BETHESDA, Md., March 10, 2022 /PRNewswire/ -- Centrus Energy
Corp. (NYSE American: LEU) ("Centrus" or the "Company") today
reported fourth quarter and full year 2021 results.
2021 Summary:
Financial Highlights
- Net income of $175.0 million in
2021 or $9.75 per diluted share
- Adjusted net income per diluted share of $12.46, which excludes deemed dividends allocable
to retired preferred stock shares (see non-GAAP reconciliation
table below)
- Total revenues of $298.3 million,
including LEU segment revenue of $186.1
million
- Year-end cash balance of $193.8
million
- Completed cash tender offer for an aggregate purchase price of
$43.3 million to retire all
outstanding Series B Senior Preferred Stock at a discount
- Reduced pension liability by $101.3
million, driven by strong investment returns and receipt of
pension of $43.5 million settlement
by the U.S. government
- Raised $44.2 million, before
expenses, through an At Market Sales Agreement offering of Class A
Common Stock
Commercial Highlights
- Increased the value of the long-term order book to $986 million from $960
million by securing new sales contracts that exceeded the
value of 2021 deliveries
- Secured approval of the U.S. Nuclear Regulatory Commission of
license amendment to produce High-Assay, Low-Enriched Uranium
("HALEU") – the first U.S. facility licensed for HALEU
production
"Building on the momentum from our return to profitability in
2020, we significantly strengthened our financial position in 2021
as we retired all of our outstanding preferred shares, increased
our cash balance to $193.8 million,
and cut our pension liability by more than $100 million," said Daniel Poneman, Centrus President and Chief
Executive Officer. "As we look ahead, we are well-positioned to
pioneer the emerging market for HALEU to enable the deployment of
the next generation of advanced reactors in the United States and around the world."
Full Year
Financial Results:
|
|
in
millions
|
2021
|
2020
|
Revenue
|
$298.3
|
$247.2
|
Gross
Profit
|
$114.5
|
$97.6
|
Net
Income
|
$175.0
|
$54.4
|
For the full year, Centrus reported net income of $175.0 million in 2021, which represented a 222%
increase over 2020 net income of $54.4
million. Net income per share for 2021 was $10.03 (basic) and $9.75 (diluted). Adjusted net income per
share for 2021 was $12.81 (basic) and
$12.46 (diluted). Adjusted net
income is a non-GAAP measure that excludes deemed dividends
allocable to retired preferred stock shares. The Company retired
all of its outstanding preferred shares in 2021. (See the Adjusted
Net Income and Net Income Per Share Reconciliation Table included
below.) Revenue for 2021 was $298.3
million, an increase of $51.1
million or 21% from the prior year.
In the low-enriched uranium ("LEU") segment, separative work
unit ("SWU") revenue in 2021 increased by $11.8 million to $163.3, representing an 8% increase compared to
2020, while uranium revenue decreased by $16.2 million to $22.8, representing a 42% decrease, for an
overall decrease in the segment of 2% or $4.4 million to $186.1
million. Excluding a $32.6
million collection as part of a customer's bankruptcy
proceeding in 2020, SWU revenue in 2021 was $44.4 million higher than in 2020, representing a
37% increase, and the LEU segment, including uranium sales,
increased overall by $28.2 million or
18%. The higher 2021 SWU revenue was driven by a 64% increase
in sales volume, partially offset by a 16% reduction in the average
price billed to customers.
Cost of sales for the LEU segment increased $20.4 million in 2021 compared to 2020,
reflecting the increase in SWU sales volume, partially offset by a
46% decrease in uranium sales volume. The average cost of sales per
SWU was flat year-over-year. Cost of sales includes legacy
costs related to former employees of the Portsmouth, Ohio gaseous diffusion plan
("GDP") and Paducah, Kentucky GDP
of $2.7 million in 2021 and
$3.7 million in 2020.
Annual revenue from the technical solutions segment was
$112.2 million, representing a 98%
increase over 2020. 2021 revenue included a $43.5 million benefit related to the settlement
of the Company's claims for reimbursements for certain pension and
postretirement benefits costs incurred in connection with a past
cost-reimbursable contract performed at the Portsmouth GDP.
Excluding this settlement, revenue from the technical solutions
segment increased $12.0 million in
2021, or 21%, due to increased work performed under the HALEU and
other contracts.
Cost of sales for the technical solutions segment increased
$13.8 million in 2021 compared to
2020, largely reflecting the increase in contract work performed.
Cost of sales benefited by $7.2
million in 2021 and $10.6
million in 2020 for previously accrued contract losses
attributable to work performed under the HALEU Contract.
Centrus recognized a gross profit of $114.5 million in 2021, an improvement of
$16.9 million compared to the gross
profit of $97.6 million in 2020.
Selling, General and Administrative
Selling, general and administrative expenses were $36.0 million in each of 2021 and 2020. These
expenses remained flat year-over-year.
Nonoperating Components of Net Periodic Benefit Expense
(Income)
Nonoperating components of net periodic benefit income was
($67.6) million in 2021, compared to
($1.6) million in 2020. Nonoperating
components of net periodic benefit income in 2021 consists
primarily of a return on plan assets of ($58.2) million and future impacts of the change
in the discount rate of ($31.0)
million, offset by interest cost of $21.5 million, as the discounted present value of
benefit obligations nears payment.
Conference Call
Centrus Energy's investor conference call to discuss the fourth
quarter and full year 2021 results is scheduled for March 11, 2022, at 8:30
a.m. EDT. A live webcast of the conference call can be
accessed through the Investor Relations section of the Company's
website at www.centrusenergy.com, and a recording of the call will
be available on the site through March 21,
2022.
About Centrus Energy Corp.
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at www.centrusenergy.com.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934.
In this context, forward-looking statements mean statements related
to future events, may address our expected future business and
financial performance, and often contain words such as "expects",
"anticipates", "intends", "plans", "believes", "will", "should",
"could", "would" or "may" and other words of similar meaning.
Forward-looking statements by their nature address matters that
are, to different degrees, uncertain.
For Centrus Energy Corp., particular risks and uncertainties
that could cause our actual future results to differ materially
from those expressed in our forward-looking statements include but
are not limited to the following which are, and will be,
exacerbated by the novel coronavirus ("COVID-19") pandemic and any
worsening of the global business and economic environment as a
result; risks related to the war in Ukraine and geopolitical conflicts and the
imposition of sanctions or other measures that could impact our
ability to obtain or sell low enriched uranium (LEU) under
our existing supply contract with the Russian government-owned
entity TENEX, Joint-Stock Company ("TENEX"); risks related to
natural and other disasters, including the continued impact of the
March 2011 earthquake and tsunami in
Japan on the nuclear industry and
on our business, results of operations and prospects; risks related
to financial difficulties experienced by customers or suppliers,
including possible bankruptcies, insolvencies or any other
inability to pay for our products or services or delays in making
timely payment; risks related to pandemics and other health crises,
such as the global COVID-19 pandemic and subsequent variants; the
impact and potential extended duration of the current supply/demand
imbalance in the market for low-enriched uranium ("LEU"); risks
related to our ability to sell the LEU we procure pursuant to our
purchase obligations under our supply agreements including
those imposed under the 1992 Russian Suspension Agreement as
amended ("RSA"), international trade legislation and other
international trade restrictions; risks related to existing or new
trade barriers and contract terms that limit our ability to procure
LEU for, or deliver LEU to customers; pricing trends and demand in
the uranium and enrichment markets and their impact on our
profitability; risks related to the movement and timing of customer
orders; risks related to our dependence on others for deliveries of
LEU including deliveries from TENEX, under a commercial
supply agreement with TENEX and deliveries under a long-term
commercial supply agreement with Orano Cycle ("Orano"); risks
associated with our reliance on third-party suppliers to provide
essential products and services to us; risks related to the fact
that we face significant competition from major producers who may
be less cost sensitive or are wholly or partially government owned;
risks that our ability to compete in foreign markets may be limited
for various reasons; risks related to the fact that our revenue is
largely dependent on our largest customers; risks related to our
sales order book, including uncertainty concerning customer actions
under current contracts and in future contracting due to market
conditions and our lack of current production capability; risks
related to whether or when government funding or demand for
high-assay low-enriched uranium ("HALEU") for government or
commercial uses will materialize; risks and uncertainties regarding
funding for continuation and deployment of the American Centrifuge
technology; risks related to our ability to perform and absorb
costs under our agreement with the U.S. Department of Energy
("DOE") to deploy a cascade of centrifuges to demonstrate
production of HALEU for advanced reactors (the "HALEU Contract") or
to obtain contracts and funding to be able to continue operations
and our ability to obtain and/or perform under other agreements;
risks that we may not obtain the full benefit of the HALEU Contract
and may not be able to operate the HALEU enrichment facility to
produce HALEU after the completion of the existing HALEU Contract
or that the HALEU enrichment facility may not be available to us as
a future source of supply; risks related to uncertainty regarding
our ability to commercially deploy competitive enrichment
technology; risks related to the potential for further
demobilization or termination of our American Centrifuge work;
risks that we will not be able to timely complete the work that we
are obligated to perform; risks related to our ability to perform
fixed-price and cost-share contracts such as the HALEU Contract,
including the risk that costs could be higher than expected; risks
related to our significant long-term liabilities, including
material unfunded defined benefit pension plan obligations and
postretirement health and life benefit obligations; risks relating
to our 8.25% notes (the "8.25% Notes") maturing in February 2027; the risks of revenue and operating
results fluctuating significantly from quarter to quarter, and in
some cases, year to year; risks related to the impact of financial
market conditions on our business, liquidity, prospects, pension
assets and insurance facilities; risks related to the Company's
capital concentration; risks related to the value of our intangible
assets related to the sales order book and customer relationships;
risks related to the limited trading markets in our securities;
risks related to decisions made by our Class B stockholders
regarding their investment in the Company based upon factors that
are unrelated to the Company's performance; [risks that a small
number of holders of our Class A Common Stock, par value
$0.10 per share ("Class A Common
Stock"), (whose interests may not be aligned with other holders of
our Class A Common Stock), may exert significant influence over the
direction of the Company; risks related to the use of our net
operating losses ("NOLs") carryforwards and net unrealized built-in
losses ("NUBILs") to offset future taxable income and the use of
the Rights Agreement (as defined herein) to prevent an "ownership
change" as defined in Section 382 of the Internal Revenue Code of
1986, as amended (the "Code") and our ability to generate taxable
income to utilize all or a portion of the NOLs and NUBILs prior to
the expiration thereof; failures or security breaches of our
information technology systems; risks related to our ability to
attract and retain key personnel; risks related to the potential
for DOE to seek to terminate or exercise its remedies under its
agreements with the Company; risks related to actions, including
government reviews, that may be taken by the United States government, the Russian
government or other governments that could affect our ability to
perform under our contract obligations or the ability of our
sources of supply to perform under their contract obligations to
us; risks related to our ability to perform and receive timely
payment under agreements with DOE or other government agencies,
including risks and uncertainties related to the ongoing funding by
the government and potential audits; risks related to changes or
termination of agreements with the U.S. government or other
counterparties; risks related to the competitive environment for
our products and services; risks related to changes in the nuclear
energy industry; risks related to the competitive bidding process
associated with obtaining contracts, including government
contracts; risks that we will be unable to obtain new business
opportunities or achieve market acceptance of our products and
services or that products or services provided by others will
render our products or services obsolete or noncompetitive; risks
related to potential strategic transactions that could be difficult
to implement, disrupt our business or change our business profile
significantly; risks related to the outcome of legal proceedings
and other contingencies (including lawsuits and government
investigations or audits); risks related to the impact of
government regulation and policies including by the DOE and the
U.S. Nuclear Regulatory Commission; risks of accidents during the
transportation, handling or processing of hazardous or radioactive
material that may pose a health risk to humans or animals, cause
property or environmental damage, or result in precautionary
evacuations; risks associated with claims and litigation arising
from past activities at sites we currently operate or past
activities at sites that we no longer operate, including the
Paducah, Kentucky, and
Portsmouth, Ohio, gaseous
diffusion plants; and other risks and uncertainties discussed in
this and our other filings with the Securities and Exchange
Commission ("SEC").
For a discussion of these risks and uncertainties and other
factors that may affect our future results, please see Part I, Item
1A, Risk Factors, the other sections of the Annual Report on
Form 10-K and our subsequently filed documents. These factors may
not constitute all factors that could cause actual results to
differ from those discussed in any forward-looking statement.
Accordingly, forward-looking statements should not be relied upon
as a predictor of actual results. Readers are urged to carefully
review and consider the various disclosures made in this report and
in our other filings with the SEC that attempt to advise interested
parties of the risks and factors that may affect our business. We
do not undertake to update our forward-looking statements to
reflect events or circumstances that may arise after the date of
the Annual Report on Form 10-K, except as required by law.
Contact: Dan Leistikow at
LeistikowD@Centrusenergy.com
CENTRUS ENERGY CORP.
ADJUSTED NET INCOME AND NET INCOME PER
SHARE RECONCILIATION TABLE
The Company measures Net Income and Net Income per
Share both on a GAAP basis and on an adjusted basis to exclude
deemed dividends allocable to retired preferred stock shares
("Adjusted Net Income" and "Adjusted Net Income per
Share"). We believe Adjusted Net Income and Adjusted
Net Income per Share, which are non-GAAP financial measures,
provide investors with additional understanding of the Company's
financial performance as well as its strategic financial planning
analysis and period-to-period comparability. These metrics are
useful to investors because they reflect how management evaluates
the Company's ongoing operating performance from period-to-period
after removing certain transactions and activities that affect
comparability of the metrics and are not reflective of the
Company's core operations.
On November 17, 2020, the Company
completed the purchase of 62,854 shares of its outstanding Series B
Preferred Stock, par value $1.00 per
share ("Series B Preferred Stock"), at a price per share of
$954.59, less any applicable
withholding taxes. The purchase price per share represented a 25%
discount from the aggregate liquidation preference, including
accrued but unpaid dividends, of $1,272.78 per share as of September 30, 2020. Since origination, the
carrying value on the Balance Sheet was $43.80 per share based on values assigned in the
originating securities exchange. The liquidation amount at
origination was $1,000.00 per
share.
The 2020 aggregate purchase price of approximately $60 million, less accrued but unpaid dividends
attributable to the purchased and retired shares of Series B
Preferred Stock, is considered for purposes of Net Income per
Share to be a deemed dividend to the extent it exceeds the
carrying value on the Balance Sheet, or $41.9 million.
On February 2, 2021, the Company
completed the exchange of 3,873 shares of its outstanding Series B
Senior Preferred Stock for (i) 231,276 shares of Class A Common
Stock and (ii) a warrant to purchase 250,000 shares of Class A
Common Stock at an exercise price of $21.62 per share, for an aggregate valuation of
approximately $7.5 million. The
carrying value of the Series B Preferred Stock on the Balance Sheet
was $1.00 per share par value. The
aggregate liquidation preference of the Series B Preferred Stock,
including accrued but unpaid dividends, was $1,291.04 per share as of December 31, 2020.
On November 23, 2021, the Company
completed the purchase of 36,867 shares of its outstanding Series B
Preferred Stock at a price per share of $1,145.20, less any applicable withholding taxes.
On December 15, 2021, the Company
also completed the purchase of the remaining 980 shares of its
outstanding Series B Preferred Stock at a price per share of
$1,149.99, less any applicable
withholding taxes (Refer to Note 15 - Stockholders' Equity, in the
notes to consolidated financial statements in Part IV of our
forthcoming Annual Report on Form 10-K). The aggregate purchase
price of both 2021 transactions was $43.3
million. The carrying value of the Series B Preferred Stock
on the Balance Sheet was $1.00 per
share par value.
The aggregate valuation of all 2021 preferred stock transactions
of approximately $50.8 million, less
accrued but unpaid dividends attributable to the acquired and
retired shares of Series B Preferred Stock, is considered for
purposes of Net Income per Share to be a deemed dividend in the
aggregate amount equal to the amount by which it
exceeds the carrying value of the Preferred Stock on the Balance
Sheet, or $37.6 million.
Below we present Net Income, Net Income Per Share,
Adjusted Net Income and Adjusted Net Income per
Share. The non-GAAP financial measures are used in addition to
and in conjunction with results presented in accordance with our
GAAP results. The non-GAAP financial measures should be viewed in
addition to, and not as a substitute for, or superior to, the
financial measures calculated in accordance with GAAP. The non-GAAP
financial measures used by the Company may be calculated
differently from, and therefore may not be comparable to, non-GAAP
financial measures used by other companies.
|
Three Months
Ended
December 31,
|
|
Year
Ended
December 31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Numerator (in
millions):
|
|
|
|
|
|
|
|
Net income
|
$
|
116.2
|
|
|
$
|
16.4
|
|
|
$
|
175.0
|
|
|
$
|
54.4
|
|
Preferred stock
dividends - undeclared and cumulative
|
—
|
|
|
0.8
|
|
|
2.1
|
|
|
6.7
|
|
Distributed earnings
allocable to retired preferred shares
|
31.0
|
|
|
41.9
|
|
|
37.6
|
|
|
41.9
|
|
Net income (loss)
allocable to common stockholders
|
$
|
85.2
|
|
|
$
|
(26.3)
|
|
|
$
|
135.3
|
|
|
$
|
5.8
|
|
|
|
|
|
|
|
|
|
Adjusted net income,
including distributed earnings allocable to retired preferred
shares (Non-GAAP)
|
$
|
116.2
|
|
|
$
|
15.6
|
|
|
$
|
172.9
|
|
|
$
|
47.7
|
|
|
|
|
|
|
|
|
|
Denominator (in
thousands):
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
13,873
|
|
|
10,322
|
|
|
13,493
|
|
|
9,825
|
|
Average common shares
outstanding - diluted (a)
|
14,278
|
|
|
10,322
|
|
|
13,879
|
|
|
10,123
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) per Share (in dollars):
|
|
|
|
|
|
|
|
Basic
|
$
|
6.14
|
|
|
$
|
(2.55)
|
|
|
$
|
10.03
|
|
|
$
|
0.59
|
|
Diluted
|
$
|
5.97
|
|
|
$
|
(2.55)
|
|
|
$
|
9.75
|
|
|
$
|
0.57
|
|
|
|
|
|
|
|
|
|
Plus: Effect of
distributed earnings allocable to retired preferred shares, per
common share (in dollars):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
2.24
|
|
|
$
|
4.06
|
|
|
$
|
2.78
|
|
|
$
|
4.26
|
|
Diluted
|
$
|
2.17
|
|
|
$
|
4.01
|
|
|
$
|
2.71
|
|
|
$
|
4.14
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income
per Share (Non-GAAP) (in dollars):
|
|
|
|
|
|
|
|
Basic
|
$
|
8.38
|
|
|
$
|
1.51
|
|
|
$
|
12.81
|
|
|
$
|
4.85
|
|
Diluted
|
$
|
8.14
|
|
|
$
|
1.46
|
|
|
$
|
12.46
|
|
|
$
|
4.71
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) For purposes of
Adjusted Net Income (Loss) per Share for the three months ended
December 31, 2020, average common shares outstanding - diluted is
10,659,000 shares. No dilutive effect is recognized in a
period in which a net loss has occurred.
|
CENTRUS ENERGY
CORP.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
(in millions,
except share and per share data)
|
|
Three Months
Ended
|
|
Year
Ended
|
December
31,
|
December
31,
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
Separative work
units
|
$60.9
|
|
$62.1
|
|
$163.3
|
|
$151.5
|
Uranium
|
9.9
|
|
15.6
|
|
22.8
|
|
39.0
|
Technical
solutions
|
18.2
|
|
15.2
|
|
112.2
|
|
56.7
|
Total
revenue
|
89.0
|
|
92.9
|
|
298.3
|
|
247.2
|
Cost of
Sales:
|
|
|
|
|
|
|
|
Separative work
units and uranium
|
37.0
|
|
40.9
|
|
113.1
|
|
92.7
|
Technical
solutions
|
15.8
|
|
17.0
|
|
70.7
|
|
56.9
|
Total cost of
sales
|
52.8
|
|
57.9
|
|
183.8
|
|
149.6
|
Gross
profit
|
36.2
|
|
35
|
|
114.5
|
|
97.6
|
Advanced
technology costs
|
0.8
|
|
1
|
|
2.1
|
|
2.8
|
Selling,
general and administrative
|
11
|
|
10.4
|
|
36.0
|
|
36.0
|
Amortization of
intangible assets
|
2.7
|
|
2.5
|
|
8.1
|
|
6.8
|
Special charges for
workforce reductions
|
—
|
|
0.1
|
|
—
|
|
0.6
|
Other expense,
net
|
—
|
|
0.4
|
|
—
|
|
0.4
|
Operating
income
|
21.7
|
|
20.6
|
|
68.3
|
|
51.0
|
Nonoperating
components of net periodic benefit income (loss)
|
-54.7
|
|
5.0
|
|
-67.6
|
|
-1.6
|
Interest
expense
|
0.1
|
|
—
|
|
0.1
|
|
0.1
|
Investment
income
|
-0.1
|
|
—
|
|
-0.1
|
|
-0.5
|
Income before income
taxes
|
76.4
|
|
15.6
|
|
135.9
|
|
53
|
Income tax
benefit
|
-39.8
|
|
-0.8
|
|
-39.1
|
|
-1.4
|
Net income and
comprehensive income
|
116.2
|
|
16.4
|
|
175.0
|
|
54.4
|
Preferred stock
dividends - undeclared and cumulative
|
—
|
|
0.8
|
|
2.1
|
|
6.7
|
Distributed earnings allocable to retired preferred
shares
|
31.0
|
|
41.9
|
|
37.6
|
|
41.9
|
Net income (loss)
allocable to common stockholders
|
$85.2
|
|
($26.3)
|
|
$135.3
|
|
$5.8
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share:
|
|
|
|
|
|
|
|
Basic
|
$6.14
|
|
($2.55)
|
|
$10.03
|
|
$0.59
|
Diluted
|
$5.97
|
|
($2.55)
|
|
$9.75
|
|
$0.57
|
Average number of
common shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
13,873
|
|
10,322
|
|
13,493
|
|
9,825
|
Diluted
|
14,278
|
|
10,322
|
|
13,879
|
|
10,123
|
|
|
|
|
|
|
|
|
CENTRUS ENERGY
CORP.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(in
millions)
|
|
Year
Ended December 31,
|
|
2021
|
|
2020
|
OPERATING
|
|
|
|
Net
income
|
175.0
|
|
$54.4
|
Adjustments to
reconcile net income to cash used in operating
activities:
|
|
|
|
Depreciation and
amortization
|
8.6
|
|
7.3
|
Accrued loss on
long-term contract
|
-7.2
|
|
-10.6
|
Deferred tax
assets
|
-39.5
|
|
-1.9
|
Retirement benefit
plans (gains) losses, net
|
-50.5
|
|
7.2
|
Revaluation of
inventory borrowing
|
4.8
|
|
—
|
Equity related
compensation
|
12.1
|
|
7.1
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
0.5
|
|
-8.6
|
Inventories,
net
|
-10.7
|
|
25.8
|
Payables under
inventory purchase agreements
|
16.6
|
|
13.2
|
Deferred revenue and
advances from customers, net of deferred costs
|
13.2
|
|
9.7
|
Accounts payable and
other liabilities
|
-4.6
|
|
-5.2
|
Pension and
postretirement liabilities
|
-67
|
|
-32.7
|
Other,
net
|
-1.3
|
|
1.4
|
Cash provided by
operating activities
|
50.0
|
|
67.1
|
|
|
|
|
INVESTING
|
|
|
|
Capital
expenditures
|
-1.2
|
|
-1.4
|
Cash used in
investing activities
|
-1.2
|
|
-1.4
|
|
|
|
|
FINANCING
|
|
|
|
Proceeds from the
sale of common stock, net
|
42.1
|
|
23.1
|
Redemption of
preferred stock, net
|
-44.4
|
|
-61.6
|
Payment of interest
classified as debt
|
-6.1
|
|
-6.1
|
Exercise of stock
options
|
0.9
|
|
0.3
|
Shares withheld for
employee taxes
|
-2.4
|
|
—
|
Payments for deferred
issuance costs
|
—
|
|
-0.1
|
Cash used in
financing activities
|
-9.9
|
|
-44.4
|
|
|
|
|
Increase in cash,
cash equivalents and restricted cash
|
38.9
|
|
21.3
|
Cash, cash
equivalents and restricted cash, beginning of
period
|
157.9
|
|
136.6
|
Cash, cash
equivalents and restricted cash, end of period
|
$196.8
|
|
$157.9
|
|
|
|
|
Supplemental cash
flow information:
|
|
|
|
Non-cash
activities:
|
|
|
|
Property, plant and
equipment included in accounts payable and accrued
liabilities
|
$ —
|
|
$0.3
|
Equity transaction
costs included in accounts payable and accrued
liabilities
|
0.4
|
|
0.2
|
Disposal of right to
use lease assets from lease modification
|
1
|
|
0.2
|
Reclassification of
equity compensation liability to equity
|
7.5
|
|
—
|
Common stock and
warrant issued in exchange for preferred stock
|
7.5
|
|
—
|
|
|
|
|
CENTRUS ENERGY
CORP.
|
CONSOLIDATED
BALANCE SHEETS
|
(in millions,
except share and per share data)
|
|
December
31,
|
|
2021
|
|
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$193.8
|
|
$152.0
|
Accounts
receivable
|
29.1
|
|
29.6
|
Inventories
|
91.1
|
|
64.8
|
Deferred costs
associated with deferred revenue
|
143.3
|
|
151.9
|
Other current
assets
|
8.6
|
|
7.8
|
Total current
assets
|
465.9
|
|
406.1
|
Property, plant and
equipment, net
|
5.3
|
|
4.9
|
Deposits for
financial assurance
|
2.8
|
|
5.7
|
Intangible assets,
net
|
54.7
|
|
62.8
|
Deferred tax assets,
net
|
41.4
|
|
1.9
|
Other long-term
assets
|
2.3
|
|
4.9
|
Total
assets
|
$572.4
|
|
$486.3
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable and accrued liabilities
|
$37.8
|
|
$50.6
|
Payables under
inventory purchase agreements
|
37.9
|
|
21.3
|
Inventories
owed to customers and suppliers
|
8.4
|
|
4.9
|
Deferred
revenue and advances from customers
|
303.1
|
|
283.2
|
Current
debt
|
6.1
|
|
6.1
|
Total current
liabilities
|
393.3
|
|
366.1
|
Long-term
debt
|
101.8
|
|
108.0
|
Postretirement health
and life benefit obligations
|
114.9
|
|
130.8
|
Pension benefit
liabilities
|
23.1
|
|
124.4
|
Advances from
customers
|
45.1
|
|
45.2
|
Other long-term
liabilities
|
36.1
|
|
32.4
|
Total
liabilities
|
714.3
|
|
806.9
|
Preferred stock, par
value $1.00 per share, 20,000,000 shares authorized
|
|
|
|
Series A
Participating Cumulative Preferred Stock, none
issued
|
—
|
|
—
|
Series B Senior
Preferred Stock, 7.5% cumulative, 0 and 41,720 shares issued
and
outstanding as of December 31, 2021 and December 31, 2020,
respectively; aggregate
liquidation preference of $53.9 as of December 31,
2020
|
—
|
|
0.1
|
Class A Common Stock,
par value $0.10 per share, 70,000,000 shares authorized,
13,649,933 and 11,390,189 shares issued and outstanding as of
December 31, 2021 and
December 31, 2020, respectively
|
1.4
|
|
1.1
|
Class B Common Stock,
par value $0.10 per share, 30,000,000 shares authorized,
719,200
shares issued and outstanding as of December 31, 2021 and December
31, 2020
|
0.1
|
|
0.1
|
Excess of capital
over par value
|
140.7
|
|
85.0
|
Accumulated
deficit
|
-284.6
|
|
-407.7
|
Accumulated other
comprehensive income, net of tax
|
0.5
|
|
0.8
|
Total stockholders'
deficit
|
-141.9
|
|
-320.6
|
Total liabilities and
stockholders' deficit
|
$572.4
|
|
$486.3
|
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SOURCE Centrus Energy Corp.