$MGEE
MGE ENERGY INC

2024 Q2 Form 10-Q Financial Statement

#000095017024055186 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $145.7M $191.3M
YoY Change -1.54% -11.93%
Cost Of Revenue $15.14M $51.32M
YoY Change 15.3% -38.34%
Gross Profit $130.6M $140.0M
YoY Change -3.18% 4.47%
Gross Profit Margin 89.61% 73.18%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.93M $26.60M
YoY Change 7.22% 8.08%
% of Gross Profit 20.63% 19.0%
Operating Expenses $100.8M $99.27M
YoY Change 4.52% 5.62%
Operating Profit $29.74M $40.75M
YoY Change -22.54% 1.78%
Interest Expense -$5.577M -$5.282M
YoY Change -28.13% -29.45%
% of Operating Profit -18.76% -12.96%
Other Income/Expense, Net $3.856M $3.881M
YoY Change -21.9% -27.53%
Pretax Income $25.27M $36.62M
YoY Change -28.96% -3.38%
Income Tax $1.472M $2.808M
% Of Pretax Income 5.83% 7.67%
Net Earnings $23.79M $33.81M
YoY Change -17.04% 8.8%
Net Earnings / Revenue 16.33% 17.67%
Basic Earnings Per Share $0.66 $0.93
Diluted Earnings Per Share $0.66 $0.93
COMMON SHARES
Basic Shares Outstanding 36.18M 36.17M
Diluted Shares Outstanding 36.20M 36.19M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.27M $16.69M
YoY Change -1.44% 13.46%
Cash & Equivalents $16.27M $16.69M
Short-Term Investments
Other Short-Term Assets $14.28M $13.19M
YoY Change -81.67% -4.83%
Inventory $70.60M $69.68M
Prepaid Expenses
Receivables $42.96M $45.34M
Other Receivables $16.30M $9.687M
Total Short-Term Assets $222.2M $221.7M
YoY Change -0.14% -0.67%
LONG-TERM ASSETS
Property, Plant & Equipment $2.201B $2.140B
YoY Change 8.11% 7.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $114.8M $114.7M
YoY Change 5.39% 6.46%
Other Assets $20.91M $20.60M
YoY Change -89.14% -10.43%
Total Long-Term Assets $2.502B $2.452B
YoY Change 7.05% 6.67%
TOTAL ASSETS
Total Short-Term Assets $222.2M $221.7M
Total Long-Term Assets $2.502B $2.452B
Total Assets $2.725B $2.674B
YoY Change 6.43% 6.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.83M $41.59M
YoY Change 29.2% 7.42%
Accrued Expenses $22.79M $20.02M
YoY Change 19.42% 22.32%
Deferred Revenue
YoY Change
Short-Term Debt $59.80M $41.00M
YoY Change 42.38% 24.24%
Long-Term Debt Due $5.215M $5.180M
YoY Change -85.13% -85.22%
Total Short-Term Liabilities $168.1M $139.7M
YoY Change 5.44% -4.35%
LONG-TERM LIABILITIES
Long-Term Debt $716.5M $717.6M
YoY Change 7.01% 9.93%
Other Long-Term Liabilities $61.90M $60.07M
YoY Change -82.4% -35.54%
Total Long-Term Liabilities $672.5M $658.0M
YoY Change -34.15% 5.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $168.1M $139.7M
Total Long-Term Liabilities $672.5M $658.0M
Total Liabilities $840.6M $797.6M
YoY Change -41.93% 3.45%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.168B $1.159B
YoY Change
Total Liabilities & Shareholders Equity $2.725B $2.674B
YoY Change 6.43% 6.02%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $23.79M $33.81M
YoY Change -17.04% 8.8%
Depreciation, Depletion And Amortization $26.93M $26.60M
YoY Change 7.22% 8.08%
Cash From Operating Activities $64.62M $65.82M
YoY Change -8.97% 17.52%
INVESTING ACTIVITIES
Capital Expenditures $66.85M $44.77M
YoY Change 11.15% -5.86%
Acquisitions
YoY Change
Other Investing Activities -$232.0K $274.0K
YoY Change -88.67% -43.27%
Cash From Investing Activities -$67.08M -$46.43M
YoY Change 7.86% -6.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.274M
YoY Change -93.8%
Cash From Financing Activities 1.874M -14.29M
YoY Change -126.14% 199.29%
NET CHANGE
Cash From Operating Activities 64.62M 65.82M
Cash From Investing Activities -67.08M -46.43M
Cash From Financing Activities 1.874M -14.29M
Net Change In Cash -590.0K 5.101M
YoY Change -136.29% 206.73%
FREE CASH FLOW
Cash From Operating Activities $64.62M $65.82M
Capital Expenditures $66.85M $44.77M
Free Cash Flow -$2.232M $21.04M
YoY Change -120.58% 149.13%

Facts In Submission

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0.077
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0.18
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
4671000
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-2204000
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-4671000
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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-1726000
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CY2023Q1 mgee Defined Benefit Plan Deferred Net Periodic Benefit Costs
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400000
CY2024Q1 mgee Stockissuedduringperiodunderthestockplan
Stockissuedduringperiodunderthestockplan
0
CY2023Q1 mgee Stockissuedduringperiodunderthestockplan
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0
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18180
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AllocatedShareBasedCompensationExpense
1200000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1100000
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CY2021Q4 mgee Deferredfuelrulesmonitoredcosts
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3300000
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8800000
CY2023Q4 mgee Deferredfuelrulesmonitoredcosts
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CY2024Q1 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<span id="xbrl_ts_19f0b3d21df445be886e63f2614417f2"></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">As part of its regular operations, MGE enters into contracts, including options, swaps, futures, forwards, and other contractual commitments, to manage its exposure to commodity prices. To the extent that these contracts are derivatives, MGE assesses whether or not the normal purchases or normal sales exclusion applies. For contracts to which this exclusion cannot be applied, the derivatives are recognized in the consolidated balance sheets at fair value. MGE's financial commodity derivative activities are conducted in accordance with its electric and gas risk management program, which is approved by the PSCW and limits the volume MGE can hedge with specific risk management strategies. The maximum length of time over which cash flows related to energy commodities can be hedged is </span><span id="xbrl_cs_4ddf6895c94a44cb82c99bf2bec723df"></span><span style="font-size:10pt;font-family:'Calibri',sans-serif;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">four</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> years</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">. If the derivative qualifies for regulatory deferral, the derivatives are marked to fair value and are offset with a corresponding regulatory asset or liability depending on whether the derivative is in a net loss or net gain position, respectively. The deferred gain or loss is recognized in earnings in the delivery month applicable to the instrument. Gains and losses related to hedges qualifying for regulatory treatment are refundable or recoverable in gas rates through the PGA or in electric rates as a component of the fuel rules mechanism.</span>
CY2024Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
0
CY2023Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
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0
CY2024Q1 mgee Counterparties In Default
CounterpartiesInDefault
0
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4400000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
4600000
CY2024Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
3000000
CY2023Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
5400000
CY2024Q1 mgee Deferred Compensation Arrangement With Individual Investment Interest Calculation Investment Maturity Period
DeferredCompensationArrangementWithIndividualInvestmentInterestCalculationInvestmentMaturityPeriod
P182D
CY2024Q1 mgee Deferred Compensation Arrangement With Individual Investment Interest Calculation Monthly Compounding Rate
DeferredCompensationArrangementWithIndividualInvestmentInterestCalculationMonthlyCompoundingRate
0.01
CY2024Q1 mgee Deferred Compensation Arrangement With Individual Investment Interest Calculation Minimum Annual Rate Compounded Monthly
DeferredCompensationArrangementWithIndividualInvestmentInterestCalculationMinimumAnnualRateCompoundedMonthly
0.07
CY2023Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-2604000
CY2022Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-866000
CY2024Q1 mgee Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Regulatory Assets
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInRegulatoryAssets
878000
CY2023Q1 mgee Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Regulatory Assets
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInRegulatoryAssets
-2874000
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
2204000
CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
4671000
CY2024Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
191336000
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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