2019 Q1 Form 10-Q Financial Statement

#000076462219000046 Filed on May 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $740.5M $692.7M
YoY Change 6.9% 2.21%
Cost Of Revenue $230.6M $197.1M
YoY Change 16.98% -7.2%
Gross Profit $509.9M $495.6M
YoY Change 2.89% 6.51%
Gross Profit Margin 68.86% 71.55%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $167.8M $163.6M
YoY Change 2.59% 10.62%
% of Gross Profit 32.91% 33.0%
Operating Expenses $688.6M $627.3M
YoY Change 9.77% -5.37%
Operating Profit $60.08M $31.33M
YoY Change 91.75% -53.52%
Interest Expense $53.99M $52.20M
YoY Change 3.43% 10.14%
% of Operating Profit 89.85% 166.59%
Other Income/Expense, Net $19.11M $27.69M
YoY Change -30.99% 123.75%
Pretax Income $25.21M $6.829M
YoY Change 269.15% -78.92%
Income Tax $2.418M -$1.265M
% Of Pretax Income 9.59% -18.52%
Net Earnings $22.79M $8.094M
YoY Change 181.58% -71.28%
Net Earnings / Revenue 3.08% 1.17%
Basic Earnings Per Share $0.16 $0.03
Diluted Earnings Per Share $0.16 $0.03
COMMON SHARES
Basic Shares Outstanding 112.3M shares 112.0M shares
Diluted Shares Outstanding 112.7M shares 112.5M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.000M $15.00M
YoY Change -60.0% 400.0%
Cash & Equivalents $6.109M $15.44M
Short-Term Investments
Other Short-Term Assets $65.95M $51.89M
YoY Change 27.11% 6.84%
Inventory $307.0M $306.0M
Prepaid Expenses
Receivables $247.0M $210.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $876.4M $957.4M
YoY Change -8.46% 20.43%
LONG-TERM ASSETS
Property, Plant & Equipment $12.36B $11.66B
YoY Change 6.0% 2.53%
Goodwill
YoY Change
Intangibles $268.0M $262.5M
YoY Change 2.09% 4.5%
Long-Term Investments
YoY Change
Other Assets $99.45M $58.18M
YoY Change 70.94% -16.92%
Total Long-Term Assets $16.98B $16.19B
YoY Change 4.86% 5.15%
TOTAL ASSETS
Total Short-Term Assets $876.4M $957.4M
Total Long-Term Assets $16.98B $16.19B
Total Assets $17.85B $17.15B
YoY Change 4.12% 5.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $263.7M $205.2M
YoY Change 28.51% -18.0%
Accrued Expenses $116.0M $51.00M
YoY Change 127.45% 4.08%
Deferred Revenue $87.26M
YoY Change
Short-Term Debt $244.1M $369.9M
YoY Change -34.02% 78.44%
Long-Term Debt Due $250.0M $582.0M
YoY Change -57.04% 365.6%
Total Short-Term Liabilities $1.591B $1.874B
YoY Change -15.1% 57.01%
LONG-TERM LIABILITIES
Long-Term Debt $4.886B $4.291B
YoY Change 13.88% 0.39%
Other Long-Term Liabilities $149.2M $155.6M
YoY Change -4.1% -4.21%
Total Long-Term Liabilities $5.035B $4.446B
YoY Change 13.25% 0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.591B $1.874B
Total Long-Term Liabilities $5.035B $4.446B
Total Liabilities $6.627B $6.321B
YoY Change 4.84% 12.26%
SHAREHOLDERS EQUITY
Retained Earnings $2.659B $2.454B
YoY Change 8.35% 7.7%
Common Stock $2.644B $2.620B
YoY Change 0.91% 0.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.586M $2.431M
YoY Change 129.78% 7.09%
Treasury Stock Shares 63.27K shares 29.10K shares
Shareholders Equity $5.251B $5.020B
YoY Change
Total Liabilities & Shareholders Equity $17.85B $17.15B
YoY Change 4.12% 5.9%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $22.79M $8.094M
YoY Change 181.58% -71.28%
Depreciation, Depletion And Amortization $167.8M $163.6M
YoY Change 2.59% 10.62%
Cash From Operating Activities $173.4M $166.9M
YoY Change 3.93% 19.15%
INVESTING ACTIVITIES
Capital Expenditures -$259.8M -$361.0M
YoY Change -28.03% 3.5%
Acquisitions
YoY Change
Other Investing Activities -$4.576M $1.299M
YoY Change -452.27% 63.81%
Cash From Investing Activities -$254.5M -$361.1M
YoY Change -29.52% 3.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $500.0M $0.00
YoY Change
Cash From Financing Activities $81.42M $195.8M
YoY Change -58.41% -3.46%
NET CHANGE
Cash From Operating Activities $173.4M $166.9M
Cash From Investing Activities -$254.5M -$361.1M
Cash From Financing Activities $81.42M $195.8M
Net Change In Cash $343.0K $1.548M
YoY Change -77.84% -126.45%
FREE CASH FLOW
Cash From Operating Activities $173.4M $166.9M
Capital Expenditures -$259.8M -$361.0M
Free Cash Flow $433.2M $527.9M
YoY Change -17.93% 7.98%

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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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2293000 USD
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135225000 USD
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166902000 USD
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260404000 USD
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180000000 USD
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4844000 USD
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2092000 USD
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CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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3221000 USD
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398000 shares
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476000 shares
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112493000 shares
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0.03
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453859000 USD
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919309000 USD
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1563000 USD
CY2019Q1 pnw Special Use Fund Investments Other Gross Fair Value
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238207000 USD
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451646000 USD
CY2019Q1 us-gaap Assets Fair Value Disclosure
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CY2019Q1 us-gaap Derivative Liability Fair Value Gross Asset
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2079000 USD
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1200000 USD
CY2018Q4 us-gaap Derivative Asset Fair Value Gross Liability
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2029000 USD
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1113000 USD
CY2018Q4 pnw Decommissioning Fund Investments Fair Value Net Pending Securities Salesand Purchases
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398953000 USD
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593000 USD
CY2018Q4 pnw Special Use Fund Investments Other Gross Fair Value
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236101000 USD
CY2018Q4 pnw Assets Fair Value Gross Liabilityand Net Pending Securities Salesand Purchases
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397517000 USD
CY2018Q4 us-gaap Assets Fair Value Disclosure
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1089548000 USD
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875000 USD
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60037000 USD
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CY2017Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2019Q1 pnw Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Derivative Gain Loss Deferred As Regulatory Asset Or Liability
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CY2018Q1 pnw Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Derivative Gain Loss Deferred As Regulatory Asset Or Liability
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CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
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CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
-782000 USD
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
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-2000 USD
CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3
-2445000 USD
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
-3665000 USD
CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersOutOfLevel3
-2487000 USD
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-5612000 USD
CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
-19754000 USD
CY2019Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2018Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2019Q1 pnw Stated Interest Ratefor Notes Receivable
StatedInterestRateforNotesReceivable
0.039
CY2019Q1 us-gaap Notes Receivable Net
NotesReceivableNet
57000000 USD
CY2018Q4 us-gaap Notes Receivable Net
NotesReceivableNet
61000000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
21638000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
65038000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12424000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9585000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6621000 USD
CY2019Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1207000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-96000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-1309000 USD
CY2018Q1 pnw Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActOf2017ReclassificationFromAOCIToRetainedEarningsTaxEffect
-8552000 USD
CY2017 pnw Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
1140000000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
194000000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
119000000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
4348000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
17290000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5496000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
41618000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
140782000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
21643000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
119139000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
68246000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12428000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9478000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6513000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5359000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
42236000 USD
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
144260000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0386
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3087000 USD

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