2024 Q4 Form 10-Q Financial Statement

#000160925324000119 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $1.353B $726.0M
YoY Change 194.13% 6.45%
Cost Of Revenue $311.0M $186.0M
YoY Change 58.67% -6.53%
Gross Profit $1.042B $540.0M
YoY Change 294.7% 11.8%
Gross Profit Margin 77.01% 74.38%
Selling, General & Admin $106.0M $174.0M
YoY Change 63.08% -35.32%
% of Gross Profit 10.17% 32.22%
Research & Development $1.000M $1.000M
YoY Change 0.0%
% of Gross Profit 0.1% 0.19%
Depreciation & Amortization $140.0M $55.00M
YoY Change 150.0% 12.24%
% of Gross Profit 13.44% 10.19%
Operating Expenses $835.0M $282.0M
YoY Change 75.79% -19.43%
Operating Profit $518.0M $258.0M
YoY Change -3553.33% 93.98%
Interest Expense -$31.00M -$16.00M
YoY Change 72.22% 6.67%
% of Operating Profit -5.98% -6.2%
Other Income/Expense, Net -$35.00M $1.000M
YoY Change 133.33%
Pretax Income $483.0M $267.0M
YoY Change -1710.0% 128.21%
Income Tax $138.0M $79.00M
% Of Pretax Income 28.57% 29.59%
Net Earnings $345.0M $188.0M
YoY Change -1668.18% 126.51%
Net Earnings / Revenue 25.5% 25.9%
Basic Earnings Per Share $3.86
Diluted Earnings Per Share $3.78 $2.60
COMMON SHARES
Basic Shares Outstanding 91.71M shares 89.40M shares
Diluted Shares Outstanding 91.20M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $241.0M $496.0M
YoY Change -49.69% 61.56%
Cash & Equivalents $241.0M $496.0M
Short-Term Investments
Other Short-Term Assets $184.0M $113.0M
YoY Change 89.69% -15.04%
Inventory $75.00M $72.00M
Prepaid Expenses $18.00M $19.00M
Receivables $313.0M $216.0M
Other Receivables $46.00M $19.00M
Total Short-Term Assets $872.0M $929.0M
YoY Change -6.14% 7.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.936B $2.843B
YoY Change 112.76% -0.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.00M $19.00M
YoY Change 460.0% 46.15%
Other Assets $286.0M $148.0M
YoY Change 110.29% 5.71%
Total Long-Term Assets $6.256B $3.069B
YoY Change 106.95% -1.1%
TOTAL ASSETS
Total Short-Term Assets $872.0M $929.0M
Total Long-Term Assets $6.256B $3.069B
Total Assets $7.128B $3.998B
YoY Change 80.36% 0.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $351.0M $245.0M
YoY Change 56.7% -28.99%
Accrued Expenses $541.0M $358.0M
YoY Change 49.45% 20.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $897.0M $616.0M
YoY Change 29.25% -31.1%
LONG-TERM LIABILITIES
Long-Term Debt $1.131B $540.0M
YoY Change 92.02% -8.78%
Other Long-Term Liabilities $337.0M $201.0M
YoY Change 45.89% 8.65%
Total Long-Term Liabilities $1.468B $741.0M
YoY Change 79.02% -4.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $897.0M $616.0M
Total Long-Term Liabilities $1.468B $741.0M
Total Liabilities $2.365B $1.357B
YoY Change 56.21% -18.79%
SHAREHOLDERS EQUITY
Retained Earnings $1.683B $1.419B
YoY Change 34.32% 51.28%
Common Stock $2.480B $1.330B
YoY Change 87.17% 1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.501B $2.219B
YoY Change
Total Liabilities & Shareholders Equity $7.128B $3.998B
YoY Change 80.36% 0.78%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income $345.0M $188.0M
YoY Change -1668.18% 126.51%
Depreciation, Depletion And Amortization $140.0M $55.00M
YoY Change 150.0% 12.24%
Cash From Operating Activities $220.0M $131.0M
YoY Change 111.54% 14.91%
INVESTING ACTIVITIES
Capital Expenditures $79.00M $66.00M
YoY Change 139.39% -12.0%
Acquisitions $853.0M
YoY Change
Other Investing Activities $2.000M $24.00M
YoY Change -700.0%
Cash From Investing Activities -$928.0M -$42.00M
YoY Change 3214.29% -46.84%
FINANCING ACTIVITIES
Cash Dividend Paid $34.00M
YoY Change 78.95%
Common Stock Issuance & Retirement, Net $42.00M
YoY Change 110.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$82.00M -72.00M
YoY Change 82.22% -16.28%
NET CHANGE
Cash From Operating Activities $220.0M 131.0M
Cash From Investing Activities -$928.0M -42.00M
Cash From Financing Activities -$82.00M -72.00M
Net Change In Cash -$790.0M 17.00M
YoY Change -2648.39% -133.33%
FREE CASH FLOW
Cash From Operating Activities $220.0M $131.0M
Capital Expenditures $79.00M $66.00M
Free Cash Flow $141.0M $65.00M
YoY Change 98.59% 66.67%

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Customers</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We sell crude oil, natural gas and NGLs to marketers, California refineries and other customers that have access to transportation and storage facilities. In light of the ongoing energy deficit in California and strong demand for native crude oil production, we do not believe that the loss of any single customer would have a material adverse effect on our consolidated financial statements taken as a whole.</span></div>For the three months ended September 30, 2024, two California customers each accounted for at least 10%, and collectively 58%, of our sales (before the effects of hedging).
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