10-Q Filing

ADAMS RESOURCES & ENERGY, INC. CIK: 2178 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000002178-23-000064`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ae-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 28 Cash Flow Statement 60 Stockholders Equity 25

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$88.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$85.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.13M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$8.85M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$10.54M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $85 and $88, respectively	`AccountsReceivableNetCurrent`	$189.04M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $85 and $88, respectively	`AccountsReceivableNetCurrent`	$158.13M	USD	Point-in-time
Inventory	`EnergyRelatedInventory`	$22.27M	USD	Point-in-time
Preferred stock - par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock - par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Inventory	`EnergyRelatedInventory`	$26.92M	USD	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	$157.00K	USD	Point-in-time
Derivative assets	`DerivativeAssetsCurrent`	-	USD	Point-in-time
Preferred stock - shares authorized (in shares)	`PreferredStockSharesAuthorized`	960,000.00	shares	Point-in-time
Preferred stock - shares authorized (in shares)	`PreferredStockSharesAuthorized`	960,000.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.12M	USD	Point-in-time
Preferred stock - shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock - shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepayments and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.03M	USD	Point-in-time
Common stock - par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Common stock - par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Total current assets	`AssetsCurrent`	$234.57M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$250.14M	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	7.50M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$106.42M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization`	$110.26M	USD	Point-in-time
Common stock - shares authorized (in shares)	`CommonStockSharesAuthorized`	7.50M	shares	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$7.41M	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.50M	shares	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$7.72M	USD	Point-in-time
Common stock - shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.53M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.29M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$9.74M	USD	Point-in-time
Goodwill	`Goodwill`	$6.43M	USD	Point-in-time
Goodwill	`Goodwill`	$6.43M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.70M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$3.60M	USD	Point-in-time
Total assets	`Assets`	$384.16M	USD	Point-in-time
Total assets	`Assets`	$371.56M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$204.39M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$191.70M	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	$31.00K	USD	Point-in-time
Accounts payable related party	`AccountsPayableRelatedPartiesCurrent`	-	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	$330.00K	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Current portion of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$5.22M	USD	Point-in-time
Current portion of finance lease obligations	`FinanceLeaseLiabilityCurrent`	$4.38M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.71M	USD	Point-in-time
Current portion of operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$2.82M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	-	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$2.50M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$19.21M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$16.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$218.87M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$231.06M	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$24.38M	USD	Point-in-time
Long-term debt	`LongTermLineOfCredit`	$21.25M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.46M	USD	Point-in-time
Asset retirement obligations	`AssetRetirementObligationsNoncurrent`	$2.43M	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityNoncurrent`	$18.68M	USD	Point-in-time
Finance lease obligations	`FinanceLeaseLiabilityNoncurrent`	$12.09M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$5.01M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$4.59M	USD	Point-in-time
Deferred taxes and other liabilities	`DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent`	$16.00M	USD	Point-in-time
Deferred taxes and other liabilities	`DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent`	$14.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$290.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$280.41M	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 16)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock $1.00 par value, 960,000 shares authorized, none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock $1.00 par value, 960,000 shares authorized, none outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock $0.10 par value, 7,500,000 shares authorized, 2,534,685 and 2,495,484 shares outstanding, respectively	`CommonStockValue`	$252.00K	USD	Point-in-time
Common stock $0.10 par value, 7,500,000 shares authorized, 2,534,685 and 2,495,484 shares outstanding, respectively	`CommonStockValue`	$248.00K	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapital`	$19.96M	USD	Point-in-time
Contributed capital	`AdditionalPaidInCapital`	$20.57M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$72.96M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$70.33M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$93.18M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$165.52M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$160.39M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$91.16M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$384.16M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$371.56M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`Revenues`	$774.25M	USD	1 Quarter
Total revenues	`Revenues`	$650.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.01M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$766.10M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$652.79M	USD	1 Quarter
Operating (losses) earnings	`OperatingIncomeLoss`	$-2.63M	USD	1 Quarter
Operating (losses) earnings	`OperatingIncomeLoss`	$8.15M	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$204.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$24.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$114.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$696.00K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-492.00K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-90.00K	USD	1 Quarter
(Losses) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.12M	USD	1 Quarter
(Losses) Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$8.06M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$-1.12M	USD	1 Quarter
Income tax benefit (provision)	`IncomeTaxExpenseBenefit`	$1.97M	USD	1 Quarter
Net (losses) earnings	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net (losses) earnings	`NetIncomeLoss`	$6.09M	USD	1 Quarter
Basic net (losses) earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$-0.79	USD	1 Quarter
Basic net (losses) earnings per common share (in dollars per share)	`EarningsPerShareBasic`	$1.40	USD	1 Quarter
Diluted net (losses) earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$-0.79	USD	1 Quarter
Diluted net (losses) earnings per common share (in dollars per share)	`EarningsPerShareDiluted`	$1.39	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.24	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.24	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net (losses) earnings	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net (losses) earnings	`NetIncomeLoss`	$6.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.05M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.01M	USD	1 Quarter
Gains on sales of property	`GainLossOnSaleOfOilAndGasProperty`	$491.00K	USD	1 Quarter
Gains on sales of property	`GainLossOnSaleOfOilAndGasProperty`	$31.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-3.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$-5.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$195.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$283.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$561.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.42M	USD	1 Quarter
Net change in fair value contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$487.00K	USD	1 Quarter
Net change in fair value contracts	`UnrealizedGainLossOnDerivativesAndCommodityContracts`	$20.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-30.92M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$74.66M	USD	1 Quarter
Accounts receivable/payable, affiliates	`IncreaseDecreaseDueFromAffiliates`	$31.00K	USD	1 Quarter
Accounts receivable/payable, affiliates	`IncreaseDecreaseDueFromAffiliates`	$-48.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-4.64M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$23.44M	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-1.28M	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-684.00K	USD	1 Quarter
Prepayments and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-90.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$91.21M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-12.65M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-2.51M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-775.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-134.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$178.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.71M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.87M	USD	1 Quarter
Property and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipmentExcludingProductiveAssets`	$3.69M	USD	1 Quarter
Property and equipment additions	`PaymentsToAcquirePropertyPlantAndEquipmentExcludingProductiveAssets`	$1.90M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$856.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$441.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.84M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.46M	USD	1 Quarter
Borrowings under Credit Agreement	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Borrowings under Credit Agreement	`ProceedsFromIssuanceOfDebt`	$18.00M	USD	1 Quarter
Repayments under Credit Agreement	`RepaymentsOfDebt`	-	USD	1 Quarter
Repayments under Credit Agreement	`RepaymentsOfDebt`	$18.62M	USD	1 Quarter
Principal repayments of finance lease obligations	`FinanceLeasePrincipalPayments`	$1.14M	USD	1 Quarter
Principal repayments of finance lease obligations	`FinanceLeasePrincipalPayments`	$1.58M	USD	1 Quarter
Net proceeds from sale of equity	`ProceedsFromIssuanceOrSaleOfEquity`	$549.00K	USD	1 Quarter
Net proceeds from sale of equity	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$1.07M	USD	1 Quarter
Dividends paid on common stock	`PaymentsOfDividendsCommonStock`	$681.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.21M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.33M	USD	1 Quarter
Increase in cash and cash equivalents, including restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$828.00K	USD	1 Quarter
Increase in cash and cash equivalents, including restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$19.91M	USD	1 Quarter
Cash and cash equivalents, including restricted cash, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.07M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.14M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.98M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.32M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.07M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$108.14M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.98M	USD	Point-in-time
Cash and cash equivalents, including restricted cash, at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$107.32M	USD	Point-in-time

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.24	USD	1 Quarter
Dividends per common share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.24	USD	1 Quarter
Awards under LTIP (in dollars per share)	`IncentiveDistributionDistributionPerUnit`	$0.24	USD	1 Quarter
Awards under LTIP (in dollars per share)	`IncentiveDistributionDistributionPerUnit`	$0.24	USD	1 Quarter
Beginning balance	`StockholdersEquity`	$93.18M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$165.52M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$160.39M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$91.16M	USD	Point-in-time
Net (losses) earnings	`NetIncomeLoss`	$-2.00M	USD	1 Quarter
Net (losses) earnings	`NetIncomeLoss`	$6.09M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$283.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$195.00K	USD	1 Quarter
Vesting of restricted awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Vesting of restricted awards	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Cancellation of shares withheld to cover taxes upon vesting of restricted awards	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	$222.00K	USD	1 Quarter
Cancellation of shares withheld to cover taxes upon vesting of restricted awards	`StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures`	$86.00K	USD	1 Quarter
Shares sold under at-the-market offering program	`StockIssuedDuringPeriodValueNewIssues`	$549.00K	USD	1 Quarter
Common stock, $0.24/share	`DividendsCommonStockCash`	$1.05M	USD	1 Quarter
Common stock, $0.24/share	`DividendsCommonStockCash`	$608.00K	USD	1 Quarter
Awards under LTIP, $0.24/share	`IncentiveDistributionDistributionPerYear`	$16.00K	USD	1 Quarter
Awards under LTIP, $0.24/share	`IncentiveDistributionDistributionPerYear`	$25.00K	USD	1 Quarter
Ending balance	`StockholdersEquity`	$93.18M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$165.52M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$160.39M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$91.16M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.