2017 Q3 Form 10-Q Financial Statement

#000073180217000033 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $464.9M $526.5M $456.2M
YoY Change 7.2% 15.41% 0.16%
Cost Of Revenue $72.60M $114.2M $64.60M
YoY Change 13.62% 76.78% -78.8%
Gross Profit $392.3M $412.3M $391.6M
YoY Change 6.11% 5.28% 6.38%
Gross Profit Margin 84.39% 78.31% 85.84%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $84.80M $80.00M $73.50M
YoY Change 10.99% 8.84% 7.3%
% of Gross Profit 21.62% 19.4% 18.77%
Operating Expenses $300.5M $271.6M $270.1M
YoY Change 5.33% 0.54% 2.3%
Operating Profit $91.79M $140.7M $128.4M
YoY Change 8.7% 9.55% 15.67%
Interest Expense -$33.70M $28.50M $27.68M
YoY Change 12.33% 2.96% -0.99%
% of Operating Profit -36.71% 20.26% 21.56%
Other Income/Expense, Net -$2.800M -$289.0K $1.118M
YoY Change 2700.0% -125.85% 76.34%
Pretax Income $55.30M $111.9M $101.8M
YoY Change 1.84% 9.86% 12.79%
Income Tax $19.40M $41.07M $35.69M
% Of Pretax Income 35.08% 36.71% 35.05%
Net Earnings $35.85M $70.81M $71.19M
YoY Change 4.71% -0.54% 26.5%
Net Earnings / Revenue 7.71% 13.45% 15.61%
Basic Earnings Per Share $0.69
Diluted Earnings Per Share $336.1K $665.4K $0.69
COMMON SHARES
Basic Shares Outstanding 106.1M shares 105.3M shares 102.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.8M $70.00M $66.00M
YoY Change -4.51% 6.06% 53.49%
Cash & Equivalents $26.41M $69.78M $66.21M
Short-Term Investments $88.41M
Other Short-Term Assets $106.3M $62.73M $60.50M
YoY Change 20.7% 3.67% 3.25%
Inventory $185.0M $152.0M $245.0M
Prepaid Expenses $32.16M
Receivables $222.3M $250.2M $277.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $539.6M $534.4M $648.9M
YoY Change -20.84% -17.65% 5.23%
LONG-TERM ASSETS
Property, Plant & Equipment $9.259B $8.924B $8.054B
YoY Change 11.97% 10.8% 11.67%
Goodwill $730.1M $729.7M $742.7M
YoY Change 0.44% -1.75% 0.09%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $220.6M $310.3M $282.2M
YoY Change -27.66% 9.97% -10.05%
Total Long-Term Assets $10.21B $9.964B $9.078B
YoY Change 9.44% 9.76% 9.8%
TOTAL ASSETS
Total Short-Term Assets $539.6M $534.4M $648.9M
Total Long-Term Assets $10.21B $9.964B $9.078B
Total Assets $10.75B $10.50B $9.727B
YoY Change 7.38% 7.93% 9.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $233.0M $164.0M $199.0M
YoY Change 18.88% -17.59% -12.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $447.7M $258.6M $670.5M
YoY Change -46.04% -61.43% 166.08%
Long-Term Debt Due $0.00 $0.00 $250.0M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.013B $745.7M $1.530B
YoY Change -43.33% -51.26% 66.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.067B $3.067B $2.206B
YoY Change 40.13% 39.04% -10.17%
Other Long-Term Liabilities $175.7M $169.1M $228.8M
YoY Change -28.38% -26.08% 140.9%
Total Long-Term Liabilities $3.243B $3.236B $2.434B
YoY Change 33.22% 32.92% -4.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.013B $745.7M $1.530B
Total Long-Term Liabilities $3.243B $3.236B $2.434B
Total Liabilities $4.256B $3.982B $3.964B
YoY Change 0.8% 0.44% 14.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.467B $1.480B $1.273B
YoY Change 16.2% 16.26% 16.49%
Common Stock $2.537B $2.526B $2.372B
YoY Change 6.21% 6.51% 7.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.899B $3.902B $3.467B
YoY Change
Total Liabilities & Shareholders Equity $10.75B $10.50B $9.727B
YoY Change 7.38% 7.93% 9.49%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $35.85M $70.81M $71.19M
YoY Change 4.71% -0.54% 26.5%
Depreciation, Depletion And Amortization $84.80M $80.00M $73.50M
YoY Change 10.99% 8.84% 7.3%
Cash From Operating Activities $121.5M $193.6M $176.9M
YoY Change -26.41% 9.44% 0.06%
INVESTING ACTIVITIES
Capital Expenditures -$325.0M -$252.7M -$253.7M
YoY Change 9.32% -0.39% 12.31%
Acquisitions
YoY Change
Other Investing Activities $16.00M $22.10M $3.800M
YoY Change 1677.78% 481.58% 1800.0%
Cash From Investing Activities -$308.9M -$230.7M -$249.9M
YoY Change 4.25% -7.68% 10.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 144.1M 61.50M 91.20M
YoY Change 27.98% -32.57% -2705.71%
NET CHANGE
Cash From Operating Activities 121.5M 193.6M 176.9M
Cash From Investing Activities -308.9M -230.7M -249.9M
Cash From Financing Activities 144.1M 61.50M 91.20M
Net Change In Cash -43.30M 24.40M 18.20M
YoY Change 132.8% 34.07% -134.8%
FREE CASH FLOW
Cash From Operating Activities $121.5M $193.6M $176.9M
Capital Expenditures -$325.0M -$252.7M -$253.7M
Free Cash Flow $446.5M $446.3M $430.6M
YoY Change -3.44% 3.65% 6.93%

Facts In Submission

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0 USD
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0 USD
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10579000 USD
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13710000 USD
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110000 USD
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490000 USD
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us-gaap Payments For Proceeds From Hedge Financing Activities
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0 USD
us-gaap Payments For Proceeds From Hedge Financing Activities
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Oil And Gas Equipment
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CY2016Q2 us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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CY2017Q2 us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Proceeds From Issuance Or Sale Of Equity
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us-gaap Proceeds From Issuance Or Sale Of Equity
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CY2017Q2 us-gaap Public Utilities Property Plant And Equipment Accumulated Depreciation
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CY2016Q3 us-gaap Public Utilities Property Plant And Equipment Net
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CY2017Q2 us-gaap Public Utilities Property Plant And Equipment Net
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CY2016Q3 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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10142506000 USD
CY2017Q2 us-gaap Public Utilities Property Plant And Equipment Plant In Service
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10952422000 USD
CY2016Q2 us-gaap Regulated And Unregulated Operating Revenue
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456212000 USD
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Regulated And Unregulated Operating Revenue
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CY2017Q2 us-gaap Regulated And Unregulated Operating Revenue
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us-gaap Regulated And Unregulated Operating Revenue
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CY2016Q3 us-gaap Regulatory Assets
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CY2017Q2 us-gaap Regulatory Assets
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CY2016Q3 us-gaap Regulatory Liabilities
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us-gaap Repayments Of Long Term Debt
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CY2016Q3 us-gaap Short Term Borrowings
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CY2017Q2 us-gaap Short Term Borrowings
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Business Acquisition Description Of Acquired Entity
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<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 a cash purchase price of </font><font style="font-family:inherit;font-size:10pt;">$85 million</font><font style="font-family:inherit;font-size:10pt;">, plus working capital of </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;">.</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 was a 140&#8211;mile natural gas pipeline located on the north side of the Dallas&#8211;Fort Worth Metroplex. 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>
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<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;">June&#160;30, 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. </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 Texas and Louisiana distribution systems and the management of our underground storage facilities used to support Texas distribution businesses.</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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