$LXU
LSB INDUSTRIES, INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023017168 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $165.8M $181.0M $199.0M
YoY Change -41.77% -9.05% 102.8%
Cost Of Revenue $129.8M $139.4M $108.3M
YoY Change -8.5% 28.74% 20.2%
Gross Profit $36.03M $41.61M $90.73M
YoY Change -74.79% -54.14% 1025.68%
Gross Profit Margin 21.73% 22.99% 45.6%
Selling, General & Admin $9.636M $9.867M $10.94M
YoY Change -0.02% -9.77% 24.36%
% of Gross Profit 26.74% 23.72% 12.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.27M $17.44M $17.20M
YoY Change 1.6% 1.41% 2.6%
% of Gross Profit 47.92% 41.92% 18.95%
Operating Expenses $8.736M $9.867M $10.94M
YoY Change -9.36% -9.77% 24.36%
Operating Profit $27.30M $30.54M $79.97M
YoY Change -79.42% -61.82% -17115.11%
Interest Expense -$11.84M $12.21M $9.955M
YoY Change -196.17% 22.67% -19.54%
% of Operating Profit -43.36% 39.99% 12.45%
Other Income/Expense, Net $3.764M $3.476M -$135.0K
YoY Change 9.74% -2674.81% -65.82%
Pretax Income $28.07M $21.80M $69.88M
YoY Change -77.32% -68.81% -627.92%
Income Tax $2.973M $5.900M $11.10M
% Of Pretax Income 10.59% 27.07% 15.88%
Net Earnings $25.10M $15.90M $58.77M
YoY Change -75.73% -72.94% -542.55%
Net Earnings / Revenue 15.13% 8.79% 29.53%
Basic Earnings Per Share $0.33 $0.21 $0.66
Diluted Earnings Per Share $0.33 $0.21 $0.65
COMMON SHARES
Basic Shares Outstanding 76.13M 76.13M 88.42M
Diluted Shares Outstanding 75.66M 76.31M 89.77M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $313.8M $425.8M $343.6M
YoY Change -30.38% 23.93% 2319.79%
Cash & Equivalents $45.07M $48.95M $254.3M
Short-Term Investments $268.8M $376.9M $89.31M
Other Short-Term Assets $52.82M $64.81M $61.37M
YoY Change -3.09% 5.59% 35.18%
Inventory $22.70M $29.63M $27.40M
Prepaid Expenses
Receivables $50.74M $59.56M $97.05M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $440.1M $579.8M $529.4M
YoY Change -31.02% 9.52% 280.89%
LONG-TERM ASSETS
Property, Plant & Equipment $860.5M $842.9M $875.2M
YoY Change 2.51% -3.69% -3.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.62M $23.02M
YoY Change -12.07%
Total Long-Term Assets $862.0M $865.9M $878.8M
YoY Change -0.88% -1.46% -4.07%
TOTAL ASSETS
Total Short-Term Assets $440.1M $579.8M $529.4M
Total Long-Term Assets $862.0M $865.9M $878.8M
Total Assets $1.302B $1.446B $1.408B
YoY Change -13.64% 2.67% 33.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.52M $68.34M $60.65M
YoY Change -21.33% 12.68% 5.66%
Accrued Expenses $31.21M $43.62M $44.91M
YoY Change -0.37% -2.89% 14.28%
Deferred Revenue
YoY Change
Short-Term Debt $5.118M $10.17M $9.911M
YoY Change -9.93% 2.59% 20.87%
Long-Term Debt Due $5.371M $8.544M $8.112M
YoY Change -51.07% 5.33% -55.14%
Total Short-Term Liabilities $96.22M $130.7M $123.6M
YoY Change -17.96% 5.73% -0.58%
LONG-TERM LIABILITIES
Long-Term Debt $578.2M $702.1M $708.4M
YoY Change -17.92% -0.89% 52.78%
Other Long-Term Liabilities $16.68M $13.98M $20.57M
YoY Change -13.14% -32.01% -22.69%
Total Long-Term Liabilities $594.9M $702.1M $708.4M
YoY Change -15.55% -0.89% 52.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.22M $130.7M $123.6M
Total Long-Term Liabilities $594.9M $702.1M $708.4M
Total Liabilities $762.3M $832.7M $890.0M
YoY Change -7.23% -6.43% 37.81%
SHAREHOLDERS EQUITY
Retained Earnings $240.1M $215.0M
YoY Change 83.4%
Common Stock $9.117M $9.117M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $207.9M $191.4M
YoY Change 705.97%
Treasury Stock Shares
Shareholders Equity $539.8M $530.0M $518.2M
YoY Change
Total Liabilities & Shareholders Equity $1.302B $1.446B $1.408B
YoY Change -13.64% 2.67% 33.48%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $25.10M $15.90M $58.77M
YoY Change -75.73% -72.94% -542.55%
Depreciation, Depletion And Amortization $17.27M $17.44M $17.20M
YoY Change 1.6% 1.41% 2.6%
Cash From Operating Activities $43.70M $59.25M $85.49M
YoY Change -67.7% -30.7% 572.58%
INVESTING ACTIVITIES
Capital Expenditures $13.83M $18.44M $8.254M
YoY Change -269.08% 123.37% 34.58%
Acquisitions
YoY Change
Other Investing Activities $107.4M -$11.00K -$51.00K
YoY Change -145.47% -78.43% -74.24%
Cash From Investing Activities $93.59M -$63.38M -$97.51M
YoY Change -138.29% -35.01% 1543.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -141.2M -10.69M 184.2M
YoY Change 606.93% -105.8% -2191.02%
NET CHANGE
Cash From Operating Activities 43.70M 59.25M 85.49M
Cash From Investing Activities 93.59M -63.38M -97.51M
Cash From Financing Activities -141.2M -10.69M 184.2M
Net Change In Cash -3.877M -14.82M 172.2M
YoY Change -97.0% -108.61% -8572.19%
FREE CASH FLOW
Cash From Operating Activities $43.70M $59.25M $85.49M
Capital Expenditures $13.83M $18.44M $8.254M
Free Cash Flow $29.88M $40.81M $77.24M
YoY Change -79.18% -47.16% 1074.19%

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PaymentsToAcquireShortTermInvestments
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CY2022Q1 us-gaap Payments To Acquire Short Term Investments
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89311000
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CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Secured Notes Payable
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CY2023Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
2180000
CY2022Q1 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
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CY2023Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
5967000
CY2022Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2805000
CY2022Q1 lxu Payments Of Debt Related Costs
PaymentsOfDebtRelatedCosts
4102000
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2541000
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
82144000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 lxu Number Of Facilities For Manufacture And Distribution Of Products
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4
CY2023Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022Q1 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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986000
CY2022Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
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-562000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">–</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
15901000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
58766000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15901000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
15901000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
58766000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
58766000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
75807000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88421000
CY2023Q1 lxu Unvested Restricted Stock And Stock Units
UnvestedRestrictedStockAndStockUnits
504000
CY2022Q1 lxu Unvested Restricted Stock And Stock Units
UnvestedRestrictedStockAndStockUnits
1345000
CY2023Q1 lxu Dilutive Potential Common Shares1
DilutivePotentialCommonShares1
504000
CY2022Q1 lxu Dilutive Potential Common Shares1
DilutivePotentialCommonShares1
1345000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
76311000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89766000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.65
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
5608000
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
10823000
CY2023Q1 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
88.25
CY2022Q4 us-gaap Debt Instrument Measurement Input
DebtInstrumentMeasurementInput
91.00
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
408301
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13000
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
22212000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
11196000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7869000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7259000
CY2023Q1 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
4468000
CY2022Q4 us-gaap Employee Related Liabilities Current And Noncurrent
EmployeeRelatedLiabilitiesCurrentAndNoncurrent
12440000
CY2023Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
9590000
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
8097000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
44139000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
38992000
CY2023Q1 lxu Accrued And Other Liabilities Noncurrent
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522000
CY2022Q4 lxu Accrued And Other Liabilities Noncurrent
AccruedAndOtherLiabilitiesNoncurrent
522000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
43617000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38470000
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11780000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
12321000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
710615000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
712255000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
8544000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
9522000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
702071000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
702733000
CY2023Q1 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
500000
CY2023Q1 lxu Insurance Coverage Of General Liability And Auto Liability Risks
InsuranceCoverageOfGeneralLiabilityAndAutoLiabilityRisks
100000000
CY2023Q1 lxu Product Liability Deductible Per Claim
ProductLiabilityDeductiblePerClaim
250000
CY2023Q1 lxu Liability Reserve
LiabilityReserve
0
CY2023Q1 lxu Financial Instruments With Fair Values
FinancialInstrumentsWithFairValues
0
CY2022Q4 lxu Financial Instruments With Fair Values
FinancialInstrumentsWithFairValues
0
CY2023Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
290000
CY2022Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
292000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5898000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11115000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5900000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.271
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11100000
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.159
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
contracts have an original expected duration of one year or less, for our contracts with a duration greater than one year at contract inception, the average remaining expected duration was approximately 30 months
CY2023Q1 lxu Weighted Average Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
WeightedAverageRevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P30M
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3800000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2000000.0
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1600000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
600000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1400000
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
86900000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
92100000
CY2023Q1 lxu Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Percent
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPercent
0.60
CY2023Q1 lxu Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Percent
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPercent
0.26
CY2023Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
20000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
21761000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
17295000
CY2022Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
741000

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