2022 Q4 Form 10-K Financial Statement

#000153450423000011 Filed on February 16, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $10.85B $46.83B
YoY Change 31.57% 71.83%
Cost Of Revenue $9.045B $42.15B
YoY Change 26.32% 59.87%
Gross Profit $1.801B $4.679B
YoY Change 66.22% 427.34%
Gross Profit Margin 16.61% 9.99%
Selling, General & Admin $93.80M $468.7M
YoY Change 16.67% 89.53%
% of Gross Profit 5.21% 10.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $145.0M $262.0M
YoY Change 18.27% 18.5%
% of Gross Profit 8.05% 5.6%
Operating Expenses $845.0M $3.627B
YoY Change 6.28% 28.06%
Operating Profit $956.2M $4.153B
YoY Change 231.44% 595.45%
Interest Expense -$31.10M $246.0M
YoY Change -60.88% -22.52%
% of Operating Profit -3.25% 5.92%
Other Income/Expense, Net $100.0K -$281.5M
YoY Change -100.22% 595.06%
Pretax Income $924.6M $3.558B
YoY Change 400.32% 985.96%
Income Tax $268.5M $584.8M
% Of Pretax Income 29.04% 16.44%
Net Earnings $637.8M $2.877B
YoY Change 285.84% 1145.37%
Net Earnings / Revenue 5.88% 6.14%
Basic Earnings Per Share $23.47
Diluted Earnings Per Share $4.83 $22.84
COMMON SHARES
Basic Shares Outstanding 122.6M shares
Diluted Shares Outstanding 126.9M shares

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.204B $2.204B
YoY Change 64.26% 64.26%
Cash & Equivalents $2.204B $2.204B
Short-Term Investments
Other Short-Term Assets $122.8M $122.8M
YoY Change 63.73% 63.73%
Inventory $2.764B $2.764B
Prepaid Expenses
Receivables $1.456B $1.456B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.546B $6.546B
YoY Change 25.91% 25.91%
LONG-TERM ASSETS
Property, Plant & Equipment $5.361B $6.040B
YoY Change 9.36% 7.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $962.7M $953.6M
YoY Change 16.99% 17.25%
Total Long-Term Assets $7.003B $7.003B
YoY Change 8.7% 8.7%
TOTAL ASSETS
Total Short-Term Assets $6.546B $6.546B
Total Long-Term Assets $7.003B $7.003B
Total Assets $13.55B $13.55B
YoY Change 16.39% 16.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $854.6M $854.6M
YoY Change -6.26% -6.26%
Accrued Expenses $3.721B $3.753B
YoY Change 35.78% 34.49%
Deferred Revenue $40.60M
YoY Change -4.92%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $535.9M $535.9M
YoY Change 4727.93% 4727.93%
Total Short-Term Liabilities $5.201B $5.201B
YoY Change 38.33% 38.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.435B $1.493B
YoY Change -66.6% -65.81%
Other Long-Term Liabilities $372.9M $1.264B
YoY Change 47.74% 45.13%
Total Long-Term Liabilities $1.808B $2.757B
YoY Change -60.25% -47.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.201B $5.201B
Total Long-Term Liabilities $1.808B $2.757B
Total Liabilities $8.493B $8.620B
YoY Change -6.76% -11.27%
SHAREHOLDERS EQUITY
Retained Earnings $2.056B
YoY Change -358.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $327.0M
YoY Change 93.38%
Treasury Stock Shares 10.94M shares
Shareholders Equity $4.929B $4.929B
YoY Change
Total Liabilities & Shareholders Equity $13.55B $13.55B
YoY Change 16.39% 16.39%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $637.8M $2.877B
YoY Change 285.84% 1145.37%
Depreciation, Depletion And Amortization $145.0M $262.0M
YoY Change 18.27% 18.5%
Cash From Operating Activities $1.123B $4.772B
YoY Change 640.83% 899.79%
INVESTING ACTIVITIES
Capital Expenditures $327.2M $633.3M
YoY Change -294.18% 154.24%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$327.2M -$1.011B
YoY Change 102.85% 160.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $156.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.9M -$2.899B
YoY Change 312.94% 712.5%
NET CHANGE
Cash From Operating Activities 1.123B $4.772B
Cash From Investing Activities -327.2M -$1.011B
Cash From Financing Activities -500.9M -$2.899B
Net Change In Cash 295.0M $862.1M
YoY Change -325.19% -421.68%
FREE CASH FLOW
Cash From Operating Activities $1.123B $4.772B
Capital Expenditures $327.2M $633.3M
Free Cash Flow $795.9M $4.139B
YoY Change 148.64% 1713.63%

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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the related disclosures. Actual results could differ from those estimates.</span></div>
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<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the years ended December 31, 2022 and December 31, 2021, only one customer, Shell plc (“Shell”), accounted for 10% or more of the Company’s revenues (approximately 14% and 15%, respectively). </span></div>As of December 31, 2022 and December 31, 2021, only one customer, Shell, accounted for 10% or more of the Company’s total trade accounts receivable (approximately 19% and 26%, respectively).
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CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.92
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EarningsPerShareBasic
-11.64
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2876800000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
231000000.0 usd
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1392500000 usd
CY2022 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
27900000 usd
CY2021 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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CY2022 pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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7200000 usd
CY2021 pbf Dilutive Securities Effect On Basic Earnings Per Share Other Tax
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600000 usd
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CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022 pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
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917991 shares
CY2021 pbf Incremental Common Shares Attributable To Dilutive Effect Of Conversion Of Stock
IncrementalCommonSharesAttributableToDilutiveEffectOfConversionOfStock
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CY2022 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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CY2021 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
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CY2020 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
22.84
CY2021 us-gaap Earnings Per Share Diluted
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CY2022 pbf Statutorytaxrate
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0 usd
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0 usd
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CY2022Q4 us-gaap Long Term Debt Fair Value
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
524200000 usd
CY2022Q4 pbf Long Term Debt And Capital Lease Obligations Current Fair Value Disclosure
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CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2021Q4 pbf Long Term Debt And Capital Lease Obligations Current Fair Value Disclosure
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CY2022Q4 us-gaap Debt Instrument Unamortized Premium
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CY2021Q4 us-gaap Debt Instrument Unamortized Premium
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CY2022Q4 us-gaap Unamortized Debt Issuance Expense
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CY2022Q4 pbf Long Term Debt Excluding Current Maturities Fair Value
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4295800000 usd
CY2021Q4 pbf Long Term Debt Excluding Current Maturities Fair Value
LongTermDebtExcludingCurrentMaturitiesFairValue
3761600000 usd
CY2022 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
0 usd
CY2020 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
0 usd
CY2021 us-gaap Gain Loss On Fair Value Hedge Ineffectiveness Net
GainLossOnFairValueHedgeIneffectivenessNet
0 usd

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