2022 Q2 Form 10-Q Financial Statement

#000152962822000067 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $68.71M $41.61M $35.08M
YoY Change 131.84% 51.57% 38.45%
Cost Of Revenue $59.74M $43.59M $41.60M
YoY Change 86.7% 34.41% 26.07%
Gross Profit $8.971M -$1.981M -$6.522M
YoY Change -480.13% -60.2% -14.88%
Gross Profit Margin 13.06% -4.76% -18.59%
Selling, General & Admin $7.021M $4.048M $7.981M
YoY Change 82.13% 28.34% -0.36%
% of Gross Profit 78.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.648M $6.362M $6.388M
YoY Change 10.12% 2.99% 5.24%
% of Gross Profit 74.11%
Operating Expenses $7.584M $7.967M $8.471M
YoY Change -71.17% 30.82% -36.28%
Operating Profit $1.387M -$9.948M -$14.99M
YoY Change -104.84% -10.11% -28.45%
Interest Expense -$406.0K -$427.0K -$452.0K
YoY Change -20.86% -21.94% -13.08%
% of Operating Profit -29.27%
Other Income/Expense, Net $56.00K -$215.0K $316.0K
YoY Change -98.1% -38.4% -1.25%
Pretax Income $1.037M -$10.16M -$15.13M
YoY Change -104.03% -10.98% -29.44%
Income Tax $1.127M -$4.240M -$2.896M
% Of Pretax Income 108.68%
Net Earnings -$90.00K -$5.923M -$12.23M
YoY Change -99.67% 51.41% 324.17%
Net Earnings / Revenue -0.13% -14.24% -34.87%
Basic Earnings Per Share $0.00 -$0.14
Diluted Earnings Per Share -$2.134K -$0.14 -$292.2K
COMMON SHARES
Basic Shares Outstanding 44.50M shares 42.09M shares 45.27M shares
Diluted Shares Outstanding 42.18M shares 42.09M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.098M $4.698M $25.59M
YoY Change -94.66% -58.79% 118.7%
Cash & Equivalents $2.098M $4.698M $25.59M
Short-Term Investments
Other Short-Term Assets $9.197M $9.668M $13.89M
YoY Change -38.11% -12.11% 21.81%
Inventory $16.88M $13.58M $15.02M
Prepaid Expenses $731.0K
Receivables $36.98M $26.66M $17.48M
Other Receivables $0.00 $0.00 $4.819M
Total Short-Term Assets $65.14M $56.13M $73.86M
YoY Change -20.23% -47.45% -34.1%
LONG-TERM ASSETS
Property, Plant & Equipment $301.4M $273.3M $262.5M
YoY Change 12.29% 0.41% -4.45%
Goodwill
YoY Change
Intangibles $7.263M $7.461M
YoY Change -9.83% -9.6%
Long-Term Investments
YoY Change
Other Assets $347.0K $364.0K $402.0K
YoY Change -29.18% -33.58% -28.6%
Total Long-Term Assets $308.8M $310.4M $300.2M
YoY Change 0.99% -0.02% -4.89%
TOTAL ASSETS
Total Short-Term Assets $65.14M $56.13M $73.86M
Total Long-Term Assets $308.8M $310.4M $300.2M
Total Assets $374.0M $366.6M $374.0M
YoY Change -3.48% -12.16% -12.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.70M $7.534M $8.479M
YoY Change 156.94% 56.44% 159.46%
Accrued Expenses $24.81M $22.03M $14.07M
YoY Change 40.65% 11.24% 7.08%
Deferred Revenue $11.47M $9.842M
YoY Change 106.18% 43.16%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.869M $7.171M $7.127M
YoY Change -4.29% 1.39% 3.27%
Total Short-Term Liabilities $53.72M $48.20M $48.55M
YoY Change 55.31% 29.37% 30.29%
LONG-TERM LIABILITIES
Long-Term Debt $14.78M $13.26M $15.35M
YoY Change -21.48% -35.8% -31.6%
Other Long-Term Liabilities $49.79M $42.00K $249.0K
YoY Change 9759.01% -91.65% -50.5%
Total Long-Term Liabilities $64.57M $13.30M $15.60M
YoY Change 234.03% -37.13% -32.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.72M $48.20M $48.55M
Total Long-Term Liabilities $64.57M $13.30M $15.60M
Total Liabilities $137.5M $130.6M $132.9M
YoY Change 6.85% -0.84% -4.33%
SHAREHOLDERS EQUITY
Retained Earnings $64.67M $70.59M
YoY Change -44.89% -41.79%
Common Stock $175.4M $174.5M
YoY Change 1.98% 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.662M $4.535M
YoY Change 9.08% 9.7%
Treasury Stock Shares 1.833M shares 1.777M shares
Shareholders Equity $236.5M $236.0M $241.2M
YoY Change
Total Liabilities & Shareholders Equity $374.0M $366.6M $374.0M
YoY Change -3.48% -12.16% -12.55%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$90.00K -$5.923M -$12.23M
YoY Change -99.67% 51.41% 324.17%
Depreciation, Depletion And Amortization $6.648M $6.362M $6.388M
YoY Change 10.12% 2.99% 5.24%
Cash From Operating Activities -$2.287M -$8.662M -$5.106M
YoY Change -107.02% -321.31% -253.8%
INVESTING ACTIVITIES
Capital Expenditures -$1.369M $3.768M -$4.244M
YoY Change -51.51% 70.27% 259.66%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$6.547M $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$1.369M -$10.32M -$4.244M
YoY Change -51.47% 365.69% 262.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $127.0K
YoY Change -9.93%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.056M -$1.913M -1.741M
YoY Change -156.29% -4.68% 22.61%
NET CHANGE
Cash From Operating Activities -2.287M -$8.662M -5.106M
Cash From Investing Activities -1.369M -$10.32M -4.244M
Cash From Financing Activities 1.056M -$1.913M -1.741M
Net Change In Cash -2.600M -$20.89M -11.09M
YoY Change -109.33% 6682.47% -1619.32%
FREE CASH FLOW
Cash From Operating Activities -$2.287M -$8.662M -$5.106M
Capital Expenditures -$1.369M $3.768M -$4.244M
Free Cash Flow -$918.0K -$12.43M -$862.0K
YoY Change -102.59% -830.75% -119.16%

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5000 USD
CY2021Q1 snd Employee Stock Purchase Plan Compensation
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7000 USD
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CY2022Q1 us-gaap Increase Decrease In Accounts And Other Receivables
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3399000 USD
CY2021Q1 us-gaap Increase Decrease In Accounts And Other Receivables
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88000 USD
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Deferred Revenue
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2191000 USD
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CY2021Q1 us-gaap Increase Decrease In Accounts Payable
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1332000 USD
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021Q1 us-gaap Asset Acquisition Consideration Transferred
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CY2022Q1 snd Proceeds From Sale Of Other Productive Assets Net Of Adjustments
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0 USD
CY2021Q1 snd Proceeds From Sale Of Other Productive Assets Net Of Adjustments
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2000 USD
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CY2021Q1 us-gaap Payment For Contingent Consideration Liability Financing Activities
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180000 USD
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25000 USD
CY2021Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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11725000 USD
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4698000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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11417000 USD
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CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021Q1 us-gaap Stock Issued1
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8281000 USD
CY2021Q1 us-gaap Increase Decrease In Asset Retirement Obligations
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737000 USD
CY2022Q1 us-gaap Nature Of Operations
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Organization and Nature of Business &amp; Market Update<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization and Nature of Business</span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was incorporated in July 2011 and is headquartered in The Woodlands, Texas. The Company primarily operates as a fully integrated frac sand supply and services company, offering complete mine to wellsite proppant supply, logistics and storage solutions. These operations include the excavation, processing and sale of sand, or proppant, for use in hydraulic fracturing operations for the oil and natural gas industry. The Company also offers proppant logistics and wellsite storage solutions through its SmartSystems</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">products and services. In late 2021, the Company created its Industrial Products Solutions (“IPS”) business in order to diversify its customer base and markets it serves by offering sand to customers for industrial uses, such as glass, foundry, building products, filtration, geothermal, renewables, ceramics, turf &amp; landscape, retail, and recreation.</span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company commenced mining operations at its Oakdale, Wisconsin facility in July 2012. Through multiple expansions at Oakdale, the acquisition of the Utica, Illinois facility in September 2020, and the recent acquisition in March 2022 of the Blair, Wisconsin mine and processing facility, which is currently idled, the Company has current annual processing capacity of approximately 10.0 million tons. </span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company acquired rights in 2018 to operate a unit train capable transloading terminal in Van Hook, North Dakota to service the Bakken Formation in the Williston Basin. In 2020, the Company, as part of its acquisition of the Utica, Illinois facility, obtained rights to use a rail terminal located in El Reno, Oklahoma. In September 2021, the Company acquired the rights to construct and operate another transloading terminal in Waynesburg, Pennsylvania to service the Appalachian Basin, including the Marcellus and Utica Formations, which became operational in January 2022. </span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides complete logistics solutions through its frac sand facilities with direct access to four Class I rail lines, and has the ability to access all Class I rail lines within the United States and Canada. </span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides proppant storage and management solutions through its SmartSystems products and services under which it offers various solutions that create efficiencies, flexibility, enhanced safety and reliability for customers by providing the capability to unload, store and deliver proppant at the wellsite, as well as the ability to rapidly set up, takedown and transport the entire system. The SmartDepot</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> silo system includes passive and active dust suppression technology, along with the capability of a gravity-fed operation. The self-contained SmartPath</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> transloader, is a mobile sand transloading system designed to work with bottom dump trailers and features a drive over conveyor, surge bin, and dust collection system. Rapid deployment trailers are designed for quick setup, takedown and transportation of the entire SmartSystem, and they detach from the wellsite equipment, which allows for removal from the wellsite during operation. A proprietary software program, the SmartSystem Tracker</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">TM </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">allows customers to monitor silo-specific information, including location, proppant type and proppant inventory. We believe that our SmartSystems reduce trucking and related fuel consumption for our customers, helping them meet their goals to reduce their carbon footprint in their daily operations.</span></div>
CY2022Q1 snd Current Annual Processing Capacity
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10000000.0 T
CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates used in the preparation of these financial statements include, but are not limited to: impairment considerations of assets, including intangible assets, fixed assets, and inventory; estimated cost of future asset retirement obligations; fair value of acquired assets and assume liabilities; recoverability of deferred tax assets; inventory reserve; and the collectability of receivables; and certain liabilities. </span></div>Actual results could differ materially from management’s best estimates as additional information or actual results become available in the future, and those differences could be material. The decrease in demand related to the coronavirus (“COVID-19”) pandemic caused dramatic swings in oil prices and significant volatility in the oilfield service sector since March 2020. The Company is currently unable to estimate the impact of these events on its future financial position and results of operations. Therefore, the Company can give no assurances that these events will not have a material adverse effect on its financial position or results of operations.
CY2022Q1 us-gaap Asset Acquisition Consideration Transferred
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6547000 USD
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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116220000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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109898000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Depreciation
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CY2021Q1 us-gaap Depreciation
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CY2021Q4 snd Accrued Equipment Expense
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CY2021Q4 snd Accrued Freight And Delivery Charges Current
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CY2022Q1 us-gaap Accrued Income Taxes Current
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2021Q4 us-gaap Finance Lease Liability
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CY2021Q1 us-gaap Operating Lease Expense
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CY2021Q1 us-gaap Short Term Lease Cost
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CY2022Q1 us-gaap Lease Cost
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CY2021Q1 us-gaap Lease Cost
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Two
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CY2022Q1 snd Finance And Operating Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Three
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CY2022Q1 snd Finance And Operating Lease Liability Payments Due Year Three
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CY2022Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2022Q1 snd Finance And Operating Lease Liability Payments Due Year Four
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CY2021Q1 us-gaap Finance Lease Principal Payments
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31000 USD
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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0 USD
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P1Y4M24D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P2Y4M24D
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P3Y4M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
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CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0578
CY2022Q1 snd Finance Lease Liability To Be Paid After Year Four
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0 USD
CY2022Q1 snd Finance And Operating Lease Liability Payments Due After Year Four
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1579000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Finance Lease Liability Payments Due
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343000 USD
CY2022Q1 snd Finance And Operating Lease Liability Payments Due
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35949000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3604000 USD
CY2022Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
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24000 USD
CY2022Q1 snd Finance And Operating Lease Liability Undiscounted Excess Amount
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3628000 USD
CY2022Q1 us-gaap Operating Lease Liability
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32002000 USD
CY2022Q1 us-gaap Finance Lease Liability
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319000 USD
CY2022Q1 snd Finance And Operating Lease Liability
FinanceAndOperatingLeaseLiability
32321000 USD
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
24626000 USD
CY2021Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
16155000 USD
CY2022Q1 snd Asset Retirement Obligation Liabilities Incurred And Revision Of Prior Estimated
AssetRetirementObligationLiabilitiesIncurredAndRevisionOfPriorEstimated
8281000 USD
CY2022Q1 us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
190000 USD
CY2022Q1 us-gaap Asset Retirement Obligation
AssetRetirementObligation
24626000 USD
CY2022Q1 us-gaap Revenues
Revenues
41605000 USD
CY2021Q1 us-gaap Revenues
Revenues
27450000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
16270000 USD
CY2021Q4 us-gaap Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
1574000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3307000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7472000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
5314000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
5314000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.417
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.657
CY2021 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
2163000 USD

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0001529628-22-000067.txt Edgar Link pending
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