Monthly Reports and Financial Results As of March 31, 2020 VALLEY - - PowerPoint PPT Presentation

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Monthly Reports and Financial Results As of March 31, 2020 VALLEY - - PowerPoint PPT Presentation

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Monthly Reports and Financial Results As of March 31, 2020 VALLEY ELECTRIC ASSOCATION CONSOLIDATED YEAR OVER YEAR MONTHLY RESULTS PRELIMINARY UNAUDITED MARCH STATEMENT 2020 2019 VARIANCE BUDGET VARIANCE VEA $ 5,056,375 $ 5,315,010

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SLIDE 1

Monthly Reports and Financial Results As of March 31, 2020

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SLIDE 2
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SLIDE 3
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SLIDE 4

VALLEY ELECTRIC ASSOCATION CONSOLIDATED YEAR OVER YEAR MONTHLY RESULTS PRELIMINARY UNAUDITED MARCH STATEMENT

2020 2019 VARIANCE BUDGET VARIANCE

VEA

5,056,375 $ 5,315,010 $

  • 4.9%

5,037,102 $ 0.4%

VETA

644,239 $ 913,849 $

  • 29.5%

670,190 $

  • 3.9%

Comms

720,926 $ 609,920 $ 18.2% 717,838 $ 0.4%

Operating Income

6,421,540 $ 6,838,780 $

  • 6.1%

6,425,130 $

  • 0.1%

Total Cost of Power

2,700,742 3,319,172 18.6% 2,783,134 3.0% GROSS OPERATING MARGIN 3,720,798 3,519,607 5.7% 3,641,996 2.2%

Distribution Expense - Operation

763,091 774,177 1.4% 792,089 3.7%

Distribution Expense - Maintenance

294,006 350,789 16.2% 321,941 8.7%

Consumer Accounts Expense

210,338 185,335

  • 13.5%

216,343 2.8%

Customer Service & Informational Expense

58,316 30,941

  • 88.5%

62,266 6.3%

Sales Expense

30,679 69,951 56.1% 49,930 38.6%

Administrative and General Expense

753,588 938,886 19.7% 706,132

  • 6.7%

TOTAL OPERATING EXPENSES 2,110,017 2,350,080 10.2% 2,148,702 1.8%

Fixed Costs (Depr. & Taxes)

1,108,610 1,073,305

  • 3.3%

1,106,548

  • 0.2%

Interest Expense (LTD)

754,451 785,431 3.9% 762,816 1.1%

Interest Charged to Construction

296 1,112 73.3% 1,220 0.0%

Interest Expense - Other

36,979 176,892 79.1% 35,383

  • 4.5%

Other Deductions

10,913 12,424 12.2% 6,763

  • 61.4%

TOTAL EXPENSES FOR VEA 4,021,267 4,399,243 8.6% 4,061,432 1.0% NET OPERATING MARGIN (300,468) (879,636) 65.8% (419,436) 28.4%

Interest Income (Non-Operating)

9,451 19,891

  • 52.5%

8,080 17.0%

Non-Operating Margins - Other

(3,243) (715)

  • 353.3%

(9,775) 66.8%

Other - Capital Credits & Patronage Dividends

495,607 427,964 15.8% 500,000 0.0% NET NON-OPERATING MARGIN 501,815 447,139 12.2% 498,305 0.7% TOTAL MARGINS 201,347 $ (432,497) $ 146.6% 78,869 $ 155.3% EBITDA 1,599,868 $ 1,157,104 $ 38.3% 1,486,532 $ 7.6%

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SLIDE 6

YTD(MAR) YTD(MAR) YTD(MAR) MAR 2019 2020 BUD 2020 Dollars % Dollars %

  • 1. Operating Revenue and Patronage Capital

21,623,776 21,882,787 21,825,439 6,421,540 259,011 1.2% 57,348 0.3%

  • 2. Power Production Expense
  • 3. Cost of Purchased Power

11,188,229 9,645,627 9,812,463 2,700,742 1,542,602 13.8% 166,836 1.7%

  • 6. Distribution Expense - Operation

2,182,982 2,321,147 2,355,333 763,091 (138,165)

  • 6.3%

34,186 1.5%

  • 7. Distribution Expense - Maintenance

993,519 867,349 965,788 294,006 126,170 12.7% 98,439 10.2%

  • 8. Consumer Accounts Expense

608,668 632,038 649,071 210,338 (23,370)

  • 3.8%

17,033 2.6%

  • 9. Customer Service and Informational Expense

125,556 200,726 186,815 58,316 (75,171)

  • 59.9%

(13,912)

  • 7.4%
  • 10. Sales Expense

239,389 121,970 149,697 30,679 117,418 49.0% 27,726 18.5%

  • 11. Administrative and General Expense

3,702,099 2,231,240 2,108,857 753,588 1,470,859 39.7% (122,383)

  • 5.8%
  • 12. Total Operation & Maintenance Expense (2 thru 11)

19,040,442 16,020,098 16,228,023 4,810,759 3,020,344 15.9% 207,925 1.3%

  • 13. Depreciation & Amortization Expense

3,186,030 3,271,301 3,261,206 1,092,088 (85,271)

  • 2.7%

(10,095)

  • 0.3%
  • 14. Tax Expense - Property & Gross Receipts
  • 15. Tax Expense - Other

53,294 49,581 49,500 16,522 3,713 7.0% (81)

  • 0.2%
  • 16. Interest on Long-Term Debt

2,267,188 2,267,272 2,290,423 754,451 (83) 0.0% 23,151 1.0%

  • 17. Interest Charged to Construction (Credit)

2,555 2,421 3,660 296 134 5.3% 1,239 33.9%

  • 18. Interest Expense - Other

508,836 115,808 110,934 36,979 393,028 77.2% (4,874)

  • 4.4%
  • 19. Other Deductions

36,619 34,066 20,290 10,913 2,553 7.0% (13,776)

  • 67.9%
  • 20. Total Cost of Electric Service (12 thru 19)

25,094,966 21,760,548 21,964,036 6,722,009 3,334,418 13.3% 203,488 0.9%

  • 21. Patronage Capital & Operating Margins (1 minus 20)

(3,471,189) 122,239 (138,598) (300,468) 3,593,429 103.5% 260,837 188.2%

  • 22. Non Operating Margins - Interest

64,931 29,619 24,160 9,451 (35,313)

  • 54.4%

5,459 22.6%

  • 23. Allowance for Funds Used During Construction
  • 24. Income (Loss) from Equity Investments
  • 25. Non Operating Margins - Other

119,558 (30,911) (29,325) (3,243) (150,468)

  • 125.9%

(1,586)

  • 5.4%
  • 26. Generation & Transmission Capital Credits
  • 27. Other Capital Credits & Patronage Dividends

427,964 495,607 500,000 495,607 67,643 15.8% (4,393)

  • 0.9%
  • 28. Extraordinary Items
  • 29. Patronage Capital or Margins (21 thru 28)

(2,858,737) 616,554 356,237 201,347 3,475,291 121.6% 260,317 73.1%

  • 30. EBITDA

2,546,714 5,828,622 5,577,125 1,599,868 3,281,908 128.9% 251,497 4.5% 2020 VS 2019 2020 VS BUD PERIOD ENDED MARCH 31, 2020

VALLEY ELECTRIC ASSOCIATION

PRELIMINARY CONSOLIDATED INCOME STATEMENT - UNAUDITED

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SLIDE 7

ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS

  • 1. Total Utility Plant in Service

$339,118,526 30. Memberships $194,150

  • 2. Construction Work in Progress

3,645,941 31. Patronage Capital 130,990,318

  • 3. Total Utility Plant (1+2)

342,764,467 32. Operating Margins - Prior Years (63,694,146)

  • 4. Accum. Provision for Depreciation and Amort

96,706,360 33. Operating Margins - Current Year 122,239

  • 5. Net Utility Plant (3-4)

246,058,107 34. Non-Operating Margins 494,315

  • 6. Nonutility Property - Net

0 35. Other Margins & Equities 10,624,825

  • 7. Investment in Subsidiary Companies

0 36. Total Margins & Equities (30 thru 35) 78,731,702

  • 8. Invest. in Assoc. Org. - Patronage Capital

5,639,266 37. Long-Term Debt RUS (Net)

  • 9. Invest. in Assoc. Org. - Other - General Funds

0 (Payments-Unapplied ($___________)

  • 10. Invest in Assoc. Org. - Other - Nongeneral Funds

1,846,304 38. Long-Term Debt - FFB - RUS Guaranteed (Net)

  • 11. Investments in Economic Development Projects

(Payments-Unapplied ($___________)

  • 12. Other Investments

1,111,678 39. Long-Term Debt - Other - RUS Guaranteed

  • 13. Special Funds

0 40. Long-Term Debt - Other(Net) 227,217,519

  • 14. Total Other Property & Investments (6 thru 13)

8,597,249 41. Long-Term Debt - RUS Economic Development (Net)

  • 15. Cash-General Funds

2,193,409 42. Payments - Unapplied

  • 16. Cash-Construction Funds-Trustee

0 43. Total Long-Term Debt (37 thru 41 - 42) 227,217,519

  • 17. Special Deposits

4,381,444 44. Obligations Under Capital Leases 2,371,800

  • 18. Temporary Investments

0 45. Accumulated Operating Provisions - Asset Retirement Obligations 2,403,978

  • 19. Notes Receivable - Net

0 46. Total Other Noncurrent Liabilities (44+45) 4,775,778

  • 20. Accounts Receivable - Net Sales of Energy

5,817,700 47. Notes Payable

  • 21. Accounts Receivable - Net Other

1,517,583 48. Accounts Payable 5,975,415

  • 22. Renewable Energy Credits

0 49. Consumers Deposits 870,746

  • 23. Materials & Supplies - Electric and Other

4,447,715 50. Current Maturities Long-Term Debt 8,010,131

  • 24. Prepayments

1,862,847 51. Current Maturities Long-Term Debt-Economic Dev.

  • 25. Other Current & Accrued Assets

13,639 52. Current Maturities Capital Leases 3,469,049

  • 26. Total Current & Accrued Assets (15 thru 25)

20,234,337 53. Other Current & Accrued Liabilities 3,835,331

  • 27. Regulatory Assets

0 54. Total Current & Accrued Liabilities (47 thru 53) 22,160,673

  • 28. Deferred Debits

60,725,692 55. Regulatory Liabilities

  • 29. Total Assets & Other Debits (5+14+26+thru 28)

$335,615,384 56. Deferred Credits 2,729,713

  • 57. Total Liabilities & Other Credits (36+43+46+54 thru 56)

$335,615,384

VALLEY ELECTRIC ASSOCIATION

AS OF MARCH 31, 2020

CONSOLIDATED BALANCE SHEET - UNAUDITED

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SLIDE 8

VALLEY ELECTRIC ASSOCIATION ADDITIONAL SUPPORTING REPORTS AS OF MARCH 31, 2020

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SLIDE 9

MAR 2020 Current Month Year to Date 2020 2019 Change Var. 2020 2019 Change Var. Member Sales 42,304,135 42,794,146 (490,011)

  • 1.1%

144,792,987 150,731,967 (5,938,980)

  • 3.9%

SCE Interchange 1,063,320 1,180,560 (117,240)

  • 9.9%

2,982,000 3,184,560 (202,560)

  • 6.4%

VEA Internal Use 192,929 185,724 7,205 3.9% 625,598 632,948 (7,350)

  • 1.2%

Total Sales 43,560,384 44,160,430 (600,046)

  • 1.4%

148,400,585 154,549,475 (6,148,890)

  • 4.0%

Purchases 42,653,488 43,795,551 (1,142,063)

  • 2.6%

146,768,286 154,106,842 (7,338,556)

  • 4.8%

SCE Interchange 758,880 524,520 234,360 44.7% 2,031,120 1,651,680 379,440 23.0% Total Purchases 43,412,368 44,320,071 (907,703)

  • 2.0%

148,799,406 155,758,522 (6,959,116)

  • 4.5%

System Losses

  • 0.34%

0.36%

  • 0.70%

0.27% 0.78% System Demand 89,200 100,247 (11,047)

  • 11.0%

126,145 130,634 (4,489)

  • 3.4%

Month Demand Occurred

MAR'20 MAR'19 FEB'20 JAN'19 ENERGY REVENUE Residential $2,996,556 $3,134,080 ($137,524)

  • 4.4%

$11,266,782 $10,893,501 $373,281 3.4% Irrigation $48,466 $38,889 $9,576 24.6% $107,382 $76,003 $31,378 41.3% Commercial - <50 KW $443,896 $426,923 $16,973 4.0% $1,461,883 $1,356,806 $105,077 7.7% Commercial - 50-249 KW $546,836 $460,034 $86,801 18.9% $1,565,052 $1,407,580 $157,472 11.2% Commercial - 250 KW & Up $483,701 $487,410 ($3,709)

  • 0.8%

$1,487,559 $1,458,656 $28,903 2.0% Contract Sales $353,195 $426,481 ($73,286)

  • 17.2%

$1,257,600 $1,480,671 ($223,071)

  • 15.1%

Street Lighting $3,462 $3,628 ($166)

  • 4.6%

$10,718 $10,431 $287 2.8% Total Revenue $4,876,111 $4,977,446 ($101,334)

  • 2.0%

$17,156,977 $16,683,649 $473,328 2.8% ENERGY SALES Residential 21,522,423 23,963,332 (2,440,909)

  • 10.2%

83,597,807 88,866,417 (5,268,610)

  • 5.9%

Irrigation 535,859 443,437 92,422 20.8% 1,188,493 866,182 322,311 37.2% Commercial - <50 KW 3,093,504 3,118,782 (25,278)

  • 0.8%

10,411,879 10,539,677 (127,798)

  • 1.2%

Commercial - 50-249 KW 7,187,665 4,319,326 2,868,339 66.4% 16,877,687 13,774,636 3,103,051 22.5% Commercial - 250 KW & Up 4,596,732 4,711,444 (114,712)

  • 2.4%

14,271,800 14,639,720 (367,920)

  • 2.5%

Contract Sales 5,358,052 6,228,082 (870,030)

  • 14.0%

18,415,480 22,016,106 (3,600,626)

  • 16.4%

Street Lighting 9,900 9,743 157 1.6% 29,841 29,229 612 2.1% Total Sales (kwh) 42,304,135 42,794,146 (490,011)

  • 1.1%

144,792,987 150,731,967 (5,938,980)

  • 3.9%
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SLIDE 10

AVG KWH SALES Residential 1,046 1,198 (152)

  • 12.7%

1,355 1,481 (126)

  • 8.5%

Irrigation 2,382 2,034 348 17.1% 1,761 1,324 437 33.0% Commercial - <50 KW 1,447 1,464 (17)

  • 1.2%

1,623 1,649 (26)

  • 1.6%

Commercial - 50-249 KW 32,377 19,456 12,921 66.4% 25,342 20,683 4,659 22.5% Commercial - 250 KW & Up 120,967 134,613 (13,646)

  • 10.1%

125,191 139,426 (14,235)

  • 10.2%

Contract Sales 5,358,052 6,228,082 (870,030)

  • 14.0%

6,138,493 7,338,702 (1,200,209)

  • 16.4%

Street Lighting 1,980 3,248 (1,268)

  • 39.0%

1,989 3,248 (1,259)

  • 38.8%

Total 1,823 1,892 (69)

  • 3.6%

2,080 2,222 (142)

  • 6.4%

CONSUMERS MAR'20 MAR'19 Change MAR'20 MAR'19 Change Residential 43 9 34 20,571 20,005 566 2.8% Irrigation (1) (2) 1 225 218 7 3.2% Commercial - <50 KW 4 (4) 2,138 2,130 8 0.4% Commercial - 50-249 KW (3) 4 (7) 222 222 0.0% Commercial - 250 KW & Up 1 1 38 35 3 8.6% Contract Sales 1 1 0.0% Street Lighting (1) (1) 5 3 2 66.7% Total Consumers 39 15 24 23,200 22,614 586 2.6% REVENUE PER KWH Residential 0.1392 0.1308 0.0084 6.5% 0.1348 0.1226 0.0122 9.9% Irrigation 0.0904 0.0877 0.0027 3.1% 0.0904 0.0877 0.0026 3.0% Commercial - <50 KW 0.1435 0.1369 0.0066 4.8% 0.1404 0.1287 0.0117 9.1% Commercial - 50-249 KW 0.0761 0.1065 (0.0304)

  • 28.6%

0.0927 0.1022 (0.0095)

  • 9.3%

Commercial - 250 KW & Up 0.1052 0.1035 0.0018 1.7% 0.1042 0.0996 0.0046 4.6% Contract Sales 0.0659 0.0685 (0.0026)

  • 3.7%

0.0683 0.0673 0.0010 1.5% Street Lighting 0.3497 0.3724 (0.0227)

  • 6.1%

0.3592 0.3569 0.0023 0.6% Total 0.1153 0.1163 (0.0010)

  • 0.9%

0.1185 0.1107 0.0078 7.1%

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SLIDE 11

VALLEY ELECTRIC ASSOCIATION, INC. 13 Month Cash Flow

Sources of Cash Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Energy & Broadband Billing 6,051,808 5,793,031 5,829,173 4,817,736 6,275,117 7,181,800 6,955,970 7,001,334 5,110,451 5,754,027 7,143,788 6,734,401 6,494,935 Line of Credit Capital Credits/Interest Income 243,130 25,304 10,966 12,156 11,263 4,600 343,439 18,625 4,764 10,360 5,417 2,881 3,474 Aid to Construction 80,990 99,666 93,301 60,581 143,628 284,580 71,720 260,138 136,193 173,484 185,264 253,626 195,662 Accounts Receivable 988,823 780,514 1,196,193 409,920 429,654 1,174,804 1,556,632 1,362,504 548,247 2,549,480 410,265 560,630 1,091,801 CAISO/AEPCO 7,749 181,430 54,489 50,651 338,487 144,742 205,926 203,897 36 46,306 84 225,297 Total Sources of Cash 7,372,500 6,879,946 7,184,122 5,351,045 6,859,661 8,984,272 9,072,502 8,848,527 6,003,552 8,487,387 7,791,040 7,551,622 8,011,169

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SLIDE 12

VALLEY ELECTRIC ASSOCIATION, INC. 13 Month Cash Flow

Uses of Cash Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Plant Plant Materials VEA 207,613 123,537 119,841 130,646 144,466 78,038 194,049 52,184 152,369 252,005 17,668 61,266 87,430 VETA 31,544 2,624 VCA 31,253 22,656 90,581 17,509 213,027 68,676 115,797 5,829 139,316 42,454 160,176 119,732 6,873 Construction Work in Progress VEA 100,776 153,795 138,336 48,104 140,509 104,280 79,478 20,681 1,387 99,093 7,500 13,976 9,500 VETA 232,324 205,878 28,354 136,235 575,731 110,751 747,469 138,121 28,244 91,147 11,852 13,683 VCA 28,362 30,630 40,000 59,640 87,261 69,500 8,740 32,988 47,619 197,372 23,655 General Plant 36,165 125,137 56,411 7,681 27,972 28,050 38,927 32,700 10,265 44,073 5,462 Total Plant 636,492 661,633 448,655 392,133 641,676 903,906 536,787 889,825 517,739 454,496 286,756 448,271 146,603 Investments Total Investments Debt Service Long Term Debt - Principal 1,434,647 97,070 100,464 1,439,848 100,959 630,943 1,454,667 101,703 98,863 1,472,735 99,382 99,639 1,758,567 Long Term Debt - Interest 2,024,750 204,654 197,674 2,034,450 196,141 316,114 1,993,543 190,350 164,908 1,846,301 172,536 161,758 1,536,119 Line of Credit Total Debt Service 3,459,397 301,724 298,139 3,474,298 297,100 947,058 3,448,210 292,053 263,771 3,319,036 271,919 261,397 3,294,686 Operations Purchased Power/Margin Calls 3,177,628 2,323,888 2,101,322 2,361,796 2,544,922 3,226,335 2,899,754 2,518,846 2,293,678 2,863,009 3,636,297 2,928,518 2,919,144 Gross Payroll 1,125,933 1,143,086 1,141,056 1,163,806 1,218,773 1,585,984 1,073,076 1,131,490 1,191,902 1,112,963 1,934,746 1,106,840 1,093,053 NRECA Benefits 970,113 1,116,389 990,101 1,036,334 1,006,630 1,041,203 391,383 477,565 412,256 383,305 1,196,665 1,259,698 995,366 Capital Credits 28,838 12,696 1,376 44,851 14,263 37,830 28,527 102,511 34 35,405 9,853 17,170 4,373 Transmission Sale Operating Material & Services 1,294,732 1,400,136 1,276,666 1,047,430 980,820 1,505,253 933,058 1,536,656 947,872 1,375,556 1,251,810 886,736 1,122,453 Total Operations 6,597,244 5,996,195 5,510,522 5,654,217 5,765,407 7,396,605 5,325,798 5,767,068 4,845,742 5,770,238 8,029,371 6,198,962 6,134,389 Total Uses of Cash 10,693,133 6,959,552 6,257,316 9,520,647 6,704,183 9,247,569 9,310,795 6,948,945 5,627,252 9,543,770 8,588,046 6,908,629 9,575,678 Net Cash Increase/(Decrease) (3,320,633) (79,606) 926,806 (4,169,602) 155,478 (263,297) (238,293) 1,899,582 376,300 (1,056,383) (797,006) 642,993 (1,564,509)

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SLIDE 13

VALLEY COMMUNICATIONS

MONTHLY REPORTS & FINANCIAL RESULTS

AS OF MARCH 31, 2020

ASSOCIATION

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SLIDE 14

YTD(MAR) YTD(MAR) YTD(MAR) MAR 2019 2020 BUD 2020 Dollars % Dollars %

REVENUE - INTERNET 1,655,427 2,157,500 2,062,217 706,547

502,073 30.3% 95,283 4.6%

COST OF SALES - INTERNET 785,665 886,690 934,497 295,455

(101,025)

  • 12.9%

47,807 5.1%

GROSS MARGINS - INTERNET 869,762 1,270,810 1,127,720 411,091

401,048 46.1% 143,090 12.7%

REVENUE - VOIP 34,690 67,885 53,125 17,830

33,195 95.7% 14,760 27.8%

COST OF SALES - VOIP 49,730 44,649 52,137 13,842

5,081 10.2% 7,488 14.4%

GROSS MARGINS - VOIP (15,040) 23,236 988 3,988

38,276 254.5% 22,248 2251.8%

VEEK REVENUE 6,471 7,303 7,150 1,846

832 12.9% 153 2.1%

SMART HOME REVENUE

  • 0.0%

0.0%

TOTAL REVENUE 1,696,657 2,232,687 2,122,492 726,223

536,030 31.6% 110,196 5.2%

TOTAL COST OF SALES 896,923 931,339 986,717 309,298

(34,416)

  • 3.8%

55,377 5.6%

GROSS MARGINS 799,734 1,301,348 1,135,775 416,925

501,614 62.7% 165,573 14.6%

MAINTENANCE EXPENSE

25,565 35,121 17,390 7,083 (9,556)

  • 37.4%

(17,731)

  • 102.0%

CONSUMER ACCOUNTS EXPENSE

73,183 86,932 129,021 27,192 (13,750)

  • 18.8%

42,089 32.6%

CUSTOMER SERVICE (VEEK) EXPENSE

  • 0.0%

0.0%

SALES EXPENSE

72,375 17,990 37,240 1,897 54,386 75.1% 19,251 51.7%

ADMIN AND GENERAL EXPENSE

228,177 247,694 234,744 76,941 (19,517)

  • 8.6%

(12,950)

  • 5.5%

TOTAL CONTROLLABLE COSTS 399,300 387,737 418,395 113,113

11,563 2.9% 30,659 7.3%

TOTAL OPERATING EXPENSES 1,296,223 1,319,076 1,405,112 422,411

(22,853)

  • 1.8%

86,036 6.1%

DEPRECIATION & AMORT EXPENSE

1,252,624 1,329,420 1,317,842 445,564 (76,796)

  • 6.1%

(11,578)

  • 0.9%

TAX EXPENSE-OTHER 38,367 49,566 49,500 16,522

(11,199)

  • 29.2%

(66)

  • 0.1%

INTEREST EXPENSE

166,337 110,934 110,934 35,383 55,403 33.3% (0) 0.0%

INT CHARGED TO CONST

0.0% 0.0%

OTHER DEDUCTIONS (118)

  • (118)
  • 100.0%

0.0%

TOTAL EXPENSES 2,753,434 2,808,997 2,883,388 919,881

(55,563)

  • 2.0%

74,391 2.6%

NET MARGIN (1,056,777) (576,309) (760,896) (193,657)

480,467 45.5% 184,587 24.3%

EBITDA 400,552 913,612 717,380 303,812

513,059 128.1% 196,232 27.4%

PERIOD ENDED MARCH 31, 2020

VALLEY COMMUNICATION ASSOCIATION

CONSOLIDATED INCOME STATEMENT - UNAUDITED

2020 VS 2019 2020 VS BUD

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SLIDE 15

ASSETS AND OTHER DEBITS LIABILITIES AND OTHER CREDITS

  • 1. Total Plant in Service

$45,621,828 30. Memberships $0

  • 2. Construction Work in Progress

1,174,502 31. Patronage Capital

  • 3. Total Plant (1+2)

46,796,331 32. Operating Margins - Prior Years (21,550,556)

  • 4. Accum. Prov for Deprec and Amort

14,894,074 33. Operating Margins - Current Year (986,086)

  • 5. Net Plant (3-4)

31,902,257 34. Non-Operating Margins

  • 14. Total Other Property & Investments

0 35. Other Margins & Equities 45,000,000

  • 15. Cash-General Funds

15,330 36. Total Margins & Equities (30 thru 35) 22,463,358

  • 16. Cash-Construction Funds-Trustee

0 40. Long-Term Debt - Other(Net)

  • 17. Special Deposits

0 43. Total Long-Term Debt

  • 18. Temporary Investments

0 44. Obligations Under Capital Leases 2,371,800

  • 19. Notes Receivable - Net

0 46. Total Other Noncurrent Liabilities 2,371,800

  • 20. Accounts Receivable Trade

502,711 47. Notes Payable

  • 21. Accounts Receivable - Net Other

0 48. Accounts Payable 9,119,563

  • 23. Materials & Supplies

1,445,232 49. InterCompany payable

  • 24. Prepayments

73,722 50. Current Maturities Long-Term Debt

  • 25. Other Current & Accrued Assets

0 52. Current Maturities Capital Leases 3,469,049

  • 26. Total Current & Accrued Assets

2,036,995 53. Other Current & Accrued Liabilities 368

  • 28. Deferred Debits

3,484,887 54. Total Current & Accrued Liabilities 12,588,980

  • 56. Deferred Credits
  • 29. Total Assets & Other Debits

$37,424,138 57. Total Liabilities & Other Credits $37,424,138

VALLEY COMMUNICATION ASSOCIATION

AS OF MARCH 31, 2020

BALANCE SHEET - UNAUDITED

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SLIDE 16