2020 Q4 Form 10-Q Financial Statement

#000007812820000015 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $474.0M $348.6M $226.0M
YoY Change 109.7% 43.11% 9.86%
Cost Of Revenue $92.80M $16.70M
YoY Change
Gross Profit $381.2M $331.9M
YoY Change
Gross Profit Margin 80.42% 95.2%
Selling, General & Admin -$2.100M $2.000M -$3.100M
YoY Change -32.26% 11.11% 520.0%
% of Gross Profit -0.55% 0.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.00M $68.18M $40.50M
YoY Change 75.31% 72.64% 11.88%
% of Gross Profit 18.63% 20.54%
Operating Expenses $243.3M $216.7M $140.7M
YoY Change 72.92% 57.94% -1.61%
Operating Profit $137.9M $105.2M $85.30M
YoY Change 61.66% -1.16% 35.84%
Interest Expense -$47.90M $49.86M -$21.70M
YoY Change 120.74% 52.75% -73.21%
% of Operating Profit -34.74% 47.38% -25.44%
Other Income/Expense, Net $200.0K $4.127M -$1.400M
YoY Change -114.29% -376.24% 133.33%
Pretax Income $85.50M $59.76M $63.10M
YoY Change 35.5% -31.26% -435.64%
Income Tax -$1.900M $4.031M $5.200M
% Of Pretax Income -2.22% 6.74% 8.24%
Net Earnings $102.7M $55.73M $64.23M
YoY Change 59.9% -37.02% -1856.28%
Net Earnings / Revenue 21.67% 15.99% 28.41%
Basic Earnings Per Share $0.22 $0.28
Diluted Earnings Per Share $403.7K $0.22 $0.28
COMMON SHARES
Basic Shares Outstanding 245.3M 254.3M 215.8M
Diluted Shares Outstanding 255.2M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $8.000M $1.869B
YoY Change -99.73% -99.61% 46625.0%
Cash & Equivalents $4.827M $8.494M $1.869B
Short-Term Investments
Other Short-Term Assets $163.0M $110.0M $60.00M
YoY Change 171.67% 96.43% 130.77%
Inventory $58.00M $67.00M $18.38M
Prepaid Expenses
Receivables $154.8M $126.8M $67.14M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $380.2M $311.2M $2.015B
YoY Change -81.13% -85.72% 1269.23%
LONG-TERM ASSETS
Property, Plant & Equipment $9.513B $9.260B $6.346B
YoY Change 49.91% 49.44% 7.01%
Goodwill $2.325B $2.334B $63.82M
YoY Change 3542.23% 4328.05% 21.04%
Intangibles $7.241M $7.829M
YoY Change
Long-Term Investments $2.000M $6.000M
YoY Change -66.67% -14.29%
Other Assets $1.420B $1.423B $918.0M
YoY Change 54.68% 59.35% 11.0%
Total Long-Term Assets $13.33B $13.09B $7.347B
YoY Change 81.37% 82.74% 7.77%
TOTAL ASSETS
Total Short-Term Assets $380.2M $311.2M $2.015B
Total Long-Term Assets $13.33B $13.09B $7.347B
Total Assets $13.71B $13.40B $9.362B
YoY Change 46.39% 43.45% 34.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $177.5M $158.2M $74.92M
YoY Change 136.91% 174.7% -3.12%
Accrued Expenses $123.4M $120.6M $49.62M
YoY Change 148.67% 164.86% 4.7%
Deferred Revenue
YoY Change
Short-Term Debt $78.00M $47.00M $26.00M
YoY Change 200.0% 370.0% 73.33%
Long-Term Debt Due $84.35M $205.8M $105.1M
YoY Change -19.7% 15.57% -27.32%
Total Short-Term Liabilities $603.9M $667.0M $323.5M
YoY Change 86.69% 89.41% -18.93%
LONG-TERM LIABILITIES
Long-Term Debt $5.508B $5.153B $2.943B
YoY Change 87.13% 77.79% 22.72%
Other Long-Term Liabilities $56.71M $48.09M $33.06M
YoY Change 71.55% -51.93% -65.98%
Total Long-Term Liabilities $5.564B $5.201B $2.976B
YoY Change 86.95% 216.07% 89.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $603.9M $667.0M $323.5M
Total Long-Term Liabilities $5.564B $5.201B $2.976B
Total Liabilities $6.168B $5.868B $3.300B
YoY Change 86.93% 193.74% 67.85%
SHAREHOLDERS EQUITY
Retained Earnings $1.262B $1.221B $1.210B
YoY Change 4.28% 1.94% 3.05%
Common Stock $3.503B $3.497B $2.748B
YoY Change 27.46% 27.49% 201.72%
Preferred Stock
YoY Change
Treasury Stock (at cost) $81.33M $81.64M $77.70M
YoY Change 4.67% 5.07% 2.46%
Treasury Stock Shares $3.181M $3.187M $3.113M
Shareholders Equity $4.684B $4.636B $3.881B
YoY Change
Total Liabilities & Shareholders Equity $13.71B $13.40B $9.362B
YoY Change 46.39% 43.45% 34.42%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income $102.7M $55.73M $64.23M
YoY Change 59.9% -37.02% -1856.28%
Depreciation, Depletion And Amortization $71.00M $68.18M $40.50M
YoY Change 75.31% 72.64% 11.88%
Cash From Operating Activities $87.30M $175.5M $110.5M
YoY Change -21.0% 24.91% 42.03%
INVESTING ACTIVITIES
Capital Expenditures -$281.5M -$261.0M -$148.7M
YoY Change 89.31% 97.13% -2.49%
Acquisitions
YoY Change
Other Investing Activities -$32.50M $1.300M -$58.30M
YoY Change -44.25% -7.14% 28.98%
Cash From Investing Activities -$314.1M -$259.7M -$207.1M
YoY Change 51.67% 98.24% 4.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 222.9M 85.60M -65.00M
YoY Change -442.92% 82.13% -154.48%
NET CHANGE
Cash From Operating Activities 87.30M 175.5M 110.5M
Cash From Investing Activities -314.1M -259.7M -207.1M
Cash From Financing Activities 222.9M 85.60M -65.00M
Net Change In Cash -3.900M 1.400M -161.6M
YoY Change -97.59% -97.52% 26833.33%
FREE CASH FLOW
Cash From Operating Activities $87.30M $175.5M $110.5M
Capital Expenditures -$281.5M -$261.0M -$148.7M
Free Cash Flow $368.8M $436.5M $259.2M
YoY Change 42.28% 59.95% 12.55%

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us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
749907000
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
20606000
CY2020Q1 wtrg Transfer Restrictions Term
TransferRestrictionsTerm
P15M
CY2019Q1 wtrg Debt Instrument Convertible Discounted Conversion Price
DebtInstrumentConvertibleDiscountedConversionPrice
34.62
CY2019Q1 wtrg Private Placement Discount Percentage
PrivatePlacementDiscountPercentage
0.045
CY2019Q1 us-gaap Debt Instrument Convertible Threshold Consecutive Trading Days1
DebtInstrumentConvertibleThresholdConsecutiveTradingDays1
20
CY2019Q1 wtrg Debt Instrument Convertible Discounted Conversion Price
DebtInstrumentConvertibleDiscountedConversionPrice
34.62
CY2019Q1 wtrg Payment Of Diligence Expenses
PaymentOfDiligenceExpenses
4000000
wtrg Stock Purchase Contracts Shares Settled
StockPurchaseContractsSharesSettled
1979570
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
2335654
wtrg Stock Purchase Contracts
StockPurchaseContracts
7711138
CY2020Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
305000
CY2019Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
2000
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
244000
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
195000
CY2020Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
305000
CY2019Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
2000
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
244000
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
195000
CY2020Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
105613000
CY2019Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
95556000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
254280000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
232053000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
411000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
383000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
364000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255162000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
248212000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
209971000
us-gaap Incremental Common Shares Attributable To Accelerated Share Repurchase Agreements
IncrementalCommonSharesAttributableToAcceleratedShareRepurchaseAgreements
5929000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
591000
us-gaap Incremental Common Shares Attributable To Equity Unit Purchase Agreements
IncrementalCommonSharesAttributableToEquityUnitPurchaseAgreements
615000
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
291000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
232464000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255139000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
210335000
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9091179
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9464482
wtrg Number Of Sharesto Be Issued Basic Stock Purchase Contracts
NumberOfSharestoBeIssuedBasicStockPurchaseContracts
9091179
wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
CY2020Q3 wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
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
CY2020Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
20555000
CY2019Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
15201000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
56424000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
45038000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
12
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Revenues
Revenues
348647000
CY2019Q3 us-gaap Revenues
Revenues
243626000
CY2020Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
136174000
CY2019Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
82022000
CY2020Q3 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
16744000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
69941000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
39933000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
105233000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
106470000
CY2020Q3 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
49747000
CY2019Q3 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
22963000
CY2020Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
3543000
CY2019Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
4613000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-3626000
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
135000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4031000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1553000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
55732000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
88489000
us-gaap Revenues
Revenues
988700000
us-gaap Revenues
Revenues
663650000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
371415000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
247781000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
72934000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
186078000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
115973000
us-gaap Operating Income Loss
OperatingIncomeLoss
301849000
us-gaap Operating Income Loss
OperatingIncomeLoss
254858000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
131304000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
74122000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
8721000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
12280000
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
-3283000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1918000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2631000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-11894000
us-gaap Net Income Loss
NetIncomeLoss
182142000
us-gaap Net Income Loss
NetIncomeLoss
160316000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
554141000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
401558000
CY2020Q3 us-gaap Assets
Assets
13399488000
CY2019Q4 us-gaap Assets
Assets
9361985000
CY2020Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
16917000
CY2020Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
3325000
CY2020Q3 us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
2874000
CY2020Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1535000
CY2020Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-6466000
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
4710000
CY2020Q3 us-gaap Regulatory Liabilities
RegulatoryLiabilities
157171000
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.067
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.018
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.015
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.080
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 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
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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