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Southwest Gas cash flow, quarter by quarter

Latest: Q4 2016 · from the cash-flow statements filed with the SEC

Free cash flow−$2.6M in Q4 2016

Operating cash flow$123M
Capital spending−$125M
Free cash flow−$2.6M

Analysis

In Q4 2016, Southwest Gas generated $123M of operating cash flow and spent $125M on capital projects, leaving free cash flow of −$2.6M. That is $14.1M more than in Q4 2015 (−$16.7M).

Operating cash flow was $123M against net income of $65.7M — 1.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$71.4M, payables +$46.6M, income taxes payable +$33.4M.

Free cash flow

Southwest Gas: free cash flow by quarterSouthwest Gas: free cash flow by quarter−$54.8MQ3 2015−$16.7MQ4 2015$200MQ1 2016−$49.8MQ2 2016−$78.9MQ3 2016−$2.6MQ4 2016
Operating cash flow less capital spending.
Southwest Gas: operating cash flow against capital spendingSouthwest Gas: operating cash flow against capital spendingOperating cash flowCapital spending$78.2M$133MQ3 2015$135M$151MQ4 2015$313M$113MQ1 2016$103M$152MQ2 2016$60.6M$140MQ3 2016$123M$125MQ4 2016
Latest (Q4 2016): Operating cash flow $123M, Capital spending $125M.

Capital allocation, year by year

Southwest Gas: where the cash came from (up) and went (down), by fiscal yearSouthwest Gas: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsDividendsFY2012: Operating cash flow $386MFY2012: Net borrowing $64.5MFY2012: Shares issued $1.6MFY2012: Capital spending −$396MFY2012: Dividends −$53.0M$452MFY2012FY2013: Operating cash flow $346MFY2013: Net borrowing $73.3MFY2013: Shares issued $1.6MFY2013: Capital spending −$364MFY2013: Dividends −$59.5M$421MFY2013FY2014: Operating cash flow $346MFY2014: Net borrowing $275MFY2014: Shares issued $405KFY2014: Capital spending −$397MFY2014: Acquisitions −$190MFY2014: Dividends −$66.3M$622MFY2014FY2015: Operating cash flow $547MFY2015: Net borrowing −$40.6MFY2015: Shares issued $35.4MFY2015: Capital spending −$488MFY2015: Acquisitions −$9.3MFY2015: Dividends −$74.2M$583MFY2015FY2016: Operating cash flow $598MFY2016: Net borrowing $151MFY2016: Shares issued $472KFY2016: Capital spending −$530MFY2016: Acquisitions −$17.0MFY2016: Dividends −$83.3M$750MFY2016
Over these 5 years operating cash flow totalled $2.2B; the largest uses were capital spending ($2.2B) and dividends ($336M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$28.1M
Debt$1.6B
Net debt$1.6B
Due within a year$50.1M

Southwest Gas funds itself: free cash flow was — over the last twelve months, and $28.1M of cash and investments stands against $1.6B of debt ($50.1M due within a year, 0.6× covered by cash).

Southwest Gas: debt maturities by year (FY2016)Southwest Gas: debt maturities by year (FY2016)$50.1MYear 1$24.1MYear 2$135MYear 3$134MYear 4$7.8MYear 5
Principal due in each year as disclosed in the annual report, against $28.1M of cash and investments now.

Where the cash came from and went

Southwest Gas: sources (+) and uses (−) of cash, Q4 2016Southwest Gas: sources (+) and uses (−) of cash, Q4 2016Capital spending−$125MOperating cash flow$123MCash drawn (+) / kept (−)$57.1MNet borrowing (+) / repaid (−)−$43.9MDividends−$21.4MOther investing$7.5MOther financing$3.8MPartners−$340KNot reconciled−$180KShares issued−$58K

From profit to cash

Southwest Gas: net income to operating cash flow, Q4 2016Southwest Gas: net income to operating cash flow, Q4 2016Net income$65.7MDepreciation & amortization$71.4MStock-based pay$1.1MGains on disposals−$3.0MReceivables$1.6MPayables$46.6MPrepaid and other assets$13.0MOther liabilities−$13.6MIncome taxes payable$33.4MOperating cash flow$123M
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
Q4 2016$123M−$125M−$21.4M−$43.9M−$58K$57.1M−$2.6M
Q3 2016$60.6M−$140M−$21.4M$169M$43K−$73.0M−$78.9M
Q2 2016$103M−$152M−$21.4M$36.1M$86K$48.7M−$49.8M
Q1 2016$313M−$113M−$19.2M−$10.9M$401K−$24.8M$200M
Q4 2015$135M−$151M−$19.2M−$14.6M−$23K−$3.0M−$16.7M
Q3 2015$78.2M−$133M−$19.1M−$34.3M$14.7M$15.9M−$54.8M

Southwest Gas: income statement and cash flow

Southwest Gas, Q1 2026: revenue $585M (-22% year over year), operating margin 37.5%. The chart follows the revenue to costs, profit and cash.

Southwest 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.