2019 Q1 Form 10-Q Financial Statement

#000035254119000053 Filed on May 03, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $987.2M $916.3M
YoY Change 7.74% 7.31%
Cost Of Revenue $123.0M $111.2M
YoY Change 10.61% 20.61%
Gross Profit $864.2M $805.1M
YoY Change 7.34% 5.7%
Gross Profit Margin 87.54% 87.86%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $136.9M $120.4M
YoY Change 13.7% 12.52%
% of Gross Profit 15.84% 14.95%
Operating Expenses $688.8M $639.4M
YoY Change 7.73% 4.05%
Operating Profit $176.8M $165.7M
YoY Change 6.7% 12.57%
Interest Expense $66.30M $59.20M
YoY Change 11.99% 13.19%
% of Operating Profit 37.5% 35.73%
Other Income/Expense, Net -$34.00M -$25.40M
YoY Change 33.86% -9.29%
Pretax Income $142.8M $140.3M
YoY Change 1.78% 17.7%
Income Tax $15.10M $16.80M
% Of Pretax Income 10.57% 11.97%
Net Earnings $127.7M $123.5M
YoY Change 3.4% 19.9%
Net Earnings / Revenue 12.94% 13.48%
Basic Earnings Per Share
Diluted Earnings Per Share $0.53 $0.52
COMMON SHARES
Basic Shares Outstanding 236.5M shares 231.4M shares
Diluted Shares Outstanding 236.6M shares 231.4M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.00M $19.00M
YoY Change -47.37% 137.5%
Cash & Equivalents $10.10M $19.10M
Short-Term Investments
Other Short-Term Assets $153.4M $85.90M
YoY Change 78.58% 22.02%
Inventory $168.0M $203.0M
Prepaid Expenses
Receivables $417.9M $343.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $815.2M $725.9M
YoY Change 12.3% -3.19%
LONG-TERM ASSETS
Property, Plant & Equipment $12.67B $11.44B
YoY Change 10.71% 9.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $434.0M $415.0M
YoY Change 4.58% 19.6%
Other Assets $72.80M $72.40M
YoY Change 0.55% 385.91%
Total Long-Term Assets $1.799B $1.662B
YoY Change 8.29% -13.44%
TOTAL ASSETS
Total Short-Term Assets $815.2M $725.9M
Total Long-Term Assets $1.799B $1.662B
Total Assets $15.71B $14.24B
YoY Change 10.33% 5.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $387.7M $363.1M
YoY Change 6.77% -1.73%
Accrued Expenses $3.000M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $515.0M $431.0M
YoY Change 19.49% 42.24%
Long-Term Debt Due $256.5M $855.7M
YoY Change -70.02% 18502.17%
Total Short-Term Liabilities $1.588B $2.074B
YoY Change -23.43% 77.98%
LONG-TERM LIABILITIES
Long-Term Debt $5.362B $4.057B
YoY Change 32.18% -6.01%
Other Long-Term Liabilities $442.9M $313.8M
YoY Change 41.14% 5.34%
Total Long-Term Liabilities $5.805B $4.371B
YoY Change 32.82% -5.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.588B $2.074B
Total Long-Term Liabilities $5.805B $4.371B
Total Liabilities $7.393B $6.444B
YoY Change 14.72% 11.51%
SHAREHOLDERS EQUITY
Retained Earnings $2.587B $2.389B
YoY Change 8.28% 8.32%
Common Stock $2.102B $1.854B
YoY Change 13.42% 8.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.682B $4.232B
YoY Change
Total Liabilities & Shareholders Equity $15.71B $14.24B
YoY Change 10.33% 5.77%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $127.7M $123.5M
YoY Change 3.4% 19.9%
Depreciation, Depletion And Amortization $136.9M $120.4M
YoY Change 13.7% 12.52%
Cash From Operating Activities $181.1M $156.3M
YoY Change 15.87% -9.91%
INVESTING ACTIVITIES
Capital Expenditures $374.0M -$335.2M
YoY Change -211.58% 24.66%
Acquisitions
YoY Change
Other Investing Activities $12.10M $14.00M
YoY Change -13.57% 34.62%
Cash From Investing Activities -$364.8M -$152.2M
YoY Change 139.68% 74.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.60M $6.300M
YoY Change 766.67%
Debt Paid & Issued, Net $300.0K
YoY Change
Cash From Financing Activities $176.0M -$9.800M
YoY Change -1895.92% -67.22%
NET CHANGE
Cash From Operating Activities $181.1M $156.3M
Cash From Investing Activities -$364.8M -$152.2M
Cash From Financing Activities $176.0M -$9.800M
Net Change In Cash -$7.700M -$5.700M
YoY Change 35.09% -400.0%
FREE CASH FLOW
Cash From Operating Activities $181.1M $156.3M
Capital Expenditures $374.0M -$335.2M
Free Cash Flow -$192.9M $491.5M
YoY Change -139.25% 11.1%

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CY2019Q1 us-gaap Minority Interest Amount Represented By Preferred Stock
MinorityInterestAmountRepresentedByPreferredStock
200000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9800000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
176000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-152200000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-364800000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
156300000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
181100000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
123500000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
127700000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
120900000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18000000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
125100000 USD
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-25400000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
18000000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term
OperatingLeaseWeightedAverageRemainingLeaseTerm
P12Y
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3000000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
15000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5000000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-34000000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
165700000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
176800000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
30000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
12000000 USD
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
122200000 USD
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
153400000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
89700000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
72800000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
700000 USD
CY2018Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
162400000 USD
CY2019Q1 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
181200000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
260400000 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
249000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
287200000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
442900000 USD
CY2018Q4 us-gaap Other Long Term Investments
OtherLongTermInvestments
137700000 USD
CY2019Q1 us-gaap Other Long Term Investments
OtherLongTermInvestments
138600000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
14800000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
10100000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2400000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-4000000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
14000000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
12100000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
77500000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
83700000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
509100000 USD
CY2019Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
493600000 USD
CY2018Q1 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
217300000 USD
CY2019Q1 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
53400000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6300000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
54600000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-700000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
16600000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
62100000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
188500000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12462400000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12665200000 USD
CY2018Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
14900000 USD
CY2019Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
25400000 USD
CY2018Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
916300000 USD
CY2019Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
987200000 USD
CY2018Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
708700000 USD
CY2019Q1 us-gaap Regulated Operating Revenue Electric Non Nuclear
RegulatedOperatingRevenueElectricNonNuclear
743400000 USD
CY2018Q1 us-gaap Regulated Operating Revenue Gas
RegulatedOperatingRevenueGas
185600000 USD
CY2019Q1 us-gaap Regulated Operating Revenue Gas
RegulatedOperatingRevenueGas
215800000 USD
CY2018Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
13200000 USD
CY2019Q1 us-gaap Regulated Operating Revenue Other
RegulatedOperatingRevenueOther
11100000 USD
CY2018Q4 us-gaap Regulatory Assets
RegulatoryAssets
1737300000 USD
CY2019Q1 us-gaap Regulatory Assets
RegulatoryAssets
1792400000 USD
CY2018Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
79800000 USD
CY2019Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
65800000 USD
CY2018Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1657500000 USD
CY2019Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
1726600000 USD
CY2018Q4 us-gaap Regulatory Liabilities
RegulatoryLiabilities
1493200000 USD
CY2019Q1 us-gaap Regulatory Liabilities
RegulatoryLiabilities
1482400000 USD
CY2018Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
142700000 USD
CY2019Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
179800000 USD
CY2018Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1350500000 USD
CY2019Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
1302600000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2545900000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2587300000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
916300000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
987200000 USD
CY2019Q1 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.026
CY2018Q1 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
310100000 USD
CY2019Q1 us-gaap Shortterm Debt Average Outstanding Amount
ShorttermDebtAverageOutstandingAmount
498800000 USD
CY2018Q1 us-gaap Shortterm Debt Maximum Amount Outstanding During Period
ShorttermDebtMaximumAmountOutstandingDuringPeriod
336400000 USD
CY2019Q1 us-gaap Shortterm Debt Maximum Amount Outstanding During Period
ShorttermDebtMaximumAmountOutstandingDuringPeriod
600600000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
101478 shares
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
4585700000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
4682400000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4382200000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4431500000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4785700000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4882400000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
400000 USD
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 USD
CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
27000000 USD
CY2019Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
29300000 USD
CY2018Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
8800000 USD
CY2019Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
16900000 USD
CY2018Q1 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
111200000 USD
CY2019Q1 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
121600000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
231400000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
236600000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
231400000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236500000 shares
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Certain prior period amounts in the Financial Statements and Notes have been reclassified to conform to the current period presentation for comparative purposes, including modifications to the presentation of cash receipts on sold receivables in the cash flows statements as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#sF154BB89001959769D6818BE89FF214E"><font style="font-family:inherit;font-size:10pt;">Note 1(c)</font></a><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<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;">In the opinion of management, all adjustments, which unless otherwise noted are normal and recurring in nature, necessary for a fair presentation of the results of operations, financial position and cash flows have been made. Results for the </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. A change in management&#8217;s estimates or assumptions could have a material impact on financial condition and results of operations during the period in which such change occurred.</font></div></div>

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