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Pepco Holdings LLC cash flow, quarter by quarter

Latest: Q3 2015 · from the cash-flow statements filed with the SEC

Free cash flow−$31.0M in Q3 2015

Operating cash flow$262M
Capital spending−$293M
Free cash flow−$31.0M

Analysis

In Q3 2015, Pepco Holdings LLC generated $262M of operating cash flow and spent $293M on capital projects, leaving free cash flow of −$31.0M. That is $68.0M less than in Q3 2014 ($37.0M).

Operating cash flow was $262M against net income of $91.0M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$178M, deferred taxes +$35.0M, payables −$26.0M.

Free cash flow

Pepco Holdings LLC: free cash flow by quarterPepco Holdings LLC: free cash flow by quarter$2.0MQ1 2014−$136MQ2 2014$37.0MQ3 2014−$272MQ4 2014−$89.0MQ1 2015−$134MQ2 2015−$31.0MQ3 2015
Operating cash flow less capital spending.
Pepco Holdings LLC: operating cash flow against capital spendingPepco Holdings LLC: operating cash flow against capital spendingOperating cash flowCapital spending$284M$282MQ1 2014$135M$271MQ2 2014$330M$293MQ3 2014$105M$377MQ4 2014$157M$246MQ1 2015$182M$316MQ2 2015$262M$293MQ3 2015
Latest (Q3 2015): Operating cash flow $262M, Capital spending $293M.

Capital allocation, year by year

Pepco Holdings LLC: where the cash came from (up) and went (down), by fiscal yearPepco Holdings LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2011: Operating cash flow $686MFY2011: Net borrowing $363MFY2011: Capital spending −$941MFY2011: Dividends −$244M$1.0BFY2011FY2012: Operating cash flow $592MFY2012: Net borrowing $307MFY2012: Capital spending −$1.2BFY2012: Dividends −$248M$899MFY2012FY2013: Operating cash flow $497MFY2013: Net borrowing −$408MFY2013: Shares issued $324MFY2013: Capital spending −$1.3BFY2013: Dividends −$270M$821MFY2013FY2014: Operating cash flow $854MFY2014: Net borrowing $496MFY2014: Shares issued $312MFY2014: Capital spending −$1.2BFY2014: Dividends −$272M$1.7BFY2014FY2015: Operating cash flow $939MFY2015: Net borrowing $172MFY2015: Shares issued $54.0MFY2015: Capital spending −$1.2BFY2015: Dividends −$275M$1.2BFY2015
Over these 5 years operating cash flow totalled $3.6B; the largest uses were capital spending ($5.9B) and dividends ($1.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$25.0M
Debt$6.0B
Net debt$6.0B
Due within a year$340M

Pepco Holdings LLC funds itself: free cash flow was — over the last twelve months, and $25.0M of cash and investments stands against $6.0B of debt ($340M due within a year, 0.1× covered by cash).

Pepco Holdings LLC: debt maturities by year (FY2015)Pepco Holdings LLC: debt maturities by year (FY2015)$340MYear 1$131MYear 2$285MYear 3$30.0MYear 4$20.0MYear 5$4.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $25.0M of cash and investments now.

Where the cash came from and went

Pepco Holdings LLC: sources (+) and uses (−) of cash, Q3 2015Pepco Holdings LLC: sources (+) and uses (−) of cash, Q3 2015Other financing$304MCapital spending−$293MOperating cash flow$262MCash drawn (+) / kept (−)−$237MDividends−$69.0MShares issued$18.0MOther investing$10.0MNet borrowing (+) / repaid (−)$5.0M

From profit to cash

Pepco Holdings LLC: net income to operating cash flow, Q3 2015Pepco Holdings LLC: net income to operating cash flow, Q3 2015Net income$91.0MDepreciation & amortization$178MDeferred taxes$35.0MOther non-cash−$1.0MReceivables$9.0MInventory$8.0MPayables−$26.0MPrepaid and other assets$8.0MIncome taxes payable$7.0MOther operating capital−$19.0MOperating cash flow$262M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2015$262M−$293M−$69.0M$5.0M$18.0M−$237M−$31.0M
Q2 2015$182M−$316M−$69.0M$84.0M$18.0M$107M−$134M
Q1 2015$157M−$246M−$68.0M$260M$18.0M−$127M−$89.0M
Q4 2014$105M−$377M−$68.0M$94.0M$18.0M$243M−$272M
Q3 2014$330M−$293M−$68.0M$191M$18.0M−$73.0M$37.0M
Q2 2014$135M−$271M−$68.0M−$18.0M—−$62.0M−$136M
Q1 2014$284M−$282M−$68.0M$334M—−$99.0M$2.0M

Pepco Holdings LLC: income statement and cash flow

Pepco Holdings LLC, Q3 2026: revenue $7.3B (+9% year over year), operating margin 18.8%. The chart follows the revenue to costs, profit and cash.

Pepco Holdings LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.