$AGR
Avangrid, Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515404377 Filed on December 16, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $1.153B $1.048B $1.118B
YoY Change 3.13% 6.72%
Cost Of Revenue $218.0M $211.0M $256.0M
YoY Change -14.84% 3.43%
Gross Profit $935.0M $837.0M $862.0M
YoY Change 8.47% 7.58%
Gross Profit Margin 81.09% 79.87% 77.1%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $170.0M $163.0M $159.0M
YoY Change 6.92% 2.52%
% of Gross Profit 18.18% 19.47% 18.45%
Operating Expenses $850.0M $673.0M $663.0M
YoY Change 28.21% 8.2%
Operating Profit $83.00M $161.0M $186.0M
YoY Change -55.38% 5.23%
Interest Expense -$73.00M $64.00M -$53.00M
YoY Change 37.74% 4.92%
% of Operating Profit -87.95% 39.75% -28.49%
Other Income/Expense, Net $18.00M $16.00M $2.000M
YoY Change 800.0% -15.79%
Pretax Income $28.00M $110.0M $135.0M
YoY Change -79.26% 7.84%
Income Tax -$74.00M $56.00M $38.00M
% Of Pretax Income -264.29% 50.91% 28.15%
Net Earnings $96.00M $54.00M $97.00M
YoY Change -1.03% -15.63%
Net Earnings / Revenue 8.33% 5.15% 8.68%
Basic Earnings Per Share
Diluted Earnings Per Share $1.135M $174.5K $313.4K
COMMON SHARES
Basic Shares Outstanding 252.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $427.0M $1.050B $482.0M
YoY Change -11.41%
Cash & Equivalents $427.0M $1.050B $482.0M
Short-Term Investments
Other Short-Term Assets $18.00M $569.0M $27.00M
YoY Change -33.33%
Inventory $405.0M $287.0M $327.0M
Prepaid Expenses $53.00M $32.00M
Receivables $974.0M $723.0M $841.0M
Other Receivables $79.00M $77.00M $55.00M
Total Short-Term Assets $2.474B $2.706B $2.299B
YoY Change 7.61%
LONG-TERM ASSETS
Property, Plant & Equipment $20.71B $17.03B $17.13B
YoY Change 20.88% -0.41%
Goodwill $3.115B $1.361B $1.361B
YoY Change 128.88%
Intangibles $556.0M $541.0M $569.0M
YoY Change -2.28%
Long-Term Investments $385.0M $271.0M $262.0M
YoY Change 46.95% 3.44% -5.76%
Other Assets $35.00M $60.00M $79.00M
YoY Change -55.7%
Total Long-Term Assets $28.27B $21.69B $21.86B
YoY Change 29.3%
TOTAL ASSETS
Total Short-Term Assets $2.474B $2.706B $2.299B
Total Long-Term Assets $28.27B $21.69B $21.86B
Total Assets $30.74B $24.40B $24.16B
YoY Change 27.24% 0.6% 4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $830.0M $576.0M $684.0M
YoY Change 21.35%
Accrued Expenses $129.0M $37.00M $115.0M
YoY Change 12.17%
Deferred Revenue
YoY Change
Short-Term Debt $163.0M $0.00 $0.00
YoY Change
Long-Term Debt Due $206.0M $173.0M $148.0M
YoY Change 39.19%
Total Short-Term Liabilities $2.035B $1.499B $1.772B
YoY Change 14.84%
LONG-TERM LIABILITIES
Long-Term Debt $4.530B $2.794B $2.489B
YoY Change 82.0%
Other Long-Term Liabilities $330.0M $247.0M $254.0M
YoY Change 29.92%
Total Long-Term Liabilities $13.64B $10.25B $9.913B
YoY Change 37.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.035B $1.499B $1.772B
Total Long-Term Liabilities $13.64B $10.25B $9.913B
Total Liabilities $15.68B $11.75B $11.69B
YoY Change 34.16%
SHAREHOLDERS EQUITY
Retained Earnings $1.449B $1.332B $1.161B
YoY Change 24.81%
Common Stock $13.66B $11.38B $11.38B
YoY Change 20.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $626.5K 0.000 shares 0.000 shares
Shareholders Equity $15.05B $12.63B $12.44B
YoY Change
Total Liabilities & Shareholders Equity $30.74B $24.40B $24.25B
YoY Change 26.76%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $96.00M $54.00M $97.00M
YoY Change -1.03% -15.63%
Depreciation, Depletion And Amortization $170.0M $163.0M $159.0M
YoY Change 6.92% 2.52%
Cash From Operating Activities $398.0M $181.0M $177.0M
YoY Change 124.86% -1.09%
INVESTING ACTIVITIES
Capital Expenditures -$412.0M -$140.0M -$255.0M
YoY Change 61.57% -42.39%
Acquisitions
YoY Change
Other Investing Activities -$493.0M $19.00M $71.00M
YoY Change -794.37% -58.7%
Cash From Investing Activities -$905.0M -$121.0M -$184.0M
YoY Change 391.85% -38.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -116.0M 5.000M -34.00M
YoY Change 241.18% -107.81%
NET CHANGE
Cash From Operating Activities 398.0M 181.0M 177.0M
Cash From Investing Activities -905.0M -121.0M -184.0M
Cash From Financing Activities -116.0M 5.000M -34.00M
Net Change In Cash -623.0M 65.00M -41.00M
YoY Change 1419.51% -183.33%
FREE CASH FLOW
Cash From Operating Activities $398.0M $181.0M $177.0M
Capital Expenditures -$412.0M -$140.0M -$255.0M
Free Cash Flow $810.0M $321.0M $432.0M
YoY Change 87.5% -24.65%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Note 1. Background and Nature of Operations</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Iberdrola USA, Inc. (IUSA) is an energy services holding company engaged through its principal subsidiaries IUSA Networks, Inc. (Networks) and Iberdrola Renewables Holding, Inc. (IRHI) in the regulated energy distribution, renewable energy generation (Renewables) and gas businesses (Gas), collectively (Renewables and Gas). We are a wholly owned subsidiary of Iberdrola S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain. The company was organized in 1997 as Energy East Corporation under the laws of New York as the holding company for the principal operating utility companies. Unless the context indicates otherwise, the terms &#x201C;we,&#x201D; and &#x201C;our&#x201D; are used to refer to IUSA and its subsidiaries.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Transaction with UIL Holdings Corporation (UIL Holdings)</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On February&#xA0;25, 2015, we announced that the company had entered into a definitive merger agreement (the Agreement) with UIL Holdings and Green Merger Sub, Inc. (Merger Sub), wholly owned subsidiary of IUSA, under which UIL Holdings will merge with and into Merger Sub. Subsequent to the transaction closing, Merger Sub will be the surviving corporation and will change its name to UIL Holdings Corporation and remain a direct or indirect wholly-owned subsidiary of IUSA. IUSA will then become a newly listed U.S. publicly-traded company under its new name of&#xA0;Avangrid, Inc.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> In connection with the merger, each issued and outstanding share of the common stock of UIL Holdings will be converted into the right to receive one validly issued share of common stock of the newly listed company and $10.50 in cash. Immediately following the consummation of the merger, former holders of UIL Holdings&#x2019; common stock will own approximately 18.5% of the newly listed company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The merger is subject to certain closing conditions, including the approval of the shareowners of UIL Holdings and other regulatory approvals.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> For the three and nine month periods ended September&#xA0;30, 2015, we have incurred pre-tax merger related expenses of approximately $7 million and $19 million, respectively, which represented legal, investment bank and other merger-related costs.</p> </div>
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Note 2. Basis of Presentation</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The accompanying notes should be read in conjunction with notes to the combined and consolidated financial statements of Iberdrola USA, Inc. and subsidiaries (a wholly owned subsidiary of Iberdrola, S.A.) as of December&#xA0;31, 2014 and 2013 and for the three years ended December&#xA0;31, 2014 included in the Form S-4 Registration Statement filed with the Securities and Exchange Commission which was declared effective on November&#xA0;12, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of IUSA and its consolidated subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The yearend balance sheet data was derived from audited financial statements. The unaudited condensed consolidated financial statements for the interim periods have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the interim condensed consolidated financial statements do not include all the information and footnote disclosures required by US&#xA0;GAAP for complete financial statements.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> We believe that the disclosures made are adequate to make the information presented not misleading. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated balance sheets, condensed consolidated statements of income, condensed consolidated statements of comprehensive income, condensed consolidated statements of cash flows and condensed consolidated statements of changes in equity for the interim periods described herein. All such adjustments are of a normal and recurring nature, except as otherwise disclosed. The results for the three and nine month periods ended September&#xA0;30, 2015 are not necessarily indicative of the results for the entire fiscal year ending December&#xA0;31, 2015.</p> </div>
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CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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16000000
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2014Q3 us-gaap Utilities Operating Expense Impairments
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CY2014Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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CY2014Q3 us-gaap Utilities Operating Expense Purchased Power
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CY2014Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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383000000
CY2014Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2014Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
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CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2015Q3 us-gaap Net Income Loss
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CY2015Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Other Comprehensive Income Loss
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CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q3 us-gaap Profit Loss
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CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2015Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
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CY2015Q3 us-gaap Operating Income Loss
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161000000
CY2015Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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5000000
CY2015Q3 us-gaap Pension And Other Postretirement Benefit Contributions
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10500000
CY2015Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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7000000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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110000000
CY2015Q3 us-gaap Regulated And Unregulated Operating Revenue
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CY2015Q3 us-gaap Income Loss From Equity Method Investments
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CY2015Q3 us-gaap Income Tax Expense Benefit
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CY2015Q3 us-gaap Utilities Operating Expense Taxes
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CY2015Q3 us-gaap Interest Expense
InterestExpense
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CY2015Q3 us-gaap Utilities Operating Expense Impairments
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CY2015Q3 us-gaap Utilities Operating Expense
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CY2015Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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10000000
CY2015Q3 us-gaap Utilities Operating Expense Purchased Power
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211000000
CY2015Q3 us-gaap Utilities Operating Expense Depreciation And Amortization
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CY2015Q3 us-gaap Asset Impairment Charges
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163000000
CY2015Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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-22000000
CY2015Q3 us-gaap Utilities Operating Expense Maintenance And Operations
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421000000
CY2015Q3 us-gaap Acquisition Costs
AcquisitionCosts
7000000
CY2015Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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0
CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2015Q3 ck0001634997 Comprehensive Income Net Of Tax Attributable To Parent Equity
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CY2015Q3 ck0001634997 Adjusted Earnings Before Interest Taxes Depreciation And Amortization
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327000000

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