2017 Q2 Form 10-Q Financial Statement

#000073180217000022 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $526.5M $988.2M $890.0M
YoY Change 15.41% 11.03% -24.13%
Cost Of Revenue $114.2M $427.5M $377.4M
YoY Change 76.78% 13.28% -62.97%
Gross Profit $412.3M $560.7M $512.7M
YoY Change 5.28% 9.37% 1.41%
Gross Profit Margin 78.31% 56.74% 57.6%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00M $77.70M $72.00M
YoY Change 8.84% 7.92% 5.88%
% of Gross Profit 19.4% 13.86% 14.04%
Operating Expenses $271.6M $275.5M $267.8M
YoY Change 0.54% 2.88% -1.01%
Operating Profit $140.7M $285.2M $251.7M
YoY Change 9.55% 13.32% 3.99%
Interest Expense $28.50M $26.94M $27.56M
YoY Change 2.96% -2.23% 0.41%
% of Operating Profit 20.26% 9.45% 10.95%
Other Income/Expense, Net -$289.0K $833.0K -$329.0K
YoY Change -125.85% -353.19% -78.92%
Pretax Income $111.9M $259.1M $223.8M
YoY Change 9.86% 15.77% 1.16%
Income Tax $41.07M $97.05M $80.77M
% Of Pretax Income 36.71% 37.46% 36.09%
Net Earnings $70.81M $164.7M $141.8M
YoY Change -0.54% 16.16% 3.0%
Net Earnings / Revenue 13.45% 16.67% 15.93%
Basic Earnings Per Share $1.38
Diluted Earnings Per Share $665.4K $1.555M $1.38
COMMON SHARES
Basic Shares Outstanding 105.3M shares 105.2M shares 102.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.00M $45.00M $48.00M
YoY Change 6.06% -6.25% -50.0%
Cash & Equivalents $69.78M $45.40M $47.92M
Short-Term Investments
Other Short-Term Assets $62.73M $61.02M $52.45M
YoY Change 3.67% 16.33% -21.86%
Inventory $152.0M $120.0M $191.0M
Prepaid Expenses
Receivables $250.2M $336.6M $361.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $534.4M $563.1M $652.9M
YoY Change -17.65% -13.76% -20.15%
LONG-TERM ASSETS
Property, Plant & Equipment $8.924B $8.738B $7.839B
YoY Change 10.8% 11.47% 11.57%
Goodwill $729.7M $729.7M $742.7M
YoY Change -1.75% -1.75% 0.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $310.3M $330.2M $308.9M
YoY Change 9.97% 6.9% -9.39%
Total Long-Term Assets $9.964B $9.798B $8.891B
YoY Change 9.76% 10.21% 9.64%
TOTAL ASSETS
Total Short-Term Assets $534.4M $563.1M $652.9M
Total Long-Term Assets $9.964B $9.798B $8.891B
Total Assets $10.50B $10.36B $9.544B
YoY Change 7.93% 8.57% 6.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.0M $185.0M $227.0M
YoY Change -17.59% -18.5% -23.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $258.6M $670.6M $626.9M
YoY Change -61.43% 6.97% 178.65%
Long-Term Debt Due $0.00 $250.0M
YoY Change -100.0%
Total Short-Term Liabilities $745.7M $1.496B $1.227B
YoY Change -51.26% 21.89% 20.51%
LONG-TERM LIABILITIES
Long-Term Debt $3.067B $2.315B $2.456B
YoY Change 39.04% -5.74% 0.01%
Other Long-Term Liabilities $169.1M $155.1M $237.5M
YoY Change -26.08% -34.72% 30.56%
Total Long-Term Liabilities $3.236B $2.470B $2.693B
YoY Change 32.92% -8.3% 2.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $745.7M $1.496B $1.227B
Total Long-Term Liabilities $3.236B $2.470B $2.693B
Total Liabilities $3.982B $3.966B $3.920B
YoY Change 0.44% 1.16% 7.24%
SHAREHOLDERS EQUITY
Retained Earnings $1.480B $1.457B $1.245B
YoY Change 16.26% 16.99% 15.83%
Common Stock $2.526B $2.465B $2.256B
YoY Change 6.51% 9.24% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.902B $3.835B $3.345B
YoY Change
Total Liabilities & Shareholders Equity $10.50B $10.36B $9.544B
YoY Change 7.93% 8.57% 6.92%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $70.81M $164.7M $141.8M
YoY Change -0.54% 16.16% 3.0%
Depreciation, Depletion And Amortization $80.00M $77.70M $72.00M
YoY Change 8.84% 7.92% 5.88%
Cash From Operating Activities $193.6M $435.0M $382.9M
YoY Change 9.44% 13.61% -25.42%
INVESTING ACTIVITIES
Capital Expenditures -$252.7M -$261.4M -$245.6M
YoY Change -0.39% 6.43% 36.22%
Acquisitions
YoY Change
Other Investing Activities $22.10M $136.9M $2.400M
YoY Change 481.58% 5604.17% -500.0%
Cash From Investing Activities -$230.7M -$124.6M -$243.2M
YoY Change -7.68% -48.77% 34.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 61.50M -309.8M -170.6M
YoY Change -32.57% 81.59% -52.72%
NET CHANGE
Cash From Operating Activities 193.6M 435.0M 382.9M
Cash From Investing Activities -230.7M -124.6M -243.2M
Cash From Financing Activities 61.50M -309.8M -170.6M
Net Change In Cash 24.40M 600.0K -30.90M
YoY Change 34.07% -101.94% 9.19%
FREE CASH FLOW
Cash From Operating Activities $193.6M $435.0M $382.9M
Capital Expenditures -$252.7M -$261.4M -$245.6M
Free Cash Flow $446.3M $696.4M $628.5M
YoY Change 3.65% 10.8% -9.4%

Facts In Submission

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us-gaap Payments For Proceeds From Investments
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8918000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4597000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3787000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
86809000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
95314000 USD
us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
0 USD
us-gaap Payments To Acquire Oil And Gas Equipment
PaymentsToAcquireOilAndGasEquipment
85714000 USD
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
245592000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
536004000 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
261423000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
559385000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
297743000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
305845000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49400000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
125000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
17641000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
16984000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
169002000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-159204000 USD
CY2016Q3 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
1873900000 USD
CY2017Q1 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation
1987347000 USD
CY2016Q3 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
8268606000 USD
CY2017Q1 us-gaap Public Utilities Property Plant And Equipment Net
PublicUtilitiesPropertyPlantAndEquipmentNet
8738487000 USD
CY2016Q3 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10142506000 USD
CY2017Q1 us-gaap Public Utilities Property Plant And Equipment Plant In Service
PublicUtilitiesPropertyPlantAndEquipmentPlantInService
10725834000 USD
CY2016Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
890040000 USD
CY2016Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
829811000 USD
CY2017Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
670607000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
3463059000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
1564793000 USD
CY2017Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
988186000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
1768354000 USD
CY2016Q3 us-gaap Regulatory Assets
RegulatoryAssets
263623000 USD
CY2017Q1 us-gaap Regulatory Assets
RegulatoryAssets
237322000 USD
CY2016Q3 us-gaap Regulatory Liabilities
RegulatoryLiabilities
514725000 USD
CY2017Q1 us-gaap Regulatory Liabilities
RegulatoryLiabilities
559865000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1262534000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1456980000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
3834864000 USD
CY2016Q1 us-gaap Taxes Other
TaxesOther
61780000 USD
us-gaap Taxes Other
TaxesOther
112994000 USD
CY2017Q1 us-gaap Taxes Other
TaxesOther
65614000 USD
us-gaap Taxes Other
TaxesOther
122663000 USD
CY2016Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
231000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
405000 USD
CY2017Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
193000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
348000 USD
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102946000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102837000 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105935000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105610000 shares
us-gaap Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">December&#160;20, 2016</font><font style="font-family:inherit;font-size:10pt;">,&#160;we executed a purchase and sale agreement to acquire the general partnership and limited partnership interests in EnLink North Texas Pipeline, LP (EnLink Pipeline) from EnLink Energy GP, LLC and EnLink Midstream Operating, LP for an all&#8211;cash price of </font><font style="font-family:inherit;font-size:10pt;">$85 million</font><font style="font-family:inherit;font-size:10pt;">, plus estimated working capital. After considering estimated working capital, the total proceeds paid were </font><font style="font-family:inherit;font-size:10pt;">$85.7 million</font><font style="font-family:inherit;font-size:10pt;">. The final purchase price is subject to adjustment after the estimated working capital is finalized during the third quarter of fiscal 2017.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">EnLink Pipeline's primary asset is a 140&#8211;mile natural gas pipeline located on the north side of the Dallas&#8211;Fort Worth Metroplex. As of March 31, 2017, the </font><font style="font-family:inherit;font-size:10pt;">$85 million</font><font style="font-family:inherit;font-size:10pt;"> purchase price has been allocated, based on fair value using observable market inputs, to the net book value of the acquired pipeline. </font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Atmos Energy Corporation (&#8220;Atmos Energy&#8221; or the &#8220;Company&#8221;) is engaged in the regulated natural gas distribution and pipeline and storage businesses. Our regulated businesses are subject to federal and state regulation and/or regulation by local authorities in each of the states in which our regulated divisions and subsidiaries operate.</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our distribution business delivers natural gas through sales and transportation arrangements to approximately </font><font style="font-family:inherit;font-size:10pt;">three million</font><font style="font-family:inherit;font-size:10pt;"> residential, commercial, public authority and industrial customers through our </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> natural gas distribution divisions, which at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, covered service areas located in </font><font style="font-family:inherit;font-size:10pt;">eight</font><font style="font-family:inherit;font-size:10pt;"> states. In addition, we transport natural gas for others through our distribution system and manage our storage assets located in Kentucky and Tennessee, which are used solely to support our regulated natural gas distribution operations in those states. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our pipeline and storage business includes the transportation of natural gas to our North Texas and Louisiana distribution systems and the management of our underground storage facilities used to support our North Texas distribution business.</font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2017, we completed the sale of all of the equity interests of Atmos Energy Marketing (AEM) to CenterPoint Energy Services, Inc., a subsidiary of CenterPoint Energy, Inc. (CES). Accordingly, AEM&#8217;s historical financial results are reflected in the Company&#8217;s condensed consolidated financial statements as discontinued operations, which required retrospective application to financial information for all periods presented. Refer to Note 6 for further information. Our discontinued natural gas marketing segment was primarily engaged in a nonregulated natural gas marketing business, conducted by AEM. This business provided natural gas management and transportation services to municipalities, regulated distribution companies, including certain divisions of Atmos Energy, and third parties.</font></div></div>

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