Workflow
The York Water(YORW)
icon
Search documents
The York Water(YORW) - 2023 Q4 - Annual Report
2024-03-05 19:22
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-1242500 (St ...
The York Water(YORW) - 2023 Q4 - Annual Results
2024-03-05 14:44
Financial Results Announcement - The York Water Company announced its fourth quarter and annual 2023 financial results on March 5, 2024[5]. - The press release detailing the financial results is incorporated by reference in the Form 8-K filing[5]. - The financial results include key metrics that will be detailed in the press release[5]. - The filing does not include specific performance numbers or guidance in the provided content[5]. Company Information - The company is listed on the Nasdaq Global Select Market under the trading symbol YORW[3]. - The report does not indicate whether the company is an emerging growth company[3]. - The report is signed by Matthew E. Poff, Chief Financial Officer, indicating official acknowledgment of the financial results[9]. - The filing is made in compliance with the Securities Exchange Act of 1934[8]. - The company’s principal executive offices are located in York, Pennsylvania[2]. Product and Market Strategy - The report does not provide any information on new products, technologies, or market expansion strategies[5].
The York Water(YORW) - 2023 Q3 - Quarterly Report
2023-11-03 16:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 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 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-12 ...
The York Water(YORW) - 2023 Q2 - Quarterly Report
2023-08-03 14:45
Financial Performance - Net income for Q2 2023 was $6,524, an increase of $1,495, or 29.7%, from $5,029 in Q2 2022[78] - Net income for the first six months of 2023 was $10,177, an increase of $1,289, or 14.5%, from $8,888 in the same period of 2022[84] - Operating revenues for Q2 2023 increased by $3,868, or 26.0%, to $18,767 from $14,899 in Q2 2022, primarily due to a rate increase effective March 1, 2023[79] - Operating revenues for the first six months of 2023 increased by $5,029, or 17.3%, to $34,168 from $29,139 in the first half of 2022[85] Customer Growth - The average number of water customers served increased by 989, from 70,308 in 2022 to 71,297 in 2023, while wastewater customers increased by 406, from 5,533 to 5,939[79] - The Company signed agreements to acquire wastewater and water assets, expected to add approximately 230 and 90 customers respectively, pending regulatory approval[94][95] - The Company signed an agreement to purchase water assets of Pine Run Retirement Community, expected to add approximately 100 water customers in 2023[98] - The Company signed an agreement to purchase wastewater assets from CMV Sewage Co., expected to add approximately 280 wastewater customers in Q1 2024[99] Operating Expenses - Operating expenses for Q2 2023 rose by $1,926, or 23.1%, to $10,251 from $8,325 in Q2 2022, driven by higher depreciation, wastewater treatment, and wages[80] Debt and Financing - Interest on debt for Q2 2023 increased by $473, or 39.3%, to $1,678 from $1,205 in Q2 2022, due to higher long-term debt and interest rates[81] - As of June 30, 2023, the Company's total long-term debt as a percentage of total capitalization was 43.0%, up from 40.7% at the end of 2022[116] - The Company entered into a note purchase agreement for $40,000 in senior notes, with net proceeds of approximately $39,829 used to refinance line of credit borrowings[115] Construction and Investment - The Company invested $29,725 in construction expenditures for the six months ended June 30, 2023, funded through various sources[105] - Anticipated construction expenditures for the remainder of 2023 are approximately $30,400, primarily funded by internally-generated funds[106] - The Company generated $14,596 in internally-generated funds during the first six months of 2023, an increase from $11,013 in the same period of 2022[109] Tax and Regulatory Matters - The effective tax rate for the first six months of 2023 was 11.0%, up from (0.7)% in the same period of 2022, primarily due to higher taxable income[90] - The Company has a regulatory asset of approximately $1,589 for lead service line replacements as of June 30, 2023[126] Market Conditions - A drought watch was issued on June 15, 2023, potentially impacting future revenues and net income[128] - The Company maintains a credit rating of A- with a stable outlook as of July 26, 2023[121] - No applicable market risk disclosures were provided in the earnings call[132]
The York Water(YORW) - 2023 Q1 - Quarterly Report
2023-05-02 14:42
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 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 For the transition period from __________ to __________ Commission file number 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-124250 ...
The York Water(YORW) - 2022 Q4 - Annual Report
2023-03-07 16:39
Customer Growth and Revenue - The Company increased its customer base from 73,144 to 76,731 during the year ended December 31, 2022, reflecting growth through acquisitions and organic expansion[41]. - Revenue for the year ended December 31, 2022, was $60,061, an increase of $4,942 or 9.0% compared to $55,119 in 2021[43]. - Operating revenues for 2022 increased by $4,942, or 9.0%, from $55,119 in 2021 to $60,061 in 2022, primarily due to growth in the customer base and revenues from the DSIC of $2,243[84]. - The average number of wastewater customers served in 2022 increased by 2,284 customers, from 3,325 to 5,609, primarily due to the West Manheim Township acquisition[84]. - The Company expects revenues for 2023 to increase due to a rate increase effective March 1, 2023, and continued growth in the number of water and wastewater customers[84]. Financial Performance - Net income for 2022 was $19,580, an increase of $2,596, or 15.3%, from $16,984 in 2021, driven by higher operating revenues and lower income taxes[83]. - Operating income for 2022 was $24,483 million, an increase from $23,396 million in 2021, which is a growth of 4.6%[155]. - Basic and diluted earnings per share improved to $1.40 in 2022, up from $1.30 in 2021, marking a 7.7% increase[155]. - Net income rose to $19,580 million in 2022, compared to $16,984 million in 2021, reflecting an increase of 9.4%[155]. - The Company's effective tax rate for 2022 was 0.1%, a decrease of 98.7% compared to 6.2% in 2021, primarily due to higher deductions from the IRS TPR[89]. Operating Expenses and Capital Expenditures - Operating expenses for 2022 increased by $3,855, or 12.2%, from $31,723 in 2021 to $35,578 in 2022, mainly due to higher depreciation and treatment costs[85]. - Capital expenditures related to water quality standards and environmental requirements are budgeted to represent less than 15% of total expected capital expenditures over the next five years[40]. - The Company invested $50,532 in construction expenditures during 2022, including infrastructure improvements and wastewater treatment plant construction[98]. - Anticipated construction and acquisition expenditures for 2023 and 2024 are approximately $60,600 and $47,100, respectively[99]. Assets and Liabilities - The Company's total assets increased to $510,595,000 as of December 31, 2022, from $458,853,000 in 2021, reflecting a growth of approximately 11.3%[149]. - The net utility plant value rose to $431,205,000 in 2022, up from $382,909,000 in 2021, indicating an increase of about 12.6%[149]. - Accounts receivable increased to $6,701,000 in 2022 from $4,634,000 in 2021, representing a growth of approximately 44.7%[149]. - The Company’s long-term debt, excluding the current portion, was $139,465,000 as of December 31, 2022, slightly up from $138,869,000 in 2021[152]. - Regulatory assets totaled $42,545 million in 2022, down from $45,280 million in 2021, primarily due to changes in income taxes and unrealized swap losses[179]. Dividends and Stock Performance - The dividend payout ratios for 2022 were 56.2% relative to net income and 48.5% relative to net cash provided by operating activities, compared to 58.3% and 42.7% in 2021, respectively[125]. - The Board of Directors declared a quarterly dividend of $0.2027 per share, an increase of 4.00% from the previous $0.1949 per share[126]. - Common stockholders' equity as a percentage of total capitalization increased to 59.3% as of December 31, 2022, from 50.6% in 2021[105]. - The Company completed a public offering of 975,600 shares at $41 per share, raising net proceeds of $43,970[104]. Regulatory and Compliance - The Company is currently in compliance with all applicable water quality standards and does not anticipate major capital expenditures for its wastewater business[40]. - The effective Pennsylvania corporate net income tax rate will decrease from 9.99% to 8.99% starting January 1, 2023[114]. - The Company was granted approval to modify its tariff to include the cost of replacing up to 400 lead customer-owned service lines over nine years, with an estimated cost of $1,700 per line[124]. Acquisitions and Growth Strategy - The Company signed agreements to acquire wastewater assets expected to add approximately 280, 180, and 30 customers from three different acquisitions, with completion expected in the second half of 2023[93][94][95]. - The company completed the acquisition of wastewater collection assets in December 2021 for approximately $11,991 million, adding about 1,800 customers[207]. - In August 2022, the company acquired water and wastewater assets for approximately $47 million, adding 50 customers, with a negative acquisition adjustment of $13 million[208]. - The Company completed the acquisition of wastewater collection and treatment assets, adding approximately 90 wastewater customers for a purchase price of approximately $481 million[213]. Supply Chain and Inventory Management - The Company maintains an adequate inventory of critical repair parts and has not experienced material supply chain disruptions due to COVID-19[78].
The York Water(YORW) - 2022 Q3 - Quarterly Report
2022-11-03 16:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO 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 For the transition period from __________ to __________ Commission file number 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-1242500 (Stat ...
The York Water(YORW) - 2022 Q2 - Quarterly Report
2022-08-04 16:44
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO 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 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-1242500 ...
The York Water(YORW) - 2022 Q1 - Quarterly Report
2022-05-03 15:52
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 001-34245 THE YORK WATER COMPANY (Exact name of registrant as specified in its charter) Pennsylvania 23-1242500 (State or ...
The York Water(YORW) - 2021 Q4 - Annual Report
2022-03-08 16:38
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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | Common Stock, No par value | YORW | The Nasdaq Global Select Market | | --- | --- | --- | | (Title of Class) | (Trading Symbol) | (Name of Each Exc ...