$BKH
BLACK HILLS CORP /SD/

2023 Q3 Form 10-Q Financial Statement

#000095017023037718 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $407.1M $411.3M
YoY Change -11.99% -13.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.88M $64.71M
YoY Change 1.34% 0.91%
% of Gross Profit
Operating Expenses $309.4M $347.8M
YoY Change -19.26% -13.45%
Operating Profit $97.77M $63.52M
YoY Change 23.01% -12.26%
Interest Expense -$41.00M -$41.52M
YoY Change 2.45% 7.11%
% of Operating Profit -41.93% -65.37%
Other Income/Expense, Net -$41.65M -$43.06M
YoY Change 5.28% 15.75%
Pretax Income $56.13M $20.46M
YoY Change 40.58% -41.87%
Income Tax $7.400M -$6.100M
% Of Pretax Income 13.18% -29.82%
Net Earnings $45.38M $23.05M
YoY Change 19.95% -35.69%
Net Earnings / Revenue 11.15% 5.61%
Basic Earnings Per Share $0.67 $0.35
Diluted Earnings Per Share $0.67 $0.35
COMMON SHARES
Basic Shares Outstanding 67.11M 66.66M
Diluted Shares Outstanding 67.39M 66.68M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $594.3M $152.6M
YoY Change 4982.53% 1393.55%
Cash & Equivalents $594.3M $152.6M
Short-Term Investments
Other Short-Term Assets $33.24M $29.93M
YoY Change -31.0% -23.96%
Inventory $168.1M $136.5M
Prepaid Expenses
Receivables $228.8M $260.4M
Other Receivables $17.70M $18.22M
Total Short-Term Assets $1.240B $802.3M
YoY Change 46.04% 5.51%
LONG-TERM ASSETS
Property, Plant & Equipment $7.012B $6.919B
YoY Change 4.7% 5.05%
Goodwill $1.299B $1.299B
YoY Change 0.0% 0.0%
Intangibles $8.708M $9.002M
YoY Change -11.89% -11.55%
Long-Term Investments
YoY Change
Other Assets $59.03M $53.59M
YoY Change 17.43% 25.48%
Total Long-Term Assets $8.693B $8.607B
YoY Change 2.59% 2.78%
TOTAL ASSETS
Total Short-Term Assets $1.240B $802.3M
Total Long-Term Assets $8.693B $8.607B
Total Assets $9.933B $9.409B
YoY Change 6.55% 3.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.0M $133.3M
YoY Change -33.69% -28.23%
Accrued Expenses $257.5M $217.3M
YoY Change 2.64% -4.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.125B $525.0M
YoY Change
Total Short-Term Liabilities $1.603B $977.9M
YoY Change 65.29% 24.54%
LONG-TERM LIABILITIES
Long-Term Debt $3.800B $3.956B
YoY Change -8.03% -4.21%
Other Long-Term Liabilities $152.2M $155.7M
YoY Change -2.11% 9.12%
Total Long-Term Liabilities $3.952B $4.111B
YoY Change -7.81% -3.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.603B $977.9M
Total Long-Term Liabilities $3.952B $4.111B
Total Liabilities $5.554B $5.089B
YoY Change 5.67% 0.63%
SHAREHOLDERS EQUITY
Retained Earnings $1.121B $1.118B
YoY Change 8.59% 7.9%
Common Stock $68.05M $67.12M
YoY Change 4.52% 3.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.457M $3.167M
YoY Change 101.57% 105.38%
Treasury Stock Shares $48.62K
Shareholders Equity $3.167B $3.110B
YoY Change
Total Liabilities & Shareholders Equity $9.933B $9.409B
YoY Change 6.55% 3.01%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $45.38M $23.05M
YoY Change 19.95% -35.69%
Depreciation, Depletion And Amortization $64.88M $64.71M
YoY Change 1.34% 0.91%
Cash From Operating Activities $151.0M $276.3M
YoY Change 188.96% 55.32%
INVESTING ACTIVITIES
Capital Expenditures $160.1M $142.6M
YoY Change -192.81% -190.84%
Acquisitions
YoY Change
Other Investing Activities $1.600M -$1.233M
YoY Change -165.65% -135.4%
Cash From Investing Activities -$158.4M -$143.9M
YoY Change -9.45% -6.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 449.4M -19.04M
YoY Change 261.23% -37.26%
NET CHANGE
Cash From Operating Activities 151.0M 276.3M
Cash From Investing Activities -158.4M -143.9M
Cash From Financing Activities 449.4M -19.04M
Net Change In Cash 442.0M 113.4M
YoY Change 25449.13% -1995.02%
FREE CASH FLOW
Cash From Operating Activities $151.0M $276.3M
Capital Expenditures $160.1M $142.6M
Free Cash Flow -$9.100M $133.7M
YoY Change -104.05% -60.08%

Facts In Submission

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dei Entity Registrant Name
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dei Entity Incorporation State Country Code
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dei Entity Address Address Line1
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of Estimates and Basis of Presentation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The information furnished in the accompanying Consolidated Financial Statements reflects certain estimates required and all adjustments, including accruals, which are, in the opinion of management, necessary for a fair presentation of the June 30, 2023, December 31, 2022 and June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> financial information. Certain lines of business in which we operate are highly seasonal, and our interim results of operations are not necessarily indicative of the results of operations to be expected for an entire year.</span></p>
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CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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-15567000
CY2023Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-13312000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20084000
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-22816000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6100000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-700000
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.298
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.019
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13800000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.056
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q2 us-gaap Revenues
Revenues
411283000
CY2022Q2 us-gaap Revenues
Revenues
474195000
us-gaap Revenues
Revenues
1332442000
us-gaap Revenues
Revenues
1297765000
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
63516000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
72389000
us-gaap Operating Income Loss
OperatingIncomeLoss
238399000
us-gaap Operating Income Loss
OperatingIncomeLoss
245742000
CY2023Q2 us-gaap Assets
Assets
9409095000
CY2022Q4 us-gaap Assets
Assets
9618230000
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
192444000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
267571000
CY2023Q2 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
71097000
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
243574000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3191000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2953000
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
260350000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
508192000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2953000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4278000
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1444000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
5484000
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3191000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2113000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
4239000
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1266000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
4425000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
3193000
CY2023Q2 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
101854000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
99734000
CY2023Q2 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
7757000
CY2022Q4 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
3115000
CY2023Q2 us-gaap Energy Related Inventory Natural Gas In Storage
EnergyRelatedInventoryNaturalGasInStorage
26923000
CY2022Q4 us-gaap Energy Related Inventory Natural Gas In Storage
EnergyRelatedInventoryNaturalGasInStorage
104572000
CY2023Q2 us-gaap Inventory Net
InventoryNet
136534000
CY2022Q4 us-gaap Inventory Net
InventoryNet
207421000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
62031000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
62890000
CY2023Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
40298000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
52430000
CY2023Q2 bkh Customer Depositsand Prepayments
CustomerDepositsandPrepayments
42730000
CY2022Q4 bkh Customer Depositsand Prepayments
CustomerDepositsandPrepayments
47655000
CY2023Q2 us-gaap Interest Payable Current
InterestPayableCurrent
40715000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
33798000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31485000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46684000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
217259000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
243457000

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