2022 Q3 Form 10-Q Financial Statement

#000127618722000058 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $22.94B $25.95B $18.66B
YoY Change 37.66% 71.81% 85.94%
Cost Of Revenue $18.52B $21.52B $14.75B
YoY Change 40.4% 87.01% 120.11%
Gross Profit $4.423B $4.430B $3.903B
YoY Change 27.24% 23.19% 17.17%
Gross Profit Margin 19.28% 17.07% 20.92%
Selling, General & Admin $361.0M $211.0M $235.0M
YoY Change 82.32% 14.67% 50.64%
% of Gross Profit 8.16% 4.76% 6.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.030B $1.046B $980.0M
YoY Change 9.23% 11.28% 1.77%
% of Gross Profit 23.29% 23.61% 25.11%
Operating Expenses $361.0M $211.0M $2.204B
YoY Change 82.32% 14.67% 15.09%
Operating Profit $1.973B $2.113B $1.699B
YoY Change 37.3% 32.31% 26.89%
Interest Expense $577.0M $578.0M -$510.0M
YoY Change 3.41% 2.12% 18.6%
% of Operating Profit 29.24% 27.35% -30.02%
Other Income/Expense, Net -$120.0M -$18.00M $32.00M
YoY Change -463.64% -200.0% 433.33%
Pretax Income $1.404B $1.708B $1.181B
YoY Change 42.68% 72.53% 30.93%
Income Tax $82.00M $86.00M -$50.00M
% Of Pretax Income 5.84% 5.04% -4.23%
Net Earnings $1.006B $1.326B $921.0M
YoY Change 58.43% 111.82% 10.56%
Net Earnings / Revenue 4.39% 5.11% 4.94%
Basic Earnings Per Share
Diluted Earnings Per Share $323.6K $427.0K $326.1K
COMMON SHARES
Basic Shares Outstanding 3.087B shares 3.086B shares 2.706B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $326.0M $353.0M $336.0M
YoY Change 4.15% 25.18% -8.45%
Cash & Equivalents $326.0M $353.0M $336.0M
Short-Term Investments
Other Short-Term Assets $580.0M $726.0M $437.0M
YoY Change 77.91% 185.83% 105.16%
Inventory $2.490B $2.216B $2.014B
Prepaid Expenses
Receivables $8.587B $10.16B $7.654B
Other Receivables $65.00M $86.00M $32.00M
Total Short-Term Assets $12.16B $15.43B $10.54B
YoY Change 34.37% 88.04% 66.8%
LONG-TERM ASSETS
Property, Plant & Equipment $80.26B $79.87B $81.61B
YoY Change 8.07% 7.13% 8.65%
Goodwill $2.553B $2.553B $2.533B
YoY Change 6.6% 6.78% 5.94%
Intangibles $5.505B $5.607B $5.856B
YoY Change 0.57% 0.81% 1.91%
Long-Term Investments $2.869B $2.924B $2.947B
YoY Change -3.01% -3.34% -3.69%
Other Assets $1.573B $1.561B $1.645B
YoY Change -8.65% -6.19% -0.72%
Total Long-Term Assets $93.58B $93.34B $95.43B
YoY Change 6.76% 6.02% 7.43%
TOTAL ASSETS
Total Short-Term Assets $12.16B $15.43B $10.54B
Total Long-Term Assets $93.58B $93.34B $95.43B
Total Assets $105.7B $108.8B $106.0B
YoY Change 9.35% 13.02% 11.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.514B $8.897B $6.834B
YoY Change 31.66% 77.37% 143.29%
Accrued Expenses $11.24B $3.457B $3.117B
YoY Change 246.58% 21.3% 10.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.000M $680.0M
YoY Change -99.71% -99.7% 3138.1%
Total Short-Term Liabilities $11.24B $13.48B $10.84B
YoY Change 14.33% 57.66% 82.93%
LONG-TERM LIABILITIES
Long-Term Debt $47.41B $48.10B $49.02B
YoY Change 5.85% 5.46% -4.66%
Other Long-Term Liabilities $1.530B $1.376B $1.323B
YoY Change 20.47% 12.42% 14.84%
Total Long-Term Liabilities $48.94B $49.48B $50.35B
YoY Change 6.25% 5.65% -4.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.24B $13.48B $10.84B
Total Long-Term Liabilities $48.94B $49.48B $50.35B
Total Liabilities $60.19B $62.96B $61.18B
YoY Change 7.67% 13.67% 4.6%
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 $32.83B $32.58B $31.30B
YoY Change
Total Liabilities & Shareholders Equity $105.7B $108.8B $106.0B
YoY Change 9.35% 13.02% 11.37%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $1.006B $1.326B $921.0M
YoY Change 58.43% 111.82% 10.56%
Depreciation, Depletion And Amortization $1.030B $1.046B $980.0M
YoY Change 9.23% 11.28% 1.77%
Cash From Operating Activities $2.989B $2.354B $1.739B
YoY Change 32.08% 17.41% -8.76%
INVESTING ACTIVITIES
Capital Expenditures -$1.035B -$706.0M -$776.0M
YoY Change 67.75% -3.42% -29.45%
Acquisitions
YoY Change
Other Investing Activities -$88.00M $23.00M -$92.00M
YoY Change -325.64% -37.84% -246.03%
Cash From Investing Activities -$1.123B -$683.0M -$868.0M
YoY Change 94.29% -1.59% -16.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.893B -2.429B -848.0M
YoY Change 14.45% 75.51% 9.14%
NET CHANGE
Cash From Operating Activities 2.989B 2.354B 1.739B
Cash From Investing Activities -1.123B -683.0M -868.0M
Cash From Financing Activities -1.893B -2.429B -848.0M
Net Change In Cash -27.00M -758.0M 23.00M
YoY Change -187.1% 938.36% -75.0%
FREE CASH FLOW
Cash From Operating Activities $2.989B $2.354B $1.739B
Capital Expenditures -$1.035B -$706.0M -$776.0M
Free Cash Flow $4.024B $3.060B $2.515B
YoY Change 39.72% 11.84% -16.33%

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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited consolidated financial statements have been prepared in conformity with GAAP, which requires the use of estimates and assumptions made by management that affect the reported amounts of assets, liabilities, revenues, expenses and the accrual for and disclosure of contingent assets and liabilities that exist at the date of the consolidated financial statements. Although these estimates are based on management’s available knowledge of current and expected future events, actual results could be different from those estimates.</span></div>
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<div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit Risk</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk refers to the risk that a counterparty may default on its contractual obligations resulting in a loss to the Partnership. Credit policies have been approved and implemented to govern the Partnership’s portfolio of counterparties with the objective of mitigating credit losses. These policies establish guidelines, controls and limits to manage credit risk within approved tolerances by mandating an appropriate evaluation of the financial condition of existing and potential counterparties, monitoring agency credit ratings, and by implementing credit practices that limit exposure according to the risk profiles of the counterparties. Furthermore, the Partnership may, at times, require collateral under certain circumstances to mitigate credit risk as necessary. The Partnership also uses industry standard commercial agreements which allow for the netting of exposures associated with transactions executed under a single commercial agreement. Additionally, we utilize master netting agreements to offset credit exposure across multiple commercial agreements with a single counterparty or affiliated group of counterparties.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Partnership’s counterparties consist of a diverse portfolio of customers across the energy industry, including petrochemical companies, commercial and industrial end-users, oil and gas producers, municipalities, gas and electric utilities, midstream companies and independent power generators. Our overall exposure may be affected positively or negatively by macroeconomic or regulatory changes that impact our counterparties to one extent or another. Currently, management does not anticipate a material adverse effect in our financial position or results of operations as a consequence of counterparty non-performance.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Partnership has maintenance margin deposits with certain counterparties in the OTC market, primarily with independent system operators and with clearing brokers. Payments on margin deposits are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us on or about the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions. Since the margin calls are made daily with the exchange brokers, the fair value of the financial derivative instruments are deemed current and netted in deposits paid to vendors within other current assets in the consolidated balance sheets. </span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For financial instruments, failure of a counterparty to perform on a contract could result in our inability to realize amounts that have been recorded on our consolidated balance sheets and recognized in our statement of operations or statement of comprehensive income.</span></div>
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et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
262000000 usd
et Adjusted Ebitda Attributable To Unconsolidated Affiliates
AdjustedEbitdaAttributableToUnconsolidatedAffiliates
259000000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
62000000 usd
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
65000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
118000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
120000000 usd
CY2022Q2 et Other Net
OtherNet
-25000000 usd
CY2021Q2 et Other Net
OtherNet
4000000 usd
et Other Net
OtherNet
-84000000 usd
et Other Net
OtherNet
-11000000 usd
CY2022Q2 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
1708000000 usd
CY2021Q2 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
990000000 usd
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
3186000000 usd
us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
IncomeLossIncludingPortionAttributableToNoncontrollingInterest
4706000000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
86000000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
82000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
77000000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
157000000 usd
CY2022Q2 us-gaap Profit Loss
ProfitLoss
1622000000 usd
CY2021Q2 us-gaap Profit Loss
ProfitLoss
908000000 usd
us-gaap Profit Loss
ProfitLoss
3109000000 usd
us-gaap Profit Loss
ProfitLoss
4549000000 usd

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