$WES
Western Midstream Partners, LP

2018 Q3 Form 10-Q Financial Statement

#000142390218000022 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $587.9M $518.1M $525.5M
YoY Change 2.3% -1.4% 22.58%
Cost Of Revenue $106.0M $95.66M $203.3M
YoY Change -55.7% -52.94% 93.97%
Gross Profit $481.9M $422.4M $322.2M
YoY Change 43.66% 31.12% -0.5%
Gross Profit Margin 81.98% 81.54% 61.31%
Selling, General & Admin $158.2M $142.1M $99.30M
YoY Change 52.56% 43.1% 0.1%
% of Gross Profit 32.83% 33.64% 30.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $97.48M $88.49M $74.03M
YoY Change 34.38% 19.53% 9.99%
% of Gross Profit 20.23% 20.95% 22.98%
Operating Expenses $255.7M $230.6M $173.3M
YoY Change 45.12% 33.06% 4.08%
Operating Profit $257.6M $114.2M $207.0M
YoY Change 44.13% -44.82% 18.05%
Interest Expense $48.87M $42.25M $36.30M
YoY Change 35.31% 16.39% 170.29%
% of Operating Profit 18.97% 36.99% 17.54%
Other Income/Expense, Net $655.0K $1.277M $272.0K
YoY Change 110.61% 369.49% -855.56%
Pretax Income $213.6M $77.47M $175.2M
YoY Change 45.17% -55.78% 5.47%
Income Tax $15.01M $10.30M $843.0K
% Of Pretax Income 7.03% 13.3% 0.48%
Net Earnings $151.4M $100.2M $104.9M
YoY Change 57.33% -4.54% 18.1%
Net Earnings / Revenue 25.75% 19.34% 19.97%
Basic Earnings Per Share
Diluted Earnings Per Share $691.6K $457.7K $479.2K
COMMON SHARES
Basic Shares Outstanding 218.9M shares 218.9M shares 218.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.0M $55.00M $189.0M
YoY Change -13.07% -70.9% 18.13%
Cash & Equivalents $132.9M $55.32M $188.8M
Short-Term Investments
Other Short-Term Assets $26.12M $27.06M $10.45M
YoY Change 93.52% 158.97% 73.81%
Inventory $11.00M $9.000M $9.000M
Prepaid Expenses
Receivables $224.7M $166.9M $136.4M
Other Receivables $4.000M $8.000M $1.000M
Total Short-Term Assets $383.9M $249.4M $335.7M
YoY Change 6.94% -25.72% -13.3%
LONG-TERM ASSETS
Property, Plant & Equipment $6.419B $6.214B $5.348B
YoY Change 16.54% 16.19% 6.91%
Goodwill $416.2M $416.2M $417.6M
YoY Change -0.35% -0.35% -0.38%
Intangibles $753.9M $761.1M $789.5M
YoY Change -3.63% -3.6% -3.48%
Long-Term Investments $786.9M $754.3M $581.2M
YoY Change 37.18% 29.79% -4.12%
Other Assets $14.06M $14.38M $16.03M
YoY Change -10.05% -10.27% 4.93%
Total Long-Term Assets $8.650B $8.419B $7.412B
YoY Change 14.46% 13.59% 4.09%
TOTAL ASSETS
Total Short-Term Assets $383.9M $249.4M $335.7M
Total Long-Term Assets $8.650B $8.419B $7.412B
Total Assets $9.034B $8.669B $7.748B
YoY Change 14.12% 11.89% 3.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $361.0M $331.0M $198.0M
YoY Change 19.14% 67.17% 117.58%
Accrued Expenses $114.5M $131.4M $56.98M
YoY Change 98.45% 130.6% -56.22%
Deferred Revenue $8.031M $24.10M
YoY Change
Short-Term Debt $28.00M $28.00M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $540.3M $517.2M $277.5M
YoY Change 37.28% 86.34% 14.82%
LONG-TERM LIABILITIES
Long-Term Debt $4.566B $4.177B $3.281B
YoY Change 35.43% 27.32% 10.85%
Other Long-Term Liabilities $142.0M $138.5M $143.0M
YoY Change -2.77% -3.15% -13.86%
Total Long-Term Liabilities $4.877B $4.476B $3.434B
YoY Change 38.21% 30.35% 9.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $540.3M $517.2M $277.5M
Total Long-Term Liabilities $4.877B $4.476B $3.434B
Total Liabilities $5.417B $4.993B $3.711B
YoY Change 38.12% 34.54% 10.0%
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 $981.0M $994.0M $1.070B
YoY Change
Total Liabilities & Shareholders Equity $9.034B $8.669B $7.748B
YoY Change 14.12% 11.89% 3.2%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $151.4M $100.2M $104.9M
YoY Change 57.33% -4.54% 18.1%
Depreciation, Depletion And Amortization $97.48M $88.49M $74.03M
YoY Change 34.38% 19.53% 9.99%
Cash From Operating Activities $335.9M $329.1M $239.7M
YoY Change 59.12% 37.3% 53.75%
INVESTING ACTIVITIES
Capital Expenditures -$477.2M -$579.3M -$134.6M
YoY Change 200.69% 330.39% 13.2%
Acquisitions
YoY Change
Other Investing Activities -$33.60M -$184.4M $23.80M
YoY Change -573.24% -874.79% 167.42%
Cash From Investing Activities -$510.8M -$763.7M -$110.7M
YoY Change 236.72% 589.88% 0.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 252.5M -33.90M -62.80M
YoY Change -365.23% -46.02% -2830.43%
NET CHANGE
Cash From Operating Activities 335.9M 329.1M 239.7M
Cash From Investing Activities -510.8M -763.7M -110.7M
Cash From Financing Activities 252.5M -33.90M -62.80M
Net Change In Cash 77.60M -468.5M 66.20M
YoY Change -316.76% -807.7% 37.34%
FREE CASH FLOW
Cash From Operating Activities $335.9M $329.1M $239.7M
Capital Expenditures -$477.2M -$579.3M -$134.6M
Free Cash Flow $813.1M $908.4M $374.3M
YoY Change 119.88% 142.69% 36.21%

Facts In Submission

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-826653000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
431358000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
513247000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
104944000 USD
us-gaap Net Income Loss
NetIncomeLoss
180884000 USD
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
67580000 USD
us-gaap Net Income Loss
NetIncomeLoss
168585000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
69409000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
96130000 USD
CY2018Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-33017000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
16466000 USD
us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
0 USD
CY2017Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
45000 USD
CY2018Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
59000 USD
CY2017Q4 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
260000000 USD
CY2018Q2 us-gaap Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
260000000 USD
CY2017Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
76148000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
149908000 USD
CY2018Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
100628000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
188907000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
206996000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
344571000 USD
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
74040000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
261334000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1714000 USD
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2636000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
15383000 USD
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
27057000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
0 USD
CY2018Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
72000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
12570000 USD
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
14384000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3491000 USD
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
138493000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
272000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
718000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1277000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2094000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
2476000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
3376000 USD
CY2017Q4 us-gaap Partners Capital
PartnersCapital
1061125000 USD
CY2018Q2 us-gaap Partners Capital
PartnersCapital
994418000 USD
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
244658000 USD
CY2017Q4 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
2883754000 USD
CY2018Q2 us-gaap Partners Capital Attributable To Noncontrolling Interest
PartnersCapitalAttributableToNoncontrollingInterest
2681237000 USD
CY2017Q4 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
3944879000 USD
CY2018Q2 us-gaap Partners Capital Including Portion Attributable To Noncontrolling Interest
PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest
3675655000 USD
us-gaap Partners Capital Other
PartnersCapitalOther
342000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
260480000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
650096000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
208803000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
244658000 USD
us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
27474000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
161858000 USD
CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2955000 USD
CY2018Q2 us-gaap Prepaid Insurance
PrepaidInsurance
521000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
9221000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
12505000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
22977000 USD
wgp Contractwith Customer Liability Increasefor Cash Received Netof Revenue Recognized
ContractwithCustomerLiabilityIncreaseforCashReceivedNetofRevenueRecognized
41076000 USD
wgp Contributions Of Equity Based Compensation From Parent
ContributionsOfEquityBasedCompensationFromParent
2801000 USD
wgp Contributions To Equity Method Investment
ContributionsToEquityMethodInvestment
287000 USD
wgp Contributions To Equity Method Investment
ContributionsToEquityMethodInvestment
27490000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
159989000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1337531000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
174353000 USD
us-gaap Profit Loss
ProfitLoss
277014000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
34563000 USD
us-gaap Profit Loss
ProfitLoss
185051000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7864535000 USD
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8618993000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5730891000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6213574000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
630000000 USD
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
437098000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
875290000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
220037000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
492806000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
542214000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
527151000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
527103000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2168028000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4477339000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P6M
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2017Q2 us-gaap Revenues
Revenues
525450000 USD
us-gaap Revenues
Revenues
1041643000 USD
CY2018Q2 us-gaap Revenues
Revenues
435949000 USD
us-gaap Revenues
Revenues
873117000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2502000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3165000 USD
CY2017Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
11924000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
24218000 USD
CY2018Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
11754000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
24136000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
2495000 USD
CY2018Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
2756000 USD
wgp Above Market Component Of Swap Extensions
AboveMarketComponentOfSwapExtensions
28121000 USD
wgp Contractwith Customer Asset Increase Decreasefor New Accounting Standards
ContractwithCustomerAssetIncreaseDecreaseforNewAccountingStandards
5129000 USD
CY2018Q2 wgp Contractwith Customer Asset Increasefor Additional Estimated Revenues
ContractwithCustomerAssetIncreaseforAdditionalEstimatedRevenues
3700000 USD
wgp Contractwith Customer Asset Increasefor Additional Estimated Revenues
ContractwithCustomerAssetIncreaseforAdditionalEstimatedRevenues
7134000 USD
wgp Contractwith Customer Liability Increase Decreasefor New Accounting Standards
ContractwithCustomerLiabilityIncreaseDecreaseforNewAccountingStandards
120717000 USD
CY2018Q2 wgp Contractwith Customer Liability Increasefor Cash Received Netof Revenue Recognized
ContractwithCustomerLiabilityIncreaseforCashReceivedNetofRevenueRecognized
12500000 USD
wgp Debt Activity Other
DebtActivityOther
17359000 USD
wgp Deferred Purchase Price Obligation Including Accretion And Revisions
DeferredPurchasePriceObligationIncludingAccretionAndRevisions
-4094000 USD
wgp Deferred Purchase Price Obligation Including Accretion And Revisions
DeferredPurchasePriceObligationIncludingAccretionAndRevisions
0 USD
CY2017Q2 wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
15458000 USD
wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
134945000 USD
CY2018Q2 wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
170000 USD
wgp Gain Loss On Disposition Of Assets And Other Net
GainLossOnDispositionOfAssetsAndOtherNet
286000 USD
wgp Number Of Days Subsequent To Quarter End That Cash Is Required To Be Distributed
NumberOfDaysSubsequentToQuarterEndThatCashIsRequiredToBeDistributed
P55D
wgp Partners Capital Account Adjustment Distributions To Contributions From Affiliate Of Other Assets
PartnersCapitalAccountAdjustmentDistributionsToContributionsFromAffiliateOfOtherAssets
-376000 USD
wgp Partners Capital Account Adjustment Distributions To Contributions From Affiliate Of Other Assets
PartnersCapitalAccountAdjustmentDistributionsToContributionsFromAffiliateOfOtherAssets
0 USD
CY2017Q2 wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
16373000 USD
wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
28670000 USD
CY2018Q2 wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
13839000 USD
wgp Proceeds From Above Market Component Of Swap Extensions
ProceedsFromAboveMarketComponentOfSwapExtensions
28121000 USD
wgp Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
30000 USD
wgp Proceeds From Payment To Affiliate
ProceedsFromPaymentToAffiliate
0 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;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-style:italic;">Use of estimates. </font><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, using historical experience and other methods considered reasonable. 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 style="line-height:120%;text-align:justify;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div></div>

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