2023 Q1 Form 10-K Financial Statement

#000006675623000005 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $564.9M $425.8M $1.571B
YoY Change 47.3% 6.72% 10.68%
Cost Of Revenue $210.5M $85.90M $182.8M
YoY Change 1138.24% 309.05% 165.7%
Gross Profit $354.4M $339.9M $1.388B
YoY Change -3.3% -10.08% 2.78%
Gross Profit Margin 62.74% 79.83% 88.36%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.30M $62.70M $242.2M
YoY Change 0.97% 3.29% 4.53%
% of Gross Profit 17.58% 18.45% 17.45%
Operating Expenses $306.1M $306.1M $1.251B
YoY Change -2.24% -6.68% 4.33%
Operating Profit $48.30M $33.70M $134.2M
YoY Change -9.55% -32.6% -11.3%
Interest Expense $19.30M -$13.00M $75.20M
YoY Change 5.46% 18.18% 8.83%
% of Operating Profit 39.96% -38.58% 56.04%
Other Income/Expense, Net -$9.200M $4.400M -$34.10M
YoY Change -14.81% 131.58% -15.59%
Pretax Income $39.10M $25.40M $100.1M
YoY Change -8.22% -38.05% -9.74%
Income Tax $1.500M -$11.80M -$31.20M
% Of Pretax Income 3.84% -46.46% -31.17%
Net Earnings $58.20M $51.70M $189.3M
YoY Change -12.22% -16.48% 11.88%
Net Earnings / Revenue 10.3% 12.14% 12.05%
Basic Earnings Per Share $1.02 $0.90 $3.38
Diluted Earnings Per Share $1.02 $0.90 $3.38
COMMON SHARES
Basic Shares Outstanding 57.25M shares 55.90M shares
Diluted Shares Outstanding 57.30M shares 56.00M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $36.40M $36.40M
YoY Change -50.25% -19.29% -19.29%
Cash & Equivalents $29.90M $36.40M $36.40M
Short-Term Investments
Other Short-Term Assets $72.60M $87.80M $87.80M
YoY Change -31.12% 254.03% 254.03%
Inventory $346.9M $455.9M $455.9M
Prepaid Expenses
Receivables $120.3M $134.7M $137.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $569.7M $718.0M $718.0M
YoY Change 18.56% 146.48% 146.48%
LONG-TERM ASSETS
Property, Plant & Equipment $4.979B $5.004B $5.036B
YoY Change -1.95% -1.89% -1.95%
Goodwill $154.9M $154.9M
YoY Change
Intangibles
YoY Change
Long-Term Investments $323.9M $322.7M $322.7M
YoY Change 1.03% 1.48% 1.48%
Other Assets $207.0M $204.3M $592.5M
YoY Change -2.54% -4.04% -11.09%
Total Long-Term Assets $6.135B $6.128B $6.128B
YoY Change 0.98% -0.26% -0.26%
TOTAL ASSETS
Total Short-Term Assets $569.7M $718.0M $718.0M
Total Long-Term Assets $6.135B $6.128B $6.128B
Total Assets $6.705B $6.846B $6.846B
YoY Change 2.27% 6.38% 6.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.90M $103.0M $103.0M
YoY Change 11.86% -7.21% -7.21%
Accrued Expenses $17.90M $23.70M $23.70M
YoY Change -9.14% -4.82% -4.82%
Deferred Revenue $10.30M $150.7M
YoY Change -64.36% 454.04%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $176.4M $272.6M $272.6M
YoY Change -36.57% 27.26% 27.26%
Total Short-Term Liabilities $464.4M $716.2M $716.2M
YoY Change -16.56% 31.8% 31.8%
LONG-TERM LIABILITIES
Long-Term Debt $1.756B $1.648B $1.648B
YoY Change 5.16% -6.52% -6.52%
Other Long-Term Liabilities $270.4M $269.0M $974.8M
YoY Change -5.98% -4.2% -2.17%
Total Long-Term Liabilities $2.026B $1.917B $2.623B
YoY Change 3.52% -6.2% -4.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $464.4M $716.2M $716.2M
Total Long-Term Liabilities $2.026B $1.917B $2.623B
Total Liabilities $3.347B $3.497B $4.154B
YoY Change -1.93% 0.25% 3.28%
SHAREHOLDERS EQUITY
Retained Earnings $954.2M $934.8M
YoY Change 2.38% 3.84%
Common Stock $1.786B $1.782B
YoY Change 15.85% 15.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.716B $2.692B $2.692B
YoY Change
Total Liabilities & Shareholders Equity $6.705B $6.846B $6.846B
YoY Change 2.27% 6.38% 6.38%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $58.20M $51.70M $189.3M
YoY Change -12.22% -16.48% 11.88%
Depreciation, Depletion And Amortization $62.30M $62.70M $242.2M
YoY Change 0.97% 3.29% 4.53%
Cash From Operating Activities $92.40M $140.1M $221.3M
YoY Change -2025.0% 158.01% -16.02%
INVESTING ACTIVITIES
Capital Expenditures $70.00M $68.50M $220.5M
YoY Change 22.16% -176.97% -53.41%
Acquisitions $155.0M
YoY Change
Other Investing Activities $3.900M -$4.400M $2.400M
YoY Change 1850.0% -588.89% -182.76%
Cash From Investing Activities -$74.70M -$72.90M -$384.0M
YoY Change 24.29% -17.25% -20.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $248.0M
YoY Change 254.79%
Debt Paid & Issued, Net $227.8M $877.0M
YoY Change -12.11% 58.62%
Cash From Financing Activities -$18.30M -75.60M $155.2M
YoY Change -119.85% -569.57% -24.0%
NET CHANGE
Cash From Operating Activities $92.40M 140.1M $221.3M
Cash From Investing Activities -$74.70M -72.90M -$384.0M
Cash From Financing Activities -$18.30M -75.60M $155.2M
Net Change In Cash -$600.0K -8.400M -$7.500M
YoY Change -102.2% -52.54% -57.14%
FREE CASH FLOW
Cash From Operating Activities $92.40M $140.1M $221.3M
Capital Expenditures $70.00M $68.50M $220.5M
Free Cash Flow $22.40M $71.60M $800.0K
YoY Change -136.07% -50.03% -100.38%

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CY2020 us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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We have identified an immaterial prior period error with respect to the recognition of a non-cash impairment expense for our Northern Wind operating assets in the fourth quarter of 2020 prior to the execution of the purchase and sales agreement for a repower and sale of the wind energy facility. Specifically, the remaining net book value of the property, plant and equipment used in the recoverability test was calculated incorrectly.
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Our largest operating lease is for the dragline at BNI Energy which includes a termination payment at the end of the lease term if we do not exercise our purchase option.
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Payment terms and conditions vary across our businesses. Aside from taconite-producing Large Power Customers, payment terms generally require payment to be made within 15 to 30 days from the end of the period that the service has been rendered. In the case of its taconite-producing Large Power Customers, as permitted by the MPUC, Minnesota Power requires weekly payments for electric usage based on monthly energy usage estimates.
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With the exception of the regulatory asset for Boswell Units 1 and 2 net plant and equipment, no other regulatory assets are currently earning a return.
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CY2022 us-gaap Property Plant And Equipment Impairment
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The Company assesses the impairment of property, plant, and equipment whenever events or changes in circumstances indicate that the carrying amount of property, plant, and equipment assets may not be recoverable.
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100000 shares
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56000000.0 shares
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169200000 usd
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100000 shares
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52500000 shares
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