California Water Service Group Files Q2 2024 10-Q

TL;DR

**CWS is reporting Q2 2024 results. Water utility financials are out.**

AI Summary

California Water Service Group filed its 10-Q for the period ending June 30, 2024. The company, operating in the water supply industry, reported financial results for the second quarter and the first half of the year. Key financial data and operational segments were detailed in the filing.

Why It Matters

This filing provides investors and stakeholders with an update on California Water Service Group's financial performance and operational status for the second quarter of 2024, impacting investment decisions and regulatory oversight.

Risk Assessment

Risk Level: low — As a regulated utility, California Water Service Group operates in a stable industry with predictable revenue streams, generally leading to lower investment risk.

Key Players & Entities

• CALIFORNIA WATER SERVICE GROUP (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 0001035201 (company) — Central Index Key for California Water Service Group
• 4941 (industry_code) — Standard Industrial Classification for Water Supply
• DE (state) — State of incorporation
• 1720 N FIRST ST (address) — Business street address
• SAN JOSE (city) — Business city
• CA (state) — Business state
• 95112 (zip_code) — Business zip code
• 4083678200 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.01 — nge on Which Registered: Common Stock, $0.01 par value per share CWT New York Stock

Filing Documents

• cwt-20240630.htm (10-Q) — 972KB
• cws-06302024xex311.htm (EX-31.1) — 12KB
• cws-06302024xex312.htm (EX-31.2) — 12KB
• cws-06302024xex32.htm (EX-32) — 9KB
• 0001035201-24-000010.txt ( ) — 5758KB
• cwt-20240630.xsd (EX-101.SCH) — 36KB
• cwt-20240630_cal.xml (EX-101.CAL) — 61KB
• cwt-20240630_def.xml (EX-101.DEF) — 132KB
• cwt-20240630_lab.xml (EX-101.LAB) — 512KB
• cwt-20240630_pre.xml (EX-101.PRE) — 327KB
• cwt-20240630_htm.xml (XML) — 968KB

Financial Statements

Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) as of June 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) For the Three and Six Months Ended June 30 , 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (unaudited) For the Six Months Ended June 30 , 2024 and 2023 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure about Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II Other Information 30 Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 31 Item 5. Other Information 31 Item 6. Exhibits 31

Signatures

Signatures 32 2 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS The condensed consolidated financial statements presented in this filing on Form 10-Q have been prepared by management and are unaudited. CALIFORNIA WATER SERVICE GROUP CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands, except per share data) June 30, 2024 December 31, 2023 ASSETS Utility plant: Utility plant $ 5,141,580 $ 4,925,483 Less accumulated depreciation and amortization ( 1,199,399 ) ( 1,152,228 ) Net utility plant 3,942,181 3,773,255 Current assets: Cash and cash equivalents 37,272 39,591 Restricted cash 45,403 45,375 Receivables: Customers, net 71,125 59,349 Regulatory balancing accounts 5,495 64,240 Other, net 17,110 16,431 Accrued unbilled revenue, net 48,812 36,999 Materials and supplies 17,645 16,170 Taxes, prepaid expenses, and other assets 23,948 18,130 Total current assets 266,810 296,285 Other assets: Regulatory assets 397,498 257,621 Goodwill 37,039 37,039 Other 227,714 231,333 Total other assets 662,251 525,993 TOTAL ASSETS $ 4,871,242 $ 4,595,533 CAPITALIZATION AND LIABILITIES Capitalization: Common stock, $ 0.01 par value; 136,000 shares authorized, 58,825 and 57,724 outstanding on June 30, 2024 and December 31, 2023, respectively $ 588 $ 577 Additional paid-in capital 929,376 876,583 Retained earnings 627,705 549,573 Accumulated other comprehensive loss ( 13,068 ) — Noncontrolling interests 3,090 3,579 Total equity 1,547,691 1,430,312 Long-term debt, net 1,051,792 1,052,768 Total capitalization 2,599,483 2,483,080 Current liabilities: Current maturities of long-term debt, net 1,183 672 Short-term borrowings 245,000 180,000 Accounts payable 143,533 157,305 Regulatory balancing accounts 12,754 21,540 Accrued interest 6,666 6,625 Accrued expenses and other liabilities 103,364 64,197 Total current liabilities 512,500 430,339 Deferred income taxes 363,597 352,762 Regulatory liabilities 742,842 683,717 Pension 83,266 82,920 Advances for construction 199,

View Full Filing

View this 10-Q filing on SEC EDGAR