2023 Q2 Form 10-Q Financial Statement

#000089353823000034 Filed on April 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $550.8M $573.5M $859.8M
YoY Change -44.49% -33.3% 93.71%
Cost Of Revenue $145.6M $142.3M $144.7M
YoY Change -12.08% -1.62% 43.4%
Gross Profit $405.2M $431.2M $715.1M
YoY Change -50.98% -39.71% 108.54%
Gross Profit Margin 73.57% 75.18% 83.17%
Selling, General & Admin $27.50M $27.67M $25.00M
YoY Change -2.8% 10.69% 1.2%
% of Gross Profit 6.79% 6.42% 3.5%
Research & Development $14.96M $18.43M $9.046M
YoY Change -28.31% 103.71% -2.73%
% of Gross Profit 3.69% 4.27% 1.27%
Depreciation & Amortization $157.8M $154.2M $159.5M
YoY Change 1.94% -3.32% -4.5%
% of Gross Profit 38.95% 35.76% 22.3%
Operating Expenses $207.5M $210.4M $193.8M
YoY Change 1.18% 8.57% -3.28%
Operating Profit $197.7M $272.0M $101.7M
YoY Change -61.45% 167.4% -148.23%
Interest Expense -$10.47M $22.46M $39.39M
YoY Change -129.51% -42.98% -1.21%
% of Operating Profit -5.3% 8.26% 38.71%
Other Income/Expense, Net $4.763M $4.470M -$724.0K
YoY Change 4152.68% -717.4% 95.15%
Pretax Income $192.0M $254.1M $61.63M
YoY Change -53.2% 312.26% -124.54%
Income Tax $42.09M $55.51M $12.86M
% Of Pretax Income 21.93% 21.85% 20.87%
Net Earnings $149.9M $198.6M $48.76M
YoY Change -53.67% 307.17% -119.41%
Net Earnings / Revenue 27.21% 34.62% 5.67%
Basic Earnings Per Share $1.26 $1.63 $0.40
Diluted Earnings Per Share $1.25 $1.62 $0.39
COMMON SHARES
Basic Shares Outstanding 120.5M shares 121.9M shares 121.9M shares
Diluted Shares Outstanding 120.1M shares 122.3M shares 124.2M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $378.2M $477.9M $419.9M
YoY Change 41.61% 13.81%
Cash & Equivalents $378.2M $477.9M $419.9M
Short-Term Investments
Other Short-Term Assets $82.95M $90.60M $17.87M
YoY Change 158.42% 406.92% -41.79%
Inventory
Prepaid Expenses
Receivables $217.8M $187.8M $321.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $679.0M $756.3M $758.8M
YoY Change 7.24% -0.34% 229.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.231B $5.030B $4.583B
YoY Change 12.45% 9.74% -2.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $82.41M $68.96M $45.07M
YoY Change 80.04% 53.0% -23.84%
Total Long-Term Assets $5.314B $5.114B $4.637B
YoY Change 12.91% 10.29% -3.1%
TOTAL ASSETS
Total Short-Term Assets $679.0M $756.3M $758.8M
Total Long-Term Assets $5.314B $5.114B $4.637B
Total Assets $5.993B $5.870B $5.396B
YoY Change 12.24% 8.79% 7.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.5M $522.3M $514.6M
YoY Change -9.05% 1.5% 30.53%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $564.0M $563.1M $1.059B
YoY Change -44.37% -46.81% 36.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.574B $1.573B $1.980B
YoY Change 0.2% -20.57% -12.4%
Other Long-Term Liabilities $181.3M $59.64M $69.25M
YoY Change 156.09% -13.88% 21.7%
Total Long-Term Liabilities $1.755B $2.077B $2.222B
YoY Change -6.67% -6.51% -10.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $564.0M $563.1M $1.059B
Total Long-Term Liabilities $1.755B $2.077B $2.222B
Total Liabilities $2.694B $2.640B $3.281B
YoY Change -6.91% -19.52% 1.07%
SHAREHOLDERS EQUITY
Retained Earnings $1.621B $1.489B $282.1M
YoY Change 167.72% 427.88% -645.41%
Common Stock $1.681B $1.745B $1.846B
YoY Change -9.21% -5.47% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.298B $3.230B $2.115B
YoY Change
Total Liabilities & Shareholders Equity $5.993B $5.870B $5.396B
YoY Change 12.24% 8.79% 7.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $149.9M $198.6M $48.76M
YoY Change -53.67% 307.17% -119.41%
Depreciation, Depletion And Amortization $157.8M $154.2M $159.5M
YoY Change 1.94% -3.32% -4.5%
Cash From Operating Activities $383.3M $331.6M $342.1M
YoY Change -29.36% -3.06% 223.88%
INVESTING ACTIVITIES
Capital Expenditures $398.2M $240.7M -$150.1M
YoY Change -284.66% -260.34% 1.71%
Acquisitions
YoY Change
Other Investing Activities $350.0K -$307.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$397.8M -$240.4M -$150.1M
YoY Change 84.5% 60.13% 1.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.06M -$58.36M -$104.8M
YoY Change -82.27% -44.31% -349.51%
NET CHANGE
Cash From Operating Activities 383.3M $331.6M $342.1M
Cash From Investing Activities -397.8M -$240.4M -$150.1M
Cash From Financing Activities -85.06M -$58.36M -$104.8M
Net Change In Cash -99.63M $32.87M $87.17M
YoY Change -34.8% -62.29% -871810.0%
FREE CASH FLOW
Cash From Operating Activities $383.3M $331.6M $342.1M
Capital Expenditures $398.2M $240.7M -$150.1M
Free Cash Flow -$14.92M $90.92M $492.2M
YoY Change -101.97% -81.53% 94.38%

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StockIssuedDuringPeriodValueShareBasedCompensation
4274000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
2115109000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
198552000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
154189000 usd
CY2022Q1 us-gaap Results Of Operations Depreciation Depletion Amortization And Accretion
ResultsOfOperationsDepreciationDepletionAmortizationAndAccretion
159481000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4318000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4274000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
51329000 usd
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-418521000 usd
CY2023Q1 sm Cash Portion Of Gain Loss On Derivative Instrument
CashPortionOfGainLossOnDerivativeInstrument
5076000 usd
CY2022Q1 sm Cash Portion Of Gain Loss On Derivative Instrument
CashPortionOfGainLossOnDerivativeInstrument
-168183000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1371000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
4010000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
49968000 usd
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
11948000 usd
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
4295000 usd
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1239000 usd
CY2023Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
26216000 usd
CY2022Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
137962000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
331634000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
342092000 usd
CY2023Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
240712000 usd
CY2022Q1 us-gaap Payments To Explore And Develop Oil And Gas Properties
PaymentsToExploreAndDevelopOilAndGasProperties
150127000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-307000 usd
CY2022Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-240405000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2023Q1 us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
0 usd
CY2022Q1 us-gaap Early Repayment Of Senior Debt
EarlyRepaymentOfSeniorDebt
104770000 usd
CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40068000 usd
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 usd
CY2023Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
18290000 usd
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
0 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 usd
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-24000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-58358000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-104794000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
32871000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
87171000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
444998000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
332716000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
477869000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
419887000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
33882000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
64204000 usd
CY2023Q1 sm Increase Decrease In Capital Expenditure Accruals And Other
IncreaseDecreaseInCapitalExpenditureAccrualsAndOther
66873000 usd
CY2022Q1 sm Increase Decrease In Capital Expenditure Accruals And Other
IncreaseDecreaseInCapitalExpenditureAccrualsAndOther
15627000 usd
CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
570778000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
858721000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 usd
CY2022Q3 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2024-12-31
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1413758 shares
CY2023Q1 sm Stock Repurchase Program Shares Repurchased Weighted Average Price Per Share
StockRepurchaseProgramSharesRepurchasedWeightedAveragePricePerShare
28.32
CY2023Q1 sm Stock Repurchased And Retired During Period Excluding Taxes Commission And Fees Value
StockRepurchasedAndRetiredDuringPeriodExcludingTaxesCommissionAndFeesValue
40000000 usd
CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
402800000 usd
CY2023Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4998000 usd
CY2022Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
609000 usd
CY2023Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
540000 usd
CY2022Q1 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
304000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
49968000 usd
CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
11948000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55506000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12861000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.218
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209
CY2023Q1 us-gaap Senior Notes
SeniorNotes
1572991000 usd
CY2022Q4 us-gaap Senior Notes
SeniorNotes
1572210000 usd
CY2023Q1 us-gaap Debt Instrument Covenant Compliance
DebtInstrumentCovenantCompliance
The Company was in compliance with all financial and non-financial covenants as of March 31, 2023, and through the filing of this report.
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
5500000 usd
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
3000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
62100000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
15800000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
96435000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
73142000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
34362000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
57323000 usd
CY2023Q1 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
25293000 usd
CY2022Q4 us-gaap Derivative Asset Not Offset Policy Election Deduction
DerivativeAssetNotOffsetPolicyElectionDeduction
26136000 usd
CY2023Q1 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
25293000 usd
CY2022Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
DerivativeLiabilityNotOffsetPolicyElectionDeduction
26136000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
71142000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeAssetFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
47006000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
9069000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
DerivativeLiabilityFairValueOffsetAgainstCollateralNetOfNotSubjectToMasterNettingArrangementPolicyElection
31187000 usd
CY2023Q1 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
-5076000 usd
CY2022Q1 sm Derivative Settlement Gain Or Loss
DerivativeSettlementGainOrLoss
168183000 usd
CY2023Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
51329000 usd
CY2022Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-418521000 usd
CY2023Q1 sm Percentageof Proved Property Securedfor Credit Facility Borrowing
PercentageofProvedPropertySecuredforCreditFacilityBorrowing
0.85
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
198552000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
48764000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121671000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121907000 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
623000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2272000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122294000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124179000 shares
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.63
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.40
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.62
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39

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