Cypress Environmental Partners, L.P. 8-K 

Exhibit 99.1

 

 

CYPRESS ENVIRONMENTAL PARTNERS REPORTS FOURTH QUARTER RESULTS

 

TULSA, March 23, 2021 - Today, Cypress Environmental Partners, L.P., (NYSE: CELP) (“Cypress”) reported its financial results for the three months ended December 31, 2020.

 

HIGHLIGHTS

 

ØClosed an amended credit facility extension in March 2021. The amendment extends the maturity date through May 2022, increases the allowable leverage ratio for several quarters, and reduces the total capacity to $75.0 million. The amended credit agreement contains significant restrictions on Cypress’s ability to pay distributions during the term of the agreement.
ØCash balance increased to $17.9 million at December 31, 2020, with a net debt leverage ratio of 4.1x.
 ØFourth quarter 2020 results were adversely impacted by a $0.4 million allowance for bad debt from a former customer that filed bankruptcy.
ØNet loss attributable to common unitholders of $1.9 million for the three months ended December 31, 2020.
ØFourth quarter 2020 Adjusted EBITDA of $1.5 million, a decrease of 59% over third quarter 2020.
ØFourth quarter 2020 Inspection Services segment gross margin of $3.9 million, a decrease of 24% from third quarter 2020.
ØFourth quarter 2020 Pipeline & Process Services segment gross margin of $1.0 million, a decrease of 24% from third quarter 2020.
ØFourth quarter 2020 Water & Environmental Services segment gross margin of $0.9 million, an increase of 2% from third quarter 2020.
ØDistributable cash flow (DCF) of $(0.8 million) for the three months ended December 31, 2020.
ØOur common unit and preferred unit distributions remain suspended.

 

FOURTH QUARTER 2020 SUMMARY FINANCIAL RESULTS

 

    Three Months Ended  
    December 31,
    2020   2019
    (Unaudited)
    (in thousands, except per unit amounts)  
Net (loss) income $ (675) $ 4,920
Net (loss) income attributable to common unitholders $ (1,906) $ 3,168
Net (loss) income per limited partner unit – basic $ (0.16) $ 0.26
Net (loss) income per limited partner unit – diluted $ (0.16) $ 0.23
Adjusted EBITDA (1) $ 1,469 $ 8,331
Distributable cash flow (1) $ (810) $ 4,801
           

(1)       This press release includes the following financial measures not presented in accordance with U.S. generally accepted accounting principles, or GAAP: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. Each such non-GAAP financial measure is defined below under “Non-GAAP Financial Information”, and each is reconciled to its most directly comparable GAAP financial measure in schedules at the end of this press release.

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 1 of  10

 

 

 

CEO'S PERSPECTIVE

 

“2020 was our worst year in our short history following our best year that included record results in 2019 prior to the COVID-19 global pandemic. The fourth quarter is typically our weakest quarter each year and our business results continued to suffer because of ongoing demand headwinds from COVID-19 that continue to impact our customers, and the bad debt reserve from a former customer that filed and emerged from bankruptcy. Our primary focus continues to be safely serving our customers and ensuring the health and safety of our employees as the vaccination process for COVID-19 advances," said Peter C. Boylan III, Chairman, President, and CEO. “I continue to be proud of how our employees have handled the challenges with the pandemic in the field, office, and work-from-home environments. Commodity prices have made a strong recovery with WTI crude oil pricing topping $60 per barrel, which is benefitting both our customers and Cypress as our customers have more flexibility in their budgets for maintenance and new construction. We were pleased to reach agreement with our bank group to modify and extend the maturity date of our credit agreement to May 2022. We will use cash flows generated from operations to continue to reduce our debt and thereby strengthen our balance sheet. We will not resume our common unit distribution during this renewal term, and an affiliate of our general partner has graciously agreed to suspend his right to receive distributions on his preferred equity until we reduce our leverage.”

 

“Sales remain our priority, and we are bidding on numerous opportunities with both existing and prospective customers. We were recently awarded an attractive long-term contract for maintenance inspection with a new customer. The near-term recovery remains fragile, as market participants evaluate the risks associated with new variants of the coronavirus.  Historically, as commodity prices increase, customers begin to increase their spending, which increases our opportunities to provide our services. We believe there will be significant long-term demand for our services, and we continue our efforts to diversify our customer base.”

 

“Our leadership team continues our diversification initiative to begin offering our inspection services to other industries, including renewables (such as wind, solar, hydroelectric), electrical transmission, municipal water, sewer, and Department of Transportation infrastructure (such as bridges). We have begun bidding on inspection opportunities in these new markets. Many of our inspectors and technicians have the skills to offer these services to these new markets. Longer term we hope to have the majority of our inspection revenue coming from these new segments”.

 

SEGMENT UPDATE

 

Inspection Services

 

ØDuring the fourth quarter Cypress had an average headcount of approximately 550 inspectors working throughout the United States. Although several large projects that had been previously awarded were delayed or cancelled in 2020 with the economic downturn, Cypress continues to bid and win new work. Headcount in early 2021 has remained low, as customers continue to evaluate their spending plans. Cypress expects to see headcount increase in the coming months.
ØCypress continues to aggressively pursue organic business development (despite the work-from-home environment) and has successfully been awarded some new customer contracts and has renewed existing contracts.
ØGeneral and administrative expense in 4th quarter 2020 included a $0.4 million allowance recorded against the accounts receivable from a former customer.

 

Pipeline & Process Services (“PPS”)

 

ØActivity slowed toward the end of 2020 and continues to be very slow in early 2021, as many projects that we began prior to the pandemic were completed earlier in 2020. The arctic blast in Texas also delayed many projects. The PPS segment implemented substantial salary reductions, furloughs, and reductions-in-force in the last two months.

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 2 of  10

 

 

 

Water & Environmental Services (“Environmental Services”)

 

ØCypress recently completed a new contract with a public energy company to connect its pipeline to one of Cypress’s water treatment facilities. Cypress began receiving volumes from this pipeline in 4th quarter 2020.
ØCypress also added additional piped water from another new producer into one of its facilities.
ØOur water treatment facilities generally receive more water when our customers’ oil production increases from the completion of new oil wells in North Dakota. Seventeen drilling rigs are currently operating in North Dakota, an increase of approximately 55% compared to only eleven at the end of 2020. This compares to 56 rigs one year ago, and 65 rigs two years ago according to a published rig count.

 

COMMON UNIT & PREFERRED UNIT DISTRIBUTIONS

 

In July 2020, Cypress announced that it had temporarily suspended common unit distributions. Cypress’s credit facility, as amended in March 2021, contains significant restrictions on the payment of distributions. As a result, Cypress does not expect to pay significant distributions in the near term; instead, Cypress expects to use available cash to pay down debt and for working capital needs. An affiliate of the General Partner of Cypress also agreed to suspend the distribution payment to which it is entitled on his preferred units.

 

FOURTH QUARTER 2020 OPERATING RESULTS BY BUSINESS SEGMENT

 

Inspection Services

 

The Inspection Services segment’s results for the three months ended December 31, 2020 and 2019 were:

ØRevenue - $32.4 million and $82.1 million, respectively.
ØGross Margin - $3.9 million and $9.6 million, respectively.

 

Pipeline & Process Services (“PPS”)

 

The PPS segment’s results for the three months ended December 31, 2020 and 2019 were:

ØRevenue - $4.0 million and $6.8 million, respectively.
ØGross Margin - $1.0 million and $2.3 million, respectively.

 

Water & Environmental Services (“Environmental Services”)

 

The Environmental Services segment’s results for the three months ended December 31, 2020 and 2019 were:

ØRevenue - $1.4 million and $2.4 million, respectively.
ØGross Margin - $0.9 million and $1.6 million, respectively

 

CAPITALIZATION, LIQUIDITY, AND FINANCING

 

Cypress had outstanding borrowings of $62.0 million on its credit facility and cash and cash equivalents of $17.9 million at December 31, 2020. In March 2021, Cypress reached agreement with the lenders to modify and extend the maturity of the credit agreement to May 31, 2022. The total capacity on the amended credit facility is $75.0 million. The amendment increases the allowable gross leverage ratio to 6.0x at December 31, 2020 and March 31, 2021, 5.3x at June 30, 2021, and 4.5x at September 30, 2021. The maximum leverage ratio returns to 4.0x at December 31, 2021.

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 3 of  10

 

CAPITAL EXPENDITURES

 

During the quarter, Cypress had $0.2 million in maintenance capital expenditures and $0.1 million in expansion capital expenditures, which are reflective of an attractive business model that requires minimal capital expenditures.

 

ANNUAL REPORT

 

Cypress has filed its annual report on Form 10-K for the year ended December 31, 2020 with the Securities and Exchange Commission. Cypress will also post a copy of the Form 10-K on its website at www.cypressenvironmental.biz. Unitholders may request a printed copy of these reports free of charge by contacting Investor Relations at Cypress Environmental Partners, L.P., 5727 S. Lewis Ave., Suite 300, Tulsa, OK 74105 or by e-mailing ir@cypressenvironmental.biz.

 

NON-GAAP FINANCIAL INFORMATION

 

This press release and the accompanying financial schedules include the following non-GAAP financial measures: adjusted EBITDA, adjusted EBITDA attributable to limited partners, and distributable cash flow. The accompanying schedules provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Cypress's non-GAAP financial measures should not be considered in isolation or as an alternative to its financial measures presented in accordance with GAAP, including revenues, net income or loss attributable to limited partners, net cash provided by or used in operating activities, or any other measure of liquidity or financial performance presented in accordance with GAAP as a measure of operating performance, liquidity, or ability to service debt obligations and make cash distributions to unitholders. The non-GAAP financial measures presented by Cypress may not be comparable to similarly-titled measures of other entities because other entities may not calculate their measures in the same manner.

 

Cypress defines adjusted EBITDA as net income or loss exclusive of (i) interest expense, (ii) depreciation, amortization, and accretion expense, (iii) income tax expense or benefit, (iv) equity-based compensation expense, (v) and certain other unusual or nonrecurring items. Cypress defines adjusted EBITDA attributable to limited partners as adjusted EBITDA exclusive of amounts attributable to the general partner and to noncontrolling interests. Cypress defines distributable cash flow as adjusted EBITDA attributable to limited partners less cash interest paid, cash income taxes paid, maintenance capital expenditures, and cash distributions on preferred equity. Management believes these measures provide investors meaningful insight into results from ongoing operations.

 

These non-GAAP financial measures are used as supplemental liquidity and performance measures by Cypress's management and by external users of its financial statements, such as investors, banks, and others to assess:

 

Øfinancial performance of Cypress without regard to financing methods, capital structure or historical cost basis of assets;
ØCypress's operating performance and return on capital as compared to those of other companies, without regard to financing methods or capital structure;
Øviability and performance of acquisitions and capital expenditure projects and the overall rates of return on investment opportunities; and
Øthe ability of Cypress's businesses to generate sufficient cash to pay interest costs, support its indebtedness, and make cash distributions to its unitholders.

 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 4 of  10

 

ABOUT CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Cypress Environmental Partners, L.P. is a master limited partnership that provides essential environmental services to the energy and utility industries, including pipeline & infrastructure inspection, NDE testing, various integrity services, and pipeline & process services throughout the United States. Cypress also provides environmental services to upstream and midstream energy companies and their vendors in North Dakota, including water treatment, hydrocarbon recovery, and disposal into EPA Class II injection wells to protect our groundwater. Cypress works closely with its customers to help them protect people, property, and the environment, and to assist their compliance with increasingly complex and strict rules and regulations. Cypress is headquartered in Tulsa, Oklahoma.

CAUTIONARY STATEMENTS

 

This press release may contain or incorporate by reference forward-looking statements as defined under the federal securities laws regarding Cypress Environmental Partners, L.P., including projections, estimates, forecasts, plans and objectives. Although management believes that expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. In addition, these statements are subject to certain risks, uncertainties and other assumptions that are difficult to predict and may be beyond Cypress's control. If any of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, Cypress's actual results may vary materially from what management forecasted, anticipated, estimated, projected or expected.

 

The key risk factors that may have a direct bearing on Cypress's results of operations and financial condition are described in detail in the "Risk Factors" section of Cypress's most recently filed annual report and subsequently filed quarterly reports with the Securities and Exchange Commission. Investors are encouraged to closely consider the disclosures and risk factors contained in Cypress's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements contained herein speak as of the date of this announcement. Cypress undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Information contained in this press release is unaudited and subject to change.

 

Investors or Analysts:

Contact: Cypress Environmental Partners, L.P. - Jeff Herbers – Vice President & Chief Financial Officer
jeff.herbers@cypressenvironmental.biz or 918-947-5730

 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 5 of  10

 

CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Consolidated Balance Sheets

As of December 31, 2020 and 2019

(in thousands)

   December 31,  December 31,
   2020  2019
 ASSETS          
 Current assets:          
 Cash and cash equivalents  $17,893   $15,700 
 Trade accounts receivable, net   18,420    52,524 
 Prepaid expenses and other   2,033    988 
 Total current assets   38,346    69,212 
 Property and equipment:          
 Property and equipment, at cost   26,929    26,499 
 Less:  Accumulated depreciation   16,470    13,738 
 Total property and equipment, net   10,459    12,761 
 Intangible assets, net   17,386    20,063 
 Goodwill   50,389    50,356 
 Finance lease right-of-use assets, net   607    600 
 Operating lease right-of-use assets   1,987    2,942 
 Debt issuance costs, net   242    803 
 Other assets   570    605 
 Total assets  $119,986   $157,342 
           
 LIABILITIES AND OWNERS' EQUITY          
 Current liabilities:          
 Accounts payable  $2,070   $3,529 
 Accounts payable - affiliates   58    1,167 
 Accrued payroll and other   4,876    14,850 
 Income taxes payable   328    1,092 
 Finance lease obligations   250    183 
 Operating lease obligations   439    459 
 Total current liabilities   8,021    21,280 
 Long-term debt   62,029    74,929 
 Finance lease obligations   300    359 
 Operating lease obligations   1,549    2,425 
 Other noncurrent liabilities   182    158 
 Total liabilities   72,081    99,151 
           
 Owners' equity:          
 Partners’ capital:          
 Common units (12,213 and 12,068 units outstanding at          
 December 31, 2020 and 2019, respectively)   27,507    37,334 
 Preferred units (5,769 units outstanding at December 31, 2020 and 2019)   44,291    44,291 
 General partner   (25,876)   (25,876)
 Accumulated other comprehensive loss   (2,655)   (2,577)
 Total partners' capital   43,267    53,172 
 Noncontrolling interests   4,638    5,019 
 Total owners' equity   47,905    58,191 
 Total liabilities and owners' equity  $119,986   $157,342 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 6 of  10

 

CYPRESS ENVIRONMENTAL PARTNERS, L.P.

Consolidated Statements of Operations

For the Three Months and Years Ended December 31, 2020 and 2019

(in thousands, except per unit data)

 

   Three Months Ended December 31,  Years Ended December 31,
   2020  2019  2020  2019
 Revenues  $37,778   $91,247   $205,996   $401,648 
 Costs of services   31,947    77,754    177,484    347,924 
 Gross margin   5,831    13,493    28,512    53,724 
                     
 Operating costs and expense:                    
 General and administrative   4,933    6,680    20,100    25,626 
 Depreciation, amortization and accretion   1,214    1,119    4,883    4,448 
 Gain on asset disposals, net   —      (2)   (27)   (25)
 Operating income   (316)   5,696    3,556    23,675 
                     
 Other income (expense):                    
 Interest expense, net   (793)   (1,228)   (4,028)   (5,330)
 Foreign currency gains   274    84    107    222 
 Other, net   129    891    541    1,111 
 Net (loss) income before income tax expense   (706)   5,443    176    19,678 
 Income tax (benefit) expense   (31)   523    542    2,254 
 Net (loss) income   (675)   4,920    (366)   17,424 
                     
 Net income attributable to noncontrolling interests   197    718    1,049    1,410 
 Net (loss) income attributable to limited partners   (872)   4,202    (1,415)   16,014 
 Net income attributable to preferred unitholder   1,034    1,034    4,133    4,133 
 Net (loss) income attributable to common unitholders  $(1,906)  $3,168   $(5,548)  $11,881 
                     
 Net (loss) income per common limited partner unit:                    
 Basic  $(0.16)  $0.26   $(0.46)  $0.99 
 Diluted  $(0.16)  $0.23   $(0.46)  $0.88 
                     
 Weighted average common units outstanding:                    
 Basic   12,211    12,067    12,181    12,039 
 Diluted   12,211    18,510    12,181    18,289 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 7 of  10

 

 

Reconciliation of Net (Loss) Income to Adjusted EBITDA

and Distributable Cash Flow

   Three Months Ended December 31,  Years ended December 31,
   2020  2019  2020  2019
      (in thousands)   
 Net (loss) income  $(675)  $4,920   $(366)  $17,424 
 Add:                    
Interest expense   793    1,228    4,028    5,330 
Depreciation, amortization and accretion   1,424    1,382    5,815    5,537 
Income tax (benefit) expense   (31)   523    542    2,254 
Equity based compensation   232    362    961    1,107 
 Less:                    
Foreign currency gains   274    84    107    222 
 Adjusted EBITDA  $1,469   $8,331   $10,873   $31,430 
                     
Adjusted EBITDA attributable to noncontrolling interests   314    862    1,588    1,976 
Adjusted EBITDA attributable to limited partners / controlling interests  $1,155   $7,469   $9,285   $29,454 
                     
 Less:                    
 Preferred unit distributions   1,034    1,034    4,133    4,133 
 Cash interest paid, cash taxes paid, maintenance capital expenditures   931    1,634    5,394    7,238 
 Distributable cash flow  $(810)  $4,801   $(242)  $18,083 

 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 8 of  10

 

 

Reconciliation of Net (Loss) Income Attributable to

Limited Partners to Adjusted EBITDA Attributable

to Limited Partners and Distributable Cash Flow

  Three Months Ended December 31,  Years ended December 31,
  2020  2019  2020  2019
     (in thousands)   
 Net (loss) income attributable to limited partners $(872)  $4,202   $(1,415)  $16,014 
 Add:                   
 Interest expense attributable to limited partners  793    1,228    4,028    5,330 
 Depreciation, amortization and accretion attributable to limited partners  1,306    1,247    5,305    5,006 
 Income tax (benefit) expense attributable to limited partners  (30)   514    513    2,219 
 Equity based compensation attributable to limited partners  232    362    961    1,107 
 Less:                   
 Foreign currency gains attributable to limited partners  274    84    107    222 
 Adjusted EBITDA attributable to limited partners  1,155    7,469    9,285    29,454 
                    
 Less:                   
 Preferred unit distributions  1,034    1,034    4,133    4,133 
 Cash interest paid, cash taxes paid and maintenance capital expenditures attributable to limited partners  931    1,634    5,394    7,238 
 Distributable cash flow $(810)  $4,801   $(242)  $18,083 

 

Reconciliation of Net Cash Provided by Operating Activities to

Adjusted EBITDA and Distributable Cash Flow

 

  

Years ended

December 31,

   2020  2019
   (in thousands)
 Cash flows provided by operating activities  $27,922   $18,179 
 Changes in trade accounts receivable   (33,634)   4,310 
 Changes in prepaid expenses and other   891    (136)
 Changes in accounts payable and accrued liabilities   11,421    1,506 
 Changes in income taxes payable   765    (356)
 Interest expense (excluding non-cash interest)   3,448    4,797 
 Income tax expense (excluding deferred tax benefit)   542    2,290 
 Other   (482)   840 
 Adjusted EBITDA  $10,873   $31,430 
           
 Adjusted EBITDA attributable to noncontrolling interests   1,588    1,976 
 Adjusted EBITDA attributable to limited partners / controlling interests  $9,285   $29,454 
           
 Less:          
 Preferred unit distributions   4,133    4,133 
 Cash interest paid, cash taxes paid, maintenance capital expenditures   5,394    7,238 
 Distributable cash flow  $(242)  $18,083 
           

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 9 of  10

 

Operating Data

      Three Months  Years Ended  
      Ended December 31,  December 31,  
      2020  2019  2020  2019
 Total barrels of water processed (in thousands)        1,863    3,094    7,932     13,416  
 Average revenue per barrel       $0.74   $0.77   $0.73   $ 0.77  
 Environmental Services gross margins        68.6%   67.9%   65.0%    70.6 %
 Average number of inspectors        546    1,296    730     1,485  
 Average revenue per inspector per week       $4,520   $4,819   $4,769   $ 4,804  
 Inspection Services gross margins        12.0%   11.7%   10.9%    10.9 %
 Average number of field personnel        27    27    28     28  
 Average revenue per field personnel per week       $11,186   $19,325   $12,819   $ 13,245  
 Pipeline and Process Services gross margins        25.0%   33.6%   26.6%    30.7 %
 Capital expenditures (in thousands)       $268   $517   $1,950   $ 2,197  
 Common unit distributions (in thousands)       $—     $2,534   $5,098   $ 10,109  
 Preferred unit distributions (in thousands)       $1,034   $1,034   $4,133   $ 4,133  
 Net debt leverage ratio        4.11x   1.90x   4.11x    1.90 x

 

 

 

Cypress Environmental Partners, L.P. – Q4 2020 Earnings ReleasePage 10 of  10


The following information was filed by Cypress Energy Partners, L.P. (CELP) on Tuesday, March 23, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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