2020 Q4 Form 10-Q Financial Statement

#000160466520000037 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $245.7M $232.0M $272.8M
YoY Change -9.95% -7.18% -18.74%
Cost Of Revenue $160.7M $131.6M $169.2M
YoY Change -5.02% -16.04% -30.11%
Gross Profit $84.91M $100.4M $103.6M
YoY Change -18.03% 7.69% 10.65%
Gross Profit Margin 34.57% 43.28% 37.98%
Selling, General & Admin $7.300M $6.255M $7.800M
YoY Change -6.41% -8.31% 8.33%
% of Gross Profit 8.6% 6.23% 7.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.40M $22.91M $26.90M
YoY Change -5.58% 2.69% 1.13%
% of Gross Profit 29.91% 22.82% 25.97%
Operating Expenses $7.300M $6.255M $7.800M
YoY Change -6.41% -8.31% 8.33%
Operating Profit $77.61M $94.14M $95.75M
YoY Change -18.95% 8.96% 10.75%
Interest Expense -$2.300M -$2.300M -$4.200M
YoY Change -45.24% -47.73% -22.22%
% of Operating Profit -2.96% -2.44% -4.39%
Other Income/Expense, Net $0.00 $17.00K $600.0K
YoY Change -100.0% -96.99% -14.29%
Pretax Income $75.30M $91.83M $92.10M
YoY Change -18.24% 11.24% 12.59%
Income Tax $200.0K -$15.00K $200.0K
% Of Pretax Income 0.27% -0.02% 0.22%
Net Earnings $15.03M $18.54M $17.37M
YoY Change -13.51% 24.21% 46.18%
Net Earnings / Revenue 6.12% 7.99% 6.37%
Basic Earnings Per Share
Diluted Earnings Per Share $426.1K $525.6K $494.3K
COMMON SHARES
Basic Shares Outstanding 35.19M shares 35.19M shares 35.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.20M $23.30M $19.90M
YoY Change -13.57% 25.27% 1.02%
Cash & Equivalents $17.15M $23.33M $19.92M
Short-Term Investments
Other Short-Term Assets $400.0K $600.0K $500.0K
YoY Change -20.0% 0.0% 25.0%
Inventory $3.474M $1.652M $2.484M
Prepaid Expenses
Receivables $11.03M $5.144M $9.914M
Other Receivables $0.00 $0.00 $660.0K
Total Short-Term Assets $263.3M $278.2M $238.4M
YoY Change 10.44% 17.2% -3.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.051B $1.061B $1.103B
YoY Change -4.74% -4.69% -3.94%
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 $36.70M $37.50M $46.20M
YoY Change -20.56% -26.33% -24.14%
Total Long-Term Assets $1.093B $1.104B $1.155B
YoY Change -5.36% -5.61% -4.93%
TOTAL ASSETS
Total Short-Term Assets $263.3M $278.2M $238.4M
Total Long-Term Assets $1.093B $1.104B $1.155B
Total Assets $1.356B $1.382B $1.393B
YoY Change -2.65% -1.76% -4.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.13M $6.816M $6.141M
YoY Change 113.83% 46.77% 21.72%
Accrued Expenses $18.77M $16.96M $17.51M
YoY Change 7.2% -26.17% 7.74%
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 $39.75M $41.69M $38.85M
YoY Change 2.33% 1.85% -20.35%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $399.7M
YoY Change 0.0% 0.0% -16.31%
Other Long-Term Liabilities $381.0K $555.0K $1.149M
YoY Change -66.84% -73.34%
Total Long-Term Liabilities $381.0K $555.0K $1.149M
YoY Change -66.84% -73.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.75M $41.69M $38.85M
Total Long-Term Liabilities $381.0K $555.0K $1.149M
Total Liabilities $441.4M $443.5M $441.3M
YoY Change 0.01% -0.2% -16.42%
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 $277.4M $278.9M $277.5M
YoY Change
Total Liabilities & Shareholders Equity $1.356B $1.382B $1.393B
YoY Change -2.65% -1.76% -4.7%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $15.03M $18.54M $17.37M
YoY Change -13.51% 24.21% 46.18%
Depreciation, Depletion And Amortization $25.40M $22.91M $26.90M
YoY Change -5.58% 2.69% 1.13%
Cash From Operating Activities $32.50M $117.2M $115.6M
YoY Change -71.89% -3.54% 8.85%
INVESTING ACTIVITIES
Capital Expenditures -$7.800M -$8.600M -$13.70M
YoY Change -43.07% 95.45% 38.38%
Acquisitions
YoY Change
Other Investing Activities $68.00M -$20.00M $2.000M
YoY Change 3300.0% -16.67% -33.33%
Cash From Investing Activities $60.20M -$28.60M -$11.70M
YoY Change -614.53% 0.35% 72.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -98.90M -88.90M -102.6M
YoY Change -3.61% -3.26% 6.21%
NET CHANGE
Cash From Operating Activities 32.50M 117.2M 115.6M
Cash From Investing Activities 60.20M -28.60M -11.70M
Cash From Financing Activities -98.90M -88.90M -102.6M
Net Change In Cash -6.200M -300.0K 1.300M
YoY Change -576.92% -127.27% -53.57%
FREE CASH FLOW
Cash From Operating Activities $32.50M $117.2M $115.6M
Capital Expenditures -$7.800M -$8.600M -$13.70M
Free Cash Flow $40.30M $125.8M $129.3M
YoY Change -68.83% -0.08% 11.37%

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wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
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276000000 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
405445000 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
305000000 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
421445000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
0 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
46000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-58170000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-45982000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
62661000 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0 USD
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
123511000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
49772000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
45736000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-279298000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-290269000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3408000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1097000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19923000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19744000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23331000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18647000 USD
CY2019Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
660000 USD
CY2020Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5220000 USD
CY2019Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
9730000 USD
CY2020Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
76000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
476000 USD
CY2020Q3 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
5144000 USD
CY2019Q4 wlkp Trade Customer Receivable Net Current
TradeCustomerReceivableNetCurrent
9254000 USD
CY2020Q3 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
0 USD
CY2020Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
5144000 USD
CY2019Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
9914000 USD
CY2020Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1174000 USD
CY2019Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2154000 USD
CY2020Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
478000 USD
CY2019Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
330000 USD
CY2020Q3 us-gaap Inventory Net
InventoryNet
1652000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
2484000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-4517000 USD
CY2020Q3 us-gaap Distributed Earnings
DistributedEarnings
16591000 USD
CY2020Q3 us-gaap Undistributed Earnings
UndistributedEarnings
1944000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
22913000 USD
CY2019Q3 us-gaap Depreciation
Depreciation
22313000 USD
us-gaap Depreciation
Depreciation
68380000 USD
us-gaap Depreciation
Depreciation
66754000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
18535000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
14922000 USD
us-gaap Net Income Loss
NetIncomeLoss
51142000 USD
us-gaap Net Income Loss
NetIncomeLoss
43610000 USD
CY2020Q3 us-gaap Undistributed Earnings
UndistributedEarnings
1944000 USD
CY2019Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1426000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
1370000 USD
CY2020Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35194545 shares
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
18535000 USD
CY2019Q3 us-gaap Distributed Earnings
DistributedEarnings
16348000 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
us-gaap Distributed Earnings
DistributedEarnings
49772000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
1370000 USD
us-gaap Net Income Loss
NetIncomeLoss
51142000 USD
CY2019Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-1426000 USD
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35194545 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
CY2020Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4714
CY2019Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4579
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.4142
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
1.3359
CY2018Q4 wlkp Partners Units Maximum Aggregate Offering Amount Atm
PartnersUnitsMaximumAggregateOfferingAmountATM
50000 USD
CY2019Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
62934000 USD
CY2020Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
217763000 USD
CY2019Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
216678000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
660022000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
703765000 USD
CY2020Q3 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
191241000 USD
CY2019Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
162773000 USD
CY2020Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
17923000 USD
CY2019Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
15201000 USD
wlkp Siteleaseagreementnumber
Siteleaseagreementnumber
2
wlkp Siteleaseagreementsterminyears
Siteleaseagreementsterminyears
50
CY2020Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2019Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2020Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.023
CY2019Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.041
CY2020Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2019Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2019Q2 us-gaap Repayments Of Debt
RepaymentsOfDebt
201445000 USD
CY2020Q3 us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
7600000 gal
CY2020Q3 us-gaap Derivative Nonmonetary Notional Amount Mass
DerivativeNonmonetaryNotionalAmountMass
18000000.0 lb
CY2019Q4 us-gaap Derivative Nonmonetary Notional Amount Volume
DerivativeNonmonetaryNotionalAmountVolume
39100000 gal
CY2019Q4 us-gaap Derivative Nonmonetary Notional Amount Mass
DerivativeNonmonetaryNotionalAmountMass
93000000.0 lb
CY2020Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1147000 USD
CY2019Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1959000 USD
CY2019Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
597000 USD
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16955000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17507000 USD
CY2020Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
5550000 USD
CY2020Q3 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
4054000 USD
CY2020Q3 us-gaap Interest Payable Current
InterestPayableCurrent
2320000 USD
CY2019Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
2611000 USD
CY2019Q4 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
3225000 USD
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
4187000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
1945000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
1213000 USD

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