California Resources (CRC) FY2020 results: revenue $1.6 billion, down 40.8% on the year
California Resources Corp. (CRC) reported revenue of $1.6 billion for fiscal 2020, the year ended 31 December 2020, down 40.8% on the year before. Net income was $1.8 billion. The figures are the company's own, from the 10-K it filed with the SEC on 11 March 2021.
Revenue
$1.6 billion
-40.8% on the year
FY2013FY2020
Operating margin
-120.9%
16.3% a year earlier
FY2013FY2020
Net income
$1.8 billion
FY2013FY2020
Diluted EPS
n/a
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,559
2,634
3,064
-40.8%
Cost of revenue
n/a
2,205
2,295
Gross profit
n/a
429
769
Gross margin
n/a
16.3%
25.1%
Selling, general and administrative
252
290
299
-13.1%
Operating income
-1,885
429
769
Operating margin
-120.9%
16.3%
25.1%
Pre-tax income
1,871
100
429
+1,771.0%
Income tax
0.0
1.0
0.0
Effective tax rate
0.0%
1.0%
0.0%
Net income
1,766
-28.0
328
Net margin
113.3%
-1.1%
10.7%
Diluted EPS
n/a
-$0.57
$6.77
$ million except per share. Read moreFree 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
106
676
461
-84.3%
Capital expenditure
47.0
455
690
-89.7%
Free cash flow
59.0
221
-229
-73.3%
Free cash flow margin
3.8%
8.4%
-7.5%
Cash from investing
-37.0
-394
-1,156
Cash from financing
-58.0
-282
692
Depreciation and amortisation
362
471
502
-23.1%
Share-based compensation
3.0
32.0
45.0
-90.6%
Buybacks
0.0
0.0
n/a
Dividends paid
0.0
0.0
0.0
Diluted shares, weighted
n/a
49m
47m
Shares outstanding at period end
83m
49m
49m
+69.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,138
-389
-361
Non-controlling interest
44.0
93.0
114
-52.7%
Redeemable equity
0.0
802
756
Debt
597
5,123
5,251
-88.3%
Operating lease liabilities
35.0
37.0
n/a
-5.4%
Finance lease liabilities
0.0
1.0
n/a
Other liabilities
1,260
1,291
1,398
-2.4%
Total liabilities and equity
3,074
6,958
7,158
-55.8%
Fixed assets
n/a
6,352
6,455
Cash and equivalents
28.0
17.0
17.0
+64.7%
Receivables
177
277
299
-36.1%
Inventory
61.0
67.0
69.0
-9.0%
Other assets
2,808
245
318
+1,046.1%
Total assets
3,074
6,958
7,158
-55.8%
10-K for the year ended 31 December 2020, filed 11 March 2021: the filing.