2019 Q4 Form 10-Q Financial Statement

#000160466519000033 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $272.8M $249.9M $335.7M
YoY Change -18.74% -31.27% 8.77%
Cost Of Revenue $169.2M $156.7M $242.1M
YoY Change -30.11% -41.91% 22.33%
Gross Profit $103.6M $93.22M $93.63M
YoY Change 10.65% -0.73% -15.45%
Gross Profit Margin 37.98% 37.3% 27.89%
Selling, General & Admin $7.800M $6.822M $7.200M
YoY Change 8.33% 15.45% -6.49%
% of Gross Profit 7.53% 7.32% 7.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.90M $22.31M $26.60M
YoY Change 1.13% 1.61% -3.27%
% of Gross Profit 25.97% 23.94% 28.41%
Operating Expenses $7.800M $6.822M $7.200M
YoY Change 8.33% 15.45% -7.69%
Operating Profit $95.75M $86.40M $86.46M
YoY Change 10.75% -1.82% -16.05%
Interest Expense -$4.200M -$4.400M -$5.400M
YoY Change -22.22% -21.43% 25.58%
% of Operating Profit -4.39% -5.09% -6.25%
Other Income/Expense, Net $600.0K $565.0K $700.0K
YoY Change -14.29% -15.42% -800.0%
Pretax Income $92.10M $82.55M $81.80M
YoY Change 12.59% -0.57% -17.12%
Income Tax $200.0K $72.00K $200.0K
% Of Pretax Income 0.22% 0.09% 0.24%
Net Earnings $17.37M $14.92M $11.88M
YoY Change 46.18% 20.22% -23.56%
Net Earnings / Revenue 6.37% 5.97% 3.54%
Basic Earnings Per Share
Diluted Earnings Per Share $494.3K $423.3K $369.6K
COMMON SHARES
Basic Shares Outstanding 35.19M shares 35.19M shares 32.25M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.90M $18.60M $19.70M
YoY Change 1.02% 9.41% -27.04%
Cash & Equivalents $19.92M $18.65M $19.74M
Short-Term Investments
Other Short-Term Assets $500.0K $600.0K $400.0K
YoY Change 25.0% 20.0% 33.33%
Inventory $2.484M $3.698M $4.388M
Prepaid Expenses
Receivables $9.914M $214.4M $222.6M
Other Receivables $660.0K $63.00K $0.00
Total Short-Term Assets $238.4M $237.3M $247.1M
YoY Change -3.53% -9.61% 6.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.103B $1.113B $1.148B
YoY Change -3.94% -4.15% -4.01%
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 $46.20M $50.90M $60.90M
YoY Change -24.14% -22.17% -25.55%
Total Long-Term Assets $1.155B $1.170B $1.215B
YoY Change -4.93% -5.09% -5.37%
TOTAL ASSETS
Total Short-Term Assets $238.4M $237.3M $247.1M
Total Long-Term Assets $1.155B $1.170B $1.215B
Total Assets $1.393B $1.407B $1.462B
YoY Change -4.7% -5.88% -3.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.141M $4.644M $5.045M
YoY Change 21.72% -27.46% -52.03%
Accrued Expenses $17.51M $22.96M $16.25M
YoY Change 7.74% 21.43% 3.52%
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 $38.85M $40.94M $48.77M
YoY Change -20.35% -38.52% 21.2%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $477.6M
YoY Change -16.31% -16.31% 0.76%
Other Long-Term Liabilities $1.149M $2.082M $0.00
YoY Change 3828.3% -100.0%
Total Long-Term Liabilities $1.149M $2.082M $0.00
YoY Change 3828.3% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.85M $40.94M $48.77M
Total Long-Term Liabilities $1.149M $2.082M $0.00
Total Liabilities $441.3M $444.3M $528.0M
YoY Change -16.42% -18.6% 2.23%
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 $277.5M $276.3M $215.8M
YoY Change
Total Liabilities & Shareholders Equity $1.393B $1.407B $1.462B
YoY Change -4.7% -5.88% -3.51%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $17.37M $14.92M $11.88M
YoY Change 46.18% 20.22% -23.56%
Depreciation, Depletion And Amortization $26.90M $22.31M $26.60M
YoY Change 1.13% 1.61% -3.27%
Cash From Operating Activities $115.6M $121.5M $106.2M
YoY Change 8.85% 11.06% -21.62%
INVESTING ACTIVITIES
Capital Expenditures -$13.70M -$4.400M -$9.900M
YoY Change 38.38% -67.16% -19.51%
Acquisitions
YoY Change
Other Investing Activities $2.000M -$24.00M $3.000M
YoY Change -33.33% 189.16% -117.44%
Cash From Investing Activities -$11.70M -$28.50M -$6.800M
YoY Change 72.06% 31.94% -76.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -102.6M -91.90M -96.60M
YoY Change 6.21% -7.45% 0.42%
NET CHANGE
Cash From Operating Activities 115.6M 121.5M 106.2M
Cash From Investing Activities -11.70M -28.50M -6.800M
Cash From Financing Activities -102.6M -91.90M -96.60M
Net Change In Cash 1.300M 1.100M 2.800M
YoY Change -53.57% -109.57% -71.72%
FREE CASH FLOW
Cash From Operating Activities $115.6M $121.5M $106.2M
Capital Expenditures -$13.70M -$4.400M -$9.900M
Free Cash Flow $129.3M $125.9M $116.1M
YoY Change 11.37% 2.52% -21.45%

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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4869000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
2279000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
646000 USD
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
208000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
335154000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
330004000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30028000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
30047000 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
405445000 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
270050000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
46000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-45982000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-44997000 USD
CY2019Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
62661000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3648000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
201445000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
45736000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
39798000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-290269000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-294974000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1097000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-9967000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19744000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27008000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18647000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17041000 USD
CY2019Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
62661000 USD
CY2019Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
14614000 USD
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
17325000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
134000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
921000 USD
CY2019Q3 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
14480000 USD
CY2018Q4 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
16404000 USD
CY2019Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
63000 USD
CY2018Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
0 USD
CY2019Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
14543000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
16404000 USD
CY2019Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3377000 USD
CY2018Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3876000 USD
CY2019Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
321000 USD
CY2018Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
512000 USD
CY2019Q3 us-gaap Inventory Net
InventoryNet
3698000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
4388000 USD
CY2019Q3 us-gaap Depreciation
Depreciation
22313000 USD
CY2018Q3 us-gaap Depreciation
Depreciation
21960000 USD
us-gaap Depreciation
Depreciation
66754000 USD
us-gaap Depreciation
Depreciation
66161000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
14922000 USD
CY2019Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35188189 shares
CY2018Q3 us-gaap Distributed Earnings
DistributedEarnings
13566000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
14922000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
12412000 USD
us-gaap Net Income Loss
NetIncomeLoss
43610000 USD
us-gaap Net Income Loss
NetIncomeLoss
37464000 USD
CY2019Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1426000 USD
CY2018Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1154000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-4517000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-2828000 USD
CY2019Q3 us-gaap Distributed Earnings
DistributedEarnings
16348000 USD
CY2019Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1426000 USD
CY2018Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1154000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
12412000 USD
CY2018Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
32242210 shares
us-gaap Distributed Earnings
DistributedEarnings
48127000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-4517000 USD
us-gaap Net Income Loss
NetIncomeLoss
43610000 USD
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
34251005 shares
us-gaap Distributed Earnings
DistributedEarnings
40292000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-2828000 USD
us-gaap Net Income Loss
NetIncomeLoss
37464000 USD
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
32238663 shares
CY2019Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4579
CY2018Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4088
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.3359
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.1927
CY2018Q4 wlkp Partners Units Maximum Aggregate Offering Amount Atm
PartnersUnitsMaximumAggregateOfferingAmountATM
50000 USD
CY2019Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
62661000 USD
CY2019Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
216678000 USD
CY2018Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
313381000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
703765000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
802085000 USD
CY2019Q3 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
164888000 USD
CY2018Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
148956000 USD
CY2019Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
13330000 USD
CY2018Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
27477000 USD
wlkp Siteleaseagreementnumber
Siteleaseagreementnumber
2
wlkp Siteleaseagreementsterminyears
Siteleaseagreementsterminyears
50
CY2019Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2018Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
477608000 USD
CY2019Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2018Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
477608000 USD
CY2019Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
201445000 USD
CY2019Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.043
CY2018Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.044
CY2019Q3 us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
49400000 gal
CY2019Q3 us-gaap Derivative Nonmonetary Notional Amount Mass
DerivativeNonmonetaryNotionalAmountMass
117500000 lb
CY2019Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
7160000 USD
CY2019Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
172000 USD
CY2019Q3 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
274000 USD
CY2018Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
315000 USD
CY2018Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
253000 USD
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22964000 USD
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16250000 USD
CY2019Q3 wlkp Derivativetradingaccrual
Derivativetradingaccrual
7160000 USD
CY2019Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
4918000 USD
CY2019Q3 us-gaap Interest Payable Current
InterestPayableCurrent
4411000 USD
CY2018Q4 wlkp Derivativetradingaccrual
Derivativetradingaccrual
315000 USD
CY2018Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
1564000 USD
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
5448000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
1213000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
1380000 USD

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