2022 Q1 Form 10-Q Financial Statement

#000142529222000015 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $222.9M $60.92M
YoY Change 265.84% -18.86%
Cost Of Revenue $110.0M $68.96M
YoY Change 59.55% -7.69%
Gross Profit $112.8M -$8.043M
YoY Change -1503.01% -2279.67%
Gross Profit Margin 50.63% -13.2%
Selling, General & Admin $8.744M $5.891M
YoY Change 48.43% 10.03%
% of Gross Profit 7.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.47M $14.12M
YoY Change 37.82% -9.45%
% of Gross Profit 17.25%
Operating Expenses $8.744M $5.891M
YoY Change 48.43% 10.03%
Operating Profit $103.9M -$14.01M
YoY Change -842.02% 181.7%
Interest Expense -$10.04M -$15.90M
YoY Change -36.88% 0.63%
% of Operating Profit -9.66%
Other Income/Expense, Net $28.00K $4.557M
YoY Change -99.39% 16777.78%
Pretax Income $93.92M -$25.37M
YoY Change -470.27% 22.37%
Income Tax $258.0K $19.00K
% Of Pretax Income 0.27%
Net Earnings $93.66M -$25.38M
YoY Change -468.98% 22.42%
Net Earnings / Revenue 42.02% -41.67%
Basic Earnings Per Share $8.78 -$2.37
Diluted Earnings Per Share $8.78 -$2.37
COMMON SHARES
Basic Shares Outstanding 10.67M shares 10.70M shares
Diluted Shares Outstanding 10.67M shares 10.70M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.3M $52.60M
YoY Change 161.12% -9.31%
Cash & Equivalents $137.3M $52.56M
Short-Term Investments
Other Short-Term Assets $7.623M $7.500M
YoY Change 1.64% 41.51%
Inventory $65.19M $57.18M
Prepaid Expenses
Receivables $43.58M $15.49M
Other Receivables $0.00 $0.00
Total Short-Term Assets $253.7M $132.7M
YoY Change 91.17% -0.38%
LONG-TERM ASSETS
Property, Plant & Equipment $835.7M $883.3M
YoY Change -5.39% -6.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $13.25M $15.82M
YoY Change -16.23% -18.63%
Total Long-Term Assets $849.0M $899.2M
YoY Change -5.58% -10.15%
TOTAL ASSETS
Total Short-Term Assets $253.7M $132.7M
Total Long-Term Assets $849.0M $899.2M
Total Assets $1.103B $1.032B
YoY Change 6.86% -9.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.24M $20.60M
YoY Change 139.0% -8.43%
Accrued Expenses $20.46M $30.10M
YoY Change -32.03% 9.06%
Deferred Revenue $80.88M $40.38M
YoY Change 100.27% 7.3%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.300M
YoY Change
Total Short-Term Liabilities $173.2M $99.83M
YoY Change 73.5% 7.83%
LONG-TERM LIABILITIES
Long-Term Debt $546.4M $634.9M
YoY Change -13.94% 0.26%
Other Long-Term Liabilities $15.57M $8.780M
YoY Change 77.28% -6.44%
Total Long-Term Liabilities $562.0M $643.7M
YoY Change -12.7% 0.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $173.2M $99.83M
Total Long-Term Liabilities $562.0M $643.7M
Total Liabilities $735.2M $743.6M
YoY Change -1.12% 1.13%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $367.5M $288.3M
YoY Change
Total Liabilities & Shareholders Equity $1.103B $1.032B
YoY Change 6.86% -9.0%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $93.66M -$25.38M
YoY Change -468.98% 22.42%
Depreciation, Depletion And Amortization $19.47M $14.12M
YoY Change 37.82% -9.45%
Cash From Operating Activities $166.9M $25.55M
YoY Change 553.31% -7.78%
INVESTING ACTIVITIES
Capital Expenditures -$7.899M -$3.000M
YoY Change 163.3% -55.22%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$7.899M -$2.994M
YoY Change 163.83% -55.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.40M $529.0K
YoY Change 2243.67%
Debt Paid & Issued, Net $65.00M $0.00
YoY Change
Cash From Financing Activities -$134.2M -$555.0K
YoY Change 24079.64% 2120.0%
NET CHANGE
Cash From Operating Activities $166.9M $25.55M
Cash From Investing Activities -$7.899M -$2.994M
Cash From Financing Activities -$134.2M -$555.0K
Net Change In Cash $24.83M $22.00M
YoY Change 12.86% 4.67%
FREE CASH FLOW
Cash From Operating Activities $166.9M $25.55M
Capital Expenditures -$7.899M -$3.000M
Free Cash Flow $174.8M $28.55M
YoY Change 512.33% -17.02%

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CY2022Q1 us-gaap Basis Of Accounting
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<div style="text-align:justify"><span style="color:#5b9a04;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(2) Basis of Presentation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). These condensed consolidated financial statements should be read in conjunction with the December 31, 2021 audited consolidated financial statements and notes thereto included in the 2021 Form 10-K.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of the Partnership’s management, the accompanying condensed consolidated financial statements reflect all adjustments that are necessary for fair presentation of the financial position and results of operations of the Partnership for the periods presented. Such adjustments are of a normal recurring nature, unless otherwise disclosed. </span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made within the condensed consolidated financial statements for prior periods to conform with current presentation.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Results of operations and cash flows for the interim periods presented are not necessarily indicative of the results that will be realized for the year ending December 31, 2022 or any other interim or annual period.</span></div>
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
21124000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
17141000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1734000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
833000 USD
CY2022Q1 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
42334000 USD
CY2021Q4 us-gaap Inventory Parts And Components Net Of Reserves
InventoryPartsAndComponentsNetOfReserves
34296000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
65192000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
52270000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1480287000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1474821000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
644574000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
624359000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
835713000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
850462000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1059000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
916000 USD
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
26000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
22000 USD
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 USD
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 USD
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
766000 USD
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
160000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.051
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0
CY2022Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2307000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1359000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
676000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
260000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 USD
CY2022Q1 cvi Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
0 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4602000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
221000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4381000 USD
CY2022Q1 cvi Lessee Finance Lease Lease Not Yet Commenced Liability
LesseeFinanceLeaseLeaseNotYetCommencedLiability
25000000 USD
CY2022Q1 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
12123000 USD
CY2021Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
5888000 USD
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
9826000 USD
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
1654000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5252000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7920000 USD
CY2022Q1 cvi Sales Incentive Payable Current
SalesIncentivePayableCurrent
2643000 USD
CY2021Q4 cvi Sales Incentive Payable Current
SalesIncentivePayableCurrent
1555000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2578000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3052000 USD
CY2022Q1 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1642000 USD
CY2021Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1744000 USD
CY2022Q1 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
140000 USD
CY2021Q4 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
954000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2803000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1634000 USD
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
37007000 USD
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
24401000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3561000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4358000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
546439000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
610642000 USD
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-600000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
222873000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
60921000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
10000000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5800000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4000000 USD
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
87060000 USD
CY2022Q1 cvi Contract With Customer Liability Increase From Contracts Entered During Period
ContractWithCustomerLiabilityIncreaseFromContractsEnteredDuringPeriod
15246000 USD
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16968000 USD
CY2022Q1 cvi Contract With Customer Liability Revenue Recognized Contracts Entered During Period
ContractWithCustomerLiabilityRevenueRecognizedContractsEnteredDuringPeriod
4277000 USD
CY2022Q1 cvi Contract With Customer Liability Other Changes
ContractWithCustomerLiabilityOtherChanges
-184000 USD
CY2022Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
80877000 USD
CY2022Q1 cvi Contract With Customer Liability Payment Collected
ContractWithCustomerLiabilityPaymentCollected
14200000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12074000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3592000 USD
CY2021Q4 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-3580000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1164000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
45000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
898000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
918000 USD
CY2022Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
0 USD
CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1000 USD
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
0 USD
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
26000 USD
CY2022Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
-2250000 USD
CY2021Q1 cvi Increase Decrease In Accounts Payable Construction In Progress
IncreaseDecreaseInAccountsPayableConstructionInProgress
131000 USD
CY2022Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
48000 USD
CY2021Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
219000 USD
CY2022Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
14534000 USD
CY2021Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
6693000 USD
CY2022Q1 us-gaap Related Party Transaction Due From To Related Party
RelatedPartyTransactionDueFromToRelatedParty
-4933000 USD
CY2022Q1 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
5.24
CY2022Q1 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
55970000 USD
CY2021Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.72
CY2021Q3 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
18372000 USD
CY2021Q4 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
2.93
CY2021Q4 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
31297000 USD
CY2021 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
4.65
CY2021 us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
49669000 USD

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