Archrock (AROC) FY2021 results: revenue $781 million, down 10.7% on the year

Archrock, Inc. (AROC) reported revenue of $781 million for fiscal 2021, the year ended 31 December 2021, down 10.7% on the year before. Net income was $28 million, and diluted earnings per share $0.18. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$781 million

-10.7% on the year

FY2014FY2021

Operating margin

n/a

FY2014FY2021

Net income

$28 million

FY2014FY2021

Diluted EPS

$0.18

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	781	875	965	-10.7%
Cost of revenue	359	377	456	-4.8%
Gross profit	423	498	509	-15.1%
Gross margin	54.1%	56.9%	52.7%
Selling, general and administrative	107	105	118	+2.0%
Interest expense	108	106	105	+2.3%
Pre-tax income	39.0	-86.0	58.5
Income tax	10.7	-17.5	-39.1
Effective tax rate	27.6%	n/a	-67.0%
Net income	28.2	-68.4	97.3
Net margin	3.6%	-7.8%	10.1%
Diluted EPS	$0.18	-$0.46	$0.70

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	237	335	290	-29.2%
Capital expenditure	97.9	140	385	-30.2%
Free cash flow	140	195	-95.1	-28.4%
Free cash flow margin	17.9%	22.3%	-9.8%
Cash from investing	16.1	-85.0	-515
Cash from financing	-253	-253	222
Depreciation and amortisation	179	193	188	-7.3%
Share-based compensation	11.3	10.6	8.1	+7.4%
Buybacks	2.5	1.8	2.0	+36.6%
Dividends paid	89.3	88.8	78.5	+0.6%
Dividend per share	$0.58	$0.58	$0.55	0.0%
Diluted shares, weighted	152m	151m	138m	+0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	891	936	1,086	-4.7%
Debt	1,531	1,689	1,843	-9.4%
Operating lease liabilities	15.9	16.9	16.1	-5.8%
Other liabilities	152	138	165	+9.7%
Total liabilities and equity	2,590	2,780	3,110	-6.8%
Fixed assets	2,227	2,390	2,559	-6.8%
Goodwill	n/a	n/a	101
Intangible assets	47.9	61.5	77.5	-22.2%
Cash and equivalents	1.6	1.1	3.7	+43.0%
Receivables	105	104	145	+0.5%
Inventory	72.9	63.7	74.5	+14.4%
Other assets	136	159	149	-14.5%
Total assets	2,590	2,780	3,110	-6.8%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.