$CLF
CLEVELAND-CLIFFS INC.

2023 Q2 Form 10-Q Financial Statement

#000076406523000083 Filed on April 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $5.984B $5.295B $5.955B
YoY Change -5.57% -11.08% 47.07%
Cost Of Revenue $5.340B $5.196B $4.706B
YoY Change -0.3% 10.41% 25.13%
Gross Profit $644.0M $99.00M $1.249B
YoY Change -34.35% -92.07% 333.68%
Gross Profit Margin 10.76% 1.87% 20.97%
Selling, General & Admin $146.0M $127.0M $122.0M
YoY Change 36.45% 4.1% 12.96%
% of Gross Profit 22.67% 128.28% 9.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $247.0M $242.0M $301.0M
YoY Change -0.8% -19.6% 38.71%
% of Gross Profit 38.35% 244.44% 24.1%
Operating Expenses $161.0M $127.0M $122.0M
YoY Change 50.47% 4.1% 12.96%
Operating Profit $483.0M -$31.00M $1.094B
YoY Change -42.5% -102.83% 518.08%
Interest Expense -$79.00M -$77.00M -$77.00M
YoY Change 23.44% 0.0% -16.3%
% of Operating Profit -16.36% -7.04%
Other Income/Expense, Net $54.00M -$25.00M -$44.00M
YoY Change -165.06% -43.18% -60.36%
Pretax Income $458.0M -$56.00M $1.050B
YoY Change -39.5% -105.33% 1490.91%
Income Tax $102.0M -$13.00M $237.0M
% Of Pretax Income 22.27% 22.57%
Net Earnings $347.0M -$57.00M $801.0M
YoY Change -41.78% -107.12% 1853.66%
Net Earnings / Revenue 5.8% -1.08% 13.45%
Basic Earnings Per Share $0.68 -$0.11 $1.54
Diluted Earnings Per Share $0.68 -$0.11 $1.50
COMMON SHARES
Basic Shares Outstanding 515.1M shares 514.8M shares 521.0M shares
Diluted Shares Outstanding 514.0M shares 515.0M shares 532.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.00M $59.00M $35.00M
YoY Change -27.66% 68.57% -68.18%
Cash & Equivalents $34.00M $59.00M $35.00M
Short-Term Investments
Other Short-Term Assets $114.0M $246.0M $295.0M
YoY Change -68.85% -16.61% 84.38%
Inventory $4.727B $4.923B $5.562B
Prepaid Expenses
Receivables $2.290B $2.216B $2.667B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.165B $7.444B $8.559B
YoY Change -18.28% -13.03% 46.03%
LONG-TERM ASSETS
Property, Plant & Equipment $8.878B $8.950B $9.012B
YoY Change -1.87% -0.69% -0.02%
Goodwill $1.130B $1.130B $1.127B
YoY Change -1.65% 0.27% 13.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $923.0M $758.0M $1.070B
YoY Change -14.14% -29.16% 36.48%
Total Long-Term Assets $11.14B $11.21B $11.21B
YoY Change -1.18% -0.01% -1.28%
TOTAL ASSETS
Total Short-Term Assets $7.165B $7.444B $8.559B
Total Long-Term Assets $11.14B $11.21B $11.21B
Total Assets $18.30B $18.65B $19.77B
YoY Change -8.66% -5.65% 14.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.116B $2.173B $2.271B
YoY Change -18.43% -4.32% 30.29%
Accrued Expenses $716.0M $271.0M $541.0M
YoY Change 33.58% -49.91% -12.18%
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 $3.408B $3.460B $3.751B
YoY Change -14.52% -7.76% 27.89%
LONG-TERM LIABILITIES
Long-Term Debt $3.963B $4.559B $5.028B
YoY Change -15.1% -9.33% -12.31%
Other Long-Term Liabilities $2.343B $1.276B $1.483B
YoY Change 51.26% -13.96% 26.21%
Total Long-Term Liabilities $6.306B $5.835B $6.511B
YoY Change 1.43% -10.38% -5.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.408B $3.460B $3.751B
Total Long-Term Liabilities $6.306B $5.835B $6.511B
Total Liabilities $10.50B $10.86B $13.16B
YoY Change -19.5% -17.48% -4.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.624B $1.277B $800.0M
YoY Change 16.33% 59.63% -127.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $280.0M $90.00M
YoY Change 211.11% -3.23%
Treasury Stock Shares 16.00M shares 6.337M shares
Shareholders Equity $7.802B $7.546B $6.339B
YoY Change
Total Liabilities & Shareholders Equity $18.30B $18.65B $19.77B
YoY Change -8.66% -5.65% 14.83%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $347.0M -$57.00M $801.0M
YoY Change -41.78% -107.12% 1853.66%
Depreciation, Depletion And Amortization $247.0M $242.0M $301.0M
YoY Change -0.8% -19.6% 38.71%
Cash From Operating Activities $887.0M -$39.00M $533.0M
YoY Change 2.54% -107.32% -240.63%
INVESTING ACTIVITIES
Capital Expenditures $131.0M $188.0M $236.0M
YoY Change -156.47% -20.34% 73.53%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$3.000M -$1.000M
YoY Change 200.0% 0.0%
Cash From Investing Activities -$125.0M -$185.0M -$235.0M
YoY Change -46.12% -21.28% 74.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.00M
YoY Change -105.9%
Debt Paid & Issued, Net $0.00 $360.0M
YoY Change -100.0% -60.09%
Cash From Financing Activities -787.0M $257.0M -$311.0M
YoY Change 26.73% -182.64% -160.74%
NET CHANGE
Cash From Operating Activities 887.0M -$39.00M $533.0M
Cash From Investing Activities -125.0M -$185.0M -$235.0M
Cash From Financing Activities -787.0M $257.0M -$311.0M
Net Change In Cash -25.00M $33.00M -$13.00M
YoY Change -308.33% -353.85% 550.0%
FREE CASH FLOW
Cash From Operating Activities $887.0M -$39.00M $533.0M
Capital Expenditures $131.0M $188.0M $236.0M
Free Cash Flow $756.0M -$227.0M $297.0M
YoY Change -31.08% -176.43% -157.67%

Facts In Submission

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CY2022Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
7000000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
515000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
532000000 shares
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.11
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.54
CY2023Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
CY2022Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
0
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.54
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.11
CY2022Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.50
CY2023Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
CY2022Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
0
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.11
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.50
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
145000000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
141000000 usd
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
28000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
23000000 usd
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
117000000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
118000000 usd
CY2023Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
3000000 usd

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FilingSummary.xml Edgar Link unprocessable
0000764065-23-000083-index-headers.html Edgar Link pending
0000764065-23-000083-index.html Edgar Link pending
0000764065-23-000083.txt Edgar Link pending
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clf-20230331.htm Edgar Link pending
clf-20230331.xsd Edgar Link pending
clf-20230331_g1.jpg Edgar Link pending
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