ST. LOUIS, Nov. 25, 2019 /PRNewswire/ -- Spire Inc.
(NYSE: SR) today reported results for its fiscal 2019 full year and
fourth quarter ended September 30.
Highlights include:
- Fiscal 2019 net income of $185
million ($3.52 per diluted
share), compared to $214 million
($4.33 per share) in fiscal 2018
- Net economic earnings* of $195
million, up 6.2 percent from $184
million a year ago; net economic earnings per share of
$3.73, up from $3.72 last year
- Long-term annual net economic earnings per share growth target
of 4-7 percent affirmed
- Five-year capital spend target raised to $3 billion including $590
million for fiscal 2020
"In fiscal 2019, we delivered another year of consistent growth
and improving performance. Through our organic growth initiatives
and continued investment, we achieved growth in our gas utilities
while we further expanded our marketing business," said
Suzanne Sitherwood, president and
chief executive officer of Spire. "Our ongoing investment in
infrastructure upgrades, technology and our people drove another
year of enhanced safety, system integrity and service levels. At
the same time, we continued to advance our midstream businesses,
and we are pleased to announce that the Spire STL Pipeline is now
in service, providing a reliable and more diverse supply of natural
gas to the St. Louis region. Moving forward, we are poised to
continue our growth while delivering on our promise to enrich the
lives of our customers and advance the communities we serve."
Fiscal Year
Results
|
|
Year Ended
September 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net Economic
Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
199.8
|
|
|
$
|
183.1
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
19.4
|
|
|
|
22.9
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(24.1)
|
|
|
|
(22.3)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
195.1
|
|
|
$
|
183.7
|
|
|
$
|
3.73
|
|
|
$
|
3.72
|
|
Missouri ISRS
provision, pre-tax
|
|
|
(12.2)
|
|
|
|
—
|
|
|
|
(0.23)
|
|
|
|
—
|
|
Missouri regulatory adjustments,
pre-tax
|
|
|
—
|
|
|
|
(30.6)
|
|
|
|
—
|
|
|
|
(0.62)
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
—
|
|
|
|
60.1
|
|
|
|
—
|
|
|
|
1.21
|
|
All other
adjustments
|
|
|
1.7
|
|
|
|
1.0
|
|
|
|
0.02
|
|
|
|
0.02
|
|
Net
Income
|
|
$
|
184.6
|
|
|
$
|
214.2
|
|
|
$
|
3.52
|
|
|
$
|
4.33
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
50.8
|
|
|
|
49.3
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
For fiscal 2019, we reported consolidated net income of
$184.6 million (or $3.52 per diluted share) which includes
$12.2 million ($9.3 million after tax or $0.18 per share) to establish a provision for
Infrastructure System Replacement Surcharge (ISRS) revenues which
were subject to rulings by the Missouri Court of Appeals on November 19, 2019. See further discussion in the
Regulatory Matters section.
Prior-year net income was $214.2
million (or $4.33 per share).
Fiscal year 2018 results include a $60.1
million benefit from the revaluation of deferred tax assets
and liabilities due to the Tax Cuts and Jobs Act, partially offset
by a $38.4 million write-off of
certain assets that were disallowed in our Missouri rate proceedings.
Net economic earnings (NEE) for the year were $195.1 million (or $3.73 per share), up 6.2% from $183.7 million (or $3.72 per share) a year ago. The increase in NEE
was driven by growth at our Gas Utility operations offset by
slightly lower results, as expected, from Gas Marketing in
comparison to an unusually strong performance a year ago. Per share
results reflect a three percent increase in diluted shares
outstanding as a result of 2.3 million shares issued in
May 2018 and equity issued under our
At-the-Market (ATM) program launched this year, as well as the
impact from dividends on the preferred stock issued in our fiscal
2019 third quarter.
NEE excludes from net income the impacts of fair value
accounting and timing adjustments associated with energy-related
transactions, the impacts of acquisition, divestiture and
restructuring activities, and the largely non-cash impacts of other
non-recurring or unusual items such as certain regulatory,
legislative or GAAP standard-setting actions. In fiscal 2019, these
impacts included the provision established for the Missouri ISRS
rulings noted above. In fiscal 2018, these impacts included the tax
reform and $30.6 million of
write-offs related to the Missouri
rate proceedings.
Gas Utility
The Gas Utility segment includes the regulated distribution
operations of our five gas utilities across Alabama, Mississippi and Missouri. For fiscal 2019, this segment
reported NEE of $199.8 million, up
from $183.1 million a year ago,
reflecting a higher contribution margin and more favorable weather
patterns.
Fiscal 2019 contribution margin increased by $19.6 million, reflecting the rate design change
at the Missouri utilities that
resulted in $32.2 million higher
margins during the winter heating season. Margin also benefitted a
combined $21.1 million from higher
ISRS revenues, increased gas usage due to colder weather in
Missouri, a favorable Rate
Stabilization and Equalization (RSE) adjustment, and modest
customer growth. These benefits were partially offset by a
reduction in Missouri and
Alabama customer rates of
$24.3 million to reflect the
lower federal income taxes resulting from tax reform, which is
offset by lower income tax expense resulting in minimal impact on
earnings, and $12.2 million for the
Missouri ISRS provision.
Operation and maintenance (O&M) expenses in fiscal 2019
decreased by $8.9 million
compared to the prior-year period, which included the write-off of
assets and expenses disallowed in our Missouri rate cases totaling $38.4 million. Current year expenses reflect the
benefit of a $19.6 million
year-over-year reclassification of certain postretirement benefit
costs to other income and expense (no impact on net income).
Excluding these items, O&M increased $9.9 million, with $9.0 million of that increase attributed to
higher employee benefits and energy efficiency costs reset in our
Missouri rate cases. Depreciation
and amortization rose by $12.4
million, reflecting increased capital investment across our
utilities.
Gas Marketing
The Gas Marketing segment includes the results of Spire
Marketing, which provides natural gas marketing services across the
central and southern United
States. Fiscal 2019 Gas Marketing NEE, which excludes
mark-to-market and fair value adjustments, was $19.4 million, down from $22.9 million in the prior year. The solid
current year performance reflects the benefit of geographic
expansion of the business offset by a return of more normal market
conditions compared to favorable weather-driven conditions last
year.
Other
On an NEE basis, other gas-related operations and corporate
costs were $24.1 million, up from
$22.3 million a year ago. The higher
costs reflect negative Earnings Before Interest, Taxes,
Depreciation and Amortization (EBITDA1) from Spire
Storage of $13.2 million, which was
excluded from NEE in the prior year, partially offset by the
benefit of increased non-cash Allowance for Funds Used During
Construction (AFUDC) income from Spire STL Pipeline.
Fourth Quarter
Results
|
|
Three Months Ended
September 30,
|
|
|
|
(Millions)
|
|
|
(Per Diluted Common
Share)
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Net Economic
(Loss) Earnings* by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
$
|
(20.9)
|
|
|
$
|
(25.0)
|
|
|
|
|
|
|
|
|
|
Gas
Marketing
|
|
|
1.6
|
|
|
|
4.7
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(4.4)
|
|
|
|
(6.3)
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
(23.7)
|
|
|
$
|
(26.6)
|
|
|
$
|
(0.54)
|
|
|
$
|
(0.52)
|
|
Missouri ISRS
provision
|
|
|
(12.2)
|
|
|
|
—
|
|
|
|
(0.23)
|
|
|
|
—
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
|
—
|
|
|
|
6.1
|
|
|
|
—
|
|
|
|
0.12
|
|
All other
adjustments
|
|
|
1.6
|
|
|
|
(5.4)
|
|
|
|
0.03
|
|
|
|
(0.11)
|
|
Net
Loss
|
|
$
|
(34.3)
|
|
|
$
|
(25.9)
|
|
|
$
|
(0.74)
|
|
|
$
|
(0.51)
|
|
Weighted Average
Diluted Shares Outstanding
|
|
|
50.9
|
|
|
|
50.7
|
|
|
|
|
|
|
|
|
|
|
*Non-GAAP, see "Net
Economic Earnings and Reconciliation to GAAP."
|
Our gas utility business is seasonal in nature, with earnings
concentrated during the winter heating season. As a result, we
typically report a loss in our fiscal fourth quarter ended
September 30. For fiscal 2019, we
reported a consolidated net loss for the fourth quarter of
$34.3 million ($0.74 per diluted share), compared to a net loss
of $25.9 million ($0.51 per share), a year ago. The fourth quarter
fiscal 2019 loss includes the $9.3
million, after-tax ($0.18 per
share) impact for the Missouri ISRS provision as noted earlier.
On an NEE basis, the fourth quarter loss was $23.7 million ($0.54 per share) compared to a loss of
$26.6 million ($0.52 per share) in the prior-year period. The
lower loss is due to improved results from Gas Utility, partially
offset by lower results from Spire Marketing.
Gas Utility
Gas Utility reported a loss on an NEE basis of $20.9 million, compared to a loss of $25.0 million in the prior year. Excluding the
ISRS rulings, contribution margin increased, partially offset by
higher operating costs.
Contribution margin decreased $3.8
million in the fourth quarter of fiscal 2019 over the
prior-year period, due to the Missouri ISRS provision partially
offset by higher ISRS revenues of $5.5
million, higher usage and customer growth totaling
$1.5 million and favorable Alabama
RSE adjustments.
O&M expenses of $109.1 million
for the fourth quarter were up $1.3
million compared to the prior-year period, largely
reflecting the quarter-over-quarter benefit of the reclassification
of certain postretirement costs to other income and expense of
$1.4 million. Depreciation and
amortization expense increased by $1.1
million from last year, reflecting higher capital
investment.
Gas Marketing
Fourth quarter NEE was $1.6
million, down from $4.7
million in the prior year. Performance in the current-year
period reflects the benefit of geographic expansion of the
business, offset by less favorable market conditions including
narrower basis differentials.
Other
Other gas-related operations and corporate costs on an NEE basis
for the fourth quarter were $4.4
million in fiscal 2019, improved from $6.3 million a year ago. Current year results
include negative EBITDA from Spire Storage of $1.6 million, which was more than offset by
higher AFUDC income from Spire STL Pipeline and lower corporate
costs.
Spire Midstream Operations
During the fourth quarter, we hired Scott Smith, a 30-year energy industry veteran,
to lead our midstream operations. In his role, he will be focused
on the operational performance the Spire STL Pipeline as well as
advancing the development plan and commercial strategy for Spire
Storage.
Spire STL Pipeline
We have completed the construction of Spire STL Pipeline and it
is now in commercial operation. This follows significant work by
our contractor and other partners to complete construction, land
restoration and testing of the pipeline after historic flooding
caused delays earlier this year. Having the pipeline in operation
before calendar year end also reflects timely Federal Energy
Regulatory Commission approval of final rates and authorization to
commence service.
The 65-mile natural gas supply pipeline serves Spire Missouri
East with economical shale gas from the Marcellus/Utica producing regions, and enhances the
resiliency and diversity of our physical transport portfolio. The
total project cost of the pipeline is approximately $265 million, excluding AFUDC. Under a precedent
agreement, Spire Missouri East is the foundation shipper on the
pipeline, taking roughly 88 percent of the pipeline's 400,000
Dth/day capacity.
Spire Storage
Our Spire Storage facility is located in southwest Wyoming and is strategically located near the
Opal hub with interconnections to five interstate pipelines serving
the Rockies and western United
States. During fiscal 2019, we continued to focus on
development of the facility, including a disciplined approach to
capital deployment to enhance operating capabilities and position
the business to serve its customers during the upcoming winter
season. In fiscal 2019, we invested $35 million in the
facilities in addition to $56 million
in base gas, both to support the operating capabilities of the
facility.
Regulatory Matters
Missouri
Spire Missouri is authorized by
the Missouri Public Service Commission (MoPSC) to collect ISRS
revenues, subject to prudence review. The ISRS mechanism allows for
more timely recovery of certain investments in infrastructure
upgrades that improve the integrity and safety of our distribution
pipeline system. It has been in place for over 15 years and has
supported investments of well over $1.2
billion in infrastructure upgrades during that time
period.
On October 30, 2019, the MoPSC
approved an increase of $8.8 million
in ISRS revenues for Spire Missouri, effective November 16, 2019.
On November 19, 2019, the Missouri
Western District Court of Appeals issued rulings that determined
that certain expenditures in 2016-2018 were not eligible for ISRS
recovery, and called for refund of amounts including
- Expenditures in 2016 and 2017 for certain intermittent plastic
materials (generally used for repairs) replaced as part of much
larger upgrades of cast iron and bare steel pipelines. Impacted
ISRS revenues collected totaled $4.2
million.
- Overturning ISRS revenues associated with expenditures in 2017
and 2018, despite prudence review and authorization by the MoPSC.
Impacted ISRS revenues collected totaled $8.0 million.
The Court of Appeals remanded these findings to the MoPSC, who
will define its process to respond to the decision and determine
the appropriate refund, if any, at a later date should the decision
ultimately stand.
We strongly disagree with the rulings, and are evaluating our
legal and regulatory options in response. Spire Missouri plans to continue the appeal process,
which will stay the effectiveness of the ISRS rulings. It is
unclear at this point what amounts, if any, may be refunded to
customers. As of September 30, 2019,
Spire Missouri has accrued a $12.2
million regulatory liability, reducing revenue for fiscal
2019 and reducing net income by $9.3
million or $0.18 per diluted
share.
Alabama
On October 24, 2019, Spire Alabama
made its annual RSE rate filing with the Alabama Public Service
Commission (APSC), presenting the utility's budget for the fiscal
year ending September 30, 2020,
including net income and a calculation of allowed return on average
common equity (ROE). In fiscal 2019, Spire Alabama operated under
an infrastructure replacement incentive called the Accelerated
Infrastructure Modernization, or AIM mechanism. This incentive
provides for a 10 basis-point increase in the ROE of 10.4 percent
in fiscal 2020 if a prescribed number of pipeline miles were
replaced in fiscal 2019. Spire Alabama exceeded the threshold miles to be
eligible for the AIM incentive, and accordingly, filed for a 10.5
percent ROE for fiscal 2020.
On October 25, 2019, Spire Gulf
made its annual RSE rate filing with the APSC based on its budget
for fiscal 2020 and an allowed ROE of 10.7 percent.
The filings are currently being reviewed by the APSC and we
anticipate that new rates will be effective December 1, 2019.
On November 5, 2019, the APSC
approved Spire Alabama's proposal to establish a mechanism allowing
the utility to create value through off-system sales of excess
natural gas supply. Similar to the successful program we have
operated for many years in Missouri, 75 percent of value created from
this program will be used to lower customer rates in Alabama, with the remainder retained by the
utility. The mechanism is expected to be effective with new rates
on December 1, 2019.
Dividend Increased by 5.1 Percent
Reflecting our solid performance in fiscal 2019 and expectations
for continued growth, the board of directors of Spire increased the
quarterly common stock dividend to $0.6225 per share, an increase of
5.1 percent. This raises the annualized rate by $0.12 per share to $2.49 per share. Spire has continuously paid a
cash dividend since 1946, and 2020 will mark the 17th consecutive
year that the dividend has increased. The dividend is payable
January 3, 2020, to shareholders of
record on December 11, 2019.
The board of directors also declared the regular quarterly
dividend of $0.36875 per depository
share on Spire's 5.90 percent Series A Cumulative Redeemable
Perpetual Preferred Stock payable February
15, 2020, to holders of record on January 24, 2020.
Balance Sheets and Cash Flow
In fiscal 2019, we maintained a strong capital structure and
ample liquidity. At September 30,
2019, the end of our fiscal year, we had adjusted long-term
capitalization2 of 51.9 percent equity, compared to 52.2
percent a year ago. Our solid financial position was bolstered by
issuance of preferred stock in May
2019 that generated net proceeds of $242 million. The proceeds were used in part to
redeem $125 million in Spire senior
notes.
We also launched a $150 million
ATM equity program in May 2019.
Approximately 180,000 shares (gross proceeds of $14.9 million) were issued from this program
through the remainder of our fiscal year.
During fiscal 2019, Spire Gulf completed a private debt
transaction, issuing $40 million of
30-year first mortgage bonds in September. During our fiscal fourth
quarter, we redeemed $125 million of
senior unsecured notes at Spire Inc. Subsequent to our year end,
Spire Missouri issued $275 million of
10-year first mortgage bonds in November
2019 and redeemed a $100
million term loan at Spire Missouri.
Short-term borrowings outstanding at fiscal year-end were
$743.2 million, up from $553.6 million a year ago, reflecting higher
capital investment and the timing of long-term borrowing. Through
our $975 million credit facility, we
have ample capacity to meet our seasonal borrowing needs, which
peak during the winter heating season.
Net cash provided by operating activities was $450.9 million for fiscal 2019, compared to
$456.6 million for fiscal 2018. The
slight decrease was primarily driven by lower net income partially
offset by higher depreciation expense.
Capital expenditures for fiscal 2019 were $823.3 million, up from $499.4 million in the prior year. The
year-over-year increase reflects a $119
million increase in utility spend focused on infrastructure
upgrades and new business across all our utilities, higher spend
for construction of Spire STL Pipeline ($111
million) and in Spire Storage.
For additional details on Spire's results for the fourth quarter
and full year of fiscal 2019, please see the accompanying unaudited
Consolidated Statements of Income, unaudited Condensed Consolidated
Balance Sheets, and unaudited Condensed Consolidated Statements of
Cash Flows.
______________________________
|
1See
"Spire Storage EBITDA and Reconciliation to GAAP."
|
2See
"Adjusted Long-Term Capitalization and Reconciliation to
GAAP."
|
Earnings Guidance and Outlook
We affirm our annual long-term NEE per share earnings growth
target of 4-7 percent. Our long-term target reflects the
expectation of continued consistent growth of our gas utilities
driven by organic growth initiatives as well as robust capital
investment focused on infrastructure upgrades, technology and new
business. We also expect growing contributions from Spire Marketing
and Spire STL Pipeline, and continue to anticipate that Spire
Storage will deliver positive EBITDA beginning in the second half
of next year. We expect to provide NEE per share guidance for
fiscal 2020 when we have greater clarity on the impact of the
Missouri ISRS rulings.
We have increased our targeted capital investment for the 5-year
period 2019-2023 to $3.0 billion,
reflecting higher spend in our gas utilities and the timing of
spend across other businesses. Capital expenditures for fiscal 2020
are expected to be $590 million, with
investment in our gas utilities totaling $520 million, investment in Spire STL Pipeline of
$50 million and capital spend for
Spire Storage and other businesses totaling $20 million.
Conference Call and Webcast
Spire will host a conference call and webcast today to discuss
its fiscal 2019 fourth quarter and full-year financial results. To
access the call, please dial the applicable number approximately
5-10 minutes prior to the start time.
Date and
Time:
|
|
Tuesday, November
26
|
|
|
8 a.m. CT (9 a.m.
ET)
|
|
|
|
|
Phone
Numbers:
|
|
U.S. and
Canada:
|
844-824-3832
|
|
|
International:
|
412-317-5142
|
The call will also be webcast and can be accessed at
Investors.SpireEnergy.com under the Events & presentations
tab. A replay of the call will be available at 10 a.m. CT (11 a.m.
ET) on November 26 until
January 6, 2020 by dialing
877-344-7529 (U.S.), 855-669-9658 (Canada), or 412-317-0088 (international). The
replay access code is 10136509.
About Spire
At Spire Inc. (NYSE: SR) we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us the fifth largest publicly traded natural gas
company in the country. We help families and business owners fuel
their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses
include Spire Marketing, Spire STL Pipeline and Spire Storage. We
are committed to transforming our business through growing
organically, investing in infrastructure, and advancing through
innovation. Learn more at SpireEnergy.com.
Cautionary Statements on Forward-Looking Information and
Non-GAAP Measures
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Spire's future operating results may be affected by
various uncertainties and risk factors, many of which are beyond
the Company's control, including weather conditions, economic
factors, the competitive environment, governmental and regulatory
policy and action, and risks associated with acquisitions. More
complete descriptions and listings of these uncertainties and risk
factors can be found in the Company's annual (Form 10-K) filing
with the Securities and Exchange Commission.
This news release includes the non-GAAP financial measures of
"net economic earnings," "net economic earnings per share,"
"adjusted long-term capitalization," "contribution margin," and
"EBITDA." Management also uses these non-GAAP measures internally
when evaluating the Company's performance and results of
operations. Net economic earnings exclude from net income the
impacts of fair value accounting and timing adjustments associated
with energy-related transactions, the impacts of acquisition,
divestiture and restructuring activities and the largely non-cash
impacts of other non-recurring or unusual items such as certain
regulatory, legislative, or GAAP standard-setting actions. In
fiscal 2018, these items included the revaluation of deferred tax
assets and liabilities due to the Tax Cuts and Jobs Act and the
write-off of certain long-standing assets as a result of
disallowances in our 2018 Missouri rate proceedings. In fiscal
2019, this included ISRS rulings. The fair value and timing
adjustments, which primarily impact the Gas Marketing segment,
include net unrealized gains and losses on energy-related
derivatives resulting from the current changes in the fair value of
financial and physical transactions prior to their completion and
settlement, lower of cost or market inventory adjustments, and
realized gains and losses on economic hedges prior to the sale of
the physical commodity. Management believes that excluding these
items provides a useful representation of the economic impact of
actual settled transactions and overall results of ongoing
operations. Contribution margin adjusts revenues to remove the
costs that are directly passed on to customers and collected
through revenues, which are the wholesale cost of natural gas and
propane and gross receipts taxes. Adjusted long-term capitalization
treats preferred stock as 50% debt and 50% equity, as rating
agencies would treat preferred stock. EBITDA is earnings before
interest, income taxes, depreciation and amortization. Management
believes EBITDA provides a helpful additional measure of core
results of Spire Storage. These internal non-GAAP operating metrics
should not be considered as an alternative to, or more meaningful
than, GAAP measures such as operating income, net income, or
earnings per share.
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Scott.Dudley@SpireEnergy.com
Media Contact:
Jessica B. Willingham
314-342-3300
Jessica.Willingham@SpireEnergy.com
Condensed
Consolidated Statements of Income – Unaudited
|
|
(In Millions,
except per share amounts)
|
Three Months
Ended
September
30,
|
|
|
Year
Ended
September
30,
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
$
|
207.3
|
|
|
$
|
220.7
|
|
|
$
|
1,859.2
|
|
|
$
|
1,888.0
|
|
Gas Marketing and
other
|
|
18.3
|
|
|
|
18.5
|
|
|
|
93.2
|
|
|
|
77.0
|
|
Total Operating
Revenues
|
|
225.6
|
|
|
|
239.2
|
|
|
|
1,952.4
|
|
|
|
1,965.0
|
|
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Utility
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natural and propane
gas
|
|
33.6
|
|
|
|
38.4
|
|
|
|
698.2
|
|
|
|
770.1
|
|
Operation and
maintenance
|
|
109.1
|
|
|
|
107.8
|
|
|
|
432.3
|
|
|
|
441.2
|
|
Depreciation and
amortization
|
|
46.2
|
|
|
|
45.1
|
|
|
|
179.4
|
|
|
|
167.0
|
|
Taxes, other than
income taxes
|
|
25.4
|
|
|
|
24.3
|
|
|
|
151.7
|
|
|
|
152.5
|
|
Total Gas Utility
Operating Expenses
|
|
214.3
|
|
|
|
215.6
|
|
|
|
1,461.6
|
|
|
|
1,530.8
|
|
Gas Marketing and
other
|
|
36.9
|
|
|
|
42.5
|
|
|
|
188.5
|
|
|
|
140.1
|
|
Total Operating
Expenses
|
|
251.2
|
|
|
|
258.1
|
|
|
|
1,650.1
|
|
|
|
1,670.9
|
|
Operating (Loss)
Income
|
|
(25.6)
|
|
|
|
(18.9)
|
|
|
|
302.3
|
|
|
|
294.1
|
|
Interest Expense,
Net
|
|
25.3
|
|
|
|
24.4
|
|
|
|
104.4
|
|
|
|
98.4
|
|
Other Income
(Expense), Net
|
|
5.9
|
|
|
|
(0.6)
|
|
|
|
21.2
|
|
|
|
(8.0)
|
|
(Loss) Income Before
Income Taxes
|
|
(45.0)
|
|
|
|
(43.9)
|
|
|
|
219.1
|
|
|
|
187.7
|
|
Income Tax (Benefit)
Expense
|
|
(10.7)
|
|
|
|
(18.0)
|
|
|
|
34.5
|
|
|
|
(26.5)
|
|
Net (Loss)
Income
|
|
(34.3)
|
|
|
|
(25.9)
|
|
|
|
184.6
|
|
|
|
214.2
|
|
Provision for
preferred dividends
|
|
3.7
|
|
|
|
—
|
|
|
|
5.3
|
|
|
|
—
|
|
(Loss) Income
allocated to participating securities
|
|
(0.1)
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.5
|
|
Net (Loss) Income
Available to Common Shareholders
|
$
|
(37.9)
|
|
|
$
|
(25.9)
|
|
|
$
|
178.9
|
|
|
$
|
213.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average
Number of Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
50.8
|
|
|
|
50.6
|
|
|
|
50.7
|
|
|
|
49.1
|
|
Diluted
|
|
50.9
|
|
|
|
50.7
|
|
|
|
50.8
|
|
|
|
49.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (Loss) Earnings
Per Share
|
$
|
(0.75)
|
|
|
$
|
(0.51)
|
|
|
$
|
3.53
|
|
|
$
|
4.35
|
|
Diluted (Loss)
Earnings Per Share
|
|
(0.74)
|
|
|
|
(0.51)
|
|
|
|
3.52
|
|
|
|
4.33
|
|
Dividends Declared
Per Common Share
|
|
0.5925
|
|
|
|
0.5625
|
|
|
|
2.37
|
|
|
|
2.25
|
|
Condensed
Consolidated Balance Sheets – Unaudited
|
|
(In
Millions)
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Utility
Plant
|
|
$
|
6,146.5
|
|
|
$
|
5,653.3
|
|
Less:
Accumulated depreciation and amortization
|
|
|
1,794.5
|
|
|
|
1,682.8
|
|
Net Utility
Plant
|
|
|
4,352.0
|
|
|
|
3,970.5
|
|
Other Property and
Investments
|
|
|
550.1
|
|
|
|
243.2
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
5.8
|
|
|
|
4.4
|
|
Accounts receivable,
net
|
|
|
289.6
|
|
|
|
296.8
|
|
Inventories
|
|
|
196.6
|
|
|
|
210.3
|
|
Other
|
|
|
122.5
|
|
|
|
148.1
|
|
Total Current
Assets
|
|
|
614.5
|
|
|
|
659.6
|
|
Deferred Charges and
Other Assets:
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
1,171.6
|
|
|
|
1,171.6
|
|
Other deferred charges
and other assets
|
|
|
931.0
|
|
|
|
798.7
|
|
Total Deferred Charges
and Other Assets
|
|
|
2,102.6
|
|
|
|
1,970.3
|
|
Total
Assets
|
|
$
|
7,619.2
|
|
|
$
|
6,843.6
|
|
|
|
|
|
|
|
|
|
|
CAPITALIZATION AND
LIABILITIES
|
|
|
|
|
|
|
|
|
Capitalization:
|
|
|
|
|
|
|
|
|
Preferred
stock
|
|
$
|
242.0
|
|
|
$
|
—
|
|
Common stock and
paid-in capital
|
|
|
1,556.8
|
|
|
|
1,533.4
|
|
Retained
earnings
|
|
|
775.5
|
|
|
|
715.6
|
|
Accumulated other
comprehensive (loss) income
|
|
|
(31.3)
|
|
|
|
6.4
|
|
Total Shareholders'
Equity
|
|
|
2,543.0
|
|
|
|
2,255.4
|
|
Temporary
equity
|
|
|
3.4
|
|
|
|
7.9
|
|
Long-term debt (less
current portion)
|
|
|
2,082.6
|
|
|
|
1,900.1
|
|
Total
Capitalization
|
|
|
4,629.0
|
|
|
|
4,163.4
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
|
40.0
|
|
|
|
175.5
|
|
Notes
payable
|
|
|
743.2
|
|
|
|
553.6
|
|
Accounts
payable
|
|
|
301.5
|
|
|
|
290.1
|
|
Accrued liabilities
and other
|
|
|
384.1
|
|
|
|
302.5
|
|
Total Current
Liabilities
|
|
|
1,468.8
|
|
|
|
1,321.7
|
|
Deferred Credits and
Other Liabilities:
|
|
|
|
|
|
|
|
|
Deferred income
taxes
|
|
|
451.4
|
|
|
|
435.8
|
|
Other deferred credits
and other liabilities
|
|
|
1,070.0
|
|
|
|
922.7
|
|
Total Deferred Credits
and Other Liabilities
|
|
|
1,521.4
|
|
|
|
1,358.5
|
|
Total Capitalization
and Liabilities
|
|
$
|
7,619.2
|
|
|
$
|
6,843.6
|
|
Condensed
Consolidated Statements of Cash Flows – Unaudited
|
|
(In
Millions)
|
|
Year
Ended
September
30,
|
|
|
|
2019
|
|
|
2018
|
|
Operating
Activities:
|
|
|
|
|
|
|
|
|
Net Income
|
|
$
|
184.6
|
|
|
$
|
214.2
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
181.7
|
|
|
|
168.4
|
|
Deferred income taxes
and investment tax credits
|
|
|
31.8
|
|
|
|
(28.7)
|
|
Changes in assets and
liabilities
|
|
|
56.8
|
|
|
|
58.8
|
|
Other
|
|
|
(4.0)
|
|
|
|
43.9
|
|
Net cash provided by
operating activities
|
|
|
450.9
|
|
|
|
456.6
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(823.3)
|
|
|
|
(499.4)
|
|
Business
acquisitions
|
|
|
(7.9)
|
|
|
|
(28.1)
|
|
Other
|
|
|
(7.1)
|
|
|
|
(4.2)
|
|
Net cash used in
investing activities
|
|
|
(838.3)
|
|
|
|
(531.7)
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
|
|
|
|
|
Issuance of preferred
stock
|
|
|
242.0
|
|
|
|
—
|
|
Issuance of long-term
debt
|
|
|
230.0
|
|
|
|
75.0
|
|
Repayment of long-term
debt
|
|
|
(184.1)
|
|
|
|
(105.0)
|
|
Issuance of short-term
debt, net
|
|
|
189.6
|
|
|
|
76.3
|
|
Issuance of common
stock
|
|
|
19.5
|
|
|
|
154.7
|
|
Dividends paid on
common stock
|
|
|
(119.0)
|
|
|
|
(108.7)
|
|
Dividends paid on
preferred stock
|
|
|
(3.4)
|
|
|
|
—
|
|
Other
|
|
|
(2.8)
|
|
|
|
(3.2)
|
|
Net cash provided by
financing activities
|
|
|
371.8
|
|
|
|
89.1
|
|
|
|
|
|
|
|
|
|
|
Net (Decrease)
Increase in Cash, Cash Equivalents, and Restricted Cash
|
|
|
(15.6)
|
|
|
|
14.0
|
|
Cash, Cash
Equivalents, and Restricted Cash at Beginning of Year
|
|
|
21.4
|
|
|
|
7.4
|
|
Cash, Cash
Equivalents, and Restricted Cash at End of Year
|
|
$
|
5.8
|
|
|
$
|
21.4
|
|
Net Economic
Earnings and Reconciliation to GAAP
|
(In Millions, except per share
amounts)
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Total
|
|
|
Per
Diluted
Common
Share (2)
|
|
Three Months Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
[GAAP]
|
$
|
(30.2)
|
|
|
$
|
0.3
|
|
|
$
|
(4.4)
|
|
|
$
|
(34.3)
|
|
|
$
|
(0.74)
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri ISRS
provision
|
|
12.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12.2
|
|
|
|
0.23
|
|
Unrealized loss on
energy-related derivatives
|
|
—
|
|
|
|
4.5
|
|
|
|
—
|
|
|
|
4.5
|
|
|
|
0.09
|
|
Lower of cost or
market inventory adjustments
|
|
—
|
|
|
|
(2.7)
|
|
|
|
—
|
|
|
|
(2.7)
|
|
|
|
(0.05)
|
|
Income tax effect of
adjustments (1)
|
|
(2.9)
|
|
|
|
(0.5)
|
|
|
|
—
|
|
|
|
(3.4)
|
|
|
|
(0.07)
|
|
Net Economic
(Loss) Earnings [Non-GAAP]
|
$
|
(20.9)
|
|
|
$
|
1.6
|
|
|
$
|
(4.4)
|
|
|
$
|
(23.7)
|
|
|
$
|
(0.54)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income
[GAAP]
|
$
|
(21.8)
|
|
|
$
|
4.9
|
|
|
$
|
(9.0)
|
|
|
$
|
(25.9)
|
|
|
$
|
(0.51)
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain on
energy-related derivatives
|
|
—
|
|
|
|
(0.6)
|
|
|
|
—
|
|
|
|
(0.6)
|
|
|
|
(0.01)
|
|
Acquisition,
divestiture and restructuring activities
|
|
—
|
|
|
|
—
|
|
|
|
6.6
|
|
|
|
6.6
|
|
|
|
0.13
|
|
Income tax effect of
adjustments (1)
|
|
0.1
|
|
|
|
0.2
|
|
|
|
(0.9)
|
|
|
|
(0.6)
|
|
|
|
(0.01)
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
(3.3)
|
|
|
|
0.2
|
|
|
|
(3.0)
|
|
|
|
(6.1)
|
|
|
|
(0.12)
|
|
Net Economic
(Loss) Earnings [Non-GAAP]
|
$
|
(25.0)
|
|
|
$
|
4.7
|
|
|
$
|
(6.3)
|
|
|
$
|
(26.6)
|
|
|
$
|
(0.52)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss)
[GAAP]
|
$
|
190.5
|
|
|
$
|
18.5
|
|
|
$
|
(24.4)
|
|
|
$
|
184.6
|
|
|
$
|
3.52
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri ISRS
provision
|
|
12.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
12.2
|
|
|
|
0.23
|
|
Unrealized loss on
energy-related derivatives
|
|
—
|
|
|
|
1.2
|
|
|
|
—
|
|
|
|
1.2
|
|
|
|
0.03
|
|
Acquisition,
divestiture and restructuring activities
|
|
—
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
0.4
|
|
|
|
0.01
|
|
Income tax effect of
adjustments (1)
|
|
(2.9)
|
|
|
|
(0.3)
|
|
|
|
(0.1)
|
|
|
|
(3.3)
|
|
|
|
(0.06)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
$
|
199.8
|
|
|
$
|
19.4
|
|
|
$
|
(24.1)
|
|
|
$
|
195.1
|
|
|
$
|
3.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
[GAAP]
|
$
|
144.4
|
|
|
$
|
24.9
|
|
|
$
|
44.9
|
|
|
$
|
214.2
|
|
|
$
|
4.33
|
|
Adjustments,
pre-tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri regulatory
adjustments
|
|
30.6
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30.6
|
|
|
|
0.62
|
|
Unrealized gain on
energy-related derivatives
|
|
—
|
|
|
|
(4.0)
|
|
|
|
—
|
|
|
|
(4.0)
|
|
|
|
(0.08)
|
|
Realized gain on
economic hedges prior to the sale of the physical
commodity
|
|
—
|
|
|
|
(0.3)
|
|
|
|
—
|
|
|
|
(0.3)
|
|
|
|
(0.01)
|
|
Acquisition,
divestiture and restructuring activities
|
|
0.2
|
|
|
|
—
|
|
|
|
13.4
|
|
|
|
13.6
|
|
|
|
0.28
|
|
Income tax effect of
adjustments (1)
|
|
(9.1)
|
|
|
|
1.2
|
|
|
|
(2.4)
|
|
|
|
(10.3)
|
|
|
|
(0.21)
|
|
Effect of the Tax Cuts
and Jobs Act
|
|
17.0
|
|
|
|
1.1
|
|
|
|
(78.2)
|
|
|
|
(60.1)
|
|
|
|
(1.21)
|
|
Net Economic
Earnings (Loss) [Non-GAAP]
|
$
|
183.1
|
|
|
$
|
22.9
|
|
|
$
|
(22.3)
|
|
|
$
|
183.7
|
|
|
$
|
3.72
|
|
|
(1) Income tax effect
is calculated by applying federal, state, and local income tax
rates applicable to ordinary income to the amounts of the pre-tax
reconciling items and then adding any estimated effects of enacted
state or local income tax laws for periods before the related
effective date.
|
|
(2) Net economic
earnings per share is calculated by replacing consolidated net
income with consolidated net economic earnings in the GAAP diluted
EPS calculation, which includes reductions for cumulative preferred
dividends and participating shares.
|
Contribution
Margin and Reconciliation to GAAP
|
|
(In
Millions)
|
Gas
Utility
|
|
|
Gas
Marketing
|
|
|
Other
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Three Months Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income [GAAP]
|
$
|
(23.8)
|
|
|
$
|
0.9
|
|
|
$
|
(2.7)
|
|
|
$
|
—
|
|
|
$
|
(25.6)
|
|
Operation and
maintenance expenses
|
|
111.4
|
|
|
|
3.2
|
|
|
|
9.3
|
|
|
|
(2.7)
|
|
|
|
121.2
|
|
Depreciation and
amortization
|
|
46.2
|
|
|
|
0.1
|
|
|
|
0.5
|
|
|
|
—
|
|
|
|
46.8
|
|
Taxes, other than
income taxes
|
|
25.4
|
|
|
|
0.2
|
|
|
|
0.3
|
|
|
|
—
|
|
|
|
25.9
|
|
Less: Gross receipts
tax expense
|
|
(11.6)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11.7)
|
|
Contribution Margin
[Non-GAAP]
|
|
147.6
|
|
|
|
4.3
|
|
|
|
7.4
|
|
|
|
(2.7)
|
|
|
|
156.6
|
|
Natural and propane
gas costs
|
|
48.0
|
|
|
|
9.7
|
|
|
|
(0.2)
|
|
|
|
(0.2)
|
|
|
|
57.3
|
|
Gross receipts tax
expense
|
|
11.6
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11.7
|
|
Operating
Revenues
|
$
|
207.2
|
|
|
$
|
14.1
|
|
|
$
|
7.2
|
|
|
$
|
(2.9)
|
|
|
$
|
225.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss)
Income [GAAP]
|
$
|
(16.6)
|
|
|
$
|
6.1
|
|
|
$
|
(8.4)
|
|
|
$
|
—
|
|
|
$
|
(18.9)
|
|
Operation and
maintenance expenses
|
|
109.9
|
|
|
|
2.3
|
|
|
|
12.5
|
|
|
|
(2.6)
|
|
|
|
122.1
|
|
Depreciation and
amortization
|
|
45.1
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
45.5
|
|
Taxes, other than
income taxes
|
|
24.3
|
|
|
|
—
|
|
|
|
0.4
|
|
|
|
—
|
|
|
|
24.7
|
|
Less: Gross receipts
tax expense
|
|
(11.3)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(11.3)
|
|
Contribution Margin
[Non-GAAP]
|
|
151.4
|
|
|
|
8.4
|
|
|
|
4.9
|
|
|
|
(2.6)
|
|
|
|
162.1
|
|
Natural and propane
gas costs
|
|
58.1
|
|
|
|
7.9
|
|
|
|
0.1
|
|
|
|
(0.3)
|
|
|
|
65.8
|
|
Gross receipts tax
expense
|
|
11.3
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11.3
|
|
Operating
Revenues
|
$
|
220.8
|
|
|
$
|
16.3
|
|
|
$
|
5.0
|
|
|
$
|
(2.9)
|
|
|
$
|
239.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
$
|
293.4
|
|
|
$
|
23.2
|
|
|
$
|
(14.3)
|
|
|
$
|
—
|
|
|
$
|
302.3
|
|
Operation and
maintenance expenses
|
|
441.7
|
|
|
|
11.7
|
|
|
|
31.6
|
|
|
|
(10.9)
|
|
|
|
474.1
|
|
Depreciation and
amortization
|
|
179.4
|
|
|
|
0.1
|
|
|
|
2.2
|
|
|
|
—
|
|
|
|
181.7
|
|
Taxes, other than
income taxes
|
|
151.7
|
|
|
|
0.8
|
|
|
|
1.5
|
|
|
|
—
|
|
|
|
154.0
|
|
Less: Gross receipts
tax expense
|
|
(99.1)
|
|
|
|
(0.2)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(99.3)
|
|
Contribution Margin
[Non-GAAP]
|
|
967.1
|
|
|
|
35.6
|
|
|
|
21.0
|
|
|
|
(10.9)
|
|
|
|
1,012.8
|
|
Natural and propane
gas costs
|
|
794.6
|
|
|
|
47.9
|
|
|
|
0.5
|
|
|
|
(2.7)
|
|
|
|
840.3
|
|
Gross receipts tax
expense
|
|
99.1
|
|
|
|
0.2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
99.3
|
|
Operating
Revenues
|
$
|
1,860.8
|
|
|
$
|
83.7
|
|
|
$
|
21.5
|
|
|
$
|
(13.6)
|
|
|
$
|
1,952.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income
(Loss) [GAAP]
|
$
|
276.6
|
|
|
$
|
33.8
|
|
|
$
|
(16.3)
|
|
|
$
|
—
|
|
|
$
|
294.1
|
|
Operation and
maintenance expenses
|
|
449.7
|
|
|
|
7.4
|
|
|
|
30.3
|
|
|
|
(10.1)
|
|
|
|
477.3
|
|
Depreciation and
amortization
|
|
167.0
|
|
|
|
—
|
|
|
|
1.4
|
|
|
|
—
|
|
|
|
168.4
|
|
Taxes, other than
income taxes
|
|
152.5
|
|
|
|
0.2
|
|
|
|
0.8
|
|
|
|
—
|
|
|
|
153.5
|
|
Less: Gross receipts
tax expense
|
|
(98.3)
|
|
|
|
(0.1)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(98.4)
|
|
Contribution Margin
[Non-GAAP]
|
|
947.5
|
|
|
|
41.3
|
|
|
|
16.2
|
|
|
|
(10.1)
|
|
|
|
994.9
|
|
Natural and propane
gas costs
|
|
842.6
|
|
|
|
30.2
|
|
|
|
0.3
|
|
|
|
(1.4)
|
|
|
|
871.7
|
|
Gross receipts tax
expense
|
|
98.3
|
|
|
|
0.1
|
|
|
|
—
|
|
|
|
—
|
|
|
|
98.4
|
|
Operating
Revenues
|
$
|
1,888.4
|
|
|
$
|
71.6
|
|
|
$
|
16.5
|
|
|
$
|
(11.5)
|
|
|
$
|
1,965.0
|
|
Spire Storage
EBITDA1 and Reconciliation to GAAP
|
|
|
Period ended
September 30, 2019
|
|
(Millions)
|
Quarter
|
|
|
Year
|
|
Net Loss
[GAAP]
|
$
|
(2.6)
|
|
|
$
|
(15.4)
|
|
Add back:
|
|
|
|
|
|
|
|
Interest
charges
|
|
1.5
|
|
|
|
4.9
|
|
Income tax
benefit
|
|
(1.0)
|
|
|
|
(4.4)
|
|
Depreciation &
amortization
|
|
0.5
|
|
|
|
1.7
|
|
EBITDA
[non-GAAP]
|
$
|
(1.6)
|
|
|
$
|
(13.2)
|
|
|
1
EBITDA is earnings before interest, income taxes, depreciation
and amortization.
|
|
Adjusted Long-Term
Capitalization and Reconciliation to GAAP
|
|
|
September 30,
2019
|
|
|
September 30,
2018
|
|
(Millions)
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
|
Equity2
|
|
|
Debt
|
|
|
Total
|
|
Capitalization
|
$
|
2,546.4
|
|
|
$
|
2,082.6
|
|
|
$
|
4,629.0
|
|
|
$
|
2,263.3
|
|
|
$
|
1,900.1
|
|
|
$
|
4,163.4
|
|
Current portion of
long-term debt
|
|
—
|
|
|
|
40.0
|
|
|
|
40.0
|
|
|
|
—
|
|
|
|
175.5
|
|
|
|
175.5
|
|
Long-term
Capitalization [GAAP]
|
|
2,546.4
|
|
|
|
2,122.6
|
|
|
|
4,669.0
|
|
|
|
2,263.3
|
|
|
|
2,075.6
|
|
|
|
4,338.9
|
|
Reclassify 50% of
preferred stock
|
|
(121.0)
|
|
|
|
121.0
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Adjusted Long-term
Capitalization [non-GAAP]
|
$
|
2,425.4
|
|
|
$
|
2,243.6
|
|
|
$
|
4,669.0
|
|
|
$
|
2,263.3
|
|
|
$
|
2,075.6
|
|
|
$
|
4,338.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% of adjusted
long-term capitalization
|
51.9%
|
|
|
48.1%
|
|
|
100.0%
|
|
|
52.2%
|
|
|
47.8%
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
Includes temporary equity of $3.4 and $7.9 as of September 30,
2019 and 2018, respectively.
|
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/spire-reports-growth-in-fiscal-2019-earnings-300964965.html
SOURCE Spire Inc.