2019 Q1 Form 10-Q Financial Statement

#000163499719000016 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.842B $1.865B
YoY Change -1.23% 6.09%
Cost Of Revenue $563.0M $576.0M
YoY Change -2.26% 23.87%
Gross Profit $1.279B $1.289B
YoY Change -0.78% -0.31%
Gross Profit Margin 69.44% 69.12%
Selling, General & Admin $800.0K
YoY Change
% of Gross Profit 0.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $222.0M $203.0M
YoY Change 9.36% 3.05%
% of Gross Profit 17.36% 15.75%
Operating Expenses $938.0M $881.0M
YoY Change 6.47% 1.73%
Operating Profit $341.0M $403.0M
YoY Change -15.38% -5.62%
Interest Expense $78.00M $74.00M
YoY Change 5.41% 4.23%
% of Operating Profit 22.87% 18.36%
Other Income/Expense, Net -$7.000M -$21.00M
YoY Change -66.67% 31.25%
Pretax Income $257.0M $310.0M
YoY Change -17.1% -9.36%
Income Tax $41.00M $72.00M
% Of Pretax Income 15.95% 23.23%
Net Earnings $217.0M $244.0M
YoY Change -11.07% 2.09%
Net Earnings / Revenue 11.78% 13.08%
Basic Earnings Per Share $0.70 $0.79
Diluted Earnings Per Share $0.70 $0.79
COMMON SHARES
Basic Shares Outstanding 309.5M shares 309.5M shares
Diluted Shares Outstanding 309.7M shares 309.8M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.00M $40.00M
YoY Change -17.5% 33.33%
Cash & Equivalents $33.00M $40.00M
Short-Term Investments
Other Short-Term Assets $500.0M $640.0M
YoY Change -21.88% 9.22%
Inventory $194.0M $180.0M
Prepaid Expenses
Receivables $1.264B $1.113B
Other Receivables $7.000M $8.000M
Total Short-Term Assets $1.998B $1.981B
YoY Change 0.86% -5.58%
LONG-TERM ASSETS
Property, Plant & Equipment $23.31B $22.76B
YoY Change 2.44% 0.39%
Goodwill $3.127B $3.127B
YoY Change 0.0% 0.1%
Intangibles $321.0M $327.0M
YoY Change -1.83% -38.76%
Long-Term Investments $481.0M $348.0M
YoY Change 38.22% -1.14%
Other Assets $308.0M $83.00M
YoY Change 271.08% -61.4%
Total Long-Term Assets $30.61B $29.50B
YoY Change 3.76% -0.24%
TOTAL ASSETS
Total Short-Term Assets $1.998B $1.981B
Total Long-Term Assets $30.61B $29.50B
Total Assets $32.61B $31.48B
YoY Change 3.57% -0.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.00M $65.00M
YoY Change -46.15% -45.83%
Accrued Expenses $80.00M $65.00M
YoY Change 23.08% 0.0%
Deferred Revenue $5.000M
YoY Change
Short-Term Debt $798.0M $662.0M
YoY Change 20.54% 80.38%
Long-Term Debt Due $366.0M $214.0M
YoY Change 71.03% -34.15%
Total Short-Term Liabilities $3.153B $2.716B
YoY Change 16.09% 4.95%
LONG-TERM LIABILITIES
Long-Term Debt $5.307B $5.160B
YoY Change 2.85% 14.49%
Other Long-Term Liabilities $560.0M $365.0M
YoY Change 53.42% 3.11%
Total Long-Term Liabilities $14.00B $13.45B
YoY Change 4.1% -0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.153B $2.716B
Total Long-Term Liabilities $14.00B $13.45B
Total Liabilities $17.15B $16.16B
YoY Change 6.11% 0.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.527B $1.473B
YoY Change 3.67% -10.67%
Common Stock $13.66B $13.66B
YoY Change 0.03% 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 485.8K shares $485.8K
Shareholders Equity $15.16B $15.17B
YoY Change
Total Liabilities & Shareholders Equity $32.61B $31.48B
YoY Change 3.57% 0.28%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $217.0M $244.0M
YoY Change -11.07% 2.09%
Depreciation, Depletion And Amortization $222.0M $203.0M
YoY Change 9.36% 3.05%
Cash From Operating Activities $315.0M $597.0M
YoY Change -47.24% 35.37%
INVESTING ACTIVITIES
Capital Expenditures $425.0M $399.0M
YoY Change 6.52% -24.0%
Acquisitions
YoY Change
Other Investing Activities $116.0M $0.00
YoY Change -100.0%
Cash From Investing Activities -$526.0M -$323.0M
YoY Change 62.85% -37.16%
FINANCING ACTIVITIES
Cash Dividend Paid $135.0M $134.0M
YoY Change 0.75% 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $43.00M $2.000M
YoY Change 2050.0% -50.0%
Cash From Financing Activities $206.0M -$275.0M
YoY Change -174.91% -2391.67%
NET CHANGE
Cash From Operating Activities $315.0M $597.0M
Cash From Investing Activities -$526.0M -$323.0M
Cash From Financing Activities $206.0M -$275.0M
Net Change In Cash -$5.000M -$1.000M
YoY Change 400.0% -98.36%
FREE CASH FLOW
Cash From Operating Activities $315.0M $597.0M
Capital Expenditures $425.0M $399.0M
Free Cash Flow -$110.0M $198.0M
YoY Change -155.56% -335.71%

Facts In Submission

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CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
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2000000 USD
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CY2019Q1 us-gaap Basis Of Accounting
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying notes should be read in conjunction with the notes to the consolidated financial statements of Avangrid, Inc. and subsidiaries as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> and for the three years ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> included in AVANGRID&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of AVANGRID and its consolidated subsidiaries, Networks and ARHI. 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.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;">three months ended March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results for the entire fiscal year ending December&#160;31, </font><font style="font-family:inherit;font-size:10pt;">2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2019Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Background and Nature of Operations</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Avangrid, Inc., formerly Iberdrola USA, Inc. (AVANGRID, we or the Company), is an energy services holding company engaged in the regulated energy transmission and distribution business through its principal subsidiary, Avangrid Networks, Inc. (Networks), and in the renewable energy generation business through its principal subsidiary, Avangrid Renewables Holding, Inc. (ARHI). ARHI in turn holds subsidiaries including Avangrid Renewables, LLC (Renewables). Iberdrola, S.A. (Iberdrola), a corporation organized under the laws of the Kingdom of Spain, owns </font><font style="font-family:inherit;font-size:10pt;">81.5%</font><font style="font-family:inherit;font-size:10pt;"> the outstanding common stock of AVANGRID. The remaining outstanding shares are publicly traded on the New York Stock Exchange and owned by various shareholders.&#160;</font></div></div>

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