Essential Utilities(US:WTRG)2023-03-01 21:24PART I Item 1. Business Essential Utilities, Inc. is a holding company for regulated water, wastewater, and natural gas utilities, serving approximately five million people across ten states with a focus on acquisitions and market-based activities - Essential Utilities, Inc. operates as a holding company for regulated water, wastewater, and natural gas services under the Aqua and Peoples brands, serving an estimated five million people across ten states15 - The company's business strategy expanded to include natural gas distribution with the Peoples Gas Acquisition in March 2020, continuing to pursue acquisitions in the U.S. regulated sector and growth ventures in market-based activities17 Operating Revenues by Principal State (2022) | State | Operating Revenues (000's) | Operating Revenues (%) | | :----------------- | :------------------------- | :--------------------- | | Pennsylvania | $610,964 | 26.7% | | Ohio | $118,245 | 5.2% | | Texas | $86,802 | 3.8% | | Illinois | $92,545 | 4.0% | | North Carolina | $71,713 | 3.1% | | Other states (Water) | $102,703 | 4.5% | | Regulated Water segment total | $1,082,972 | 47.3% | | Pennsylvania (Gas) | $1,071,119 | 46.8% | | Other states (Gas) | $72,243 | 3.2% | | Regulated Natural Gas segment total | $1,143,362 | 50.0% | | Other and eliminations | $61,698 | 2.7% | | Consolidated | $2,288,032 | 100.0% | Operating Revenues by Utility Customer Class (2022) | Customer Class | Operating Revenues (000's) | Operating Revenues (%) | | :--------------- | :------------------------- | :--------------------- | | Residential water | $607,473 | 26.6% | | Commercial water | $168,460 | 7.4% | | Fire protection | $38,970 | 1.7% | | Industrial water | $32,581 | 1.4% | | Other water | $55,389 | 2.4% | | Total water | $902,873 | 39.5% | | Wastewater | $165,383 | 7.2% | | Customer rate credits | $- | 0.0% | | Other utility | $14,716 | 0.6% | | Regulated Water segment total | $1,082,972 | 47.3% | | Residential gas | $720,490 | 31.5% | | Commercial gas | $149,653 | 6.6% | | Industrial gas | $5,636 | 0.2% | | Gas transportation | $205,825 | 9.0% | | Customer rate credits | $- | 0.0% | | Other utility | $61,758 | 2.7% | | Regulated Natural Gas segment total | $1,143,362 | 50.0% | | Other and eliminations | $61,698 | 2.7% | | Consolidated | $2,288,032 | 100.0% | Utility Customer Growth Rate (2018-2022) | Year | Utility Customer Growth Rate | | :--- | :--------------------------- | | 2022 | 1.7% | | 2021 | 1.2% | | 2020 | 42.9% | | 2019 | 2.1% | | 2018 | 2.3% | - The company's revenue growth over the past five years is primarily attributed to the 2020 Peoples Gas Acquisition, increases in water and wastewater rates, rising natural gas costs in 2021 and 2022, and customer growth25 - The company completed 28 water/wastewater utility acquisitions and the Peoples Gas Acquisition (adding approximately 750,000 gas customers) during 2018-2022, expanding its utility operations29 - Utility operations are subject to economic regulation by state utility commissions, significantly influencing profitability through timely and adequate rate allowances42 Infrastructure Rehabilitation Surcharge Revenues (2020-2022) | Year | Surcharge Revenues | | :--- | :----------------- | | 2022 | $26,902,294 | | 2021 | $33,771,486 | | 2020 | $13,038,555 | - The company is committed to environmental protection and safety, aiming to reduce Scope 1 and 2 GHG emissions by 60% from its 2019 baseline by 2035, consistent with the Paris Agreement9394 - As of December 31, 2022, Essential Utilities employed 3,187 full-time employees, with 1,619 covered by 20 labor agreements, focusing on health, safety, development, and diversity initiatives98104 Item 1A. Risk Factors The company faces significant risks from acquisitions, health and safety concerns, and operational challenges that could materially impact its financial condition - Acquisition risks include intense competition, integration difficulties, potential dilutive equity issuances, debt incurrence, unanticipated capital expenditures, and the risk of not realizing full value from goodwill and other intangible assets118119121123 - Health, safety, and environmental risks encompass increased weather volatility due to climate change, potential water supply contamination (e.g., PFAS, lead), operational hazards in natural gas transportation, and substantial costs of complying with evolving environmental regulations126127130134137138 - Operational and regulatory risks include the impact of general economic conditions (inflation, interest rates, customer payment ability), regulatory lag in rate adjustments, potential impairment of natural gas supply, infrastructure failures, cybersecurity threats, and workforce-related challenges139141142146148149152155156157158161165167169171172173176177178181184 - Financial risks include substantial indebtedness from acquisitions, potential difficulties in debt repayment or refinancing, limitations on capital access for significant capital expenditures, and volatility in common stock price188189191193194 Item 1B. Unresolved Staff Comments The company reported no unresolved staff comments from the SEC - There are no unresolved staff comments195 Item 2. Properties Essential Utilities' properties include extensive water, wastewater, and natural gas infrastructure, with the majority of assets owned by subsidiaries and concentrated in Pennsylvania - The Regulated Water segment owns and operates approximately 14,350 miles of transmission and distribution mains, 23 surface water treatment plants, many well treatment stations, and 203 wastewater treatment plants196 - The Regulated Natural Gas segment properties include approximately 15,400 miles of natural gas distribution mains, 1,700 miles of gathering pipeline, and 300 miles of intrastate transmission/storage pipeline197 Net Property, Plant and Equipment by Principal State (2022) | State | Net Property, Plant and Equipment (thousands of dollars) | Percentage | | :------------ | :--------------------------------------- | :--------- | | Pennsylvania | $7,991,598 | 71.8% | | Ohio | $629,446 | 5.7% | | Illinois | $612,888 | 5.5% | | North Carolina | $507,503 | 4.6% | | Texas | $575,454 | 5.2% | | Other | $814,057 | 7.2% | | Consolidated | $11,130,946 | 100.0% | Item 3. Legal Proceedings Essential Utilities is involved in routine legal proceedings, none of which are considered material or expected to significantly harm the company's business or financial condition - The company is routinely involved in legal proceedings, but none are currently believed to be material or expected to materially harm its business, operating results, reputation, or financial condition200 Item 4. Mine Safety Disclosures This item is not applicable to Essential Utilities, Inc - Mine Safety Disclosures are not applicable to the company201 PART II Item 5. Market for the Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities Essential Utilities' common stock trades on the NYSE under WTRG, with a long history of increasing dividends, representing 62.0% of net income in 2022, and the company repurchases shares for tax withholding purposes - Essential Utilities' common stock is traded on the New York Stock Exchange under the ticker symbol WTRG203 Cash Dividends Per Share (2021-2022) | Year | Dividend Paid per Common Share | Dividend Declared per Common Share | | :--- | :----------------------------- | :--------------------------------- | | 2022 | $1.1104 | $1.3974 | | 2021 | $1.0378 | $1.0378 | - The company has paid dividends consecutively for 78 years and increased its dividend in excess of five percent for the 24th consecutive year; in 2022, dividends paid represented 62.0% of net income203 Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--------------- | :------------------------------- | :--------------------------- | | October 1-31, 2022 | 118 | $42.70 | | November 1-30, 2022 | - | $- | | December 1-31, 2022 | 2,720 | $48.35 | | Total | 2,838 | $48.12 | Item 6. Reserved This item is reserved and contains no information Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations This section analyzes Essential Utilities' financial condition and operational performance, detailing the impact of inflation, interest rates, and supply chain pressures in 2022, alongside its regulated utility business model, growth strategy, and key financial metrics - In 2022, the company experienced inflationary cost increases in materials, labor, and other operating costs, higher interest rates, and supply chain pressures, primarily due to the COVID-19 pandemic and global uncertainties, with natural gas prices substantially increasing and impacting the Regulated Natural Gas business211 - The Inflation Reduction Act of 2022 (IRA) introduces a 15% minimum tax on book income for certain large corporations and a 1% excise tax on net stock repurchases, potentially affecting the company's gathering facility assets with an annual waste emissions charge starting in 2024212 - The company signed an agreement in December 2022 to sell its regulated natural gas utility assets in West Virginia, serving approximately 13,000 customers, to focus on growth in states with greater scale213 - The company's rate base is estimated at $9.3 billion as of December 31, 2022, with $8.1 billion filed with regulatory commissions and $1.2 billion not yet filed, including $6.4 billion in the Regulated Water segment and $2.9 billion in the Regulated Natural Gas segment216217 - The company's growth-through-acquisition strategy aims to expand utility operations and achieve economies of scale, with eight signed purchase agreements for water and wastewater systems totaling approximately $380 million as of December 31, 2022, expected to add 218,600 equivalent retail customers226230 - The company targets an annual customer increase of 2% to 3% through acquisitions and organic growth231 Consolidated Results of Operations Comparison for 2022 and 2021 Consolidated operating revenues increased by 21.8% in 2022, driven by growth in both Regulated Water and Natural Gas segments, while operations and maintenance expenses rose by 11.5%, and purchased gas expense surged by 76.9% Consolidated Financial and Operational Highlights (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Operating revenues | $2,288,032 | $1,878,144 | $1,462,698 | $409,888 | $415,446 | | Operations and maintenance expense | $613,649 | $550,580 | $528,611 | $63,069 | $21,969 | | Net income | $465,237 | $431,612 | $284,849 | $33,625 | $146,763 | | Capital expenditures | $1,062,763 | $1,020,519 | $835,642 | $42,244 | $184,877 | | Operations and maintenance (% of revenues) | 26.8% | 29.3% | 36.1% | -2.5% | -6.8% | | Net income (% of revenues) | 20.3% | 23.0% | 19.5% | -2.7% | 3.5% | | Return on Essential Utilities stockholders' equity | 8.7% | 8.3% | 6.1% | 0.4% | 2.2% | | Effective tax rate | (3.2%) | (2.3%) | (7.5%) | (0.9%) | 5.2% | - Consolidated operating revenues increased by $409,888 (21.8%) in 2022 compared to 2021, with Regulated Water segment revenues up by $102,769 and Regulated Natural Gas segment revenues up by $283,460244 - Operations and maintenance expenses increased by $63,069 (11.5%) in 2022, primarily due to a $17,129 increase in employee-related costs, $6,339 in water/wastewater production costs, $6,872 in acquired utility operating costs, and $12,778 in customer assistance surcharge costs for natural gas245249 - Purchased gas expense increased by $261,733 (76.9%) in 2022, driven by higher natural gas prices, with a corresponding offset in revenue246 - Net income increased by $33,625 in 2022, reaching $465,237, and diluted net income per share rose to $1.77 from $1.67 in 2021243256 Segment Results of Operations Comparison for 2022 and 2021 The Regulated Water segment saw a 10.5% increase in operating revenues and 7.0% in net income, while the Regulated Natural Gas segment experienced a 33.0% increase in operating revenues and 25.0% in net income Regulated Water Segment Operating Results (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Total operating revenues | $1,082,972 | $980,203 | $938,540 | $102,769 | $41,663 | | Operations and maintenance expense | $370,850 | $332,598 | $309,608 | $38,252 | $22,990 | | Segment net income | $314,352 | $293,703 | $283,793 | $20,649 | $9,910 | | Total water and wastewater utility customers | 1,095,245 | 1,066,805 | 1,047,301 | 28,440 | 19,504 | - Regulated Water segment revenues increased by $102,769 (10.5%) in 2022, driven by $63,367 from rate increases (including surcharges) and $16,145 from acquisitions, with customer count growing by 28,440 in 2022260 - Regulated Water operations and maintenance expense increased by $38,252 (11.5%) in 2022, mainly due to higher employee costs ($7,279), production costs ($6,339), and outside services/maintenance ($17,196)263265 Regulated Natural Gas Segment Operating Results (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Total operating revenues | $1,143,362 | $859,902 | $506,564 | $283,460 | $353,338 | | Operations and maintenance expense | $239,506 | $226,194 | $198,383 | $13,312 | $27,811 | | Purchased gas | $551,009 | $313,390 | $154,103 | $237,619 | $159,287 | | Segment net income | $185,276 | $148,193 | $56,451 | $37,083 | $91,742 | | Total gas utility customers | 756,341 | 753,244 | 751,502 | 3,097 | 1,742 | | Heating Degree Days | 5,648 | 5,139 | 3,013 | 509 | 2,126 | - Regulated Natural Gas segment operating revenues increased by $283,460 (33.0%) in 2022, primarily due to a $237,619 impact from higher gas costs and $27,237 from increased gas usage, with purchased gas expense rising by $237,619 (75.8%) due to a 78.2% increase in average gas commodity prices267268269 - Regulated Natural Gas segment net income increased by $37,083 (25.0%) in 2022, reaching $185,276266 Liquidity and Capital Resources Essential Utilities' liquidity is supported by operating cash flows, credit facilities, and capital market issuances, with planned significant capital expenditures for infrastructure improvements and acquisitions financed through internal funds, credit facilities, and debt/equity issuances Consolidated Cash Flow and Capital Expenditures (2020-2022) | Year | Net Operating Cash Flows | Dividends | Capital Expenditures | Acquisitions | | :--- | :----------------------- | :-------- | :------------------- | :----------- | | 2020 | $508,024 | $232,571 | $835,642 | $3,501,835 | | 2021 | $644,679 | $258,650 | $1,020,519 | $36,326 | | 2022 | $600,306 | $288,632 | $1,062,763 | $116,891 | - Net cash flows from operating activities decreased from $644,679 thousand in 2021 to $600,306 thousand in 2022, mainly due to increases in accounts receivable, unbilled revenues, and gas stored inventory274 - The planned 2023 capital program is estimated at approximately $1.123 billion for infrastructure improvements, with about $747 million allocated to infrastructure rehabilitation surcharge qualified projects276 - Future utility construction for 2024-2025 is estimated to require aggregate expenditures of approximately $2.115 billion, with about half requiring external financing277 - As of December 31, 2022, the company had a $1 billion unsecured long-term revolving credit facility (expiring December 2027) with $490 million outstanding, and $435.5 million in short-term lines of credit286 - In October 2022, the company initiated an at-the-market (ATM) sales agreement to sell up to $500 million in common stock, issuing 1,321,994 shares for $63,040 thousand (net) by December 31, 2022288 Contractual Cash Obligations (as of December 31, 2022) | Obligation Type | Total | Less than 1 year | 1 – 3 years | 3 – 5 years | More than 5 years | | :------------------------------ | :----------- | :--------------- | :----------- | :----------- | :---------------- | | Long-term debt | $6,617,395 | $199,356 | $221,345 | $751,512 | $5,445,182 | | Interest on fixed-rate, long-term debt | $250,143 | $8,149 | $9,953 | $39,570 | $192,471 | | Operating leases | $60,348 | $8,923 | $17,233 | $13,429 | $20,763 | | Unconditional purchase obligations | $18,216 | $4,716 | $9,142 | $3,238 | $1,120 | | Gas purchase obligations | $2,813,168 | $234,950 | $485,784 | $485,507 | $1,606,927 | | Other purchase obligations | $84,632 | $84,632 | $- | $- | $- | | Pension plan obligations | $20,343 | $20,343 | $- | $- | $- | | Other obligations | $11,825 | $3,719 | $2,737 | $3,293 | $2,076 | | Total | $9,876,070 | $564,788 | $746,194 | $1,296,549 | $7,268,539 | Capitalization (as of December 31) | December 31, | 2022 | 2021 | | :--------------------- | :---- | :---- | | Long-term debt | 55.2% | 53.4% | | Essential Utilities stockholders' equity | 44.8% | 46.6% | | Total | 100.0% | 100.0% | Item 7A. Quantitative and Qualitative Disclosures About Market Risk Essential Utilities is exposed to market risks from interest rate fluctuations, natural gas commodity price volatility, and equity price changes, which are managed through a mix of fixed and floating rate debt, purchased-gas cost adjustment mechanisms, and derivative instruments - The company is subject to market risks from changes in interest rates, gas commodity prices, and equity prices, with volatile equity markets potentially impacting pension and post-retirement plan asset values and increasing cash contributions326 Long-term Debt Maturities and Weighted Average Interest Rate (as of December 31, 2022) | Category | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Fair Value | | :------------ | :-------- | :------- | :------- | :------- | :-------- | :---------- | :---------- | :---------- | | Fixed rate | $199,356 | $71,785 | $149,560 | $21,605 | $239,907 | $5,445,182 | $6,127,395 | $5,038,131 | | Variable rate | $- | $- | $- | $- | $490,000 | $- | $490,000 | $490,000 | | Total | $199,356 | $71,785 | $149,560 | $21,605 | $729,907 | $5,445,182 | $6,617,395 | $5,528,131 | | Weighted average interest rate | 4.08% | 4.23% | 4.98% | 7.37% | 5.29% | 3.55% | 3.94% | | - Natural gas commodity price risk is mitigated by purchased-gas cost adjustment mechanisms and derivative instruments (requirements contracts, spot purchase contracts, and storage) to hedge anticipated purchases and offset market price volatility for customers327 Item 8. Financial Statements and Supplementary Data This section presents the audited consolidated financial statements for 2020-2022, including the Independent Registered Public Accounting Firm's Report, Balance Sheets, Statements of Operations, Capitalization, Equity, Cash Flows, and comprehensive Notes detailing accounting policies and financial matters - PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2022334335 Consolidated Balance Sheets (as of December 31) | (In thousands of dollars) | 2022 | 2021 | | :------------------------ | :----------- | :----------- | | Assets | | | | Net property, plant and equipment | $11,130,946 | $10,251,866 | | Total current assets | $658,159 | $437,795 | | Regulatory assets | $1,342,753 | $1,429,840 | | Goodwill | $2,340,792 | $2,340,815 | | Total assets | $15,719,107 | $14,658,278 | | Liabilities and Equity | | | | Total stockholders' equity | $5,377,386 | $5,184,450 | | Long-term debt, excluding current portion, net of debt issuance costs | $6,371,057 | $5,779,504 | | Total current liabilities | $1,021,869 | $675,063 | | Total deferred credits and other liabilities | $2,338,541 | $2,423,151 | | Contributions in aid of construction | $610,254 | $596,110 | | Total liabilities and equity | $15,719,107 | $14,658,278 | Consolidated Statements of Operations and Comprehensive Income (Years ended December 31) | (In thousands, except per share amounts) | 2022 | 2021 | 2020 | | :--------------------------------------- | :---------- | :---------- | :---------- | | Operating revenues | $2,288,032 | $1,878,144 | $1,462,698 | | Total operating expenses | $1,626,845 | $1,275,435 | $1,028,012 | | Operating income | $661,187 | $602,709 | $434,686 | | Income before income taxes | $450,908 | $422,000 | $264,971 | | Income tax benefit | $(14,329) | $(9,612) | $(19,878) | | Net income | $465,237 | $431,612 | $284,849 | | Diluted net income per share | $1.77 | $1.67 | $1.12 | Consolidated Statements of Cash Flows (Years ended December 31) | (In thousands of dollars) | 2022 | 2021 | 2020 | | :------------------------ | :------------ | :------------ | :------------ | | Net cash flows from operating activities | $600,306 | $644,679 | $508,024 | | Net cash flows used in investing activities | $(1,178,302) | $(1,056,058) | $(4,333,666) | | Net cash flows from financing activities | $578,827 | $417,119 | $1,961,547 | | Net increase (decrease) in cash and cash equivalents | $831 | $5,740 | $(1,864,095) | | Cash and cash equivalents at end of year | $11,398 | $10,567 | $4,827 | - The company's critical accounting policies include regulatory assets and liabilities, revenue recognition, valuation of long-lived assets, post-retirement benefits, and income taxes, all requiring significant management judgment and estimates306 - Goodwill, primarily from the Peoples Gas Acquisition, amounted to $2,340,792 thousand (15% of total assets) as of December 31, 2022, with the Regulated Natural Gas reporting unit having a 15% headroom as of October 1, 2022, following annual impairment tests184399316 - Regulatory assets totaled $1.36 billion and regulatory liabilities $814 million as of December 31, 2022, reflecting costs and credits recognized in the rate-making process, with a significant portion related to income taxes and post-retirement benefits342444 - The effective income tax rate was (3.2%) in 2022, a benefit primarily due to tax deductions for qualifying infrastructure investments, with Pennsylvania's corporate income tax rate scheduled to decrease from 9.99% to 4.99% by 2031255457470 - The company's pension plan was 102.6% funded ($333,176 thousand assets vs $324,690 thousand obligations) and other post-retirement benefits plan was 102.9% funded ($85,994 thousand assets vs $83,501 thousand obligations) as of December 31, 2022546 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure The company reported no changes in or disagreements with its accountants on accounting and financial disclosure matters - There were no changes in or disagreements with accountants on accounting and financial disclosure578 Item 9A. Controls and Procedures Management concluded that disclosure controls and procedures were effective as of December 31, 2022, maintaining effective internal control over financial reporting, with a new ERP system implementation for the Regulated Water business leading to necessary control changes - Management concluded that disclosure controls and procedures were effective as of December 31, 2022, providing reasonable assurance for timely and accurate financial reporting579 - The company maintained effective internal control over financial reporting as of December 31, 2022, based on criteria established by COSO582 - A new enterprise resource planning (ERP) system was implemented in 2022 for the Regulated Water business segment, resulting in changes to internal controls over financial reporting to accommodate modified business processes and accounting procedures584585 Item 9B. Other Information No other information is reported under this item - No other information is reported under this item586 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections This item is not applicable to Essential Utilities, Inc - Disclosure regarding foreign jurisdictions that prevent inspections is not applicable to the company586 PART III Item 10. Directors, Executive Officers and Corporate Governance This section incorporates by reference information from the 2023 proxy statement regarding directors, executive officers, corporate governance, and Section 16(a) compliance, with corporate governance guidelines and committee charters available on the investor relations website - Information on directors, executive officers, corporate governance, and Section 16(a) beneficial ownership reporting compliance is incorporated by reference from the definitive Proxy Statement for the 2023 annual meeting of shareholders588 - The company's Corporate Governance Guidelines, Board Committee Charters, and Code of Ethical Business Conduct are available on its investor relations website589 Executive Officers of Essential Utilities (as of March 1, 2023) | Name | Age | Position with Essential Utilities | | :------------------- | :-- | 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