$WTRG
Essential Utilities, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156276221000325 Filed on August 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $397.0M $384.5M
YoY Change 3.27% 75.64%
Cost Of Revenue $44.90M $43.40M
YoY Change 3.45%
Gross Profit $352.1M $341.1M
YoY Change 3.24%
Gross Profit Margin 88.69% 88.72%
Selling, General & Admin $1.290M $2.100M
YoY Change -38.57% 0.0%
% of Gross Profit 0.37% 0.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.76M $67.93M
YoY Change 7.12% 71.74%
% of Gross Profit 20.66% 19.91%
Operating Expenses $222.8M $215.0M
YoY Change 3.63% 55.8%
Operating Profit $129.3M $123.1M
YoY Change 5.04% 52.09%
Interest Expense $52.04M $51.67M
YoY Change 0.72% 62.85%
% of Operating Profit 40.24% 41.96%
Other Income/Expense, Net $1.941M $722.0K
YoY Change 168.84% -137.76%
Pretax Income $84.70M $75.09M
YoY Change 12.8% 42.4%
Income Tax $3.786M $462.0K
% Of Pretax Income 4.47% 0.62%
Net Earnings $80.91M $74.63M
YoY Change 8.42% 35.93%
Net Earnings / Revenue 20.38% 19.41%
Basic Earnings Per Share $0.32 $0.29
Diluted Earnings Per Share $0.32 $0.29
COMMON SHARES
Basic Shares Outstanding 254.8M 254.2M
Diluted Shares Outstanding 255.4M 254.4M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.404M $7.000M
YoY Change 20.06% -99.65%
Cash & Equivalents $8.404M $7.227M
Short-Term Investments
Other Short-Term Assets $103.8M $102.0M
YoY Change 1.76% 500.0%
Inventory $63.38M $50.00M
Prepaid Expenses
Receivables $129.2M $152.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $304.7M $312.5M
YoY Change -2.47% -85.25%
LONG-TERM ASSETS
Property, Plant & Equipment $9.707B $9.051B
YoY Change 7.25% 48.01%
Goodwill $2.341B $2.334B
YoY Change 0.31% 4326.11%
Intangibles $6.732M $8.820M
YoY Change -23.67%
Long-Term Investments $6.000M
YoY Change -14.29%
Other Assets $1.517B $1.253B
YoY Change 21.08% 43.36%
Total Long-Term Assets $13.63B $12.72B
YoY Change 7.18% 80.05%
TOTAL ASSETS
Total Short-Term Assets $304.7M $312.5M
Total Long-Term Assets $13.63B $12.72B
Total Assets $13.93B $13.03B
YoY Change 6.95% 41.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.8M $124.1M
YoY Change 6.2% 117.75%
Accrued Expenses $108.1M $100.5M
YoY Change 7.56% 35.78%
Deferred Revenue
YoY Change
Short-Term Debt $71.85M $15.00M
YoY Change 378.99% 150.0%
Long-Term Debt Due $79.66M $87.84M
YoY Change -9.31% -60.32%
Total Short-Term Liabilities $469.2M $448.2M
YoY Change 4.68% 12.34%
LONG-TERM LIABILITIES
Long-Term Debt $5.648B $5.175B
YoY Change 9.15% 88.22%
Other Long-Term Liabilities $50.33M $50.41M
YoY Change -0.14% -48.23%
Total Long-Term Liabilities $5.699B $5.225B
YoY Change 9.06% 223.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $469.2M $448.2M
Total Long-Term Liabilities $5.699B $5.225B
Total Liabilities $6.168B $5.673B
YoY Change 8.72% 181.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.403B $1.227B
YoY Change 14.38% 5.77%
Common Stock $3.518B $3.491B
YoY Change 0.77% 3089.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $84.10M $81.95M
YoY Change 2.62% 5.48%
Treasury Stock Shares $3.246M $3.193M
Shareholders Equity $4.837B $4.636B
YoY Change
Total Liabilities & Shareholders Equity $13.93B $13.03B
YoY Change 6.95% 41.92%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $80.91M $74.63M
YoY Change 8.42% 35.93%
Depreciation, Depletion And Amortization $72.76M $67.93M
YoY Change 7.12% 71.74%
Cash From Operating Activities $157.4M $149.7M
YoY Change 5.12% 1725.61%
INVESTING ACTIVITIES
Capital Expenditures -$226.6M -$174.4M
YoY Change 29.91% 28.8%
Acquisitions
YoY Change
Other Investing Activities $476.0K -$20.90M
YoY Change -102.28% -970.83%
Cash From Investing Activities -$226.1M -$195.3M
YoY Change 15.76% 46.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.09M 21.00M
YoY Change 181.38% -99.0%
NET CHANGE
Cash From Operating Activities 157.4M 149.7M
Cash From Investing Activities -226.1M -195.3M
Cash From Financing Activities 59.09M 21.00M
Net Change In Cash -9.623M -24.60M
YoY Change -60.88% -101.25%
FREE CASH FLOW
Cash From Operating Activities $157.4M $149.7M
Capital Expenditures -$226.6M -$174.4M
Free Cash Flow $383.9M $324.1M
YoY Change 18.46% 125.7%

Facts In Submission

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NonOperatingIncomeExpenseOther
2164000
CY2020Q2 wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
742000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
84700000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
75091000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3786000
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
462000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
80914000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
74629000
us-gaap Revenues
Revenues
980597000
us-gaap Revenues
Revenues
640053000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
252590000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
235241000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
177050000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
56190000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
147116000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
116137000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
42161000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
35869000
us-gaap Operating Income Loss
OperatingIncomeLoss
361680000
us-gaap Operating Income Loss
OperatingIncomeLoss
196616000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
102080000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
81557000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
7840000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
5178000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-343000
wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
5715000
wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
-832000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
273155000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
119748000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8552000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6662000
us-gaap Net Income Loss
NetIncomeLoss
264603000
us-gaap Net Income Loss
NetIncomeLoss
126410000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
404557000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
293090000
CY2021Q2 us-gaap Assets
Assets
13933992000
CY2020Q4 us-gaap Assets
Assets
13705277000
CY2021Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
17510000
CY2021Q2 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
3327000
CY2020Q3 us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
2874000
CY2021Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1535000
CY2021Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
160655000
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.045
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.031
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.006
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.056
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020Q2 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
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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