.505  42.617  42.703  42.597  
The accompanying notes are an integral part of these statements.
1


SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited; in millions)

Three months endedSix months ended
June 27, 2020June 29, 2019June 27, 2020June 29, 2019
Net income (loss)$(24.9) $62.2  $(30.1) $82.3  
Other comprehensive income (loss), net:
Net unrealized gains on qualifying cash flow hedges, net of tax provision of ($0.1), $, $ and ($0.1) respectively
0.3    0.2  0.2  
Foreign currency translation adjustments30.2  9.3  (34.6) 0.4  
Other comprehensive income (loss), net30.5  9.3  (34.4) 0.6  
Total comprehensive income (loss)5.6  71.5  (64.5) 82.9  
Less: Total comprehensive income (loss) attributable to noncontrolling interests0.4  (0.6) (0.1)   
Total comprehensive income (loss) attributable to SPX FLOW, Inc.$5.2  $72.1  $(64.4) $82.9  
The accompanying notes are an integral part of these statements.

2


SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except share data)

June 27, 2020December 31, 2019
ASSETS
Current assets:
Cash and equivalents$657.1  $299.2  
Accounts receivable, net217.3  243.1  
Contract assets28.7  27.3  
Inventories, net232.0  208.1  
Other current assets27.2  32.2  
Assets of discontinued operations4.1  464.0  
Total current assets1,166.4  1,273.9  
Property, plant and equipment:
Land22.5  22.2  
Buildings and leasehold improvements170.8  170.8  
Machinery and equipment350.6  325.9  
543.9  518.9  
Accumulated depreciation(318.8) (289.0) 
Property, plant and equipment, net225.1  229.9  
Goodwill543.5  545.1  
Intangibles, net199.6  208.1  
Other assets159.3  180.4  
TOTAL ASSETS$2,293.9  $2,437.4  
LIABILITIES, MEZZANINE EQUITY AND EQUITY
Current liabilities:
Accounts payable$135.7  $142.6  
Contract liabilities120.1  116.3  
Accrued expenses164.1  162.0  
Income taxes payable28.9  45.2  
Short-term debt15.7  20.7  
Current maturities of long-term debt0.1  0.1  
Liabilities of discontinued operations1.7  220.5  
Total current liabilities466.3  707.4  
Long-term debt694.3  693.7  
Deferred and other income taxes25.3  27.9  
Other long-term liabilities109.9  115.0  
Total long-term liabilities829.5  836.6  
Commitments and contingent liabilities (Note 14)
Mezzanine equity17.4  20.3  
Equity:
SPX FLOW, Inc. shareholders’ equity:
Preferred stock, no par value, 3,000,000 shares authorized, and no shares issued and outstanding
    
Common stock, par value $0.01 per share, 300,000,000 shares authorized, 43,387,156 issued and 42,464,050 outstanding at June 27, 2020, and 43,128,247 issued and 42,566,884 outstanding at December 31, 2019
0.4  0.4  
Paid-in capital1,686.6  1,677.0  
Accumulated deficit(399.6) (369.2) 
Accumulated other comprehensive loss(282.3) (426.5) 
Common stock in treasury (923,106 shares at June 27, 2020, and 561,363 shares at December 31, 2019)
(32.4) (19.3) 
Total SPX FLOW, Inc. shareholders' equity972.7  862.4  
Noncontrolling interests8.0  10.7  
Total equity980.7  873.1  
TOTAL LIABILITIES, MEZZANINE EQUITY AND EQUITY$2,293.9  $2,437.4  
The accompanying notes are an integral part of these statements.
3


SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited; in millions)

Three months ended June 27, 2020
Common StockPaid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossCommon Stock in TreasuryTotal SPX FLOW, Inc. Shareholders' EquityNoncontrolling InterestsTotal Equity
Shares OutstandingPar
Balance at March 28, 202042.6  $0.4  $1,681.0  $(374.5) $(490.8) $(25.7) $790.4  $8.8  $799.2  
Net income (loss)—  —  —  (25.1) —  —  (25.1) 0.2  (24.9) 
Other comprehensive income, net—  —  —  —  30.3  —  30.3  0.2  30.5  
Stock-based compensation expense—  —  3.8  —  —  —  3.8  —  3.8  
Restricted stock and restricted stock unit vesting, net of tax withholdings0.1  —  0.1  —  —  (0.5) (0.4) —  (0.4) 
Common stock repurchases(0.2) —  —  —  —  (6.2) (6.2) —  (6.2) 
Adjustment from mezzanine equity—  —  1.7  —  —  —  1.7  —  1.7  
Disposition of discontinued operations—  —  —  —  178.2  —  178.2  (1.2) 177.0  
Balance at June 27, 202042.5  $0.4  $1,686.6  $(399.6) $(282.3) $(32.4) $972.7  $8.0  $980.7  


Three months ended June 29, 2019
Common StockPaid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossCommon Stock in TreasuryTotal SPX FLOW, Inc. Shareholders' EquityNoncontrolling InterestsTotal Equity
Shares OutstandingPar
Balance at March 30, 201942.5  $0.4  $1,665.8  $(254.6) $(439.4) $(19.0) $953.2  $10.9  $964.1  
Net income (loss)—  —  —  62.6  —  —  62.6  (0.4) 62.2  
Other comprehensive income (loss), net—  —  —  —  9.5  —  9.5  (0.2) 9.3  
Stock-based compensation expense—  —  3.6  —  —  —  3.6  —  3.6  
Restricted stock and restricted stock unit vesting, net of tax withholdings0.1  —  —  —  —  (0.1) (0.1) —  (0.1) 
Dividends attributable to noncontrolling interests—  —  —  —  —  —  —  (1.0) (1.0) 
Balance at June 29, 201942.6  $0.4  $1,669.4  $(192.0) $(429.9) $(19.1) $1,028.8  $9.3  $1,038.1  

4


SPX FLOW, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (CONTINUED)
(Unaudited; in millions)

Six months ended June 27, 2020
Common StockPaid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossCommon Stock in TreasuryTotal SPX FLOW, Inc. Shareholders' EquityNoncontrolling InterestsTotal Equity
Shares OutstandingPar
Balance at December 31, 201942.6  $0.4  $1,677.0  $(369.2) $(426.5) $(19.3) $862.4  $10.7  $873.1  
Net income (loss)—  —  —  (30.4) —  —  (30.4) 0.3  (30.1) 
Other comprehensive loss, net—  —  —  —  (34.0) —  (34.0) (0.4) (34.4) 
Stock-based compensation expense—  —  7.8  —  —  —  7.8  —  7.8  
Restricted stock and restricted stock unit vesting, net of tax withholdings0.1  —  0.1  —  —  (6.9) (6.8) —  (6.8) 
Common stock repurchases(0.2) —  —  —  —  (6.2) (6.2) —  (6.2) 
Dividends attributable to noncontrolling interests—  —  —  —  —  —  —  (1.4) (1.4) 
Adjustment from mezzanine equity—  —  1.7  —  —  —  1.7  —  1.7  
Disposition of discontinued operations—  —  —  —  178.2  —  178.2  (1.2) 177.0  
Balance at June 27, 202042.5  $0.4  $1,686.6  $(399.6) $(282.3) $(32.4) $972.7  $8.0  $980.7  

Six months ended June 29, 2019
Common StockPaid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossCommon Stock in TreasuryTotal SPX FLOW, Inc. Shareholders' EquityNoncontrolling InterestsTotal Equity
Shares OutstandingPar
Balance at December 31, 201842.5  $0.4  $1,662.6  $(265.6) $(430.7) $(13.9) $952.8  $10.3  $963.1  
Adoption of lease accounting standard—  —  —  (8.5) —  —  (8.5) —  (8.5) 
Net income—  —  —  82.1  —  —  82.1  0.2  82.3  
Other comprehensive income (loss), net—  —  —  —  0.8  —  0.8  (0.2) 0.6  
Stock-based compensation expense—  —  6.8  —  —  —  6.8  —  6.8  
Restricted stock and restricted stock unit vesting, net of tax withholdings0.1  —  —  —  —  (5.2) (5.2) —  (5.2) 
Dividends attributable to noncontrolling interests—  —  —