2021 Q3 Form 10-Q Financial Statement

#000153450421000043 Filed on October 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $7.187B $3.668B
YoY Change 95.96% -42.97%
Cost Of Revenue $7.018B $3.981B
YoY Change 76.3% -36.25%
Gross Profit $168.7M -$313.3M
YoY Change -153.85% -268.35%
Gross Profit Margin 2.35% -8.54%
Selling, General & Admin $64.10M $46.40M
YoY Change 38.15% -23.31%
% of Gross Profit 38.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $120.3M $137.9M
YoY Change -12.76% 22.14%
% of Gross Profit 71.31%
Operating Expenses $710.9M $622.7M
YoY Change 14.16% 42.66%
Operating Profit $100.9M -$342.7M
YoY Change -129.44% -325.61%
Interest Expense $82.00M $70.40M
YoY Change 16.48% 77.33%
% of Operating Profit 81.27%
Other Income/Expense, Net $2.000M $253.3M
YoY Change -99.21% -253400.0%
Pretax Income $99.00M -$162.2M
YoY Change -161.04% -249.77%
Income Tax $20.30M $235.6M
% Of Pretax Income 20.51%
Net Earnings $59.10M -$417.2M
YoY Change -114.17% -700.29%
Net Earnings / Revenue 0.82% -11.38%
Basic Earnings Per Share $0.49 -$3.49
Diluted Earnings Per Share $0.49 -$3.49
COMMON SHARES
Basic Shares Outstanding 120.3M shares 119.7M shares
Diluted Shares Outstanding 121.4M shares 119.7M shares

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.473B $1.283B
YoY Change 14.77% 139.37%
Cash & Equivalents $1.473B $1.283B
Short-Term Investments
Other Short-Term Assets $125.8M $80.00M
YoY Change 57.25% 35.59%
Inventory $2.831B $1.486B
Prepaid Expenses
Receivables $1.057B $465.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.487B $3.313B
YoY Change 65.63% -8.06%
LONG-TERM ASSETS
Property, Plant & Equipment $4.846B $4.958B
YoY Change -2.25% 24.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $791.5M $979.1M
YoY Change -19.16% -2.83%
Total Long-Term Assets $6.358B $6.879B
YoY Change -7.57% 29.43%
TOTAL ASSETS
Total Short-Term Assets $5.487B $3.313B
Total Long-Term Assets $6.358B $6.879B
Total Assets $11.84B $10.19B
YoY Change 16.22% 14.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $461.2M $212.7M
YoY Change 116.83% -59.19%
Accrued Expenses $3.543B $1.634B
YoY Change 116.79% -3.85%
Deferred Revenue $42.30M $23.60M
YoY Change 79.24% 80.15%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $99.70M $14.00M
YoY Change 612.14% 1300.0%
Total Short-Term Liabilities $4.200B $1.956B
YoY Change 114.71% -15.41%
LONG-TERM LIABILITIES
Long-Term Debt $4.318B $4.411B
YoY Change -2.11% 113.69%
Other Long-Term Liabilities $249.3M $264.4M
YoY Change -5.71% -5.44%
Total Long-Term Liabilities $4.567B $4.676B
YoY Change -2.31% 99.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.200B $1.956B
Total Long-Term Liabilities $4.567B $4.676B
Total Liabilities $9.522B $7.701B
YoY Change 23.66% 43.58%
SHAREHOLDERS EQUITY
Retained Earnings -$961.4M -$728.7M
YoY Change 31.93% -289.62%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $168.5M $167.0M
YoY Change 0.9% 2.96%
Treasury Stock Shares 6.639M shares 6.500M shares
Shareholders Equity $1.729B $1.935B
YoY Change
Total Liabilities & Shareholders Equity $11.84B $10.19B
YoY Change 16.22% 14.29%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $59.10M -$417.2M
YoY Change -114.17% -700.29%
Depreciation, Depletion And Amortization $120.3M $137.9M
YoY Change -12.76% 22.14%
Cash From Operating Activities $261.0M -$163.8M
YoY Change -259.34% -135.64%
INVESTING ACTIVITIES
Capital Expenditures -$87.60M -$56.70M
YoY Change 54.5% -55.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$87.60M -$56.70M
YoY Change 54.5% -38.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -180.6M 277.9M
YoY Change -164.99% -876.26%
NET CHANGE
Cash From Operating Activities 261.0M -163.8M
Cash From Investing Activities -87.60M -56.70M
Cash From Financing Activities -180.6M 277.9M
Net Change In Cash -7.200M 57.40M
YoY Change -112.54% -82.72%
FREE CASH FLOW
Cash From Operating Activities $261.0M -$163.8M
Capital Expenditures -$87.60M -$56.70M
Free Cash Flow $348.6M -$107.1M
YoY Change -425.49% -118.23%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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CY2020Q4 pbf Lease Liability
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3900000 USD
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Amortization
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us-gaap Finance Lease Right Of Use Asset Amortization
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11700000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
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3200000 USD
us-gaap Finance Lease Interest Expense
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2020Q3 us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Short Term Lease Cost
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us-gaap Variable Lease Cost
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us-gaap Variable Lease Cost
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CY2021Q3 us-gaap Lease Cost
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CY2020Q3 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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10700000 USD
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pbf Right Of Use Asset Obtained Or Remeasured Under Operating Or Financing Lease Liability
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690700000 USD
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P13Y4M24D
CY2021Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P6Y8M12D
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835100000 USD
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72000000.0 USD
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22900000 USD
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pbf Noncontrolling Interest Other
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pbf Dividendsand Distributions
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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24600000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q3 us-gaap Current Income Tax Expense Benefit
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us-gaap Current Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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CY2021Q3 us-gaap Income Tax Expense Benefit
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CY2020Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
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us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
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CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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CY2020Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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CY2021Q3 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
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us-gaap Number Of Reportable Segments
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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59100000 USD
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65700000 USD
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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59100000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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65700000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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700000 USD
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us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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CY2021Q3 pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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200000 USD
CY2020Q3 pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q3 pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
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CY2020Q3 pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
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pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
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pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
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CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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91851 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
387524 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121354089 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119684030 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121607207 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
120628237 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-9.15
CY2021Q3 pbf Statutorytaxrate
Statutorytaxrate
0.266
pbf Statutorytaxrate
Statutorytaxrate
0.266
pbf Statutorytaxrate
Statutorytaxrate
0.263
CY2020Q3 pbf Statutorytaxrate
Statutorytaxrate
0.263

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