Financial Performance - For the three months ended September 30, 2019, the company recognized net income of $3.9 million, a decrease of 29.1% compared to $5.5 million for the same period in 2018 [110]. - Total revenues for the three months ended September 30, 2019, were $19.1 million, representing a 272% increase from $5.1 million in the same period of 2018 [114]. - For the nine months ended September 30, 2019, total revenues increased to $54,039 thousand, a 306% increase from $13,319 thousand in the same period of 2018 [127]. - Consolidated net income for the nine months ended September 30, 2019, was $26.4 million, down from $28.5 million in the same period of 2018, reflecting a decrease of 7.3% [145]. - Cash flows from operating activities for the nine months ended September 30, 2019, were $47.6 million, an increase of $51.9 million compared to the same period in 2018 [171]. Revenue Breakdown - Consumables revenue increased to $14.7 million for the three months ended September 30, 2019, up 1,314% from $1.0 million in the same period of 2018, primarily due to Carbon Solutions' operations [114]. - Consumables revenue for the nine months ended September 30, 2019 was $41,243 thousand, up 1,626% from $2,390 thousand in the prior year [127]. - License royalties increased by 7% to $4.4 million for the three months ended September 30, 2019, compared to $4.1 million in the same period of 2018 [114]. - The company recognized $50.8 million in equity earnings from Tinuum Group for the nine months ended September 30, 2019, compared to $33.6 million in the same period of 2018 [136]. Operating Expenses - Operating expenses for the three months ended September 30, 2019, totaled $9.6 million, a 130% increase from $4.2 million in the same period of 2018 [117]. - Operating expenses for the nine months ended September 30, 2019 totaled $25,906 thousand, an 81% increase from $14,347 thousand in the same period of 2018 [129]. - General and administrative expenses surged by 149% to $7,699 thousand for the nine months ended September 30, 2019, up from $3,098 thousand in the prior year [132]. - Legal and professional fees rose by 53% to $5,300 thousand for the nine months ended September 30, 2019, compared to $3,459 thousand in the same period of 2018 [129]. Equity Method Investments - Earnings from equity method investments for the three months ended September 30, 2019, were $14.4 million, a 48% increase from $9.7 million in the same period of 2018 [122]. - Earnings from equity method investments increased to $57,051 thousand for the nine months ended September 30, 2019, a 51% increase from $37,857 thousand in the same period of 2018 [134]. - Earnings from equity method investments in Tinuum Group for the three months ended September 30, 2019, were $11.7 million, compared to $8.1 million in the same period of 2018, marking a 44.5% increase [151]. Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash decreased from $23.8 million as of December 31, 2018, to $20.2 million as of September 30, 2019 [169]. - The company declared and paid quarterly cash dividends totaling $13.7 million for the nine months ended September 30, 2019, compared to $15.2 million for the same period in 2018 [164]. - As of September 30, 2019, there were no outstanding borrowings under the Line of Credit, indicating a strong liquidity position [165]. - Total cash distributions from Tinuum Group for the nine months ended September 30, 2019, were $50.3 million, up from $33.6 million in 2018, contributing to improved liquidity [161]. Future Outlook - The company expects lower royalty earnings per ton of refined coal through 2021 due to higher depreciation recognized on royalty-bearing facilities [115]. - The company anticipates future earnings and distributions from Tinuum Group to be lower due to higher depreciation, reduced lease payments, and closures of two utilities [124]. - The company expects future earnings in the RC segment to be influenced by coal-fired electricity generation dispatch and lease renegotiations [152]. - Future cash flows from Tinuum Group are expected to range from $150 million to $175 million through 2021, a decrease from the previous estimate of $175 million to $200 million [161]. Acquisitions and Investments - The company acquired 100% of ADA Carbon Solutions, LLC on December 7, 2018, to expand its product offerings in the mercury control industry [109]. - The company incurred $4.7 million in additional cost of revenue expense due to a step-up in basis of acquired finished goods inventory related to the Carbon Solutions Acquisition [158]. - The company anticipates growth in its target markets and plans to increase research and development activities in the future [181].

Financial Performance - For the three months ended June 30, 2019, the company reported net income of $8.1 million, a decrease of 47.1% compared to $15.3 million for the same period in 2018 [102]. - Total revenues for the three months ended June 30, 2019, were $15.577 million, representing a significant increase of 265% from $4.273 million in the same period of 2018 [105]. - Total revenues for the six months ended June 30, 2019, reached $34.9 million, a 327% increase from $8.2 million in the same period in 2018 [118]. - Net income for the six months ended June 30, 2019 was $22.5 million, primarily due to earnings from equity method investees of $42.6 million [170]. Revenue Breakdown - Consumables revenue increased to $11.386 million for the three months ended June 30, 2019, up 1,468% from $726,000 in the prior year, primarily due to operations from Carbon Solutions [105]. - Consumables revenue increased to $26.5 million for the six months ended June 30, 2019, compared to $1.3 million in 2018, reflecting growth from Carbon Solutions' operations [118]. - License royalties increased by 19% to $4.191 million for the three months ended June 30, 2019, driven by additional third-party investors for new refined coal facilities [105]. - Earnings from equity method investments increased by 32% to $20.935 million for the three months ended June 30, 2019, compared to $15.889 million in the same period of 2018 [112]. - Earnings from equity method investments for the six months ended June 30, 2019, were $42.6 million, up 51% from $28.1 million in the same period in 2018 [127]. Operating Expenses - Operating expenses rose to $7.545 million for the three months ended June 30, 2019, a 47% increase from $5.138 million in the same quarter of 2018 [107]. - Operating expenses increased to $16.3 million for the six months ended June 30, 2019, a 60% increase from $10.2 million in 2018, driven by higher payroll, legal fees, and depreciation [122]. - Legal and professional fees increased by 29% to $1.569 million, attributed to integration costs from the Carbon Solutions Acquisition [109]. - Depreciation and amortization expenses surged by 951% to $757,000 due to the addition of long-lived and intangible assets from the Carbon Solutions Acquisition [111]. Interest and Tax Expenses - Interest expense rose significantly by 382% to $(1.987) million for the three months ended June 30, 2019, compared to $(412,000) in the prior year [112]. - Interest expense rose by $1.6 million to $1.6 million for the three months ended June 30, 2019, primarily due to the Senior Term Loan related to the Carbon Solutions Acquisition [115]. - Income tax expense for the three months ended June 30, 2019, was $6.6 million, compared to a tax benefit of $1.3 million in the same period in 2018, driven by increased pre-tax income [116]. - Income tax expense for the six months ended June 30, 2019, was $8.3 million, up from $1.2 million in the same period of 2018, primarily due to increased forecasted pre-tax income [134]. Cash Flow and Dividends - Cash flows from operating activities for the six months ended June 30, 2019 were $30.6 million, an increase of $34.0 million compared to the same period in 2018 [170]. - Quarterly cash dividends declared during the six months ended June 30, 2019 totaled $9.2 million, compared to $10.2 million in the same period in 2018 [163]. - Cash dividends paid during the six months ended June 30, 2019 were $9.2 million, compared to $10.2 million in the same period in 2018 [173]. - The company repurchased 248,591 shares of common stock for $2.8 million during the six months ended June 30, 2019 [162]. Segment Performance - The RC segment's operating income for the six months ended June 30, 2019, was $49.979 million, compared to $32.977 million for the same period in 2018 [145]. - The PGI segment reported an operating loss of $7.324 million for the six months ended June 30, 2019, compared to a loss of $2.325 million in the same period of 2018 [145]. - PGI segment operating loss increased to $3.9 million for the three months ended June 30, 2019, compared to a loss of $1.4 million in the same period in 2018 [149]. - PGI Segment EBITDA loss was $4.5 million for the six months ended June 30, 2019, an increase of $2.2 million compared to the same period in 2018 [155]. Investments and Future Outlook - The carrying value of the investment in Tinuum Group was $42.5 million as of June 30, 2019, reflecting cumulative pro-rata share of income exceeding cash distributions [130]. - Future cash flows from Tinuum are expected to range from $175 million to $200 million through 2021, based on 21 invested facilities as of June 30, 2019 [159]. - Cash distributions from Tinuum Group were $33.8 million for the six months ended June 30, 2019, up from $25.5 million in 2018 [159]. - Cash distributions from Tinuum Group decreased by $25.5 million for the six months ended June 30, 2019 compared to the same period in 2018 [173]. Debt and Financing - The Senior Term Loan amounts to $70 million, with principal payments of $6 million required quarterly, and $16 million paid during the six months ended June 30, 2019 [161]. - The borrowing availability of the Line of Credit was decreased to $5.0 million due to decreased collateral requirements [165]. - The financial covenants in the Line of Credit were amended to maintain a minimum cash balance of $5.0 million [167]. - As of June 30, 2019, there were no outstanding borrowings under the Line of Credit [164].

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ¨ TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37822 ______________________________________ | --- | --- | |-------- ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-K ______________________________________ x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-37822 Advanced Emissions Solutions, Inc. (Name of registrant as specified in its charter) Delaware ...