2021 Q4 Form 10-Q Financial Statement

#000160466521000055 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $330.5M $294.0M $245.7M
YoY Change 34.52% 26.73% -9.95%
Cost Of Revenue $183.4M $218.0M $160.7M
YoY Change 14.13% 65.71% -5.02%
Gross Profit $147.1M $75.93M $84.91M
YoY Change 73.18% -24.37% -18.03%
Gross Profit Margin 44.5% 25.83% 34.57%
Selling, General & Admin $6.284M $7.792M $7.300M
YoY Change -13.92% 24.57% -6.41%
% of Gross Profit 4.27% 10.26% 8.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.98M $23.01M $25.40M
YoY Change 2.3% 0.42% -5.58%
% of Gross Profit 17.67% 30.31% 29.91%
Operating Expenses $6.284M $7.792M $7.300M
YoY Change -13.92% 24.57% -6.41%
Operating Profit $140.8M $68.14M $77.61M
YoY Change 81.38% -27.62% -18.95%
Interest Expense -$2.166M -$2.190M -$2.300M
YoY Change -5.83% -4.78% -45.24%
% of Operating Profit -1.54% -3.21% -2.96%
Other Income/Expense, Net $10.00K $24.00K $0.00
YoY Change 41.18% -100.0%
Pretax Income $138.6M $65.97M $75.30M
YoY Change 84.08% -28.16% -18.24%
Income Tax $216.0K -$105.0K $200.0K
% Of Pretax Income 0.16% -0.16% 0.27%
Net Earnings $29.51M $12.79M $15.03M
YoY Change 96.42% -31.0% -13.51%
Net Earnings / Revenue 8.93% 4.35% 6.12%
Basic Earnings Per Share
Diluted Earnings Per Share $838.5K $363.2K $426.1K
COMMON SHARES
Basic Shares Outstanding 35.21M shares 35.20M shares 35.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.06M $18.65M $17.20M
YoY Change -0.83% -19.97% -13.57%
Cash & Equivalents $17.06M $18.65M $17.15M
Short-Term Investments
Other Short-Term Assets $396.0K $566.0K $400.0K
YoY Change -1.0% -5.67% -20.0%
Inventory $8.898M $6.590M $3.474M
Prepaid Expenses
Receivables $5.825M $12.17M $11.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $281.2M $291.2M $263.3M
YoY Change 6.8% 4.7% 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.044B $1.022B $1.051B
YoY Change -0.68% -3.64% -4.74%
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 $150.1M $41.32M $36.70M
YoY Change 309.09% 10.2% -20.56%
Total Long-Term Assets $1.199B $1.069B $1.093B
YoY Change 9.72% -3.15% -5.36%
TOTAL ASSETS
Total Short-Term Assets $281.2M $291.2M $263.3M
Total Long-Term Assets $1.199B $1.069B $1.093B
Total Assets $1.481B $1.361B $1.356B
YoY Change 9.16% -1.57% -2.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.11M $16.77M $13.13M
YoY Change 167.34% 146.08% 113.83%
Accrued Expenses $60.90M $24.53M $18.77M
YoY Change 224.46% 44.66% 7.2%
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 $106.8M $54.56M $39.75M
YoY Change 168.64% 30.86% 2.33%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $399.7M
YoY Change -0.01% -0.01% 0.0%
Other Long-Term Liabilities $0.00 $0.00 $381.0K
YoY Change -100.0% -100.0% -66.84%
Total Long-Term Liabilities $0.00 $0.00 $381.0K
YoY Change -100.0% -100.0% -66.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.8M $54.56M $39.75M
Total Long-Term Liabilities $0.00 $0.00 $381.0K
Total Liabilities $508.0M $455.7M $441.4M
YoY Change 15.1% 2.77% 0.01%
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 $294.0M $281.1M $277.4M
YoY Change
Total Liabilities & Shareholders Equity $1.481B $1.361B $1.356B
YoY Change 9.16% -1.57% -2.65%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $29.51M $12.79M $15.03M
YoY Change 96.42% -31.0% -13.51%
Depreciation, Depletion And Amortization $25.98M $23.01M $25.40M
YoY Change 2.3% 0.42% -5.58%
Cash From Operating Activities $21.86M $99.46M $32.50M
YoY Change -32.73% -15.14% -71.89%
INVESTING ACTIVITIES
Capital Expenditures -$42.68M -$11.20M -$7.800M
YoY Change 447.19% 30.24% -43.07%
Acquisitions
YoY Change
Other Investing Activities $89.74M $26.00M $68.00M
YoY Change 31.98% -230.0% 3300.0%
Cash From Investing Activities $47.06M $14.80M $60.20M
YoY Change -21.82% -151.74% -614.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.51M -113.3M -98.90M
YoY Change -28.7% 27.42% -3.61%
NET CHANGE
Cash From Operating Activities 21.86M 99.46M 32.50M
Cash From Investing Activities 47.06M 14.80M 60.20M
Cash From Financing Activities -70.51M -113.3M -98.90M
Net Change In Cash -1.590M 982.0K -6.200M
YoY Change -74.35% -427.33% -576.92%
FREE CASH FLOW
Cash From Operating Activities $21.86M $99.46M $32.50M
Capital Expenditures -$42.68M -$11.20M -$7.800M
Free Cash Flow $64.54M $110.7M $40.30M
YoY Change 60.16% -12.03% -68.83%

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MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
203000000 USD
wlkp Maturitiesofinvestmentswith Westlakeunderthe Investment Management Agreement
MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
276000000 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
276000000 USD
wlkp Investmentswith Westlakeunderthe Investment Management Agreement
InvestmentswithWestlakeundertheInvestmentManagementAgreement
305000000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
126000 USD
wlkp Cash Providedby Usedin Investing Activities Other
CashProvidedbyUsedinInvestingActivitiesOther
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-111364000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-58170000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
223941000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
229526000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
49779000 USD
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
49772000 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
-273720000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1493000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3408000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17154000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19923000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18647000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23331000 USD
CY2021Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
13381000 USD
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
11344000 USD
CY2021Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1213000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
315000 USD
CY2021Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
12168000 USD
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
11029000 USD
CY2021Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6217000 USD
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3157000 USD
CY2021Q3 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
373000 USD
CY2020Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
317000 USD
CY2021Q3 us-gaap Inventory Net
InventoryNet
6590000 USD
CY2021Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-3810000 USD
CY2020Q3 us-gaap Undistributed Earnings
UndistributedEarnings
1944000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
3474000 USD
CY2021Q3 us-gaap Depreciation
Depreciation
23010000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
22913000 USD
us-gaap Depreciation
Depreciation
68795000 USD
us-gaap Depreciation
Depreciation
68380000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
12790000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
18535000 USD
us-gaap Net Income Loss
NetIncomeLoss
53035000 USD
us-gaap Net Income Loss
NetIncomeLoss
51142000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
3247000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
1370000 USD
CY2021Q3 us-gaap Distributed Earnings
DistributedEarnings
16600000 USD
CY2021Q3 us-gaap Undistributed Earnings
UndistributedEarnings
-3810000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
12790000 USD
CY2021Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35209976 shares
CY2020Q3 us-gaap Distributed Earnings
DistributedEarnings
16591000 USD
CY2020Q3 us-gaap Undistributed Earnings
UndistributedEarnings
1944000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
18535000 USD
CY2020Q3 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35194545 shares
us-gaap Distributed Earnings
DistributedEarnings
49788000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
3247000 USD
us-gaap Net Income Loss
NetIncomeLoss
53035000 USD
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35203609 shares
us-gaap Distributed Earnings
DistributedEarnings
49772000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
1370000 USD
us-gaap Net Income Loss
NetIncomeLoss
51142000 USD
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35194545 shares
CY2021Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4714
CY2020Q3 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4714
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
1.4142
CY2018Q4 wlkp Partners Units Maximum Aggregate Offering Amount Atm
PartnersUnitsMaximumAggregateOfferingAmountATM
50000 USD
CY2021Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
247887000 USD
CY2020Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
217763000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
708646000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
660022000 USD
CY2021Q3 wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
3045000 USD
wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
21465000 USD
CY2020 wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
69555000 USD
CY2021Q3 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
196252000 USD
CY2020Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
123228000 USD
CY2021Q3 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
57020000 USD
CY2020Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
108028000 USD
CY2021Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
13259000 USD
CY2020Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
7855000 USD
wlkp Siteleaseagreementnumber
Siteleaseagreementnumber
2
wlkp Siteleaseagreementsterminyears
Siteleaseagreementsterminyears
50
CY2021Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2020Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
18768000 USD
CY2021Q3 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2020Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 USD
CY2021Q3 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.021
CY2020Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.022
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
24527000 USD
CY2021Q3 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
4784000 USD
CY2021Q3 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
5438000 USD
CY2021Q3 wlkp Accrued Turnaround Costs
AccruedTurnaroundCosts
3330000 USD
CY2021Q3 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
4832000 USD
CY2020Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
6207000 USD
CY2020Q4 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
3905000 USD
CY2020Q4 wlkp Accrued Turnaround Costs
AccruedTurnaroundCosts
0 USD
CY2020Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
2286000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
3663000 USD
wlkp Increase Decreasein Capital Expenditure Accrual
IncreaseDecreaseinCapitalExpenditureAccrual
1945000 USD

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