2018 Q4 Form 10-Q Financial Statement

#000113046418000053 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $501.2M $322.0M $335.6M
YoY Change 10.08% -4.06% 3.54%
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 $50.00M $49.05M $47.11M
YoY Change 5.04% 4.11% -3.71%
% of Gross Profit
Operating Expenses $387.1M $256.9M $256.1M
YoY Change 14.49% 0.33% -7.02%
Operating Profit $114.1M $65.09M $79.56M
YoY Change -2.62% -18.19% 12.3%
Interest Expense -$141.0M -$35.30M -$34.10M
YoY Change 307.51% 3.52% -3.4%
% of Operating Profit -123.55% -54.24% -42.86%
Other Income/Expense, Net $106.6M -$35.81M -$33.18M
YoY Change 106500.0% 7.91% -2.06%
Pretax Income $79.70M $29.28M $46.38M
YoY Change -3.63% -36.87% 89.07%
Income Tax -$11.90M $7.500M $13.48M
% Of Pretax Income -14.93% 25.62% 29.06%
Net Earnings $86.57M $16.95M $31.60M
YoY Change 70.75% -46.36% 76.68%
Net Earnings / Revenue 17.27% 5.26% 9.42%
Basic Earnings Per Share $1.50 $0.32 $0.52
Diluted Earnings Per Share $1.49 $0.31 $0.50
COMMON SHARES
Basic Shares Outstanding 59.97M shares 53.36M shares 53.24M shares
Diluted Shares Outstanding 54.82M shares 55.43M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.80M $10.00M $13.50M
YoY Change 35.06% -25.93% -78.57%
Cash & Equivalents $20.78M $10.00M $13.45M
Short-Term Investments
Other Short-Term Assets $29.98M $32.69M $25.59M
YoY Change 18.19% 27.77% -14.8%
Inventory $117.3M $122.6M $122.9M
Prepaid Expenses
Receivables $269.2M $152.8M $150.3M
Other Receivables $13.00M $11.10M $0.00
Total Short-Term Assets $503.8M $384.9M $385.0M
YoY Change -11.73% -0.03% -0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $4.855B $4.700B $4.499B
YoY Change 6.9% 4.48% 0.75%
Goodwill $1.299B $1.299B $1.299B
YoY Change 0.0% 0.0% -0.07%
Intangibles $14.34M $6.954M $7.765M
YoY Change 89.67% -10.44% -13.18%
Long-Term Investments $41.00M $41.20M $12.90M
YoY Change 212.98% 219.38% 4.03%
Other Assets $14.35M $17.14M $11.63M
YoY Change 41.41% 47.45% -9.17%
Total Long-Term Assets $6.459B $6.277B $6.179B
YoY Change 6.1% 1.59% 296.95%
TOTAL ASSETS
Total Short-Term Assets $503.8M $384.9M $385.0M
Total Long-Term Assets $6.459B $6.277B $6.179B
Total Assets $6.963B $6.662B $6.564B
YoY Change 4.57% 1.5% 2.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.6M $115.9M $94.79M
YoY Change 30.9% 22.27% -14.32%
Accrued Expenses $215.5M $201.4M $206.8M
YoY Change -1.8% -2.62% -9.51%
Deferred Revenue
YoY Change
Short-Term Debt $185.6M $112.1M $225.2M
YoY Change -12.15% -50.22% 200.23%
Long-Term Debt Due $5.743M $255.7M $5.743M
YoY Change 0.0% 4353.13% 0.0%
Total Short-Term Liabilities $648.2M $730.2M $554.3M
YoY Change -0.13% 31.75% 23.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.951B $2.951B $3.110B
YoY Change -5.1% -5.1% -3.17%
Other Long-Term Liabilities $109.4M $105.9M $114.0M
YoY Change 3.44% -7.08% -19.16%
Total Long-Term Liabilities $1.077B $1.059B $1.104B
YoY Change -0.31% -4.03% 6.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $648.2M $730.2M $554.3M
Total Long-Term Liabilities $1.077B $1.059B $1.104B
Total Liabilities $1.725B $1.789B $1.658B
YoY Change -0.24% 7.93% 11.79%
SHAREHOLDERS EQUITY
Retained Earnings $700.4M $644.2M $516.4M
YoY Change 27.67% 24.75% 11.75%
Common Stock $60.05M $53.66M $53.53M
YoY Change 12.07% 0.26% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.510M $4.072M $2.448M
YoY Change 8.85% 66.34% 111.95%
Treasury Stock Shares 44.25K shares 72.92K shares 41.46K shares
Shareholders Equity $2.182B $1.813B $1.683B
YoY Change
Total Liabilities & Shareholders Equity $6.963B $6.662B $6.564B
YoY Change 4.57% 1.5% 2.22%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $86.57M $16.95M $31.60M
YoY Change 70.75% -46.36% 76.68%
Depreciation, Depletion And Amortization $50.00M $49.05M $47.11M
YoY Change 5.04% 4.11% -3.71%
Cash From Operating Activities $110.1M $68.00M $56.50M
YoY Change 1.1% 20.35% -515.44%
INVESTING ACTIVITIES
Capital Expenditures -$179.4M -$121.4M -$84.50M
YoY Change 105.73% 43.67% -37.03%
Acquisitions
YoY Change
Other Investing Activities -$4.700M $3.200M -$7.900M
YoY Change -118.08% -140.51% 3850.0%
Cash From Investing Activities -$184.0M -$118.3M -$92.50M
YoY Change 201.15% 27.89% -31.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.80M 51.80M 38.00M
YoY Change -285.96% 36.32% -51.72%
NET CHANGE
Cash From Operating Activities 110.1M 68.00M 56.50M
Cash From Investing Activities -184.0M -118.3M -92.50M
Cash From Financing Activities 84.80M 51.80M 38.00M
Net Change In Cash 10.90M 1.500M 2.000M
YoY Change 395.45% -25.0% -102.88%
FREE CASH FLOW
Cash From Operating Activities $110.1M $68.00M $56.50M
Capital Expenditures -$179.4M -$121.4M -$84.50M
Free Cash Flow $289.5M $189.4M $141.0M
YoY Change 47.63% 34.33% 16.92%

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CY2017Q3 us-gaap Customer Advances For Construction
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us-gaap Derivative Instruments Gain Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing Net
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CY2017Q3 us-gaap Disposal Group Including Discontinued Operation Deferred Tax Assets Noncurrent
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us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
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1060000 shares
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates and Basis of Presentation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The information furnished in the accompanying Condensed 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 </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;"> financial information and are of a normal recurring nature. Certain industries in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements, as well as changes in market prices. In particular, the normal peak usage season for electric utilities is June through August while the normal peak usage season for gas utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment&#8217;s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:inherit;font-size:10pt;"> and nine months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, and our financial condition as of </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;">, and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period. All earnings per share amounts discussed refer to diluted earnings per share unless otherwise noted.</font></div></div>

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