Financial Highlights
2016 FY
12/31/2016
2017 FY
12/31/2017
2018 FY
12/31/2018
2019 FY
12/31/2019
2020 FQ3 YTD
9/30/2020
Balance Sheet Highlights ($000)
Net PP&E 4,059,940 4,460,248 4,830,118 5,308,799 5,401,239
Total Assets 11,881,981 12,534,160 13,104,051 13,745,251 14,542,361
Non-current Long-term Debt 1,544,019 1,629,797 1,879,641 2,163,936 2,245,110
Total Equity 2,066,753 2,097,386 2,162,280 2,280,260 2,323,231
Total Capitalization, at Book Value 3,820,065 3,983,421 4,195,206 4,664,199 4,796,417
Income Statement Highlights ($000)
Energy Operating Revenue 2,380,654 2,555,625 2,860,849 2,874,601 1,927,558
Operating Expense 2,024,816 2,209,392 2,527,493 2,536,689 1,696,739
Recurring EBITDA 561,246 572,772 593,900 625,206 452,659
Recurring EBIT 356,500 350,774 338,271 347,093 234,405
Net Income before Taxes 373,841 276,580 254,461 271,409 179,447
Net Income before Extra 250,146 167,187 203,664 219,772 148,756
Net Income 250,146 167,187 203,664 219,772 148,756
Reported Net Operating Income 355,838 346,233 333,356 348,674 230,819
Cash Flow Statement Highlights ($000)
Cash Flow from Operating Activities 495,658 420,441 499,312 512,470 312,268
Cash Flow from Investing Activities (736,465) (815,299) (792,059) (541,709) (1,144,633)
Cash Flow from Financing Activities 218,781 378,287 200,074 87,716 819,687
Net Increase in Cash and Cash Equivalents (22,026) (16,571) (92,673) 58,477 (12,678)
Operating Free Cash Flow 165,615 (10,013) (7,458) 54,950 16,096
Balance Sheet Ratios / Capital (%)
Total Equity / Total Assets 17.39 16.73 16.50 16.59 15.98
Working Capital ($000) (4,301,197) (4,461,675) (4,649,459) (5,087,877) (5,314,368)
Long-term Debt / Book Capital 40.42 40.91 44.80 46.39 46.81
Debt / Book Capitalisation 45 46.49 47.64 50.38 50.85
Total Debt / Total Equity (x) 0.83 0.88 0.92 1.03 1.05
Preferred Incl. Mezzanine / Book-Value Capital 0.90 0.86 0.82 0.74 0.71
Income Statement Ratios (%)
Recurring Revenue Growth (8.47) 7.50 11.82 0.52 (10.35)
Net Income Growth 54.63 (33.16) 21.82 7.91 (2.80)
Annualized EPS after Extra Growth 52.70 (33.60) 21.70 7.60 (2.90)
Dividend Payout Ratio 54.15 81.58 67.03 64.32 73.33
Electric Revenue / Operating Revenue 87.97 88.34 89.01 88.57 87.89
Operations & Maintenance / Operating Expense 18.88 17.32 16.20 16.96 17.55
Electric Generation / Operating Expense 50.25 53.15 55.38 53.38 48.12
Operating D&A / Operating Expense 10.11 10.05 10.11 10.96 12.86
Profitability Ratios (%)
ROAA 2.10 1.33 1.59 1.63 1.40
ROAE 12.55 8.03 9.63 9.93 8.66
ROACE 12.45 7.94 9.54 9.84 8.58
Liquidity Ratios (x)
Pre-tax Interest Coverage Excl. AFUDC 4.69 4.38 3.76 3.84 3.47
Pre-tax Interest and Pfd Coverage Excl. AFUDC 4.69 4.38 3.76 3.84 3.47
Adjusted Cash Flow Coverage 7.41 6.43 7.09 7.16 6.06
Recurring EBITDA / Adjusted Interest & Preferred 7.40 7.25 6.70 6.88 6.81
Reported: Fixed Charge Ratio 4.75 3.65 NA NA NA
Adjusted Operating Cash Flow / Capital Expenditures(%) 106.72 62.17 74.11 86.76 73.40
Per Share Information ($)
Common Shares Outstanding(actual) 108,583,413 108,787,807 108,879,245 108,973,328 109,181,124
Avg Diluted Shares Out(actual) 108,309,000 108,933,000 109,146,000 109,407,000 109,387,000
Basic Book Value per Share 19.03 19.28 19.86 20.92 21.28
Basic Tangible Book Value per Share 18.19 18.44 19.03 20.09 20.44
Price / Operating Cash Flow 10.40 9.70 4.20 7.40 8
Common Dividends Declared per Share 1.24 1.24 1.24 1.28 0.99
Basic EPS after Extra 2.30 1.52 1.85 2 1.35
Diluted EPS after Extraordinary 2.29 1.52 1.85 1.99 1.35
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