Summit Midstream Corp
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
SMC$30.30+8.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Statements of Cash Flows
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net income (loss) | $(88,392) | $(23,829) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Deferred income taxes | 142,267 | — |
| Depreciation and amortization | 76,028 | 91,438 |
| Noncash lease expense | 2,292 | 3,804 |
| Amortization of debt issuance costs | 10,326 | 9,493 |
| Equity compensation | 6,698 | 5,158 |
| Income from equity method investees | (19,828) | (22,302) |
| Distributions from equity method investees | 31,241 | 40,732 |
| Gain on asset sales, net | 1 | (183) |
| Foreign currency gain and other | 42 | (83) |
| Loss on earn-out | (6) | 420 |
| Loss on early extinguishment of debt | 47,199 | — |
| (Gain) loss on sale of business | (82,338) | 45 |
| Gain on sale of equity method investment | (126,261) | — |
| Unrealized (gain) loss on interest rate swaps | 3,038 | (1,074) |
| Long-lived asset impairment | 67,936 | 455 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 6,325 | (3,765) |
| Trade accounts payable | (7,108) | 1,525 |
| Accrued expenses | (3,917) | 6,718 |
| Deferred revenue, net | (4,308) | (4,206) |
| Ad valorem taxes payable | (1,314) | (2,277) |
| Accrued interest | (4,695) | 22,113 |
| Accrued environmental remediation, net | (539) | (639) |
| Other, net | (14,563) | (12,784) |
| Net cash provided by operating activities | 40,124 | 110,759 |
| Cash flows from investing activities: | ||
| Capital expenditures | (37,861) | (49,863) |
| Proceeds from Summit Utica Sale (excluding Ohio Gathering) | 292,266 | — |
| Proceeds from sale of Ohio Gathering | 332,734 | — |
| Proceeds from Mountaineer Transaction | 69,304 | — |
| Proceeds from asset sale | 4,400 | 128 |
| Investment in Double E equity method investee | (1,431) | (3,500) |
| Other, net | — | (2,611) |
| Net cash provided by (used in) investing activities | 659,412 | (55,846) |
| Cash flows from financing activities: | ||
| Debt repayments - ABL Facility | (313,000) | (70,000) |
| Debt repayments - Redemption of 2026 Unsecured Notes | (209,510) | — |
| Debt repayments - 2026 Secured Notes (Excess Cash Flow Offer) | (13,626) | — |
| Debt repayments - 2026 Secured Notes (Asset Sale Offer) | (6,910) | — |
| Debt repayments - Permian Transmission Term Loan | (11,555) | (7,804) |
| Debt repayments - 2025 Senior Notes Redemption | (49,783) | — |
| Debt repayments - 2026 Secured Notes Redemption | (649,805) | — |
| Borrowings on Amended and Restated ABL Facility | 150,000 | 35,000 |
| Issuance of 2029 Secured Notes | 565,800 | — |
| Distributions on Subsidiary Series A Preferred Units | (4,885) | (4,884) |
| Debt extinguishment costs | (21,355) | — |
| Debt issuance costs | (4,368) | (247) |
| Other, net | (2,818) | (1,614) |
| Net cash used in financing activities | (571,815) | (49,549) |
| Net change in cash, cash equivalents and restricted cash | 127,721 | 5,364 |
| Cash, cash equivalents and restricted cash, beginning of period | 16,645 | 13,531 |
| Cash, cash equivalents and restricted cash, end of period | $144,366 | $18,895 |
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