2014 Q3 Form 10-Q Financial Statement

#000142390214000023 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $357.5M $345.6M $251.4M
YoY Change 30.72% 37.46% 14.11%
Cost Of Revenue $113.2M $122.3M $93.50M
YoY Change 21.07% 30.8% 13.33%
Gross Profit $244.3M $241.2M $157.9M
YoY Change 35.72% 52.75% 14.5%
Gross Profit Margin 68.33% 69.8% 62.81%
Selling, General & Admin $83.40M $88.50M $56.00M
YoY Change 45.3% 58.04% 10.24%
% of Gross Profit 34.14% 36.69% 35.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.28M $45.31M $36.50M
YoY Change 25.4% 24.12% 31.77%
% of Gross Profit 19.35% 18.78% 23.12%
Operating Expenses $130.7M $135.0M $92.50M
YoY Change 37.58% 45.95% 17.83%
Operating Profit $132.7M $120.8M $68.94M
YoY Change 48.22% 75.24% 16.29%
Interest Expense $20.88M $20.86M $12.65M
YoY Change 60.38% 64.88% 32.36%
% of Operating Profit 15.73% 17.27% 18.36%
Other Income/Expense, Net $118.0K $235.0K $493.0K
YoY Change -74.68% -52.33% -138.91%
Pretax Income $116.2M $104.4M $61.00M
YoY Change 43.06% 71.15% 15.8%
Income Tax $3.891M $2.523M $53.00K
% Of Pretax Income 3.35% 2.42% 0.09%
Net Earnings $66.43M $59.39M $34.53M
YoY Change 49.48% 72.01% 84.93%
Net Earnings / Revenue 18.58% 17.19% 13.73%
Basic Earnings Per Share
Diluted Earnings Per Share $303.3K $266.6K $157.6K
COMMON SHARES
Basic Shares Outstanding 218.9M shares 218.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.00M $122.0M $92.00M
YoY Change 36.84% 32.61%
Cash & Equivalents $78.22M $122.1M $92.41M
Short-Term Investments
Other Short-Term Assets $6.915M $4.914M $6.533M
YoY Change -22.41% -24.78%
Inventory $2.000M $2.000M $2.000M
Prepaid Expenses
Receivables $126.3M $108.8M $76.85M
Other Receivables $1.000M $1.000M $2.000M
Total Short-Term Assets $211.4M $235.9M $175.8M
YoY Change 49.19% 34.17%
LONG-TERM ASSETS
Property, Plant & Equipment $3.768B $3.655B $3.094B
YoY Change 16.14% 18.14%
Goodwill $105.3M $105.3M $105.3M
YoY Change 0.0% 0.0%
Intangibles $52.56M $52.91M $54.80M
YoY Change -3.44% -3.45%
Long-Term Investments $639.2M $637.5M $211.2M
YoY Change 180.88% 201.91%
Other Assets $28.91M $29.52M $26.68M
YoY Change 2.96% 10.65%
Total Long-Term Assets $4.854B $4.741B $3.752B
YoY Change 23.84% 26.35%
TOTAL ASSETS
Total Short-Term Assets $211.4M $235.9M $175.8M
Total Long-Term Assets $4.854B $4.741B $3.752B
Total Assets $5.065B $4.976B $3.928B
YoY Change 24.72% 26.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.00M $29.00M $23.00M
YoY Change 42.11% 26.09%
Accrued Expenses $153.1M $133.1M $110.6M
YoY Change 9.08% 20.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $201.4M $176.7M $146.5M
YoY Change 13.08% 20.63%
LONG-TERM LIABILITIES
Long-Term Debt $2.083B $2.023B $1.418B
YoY Change 37.2% 42.62%
Other Long-Term Liabilities $86.00M $82.00M $75.00M
YoY Change 13.16% 9.33%
Total Long-Term Liabilities $2.170B $2.105B $1.495B
YoY Change 35.92% 40.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $201.4M $176.7M $146.5M
Total Long-Term Liabilities $2.170B $2.105B $1.495B
Total Liabilities $2.371B $2.282B $1.642B
YoY Change 33.62% 39.02%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $938.0M $942.0M $835.0M
YoY Change
Total Liabilities & Shareholders Equity $5.065B $4.976B $3.928B
YoY Change 24.72% 26.7%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $66.43M $59.39M $34.53M
YoY Change 49.48% 72.01% 84.93%
Depreciation, Depletion And Amortization $47.28M $45.31M $36.50M
YoY Change 25.4% 24.12% 31.77%
Cash From Operating Activities $160.7M $145.3M $43.30M
YoY Change 20.28% 235.57% -13.92%
INVESTING ACTIVITIES
Capital Expenditures -$138.7M -$191.3M -$173.3M
YoY Change 6.77% 10.39% 47.74%
Acquisitions
YoY Change
Other Investing Activities -$10.10M -$23.60M -$177.7M
YoY Change -91.55% -86.72% 7626.09%
Cash From Investing Activities -$148.8M -$215.0M -$351.1M
YoY Change -40.31% -38.76% 194.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.80M 97.60M 308.6M
YoY Change -169.32% -68.37% 7.3%
NET CHANGE
Cash From Operating Activities 160.7M 145.3M 43.30M
Cash From Investing Activities -148.8M -215.0M -351.1M
Cash From Financing Activities -55.80M 97.60M 308.6M
Net Change In Cash -43.90M 27.90M 800.0K
YoY Change 24.72% 3387.5% -99.63%
FREE CASH FLOW
Cash From Operating Activities $160.7M $145.3M $43.30M
Capital Expenditures -$138.7M -$191.3M -$173.3M
Free Cash Flow $299.4M $336.6M $216.6M
YoY Change 13.62% 55.4% 29.24%

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us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
2367000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
359752000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
339756000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
105347000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
46980000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
58929000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
83894000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
59245000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
9848000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
156217000 USD
us-gaap Profit Loss
ProfitLoss
112682000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
857000 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
0 USD
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
340000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
494948000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1076895000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
119428000 USD
us-gaap Proceeds From Partnership Contribution
ProceedsFromPartnershipContribution
23788000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
0 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
96000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
97746000 USD
CY2013Q2 us-gaap Profit Loss
ProfitLoss
60949000 USD
us-gaap Profit Loss
ProfitLoss
187921000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
7195000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
679610000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
360952000 USD
CY2013Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2900000 USD
CY2014Q2 us-gaap Prepaid Insurance
PrepaidInsurance
703000 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
0 USD
us-gaap Proceeds From Contribution In Aid Of Construction
ProceedsFromContributionInAidOfConstruction
182000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4591935000 USD
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4239100000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3655367000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3383255000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
480000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
245000000 USD
us-gaap Revenues
Revenues
477168000 USD
CY2013Q2 us-gaap Revenues
Revenues
251402000 USD
CY2014Q2 us-gaap Revenues
Revenues
329944000 USD
us-gaap Revenues
Revenues
609401000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1818000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2247000 USD
CY2014Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
7113000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
11871000 USD
CY2013Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
6086000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
14154000 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
410000 USD
CY2013Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
us-gaap Transfer Of Other Real Estate
TransferOfOtherRealEstate
43000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In preparing financial statements in accordance with GAAP, management makes informed judgments and estimates that affect the reported amounts of assets, liabilities, revenues, and expenses. Management evaluates its estimates and related assumptions regularly, utilizing historical experience and other methods considered reasonable under the particular circumstances. Changes in facts and circumstances or additional information may result in revised estimates and actual results may differ from these estimates. Effects on the business, financial condition and results of operations resulting from revisions to estimates are recognized when the facts that give rise to the revisions become known. The information furnished herein reflects all normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the consolidated financial statements, and certain prior-period amounts have been reclassified to conform to the current-year presentation.</font></div></div>
wgp Contributions Of Equity Based Compensation From Parent
ContributionsOfEquityBasedCompensationFromParent
1667000 USD
wgp Minority Interest And Paid In Capital Increase From Stock Issuance
MinorityInterestAndPaidInCapitalIncreaseFromStockIssuance
91929000 USD
wgp Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
NumberOfDaysSubsequentToQuarterEndThatCashIsRequiredToBeDistributed
P55D
wgp Preacquisition Net Income Allocated To Parent
PreacquisitionNetIncomeAllocatedToParent
4510000 USD
CY2014Q2 wgp Preacquisition Net Income Allocated To Parent
PreacquisitionNetIncomeAllocatedToParent
0 USD
CY2013Q2 wgp Preacquisition Net Income Allocated To Parent
PreacquisitionNetIncomeAllocatedToParent
-948000 USD
wgp Preacquisition Net Income Allocated To Parent
PreacquisitionNetIncomeAllocatedToParent
-956000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001423902
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
218903498 shares
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
WESTERN GAS EQUITY PARTNERS, LP

Files In Submission

Name View Source Status
0001423902-14-000023-index-headers.html Edgar Link pending
0001423902-14-000023-index.html Edgar Link pending
0001423902-14-000023.txt Edgar Link pending
0001423902-14-000023-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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wgp-20140630.xml Edgar Link completed
wgp-20140630.xsd Edgar Link pending
wgp-20140630_cal.xml Edgar Link unprocessable
wgp-20140630_def.xml Edgar Link unprocessable
wgp-20140630_lab.xml Edgar Link unprocessable
wgp-20140630_pre.xml Edgar Link unprocessable
wgp06301410-q.htm Edgar Link pending
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wgp063014ex321.htm Edgar Link pending