$MGEE
MGE ENERGY INC

2020 Q4 Form 10-Q Financial Statement

#000116172820000098 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $136.5M $135.2M $138.2M
YoY Change -3.14% -2.16% 0.29%
Cost Of Revenue $33.60M $14.50M $12.20M
YoY Change -4.0% 18.85% -31.84%
Gross Profit $102.9M $120.7M $126.0M
YoY Change -2.83% -4.21% 5.09%
Gross Profit Margin 75.38% 89.27% 91.17%
Selling, General & Admin $0.00
YoY Change
% of Gross Profit 0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.00M $18.60M $18.20M
YoY Change 4.4% 2.2% 27.27%
% of Gross Profit 18.46% 15.41% 14.44%
Operating Expenses $84.20M $82.40M $87.30M
YoY Change 0.12% -5.61% 8.99%
Operating Profit $18.71M $38.33M $38.74M
YoY Change -14.47% -1.07% -2.66%
Interest Expense -$5.800M -$5.800M -$5.800M
YoY Change 0.0% 0.0% 16.0%
% of Operating Profit -31.0% -15.13% -14.97%
Other Income/Expense, Net $6.200M $6.534M $5.204M
YoY Change 67.57% 25.56% 20.18%
Pretax Income $19.20M $39.09M $38.11M
YoY Change -3.03% 2.58% -2.54%
Income Tax $3.370M $7.300M $7.454M
% Of Pretax Income 17.55% 18.67% 19.56%
Net Earnings $15.80M $31.79M $30.66M
YoY Change -5.2% 3.71% 3.9%
Net Earnings / Revenue 11.57% 23.51% 22.18%
Basic Earnings Per Share $0.88
Diluted Earnings Per Share $436.5K $0.88 $884.7K
COMMON SHARES
Basic Shares Outstanding 36.16M shares 36.16M 34.67M shares
Diluted Shares Outstanding 36.16M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.70M $53.10M $61.10M
YoY Change 90.21% -13.09% -54.37%
Cash & Equivalents $44.74M $53.06M $61.11M
Short-Term Investments
Other Short-Term Assets $11.39M $8.814M $8.631M
YoY Change 11.35% 2.12% -83.43%
Inventory $47.30M $49.40M $47.80M
Prepaid Expenses
Receivables $41.38M $39.18M $35.81M
Other Receivables $7.300M $9.828M $7.867M
Total Short-Term Assets $209.5M $199.9M $204.4M
YoY Change 15.35% -2.18% -27.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.769B $1.734B $1.613B
YoY Change 7.71% 7.51% 10.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $74.46M $93.10M $85.70M
YoY Change 3.93% 8.63% 16.76%
Other Assets $22.26M $18.09M $17.10M
YoY Change 16.58% 5.8% 95.85%
Total Long-Term Assets $2.044B $1.996B $1.863B
YoY Change 7.58% 7.15% 9.98%
TOTAL ASSETS
Total Short-Term Assets $209.5M $199.9M $204.4M
Total Long-Term Assets $2.044B $1.996B $1.863B
Total Assets $2.254B $2.196B $2.067B
YoY Change 8.26% 6.23% 4.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.64M $56.05M $39.14M
YoY Change -0.94% 43.22% -22.25%
Accrued Expenses $21.20M $17.40M $16.80M
YoY Change 4.95% 3.57% 2.44%
Deferred Revenue
YoY Change
Short-Term Debt $52.50M $0.00 $54.50M
YoY Change -100.0%
Long-Term Debt Due $4.771M $19.74M $4.632M
YoY Change -75.73% 326.21% 2.32%
Total Short-Term Liabilities $190.9M $115.5M $152.1M
YoY Change 48.21% -24.05% 54.38%
LONG-TERM LIABILITIES
Long-Term Debt $519.3M $520.4M $490.2M
YoY Change -0.85% 6.17% -0.86%
Other Long-Term Liabilities $72.21M $65.77M $70.69M
YoY Change 14.6% -6.96% -1.91%
Total Long-Term Liabilities $567.4M $586.2M $573.5M
YoY Change -1.05% 2.2% 0.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $190.9M $115.5M $152.1M
Total Long-Term Liabilities $567.4M $586.2M $573.5M
Total Liabilities $758.3M $701.6M $725.6M
YoY Change 7.99% -3.3% 8.63%
SHAREHOLDERS EQUITY
Retained Earnings $545.4M
YoY Change 8.06%
Common Stock $36.16M
YoY Change 4.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $976.0M $973.6M $851.2M
YoY Change
Total Liabilities & Shareholders Equity $2.254B $2.196B $2.067B
YoY Change 8.26% 6.23% 4.69%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $15.80M $31.79M $30.66M
YoY Change -5.2% 3.71% 3.9%
Depreciation, Depletion And Amortization $19.00M $18.60M $18.20M
YoY Change 4.4% 2.2% 27.27%
Cash From Operating Activities $36.40M $50.50M $25.80M
YoY Change 93.62% 95.74% -44.87%
INVESTING ACTIVITIES
Capital Expenditures -$64.00M -$53.90M -$49.30M
YoY Change 79.78% 9.33% 1.44%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$1.800M -$2.600M
YoY Change -9.09% -30.77% 52.94%
Cash From Investing Activities -$66.00M -$55.70M -$51.90M
YoY Change 74.14% 7.32% 3.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.60M -14.70M 17.50M
YoY Change -223.5% -184.0% -54.31%
NET CHANGE
Cash From Operating Activities 36.40M 50.50M 25.80M
Cash From Investing Activities -66.00M -55.70M -51.90M
Cash From Financing Activities 22.60M -14.70M 17.50M
Net Change In Cash -7.000M -19.90M -8.600M
YoY Change -81.28% 131.4% -124.71%
FREE CASH FLOW
Cash From Operating Activities $36.40M $50.50M $25.80M
Capital Expenditures -$64.00M -$53.90M -$49.30M
Free Cash Flow $100.4M $104.4M $75.10M
YoY Change 84.56% 39.01% -21.28%

Facts In Submission

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300000 USD
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us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Other Comprehensive Income Loss
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CY2020Q3 us-gaap Purchase Obligation Due In Next Twelve Months
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4317000 USD
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Other Comprehensive Income Loss
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CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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800000 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
4717000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
11049000 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-15727000 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-29020000 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-15727000 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-29020000 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
1524000 USD
CY2019Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
492000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
4687000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
1928000 USD
CY2020Q3 mgee Public Utilities Allowance For Funds Used During Construction Capitalized Interest And Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedInterestAndCostOfEquity
1900000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
31794000 USD
CY2019Q3 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
138198000 USD
CY2019Q3 us-gaap Profit Loss
ProfitLoss
30657000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
402124000 USD
us-gaap Profit Loss
ProfitLoss
76622000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
427914000 USD
us-gaap Profit Loss
ProfitLoss
70212000 USD
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 USD
CY2020Q3 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0 USD
CY2020Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
9640000 USD
CY2020Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
9045000 USD
CY2020Q3 us-gaap Accumulated Deferred Investment Tax Credit
AccumulatedDeferredInvestmentTaxCredit
2692000 USD
CY2020Q3 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
171637000 USD
CY2020Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
68632000 USD
CY2020Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
33608000 USD
CY2019Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
26287000 USD
CY2019Q4 us-gaap Accumulated Deferred Investment Tax Credit
AccumulatedDeferredInvestmentTaxCredit
763000 USD
CY2019Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
15340000 USD
us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<span style="font-family: Calibri; font-size: 10.00pt">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 style="font-family: Calibri; font-size: 10.00pt"><span style="-sec-ix-hidden: ID_680">four</span> years. 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 recoverable in gas rates through the PGA or in electric rates as a component of the fuel rules mechanism.</span>
CY2019Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-26456000 USD

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