Par Pacific Holdings (PARR) FY2021 results: revenue $4.7 billion, up 50.7% on the year

Par Pacific Holdings, Inc. (PARR) reported revenue of $4.7 billion for fiscal 2021, the year ended 31 December 2021, up 50.7% on the year before. Net income was -$81 million, and diluted earnings per share $-1.40. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$4.7 billion

+50.7% on the year

FY2014FY2021

Operating margin

-0.2%

-10.2% a year earlier

FY2014FY2021

Net income

-$81 million

FY2014FY2021

Diluted EPS

-$1.40

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	4,710	3,125	5,402	+50.7%
Cost of revenue	4,338	2,948	4,804	+47.2%
Gross profit	372	177	598	+109.7%
Gross margin	7.9%	5.7%	11.1%
Operating income	-7.6	-318	148
Operating margin	-0.2%	-10.2%	2.7%
Interest expense	66.5	70.2	74.8	-5.3%
Pre-tax income	-80.3	-430	-28.9
Income tax	1.0	-20.7	-69.7
Net income	-81.3	-409	40.8
Net margin	-1.7%	-13.1%	0.8%
Diluted EPS	-$1.40	-$7.68	$0.80

$ 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	-27.6	-37.2	106
Capital expenditure	29.5	63.5	83.9	-53.5%
Free cash flow	-57.2	-101	21.7
Free cash flow margin	-1.2%	-3.2%	0.4%
Cash from investing	74.6	-63.5	-353
Cash from financing	-1.1	42.6	300
Depreciation and amortisation	94.2	90.0	86.1	+4.7%
Share-based compensation	8.2	7.3	6.4	+11.2%
Buybacks	2.1	1.2	n/a	+85.6%
Diluted shares, weighted	58m	53m	50m	+9.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	266	246	648	+7.9%
Debt	565	709	612	-20.3%
Operating lease liabilities	335	304	341	+10.1%
Finance lease liabilities	7.7	7.9	6.2	-3.0%
Other liabilities	1,397	867	1,093	+61.2%
Total liabilities and equity	2,570	2,134	2,701	+20.5%
Fixed assets	n/a	n/a	962
Goodwill	127	128	196	-0.6%
Intangible assets	16.2	18.9	21.5	-14.1%
Cash and equivalents	112	68.3	126	+64.3%
Receivables	195	112	229	+74.7%
Inventory	790	430	616	+83.9%
Other assets	1,329	1,377	551	-3.5%
Total assets	2,570	2,134	2,701	+20.5%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.