$WTRG
Essential Utilities, Inc.

2023 Q4 Form 10-Q Financial Statement

#000156276223000401 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $479.4M $411.3M
YoY Change -32.03% -5.38%
Cost Of Revenue $37.47M $16.59M
YoY Change -84.84% -68.12%
Gross Profit $442.0M $394.7M
YoY Change -3.56% 3.16%
Gross Profit Margin 92.18% 95.97%
Selling, General & Admin $1.498M $1.039M
YoY Change -48.91% -38.01%
% of Gross Profit 0.34% 0.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $88.21M $84.35M
YoY Change 9.0% 4.82%
% of Gross Profit 19.96% 21.37%
Operating Expenses $268.0M $257.3M
YoY Change -7.06% 0.21%
Operating Profit $174.0M $137.4M
YoY Change 2.36% 9.17%
Interest Expense -$69.85M $68.59M
YoY Change 12.35% 13.39%
% of Operating Profit -40.15% 49.92%
Other Income/Expense, Net $612.0K $1.438M
YoY Change -120.0% 226.08%
Pretax Income $104.6M $76.37M
YoY Change -0.31% 3.99%
Income Tax -$30.83M -$3.711M
% Of Pretax Income -29.47% -4.86%
Net Earnings $135.4M $80.08M
YoY Change 17.85% 16.66%
Net Earnings / Revenue 28.25% 19.47%
Basic Earnings Per Share $0.30
Diluted Earnings Per Share $0.50 $0.30
COMMON SHARES
Basic Shares Outstanding 273.2M 264.5M
Diluted Shares Outstanding 267.2M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.612M $8.505M
YoY Change -59.54% -63.6%
Cash & Equivalents $4.612M $8.505M
Short-Term Investments
Other Short-Term Assets $492.0M $139.7M
YoY Change 104.39% -74.2%
Inventory $112.7M $127.4M
Prepaid Expenses
Receivables $144.3M $133.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $492.0M $409.3M
YoY Change -25.25% -24.38%
LONG-TERM ASSETS
Property, Plant & Equipment $12.10B $11.85B
YoY Change 8.68% 8.93%
Goodwill $2.341B $2.341B
YoY Change 0.0% -0.01%
Intangibles $3.593M $3.672M
YoY Change -21.96% -23.42%
Long-Term Investments
YoY Change
Other Assets $4.252B $1.795B
YoY Change 175.62% -53.54%
Total Long-Term Assets $16.35B $16.02B
YoY Change 8.56% 8.72%
TOTAL ASSETS
Total Short-Term Assets $492.0M $409.3M
Total Long-Term Assets $16.35B $16.02B
Total Assets $16.84B $16.43B
YoY Change 7.14% 7.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $221.2M $191.9M
YoY Change -7.39% -11.8%
Accrued Expenses $126.9M $141.1M
YoY Change -2.88% 0.7%
Deferred Revenue
YoY Change
Short-Term Debt $160.1M $131.8M
YoY Change -29.92% -38.18%
Long-Term Debt Due $67.42M $218.6M
YoY Change -66.18% 45.82%
Total Short-Term Liabilities $797.9M $896.6M
YoY Change -21.91% 5.72%
LONG-TERM LIABILITIES
Long-Term Debt $6.826B $6.456B
YoY Change 7.14% 4.57%
Other Long-Term Liabilities $24.09M $24.33M
YoY Change -15.67% -6.18%
Total Long-Term Liabilities $6.850B $6.480B
YoY Change 7.04% 4.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $797.9M $896.6M
Total Long-Term Liabilities $6.850B $6.480B
Total Liabilities $7.648B $7.377B
YoY Change 3.05% 4.67%
SHAREHOLDERS EQUITY
Retained Earnings $1.707B $1.739B
YoY Change 11.23% 10.74%
Common Stock $4.276B $4.270B
YoY Change 8.89% 10.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $86.49M $86.78M
YoY Change 3.34% 3.51%
Treasury Stock Shares
Shareholders Equity $5.896B $5.923B
YoY Change
Total Liabilities & Shareholders Equity $16.84B $16.43B
YoY Change 7.14% 7.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $135.4M $80.08M
YoY Change 17.85% 16.66%
Depreciation, Depletion And Amortization $88.21M $84.35M
YoY Change 9.0% 4.82%
Cash From Operating Activities $129.0M $183.1M
YoY Change 58.99% 78.06%
INVESTING ACTIVITIES
Capital Expenditures $324.6M $326.9M
YoY Change -5.38% -210.79%
Acquisitions
YoY Change
Other Investing Activities $21.59M -$19.42M
YoY Change -277.6% -64.04%
Cash From Investing Activities -$303.0M -$346.3M
YoY Change -14.7% -0.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.1M 160.0M
YoY Change -35.1% -37.63%
NET CHANGE
Cash From Operating Activities 129.0M 183.1M
Cash From Investing Activities -303.0M -346.3M
Cash From Financing Activities 170.1M 160.0M
Net Change In Cash -3.893M -3.137M
YoY Change -67.47% -130.19%
FREE CASH FLOW
Cash From Operating Activities $129.0M $183.1M
Capital Expenditures $324.6M $326.9M
Free Cash Flow -$195.6M -$143.7M
YoY Change -25.33% -136.13%

Facts In Submission

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ESSENTIAL UTILITIES, INC.
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Shares Contingently Issuable
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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wtrg Performance Period Specified In Grant
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CY2022Q3 wtrg Interest Expense Net Of Afudc
InterestExpenseNetOfAfudc
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CY2023Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2022Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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NetIncomeLoss
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us-gaap Defined Benefit Plan Contributions By Employer
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CY2023Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
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CY2022Q3 us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
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us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
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us-gaap Utilities Operating Expense Taxes
UtilitiesOperatingExpenseTaxes
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us-gaap Number Of Operating Segments
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11
us-gaap Number Of Reportable Segments
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us-gaap Number Of Reportable Segments
NumberOfReportableSegments
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CY2023Q3 us-gaap Revenues
Revenues
411255000
CY2022Q3 us-gaap Revenues
Revenues
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CY2023Q3 us-gaap Utilities Operating Expense Maintenance And Operations
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CY2022Q3 us-gaap Utilities Operating Expense Maintenance And Operations
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CY2023Q3 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
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CY2022Q3 us-gaap Utilities Operating Expense Gas And Petroleum Purchased
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CY2023Q3 us-gaap Depreciation And Amortization
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CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2023Q3 wtrg Interest Expense Net Of Afudc
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us-gaap Revenues
Revenues
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us-gaap Depreciation And Amortization
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us-gaap Public Utilities Allowance For Funds Used During Construction Additions
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us-gaap Income Tax Expense Benefit
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us-gaap Payments To Acquire Buildings
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CY2023Q3 us-gaap Assets
Assets
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CY2022Q4 us-gaap Assets
Assets
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CY2023Q3 us-gaap Loss Contingency Estimate Of Possible Loss
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19063000
CY2023Q3 us-gaap Estimated Insurance Recoveries
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1410000
CY2019Q3 wtrg Number Of Individuals Commenced Legal Action Against Company
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2
CY2023Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
1846000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false

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