$BKH
BLACK HILLS CORP /SD/

2023 Q4 Form 10-Q Financial Statement

#000095017023057904 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $591.7M $407.1M
YoY Change -25.23% -11.99%
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 $65.60M $64.88M
YoY Change 5.3% 1.34%
% of Gross Profit
Operating Expenses $455.2M $309.4M
YoY Change -31.18% -19.26%
Operating Profit $97.77M
YoY Change 23.01%
Interest Expense -$41.88M -$41.00M
YoY Change -4.17% 2.45%
% of Operating Profit -41.93%
Other Income/Expense, Net -$1.687M -$41.65M
YoY Change 68.7% 5.28%
Pretax Income $92.97M $56.13M
YoY Change 8.99% 40.58%
Income Tax $9.650M $7.400M
% Of Pretax Income 10.38% 13.18%
Net Earnings $79.68M $45.38M
YoY Change 10.06% 19.95%
Net Earnings / Revenue 13.47% 11.15%
Basic Earnings Per Share $0.67
Diluted Earnings Per Share $1.17 $0.67
COMMON SHARES
Basic Shares Outstanding 67.99M 67.11M
Diluted Shares Outstanding 67.39M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.60M $594.3M
YoY Change 304.11% 4982.53%
Cash & Equivalents $86.60M $594.3M
Short-Term Investments
Other Short-Term Assets $28.20M $33.24M
YoY Change -44.25% -31.0%
Inventory $160.9M $168.1M
Prepaid Expenses
Receivables $350.3M $228.8M
Other Receivables $18.50M $17.70M
Total Short-Term Assets $826.6M $1.240B
YoY Change -22.87% 46.04%
LONG-TERM ASSETS
Property, Plant & Equipment $7.119B $7.012B
YoY Change 4.73% 4.7%
Goodwill $1.300B $1.299B
YoY Change 0.0% 0.0%
Intangibles $8.400M $8.708M
YoY Change -12.4% -11.89%
Long-Term Investments
YoY Change
Other Assets $62.20M $59.03M
YoY Change 32.73% 17.43%
Total Long-Term Assets $8.794B $8.693B
YoY Change 2.89% 2.59%
TOTAL ASSETS
Total Short-Term Assets $826.6M $1.240B
Total Long-Term Assets $8.794B $8.693B
Total Assets $9.620B $9.933B
YoY Change 0.02% 6.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $186.4M $124.0M
YoY Change -39.87% -33.69%
Accrued Expenses $293.3M $257.5M
YoY Change 20.47% 2.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $600.0M $1.125B
YoY Change 14.29%
Total Short-Term Liabilities $1.185B $1.603B
YoY Change -28.89% 65.29%
LONG-TERM LIABILITIES
Long-Term Debt $3.801B $3.800B
YoY Change 5.37% -8.03%
Other Long-Term Liabilities $188.7M $152.2M
YoY Change 20.91% -2.11%
Total Long-Term Liabilities $3.990B $3.952B
YoY Change 6.02% -7.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.185B $1.603B
Total Long-Term Liabilities $3.990B $3.952B
Total Liabilities $5.175B $5.554B
YoY Change -4.7% 5.67%
SHAREHOLDERS EQUITY
Retained Earnings $1.158B $1.121B
YoY Change 8.84% 8.59%
Common Stock $68.30M $68.05M
YoY Change 3.27% 4.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.100M $3.457M
YoY Change 68.38% 101.57%
Treasury Stock Shares
Shareholders Equity $3.215B $3.167B
YoY Change
Total Liabilities & Shareholders Equity $9.620B $9.933B
YoY Change 0.02% 6.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $79.68M $45.38M
YoY Change 10.06% 19.95%
Depreciation, Depletion And Amortization $65.60M $64.88M
YoY Change 5.3% 1.34%
Cash From Operating Activities $188.3M $151.0M
YoY Change 108.03% 188.96%
INVESTING ACTIVITIES
Capital Expenditures $133.8M $160.1M
YoY Change -3.09% -192.81%
Acquisitions
YoY Change
Other Investing Activities $900.0K $1.600M
YoY Change 78.57% -165.65%
Cash From Investing Activities -$132.9M -$158.4M
YoY Change -3.39% -9.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -563.0M 449.4M
YoY Change -1088.79% 261.23%
NET CHANGE
Cash From Operating Activities 188.3M 151.0M
Cash From Investing Activities -132.9M -158.4M
Cash From Financing Activities -563.0M 449.4M
Net Change In Cash -507.6M 442.0M
YoY Change -5230.9% 25449.13%
FREE CASH FLOW
Cash From Operating Activities $188.3M $151.0M
Capital Expenditures $133.8M $160.1M
Free Cash Flow $54.50M -$9.100M
YoY Change -214.62% -104.05%

Facts In Submission

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<p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Arial;min-width:fit-content;">Use of Estimates and Basis of Presentation</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:9pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Arial;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 September 30, 2023, December 31, 2022 and September 30, 2022</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Arial;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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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
66725000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
64910000
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.67
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.54
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.87
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.54
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.74
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.86
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
48000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q3 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
600000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-15567000
CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-12907000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20084000
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-20389000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7400000
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2100000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.131
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.052
bkh Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount Of Decreased Tax Benefit
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017AmountOfDecreasedTaxBenefit
1400000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16000000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15900000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.076
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.076
CY2023Q3 us-gaap Revenues
Revenues
407126000
CY2022Q3 us-gaap Revenues
Revenues
462612000
us-gaap Revenues
Revenues
1739568000
us-gaap Revenues
Revenues
1760377000
CY2023Q3 us-gaap Assets
Assets
9932928000
CY2022Q4 us-gaap Assets
Assets
9618230000
CY2023Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
164171000
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
267571000
CY2023Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
66478000
CY2022Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
243574000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1819000
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2953000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
228830000
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
7195000
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
2445000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
10774000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1819000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2113000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6473000
us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
2117000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
8768000
CY2022Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
1935000
CY2023Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
104945000
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
99734000
CY2023Q3 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
7674000
CY2022Q4 us-gaap Energy Related Inventory Other Fossil Fuel
EnergyRelatedInventoryOtherFossilFuel
3115000
CY2023Q3 us-gaap Energy Related Inventory Natural Gas In Storage
EnergyRelatedInventoryNaturalGasInStorage
55460000
CY2022Q4 us-gaap Energy Related Inventory Natural Gas In Storage
EnergyRelatedInventoryNaturalGasInStorage
104572000
CY2023Q3 us-gaap Inventory Net
InventoryNet
168079000
CY2022Q4 us-gaap Inventory Net
InventoryNet
207421000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
65620000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
62890000
CY2023Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
46309000
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
52430000
CY2023Q3 bkh Customer Depositsand Prepayments
CustomerDepositsandPrepayments
57100000
CY2022Q4 bkh Customer Depositsand Prepayments
CustomerDepositsandPrepayments
47655000
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
49314000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
33798000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
39115000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46684000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
257458000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
243457000
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
bkh-20230930_def.xml Edgar Link unprocessable
0000950170-23-057904-index-headers.html Edgar Link pending
0000950170-23-057904-index.html Edgar Link pending
0000950170-23-057904.txt Edgar Link pending
0000950170-23-057904-xbrl.zip Edgar Link pending
bkh-20230930.htm Edgar Link pending
bkh-20230930.xsd Edgar Link pending
bkh-ex31_1.htm Edgar Link pending
bkh-ex31_2.htm Edgar Link pending
bkh-ex32_1.htm Edgar Link pending
bkh-ex32_2.htm Edgar Link pending
bkh-ex95.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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bkh-20230930_lab.xml Edgar Link unprocessable
bkh-20230930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
bkh-20230930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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bkh-20230930_cal.xml Edgar Link unprocessable