2024 Q3 Form 10-Q Financial Statement

#000076462224000065 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.769B $1.309B
YoY Change 8.0% 16.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $246.0M $239.1M
YoY Change 12.05% 15.03%
% of Gross Profit
Operating Expenses $1.222B $995.2M
YoY Change 8.95% 6.06%
Operating Profit $547.0M $313.7M
YoY Change 5.95% 71.18%
Interest Expense -$82.07M -$84.05M
YoY Change -193.45% 34.45%
% of Operating Profit -15.0% -26.79%
Other Income/Expense, Net $24.54M $24.64M
YoY Change -21.15% 304.27%
Pretax Income $473.5M $240.5M
YoY Change 3.03% 89.6%
Income Tax $74.23M $32.42M
% Of Pretax Income 15.68% 13.48%
Net Earnings $399.3M $208.1M
YoY Change -0.81% 95.11%
Net Earnings / Revenue 22.57% 15.9%
Basic Earnings Per Share $3.47 $1.79
Diluted Earnings Per Share $3.37 $1.76
COMMON SHARES
Basic Shares Outstanding 113.6M shares 113.6M shares
Diluted Shares Outstanding 117.1M shares 115.8M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.17M $4.007M
YoY Change 225.46% -47.68%
Cash & Equivalents $49.17M $4.007M
Short-Term Investments
Other Short-Term Assets $86.76M $139.6M
YoY Change -19.9% -84.36%
Inventory $528.0M $549.0M
Prepaid Expenses
Receivables $820.7M $548.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.265B $2.049B
YoY Change 4.75% 10.63%
LONG-TERM ASSETS
Property, Plant & Equipment $16.38B $16.29B
YoY Change 4.89% -11.92%
Goodwill
YoY Change
Intangibles $586.6M $593.0M
YoY Change 135.11% 132.03%
Long-Term Investments
YoY Change
Other Assets $122.4M $119.4M
YoY Change 18.95% -96.47%
Total Long-Term Assets $24.04B $23.65B
YoY Change 7.96% 6.89%
TOTAL ASSETS
Total Short-Term Assets $2.265B $2.049B
Total Long-Term Assets $24.04B $23.65B
Total Assets $26.31B $25.70B
YoY Change 7.67% 7.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $429.5M $548.8M
YoY Change 6.05% 25.65%
Accrued Expenses $203.0M $183.9M
YoY Change 21.72% 23.23%
Deferred Revenue $41.98M $41.56M
YoY Change 3.5% -0.06%
Short-Term Debt $623.5M $531.5M
YoY Change 47.05% 74.05%
Long-Term Debt Due $1.000B $1.000B
YoY Change 300.0% 213.57%
Total Short-Term Liabilities $3.197B $3.112B
YoY Change 62.44% 61.03%
LONG-TERM LIABILITIES
Long-Term Debt $8.056B $8.056B
YoY Change -1.32% -1.32%
Other Long-Term Liabilities $232.1M $221.4M
YoY Change -19.6% -95.76%
Total Long-Term Liabilities $8.288B $8.278B
YoY Change -1.95% -38.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.197B $3.112B
Total Long-Term Liabilities $8.288B $8.278B
Total Liabilities $11.49B $11.39B
YoY Change 10.21% -36.77%
SHAREHOLDERS EQUITY
Retained Earnings $3.882B $3.487B
YoY Change 5.9% 6.71%
Common Stock $2.775B $2.765B
YoY Change 1.09% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.191M $7.191M
YoY Change 34.97% 34.97%
Treasury Stock Shares
Shareholders Equity $6.617B $6.211B
YoY Change
Total Liabilities & Shareholders Equity $26.31B $25.70B
YoY Change 7.67% 7.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $399.3M $208.1M
YoY Change -0.81% 95.11%
Depreciation, Depletion And Amortization $246.0M $239.1M
YoY Change 12.05% 15.03%
Cash From Operating Activities $633.2M $189.8M
YoY Change 59.78% -16.03%
INVESTING ACTIVITIES
Capital Expenditures $665.8M $534.0M
YoY Change 68.0% 12.88%
Acquisitions
YoY Change
Other Investing Activities $83.64M $70.95M
YoY Change 89.22% 66.97%
Cash From Investing Activities -$582.2M -$463.0M
YoY Change 65.34% 7.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.820M 267.6M
YoY Change -84.14% 30.39%
NET CHANGE
Cash From Operating Activities 633.2M 189.8M
Cash From Investing Activities -582.2M -463.0M
Cash From Financing Activities -5.820M 267.6M
Net Change In Cash 45.16M -5.627M
YoY Change 506.23% -895.9%
FREE CASH FLOW
Cash From Operating Activities $633.2M $189.8M
Capital Expenditures $665.8M $534.0M
Free Cash Flow -$32.65M -$344.2M
YoY Change 67927.08% 39.34%

Facts In Submission

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pnw Weighted Average Number Of Shares Outstanding Diluted Including Anti Dilutive Securities
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pnw Weighted Average Number Of Shares Outstanding Diluted Including Anti Dilutive Securities
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CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareBasic
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
348499000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
348499000 shares
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2024Q2 pnw Decommissioning Fund Investments Fair Value Net Pending Securities Sales And Purchases
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SpecialUseFundInvestmentsOtherNetFairValuePendingSalesAndPurchases
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SpecialUseFundInvestmentsOtherGrossFairValue
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CY2024Q2 pnw Assets Fair Value Gross Liability And Net Pending Securities Sales And Purchases
AssetsFairValueGrossLiabilityAndNetPendingSecuritiesSalesAndPurchases
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CY2024Q2 us-gaap Assets Fair Value Disclosure
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1614173000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
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CY2023Q4 pnw Decommissioning Fund Investments Fair Value Net Pending Securities Sales And Purchases
DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesAndPurchases
408849000 usd
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1201246000 usd
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SpecialUseFundInvestmentsOtherNetFairValuePendingSalesAndPurchases
2196000 usd
CY2023Q4 pnw Special Use Fund Investments Other Gross Fair Value
SpecialUseFundInvestmentsOtherGrossFairValue
362781000 usd
CY2023Q4 pnw Assets Fair Value Gross Liability And Net Pending Securities Sales And Purchases
AssetsFairValueGrossLiabilityAndNetPendingSecuritiesSalesAndPurchases
409356000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1570845000 usd
CY2024Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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CY2024Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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CY2023Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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CY2024Q2 pnw Number Of Lease Agreements Lease And Sell Back
NumberOfLeaseAgreementsLeaseAndSellBack
3 lease
CY2024Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P20Y
CY2024Q2 pnw Number Of Energy Storage Lease Agreements
NumberOfEnergyStorageLeaseAgreements
3 agreement
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
44416000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
40453000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
50126000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
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VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
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CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
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us-gaap Short Term Lease Cost
ShortTermLeaseCost
8804000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
122650000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
178003000 usd
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LesseeOperatingLeaseLiabilityPaymentsDueYearThree
201485000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2024Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
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NumberOfLeaseAgreementsLeaseAndSellBack
3 lease
CY2024Q2 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P20Y
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NumberOfEnergyStorageLeaseAgreements
3 agreement
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
44416000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
40453000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
50126000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
45229000 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
47783000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
47994000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
69347000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
64724000 usd
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
6445000 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7403000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
9245000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
8804000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
122650000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
166593000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
178003000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
201485000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
202840000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
204788000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1114036000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2190395000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
567994000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1622401000 usd
CY2024Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
6900000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
18278000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
13798000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
309141000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
553665000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2190395000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
567994000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1622401000 usd
CY2024Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
6900000000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
18278000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
13798000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
309141000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
553665000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0485
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0453
CY2024Q2 pnw Number Of New Energy Storage Operating Lease Agreements
NumberOfNewEnergyStorageOperatingLeaseAgreements
2 agreement
CY2024Q2 pnw Number Of Purchase Power Operating Lease Agreements
NumberOfPurchasePowerOperatingLeaseAgreements
2 agreement
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
966001000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
25451000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
4771000 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
154042000 usd
CY2024Q2 us-gaap Asset Retirement Obligation
AssetRetirementObligation
1140723000 usd
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0485
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0453
CY2024Q2 pnw Number Of New Energy Storage Operating Lease Agreements
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2 agreement
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2 agreement
CY2023Q4 us-gaap Asset Retirement Obligation
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us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
25451000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
4771000 usd
us-gaap Asset Retirement Obligation Revision Of Estimate
AssetRetirementObligationRevisionOfEstimate
154042000 usd
CY2024Q2 us-gaap Asset Retirement Obligation
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
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false

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