$WTRG
Essential Utilities, Inc.

2020 Q2 Form 10-Q Financial Statement

#000007812820000012 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $384.5M $218.9M
YoY Change 75.64% 3.32%
Cost Of Revenue $43.40M
YoY Change
Gross Profit $341.1M
YoY Change
Gross Profit Margin 88.72%
Selling, General & Admin $2.100M $2.100M
YoY Change 0.0% 5.0%
% of Gross Profit 0.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $67.93M $39.55M
YoY Change 71.74% 8.02%
% of Gross Profit 19.91%
Operating Expenses $215.0M $138.0M
YoY Change 55.8% 10.31%
Operating Profit $123.1M $80.95M
YoY Change 52.09% -6.69%
Interest Expense $51.67M $31.73M
YoY Change 62.85% 33.74%
% of Operating Profit 41.96% 39.19%
Other Income/Expense, Net $722.0K -$1.912M
YoY Change -137.76% 337.53%
Pretax Income $75.09M $52.73M
YoY Change 42.4% -20.37%
Income Tax $462.0K -$2.171M
% Of Pretax Income 0.62% -4.12%
Net Earnings $74.63M $54.90M
YoY Change 35.93% -17.55%
Net Earnings / Revenue 19.41% 25.08%
Basic Earnings Per Share $0.29 $0.25
Diluted Earnings Per Share $0.29 $0.25
COMMON SHARES
Basic Shares Outstanding 254.2M 219.1M
Diluted Shares Outstanding 254.4M 219.8M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000M $1.974B
YoY Change -99.65% 3624.53%
Cash & Equivalents $7.227M $1.974B
Short-Term Investments
Other Short-Term Assets $102.0M $17.00M
YoY Change 500.0% 0.0%
Inventory $50.00M $16.29M
Prepaid Expenses
Receivables $152.9M $111.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $312.5M $2.118B
YoY Change -85.25% 1020.59%
LONG-TERM ASSETS
Property, Plant & Equipment $9.051B $6.115B
YoY Change 48.01% 10.34%
Goodwill $2.334B $52.72M
YoY Change 4326.11%
Intangibles $8.820M
YoY Change
Long-Term Investments $6.000M $7.000M
YoY Change -14.29% 0.0%
Other Assets $1.253B $874.0M
YoY Change 43.36% 10.77%
Total Long-Term Assets $12.72B $7.062B
YoY Change 80.05% 10.68%
TOTAL ASSETS
Total Short-Term Assets $312.5M $2.118B
Total Long-Term Assets $12.72B $7.062B
Total Assets $13.03B $9.180B
YoY Change 41.92% 39.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $124.1M $57.00M
YoY Change 117.75% 35.71%
Accrued Expenses $100.5M $74.00M
YoY Change 35.78% 23.33%
Deferred Revenue
YoY Change
Short-Term Debt $15.00M $6.000M
YoY Change 150.0%
Long-Term Debt Due $87.84M $221.4M
YoY Change -60.32% 86.04%
Total Short-Term Liabilities $448.2M $398.9M
YoY Change 12.34% 57.07%
LONG-TERM LIABILITIES
Long-Term Debt $5.175B $2.749B
YoY Change 88.22% 26.05%
Other Long-Term Liabilities $50.41M $97.37M
YoY Change -48.23% -92.64%
Total Long-Term Liabilities $5.225B $1.614B
YoY Change 223.68% -53.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $448.2M $398.9M
Total Long-Term Liabilities $5.225B $1.614B
Total Liabilities $5.673B $2.013B
YoY Change 181.8% -55.91%
SHAREHOLDERS EQUITY
Retained Earnings $1.227B $1.160B
YoY Change 5.77%
Common Stock $3.491B $109.4M
YoY Change 3089.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $81.95M $77.69M
YoY Change 5.48%
Treasury Stock Shares $3.193M $3.112M
Shareholders Equity $4.636B $3.825B
YoY Change
Total Liabilities & Shareholders Equity $13.03B $9.180B
YoY Change 41.92% 39.73%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $74.63M $54.90M
YoY Change 35.93% -17.55%
Depreciation, Depletion And Amortization $67.93M $39.55M
YoY Change 71.74% 8.02%
Cash From Operating Activities $149.7M $8.200M
YoY Change 1725.61% -89.91%
INVESTING ACTIVITIES
Capital Expenditures -$174.4M -$135.4M
YoY Change 28.8% 21.43%
Acquisitions
YoY Change
Other Investing Activities -$20.90M $2.400M
YoY Change -970.83% 1100.0%
Cash From Investing Activities -$195.3M -$132.9M
YoY Change 46.95% 19.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $313.5M
YoY Change
Cash From Financing Activities 21.00M 2.095B
YoY Change -99.0% 2528.23%
NET CHANGE
Cash From Operating Activities 149.7M 8.200M
Cash From Investing Activities -195.3M -132.9M
Cash From Financing Activities 21.00M 2.095B
Net Change In Cash -24.60M 1.970B
YoY Change -101.25% 3871.77%
FREE CASH FLOW
Cash From Operating Activities $149.7M $8.200M
Capital Expenditures -$174.4M -$135.4M
Free Cash Flow $324.1M $143.6M
YoY Change 125.7% -25.52%

Facts In Submission

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ESSENTIAL UTILITIES, INC.
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WeightedAverageNumberOfSharesOutstandingBasicStockPurchaseContracts
9653184
wtrg Number Of Sharesto Be Issued Basic Stock Purchase Contracts
NumberOfSharestoBeIssuedBasicStockPurchaseContracts
9091179
wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
CY2020Q2 wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
CY2019Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
86445000
CY2020Q2 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
43420000
CY2019Q2 wtrg Base Rate Increase Designed To Increase Total Operating Revenues On Annual Basis
BaseRateIncreaseDesignedToIncreaseTotalOperatingRevenuesOnAnnualBasis
29493000
CY2019Q2 wtrg Increase In Water And Waster Rates
IncreaseInWaterAndWasterRates
0.075
CY2019Q2 us-gaap Public Utilities Approved Rate Increase Decrease Amount
PublicUtilitiesApprovedRateIncreaseDecreaseAmount
76493000
CY2019Q2 wtrg Distribution System Improvement Charges Reset Level Upon New Base Rates
DistributionSystemImprovementChargesResetLevelUponNewBaseRates
0
CY2020Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
19433000
CY2019Q2 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
14868000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
35869000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
29837000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
12
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q2 us-gaap Revenues
Revenues
384468000
CY2019Q2 us-gaap Revenues
Revenues
218892000
CY2020Q2 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
128604000
CY2019Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
3611000
CY2019Q2 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
-11040000
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
470000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
69892000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
36630000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
123119000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
80949000
CY2020Q2 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
51470000
CY2019Q2 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
23309000
CY2020Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
2230000
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1240000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
462000
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2171000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
74629000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
54903000
us-gaap Revenues
Revenues
640053000
us-gaap Revenues
Revenues
420024000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
235241000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
165759000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
56190000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
116137000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
76040000
us-gaap Operating Income Loss
OperatingIncomeLoss
196616000
us-gaap Operating Income Loss
OperatingIncomeLoss
148388000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
81557000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
51159000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
5178000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
7667000
us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
23742000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
343000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1783000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6662000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-10341000
us-gaap Net Income Loss
NetIncomeLoss
126410000
us-gaap Net Income Loss
NetIncomeLoss
71827000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
293090000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
269171000
CY2020Q2 us-gaap Assets
Assets
13028408000
CY2019Q4 us-gaap Assets
Assets
9361985000
CY2020Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
21561000
CY2020Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
9083000
CY2020Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1852000
CY2020Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-5238000
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
11176000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.006
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.041
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.056
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.168
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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