2023 Q4 Form 10-Q Financial Statement

#000142390223000065 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $858.2M $776.0M
YoY Change 10.11% -7.35%
Cost Of Revenue $40.80M $27.60M
YoY Change -55.97% -74.17%
Gross Profit $817.4M $748.4M
YoY Change 19.02% 2.42%
Gross Profit Margin 95.25% 96.44%
Selling, General & Admin $290.0M $274.1M
YoY Change 23.73% 6.2%
% of Gross Profit 35.48% 36.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $165.2M $147.4M
YoY Change 8.73% -6.04%
% of Gross Profit 20.21% 19.69%
Operating Expenses $455.2M $421.4M
YoY Change 17.83% 1.56%
Operating Profit $362.2M $360.8M
YoY Change 20.55% 1.05%
Interest Expense -$61.50M $82.75M
YoY Change 51.82% -0.42%
% of Operating Profit -16.98% 22.94%
Other Income/Expense, Net $2.862M -$1.270M
YoY Change 92.6% -2367.86%
Pretax Income $297.2M $285.3M
YoY Change -14.0% 4.14%
Income Tax $1.405M $905.0K
% Of Pretax Income 0.47% 0.32%
Net Earnings $281.6M $277.3M
YoY Change -14.29% 4.35%
Net Earnings / Revenue 32.82% 35.73%
Basic Earnings Per Share
Diluted Earnings Per Share $0.74 $0.70
COMMON SHARES
Basic Shares Outstanding 379.5M shares 384.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.8M $489.0M
YoY Change -4.84% 207.37%
Cash & Equivalents $272.8M $489.5M
Short-Term Investments
Other Short-Term Assets $52.99M $31.48M
YoY Change -10.96% -63.52%
Inventory $2.557M $3.000M
Prepaid Expenses
Receivables $665.9M $614.5M
Other Receivables $5.801M $4.000M
Total Short-Term Assets $992.4M $1.136B
YoY Change 10.22% 26.72%
LONG-TERM ASSETS
Property, Plant & Equipment $9.655B $8.664B
YoY Change 13.04% 1.46%
Goodwill $4.783M $4.783M
YoY Change 0.0% 0.0%
Intangibles $681.4M $689.3M
YoY Change -4.44% -4.39%
Long-Term Investments $904.5M $915.1M
YoY Change -4.25% -19.88%
Other Assets $233.5M $217.2M
YoY Change 39.75% 28.71%
Total Long-Term Assets $11.48B $10.49B
YoY Change 10.68% -0.81%
TOTAL ASSETS
Total Short-Term Assets $992.4M $1.136B
Total Long-Term Assets $11.48B $10.49B
Total Assets $12.47B $11.63B
YoY Change 10.65% 1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.5M $393.0M
YoY Change 0.52% -20.25%
Accrued Expenses $262.6M $190.0M
YoY Change 3.11% 0.19%
Deferred Revenue $16.87M $14.89M
YoY Change -19.31% -22.55%
Short-Term Debt $610.3M $0.00
YoY Change 186.37%
Long-Term Debt Due $7.436M $2.000M
YoY Change 179.65% -1.48%
Total Short-Term Liabilities $1.304B $635.9M
YoY Change 44.28% -14.75%
LONG-TERM LIABILITIES
Long-Term Debt $7.284B $7.260B
YoY Change 10.87% 3.31%
Other Long-Term Liabilities $480.2M $452.2M
YoY Change 24.53% 22.57%
Total Long-Term Liabilities $8.138B $8.036B
YoY Change 12.1% 4.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.304B $635.9M
Total Long-Term Liabilities $8.138B $8.036B
Total Liabilities $9.442B $8.671B
YoY Change 15.67% 2.42%
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 $2.897B $2.824B
YoY Change
Total Liabilities & Shareholders Equity $12.47B $11.63B
YoY Change 10.65% 1.34%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $281.6M $277.3M
YoY Change -14.29% 4.35%
Depreciation, Depletion And Amortization $165.2M $147.4M
YoY Change 8.73% -6.04%
Cash From Operating Activities $473.3M $394.8M
YoY Change -3.25% -15.78%
INVESTING ACTIVITIES
Capital Expenditures $198.7M $201.9M
YoY Change 36.33% -234.47%
Acquisitions
YoY Change
Other Investing Activities -$870.0M -$6.000M
YoY Change -406.63% -82.93%
Cash From Investing Activities -$1.069B -$207.9M
YoY Change -874.33% 12.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 378.7M 88.70M
YoY Change -175.79% -139.99%
NET CHANGE
Cash From Operating Activities 473.3M 394.8M
Cash From Investing Activities -1.069B -207.9M
Cash From Financing Activities 378.7M 88.70M
Net Change In Cash -216.7M 275.6M
YoY Change -269.85% 346.97%
FREE CASH FLOW
Cash From Operating Activities $473.3M $394.8M
Capital Expenditures $198.7M $201.9M
Free Cash Flow $274.7M $192.9M
YoY Change -20.04% -68.83%

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CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2023Q3 us-gaap Net Income Loss Allocated To Limited Partners
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270843000 usd
CY2022Q3 us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
259501000 usd
us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
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us-gaap Net Income Loss Allocated To Limited Partners
NetIncomeLossAllocatedToLimitedPartners
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CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
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CY2022Q3 us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
388906000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
384211000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding
WeightedAverageLimitedPartnershipUnitsOutstanding
398343000 shares
CY2023Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1211000 shares
CY2022Q3 us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1412000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1133000 shares
us-gaap Weighted Average Numer Diluted Limited Partnership Units Outstanding Adjustment
WeightedAverageNumerDilutedLimitedPartnershipUnitsOutstandingAdjustment
1202000 shares
CY2023Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
384772000 shares
CY2022Q3 us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
390318000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
385344000 shares
us-gaap Weighted Average Limited Partnership Units Outstanding Diluted
WeightedAverageLimitedPartnershipUnitsOutstandingDiluted
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
108000 shares
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
123000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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0.67
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
1.87
us-gaap Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax
NetIncomeLossPerOutstandingLimitedPartnershipUnitBasicNetOfTax
2.16
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NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.70
CY2022Q3 us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
0.66
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
1.86
us-gaap Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted
NetIncomeLossNetOfTaxPerOutstandingLimitedPartnershipUnitDiluted
2.15
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IncomeLossFromEquityMethodInvestments
35494000 usd
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IncomeLossFromEquityMethodInvestments
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IncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q3 us-gaap Equity Method Investments
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EquityMethodInvestments
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Payments To Acquire Businesses And Interest In Affiliates
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
31715000 usd
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wes Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
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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
116839000 usd
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1153000 usd
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EquityMethodInvestmentDividendsOrDistributions
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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CY2023Q3 us-gaap Equity Method Investments
EquityMethodInvestments
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PropertyPlantAndEquipmentGross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
548859000 usd
CY2023Q3 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
343000 usd
CY2022Q4 us-gaap Nontrade Receivables Current
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5404000 usd
CY2023Q3 us-gaap Accounts And Other Receivables Net Current
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614836000 usd
CY2022Q4 us-gaap Accounts And Other Receivables Net Current
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554263000 usd
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2023Q3 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
3019000 usd
CY2022Q4 us-gaap Energy Related Inventory Natural Gas Liquids
EnergyRelatedInventoryNaturalGasLiquids
3797000 usd
CY2023Q3 us-gaap Gas Imbalance Asset Liability
GasImbalanceAssetLiability
3659000 usd
CY2022Q4 us-gaap Gas Imbalance Asset Liability
GasImbalanceAssetLiability
32658000 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
2453000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
13262000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
7850000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
3381000 usd
CY2023Q3 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
14495000 usd
CY2022Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
6408000 usd
CY2023Q3 us-gaap Other Assets Current
OtherAssetsCurrent
31476000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
59506000 usd
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
78154000 usd
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
110486000 usd
CY2023Q3 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
3453000 usd
CY2022Q4 us-gaap Asset Retirement Obligation Current
AssetRetirementObligationCurrent
10493000 usd
CY2023Q3 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
6061000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
5383000 usd
CY2023Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
4453000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2428000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
14888000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
20903000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
42595000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
44855000 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
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40379000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
60092000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
189983000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
254640000 usd
CY2023Q3 wes Debt Instrument Carrying Amount Current
DebtInstrumentCarryingAmountCurrent
2268000 usd
CY2023Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
2268000 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
CY2023Q3 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
7262319000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
81554000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
249416000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
243559000 usd
CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
23000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
616000 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
96000 usd
CY2022Q3 us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
3049000 usd
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
9199000 usd
us-gaap Debt Related Commitment Fees And Debt Issuance Costs
DebtRelatedCommitmentFeesAndDebtIssuanceCosts
9149000 usd
CY2022Q3 us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
1520000 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
8625000 usd
us-gaap Interest Costs Capitalized Adjustment
InterestCostsCapitalizedAdjustment
3471000 usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
83106000 usd
us-gaap Interest Expense
InterestExpense
250606000 usd
us-gaap Interest Expense
InterestExpense
249333000 usd
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
9500000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
7400000 usd
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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