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California Water Service (CWT)

California Water Service Group is the parent company of California Water Service, Washington Water Service, New Mexico Water Service, Hawaii Water Service, CWS Utility Services, and HWS Utility Services. Together, these companies provide regulated and non-regulated water service to nearly 2 million people in California, Washington, New Mexico, and Hawaii.

Company profile

Ticker
CWT
Exchange
CEO
Martin Kropelnicki
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
California Water Service Company • New Mexico • Washington Water Service Company • Hawaii Water Service Company, Inc. • HWS Utility Services LLC • TWSC, Inc. ...
IRS number
770448994

CWT stock data

Calendar

28 Apr 22
26 Jun 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 71.85M 71.85M 71.85M 71.85M 71.85M 71.85M
Cash burn (monthly) 2.93M 1.11M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 8.44M 3.19M n/a n/a n/a n/a
Cash remaining 63.42M 68.66M n/a n/a n/a n/a
Runway (months of cash) 21.6 62.0 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
3 Jun 22 Ronald D Webb Common Stock Payment of exercise Dispose F No No 54.96 53 2.91K 21,707
3 Jun 22 Thomas F Smegal III Common Stock Payment of exercise Dispose F No No 54.96 57 3.13K 44,998
3 Jun 22 Michelle R Mortensen Common Stock Payment of exercise Dispose F No No 54.96 36 1.98K 9,290
3 Jun 22 Lynne P McGhee Common Stock Payment of exercise Dispose F No No 54.96 61 3.35K 26,627.36
2 Jun 22 David B Healey Common Stock Sell Dispose S No No 55 300 16.5K 15,746
2 Jun 22 Ronald D Webb Common Stock Payment of exercise Dispose F No No 55.21 50 2.76K 21,760
2 Jun 22 Thomas F Smegal III Common Stock Payment of exercise Dispose F No No 55.21 53 2.93K 45,055
2 Jun 22 Michelle R Mortensen Common Stock Payment of exercise Dispose F No No 55.21 57 3.15K 9,326
2 Jun 22 Lynne P McGhee Common Stock Payment of exercise Dispose F No No 55.21 57 3.15K 26,688.36
77.6% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 302 302
Opened positions 42 63 -33.3%
Closed positions 42 24 +75.0%
Increased positions 110 98 +12.2%
Reduced positions 91 87 +4.6%
13F shares Current Prev Q Change
Total value 2.47B 2.95B -16.2%
Total shares 41.73M 41.11M +1.5%
Total puts 0 3.5K EXIT
Total calls 4.3K 13.9K -69.1%
Total put/call ratio 0.3
Largest owners Shares Value Change
BLK Blackrock 9.3M $551.33M -1.8%
Vanguard 6.3M $373.34M +0.9%
STT State Street 4.23M $250.73M +5.9%
TROW T. Rowe Price 2.27M $134.46M +0.1%
IPXAF Impax Asset Management 1.8M $106.51M -1.2%
Pictet Asset Management 1.48M $87.75M +4.2%
IVZ Invesco 1.41M $83.68M -0.2%
Dimensional Fund Advisors 1.24M $73.52M +1.2%
NTRS Northern Trust 985.68K $58.43M +5.4%
Geode Capital Management 915.51K $54.27M +4.1%
Largest transactions Shares Bought/sold Change
Amundi 612.59K +612.59K NEW
Norges Bank 0 -436.64K EXIT
STT State Street 4.23M +234.15K +5.9%
Millennium Management 179.04K +179.04K NEW
BLK Blackrock 9.3M -168.47K -1.8%
Nuance Investments 553.29K -149.26K -21.2%
MS Morgan Stanley 522.56K +130.68K +33.3%
CS Credit Suisse 52.74K -128.13K -70.8%
Eaton Vance Management 126.01K +124.19K +6846.4%
GS Goldman Sachs 113.25K -112.13K -49.7%

Financial report summary

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Competition
American Water Works
Risks
  • Our business is heavily regulated by state and federal regulatory agencies and our financial viability depends upon our ability to recover costs from our customers through rates that must be approved by state public utility commissions.
  • Our evaluation of the probability of recovery of regulatory assets is subject to adjustment by regulatory agencies and any such adjustment could adversely affect our results of operations and financial condition.
  • Regulatory agencies may disagree with our valuation and characterization of certain of our assets.
  • Changes in laws, rules, and policies of our regulators or operating jurisdictions can significantly affect our business.
  • We expect environmental health and safety regulation to increase, resulting in higher operating costs in the future and the potential that the company fails to meet these regulatory standards.
  • New and/or more stringent water quality regulations could increase our operating costs.
  • Legislation and regulation designed to mitigate or adapt to climate change may affect our operations.
  • We have been and may in the future be party to environmental and product-related lawsuits, which could result in us paying damages not covered by insurance.
  • The Ongoing COVID-19 Pandemic May Adversely Affect Our Operations
  • We may be at risk for litigation under the principle of inverse condemnation for activities in the normal course of business, which have a damaging effect on private property.
  • The effects of natural disasters, attacks by third parties, pandemics, or poor water quality or contamination to our water supply may result in disruption in our services and litigation, which could adversely affect our business, operating results and financial condition.
  • Failure of critical elements of our infrastructure could result in interruption of service, damage to others, or injuries, and could adversely affect our business, operating results and financial condition.
  • We rely on our information technology ("IT") and a number of complex business systems to assist with the management of our business and customer and supplier relationships, and a disruption of these systems could adversely affect our business.
  • The adequacy of our water supplies depends upon a variety of factors beyond our control. Interruption in the water supply may adversely affect our reputation and earnings.
  • Our water supplies and other aspects of our operations may be affected by climate change.
  • Natural disasters, climate change, and other factors may change the population in our service areas.
  • Wastewater operations entail significant risks.
  • Demand for our water is subject to various factors and is affected by seasonal fluctuations.
  • Changes in water supply costs affect our operations.
  • Dependency upon adequate supply of electricity, certain chemicals, and third-party suppliers of parts and skilled labor could adversely affect our results of operations.
  • Our business requires significant capital expenditures to replace or improve aging infrastructure that are dependent on our ability to secure appropriate funding. If we are unable to obtain sufficient capital or if the rates at which we borrow increase, there would be a negative impact on our results of operations.
  • Our inability to access the capital or financial markets could affect our ability to meet our liquidity needs at reasonable cost and our ability to meet long-term commitments. Changes in economic conditions in our markets could affect our customers' ability to pay for water services. Any of these could adversely affect our results of operations, cash flows, and financial condition.
  • We are a holding company that depends on cash flow from our subsidiaries to meet our obligations and to pay dividends on our common stock.
  • An important element of our growth strategy is the acquisition of water and wastewater systems. Risks associated with potential acquisitions, divestitures or restructurings may adversely affect us.
  • We may not be able to increase or sustain our recent growth rate, and we may not be able to manage our future growth effectively.
  • We have a number of large-volume commercial and industrial customers and a significant decrease in consumption by one or more of these customers could have an adverse effect on our operating results and cash flows.
  • Our operating cost and costs of providing services may rise faster than our revenues.
  • Demand for our stock may fluctuate due to circumstances beyond our control.
  • Adverse investment returns and other factors may increase our pension liability and pension funding requirements.
  • Labor relations matters could adversely affect our operating results.
  • Our operations are geographically concentrated in California and this lack of diversification may negatively affect our operations.
  • Municipalities, water districts and other public agencies may condemn our property by eminent domain action.
  • We depend significantly on the services of the members of our management team, and the departure of any of those persons could cause our operating results to suffer.
  • We retain certain risks not covered by our insurance policies.
  • Our enterprise risk management processes may not be effective in identifying and mitigating the risks to which we are subject, or in reducing the potential for losses in connection with such risks.
  • The accuracy of our judgments and estimates about financial and accounting matters will affect our operating results and financial condition.
Management Discussion
  • Item 7.    Management's Discussion and Analysis of Financial Condition and Results of Operations.
  • In 2021 and 2020, net income attributable to California Water Service Group was $101.1 million and $96.8 million, respectively. Earnings per diluted common share decreased $0.01 to $1.96 or 0.5% from 2020 to 2021. The $4.3 million increase in net income attributable to California Water Service Group was driven by general rate increases of $14.0 million, a reduction in operating income tax expense of $8.6 million, and a decrease in credit losses of $4.6 million. These positive factors were partially offset by increases in depreciation and amortization expenses of $10.2 million, employee wages of $3.2 million, uninsured loss expense of $1.9 million, property and other taxes of $2.4 million, and financing costs of $1.4 million.
  • Additionally, certain factors outside the Company's immediate control decreased net income attributable to California Water Service Group, including a $0.5 million reduction in accrued unbilled revenue and $0.5 million decrease in unrealized gain on certain benefit plan investments as compared to the prior year. Seasonal weather patterns and the number of unbilled days are the primary influences of accrued unbilled revenue.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
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