Quarterly Report (10-q)
November 04 2022 - 12:43PM
Edgar (US Regulatory)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended
September 30,
2022
or
Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from to
Commission File Number:
1-7615
KIRBY CORPORATION
(Exact name of registrant as specified in its charter)
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Nevada
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74-1884980
(I.R.S. Employer Identification No.)
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(State or other jurisdiction of incorporation or
organization)
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55 Waugh Drive,
Suite 1000
Houston,
TX
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77007
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(Address of principal executive offices)
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(Zip Code)
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713-435-1000
(Registrant’s telephone number, including area code)
No Change
(Former name, former address and former fiscal year, if changed
since last report)
Securities registered pursuant to Section 12(b) of the
Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock
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KEX
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New York Stock Exchange
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Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes
No
Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files).
Yes
No
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See the
definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule
12b-2 of the Exchange Act.
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes
No
As of November 3, 2022,
59.9
million shares
of the Registrant’s $0.10 par value per share common stock were
outstanding.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED BALANCE SHEETS
(Unaudited)
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September 30,
2022
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December 31,
2021
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($ in thousands)
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ASSETS
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Current assets:
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Cash and cash equivalents
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$
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36,991
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$
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34,813
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Accounts receivable:
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Trade – less allowance for doubtful accounts
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482,744
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417,958
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Other
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133,278
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149,964
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Inventories – net
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392,470
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331,350
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Prepaid expenses and other current assets
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80,899
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69,780
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Total current assets
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1,126,382
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1,003,865
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Property and equipment
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5,434,740
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5,392,851
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Accumulated depreciation
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(1,794,050
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)
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(1,714,336
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)
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Property and equipment – net
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3,640,690
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3,678,515
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Operating lease right-of-use assets
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153,723
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167,730
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Goodwill
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438,748
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438,748
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Other intangibles, net
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53,615
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60,070
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Other assets
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43,140
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50,135
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Total assets
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$
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5,456,298
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$
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5,399,063
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Bank notes payable
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$
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3,599
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$
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1,934
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Accounts payable
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241,623
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199,088
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Accrued liabilities
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209,724
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236,078
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Current portion of operating lease liabilities
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33,495
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33,902
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Deferred revenues
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82,120
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72,770
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Total current liabilities
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570,561
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543,772
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Long-term debt, net – less current portion
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1,114,860
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1,161,433
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Deferred income taxes
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604,596
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574,152
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Operating lease liabilities – less current portion
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144,201
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159,672
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Other long-term liabilities
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46,717
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71,252
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Total long-term liabilities
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1,910,374
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1,966,509
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Contingencies and commitments
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—
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—
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Equity:
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Kirby stockholders’ equity:
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Common stock, $0.10 par
value per share. Authorized
120 million
shares, issued
65.5 million
shares
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6,547
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6,547
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Additional paid-in capital
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857,674
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854,512
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Accumulated other comprehensive income – net
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(13,455
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)
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(25,966
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)
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Retained earnings
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2,431,421
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2,346,439
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Treasury stock – at cost,
5.6 million
shares at September 30, 2022 and
5.4 million
at December 31, 2021
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(309,130
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)
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(295,208
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)
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Total Kirby stockholders’ equity
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2,973,057
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2,886,324
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Noncontrolling interests
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2,306
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2,458
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Total equity
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2,975,363
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2,888,782
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Total liabilities and equity
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$
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5,456,298
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$
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5,399,063
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See accompanying notes to condensed financial
statements.
2
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENTS OF EARNINGS
(Unaudited)
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Three Months Ended September 30,
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Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
($ in thousands, except per share amounts)
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marine transportation
|
|
$
|
433,040
|
|
|
$
|
338,514
|
|
|
$
|
1,194,231
|
|
|
$
|
972,352
|
|
|
Distribution and services
|
|
|
312,803
|
|
|
|
260,406
|
|
|
|
860,358
|
|
|
|
683,042
|
|
|
Total revenues
|
|
|
745,843
|
|
|
|
598,920
|
|
|
|
2,054,589
|
|
|
|
1,655,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of sales and operating expenses
|
|
|
552,392
|
|
|
|
446,519
|
|
|
|
1,526,872
|
|
|
|
1,219,038
|
|
|
Selling, general and administrative
|
|
|
75,381
|
|
|
|
66,065
|
|
|
|
221,721
|
|
|
|
198,434
|
|
|
Taxes, other than on income
|
|
|
9,121
|
|
|
|
9,917
|
|
|
|
28,332
|
|
|
|
28,541
|
|
|
Depreciation and amortization
|
|
|
50,419
|
|
|
|
53,462
|
|
|
|
150,498
|
|
|
|
163,484
|
|
|
Impairments
|
|
|
—
|
|
|
|
340,713
|
|
|
|
—
|
|
|
|
340,713
|
|
|
Gain on disposition of assets
|
|
|
(377
|
)
|
|
|
(830
|
)
|
|
|
(7,971
|
)
|
|
|
(5,082
|
)
|
|
Total costs and expenses
|
|
|
686,936
|
|
|
|
915,846
|
|
|
|
1,919,452
|
|
|
|
1,945,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
58,907
|
|
|
|
(316,926
|
)
|
|
|
135,137
|
|
|
|
(289,734
|
)
|
|
Other income
|
|
|
3,805
|
|
|
|
1,832
|
|
|
|
11,853
|
|
|
|
8,146
|
|
|
Interest expense
|
|
|
(11,755
|
)
|
|
|
(10,500
|
)
|
|
|
(32,598
|
)
|
|
|
(32,172
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before taxes on income
|
|
|
50,957
|
|
|
|
(325,594
|
)
|
|
|
114,392
|
|
|
|
(313,760
|
)
|
|
(Provision) benefit for taxes on income
|
|
|
(11,713
|
)
|
|
|
60,442
|
|
|
|
(28,956
|
)
|
|
|
55,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
|
39,244
|
|
|
|
(265,152
|
)
|
|
|
85,436
|
|
|
|
(257,920
|
)
|
|
Net (earnings) loss attributable to noncontrolling
interests
|
|
|
(153
|
)
|
|
|
422
|
|
|
|
(454
|
)
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to Kirby
|
|
$
|
39,091
|
|
|
$
|
(264,730
|
)
|
|
$
|
84,982
|
|
|
$
|
(257,915
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share attributable to Kirby common
stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.65
|
|
|
$
|
(4.41
|
)
|
|
$
|
1.41
|
|
|
$
|
(4.30
|
)
|
|
Diluted
|
|
$
|
0.65
|
|
|
$
|
(4.41
|
)
|
|
$
|
1.41
|
|
|
$
|
(4.30
|
)
|
See accompanying notes to condensed financial
statements.
3
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
($ in thousands)
|
|
|
Net earnings (loss)
|
|
$
|
39,244
|
|
|
$
|
(265,152
|
)
|
|
$
|
85,436
|
|
|
$
|
(257,920
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income, net of taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension and postretirement benefits
|
|
|
9,110
|
|
|
|
3,142
|
|
|
|
13,254
|
|
|
|
7,494
|
|
|
Foreign currency translation adjustments
|
|
|
(608
|
)
|
|
|
(122
|
)
|
|
|
(743
|
)
|
|
|
(705
|
)
|
|
Total other comprehensive income, net of taxes
|
|
|
8,502
|
|
|
|
3,020
|
|
|
|
12,511
|
|
|
|
6,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss), net of taxes
|
|
|
47,746
|
|
|
|
(262,132
|
)
|
|
|
97,947
|
|
|
|
(251,131
|
)
|
|
Net (earnings) loss attributable to noncontrolling
interests
|
|
|
(153
|
)
|
|
|
422
|
|
|
|
(454
|
)
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Kirby
|
|
$
|
47,593
|
|
|
$
|
(261,710
|
)
|
|
$
|
97,493
|
|
|
$
|
(251,126
|
)
|
See accompanying notes to condensed financial
statements.
4
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2022
|
|
|
2021
|
|
|
|
|
($ in thousands)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
Net earnings (loss)
|
|
$
|
85,436
|
|
|
$
|
(257,920
|
)
|
|
Adjustments to reconcile net earnings (loss) to net cash provided
by operations:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
150,498
|
|
|
|
163,484
|
|
|
Provision (benefit) for deferred income taxes
|
|
|
25,986
|
|
|
|
(56,448
|
)
|
|
Impairments
|
|
|
—
|
|
|
|
340,713
|
|
|
Amortization of share-based compensation
|
|
|
11,448
|
|
|
|
12,793
|
|
|
Amortization of major maintenance costs
|
|
|
21,677
|
|
|
|
26,189
|
|
|
Other
|
|
|
(7,608
|
)
|
|
|
(6,290
|
)
|
|
Increase (decrease) in cash flows resulting from changes in
operating assets and liabilities, net
|
|
|
(126,252
|
)
|
|
|
57,841
|
|
|
Net cash provided by operating activities
|
|
|
161,185
|
|
|
|
280,362
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(120,263
|
)
|
|
|
(71,968
|
)
|
|
Acquisitions of businesses and marine equipment
|
|
|
(3,900
|
)
|
|
|
(7,470
|
)
|
|
Proceeds from disposition of assets
|
|
|
32,904
|
|
|
|
39,163
|
|
|
Net cash used in investing activities
|
|
|
(91,259
|
)
|
|
|
(40,275
|
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
Borrowings (payments) on bank credit facilities, net
|
|
|
21,664
|
|
|
|
(248,057
|
)
|
|
Borrowings on long-term debt
|
|
|
250,000
|
|
|
|
—
|
|
|
Payments on long-term debt
|
|
|
(315,000
|
)
|
|
|
(15,000
|
)
|
|
Payment of debt issuance costs
|
|
|
(1,538
|
)
|
|
|
—
|
|
|
Proceeds from exercise of stock options
|
|
|
3,885
|
|
|
|
629
|
|
|
Payments related to tax withholding for share-based
compensation
|
|
|
(3,193
|
)
|
|
|
(2,856
|
)
|
|
Treasury stock purchases
|
|
|
(22,901
|
)
|
|
|
—
|
|
|
Return of investment to noncontrolling interest and
other
|
|
|
(665
|
)
|
|
|
(764
|
)
|
|
Net cash used in financing activities
|
|
|
(67,748
|
)
|
|
|
(266,048
|
)
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
2,178
|
|
|
|
(25,961
|
)
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of year
|
|
|
34,813
|
|
|
|
80,338
|
|
|
Cash and cash equivalents, end of period
|
|
$
|
36,991
|
|
|
$
|
54,377
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
|
|
Cash paid (received) during the period:
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
39,754
|
|
|
$
|
39,134
|
|
|
Income taxes paid (refunded), net
|
|
$
|
2,097
|
|
|
$
|
(116,010
|
)
|
|
Operating cash outflow from operating leases
|
|
$
|
33,412
|
|
|
$
|
33,575
|
|
|
Non-cash investing activity:
|
|
|
|
|
|
|
|
Capital expenditures included in accounts payable
|
|
$
|
(8,508
|
)
|
|
$
|
(13,549
|
)
|
|
Right-of-use assets obtained in exchange for lease
obligations
|
|
$
|
14,329
|
|
|
$
|
18,117
|
|
See accompanying notes to condensed financial
statements.
5
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Paid-in-
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury Stock
|
|
|
Noncontrolling
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income, Net
|
|
|
Earnings
|
|
|
Shares
|
|
|
Amount
|
|
|
Interests
|
|
|
Total
|
|
|
|
(in thousands)
|
|
|
Balance at June 30, 2022
|
|
65,472
|
|
|
$
|
6,547
|
|
|
$
|
854,781
|
|
|
$
|
(21,957
|
)
|
|
$
|
2,392,330
|
|
|
|
(5,501
|
)
|
|
$
|
(304,314
|
)
|
|
$
|
2,357
|
|
|
$
|
2,929,744
|
|
|
Stock option exercises
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Issuance of stock for equity awards, net of forfeitures
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Tax withholdings on equity award vesting
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Amortization of unearned share-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
2,893
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,893
|
|
|
Treasury stock purchases
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(76
|
)
|
|
|
(4,816
|
)
|
|
|
—
|
|
|
|
(4,816
|
)
|
|
Total comprehensive income, net of taxes
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,502
|
|
|
|
39,091
|
|
|
|
—
|
|
|
|
—
|
|
|
|
153
|
|
|
|
47,746
|
|
|
Return of investment to noncontrolling interests
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(204
|
)
|
|
|
(204
|
)
|
|
Balance at September 30, 2022
|
|
65,472
|
|
|
$
|
6,547
|
|
|
$
|
857,674
|
|
|
$
|
(13,455
|
)
|
|
$
|
2,431,421
|
|
|
|
(5,577
|
)
|
|
$
|
(309,130
|
)
|
|
$
|
2,306
|
|
|
$
|
2,975,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Paid-in-
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury Stock
|
|
|
Noncontrolling
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income, Net
|
|
|
Earnings
|
|
|
Shares
|
|
|
Amount
|
|
|
Interests
|
|
|
Total
|
|
|
|
(in thousands)
|
|
|
Balance at June 30, 2021
|
|
65,472
|
|
|
$
|
6,547
|
|
|
$
|
848,081
|
|
|
$
|
(57,683
|
)
|
|
$
|
2,600,208
|
|
|
|
(5,366
|
)
|
|
$
|
(295,463
|
)
|
|
$
|
3,639
|
|
|
$
|
3,105,329
|
|
|
Stock option exercises
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
2
|
|
|
|
133
|
|
|
$
|
—
|
|
|
|
124
|
|
|
Issuance of stock for equity awards, net of forfeitures
|
|
—
|
|
|
|
—
|
|
|
|
(130
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
3
|
|
|
|
130
|
|
|
|
—
|
|
|
|
—
|
|
|
Tax withholdings on equity award vesting
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3
|
)
|
|
|
—
|
|
|
|
(3
|
)
|
|
Amortization of unearned share-based compensation
|
|
—
|
|
|
|
—
|
|
|
|
3,645
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,645
|
|
|
Total comprehensive loss, net of taxes
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,020
|
|
|
|
(264,730
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(422
|
)
|
|
|
(262,132
|
)
|
|
Return of investment to noncontrolling interests
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(739
|
)
|
|
|
(739
|
)
|
|
Balance at September 30, 2021
|
|
65,472
|
|
|
$
|
6,547
|
|
|
$
|
851,587
|
|
|
$
|
(54,663
|
)
|
|
$
|
2,335,478
|
|
|
|
(5,361
|
)
|
|
$
|
(295,203
|
)
|
|
$
|
2,478
|
|
|
$
|
2,846,224
|
|
See accompanying notes to condensed financial
statements.
6
KIRBY CORPORATION AND CONSOLIDATED SUBSIDIARIES
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock
|
|
|
Paid-in-
|
|
|
Comprehensive
|
|
|
Retained
|
|
|
Treasury Stock
|
|
|
Noncontrolling
|
|
|
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Income, Net
|
|
|
Earnings
|
|
|
Shares
|
|
|
Amount
|
|
|
Interests
|
|
|
Total
|
|
|
|
(in thousands)
|
|
|
Balance at December 31, 2021
|
|
65,472
|
|
|
$
|
6,547
|
|
|
$
|
854,512
|
|
|
$
|
(25,966
|
)
|
|
$
|
2,346,439
|
|
|
|
(5,361
|
)
|
|
$
|
(295,208
|
)
|
|
$
|
2,458
|
|
|
$
|
2,888,782
|
|
|
Stock option exercises
|
|
—
|
|
|
|
—
|
|
|
|
691
|
|
|
|
—
|
|
|
|
—
|
|
|
|
58
|
|
|
|
3,194
|
|
|
|
—
|
|
|
|
3,885
|
|
|
Issuance of stock for equity awards, net of forfeitures
|
|
—
|
|
|
|
—
|
|
|
|
(8,977
|
)
|
|
|
—
|
|
|
|