2023 Q1 Form 10-K Financial Statement

#000160466523000009 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $307.7M $366.8M $1.593B
YoY Change -15.1% 11.01% 31.14%
Cost Of Revenue $201.6M $268.7M $1.216B
YoY Change -25.6% 46.51% 57.25%
Gross Profit $106.1M $98.13M $377.4M
YoY Change 16.0% -33.27% -14.57%
Gross Profit Margin 34.48% 26.75% 23.69%
Selling, General & Admin $7.914M $2.854M $29.68M
YoY Change -3.8% -54.58% -4.32%
% of Gross Profit 7.46% 2.91% 7.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.64M $29.39M $121.1M
YoY Change -14.85% 13.12% 11.27%
% of Gross Profit 25.11% 29.95% 32.08%
Operating Expenses $7.914M $2.854M $29.68M
YoY Change -3.8% -54.58% -4.32%
Operating Profit $98.16M $95.28M $347.7M
YoY Change 17.96% -32.32% -15.34%
Interest Expense -$7.315M -$4.704M -$13.41M
YoY Change 232.65% 117.17% 52.08%
% of Operating Profit -7.45% -4.94% -3.86%
Other Income/Expense, Net $820.0K $883.0K $1.566M
YoY Change -3380.0% 8730.0% 2425.81%
Pretax Income $91.66M $91.46M $335.8M
YoY Change 13.18% -34.02% -16.44%
Income Tax $212.0K $195.0K $1.017M
% Of Pretax Income 0.23% 0.21% 0.3%
Net Earnings $14.89M $16.78M $64.17M
YoY Change -8.04% -43.13% -22.26%
Net Earnings / Revenue 4.84% 4.58% 4.03%
Basic Earnings Per Share
Diluted Earnings Per Share $0.42 $0.48 $1.82
COMMON SHARES
Basic Shares Outstanding 35.22M shares 35.22M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.6M $64.78M $64.78M
YoY Change 443.77% 279.8% 279.8%
Cash & Equivalents $104.6M $64.78M $64.78M
Short-Term Investments
Other Short-Term Assets $153.0K $305.0K $305.0K
YoY Change -35.71% -22.98% -22.98%
Inventory $5.466M $4.715M $4.715M
Prepaid Expenses
Receivables $19.69M $174.5M $174.5M
Other Receivables $1.497M $1.497M $1.497M
Total Short-Term Assets $232.4M $245.8M $245.8M
YoY Change -15.4% -12.59% -12.59%
LONG-TERM ASSETS
Property, Plant & Equipment $977.5M $990.2M $990.2M
YoY Change -5.15% -5.11% -5.11%
Goodwill $5.814M $5.814M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $127.0M $130.2M $130.2M
YoY Change -11.37% -13.31% -13.31%
Total Long-Term Assets $1.110B $1.126B $1.126B
YoY Change -5.88% -6.11% -6.11%
TOTAL ASSETS
Total Short-Term Assets $232.4M $245.8M $245.8M
Total Long-Term Assets $1.110B $1.126B $1.126B
Total Assets $1.343B $1.372B $1.372B
YoY Change -7.68% -7.34% -7.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.77M $15.32M $49.40M
YoY Change -25.2% -56.37% 7.63%
Accrued Expenses $21.06M $17.54M $17.54M
YoY Change -1.54% -71.2% -71.2%
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 $51.48M $66.94M $66.94M
YoY Change -88.66% -37.32% -37.32%
LONG-TERM LIABILITIES
Long-Term Debt $399.7M $399.7M $399.7M
YoY Change 1666.98% 0.0% 0.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $399.7M $399.7M $399.7M
YoY Change 1666.98% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $51.48M $66.94M $66.94M
Total Long-Term Liabilities $399.7M $399.7M $399.7M
Total Liabilities $452.8M $468.3M $1.080B
YoY Change -5.3% -7.82% -8.99%
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 $290.2M $291.9M $291.9M
YoY Change
Total Liabilities & Shareholders Equity $1.343B $1.372B $1.372B
YoY Change -7.68% -7.34% -7.34%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $14.89M $16.78M $64.17M
YoY Change -8.04% -43.13% -22.26%
Depreciation, Depletion And Amortization $26.64M $29.39M $121.1M
YoY Change -14.85% 13.12% 11.27%
Cash From Operating Activities $144.9M $122.6M $463.7M
YoY Change 38.21% 460.67% 13.54%
INVESTING ACTIVITIES
Capital Expenditures $12.66M $8.660M $54.12M
YoY Change -37.78% -120.29% -33.33%
Acquisitions
YoY Change
Other Investing Activities $12.88M $71.12M $0.00
YoY Change -357.68% -20.76% -100.0%
Cash From Investing Activities $228.0K $62.46M -$12.00M
YoY Change -100.9% 32.71% -81.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$105.3M -139.7M -$404.0M
YoY Change 36.22% 98.14% 17.36%
NET CHANGE
Cash From Operating Activities $144.9M 122.6M $463.7M
Cash From Investing Activities $228.0K 62.46M -$12.00M
Cash From Financing Activities -$105.3M -139.7M -$404.0M
Net Change In Cash $39.81M 45.31M $47.73M
YoY Change 1728.48% -2949.94% -49301.03%
FREE CASH FLOW
Cash From Operating Activities $144.9M $122.6M $463.7M
Capital Expenditures $12.66M $8.660M $54.12M
Free Cash Flow $132.2M $113.9M $409.6M
YoY Change 56.51% 76.49% 25.16%

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InvestmentswithWestlakeundertheInvestmentManagementAgreement
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InvestmentswithWestlakeundertheInvestmentManagementAgreement
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MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
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MaturitiesofinvestmentswithWestlakeundertheInvestmentManagementAgreement
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17057000 usd
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P6Y
CY2022 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.
CY2022 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>
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1937439000 usd
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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1022750000 usd
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964174000 usd
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1012786000 usd
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26039000 usd
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30753000 usd
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990213000 usd
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1043539000 usd
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94744000 usd
CY2021 us-gaap Depreciation
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91852000 usd
CY2020 us-gaap Depreciation
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90768000 usd
CY2022Q4 us-gaap Goodwill Gross
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5814000 usd
CY2021Q4 us-gaap Goodwill Gross
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5814000 usd
CY2022 wlkp Discounted Cash Flow Methodology Goodwill Impairment Discount Rate
DiscountedCashFlowMethodologyGoodwillImpairmentDiscountRate
0.095
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TurnaroundCostsNet
127647000 usd
CY2021Q4 wlkp Turnaround Costs Net
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146942000 usd
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NoncurrentAssetsOtherNet
2512000 usd
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NoncurrentAssetsOtherNet
3193000 usd
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DeferredCostsAndOtherAssets
130159000 usd
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399674000 usd
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399674000 usd
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66167000 usd
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UndistributedEarnings
-2230000 usd
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16159000 usd
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-198000 usd
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66403000 usd
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64173000 usd
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35217336 shares
CY2021 us-gaap Distributed Earnings
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66388000 usd
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16159000 usd
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35206333 shares
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66365000 usd
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-198000 usd
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66167000 usd
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35195271 shares
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1.8856
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1.8856
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1.8856
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1342910000 usd
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1026586000 usd
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888245000 usd
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23835000 usd
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51395000 usd
CY2021 wlkp Shortfall Fees
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58906000 usd
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3037000 usd
CY2021 wlkp Shortfall Fees
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58906000 usd
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51713000 usd
CY2020 wlkp Buyer Deficiency Fee
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69555000 usd
CY2022 wlkp Ima Partnership Earned Amount Added To Market Rate Basis Points
IMAPartnershipEarnedAmountAddedToMarketRateBasisPoints
five
CY2022Q4 wlkp Receivablesunder Investment Management Agreementswith Related Parties Current
ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
64996000 usd
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ReceivablesunderInvestmentManagementAgreementswithRelatedPartiesCurrent
106243000 usd
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51713000 usd
CY2022Q4 us-gaap Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
90965000 usd
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AccountsReceivableRelatedPartiesCurrent
142791000 usd
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34087000 usd
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10796000 usd
CY2022 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
13407000 usd
CY2021 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
8816000 usd
CY2020 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
12038000 usd
CY2022Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 usd
CY2021Q4 us-gaap Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
399674000 usd
CY2022 us-gaap Operating Lease Expense
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2624000 usd
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3038000 usd
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P0Y7M6D
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
891000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
561000 usd
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
671000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
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1656000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
126000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-12000 usd
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
549000 usd
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IncomeTaxExpenseBenefit
564000 usd
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
70528000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
84406000 usd
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
71755000 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1017000 usd
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
549000 usd
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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564000 usd
CY2022 us-gaap Income Tax Reconciliation Tax Exempt Income
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70528000 usd
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84406000 usd
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IncomeTaxReconciliationTaxExemptIncome
71755000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1017000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
549000 usd
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
564000 usd
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1438000 usd
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DeferredTaxLiabilitiesPropertyPlantAndEquipment
1335000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Other Capitalized Costs
DeferredTaxLiabilitiesDeferredExpenseOtherCapitalizedCosts
218000 usd
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1530000 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities Net
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1656000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
1530000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
1530000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
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17537000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
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60895000 usd
CY2022Q4 wlkp Accrued Maintenance Expense Current
AccruedMaintenanceExpenseCurrent
3752000 usd
CY2022Q4 wlkp Intercompany Interest Expenses Accrued
IntercompanyInterestExpensesAccrued
4733000 usd
CY2021Q4 wlkp Accrued Maintenance Expense Current
AccruedMaintenanceExpenseCurrent
5597000 usd
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2176000 usd
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6372000 usd
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
14415000 usd
CY2020 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6854000 usd
CY2022 us-gaap Interest Paid Net
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10850000 usd
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8976000 usd
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13887000 usd
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683000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
676000 usd
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
709000 usd

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