$AGR
Avangrid, Inc.

2016 Q4 Form 10-Q Financial Statement

#000156459016027641 Filed on November 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.491B $1.418B $1.048B
YoY Change 29.31% 35.31% 6.72%
Cost Of Revenue $325.0M $312.0M $211.0M
YoY Change 49.08% 47.87% 3.43%
Gross Profit $1.166B $1.106B $837.0M
YoY Change 24.71% 32.14% 7.58%
Gross Profit Margin 78.2% 78.0% 79.87%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $183.0M $203.0M $163.0M
YoY Change 7.65% 24.54% 2.52%
% of Gross Profit 15.69% 18.35% 19.47%
Operating Expenses $860.0M $889.0M $673.0M
YoY Change 1.18% 32.1% 8.2%
Operating Profit $306.0M $217.0M $161.0M
YoY Change 268.67% 34.78% 5.23%
Interest Expense -$53.00M -$58.00M $64.00M
YoY Change -27.4% -190.63% 4.92%
% of Operating Profit -17.32% -26.73% 39.75%
Other Income/Expense, Net $4.000M $3.000M $16.00M
YoY Change -77.78% -81.25% -15.79%
Pretax Income $257.0M $162.0M $110.0M
YoY Change 817.86% 47.27% 7.84%
Income Tax $50.00M $53.00M $56.00M
% Of Pretax Income 19.46% 32.72% 50.91%
Net Earnings $209.0M $109.0M $54.00M
YoY Change 117.71% 101.85% -15.63%
Net Earnings / Revenue 14.02% 7.69% 5.15%
Basic Earnings Per Share
Diluted Earnings Per Share $668.8K $351.6K $174.5K
COMMON SHARES
Basic Shares Outstanding 309.0M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.00M $182.0M $1.050B
YoY Change -78.69% -82.67%
Cash & Equivalents $91.00M $182.0M $1.050B
Short-Term Investments
Other Short-Term Assets $3.000M $652.0M $569.0M
YoY Change -83.33% 14.59%
Inventory $378.0M $347.0M $287.0M
Prepaid Expenses $53.00M
Receivables $1.119B $956.0M $723.0M
Other Receivables $28.00M $16.00M $77.00M
Total Short-Term Assets $2.252B $2.153B $2.706B
YoY Change -8.97% -20.44%
LONG-TERM ASSETS
Property, Plant & Equipment $21.55B $21.12B $17.03B
YoY Change 4.04% 24.05% -0.41%
Goodwill $3.124B $1.361B
YoY Change 0.29%
Intangibles $538.0M $541.0M
YoY Change -3.24%
Long-Term Investments $387.0M $425.0M $271.0M
YoY Change 0.52% 56.83% 3.44%
Other Assets $241.0M $3.253B $60.00M
YoY Change 588.57% 5321.67%
Total Long-Term Assets $29.06B $28.46B $21.69B
YoY Change 2.79% 31.19%
TOTAL ASSETS
Total Short-Term Assets $2.252B $2.153B $2.706B
Total Long-Term Assets $29.06B $28.46B $21.69B
Total Assets $31.31B $30.61B $24.40B
YoY Change 1.84% 25.46% 0.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $218.0M $197.0M $576.0M
YoY Change -73.73% -65.8%
Accrued Expenses $144.0M $60.00M $37.00M
YoY Change 11.63% 62.16%
Deferred Revenue
YoY Change
Short-Term Debt $161.0M $3.000M $0.00
YoY Change -1.23%
Long-Term Debt Due $349.0M $187.0M $173.0M
YoY Change 69.42% 8.09%
Total Short-Term Liabilities $2.712B $2.153B $1.499B
YoY Change 33.27% 43.63%
LONG-TERM LIABILITIES
Long-Term Debt $4.510B $4.399B $2.794B
YoY Change -0.44% 57.44%
Other Long-Term Liabilities $342.0M $340.0M $247.0M
YoY Change 3.64% 37.65%
Total Long-Term Liabilities $13.39B $13.41B $10.25B
YoY Change -1.85% 30.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.712B $2.153B $1.499B
Total Long-Term Liabilities $13.39B $13.41B $10.25B
Total Liabilities $16.10B $15.56B $11.75B
YoY Change 2.7% 32.41%
SHAREHOLDERS EQUITY
Retained Earnings $1.630B $1.471B $1.332B
YoY Change 12.49% 10.44%
Common Stock $13.66B $13.66B $11.38B
YoY Change 0.0% 20.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $491.5K $491.6K 0.000 shares
Shareholders Equity $15.20B $15.04B $12.63B
YoY Change
Total Liabilities & Shareholders Equity $31.31B $30.61B $24.40B
YoY Change 1.84% 25.46%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $209.0M $109.0M $54.00M
YoY Change 117.71% 101.85% -15.63%
Depreciation, Depletion And Amortization $183.0M $203.0M $163.0M
YoY Change 7.65% 24.54% 2.52%
Cash From Operating Activities $347.0M $306.0M $181.0M
YoY Change -12.81% 69.06% -1.09%
INVESTING ACTIVITIES
Capital Expenditures -$671.0M -$362.0M -$140.0M
YoY Change 62.86% 158.57% -42.39%
Acquisitions
YoY Change
Other Investing Activities $9.000M $34.00M $19.00M
YoY Change -101.83% 78.95% -58.7%
Cash From Investing Activities -$662.0M -$328.0M -$121.0M
YoY Change -26.85% 171.07% -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 224.0M -194.0M 5.000M
YoY Change -293.1% -3980.0% -107.81%
NET CHANGE
Cash From Operating Activities 347.0M 306.0M 181.0M
Cash From Investing Activities -662.0M -328.0M -121.0M
Cash From Financing Activities 224.0M -194.0M 5.000M
Net Change In Cash -91.00M -216.0M 65.00M
YoY Change -85.39% -432.31% -183.33%
FREE CASH FLOW
Cash From Operating Activities $347.0M $306.0M $181.0M
Capital Expenditures -$671.0M -$362.0M -$140.0M
Free Cash Flow $1.018B $668.0M $321.0M
YoY Change 25.68% 108.1% -24.65%

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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 subsidiary Avangrid Networks, Inc. (Networks). Effective as of April 30, 2016, UIL Holdings Corporation and its subsidiaries (UIL) were transferred to a wholly-owned subsidiary of Networks. 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;">During the nine months ended September 30, 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 and ARHI. Consolidated accounts of UIL 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 and nine months ended September 30, 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, capped at the lease term if lower, 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 30 years. We are continuing to assess lease extensions with leaseholders to potentially increase the average useful life of our wind farm assets to more than 30 years.<font style="color:#FF0000;">&#160;</font>The effect of this change in estimate was to reduce depreciation and amortization expense by approximately $13 million and $38 million, reduce asset retirement obligation accretion expense recorded within operations and maintenance by approximately $1 and $2 million, increase earnings from equity method investments by approximately $2 million and $4 million, increase net income by $9 million and $27 million and increase basic and diluted earnings per share by approximately $0.03 and $0.09 for the three and nine months ended September 30, 2016, respectively. 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 $59 million and approximately $37 million, respectively, and the impact on earnings per share is estimated to be an increase of approximately $0.12 per share on a basic and diluted basis<font style="font-size:9pt;">.</font></p></div>
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