2023 Q1 Form 10-K Financial Statement

#000162828023005059 Filed on February 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $2.411B $2.934B $11.32B
YoY Change 1.69% 31.16% 49.33%
Cost Of Revenue $651.0M $876.0M $3.583B
YoY Change -12.38% 21.5% 62.42%
Gross Profit $1.760B $2.058B $7.741B
YoY Change 12.1% 35.75% 46.97%
Gross Profit Margin 73.0% 70.14% 68.36%
Selling, General & Admin $518.0M $501.0M $1.882B
YoY Change 22.46% 24.63% 19.95%
% of Gross Profit 29.43% 24.34% 24.31%
Research & Development $66.00M $40.00M $174.0M
YoY Change 53.49% -11.11% 7.41%
% of Gross Profit 3.75% 1.94% 2.25%
Depreciation & Amortization $491.0M $504.0M $1.703B
YoY Change 45.7% 26.63% 11.45%
% of Gross Profit 27.9% 24.49% 22.0%
Operating Expenses $1.075B $1.045B $3.759B
YoY Change 33.87% 23.67% 15.34%
Operating Profit $685.0M $1.013B $3.982B
YoY Change -10.69% 50.97% 98.31%
Interest Expense -$123.0M -$124.0M -$493.0M
YoY Change -200.0% 0.81% -202.49%
% of Operating Profit -17.96% -12.24% -12.38%
Other Income/Expense, Net $42.00M $44.00M $145.0M
YoY Change 16.67% 120.0% 79.01%
Pretax Income $604.0M $1.009B $3.681B
YoY Change -13.96% 77.64% 147.05%
Income Tax $176.0M $300.0M $1.107B
% Of Pretax Income 29.14% 29.73% 30.07%
Net Earnings $346.0M $624.0M $2.223B
YoY Change -17.03% 135.47% 297.67%
Net Earnings / Revenue 14.35% 21.27% 19.63%
Basic Earnings Per Share $1.13 $6.80
Diluted Earnings Per Share $1.13 $2.025M $7.180M
COMMON SHARES
Basic Shares Outstanding 306.2M shares 308.1M shares
Diluted Shares Outstanding 307.3M shares 309.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100B $2.486B $2.486B
YoY Change 53.28% -8.37% -8.37%
Cash & Equivalents $2.100B $2.486B $2.486B
Short-Term Investments
Other Short-Term Assets $263.0M $1.445B $1.445B
YoY Change 103.88% 626.13% 626.13%
Inventory $229.0M $217.0M $217.0M
Prepaid Expenses
Receivables $1.064B $1.041B $1.041B
Other Receivables $143.0M $121.0M $121.0M
Total Short-Term Assets $3.799B $3.931B $3.931B
YoY Change 16.32% -9.55% -9.55%
LONG-TERM ASSETS
Property, Plant & Equipment $15.41B $15.83B $15.83B
YoY Change 6.37% 11.61% 7.83%
Goodwill $360.0M $360.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $910.0M $1.970B $1.970B
YoY Change 25.86% 202.61% 74.18%
Total Long-Term Assets $18.14B $17.80B $17.80B
YoY Change 9.72% 10.07% 10.07%
TOTAL ASSETS
Total Short-Term Assets $3.799B $3.931B $3.931B
Total Long-Term Assets $18.14B $17.80B $17.80B
Total Assets $21.94B $21.73B $21.73B
YoY Change 10.81% 5.92% 5.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $344.0M $285.0M $285.0M
YoY Change 10.26% 29.55% 29.55%
Accrued Expenses $1.663B $221.0M $221.0M
YoY Change -4.92% -87.08% -87.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $3.000M $3.000M
YoY Change -77.27% -99.42% -99.44%
Total Short-Term Liabilities $2.308B $2.280B $2.280B
YoY Change 0.22% -25.59% -25.59%
LONG-TERM LIABILITIES
Long-Term Debt $8.382B $8.457B $8.457B
YoY Change 5.65% 6.5% 3.88%
Other Long-Term Liabilities $427.0M $2.369B $2.369B
YoY Change -11.96% 371.91% 24.62%
Total Long-Term Liabilities $8.809B $10.83B $10.83B
YoY Change 4.63% 28.22% 7.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.308B $2.280B $2.280B
Total Long-Term Liabilities $8.809B $10.83B $10.83B
Total Liabilities $13.22B $13.75B $13.75B
YoY Change 3.66% 1.91% -3.29%
SHAREHOLDERS EQUITY
Retained Earnings $1.686B $1.474B
YoY Change 147.94% 288.92%
Common Stock $6.561B $6.512B
YoY Change 2.61% 2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.133B $7.982B $7.982B
YoY Change
Total Liabilities & Shareholders Equity $21.94B $21.73B $21.73B
YoY Change 10.81% 5.92% 5.92%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $346.0M $624.0M $2.223B
YoY Change -17.03% 135.47% 297.67%
Depreciation, Depletion And Amortization $491.0M $504.0M $1.703B
YoY Change 45.7% 26.63% 11.45%
Cash From Operating Activities $638.0M $1.252B $3.944B
YoY Change -508.97% 39.27% 36.47%
INVESTING ACTIVITIES
Capital Expenditures $837.0M -$793.0M -$2.725B
YoY Change -253.3% 55.8% 55.98%
Acquisitions
YoY Change
Other Investing Activities -$4.000M $146.0M $170.0M
YoY Change -116.67% -14700.0% 3300.0%
Cash From Investing Activities -$841.0M -$647.0M -$2.555B
YoY Change 61.11% 26.86% 92.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$282.0M -$432.0M
YoY Change
Debt Paid & Issued, Net $0.00 $510.0M
YoY Change -100.0% 0.0%
Cash From Financing Activities -183.0M -503.0M -1.616B
YoY Change -72.48% 429.47% 173.43%
NET CHANGE
Cash From Operating Activities 638.0M 1.252B 3.944B
Cash From Investing Activities -841.0M -647.0M -2.555B
Cash From Financing Activities -183.0M -503.0M -1.616B
Net Change In Cash -386.0M 102.0M -227.0M
YoY Change -71.26% -65.31% -123.31%
FREE CASH FLOW
Cash From Operating Activities $638.0M $1.252B $3.944B
Capital Expenditures $837.0M -$793.0M -$2.725B
Free Cash Flow -$199.0M $2.045B $6.669B
YoY Change -151.03% 45.24% 43.82%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates and Assumptions:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  In preparing financial statements in conformity with GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Balance Sheet</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and revenues and expenses in the</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Statement of Consolidated Income</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.  Actual results could differ from those estimates.  Estimates made by management include oil and gas reserves, asset and other valuations, depreciable lives, post-retirement liabilities, legal and environmental obligations, asset retirement obligations and income taxes.</span>
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