2023 Q3 Form 10-Q Financial Statement

#000142390223000051 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $776.0M $738.3M
YoY Change -7.35% -15.76%
Cost Of Revenue $27.60M $44.75M
YoY Change -74.17% -69.88%
Gross Profit $748.4M $693.5M
YoY Change 2.42% -4.72%
Gross Profit Margin 96.44% 93.94%
Selling, General & Admin $274.1M $255.4M
YoY Change 6.2% 7.01%
% of Gross Profit 36.62% 36.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $147.4M $143.5M
YoY Change -6.04% 3.2%
% of Gross Profit 19.69% 20.69%
Operating Expenses $421.4M $398.9M
YoY Change 1.56% 5.61%
Operating Profit $360.8M $294.7M
YoY Change 1.05% -25.85%
Interest Expense $82.75M -$43.86M
YoY Change -0.42% -154.3%
% of Operating Profit 22.94% -14.88%
Other Income/Expense, Net -$1.270M $2.872M
YoY Change -2367.86% -6482.22%
Pretax Income $285.3M $260.2M
YoY Change 4.14% -17.84%
Income Tax $905.0K $659.0K
% Of Pretax Income 0.32% 0.25%
Net Earnings $277.3M $247.1M
YoY Change 4.35% -19.33%
Net Earnings / Revenue 35.73% 33.47%
Basic Earnings Per Share
Diluted Earnings Per Share $0.70 $0.64
COMMON SHARES
Basic Shares Outstanding 384.6M shares 384.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $489.0M $214.0M
YoY Change 207.37% 119.59%
Cash & Equivalents $489.5M $214.0M
Short-Term Investments
Other Short-Term Assets $31.48M $15.58M
YoY Change -63.52% -68.64%
Inventory $3.000M $1.904M
Prepaid Expenses
Receivables $614.5M $562.9M
Other Receivables $4.000M $2.919M
Total Short-Term Assets $1.136B $797.2M
YoY Change 26.72% -7.67%
LONG-TERM ASSETS
Property, Plant & Equipment $8.664B $8.601B
YoY Change 1.46% 1.46%
Goodwill $4.783M $4.783M
YoY Change 0.0% 0.0%
Intangibles $689.3M $697.2M
YoY Change -4.39% -4.34%
Long-Term Investments $915.1M $920.1M
YoY Change -19.88% -19.88%
Other Assets $217.2M $180.8M
YoY Change 28.71% 9.13%
Total Long-Term Assets $10.49B $10.42B
YoY Change -0.81% -0.98%
TOTAL ASSETS
Total Short-Term Assets $1.136B $797.2M
Total Long-Term Assets $10.49B $10.42B
Total Assets $11.63B $11.22B
YoY Change 1.34% -1.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $393.0M $359.3M
YoY Change -20.25% -27.12%
Accrued Expenses $190.0M $241.2M
YoY Change 0.19% 10.72%
Deferred Revenue $14.89M $14.91M
YoY Change -22.55% 63.04%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M $2.532M
YoY Change -1.48% -3.1%
Total Short-Term Liabilities $635.9M $621.5M
YoY Change -14.75% -17.64%
LONG-TERM LIABILITIES
Long-Term Debt $7.260B $6.824B
YoY Change 3.31% 2.53%
Other Long-Term Liabilities $452.2M $735.8M
YoY Change 22.57% 107.16%
Total Long-Term Liabilities $8.036B $7.560B
YoY Change 4.07% 3.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $635.9M $621.5M
Total Long-Term Liabilities $8.036B $7.560B
Total Liabilities $8.671B $8.330B
YoY Change 2.42% 3.04%
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 $2.824B $2.889B
YoY Change
Total Liabilities & Shareholders Equity $11.63B $11.22B
YoY Change 1.34% -1.49%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $277.3M $247.1M
YoY Change 4.35% -19.33%
Depreciation, Depletion And Amortization $147.4M $143.5M
YoY Change -6.04% 3.2%
Cash From Operating Activities $394.8M $490.8M
YoY Change -15.78% 5.11%
INVESTING ACTIVITIES
Capital Expenditures $201.9M $161.5M
YoY Change -234.47% -250.38%
Acquisitions
YoY Change
Other Investing Activities -$6.000M $9.992M
YoY Change -82.93% 24.03%
Cash From Investing Activities -$207.9M -$151.5M
YoY Change 12.19% 52.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 88.70M -238.0M
YoY Change -139.99% -54.09%
NET CHANGE
Cash From Operating Activities 394.8M 490.8M
Cash From Investing Activities -207.9M -151.5M
Cash From Financing Activities 88.70M -238.0M
Net Change In Cash 275.6M 101.3M
YoY Change 346.97% -167.17%
FREE CASH FLOW
Cash From Operating Activities $394.8M $490.8M
Capital Expenditures $201.9M $161.5M
Free Cash Flow $192.9M $329.3M
YoY Change -68.83% -42.66%

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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-style:italic;font-weight:400;line-height:120%">Use of estimates. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, using historical experience and other reasonable methods. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates. Effects on the business, financial condition, and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information included herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements.</span>
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CY2022Q2 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1135000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1123000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1140000 shares
CY2023Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
385510000 shares
CY2022Q2 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
404162000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
385665000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
404280000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1159000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
618000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
873000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
731000 shares
CY2023Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.64
CY2022Q2 us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
0.74
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
1.16
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
1.49
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0.64
CY2022Q2 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.74
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
1.16
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
1.49
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
42324000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
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EquityMethodInvestments
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
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us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
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wes Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
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wes Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
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CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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PaymentsToAcquireBusinessesAndInterestInAffiliates
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
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CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
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CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5139941000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4823993000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
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CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
761000 usd
CY2022Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
5404000 usd
CY2023Q2 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
554222000 usd
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
AccountsAndOtherReceivablesNetCurrent
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CY2023Q2 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
1904000 usd
CY2022Q4 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
3797000 usd
CY2023Q2 us-gaap Gas Imbalance Asset Liability
GasImbalanceAssetLiability
2158000 usd
CY2022Q4 us-gaap Gas Imbalance Asset Liability
GasImbalanceAssetLiability
32658000 usd
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1289000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
13262000 usd
CY2023Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
9390000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3381000 usd
CY2023Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
14287000 usd
CY2022Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
6408000 usd
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
29028000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
59506000 usd
CY2023Q2 us-gaap Interest Payable Current
InterestPayableCurrent
117188000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
110486000 usd
CY2023Q2 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
4716000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
10493000 usd
CY2023Q2 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
8226000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
5383000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2428000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14905000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
20903000 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
35889000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
44855000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
39316000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
60092000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
223887000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
254640000 usd
CY2023Q2 wes Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
2532000 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2532000 usd
CY2022Q4 wes Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
215797000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
215780000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
6785362000 usd
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
6826746000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
85088000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
78577000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
166239000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
162005000 usd
CY2023Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
230000 usd
CY2022Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
31000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
393000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
73000 usd
CY2023Q2 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
3414000 usd
CY2022Q2 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
3068000 usd
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
6295000 usd
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
6100000 usd
CY2023Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
2550000 usd
CY2022Q2 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
904000 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
5075000 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1951000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
86182000 usd
CY2022Q2 us-gaap Interest Expense
InterestExpense
80772000 usd
us-gaap Interest Expense
InterestExpense
167852000 usd
us-gaap Interest Expense
InterestExpense
166227000 usd
CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
12100000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
7400000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q1 us-gaap Partners Capital Other
PartnersCapitalOther
-11950000 usd
CY2022Q4 us-gaap General Partners Capital Account Units Issued
GeneralPartnersCapitalAccountUnitsIssued
9060641 shares

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