2024 Q3 Form 10-Q Financial Statement

#000158773224000051 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $340.4M $354.1M
YoY Change 1.37% -11.05%
Cost Of Revenue $59.63M $71.96M
YoY Change -15.9% -44.75%
Gross Profit $280.8M $282.2M
YoY Change 5.99% 5.34%
Gross Profit Margin 82.48% 79.68%
Selling, General & Admin $149.2M $140.2M
YoY Change 7.1% 2.86%
% of Gross Profit 53.14% 49.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.13M $72.55M
YoY Change 5.45% 7.41%
% of Gross Profit 25.69% 25.71%
Operating Expenses $221.3M $212.8M
YoY Change 6.56% 4.37%
Operating Profit $59.45M $69.43M
YoY Change 3.93% 8.44%
Interest Expense $39.15M $36.97M
YoY Change 40.01% -234.51%
% of Operating Profit 65.85% 53.25%
Other Income/Expense, Net $2.982M $832.0K
YoY Change 5321.82% -61.73%
Pretax Income $23.28M $33.29M
YoY Change -20.53% -14.01%
Income Tax $4.015M $6.044M
% Of Pretax Income 17.24% 18.16%
Net Earnings $19.27M $27.24M
YoY Change -23.51% -16.66%
Net Earnings / Revenue 5.66% 7.69%
Basic Earnings Per Share $0.34 $0.48
Diluted Earnings Per Share $0.34 $0.48
COMMON SHARES
Basic Shares Outstanding 56.65M shares 56.57M shares
Diluted Shares Outstanding 57.09M shares 56.83M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.80M $10.74M
YoY Change 104.32% 46.54%
Cash & Equivalents $18.80M $10.74M
Short-Term Investments
Other Short-Term Assets $79.46M $35.55M
YoY Change 213.14% -72.27%
Inventory $275.2M $224.8M
Prepaid Expenses
Receivables $176.2M $193.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $690.5M $600.2M
YoY Change 22.35% 2.2%
LONG-TERM ASSETS
Property, Plant & Equipment $6.505B $6.373B
YoY Change 8.67% 8.82%
Goodwill $158.0M $158.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $143.7M $138.8M
YoY Change 19.54% -67.25%
Total Long-Term Assets $7.349B $7.225B
YoY Change 7.0% 7.07%
TOTAL ASSETS
Total Short-Term Assets $690.5M $600.2M
Total Long-Term Assets $7.349B $7.225B
Total Assets $8.039B $7.825B
YoY Change 8.17% 6.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $146.8M $165.0M
YoY Change -12.94% 7.03%
Accrued Expenses $71.83M $56.02M
YoY Change 6.41% 2.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $14.00K $13.00K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.388B $1.457B
YoY Change -11.71% 0.2%
LONG-TERM LIABILITIES
Long-Term Debt $2.385B $2.147B
YoY Change 28.04% 14.43%
Other Long-Term Liabilities $99.61M $99.33M
YoY Change 11.78% -84.05%
Total Long-Term Liabilities $2.484B $2.246B
YoY Change 27.3% -10.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.388B $1.457B
Total Long-Term Liabilities $2.484B $2.246B
Total Liabilities $3.872B $3.703B
YoY Change 9.9% -20.88%
SHAREHOLDERS EQUITY
Retained Earnings $770.4M $789.0M
YoY Change 9.53% 10.42%
Common Stock $567.0K $567.0K
YoY Change 2.16% 2.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.813B $2.827B
YoY Change
Total Liabilities & Shareholders Equity $8.039B $7.825B
YoY Change 8.17% 6.68%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $19.27M $27.24M
YoY Change -23.51% -16.66%
Depreciation, Depletion And Amortization $72.13M $72.55M
YoY Change 5.45% 7.41%
Cash From Operating Activities $54.86M $142.7M
YoY Change -41.52% -48.99%
INVESTING ACTIVITIES
Capital Expenditures $181.2M $175.6M
YoY Change 7.8% 2.58%
Acquisitions
YoY Change
Other Investing Activities $768.0K -$176.0K
YoY Change 668.0% -47.62%
Cash From Investing Activities -$180.5M -$175.8M
YoY Change 7.41% 2.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.9M 44.13M
YoY Change 130.41% -146.09%
NET CHANGE
Cash From Operating Activities 54.86M 142.7M
Cash From Investing Activities -180.5M -175.8M
Cash From Financing Activities 121.9M 44.13M
Net Change In Cash -3.708M 10.99M
YoY Change -82.59% -11.42%
FREE CASH FLOW
Cash From Operating Activities $54.86M $142.7M
Capital Expenditures $181.2M $175.6M
Free Cash Flow -$126.4M -$32.96M
YoY Change 70.07% -130.38%

Facts In Submission

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OtherComprehensiveIncomeLossBeforeTax
0 usd
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-3000 usd
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
0 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-2000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 usd
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000 usd
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
8000 usd
CY2023Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56750000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
77000 shares
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
27243000 usd
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56827000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
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
us-gaap Net Income Loss
NetIncomeLoss
126560000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56740000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.23
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
73000 shares
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
126560000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56813000 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.23
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
CY2024Q2 ogs Regulatory Deferral Of Net Periodic Benefit Costs
RegulatoryDeferralOfNetPeriodicBenefitCosts
2400000 usd
CY2023Q2 ogs Regulatory Deferral Of Net Periodic Benefit Costs
RegulatoryDeferralOfNetPeriodicBenefitCosts
2800000 usd
CY2024Q2 ogs Capitalizednonservicecostcomponentsasaregulatoryasset
Capitalizednonservicecostcomponentsasaregulatoryasset
4400000 usd
CY2023Q4 ogs Capitalizednonservicecostcomponentsasaregulatoryasset
Capitalizednonservicecostcomponentsasaregulatoryasset
2200000 usd
CY2024Q2 ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
1800000 usd
CY2023Q2 ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
3100000 usd
ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
11900000 usd
ogs Reductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcess Adi Tthatwasreturnedtocustomers
ReductioninincometaxexpensefortheamortizationoftheregulatoryliabilityassociatedwithexcessADITthatwasreturnedtocustomers
13000000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
832000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2174000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4340000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4755000 usd
CY2024Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2024Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2024Q2 ogs Numberofsiteswithongoinggroundwatermonitoring
Numberofsiteswithongoinggroundwatermonitoring
7
CY2024Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2024Q2 ogs Number Of Sites Where Regulatory Closure Has Been Achieved
NumberOfSitesWhereRegulatoryClosureHasBeenAchieved
5
CY2024Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2024Q2 ogs Number Of Former Manufactured Gas Sites Where We Own Or Retain Legal Responsibility For Environmental Conditions
NumberOfFormerManufacturedGasSitesWhereWeOwnOrRetainLegalResponsibilityForEnvironmentalConditions
12
CY2024Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2024Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2024Q2 ogs Deferred Mgp Costs Maximum
DeferredMGPCostsMaximum
15000000 usd
CY2024Q1 ogs Insurance Proceeds Related To Mgp Sites
InsuranceProceedsRelatedToMGPSites
1500000 usd
CY2024Q2 ogs Regulatory Asset For Costs Associated With Manufactured Gas Sites
RegulatoryAssetForCostsAssociatedWithManufacturedGasSites
30500000 usd
CY2023Q4 ogs Regulatory Asset For Costs Associated With Manufactured Gas Sites
RegulatoryAssetForCostsAssociatedWithManufacturedGasSites
32000000 usd
CY2024Q2 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
13800000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
14300000 usd
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="text-align:justify"><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 style="text-align:justify"><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 style="text-align:justify"><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>
ogs Fair Value Assets Transfersbetween Levels
FairValueAssetsTransfersbetweenLevels
0 usd
ogs Fair Value Assets Transfersbetween Levels
FairValueAssetsTransfersbetweenLevels
0 usd
CY2024Q2 ogs Discounts And Issuance Costs For Securitized Utility Tariff Bonds Excluding Current Maturities
DiscountsAndIssuanceCostsForSecuritizedUtilityTariffBondsExcludingCurrentMaturities
5100000 usd
CY2023Q4 ogs Discounts And Issuance Costs For Securitized Utility Tariff Bonds Excluding Current Maturities
DiscountsAndIssuanceCostsForSecuritizedUtilityTariffBondsExcludingCurrentMaturities
5300000 usd

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