2023 Q1 Form 10-K Financial Statement

#000106472823000013 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $1.364B $1.626B $4.982B
YoY Change 97.28% 28.59% 50.13%
Cost Of Revenue $846.6M $927.8M $3.291B
YoY Change 21.12% 30.73% 28.89%
Gross Profit $517.4M $698.3M $1.691B
YoY Change -6907.89% 25.84% 121.0%
Gross Profit Margin 37.93% 42.94% 33.94%
Selling, General & Admin $38.20M $32.90M $88.80M
YoY Change 65.37% 63.68% 4.59%
% of Gross Profit 7.38% 4.71% 5.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.30M $90.20M $317.6M
YoY Change 4.66% 5.62% 2.88%
% of Gross Profit 14.75% 12.92% 18.78%
Operating Expenses $114.5M $123.1M $88.80M
YoY Change 395.67% 16.68% 4.59%
Operating Profit $402.9M $575.2M $1.382B
YoY Change -670.68% 27.99% 219.67%
Interest Expense -$3.500M -$7.100M $140.3M
YoY Change -108.88% -121.58% -23.5%
% of Operating Profit -0.87% -1.23% 10.15%
Other Income/Expense, Net $9.700M $40.10M $76.80M
YoY Change -20.49% -28.01% -6.0%
Pretax Income $402.1M $581.7M $1.279B
YoY Change -432.86% 7.56% 245.38%
Income Tax $118.0M -$59.80M -$38.80M
% Of Pretax Income 29.35% -10.28% -3.03%
Net Earnings $268.5M $632.0M $1.319B
YoY Change -324.69% 23.2% 255.17%
Net Earnings / Revenue 19.68% 38.87% 26.48%
Basic Earnings Per Share $1.86 $9.13
Diluted Earnings Per Share $1.67 $3.90 $8.31
COMMON SHARES
Basic Shares Outstanding 144.2M shares 143.9M shares 142.1M shares
Diluted Shares Outstanding 161.4M shares 157.2M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $892.2M $1.307B $1.307B
YoY Change 8.37% 36.99% 36.99%
Cash & Equivalents $892.2M $1.307B $1.307B
Short-Term Investments
Other Short-Term Assets $260.1M $303.6M $303.6M
YoY Change -21.61% 12.36% 12.36%
Inventory $331.5M $296.1M $296.1M
Prepaid Expenses
Receivables $394.7M $465.5M $465.5M
Other Receivables $0.00 $49.20M $0.00
Total Short-Term Assets $1.879B $2.373B $2.373B
YoY Change 4.0% 31.68% 31.68%
LONG-TERM ASSETS
Property, Plant & Equipment $2.871B $2.865B $2.892B
YoY Change -2.24% -2.9% -3.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $85.60M $34.10M $84.30M
YoY Change 36.09% -45.18% -15.53%
Other Assets $965.2M $84.30M $262.1M
YoY Change 379.72% -47.96%
Total Long-Term Assets $3.921B $3.238B $3.238B
YoY Change 24.98% 2.87% 2.87%
TOTAL ASSETS
Total Short-Term Assets $1.879B $2.373B $2.373B
Total Long-Term Assets $3.921B $3.238B $3.238B
Total Assets $5.800B $5.611B $5.611B
YoY Change 17.32% 13.35% 13.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $853.2M $905.5M $905.5M
YoY Change 9.09% 21.07% 348.93%
Accrued Expenses $577.0M
YoY Change 80.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $13.20M $13.20M $13.20M
YoY Change -30.89% -77.85% -77.85%
Total Short-Term Liabilities $866.4M $918.7M $918.7M
YoY Change 6.01% -1.4% -1.4%
LONG-TERM LIABILITIES
Long-Term Debt $322.4M $320.6M $320.6M
YoY Change -70.12% -70.27% -70.27%
Other Long-Term Liabilities $1.061B $223.0M $1.056B
YoY Change 349.66% 12.8% -3.25%
Total Long-Term Liabilities $1.384B $223.0M $1.377B
YoY Change 486.27% 12.8% -36.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $866.4M $918.7M $918.7M
Total Long-Term Liabilities $1.384B $223.0M $1.377B
Total Liabilities $2.325B $2.316B $2.380B
YoY Change -23.69% -25.98% -25.36%
SHAREHOLDERS EQUITY
Retained Earnings $652.4M $383.9M
YoY Change -163.17% -142.04%
Common Stock $3.978B $3.976B
YoY Change 0.2% 6.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.386B $1.373B
YoY Change 1.01% 0.19%
Treasury Stock Shares 43.20M shares
Shareholders Equity $3.475B $3.231B $3.231B
YoY Change
Total Liabilities & Shareholders Equity $5.800B $5.611B $5.611B
YoY Change 17.32% 13.35% 13.35%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $268.5M $632.0M $1.319B
YoY Change -324.69% 23.2% 255.17%
Depreciation, Depletion And Amortization $76.30M $90.20M $317.6M
YoY Change 4.66% 5.62% 2.88%
Cash From Operating Activities $386.3M $669.5M $1.174B
YoY Change -241.14% 52.71% 179.43%
INVESTING ACTIVITIES
Capital Expenditures $55.70M $117.0M $221.5M
YoY Change -287.54% -296.64% 20.97%
Acquisitions
YoY Change
Other Investing Activities -$2.800M $27.20M $1.100M
YoY Change -660.0% -42.98% -63.33%
Cash From Investing Activities -$58.50M -$89.80M -$28.70M
YoY Change -266.19% 661.02% -78.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $222.0M
YoY Change -182.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -39.00M -561.1M -$681.6M
YoY Change -129.5% 846.21% 1470.51%
NET CHANGE
Cash From Operating Activities 386.3M 669.5M $1.174B
Cash From Investing Activities -58.50M -89.80M -$28.70M
Cash From Financing Activities -39.00M -561.1M -$681.6M
Net Change In Cash 288.8M 18.60M $463.3M
YoY Change -371.68% -94.94% 89.02%
FREE CASH FLOW
Cash From Operating Activities $386.3M $669.5M $1.174B
Capital Expenditures $55.70M $117.0M $221.5M
Free Cash Flow $330.6M $552.5M $952.1M
YoY Change -235.49% 10.97% 301.9%

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<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates in the Preparation of the Consolidated Financial Statements</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">These consolidated financial statements have been prepared in conformity with U.S. GAAP. In doing so, estimates and assumptions are made that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and on various other assumptions deemed reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The Company’s actual results may differ materially from these estimates. Significant estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, accounting for sales and cost recognition, postretirement benefit plans, environmental receivables and liabilities, asset retirement obligations, evaluation of long-lived assets for impairment, income taxes including deferred tax assets, fair value measurements and contingencies.</span></div>
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CY2022 btu Increase Decreasein Deferred Tax Asset Valuation Allowanceand Amortizationof Basis Difference Relatedto Equity Affiliates
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CY2022 us-gaap Investment Income Interest
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CY2022 btu Fresh Start Adjustment Fair Value Adjustment
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Files In Submission

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