Connecticut Water Service Inc / Ct (CTWS) Annual Cash Flow Statement

Cash Flow Summary

Connecticut Water Service Inc / Ct (CTWS) annual cash flow statement covering fiscal 2013 through 2018, as reported to the SEC.

Connecticut Water Service Inc / Ct generated $33.41M in cash from operations in fiscal 2018, down 8.7% from $36.61M in fiscal 2017.
That is 2 times its reported net income of $16.7M.
After spending $57.03M on capital expenditures, free cash flow was -$23.62M.
Investing activities used $55.68M and financing activities provided $21.51M. Overall, cash went down $762K.
Connecticut Water Service Inc / Ct spent $3.52M buying back its own shares and paid $14.91M in dividends.

Net cash from operating activities has shrunk 5.5% a year on average since fiscal 2013, from $44.35M to $33.41M.

A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.

Figures in USD thousands

						Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13
Stock Issued During Period, Value, Acquisitions
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Stock Issued During Period, Value, Acquisitions						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Operating Activities:
Net Income
16,695	25,054	23,387	22,761	21,319	18,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Income						16,695	25,054	23,387	22,761	21,319	18,269	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Deferred Revenues
3,701	3,945	893	1,344	3,461	3,059	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Deferred Revenues						3,701	3,945	893	1,344	3,461	3,059	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for Deferred Income Taxes and Investment Tax Credits, Net
3,157	-3,387	-2,950	7,502	-5,878	-7,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Provision for Deferred Income Taxes and Investment Tax Credits, Net						3,157	-3,387	-2,950	7,502	-5,878	-7,386	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Allowance for Funds Used During Construction
465	774	1,198	530	518	366	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Allowance for Funds Used During Construction						465	774	1,198	530	518	366	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation (including $506 and $702 in 2019 and 2018, respectively, charged to other accounts)
20,881	17,459	13,173	12,898	12,457	11,140	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Depreciation (including $506 and $702 in 2019 and 2018, respectively, charged to other accounts)						20,881	17,459	13,173	12,898	12,457	11,140	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain (Loss) on Sale of Properties
629	33	-54	349	50	-7	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Gain (Loss) on Sale of Properties						629	33	-54	349	50	-7	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Change in Assets and Liabilities:
Increase in Accounts Receivable and Accrued Unbilled Revenues
734	1,053	1,925	-984	291	1,205	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase in Accounts Receivable and Accrued Unbilled Revenues						734	1,053	1,925	-984	291	1,205	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase in Prepayments and Other Current Assets
2,880	1,278	-338	-6,540	5,012	4,321	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase in Prepayments and Other Current Assets						2,880	1,278	-338	-6,540	5,012	4,321	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
(Increase) Decrease in Other Non-Current Items
-5,156	-200	2,741	-11,383	1,286	-11,985	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
(Increase) Decrease in Other Non-Current Items						-5,156	-200	2,741	-11,383	1,286	-11,985	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities
2,244	-2,404	176	-3,695	1,169	4,514	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Increase in Accounts Payable, Accrued Expenses and Other Current Liabilities						2,244	-2,404	176	-3,695	1,169	4,514	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Adjustments
16,715	11,559	9,934	18,385	8,886	26,081	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Total Adjustments						16,715	11,559	9,934	18,385	8,886	26,081	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents Provided by Operating Activities
33,410	36,613	33,321	41,146	30,205	44,350	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents Provided by Operating Activities						33,410	36,613	33,321	41,146	30,205	44,350	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Investing Activities:
Net Additions to Utility Plant Used in Continuing Operations
57,030	53,022	66,689	48,025	45,668	33,303	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Additions to Utility Plant Used in Continuing Operations						57,030	53,022	66,689	48,025	45,668	33,303	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash portion of The Avon Water Company Acquisition
-	6,134	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash portion of The Avon Water Company Acquisition						-	6,134	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from Sale of Land Held-for-investment
1,350	212	9	14	243	95	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from Sale of Land Held-for-investment						1,350	212	9	14	243	95	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash Acquired from Acquisition
-	1,791	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash Acquired from Acquisition						-	1,791	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Company Financed Additions to Utility Plant
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Company Financed Additions to Utility Plant						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Advances from Others for Construction
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Advances from Others for Construction						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of Customer Contracts
-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Purchase of Customer Contracts						-	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Release of restricted cash
-	-	-846	846	-5,779	-5,457	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Release of restricted cash						-	-	-846	846	-5,779	-5,457	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents Used in Investing Activities
-55,680	-57,153	-65,834	-48,857	-39,646	-27,751	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents Used in Investing Activities						-55,680	-57,153	-65,834	-48,857	-39,646	-27,751	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Financing Activities:
Proceeds from Interim Bank Loans
54,249	19,281	32,953	16,085	1,991	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from Interim Bank Loans						54,249	19,281	32,953	16,085	1,991	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayment of Interim Bank Loans
19,281	35,453	16,085	1,991	-	1,660	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayment of Interim Bank Loans						19,281	35,453	16,085	1,991	-	1,660	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for Repurchase of Preferred Stock and Preference Stock
787	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for Repurchase of Preferred Stock and Preference Stock						787	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for Repurchase of Common Stock
3,525	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Payments for Repurchase of Common Stock						3,525	-	-	-	-	-	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from the Issuance of Long-Term Debt
8,000	55,000	49,930	4,352	4,500	14,550	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from the Issuance of Long-Term Debt						8,000	55,000	49,930	4,352	4,500	14,550	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from Issuance of Common Stock
1,410	1,404	1,610	1,536	1,697	1,629	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from Issuance of Common Stock						1,410	1,404	1,610	1,536	1,697	1,629	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from the Exercise of Stock Options
-	-	-	-	-	225	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Proceeds from the Exercise of Stock Options						-	-	-	-	-	225	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Costs to Issue Long-Term Debt and Common Stock
5	2	88	37	2	42	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Costs to Issue Long-Term Debt and Common Stock						5	2	88	37	2	42	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayment of Long-Term Debt Including Current Portion
6,170	5,195	22,772	2,476	4,114	15,870	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Repayment of Long-Term Debt Including Current Portion						6,170	5,195	22,772	2,476	4,114	15,870	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Advances from Others for Construction
2,526	1,479	350	251	699	586	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Advances from Others for Construction						2,526	1,479	350	251	699	586	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash Dividends Paid
14,909	13,920	12,552	11,753	11,226	10,796	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Cash Dividends Paid						14,909	13,920	12,552	11,753	11,226	10,796	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities
21,508	22,594	33,346	5,967	-6,455	-11,378	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net Cash and Cash Equivalents (Used in) Provided by Financing Activities						21,508	22,594	33,346	5,967	-6,455	-11,378	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (Decrease) Increase in Cash and Cash Equivalents
-762	2,054	833	-1,744	-15,896	5,221	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Net (Decrease) Increase in Cash and Cash Equivalents						-762	2,054	833	-1,744	-15,896	5,221	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-Cash Investing and Financing Activities:
Non-Cash Contributed Utility Plant
4,147	2,741	1,394	1,282	1,130	801	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Non-Cash Contributed Utility Plant						4,147	2,741	1,394	1,282	1,130	801	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Supplemental Disclosures of Cash Flow Information:
Cash Paid for:
Interest
10,995	8,445	6,678	6,761	6,665	6,573	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
Interest						10,995	8,445	6,678	6,761	6,665	6,573	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
State and Federal Income Taxes
445	572	445	537	1,135	3,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx
State and Federal Income Taxes						445	572	445	537	1,135	3,600	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx	xxxxx