2020 Q1 Form 10-Q Financial Statement

#000076406520000189 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $359.0M $157.0M $696.3M
YoY Change 128.66% -12.78% 36.05%
Cost Of Revenue $356.0M $126.1M $493.3M
YoY Change 182.32% 6.41% 25.46%
Gross Profit $3.000M $30.90M $202.0M
YoY Change -90.29% -49.76% 73.99%
Gross Profit Margin 0.84% 19.68% 29.01%
Selling, General & Admin $28.00M $27.30M $35.40M
YoY Change 2.56% 8.76% 29.2%
% of Gross Profit 933.33% 88.35% 17.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.00M $19.90M $20.40M
YoY Change 75.88% -16.74% -4.67%
% of Gross Profit 1166.67% 64.4% 10.1%
Operating Expenses $28.00M $31.70M $39.60M
YoY Change -11.67% 1.6% 382.93%
Operating Profit -$79.00M -$800.0K $162.4M
YoY Change 9775.0% -102.64% 50.51%
Interest Expense -$31.00M -$25.10M -$26.00M
YoY Change 23.51% -23.48% 3.17%
% of Operating Profit -16.01%
Other Income/Expense, Net -$22.00M -$25.00M $4.100M
YoY Change -12.0% -10.71% 57.69%
Pretax Income -$101.0M -$25.80M $134.5M
YoY Change 291.47% -1221.74% 53.19%
Income Tax -$51.00M -$3.700M -$489.6M
% Of Pretax Income -364.01%
Net Earnings -$52.00M -$22.10M $609.5M
YoY Change 135.29% -73.78% 96.68%
Net Earnings / Revenue -14.48% -14.08% 87.53%
Basic Earnings Per Share -$0.18 -$0.08 $2.06
Diluted Earnings Per Share -$0.18 -$0.08 $1.98
COMMON SHARES
Basic Shares Outstanding 298.0M shares 289.5M shares 298.0M shares
Diluted Shares Outstanding 298.0M shares 289.5M shares

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.0M $430.0M $823.0M
YoY Change -56.51% -45.36% -15.85%
Cash & Equivalents $186.9M $430.2M $823.2M
Short-Term Investments
Other Short-Term Assets $107.4M $41.00M $39.80M
YoY Change 161.95% 269.37% 258.56%
Inventory $2.149B $312.7M $181.1M
Prepaid Expenses
Receivables $560.8M $20.10M $226.7M
Other Receivables $62.00M $117.0M $117.0M
Total Short-Term Assets $3.066B $1.126B $1.480B
YoY Change 172.26% -28.8% -4.21%
LONG-TERM ASSETS
Property, Plant & Equipment $4.550B $1.410B $1.286B
YoY Change 222.61% 36.42% 24.4%
Goodwill $143.3M
YoY Change
Intangibles $210.0M
YoY Change
Long-Term Investments
YoY Change
Other Assets $215.1M $113.8M $177.9M
YoY Change 89.02% 12.01% 75.1%
Total Long-Term Assets $5.847B $2.180B $2.050B
YoY Change 168.16% 54.76% 45.51%
TOTAL ASSETS
Total Short-Term Assets $3.066B $1.126B $1.480B
Total Long-Term Assets $5.847B $2.180B $2.050B
Total Assets $8.912B $3.306B $3.530B
YoY Change 169.56% 10.57% 19.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $825.3M $171.7M $186.8M
YoY Change 380.66% 70.17% 87.74%
Accrued Expenses $299.8M $65.00M $158.9M
YoY Change 361.23% -17.83% 100.88%
Deferred Revenue $18.10M $21.00M
YoY Change -9.5% -11.76%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.00M
YoY Change
Total Short-Term Liabilities $1.371B $394.0M $468.2M
YoY Change 247.92% -13.41% 3.54%
LONG-TERM LIABILITIES
Long-Term Debt $4.357B $2.087B $2.093B
YoY Change 108.77% -9.43% -9.17%
Other Long-Term Liabilities $263.5M $145.0M $123.6M
YoY Change 81.72% -11.31% -24.4%
Total Long-Term Liabilities $4.621B $2.232B $2.217B
YoY Change 107.02% -9.55% -10.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.371B $394.0M $468.2M
Total Long-Term Liabilities $4.621B $2.232B $2.217B
Total Liabilities $7.681B $3.045B $3.105B
YoY Change 152.29% -10.46% -8.6%
SHAREHOLDERS EQUITY
Retained Earnings -$2.919B -$3.097B -$3.060B
YoY Change -5.76% -27.26% -27.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $365.0M $263.9M $186.1M
YoY Change 38.31% 73.85% 9.73%
Treasury Stock Shares 30.06M shares 3.879M shares 9.275M shares
Shareholders Equity $903.2M $261.7M $424.2M
YoY Change
Total Liabilities & Shareholders Equity $8.912B $3.306B $3.530B
YoY Change 169.56% 10.57% 19.51%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$52.00M -$22.10M $609.5M
YoY Change 135.29% -73.78% 96.68%
Depreciation, Depletion And Amortization $35.00M $19.90M $20.40M
YoY Change 75.88% -16.74% -4.67%
Cash From Operating Activities -$164.0M -$111.2M $293.0M
YoY Change 47.48% -22.18% 115.92%
INVESTING ACTIVITIES
Capital Expenditures $138.0M $134.1M -$97.20M
YoY Change 2.91% 127.29% 34.63%
Acquisitions $869.0M $0.00
YoY Change
Other Investing Activities $0.00 -$8.500M -$2.200M
YoY Change -100.0% -466.67%
Cash From Investing Activities -$1.007B -$125.6M -$99.40M
YoY Change 701.75% 75.91% 38.83%
FINANCING ACTIVITIES
Cash Dividend Paid $16.90M $14.80M
YoY Change 14.19%
Common Stock Issuance & Retirement, Net $0.00 $124.3M
YoY Change -100.0%
Debt Paid & Issued, Net $430.0M $10.30M
YoY Change 4074.76%
Cash From Financing Activities $1.005B -$157.8M -267.5M
YoY Change -736.88% 2154.29% -138.91%
NET CHANGE
Cash From Operating Activities -$164.0M -$111.2M 293.0M
Cash From Investing Activities -$1.007B -$125.6M -99.40M
Cash From Financing Activities $1.005B -$157.8M -267.5M
Net Change In Cash -$166.0M -$394.6M -73.90M
YoY Change -57.93% 78.31% -109.83%
FREE CASH FLOW
Cash From Operating Activities -$164.0M -$111.2M $293.0M
Capital Expenditures $138.0M $134.1M -$97.20M
Free Cash Flow -$302.0M -$245.3M $390.2M
YoY Change 23.11% 21.5% 87.69%

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<div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Business, Consolidation and Presentation</span></div><div style="line-height:120%;padding-bottom:12px;text-align:justify;text-indent:48px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">The accompanying </span><span style="font-family:Arial;font-size:10pt;">unaudited condensed consolidated financial statements</span><span style="font-family:Arial;font-size:10pt;"> have been prepared in accordance with SEC rules and regulations and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to present fairly the financial position, results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates on various assumptions and historical experience, which are believed to be reasonable; however, due to the inherent nature of estimates, actual results may differ significantly due to changed conditions or assumptions. The results of operations for the </span><span style="font-family:Arial;font-size:10pt;">three months ended</span><span style="font-family:Arial;font-size:10pt;"> </span><span style="font-family:Arial;font-size:10pt;">March 31, 2020</span><span style="font-family:Arial;font-size:10pt;"> are not necessarily indicative of results to be expected for the year ending </span><span style="font-family:Arial;font-size:10pt;">December 31, 2020</span><span style="font-family:Arial;font-size:10pt;"> or any other future period. Due to the acquisition of AK Steel, certain balances have become material and are no longer being condensed in our </span><span style="font-family:Arial;font-size:10pt;">Statements of Unaudited Condensed Consolidated Financial Position</span><span style="font-family:Arial;font-size:10pt;">, such as balances for </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Right-of-use asset, operating lease</span><span style="font-family:Arial;font-size:10pt;"> and </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Operating lease liability, non-current</span><span style="font-family:Arial;font-size:10pt;">. As a result, certain prior period amounts have been reclassified to conform with the current year presentation. These </span><span style="font-family:Arial;font-size:10pt;">unaudited condensed consolidated financial statements</span><span style="font-family:Arial;font-size:10pt;"> should be read in conjunction with the financial statements and notes included in our Annual Report on Form 10-K for the year ended </span><span style="font-family:Arial;font-size:10pt;">December 31, 2019</span><span style="font-family:Arial;font-size:10pt;">.</span></div>
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310100000 USD
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275400000 USD
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300000 USD
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33600000 USD
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1700000 USD

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