Kinetik Holdings (KNTK) FY2022 results: revenue $1.2 billion, up 83.3% on the year

Kinetik Holdings Inc. (KNTK) reported revenue of $1.2 billion for fiscal 2022, the year ended 31 December 2022, up 83.3% on the year before. Net income was $41 million, and diluted earnings per share $1.48. The figures are the company's own, from the 10-K it filed with the SEC on 7 March 2023.

Revenue

$1.2 billion

+83.3% on the year

FY2017FY2022

Operating margin

12.4%

8.1% a year earlier

FY2017FY2022

Net income

$41 million

FY2017FY2022

Diluted EPS

$1.48

FY2017FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,213	662	410	+83.3%
Cost of revenue	542	234	65.1	+131.8%
Gross profit	672	428	345	+56.8%
Gross margin	55.4%	64.7%	84.1%
Operating income	150	53.5	-1,020	+181.3%
Operating margin	12.4%	8.1%	-248.8%
Interest expense	142	105	140	+35.8%
Pre-tax income	253	3.3	-1,155	+7,469.1%
Income tax	2.6	1.9	1.0	+40.3%
Effective tax rate	1.0%	55.7%	n/a
Net income	40.7	0.0	0.0
Net margin	3.4%	0.0%	0.0%
Diluted EPS	$1.48	-$3.86	$0.28

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	613	236	102	+160.2%
Capital expenditure	206	78.0	181	+164.2%
Free cash flow	407	158	-79.3	+158.3%
Free cash flow margin	33.5%	23.8%	-19.3%
Cash from investing	-286	-99.6	-506
Cash from financing	-339	-137	373
Depreciation and amortisation	260	244	224	+6.9%
Share-based compensation	42.8	0.0	0.0
Buybacks	0.0	0.0	n/a
Dividends paid	39.3	0.0	0.0
Dividend per share	n/a	$1.50	$1.50
Diluted shares, weighted	41m	16m	16m	+154.6%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-840	0.0	0.0
Redeemable equity	n/a	770	575
Debt	3,395	2,346	624	+44.7%
Operating lease liabilities	6.0	29.9	n/a	-79.8%
Other liabilities	3,358	407	601	+724.7%
Total liabilities and equity	5,920	3,553	1,800	+66.6%
Fixed assets	2,535	1,839	196	+37.8%
Goodwill	5.1	0.0	n/a
Intangible assets	695	786	n/a	-11.5%
Cash and equivalents	6.4	18.7	24.2	-65.9%
Receivables	204	178	n/a	+14.6%
Inventory	4.8	2.1	3.6	+128.6%
Other assets	2,469	729	1,576	+238.7%
Total assets	5,920	3,553	1,800	+66.6%

10-K for the year ended 31 December 2022, filed 7 March 2023: the filing.