2023 Q1 Form 10-K Financial Statement

#000155837023003144 Filed on March 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $426.3M $342.4M $1.930B
YoY Change -24.27% -30.97% -0.47%
Cost Of Revenue $395.5M $305.1M $1.539B
YoY Change -4.38% -19.18% 3.07%
Gross Profit $30.80M $37.30M $391.1M
YoY Change -79.37% -68.52% -12.35%
Gross Profit Margin 7.22% 10.89% 20.26%
Selling, General & Admin $53.20M $62.80M $231.3M
YoY Change -13.36% -20.3% -7.07%
% of Gross Profit 172.73% 168.36% 59.14%
Research & Development $15.00M
YoY Change -11.76%
% of Gross Profit 3.84%
Depreciation & Amortization $12.90M $12.70M $51.70M
YoY Change 0.0% -3.79% 0.78%
% of Gross Profit 41.88% 34.05% 13.22%
Operating Expenses $53.20M $51.40M $246.3M
YoY Change -13.36% -23.17% -7.37%
Operating Profit -$18.30M -$14.10M $159.6M
YoY Change -121.97% -127.33% -14.7%
Interest Expense $4.200M -$7.000M $16.90M
YoY Change -6.67% 118.75% -13.78%
% of Operating Profit 10.59%
Other Income/Expense, Net -$900.0K -$3.700M -$12.90M
YoY Change -71.88% 2.78% -21.82%
Pretax Income -$22.10M -$24.80M $133.9M
YoY Change -129.16% -155.36% -12.71%
Income Tax -$6.900M -$4.900M $29.40M
% Of Pretax Income 21.96%
Net Earnings -$15.20M -$19.90M $104.5M
YoY Change -126.43% -162.97% -7.44%
Net Earnings / Revenue -3.57% -5.81% 5.41%
Basic Earnings Per Share -$0.13 $0.90
Diluted Earnings Per Share -$0.13 -$0.17 $0.90
COMMON SHARES
Basic Shares Outstanding 115.3M 115.5M 115.5M
Diluted Shares Outstanding 115.3M 115.5M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.8M $327.8M $327.8M
YoY Change -49.2% -19.26% -19.26%
Cash & Equivalents $177.8M $327.8M $327.8M
Short-Term Investments
Other Short-Term Assets $42.60M $50.60M $50.60M
YoY Change -12.88% 24.63% 24.63%
Inventory $612.7M $608.7M $608.7M
Prepaid Expenses
Receivables $268.1M $216.8M $216.8M
Other Receivables $33.90M $38.30M $38.30M
Total Short-Term Assets $1.135B $1.242B $1.242B
YoY Change -11.29% -1.26% -1.26%
LONG-TERM ASSETS
Property, Plant & Equipment $489.9M $484.5M $506.0M
YoY Change -2.76% -3.75% -3.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $116.1M $116.1M $116.1M
YoY Change 5.55% 9.43% 9.43%
Other Assets $13.40M $13.30M $70.10M
YoY Change -8.84% -5.67% -44.1%
Total Long-Term Assets $696.4M $692.2M $692.2M
YoY Change -7.86% -8.29% -8.29%
TOTAL ASSETS
Total Short-Term Assets $1.135B $1.242B $1.242B
Total Long-Term Assets $696.4M $692.2M $692.2M
Total Assets $1.832B $1.934B $1.934B
YoY Change -10.01% -3.9% -3.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $144.6M $177.2M $200.1M
YoY Change 9.13% 23.4% 23.67%
Accrued Expenses $34.80M $52.30M $52.30M
YoY Change -24.35% -14.68% -14.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $900.0K $1.100M $1.100M
YoY Change -35.71% -21.43% -21.43%
Total Short-Term Liabilities $259.7M $326.7M $326.7M
YoY Change -7.61% 13.12% 13.12%
LONG-TERM LIABILITIES
Long-Term Debt $433.5M $424.1M $424.1M
YoY Change -2.32% -5.71% -5.71%
Other Long-Term Liabilities $20.80M $20.50M $200.0M
YoY Change -20.91% -26.79% -46.79%
Total Long-Term Liabilities $659.7M $650.5M $624.1M
YoY Change -21.52% -23.81% -24.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $259.7M $326.7M $326.7M
Total Long-Term Liabilities $659.7M $650.5M $624.1M
Total Liabilities $919.4M $977.2M $977.2M
YoY Change -18.04% -14.48% -14.48%
SHAREHOLDERS EQUITY
Retained Earnings -$142.5M -$105.4M
YoY Change 64.74% -13.68%
Common Stock $1.394B $1.396B
YoY Change -0.16% -0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.500M $1.400M
YoY Change 36.36% 600.0%
Treasury Stock Shares
Shareholders Equity $912.1M $957.2M $957.2M
YoY Change
Total Liabilities & Shareholders Equity $1.832B $1.934B $1.934B
YoY Change -10.01% -3.9% -3.9%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$15.20M -$19.90M $104.5M
YoY Change -126.43% -162.97% -7.44%
Depreciation, Depletion And Amortization $12.90M $12.70M $51.70M
YoY Change 0.0% -3.79% 0.78%
Cash From Operating Activities -$109.8M $22.60M $81.70M
YoY Change 490.32% -71.93% -60.44%
INVESTING ACTIVITIES
Capital Expenditures $16.40M $18.80M $63.20M
YoY Change 15.49% -182.82% 7.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$100.0K
YoY Change
Cash From Investing Activities -$16.40M -$18.80M -$63.10M
YoY Change 15.49% -17.18% 7.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.300M
YoY Change 1050.0%
Debt Paid & Issued, Net $200.0K $1.300M
YoY Change 0.0% -7.14%
Cash From Financing Activities -23.50M -24.10M -91.50M
YoY Change 1.29% 9.55% 5.54%
NET CHANGE
Cash From Operating Activities -109.8M 22.60M 81.70M
Cash From Investing Activities -16.40M -18.80M -63.10M
Cash From Financing Activities -23.50M -24.10M -91.50M
Net Change In Cash -133.3M -20.30M -78.00M
YoY Change 218.9% -156.7% -254.15%
FREE CASH FLOW
Cash From Operating Activities -$109.8M $22.60M $81.70M
Capital Expenditures $16.40M $18.80M $63.20M
Free Cash Flow -$126.2M $3.800M $18.50M
YoY Change 284.76% -96.32% -87.49%

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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 93% of our net sales in 2020 and 92% in 2021 and 2022. 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 34% of net sales in 2020, 32% in 2021 and 33% in 2022. One customer accounted for approximately 10% of our net sales in both 2020 and in 2022. 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:56.8%;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:3.1%;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:1.98%;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:1.98%;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></tr><tr><td style="vertical-align:bottom;width:56.8%;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:3.1%;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;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;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;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;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;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:56.8%;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:3.1%;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:1.98%;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:1.98%;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;"><b style="font-weight:bold;">45%</b></p></td></tr><tr><td style="vertical-align:bottom;width:56.8%;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:3.1%;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;">36%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;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;">37%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.98%;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;"><b style="font-weight:bold;">39%</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p>
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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
334600000
CY2022Q4 kro Cash Cash Equivalents And Restricted Cash Fair Value Disclosure
CashCashEquivalentsAndRestrictedCashFairValueDisclosure
334600000
CY2021Q4 us-gaap Senior Notes
SeniorNotes
448800000
CY2021Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
460200000
CY2022Q4 us-gaap Senior Notes
SeniorNotes
424100000
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
374200000
CY2022Q3 us-gaap Gain Loss On Sale Of Insurance Block
GainLossOnSaleOfInsuranceBlock
2700000

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