2023 Q2 Form 10-Q Financial Statement

#000152272723000012 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $206.9M $197.1M
YoY Change 20.68% 20.63%
Cost Of Revenue $69.92M $66.67M
YoY Change 26.77% 24.07%
Gross Profit $137.0M $130.5M
YoY Change 17.79% 18.95%
Gross Profit Margin 66.21% 66.18%
Selling, General & Admin $14.95M $19.10M
YoY Change 7.45% 25.13%
% of Gross Profit 10.91% 14.64%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.04M $52.14M
YoY Change 16.32% 0.81%
% of Gross Profit 43.82% 39.97%
Operating Expenses $74.99M $19.10M
YoY Change 438.95% 25.13%
Operating Profit $62.01M $51.06M
YoY Change 46.25% 45.47%
Interest Expense -$27.50M $39.79M
YoY Change -183.12% 24.98%
% of Operating Profit -44.34% 77.93%
Other Income/Expense, Net $57.00K -$39.77M
YoY Change -100.17% 24.98%
Pretax Income $23.99M $11.29M
YoY Change 156.81% 244.24%
Income Tax $405.0K $350.0K
% Of Pretax Income 1.69% 3.1%
Net Earnings $11.40M $10.94M
YoY Change 25.42% 236.23%
Net Earnings / Revenue 5.51% 5.55%
Basic Earnings Per Share
Diluted Earnings Per Share $0.11 -$0.01
COMMON SHARES
Basic Shares Outstanding 98.26M shares 98.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.00K $6.000K
YoY Change -60.0%
Cash & Equivalents $31.00K $6.000K
Short-Term Investments
Other Short-Term Assets $20.44M $9.134M
YoY Change 126.49% 31.71%
Inventory $101.4M $96.35M
Prepaid Expenses
Receivables $86.81M $80.21M
Other Receivables $2.875M $246.0K
Total Short-Term Assets $211.6M $185.9M
YoY Change -2.81% -12.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.205B $2.192B
YoY Change 0.32% -0.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.38M $12.12M
YoY Change -2.25% -20.7%
Total Long-Term Assets $2.479B $2.472B
YoY Change -0.91% -2.11%
TOTAL ASSETS
Total Short-Term Assets $211.6M $185.9M
Total Long-Term Assets $2.479B $2.472B
Total Assets $2.691B $2.658B
YoY Change -1.06% -2.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.63M $39.44M
YoY Change 39.55% 73.85%
Accrued Expenses $87.89M $54.90M
YoY Change -32.06% -40.66%
Deferred Revenue $62.98M $61.63M
YoY Change 15.47% 18.85%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $187.5M $156.0M
YoY Change -10.78% -6.64%
LONG-TERM LIABILITIES
Long-Term Debt $2.213B $2.170B
YoY Change 9.69% 7.28%
Other Long-Term Liabilities $21.63M $22.64M
YoY Change -20.4% -18.54%
Total Long-Term Liabilities $2.234B $2.170B
YoY Change 10.76% 7.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $187.5M $156.0M
Total Long-Term Liabilities $2.234B $2.170B
Total Liabilities $2.422B $2.349B
YoY Change 7.42% 5.91%
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 $269.1M $308.8M
YoY Change
Total Liabilities & Shareholders Equity $2.691B $2.658B
YoY Change -1.06% -2.89%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $11.40M $10.94M
YoY Change 25.42% 236.23%
Depreciation, Depletion And Amortization $60.04M $52.14M
YoY Change 16.32% 0.81%
Cash From Operating Activities $87.87M $42.34M
YoY Change -6.75% 20.78%
INVESTING ACTIVITIES
Capital Expenditures $65.00M $41.40M
YoY Change -375.59% 104.63%
Acquisitions
YoY Change
Other Investing Activities $557.0K $536.0K
YoY Change 28.94% 3.88%
Cash From Investing Activities -$64.45M -$40.86M
YoY Change 178.32% 107.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $203.3M
YoY Change
Cash From Financing Activities -23.40M -$1.506M
YoY Change -67.09% -90.17%
NET CHANGE
Cash From Operating Activities 87.87M $42.34M
Cash From Investing Activities -64.45M -$40.86M
Cash From Financing Activities -23.40M -$1.506M
Net Change In Cash 25.00K -$29.00K
YoY Change -266.67% -293.33%
FREE CASH FLOW
Cash From Operating Activities $87.87M $42.34M
Capital Expenditures $65.00M $41.40M
Free Cash Flow $22.87M $941.0K
YoY Change -80.59% -93.65%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 usd
CY2022Q1 us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
49000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-40861000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-19714000 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
266470000 usd
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
214978000 usd
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
203338000 usd
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
165785000 usd
CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
251000 usd
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
423000 usd
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-107000 usd
CY2022Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-141000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1506000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-15325000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
63167000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
54712000 usd
CY2023Q1 usac Noncash Or Part Noncash Distributions To Common Unitholders
NoncashOrPartNoncashDistributionsToCommonUnitholders
617000 usd
CY2022Q1 usac Noncash Or Part Noncash Distributions To Common Unitholders
NoncashOrPartNoncashDistributionsToCommonUnitholders
516000 usd
CY2023Q1 usac Transfers To From Inventory To Property And Equipment
TransfersToFromInventoryToPropertyAndEquipment
10636000 usd
CY2022Q1 usac Transfers To From Inventory To Property And Equipment
TransfersToFromInventoryToPropertyAndEquipment
1118000 usd
CY2023Q1 usac Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
2922000 usd
CY2022Q1 usac Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
1874000 usd
CY2023Q1 usac Financing Costs Included In Accounts Payable And Accrued Liabilities
FinancingCostsIncludedInAccountsPayableAndAccruedLiabilities
134000 usd
CY2022Q1 usac Financing Costs Included In Accounts Payable And Accrued Liabilities
FinancingCostsIncludedInAccountsPayableAndAccruedLiabilities
-146000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top: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-top:9pt;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%">Our unaudited condensed consolidated financial statements have been prepared in conformity with GAAP, which includes the use of estimates and assumptions by management that affect the reported amounts of assets, liabilities, revenues, expenses, and disclosure of contingent assets and liabilities that existed as of the date of the unaudited condensed consolidated financial statements. Although these estimates were based on management’s available knowledge of current and expected future events, actual results could differ from these estimates.</span></div>
CY2023Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
300000 usd
CY2022Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
100000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1200000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1200000 usd
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-500000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
283000000 usd
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
47461000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
46923000 usd
CY2023Q1 us-gaap Other Inventory Supplies
OtherInventorySupplies
48885000 usd
CY2022Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
46831000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
96346000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
93754000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
3785591000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
3741221000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1611104000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1568297000 usd
CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2174487000 usd
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2172924000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
52141000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
51720000 usd
CY2023Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
376000 usd
CY2022Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
179000 usd
CY2023Q1 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
6 equipment
CY2022Q1 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
10 equipment
CY2023Q1 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
8700 hp
CY2022Q1 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
1400 hp
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
275032000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
7345000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
267687000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
275600000 usd
CY2023Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
7601000 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
32763000 usd
CY2023Q1 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
23345000 usd
CY2022Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
17743000 usd
CY2023Q1 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
12950000 usd
CY2022Q4 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
10028000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
13667000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
14307000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
2170421000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
2106649000 usd
CY2022Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
97.50
CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2022Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
98227656 shares
CY2023Q1 usac Common Units Issued Under Distribution Reinvestment Plan
CommonUnitsIssuedUnderDistributionReinvestmentPlan
29983 shares
CY2023Q1 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
98257639 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
10000000 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
10000000 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
19.59
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
19.59
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197124000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
163412000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197124000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
163412000 usd
CY2023Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
61628000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
62345000 usd
CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
1815000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
2789000 usd
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
63443000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
65134000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
53000000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
725900000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
339873000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
231943000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
74426000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
50863000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
28792000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
725897000 usd
CY2023Q1 us-gaap Purchase Obligation
PurchaseObligation
144700000 usd

Files In Submission

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0001522727-23-000012-index-headers.html Edgar Link pending
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0001522727-23-000012.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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usac-20230331_htm.xml Edgar Link completed