$WLKP
Westlake Chemical Partners LP

2018 Q3 Form 10-Q Financial Statement

#000160466518000020 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $363.7M $302.0M $290.1M
YoY Change 22.53% 4.09% 37.6%
Cost Of Revenue $269.7M $204.9M $190.5M
YoY Change 33.95% 7.51% 55.6%
Gross Profit $93.91M $97.12M $99.57M
YoY Change -1.57% -2.46% 12.66%
Gross Profit Margin 25.82% 32.16% 34.32%
Selling, General & Admin $5.909M $7.375M $6.886M
YoY Change -13.17% 7.1% 17.75%
% of Gross Profit 6.29% 7.59% 6.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.96M $22.04M $22.25M
YoY Change -6.65% -0.93% 30.17%
% of Gross Profit 23.38% 22.7% 22.35%
Operating Expenses $5.909M $7.375M $6.886M
YoY Change -13.17% 7.1% 17.75%
Operating Profit $88.00M $89.74M $92.69M
YoY Change -0.68% -3.17% 12.3%
Interest Expense -$5.600M -$5.500M -$5.900M
YoY Change -9.68% -6.78% 391.67%
% of Operating Profit -6.36% -6.13% -6.37%
Other Income/Expense, Net $668.0K $583.0K $24.00K
YoY Change 312.35% 2329.17% -84.91%
Pretax Income $83.03M $84.78M $86.77M
YoY Change 0.55% -2.29% 6.48%
Income Tax -$772.0K $303.0K $297.0K
% Of Pretax Income -0.93% 0.36% 0.34%
Net Earnings $12.41M $12.76M $9.975M
YoY Change -7.27% 27.89% 6.75%
Net Earnings / Revenue 3.41% 4.22% 3.44%
Basic Earnings Per Share
Diluted Earnings Per Share $385.1K $397.5K $369.0K
COMMON SHARES
Basic Shares Outstanding 32.24M shares 32.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.00M $28.50M $104.9M
YoY Change -1.16% -72.83% -30.67%
Cash & Equivalents $17.04M $28.48M $104.9M
Short-Term Investments
Other Short-Term Assets $500.0K $100.0K $0.00
YoY Change 25.0% -100.0%
Inventory $5.004M $6.128M $4.558M
Prepaid Expenses
Receivables $240.0M $208.1M $94.10M
Other Receivables $77.00K $0.00 $0.00
Total Short-Term Assets $262.6M $242.8M $203.6M
YoY Change 20.67% 19.21% -8.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.161B $1.173B $1.220B
YoY Change -3.73% -3.86% 1.42%
Goodwill $5.814M $5.814M $5.814M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $65.40M $70.30M $98.56M
YoY Change -30.31% -28.67% 0.39%
Total Long-Term Assets $1.232B $1.249B $1.319B
YoY Change -5.21% -5.27% -0.81%
TOTAL ASSETS
Total Short-Term Assets $262.6M $242.8M $203.6M
Total Long-Term Assets $1.232B $1.249B $1.319B
Total Assets $1.495B $1.492B $1.523B
YoY Change -1.5% -2.0% -1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.402M $7.390M $7.102M
YoY Change -36.44% 4.06% -89.43%
Accrued Expenses $18.91M $19.00M $15.23M
YoY Change -8.75% 24.73% -80.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $66.59M $47.62M $36.39M
YoY Change 48.23% 30.85% -78.69%
LONG-TERM LIABILITIES
Long-Term Debt $477.6M $477.6M $588.3M
YoY Change 0.1% -18.82% 14.17%
Other Long-Term Liabilities $53.00K $146.0K $168.0K
YoY Change -32.91% -13.1% -73.75%
Total Long-Term Liabilities $53.00K $146.0K $168.0K
YoY Change -32.91% -13.1% -73.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.59M $47.62M $36.39M
Total Long-Term Liabilities $53.00K $146.0K $168.0K
Total Liabilities $545.9M $527.7M $626.8M
YoY Change 4.13% -15.81% -8.96%
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 $217.5M $218.2M $103.0M
YoY Change
Total Liabilities & Shareholders Equity $1.495B $1.492B $1.523B
YoY Change -1.5% -2.0% -1.91%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $12.41M $12.76M $9.975M
YoY Change -7.27% 27.89% 6.75%
Depreciation, Depletion And Amortization $21.96M $22.04M $22.25M
YoY Change -6.65% -0.93% 30.17%
Cash From Operating Activities $109.4M $114.4M $113.2M
YoY Change -21.63% 1.06% 55.71%
INVESTING ACTIVITIES
Capital Expenditures -$13.40M -$6.900M -$20.80M
YoY Change 6.35% -66.83% -76.73%
Acquisitions
YoY Change
Other Investing Activities -$8.300M -$8.700M $100.0K
YoY Change -93.03% -8800.0%
Cash From Investing Activities -$21.60M -$15.70M -$20.70M
YoY Change -83.59% -24.15% -76.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -99.30M -95.10M -110.6M
YoY Change 3.76% -14.01% 943.4%
NET CHANGE
Cash From Operating Activities 109.4M 114.4M 113.2M
Cash From Investing Activities -21.60M -15.70M -20.70M
Cash From Financing Activities -99.30M -95.10M -110.6M
Net Change In Cash -11.50M 3.600M -18.10M
YoY Change -86.89% -119.89% -33.7%
FREE CASH FLOW
Cash From Operating Activities $109.4M $114.4M $113.2M
Capital Expenditures -$13.40M -$6.900M -$20.80M
Free Cash Flow $122.8M $121.3M $134.0M
YoY Change -19.32% -9.48% -17.33%

Facts In Submission

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us-gaap Stock Issued During Period Value Share Based Compensation Gross
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60000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14508000 USD
CY2017Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-225000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-295000 USD
CY2018Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-422000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-1674000 USD
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
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32237266 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32236860 shares
CY2017Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
3197000 USD
CY2018Q2 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
3332000 USD
CY2017Q4 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
3698000 USD
CY2018Q2 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
3696000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
1799000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
251000 USD
wlkp Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-224000 USD
wlkp Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
-260000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
293000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
5042000 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
0 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
185000000 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
0 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
178000000 USD
CY2017Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
136510000 USD
CY2018Q2 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
143741000 USD
CY2017Q3 wlkp Underwriting Discounts Structuring Feesand Offering Expenseson Issuanceof Equity
UnderwritingDiscountsStructuringFeesandOfferingExpensesonIssuanceofEquity
3111000 USD

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