Cash flow Knife River Corporation

Equities

KNF

US4988941047

Construction Materials

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06/08	Transcript : Knife River Corporation, Q2 2024 Earnings Call, Aug 06, 2024
06/08	Knife River's Q2 Earnings, Revenue Increase; Raises 2024 Revenue Outlook	MT

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Published financial data: KNIFE RIVER CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023
Revenues	2.18B	2.23B	2.53B	2.83B
Total Revenues	2.18B	2.23B	2.53B	2.83B
Cost of Goods Sold, Total	1.81B	1.88B	2.17B	2.29B
Gross Profit	371M	347M	361M	539M
Selling General & Admin Expenses, Total	158M	157M	167M	228M
Other Operating Expenses, Total	158M	157M	167M	228M
Operating Income	213M	190M	194M	311M
Interest Expense, Total	-20.58M	-19.22M	-30.12M	-58.1M
Net Interest Expenses	-20.58M	-19.22M	-30.12M	-58.1M
Other Non Operating Income (Expenses)	-1K	1.11M	-5.35M	6.69M
EBT, Excl. Unusual Items	192M	172M	159M	259M
Gain (Loss) On Sale Of Investments	2.5M	1.4M	-	1.9M
Asset Writedown	-	-	-	-5.8M
Other Unusual Items	-	-	-	-10M
EBT, Incl. Unusual Items	195M	173M	159M	245M
Income Tax Expense	47.43M	43.46M	42.6M	62.44M
Earnings From Continuing Operations	147M	130M	116M	183M
Net Income to Company	147M	130M	116M	183M
Net Income - (IS)	147M	130M	116M	183M
Net Income to Common Incl Extra Items	147M	130M	116M	183M
Net Income to Common Excl. Extra Items	147M	130M	116M	183M
Per Share Items
Net EPS - Basic	1.84K	1.62K	2.05	3.23
Basic EPS - Continuing Operations	1.84K	1.62K	2.05	3.23
Basic Weighted Average Shares Outstanding	80K	80K	56.57M	56.57M
Net EPS - Diluted	1.84K	1.62K	2.05	3.23
Diluted EPS - Continuing Operations	1.84K	1.62K	2.05	3.23
Diluted Weighted Average Shares Outstanding	80K	80K	56.57M	56.67M
Normalized Basic EPS	1.5K	1.34K	1.75	2.86
Normalized Diluted EPS	1.5K	1.34K	1.75	2.86
Supplemental Items
EBITDA	302M	291M	312M	434M
EBITA	216M	193M	197M	316M
EBIT	213M	190M	194M	311M
EBITDAR	387M	366M	386M	507M
Total Revenues (As Reported)	2.18B	2.23B	2.53B	2.83B
Effective Tax Rate - (Ratio)	24.35	25.09	26.82	25.45
Current Domestic Taxes	45.68M	10.6M	40.52M	64.04M
Total Current Taxes	45.68M	10.6M	40.52M	64.04M
Deferred Domestic Taxes	1.75M	32.86M	2.08M	-1.61M
Total Deferred Taxes	1.75M	32.86M	2.08M	-1.61M
Normalized Net Income	120M	107M	99.26M	162M
Non-Cash Pension Expense	804K	626K	509K	1.11M
Supplemental Operating Expense Items
Net Rental Expense, Total	84.69M	75.01M	73.91M	72.57M
Imputed Operating Lease Interest Expense	-	-	24.31M	46.29M
Imputed Operating Lease Depreciation	-	-	49.6M	26.28M
Stock-Based Comp., Other (Total)	1.78M	1.85M	1.27M	2.89M
Total Stock-Based Compensation	1.78M	1.85M	1.27M	2.89M

Fiscal Period: December	2020	2021	2022	2023
Assets
Cash And Equivalents	-	13.85M	10.09M	262M
Total Cash And Short Term Investments	-	13.85M	10.09M	262M
Accounts Receivable, Total	-	211M	241M	294M
Other Receivables	-	8.05M	16.05M	-
Total Receivables	-	219M	257M	294M
Inventory	-	291M	323M	320M
Prepaid Expenses	-	18.64M	17.85M	37.52M
Total Current Assets	-	543M	609M	914M
Gross Property Plant And Equipment	-	2.4B	2.54B	2.62B
Accumulated Depreciation	-	-1.1B	-1.17B	-1.26B
Net Property Plant And Equipment	-	1.3B	1.36B	1.36B
Long-term Investments	-	38.48M	36.7M	41.22M
Goodwill	-	276M	275M	274M
Other Intangibles, Total	-	16.23M	13.43M	10.82M
Other Long-Term Assets, Total	-	7.63M	-	-
Total Assets	-	2.18B	2.29B	2.6B
Liabilities
Accounts Payable, Total	-	82.6M	87.37M	108M
Accrued Expenses, Total	-	94.46M	114M	161M
Current Portion of Long-Term Debt	-	108M	238M	7.08M
Current Portion of Leases	-	15M	13.21M	12.95M
Unearned Revenue Current, Total	-	32.35M	39.84M	51.38M
Other Current Liabilities	-	24.56M	24.69M	6.9M
Total Current Liabilities	-	357M	517M	347M
Long-Term Debt	-	576M	447M	675M
Long-Term Leases	-	35.13M	32.66M	31.76M
Deferred Tax Liability Non Current	-	169M	176M	175M
Other Non Current Liabilities	-	91.96M	93.5M	106M
Total Liabilities	-	1.23B	1.27B	1.33B
Common Stock, Total	-	551M	550M	615M
Retained Earnings	-	430M	495M	666M
Treasury Stock	-	-3.63M	-3.63M	-3.63M
Comprehensive Income and Other	-	-24.49M	-12.35M	-11.32M
Total Common Equity	-	953M	1.03B	1.27B
Total Equity	-	953M	1.03B	1.27B
Total Liabilities And Equity	-	2.18B	2.29B	2.6B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	80K	80K	80K	56.58M
ECS Total Common Shares Outstanding	80K	80K	80K	56.58M
Book Value / Share	-	11.91K	12.86K	22.38
Tangible Book Value	-	660M	741M	981M
Tangible Book Value Per Share	-	8.25K	9.26K	17.33
Total Debt	-	735M	731M	726M
Net Debt	-	721M	721M	464M
Debt Equivalent of Unfunded Proj. Benefit Obligation	-	5.02M	5.33M	3.19M
Debt Equivalent Oper. Leases	677M	600M	591M	581M
Account Code - Inventory Valuation	-	6	6	6
Inventories - Raw Materials, Total	-	68.5M	78.57M	61.78M
Inventories - Finished Goods, Total	-	196M	211M	225M
Inventories - Others	-	27.32M	33.21M	32.53M
Land - (BS)	-	149M	151M	154M
Buildings, Total	-	149M	166M	216M
Machinery, Total	-	1.41B	1.49B	1.59B
Full Time Employees	-	3.84K	3.8K	4.39K
Accumulated Allowance for Doubtful Accounts (Supple)	-	5.41M	5.48M	6.17M
Order Backlog	673M	708M	935M	662M

Fiscal Period: December	2020	2021	2022	2023
Net Income	147M	130M	116M	183M
Depreciation & Amortization - CF	86.33M	98.37M	115M	119M
Amortization of Goodwill and Intangible Assets - (CF)	3.3M	2.6M	2.8M	5.2M
Depreciation & Amortization, Total	89.63M	101M	118M	124M
Amortization of Deferred Charges, Total - (CF)	403K	402K	483K	3.12M
(Gain) Loss From Sale Of Asset	-6.12M	-6.64M	-14.09M	-27K
(Gain) Loss on Sale of Investments - (CF)	-2.84M	-1.63M	2.52M	-2.2M
(Income) Loss On Equity Investments - (CF)	75K	-373K	438K	-286K
Stock-Based Compensation (CF)	1.78M	1.85M	1.27M	2.89M
Provision and Write-off of Bad Debts	1.16M	48K	538K	2M
Other Operating Activities, Total	3.26M	33.95M	3.38M	-424K
Change In Accounts Receivable	7.9M	15.36M	-32.51M	-54.82M
Change In Inventories	-11.29M	-42.44M	-31.03M	3.65M
Change In Accounts Payable	-10.66M	-13.9M	17.49M	33.09M
Change in Other Net Operating Assets	11.79M	-36.11M	24.93M	42.06M
Cash from Operations	232M	181M	207M	336M
Capital Expenditure	-136M	-174M	-178M	-124M
Sale of Property, Plant, and Equipment	8.2M	12.02M	22.88M	8.28M
Cash Acquisitions	-56.68M	-235M	1.74M	-
Investment in Marketable and Equity Securities, Total	-1.51M	-837K	-2.34M	-1.89M
Cash from Investing	-186M	-398M	-156M	-118M
Short Term Debt Issued, Total	-	-	208M	-
Long-Term Debt Issued, Total	-	282M	-	905M
Total Debt Issued	-	282M	208M	905M
Long-Term Debt Repaid, Total	-2.49M	-221K	-207M	-3.65M
Total Debt Repaid	-2.49M	-221K	-207M	-3.65M
Other Financing Activities, Total	-45.46M	-57.96M	-56.02M	-867M
Cash from Financing	-47.95M	224M	-55.32M	34.39M
Net Change in Cash	-1.4M	6.78M	-3.76M	252M
Supplemental Items
Cash Interest Paid	14.8M	19.12M	28.15M	-
Cash Income Tax Paid (Refund)	41.05M	34.78M	21.19M	76.69M
Levered Free Cash Flow	-	-	5.8M	172M
Unlevered Free Cash Flow	-	-	24.15M	206M
Change In Net Working Capital	-	-	38.2M	-9.03M
Net Debt Issued / Repaid	-2.49M	282M	695K	902M

Fiscal Period: December	2020	2021	2022	2023
Profitability
Return on Assets	-	-	5.43	7.93
Return on Total Capital	-	-	7.05	10.35
Return On Equity %	-	-	11.73	15.94
Return on Common Equity	-	-	11.73	15.94
Margin Analysis
Gross Profit Margin %	17.01	15.57	14.24	19.04
SG&A Margin	7.24	7.04	6.57	8.07
EBITDA Margin %	13.89	13.05	12.31	15.35
EBITA Margin %	9.92	8.64	7.78	11.16
EBIT Margin %	9.77	8.52	7.67	10.97
Income From Continuing Operations Margin %	6.76	5.82	4.59	6.46
Net Income Margin %	6.76	5.82	4.59	6.46
Net Avail. For Common Margin %	6.76	5.82	4.59	6.46
Normalized Net Income Margin	5.52	4.82	3.92	5.72
Levered Free Cash Flow Margin	-	-	0.23	6.09
Unlevered Free Cash Flow Margin	-	-	0.95	7.26
Asset Turnover
Asset Turnover	-	-	1.13	1.16
Fixed Assets Turnover	-	-	1.9	2.08
Receivables Turnover (Average Receivables)	-	-	11.22	10.57
Inventory Turnover (Average Inventory)	-	-	7.07	7.13
Short Term Liquidity
Current Ratio	-	1.52	1.18	2.63
Quick Ratio	-	0.65	0.52	1.6
Operating Cash Flow to Current Liabilities	-	0.51	0.4	0.97
Days Sales Outstanding (Average Receivables)	-	-	32.54	34.52
Days Outstanding Inventory (Average Inventory)	-	-	51.61	51.2
Average Days Payable Outstanding	-	-	14.06	15.56
Cash Conversion Cycle (Average Days)	-	-	70.09	70.17
Long Term Solvency
Total Debt/Equity	-	77.09	71.06	57.37
Total Debt / Total Capital	-	43.53	41.54	36.46
LT Debt/Equity	-	64.15	46.62	55.79
Long-Term Debt / Total Capital	-	36.23	27.25	35.45
Total Liabilities / Total Assets	-	56.33	55.17	51.3
EBIT / Interest Expense	10.34	9.88	6.45	5.35
EBITDA / Interest Expense	14.7	19.04	12.82	8.73
(EBITDA - Capex) / Interest Expense	8.1	9.97	6.9	6.59
Total Debt / EBITDA	-	2.01	1.89	1.43
Net Debt / EBITDA	-	1.97	1.87	0.92
Total Debt / (EBITDA - Capex)	-	3.83	3.52	1.9
Net Debt / (EBITDA - Capex)	-	3.76	3.47	1.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	2.34	13.72	11.66
Gross Profit, 1 Yr. Growth %	-	-6.38	4.02	49.33
EBITDA, 1 Yr. Growth %	-	-3.82	6.86	39.77
EBITA, 1 Yr. Growth %	-	-10.92	1.76	59.57
EBIT, 1 Yr. Growth %	-	-10.77	1.68	60.93
Earnings From Cont. Operations, 1 Yr. Growth %	-	-11.93	-10.43	57.35
Net Income, 1 Yr. Growth %	-	-11.93	-10.43	57.35
Normalized Net Income, 1 Yr. Growth %	-	-10.63	-8.31	65.18
Diluted EPS Before Extra, 1 Yr. Growth %	-	-11.93	-99.87	57.56
Accounts Receivable, 1 Yr. Growth %	-	-	14.55	21.87
Inventory, 1 Yr. Growth %	-	-	10.92	-1.13
Net Property, Plant and Equip., 1 Yr. Growth %	-	-	4.66	-0.1
Total Assets, 1 Yr. Growth %	-	-	5.16	13.32
Tangible Book Value, 1 Yr. Growth %	-	-	12.18	32.42
Common Equity, 1 Yr. Growth %	-	-	7.95	23.08
Cash From Operations, 1 Yr. Growth %	-	-22.02	14.46	61.84
Capital Expenditures, 1 Yr. Growth %	-	28.23	2.26	-30.24
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-	3.35K
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-	780.55
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	7.88	12.69
Gross Profit, 2 Yr. CAGR %	-	-	-1.32	24.63
EBITDA, 2 Yr. CAGR %	-	-	1.3	22.2
EBITA, 2 Yr. CAGR %	-	-	-4.87	27.38
EBIT, 2 Yr. CAGR %	-	-	-4.83	27.89
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	-11.18	18.72
Net Income, 2 Yr. CAGR %	-	-	-11.18	18.72
Normalized Net Income, 2 Yr. CAGR %	-	-	-9.7	22.83
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-96.66	18.76
Accounts Receivable, 2 Yr. CAGR %	-	-	-	18.15
Inventory, 2 Yr. CAGR %	-	-	-	4.72
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-	2.26
Total Assets, 2 Yr. CAGR %	-	-	-	9.16
Tangible Book Value, 2 Yr. CAGR %	-	-	-	21.88
Common Equity, 2 Yr. CAGR %	-	-	-	15.27
Cash From Operations, 2 Yr. CAGR %	-	-	-5.52	36.1
Capital Expenditures, 2 Yr. CAGR %	-	-	14.51	-15.54
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	9.13
Gross Profit, 3 Yr. CAGR %	-	-	-	13.3
EBITDA, 3 Yr. CAGR %	-	-	-	12.83
EBITA, 3 Yr. CAGR %	-	-	-	13.48
EBIT, 3 Yr. CAGR %	-	-	-	13.43
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	7.47
Net Income, 3 Yr. CAGR %	-	-	-	7.47
Normalized Net Income, 3 Yr. CAGR %	-	-	-	10.47
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	7.5
Cash From Operations, 3 Yr. CAGR %	-	-	-	13.04
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-2.93