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Northwest Natural Gas cash flow, quarter by quarter

Latest: Q3 2018 · from the cash-flow statements filed with the SEC

Free cash flow−$60.5M in Q3 2018

Operating cash flow−$4.1M
Capital spending−$56.4M
Free cash flow−$60.5M

Analysis

In Q3 2018, Northwest Natural Gas generated −$4.1M of operating cash flow and spent $56.4M on capital projects, leaving free cash flow of −$60.5M. That is $8.1M less than in Q3 2017 (−$52.5M).

Operating cash flow was −$4.1M against net income of −$11.8M. The largest differences: depreciation & amortization +$21.5M, inventory −$9.9M, deferred taxes −$7.3M.

Free cash flow

Northwest Natural Gas: free cash flow by quarterNorthwest Natural Gas: free cash flow by quarter−$6.3MQ2 2017−$52.5MQ3 2017−$54.2MQ4 2017$47.1MQ1 2018−$60.5MQ3 2018
Operating cash flow less capital spending.
Northwest Natural Gas: operating cash flow against capital spendingNorthwest Natural Gas: operating cash flow against capital spendingOperating cash flowCapital spending$49.1M$55.4MQ2 2017−$1.4M$51.1MQ3 2017$13.8M$68.1MQ4 2017$105M$57.4MQ1 2018−$4.1M$56.4MQ3 2018
Latest (Q3 2018): Operating cash flow −$4.1M, Capital spending $56.4M.

Capital allocation, year by year

Northwest Natural Gas: where the cash came from (up) and went (down), by fiscal yearNorthwest Natural Gas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2013: Operating cash flow $176MFY2013: Net borrowing $48.0MFY2013: Shares issued $6.0MFY2013: Asset sales $8.6MFY2013: Capital spending −$139MFY2013: Dividends −$49.2M$239MFY2013FY2014: Operating cash flow $216MFY2014: Net borrowing −$33.5MFY2014: Shares issued $9.0MFY2014: Asset sales $175KFY2014: Capital spending −$120MFY2014: Dividends −$50.1M$225MFY2014FY2015: Operating cash flow $185MFY2015: Net borrowing −$4.7MFY2015: Shares issued $3.9MFY2015: Asset sales $410KFY2015: Capital spending −$116MFY2015: Dividends −$49.2M$189MFY2015FY2016: Operating cash flow $222MFY2016: Net borrowing −$91.7MFY2016: Shares issued $61.2MFY2016: Asset sales $521KFY2016: Capital spending −$138MFY2016: Buybacks −$1.0MFY2016: Dividends −$51.5M$284MFY2016FY2017: Operating cash flow $207MFY2017: Net borrowing $60.9MFY2017: Shares issued $4.8MFY2017: Capital spending −$213MFY2017: Buybacks −$2.0MFY2017: Dividends −$54.0M$272MFY2017
Over these 5 years operating cash flow totalled $1.0B; the largest uses were capital spending ($727M) and dividends ($254M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.5M
Debt$834M
Net debt$831M
Due within a year$151M
Cash runway0 months

Northwest Natural Gas is burning cash: its operations consume cash, a free cash flow of −$242M a year at the current rate against $3.5M of cash and investments: a runway of about 0 months; $151M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Northwest Natural Gas: debt maturities by year (FY2017)Northwest Natural Gas: debt maturities by year (FY2017)$30.0MYear 2$75.0MYear 3$60.0MYear 4$525MAfter year 5
Principal due in each year as disclosed in the annual report, against $3.5M of cash and investments now.

Where the cash came from and went

Northwest Natural Gas: sources (+) and uses (−) of cash, Q3 2018Northwest Natural Gas: sources (+) and uses (−) of cash, Q3 2018Capital spending−$56.4MNet borrowing (+) / repaid (−)$53.4MOther financing$42.0MCash drawn (+) / kept (−)−$21.2MDividends−$12.8MOperating cash flow−$4.1MOther investing−$2.2MShares issued$1.3M

From profit to cash

Northwest Natural Gas: net income to operating cash flow, Q3 2018Northwest Natural Gas: net income to operating cash flow, Q3 2018Net income−$11.8MDepreciation & amortization$21.5MDeferred taxes−$7.3MOther non-cash$731KReceivables$3.9MInventory−$9.9MPayables$3.7MIncome taxes payable$6.2MOther operating capital−$7.2MOperating cash flow−$4.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2018−$4.1M−$56.4M—−$12.8M$53.4M$1.3M−$21.2M−$60.5M
Q1 2018$105M−$57.4M—−$12.8M−$26.2M—−$7.7M$47.1M
Q4 2017$13.8M−$68.1M—−$13.6M$54.2M$1.1M$12.3M−$54.2M
Q3 2017−$1.4M−$51.1M—−$13.5M−$40.0M$2.4M$5.1M−$52.5M
Q2 2017$49.1M−$55.4M−$91K−$13.5M—$623K$19.8M−$6.3M

Northwest Natural Gas: income statement and cash flow

Northwest Natural Gas, Q2 2026: revenue $244M (+3% year over year), operating margin 13.6%. The chart follows the revenue to costs, profit and cash.

Northwest Natural Gas: 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.