|
|
|
|
|
Date of Report (Date of Earliest Event Reported):
|
November 8, 2018
|
Commission File Number
|
|
Registrant, Address and Telephone Number
|
|
State of Incorporation
|
|
I.R.S. Employer Identification Number
|
1-16681
|
|
Spire Inc.
700 Market Street St. Louis, MO 63101 314-342-0500 |
|
Missouri
|
|
74-2976504
|
|
|
|
|
|
|
|
|
Spire Inc.
|
|
Date:
|
November 15, 2018
|
|
By:
|
/s/ Steven P. Rasche |
|
|
|
|
Steven P. Rasche
Executive Vice President
and Chief Financial Officer
|
•
|
Fiscal 2018 diluted earnings per share of $4.33, compared to $3.43 in fiscal 2017
|
•
|
Net economic earnings* per share of $3.72, up 4.5 percent from a year ago
|
•
|
Dividend increased to an annualized $2.37 per share
|
•
|
Long-term earnings growth target of 4-7 percent affirmed
|
•
|
Fiscal 2019 net economic earnings per share expected to be $3.70-$3.80
|
Fiscal 2018 Results
|
Year ended September 30,
|
||||||||||||||||||
|
(Millions)
|
|
(Per Diluted Share)
|
||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||
Net Economic Earnings (Loss)* by Segment
|
|
|
|
|
|
|
|
||||||||||||
|
Gas Utility
|
$
|
183.1
|
|
|
$
|
181.5
|
|
|
$
|
3.71
|
|
|
$
|
3.86
|
|
|||
|
Gas Marketing
|
22.9
|
|
|
6.8
|
|
|
0.46
|
|
|
0.14
|
|
|||||||
|
Other
|
(22.3
|
)
|
|
(20.7
|
)
|
|
(0.45
|
)
|
|
(0.44
|
)
|
|||||||
|
|
|
Total
|
$
|
183.7
|
|
|
$
|
167.6
|
|
|
$
|
3.72
|
|
|
$
|
3.56
|
|
|
|
|
Missouri regulatory adjustments, pre-tax
|
(30.6
|
)
|
|
—
|
|
|
(0.62
|
)
|
|
—
|
|
||||||
|
|
Fair value adjustments, pre-tax
|
4.3
|
|
|
(5.7
|
)
|
|
0.09
|
|
|
(0.12
|
)
|
||||||
|
|
Acquisition-related adjustments, pre-tax
|
(13.6
|
)
|
|
(4.0
|
)
|
|
(0.28
|
)
|
|
(0.09
|
)
|
||||||
|
Income tax effect of adjustments
|
10.3
|
|
|
3.7
|
|
|
0.21
|
|
|
0.08
|
|
|||||||
|
Effect of the Tax Cuts and Jobs Act
|
60.1
|
|
|
—
|
|
|
1.21
|
|
|
—
|
|
|||||||
Net Income
|
$
|
214.2
|
|
|
$
|
161.6
|
|
|
$
|
4.33
|
|
|
$
|
3.43
|
|
||||
|
|
|
|
|
|
|
|
||||||||||||
Average Diluted Shares Outstanding
|
49.3
|
|
|
47.0
|
|
|
|
|
|
•
|
A return on equity (ROE) range of 10.15 - 10.65 percent with an adjusting point of 10.4 percent,
|
•
|
Capital structure of 55.5 percent equity, and
|
•
|
Modifications to the Cost Control Measurement used to track operating expenses and incent cost efficiencies through a sharing process.
|
Date and Time:
|
Thursday, November 15
|
|
|
|
8:00 a.m. CT (9:00 a.m. ET)
|
|
|
|
|
|
|
Phone Numbers:
|
U.S. and Canada:
|
844-824-3832
|
|
|
International:
|
412-317-5142
|
|
|
|
Three months ended September 30,
|
|
Year ended September 30,
|
|||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
||||||||||
|
Gas Utility
|
$
|
220.7
|
|
|
$
|
240.9
|
|
|
$
|
1,888.0
|
|
|
$
|
1,660.0
|
|
|
|
Gas Marketing and other
|
18.5
|
|
|
17.8
|
|
|
77.0
|
|
|
80.7
|
|
|||||
|
Total Operating Revenues
|
239.2
|
|
|
258.7
|
|
|
1,965.0
|
|
|
1,740.7
|
|
|||||
Operating Expenses:
|
|
|
|
|
|
|
|
||||||||||
|
Gas Utility
|
|
|
|
|
|
|
|
|||||||||
|
Natural and propane gas
|
38.4
|
|
|
45.7
|
|
|
770.1
|
|
|
570.5
|
|
|||||
|
Other operation and maintenance expenses
|
108.5
|
|
|
106.4
|
|
|
455.6
|
|
|
405.0
|
|
|||||
|
Depreciation and amortization
|
45.1
|
|
|
39.5
|
|
|
167.0
|
|
|
153.5
|
|
|||||
|
Taxes, other than income taxes
|
24.3
|
|
|
25.6
|
|
|
152.5
|
|
|
137.8
|
|
|||||
|
Total Gas Utility Operating Expenses
|
216.3
|
|
|
217.2
|
|
|
1,545.2
|
|
|
1,266.8
|
|
|||||
|
Gas Marketing and other
|
42.5
|
|
|
39.6
|
|
|
140.1
|
|
|
152.2
|
|
|||||
|
Total Operating Expenses
|
258.8
|
|
|
256.8
|
|
|
1,685.3
|
|
|
1,419.0
|
|
|||||
Operating (Loss) Income
|
(19.6
|
)
|
|
1.9
|
|
|
279.7
|
|
|
321.7
|
|
||||||
Other Income - Net
|
0.1
|
|
|
1.0
|
|
|
6.4
|
|
|
6.6
|
|
||||||
Interest Charges:
|
|
|
|
|
|
|
|
||||||||||
|
Interest on long-term debt
|
20.5
|
|
|
19.5
|
|
|
83.0
|
|
|
76.8
|
|
|||||
|
Other interest charges
|
3.9
|
|
|
3.4
|
|
|
15.4
|
|
|
12.3
|
|
|||||
|
Total Interest Charges
|
24.4
|
|
|
22.9
|
|
|
98.4
|
|
|
89.1
|
|
|||||
(Loss) Income Before Income Taxes
|
(43.9
|
)
|
|
(20.0
|
)
|
|
187.7
|
|
|
239.2
|
|
||||||
Income Tax (Benefit) Expense
|
(18.0
|
)
|
|
(6.7
|
)
|
|
(26.5
|
)
|
|
77.6
|
|
||||||
Net (Loss) Income
|
$
|
(25.9
|
)
|
|
$
|
(13.3
|
)
|
|
$
|
214.2
|
|
|
$
|
161.6
|
|
||
|
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Number of Common Shares Outstanding:
|
|
|
|
|
|
|
|||||||||||
|
Basic
|
50.6
|
|
|
48.1
|
|
|
49.1
|
|
|
46.9
|
|
|||||
|
Diluted
|
50.7
|
|
|
48.3
|
|
|
49.3
|
|
|
47.0
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Basic (Loss) Earnings Per Share of Common Stock
|
$
|
(0.51
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
4.35
|
|
|
$
|
3.44
|
|
||
Diluted (Loss) Earnings Per Share of Common Stock
|
$
|
(0.51
|
)
|
|
$
|
(0.28
|
)
|
|
$
|
4.33
|
|
|
$
|
3.43
|
|
||
Dividends Declared Per Share of Common Stock
|
$
|
0.5625
|
|
|
$
|
0.525
|
|
|
$
|
2.25
|
|
|
$
|
2.10
|
|
|
September 30,
|
|
September 30,
|
||||
|
2018
|
|
2017
|
||||
Assets
|
|
|
|
||||
Utility Plant
|
$
|
5,653.3
|
|
|
$
|
5,278.4
|
|
Less: Accumulated depreciation and amortization
|
1,682.8
|
|
|
1,613.2
|
|
||
Net Utility Plant
|
3,970.5
|
|
|
3,665.2
|
|
||
Non-utility Property
|
174.5
|
|
|
52.0
|
|
||
Goodwill
|
1,171.6
|
|
|
1,171.6
|
|
||
Other Investments
|
68.7
|
|
|
64.2
|
|
||
Other Property and Investments
|
1,414.8
|
|
|
1,287.8
|
|
||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
4.4
|
|
|
7.4
|
|
||
Accounts receivable (net of allowance for doubtful accounts)
|
296.8
|
|
|
271.4
|
|
||
Inventories
|
210.3
|
|
|
225.8
|
|
||
Other
|
148.1
|
|
|
220.9
|
|
||
Total Current Assets
|
659.6
|
|
|
725.5
|
|
||
Deferred Charges and Other Assets
|
798.7
|
|
|
868.2
|
|
||
Total Assets
|
$
|
6,843.6
|
|
|
$
|
6,546.7
|
|
|
|
|
|
||||
Capitalization and Liabilities
|
|
|
|
||||
Capitalization:
|
|
|
|
||||
Common stock and paid-in capital
|
$
|
1,533.4
|
|
|
$
|
1,373.9
|
|
Retained earnings
|
715.6
|
|
|
614.2
|
|
||
Accumulated other comprehensive income
|
6.4
|
|
|
3.2
|
|
||
Total Shareholders' Equity
|
2,255.4
|
|
|
1,991.3
|
|
||
Redeemable noncontrolling interest
|
7.9
|
|
|
—
|
|
||
Long-term debt
|
1,900.1
|
|
|
1,995.0
|
|
||
Total Capitalization
|
4,163.4
|
|
|
3,986.3
|
|
||
Current Liabilities:
|
|
|
|
||||
Current portion of long-term debt
|
175.5
|
|
|
100.0
|
|
||
Notes payable
|
553.6
|
|
|
477.3
|
|
||
Accounts payable
|
290.1
|
|
|
257.1
|
|
||
Accrued liabilities and other
|
302.5
|
|
|
263.5
|
|
||
Total Current Liabilities
|
1,321.7
|
|
|
1,097.9
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Deferred income taxes
|
435.8
|
|
|
707.5
|
|
||
Pension and postretirement benefit costs
|
180.2
|
|
|
237.4
|
|
||
Asset retirement obligations
|
321.1
|
|
|
296.6
|
|
||
Regulatory liabilities
|
354.6
|
|
|
157.2
|
|
||
Other
|
66.8
|
|
|
63.8
|
|
||
Total Deferred Credits and Other Liabilities
|
1,358.5
|
|
|
1,462.5
|
|
||
Total Capitalization and Liabilities
|
$
|
6,843.6
|
|
|
$
|
6,546.7
|
|
|
Year ended September 30,
|
||||||
|
2018
|
|
2017
|
||||
Operating Activities:
|
|
|
|
||||
Net Income
|
$
|
214.2
|
|
|
$
|
161.6
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
168.4
|
|
|
154.1
|
|
||
Deferred income taxes and investment tax credits
|
(28.7
|
)
|
|
77.0
|
|
||
Changes in assets and liabilities
|
58.5
|
|
|
(108.6
|
)
|
||
Other
|
44.2
|
|
|
4.2
|
|
||
Net cash provided by operating activities
|
456.6
|
|
|
288.3
|
|
||
|
|
|
|
||||
Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(499.4
|
)
|
|
(438.1
|
)
|
||
Business acquisitions, net of cash acquired, and related settlements
|
(28.1
|
)
|
|
3.8
|
|
||
Other
|
(4.2
|
)
|
|
0.8
|
|
||
Net cash used in investing activities
|
(531.7
|
)
|
|
(433.5
|
)
|
||
|
|
|
|
||||
Financing Activities:
|
|
|
|
||||
Repayment of long-term debt
|
(105.0
|
)
|
|
(393.8
|
)
|
||
Issuance of long-term debt
|
75.0
|
|
|
420.0
|
|
||
Issuance of short-term debt, net
|
76.3
|
|
|
78.6
|
|
||
Issuance of common stock
|
154.7
|
|
|
146.9
|
|
||
Dividends paid
|
(108.7
|
)
|
|
(96.2
|
)
|
||
Other
|
(3.2
|
)
|
|
(8.1
|
)
|
||
Net cash provided by financing activities
|
89.1
|
|
|
147.4
|
|
||
|
|
|
|
||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash
|
14.0
|
|
|
2.2
|
|
||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Year
|
7.4
|
|
|
5.2
|
|
||
Cash, Cash Equivalents, and Restricted Cash at End of Year
|
$
|
21.4
|
|
|
$
|
7.4
|
|
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
||||
|
|
|
|
(In Millions, except per share amounts)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Consol-
idated
|
|
Per Diluted Share
(2)
|
|||||||||||||
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
|
)
|
||
|
|
|
Diluted EPS [GAAP]
|
$
|
(0.43
|
)
|
|
$
|
0.10
|
|
|
$
|
(0.18
|
)
|
|
$
|
(0.51
|
)
|
|
|
||
|
|
|
Net Economic EPS [Non-GAAP]
(2)
|
$
|
(0.49
|
)
|
|
$
|
0.09
|
|
|
$
|
(0.12
|
)
|
|
$
|
(0.52
|
)
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net (Loss) Income [GAAP]
|
$
|
(6.5
|
)
|
|
$
|
1.5
|
|
|
$
|
(8.3
|
)
|
|
$
|
(13.3
|
)
|
|
$
|
(0.28
|
)
|
||
|
|
Adjustments, pre-tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Unrealized loss on energy-related derivatives
|
—
|
|
|
2.8
|
|
|
—
|
|
|
2.8
|
|
|
0.06
|
|
|||||
|
|
|
Realized gain on economic hedges prior to the sale of the physical commodity
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|||||
|
|
|
Acquisition, divestiture and restructuring activities
|
1.2
|
|
|
—
|
|
|
0.7
|
|
|
1.9
|
|
|
0.04
|
|
|||||
|
|
Income tax effect of adjustments
(1)
|
(0.5
|
)
|
|
(1.1
|
)
|
|
(0.2
|
)
|
|
(1.8
|
)
|
|
(0.04
|
)
|
||||||
|
Net Economic (Loss) Earnings [Non-GAAP]
|
$
|
(5.8
|
)
|
|
$
|
3.1
|
|
|
$
|
(7.8
|
)
|
|
$
|
(10.5
|
)
|
|
$
|
(0.22
|
)
|
||
|
|
|
Diluted EPS [GAAP]
|
$
|
(0.14
|
)
|
|
$
|
0.03
|
|
|
$
|
(0.17
|
)
|
|
$
|
(0.28
|
)
|
|
|
||
|
|
|
Net Economic EPS [Non-GAAP]
(2)
|
$
|
(0.12
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.16
|
)
|
|
$
|
(0.22
|
)
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Millions, except per share amounts)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Consol-
idated
|
|
Per Diluted Share
(2)
|
|||||||||||||
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
|
|
||
|
|
|
Diluted EPS [GAAP]
|
$
|
2.92
|
|
|
$
|
0.50
|
|
|
$
|
0.91
|
|
|
$
|
4.33
|
|
|
|
||
|
|
|
Net Economic EPS [Non-GAAP]
(2)
|
$
|
3.71
|
|
|
$
|
0.46
|
|
|
$
|
(0.45
|
)
|
|
$
|
3.72
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net Income (Loss) [GAAP]
|
$
|
180.5
|
|
|
$
|
3.4
|
|
|
$
|
(22.3
|
)
|
|
$
|
161.6
|
|
|
$
|
3.43
|
|
||
|
|
Adjustments, pre-tax:
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
Unrealized loss on energy-related derivatives
|
0.1
|
|
|
5.9
|
|
|
—
|
|
|
6.0
|
|
|
0.13
|
|
|||||
|
|
|
Realized gain on economic hedges prior to the sale of the physical commodity
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|
(0.01
|
)
|
|||||
|
|
|
Acquisition, divestiture and restructuring activities
|
1.5
|
|
|
—
|
|
|
2.5
|
|
|
4.0
|
|
|
0.09
|
|
|||||
|
|
Income tax effect of adjustments
(1)
|
(0.6
|
)
|
|
(2.2
|
)
|
|
(0.9
|
)
|
|
(3.7
|
)
|
|
(0.08
|
)
|
||||||
|
Net Economic Earnings (Loss) [Non-GAAP]
|
$
|
181.5
|
|
|
$
|
6.8
|
|
|
$
|
(20.7
|
)
|
|
$
|
167.6
|
|
|
$
|
3.56
|
|
||
|
|
|
Diluted EPS [GAAP]
|
$
|
3.83
|
|
|
$
|
0.07
|
|
|
$
|
(0.47
|
)
|
|
$
|
3.43
|
|
|
|
||
|
|
|
Net Economic EPS [Non-GAAP]
(2)
|
$
|
3.86
|
|
|
$
|
0.14
|
|
|
$
|
(0.44
|
)
|
|
$
|
3.56
|
|
|
|
(In Millions)
|
Gas Utility
|
|
Gas Marketing
|
|
Other
|
|
Eliminations
|
|
Consolidated
|
|||||||||||
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating (Loss) Income [GAAP]
|
$
|
(17.3
|
)
|
|
$
|
6.1
|
|
|
$
|
(8.4
|
)
|
|
$
|
—
|
|
|
$
|
(19.6
|
)
|
|
Operation and maintenance expenses
|
110.6
|
|
|
2.3
|
|
|
12.5
|
|
|
(2.6
|
)
|
|
122.8
|
|
|||||
|
Depreciation and amortization
|
45.1
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
45.5
|
|
|||||
|
Taxes, other than income taxes
|
24.3
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
24.7
|
|
|||||
|
Less: Gross receipts taxes
|
(11.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.3
|
)
|
|||||
|
Contribution Margin [Non-GAAP]
|
151.4
|
|
|
8.4
|
|
|
4.9
|
|
|
(2.6
|
)
|
|
162.1
|
|
|||||
|
Natural and propane gas expense
|
58.1
|
|
|
7.9
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
65.8
|
|
|||||
|
Gross receipts tax expense
|
11.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
|||||
|
Operating Revenues [GAAP]
|
$
|
220.8
|
|
|
$
|
16.3
|
|
|
$
|
5.0
|
|
|
$
|
(2.9
|
)
|
|
$
|
239.2
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Income (Loss) [GAAP]
|
$
|
1.3
|
|
|
$
|
2.3
|
|
|
$
|
(1.7
|
)
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
Operation and maintenance expenses
|
107.4
|
|
|
1.5
|
|
|
3.4
|
|
|
(1.6
|
)
|
|
110.7
|
|
|||||
|
Depreciation and amortization
|
39.5
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
39.7
|
|
|||||
|
Taxes, other than income taxes
|
25.6
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
25.8
|
|
|||||
|
Less: Gross receipts taxes
|
(12.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12.6
|
)
|
|||||
|
Contribution Margin [Non-GAAP]
|
161.2
|
|
|
4.0
|
|
|
1.9
|
|
|
(1.6
|
)
|
|
165.5
|
|
|||||
|
Natural and propane gas expense
|
67.1
|
|
|
13.5
|
|
|
0.1
|
|
|
(0.1
|
)
|
|
80.6
|
|
|||||
|
Gross receipts tax expense
|
12.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.6
|
|
|||||
|
Operating Revenues [GAAP]
|
$
|
240.9
|
|
|
$
|
17.5
|
|
|
$
|
2.0
|
|
|
$
|
(1.7
|
)
|
|
$
|
258.7
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Operating Income (Loss) [GAAP]
|
$
|
262.2
|
|
|
$
|
33.8
|
|
|
$
|
(16.3
|
)
|
|
$
|
—
|
|
|
$
|
279.7
|
|
|
Operation and maintenance expenses
|
464.1
|
|
|
7.4
|
|
|
30.3
|
|
|
(10.1
|
)
|
|
491.7
|
|
|||||
|
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 taxes
|
(98.3
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(98.4
|
)
|
|||||
|
Contribution Margin [Non-GAAP]
|
947.5
|
|
|
41.3
|
|
|
16.2
|
|
|
(10.1
|
)
|
|
994.9
|
|
|||||
|
Natural and propane gas expense
|
842.6
|
|
|
30.2
|
|
|
0.3
|
|
|
(1.4
|
)
|
|
871.7
|
|
|||||
|
Gross receipts tax expense
|
98.3
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
98.4
|
|
|||||
|
Operating Revenues [GAAP]
|
$
|
1,888.4
|
|
|
$
|
71.6
|
|
|
$
|
16.5
|
|
|
$
|
(11.5
|
)
|
|
$
|
1,965.0
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended September 30, 2017
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Operating Income (Loss) [GAAP]
|
$
|
321.6
|
|
|
$
|
5.2
|
|
|
$
|
(5.1
|
)
|
|
$
|
—
|
|
|
$
|
321.7
|
|
|
Operation and maintenance expenses
|
409.1
|
|
|
5.9
|
|
|
11.8
|
|
|
(5.5
|
)
|
|
421.3
|
|
|||||
|
Depreciation and amortization
|
153.5
|
|
|
0.1
|
|
|
0.5
|
|
|
—
|
|
|
154.1
|
|
|||||
|
Taxes, other than income taxes
|
137.8
|
|
|
0.5
|
|
|
0.2
|
|
|
—
|
|
|
138.5
|
|
|||||
|
Less: Gross receipts taxes
|
(83.0
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(83.1
|
)
|
|||||
|
Contribution Margin [Non-GAAP]
|
939.0
|
|
|
11.6
|
|
|
7.4
|
|
|
(5.5
|
)
|
|
952.5
|
|
|||||
|
Natural and propane gas expense
|
645.9
|
|
|
67.6
|
|
|
0.3
|
|
|
(8.7
|
)
|
|
705.1
|
|
|||||
|
Gross receipts tax expense
|
83.0
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
83.1
|
|
|||||
|
Operating Revenues [GAAP]
|
$
|
1,667.9
|
|
|
$
|
79.3
|
|
|
$
|
7.7
|
|
|
$
|
(14.2
|
)
|
|
$
|
1,740.7
|
|