EVERSOURCE ENERGY - FORM 8-K - EX-99 - FINANCIAL REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2018 - November 1, 2018

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8-K - CURRENT REPORT ON FORM 8-K - EVERSOURCE ENERGYform8kq32018earningsreleasee.htm
EX-99 - NOVEMBER 2, 2018 SLIDE PRESENTATION - EVERSOURCE ENERGYq32018results.htm
EX-99 - NEWS RELEASE OF EVERSOURCE ENERGY DATED NOVEMBER 1, 2018 - EVERSOURCE ENERGYesthirdquarter2018earningsne.htm

Exhibit 99.2



EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Thousands of Dollars)
As of September 30, 2018
As of December 31, 2017



ASSETS
 

 
Current Assets:
 

 
Cash and Cash Equivalents
$
59,092

$
38,165

Receivables, Net
1,091,589

925,083

Unbilled Revenues
170,044

201,361

Fuel, Materials, Supplies and Inventory
192,508

223,063

Regulatory Assets
436,704

741,868

Prepayments and Other Current Assets
203,434

138,009

Assets Held for Sale
—

219,550

Total Current Assets
2,153,371

2,487,099






Property, Plant and Equipment, Net
24,967,702

23,617,463






Deferred Debits and Other Assets:
 

 

Regulatory Assets
4,716,631

4,497,447

Goodwill
4,427,266

4,427,266

Marketable Securities
585,960

585,419

Other Long-Term Assets
664,739

605,692

Total Deferred Debits and Other Assets
10,394,596

10,115,824






Total Assets
$
37,515,669

$
36,220,386




LIABILITIES AND CAPITALIZATION
 
 
Current Liabilities:
 
 
Notes Payable
$
1,067,200

$
1,088,087

Long-Term Debt – Current Portion
387,310

549,631

Rate Reduction Bonds – Current Portion
52,332

—

Accounts Payable
962,298

1,085,034

Obligations to Third Party Suppliers
199,762

144,046

Regulatory Liabilities
344,708

128,071

Other Current Liabilities
616,662

594,176

Total Current Liabilities
3,630,272

3,589,045




Deferred Credits and Other Liabilities:
 
 
Accumulated Deferred Income Taxes
3,386,324

3,297,518

Regulatory Liabilities
3,706,792

3,637,273

Derivative Liabilities
385,865

377,257

Accrued Pension, SERP and PBOP
1,013,182

1,228,091

Other Long-Term Liabilities
1,094,019

1,073,501

Total Deferred Credits and Other Liabilities
9,586,182

9,613,640






Long-Term Debt
12,151,536

11,775,889

Rate Reduction Bonds
583,331

—

Noncontrolling Interest – Preferred Stock of Subsidiaries
155,570

155,570






Common Shareholders' Equity:

 
Common Shares
1,669,392

1,669,392

Capital Surplus, Paid In
6,234,044

6,239,940

Retained Earnings
3,882,695

3,561,084

Accumulated Other Comprehensive Loss
(59,582
)
(66,403
)
Treasury Stock
(317,771
)
(317,771
)
Common Shareholders' Equity
11,408,778

11,086,242






Total Liabilities and Capitalization
$
37,515,669

$
36,220,386


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.





EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
For the Three Months Ended September 30,
For the Nine Months Ended September 30,
(Thousands of Dollars, Except Share Information)
2018
2017
2018
2017
Operating Revenues
$
2,271,425

$
1,988,512

$
6,413,243

$
5,856,458

Operating Expenses:
 
 
 
 
Purchased Power, Fuel and Transmission
842,291

651,776

2,442,953

1,955,129

Operations and Maintenance
344,475

307,773

970,881

956,274

Depreciation
208,671

194,466

612,077

571,152

Amortization
92,711

41,848

174,108

58,058

Energy Efficiency Programs
129,965

129,205

366,162

391,761

Taxes Other Than Income Taxes
187,291

168,193

547,155

479,648

Total Operating Expenses
1,805,404

1,493,261

5,113,336

4,412,022

Operating Income
466,021

495,251

1,299,907

1,444,436

Interest Expense
125,201

108,719

372,734

319,477

Other Income, Net
16,718

28,536

100,656

79,178

Income Before Income Tax Expense
357,538

415,068

1,027,829

1,204,137

Income Tax Expense
66,278

152,818

220,497

447,921

Net Income
291,260

262,250

807,332

756,216

Net Income Attributable to Noncontrolling Interests
1,880

1,880

5,639

5,639

Net Income Attributable to Common Shareholders
$
289,380

$
260,370

$
801,693

$
750,577

Basic Earnings Per Common Share
$
0.91

$
0.82

$
2.53

$
2.36

Diluted Earnings Per Common Share
$
0.91

$
0.82

$
2.52

$
2.36

Dividends Declared Per Common Share
$
0.51

$
0.48

$
1.52

$
1.43

Weighted Average Common Shares Outstanding:
 
 
 
 
Basic
317,360,110

317,393,029

317,367,252

317,415,848

Diluted
317,967,311

317,949,396

317,948,498

318,007,042


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.








EVERSOURCE ENERGY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
For the Nine Months Ended September 30,
(Thousands of Dollars)
2018
2017


Operating Activities:
 
 
Net Income
$
807,332

$
756,216

Adjustments to Reconcile Net Income to Net Cash Flows Provided by Operating Activities:
 
 
Depreciation
612,077

571,152

Deferred Income Taxes
70,402

374,863

Uncollectible Expense
50,720

30,111

Pension, SERP and PBOP Expense, Net
5,192

16,891

Pension and PBOP Contributions
(188,874
)
(197,900
)
Regulatory Overrecoveries, Net
189,932

185,952

Amortization
174,108

58,058

Other
(129,039
)
(197,876
)
Changes in Current Assets and Liabilities:
 
 
Receivables and Unbilled Revenues, Net
(212,326
)
(107,473
)
Fuel, Materials, Supplies and Inventory
44,702

23,686

Taxes Receivable/Accrued, Net
70,885

88,856

Accounts Payable
(72,591
)
(96,551
)
Other Current Assets and Liabilities, Net
(14,858
)
(30,138
)
Net Cash Flows Provided by Operating Activities
1,407,662

1,475,847




Investing Activities:
 
 
Investments in Property, Plant and Equipment
(1,885,081
)
(1,642,280
)
Proceeds from Sales of Marketable Securities
405,276

520,664

Purchases of Marketable Securities
(396,277
)
(506,302
)
Proceeds from the Sale of PSNH Generation Assets
193,924

—

Other Investing Activities
(23,405
)
(24,173
)
Net Cash Flows Used in Investing Activities
(1,705,563
)
(1,652,091
)


Financing Activities:
 
 
Cash Dividends on Common Shares
(480,082
)
(451,562
)
Cash Dividends on Preferred Stock
(5,639
)
(5,639
)
Decrease in Notes Payable
(222,110
)
(231,500
)
Issuance of Rate Reduction Bonds
635,663

—

Issuance of Long-Term Debt
1,300,000

1,250,000

Retirement of Long-Term Debt
(860,855
)
(320,000
)
Other Financing Activities
(20,361
)
171

Net Cash Flows Provided by Financing Activities
346,616

241,470

Net Increase in Cash, Cash Equivalents and Restricted Cash
48,715

65,226

Cash, Cash Equivalents and Restricted Cash - Beginning of Period
85,890

106,750

Cash, Cash Equivalents and Restricted Cash - End of Period
$
134,605

$
171,976


The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.
 



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