2021 Form 10-K Financial Statement

#000155837022001278 Filed on February 16, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $898.2M $203.9M $900.7M
YoY Change -0.28% -14.73% 13.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $63.84M $13.00M $52.20M
YoY Change 22.3% -60.73% -55.8%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $108.8M $44.60M $108.8M
YoY Change 0.0% -0.22% 13.89%
% of Gross Profit
Operating Expenses $342.9M $88.88M $1.018B
YoY Change -66.33% -79.41% -14.5%
Operating Profit $555.3M $115.0M -$117.6M
YoY Change -572.06% -159.7% -70.48%
Interest Expense -$84.83M -$16.30M -$60.60M
YoY Change 39.98% -19.31% 2.54%
% of Operating Profit -15.28% -14.18%
Other Income/Expense, Net -$106.6M -$60.58M
YoY Change 75.95% 2.52%
Pretax Income $448.7M $98.70M -$178.2M
YoY Change -351.8% -146.38% -61.05%
Income Tax $117.1M $22.20M -$55.69M
% Of Pretax Income 26.1% 22.49%
Net Earnings $331.6M $76.46M -$122.5M
YoY Change -370.65% -152.89% -65.5%
Net Earnings / Revenue 36.92% 37.51% -13.6%
Basic Earnings Per Share $0.69 $0.16 -$0.26
Diluted Earnings Per Share $0.69 $0.16 -$0.26
COMMON SHARES
Basic Shares Outstanding 477.3M 476.6M 478.3M
Diluted Shares Outstanding 479.7M 478.3M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $600.0K $600.0K
YoY Change -100.0% -50.0% -50.0%
Cash & Equivalents $0.00 $640.0K $600.0K
Short-Term Investments
Other Short-Term Assets $920.0K $1.479M $1.500M
YoY Change -38.67% -14.01% -11.76%
Inventory
Prepaid Expenses
Receivables $81.94M $839.0K $74.60M
Other Receivables $940.0K $17.20M $17.20M
Total Short-Term Assets $83.80M $93.93M $93.90M
YoY Change -10.75% -13.47% -13.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.395B $3.254B $3.254B
YoY Change 4.33% -0.59% -0.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $696.0M $722.5M $722.5M
YoY Change -3.67% 1.82% 1.82%
Other Assets $12.67M $9.610M $113.0M
YoY Change -88.79% -33.54% -3.99%
Total Long-Term Assets $5.460B $5.517B $5.517B
YoY Change -1.03% -10.65% -10.65%
TOTAL ASSETS
Total Short-Term Assets $83.80M $93.93M $93.90M
Total Long-Term Assets $5.460B $5.517B $5.517B
Total Assets $5.544B $5.611B $5.611B
YoY Change -1.19% -10.7% -10.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.55M $9.495M $13.40M
YoY Change 113.04% 42.89% 36.73%
Accrued Expenses $80.84M $74.95M $74.90M
YoY Change 7.93% -28.07% -28.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $114.0M $94.01M $94.00M
YoY Change 21.29% -61.17% -61.17%
LONG-TERM LIABILITIES
Long-Term Debt $3.123B $3.092B $3.092B
YoY Change 1.01% 6.89% 6.89%
Other Long-Term Liabilities $6.663M $6.995M $7.000M
YoY Change -4.81% 36.33% 37.25%
Total Long-Term Liabilities $3.130B $3.099B $3.099B
YoY Change 1.0% 6.95% 6.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $114.0M $94.01M $94.00M
Total Long-Term Liabilities $3.130B $3.099B $3.099B
Total Liabilities $3.257B $3.193B $3.193B
YoY Change 2.03% 1.69% 1.69%
SHAREHOLDERS EQUITY
Retained Earnings -$464.1M
YoY Change 35.87%
Common Stock $4.766M
YoY Change -1.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.287B $2.418B $2.418B
YoY Change
Total Liabilities & Shareholders Equity $5.544B $5.611B $5.611B
YoY Change -1.19% -10.7% -10.7%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income $331.6M $76.46M -$122.5M
YoY Change -370.65% -152.89% -65.5%
Depreciation, Depletion And Amortization $108.8M $44.60M $108.8M
YoY Change 0.0% -0.22% 13.89%
Cash From Operating Activities $709.8M $206.5M $753.4M
YoY Change -5.79% 7.27% 21.05%
INVESTING ACTIVITIES
Capital Expenditures -$232.8M -$31.40M $157.9M
YoY Change -247.42% -75.83% -40.93%
Acquisitions
YoY Change
Other Investing Activities -$417.0K $200.0K -$22.50M
YoY Change -98.15% -100.51% -83.03%
Cash From Investing Activities -$233.2M -$31.20M -$219.2M
YoY Change 6.39% -81.58% -58.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.71M
YoY Change -80.31%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -477.2M -177.0M -534.7M
YoY Change -10.77% 708.22% 444.0%
NET CHANGE
Cash From Operating Activities 709.8M 206.5M 753.4M
Cash From Investing Activities -233.2M -31.20M -219.2M
Cash From Financing Activities -477.2M -177.0M -534.7M
Net Change In Cash -640.0K -1.700M -595.0K
YoY Change 7.56% -241.67% -62.51%
FREE CASH FLOW
Cash From Operating Activities $709.8M $206.5M $753.4M
Capital Expenditures -$232.8M -$31.40M $157.9M
Free Cash Flow $942.6M $237.9M $595.5M
YoY Change 58.3% -26.21% 67.73%

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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;"><span style="font-style:italic;font-weight:bold;">(d)</span></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="white-space:pre-wrap;">The preparation of the consolidated financial statements and notes in conformity with GAAP requires that management formulate estimates and assumptions that affect revenues, expenses, assets, liabilities and the disclosure of contingent liabilities. Items subject to estimates and assumptions include the useful lives of property and equipment, the valuation of assets and liabilities acquired from Antero Midstream Partners, </span><span style="background:#ffffff;">evaluating impairments of long-lived assets, goodwill and intangible assets, </span><span style="white-space:pre-wrap;">as well as the valuation of accrued liabilities and deferred and current income taxes, among others. Although management believes these estimates are reasonable, actual results could differ from these estimates.</span></p>
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