Financial Highlights:
- LEU segment revenue of $112.2
million and segment gross profit of $67.0 million in the fourth quarter of 2022.
- 2022 full year net income of $52.2
million, which reflects a one-time loss accrual of
$21.3 million for the cost share
associated with the U.S. Department of Energy HALEU Operation
Contract Award.
Commercial Highlights:
- Secured a $150 million,
competitively-awarded contract to complete construction and begin
operation of a HALEU demonstration cascade.
- First-of-a-Kind HALEU production to begin by the end of
2023.
- Originated record $270 million of
new sales contracts throughout 2022, contributing to the
$1 billion long-term order book for
our LEU segment as of December 31,
2022.
BETHESDA, Md., Feb. 21,
2023 /PRNewswire/ -- Centrus Energy Corp. (NYSE
American: LEU) ("Centrus" or the "Company") today reported 2022
results. The Company reported net income of $52.2 million for the year ended December 31, 2022, which reflects a $21.3 million accrual for the cost share
associated with Centrus' High Assay Low-Enriched Uranium (HALEU)
Operation Contract with the Department of Energy (DOE). The net
income allocable to common stockholders in 2022 was $50.7 million, or $3.47 (basic) and $3.38 (diluted) per common share.
![Centrus Energy Corp., Bethesda, MD (PRNewsfoto/Centrus Energy Corp.) Centrus Energy Corp., Bethesda, MD (PRNewsfoto/Centrus Energy Corp.)](https://mma.prnewswire.com/media/840946/Centrus_Energy__Logo.jpg)
"We are pleased with how strongly we finished 2022. Our LEU
segment generated $67 million in
gross profit in the fourth quarter. In Technical Solutions we won
the DOE contract to operate a HALEU demonstration cascade through
an open, competitive bidding process. We are now on pace to begin
producing HALEU by the end of this year. This will be the first new
U.S.-owned, U.S.-technology enrichment plant to begin production in
70 years," said Centrus President and CEO Daniel B. Poneman. "With a strong cash position,
a robust long-term order book, and strong bipartisan support for
investments in domestic uranium enrichment, Centrus is
well-positioned for the future. Our goal is to scale up production
in the Piketon, Ohio, facility to
meet the full range of America's commercial and national security
requirements for enriched uranium, including HALEU for advanced
reactors and LEU for the existing reactor fleet."
Full Year Financial Results
Centrus achieved operating income of $59.7 million for the year ended December 31, 2022, after taking account of a
$21.3 million estimated loss related
to Centrus' cost-share contribution to the HALEU Operation Contract
that the company secured in November
2022. For the year ended December 31,
2021, Centrus had operating income of $68.3 million, which included $43.5 million in income from a one-time legal
settlement the Company secured for pension and post-retirement
claims.
Centrus generated total revenue of $293.8
million and $298.3 million for
the year ended December 31, 2022 and
2021, respectively.
Revenue from the Low-Enriched Uranium (LEU) segment was
$235.6 million and $186.1 million for the year ended December 31, 2022 and 2021, respectively, an
increase of $49.5 million year on
year. SWU revenue increased $32.9
million due to higher average SWU prices billed to
customers, reflecting the particular contracts under which SWU were
sold during the periods, as well as an increase in the volume of
SWU sold. Uranium revenue increased $16.6
million due to an increase in the average price of uranium
(UF6 and U3O8) billed to
customers, partially offset by a decrease in sales volume.
Revenue from the Technical Solutions segment was $58.2 million and $112.2
million for the year ended December
31, 2022 and 2021, respectively, a decrease of $54.0 million. Revenue in 2021 included
$43.5 million 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 one-time payment, revenue from the Technical
Solutions segment decreased $10.5
million in 2022, driven by decreased work performed under
the HALEU Demonstration Contract and X-energy contract, partially
offset by increased work under the HALEU Operation Contract and
other contracts.
Cost of sales for the LEU segment was $105.0 million and $113.1
million for the year ended December
31, 2022 and 2021, respectively, a decrease of $8.1 million. The volume of SWU and uranium
(UF6) sold increased and the average SWU unit cost
decreased while the average uranium (UF6) unit cost
increased.
Cost of sales for the Technical Solutions segment was
$70.9 million and $70.7 million for the year ended December 31, 2022 and 2021, respectively, an
increase of $0.2 million, largely
reflecting the increase in contract work performed. The increase
consists of the accrued loss related to Phase 1 of the HALEU
Operation Contract of $21.3 million
plus $1.8 million of other costs
relating to this contract. This was offset by decreased costs
related to the HALEU Demonstration Contract and X-energy
contract.
Gross profit for the Company was $117.9
million and $114.5 million for
the year ended December 31, 2022 and
2021, respectively. This increase was primarily attributed to the
increase in gross profit in the LEU segment, partially offset by
the decrease in gross profit in the Technical Solutions segment, as
previously discussed.
Selling, general, and administrative expenses were $33.9 million and $36.0
million for the year ended December
31, 2022 and 2021, respectively, a decrease of $2.1 million.
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,
as amended, and the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements mean statements
related to future events, which may impact 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. These forward-looking statements are based on information
available to us as of the date of this news release and represent
management's current views and assumptions. Forward-looking
statements are not guarantees of future performance, events or
results and involve known and unknown risks, uncertainties and
other factors, which may be beyond our control.
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 COVID-19 pandemic and subsequent variants, 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 by either the U.S. or
foreign governments, organizations (including the United Nations,
the European Union or other international organizations), entities
or persons, that could directly or indirectly 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 the refusal of
TENEX to deliver LEU to us if, among other reasons, TENEX is unable
to receive payments, or to receive the return of natural uranium,
as a result of any government, international or corporate actions
or directions or other reasons; 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 (i) our
ability to perform and absorb costs under our agreement with the
U.S. Department of Energy ("DOE") to deploy and operate a cascade
of centrifuges to demonstrate production of HALEU for advanced
reactors (the "HALEU Operation Contract"), (ii) our ability to
obtain contracts and funding to be able to continue operations and
(iii) our ability to obtain and/or perform under other agreements;
risks that (i) we may not obtain the full benefit of the HALEU
Operation Contract and may not be able or allowed to operate the
HALEU enrichment facility to produce HALEU after the completion of
the existing HALEU Operation Contract or (ii) the HALEU enrichment
facility may not be available to us as a future source of supply;
risks related to our dependence on others, such as our transporters
for deliveries of LEU including deliveries from TENEX, under our
commercial supply agreement with TENEX and deliveries under our
long-term commercial supply agreement with a subsidiary of Orano
Cycle ("Orano") or other suppliers; 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, endemics, and other
health crises; risks related to the impact and potential extended
duration of a supply/demand imbalance in the market for LEU; risks
related to our ability to sell the LEU we procure pursuant to our
purchase obligations under our supply agreements and sanctions or
limitations on imports of such LEU, including those imposed under
the 1992 Russian Suspension Agreement as amended, 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;
risks related to 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
associated with our reliance on third-party suppliers and service
providers 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 uncertainty
regarding our ability to commercially deploy a competitive
enrichment technology; risks related to the potential for
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 Operation
Contract, including the risk that costs that we must bear 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 related to our 8.25% Notes maturing in
February 2027; 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
(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 and may be motivated by interests that are not
aligned with the Company's other Class A stockholders; risks
related to (i) 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 (ii) our ability to generate taxable income to utilize
all or a portion of the NOLs prior to the expiration thereof and
NUBILs; risks related to failures or security breaches of our
information technology systems; risks related to our ability to
attract and retain key personnel; risks related to actions,
including reviews, that may be taken by the U.S. Government, the
Russian government, or other governments that could affect our
ability to perform under our contractual obligations or the ability
of our sources of supply to perform under their contractual
obligations to us; risks related to our ability to perform and
receive timely payment under agreements with the 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, or the exercise of contract
remedies by such 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 toxic 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 SEC.
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 news release and in our other filings with the SEC,
including our Annual report on Form 10-K for the year ended
December 31, 2022, and 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 this news
release, except as required by law.
Contacts:
Investors: Dan
Leistikow at LeistikowD@centrusenergy.com
Media: Lindsey Geisler at
GeislerLR@centrusenergy.com
CENTRUS ENERGY CORP.
ADJUSTED NET INCOME PER SHARE
RECONCILIATION TABLE
The Company measures Net Income (Loss) and Net Income (Loss) per
Share both on a GAAP basis and on an adjusted basis to exclude
deemed dividends allocable to retired preferred stock shares and
the warrant modification ("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.
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
2022
|
|
2021
|
|
2020
|
|
2022
|
|
2021
|
|
2020
|
Numerator (in
millions):
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$ 21.3
|
|
$
116.2
|
|
$ 16.4
|
|
$ 52.2
|
|
$
175.0
|
|
$ 54.4
|
Less: Distributed
earnings allocable to warrant modification
|
1.5
|
|
—
|
|
—
|
|
1.5
|
|
—
|
|
—
|
Less: Preferred stock
dividends - undeclared and cumulative
|
—
|
|
—
|
|
0.8
|
|
—
|
|
2.1
|
|
6.7
|
Less: Distributed
earnings allocable to retired preferred
shares
|
—
|
|
31.0
|
|
41.9
|
|
—
|
|
37.6
|
|
41.9
|
Net income (loss)
allocable to common stockholders
|
$
19.8
|
|
$
85.2
|
|
$
(26.3)
|
|
$
50.7
|
|
$
135.3
|
|
$
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Distributed
earnings allocable to warrant
modification
|
$
1.5
|
|
$
—
|
|
$
—
|
|
$
1.5
|
|
$
—
|
|
$
—
|
Plus: Distributed
earnings allocable to retired preferred
shares
|
—
|
|
31.0
|
|
41.9
|
|
—
|
|
37.6
|
|
41.9
|
Adjusted net
income, including distributed earnings
allocable to retired preferred shares (Non-GAAP)
|
$
21.3
|
|
$
116.2
|
|
$
15.6
|
|
$
52.2
|
|
$
172.9
|
|
$
47.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator (in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares
outstanding - basic
|
14,648
|
|
13,873
|
|
10,322
|
|
14,601
|
|
13,493
|
|
9,825
|
Average common shares
outstanding - diluted (a)
|
15,029
|
|
14,278
|
|
10,322
|
|
14,988
|
|
13,879
|
|
10,123
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
per Share (in dollars):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.35
|
|
$ 6.14
|
|
$
(2.55)
|
|
$ 3.47
|
|
$
10.03
|
|
$ 0.59
|
Diluted
|
$ 1.32
|
|
$ 5.97
|
|
$
(2.55)
|
|
$ 3.38
|
|
$ 9.75
|
|
$ 0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Effect of
distributed earnings allocable to retired
preferred shares and warrant modification, per common
share (in dollars):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 0.10
|
|
$ 2.24
|
|
$ 4.06
|
|
$ 0.11
|
|
$ 2.78
|
|
$ 4.26
|
Diluted
|
$ 0.10
|
|
$ 2.17
|
|
$ 4.01
|
|
$ 0.10
|
|
$ 2.71
|
|
$ 4.14
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income per
Share (Non-GAAP) (in dollars):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$ 1.45
|
|
$ 8.38
|
|
$ 1.51
|
|
$ 3.58
|
|
$
12.81
|
|
$ 4.85
|
Diluted
|
$ 1.42
|
|
$ 8.14
|
|
$ 1.46
|
|
$ 3.48
|
|
$
12.46
|
|
$ 4.71
|
|
|
(a)
|
For purposes of
Adjusted Net Income 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
(Unaudited; in
millions, except share and per share data)
|
|
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
2022
|
|
2021
|
|
2020
|
|
2022
|
|
2021
|
|
2020
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Separative work
units
|
$
90.2
|
|
$
60.9
|
|
$
62.1
|
|
$
196.2
|
|
$
163.3
|
|
$
151.5
|
Uranium
|
22.0
|
|
9.9
|
|
15.6
|
|
39.4
|
|
22.8
|
|
39.0
|
Technical
solutions
|
14.0
|
|
18.2
|
|
15.2
|
|
58.2
|
|
112.2
|
|
56.7
|
Total
revenue
|
126.2
|
|
89.0
|
|
92.9
|
|
293.8
|
|
298.3
|
|
247.2
|
Cost of
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
Separative work units
and uranium
|
45.2
|
|
37.0
|
|
40.9
|
|
105.0
|
|
113.1
|
|
92.7
|
Technical
solutions
|
32.6
|
|
15.8
|
|
17.0
|
|
70.9
|
|
70.7
|
|
56.9
|
Total cost of
sales
|
77.8
|
|
52.8
|
|
57.9
|
|
175.9
|
|
183.8
|
|
149.6
|
Gross profit
|
48.4
|
|
36.2
|
|
35.0
|
|
117.9
|
|
114.5
|
|
97.6
|
Advanced technology
costs
|
4.8
|
|
0.8
|
|
1.0
|
|
14.8
|
|
2.1
|
|
2.8
|
Selling, general and
administrative
|
9.5
|
|
11.0
|
|
10.4
|
|
33.9
|
|
36.0
|
|
36.0
|
Amortization of
intangible assets
|
2.8
|
|
2.7
|
|
2.5
|
|
9.0
|
|
8.1
|
|
6.8
|
Special charges for
workforce
reductions
|
—
|
|
—
|
|
0.1
|
|
0.5
|
|
—
|
|
0.6
|
Other expense,
net
|
—
|
|
—
|
|
0.4
|
|
—
|
|
—
|
|
0.4
|
Operating
income
|
31.3
|
|
21.7
|
|
20.6
|
|
59.7
|
|
68.3
|
|
51.0
|
Nonoperating
components of net
periodic benefit expense (income)
|
4.5
|
|
(54.7)
|
|
5.0
|
|
(6.6)
|
|
(67.6)
|
|
(1.6)
|
Interest
expense
|
0.4
|
|
0.1
|
|
—
|
|
0.5
|
|
0.1
|
|
0.1
|
Investment
income
|
(1.2)
|
|
(0.1)
|
|
—
|
|
(2.0)
|
|
(0.1)
|
|
(0.5)
|
Income before income
taxes
|
27.6
|
|
76.4
|
|
15.6
|
|
67.8
|
|
135.9
|
|
53.0
|
Income tax expense
(benefit)
|
6.3
|
|
(39.8)
|
|
(0.8)
|
|
15.6
|
|
(39.1)
|
|
(1.4)
|
Net income and
comprehensive income
|
21.3
|
|
116.2
|
|
16.4
|
|
52.2
|
|
175.0
|
|
54.4
|
Distributed earnings
allocable to
warrant modification
|
1.5
|
|
—
|
|
—
|
|
1.5
|
|
—
|
|
—
|
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
|
$
19.8
|
|
$
85.2
|
|
$
(26.3)
|
|
$
50.7
|
|
$
135.3
|
|
$
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.35
|
|
$
6.14
|
|
$
(2.55)
|
|
$
3.47
|
|
$
10.03
|
|
$
0.59
|
Diluted
|
$
1.32
|
|
$
5.97
|
|
$
(2.55)
|
|
$
3.38
|
|
$
9.75
|
|
$
0.57
|
Average number of
common share
outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
14,648
|
|
13,873
|
|
10,322
|
|
14,601
|
|
13,493
|
|
9,825
|
Diluted
|
15,029
|
|
14,278
|
|
10,322
|
|
14,988
|
|
13,879
|
|
10,123
|
CENTRUS ENERGY
CORP
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited; in
millions)
|
|
Year Ended December
31,
|
|
2022
|
|
2021
|
|
2020
|
OPERATING
|
|
|
|
|
|
Net income
|
$
52.2
|
|
$
175.0
|
|
$
54.4
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
9.6
|
|
8.6
|
|
7.3
|
Accrued loss on
long-term contract
|
19.5
|
|
(7.2)
|
|
(10.6)
|
Deferred tax
assets
|
14.7
|
|
(39.5)
|
|
(1.9)
|
Retirement benefit
plans (gains) losses, net
|
7.8
|
|
(50.5)
|
|
7.2
|
Revaluation of
inventory borrowing
|
8.0
|
|
4.8
|
|
—
|
Equity-related
compensation
|
1.9
|
|
12.1
|
|
7.1
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
(9.0)
|
|
0.5
|
|
(8.6)
|
Inventories
|
(88.5)
|
|
(14.2)
|
|
26.6
|
Inventories owed to
customers and suppliers
|
52.4
|
|
3.5
|
|
(0.8)
|
Other current
assets
|
(15.6)
|
|
(1.0)
|
|
(0.4)
|
Payables under
inventory purchase agreements
|
5.7
|
|
16.6
|
|
13.2
|
Deferred revenue and
advances from customers, net of deferred costs
|
(22.5)
|
|
13.2
|
|
9.7
|
Accounts payable and
other liabilities
|
2.6
|
|
(4.6)
|
|
(5.2)
|
Pension and
postretirement liabilities
|
(18.1)
|
|
(67.0)
|
|
(32.7)
|
Other, net
|
(0.1)
|
|
(0.3)
|
|
1.8
|
Cash provided by
operating activities
|
20.6
|
|
50.0
|
|
67.1
|
|
|
|
|
|
|
|
INVESTING
|
|
|
|
|
|
Capital
expenditures
|
(0.7)
|
|
(1.2)
|
|
(1.4)
|
Cash used in investing
activities
|
(0.7)
|
|
(1.2)
|
|
(1.4)
|
|
|
|
|
|
|
FINANCING
|
|
|
|
|
|
Proceeds from the
issuance of common stock, net
|
3.6
|
|
42.1
|
|
23.1
|
Redemption of preferred
stock, net
|
—
|
|
(44.4)
|
|
(61.6)
|
Payment of interest
classified as debt
|
(6.1)
|
|
(6.1)
|
|
(6.1)
|
Exercise of stock
options
|
0.4
|
|
0.9
|
|
0.3
|
Withholding of shares
to fund grantee tax obligations under stock-based compensation
plan
|
(1.9)
|
|
(2.4)
|
|
—
|
Other
|
(0.3)
|
|
—
|
|
(0.1)
|
Cash used in financing
activities
|
(4.3)
|
|
(9.9)
|
|
(44.4)
|
|
|
|
|
|
|
|
Increase in cash, cash
equivalents and restricted cash
|
15.6
|
|
38.9
|
|
21.3
|
Cash, cash equivalents
and restricted cash, beginning of period
|
196.8
|
|
157.9
|
|
136.6
|
Cash, cash equivalents
and restricted cash, end of period
|
$
212.4
|
|
$
196.8
|
|
$
157.9
|
|
|
|
|
|
|
|
Supplemental cash flow
information:
|
|
|
|
|
|
Non-cash
activities:
|
|
|
|
|
|
Property, plant and
equipment included in accounts payable and accrued
liabilities
|
$
0.2
|
|
$
—
|
|
$
0.3
|
Equity transaction
costs included in accounts payable and accrued
liabilities
|
$
0.2
|
|
$
0.4
|
|
$
0.2
|
Adjustment to right to
use lease assets from lease modification
|
$
6.6
|
|
$
—
|
|
$
—
|
Disposal of right to
use lease assets from lease modification
|
$
—
|
|
$
1.0
|
|
$
0.2
|
Reclassification of
equity compensation liability to equity
|
$
10.6
|
|
$
7.5
|
|
$
—
|
Common stock and
warrant issued in exchange for preferred stock
|
$
—
|
|
$
7.5
|
|
$
—
|
Distributed earnings
allocable to warrant modification
|
$
1.5
|
|
$
—
|
|
$
—
|
CENTRUS ENERGY
CORP
CONSOLIDATED BALANCE
SHEETS
Unaudited; in
millions, except share and per share data)
|
|
December
31,
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
179.9
|
|
$
193.8
|
Accounts
receivable
|
38.1
|
|
29.1
|
Inventories
|
209.2
|
|
91.1
|
Deferred costs
associated with deferred revenue
|
135.7
|
|
143.3
|
Other current
assets
|
24.2
|
|
8.6
|
Total current
assets
|
587.1
|
|
465.9
|
Property, plant and
equipment, net
|
5.5
|
|
5.3
|
Deposits for financial
assurance
|
32.3
|
|
2.8
|
Intangible assets,
net
|
45.7
|
|
54.7
|
Deferred tax assets,
net
|
26.8
|
|
41.4
|
Other long-term
assets
|
8.1
|
|
2.3
|
Total assets
|
$
705.5
|
|
$
572.4
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' DEFICIT
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
65.5
|
|
$
37.8
|
Payables under
inventory purchase agreements
|
43.6
|
|
37.9
|
Inventories owed to
customers and suppliers
|
60.8
|
|
8.4
|
Deferred revenue and
advances from customers
|
273.2
|
|
303.1
|
Current
debt
|
6.1
|
|
6.1
|
Total current
liabilities
|
449.2
|
|
393.3
|
Long-term
debt
|
95.7
|
|
101.8
|
Postretirement health
and life benefit obligations
|
84.5
|
|
114.9
|
Pension benefit
liabilities
|
43.6
|
|
23.1
|
Advances from
customers
|
46.2
|
|
45.1
|
Long-term inventory
loans
|
48.7
|
|
22.4
|
Other long-term
liabilities
|
11.7
|
|
13.7
|
Total
liabilities
|
779.6
|
|
714.3
|
|
|
|
|
|
Stockholders'
deficit:
|
|
|
|
Class A Common Stock,
par value $0.10 per share, 70,000,000 shares authorized,
13,919,646 and 13,649,933 shares issued and outstanding as of
December 31,
2022 and December 31, 2021, respectively
|
1.4
|
|
1.4
|
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, 2022
and
December 31, 2021
|
0.1
|
|
0.1
|
Excess of capital over
par value
|
158.1
|
|
140.7
|
Accumulated
deficit
|
(233.9)
|
|
(284.6)
|
Accumulated other
comprehensive income
|
0.2
|
|
0.5
|
Total stockholders'
deficit
|
(74.1)
|
|
(141.9)
|
Total liabilities and
stockholders' deficit
|
$
705.5
|
|
$
572.4
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/centrus-reports-fourth-quarter-and-full-year-2022-results-301752392.html
SOURCE Centrus Energy Corp.