York Water Co. Files 2023 Annual Report (10-K)

TL;DR

<b>York Water Co. has submitted its annual 10-K filing for the fiscal year ending December 31, 2023, detailing its financial performance and operational status.</b>

AI Summary

YORK WATER CO (YORW) filed a Annual Report (10-K) with the SEC on March 5, 2024. York Water Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 130 E Market St, York, PA. York Water Co. is incorporated in Pennsylvania and operates in the Water Supply industry (SIC 4941). The filing includes detailed financial information and operational data for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking YORK WATER CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of York Water Co.'s financial health, operational assets, and strategic positioning for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a regulated utility, the detailed disclosures in this report are essential for understanding the company's compliance, asset base, and any potential risks or opportunities impacting its service to customers and shareholders.

Risk Assessment

Risk Level: medium — YORK WATER CO shows moderate risk based on this filing. The company operates in a regulated industry, which can involve complex rate-setting processes and compliance requirements that may impact financial performance and operational flexibility.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand York Water Co.'s current financial position and future growth prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-05 — Filing Date (FILED AS OF DATE)
• 93 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 4941 — Standard Industrial Classification (STANDARD INDUSTRIAL CLASSIFICATION: WATER SUPPLY)

Key Players & Entities

• YORK WATER CO (company) — FILER
• PA (location) — STATE OF INCORPORATION
• 130 E MARKET ST (address) — BUSINESS ADDRESS
• YORK (location) — BUSINESS ADDRESS CITY
• 17401-1219 (zip_code) — BUSINESS ADDRESS ZIP
• 7178453601 (phone_number) — BUSINESS PHONE
• 130 EAST MARKET STREET (address) — MAIL ADDRESS
• 20231231 (date) — CONFORMED PERIOD OF REPORT

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company operates under extensive regulation by state and federal agencies, which impacts rates, service standards, and capital expenditures.
• Capital Expenditures and Financing [medium — financial]: Significant ongoing capital investments are required to maintain and upgrade infrastructure, necessitating access to capital markets and potentially impacting debt levels.
• Water Supply and Infrastructure [medium — operational]: Maintaining the integrity and capacity of water treatment and distribution systems is critical to providing reliable service and meeting demand.
• Customer Demand and Economic Conditions [low — market]: Changes in customer demand, influenced by population growth and economic conditions in the service area, can affect revenue.

Key Dates

• 2024-03-05: 10-K Filing — Submission of the annual report for the fiscal year ended December 31, 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Key Financial Figures

• $40 million — n 2023 at a total cost of approximately $40 million. Additional capital expenditures will b
• $71,031 — 2023, the Company recognized revenue of $71,031, an increase of $10,970, or 18.3%, as c
• $10,970 — ized revenue of $71,031, an increase of $10,970, or 18.3%, as compared to $60,061 durin
• $60,061 — se of $10,970, or 18.3%, as compared to $60,061 during the year ended December 31, 2022

Filing Documents

• form10k.htm (10-K) — 1568KB
• exhibit23-123123.htm (EX-23) — 2KB
• exhibit31_1-123123.htm (EX-31.1) — 12KB
• exhibit31_2-123123.htm (EX-31.2) — 12KB
• exhibit32_1-123123.htm (EX-32.1) — 7KB
• exhibit32_2-123123.htm (EX-32.2) — 7KB
• exhibit97-123123.htm (EX-97) — 40KB
• exhibit10_9-123123.htm (EX-10.9) — 134KB
• image01.jpg (GRAPHIC) — 4KB
• 0000108985-24-000020.txt (&nbsp;) — 9550KB
• yorw-20231231.xsd (EX-101.SCH) — 80KB
• yorw-20231231_cal.xml (EX-101.CAL) — 85KB
• yorw-20231231_def.xml (EX-101.DEF) — 335KB
• yorw-20231231_lab.xml (EX-101.LAB) — 1090KB
• yorw-20231231_pre.xml (EX-101.PRE) — 586KB
• form10k_htm.xml (XML) — 1463KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 7 Item 1C Cybersecurity 8 Item 2.

Properties

Properties 10 Item 3.

Legal Proceedings

Legal Proceedings 11 Item 4. Mine Safety Disclosures 11 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6. Reserved 12 Item 7.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operation 12 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 21 Item 8.

Financial Statements

Financial Statements 21 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 Item 9A.

Controls and Procedures

Controls and Procedures 52 Item 9B. Other Information 52 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53 PART III Item 10. Directors, Executive Officers and Corporate Governance 53 Item 11.

Executive Compensation

Executive Compensation 53 Item 12.

Security Ownership of Certain Beneficial Owners and Management and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accounting Fees and Services 54 PART IV Item 15. Exhibits and Financial Statement Schedules 55 Item 16. Form 10-K Summary 59

Signatures

Signatures 61 Page 2

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained in this annual report and in documents incorporated by reference constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Words such as "may," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan," "objective" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include certain information relating to the Company's business strategy and future prospects; including, but not limited to: the amount and timing of rate changes and other regulatory matters including the recovery of costs recorded as regulatory assets; expected profitability and results of operations; trends; goals, priorities and plans for, and cost of, growth and expansion; strategic initiatives; availability of water supply; water usage by customers; and the ability to pay dividends on common stock and the rate of those dividends. The forward-looking statements in this Annual Report reflect what the Company currently anticipates will happen. What actually happens could differ materially from what it currently anticipates will happen and caution should be exercised against placing undue reliance upon such statements, which are based only on information currently available to the Company and speak only as of the date hereof. The Company does not intend to make a public announcement when forward-looking statements in this Annual Report are no longer accurate, whether as a result of new information, what actually happens in the future or for any other reason. Important matters that may affect what will actually happen include, but are not limited to: changes in weather or climate, including drought conditions or extended periods of heavy precipitation; natural disasters, including pandemics such as the recent outbreak of the novel strain of coronavirus known as "

View Full Filing

View this 10-K filing on SEC EDGAR