California Water Service Group Files Q3 2024 10-Q
Ticker: CWT · Form: 10-Q · Filed: Oct 31, 2024 · CIK: 1035201
| Field | Detail |
|---|---|
| Company | California Water Service Group (CWT) |
| Form Type | 10-Q |
| Filed Date | Oct 31, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, utilities, water-supply, financials
TL;DR
CWS files Q3 10-Q. Water utility financials updated.
AI Summary
California Water Service Group filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which provides water utility services across various regions. Specific financial figures and operational metrics for the third quarter and year-to-date periods are presented.
Why It Matters
This filing provides investors and stakeholders with the latest financial health and operational status of California Water Service Group, crucial for understanding the company's performance in the utility sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.
Key Players & Entities
- CALIFORNIA WATER SERVICE GROUP (company) — Filer
- 20240930 (date) — Period of Report
- 20241031 (date) — Filed as of Date
- 0001035201 (company) — Central Index Key
- 4941 (industry) — Standard Industrial Classification (Water Supply)
- 1720 N FIRST ST (address) — Business Address
- SAN JOSE (location) — City
- CA (location) — State
- 95112 (zip_code) — Business Zip Code
- 4083678200 (phone_number) — Business Phone
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period ending September 30, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20241031, as indicated by the 'Filed as of Date'.
What is the Standard Industrial Classification (SIC) code for California Water Service Group?
The SIC code is 4941, which corresponds to Water Supply.
What is the company's primary business address?
The company's business address is 1720 N First St, San Jose, CA 95112.
What is the SEC file number for California Water Service Group?
The SEC file number is 001-13883.
Filing Stats: 4,465 words · 18 min read · ~15 pages · Grade level 19.3 · Accepted 2024-10-31 16:08:15
Key Financial Figures
- $0.01 — nge on Which Registered: Common Stock, $0.01 par value per share CWT New York Stock
Filing Documents
- cwt-20240930.htm (10-Q) — 1098KB
- cws-09302024xex311.htm (EX-31.1) — 12KB
- cws-09302024xex312.htm (EX-31.2) — 12KB
- cws-09302024xex32.htm (EX-32.0) — 9KB
- 0001035201-24-000013.txt ( ) — 6540KB
- cwt-20240930.xsd (EX-101.SCH) — 40KB
- cwt-20240930_cal.xml (EX-101.CAL) — 69KB
- cwt-20240930_def.xml (EX-101.DEF) — 149KB
- cwt-20240930_lab.xml (EX-101.LAB) — 557KB
- cwt-20240930_pre.xml (EX-101.PRE) — 362KB
- cwt-20240930_htm.xml (XML) — 1149KB
Financial Statements
Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (unaudited) For the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (unaudited) For the Nine Months Ended September 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 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 20 Item 3. Quantitative and Qualitative Disclosure about Market Risk 32 Item 4.
Controls and Procedures
Controls and Procedures 32 PART II Other Information 33 Item 1.
Legal Proceedings
Legal Proceedings 33 Item 1A.
Risk Factors
Risk Factors 33 Item 5. Other Information 33 Item 6. Exhibits 34 Signature 35 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) September 30, 2024 December 31, 2023 ASSETS Utility plant: Utility plant $ 5,263,692 $ 4,925,483 Less accumulated depreciation and amortization ( 1,222,808 ) ( 1,152,228 ) Net utility plant 4,040,884 3,773,255 Current assets: Cash and cash equivalents 59,556 39,591 Restricted cash 45,641 45,375 Receivables: Customers, net 81,075 59,349 Regulatory balancing accounts 59,095 64,240 Other, net 20,254 16,431 Accrued and unbilled revenue, net 55,971 36,999 Materials and supplies 19,872 16,170 Taxes, prepaid expenses, and other assets 21,487 18,130 Total current assets 362,951 296,285 Other assets: Regulatory assets 340,419 257,621 Goodwill 37,039 37,039 Other 233,615 231,333 Total other assets 611,073 525,993 TOTAL ASSETS $ 5,014,908 $ 4,595,533 CAPITALIZATION AND LIABILITIES Capitalization: Common stock, $ 0.01 par value; 136,000 shares authorized, 59,473 and 57,724 outstanding on September 30, 2024 and December 31, 2023, respectively $ 595 $ 577 Additional paid-in capital 965,278 876,583 Retained earnings 671,913 549,573 Accumulated other comprehensive loss ( 9,197 ) — Noncontrolling interests 3,043 3,579 Total equity 1,631,632 1,430,312 Long-term debt, net 1,051,585 1,052,768 Total capitalization 2,683,217 2,483,080 Current liabilities: Current maturities of long-term debt, net 890 672 Short-term borrowings 260,000 180,000 Accounts payable 171,501 157,305 Regulatory balancing accounts 24,133 21,540 Accrued interest 17,131 6,625 Accrued expenses and other liabilities 97,074 64,197 Total current liabilities 570,729 430,339 Deferred income taxes 365,598 352,762 Regulatory liabilities 734,925 683,717 Pension 83,412 82,920 Advances for const