2021 Q4 Form 10-K Financial Statement

#000155837022003141 Filed on March 09, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $496.0M $1.939B $414.9M
YoY Change 19.55% 18.34% 11.32%
Cost Of Revenue $377.5M $1.493B $328.2M
YoY Change 15.02% 15.97% 12.01%
Gross Profit $118.5M $446.2M $86.70M
YoY Change 36.68% 27.05% 8.78%
Gross Profit Margin 23.89% 23.01% 20.9%
Selling, General & Admin $78.80M $248.9M $70.60M
YoY Change 11.61% 13.86% -0.28%
% of Gross Profit 66.5% 55.78% 81.43%
Research & Development $17.00M
YoY Change 6.25%
% of Gross Profit 3.81%
Depreciation & Amortization $13.20M $51.30M $14.80M
YoY Change -10.81% -11.7% 7.25%
% of Gross Profit 11.14% 11.5% 17.07%
Operating Expenses $66.90M $265.9M $58.90M
YoY Change 13.58% 13.34% 0.34%
Operating Profit $51.60M $187.1M $27.80M
YoY Change 85.61% 61.02% 32.38%
Interest Expense -$3.200M $19.60M -$11.60M
YoY Change -72.41% 3.16% 73.13%
% of Operating Profit -6.2% 10.48% -41.73%
Other Income/Expense, Net -$3.600M -$16.50M -$5.000M
YoY Change -28.0% -14.95% 31.58%
Pretax Income $44.80M $153.4M $11.00M
YoY Change 307.27% 91.75% -14.73%
Income Tax $13.20M $40.50M $800.0K
% Of Pretax Income 29.46% 26.4% 7.27%
Net Earnings $31.60M $112.9M $10.20M
YoY Change 209.8% 76.68% 8.51%
Net Earnings / Revenue 6.37% 5.82% 2.46%
Basic Earnings Per Share $0.98
Diluted Earnings Per Share $273.6K $0.98 $88.24K
COMMON SHARES
Basic Shares Outstanding 115.5M
Diluted Shares Outstanding 115.5M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $406.0M $406.0M $355.3M
YoY Change 14.27% 14.27% -9.08%
Cash & Equivalents $406.0M $406.0M $355.3M
Short-Term Investments
Other Short-Term Assets $40.60M $40.60M $21.00M
YoY Change 93.33% 93.33% 27.27%
Inventory $432.3M $432.3M $519.0M
Prepaid Expenses
Receivables $324.3M $324.3M $292.9M
Other Receivables $54.80M $54.80M $30.10M
Total Short-Term Assets $1.258B $1.258B $1.218B
YoY Change 3.26% 3.26% -0.11%
LONG-TERM ASSETS
Property, Plant & Equipment $503.4M $523.3M $524.6M
YoY Change -4.04% -4.98% 6.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $106.1M $106.1M $105.5M
YoY Change 0.57% 0.57% 12.83%
Other Assets $14.10M $125.4M $6.500M
YoY Change 116.92% -22.69% 22.64%
Total Long-Term Assets $754.8M $754.8M $818.4M
YoY Change -7.77% -7.77% 9.69%
TOTAL ASSETS
Total Short-Term Assets $1.258B $1.258B $1.218B
Total Long-Term Assets $754.8M $754.8M $818.4M
Total Assets $2.013B $2.013B $2.037B
YoY Change -1.17% -1.17% 3.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.6M $161.8M $111.0M
YoY Change 29.37% 16.49% -19.1%
Accrued Expenses $61.30M $61.30M $63.60M
YoY Change -3.62% -3.62% 6.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M $1.400M $700.0K
YoY Change 100.0% 100.0% -53.33%
Total Short-Term Liabilities $288.8M $288.8M $260.2M
YoY Change 10.99% 10.99% -3.84%
LONG-TERM LIABILITIES
Long-Term Debt $449.8M $449.8M $486.7M
YoY Change -7.58% -7.58% 9.62%
Other Long-Term Liabilities $28.00M $375.9M $26.70M
YoY Change 4.87% -19.8% -5.32%
Total Long-Term Liabilities $853.8M $825.7M $980.0M
YoY Change -12.88% -13.58% 11.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $288.8M $288.8M $260.2M
Total Long-Term Liabilities $853.8M $825.7M $980.0M
Total Liabilities $1.143B $1.143B $1.240B
YoY Change -7.87% -7.87% 7.87%
SHAREHOLDERS EQUITY
Retained Earnings -$122.1M -$151.8M
YoY Change -19.57% 14.57%
Common Stock $1.397B $1.397B
YoY Change 0.01% -0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $200.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $870.2M $870.2M $796.5M
YoY Change
Total Liabilities & Shareholders Equity $2.013B $2.013B $2.037B
YoY Change -1.17% -1.17% 3.61%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $31.60M $112.9M $10.20M
YoY Change 209.8% 76.68% 8.51%
Depreciation, Depletion And Amortization $13.20M $51.30M $14.80M
YoY Change -10.81% -11.7% 7.25%
Cash From Operating Activities $80.50M $206.5M $46.40M
YoY Change 73.49% 101.46% 27.12%
INVESTING ACTIVITIES
Capital Expenditures -$22.70M $58.60M -$24.50M
YoY Change -7.35% -6.69% 17.22%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$22.70M -$58.60M -$24.50M
YoY Change -7.35% -4.4% 84.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $200.0K
YoY Change -80.0%
Debt Paid & Issued, Net $1.400M
YoY Change 27.27%
Cash From Financing Activities -22.00M -86.70M -21.70M
YoY Change 1.38% 1.64% -0.46%
NET CHANGE
Cash From Operating Activities 80.50M 206.5M 46.40M
Cash From Investing Activities -22.70M -58.60M -24.50M
Cash From Financing Activities -22.00M -86.70M -21.70M
Net Change In Cash 35.80M 50.60M 200.0K
YoY Change 17800.0% -267.0% -85.71%
FREE CASH FLOW
Cash From Operating Activities $80.50M $206.5M $46.40M
Capital Expenditures -$22.70M $58.60M -$24.50M
Free Cash Flow $103.2M $147.9M $70.90M
YoY Change 45.56% 272.54% 23.52%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Management’s estimates – </span>In preparing our financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) we are required 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 amount of revenues and expenses during the reporting period. Actual results may differ significantly from previously estimated amounts under different assumptions or conditions.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of credit risk </span>– Sales of TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> accounted for 94% of our net sales in 2019, 93% in 2020 and 92% in 2021. The remaining sales result from the mining and sale of ilmenite ore (a raw material used in the sulfate pigment production process), and the manufacture and sale of iron-based water treatment chemicals and certain titanium chemical products (derived from co-products of the TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> production processes). TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> is generally sold to the paint, plastics and paper industries. Such markets are generally considered “quality-of-life” markets whose demand for TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> is influenced by the relative economic well-being of the various geographic regions. We sell TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> to approximately 4,000 customers, with the top ten customers approximating 36% of net sales in 2019, 34% in 2020 and 32% in 2021. One customer accounted for approximately 10% of our net sales in 2019 and 2020. We did not have sales to a single customer comprising 10% or more of our net sales in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 6pt 0pt;">The table below shows the approximate percentage of our TiO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub> sales by volume for our significant markets, Europe and North America, for the last three years.</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:57.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:57.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">    </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr><td style="vertical-align:bottom;width:57.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Europe</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;">46%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;">46%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"><b style="font-weight:bold;">46%</b></p></td></tr><tr><td style="vertical-align:bottom;width:57.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">North America</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;">34%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;">36%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.6pt 0.05pt 0pt;"><b style="font-weight:bold;">37%</b></p></td></tr></table>
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
362000000.0
CY2020Q4 kro Cash Cash Equivalents And Restricted Cash Fair Value Disclosure
CashCashEquivalentsAndRestrictedCashFairValueDisclosure
362000000.0
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
412600000
CY2021Q4 kro Cash Cash Equivalents And Restricted Cash Fair Value Disclosure
CashCashEquivalentsAndRestrictedCashFairValueDisclosure
412600000
CY2020Q4 us-gaap Senior Notes
SeniorNotes
485700000
CY2020Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
499900000
CY2021Q4 us-gaap Senior Notes
SeniorNotes
448800000
CY2021Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
460200000

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