$DBC

2023 Q1 Form 10-Q Financial Statement

#000095017023018982 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $26.83M $867.4K
YoY Change 2992.79% 335.21%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.221M $7.345M
YoY Change -28.92% 105.28%
Operating Profit $21.89M -$6.404M
YoY Change -441.84% 102.02%
Interest Expense $168.6K $11.09K
YoY Change 1419.88% 172.73%
% of Operating Profit 0.77%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$95.57M $764.2M
YoY Change -112.51% 336.35%
Net Earnings / Revenue -356.26% 88102.56%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 102.4M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $95.86M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $2.246B
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $78.90M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.167B $4.102B
YoY Change
Total Liabilities & Shareholders Equity $2.246B
YoY Change

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$95.57M $764.2M
YoY Change -112.51% 336.35%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $382.4M -$609.7M
YoY Change -162.71% 57.57%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$705.6M
YoY Change 85.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -382.4M 705.6M
YoY Change -154.19% 85.97%
NET CHANGE
Cash From Operating Activities 382.4M -609.7M
Cash From Investing Activities
Cash From Financing Activities -382.4M 705.6M
Net Change In Cash 0.000 95.86M
YoY Change -100.0% -1371.04%
FREE CASH FLOW
Cash From Operating Activities $382.4M -$609.7M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">B. Accounting Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are issued.</span></p>
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CY2023Q1 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Note 5 - Deposits with Commodity Broker and Custodian</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Fund defines cash as cash held by the Custodian. There were </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> cash equivalents held by the Fund as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">March 31, 2023 and December 31, 2022. The Fund considers investments in money market funds to be investments in securities and, accordingly, includes them in its Schedule of Investments.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:4.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Fund may deposit cash, United States Treasury Obligations, T-Bill ETFs and money market mutual funds with the Commodity Broker as margin, to the extent permissible under CFTC rules. The combination of the Fund’s deposits with its Commodity Broker of cash and United States Treasury Obligations and the unrealized profit or loss on open futures contracts represents the Fund’s overall equity in its broker trading account. To meet the Fund’s maintenance margin requirements, the Fund holds United States Treasury Obligations with the Commodity Broker. The Fund transfers cash to the Commodity Broker to satisfy variation margin requirements. The Fund earns interest on any excess cash deposited with the Commodity Broker and incurs interest expense on any deficit balance with the Commodity Broker.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:4.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The brokerage agreement with the Commodity Broker provides for the net settlement of all financial instruments covered by the agreement in the event of default or termination of any one contract. The Managing Owner will utilize any excess cash held at the Commodity Broker to offset any realized losses incurred in the commodity futures contracts, if available. To the extent that any excess cash held at the Commodity Broker is not adequate to cover any realized losses, a portion of the United States Treasury Obligations and T-Bill ETFs, if any, on deposit with the Commodity Broker will be sold to make additional cash available. For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to legally enforceable netting arrangements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Fund’s remaining cash, United States Treasury Obligations, T-Bill ETFs and money market mutual fund holdings are on deposit with the Custodian. The Fund is permitted to temporarily carry a negative or overdrawn balance in its account with the Custodian. The Fund incurs interest expense on any overdraft balance with the Custodian. Such balances, if any at period-end, are shown on the Statements of Financial Condition under the payable caption </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Due to custodian</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Because the Fund’s assets are maintained with the Commodity Broker and Custodian, the distress, impairment or failure of the Commodity Broker or Custodian could result in the loss of or delay in access to Fund assets.</span></p>
CY2023Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023Q1 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
1071999409
CY2023Q1 dbc Financial Instruments Owned Exchange Traded Fund
FinancialInstrumentsOwnedExchangeTradedFund
141505177
CY2023Q1 dbc Financial Instruments Owned Money Market Mutual Fund At Fair Value
FinancialInstrumentsOwnedMoneyMarketMutualFundAtFairValue
1002772527
CY2023Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
2216277113
CY2023Q1 us-gaap Investment Owned Unrecognized Unrealized Appreciation
InvestmentOwnedUnrecognizedUnrealizedAppreciation
75719153
CY2023Q1 us-gaap Investment Owned Unrecognized Unrealized Depreciation
InvestmentOwnedUnrecognizedUnrealizedDepreciation
159722283
CY2023Q1 us-gaap Investment Owned Unrecognized Unrealized Appreciation Depreciation Net
InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet
-84003130
CY2023Q1 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
2132273983
CY2022Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
1272386571
CY2022Q4 dbc Financial Instruments Owned Exchange Traded Fund
FinancialInstrumentsOwnedExchangeTradedFund
141250406
CY2022Q4 dbc Financial Instruments Owned Money Market Mutual Fund At Fair Value
FinancialInstrumentsOwnedMoneyMarketMutualFundAtFairValue
1284100134
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
2697737111
CY2022Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation
InvestmentOwnedUnrecognizedUnrealizedAppreciation
83629274
CY2022Q4 us-gaap Investment Owned Unrecognized Unrealized Depreciation
InvestmentOwnedUnrecognizedUnrealizedDepreciation
119988845
CY2022Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation Depreciation Net
InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet
36359571
CY2022Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
2661377540
CY2023Q1 dbc Minimum Number Of Creation Units Of Shares That Can Be Purchased
MinimumNumberOfCreationUnitsOfSharesThatCanBePurchased
1
CY2023Q1 dbc Number Of Shares Issued Per Creation Unit
NumberOfSharesIssuedPerCreationUnit
50000
CY2022Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
24.65
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.72
CY2023Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-1.11
CY2022Q1 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
5.38
CY2023Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.22
CY2022Q1 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.04
CY2023Q1 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
-0.89
CY2022Q1 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
5.34
CY2023Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
23.76
CY2022Q1 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
26.06
CY2022Q4 dbc Market Value Per Share
MarketValuePerShare
24.67
CY2021Q4 dbc Market Value Per Share
MarketValuePerShare
20.78
CY2023Q1 dbc Market Value Per Share
MarketValuePerShare
23.75
CY2022Q1 dbc Market Value Per Share
MarketValuePerShare
26.08
CY2023Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.0372
CY2022Q1 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0075
CY2023Q1 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0084
CY2022Q1 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0086
CY2023Q1 dbc Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0089
CY2022Q1 dbc Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0086
CY2023Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.0361
CY2022Q1 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.2577
CY2023Q1 dbc Return At Market Value
ReturnAtMarketValue
-0.0373
CY2022Q1 dbc Return At Market Value
ReturnAtMarketValue
0.2550

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