CMS FY 2014 Earnings Report — CMS Energy Corporation Revenue & Financial Results | Market Cap Arena

CMS Energy CorporationCMS

FY 2014 Earnings

Reported February 5, 2015

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$7.2B	—	$6.6B	—	9.3%
Op. Income	$1.2B	—	$1.1B	—	0.9%
Gross Margin	29.1%	—	30.5%	—	-1.4pp
Net Margin	6.6%	—	6.9%	—	-0.2pp
EPS (Diluted)	$1.74	—	$1.66	—	4.8%
Free Cash Flow	-$130M	—	$96M	—	-235.4%

Revenue Flow

Item	Amount
REVENUE	$7.2B
Cost of Revenue	$5.1B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$937M
Operating Expenses	$937M
Cost & Expenses	$6.0B
OPERATING INCOME	$1.2B
Interest Income	$5M
Interest Expense	$407M
Other Income/Expenses	-$423M
INCOME BEFORE TAX	$729M
Income Tax Expense	$250M
Net Income from Continuing Ops	$479M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$477M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$477M
D&A	$685M
EBIT	$1.1B
EBITDA	$1.8B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$7.2B
Cost of Revenue	$5.1B
GROSS PROFIT	$2.1B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$0
Other Expenses	$937M
Operating Expenses	$937M
Cost & Expenses	$6.0B
OPERATING INCOME	$1.2B
Interest Income	$5M
Interest Expense	$407M
Other Income/Expenses	-$423M
INCOME BEFORE TAX	$729M
Income Tax Expense	$250M
Net Income from Continuing Ops	$479M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$477M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$477M
D&A	$685M
EBIT	$1.1B
EBITDA	$1.8B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$477M
Depreciation & Amortization	$685M
Stock-Based Compensation	$0
Deferred Income Tax	$227M
Other Non-Cash Items	$90M
Change in Working Capital	-$32M
OPERATING CASH FLOW	$1.4B
Capital Expenditure	-$1.6B
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$333M
NET CASH FROM INVESTING	-$1.9B
Net Debt Issuance	$750M
Common Stock Repurchased	$0
Common Dividends Paid	-$295M
Other Financing Activities	$0
NET CASH FROM FINANCING	$498M
FREE CASH FLOW	-$130M
Net Change in Cash	$40M

Balance Sheet

Item	Amount
Cash & Equivalents	$207M
Short-Term Investments	$0
Net Receivables	$1.0B
Inventory	$918M
Other Current Assets	$168M
TOTAL CURRENT ASSETS	$2.6B
PP&E (Net)	$13.4B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$61M
Tax Assets	$0
Other Non-Current Assets	$3.1B
TOTAL NON-CURRENT ASSETS	$16.6B
TOTAL ASSETS	$19.2B
Account Payables	$688M
Short-Term Debt	$579M
Deferred Revenue	$0
Other Current Liabilities	$236M
TOTAL CURRENT LIABILITIES	$1.9B
Long-Term Debt	$8.0B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5.4B
TOTAL NON-CURRENT LIABILITIES	$13.5B
TOTAL LIABILITIES	$15.5B
Common Stock	$3M
Additional Paid-In Capital	$4.8B
Retained Earnings	-$1.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$49M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.7B
Minority Interest	$37M
TOTAL EQUITY	$3.7B
TOTAL LIABILITIES & EQUITY	$19.2B
Total Debt	$8.7B
Net Debt	$8.5B