2022 Q2 Form 10-Q Financial Statement

#000160925322000045 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $747.0M $153.0M $634.0M
YoY Change 145.72% -57.85% 317.11%
Cost Of Revenue $190.0M $182.0M $182.0M
YoY Change 12.43% 10.98% 10.3%
Gross Profit $557.0M -$29.00M $452.0M
YoY Change 312.59% -114.57% 232.35%
Gross Profit Margin 74.56% -18.95% 71.29%
Selling, General & Admin $56.00M $48.00M $177.0M
YoY Change 16.67% 0.0% 342.5%
% of Gross Profit 10.05% 39.16%
Research & Development $1.000M $1.000M $1.000M
YoY Change -50.0% -50.0% -50.0%
% of Gross Profit 0.18% 0.22%
Depreciation & Amortization $50.00M $49.00M $53.00M
YoY Change -7.41% -5.77% 55.88%
% of Gross Profit 8.98% 11.73%
Operating Expenses $473.0M $396.0M $240.0M
YoY Change 20.05% -9.17% 500.0%
Operating Profit $278.0M -$189.0M $212.0M
YoY Change -408.89% 158.9% -300.0%
Interest Expense -$13.00M -$13.00M -$14.00M
YoY Change 0.0% 0.0% -17.65%
% of Operating Profit -4.68% -6.6%
Other Income/Expense, Net $1.000M $1.000M $1.000M
YoY Change -88.89% -200.0% -75.0%
Pretax Income $266.0M -$201.0M $318.0M
YoY Change -348.6% 125.84% -354.4%
Income Tax $76.00M -$26.00M -$396.0M
% Of Pretax Income 28.57% -124.53%
Net Earnings $190.0M -$175.0M $714.0M
YoY Change -271.17% 86.17% -680.49%
Net Earnings / Revenue 25.44% -114.38% 112.62%
Basic Earnings Per Share $2.48 -$2.23
Diluted Earnings Per Share $2.41 -$2.23 $8.480M
COMMON SHARES
Basic Shares Outstanding 76.70M shares 78.50M shares 80.39M shares
Diluted Shares Outstanding 78.80M shares 78.50M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.0M $328.0M $305.0M
YoY Change 114.57% 152.31% 989.29%
Cash & Equivalents $324.0M $328.0M $305.0M
Short-Term Investments
Other Short-Term Assets $127.0M $146.0M $121.0M
YoY Change 58.75% 105.63% 18.63%
Inventory $57.00M $56.00M $60.00M
Prepaid Expenses $18.00M $18.00M $16.00M
Receivables $340.0M $301.0M $245.0M
Other Receivables $43.00M $62.00M $47.00M
Total Short-Term Assets $851.0M $834.0M $753.0M
YoY Change 47.49% 80.91% 46.21%
LONG-TERM ASSETS
Property, Plant & Equipment $2.714B $2.684B $2.642B
YoY Change 4.06% 0.75% -1.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $125.0M $126.0M $98.00M
YoY Change 38.89% 34.04% 8.89%
Total Long-Term Assets $3.167B $3.198B $3.093B
YoY Change 18.93% 17.62% 11.54%
TOTAL ASSETS
Total Short-Term Assets $851.0M $834.0M $753.0M
Total Long-Term Assets $3.167B $3.198B $3.093B
Total Assets $4.018B $4.032B $3.846B
YoY Change 24.01% 26.79% 16.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $290.0M $287.0M $266.0M
YoY Change 16.94% 34.74% 23.72%
Accrued Expenses $402.0M $362.0M $297.0M
YoY Change -25.14% -11.49% 28.57%
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 $1.208B $1.205B $854.0M
YoY Change 36.34% 93.73% 91.48%
LONG-TERM LIABILITIES
Long-Term Debt $591.0M $590.0M $589.0M
YoY Change 0.34% 0.34% -18.53%
Other Long-Term Liabilities $160.0M $178.0M $145.0M
YoY Change -81.18% -79.98% -46.1%
Total Long-Term Liabilities $751.0M $768.0M $734.0M
YoY Change -47.81% -48.0% -26.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.208B $1.205B $854.0M
Total Long-Term Liabilities $751.0M $768.0M $734.0M
Total Liabilities $1.959B $1.973B $1.588B
YoY Change -15.74% -6.0% 10.43%
SHAREHOLDERS EQUITY
Retained Earnings $463.0M $286.0M $475.0M
YoY Change -241.16% -231.8%
Common Stock $1.297B $1.294B $1.289B
YoY Change 1.81% 1.81% 2.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $315.0M $219.0M $148.0M
YoY Change 600.0%
Treasury Stock Shares 8.014M shares 5.758M shares 4.090M shares
Shareholders Equity $1.517B $1.433B $1.688B
YoY Change
Total Liabilities & Shareholders Equity $4.018B $4.032B $3.846B
YoY Change 24.01% 26.79% 16.97%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $190.0M -$175.0M $714.0M
YoY Change -271.17% 86.17% -680.49%
Depreciation, Depletion And Amortization $50.00M $49.00M $53.00M
YoY Change -7.41% -5.77% 55.88%
Cash From Operating Activities $181.0M $160.0M $204.0M
YoY Change 42.52% 8.84% -1800.0%
INVESTING ACTIVITIES
Capital Expenditures $98.00M $99.00M -$66.00M
YoY Change 96.0% 266.67% -1042.86%
Acquisitions $0.00 $17.00M
YoY Change
Other Investing Activities $0.00 $46.00M $56.00M
YoY Change -100.0% -5700.0%
Cash From Investing Activities -$76.00M -$53.00M -$10.00M
YoY Change 76.74% 165.0% 42.86%
FINANCING ACTIVITIES
Cash Dividend Paid $13.00M $13.00M
YoY Change
Common Stock Issuance & Retirement, Net $96.00M $71.00M
YoY Change 113.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$109.0M -$84.00M -78.00M
YoY Change 73.02% 236.0% -50.0%
NET CHANGE
Cash From Operating Activities $181.0M $160.0M 204.0M
Cash From Investing Activities -$76.00M -$53.00M -10.00M
Cash From Financing Activities -$109.0M -$84.00M -78.00M
Net Change In Cash -$4.000M $23.00M 116.0M
YoY Change -119.05% -77.45% -166.29%
FREE CASH FLOW
Cash From Operating Activities $181.0M $160.0M $204.0M
Capital Expenditures $98.00M $99.00M -$66.00M
Free Cash Flow $83.00M $61.00M $270.0M
YoY Change 7.79% -49.17% -1521.05%

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CY2022Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6400000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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78800000 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83100000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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83200000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
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2.48
CY2021Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q2 us-gaap Defined Benefit Plan Contributions By Employer
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us-gaap Defined Benefit Plan Contributions By Employer
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CY2021Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
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CY2022Q2 crc Defined Benefit Plan Plan Assets Contributions By Employer Amount Deferred
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0.21
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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0.29
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
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CY2022Q2 us-gaap Treasury Stock Shares Acquired
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2255445 shares
CY2022Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
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42.57
CY2022Q2 us-gaap Treasury Stock Value Acquired Cost Method
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96000000 usd
us-gaap Treasury Stock Shares Acquired
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3923901 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
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42.55
us-gaap Treasury Stock Value Acquired Cost Method
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167000000 usd
CY2021Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1440203 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1440203 shares
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
31.56
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
45000000 usd
CY2021Q2 us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
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0.17
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
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0.17
CY2020Q4 crc Plan Of Reorganization Common Stock Capital Shares Reserved For Future Issuance
PlanOfReorganizationCommonStockCapitalSharesReservedForFutureIssuance
4384182 shares
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
718000000 usd
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
478000000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
910000000 usd

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