2024 Q1 Form 10-K Financial Statement

#000155837024002607 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $478.8M $400.1M $1.667B
YoY Change 12.32% 16.85% -13.66%
Cost Of Revenue $407.3M $344.5M $1.502B
YoY Change 2.98% 12.91% -2.44%
Gross Profit $71.50M $55.60M $164.9M
YoY Change 132.14% 49.06% -57.84%
Gross Profit Margin 14.93% 13.9% 9.89%
Selling, General & Admin $54.20M $68.70M $211.2M
YoY Change 1.88% 9.39% -8.69%
% of Gross Profit 75.8% 123.56% 128.08%
Research & Development $18.00M
YoY Change 20.0%
% of Gross Profit 10.92%
Depreciation & Amortization $10.90M $12.00M $48.60M
YoY Change -15.5% -5.51% -6.0%
% of Gross Profit 15.24% 21.58% 29.47%
Operating Expenses $54.20M $58.10M $229.2M
YoY Change 1.88% 13.04% -6.94%
Operating Profit $19.50M -$2.500M -$56.00M
YoY Change -206.56% -82.27% -135.09%
Interest Expense $9.200M -$5.300M $17.10M
YoY Change 119.05% -24.29% 1.18%
% of Operating Profit 47.18%
Other Income/Expense, Net -$300.0K -$1.600M -$5.700M
YoY Change -66.67% -56.76% -55.81%
Pretax Income $11.60M -$9.400M -$72.90M
YoY Change -152.49% -62.1% -154.44%
Income Tax $3.500M -$4.100M -$23.80M
% Of Pretax Income 30.17%
Net Earnings $8.100M -$5.300M -$49.10M
YoY Change -153.29% -73.37% -146.99%
Net Earnings / Revenue 1.69% -1.32% -2.95%
Basic Earnings Per Share $0.07 -$0.43
Diluted Earnings Per Share $0.07 -$0.05 -$0.43
COMMON SHARES
Basic Shares Outstanding 115.0M 115.0M 115.1
Diluted Shares Outstanding 115.0M 115.1

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.7M $194.7M $194.7M
YoY Change -32.11% -40.6% -40.6%
Cash & Equivalents $120.7M $194.7M $194.7M
Short-Term Investments
Other Short-Term Assets $39.50M $45.60M $45.60M
YoY Change -7.28% -9.88% -9.88%
Inventory $475.8M $564.6M $564.6M
Prepaid Expenses
Receivables $326.8M $269.5M $269.5M
Other Receivables $21.90M $17.30M $43.00M
Total Short-Term Assets $984.7M $1.117B $1.117B
YoY Change -13.25% -10.05% -10.05%
LONG-TERM ASSETS
Property, Plant & Equipment $461.6M $482.9M $505.6M
YoY Change -5.78% -0.33% -0.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $111.2M $113.2M $113.2M
YoY Change -4.22% -2.5% -2.5%
Other Assets $13.30M $13.30M $101.8M
YoY Change -0.75% 0.0% 45.22%
Total Long-Term Assets $694.7M $720.6M $720.6M
YoY Change -0.24% 4.1% 4.1%
TOTAL ASSETS
Total Short-Term Assets $984.7M $1.117B $1.117B
Total Long-Term Assets $694.7M $720.6M $720.6M
Total Assets $1.679B $1.838B $1.838B
YoY Change -8.3% -4.98% -4.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $143.9M $218.7M $250.0M
YoY Change -0.48% 23.42% 24.94%
Accrued Expenses $37.50M $51.10M $51.10M
YoY Change 7.76% -2.29% -2.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $267.9M $370.8M $370.8M
YoY Change 3.16% 13.5% 13.5%
LONG-TERM LIABILITIES
Long-Term Debt $426.9M $440.9M $440.9M
YoY Change -1.52% 3.96% 3.96%
Other Long-Term Liabilities $21.40M $21.80M $209.0M
YoY Change 2.88% 6.34% 4.5%
Total Long-Term Liabilities $637.1M $658.9M $649.9M
YoY Change -3.43% 1.29% 4.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $267.9M $370.8M $370.8M
Total Long-Term Liabilities $637.1M $658.9M $649.9M
Total Liabilities $905.0M $1.030B $1.030B
YoY Change -1.57% 5.37% 5.37%
SHAREHOLDERS EQUITY
Retained Earnings -$255.8M -$242.0M
YoY Change 79.51% 129.6%
Common Stock $1.391B $1.391B
YoY Change -0.2% -0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $774.4M $808.3M $808.3M
YoY Change
Total Liabilities & Shareholders Equity $1.679B $1.838B $1.838B
YoY Change -8.3% -4.98% -4.98%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $8.100M -$5.300M -$49.10M
YoY Change -153.29% -73.37% -146.99%
Depreciation, Depletion And Amortization $10.90M $12.00M $48.60M
YoY Change -15.5% -5.51% -6.0%
Cash From Operating Activities -$43.30M $64.40M $5.500M
YoY Change -60.56% 184.96% -93.27%
INVESTING ACTIVITIES
Capital Expenditures $4.700M $5.300M $47.40M
YoY Change -71.34% -71.81% -25.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$4.700M -$5.300M -$47.40M
YoY Change -71.34% -71.81% -24.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.900M
YoY Change 26.09%
Debt Paid & Issued, Net $52.60M $1.100M
YoY Change 26200.0% -15.38%
Cash From Financing Activities -25.70M -22.60M -91.60M
YoY Change 9.36% -6.22% 0.11%
NET CHANGE
Cash From Operating Activities -43.30M 64.40M 5.500M
Cash From Investing Activities -4.700M -5.300M -47.40M
Cash From Financing Activities -25.70M -22.60M -91.60M
Net Change In Cash -69.00M 36.50M -132.5M
YoY Change -48.24% -279.8% 69.87%
FREE CASH FLOW
Cash From Operating Activities -$43.30M $64.40M $5.500M
Capital Expenditures $4.700M $5.300M $47.40M
Free Cash Flow -$48.00M $59.10M -$41.90M
YoY Change -61.97% 1455.26% -326.49%

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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;line-height:11pt;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 92% of our net sales in both 2021 and 2022 and 90% in 2023. The remaining sales result from the 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 3,000 customers, with the top ten customers approximating 32% in 2021, 33% in 2022 and 35% in 2023 of net sales. One customer accounted for approximately 10% of our net sales in 2022 and 12% in 2023. 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;line-height:11pt;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><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">​</span></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;">2021</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;">2022</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;">2023</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;">45%</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;">44%</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;">37%</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;">39%</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;">41%</b></p></td></tr></table>
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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
202100000
CY2023Q4 kro Cash Cash Equivalents And Restricted Cash Fair Value Disclosure
CashCashEquivalentsAndRestrictedCashFairValueDisclosure
202100000
CY2022Q4 us-gaap Senior Notes
SeniorNotes
424100000
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
374200000
CY2023Q4 us-gaap Senior Notes
SeniorNotes
440900000
CY2023Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
424500000
CY2022 us-gaap Insurance Recoveries
InsuranceRecoveries
2700000
CY2023 us-gaap Insurance Recoveries
InsuranceRecoveries
2500000
CY2023 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
100

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