FutureFuel(US:FF)2025-03-31 20:13markdown Part I [Business](index=5&type=section&id=Item%201.%20Business.) FutureFuel Corp. manufactures diversified chemical and bio-based fuel products through its Chemicals and Biofuels segments, operating from an integrated facility in Batesville, Arkansas, with performance influenced by government incentives, commodity prices, and competition - The company operates through **two primary business segments**: Chemicals (custom and performance) and Biofuels[15](index=15&type=chunk) - 2024 Revenue Breakdown by Product Type | Product Type | Percentage of Revenue | | :--- | :--- | | Biofuels | **67%** | | Custom Manufacturing (Chemicals) | **29%** | | Performance Chemicals | **4%** | - The company paid a special cash dividend of **$2.50 per share** on April 9, 2024, in addition to its normal quarterly cash dividends of **$0.06 per share**[14](index=14&type=chunk) [Biofuels Business Segment](index=6&type=section&id=Item%201.%20Business.%20-%20Biofuels%20Business%20Segment) The biofuels segment, primarily producing biodiesel with a demonstrated capacity of **59 million gallons per year (MMgy)**, relies heavily on federal and state incentives like the Renewable Fuel Standard (RFS) and the new Clean Fuel Production Credit (CFPC), facing significant competition from the growing renewable diesel market - Biofuel Production and Capacity | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Production (Million Gallons) | **45** | **59** | | Demonstrated Capacity (MMgy) | **59** | **59** | - The Inflation Reduction Act of 2022 extended the **$1.00 per gallon** Blender's Tax Credit (BTC) through December 31, 2024, and introduced the Clean Fuel Production Credit (CFPC) effective January 1, 2025, with final guidance pending despite company approval in December 2024[35](index=35&type=chunk) - The company faces intense competition from renewable diesel, which has grown to a capacity of approximately **4.58 billion gallons per year** and can be used as a direct substitute for petrodiesel, making retrofitting the company's plant not economically feasible[59](index=59&type=chunk)[61](index=61&type=chunk) - For the year ended December 31, 2024, two customers represented approximately **37% of biofuel revenue**, which equates to **25% of total company revenue**[56](index=56&type=chunk) [Chemicals Business Segment](index=14&type=section&id=Item%201.%20Business.%20-%20Chemicals%20Business%20Segment) The chemicals segment, comprising custom manufacturing and performance chemicals, has diversified its portfolio and aims for growth by leveraging **new Good Manufacturing Practices (GMP) capabilities** to enter higher-value markets, competing with large multi-national companies and smaller producers - The company has diversified its custom manufacturing portfolio into **multiple markets**, including agrochemicals, oilfield chemicals, and fabric care, moving away from its historical concentration on two legacy products[71](index=71&type=chunk) - A key growth strategy is leveraging **new Good Manufacturing Practices (GMP) capabilities** to enter higher-value markets such as pharmaceutical intermediates and food ingredients[22](index=22&type=chunk)[73](index=73&type=chunk) - No single chemical customer represented **more than 10% of total company sales revenue** in 2024 or 2023[75](index=75&type=chunk) [Environmental Matters and Human Capital](index=17&type=section&id=Item%201.%20Business.%20-%20Environmental%20Matters%20and%20Human%20Capital) The company's operations are subject to extensive environmental regulations, incurring significant compliance costs, with 2024 expenditures of approximately **$12.0 million**, while managing climate-change risks and maintaining a stable workforce of approximately **537 non-union employees** - Environmental Protection Expenditures | Year | Expenditures (in millions) | | :--- | :--- | | 2024 | $11.99 | | 2023 | $12.85 | | 2022 | $10.27 | - The company is subject to numerous environmental laws, including CERCLA, RCRA, OPA, the Clean Water Act, and the Clean Air Act, which can impose significant compliance costs and liabilities[86](index=86&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The Batesville workforce comprises approximately **537 full and part-time non-union employees**, with an average voluntary attrition rate of **10% over the past five years**[105](index=105&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors.) The company faces significant risks from its heavy reliance on government biofuel programs, intense competition from renewable diesel, commodity price fluctuations, operational challenges including customer concentration, and financial risks such as stock price volatility [Industry and Governmental Risks](index=20&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Industry%20and%20Governmental%20Risks) The company's biofuels business is highly dependent on government incentives like the Blender's Tax Credit (BTC) and the new Clean Fuel Production Credit (CFPC), with expiration or adverse changes to these programs or the Renewable Fuel Standard (RFS2) posing a material threat to profitability amid intense competition from renewable diesel and commodity price volatility - The biomass-based diesel industry relies on governmental programs; the BTC was extended through 2024 but is being replaced by the CFPC in 2025, for which guidance is not yet finalized, and a reduction or elimination of these incentives could **force the company to cease biodiesel production**[111](index=111&type=chunk)[112](index=112&type=chunk) - Biodiesel faces increasing competition from renewable diesel, which can be used interchangeably with petroleum diesel and is not limited in blends, requiring a **significant capital investment** for the Company to produce renewable diesel, which is **not currently supported by economics**[122](index=122&type=chunk) - A significant portion of revenues has historically come from sales in California due to its **Low Carbon Fuel Standard (LCFS)**, and adverse changes to this law or a reduction in LCFS credit values would **harm revenues and profits**[117](index=117&type=chunk) [Business and Operational Risks](index=25&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Business%20and%20Operational%20Risks) The company is exposed to significant operational risks, including manufacturing disruptions, high customer concentration in both chemical and biofuel segments, potential technology obsolescence, regulatory non-compliance, and unhedged commodity price volatility - The chemical business is highly concentrated, with **four large customers representing over 84% of the segment's product sales** (**28% of total 2024 revenues**)[138](index=138&type=chunk) - The biofuels segment has **two large customers that accounted for approximately 25% of total revenue in 2024**, with sales based on short-term purchase orders at market rates[139](index=139&type=chunk)[140](index=140&type=chunk) - The company is exposed to cybersecurity risks, including industrial espionage and cyber-attacks, which could **compromise confidential information, disrupt operations, and harm its reputation**[160](index=160&type=chunk)[162](index=162&type=chunk) - A material weakness in internal control over financial reporting related to the cash flow statement was previously identified and has been **remediated as of December 31, 2024**[159](index=159&type=chunk) [Shareholder Risks](index=32&type=section&id=Item%201A.%20Risk%20Factors.%20-%20Shareholder%20Risks) Investing in the company's stock involves risks, including **highly volatile and thinly traded** market prices influenced by industry announcements and regulatory changes, as well as potential adverse effects from a major shareholder's exercise of registration rights for their significant stake - The market price of the common stock is **highly volatile and thinly traded**[171](index=171&type=chunk) - St. Albans Global Management, LLC, an affiliate of director P. A. Novelly II, holds registration rights for **17,085,100 shares**, and a sale of these shares could **adversely affect the stock price**[173](index=173&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments.) The company reports that it has no unresolved staff comments - **None**[176](index=176&type=chunk) [Cybersecurity](index=33&type=section&id=Item%201C.%20Cybersecurity.) The company manages cybersecurity risks through a multilayered strategy guided by the **National Institute of Standards and Technology (NIST) Cybersecurity Framework**, overseen by the **Audit Committee of the board of directors oversees cybersecurity risk management**, and has not experienced any material incidents to date - The company's cybersecurity strategy is guided by the **National Institute of Standards and Technology (NIST) Cybersecurity Framework**[177](index=177&type=chunk) - The **Audit Committee of the board of directors oversees cybersecurity risk management**[179](index=179&type=chunk) - To date, the Company does not believe that cybersecurity incidents have **materially affected the Company, its business strategy, results of operations, or financial condition**[177](index=177&type=chunk) [Properties](index=34&type=section&id=Item%202.%20Properties.) The company's principal asset is its manufacturing plant located on a **2,200-acre site** in Batesville, Arkansas, with **500 acres currently developed** for facilities and infrastructure, considered well-maintained and adequate for current needs - The company's main asset is a manufacturing plant on a **2,200-acre site** in Batesville, Arkansas, with **500 acres currently developed**[181](index=181&type=chunk) [Legal Proceedings](index=34&type=section&id=Item%203.%20Legal%20Proceedings.) The company is **not involved in any material pending legal proceedings**, only **ordinary routine litigation**, and management does not anticipate any material adverse effects on its financial condition or operations from their resolution - The company is **not involved in any material pending legal proceedings**, only **ordinary routine litigation**[182](index=182&type=chunk) [Mine Safety Disclosures](index=34&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) This item is not applicable to the company - **Not applicable**[183](index=183&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=35&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) The company's common stock trades on the **NYSE under the symbol "FF"**, with 43,803,243 shares outstanding as of March 31, 2025, and paid a special dividend of **$2.50 per share** in 2024, though no shares were repurchased under the authorized **$25.0 million** program - The company's common stock is traded on the **NYSE under the symbol "FF"**[185](index=185&type=chunk) - A special cash dividend of **$2.50 per share** was paid on April 9, 2024, in addition to regular quarterly dividends of **$0.06 per share**[187](index=187&type=chunk) - On March 12, 2024, the board authorized a stock repurchase program for up to **$25.0 million** of common stock, expiring March 12, 2026, but **No shares were repurchased in 2024**[196](index=196&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) In fiscal year 2024, FutureFuel's consolidated revenue decreased by **34%** to **$243.3 million**, and net income fell **59%** to **$15.5 million**, primarily due to lower biofuel sales volumes and prices, while liquidity remains strong despite a **$109.4 million** special dividend payment - Consolidated Financial Summary (2024 vs. 2023) | Metric | 2024 (in millions) | 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $243.34 | $368.25 | (34)% | | Income from operations | $6.37 | $27.37 | (77)% | | Net income | $15.50 | $37.38 | (59)% | | Diluted EPS | $0.35 | $0.85 | (59)% | | Adjusted EBITDA | $17.59 | $34.98 | (50)% | - The **34% decrease** in 2024 consolidated sales revenue was driven by **lower sales volumes and prices in the biofuel segment**[226](index=226&type=chunk) - Cash used in financing activities increased to **$119.9 million** in 2024 from **$10.5 million** in 2023, primarily due to the payment of a **$109.4 million** special cash dividend[274](index=274&type=chunk)[282](index=282&type=chunk) [Results of Operations by Segment](index=46&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Results%20of%20Operations%20by%20Segment) In 2024, the Chemicals segment saw a slight revenue increase to **$80.01 million** but a **24.4%** decrease in gross profit to **$22.63 million**, while the Biofuels segment experienced a significant downturn with revenue falling **43.5%** to **$163.33 million** and a gross loss of **$(2.99 million)** due to weather and production downtime - Chemicals Segment Performance (2024 vs. 2023) | Metric (in millions) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $80.01 | $79.33 | 0.8% | | Gross Profit | $22.63 | $29.94 | (24.4)% | - Biofuel Segment Performance (2024 vs. 2023) | Metric (in millions) | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Sales | $163.33 | $288.92 | (43.5)% | | Gross (Loss) Profit | $(2.99) | $11.04 | NA | - Biofuel production and sales volumes in 2024 were negatively impacted by extreme winter weather in Q1 and extended production downtime in Q3 and Q4 due to delays from equipment suppliers[250](index=250&type=chunk)[252](index=252&type=chunk) [Critical Accounting Policies and Estimates](index=47&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Critical%20Accounting%20Policies%20and%20Estimates) The company's critical accounting policies involve significant estimates for revenue recognition from long-term contracts with **material rights**, assessing the realizability of deferred tax assets, and valuing inventory using the LIFO method, all requiring careful management judgment - Revenue from certain long-term custom chemical contracts involves a **material right**, requiring management to estimate the expected contract term and sales volumes to properly allocate revenue[259](index=259&type=chunk)[376](index=376&type=chunk) - The company recorded a valuation allowance of **$22.4 million** against its deferred tax assets as of December 31, 2024, determining that it is **more likely than not that a portion will not be realized**[232](index=232&type=chunk)[418](index=418&type=chunk) - Sales revenue under bill-and-hold arrangements, primarily for custom chemical customers, totaled **$44.0 million** in 2024[262](index=262&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.%20-%20Liquidity%20and%20Capital%20Resources) Net cash from operating activities increased to **$24.80 million** in 2024, but total cash and cash equivalents decreased significantly to **$109.54 million** due to a **$109.4 million** special dividend payment, while the company maintains an unused **$75 million** revolving credit facility - Cash Flow Summary (in millions) | Activity | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $24.80 | $21.30 | $52.45 | | Net cash (used in) from investing activities | $(14.79) | $33.02 | $(3.83) | | Net cash used in financing activities | $(119.91) | $(10.52) | $(10.50) | - In February 2025, the company amended and restated its credit agreement, resulting in a **five-year, $75 million revolving credit facility expiring in 2030**, with **no borrowings under the facility as of year-end 2024**[277](index=277&type=chunk)[401](index=401&type=chunk) - Total dividends paid in 2024 were **$119.9 million**, including a special cash dividend of **$109.4 million**[282](index=282&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=54&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk.) The company's **primary market risk is commodity price volatility** for raw materials and finished products, with a hypothetical **10% adverse price change in biodiesel feedstocks would decrease annual gross profit by an estimated $13.4 million**, and while derivatives are used, they can cause earnings volatility - The company's **primary market risk is commodity price volatility**; a **hypothetical 10% adverse price change in biodiesel feedstocks would decrease annual gross profit by an estimated $13.4 million**[294](index=294&type=chunk)[296](index=296&type=chunk) - The company uses derivative instruments to manage biofuel price risk, which are not designated as accounting hedges, resulting in **immediate recognition of gains and losses, causing potential volatility in net income**[291](index=291&type=chunk) [Financial Statements and Supplementary Data](index=55&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section presents the company's audited consolidated financial statements for 2024, 2023, and 2022, including reports from independent auditors, balance sheets, income statements, cash flow statements, and detailed notes [Report of Independent Registered Public Accounting Firm](index=56&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Grant Thornton LLP issued an **unqualified opinion on the 2024 financial statements and internal controls**, highlighting a **critical audit matter** related to revenue recognition for **material rights** in long-term contracts due to **significant management judgment required for estimates** - Grant Thornton LLP issued an **unqualified opinion on the 2024 financial statements and internal controls**[302](index=302&type=chunk)[303](index=303&type=chunk) - A **critical audit matter** was identified related to revenue recognition for **material rights** in long-term custom chemical contracts, due to the **significant management judgment required for estimates**[308](index=308&type=chunk)[309](index=309&type=chunk) [Consolidated Financial Statements](index=59&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Consolidated%20Financial%20Statements) The consolidated balance sheet as of December 31, 2024, shows total assets of **$247.69 million**, a decrease from **$367.08 million** in 2023, primarily due to reduced cash, while the income statement reports **$243.34 million** in revenue and **$15.50 million** in net income for 2024 - Consolidated Balance Sheet Highlights (as of Dec 31) | (in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $109.54 | $219.44 | | Total current assets | $164.79 | $290.55 | | Total Assets | $247.69 | $367.08 | | Total current liabilities | $33.31 | $41.34 | | Total Liabilities | $41.87 | $57.20 | | Total stockholders' equity | $205.82 | $309.88 | - Consolidated Income Statement Highlights (Year Ended Dec 31) | (in millions) | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Revenue | $243.34 | $368.23 | $395.56 | | Gross profit | $19.64 | $40.98 | $28.99 | | Income from operations | $6.37 | $27.37 | $17.55 | | Net income | $15.50 | $37.38 | $15.21 | [Notes to Consolidated Financial Statements](index=63&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.%20-%20Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including revenue recognition for **material rights** and **$44.0 million** in bill-and-hold sales, segment performance, and related party transactions, with a subsequent event disclosing a halt in biodiesel production in January 2025 due to infrastructure delays and weather, not expected to restart until late March 2025 - A subsequent event in January 2025 caused a **halt in biodiesel production** due to a vendor's late delivery of wastewater infrastructure and severe weather, and production is **not expected to restart until the end of March 2025 at the earliest**[466](index=466&type=chunk) - The company recognized revenue from the reduction of contract liabilities (deferred revenue from **material rights**) of **$9.0 million** in 2024, including **$5.5 million** from a contract that expired during the year[378](index=378&type=chunk) - The company was eligible for and recognized **$1.5 million** from the **Small Agri-biodiesel Producer Tax Credit** in each of the last three years (2022-2024); this credit, along with the BTC, **expired on December 31, 2024, and was replaced by the CFPC**[369](index=369&type=chunk)[370](index=370&type=chunk) [Controls and Procedures](index=90&type=section&id=Item%209A.%20Controls%20and%20Procedures.) Management concluded that disclosure controls and procedures were **effective as of December 31, 2024**, and internal control over financial reporting was also **effective as of December 31, 2024**, based on the COSO framework, with an **unqualified opinion** from Grant Thornton LLP - Management concluded that disclosure controls and procedures were **effective as of December 31, 2024**[469](index=469&type=chunk) - Management concluded that internal control over financial reporting was **effective as of December 31, 2024**, based on the COSO framework; this assessment was audited by Grant Thornton LLP, which issued an **unqualified opinion**[472](index=472&type=chunk)[473](index=473&type=chunk) [Other Information](index=92&type=section&id=Item%209B.%20Other%20Information.) The company reports that there is no other information to disclose under this item - **None**[485](index=485&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=93&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance.) This section identifies the company's directors and executive officers, including the appointment of **Roeland Polet was appointed Chief Executive Officer on September 3, 2024**, and details the board's **Audit, Compensation, and Nominating/Corporate Governance Committees**, whose members are determined to be independent financial experts - **Roeland Polet was appointed Chief Executive Officer on September 3, 2024**[489](index=489&type=chunk) - The board has standing **Audit, Compensation, and Nominating/Corporate Governance Committees**, with the **majority of members being independent directors**[521](index=521&type=chunk)[522](index=522&type=chunk)[554](index=554&type=chunk) - The company has adopted and makes publicly available its **code of business conduct, insider trading policy, and committee charters**[520](index=520&type=chunk)[524](index=524&type=chunk) [Executive Compensation](index=100&type=section&id=Item%2011.%20Executive%20Compensation.) The company's compensation program aims to be competitive and reward performance, with new CEO Roeland Polet's 2024 package including a **$0.50 million base salary**, a target bonus of **50% of base**, and a grant of **750,000 RSUs vesting over five years**, while director compensation was updated for 2025 to include higher retainers and annual stock grants - New CEO Roeland Polet's 2024 compensation package includes a **$0.50 million base salary**, a **target bonus of 50% of base**, and a grant of **750,000 RSUs vesting over five years**[531](index=531&type=chunk)[533](index=533&type=chunk) - 2024 Summary Compensation Table (in millions) | Person | Position | Salary | Bonus | Stock Awards | All Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Roeland Polet | CEO | $0.14 | $0.04 | $4.91 | $0.01 | $5.10 | | Tom McKinlay | Former CEO | $0.32 | $0.05 | $0.00 | $0.06 | $0.43 | | Rose M. Sparks | CFO | $0.32 | $0.05 | $0.00 | $0.06 | $0.43 | | Charles Lyon | CCO | $0.28 | $0.05 | $0.00 | $0.05 | $0.39 | | Kyle Gaither | COO | $0.26 | $0.03 | $0.00 | $0.03 | $0.34 | - The **director compensation structure was updated for 2025**, increasing annual retainers and formalizing an **annual grant of 5,000 shares of common stock**[569](index=569&type=chunk)[571](index=571&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters.) This section details the ownership of the company's common stock, with **Paul Anthony Novelly II is the largest beneficial owner with 39.9% of the common stock**, and all directors and executive officers as a group beneficially own **42.4%** of the outstanding shares - Beneficial Owners of More Than 5% | Name of Beneficial Owner | Amount of Beneficial Ownership | Percent of Common Stock | | :--- | :--- | :--- | | Paul Anthony Novelly II | 17,475,100 | 39.9% | | Dimensional Fund Advisors LP | 2,218,292 | 5.1% | | BlackRock, Inc. | 2,226,538 | 5.1% | - **All directors and executive officers as a group beneficially own 18,563,433 shares, representing **42.4%** of the common stock**[583](index=583&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=113&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence.) The company engages in transactions with **Apex Oil Company, Inc. and its affiliates**, related parties through director Paul A. Novelly II, with all such transactions requiring approval from a majority of disinterested board members to ensure fairness, and the board has determined that a majority of its directors are independent - The company engages in transactions with **Apex Oil Company, Inc. and its affiliates**, which are related parties through director Paul A. Novelly II; these transactions involve the **sale/purchase of biofuels and petroleum products**[586](index=586&type=chunk) - **All related party transactions require approval from a majority of the disinterested members of the board of directors**[587](index=587&type=chunk) - The board has determined that **Donald C. Bedell, Paul M. Manheim, Terrance C.Z. Egger, Dale E. Cole, Ron J. Kruszewski, G. Bruce Greer, and Richard P. Rowe are independent directors**[589](index=589&type=chunk) [Principal Accountant Fees and Services](index=114&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services.) For fiscal year 2024, the company incurred total fees of **$0.54 million** from Grant Thornton LLP and **$0.15 million** from RSM US LLP, primarily for audit and audit-related services, with all services pre-approved by the Audit Committee - Accountant Fees (in millions) | Fee Type | 2024 | 2023 | | :--- | :--- | :--- | | Audit Fees | $0.67 | $0.45 | | Audit-Related Fees | $0.02 | $0.02 | | Tax Fees | $0.00 | $0.00 | | All Other Fees | $0.00 | $0.00 | - The **Audit Committee pre-approves all audit and non-audit services** provided by the independent auditors[594](index=594&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=115&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules.) This section lists all financial statements and exhibits filed with the report, including governing documents, material contracts, and certifications by the CEO and CFO - **Lists all financial statements and exhibits filed with the Form 10-K, including governing documents, material contracts, and executive certifications**[596](index=596&type=chunk)[599](index=599&type=chunk) [Summary](index=116&type=section&id=Item%2016.%20Summary) The company has elected not to include a voluntary summary of the Form 10-K information under this item - **The Company has elected not to include summary information**[598](index=598&type=chunk)