2021 Q4 Form 10-Q Financial Statement

#000156276221000423 Filed on November 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $535.7M $361.9M $397.0M
YoY Change 13.01% 3.79% 3.27%
Cost Of Revenue $137.7M $25.49M $44.90M
YoY Change 48.41% 52.62% 3.45%
Gross Profit $398.0M $336.4M $352.1M
YoY Change 4.4% 1.35% 3.24%
Gross Profit Margin 74.29% 92.96% 88.69%
Selling, General & Admin $2.934M $1.285M $1.290M
YoY Change -239.71% -35.75% -38.57%
% of Gross Profit 0.74% 0.38% 0.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.33M $72.61M $72.76M
YoY Change 7.51% 6.5% 7.12%
% of Gross Profit 19.18% 21.59% 20.66%
Operating Expenses $258.4M $234.9M $222.8M
YoY Change 6.2% 8.41% 3.63%
Operating Profit $139.6M $101.5M $129.3M
YoY Change 1.22% -3.59% 5.04%
Interest Expense -$44.81M $52.13M $52.04M
YoY Change -6.46% 4.55% 0.72%
% of Operating Profit -32.1% 51.39% 40.24%
Other Income/Expense, Net $1.455M -$4.019M $1.941M
YoY Change 627.5% -197.38% 168.84%
Pretax Income $96.58M $52.27M $84.70M
YoY Change 12.96% -12.54% 12.8%
Income Tax -$8.214M $1.765M $3.786M
% Of Pretax Income -8.51% 3.38% 4.47%
Net Earnings $116.5M $50.50M $80.91M
YoY Change 13.44% -9.38% 8.42%
Net Earnings / Revenue 21.75% 13.96% 20.38%
Basic Earnings Per Share $0.20 $0.32
Diluted Earnings Per Share $443.9K $0.19 $0.32
COMMON SHARES
Basic Shares Outstanding 252.7M 258.8M 254.8M
Diluted Shares Outstanding 259.4M 255.4M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.57M $9.736M $8.404M
YoY Change 111.34% 21.7% 20.06%
Cash & Equivalents $10.57M $9.736M $8.404M
Short-Term Investments
Other Short-Term Assets $176.6M $120.7M $103.8M
YoY Change 8.37% 9.77% 1.76%
Inventory $109.6M $113.8M $63.38M
Prepaid Expenses
Receivables $141.0M $108.2M $129.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $437.8M $352.5M $304.7M
YoY Change 15.14% 13.26% -2.47%
LONG-TERM ASSETS
Property, Plant & Equipment $10.25B $9.957B $9.707B
YoY Change 7.77% 7.52% 7.25%
Goodwill $2.341B $2.341B $2.341B
YoY Change 0.7% 0.31% 0.31%
Intangibles $5.764M $5.955M $6.732M
YoY Change -20.4% -23.94% -23.67%
Long-Term Investments
YoY Change
Other Assets $1.573B $1.525B $1.517B
YoY Change 10.78% 7.17% 21.08%
Total Long-Term Assets $14.22B $13.88B $13.63B
YoY Change 6.72% 6.08% 7.18%
TOTAL ASSETS
Total Short-Term Assets $437.8M $352.5M $304.7M
Total Long-Term Assets $14.22B $13.88B $13.63B
Total Assets $14.66B $14.24B $13.93B
YoY Change 6.95% 6.25% 6.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $192.9M $163.8M $131.8M
YoY Change 8.7% 3.56% 6.2%
Accrued Expenses $124.1M $113.3M $108.1M
YoY Change 0.61% -6.04% 7.56%
Deferred Revenue
YoY Change
Short-Term Debt $65.00M $46.58M $71.85M
YoY Change -16.67% -0.89% 378.99%
Long-Term Debt Due $132.1M $63.42M $79.66M
YoY Change 56.66% -69.19% -9.31%
Total Short-Term Liabilities $675.1M $516.0M $469.2M
YoY Change 11.79% -22.63% 4.68%
LONG-TERM LIABILITIES
Long-Term Debt $5.780B $5.599B $5.648B
YoY Change 4.93% 8.65% 9.15%
Other Long-Term Liabilities $43.67M $50.86M $50.33M
YoY Change -23.01% 5.76% -0.14%
Total Long-Term Liabilities $5.823B $5.650B $5.699B
YoY Change 4.65% 8.62% 9.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $675.1M $516.0M $469.2M
Total Long-Term Liabilities $5.823B $5.650B $5.699B
Total Liabilities $6.498B $6.166B $6.168B
YoY Change 5.35% 5.07% 8.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.434B $1.386B $1.403B
YoY Change 13.66% 13.5% 14.38%
Common Stock $3.834B $3.826B $3.518B
YoY Change 9.43% 9.42% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $83.62M $83.85M $84.10M
YoY Change 2.81% 2.71% 2.62%
Treasury Stock Shares $3.235M $3.240M $3.246M
Shareholders Equity $5.184B $5.128B $4.837B
YoY Change
Total Liabilities & Shareholders Equity $14.66B $14.24B $13.93B
YoY Change 6.95% 6.25% 6.95%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income $116.5M $50.50M $80.91M
YoY Change 13.44% -9.38% 8.42%
Depreciation, Depletion And Amortization $76.33M $72.61M $72.76M
YoY Change 7.51% 6.5% 7.12%
Cash From Operating Activities $82.83M $149.0M $157.4M
YoY Change -5.12% -15.11% 5.12%
INVESTING ACTIVITIES
Capital Expenditures -$344.7M -$271.3M -$226.6M
YoY Change 22.44% 3.94% 29.91%
Acquisitions
YoY Change
Other Investing Activities -$514.0K -$35.80M $476.0K
YoY Change -98.42% -2853.92% -102.28%
Cash From Investing Activities -$345.2M -$307.1M -$226.1M
YoY Change 9.9% 18.25% 15.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 263.2M 159.4M 59.09M
YoY Change 18.08% 86.26% 181.38%
NET CHANGE
Cash From Operating Activities 82.83M 149.0M 157.4M
Cash From Investing Activities -345.2M -307.1M -226.1M
Cash From Financing Activities 263.2M 159.4M 59.09M
Net Change In Cash 831.0K 1.332M -9.623M
YoY Change -121.31% -4.86% -60.88%
FREE CASH FLOW
Cash From Operating Activities $82.83M $149.0M $157.4M
Capital Expenditures -$344.7M -$271.3M -$226.6M
Free Cash Flow $427.5M $420.3M $383.9M
YoY Change 15.92% -3.72% 18.46%

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wtrg Reclassification Of Goodwill Acquisition Adjustment
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111000
CY2021Q3 us-gaap Goodwill
Goodwill
2340836000
CY2021Q3 wtrg Issuance Of Common Stock From Forward Equity Sale Agreement Shares
IssuanceOfCommonStockFromForwardEquitySaleAgreementShares
6700000
CY2021Q3 wtrg Issuance Of Common Stock From Forward Equity Sale Agreement
IssuanceOfCommonStockFromForwardEquitySaleAgreement
299739000
CY2019Q1 wtrg Private Placement
PrivatePlacement
21661095
CY2019Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.50
CY2020Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
749907000
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
20606000
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 Payment Of Diligence Expenses
PaymentOfDiligenceExpenses
4000000
wtrg Stock Purchase Contracts Shares Settled During Period
StockPurchaseContractsSharesSettledDuringPeriod
107904
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
127749
CY2021Q3 wtrg Stock Purchase Contracts Shares Settled
StockPurchaseContractsSharesSettled
7603234
CY2021Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
196000
CY2020Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
305000
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
695000
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
244000
CY2021Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
196000
CY2020Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
305000
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
695000
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
244000
CY2021Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
110939000
CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
99014000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255162000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255139000
CY2021Q3 wtrg Average Common Shares Outstanding Included In Computation
AverageCommonSharesOutstandingIncludedInComputation
9022040
wtrg Average Common Shares Outstanding Included In Computation
AverageCommonSharesOutstandingIncludedInComputation
9067879
CY2020Q3 wtrg Average Common Shares Outstanding Included In Computation
AverageCommonSharesOutstandingIncludedInComputation
9091179
wtrg Average Common Shares Outstanding Included In Computation
AverageCommonSharesOutstandingIncludedInComputation
9464482
wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
CY2021Q3 wtrg Stock Purchase Contract Threshold
StockPurchaseContractThreshold
42.41
wtrg Performance Period Specified In Grant
PerformancePeriodSpecifiedInGrant
P3Y
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
59763000
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1765000
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4031000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
50503000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
55732000
us-gaap Revenues
Revenues
1342457000
CY2021Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
21058000
CY2020Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
20555000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
63219000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
56424000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
12
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q3 us-gaap Revenues
Revenues
361860000
CY2020Q3 us-gaap Revenues
Revenues
348647000
CY2021Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
139355000
CY2020Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
136174000
CY2021Q3 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
25488000
CY2020Q3 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
16744000
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
74507000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
69941000
CY2021Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
21058000
CY2020Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
20555000
CY2021Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
101452000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
105233000
CY2021Q3 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
51567000
CY2020Q3 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
49747000
CY2021Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
6082000
CY2020Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
3543000
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3626000
CY2021Q3 wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
-3699000
CY2020Q3 wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
4360000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
52268000
us-gaap Revenues
Revenues
988700000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
391945000
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
371415000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
202538000
us-gaap Utilities Operating Expense Gas And Petroleum Purchased
UtilitiesOperatingExpenseGasAndPetroleumPurchased
72934000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
221623000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
186078000
CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
63219000
us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
56424000
us-gaap Operating Income Loss
OperatingIncomeLoss
463132000
us-gaap Operating Income Loss
OperatingIncomeLoss
301849000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
153647000
wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
131304000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
13922000
us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
8721000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3283000
wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
2016000
wtrg Non Operating Income Expense Other
NonOperatingIncomeExpenseOther
3528000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
325423000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
179511000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10317000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2631000
us-gaap Net Income Loss
NetIncomeLoss
315106000
us-gaap Net Income Loss
NetIncomeLoss
182142000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
675845000
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
554141000
CY2021Q3 us-gaap Assets
Assets
14236485000
CY2020Q4 us-gaap Assets
Assets
13705277000
CY2021Q3 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
18102000
CY2021Q3 us-gaap Estimated Insurance Recoveries
EstimatedInsuranceRecoveries
3015000
CY2020Q3 us-gaap Proceeds From Insurance Settlement Operating Activities
ProceedsFromInsuranceSettlementOperatingActivities
2874000
CY2021Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
2470000
CY2021Q1 us-gaap Increase Decrease In Regulatory Assets And Liabilities
IncreaseDecreaseInRegulatoryAssetsAndLiabilities
160655000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.034
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.032
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.067
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.015
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
CY2021Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21

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