2023 Q4 Form 10-K Financial Statement

#000102232124000018 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $774.1M $3.177B $2.789B
YoY Change 8.41% 13.91% 31.22%
Cost Of Revenue $620.8M $2.502B $2.151B
YoY Change 17.24% 16.29% 28.13%
Gross Profit $153.3M $675.4M $637.8M
YoY Change -16.91% 5.89% 42.81%
Gross Profit Margin 19.8% 21.26% 22.87%
Selling, General & Admin $17.53M $65.78M $59.26M
YoY Change 31.63% 11.0% 13.44%
% of Gross Profit 11.43% 9.74% 9.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.22M $280.2M $296.2M
YoY Change -11.2% -5.41% -4.37%
% of Gross Profit 45.8% 41.49% 46.44%
Operating Expenses $87.75M $346.0M $355.5M
YoY Change -5.03% -2.67% -1.81%
Operating Profit $65.56M $329.4M $315.0M
YoY Change -28.83% 4.57% 316.15%
Interest Expense -$44.01M -$178.5M -$172.0M
YoY Change 1.35% 3.79% -2.2%
% of Operating Profit -67.13% -54.18% -54.59%
Other Income/Expense, Net -$2.815M -$4.627M -$10.76M
YoY Change -454.53% -56.99% -70.31%
Pretax Income $18.73M $146.3M $132.3M
YoY Change -61.16% 10.6% -197.02%
Income Tax -$1.767M -$19.00K $3.169M
% Of Pretax Income -9.43% -0.01% 2.4%
Net Earnings -$9.555M $117.7M $75.46M
YoY Change -153.16% 56.01% -145.71%
Net Earnings / Revenue -1.23% 3.71% 2.71%
Basic Earnings Per Share $0.22 -$0.04
Diluted Earnings Per Share -$0.08 $0.22 -$0.04
COMMON SHARES
Basic Shares Outstanding 122.5M shares 122.6M shares
Diluted Shares Outstanding 122.5M shares 122.6M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.04M $28.04M $7.930M
YoY Change 253.57% 253.57% -60.32%
Cash & Equivalents $9.234M $28.04M $7.930M
Short-Term Investments
Other Short-Term Assets $41.23M $41.23M $45.41M
YoY Change 54.03% -9.19% 2.72%
Inventory $135.2M $135.2M $78.14M
Prepaid Expenses
Receivables $759.5M $759.5M $721.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $964.1M $964.1M $853.0M
YoY Change 13.01% 13.01% 57.25%
LONG-TERM ASSETS
Property, Plant & Equipment $4.528B $5.309B $4.767B
YoY Change 10.54% 11.37% 3.59%
Goodwill $302.0M
YoY Change 0.0%
Intangibles $141.5M
YoY Change 11.17%
Long-Term Investments $263.8M $263.8M $284.5M
YoY Change -7.26% -7.26% -3.25%
Other Assets $38.24M $38.24M $29.62M
YoY Change 18.73% 29.12% -11.65%
Total Long-Term Assets $6.055B $6.055B $5.513B
YoY Change 9.83% 9.83% 2.79%
TOTAL ASSETS
Total Short-Term Assets $964.1M $964.1M $853.0M
Total Long-Term Assets $6.055B $6.055B $5.513B
Total Assets $7.019B $7.019B $6.366B
YoY Change 10.25% 10.25% 7.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $588.9M $588.9M $428.0M
YoY Change 37.61% 37.61% 61.91%
Accrued Expenses $378.5M $378.5M $281.1M
YoY Change 34.64% 34.64% 20.86%
Deferred Revenue $11.46M
YoY Change 449.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $967.4M $967.4M $709.1M
YoY Change 36.43% 36.43% 42.69%
LONG-TERM LIABILITIES
Long-Term Debt $4.566B $4.566B $4.356B
YoY Change 4.83% 4.83% 15.56%
Other Long-Term Liabilities $570.2M $570.2M $400.6M
YoY Change 42.33% 42.33% -7.89%
Total Long-Term Liabilities $570.2M $5.137B $4.757B
YoY Change 42.33% 7.99% 13.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $967.4M $967.4M $709.1M
Total Long-Term Liabilities $570.2M $5.137B $4.757B
Total Liabilities $5.308B $6.491B $5.793B
YoY Change 15.63% 12.06% 9.91%
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 $527.7M $527.7M $573.4M
YoY Change
Total Liabilities & Shareholders Equity $7.019B $7.019B $6.366B
YoY Change 10.25% 10.25% 7.79%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$9.555M $117.7M $75.46M
YoY Change -153.16% 56.01% -145.71%
Depreciation, Depletion And Amortization $70.22M $280.2M $296.2M
YoY Change -11.2% -5.41% -4.37%
Cash From Operating Activities $124.8M $521.1M $334.4M
YoY Change 52.52% 55.84% -1.05%
INVESTING ACTIVITIES
Capital Expenditures $224.3M $620.0M $424.2M
YoY Change 86.25% 46.16% -240.74%
Acquisitions
YoY Change
Other Investing Activities $6.595M -$4.332M $49.68M
YoY Change 6561.62% -108.72% 82.11%
Cash From Investing Activities -$217.7M -$593.6M -$374.5M
YoY Change 80.92% 58.51% 36.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.044M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 81.03M $73.99M $41.70M
YoY Change 99.63% 77.45% -163.31%
NET CHANGE
Cash From Operating Activities 124.8M $521.1M $334.4M
Cash From Investing Activities -217.7M -$593.6M -$374.5M
Cash From Financing Activities 81.03M $73.99M $41.70M
Net Change In Cash -11.87M $1.471M $1.575M
YoY Change -669.98% -6.6% -177.74%
FREE CASH FLOW
Cash From Operating Activities $124.8M $521.1M $334.4M
Capital Expenditures $224.3M $620.0M $424.2M
Free Cash Flow -$99.49M -$98.89M -$89.80M
YoY Change 157.7% 10.13% -114.05%

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<div style="margin-top:9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our Consolidated Financial Statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We based these estimates and assumptions on historical experience and other information that we believed to be reasonable under the circumstances. Significant estimates that we make include: (1) liability and contingency accruals, including the estimates of future asset retirement obligations, (2) estimated fair value of assets and liabilities acquired and identification of associated goodwill and intangible assets, (3) estimates of future net cash flows from assets for purposes of determining whether impairment of those assets has occurred, (4) estimates of variable consideration for revenue recognition, (5) estimated fair value of derivative instruments, and (6) estimated useful lives of our fixed and intangible assets (including the reserve life of our mineral leaseholds) for the use in calculating depreciation, depletion, and amortization of long-lived assets and intangible assets. While we believe these estimates are reasonable, actual results could differ from these estimates. Changes in facts and circumstances may result in revised estimates.</span></div>
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CY2023 us-gaap Current Federal Tax Expense Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Other
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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CY2022Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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27033000 usd
CY2023Q4 gel Deferred Tax Assets Right Of Use Assets
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CY2023Q4 us-gaap Deferred Tax Liabilities Other
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CY2022Q4 us-gaap Deferred Tax Liabilities Other
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2023Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2023Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
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CY2023 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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CY2023 gel Partnership Income Loss Not Subject To Tax
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CY2023 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2023 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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