2018 Q4 Form 10-K Financial Statement

#000160314519000014 Filed on February 19, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $155.0M $771.0M $197.0M
YoY Change -21.32% -4.46% 3.14%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $70.00M $278.0M $70.00M
YoY Change 0.0% 3.35% -10.26%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $51.00M $199.0M $57.00M
YoY Change -10.53% -2.45% -22.97%
% of Gross Profit
Operating Expenses $121.0M $481.0M $127.0M
YoY Change -4.72% -2.83% -16.45%
Operating Profit $31.00M $443.0M $66.00M
YoY Change -53.03% 41.99% 11.86%
Interest Expense -$168.0M $248.0M -$44.00M
YoY Change 281.82% 24.62% -150.0%
% of Operating Profit -541.94% 55.98% -66.67%
Other Income/Expense, Net $8.000M -$170.0M $36.00M
YoY Change -77.78% 448.39% 50.0%
Pretax Income -$125.0M $273.0M $62.00M
YoY Change -301.61% -2.85% -74.9%
Income Tax -$7.000M $6.000M $15.00M
% Of Pretax Income 2.2% 24.19%
Net Earnings -$22.00M $167.0M -$91.00M
YoY Change -75.82% -360.94% -316.67%
Net Earnings / Revenue -14.19% 21.66% -46.19%
Basic Earnings Per Share -$0.39 $3.05
Diluted Earnings Per Share -$0.39 $2.91 -$1.605M
COMMON SHARES
Basic Shares Outstanding 54.90M shares
Diluted Shares Outstanding 74.60M shares

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.0M $147.0M $154.0M
YoY Change -4.55% -4.55% 2.67%
Cash & Equivalents $147.0M $147.0M $154.0M
Short-Term Investments
Other Short-Term Assets $45.00M $45.00M $46.00M
YoY Change -2.17% -36.62% 53.33%
Inventory
Prepaid Expenses
Receivables $63.00M $80.00M $85.00M
Other Receivables $17.00M $68.00M $88.00M
Total Short-Term Assets $340.0M $340.0M $398.0M
YoY Change -14.57% -14.57% 8.45%
LONG-TERM ASSETS
Property, Plant & Equipment $6.770B $6.770B $6.197B
YoY Change 9.25% 9.25% -1.6%
Goodwill $584.0M $628.0M
YoY Change -7.01% 0.0%
Intangibles
YoY Change
Long-Term Investments $214.0M $234.0M $218.0M
YoY Change -1.83% 2.18% -26.85%
Other Assets $128.0M $216.0M $124.0M
YoY Change 3.23% -23.4% 31.91%
Total Long-Term Assets $9.065B $9.065B $8.027B
YoY Change 12.93% 13.36% -3.22%
TOTAL ASSETS
Total Short-Term Assets $340.0M $340.0M $398.0M
Total Long-Term Assets $9.065B $9.065B $8.027B
Total Assets $9.405B $9.405B $8.425B
YoY Change 11.63% 12.03% -2.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.00M $10.00M $26.00M
YoY Change -61.54% -61.54% -92.15%
Accrued Expenses $50.00M $50.00M $39.00M
YoY Change 28.21% 28.21% 56.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $707.0M $707.0M $99.00M
YoY Change 614.14% 614.14% 26.92%
Total Short-Term Liabilities $859.0M $859.0M $276.0M
YoY Change 211.23% 211.23% -66.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.728B $2.728B $4.218B
YoY Change -35.32% -35.32% 20.24%
Other Long-Term Liabilities $47.00M $268.0M $100.0M
YoY Change -53.0% -83.56% 44.93%
Total Long-Term Liabilities $3.008B $2.996B $5.925B
YoY Change -49.23% -48.77% 12.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $859.0M $859.0M $276.0M
Total Long-Term Liabilities $3.008B $2.996B $5.925B
Total Liabilities $3.867B $7.059B $6.201B
YoY Change -37.64% 13.73% 1.74%
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 $2.346B $2.346B $2.188B
YoY Change
Total Liabilities & Shareholders Equity $9.405B $9.405B $8.425B
YoY Change 11.63% 12.03% -2.72%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$22.00M $167.0M -$91.00M
YoY Change -75.82% -360.94% -316.67%
Depreciation, Depletion And Amortization $51.00M $199.0M $57.00M
YoY Change -10.53% -2.45% -22.97%
Cash From Operating Activities $93.00M $362.0M $120.0M
YoY Change -22.5% -12.35% -22.58%
INVESTING ACTIVITIES
Capital Expenditures -$15.00M $25.00M -$7.000M
YoY Change 114.29% -92.84% -97.85%
Acquisitions
YoY Change
Other Investing Activities -$535.0M -$4.000M -$553.0M
YoY Change -3.25% -721.35%
Cash From Investing Activities -$550.0M -$763.0M -$560.0M
YoY Change -1.79% -44.23% 136.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 513.0M $371.0M 457.0M
YoY Change 12.25% -61.31% 293.97%
NET CHANGE
Cash From Operating Activities 93.00M $362.0M 120.0M
Cash From Investing Activities -550.0M -$763.0M -560.0M
Cash From Financing Activities 513.0M $371.0M 457.0M
Net Change In Cash 56.00M -$32.00M 17.00M
YoY Change 229.41% -557.14% -50.0%
FREE CASH FLOW
Cash From Operating Activities $93.00M $362.0M $120.0M
Capital Expenditures -$15.00M $25.00M -$7.000M
Free Cash Flow $108.0M $337.0M $127.0M
YoY Change -14.96% 426.56% -73.6%

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CY2018 us-gaap Current Federal Tax Expense Benefit
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153000000 USD
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44000000 USD
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CY2018 us-gaap Impairment Of Intangible Assets Finitelived
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CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
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440000000 USD
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281000000 USD
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273000000 USD
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440000000 USD
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281000000 USD
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273000000 USD
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40000000 USD
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40000000 USD
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100000000 USD
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153000000 USD
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98000000 USD
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57000000 USD
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CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
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7000000 USD
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28000000 USD
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31000000 USD
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27000000 USD
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235000000 USD
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226000000 USD
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203000000 USD
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20000000 USD
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21000000 USD
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43800000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54200000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74600000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43800000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54200000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54900000 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#231f20;font-style:italic;">Concentration of Credit Risk </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">- Financial instruments which potentially subject NEP to concentrations of credit risk consist primarily of accounts receivable and derivative instruments. Accounts receivable are comprised primarily of amounts due from various non-affiliated parties who are counterparties to the PPAs or natural gas transportation agreements. NEP has a limited number of counterparties, the majority of which are in the energy industry, and this concentration may impact the overall exposure to credit risk, either positively or negatively, in that the counterparties may be similarly affected by changes in economic, industry or other conditions. If any of these customers&#8217; receivable balances should be deemed uncollectible, it could have a material adverse effect on NEP&#8217;s consolidated results of operations and financial condition. Substantially all amounts due from such counterparties at </font><font style="font-family:Arial;font-size:9pt;">December&#160;31, 2018</font><font style="font-family:Arial;font-size:9pt;color:#231f20;"> have been collected.</font></div><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;"><br clear="none"/></font></div></div>
CY2018 us-gaap Derivatives Methods Of Accounting Hedge Effectiveness
DerivativesMethodsOfAccountingHedgeEffectiveness
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:9pt;"><font style="font-family:Arial;font-size:9pt;color:#231f20;font-style:italic;">Derivative Instruments and Hedging Activities </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">- Derivative instruments, when required to be marked to market, are recorded on NEP&#8217;s consolidated balance sheets as either an asset or a liability measured at fair value. See Note </font><font style="font-family:Arial;font-size:9pt;color:#231f20;">7</font><font style="font-family:Arial;font-size:9pt;color:#231f20;">.</font></div></div>

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