Summit Midstream Corp
For the period ended Mar 31, 2025. Filed May 12, 2025.
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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.
Mar 31, 2025 · Filed May 12, 2025
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
| Three Months Ended March 31, | ||
|---|---|---|
| 2025 | 2024 | |
| (In thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $4,634 | $132,927 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income taxes | 233 | — |
| Depreciation and amortization | 28,752 | 28,102 |
| Noncash lease expense | 2,349 | 1,009 |
| Amortization of debt issuance costs and other | 968 | 3,505 |
| Equity compensation | 2,375 | 2,772 |
| Income from equity method investees | (4,840) | (10,638) |
| Distributions from equity method investees | 6,694 | 17,082 |
| Gain on asset sales, net | — | (27) |
| Foreign currency gain and other | — | 19 |
| Gain on fair value of earn-out | (9,023) | — |
| (Gain) loss on sale of business | 43 | (86,202) |
| Gain on sale of equity method investment | — | (126,261) |
| Unrealized (gain) loss on interest rate swaps | 1,870 | (1,244) |
| Long-lived asset impairment | — | 67,916 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (3,378) | 2,961 |
| Trade accounts payable | 7,870 | (3,497) |
| Accrued expenses | 7,114 | 3,833 |
| Deferred revenue, net | (1,879) | (2,293) |
| Ad valorem taxes payable | (4,449) | (5,261) |
| Accrued interest | (12,730) | 25,528 |
| Accrued environmental remediation, net | (35) | 195 |
| Other, net | (10,538) | (6,810) |
| Net cash provided by operating activities | 16,030 | 43,616 |
| Cash flows from investing activities: | ||
| Capital expenditures | (20,606) | (16,398) |
| Proceeds from Utica Sale (excluding Ohio Gathering) | — | 292,266 |
| Proceeds from sale of Ohio Gathering | — | 332,734 |
| Cash consideration paid for the acquisition of Moonrise, net of cash acquired | (69,997) | — |
| Proceeds from asset sale | — | 27 |
| Investment in Double E equity method investee | (2,488) | — |
| Net cash provided by (used in) investing activities | (93,091) | 608,629 |
| Cash flows from financing activities: | ||
| Debt repayments - ABL Facility | (250,000) | (313,000) |
| Debt repayments - Permian Transmission Term Loan | (3,998) | (3,794) |
| Borrowings on Amended and Restated ABL Facility | 90,000 | — |
| Issuance of Additional 2029 Secured Notes | 258,438 | — |
| Distributions on Subsidiary Series A Preferred Units | (1,628) | (1,628) |
| Debt issuance costs | (4,832) | — |
| Distributions on Series A Preferred Shareholders | (3,359) | — |
| Other, net | (3,155) | (2,424) |
| Net cash provided by (used in) financing activities | 81,466 | (320,846) |
| Net change in cash, cash equivalents and restricted cash | 4,405 | 331,399 |
| Cash, cash equivalents and restricted cash, beginning of period | 25,199 | 16,645 |
| Cash, cash equivalents and restricted cash, end of period | $29,604 | $348,044 |
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