2024 Q1 Form 10-K Financial Statement

#000106472824000021 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $983.6M $1.235B $4.947B
YoY Change -27.89% -24.05% -0.71%
Cost Of Revenue $814.2M $872.8M $3.385B
YoY Change -3.83% -5.93% 2.87%
Gross Profit $169.4M $362.2M $1.562B
YoY Change -67.26% -48.13% -7.66%
Gross Profit Margin 17.22% 29.33% 31.57%
Selling, General & Admin $34.90M $28.90M $141.2M
YoY Change -8.64% -12.16% 59.01%
% of Gross Profit 20.6% 7.98% 9.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $79.80M $82.20M $321.4M
YoY Change 4.59% -8.87% 1.2%
% of Gross Profit 47.11% 22.69% 20.58%
Operating Expenses $116.5M $115.0M $503.5M
YoY Change 1.75% -6.58% 467.0%
Operating Profit $52.90M $247.2M $1.058B
YoY Change -86.87% -57.02% -23.41%
Interest Expense $800.0K $3.200M $23.90M
YoY Change -122.86% -145.07% -82.97%
% of Operating Profit 1.51% 1.29% 2.26%
Other Income/Expense, Net $10.10M $12.50M $41.90M
YoY Change 4.12% -68.83% -45.44%
Pretax Income $65.80M $269.1M $1.125B
YoY Change -83.64% -53.74% -12.03%
Income Tax $20.10M $70.10M $308.8M
% Of Pretax Income 30.55% 26.05% 27.45%
Net Earnings $39.60M $192.0M $759.6M
YoY Change -85.25% -69.62% -42.42%
Net Earnings / Revenue 4.03% 15.55% 15.36%
Basic Earnings Per Share $0.31 $5.52
Diluted Earnings Per Share $0.28 $1.31 $4.93
COMMON SHARES
Basic Shares Outstanding 128.4M shares 131.1M shares 137.6M shares
Diluted Shares Outstanding 144.9M shares 154.3M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $855.7M $969.3M $969.3M
YoY Change -4.09% -25.85% -25.85%
Cash & Equivalents $855.7M $969.3M $969.3M
Short-Term Investments
Other Short-Term Assets $298.4M $308.9M $308.9M
YoY Change 14.73% 1.75% 1.75%
Inventory $404.3M $351.8M $351.8M
Prepaid Expenses
Receivables $343.1M $389.7M $389.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.902B $2.020B $2.020B
YoY Change 1.22% -14.87% -14.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.909B $2.906B $2.906B
YoY Change 1.33% 1.43% 0.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $82.10M $78.80M $78.80M
YoY Change -4.09% 131.09% -6.52%
Other Assets $836.0M $957.6M $957.6M
YoY Change -13.39% 1035.94% 265.36%
Total Long-Term Assets $3.827B $3.942B $3.942B
YoY Change -2.41% 21.74% 21.74%
TOTAL ASSETS
Total Short-Term Assets $1.902B $2.020B $2.020B
Total Long-Term Assets $3.827B $3.942B $3.942B
Total Assets $5.728B $5.962B $5.962B
YoY Change -1.23% 6.26% 6.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $790.6M $965.5M $965.5M
YoY Change -7.34% 6.63% 6.63%
Accrued Expenses $504.4M
YoY Change -12.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.40M $13.50M $13.50M
YoY Change 9.09% 2.27% 2.27%
Total Short-Term Liabilities $805.0M $979.0M $979.0M
YoY Change -7.09% 6.56% 6.56%
LONG-TERM LIABILITIES
Long-Term Debt $323.3M $320.7M $320.7M
YoY Change 0.28% 0.03% 0.03%
Other Long-Term Liabilities $1.036B $1.026B $1.026B
YoY Change -2.35% 360.22% -2.84%
Total Long-Term Liabilities $1.360B $1.347B $1.347B
YoY Change -1.73% 504.04% -2.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $805.0M $979.0M $979.0M
Total Long-Term Liabilities $1.360B $1.347B $1.347B
Total Liabilities $2.249B $2.415B $2.415B
YoY Change -3.27% 4.28% 1.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.143B $1.113B
YoY Change 75.12% 189.84%
Common Stock $3.985B $3.985B
YoY Change 0.19% 0.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.825B $1.740B
YoY Change 31.65% 26.75%
Treasury Stock Shares
Shareholders Equity $3.479B $3.547B $3.547B
YoY Change
Total Liabilities & Shareholders Equity $5.728B $5.962B $5.962B
YoY Change -1.23% 6.26% 6.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $39.60M $192.0M $759.6M
YoY Change -85.25% -69.62% -42.42%
Depreciation, Depletion And Amortization $79.80M $82.20M $321.4M
YoY Change 4.59% -8.87% 1.2%
Cash From Operating Activities $119.0M $282.4M $1.036B
YoY Change -69.19% -57.82% -11.77%
INVESTING ACTIVITIES
Capital Expenditures $61.40M $157.9M $348.3M
YoY Change 10.23% 34.96% 57.25%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$10.10M $2.200M
YoY Change -92.86% -137.13% 100.0%
Cash From Investing Activities -$75.20M -$168.0M -$342.6M
YoY Change 28.55% 87.08% 1093.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$127.7M -95.80M -$460.3M
YoY Change 227.44% -82.93% -32.47%
NET CHANGE
Cash From Operating Activities $119.0M 282.4M $1.036B
Cash From Investing Activities -$75.20M -168.0M -$342.6M
Cash From Financing Activities -$127.7M -95.80M -$460.3M
Net Change In Cash -$83.90M 18.60M $232.6M
YoY Change -129.05% 0.0% -49.79%
FREE CASH FLOW
Cash From Operating Activities $119.0M $282.4M $1.036B
Capital Expenditures $61.40M $157.9M $348.3M
Free Cash Flow $57.60M $124.5M $687.2M
YoY Change -82.58% -77.47% -27.82%

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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 accounting principles generally accepted in the United States (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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SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization
1363900000 usd
CY2022 btu Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization
SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization
1844700000 usd
CY2021 btu Segment Reporting Information Adjusted Earning Before Interest Taxes Depreciation And Amortization
SegmentReportingInformationAdjustedEarningBeforeInterestTaxesDepreciationAndAmortization
916700000 usd
CY2023 btu Segment Reporting Revenue Percentage
SegmentReportingRevenuePercentage
1.000
CY2022 btu Segment Reporting Revenue Percentage
SegmentReportingRevenuePercentage
1.000
CY2021 btu Segment Reporting Revenue Percentage
SegmentReportingRevenuePercentage
1.000

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