2023 Q3 Form 10-Q Financial Statement

#000158773223000047 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $335.8M $398.1M $429.0M
YoY Change -6.56% -7.19% 35.9%
Cost Of Revenue $70.91M $130.2M $188.3M
YoY Change -43.81% -30.82% 100.91%
Gross Profit $264.9M $267.9M $240.7M
YoY Change 13.61% 11.28% 8.46%
Gross Profit Margin 78.89% 67.29% 56.12%
Selling, General & Admin $139.3M $136.3M $127.1M
YoY Change 6.43% 7.23% 5.95%
% of Gross Profit 52.59% 50.88% 52.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.40M $67.55M $55.04M
YoY Change 23.84% 22.72% 8.27%
% of Gross Profit 25.82% 25.22% 22.87%
Operating Expenses $207.7M $203.9M $182.2M
YoY Change 11.6% 11.91% 6.62%
Operating Profit $57.20M $64.02M $58.57M
YoY Change 21.57% 9.31% 14.61%
Interest Expense $27.96M -$27.49M $16.32M
YoY Change 43.02% -268.41% 8.83%
% of Operating Profit 48.88% -42.93% 27.86%
Other Income/Expense, Net $55.00K $2.174M -$3.983M
YoY Change -93.06% -154.58% -983.15%
Pretax Income $29.30M $38.71M $38.27M
YoY Change 3.54% 1.16% 4.67%
Income Tax $4.108M $6.022M $6.191M
% Of Pretax Income 14.02% 15.56% 16.18%
Net Earnings $25.19M $32.69M $32.08M
YoY Change 6.28% 1.91% 6.59%
Net Earnings / Revenue 7.5% 8.21% 7.48%
Basic Earnings Per Share $0.45 $0.59 $0.59
Diluted Earnings Per Share $0.45 $0.58 $0.59
COMMON SHARES
Basic Shares Outstanding 55.45M shares 55.39M shares 54.26M shares
Diluted Shares Outstanding 55.98M shares 55.91M shares 54.34M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.200M $7.332M $7.385M
YoY Change -11.25% -0.72% -96.47%
Cash & Equivalents $9.192M $7.332M $7.385M
Short-Term Investments
Other Short-Term Assets $25.37M $128.2M $27.93M
YoY Change -12.03% 359.06% -38.51%
Inventory $279.3M $217.3M $261.1M
Prepaid Expenses
Receivables $177.5M $234.4M $242.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $564.4M $587.3M $2.149B
YoY Change -41.12% -72.67% 255.94%
LONG-TERM ASSETS
Property, Plant & Equipment $5.986B $5.857B $5.357B
YoY Change 9.32% 9.33% 7.37%
Goodwill $158.0M $158.0M $158.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $120.2M $423.7M $110.5M
YoY Change 14.35% 283.3% 8.45%
Total Long-Term Assets $6.868B $6.748B $6.263B
YoY Change 7.94% 7.75% -17.38%
TOTAL ASSETS
Total Short-Term Assets $564.4M $587.3M $2.149B
Total Long-Term Assets $6.868B $6.748B $6.263B
Total Assets $7.432B $7.335B $8.411B
YoY Change 1.52% -12.8% 2.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $168.6M $154.1M $186.4M
YoY Change -11.76% -17.33% 17.73%
Accrued Expenses $67.50M $54.40M $58.18M
YoY Change -8.02% -6.5% 171.88%
Deferred Revenue
YoY Change
Short-Term Debt $327.0M $217.1M $490.1M
YoY Change -22.77% -55.7%
Long-Term Debt Due $772.9M $807.0M $1.400B
YoY Change 209.15% -42.35%
Total Short-Term Liabilities $1.572B $1.454B $2.328B
YoY Change 42.28% -37.55% 530.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.863B $1.876B $2.284B
YoY Change -23.32% -17.85% -44.06%
Other Long-Term Liabilities $89.12M $622.8M $91.07M
YoY Change -3.77% 583.9% -11.25%
Total Long-Term Liabilities $1.952B $2.499B $2.375B
YoY Change -22.6% 5.22% -43.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.572B $1.454B $2.328B
Total Long-Term Liabilities $1.952B $2.499B $2.375B
Total Liabilities $3.523B $4.680B $4.703B
YoY Change -2.84% -0.49% 3.26%
SHAREHOLDERS EQUITY
Retained Earnings $703.4M $714.5M $628.8M
YoY Change 13.69% 13.63% 14.96%
Common Stock $555.0K $554.0K $541.0K
YoY Change 2.59% 2.4% 1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.647B $2.655B $2.454B
YoY Change
Total Liabilities & Shareholders Equity $7.432B $7.335B $8.411B
YoY Change 1.52% -12.8% 2.78%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $25.19M $32.69M $32.08M
YoY Change 6.28% 1.91% 6.59%
Depreciation, Depletion And Amortization $68.40M $67.55M $55.04M
YoY Change 23.84% 22.72% 8.27%
Cash From Operating Activities $93.80M $279.7M $179.0M
YoY Change -92.61% 56.21% 118.47%
INVESTING ACTIVITIES
Capital Expenditures $168.1M $171.2M -$137.8M
YoY Change -204.11% -224.28% 16.8%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$336.0K -$382.0K
YoY Change -86.05% -12.04% 7540.0%
Cash From Investing Activities -$168.0M -$171.5M -$138.1M
YoY Change 4.52% 24.18% 17.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 52.90M -95.73M -45.97M
YoY Change -104.79% 108.25% -90.0%
NET CHANGE
Cash From Operating Activities 93.80M 279.7M 179.0M
Cash From Investing Activities -168.0M -171.5M -138.1M
Cash From Financing Activities 52.90M -95.73M -45.97M
Net Change In Cash -21.30M 12.41M -5.062M
YoY Change -814.53% -345.2% -98.98%
FREE CASH FLOW
Cash From Operating Activities $93.80M $279.7M $179.0M
Capital Expenditures $168.1M $171.2M -$137.8M
Free Cash Flow -$74.30M $108.5M $316.8M
YoY Change -105.19% -65.76% 58.48%

Facts In Submission

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CY2022Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
44000 usd
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
0 usd
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
113000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
32689000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55566000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
348000 shares
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
32689000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55914000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
32075000 usd
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54262000 shares
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.59
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
73000 shares
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
32075000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54335000 shares
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.59
us-gaap Net Income Loss
NetIncomeLoss
135310000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55552000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.43
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
305000 shares
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
135310000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
55857000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.42
us-gaap Net Income Loss
NetIncomeLoss
131009000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54092000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.42
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
91000 shares
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
131009000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
54183000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.42
CY2022Q4 ogs Capitalizednonservicecostcomponentsasaregulatoryasset
Capitalizednonservicecostcomponentsasaregulatoryasset
2800000 usd
CY2023Q2 ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
3100000 usd
CY2022Q2 ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
3000000 usd
ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
13000000 usd
ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
10900000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2174000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3983000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4755000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-8128000 usd
CY2023Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2023Q2 ogs Number Of Sites Where Regulatory Closure Has Been Achieved
NumberOfSitesWhereRegulatoryClosureHasBeenAchieved
5
CY2023Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2023Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2023Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2023Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2023Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2023Q2 ogs Regulatory Asset For Costs Associated With Manufactured Gas Sites
RegulatoryAssetForCostsAssociatedWithManufacturedGasSites
32000000 usd
CY2022Q4 ogs Regulatory Asset For Costs Associated With Manufactured Gas Sites
RegulatoryAssetForCostsAssociatedWithManufacturedGasSites
32000000 usd
CY2023Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2023Q2 ogs Numberofsiteswithongoinggroundwatermonitoring
Numberofsiteswithongoinggroundwatermonitoring
7
CY2023Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2023Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
14800000 usd
CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
12700000 usd
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accounting Treatment</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - We record all derivative instruments at fair value, with the exception of normal purchases and normal sales that are expected to result in physical delivery. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, if so, the reason for holding it, or if regulatory requirements impose a different accounting treatment.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If certain conditions are met, we may elect to designate a derivative instrument as a hedge of exposure to changes in fair values or cash flows. We have not elected to designate any of our derivative instruments as hedges.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below summarizes the various ways in which we account for our derivative instruments and the impact on our consolidated financial statements:</span></div><div style="margin-top:5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:22.326%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.728%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.039%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.728%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:34.479%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Recognition and Measurement</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Accounting Treatment</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Balance Sheet</span></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%"> </span></td><td colspan="3" style="border-top:2pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Income Statement</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Normal purchases and<br/>normal sales</span></td><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">-</span></td><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Fair value not recorded</span></td><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">-</span></td><td colspan="3" style="background-color:#cceeff;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in fair value not recognized in earnings</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Mark-to-market</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">-</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Recorded at fair value</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">-</span></td><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #000000;border-top:2pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Change in fair value recognized in, and recoverable through, the purchased-gas cost adjustment mechanisms</span></td></tr></table></div>
CY2023Q2 ogs Premiumsrecordedinothercurrentassetsonnaturalgascontractsheld
Premiumsrecordedinothercurrentassetsonnaturalgascontractsheld
800000 usd
CY2022Q4 ogs Premiumsrecordedinothercurrentassetsonnaturalgascontractsheld
Premiumsrecordedinothercurrentassetsonnaturalgascontractsheld
14100000 usd
ogs Fair Value Assets Transfersbetween Levels
FairValueAssetsTransfersbetweenLevels
0 usd
CY2023Q2 ogs Number Of Natural Gas Distribution Services Customers
NumberOfNaturalGasDistributionServicesCustomers
2300000

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