Summit Midstream Corporation (SMC)

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Summit Midstream Corporation

SMC • CIK 0002024218

(in thousands, except per share data)	FY 2024	FY 2025	TTM
Other Operating Income (Expense), Net	$4,188	$783	$-7,952
Derivative, Gain (Loss) on Derivative, Net	$4,127	$-1,037	$1,226
Gain (Loss) on Disposition of Business	$82,187	$-582	$-539
Equity Method Investment, Realized Gain (Loss) on Disposal	$126,261	$0	$0
Interest Expense	$115,446	$94,737	$100,752
Gain (Loss) on Extinguishment of Debt	$-50,075	$0	$0
Income (Loss) from Equity Method Investments	$24,197	$20,784	$22,211
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest	$33,503	$-2,407	$-892
Income Tax Expense (Benefit)	$146,678	$-501	$21
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-113,175	$-1,906	$-913
Income (Loss) Attributable to Noncontrolling Interest, before Tax	$13,337	$13,631	$11,590
Net Income (Loss) Attributable to Noncontrolling Interest	$-5,822	$-10,831	$-8,683
Net Income (Loss) Allocated to General Partners	—	$-19,569	$-13,342
Revenue from Contract with Customer, Excluding Assessed Tax	$429,619	$562,091	$583,332
Cost of Goods and Services Sold	$114,996	$149,139	$166,255
Utilities Operating Expense, Maintenance and Operations	$100,968	$149,139	$154,397
General and Administrative Expense	$55,562	$61,018	$60,465
Depreciation, Depletion and Amortization	$100,647	$114,159	$109,146
Business Combination, Acquisition Related Costs	$30,956	$4,900	$1,287
Business Combination, Integration Related Costs	$165	$8,143	$7,272
Gain (Loss) on Disposition of Assets	$-1	$-486	$-489
Impairment of Long-Lived Assets to be Disposed of	$68,260	$2,725	$2,654
Costs and Expenses	$471,555	$489,709	$498,418
Weighted Average Number of Shares Outstanding, Basic	—	12,133,000	13,202,000
Net Income (Loss) Attributable to Parent	$-122,159	$-5,938	$289

(in thousands, except per share data)	FY 2024	FY 2025	TTM
Cash and Cash Equivalents, at Carrying Value	$22,822	$9,274	$20,967
Restricted Cash	$2,377	$10,405	$10,793
Accounts Receivable, after Allowance for Credit Loss, Current	$77,058	$69,752	$87,202
Other Assets, Current	$16,014	$7,490	$5,509
Assets, Current	$118,271	$96,921	$124,471
Property, Plant and Equipment, Net	$1,785,029	$1,844,146	$1,839,292
Intangible Assets, Net (Excluding Goodwill)	$154,279	$153,564	$149,513
Equity Method Investments	$269,561	$265,583	$267,641
Other Assets, Noncurrent	$32,344	$27,395	$26,463
Assets	$2,359,484	$2,387,609	$2,407,380
Accounts Payable, Current	$25,162	$31,652	$21,414
Accrued Liabilities, Current	$38,176	$24,270	$43,090
Contract with Customer, Liability, Current	$9,595	$10,122	$7,996
Accrual for Taxes Other than Income Taxes, Current	$9,544	$10,190	$7,226
Accrued Employee Benefits, Current	$11,222	$12,063	$7,342
Interest Payable, Current	$21,711	$30,045	$27,666
Accrued Environmental Loss Contingencies, Current	$1,430	$1,710	$1,398
Estimated Litigation Liability, Current	$6,667	$8,333	$8,333
Long-term Debt, Current Maturities	$16,580	$21,223	$1,748
Other Liabilities, Current	$34,714	$27,185	$5,672
Liabilities, Current	$174,801	$176,793	$131,885
Deferred Income Tax Liabilities, Net	$63,326	$73,635	$92,536
Long-term Debt, Excluding Current Maturities	$976,995	$1,024,347	$1,237,900
Contract with Customer, Liability, Noncurrent	$25,373	$18,398	$17,817
Accrued Environmental Loss Contingencies, Noncurrent	$768	$52	$52
Other Liabilities, Noncurrent	$20,150	$6,532	$8,324
Liabilities	$1,261,413	$1,299,757	$1,488,514
Temporary Equity, Carrying Amount, Attributable to Parent	$132,946	$141,296	$0
Additional Paid in Capital	$540,714	$638,427	$740,596
Retained Earnings (Accumulated Deficit)	$-183,333	$-202,902	$-206,590
Stockholders' Equity Attributable to Parent	$467,792	$546,180	$598,375
Stockholders' Equity Attributable to Noncontrolling Interest	$497,333	$400,376	$320,491
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$965,125	$946,556	$918,866
Preferred Stock, Shares Issued	—	65,508	65,508

(in thousands, except per share data)	FY 2024	FY 2025	TTM
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$8,554	$-5,520	$6,256
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$25,199	$19,679	$39,597
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$-113,175	$-1,906	$-913
Net Cash Provided by (Used in) Operating Activities	$61,771	$133,595	$131,154
Payments to Acquire Property, Plant, and Equipment	$53,611	$89,042	$86,316
Payments to Acquire Businesses, Net of Cash Acquired	$154,154	—	$224,151
Payments to Acquire Equity Method Investments	$3,880	$3,816	$7,261
Proceeds from Divestiture of Businesses, Net of Cash Divested	$292,266	$0	$0
Proceeds from Sale of Equity Method Investments	$332,734	$0	$0
Proceeds from Sale of Investment Projects	$69,304	$0	$0
Proceeds from Sale of Productive Assets	$4,400	$0	$0
Payments for (Proceeds from) Other Investing Activities	$0	$295	$281
Net Cash Provided by (Used in) Investing Activities	$487,059	$-163,150	$-93,858
Proceeds from Secured Notes Payable	$565,800	—	$824,238
Proceeds from Issuance of Senior Long-term Debt	$305,000	$133,000	$121,000
Repayments of Senior Debt	—	$325,000	$182,000
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	$6,513	$13,393	$57,929
Payments of Capital Distribution	—	$6,513	$146,483
Repayments of Unsecured Debt	$209,510	$0	$0
Proceeds from Issuance of Unsecured Debt	$0	$0	$0
Payment for Debt Extinguishment or Debt Prepayment Cost	$23,791	$0	$0
Payments of Financing Costs	$4,675	$4,872	$8,119
Proceeds from (Payments for) Other Financing Activities	$-3,280	$-5,301	$-5,439
Net Cash Provided by (Used in) Financing Activities	$-540,276	$24,035	$-31,040
Deferred Income Taxes and Tax Credits	$146,831	$-699	$-74
Operating Lease, Right-of-Use Asset, Amortization Expense	$1,658	$5,808	$3,465
Amortization of Debt Issuance Costs	$11,439	$4,033	$5,867
Share-based Payment Arrangement, Noncash Expense	$8,561	$7,798	$8,395
Income (Loss) from Equity Method Investments	$24,197	$20,784	$22,211
Proceeds from Equity Method Investment, Distribution	$36,190	$28,578	$30,142
Foreign Currency Transaction Gain (Loss), before Tax	$-42	$0	$0
Gain (Loss) on Disposition of Other Assets	$6	$-192	$-9,174
Gain (Loss) on Disposition of Business	$82,187	$-582	$-539
Equity Method Investment, Realized Gain (Loss) on Disposal	$126,261	$0	$0
Impairment of Long-Lived Assets to be Disposed of	$68,260	$2,725	$2,654
Increase (Decrease) in Accounts Receivable	$-3,004	$-9,851	$3,559
Increase (Decrease) in Accounts Payable, Trade	$1,119	$5,548	$-10,515
Increase (Decrease) in Accrued Liabilities	$-625	$-15,059	$13,086
Increase (Decrease) in Contract with Customer, Liability	$-5,075	$-6,448	$-6,195
Increase (Decrease) in Property and Other Taxes Payable	$1,001	$646	$-1,775
Increase (Decrease) in Interest Payable, Net	$2,413	$8,334	$713
Increase (Decrease) in Regulatory Liabilities	$-739	$-435	$-601
Increase (Decrease) in Other Operating Assets and Liabilities, Net	$19,057	$15,193	$8,396

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Import this data to Google Sheets with:

=jivedata("SMC","financials")

Full statements spill as a table. For one cell: =jivedata("SMC","Revenue") or =jivedata("SMC","Revenue","TTM"). Install the Jive Data add-on, then paste into a cell.