2022 Q3 Form 10-Q Financial Statement

#000160466522000026 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2021 Q4
Revenue $415.1M $448.8M $330.5M
YoY Change 41.21% 39.28% 34.52%
Cost Of Revenue $324.6M $351.5M $183.4M
YoY Change 48.89% 83.83% 14.13%
Gross Profit $90.49M $97.30M $147.1M
YoY Change 19.18% -25.74% 73.18%
Gross Profit Margin 21.8% 21.68% 44.5%
Selling, General & Admin $8.678M $9.919M $6.284M
YoY Change 11.37% 19.95% -13.92%
% of Gross Profit 9.59% 10.19% 4.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.37M $23.89M $25.98M
YoY Change 1.56% 3.94% 2.3%
% of Gross Profit 25.82% 24.55% 17.67%
Operating Expenses $8.678M $9.919M $6.284M
YoY Change 11.37% 19.95% -13.92%
Operating Profit $81.82M $87.38M $140.8M
YoY Change 20.08% -28.82% 81.38%
Interest Expense -$3.645M -$2.859M -$2.166M
YoY Change 66.44% 28.55% -5.83%
% of Operating Profit -4.46% -3.27% -1.54%
Other Income/Expense, Net $618.0K $90.00K $10.00K
YoY Change 2475.0% 328.57%
Pretax Income $78.79M $84.61M $138.6M
YoY Change 19.43% -29.81% 84.08%
Income Tax $484.0K $175.0K $216.0K
% Of Pretax Income 0.61% 0.21% 0.16%
Net Earnings $14.76M $16.44M $29.51M
YoY Change 15.38% -34.51% 96.42%
Net Earnings / Revenue 3.55% 3.66% 8.93%
Basic Earnings Per Share
Diluted Earnings Per Share $419.0K $466.9K $838.5K
COMMON SHARES
Basic Shares Outstanding 35.21M shares 35.21M shares 35.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q3 2022 Q2 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.47M $18.37M $17.06M
YoY Change 4.4% 3.99% -0.83%
Cash & Equivalents $19.47M $18.37M $17.06M
Short-Term Investments
Other Short-Term Assets $458.0K $67.00K $396.0K
YoY Change -19.08% 9.84% -1.0%
Inventory $5.359M $7.448M $8.898M
Prepaid Expenses
Receivables $24.68M $41.44M $5.825M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $284.2M $301.6M $281.2M
YoY Change -2.41% -10.45% 6.8%
LONG-TERM ASSETS
Property, Plant & Equipment $1.007B $1.017B $1.044B
YoY Change -1.52% -1.29% -0.68%
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 $134.5M $138.0M $150.1M
YoY Change 225.47% 373.97% 309.09%
Total Long-Term Assets $1.147B $1.161B $1.199B
YoY Change 7.26% 8.97% 9.72%
TOTAL ASSETS
Total Short-Term Assets $284.2M $301.6M $281.2M
Total Long-Term Assets $1.147B $1.161B $1.199B
Total Assets $1.431B $1.462B $1.481B
YoY Change 5.19% 4.31% 9.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.46M $20.40M $35.11M
YoY Change 16.01% 64.05% 167.34%
Accrued Expenses $22.62M $15.75M $60.90M
YoY Change -7.8% -2.07% 224.46%
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 $77.66M $92.02M $106.8M
YoY Change 42.34% 89.13% 168.64%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $399.7M
YoY Change 0.0% 0.0% -0.01%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $399.7M $399.7M $0.00
YoY Change 1110105.56% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.66M $92.02M $106.8M
Total Long-Term Liabilities $399.7M $399.7M $0.00
Total Liabilities $479.0M $493.2M $508.0M
YoY Change 5.1% 9.6% 15.1%
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 $291.8M $293.4M $294.0M
YoY Change
Total Liabilities & Shareholders Equity $1.431B $1.462B $1.481B
YoY Change 5.19% 4.31% 9.16%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2021 Q4
OPERATING ACTIVITIES
Net Income $14.76M $16.44M $29.51M
YoY Change 15.38% -34.51% 96.42%
Depreciation, Depletion And Amortization $23.37M $23.89M $25.98M
YoY Change 1.56% 3.94% 2.3%
Cash From Operating Activities $115.5M $120.9M $21.86M
YoY Change 16.12% -8.25% -32.73%
INVESTING ACTIVITIES
Capital Expenditures -$13.12M -$11.99M -$42.68M
YoY Change 17.17% -17.8% 447.19%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$18.00M $89.74M
YoY Change -123.08% -48.53% 31.98%
Cash From Investing Activities -$19.12M -$29.99M $47.06M
YoY Change -229.22% -39.49% -21.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.27M -91.73M -70.51M
YoY Change -15.89% 12.22% -28.7%
NET CHANGE
Cash From Operating Activities 115.5M 120.9M 21.86M
Cash From Investing Activities -19.12M -29.99M 47.06M
Cash From Financing Activities -95.27M -91.73M -70.51M
Net Change In Cash 1.099M -865.0K -1.590M
YoY Change 11.91% -310.46% -74.35%
FREE CASH FLOW
Cash From Operating Activities $115.5M $120.9M $21.86M
Capital Expenditures -$13.12M -$11.99M -$42.68M
Free Cash Flow $128.6M $132.8M $64.54M
YoY Change 16.23% -9.2% 60.16%

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CashProvidedbyUsedinInvestingActivitiesOther
0 usd
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
33203000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
511000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17057000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-126163000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
135818000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
127258000 usd
us-gaap Distribution Made To Limited Partner Cash Distributions Paid
DistributionMadeToLimitedPartnerCashDistributionsPaid
33186000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-169021000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-160444000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1312000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17154000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18369000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17665000 usd
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6566000 usd
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5458000 usd
CY2021Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5875000 usd
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3458000 usd
CY2022Q2 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
882000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
8898000 usd
CY2022Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
44902000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
50000 usd
CY2022Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
41444000 usd
CY2021Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
5825000 usd
CY2021Q4 us-gaap Inventory Work In Process And Raw Materials
InventoryWorkInProcessAndRawMaterials
3440000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
7448000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
23888000 usd
CY2021Q2 us-gaap Depreciation
Depreciation
22983000 usd
us-gaap Depreciation
Depreciation
47884000 usd
us-gaap Depreciation
Depreciation
45785000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
16438000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
25099000 usd
us-gaap Net Income Loss
NetIncomeLoss
32632000 usd
us-gaap Net Income Loss
NetIncomeLoss
40245000 usd
CY2022Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-157000 usd
CY2021Q2 us-gaap Undistributed Earnings
UndistributedEarnings
8504000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
-563000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
7057000 usd
CY2022Q2 us-gaap Distributed Earnings
DistributedEarnings
16595000 usd
CY2022Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-157000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
16438000 usd
CY2022Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35209218 shares
CY2021Q2 us-gaap Distributed Earnings
DistributedEarnings
16595000 usd
CY2021Q2 us-gaap Undistributed Earnings
UndistributedEarnings
8504000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
25099000 usd
CY2021Q2 us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35201887 shares
us-gaap Distributed Earnings
DistributedEarnings
33195000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
-563000 usd
us-gaap Net Income Loss
NetIncomeLoss
32632000 usd
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35211803 shares
us-gaap Distributed Earnings
DistributedEarnings
33188000 usd
us-gaap Undistributed Earnings
UndistributedEarnings
7057000 usd
us-gaap Net Income Loss
NetIncomeLoss
40245000 usd
us-gaap Weighted Average Number Of Limited Partnership And General Partnership Unit Outstanding Basic And Diluted
WeightedAverageNumberOfLimitedPartnershipAndGeneralPartnershipUnitOutstandingBasicAndDiluted
35200403 shares
CY2022Q2 us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.4714
CY2021Q2 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
0.9428
us-gaap Distribution Made To Limited Partner Distributions Paid Per Unit
DistributionMadeToLimitedPartnerDistributionsPaidPerUnit
0.9428
CY2022Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
55869000 usd
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
10796000 usd
CY2018Q4 wlkp Partners Units Maximum Aggregate Offering Amount Atm
PartnersUnitsMaximumAggregateOfferingAmountATM
50000 usd
CY2022Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
365112000 usd
CY2021Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
240956000 usd
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
655769000 usd
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
460759000 usd
wlkp Ima Partnership Earned Amount Added To Market Rate Basis Points
IMAPartnershipEarnedAmountAddedToMarketRateBasisPoints
five
CY2022Q2 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
129363000 usd
CY2021Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
106243000 usd
CY2021 wlkp Buyer Deficiency Fee
BuyerDeficiencyFee
51395000 usd
CY2021 wlkp Shortfall Fees
ShortfallFees
58906000 usd
CY2022Q2 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
104920000 usd
CY2021Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
142791000 usd
wlkp Siteleaseagreementnumber
Siteleaseagreementnumber
2
wlkp Siteleaseagreementsterminyears
Siteleaseagreementsterminyears
50
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
399674000 usd
CY2021Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 usd
CY2022Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
399674000 usd
CY2021Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 usd
CY2022Q2 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.030
CY2021Q4 us-gaap Longterm Debt Weighted Average Interest Rate
LongtermDebtWeightedAverageInterestRate
0.021
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
15751000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
60895000 usd
CY2022Q2 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
3592000 usd
CY2022Q2 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
2129000 usd
CY2022Q2 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
3686000 usd
CY2022Q2 wlkp Accrued Intercompany Interest
AccruedIntercompanyInterest
2997000 usd
CY2021Q4 wlkp Accrued Maintenance Costs Current
AccruedMaintenanceCostsCurrent
5597000 usd
CY2021Q4 wlkp Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
7491000 usd
CY2021Q4 us-gaap Accrued Income Taxes
AccruedIncomeTaxes
2264000 usd
CY2021Q4 wlkp Accrued Intercompany Interest
AccruedIntercompanyInterest
2176000 usd
CY2022Q2 wlkp Capital Expenditures Payable And Accrued
CapitalExpendituresPayableAndAccrued
6557000 usd
CY2021Q2 wlkp Capital Expenditures Payable And Accrued
CapitalExpendituresPayableAndAccrued
6185000 usd

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