2024 Q1 Form 10-K Financial Statement

#000007290324000034 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $3.649B $3.442B $4.080B
YoY Change -10.56% -15.08% 8.77%
Cost Of Revenue $491.0M $384.0M $856.0M
YoY Change -42.64% -51.27% 18.89%
Gross Profit $3.158B $3.058B $3.224B
YoY Change -2.05% -6.34% 6.37%
Gross Profit Margin 86.54% 88.84% 79.02%
Selling, General & Admin $155.0M $71.00M $136.0M
YoY Change 13.97% -1.39% -12.26%
% of Gross Profit 4.91% 2.32% 4.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $684.0M $641.0M $660.0M
YoY Change 3.64% 5.78% 10.55%
% of Gross Profit 21.66% 20.96% 20.47%
Operating Expenses $2.479B $2.410B $2.651B
YoY Change -6.49% -12.04% 5.16%
Operating Profit $679.0M $648.0M $573.0M
YoY Change 18.5% 23.43% 12.35%
Interest Expense -$269.0M -$234.0M $253.0M
YoY Change -206.32% 5.41% 18.22%
% of Operating Profit -39.62% -36.11% 44.15%
Other Income/Expense, Net $51.00M $23.00M $5.000M
YoY Change 920.0% 9.52% 400.0%
Pretax Income $461.0M $364.0M $365.0M
YoY Change 26.3% 12.35% 10.61%
Income Tax -$27.00M -$45.00M -$53.00M
% Of Pretax Income -5.86% -12.36% -14.52%
Net Earnings $488.0M $409.0M $418.0M
YoY Change 16.75% 7.92% 10.0%
Net Earnings / Revenue 13.37% 11.88% 10.25%
Basic Earnings Per Share $0.88 $0.76
Diluted Earnings Per Share $0.88 $0.74 $0.76
COMMON SHARES
Basic Shares Outstanding 555.2M shares 551.8M shares 549.8M shares
Diluted Shares Outstanding 556.0M shares 551.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $501.0M $129.0M $114.0M
YoY Change 339.47% 16.22% 26.67%
Cash & Equivalents $501.0M $129.0M $114.0M
Short-Term Investments
Other Short-Term Assets $2.145B $1.914B $2.259B
YoY Change -5.05% -33.01% 0.98%
Inventory $623.0M $711.0M $580.0M
Prepaid Expenses
Receivables $1.220B $1.315B $1.300B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.489B $4.069B $4.253B
YoY Change 5.55% -20.9% 5.74%
LONG-TERM ASSETS
Property, Plant & Equipment $53.93B $51.64B $48.90B
YoY Change 10.29% 7.02% 6.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $398.0M $244.0M $228.0M
YoY Change 74.56% 11.42% 6.05%
Other Assets $6.769B $678.0M $475.0M
YoY Change 1325.05% 74.29% 3.26%
Total Long-Term Assets $61.10B $60.01B $56.69B
YoY Change 7.77% 7.08% 5.06%
TOTAL ASSETS
Total Short-Term Assets $4.489B $4.069B $4.253B
Total Long-Term Assets $61.10B $60.01B $56.69B
Total Assets $65.59B $64.08B $60.95B
YoY Change 7.61% 4.72% 5.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.461B $1.668B $1.338B
YoY Change 9.19% -7.54% 6.44%
Accrued Expenses $519.0M $477.0M $466.0M
YoY Change 11.37% 9.91% 13.11%
Deferred Revenue
YoY Change
Short-Term Debt $463.0M $785.0M $1.079B
YoY Change -57.09% -3.44% 8.33%
Long-Term Debt Due $553.0M $554.0M $903.0M
YoY Change -38.76% -51.95% 5.61%
Total Short-Term Liabilities $5.210B $5.652B $5.661B
YoY Change -7.97% -7.01% 5.77%
LONG-TERM LIABILITIES
Long-Term Debt $26.46B $24.98B $22.88B
YoY Change 15.63% 9.16% 5.92%
Other Long-Term Liabilities $10.91B $148.0M $148.0M
YoY Change 7272.3% 0.68% -6.33%
Total Long-Term Liabilities $37.37B $148.0M $148.0M
YoY Change 25148.65% 0.68% -6.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.210B $5.652B $5.661B
Total Long-Term Liabilities $37.37B $148.0M $148.0M
Total Liabilities $47.74B $5.800B $5.809B
YoY Change 721.9% -6.83% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings $8.042B $7.858B $7.370B
YoY Change 9.12% 8.55% 10.23%
Common Stock $9.870B $9.852B $9.545B
YoY Change 3.4% 3.39% 4.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.84B $17.62B $16.82B
YoY Change
Total Liabilities & Shareholders Equity $65.59B $64.08B $60.95B
YoY Change 7.61% 4.72% 5.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income $488.0M $409.0M $418.0M
YoY Change 16.75% 7.92% 10.0%
Depreciation, Depletion And Amortization $684.0M $641.0M $660.0M
YoY Change 3.64% 5.78% 10.55%
Cash From Operating Activities $1.050B $974.0M $1.537B
YoY Change -31.69% 27.32% 34.82%
INVESTING ACTIVITIES
Capital Expenditures $1.537B $1.614B $1.265B
YoY Change 21.5% 22.92% -234.29%
Acquisitions
YoY Change
Other Investing Activities -$19.00M -$20.00M $11.00M
YoY Change -272.73% 5.26% 1000.0%
Cash From Investing Activities -$1.556B -$1.634B -$1.284B
YoY Change 21.18% 22.67% 34.87%
FINANCING ACTIVITIES
Cash Dividend Paid $280.0M $259.0M
YoY Change 8.11% 7.92%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $250.0M
YoY Change -100.0%
Cash From Financing Activities 878.0M 195.0M -$250.0M
YoY Change -451.2% -65.24% -5.3%
NET CHANGE
Cash From Operating Activities 1.050B 974.0M $1.537B
Cash From Investing Activities -1.556B -1.634B -$1.284B
Cash From Financing Activities 878.0M 195.0M -$250.0M
Net Change In Cash 372.0M -465.0M $3.000M
YoY Change 12300.0% 7650.0% -103.95%
FREE CASH FLOW
Cash From Operating Activities $1.050B $974.0M $1.537B
Capital Expenditures $1.537B $1.614B $1.265B
Free Cash Flow -$487.0M -$640.0M $272.0M
YoY Change -279.04% 16.79% -86.94%

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<div style="margin-bottom:5pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— Xcel Energy uses estimates based on the best information available to record transactions and balances resulting from business operations. </span></div><div style="margin-bottom:5pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates are used for items such as plant depreciable lives or potential disallowances, AROs, certain regulatory assets and liabilities, tax provisions, uncollectible amounts, environmental costs, unbilled revenues, jurisdictional fuel and energy cost allocations and actuarially determined benefit costs. Recorded estimates are revised when better information becomes available or actual amounts can be determined. Revisions can affect operating results.</span></div>
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