UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from to Commission File Number 1-8858 UNITIL CORPORATION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other jurisdiction of incorporati ...

Unitil Corporation (NYSE:UTL) Q4 2022 Earnings Conference Call February 14, 2023 2:00 PM ET Company Participants Todd Diggins - Director of Finance Tom Meissner - Chairman, President and Chief Executive Officer Bob Hevert - Senior Vice President, Chief Financial Officer and Treasurer Dan Hurstak - Controller and Chief Accounting Officer Conference Call Participants Operator Good day, and thank you for standing by. Welcome to the Q4 2022 Unitil Earnings Conference Call. At this time all participants’ are in ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8858 UNITIL CORPORATION (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other jurisdiction of incorpora ...

Unitil Corporation (NYSE:UTL) Q3 2022 Earnings Conference Call November 1, 2022 10:00 AM ET Company Participants Todd Diggins - Director of Finance Tom Meissner - Chairman, President and Chief Executive Officer Bob Hevert - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Operator Good day, and thank you for standing by, and welcome to the Third Quarter 2022 Unitil Earnings Conference Call. At this time all participants’ are in a listen-only mode. After the speakers’ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code: (603) 772-0775 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each exc ...

Unitil Corp (NYSE:UTL) Q2 2022 Earnings Conference Call August 2, 2022 10:00 AM ET Company Participants Todd Diggins - IR Officer Thomas Meissner - Chairman, President & CEO Robert Hevert - SVP, CFO & Treasurer Conference Call Participants Kody Clark - Bank of America Merrill Lynch Operator Good day, and welcome to the Q2 2022 Unitil Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8858 UNITIL CORPORATION (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other jurisdicti ...

Financial Data and Key Metrics Changes - The company reported a net income of $21.5 million for Q1 2022, with earnings per share of $1.35, representing a 7.1% increase compared to the same period in 2021 [9][21] - The adjusted gross margin for electric operations was $24.6 million, an increase of 3.8% year-over-year, while gas adjusted gross margin was $52 million, reflecting an 8.8% increase [23][24] - Overall sales increased by 1.4% year-over-year, with commercial and industrial unit sales rising by 2.3% [23] Business Line Data and Key Metrics Changes - Electric adjusted gross margin increased due to higher distribution rates and customer growth, with a total of 551 new customers added, marking a 1.5% increase [23] - Gas adjusted gross margin growth was driven by higher rates and customer growth, with colder winter weather contributing to the increase [24] Market Data and Key Metrics Changes - The company serves regions in Maine and New Hampshire, where approximately $8 billion in construction is planned or underway, indicating robust economic development [14] - Significant projects include a $1.7 billion expansion at the Portsmouth Naval Shipyard and a new Amazon Distribution Center in Massachusetts, which are expected to create jobs and drive further investment [16][17] Company Strategy and Development Direction - The company maintains a long-term earnings growth guidance of 5% to 7%, with near-term growth expected to exceed this range [9] - A focus on sustainability includes plans to integrate renewable natural gas into the supply portfolio, supported by legislative efforts in New Hampshire [11] Management's Comments on Operating Environment and Future Outlook - Management noted that inflationary impacts are expected to affect the capital budget more significantly in future years, with current increases in equipment and materials costs [39] - The company has mechanisms in place to recover increased capital costs due to inflation through regulatory solutions [44] Other Important Information - The company has a strong investment outlook totaling about $755 million over the next five years, aimed at ensuring safety, reliability, and modernization of the distribution system [28] - A recent increase in the quarterly dividend reflects confidence in the company's strategic plan and ability to execute [30] Q&A Session Summary Question: Updates on advanced energy systems and clean energy solutions - Management indicated that updates may come later in the year, depending on legislative progress and internal evaluations [36] Question: Inflationary impacts on raw materials and measures to mitigate customer bill impacts - Management highlighted significant cost increases in the capital budget and noted that they are not yet seeing impacts on operating and maintenance expenses [39][42] Question: Customer growth and assumptions for long-term EPS CAGR - The long-term earnings growth is based on historical customer growth rates, with no significant adjustments made at this time [45]

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) This section details the company's financial performance, condition, and management's analysis for the reporting period [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=4&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) For the first quarter of 2022, Unitil reported Net Income of **$21.5 million**, an increase of **$2.6 million** from Q1 2021, driven by higher Electric and Gas Adjusted Gross Margins due to new rates, customer growth, and colder weather Q1 2022 vs Q1 2021 Financial Performance | Metric | Q1 2022 | Q1 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Net Income** | $21.5 million | $18.9 million | +$2.6 million | +13.8% | | **Earnings Per Share (EPS)** | $1.35 | $1.26 | +$0.09 | +7.1% | | **Electric Adjusted Gross Margin** | $24.6 million | $23.7 million | +$0.9 million | +3.8% | | **Gas Adjusted Gross Margin** | $52.0 million | $47.8 million | +$4.2 million | +8.8% | - The increase in Gas Adjusted Gross Margin was driven by **$2.8 million** from higher rates and **$1.4 million** from the favorable effects of customer growth and colder winter weather[43](index=43&type=chunk) - Operating & Maintenance (O&M) expenses increased by **$1.5 million**, reflecting higher labor costs (**$1.4 million**) and professional fees (**$0.6 million**), partially offset by lower utility operating costs (**$0.5 million**)[45](index=45&type=chunk) - The company declared a quarterly dividend of **$0.39 per share**, resulting in an annualized rate of **$1.56 per share**, continuing an unbroken record of quarterly dividend payments[50](index=50&type=chunk) [Overview](index=5&type=section&id=OVERVIEW) Unitil Corporation is a public utility holding company that distributes electricity and natural gas in New Hampshire, Massachusetts, and Maine, serving approximately 107,700 electric and 86,600 gas customers - Unitil's principal business is the local distribution of electricity and gas through its three wholly-owned utilities: Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, and Northern Utilities, Inc[16](index=16&type=chunk)[25](index=25&type=chunk) Customer Base and Assets | Metric | Value | As of Date | | :--- | :--- | :--- | | Electric Customers | ~107,700 | March 31, 2022 | | Gas Customers | ~86,600 | March 31, 2022 | | Net Utility Plant | $1,259.9 million | March 31, 2022 | [Rates and Regulation](index=6&type=section&id=RATES%20AND%20REGULATION) Unitil operates under a comprehensive regulatory framework, with oversight from federal and state commissions, utilizing a cost-of-service model and revenue decoupling for Fitchburg's operations - The company's utility operations are regulated by FERC and state public utility commissions in New Hampshire, Massachusetts, and Maine regarding rates, securities issuance, and operations[23](index=23&type=chunk) - Fitchburg's operations are subject to revenue decoupling, which eliminates the dependency of distribution revenue on the volume of electricity or gas sold[26](index=26&type=chunk) [Results of Operations](index=7&type=section&id=RESULTS%20OF%20OPERATIONS) In Q1 2022, Net Income rose to **$21.5 million** from **$18.9 million** in Q1 2021, driven by increased Electric and Gas Adjusted Gross Margins due to higher rates, customer growth, and colder weather Q1 2022 vs Q1 2021 Adjusted Gross Margin (Non-GAAP) | Metric ($ in millions) | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | Electric Adjusted Gross Margin | $24.6 | $23.7 | | Gas Adjusted Gross Margin | $52.0 | $47.8 | | **Total Adjusted Gross Margin** | **$76.6** | **$71.5** | Q1 2022 vs Q1 2021 Sales Volume Change | Category | % Change YoY | | :--- | :--- | | Total Electric kWh Sales | +1.4% | | Total Gas Therm Sales | +3.8% | - The increase in gas therm sales was influenced by **4.6% more Effective Degree Days (EDD)** in Q1 2022 compared to Q1 2021, indicating colder weather[44](index=44&type=chunk) [Capital Requirements](index=13&type=section&id=CAPITAL%20REQUIREMENTS) Unitil funds capital requirements through internal cash, short-term borrowings, and equity offerings, maintaining investment-grade credit ratings and compliance with financial covenants - In August and September 2021, the company raised net proceeds of approximately **$44.5 million** ($38.6 million + $5.9 million) from a public offering of 920,000 shares of common stock[70](index=70&type=chunk)[71](index=71&type=chunk) Revolving Credit Facility Status ($ in millions) | Date | Limit | Outstanding | Available | | :--- | :--- | :--- | :--- | | March 31, 2022 | $120.0 | $64.0 | $56.0 | - The company's credit ratings are **'BBB+' from S&P** and **'Baa2'/'Baa1' from Moody's** for the corporation and its utility subsidiaries[77](index=77&type=chunk) [Employees](index=15&type=section&id=EMPLOYEES) As of March 31, 2022, Unitil had **508 employees**, with **161 represented by labor unions**, and anticipates negotiations for expiring collective bargaining agreements - The company had **508 employees** as of March 31, 2022, with **161 represented by labor unions**[83](index=83&type=chunk)[88](index=88&type=chunk) Collective Bargaining Agreement Expirations | Subsidiary | Employees Covered | CBA Expiration | | :--- | :--- | :--- | | Fitchburg | 42 | 05/31/2022 | | Unitil Energy | 38 | 05/31/2023 | | Unitil Service | 4 | 05/31/2023 | | Northern Utilities NH | 35 | 06/07/2025 | | Northern Utilities ME | 38 | 03/31/2026 | | Granite State | 4 | 03/31/2026 | [Financial Statements (Unaudited)](index=17&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for Q1 2022 show increased operating revenues and net income, growth in total assets, and strong cash from operations [Consolidated Statements of Earnings](index=17&type=section&id=Consolidated%20Statements%20of%20Earnings) For Q1 2022, Unitil reported total operating revenues of **$192.6 million** and net income of **$21.5 million**, or **$1.35 per share**, significantly up from the prior year Consolidated Earnings Summary (Three Months Ended March 31) | ($ in millions, except per share data) | 2022 | 2021 | | :--- | :--- | :--- | | Total Operating Revenues | $192.6 | $138.8 | | Operating Income | $35.8 | $33.4 | | **Net Income** | **$21.5** | **$18.9** | | **Net Income Per Common Share** | **$1.35** | **$1.26** | [Consolidated Balance Sheets](index=18&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets reached **$1,552.3 million**, driven by Net Utility Plant additions, with Total Common Stock Equity increasing to **$465.1 million** Consolidated Balance Sheet Summary ($ in millions) | Account | March 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Current Assets | $163.1 | $159.7 | | Net Utility Plant | $1,259.9 | $1,257.2 | | **Total Assets** | **$1,552.3** | **$1,540.3** | | Total Current Liabilities | $157.7 | $173.5 | | Long-Term Debt, Less Current Portion | $496.6 | $497.8 | | Total Common Stock Equity | $465.1 | $448.3 | | **Total Liabilities and Capitalization** | **$1,552.3** | **$1,540.3** | [Consolidated Statements of Cash Flows](index=20&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash provided by operating activities was **$29.1 million** in Q1 2022, funding **$15.4 million** in capital expenditures and **$13.7 million** in financing activities, with stable cash balances Consolidated Cash Flow Summary (Three Months Ended March 31) | ($ in millions) | 2022 | 2021 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $29.1 | $47.7 | | Cash (Used in) Investing Activities | $(15.4) | $(14.1) | | Cash (Used in) Financing Activities | $(13.7) | $(33.5) | | **Net Change in Cash** | **$0.0** | **$0.1** | [Notes to Consolidated Financial Statements](index=22&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment performance, debt, equity, regulatory matters, environmental liabilities, income taxes, and employee benefit plans, supporting the financial statements - **Note 4 (Debt):** As of March 31, 2022, the company had total long-term debt of **$508.3 million** and short-term borrowings of **$64.0 million**[156](index=156&type=chunk)[159](index=159&type=chunk) - **Note 6 (Regulatory):** The company has multiple pending rate cases and regulatory filings, including base rate cases for Northern Utilities (NH) and Unitil Energy, seeking permanent and implementing temporary rate increases[188](index=188&type=chunk)[189](index=189&type=chunk) - **Note 7 (Environmental):** The company has accrued **$2.7 million** for environmental obligations as of March 31, 2022, primarily for former manufactured gas plant (MGP) site remediation, with costs expected to be recovered through regulatory mechanisms[227](index=227&type=chunk)[228](index=228&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk on variable-rate debt, but commodity price risk is mitigated by regulatory pass-through mechanisms for supply costs - A **1% change in interest rates** on an average of **$25 million of short-term debt** would change annual interest expense by approximately **$250,000**[90](index=90&type=chunk) - Commodity price risk is limited because regulatory frameworks allow for full collection of power and gas supply costs in rates on a pass-through basis[91](index=91&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes to internal control over financial reporting - The company's management concluded that disclosure controls and procedures were effective as of March 31, 2022[243](index=243&type=chunk) - No material changes to internal control over financial reporting occurred during the fiscal quarter[244](index=244&type=chunk) [Part II. Other Information](index=46&type=section&id=Part%20II.%20Other%20Information) This section covers legal proceedings, risk factors, equity sales, and other relevant disclosures for the reporting period [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and administrative proceedings, but management expects their ultimate resolution will not materially affect financial position - The company states that the resolution of ongoing legal proceedings is not expected to have a material effect on its financial position[245](index=245&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2021, were reported - No material changes to risk factors were reported since the last Annual Report on Form 10-K[247](index=247&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company had no unregistered equity security sales in Q1 2022 and made no share repurchases under its Rule 10b5-1 plan for Directors' retainers - There were no sales of unregistered equity securities during the quarter[248](index=248&type=chunk) - The company has a Rule 10b5-1 trading plan to repurchase shares for Directors' retainers, but no shares were purchased under this plan in Q1 2022[249](index=249&type=chunk)[251](index=251&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) On May 3, 2022, the company issued a press release announcing its financial results for the three-month period ended March 31, 2022, furnished as Exhibit 99.1 - A press release announcing Q1 2022 earnings was issued on May 3, 2022, and is included as an exhibit[252](index=252&type=chunk) [Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from key officers, the earnings press release, and XBRL data files - Exhibits filed include Sarbanes-Oxley certifications (31.1, 31.2, 31.3, 32.1), the earnings press release (99.1), and XBRL data files[254](index=254&type=chunk)

Financial Data and Key Metrics Changes - For fiscal year 2021, the company reported net income of $36.1 million and earnings per share of $2.35, reflecting an increase of $0.20 per share or 9.3% compared to 2020 [6][10] - The adjusted gross margin for electric operations was $97.4 million, an increase of $4.5 million or 4.8% from fiscal year 2020, driven by higher rates and customer growth [11] - The adjusted gross margin for gas operations was $133.1 million, an increase of $10.5 million or 8.6% compared to fiscal year 2020, attributed to higher rates and customer growth [12] Business Line Data and Key Metrics Changes - Electric adjusted gross margin increased due to a 3.5% rise in commercial and industrial unit sales, reflecting improving economic conditions [11] - Gas adjusted gross margin growth was supported by $9.4 million from higher rates and customer growth, along with $1.1 million from colder winter weather [12] Market Data and Key Metrics Changes - The company expects over 80% of its customers to be served under decoupled rate mechanisms by year-end, minimizing revenue fluctuations due to weather and business cycles [5] - The company operates in areas with significant economic development, particularly in New Hampshire and Maine, which have high dependency on fuel oil for home heating [19] Company Strategy and Development Direction - The company is focused on electrification opportunities, particularly expanding EV infrastructure and exploring solar energy projects [27] - The long-term rate-based growth is anticipated to be between 6.5% to 8.5%, with a balanced investment mix between gas and electric operations [16][17] - Sustainability is embedded in the company's business strategy, with a commitment to reducing emissions and enhancing customer experience [8][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategic and financial plans, highlighting strong customer growth and operational excellence [23] - The company is well-positioned for future growth, with a robust investment plan aimed at ensuring safety and reliability of the distribution system [16][23] Other Important Information - The company declared a quarterly dividend of $0.39 per share, reflecting confidence in its financial performance and ability to execute on strategic plans [18] - The five-year investment plan totals approximately $755 million, focusing on safety, reliability, and grid modernization initiatives [16] Q&A Session Summary Question: Can you provide details on potential strategic projects around advanced energy systems? - The company is focused on electrification opportunities, particularly expanding EV infrastructure and exploring solar energy projects [27] Question: What was the nature of the agreement in the UES settlement? - The settlement agreement is comprehensive in scope, covering various issues included in the filing, but specifics cannot be disclosed until it is filed [28] Question: What are the assumptions for electric and gas growth within the EPS growth rate? - The EPS growth rate is based on rate-based growth and anticipated investments, with an uptick in customer conversions to natural gas observed [30] Question: What resources are available for renewable natural gas within your territories? - The company has access to diverse feedstocks such as dairy, food waste, and biomass for renewable natural gas projects [34] Question: How much of Maine and New Hampshire is reachable through your natural gas pipes? - Currently, the penetration in Northern New Hampshire is around 60%, with opportunities for further customer conversions in existing service areas [35] Question: How is the CapEx trend expected to change between gas and electric investments? - As gas pipe replacement projects conclude, the company anticipates a shift in CapEx towards electric investments, reflecting more opportunities in electrification [36]