2024 Q3 Form 10-Q Financial Statement

#000155200024000026 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $2.972B $3.052B $2.690B
YoY Change 2.06% 13.46% -8.5%
Cost Of Revenue $1.236B $1.173B $1.088B
YoY Change -0.96% 7.81% -22.17%
Gross Profit $1.736B $1.879B $1.602B
YoY Change 4.33% 17.29% 3.89%
Gross Profit Margin 58.41% 61.57% 59.55%
Selling, General & Admin $139.0M $140.0M $117.0M
YoY Change -4.79% 19.66% 1.74%
% of Gross Profit 8.01% 7.45% 7.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $322.0M $320.0M $310.0M
YoY Change 6.98% 3.23% 0.0%
% of Gross Profit 18.55% 17.03% 19.35%
Operating Expenses $461.0M $460.0M $427.0M
YoY Change 3.13% 7.73% 0.47%
Operating Profit $1.275B $1.419B $1.175B
YoY Change 10.49% 20.77% 5.19%
Interest Expense -$211.0M -$215.0M -$226.0M
YoY Change 10450.0% -4.87% 6.1%
% of Operating Profit -16.55% -15.15% -19.23%
Other Income/Expense, Net -$15.00M -$16.00M -$7.000M
YoY Change 650.0% 128.57% -65.0%
Pretax Income $1.049B $1.188B $942.0M
YoY Change 12.92% 26.11% 6.56%
Income Tax $2.000M $2.000M $0.00
% Of Pretax Income 0.19% 0.17% 0.0%
Net Earnings $1.047B $1.186B $910.0M
YoY Change 14.05% 30.33% 4.0%
Net Earnings / Revenue 35.23% 38.86% 33.83%
Basic Earnings Per Share
Diluted Earnings Per Share $1.01 $1.14 $0.91
COMMON SHARES
Basic Shares Outstanding 1.021B shares 1.016B shares 1.001B shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.426B $2.501B $755.0M
YoY Change 152.71% 231.26% 153.36%
Cash & Equivalents $2.426B $2.501B $755.0M
Short-Term Investments
Other Short-Term Assets $37.00M $32.00M $64.00M
YoY Change 23.33% -50.0% 20.75%
Inventory $171.0M $168.0M $146.0M
Prepaid Expenses
Receivables $742.0M $747.0M $1.227B
Other Receivables $203.0M $164.0M $129.0M
Total Short-Term Assets $4.218B $4.196B $2.321B
YoY Change 54.17% 80.78% 15.01%
LONG-TERM ASSETS
Property, Plant & Equipment $19.65B $19.69B $19.20B
YoY Change 2.78% 2.57% -5.4%
Goodwill $7.645B $7.645B $7.645B
YoY Change 0.0% 0.0% 0.0%
Intangibles $551.0M $585.0M $641.0M
YoY Change -9.52% -8.74% -16.54%
Long-Term Investments $4.558B $4.373B $4.124B
YoY Change 11.2% 6.04% 0.61%
Other Assets $984.0M $975.0M $1.075B
YoY Change 1.86% -9.3% 2093.88%
Total Long-Term Assets $34.30B $34.21B $33.55B
YoY Change 2.73% 1.95% -0.65%
TOTAL ASSETS
Total Short-Term Assets $4.218B $4.196B $2.321B
Total Long-Term Assets $34.30B $34.21B $33.55B
Total Assets $38.52B $38.40B $35.87B
YoY Change 6.63% 7.05% 0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $120.0M $127.0M $382.0M
YoY Change -9.09% -66.75% 8.52%
Accrued Expenses $271.0M $246.0M $687.0M
YoY Change -18.37% -64.19% 65.54%
Deferred Revenue $1.000M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.836B $2.827B $1.000M
YoY Change 283500.0% 282600.0% -99.9%
Total Short-Term Liabilities $4.267B $4.226B $1.316B
YoY Change 205.0% 221.12% -51.99%
LONG-TERM LIABILITIES
Long-Term Debt $19.45B $19.45B $21.37B
YoY Change -9.04% -9.01% 8.27%
Other Long-Term Liabilities $1.000B $1.029B $950.0M
YoY Change 2.46% 8.32% -17.32%
Total Long-Term Liabilities $20.45B $20.48B $22.32B
YoY Change -8.54% -8.27% 6.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.267B $4.226B $1.316B
Total Long-Term Liabilities $20.45B $20.48B $22.32B
Total Liabilities $24.53B $24.52B $23.89B
YoY Change 7.58% 2.62% 5.34%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.55B $13.45B $11.98B
YoY Change
Total Liabilities & Shareholders Equity $38.52B $38.40B $35.87B
YoY Change 6.63% 7.05% 0.24%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $1.047B $1.186B $910.0M
YoY Change 14.05% 30.33% 4.0%
Depreciation, Depletion And Amortization $322.0M $320.0M $310.0M
YoY Change 6.98% 3.23% 0.0%
Cash From Operating Activities $1.415B $1.565B $1.437B
YoY Change 13.75% 8.91% -3.36%
INVESTING ACTIVITIES
Capital Expenditures $280.0M $213.0M $263.0M
YoY Change 21.74% -19.01% -310.4%
Acquisitions
YoY Change
Other Investing Activities -$256.0M $99.00M -$8.000M
YoY Change 4166.67% -1337.5% -20.0%
Cash From Investing Activities -$536.0M -$114.0M -$271.0M
YoY Change 127.12% -57.93% 100.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -954.0M 665.0M -804.0M
YoY Change 18.8% -182.71% -26.64%
NET CHANGE
Cash From Operating Activities 1.415B 1.565B 1.437B
Cash From Investing Activities -536.0M -114.0M -271.0M
Cash From Financing Activities -954.0M 665.0M -804.0M
Net Change In Cash -75.00M 2.116B 362.0M
YoY Change -136.59% 484.53% 41.41%
FREE CASH FLOW
Cash From Operating Activities $1.415B $1.565B $1.437B
Capital Expenditures $280.0M $213.0M $263.0M
Free Cash Flow $1.135B $1.352B $1.174B
YoY Change 11.93% 15.16% -27.17%

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Guarantees related to indebtedness of equity method investeesWe hold a 9.19 percent indirect interest in Dakota Access, which owns and operates the Bakken Pipeline system. In 2020, the U.S. District Court for the District of Columbia (the “D.D.C.”) ordered the United States Army Corps of Engineers (“Army Corps”), which granted permits and an easement for the Bakken Pipeline system, to prepare an environmental impact statement (“EIS”) relating to an easement under Lake Oahe in North Dakota. The D.D.C. later vacated the easement. The Army Corps issued a draft EIS in September 2023 detailing various options for the easement going forward, including denying the easement, approving the easement with additional measures, rerouting the easement, or approving the easement with no changes. The Army Corps has not selected a preferred alternative, but will make a decision in its final review, after considering input from the public and other agencies. The pipeline remains operational while the Army Corps finalizes its decision which is expected to be issued by the end of 2024.We have entered into a Contingent Equity Contribution Agreement whereby MPLX LP, along with the other joint venture owners in the Bakken Pipeline system, has agreed to make equity contributions to the joint venture upon certain events occurring to allow the entities that own and operate the Bakken Pipeline system to satisfy their senior note payment obligations. The senior notes were issued to repay amounts owed by the pipeline companies to fund the cost of construction of the Bakken Pipeline system. If the vacatur of the easement results in a temporary shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of funds required to pay interest accruing on the notes and any portion of the principal that matures while the pipeline is shut down. MPLX also expects to contribute its 9.19 percent pro rata share of any costs to remediate any deficiencies to reinstate the easement and/or return the pipeline into operation. If the vacatur of the easement results in a permanent shutdown of the pipeline, MPLX would have to contribute its 9.19 percent pro rata share of the cost to redeem the bonds (including the one percent redemption premium required pursuant to the indenture governing the notes) and any accrued and unpaid interest. As of June 30, 2024, our maximum potential undiscounted payments under the Contingent Equity Contribution Agreement were approximately $78 million.
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Files In Submission

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