$DBC

2023 Q1 Form 10-K Financial Statement

#000156459023002358 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $26.83M $49.93M
YoY Change 2992.79% 6183.03%
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 $32.20M
YoY Change -28.92% 59.37%
Operating Profit $21.89M $19.36M
YoY Change -441.84% -201.51%
Interest Expense $168.6K $349.3K
YoY Change 1419.88% 846.37%
% of Operating Profit 0.77% 1.8%
Other Income/Expense, Net
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$95.57M $551.8M
YoY Change -112.51% -16.21%
Net Earnings / Revenue -356.26% 1105.17%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 102.4M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $0.00 $0.00
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 $2.732B
YoY Change 2.51%
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 $94.49M
YoY Change 165.78%
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 $2.637B
YoY Change
Total Liabilities & Shareholders Equity $2.246B $2.732B
YoY Change 2.51%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$95.57M $551.8M
YoY Change -112.51% -16.21%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $382.4M $536.5M
YoY Change -162.71% -184.19%
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 $16.16M
YoY Change
Common Stock Issuance & Retirement, Net $520.3M
YoY Change -182.64%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -382.4M -536.5M
YoY Change -154.19% -185.2%
NET CHANGE
Cash From Operating Activities 382.4M 536.5M
Cash From Investing Activities
Cash From Financing Activities -382.4M -536.5M
Net Change In Cash 0.000 0.000
YoY Change -100.0% -100.0%
FREE CASH FLOW
Cash From Operating Activities $382.4M $536.5M
Capital Expenditures
Free Cash Flow
YoY Change

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12044237
CY2020 us-gaap Increase Decrease In Trading Liabilities
IncreaseDecreaseInTradingLiabilities
-12067975
CY2020 us-gaap Increase Decrease In Dividends Receivable
IncreaseDecreaseInDividendsReceivable
-335503
CY2022 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
36219
CY2021 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
1036635
CY2005Q2 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
40
CY2020 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-128639
CY2022 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
-557
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-536489066
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
629660562
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
41076017
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7541480
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
7541480
CY2020Q4 us-gaap Cash
Cash
7541480
CY2020Q4 us-gaap Cash
Cash
7541480
CY2022 us-gaap Interest Paid Net
InterestPaidNet
349325
CY2021 us-gaap Interest Paid Net
InterestPaidNet
36912
CY2021Q4 us-gaap General Partners Capital Account Units Outstanding
GeneralPartnersCapitalAccountUnitsOutstanding
40
CY2020 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
-784
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33534537
CY2020 us-gaap Interest Paid Net
InterestPaidNet
43850
CY2022 dbc Treasury Obligation Measurement Maximum Maturity Period
TreasuryObligationMeasurementMaximumMaturityPeriod
P12M
CY2022 dbc Minimum Number Of Creation Units Of Shares That Can Be Purchased
MinimumNumberOfCreationUnitsOfSharesThatCanBePurchased
1
CY2022 dbc Number Of Shares Issued Per Creation Unit
NumberOfSharesIssuedPerCreationUnit
100000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">B.  Accounting Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 </p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
CY2022 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2022-12-23
CY2022 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2022-12-20
CY2021 us-gaap Distributed Earnings
DistributedEarnings
0
CY2022 dbc Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
7.00
CY2021 dbc Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
7.00
CY2020 dbc Average Charges Paid To Broker Per Round Turn Trade Maximum
AverageChargesPaidToBrokerPerRoundTurnTradeMaximum
8.00
CY2022Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
2697737111
CY2022Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation
InvestmentOwnedUnrecognizedUnrealizedAppreciation
83629274
CY2022Q4 us-gaap Trading Liabilities
TradingLiabilities
50841104
CY2021Q4 dbc Trading Assets
TradingAssets
9047339
CY2022 dbc Management Fee Per Annum Of Daily Net Assets
ManagementFeePerAnnumOfDailyNetAssets
0.0085
CY2022 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
1623656
CY2021 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
338942
CY2020 us-gaap Investment Company Contractual Fee Waived
InvestmentCompanyContractualFeeWaived
730631
CY2022 us-gaap Due To And From Broker Dealers And Clearing Organizations Disclosure
DueToAndFromBrokerDealersAndClearingOrganizationsDisclosure
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 5 - Deposits with Commodity Broker and Custodian</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Fund defines cash as cash held by the Custodian. There were no cash equivalents held by the Fund as of December 31, 2022 and 2021.</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 style="font-style:italic;">Due to custodian</span>.</p>
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
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 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
CY2021Q4 us-gaap Financial Instruments Owned Us Government And Agency Obligations At Fair Value
FinancialInstrumentsOwnedUSGovernmentAndAgencyObligationsAtFairValue
622017111
CY2021Q4 dbc Financial Instruments Owned Exchange Traded Fund
FinancialInstrumentsOwnedExchangeTradedFund
192860687
CY2021Q4 dbc Financial Instruments Owned Money Market Mutual Fund At Fair Value
FinancialInstrumentsOwnedMoneyMarketMutualFundAtFairValue
1811356075
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
2626233873
CY2021Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation
InvestmentOwnedUnrecognizedUnrealizedAppreciation
166506279
CY2021Q4 us-gaap Investment Owned Unrecognized Unrealized Depreciation
InvestmentOwnedUnrecognizedUnrealizedDepreciation
3137505
CY2021Q4 us-gaap Investment Owned Unrecognized Unrealized Appreciation Depreciation Net
InvestmentOwnedUnrecognizedUnrealizedAppreciationDepreciationNet
163368774
CY2021Q4 us-gaap Financial Instruments Owned At Fair Value
FinancialInstrumentsOwnedAtFairValue
2789602647
CY2022 dbc Minimum Number Of Creation Units Of Shares That Can Be Purchased
MinimumNumberOfCreationUnitsOfSharesThatCanBePurchased
1
CY2022 dbc Number Of Shares Issued Per Creation Unit
NumberOfSharesIssuedPerCreationUnit
100000
CY2022 dbc Minimum Number Of Creation Units Of Shares That Can Be Redeemed
MinimumNumberOfCreationUnitsOfSharesThatCanBeRedeemed
1
CY2022 dbc Number Of Shares Issued Per Creation Unit
NumberOfSharesIssuedPerCreationUnit
100000
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.72
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
14.66
CY2019Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
15.94
CY2022 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
3.93
CY2021 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
6.21
CY2020 us-gaap Investment Company Gain Loss On Investment Per Share
InvestmentCompanyGainLossOnInvestmentPerShare
-1.25
CY2022 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
0.14
CY2021 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.15
CY2020 us-gaap Investment Company Investment Income Loss Per Share
InvestmentCompanyInvestmentIncomeLossPerShare
-0.03
CY2022 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
4.07
CY2021 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
6.06
CY2020 us-gaap Investment Company Investment Income Loss From Operations Per Share
InvestmentCompanyInvestmentIncomeLossFromOperationsPerShare
-1.28
CY2022 us-gaap Investment Company Tax Return Of Capital Distribution Per Share
InvestmentCompanyTaxReturnOfCapitalDistributionPerShare
-0.14
CY2022Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
24.65
CY2021Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
20.72
CY2020Q4 us-gaap Net Asset Value Per Share
NetAssetValuePerShare
14.66
CY2021Q4 dbc Market Value Per Share
MarketValuePerShare
20.78
CY2020Q4 dbc Market Value Per Share
MarketValuePerShare
14.70
CY2019Q4 dbc Market Value Per Share
MarketValuePerShare
15.96
CY2020Q4 dbc Market Value Per Share
MarketValuePerShare
14.70
CY2022Q4 dbc Market Value Per Share
MarketValuePerShare
24.67
CY2021Q4 dbc Market Value Per Share
MarketValuePerShare
20.78
CY2022 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
0.0053
CY2021 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0082
CY2020 us-gaap Investment Company Investment Income Loss Ratio
InvestmentCompanyInvestmentIncomeLossRatio
-0.0021
CY2022 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0084
CY2022 dbc Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0088
CY2021 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0086
CY2020 us-gaap Investment Company Expense Ratio Including Voluntary Fee Waiver
InvestmentCompanyExpenseRatioIncludingVoluntaryFeeWaiver
0.0082
CY2021 dbc Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0087
CY2020 dbc Average Net Assets To Expenses Prior To Waivers
AverageNetAssetsToExpensesPriorToWaivers
0.0089
CY2022 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.1969
CY2021 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
0.4134
CY2020 us-gaap Investment Company Total Return
InvestmentCompanyTotalReturn
-0.0803
CY2022 dbc Return At Market Value
ReturnAtMarketValue
0.1943
CY2021 dbc Return At Market Value
ReturnAtMarketValue
0.4136
CY2020 dbc Return At Market Value
ReturnAtMarketValue
-0.0789

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