2024 Q4 Form 10-Q Financial Statement

#000163499724000079 Filed on October 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $2.083B $1.974B
YoY Change 5.52% 7.4%
Cost Of Revenue $457.0M $482.0M
YoY Change -5.19% -9.91%
Gross Profit $1.626B $1.492B
YoY Change 8.98% 14.5%
Gross Profit Margin 78.06% 75.58%
Selling, General & Admin $3.000M $4.000M
YoY Change -25.0% 100.0%
% of Gross Profit 0.18% 0.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $327.0M $303.0M
YoY Change 7.92% 8.6%
% of Gross Profit 20.11% 20.31%
Operating Expenses $1.372B $1.403B
YoY Change -2.21% 17.8%
Operating Profit $254.0M $89.00M
YoY Change 185.39% -20.54%
Interest Expense -$128.0M -$108.0M
YoY Change 18.52% -242.11%
% of Operating Profit -50.39% -121.35%
Other Income/Expense, Net $65.00M $42.00M
YoY Change 54.76% 133.33%
Pretax Income $191.0M $23.00M
YoY Change 730.43% -58.93%
Income Tax $19.00M -$8.000M
% Of Pretax Income 9.95% -34.78%
Net Earnings $205.0M $59.00M
YoY Change 247.46% -43.81%
Net Earnings / Revenue 9.84% 2.99%
Basic Earnings Per Share $0.53 $0.15
Diluted Earnings Per Share $0.53 $0.15
COMMON SHARES
Basic Shares Outstanding 386.9M shares 386.9M shares 386.8M shares
Diluted Shares Outstanding 387.4M shares 387.3M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $148.0M $75.00M
YoY Change 97.33% 25.0%
Cash & Equivalents $148.0M $75.00M
Short-Term Investments
Other Short-Term Assets $1.625B $1.082B
YoY Change 50.18% 20.89%
Inventory $531.0M $476.0M
Prepaid Expenses
Receivables $1.356B $1.420B
Other Receivables $6.000M $5.000M
Total Short-Term Assets $3.666B $3.058B
YoY Change 19.88% 9.06%
LONG-TERM ASSETS
Property, Plant & Equipment $34.68B $32.26B
YoY Change 7.5% 6.11%
Goodwill $3.119B
YoY Change
Intangibles $271.0M
YoY Change
Long-Term Investments $1.060B $557.0M
YoY Change 90.31% 33.89%
Other Assets $355.0M $3.089B
YoY Change -88.51% 605.25%
Total Long-Term Assets $43.07B $39.33B
YoY Change 9.51% 6.0%
TOTAL ASSETS
Total Short-Term Assets $3.666B $3.058B
Total Long-Term Assets $43.07B $39.33B
Total Assets $46.73B $42.39B
YoY Change 10.26% 6.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.808B $1.564B
YoY Change 15.6% 3300.0%
Accrued Expenses $146.0M $118.0M
YoY Change 23.73% 22.92%
Deferred Revenue $5.000M
YoY Change
Short-Term Debt $2.233B $958.0M
YoY Change 133.09% 90.84%
Long-Term Debt Due $1.620B $55.00M
YoY Change 2845.45% -82.92%
Total Short-Term Liabilities $7.139B $3.927B
YoY Change 81.79% 3.26%
LONG-TERM LIABILITIES
Long-Term Debt $10.84B $9.919B
YoY Change 9.28% 27.76%
Other Long-Term Liabilities $5.429B $5.759B
YoY Change -5.73% 12.02%
Total Long-Term Liabilities $18.90B $15.68B
YoY Change 20.58% -0.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.139B $3.927B
Total Long-Term Liabilities $18.90B $15.68B
Total Liabilities $26.04B $22.95B
YoY Change 13.49% 17.24%
SHAREHOLDERS EQUITY
Retained Earnings $2.059B
YoY Change
Common Stock $17.71B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.76B $19.44B
YoY Change
Total Liabilities & Shareholders Equity $46.73B $42.39B
YoY Change 10.26% 6.21%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $205.0M $59.00M
YoY Change 247.46% -43.81%
Depreciation, Depletion And Amortization $327.0M $303.0M
YoY Change 7.92% 8.6%
Cash From Operating Activities $301.0M $27.00M
YoY Change 1014.81% -69.66%
INVESTING ACTIVITIES
Capital Expenditures $919.0M $443.0M
YoY Change 107.45% -182.5%
Acquisitions
YoY Change
Other Investing Activities -$136.0M -$24.00M
YoY Change 466.67% -366.67%
Cash From Investing Activities -$1.055B -$467.0M
YoY Change 125.91% -11.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 766.0M 463.0M
YoY Change 65.44% 426.14%
NET CHANGE
Cash From Operating Activities 301.0M 27.00M
Cash From Investing Activities -1.055B -467.0M
Cash From Financing Activities 766.0M 463.0M
Net Change In Cash 12.00M 23.00M
YoY Change -47.83% -106.55%
FREE CASH FLOW
Cash From Operating Activities $301.0M $27.00M
Capital Expenditures $919.0M $443.0M
Free Cash Flow -$618.0M -$416.0M
YoY Change 48.56% -166.45%

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CY2024Q3 us-gaap Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration
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us-gaap Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration
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CY2023Q3 us-gaap Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration
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us-gaap Derivative Gain Loss Statement Of Income Or Comprehensive Income Extensible Enumeration
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CY2024Q3 us-gaap Supplier Finance Program Obligation Statement Of Financial Position Extensible Enumeration
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CY2023Q4 us-gaap Supplier Finance Program Obligation Statement Of Financial Position Extensible Enumeration
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Background and Nature of Operations<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Avangrid, 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 81.6% of the outstanding common stock of Avangrid. The remaining outstanding shares are owned by various shareholders, with approximately 14.7% of Avangrid's outstanding shares publicly traded on the New York Stock Exchange (NYSE).</span></div>Agreement and Plan of Merger
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Basis of Presentation<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements should be read in conjunction with the Form 10-K for the fiscal year ended December 31, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited financial statements are prepared on a consolidated basis and include the accounts of Avangrid and its consolidated subsidiaries, Networks and ARHI. All intercompany transactions and accounts 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 </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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. GAAP for complete financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary to present fairly our condensed consolidated financial statements 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, 2024, are not necessarily indicative of the results for the entire fiscal year ending December 31, 2024.</span></div>
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