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GCP Applied Technologies Inc.

gcpat.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2022 10-Q, filed Aug 5, 2022. Its latest SEC filing is a 15-12G from Oct 7, 2022.

The sections below describe the company as of the FY2021 annual report.

What Did They Do?

Sells concrete and cement additives and monitoring systems to concrete and cement producers, and building-protection materials for construction projects.

How Did They Make Money?

SCC is the larger business; its main sales are concrete admixtures and cement additives, while SBM sells building membranes and specialty products, generally paid for shortly after shipment or delivery. VERIFI adds equipment lease and service fees, including fees tied to material poured; DUCTILCRETE includes license and upfront usage fees.

revenue
SegmentShareRevenue
SCC
Sold outright

58%
FY2018: 57%
SBM
Sold outright

42%
FY2018: 43%

Who Were Their Customers?

Concrete and cement producers are served by global direct sales teams; building-project sales involve owners, architects, engineers, contractors and channel partners.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2021.

Operating income, FY2021
3% of revenue
▼ −73% vs FY2020 ($124M, 14%)
Net income, FY2021
2% of revenue
▼ −79% vs FY2020 ($100.2M, 11%)

How Were They Changing?

Since the FY2021 annual report
Latest quarter: Q2 FY2022, the three months to Jun 30, 2022
Revenue
▲ +6%
vs $253.4M in Q2 FY2021
Net income
▼ −46%
vs $10.2M in Q2 FY2021
SCC share of total service revenue vs 57.1% in Q2 FY2021
  • Sep 27, 2022 GCP became a wholly owned subsidiary after its merger Each eligible share converted into a right to receive $32.00 in cash.

Shrank. Revenue fell 11% in 4 years, from $1.1B in FY2017 to $970.1M in FY2021, about 3% a year.

Revenue over time
SCC SBM
$2B$1B$0

Who Did They Compete With?

Competes with MBCC Group and Sika

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