2013 Q1 Form 10-K Financial Statement

#000110465913049084 Filed on June 14, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1 2011 Q4
Revenue $1.618B $438.9M $470.6M
YoY Change 268.53% 41.09% 51.27%
Cost Of Revenue $1.482B $389.8M $439.8M
YoY Change 280.16% 33.68% 50.89%
Gross Profit $135.7M $49.13M $30.86M
YoY Change 176.24% 151.96% 56.93%
Gross Profit Margin 8.39% 11.19% 6.56%
Selling, General & Admin $18.10M $5.600M $4.200M
YoY Change 223.21% 115.38% 75.0%
% of Gross Profit 13.34% 11.4% 13.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.60M $7.200M $3.900M
YoY Change 325.0% 213.04% 85.71%
% of Gross Profit 22.55% 14.65% 12.64%
Operating Expenses $103.3M $32.50M $12.65M
YoY Change 217.85% 173.11% 51.9%
Operating Profit $32.42M $16.63M $8.641M
YoY Change 94.94% 118.84% 19.66%
Interest Expense -$9.200M -$2.300M $2.676M
YoY Change 300.0% 130.0% 103.65%
% of Operating Profit -28.37% -13.83% 30.97%
Other Income/Expense, Net $200.0K $100.0K $86.00K
YoY Change 100.0% 53.57%
Pretax Income $23.40M $14.40M $6.248M
YoY Change 62.5% 118.18% 3.17%
Income Tax $1.100M $400.0K $158.0K
% Of Pretax Income 4.7% 2.78% 2.53%
Net Earnings $22.30M $14.00M $6.090M
YoY Change 59.29% 112.12% 0.56%
Net Earnings / Revenue 1.38% 3.19% 1.29%
Basic Earnings Per Share
Diluted Earnings Per Share $416.8K $471.4K $248.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2012 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.60M $7.800M $10.40M
YoY Change 48.72% -52.15%
Cash & Equivalents $11.56M $7.832M $10.37M
Short-Term Investments
Other Short-Term Assets $37.90M $10.00M $19.10M
YoY Change 279.0% 143.9%
Inventory $126.9M $94.50M $184.7M
Prepaid Expenses
Receivables $562.8M $84.00M $115.2M
Other Receivables $22.80M $2.300M $2.800M
Total Short-Term Assets $762.0M $198.6M $332.1M
YoY Change 283.63% 156.32%
LONG-TERM ASSETS
Property, Plant & Equipment $526.4M $231.4M $227.9M
YoY Change 127.51% 250.49%
Goodwill $555.2M $167.2M $92.93M
YoY Change 231.98% 1851.97%
Intangibles $441.4M $149.5M $99.26M
YoY Change 195.29% 1171.71%
Long-Term Investments $0.00
YoY Change
Other Assets $6.542M $2.766M $3.000M
YoY Change 136.51%
Total Long-Term Assets $1.530B $550.9M $423.1M
YoY Change 177.66% 538.03%
TOTAL ASSETS
Total Short-Term Assets $762.0M $198.6M $332.1M
Total Long-Term Assets $1.530B $550.9M $423.1M
Total Assets $2.292B $749.5M $755.2M
YoY Change 205.75% 357.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $536.1M $81.37M $107.9M
YoY Change 558.8% 118.48%
Accrued Expenses $49.90M $14.10M $9.700M
YoY Change 253.9% 281.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.600M $19.53M $92.97M
YoY Change -55.97% 2253.49%
Total Short-Term Liabilities $659.6M $144.8M $269.1M
YoY Change 355.49% 186.49%
LONG-TERM LIABILITIES
Long-Term Debt $740.4M $199.2M $117.6M
YoY Change 271.73% 203.9%
Other Long-Term Liabilities $2.205M $212.0K $222.0K
YoY Change 940.09% -46.33%
Total Long-Term Liabilities $2.205M $199.4M $117.8M
YoY Change -98.89% 202.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $659.6M $144.8M $269.1M
Total Long-Term Liabilities $2.205M $199.4M $117.8M
Total Liabilities $661.8M $344.2M $386.9M
YoY Change 92.27% 195.49%
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 $883.7M $404.9M $368.3M
YoY Change
Total Liabilities & Shareholders Equity $2.292B $749.5M $755.2M
YoY Change 205.75% 357.49%

Cashflow Statement

Concept 2013 Q1 2012 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income $22.30M $14.00M $6.090M
YoY Change 59.29% 112.12% 0.56%
Depreciation, Depletion And Amortization $30.60M $7.200M $3.900M
YoY Change 325.0% 213.04% 85.71%
Cash From Operating Activities $134.5M $104.0M $39.10M
YoY Change 29.33% 206.78% 39000.0%
INVESTING ACTIVITIES
Capital Expenditures -$35.10M -$3.400M -$2.000M
YoY Change 932.35% 385.71% 185.71%
Acquisitions
YoY Change
Other Investing Activities $3.400M -$99.40M -$189.2M
YoY Change -103.42% 24750.0% 1039.76%
Cash From Investing Activities -$31.80M -$102.7M -$191.3M
YoY Change -69.04% 8458.33% 1012.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -115.1M -3.800M 154.2M
YoY Change 2928.95% -82.73% 720.21%
NET CHANGE
Cash From Operating Activities 134.5M 104.0M 39.10M
Cash From Investing Activities -31.80M -102.7M -191.3M
Cash From Financing Activities -115.1M -3.800M 154.2M
Net Change In Cash -12.40M -2.500M 2.000M
YoY Change 396.0% -123.36% 17.65%
FREE CASH FLOW
Cash From Operating Activities $134.5M $104.0M $39.10M
Capital Expenditures -$35.10M -$3.400M -$2.000M
Free Cash Flow $169.6M $107.4M $41.10M
YoY Change 57.91% 210.4% 5037.5%

Facts In Submission

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55065000 USD
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 us-gaap Use Of Estimates
UseOfEstimates
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CY2013 us-gaap Depreciation And Amortization
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68853000 USD
CY2012 us-gaap Advertising Expense
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800000 USD
us-gaap Advertising Expense
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300000 USD
us-gaap Advertising Expense
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100000 USD
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27384000 USD
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1000 USD
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24090000 USD
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46156000 USD
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CY2013Q1 us-gaap Inventory Net
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0 USD
CY2012 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
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1100000 USD
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3441000 USD
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1261000 USD
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260000 USD
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6090000 USD
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13942000 USD
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326896000 USD
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200457000 USD
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41442000 USD
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22341000 USD
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48190000 USD
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40477000 USD
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10082000 USD
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7864000 USD
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12679000 USD
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1252000 USD
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71682000 USD
us-gaap Net Income Loss Allocated To Limited Partners
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12666000 USD
CY2013 ngl Schedule Of Equivalent Units Not Eligible To Receive Distribution
ScheduleOfEquivalentUnitsNotEligibleToReceiveDistribution
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CY2013 ngl General Partners Capital Account Cash Distribution Allocation Percentage Level One
GeneralPartnersCapitalAccountCashDistributionAllocationPercentageLevelOne
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CY2013 ngl Limited Partners Capital Account Cash Distribution Allocation Percentage To Holders Of Subordinated Units Level Two
LimitedPartnersCapitalAccountCashDistributionAllocationPercentageToHoldersOfSubordinatedUnitsLevelTwo
0.999 pure
CY2013 ngl General Partners Capital Account Cash Distribution Allocation Percentage Level Two
GeneralPartnersCapitalAccountCashDistributionAllocationPercentageLevelTwo
0.001 pure
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DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
0.3375
CY2012Q1 us-gaap Distribution Made To Member Or Limited Partner Distributions Paid Per Unit
DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
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DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
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CY2012Q3 us-gaap Distribution Made To Member Or Limited Partner Distributions Paid Per Unit
DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
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DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
0.4500
CY2013Q1 us-gaap Distribution Made To Member Or Limited Partner Distributions Paid Per Unit
DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
0.4625
CY2013Q2 us-gaap Distribution Made To Member Or Limited Partner Distributions Paid Per Unit
DistributionMadeToMemberOrLimitedPartnerDistributionsPaidPerUnit
0.4775
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BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
4000000 shares
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BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
7117031 shares
CY2012Q2 ngl Business Acquisition Number Of Common Units Not Eligible To Receive Distributions Declared
BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
3932031 shares
CY2012Q3 ngl Business Acquisition Number Of Common Units Not Eligible To Receive Distributions Declared
BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
17862470 shares
CY2012Q4 ngl Business Acquisition Number Of Common Units Not Eligible To Receive Distributions Declared
BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
516978 shares
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BusinessAcquisitionNumberOfCommonUnitsNotEligibleToReceiveDistributionsDeclared
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DistributionMadeToMemberOrLimitedPartnerDistributionsDeclaredPerUnit
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0.10 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardIncrementalPercentageOfOutstandingStockMaximum
0.10 pure
CY2013 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.999 pure
CY2012 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.999 pure
CY2013 us-gaap Revenue Recognition Interest
RevenueRecognitionInterest
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CY2013 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2012 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2011Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
10933568 shares
CY2011Q1 us-gaap Limited Partners Capital Account
LimitedPartnersCapitalAccount
47225000 USD
CY2013 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
3657000 USD
CY2013 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1900000 USD
CY2012 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000 USD
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000 USD
CY2012 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
47300000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
15898000 USD
ngl General Partner Contribution
GeneralPartnerContribution
59000 USD
CY2012 ngl General Partner Contribution
GeneralPartnerContribution
386000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1929000 USD
CY2013Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
749062000 USD
CY2012Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
218711000 USD
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LongTermDebtAndCapitalLeaseObligationsCurrent
19534000 USD
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LongTermDebtAndCapitalLeaseObligationsCurrent
8626000 USD
CY2012Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
199177000 USD
CY2013Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
740436000 USD
CY2013Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
562889000 USD
CY2013Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
37891000 USD
CY2013Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
442603000 USD
CY2013Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
535687000 USD
CY2013Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
85703000 USD
CY2013Q1 us-gaap Customer Advances Current
CustomerAdvancesCurrent
22372000 USD
CY2013Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2205000 USD
CY2013Q1 us-gaap General Partners Capital Account
GeneralPartnersCapitalAccount
-50497000 USD
CY2013Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
24000 USD
CY2013Q1 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
5740000 USD
CY2013 ngl Natural Gas Liquids Logistics Revenue
NaturalGasLiquidsLogisticsRevenue
1604746000 USD
CY2013 us-gaap Propane Revenue
PropaneRevenue
430273000 USD
CY2013 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
4233000 USD
CY2013 ngl Cost Of Sales Natural Gas Liquids Logistics
CostOfSalesNaturalGasLiquidsLogistics
1530459000 USD
CY2013 us-gaap Propane Costs
PropaneCosts
258393000 USD
CY2013 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
169799000 USD
CY2013 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
52698000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-250000 USD
CY2013 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
77513000 USD
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-187000 USD
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1315000 USD
CY2013 us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
-4376000 USD
CY2013 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-375000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2430000 USD
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-18433000 USD
CY2013 ngl Increase Decrease In Product Exchanges Net
IncreaseDecreaseInProductExchangesNet
-1816000 USD
CY2013 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-20769000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-17281000 USD
CY2013 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-9592000 USD
CY2013 us-gaap Increase Decrease In Due To Affiliates
IncreaseDecreaseInDueToAffiliates
-19690000 USD
CY2013 us-gaap Increase Decrease In Customer Advances
IncreaseDecreaseInCustomerAdvances
-11049000 USD
CY2013 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
72475000 USD
CY2013 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
490402000 USD
CY2013 us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
11579000 USD
CY2013 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
5080000 USD
CY2013 us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
250000000 USD
CY2013 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1227975000 USD
CY2013 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
964475000 USD
CY2013 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
4837000 USD
CY2013 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
20189000 USD
CY2013 us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
913000 USD
CY2013 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
-642000 USD
CY2013 ngl Partners Capital Account Distributions Cash Flow Impact
PartnersCapitalAccountDistributionsCashFlowImpact
-71682000 USD
CY2013 ngl Partners Capital Account Acquisitions Net Of Issuance Costs
PartnersCapitalAccountAcquisitionsNetOfIssuanceCosts
503018000 USD
CY2013 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
653000 USD
CY2013 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.001 pure
CY2012 us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.001 pure
CY2013 ngl Unrecorded Unconditional Obligation Amortization Of Contract Assets And Liabilities Included In Cost Of Sales
UnrecordedUnconditionalObligationAmortizationOfContractAssetsAndLiabilitiesIncludedInCostOfSales
13498000 USD
CY2013Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
36268000 USD
CY2012Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
298985000 USD
CY2012Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1053690000 USD
CY2012Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1204545000 USD
CY2013Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1481890000 USD
CY2011Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
185973000 USD
CY2011Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
201454000 USD
CY2011Q4 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
439790000 USD
CY2012Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
389806000 USD
CY2013 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
2 item
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Cash Paid
BusinessAcquisitionCostOfAcquiredEntityCashPaid
14000000 USD
CY2013Q1 us-gaap Business Acquisition Cost Of Acquired Entity Liabilities Incurred
BusinessAcquisitionCostOfAcquiredEntityLiabilitiesIncurred
5000000 USD
CY2013Q1 ngl Derivative Collateral Obligation To Return Right To Reclaim Cash
DerivativeCollateralObligationToReturnRightToReclaimCash
1360000 USD
CY2013 ngl General Partner Contribution
GeneralPartnerContribution
913000 USD
CY2012 ngl Number Of Consolidated Subsidiaries
NumberOfConsolidatedSubsidiaries
1 item
ngl Number Of Consolidated Subsidiaries
NumberOfConsolidatedSubsidiaries
2 item
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2538000 USD
CY2012Q3 dei Entity Public Float
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504278498 USD
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2766000 USD
CY2013Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
6542000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8626000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
6456000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
3088000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2091000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
503682000 USD
CY2013Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
225119000 USD
CY2013Q1 us-gaap Long Term Debt
LongTermDebt
749062000 USD

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