2023 Q1 Form 10-K Financial Statement

#000137613923000009 Filed on February 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.286B $2.680B $10.90B
YoY Change -3.67% 26.83% 50.46%
Cost Of Revenue $1.915B $2.392B $9.766B
YoY Change -9.33% 17.54% 39.04%
Gross Profit $371.0M $288.0M $1.130B
YoY Change 42.15% 269.23% 418.35%
Gross Profit Margin 16.23% 10.75% 10.37%
Selling, General & Admin $39.00M $39.00M $149.0M
YoY Change 0.0% 14.71% 25.21%
% of Gross Profit 10.51% 13.54% 13.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.00M $73.00M $288.0M
YoY Change 1.49% -1.35% 3.23%
% of Gross Profit 18.33% 25.35% 25.49%
Operating Expenses $39.00M $41.00M $149.0M
YoY Change 0.0% 10.81% 25.21%
Operating Profit $330.0M $247.0M $963.0M
YoY Change 50.0% 502.44% 1006.9%
Interest Expense -$18.00M -$18.00M -$85.00M
YoY Change -25.0% -30.77% 93.18%
% of Operating Profit -5.45% -7.29% -8.83%
Other Income/Expense, Net $3.000M $4.000M -$77.00M
YoY Change -133.33% 33.33% -613.33%
Pretax Income $315.0M $223.0M $801.0M
YoY Change 68.45% 1138.89% 1113.64%
Income Tax $56.00M $51.00M $157.0M
% Of Pretax Income 17.78% 22.87% 19.6%
Net Earnings $195.0M $112.0M $463.0M
YoY Change 107.45% -900.0% 1752.0%
Net Earnings / Revenue 8.53% 4.18% 4.25%
Basic Earnings Per Share $1.94 $4.60
Diluted Earnings Per Share $1.94 $1.11 $4.60
COMMON SHARES
Basic Shares Outstanding 100.5M shares 100.5M shares 100.5M shares
Diluted Shares Outstanding 100.5M shares 100.5M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $601.0M $510.0M $510.0M
YoY Change -11.09% 0.0% 0.0%
Cash & Equivalents $601.0M $510.0M $510.0M
Short-Term Investments
Other Short-Term Assets $97.00M $101.0M $101.0M
YoY Change 79.63% 32.89% 32.89%
Inventory $609.0M $624.0M $624.0M
Prepaid Expenses
Receivables $330.0M $358.0M $358.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.637B $1.593B $1.593B
YoY Change -7.3% 16.36% 16.36%
LONG-TERM ASSETS
Property, Plant & Equipment $2.241B $2.247B $2.247B
YoY Change -1.23% -1.14% -1.14%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $103.0M $76.00M
YoY Change -3.8%
Other Assets $330.0M $279.0M $279.0M
YoY Change 6.45% 5.68% 5.68%
Total Long-Term Assets $2.571B $2.526B $2.526B
YoY Change -0.31% -0.43% -0.43%
TOTAL ASSETS
Total Short-Term Assets $1.637B $1.593B $1.593B
Total Long-Term Assets $2.571B $2.526B $2.526B
Total Assets $4.208B $4.119B $4.119B
YoY Change -3.15% 5.45% 5.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $512.0M $497.0M $497.0M
YoY Change -27.79% 21.52% 21.52%
Accrued Expenses $128.0M $145.0M $145.0M
YoY Change 7.56% 26.09% 26.09%
Deferred Revenue $45.00M $48.00M
YoY Change -44.44% -44.83%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M $6.000M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $1.347B $1.439B $1.439B
YoY Change -13.21% 24.48% 24.48%
LONG-TERM LIABILITIES
Long-Term Debt $1.584B $1.585B $1.585B
YoY Change -0.31% -4.17% -4.17%
Other Long-Term Liabilities $97.00M $55.00M $55.00M
YoY Change 49.23% -5.17% -5.17%
Total Long-Term Liabilities $1.932B $1.889B $1.640B
YoY Change 0.78% -4.6% -4.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.347B $1.439B $1.439B
Total Long-Term Liabilities $1.932B $1.889B $1.640B
Total Liabilities $3.279B $3.328B $3.588B
YoY Change -5.48% 6.12% 7.01%
SHAREHOLDERS EQUITY
Retained Earnings -$832.0M -$976.0M
YoY Change -3.59% 2.09%
Common Stock $1.509B $1.509B
YoY Change 0.0% -0.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $675.0M $531.0M $531.0M
YoY Change
Total Liabilities & Shareholders Equity $4.208B $4.119B $4.119B
YoY Change -3.15% 5.45% 5.45%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $195.0M $112.0M $463.0M
YoY Change 107.45% -900.0% 1752.0%
Depreciation, Depletion And Amortization $68.00M $73.00M $288.0M
YoY Change 1.49% -1.35% 3.23%
Cash From Operating Activities $247.0M $99.00M $967.0M
YoY Change -23.29% 607.14% 144.19%
INVESTING ACTIVITIES
Capital Expenditures $53.00M $55.00M $274.0M
YoY Change -229.27% -244.74% -219.65%
Acquisitions
YoY Change
Other Investing Activities $19.00M $1.000M -$3.000M
YoY Change -75.0% 200.0%
Cash From Investing Activities -$34.00M -$54.00M -$271.0M
YoY Change -17.07% 58.82% 13.87%
FINANCING ACTIVITIES
Cash Dividend Paid $50.00M $483.0M
YoY Change 100.41%
Common Stock Issuance & Retirement, Net $12.00M
YoY Change 1100.0%
Debt Paid & Issued, Net $0.00 $65.00M
YoY Change -100.0% -88.83%
Cash From Financing Activities -$122.0M -153.0M -$696.0M
YoY Change 6.09% 325.0% 120.95%
NET CHANGE
Cash From Operating Activities $247.0M 99.00M $967.0M
Cash From Investing Activities -$34.00M -54.00M -$271.0M
Cash From Financing Activities -$122.0M -153.0M -$696.0M
Net Change In Cash $91.00M -108.0M $0.00
YoY Change -45.18% 92.86% -100.0%
FREE CASH FLOW
Cash From Operating Activities $247.0M $99.00M $967.0M
Capital Expenditures $53.00M $55.00M $274.0M
Free Cash Flow $194.0M $44.00M $693.0M
YoY Change -46.56% -15.38% 10.88%

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<div style="padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements are prepared in conformity with GAAP, which requires management to make certain estimates and assumptions that affect the reported amounts and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are reviewed on an ongoing basis, based on currently available information. Changes in facts and circumstances may result in revised estimates, and actual results could differ from those estimates.</span></div>
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
517000000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
517000000 usd
CY2022Q2 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q2 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022Q3 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q3 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022Q4 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0.40
CY2022Q4 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
40000000 usd
CY2022 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
1.20
CY2022 cvi Common Stock Dividends Cash Paid Related To Quarterly Results
CommonStockDividendsCashPaidRelatedToQuarterlyResults
121000000 usd
CY2022Q1 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
0
CY2021 cvi Common Stock Dividends Per Share Declared Related To Quarterly Results
CommonStockDividendsPerShareDeclaredRelatedToQuarterlyResults
0
CY2020 cvi Common Stock Dividends Per Share Cash Paid Related To Quarterly Results
CommonStockDividendsPerShareCashPaidRelatedToQuarterlyResults
1.20
CY2020 cvi Special Dividends Value
SpecialDividendsValue
121000000 usd
CY2022Q3 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
2.60
CY2022Q4 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
1.00
CY2022Q3 cvi Special Dividends Value
SpecialDividendsValue
261000000 usd
CY2022Q4 cvi Special Dividends Value
SpecialDividendsValue
101000000 usd
CY2021Q2 cvi Special Dividends Value
SpecialDividendsValue
492000000 usd
CY2021Q2 cvi Special Dividend Per Share Declared
SpecialDividendPerShareDeclared
4.89
CY2021Q2 cvi Payment Of Special Dividends
PaymentOfSpecialDividends
241000000 usd
CY2021Q2 cvi Special Dividends Per Share Paid
SpecialDividendsPerSharePaid
2.40
CY2021Q2 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
112000000 usd
CY2022Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.50
CY2022Q4 us-gaap Dividends Cash
DividendsCash
50000000 usd

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0001376139-23-000009-index-headers.html Edgar Link pending
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0001376139-23-000009.txt Edgar Link pending
0001376139-23-000009-xbrl.zip Edgar Link pending
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cvi-20221231.xsd Edgar Link pending
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cvi-20221231_def.xml Edgar Link unprocessable
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exhibit211-cvi202210xk.htm Edgar Link pending
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