2021 Q4 Form 10-K Financial Statement

#000159200022000006 Filed on February 16, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.243B $6.686B $1.064B
YoY Change 110.77% 71.71% -7.91%
Cost Of Revenue $1.799B $5.190B $686.0M
YoY Change 162.29% 117.29% -5.96%
Gross Profit $443.9M $1.133B $378.3M
YoY Change 17.34% 0.14% -11.24%
Gross Profit Margin 19.79% 16.95% 35.54%
Selling, General & Admin $27.50M $114.4M $23.70M
YoY Change 16.03% 3.62% -27.52%
% of Gross Profit 6.2% 10.1% 6.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $151.6M $607.5M $157.3M
YoY Change -3.62% -4.87% 2.21%
% of Gross Profit 34.15% 53.61% 41.58%
Operating Expenses $282.0M $1.078B $271.7M
YoY Change 3.79% -3.36% -9.4%
Operating Profit $161.9M $418.5M $92.30M
YoY Change 75.41% 2225.0% -111.23%
Interest Expense -$60.20M -$249.9M -$54.90M
YoY Change 9.65% 19.86% -32.64%
% of Operating Profit -37.18% -59.71% -59.48%
Other Income/Expense, Net -$100.0K -$250.2M -$2.400M
YoY Change -95.83% 31.41% -40.0%
Pretax Income $101.6M $168.3M $35.00M
YoY Change 190.29% -197.62% -103.86%
Income Tax $13.00M $25.40M $159.2M
% Of Pretax Income 12.8% 15.09% 454.86%
Net Earnings $54.80M $22.40M -$151.4M
YoY Change -136.2% -105.31% -83.87%
Net Earnings / Revenue 2.44% 0.34% -14.23%
Basic Earnings Per Share $0.05 -$0.31
Diluted Earnings Per Share $107.8K $0.05 -$0.31
COMMON SHARES
Basic Shares Outstanding 488.0M shares 488.8M shares 489.7M shares
Diluted Shares Outstanding 494.3M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.20M $26.20M $40.00M
YoY Change -34.5% -34.5% -48.05%
Cash & Equivalents $26.20M $26.20M $39.60M
Short-Term Investments
Other Short-Term Assets $83.60M $56.60M $58.70M
YoY Change 42.42% -32.62% 1.56%
Inventory $49.40M $49.40M $44.90M
Prepaid Expenses
Receivables $94.90M $788.2M $80.60M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $920.4M $920.4M $651.4M
YoY Change 41.3% 41.38% 1.09%
LONG-TERM ASSETS
Property, Plant & Equipment $6.388B $6.448B $6.652B
YoY Change -3.97% -3.93% -6.06%
Goodwill $0.00
YoY Change -100.0%
Intangibles $1.050B $1.125B
YoY Change -6.73% -9.96%
Long-Term Investments $28.00M $28.00M $41.60M
YoY Change -32.69% -33.33% -3.48%
Other Assets $96.60M $36.70M $75.50M
YoY Change 27.95% 74.76% -41.11%
Total Long-Term Assets $7.563B $7.563B $7.900B
YoY Change -4.26% -4.27% -9.11%
TOTAL ASSETS
Total Short-Term Assets $920.4M $920.4M $651.4M
Total Long-Term Assets $7.563B $7.563B $7.900B
Total Assets $8.483B $8.483B $8.551B
YoY Change -0.79% -0.79% -8.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $139.6M $139.6M $60.50M
YoY Change 130.74% 128.85% -14.31%
Accrued Expenses $202.9M $681.0M $149.1M
YoY Change 36.08% 65.69% -27.69%
Deferred Revenue $3.700M $8.400M
YoY Change -55.95% -22.22%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $349.8M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $898.9M $898.9M $888.0M
YoY Change 1.23% 1.23% 37.23%
LONG-TERM LIABILITIES
Long-Term Debt $4.364B $4.364B $4.244B
YoY Change 2.82% 2.82% -10.92%
Other Long-Term Liabilities $93.90M $96.10M $94.80M
YoY Change -0.95% -0.93% 4.41%
Total Long-Term Liabilities $4.458B $4.460B $4.339B
YoY Change 2.74% 2.74% -10.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $898.9M $898.9M $888.0M
Total Long-Term Liabilities $4.458B $4.460B $4.339B
Total Liabilities $5.357B $7.159B $5.227B
YoY Change 2.48% 1.44% -5.01%
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 $1.324B $1.324B $1.494B
YoY Change
Total Liabilities & Shareholders Equity $8.483B $8.483B $8.551B
YoY Change -0.79% -0.79% -8.41%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $54.80M $22.40M -$151.4M
YoY Change -136.2% -105.31% -83.87%
Depreciation, Depletion And Amortization $151.6M $607.5M $157.3M
YoY Change -3.62% -4.87% 2.21%
Cash From Operating Activities $258.1M $857.3M $170.1M
YoY Change 51.73% 17.26% -20.66%
INVESTING ACTIVITIES
Capital Expenditures -$79.30M $184.0M -$47.80M
YoY Change 65.9% -39.11% -70.2%
Acquisitions $56.70M
YoY Change 75.54%
Other Investing Activities $3.300M -$600.0K -$19.20M
YoY Change -117.19% -146.15% -1110.53%
Cash From Investing Activities -$76.00M -$231.4M -$67.00M
YoY Change 13.43% -27.16% -57.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $40.10M
YoY Change 3241.67%
Debt Paid & Issued, Net $1.470B
YoY Change -17.72%
Cash From Financing Activities -192.0M -$639.3M -142.4M
YoY Change 34.83% 41.69% 76.46%
NET CHANGE
Cash From Operating Activities 258.1M $857.3M 170.1M
Cash From Investing Activities -76.00M -$231.4M -67.00M
Cash From Financing Activities -192.0M -$639.3M -142.4M
Net Change In Cash -9.900M -$13.40M -39.30M
YoY Change -74.81% -64.55% 58.47%
FREE CASH FLOW
Cash From Operating Activities $258.1M $857.3M $170.1M
Capital Expenditures -$79.30M $184.0M -$47.80M
Free Cash Flow $337.4M $673.3M $217.9M
YoY Change 54.84% 56.98% -41.86%

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5.5
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Management’s Use of EstimatesThe preparation of financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from these estimates.
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14300000 USD
CY2021 us-gaap Gain Loss On Sale Of Property Plant Equipment
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1500000 USD
CY2020 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
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1900000 USD
CY2019 us-gaap Tangible Asset Impairment Charges
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7900000 USD
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CY2019Q2 us-gaap Derivative Fixed Interest Rate
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0.0228
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850000000.0 USD
CY2021Q4 enlc Derivative Instrument Cumulative Cash Payments On Terminated Instruments
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12700000 USD
CY2021 us-gaap Concentration Risk Credit Risk
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Concentrations of Credit RiskFinancial instruments, which potentially subject us to concentrations of credit risk, consist primarily of trade accounts receivable and commodity financial instruments. Management believes the risk is limited, other than our exposure to significant customers discussed below, since our customers represent a broad and diverse group of energy marketers and end users.
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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500000 USD
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CY2019 us-gaap Environmental Remediation Expense
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0 USD
CY2021 us-gaap Environmental Remediation Expense
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CY2020Q4 us-gaap Deferred Finance Costs Noncurrent Net
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32600000 USD
CY2020Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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18100000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P11Y1M6D
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CY2020Q4 us-gaap Lessee Operating Lease Discount Rate
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CY2020 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2020 us-gaap Finance Lease Interest Expense
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CY2019 us-gaap Finance Lease Interest Expense
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CY2021 us-gaap Operating Lease Expense
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CY2020 us-gaap Operating Lease Expense
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CY2019 us-gaap Operating Lease Expense
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CY2019 us-gaap Short Term Lease Cost
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CY2019 us-gaap Variable Lease Cost
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21100000 USD
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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8900000 USD
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2020Q4 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Gain Loss On Repurchase Of Debt Instrument
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2019 us-gaap Income Tax Expense Benefit
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6900000 USD
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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10000000.0 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3100000 USD
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2200000 USD
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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43400000 USD
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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5500000 USD
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573600000 USD
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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59600000 USD
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61000000.0 USD
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CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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619100000 USD
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22400000 USD
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