ATMOS ENERGY CORPORATION Our vision is for Atmos Energy to be the Safest provider of natural gas services. We will be recognized for Exceptional Customer Service, for being a Great Employer and for achieving Superior Financial Results.
November 2021
Fiscal 2021 Review
As of November 10, 2021 | Page 2 |
FY 2021 Financial Performance
Fiscal 2021 Highlights
- Financial Performance
- YTD Diluted EPS of $5.12; 19th consecutive year of EPS growth
- $2.0 billion in capital spending; 88% allocated to safety and reliability spending
- 8.7% increase in fiscal 2021 annual dividend to $2.50 per diluted share
- 37th consecutive year of rising dividends
- Executed Our Regulatory Strategy
- Implemented $226.2 million; $185.7 million net of excess deferred tax amortization
- $68.5 million to be implemented in Q1 Fiscal 2022; $25.0 million net of excess deferred tax amortization
- Strong Balance Sheet
- Approximately $2.9 billion in liquidity
- $1.2 billion of financing to support operations
- $2.2 billion of long-term debt financing related to Winter Storm Uri
- Equity capitalization at 60.6% as of September 30, 2021 excluding storm-related financing
As of November 10, 2021 | Page 3 |
FY 2021 Financial Performance
Consolidated Financial Highlights
Three Months Ended | Twelve Months Ended | ||||||||
September 30 | September 30 | ||||||||
Segment Net Income | 2021 | 2020 | 2021 | 2020 | |||||
($millions, except EPS) | |||||||||
Distribution | $ | 7 | $ | 20 | $ | 446 | $ | 395 | |
Pipeline & Storage | 42 | 45 | 220 | 206 | |||||
Net Income | $ | 49 | $ | 65 | $ | 666 | $ | 601 | |
Nonrecurring One Time Tax Benefit | - | - | - | (21) | |||||
Adjusted Net Income1 | $ | 49 | $ | 65 | $ | 666 | $ | 580 | |
Diluted EPS2 | $ | 0.37 | $ | 0.53 | $ | 5.12 | $ | 4.89 | |
Nonrecurring One Time Tax Benefit | - | - | - | (0.17) | |||||
Adjusted Diluted EPS1 | $ | 0.37 | $ | 0.53 | $ | 5.12 | $ | 4.72 | |
Capital Expenditures | $ | 612 | $ | 530 | $ | 1,970 | $ | 1,936 | |
- Adjusted Net Income and diluted EPS are non-GAAP measures defined as Net Income and diluted EPS before the one-time,non-cash income tax benefit recognized in Q3 2020.
- Since Atmos Energy has non-vestedshare-based payments with a nonforfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement.
As of November 10, 2021 | Page 4 |
FY 2021 Financial Performance
Segment Operating Income Highlights
Twelve Months Ended September 30 | 2021 | 2020 | Change | |||
($millions) | ||||||
Distribution | $ | 618.5 | $ | 528.2 | $ | 90.3 |
Pipeline & Storage | 286.5 | 295.9 | (9.4) | |||
Operating Income | $ | 905.0 | $ | 824.1 | $ | 80.9 |
Distribution Key Drivers
- $150.6MM - Net increase due to rate case outcomes
- $19.2MM - Increase in customer growth
- $8.4MM - Decrease in service order revenues
- $7.4MM - Decrease due to EDIT refunds1
- $28.4MM - Increase in O&M including bad debt expense
- $43.6MM - Increase in D&A and property tax expense
Pipeline & Storage Key Drivers
- $56.2MM - Increase due to rate case outcomes
- $8.2MM - Decrease in through system revenues
- $26.5MM - Decrease due to EDIT refunds1
- $17.1MM - Increase in system maintenance spending
- $17.0MM - Increase in D&A and property tax expense
1. Reductions to operating income from excess deferred income tax (EDIT) refunds substantially offset by lower income tax expense.
As of November 10, 2021 | Page 5 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
AEC - Atmos Energy Corporation published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 22:56:05 UTC.
