$WLKP
Westlake Chemical Partners LP

2021 Q4 Form 10-K Financial Statement

#000160466522000009 Filed on March 02, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $330.5M $1.215B $245.7M
YoY Change 34.52% 25.67% -9.95%
Cost Of Revenue $183.4M $773.2M $160.7M
YoY Change 14.13% 31.54% -5.02%
Gross Profit $147.1M $441.7M $84.91M
YoY Change 73.18% 16.58% -18.03%
Gross Profit Margin 44.5% 36.36% 34.57%
Selling, General & Admin $6.284M $31.02M $7.300M
YoY Change -13.92% 19.78% -6.41%
% of Gross Profit 4.27% 7.02% 8.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.98M $108.8M $25.40M
YoY Change 2.3% 5.49% -5.58%
% of Gross Profit 17.67% 24.63% 29.91%
Operating Expenses $6.284M $31.02M $7.300M
YoY Change -13.92% 19.78% -6.41%
Operating Profit $140.8M $410.7M $77.61M
YoY Change 81.38% 16.35% -18.95%
Interest Expense -$2.166M -$8.816M -$2.300M
YoY Change -5.83% -26.53% -45.24%
% of Operating Profit -1.54% -2.15% -2.96%
Other Income/Expense, Net $10.00K $62.00K $0.00
YoY Change -91.54% -100.0%
Pretax Income $138.6M $401.9M $75.30M
YoY Change 84.08% 17.63% -18.24%
Income Tax $216.0K $549.0K $200.0K
% Of Pretax Income 0.16% 0.14% 0.27%
Net Earnings $29.51M $82.55M $15.03M
YoY Change 96.42% 24.76% -13.51%
Net Earnings / Revenue 8.93% 6.79% 6.12%
Basic Earnings Per Share
Diluted Earnings Per Share $838.5K $2.345M $426.1K
COMMON SHARES
Basic Shares Outstanding 35.21M shares 35.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.06M $17.06M $17.20M
YoY Change -0.83% -0.83% -13.57%
Cash & Equivalents $17.06M $17.06M $17.15M
Short-Term Investments
Other Short-Term Assets $396.0K $396.0K $400.0K
YoY Change -1.0% -1.0% -20.0%
Inventory $8.898M $8.898M $3.474M
Prepaid Expenses
Receivables $5.825M $254.9M $11.03M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $281.2M $281.2M $263.3M
YoY Change 6.8% 6.8% 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.044B $1.044B $1.051B
YoY Change -0.68% -0.68% -4.74%
Goodwill $5.814M $5.814M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $150.1M $150.1M $36.70M
YoY Change 309.09% 309.09% -20.56%
Total Long-Term Assets $1.199B $1.199B $1.093B
YoY Change 9.72% 9.72% -5.36%
TOTAL ASSETS
Total Short-Term Assets $281.2M $281.2M $263.3M
Total Long-Term Assets $1.199B $1.199B $1.093B
Total Assets $1.481B $1.481B $1.356B
YoY Change 9.16% 9.16% -2.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.11M $45.90M $13.13M
YoY Change 167.34% 118.58% 113.83%
Accrued Expenses $60.90M $60.90M $18.77M
YoY Change 224.46% 223.91% 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 $106.8M $39.75M
YoY Change 168.64% 168.33% 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 $399.7M $381.0K
YoY Change -100.0% -0.11% -66.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.8M $106.8M $39.75M
Total Long-Term Liabilities $0.00 $399.7M $381.0K
Total Liabilities $508.0M $1.187B $441.4M
YoY Change 15.1% 9.97% 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 $294.0M $277.4M
YoY Change
Total Liabilities & Shareholders Equity $1.481B $1.481B $1.356B
YoY Change 9.16% 9.16% -2.65%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $29.51M $82.55M $15.03M
YoY Change 96.42% 24.76% -13.51%
Depreciation, Depletion And Amortization $25.98M $108.8M $25.40M
YoY Change 2.3% 5.49% -5.58%
Cash From Operating Activities $21.86M $408.4M $32.50M
YoY Change -32.73% 9.38% -71.89%
INVESTING ACTIVITIES
Capital Expenditures -$42.68M $81.17M -$7.800M
YoY Change 447.19% 119.57% -43.07%
Acquisitions
YoY Change
Other Investing Activities $89.74M $16.87M $68.00M
YoY Change 31.98% -56.74% 3300.0%
Cash From Investing Activities $47.06M -$64.30M $60.20M
YoY Change -21.82% -3264.42% -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 -$344.2M -98.90M
YoY Change -28.7% -8.98% -3.61%
NET CHANGE
Cash From Operating Activities 21.86M $408.4M 32.50M
Cash From Investing Activities 47.06M -$64.30M 60.20M
Cash From Financing Activities -70.51M -$344.2M -98.90M
Net Change In Cash -1.590M -$97.00K -6.200M
YoY Change -74.35% -96.5% -576.92%
FREE CASH FLOW
Cash From Operating Activities $21.86M $408.4M $32.50M
Capital Expenditures -$42.68M $81.17M -$7.800M
Free Cash Flow $64.54M $327.3M $40.30M
YoY Change 60.16% -2.72% -68.83%

Facts In Submission

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CY2021 us-gaap Concentration Risk Credit Risk
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Concentration of Credit RiskFinancial instruments which potentially subject the Partnership to concentration of risk consist principally of trade receivables from third-party customers who purchase ethylene and ethylene co-products. The Partnership performs periodic credit evaluations, as applicable, of the customers' financial condition and generally does not require collateral. The Partnership maintains allowances for potential losses, as applicable.
CY2021 us-gaap Use Of Estimates
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The COVID pandemic resulted in widespread adverse impacts on the global economy in 2020. The Partnership has not experienced significant disruptions to its business operations for the fiscal years ended December 31, 2020 and 2021 and does not expect significant disruptions to its business operations resulting from COVID-19. However, the impact that COVID-19 will have on the Partnership's financial condition, results of operations and cash flows cannot be estimated with certainty at this time as it will depend on future developments, including, among others, the timing and logistics with respect to the distribution of vaccines (including with respect to the more recent variants of COVID-19) and other treatments, the ultimate duration of the pandemic, geographic spread and severity of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the impact on the operation of OpCo's facilities, Westlake, customers, suppliers and other third parties and the timing and extent to which normal economic and operating conditions resume.</span></div>
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655000 USD

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