$CLMT
Calumet, Inc. /DE

2024 Q3 Form 10-Q Financial Statement

#000201374524000011 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $1.100B $1.134B $1.006B
YoY Change -4.26% 11.39% -3.0%
Cost Of Revenue $1.096B $1.070B $927.3M
YoY Change 23.39% 13.05% -1.37%
Gross Profit $4.900M $63.80M $78.50M
YoY Change -98.13% -10.64% -18.82%
Gross Profit Margin 0.45% 5.63% 7.8%
Selling, General & Admin $55.10M $52.60M $37.00M
YoY Change 4.75% 22.9% -26.73%
% of Gross Profit 1124.49% 82.45% 47.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $55.10M $57.60M $42.20M
YoY Change 13.61% 20.0% -21.12%
Operating Profit -$57.10M $6.200M $36.30M
YoY Change -126.79% -73.5% -15.97%
Interest Expense -$42.50M -$45.50M -$77.70M
YoY Change -62.39% 9.64% 227.85%
% of Operating Profit -733.87% -214.05%
Other Income/Expense, Net -$42.80M $700.0K $0.00
YoY Change -7233.33% -112.73% -100.0%
Pretax Income -$99.90M -$38.60M -$41.40M
YoY Change -199.5% 63.56% -314.51%
Income Tax $700.0K $500.0K $200.0K
% Of Pretax Income
Net Earnings -$100.6M -$38.30M -$40.80M
YoY Change -199.8% 111.6% -245.2%
Net Earnings / Revenue -9.14% -3.38% -4.06%
Basic Earnings Per Share -$1.18
Diluted Earnings Per Share -$1.18 -$0.48 -$0.51
COMMON SHARES
Basic Shares Outstanding 85.89M
Diluted Shares Outstanding 85.53M

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.60M $7.000M $23.90M
YoY Change 152.55% -80.56% 113.39%
Cash & Equivalents $34.60M $7.000M $23.90M
Short-Term Investments
Other Short-Term Assets $40.10M $54.20M $45.70M
YoY Change -26.01% -3.56% 23.51%
Inventory $409.5M $394.8M $403.1M
Prepaid Expenses
Receivables $279.6M $306.9M $289.4M
Other Receivables $26.00M $32.70M $49.60M
Total Short-Term Assets $789.8M $100.00 $811.7M
YoY Change -8.52% -100.0% 1.48%
LONG-TERM ASSETS
Property, Plant & Equipment $1.453B $1.467B $1.586B
YoY Change -4.82% -4.5% 2.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $397.0M $408.1M $333.5M
YoY Change -4.22% -2.93% -20.86%
Total Long-Term Assets $1.850B $0.00 $1.920B
YoY Change -4.69% -100.0% -2.28%
TOTAL ASSETS
Total Short-Term Assets $789.8M $100.00 $811.7M
Total Long-Term Assets $1.850B $0.00 $1.920B
Total Assets $2.640B $100.00 $2.732B
YoY Change -5.87% -100.0% -1.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $321.6M $342.3M $321.1M
YoY Change -5.99% 23.04% -18.56%
Accrued Expenses $161.6M $122.5M $172.9M
YoY Change 30.22% 11.26% 50.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $676.0M $623.3M $239.0M
YoY Change 27.33% 25.41% -45.69%
Total Short-Term Liabilities $1.254B $1.220B $824.4M
YoY Change -4.98% 1.83% -34.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.659B $1.625B $2.056B
YoY Change 2.11% -12.13% 19.37%
Other Long-Term Liabilities $153.3M $146.5M $135.7M
YoY Change 166.61% 169.3% 156.52%
Total Long-Term Liabilities $1.812B $1.772B $2.191B
YoY Change 7.73% -6.94% 23.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.254B $1.220B $824.4M
Total Long-Term Liabilities $1.812B $1.772B $2.191B
Total Liabilities $3.067B $3.237B $3.261B
YoY Change -5.71% -3.42% -0.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.164B
YoY Change
Common Stock $900.0K $100.00 $100.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$672.2M $100.00 -$529.7M
YoY Change
Total Liabilities & Shareholders Equity $2.640B $100.00 $2.732B
YoY Change -5.87% -100.0% -1.19%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$100.6M -$38.30M -$40.80M
YoY Change -199.8% 111.6% -245.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$15.50M $66.50M -$94.00M
YoY Change -134.29% -356.76% 252.06%
INVESTING ACTIVITIES
Capital Expenditures $16.70M $15.00M $20.00M
YoY Change -47.98% -80.72% -84.66%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.70M -$15.00M -$20.00M
YoY Change -47.98% -80.72% -84.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.90M -68.30M 130.7M
YoY Change -269.69% -150.56% -1.8%
NET CHANGE
Cash From Operating Activities -15.50M 66.50M -94.00M
Cash From Investing Activities -16.70M -15.00M -20.00M
Cash From Financing Activities 59.90M -68.30M 130.7M
Net Change In Cash 27.70M -16.80M 16.70M
YoY Change -224.77% -153.5% -169.58%
FREE CASH FLOW
Cash From Operating Activities -$15.50M $66.50M -$94.00M
Capital Expenditures $16.70M $15.00M $20.00M
Free Cash Flow -$32.20M $51.50M -$114.0M
YoY Change -345.8% -149.66% -27.43%

Facts In Submission

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dei Current Fiscal Year End Date
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--12-31
dei Document Fiscal Year Focus
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2024
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Calumet, Inc. /DE
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dei Document Period End Date
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dei Entity File Number
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dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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2780 Waterfront Parkway East Drive
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Suite 200
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Indianapolis
dei Entity Address State Or Province
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">(1) Organization and Background of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Calumet, Inc. was incorporated on January 8, 2024 as a Delaware corporation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Calumet, Inc. was formed for the purpose of effecting the corporate conversion (the “Conversion”) of Calumet Specialty Products Partners, L.P. (the “Partnership”). On July 10, 2024, Calumet, Inc. became the parent holding company of the Partnership and its subsidiaries.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt;">The balance sheet has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate Statements of Operations, Changes in Stockholder’s Equity and Cash Flows have not been presented because Calumet, Inc. had no business transactions or activities as of June 30, 2024, except for the initial capitalization of Calumet, Inc. which was funded by an affiliate. In this regard, general and administrative costs associated with the formation and daily management of Calumet, Inc. have been determined by Calumet, Inc. to be insignificant.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">(a) Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the balance sheet, in accordance with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the balance sheet and accompanying notes. Actual results could differ from those estimates.</p>
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