$WLKP
Westlake Chemical Partners LP

2017 Q2 Form 10-Q Financial Statement

#000160466517000025 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $290.1M $210.8M
YoY Change 37.6% -16.23%
Cost Of Revenue $190.5M $122.5M
YoY Change 55.6% -22.09%
Gross Profit $99.57M $88.38M
YoY Change 12.66% -6.5%
Gross Profit Margin 34.32% 41.92%
Selling, General & Admin $6.886M $5.848M
YoY Change 17.75% -2.45%
% of Gross Profit 6.92% 6.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.25M $17.09M
YoY Change 30.17% 5.64%
% of Gross Profit 22.35% 19.34%
Operating Expenses $6.886M $5.848M
YoY Change 17.75% -2.45%
Operating Profit $92.69M $82.53M
YoY Change 12.3% -6.78%
Interest Expense -$5.900M -$1.200M
YoY Change 391.67% -14.29%
% of Operating Profit -6.37% -1.45%
Other Income/Expense, Net $24.00K $159.0K
YoY Change -84.91% 381.82%
Pretax Income $86.77M $81.49M
YoY Change 6.48% -6.55%
Income Tax $297.0K $297.0K
% Of Pretax Income 0.34% 0.36%
Net Earnings $9.975M $9.344M
YoY Change 6.75% -10.52%
Net Earnings / Revenue 3.44% 4.43%
Basic Earnings Per Share
Diluted Earnings Per Share $369.0K $343.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.9M $151.3M
YoY Change -30.67% 10.2%
Cash & Equivalents $104.9M $151.3M
Short-Term Investments
Other Short-Term Assets $0.00 $100.0K
YoY Change -100.0%
Inventory $4.558M $2.493M
Prepaid Expenses
Receivables $94.10M $68.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $203.6M $222.6M
YoY Change -8.51% 11.76%
LONG-TERM ASSETS
Property, Plant & Equipment $1.220B $1.203B
YoY Change 1.42% 31.61%
Goodwill $5.814M $5.814M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $98.56M $98.18M
YoY Change 0.39% 96.28%
Total Long-Term Assets $1.319B $1.330B
YoY Change -0.81% 37.89%
TOTAL ASSETS
Total Short-Term Assets $203.6M $222.6M
Total Long-Term Assets $1.319B $1.330B
Total Assets $1.523B $1.552B
YoY Change -1.91% 33.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.102M $67.17M
YoY Change -89.43% 199.61%
Accrued Expenses $15.23M $77.07M
YoY Change -80.24% 341.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.39M $170.8M
YoY Change -78.69% 213.98%
LONG-TERM LIABILITIES
Long-Term Debt $588.3M $515.3M
YoY Change 14.17% 83.38%
Other Long-Term Liabilities $168.0K $640.0K
YoY Change -73.75% 1728.57%
Total Long-Term Liabilities $168.0K $640.0K
YoY Change -73.75% 1728.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.39M $170.8M
Total Long-Term Liabilities $168.0K $640.0K
Total Liabilities $626.8M $688.5M
YoY Change -8.96% 104.27%
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 $103.0M $100.2M
YoY Change
Total Liabilities & Shareholders Equity $1.523B $1.552B
YoY Change -1.91% 33.42%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $9.975M $9.344M
YoY Change 6.75% -10.52%
Depreciation, Depletion And Amortization $22.25M $17.09M
YoY Change 30.17% 5.64%
Cash From Operating Activities $113.2M $72.70M
YoY Change 55.71% -37.7%
INVESTING ACTIVITIES
Capital Expenditures -$20.80M -$89.40M
YoY Change -76.73% 59.64%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00
YoY Change
Cash From Investing Activities -$20.70M -$89.40M
YoY Change -76.85% 59.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.6M -10.60M
YoY Change 943.4% -84.48%
NET CHANGE
Cash From Operating Activities 113.2M 72.70M
Cash From Investing Activities -20.70M -89.40M
Cash From Financing Activities -110.6M -10.60M
Net Change In Cash -18.10M -27.30M
YoY Change -33.7% 259.21%
FREE CASH FLOW
Cash From Operating Activities $113.2M $72.70M
Capital Expenditures -$20.80M -$89.40M
Free Cash Flow $134.0M $162.1M
YoY Change -17.33% -6.14%

Facts In Submission

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CY2017Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
895803000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
168533000 USD
wlkp Gain Losson Involuntary Conversionof Assets
GainLossonInvoluntaryConversionofAssets
1672000 USD
wlkp Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-194000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43996000 USD
wlkp Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-224000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
149566000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
178388000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
269000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
45000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
131832000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
20384000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
98000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
127000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
81192000 USD
us-gaap Profit Loss
ProfitLoss
183963000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
86470000 USD
us-gaap Profit Loss
ProfitLoss
172498000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1222238000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1220393000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
37000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
475000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
12085000 USD
CY2017Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
14720000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
500000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
26733000 USD
CY2016Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
181635000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
412895000 USD
CY2017Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
240989000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
453919000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
210841000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
463445000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
290113000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
567561000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5848000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11945000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6886000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14714000 USD
CY2016Q2 us-gaap Undistributed Earnings
UndistributedEarnings
480000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
3989000 USD
CY2017Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-225000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-295000 USD
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27059730 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27059730 shares
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27059730 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27059730 shares
CY2016Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
2647000 USD
CY2017Q2 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
2776000 USD
CY2016Q4 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
2586000 USD
CY2017Q2 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
2906000 USD
CY2016Q4 wlkp Buyerdeficiencyfee
Buyerdeficiencyfee
13106000 USD
wlkp Gain Losson Involuntary Conversionof Assets
GainLossonInvoluntaryConversionofAssets
0 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
-50354000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
293000 USD
wlkp Insurance Proceedsfor Involuntary Conversion
InsuranceProceedsforInvoluntaryConversion
0 USD
wlkp Insurance Proceedsfor Involuntary Conversion
InsuranceProceedsforInvoluntaryConversion
1672000 USD
wlkp Interestratecontracttransfersbetween Level1and Level2fairvalueamount
InterestratecontracttransfersbetweenLevel1andLevel2fairvalueamount
0 USD
CY2016Q4 wlkp Shortfallpercentagethreshold
Shortfallpercentagethreshold
0.95
CY2016Q4 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
11349000 USD
CY2017Q2 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
14720000 USD

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