2021 Q2 Form 10-Q Financial Statement

#000155837021010604 Filed on August 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $1.274B $534.3M
YoY Change 138.39% -43.86%
Cost Of Revenue $1.054B $510.9M
YoY Change 106.24% -40.98%
Gross Profit $220.0M $23.40M
YoY Change 840.17% -72.85%
Gross Profit Margin 17.27% 4.38%
Selling, General & Admin $97.30M $52.90M
YoY Change 83.93% -25.91%
% of Gross Profit 44.23% 226.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $28.30M $34.80M
YoY Change -18.68% 0.29%
% of Gross Profit 12.86% 148.72%
Operating Expenses $97.30M $52.90M
YoY Change 83.93% -25.91%
Operating Profit $151.0M -$15.10M
YoY Change -1100.0% -127.4%
Interest Expense -$21.60M -$11.70M
YoY Change 84.62% 18.18%
% of Operating Profit -14.3%
Other Income/Expense, Net -$5.600M -$400.0K
YoY Change 1300.0% -73.33%
Pretax Income $156.2M -$27.20M
YoY Change -674.26% -162.24%
Income Tax $23.30M -$53.00M
% Of Pretax Income 14.92%
Net Earnings $151.6M -$128.4M
YoY Change -218.07% -558.57%
Net Earnings / Revenue 11.9% -24.03%
Basic Earnings Per Share $3.91 -$3.36
Diluted Earnings Per Share $3.82 -$3.35
COMMON SHARES
Basic Shares Outstanding 38.80M 38.20M
Diluted Shares Outstanding 39.60M 38.30M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $367.0M $581.8M
YoY Change -36.92% 8.77%
Cash & Equivalents $367.0M $581.8M
Short-Term Investments
Other Short-Term Assets $30.20M $12.20M
YoY Change 147.54% -51.78%
Inventory $562.9M $313.3M
Prepaid Expenses
Receivables $769.0M $432.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.112B $1.340B
YoY Change 57.68% -18.25%
LONG-TERM ASSETS
Property, Plant & Equipment $722.5M $573.5M
YoY Change 25.98% -0.14%
Goodwill $623.5M $67.70M
YoY Change 820.97% -1.46%
Intangibles
YoY Change
Long-Term Investments $253.2M $212.3M
YoY Change 19.27% 6.63%
Other Assets $144.0M $136.5M
YoY Change 5.49% 101.92%
Total Long-Term Assets $2.393B $1.250B
YoY Change 91.45% 7.21%
TOTAL ASSETS
Total Short-Term Assets $2.112B $1.340B
Total Long-Term Assets $2.393B $1.250B
Total Assets $4.505B $2.589B
YoY Change 73.98% -7.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $495.1M $213.6M
YoY Change 131.79% -45.91%
Accrued Expenses $187.1M $151.3M
YoY Change 23.66% -11.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $19.10M $11.70M
YoY Change 63.25% 34.48%
Total Short-Term Liabilities $814.0M $435.6M
YoY Change 86.87% -24.78%
LONG-TERM LIABILITIES
Long-Term Debt $2.310B $1.261B
YoY Change 83.15% 8.69%
Other Long-Term Liabilities $394.6M $322.4M
YoY Change 22.39% 50.16%
Total Long-Term Liabilities $2.861B $1.695B
YoY Change 68.8% 14.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $814.0M $435.6M
Total Long-Term Liabilities $2.861B $1.695B
Total Liabilities $3.675B $2.130B
YoY Change 72.5% 3.46%
SHAREHOLDERS EQUITY
Retained Earnings $955.8M $585.4M
YoY Change 63.27% -25.34%
Common Stock $579.2M $576.8M
YoY Change 0.42% 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $829.8M $458.8M
YoY Change
Total Liabilities & Shareholders Equity $4.505B $2.589B
YoY Change 73.98% -7.67%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $151.6M -$128.4M
YoY Change -218.07% -558.57%
Depreciation, Depletion And Amortization $28.30M $34.80M
YoY Change -18.68% 0.29%
Cash From Operating Activities -$21.00M $81.60M
YoY Change -125.74% 0.99%
INVESTING ACTIVITIES
Capital Expenditures -$17.40M -$23.90M
YoY Change -27.2% 5.75%
Acquisitions
YoY Change
Other Investing Activities -$1.376B $200.0K
YoY Change -687850.0%
Cash From Investing Activities -$1.393B -$23.70M
YoY Change 5777.22% 4.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 704.1M 81.10M
YoY Change 768.19% -295.42%
NET CHANGE
Cash From Operating Activities -21.00M 81.60M
Cash From Investing Activities -1.393B -23.70M
Cash From Financing Activities 704.1M 81.10M
Net Change In Cash -709.8M 139.0M
YoY Change -610.65% 732.34%
FREE CASH FLOW
Cash From Operating Activities -$21.00M $81.60M
Capital Expenditures -$17.40M -$23.90M
Free Cash Flow -$3.600M $105.5M
YoY Change -103.41% 2.03%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:6pt 0pt 12pt 0pt;">Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications pertain primarily to the Company’s entry into an agreement during the second quarter of 2021 to sell its Synthetic Rubber business, as a result of which the Company reclassified its Synthetic Rubber assets and liabilities as held-for-sale and reclassified the operating results of its Synthetic Rubber business, net of taxes, as discontinued operations for all periods presented. Refer to Note 4 for further information. Throughout this Quarterly Report, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. Additionally, the condensed consolidated financial statements herein reflect reclassifications related to the Company’s resegmentation effective October 1, 2020, as described in Note 16.</p>
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CY2021Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2021Q2 us-gaap Earnings Per Share Diluted
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