2018 Q1 Form 10-Q Financial Statement

#000035630918000075 Filed on May 04, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.019B $733.5M
YoY Change 38.92% 27.75%
Cost Of Revenue $621.2M $481.8M
YoY Change 28.94% 29.41%
Gross Profit $397.8M $251.7M
YoY Change 58.05% 24.67%
Gross Profit Margin 39.04% 34.31%
Selling, General & Admin $19.60M $19.90M
YoY Change -1.51% -6.13%
% of Gross Profit 4.93% 7.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.46M $20.33M
YoY Change 10.49% 14.56%
% of Gross Profit 5.65% 8.08%
Operating Expenses $840.3M $593.9M
YoY Change 41.49% 23.66%
Operating Profit $178.7M $139.7M
YoY Change 27.99% 48.67%
Interest Expense $11.80M $11.44M
YoY Change 3.17% 55.19%
% of Operating Profit 6.6% 8.19%
Other Income/Expense, Net $1.028M $5.338M
YoY Change -80.74% 142.42%
Pretax Income $168.0M $133.6M
YoY Change 25.77% 50.46%
Income Tax $30.90M $23.93M
% Of Pretax Income 18.4% 17.92%
Net Earnings $140.3M $114.7M
YoY Change 22.29% 56.37%
Net Earnings / Revenue 13.76% 15.64%
Basic Earnings Per Share $1.60 $1.33
Diluted Earnings Per Share $1.59 $1.32
COMMON SHARES
Basic Shares Outstanding 87.60M shares 86.28M shares
Diluted Shares Outstanding 87.99M shares 87.10M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.900M $92.70M
YoY Change -94.71% 4778.95%
Cash & Equivalents $4.928M $92.74M
Short-Term Investments
Other Short-Term Assets $34.66M $35.51M
YoY Change -2.39% 3.15%
Inventory $85.10M $154.7M
Prepaid Expenses
Receivables $293.3M $237.8M
Other Receivables $9.900M $0.00
Total Short-Term Assets $814.6M $678.0M
YoY Change 20.16% 47.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.476B $2.496B
YoY Change -0.83% 11.31%
Goodwill
YoY Change
Intangibles $23.17M
YoY Change
Long-Term Investments $183.9M $152.9M
YoY Change 20.27% 11.62%
Other Assets $69.55M $61.05M
YoY Change 13.92% -11.91%
Total Long-Term Assets $670.6M $683.1M
YoY Change -1.83% -4.74%
TOTAL ASSETS
Total Short-Term Assets $814.6M $678.0M
Total Long-Term Assets $670.6M $683.1M
Total Assets $3.961B $3.857B
YoY Change 2.68% 12.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.87M $70.98M
YoY Change -10.02% 4.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $150.9M $237.9M
YoY Change -36.57% 56.0%
Long-Term Debt Due $165.9M $60.70M
YoY Change 173.31% 418.8%
Total Short-Term Liabilities $694.5M $626.3M
YoY Change 10.89% 31.05%
LONG-TERM LIABILITIES
Long-Term Debt $997.9M $1.024B
YoY Change -2.55% 21.27%
Other Long-Term Liabilities $8.467M $9.029M
YoY Change -6.22% -2.16%
Total Long-Term Liabilities $801.0M $920.9M
YoY Change -13.02% 3.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $694.5M $626.3M
Total Long-Term Liabilities $801.0M $920.9M
Total Liabilities $1.495B $1.547B
YoY Change -3.34% 13.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.084B $931.2M
YoY Change 16.44% 8.47%
Common Stock $481.3M $441.3M
YoY Change 9.07% 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $84.40M $78.62M
YoY Change 7.36% -10.59%
Treasury Stock Shares 2.355M shares 2.530M shares
Shareholders Equity $1.467B $1.286B
YoY Change
Total Liabilities & Shareholders Equity $3.961B $3.857B
YoY Change 2.68% 12.8%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $140.3M $114.7M
YoY Change 22.29% 56.37%
Depreciation, Depletion And Amortization $22.46M $20.33M
YoY Change 10.49% 14.56%
Cash From Operating Activities $336.0M $217.9M
YoY Change 54.2% 41.31%
INVESTING ACTIVITIES
Capital Expenditures -$77.50M -$70.80M
YoY Change 9.46% 18.0%
Acquisitions
YoY Change
Other Investing Activities -$14.40M $1.500M
YoY Change -1060.0% -109.38%
Cash From Investing Activities -$91.90M -$69.40M
YoY Change 32.42% -8.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -243.8M -102.6M
YoY Change 137.62% 31.71%
NET CHANGE
Cash From Operating Activities 336.0M 217.9M
Cash From Investing Activities -91.90M -69.40M
Cash From Financing Activities -243.8M -102.6M
Net Change In Cash 300.0K 45.90M
YoY Change -99.35% 15200.0%
FREE CASH FLOW
Cash From Operating Activities $336.0M $217.9M
Capital Expenditures -$77.50M -$70.80M
Free Cash Flow $413.5M $288.7M
YoY Change 43.23% 34.78%

Facts In Submission

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28200000 USD
us-gaap Defined Benefit Plan Contributions By Employer
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CY2017Q1 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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39588000 USD
CY2018Q1 us-gaap Depreciation Depletion And Amortization
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22460000 USD
us-gaap Depreciation Depletion And Amortization
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CY2017Q3 us-gaap Derivative Assets Current
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CY2018Q1 us-gaap Derivative Assets Current
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46544000 USD
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44792000 USD
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11330000 USD
CY2018Q1 us-gaap Derivative Liabilities Noncurrent
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23603000 USD
CY2017Q3 us-gaap Derivative Net Liability Position Aggregate Fair Value
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8700000 USD
CY2018Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
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us-gaap Dividends Common Stock Cash
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8900000 USD
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9900000 USD
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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1.72
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1.59
us-gaap Earnings Per Share Diluted
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3.01
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.245
CY2017Q3 us-gaap Energy Related Inventory Natural Gas In Storage
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202063000 USD
CY2018Q1 us-gaap Energy Related Inventory Natural Gas In Storage
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71169000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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CY2017Q1 us-gaap Excise And Sales Taxes
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19485000 USD
us-gaap Excise And Sales Taxes
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33586000 USD
CY2018Q1 us-gaap Excise And Sales Taxes
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21542000 USD
us-gaap Excise And Sales Taxes
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38033000 USD
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160115000 USD
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179044000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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133555000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
168191000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
167974000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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238241000 USD
CY2017Q1 us-gaap Income Loss From Equity Method Investments
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5079000 USD
us-gaap Income Loss From Equity Method Investments
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7390000 USD
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IncomeLossFromEquityMethodInvestments
3193000 USD
us-gaap Income Loss From Equity Method Investments
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6457000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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463000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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272000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23932000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25950000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
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30901000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2017 us-gaap Income Tax Reconciliation Tax Credits Investment
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36400000 USD
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2985000 USD
us-gaap Increase Decrease In Accounts Payable
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-10027000 USD
us-gaap Increase Decrease In Accounts Payable
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-17541000 USD
us-gaap Increase Decrease In Accounts Receivable
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137408000 USD
us-gaap Increase Decrease In Accounts Receivable
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151220000 USD
us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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1586000 USD
us-gaap Increase Decrease In Allowance For Equity Funds Used During Construction
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2051000 USD
us-gaap Increase Decrease In Customer Deposits
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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27122000 USD
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21159000 USD
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us-gaap Increase Decrease In Other Operating Assets
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4463000 USD
us-gaap Increase Decrease In Payables To Broker Dealers
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28432000 USD
us-gaap Increase Decrease In Payables To Broker Dealers
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us-gaap Increase Decrease In Recoverable Refundable Gas Costs
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9616000 USD
us-gaap Increase Decrease In Recoverable Refundable Gas Costs
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us-gaap Increase Decrease In Restricted Cash
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us-gaap Increase Decrease In Restricted Cash
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45000 USD
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us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Paid Net
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us-gaap Investment Income Interest
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194000 USD
us-gaap Investment Income Interest
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0 USD
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CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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434000 USD
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OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
104000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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240000 USD
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0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
670000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
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17800000 USD
us-gaap Payments For Environmental Liabilities
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us-gaap Payments For Environmental Liabilities
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us-gaap Payments For Removal Costs
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us-gaap Payments For Removal Costs
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33092000 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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0 USD
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
0 USD
us-gaap Payments To Acquire Businesses Gross
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CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
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5902000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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CY2018Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
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us-gaap Payments To Acquire Other Investments
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us-gaap Payments To Acquire Other Investments
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us-gaap Payments To Acquire Other Productive Assets
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us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
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us-gaap Payments To Acquire Other Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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3400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Pension And Other Postretirement Benefit Contributions
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0 USD
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9399000 USD
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1273000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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1315000 USD
us-gaap Proceeds From Issuance Of Common Stock
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9731000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9876000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
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9700000 USD
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
9900000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
6600000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities
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<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;font-weight:bold;">1. NATURE OF THE BUSINESS</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New Jersey Resources Corporation provides regulated gas distribution services and operates certain unregulated businesses primarily through the following subsidiaries:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">New Jersey Natural Gas Company provides natural gas utility service to approximately </font><font style="font-family:inherit;font-size:10pt;">536,900</font><font style="font-family:inherit;font-size:10pt;"> retail customers in central and northern New Jersey and is subject to rate regulation by the BPU. NJNG comprises the Natural Gas Distribution segment;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Clean Energy Ventures Corporation, the Company's clean energy subsidiary, comprises the Clean Energy Ventures segment and consists of the Company's capital investments in commercial and residential solar projects located throughout New Jersey and onshore wind investments in Montana, Iowa, Kansas, Wyoming and Pennsylvania;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Energy Services Company </font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">comprises</font><font style="font-family:inherit;font-size:10pt;"> the Energy Services segment. Energy Services maintains and transacts around a portfolio of natural gas storage and transportation capacity contracts and provides physical wholesale energy and energy management services in the U.S. and Canada. From July 2017 through February 2018, N</font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">JR Retail Services Company </font><font style="font-family:inherit;font-size:10pt;">provided retail natural gas supply and transportation services to commercial and industrial customers in Delaware, Maryland, Pennsylvania and New Jersey, as part of the Energy Services segment. NJR Retail Services was sold to an unrelated third party on </font><font style="font-family:inherit;font-size:10pt;">February&#160;28, 2018</font><font style="font-family:inherit;font-size:10pt;">, see </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 16. Disposition</font><font style="font-family:inherit;font-size:10pt;"> for more details;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Midstream Holdings Corporation, which comprises the Midstream segment, invests in energy-related ventures through its subsidiaries, NJR Steckman Ridge Storage Company, which holds the Company's </font><font style="font-family:inherit;font-size:10pt;">50 percent</font><font style="font-family:inherit;font-size:10pt;"> combined </font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">ownership</font><font style="font-family:inherit;font-size:10pt;"> interest in Steckman Ridge, located in Pennsylvania, </font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">NJR Pipeline Company, which holds the Company's </font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;">20 percent</font><font style="font-family:inherit;font-size:10pt;text-align:justify;vertical-align:bottom;"> ownership interest in PennEast and NJNR Pipeline Company, which holds the Company's</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">1.84 million</font><font style="font-family:inherit;font-size:10pt;"> Common Units of Dominion Midstream Partners, L.P. See </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Note 6. Investments in Equity Investees</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">for more information; and</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NJR Retail Holdings Corporation has </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> principal subsidiaries, NJR Home Services Company, which provides heating, central air conditioning, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey, and Commercial Realty &amp; Resources Corporation, which owns commercial real estate. NJR Home Services Company and Commercial Realty &amp; Resources Corporation are included in Home Services and Other operations.</font></div></div>

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