$AGR
Avangrid, Inc.

2016 Q1 Form 10-Q Financial Statement

#000156459016019228 Filed on May 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.670B $1.227B
YoY Change 36.1% -21.14%
Cost Of Revenue $428.0M $392.0M
YoY Change 9.18%
Gross Profit $1.242B $835.0M
YoY Change 48.74%
Gross Profit Margin 74.37% 68.05%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $205.0M $175.0M
YoY Change 17.14%
% of Gross Profit 16.51% 20.96%
Operating Expenses $893.0M $639.0M
YoY Change 39.75%
Operating Profit $349.0M $196.0M
YoY Change 78.06% -52.66%
Interest Expense $84.00M $61.00M
YoY Change 37.7%
% of Operating Profit 24.07% 31.12%
Other Income/Expense, Net $49.00M $12.00M
YoY Change 308.33%
Pretax Income $316.0M $148.0M
YoY Change 113.51%
Income Tax $104.0M $42.00M
% Of Pretax Income 32.91% 28.38%
Net Earnings $213.0M $106.0M
YoY Change 100.94% -47.0%
Net Earnings / Revenue 12.75% 8.64%
Basic Earnings Per Share $0.69 $0.42
Diluted Earnings Per Share $0.69 $0.42
COMMON SHARES
Basic Shares Outstanding 309.5M 252.2M
Diluted Shares Outstanding 309.8M 252.2M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $403.0M
YoY Change
Cash & Equivalents $403.0M $655.0M
Short-Term Investments
Other Short-Term Assets $568.0M
YoY Change
Inventory $324.0M
Prepaid Expenses
Receivables $964.0M
Other Receivables $64.00M
Total Short-Term Assets $2.323B
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $20.70B $20.71B
YoY Change -0.06%
Goodwill $3.113B
YoY Change
Intangibles $548.0M
YoY Change
Long-Term Investments $360.0M $385.0M
YoY Change -6.49%
Other Assets $54.00M
YoY Change
Total Long-Term Assets $28.22B
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.323B
Total Long-Term Assets $28.22B
Total Assets $30.54B $30.74B
YoY Change -0.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.00M
YoY Change
Accrued Expenses $61.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $3.000M
YoY Change
Long-Term Debt Due $166.0M
YoY Change
Total Short-Term Liabilities $1.821B
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.519B
YoY Change
Other Long-Term Liabilities $314.0M
YoY Change
Total Long-Term Liabilities $13.59B
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.821B
Total Long-Term Liabilities $13.59B
Total Liabilities $15.42B
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings $1.527B
YoY Change
Common Stock $13.66B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $493.7K
Shareholders Equity $15.11B
YoY Change
Total Liabilities & Shareholders Equity $30.54B
YoY Change

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $213.0M $106.0M
YoY Change 100.94% -47.0%
Depreciation, Depletion And Amortization $205.0M $175.0M
YoY Change 17.14%
Cash From Operating Activities $397.0M $460.0M
YoY Change -13.7%
INVESTING ACTIVITIES
Capital Expenditures $276.0M $364.0M
YoY Change -24.18%
Acquisitions
YoY Change
Other Investing Activities -$4.000M -$13.00M
YoY Change -69.23%
Cash From Investing Activities -$201.0M -$351.0M
YoY Change -42.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $42.00M
YoY Change
Cash From Financing Activities -220.0M 64.00M
YoY Change -443.75%
NET CHANGE
Cash From Operating Activities 397.0M 460.0M
Cash From Investing Activities -201.0M -351.0M
Cash From Financing Activities -220.0M 64.00M
Net Change In Cash -24.00M 173.0M
YoY Change -113.87%
FREE CASH FLOW
Cash From Operating Activities $397.0M $460.0M
Capital Expenditures $276.0M $364.0M
Free Cash Flow $121.0M $96.00M
YoY Change 26.04%

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Background and Nature of Operations</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Avangrid, Inc., formerly Iberdrola USA, Inc. (AVANGRID, we or the Company), is an energy services holding company engaged in the regulated energy distribution business through its principal subsidiaries Avangrid Networks, Inc. (Networks) and UIL Holdings Corporation (UIL). AVANGRID is also in the renewable energy generation and gas storage and trading businesses through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables LLC (Renewables) and Enstor Gas, LLC (Gas). AVANGRID is an 81.5% owned subsidiary of Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain. The remaining outstanding shares are publicly traded on the New York Stock Exchange and owned by various shareholders. AVANGRID was organized in 1997 as NGE Resources, Inc. under the laws of New York as the holding company for the principal operating utility companies. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On March 31, 2016, we completed the sale of our interest in Iroquois Gas Transmission System L.P. (Iroquois) to an unaffiliated third party for proceeds of $53.8 million and an impact to net income of $19.0 million.</p></div>
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 2. Basis of Presentation</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying notes should be read in conjunction with the notes to the combined and consolidated financial statements of Avangrid, Inc. and subsidiaries as of December&#160;31, 2015 and 2014 and for the three years ended December&#160;31, 2015 included in AVANGRID&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries Networks, UIL and ARHI. UIL&#8217;s consolidated accounts have been included in the consolidated financial statements of AVANGRID since December 16, 2015, the date of acquisition of UIL. Intercompany accounts and transactions have been eliminated in consolidation. The year-end 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 (U.S. 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 note disclosures required by U.S.&#160;GAAP for complete financial statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We believe 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, comprehensive income, cash flows and 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 months ended March, 31 2016 are not necessarily indicative of the results for the entire fiscal year ending December&#160;31, 2016.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Revision of estimated useful lives of wind power station assets at Renewables</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Renewables&#8217; wind power station assets in service less salvage value, if any, are depreciated using the straight-line method over their estimated useful lives.&#160;Renewables&#8217; effective depreciation rate, excluding decommissioning, was 4.0% in both 2015 and 2014.&#160;Renewables reviews the estimated useful lives of its fixed assets on an ongoing basis.&#160;In the first quarter of 2016, this review indicated that the actual lives of certain assets at wind power stations are expected to be longer than the previously estimated useful lives used for depreciation purposes.&#160;As a result, effective January&#160;1, 2016, Renewables changed the estimates of the useful lives of certain assets from 25 years to 40 years to better reflect the estimated periods during which these assets are expected to remain in service. The weighted average useful life of our wind farm assets is now approximately 31 years. The effect of this change in estimate was to reduce depreciation and amortization expense by approximately $17 million, reduce asset retirement obligation accretion expense recorded within operations and maintenance by approximately $1 million, increase earnings from equity method investments by approximately $1 million, increase net income by $13 million and increase basic and diluted earnings per share by approximately $0.04 for the three months ended March 31, 2016. For the full year 2016, the effect of this change on income before income tax and net income is estimated to be an increase of approximately $75 million and approximately $46 million, respectively, and the impact on earnings per share is estimated to be an increase of approximately $0.15 per share on a basic and diluted basis<font style="font-size:9pt;">.</font></p></div>
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On June 19, 2014, the FERC issued its initial decision in the first complaint, establishing a methodology and setting the issues for a paper hearing. On October 16, 2014, FERC issued its final decision in the first complaint (Complaint I) setting the base ROE at 10.57%, and a maximum total ROE of 11.74%
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