2022 Q1 Form 10-Q Financial Statement

#000103520122000005 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $158.9M $146.5M
YoY Change 8.47% 8.67%
Cost Of Revenue $61.54M $54.80M
YoY Change 12.3% 1.48%
Gross Profit $111.5M $92.90M
YoY Change 19.97% 29.75%
Gross Profit Margin 70.13% 63.4%
Selling, General & Admin $33.41M $30.40M
YoY Change 9.9% 2.36%
% of Gross Profit 29.98% 32.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.48M $27.67M
YoY Change 6.55% 10.27%
% of Gross Profit 26.45% 29.78%
Operating Expenses $102.3M $90.10M
YoY Change 13.56% 9.34%
Operating Profit $9.138M $2.919M
YoY Change 213.05% -142.16%
Interest Expense -$10.93M -$9.900M
YoY Change 10.42% 0.0%
% of Operating Profit -119.63% -339.16%
Other Income/Expense, Net $2.688M $3.977M
YoY Change -32.41% -212.66%
Pretax Income $1.406M -$2.800M
YoY Change -150.21% -88.89%
Income Tax -$900.0K $300.0K
% Of Pretax Income -64.01%
Net Earnings $1.086M -$3.032M
YoY Change -135.82% -85.07%
Net Earnings / Revenue 0.68% -2.07%
Basic Earnings Per Share $0.02 -$0.06
Diluted Earnings Per Share $0.02 -$0.06
COMMON SHARES
Basic Shares Outstanding 53.73M shares 50.44M shares
Diluted Shares Outstanding 53.78M shares 50.44M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.38M $84.40M
YoY Change -18.98% -39.89%
Cash & Equivalents $68.38M $84.39M
Short-Term Investments
Other Short-Term Assets $103.0M $131.8M
YoY Change -21.85% 399.24%
Inventory $10.53M $9.200M
Prepaid Expenses
Receivables $50.28M $39.65M
Other Receivables $40.30M $37.30M
Total Short-Term Assets $272.5M $302.4M
YoY Change -9.9% 11.97%
LONG-TERM ASSETS
Property, Plant & Equipment $2.887B $2.685B
YoY Change 7.54% 9.72%
Goodwill $36.81M $31.39M
YoY Change 17.28% 1100.38%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $151.0M $124.4M
YoY Change 21.35% 58.76%
Total Long-Term Assets $3.367B $3.169B
YoY Change 6.24% 6.68%
TOTAL ASSETS
Total Short-Term Assets $272.5M $302.4M
Total Long-Term Assets $3.367B $3.169B
Total Assets $3.639B $3.471B
YoY Change 4.83% 7.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $140.8M $120.5M
YoY Change 16.83% 21.74%
Accrued Expenses $73.77M $60.60M
YoY Change 21.72% 12.85%
Deferred Revenue
YoY Change
Short-Term Debt $50.00M $435.0M
YoY Change -88.51% 29.81%
Long-Term Debt Due $5.205M $5.136M
YoY Change 1.34% -76.51%
Total Short-Term Liabilities $281.8M $655.5M
YoY Change -57.01% 27.74%
LONG-TERM LIABILITIES
Long-Term Debt $1.056B $781.0M
YoY Change 35.17% -0.7%
Other Long-Term Liabilities $833.2M $829.3M
YoY Change 0.47% -14.3%
Total Long-Term Liabilities $1.056B $781.0M
YoY Change 35.17% -0.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $281.8M $655.5M
Total Long-Term Liabilities $1.056B $781.0M
Total Liabilities $1.337B $1.436B
YoY Change -6.89% 10.53%
SHAREHOLDERS EQUITY
Retained Earnings $513.6M $457.6M
YoY Change 12.24% 18.39%
Common Stock $651.0M $472.2M
YoY Change 37.87% 28.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.165B $929.8M
YoY Change
Total Liabilities & Shareholders Equity $3.639B $3.471B
YoY Change 4.83% 7.12%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $1.086M -$3.032M
YoY Change -135.82% -85.07%
Depreciation, Depletion And Amortization $29.48M $27.67M
YoY Change 6.55% 10.27%
Cash From Operating Activities $54.19M $29.98M
YoY Change 80.77% 637.13%
INVESTING ACTIVITIES
Capital Expenditures -$68.50M -$66.80M
YoY Change 2.54% 2.3%
Acquisitions
YoY Change
Other Investing Activities -$180.0K -$1.900M
YoY Change -90.53%
Cash From Investing Activities -$68.68M -$68.72M
YoY Change -0.06% 5.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.110M -$21.76M
YoY Change -105.1% 323.51%
Debt Paid & Issued, Net $198.0K $176.0K
YoY Change 12.5% -10.66%
Cash From Financing Activities $5.682M $78.76M
YoY Change -92.79% -50.43%
NET CHANGE
Cash From Operating Activities $54.19M $29.98M
Cash From Investing Activities -$68.68M -$68.72M
Cash From Financing Activities $5.682M $78.76M
Net Change In Cash -$8.801M $40.02M
YoY Change -121.99% -59.03%
FREE CASH FLOW
Cash From Operating Activities $54.19M $29.98M
Capital Expenditures -$68.50M -$66.80M
Free Cash Flow $122.7M $96.78M
YoY Change 26.77% 39.52%

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PaymentsToAcquireLifeInsurancePolicies
1727000 USD
CY2021Q1 us-gaap Payments To Acquire Life Insurance Policies
PaymentsToAcquireLifeInsurancePolicies
0 USD
CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2021Q1 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
2900000 USD
CY2022Q1 cwt Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
180000 USD
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1415000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
564000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
23175000 USD
CY2021Q1 cwt Payments For Asset Acquisitions
PaymentsForAssetAcquisitions
0 USD
CY2022Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2021Q1 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
1000000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-68676000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-68717000 USD
CY2022Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
30000000 USD
CY2021Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
105000000 USD
CY2022Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
15000000 USD
CY2021Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
40000000 USD
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
198000 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
176000 USD
CY2022Q1 cwt Proceeds From Contribution In Aid Of Construction Financing Activities
ProceedsFromContributionInAidOfConstructionFinancingActivities
7774000 USD
CY2021Q1 cwt Proceeds From Contribution In Aid Of Construction Financing Activities
ProceedsFromContributionInAidOfConstructionFinancingActivities
6469000 USD
CY2022Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
2355000 USD
CY2021Q1 us-gaap Repayments Of Advances For Construction
RepaymentsOfAdvancesForConstruction
2711000 USD
CY2022Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1674000 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
13429000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
11581000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5682000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
78761000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8801000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
40023000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80653000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45129000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71852000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85152000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
187000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
1225000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
57733000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
48552000 USD
CY2022Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
5771000 USD
CY2021Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
5899000 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2000000 shares
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158933000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146528000 USD
CY2022Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
14060000 USD
CY2021Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
1209000 USD
CY2022Q1 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
172993000 USD
CY2021Q1 us-gaap Regulated Operating Revenue Water
RegulatedOperatingRevenueWater
147737000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
158933000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146528000 USD
CY2022Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
Lease revenue is not considered revenue from contracts with customers and is recognized following operating lease standards. The Company is the lessor in operating lease agreements with telecommunications companies under which cellular phone antennas are placed on the Company's property.
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Allowance for credit losses</span></div><div style="margin-bottom:8pt;margin-top:8pt;padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company measures expected credit losses for Customer Receivables, Other Receivables, and Unbilled Revenue on an aggregated level. These receivables are generally trade receivables due in one year or less or expected to be billed and collected in one year or less. The expected credit losses for Other Receivables and Unbilled Revenue are inconsequential. Customer receivables include receivables for water and wastewater services provided to residential customers, business, industrial, public authorities, and other customers. The expected credit losses for business, industrial, public authorities, and other customers are inconsequential. The overall risks related to the Company’s receivables are low as water and wastewater services are seen as essential services. The estimate for the allowance for credit losses is based on a historical loss ratio, in conjunction with a qualitative assessment of elements that impact the collectability of receivables to determine if the allowance for credit losses should be further adjusted in accordance with the accounting guidance for credit losses. Management contemplates available current information such as changes in economic factors, regulatory matters, industry trends, payment options and programs available to customers, and the methods that the Company is able to utilize to ensure payment.</span></div>The Company reviewed its allowance for credit losses utilizing a quantitative assessment, which included trend analysis of customer billing and collection, aging by customer class, and unemployment rates since the outbreak of COVID-19 in the first quarter of 2020. The Company also utilized a qualitative assessment, which considered the future collectability on customer outstanding balances, management's estimate of the cash recovery, and a general assessment of the economic conditions of the locations the Company serves due to the outbreak of COVID-19. The Company has resumed shutoffs for non-payment in New Mexico Water and Hawaii Water and plans to resume shutoffs for non-payment in Cal Water and Washington Water during the second quarter of 2022. The Company has also contemplated funds that the Company received and applied to customer accounts from the California Water and Wastewater Arrearage Payment Program (Program). The Program was created by the California Legislature, is administered by the State Water Resources Control Board and provided relief to community water and wastewater systems for unpaid bills – arrearages – related to the COVID-19 pandemic.
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
68379000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
78380000 USD
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
3473000 USD
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
2273000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
71852000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
80653000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000 USD
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1182980000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
894000 USD
CY2022Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1107000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1674000 USD
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2500
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
13429000 USD
CY2022Q1 cwt Noncontrolling Interest Increase From Investment In Business
NoncontrollingInterestIncreaseFromInvestmentInBusiness
0 USD
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1169878000 USD
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
921344000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-3032000 USD
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
24486000 USD
CY2021Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1415000 USD
CY2021Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.2300
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
11581000 USD
CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
929802000 USD
CY2022Q1 us-gaap Profit Loss
ProfitLoss
894000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-3032000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-192000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
1086000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-3032000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53731000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50440000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53775000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50440000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-905000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
257000 USD
CY2022Q1 cwt Effective Income Tax Rate Reconciliation Increase Decrease Amount
EffectiveIncomeTaxRateReconciliationIncreaseDecreaseAmount
1200000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-900000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.060
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
16200000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
14100000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4100000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3900000 USD
CY2022Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
291577000 USD
CY2021Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
285692000 USD
CY2022Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
181827000 USD
CY2021Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
180428000 USD
CY2022Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
68000000 USD
CY2021Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
78600000 USD
CY2022Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
12000000 USD
CY2021Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
17500000 USD
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
5400000 USD
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
3500000 USD
CY2022Q1 cwt Fair Value Inputs Risk Premium
FairValueInputsRiskPremium
0.0060

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