2024 Q3 Form 10-Q Financial Statement

#000152272724000032 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $240.0M $235.3M
YoY Change 10.54% 13.72%
Cost Of Revenue $81.81M $78.16M
YoY Change 9.23% 11.78%
Gross Profit $158.2M $157.2M
YoY Change 11.22% 14.71%
Gross Profit Margin 65.91% 66.78%
Selling, General & Admin $15.36M $14.17M
YoY Change -23.51% -5.2%
% of Gross Profit 9.71% 9.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.89M $57.97M
YoY Change 5.53% -3.45%
% of Gross Profit 37.87% 36.89%
Operating Expenses $15.36M $14.17M
YoY Change -23.51% -81.1%
Operating Profit $75.68M $77.37M
YoY Change 24.15% 24.78%
Interest Expense -$55.58M -$45.70M
YoY Change -228.49% 66.2%
% of Operating Profit -73.44% -59.06%
Other Income/Expense, Net -$55.56M -$45.67M
YoY Change 39.6% -80224.56%
Pretax Income $20.12M $31.70M
YoY Change -4.9% 32.15%
Income Tax $793.0K $463.0K
% Of Pretax Income 3.94% 1.46%
Net Earnings $19.33M $31.24M
YoY Change -7.54% 174.11%
Net Earnings / Revenue 8.05% 13.28%
Basic Earnings Per Share
Diluted Earnings Per Share $0.13 $0.23
COMMON SHARES
Basic Shares Outstanding 117.0M shares 117.0M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.00K $9.000K
YoY Change -70.97%
Cash & Equivalents $79.00K $9.000K
Short-Term Investments
Other Short-Term Assets $9.261M $18.30M
YoY Change -53.46% -10.48%
Inventory $146.8M $131.3M
Prepaid Expenses
Receivables $99.10M $106.0M
Other Receivables $7.163M $140.0K
Total Short-Term Assets $262.4M $255.8M
YoY Change 17.29% 20.89%
LONG-TERM ASSETS
Property, Plant & Equipment $2.307B $2.325B
YoY Change 4.14% 5.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.31M $8.989M
YoY Change -2.24% -37.49%
Total Long-Term Assets $2.541B $2.566B
YoY Change 2.36% 3.48%
TOTAL ASSETS
Total Short-Term Assets $262.4M $255.8M
Total Long-Term Assets $2.541B $2.566B
Total Assets $2.804B $2.822B
YoY Change 3.59% 4.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.63M $35.65M
YoY Change -14.58% -2.66%
Accrued Expenses $83.60M $103.2M
YoY Change 7.75% 17.39%
Deferred Revenue $67.90M $65.75M
YoY Change 7.68% 4.39%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $183.1M $204.6M
YoY Change 3.07% 9.11%
LONG-TERM LIABILITIES
Long-Term Debt $2.532B $2.484B
YoY Change 11.24% 12.26%
Other Long-Term Liabilities $26.54M $25.33M
YoY Change 3.68% 17.13%
Total Long-Term Liabilities $2.532B $2.484B
YoY Change 11.24% 11.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $183.1M $204.6M
Total Long-Term Liabilities $2.532B $2.484B
Total Liabilities $2.742B $2.714B
YoY Change 10.58% 12.06%
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 $61.56M $107.6M
YoY Change
Total Liabilities & Shareholders Equity $2.804B $2.822B
YoY Change 3.59% 4.85%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $19.33M $31.24M
YoY Change -7.54% 174.11%
Depreciation, Depletion And Amortization $59.89M $57.97M
YoY Change 5.53% -3.45%
Cash From Operating Activities $48.48M $96.74M
YoY Change -3.23% 10.09%
INVESTING ACTIVITIES
Capital Expenditures $28.69M $48.54M
YoY Change -45.46% -25.33%
Acquisitions
YoY Change
Other Investing Activities $307.0K $395.0K
YoY Change -93.33% -29.08%
Cash From Investing Activities -$28.38M -$48.14M
YoY Change -41.0% -25.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.03M -48.60M
YoY Change 901.6% 107.7%
NET CHANGE
Cash From Operating Activities 48.48M 96.74M
Cash From Investing Activities -28.38M -48.14M
Cash From Financing Activities -20.03M -48.60M
Net Change In Cash 70.00K 1.000K
YoY Change 469762048000200.2% -96.0%
FREE CASH FLOW
Cash From Operating Activities $48.48M $96.74M
Capital Expenditures $28.69M $48.54M
Free Cash Flow $19.80M $48.20M
YoY Change -891.8% 110.81%

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usac Transfers To From Inventory To Property And Equipment
TransfersToFromInventoryToPropertyAndEquipment
24053000 usd
usac Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
-4189000 usd
usac Increase Decrease In Capital Expenditures Incurred But Not Yet Paid
IncreaseDecreaseInCapitalExpendituresIncurredButNotYetPaid
1125000 usd
usac Financing Costs Included In Accounts Payable And Accrued Liabilities
FinancingCostsIncludedInAccountsPayableAndAccruedLiabilities
-96000 usd
usac Financing Costs Included In Accounts Payable And Accrued Liabilities
FinancingCostsIncludedInAccountsPayableAndAccruedLiabilities
6000 usd
usac Exercise And Conversion Of Preferred Units
ExerciseAndConversionOfPreferredUnits
300700000 usd
usac Exercise And Conversion Of Preferred Units
ExerciseAndConversionOfPreferredUnits
0 usd
usac Government Securities Transferred In Connection With The Legal Defeasance Of Debt
GovernmentSecuritiesTransferredInConnectionWithTheLegalDefeasanceOfDebt
748764000 usd
usac Government Securities Transferred In Connection With The Legal Defeasance Of Debt
GovernmentSecuritiesTransferredInConnectionWithTheLegalDefeasanceOfDebt
0 usd
usac Legal Defeasance Of Debt
LegalDefeasanceOfDebt
725000000 usd
usac Legal Defeasance Of Debt
LegalDefeasanceOfDebt
0 usd
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>
CY2024Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
21000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
56000 usd
CY2023Q2 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
300000 usd
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
600000 usd
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2300000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2300000 usd
CY2024Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
68776000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
59901000 usd
CY2024Q2 us-gaap Other Inventory Supplies
OtherInventorySupplies
62507000 usd
CY2023Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
54827000 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
131283000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
114728000 usd
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
4163675000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
3995789000 usd
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1855088000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1758164000 usd
CY2024Q2 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2308587000 usd
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
2237625000 usd
CY2024Q2 us-gaap Depreciation
Depreciation
57968000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
52694000 usd
us-gaap Depreciation
Depreciation
113874000 usd
us-gaap Depreciation
Depreciation
104835000 usd
CY2024Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-18000 usd
CY2023Q2 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
309000 usd
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
1236000 usd
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
-67000 usd
CY2024Q2 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
2 equipment
CY2024Q2 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
1300 hp
CY2023Q2 usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
33 equipment
usac Number Of Compressor Units That Are To Be Retired Or Sold Or Reutilized
NumberOfCompressorUnitsThatAreToBeRetiredOrSoldOrReutilized
39 equipment
CY2023Q2 usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
26900 hp
usac Number Of Horsepower Units That Are To Be Retired Or Sold Or Reutilized
NumberOfHorsepowerUnitsThatAreToBeRetiredOrSoldOrReutilized
35600 hp
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
245652000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14690000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
230962000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
319700000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
305000000.0 usd
CY2024Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
39240000 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
31960000 usd
CY2024Q2 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
28098000 usd
CY2023Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
21896000 usd
CY2024Q2 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
9483000 usd
CY2023Q4 usac Accrued Capital Expenditures
AccruedCapitalExpenditures
13672000 usd
CY2024Q2 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
7178000 usd
CY2023Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
5670000 usd
CY2024Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2024Q2 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
1040000 usd
CY2023Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
0 usd
CY2024Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
0 usd
CY2023Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
4466000 usd
CY2024Q2 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
3131000 usd
CY2023Q2 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
14550000 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
11902000 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
14550000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
22188000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10725000 usd
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
2484053000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
2336088000 usd
CY2023Q4 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
500000 shares
usac Preferred Units Number Of Units Converted Into Common Units
PreferredUnitsNumberOfUnitsConvertedIntoCommonUnits
320000 shares
CY2024Q2 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
180000 shares
CY2024Q1 usac Preferred Units Number Of Units Converted Into Common Units
PreferredUnitsNumberOfUnitsConvertedIntoCommonUnits
40000 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
1998850 shares
CY2024Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
1998850 shares
CY2024Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2024Q1 usac Preferred Units Number Of Units Converted Into Common Units
PreferredUnitsNumberOfUnitsConvertedIntoCommonUnits
40000 shares
CY2024Q2 usac Preferred Units Number Of Units Converted Into Common Units
PreferredUnitsNumberOfUnitsConvertedIntoCommonUnits
280000 shares
CY2024Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
13991954 shares
CY2024Q2 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
13991954 shares
CY2024Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2024Q2 usac Preferred Units Number Of Units Converted Into Common Units
PreferredUnitsNumberOfUnitsConvertedIntoCommonUnits
280000 shares
CY2023Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2023Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2023Q3 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2023Q4 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2023 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
97.50
CY2024Q1 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
CY2024Q2 us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
24.375
us-gaap Preferred Stock Dividends Per Share Cash Paid
PreferredStockDividendsPerShareCashPaid
48.75
CY2023Q4 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
100986011 shares
usac Common Units Issued Under Distribution Reinvestment Plan
CommonUnitsIssuedUnderDistributionReinvestmentPlan
30596 shares
us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
15990804 shares
CY2024Q2 us-gaap Partners Capital Account Units
PartnersCapitalAccountUnits
117007411 shares
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235313000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206920000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
464589000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
404044000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235313000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206920000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
464589000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
404044000 usd
CY2024Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
65746000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
62589000 usd
CY2024Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
5352000 usd
CY2023Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
6000000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
71098000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
68589000 usd
CY2024Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
59000000.0 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1200000000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
366754000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
435714000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
244632000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
141291000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
59936000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1248327000 usd

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