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    American Water Works Company Inc (AWK)

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    Business Description

    American Water Works Company, Inc. (AWK) is the largest and most geographically diverse publicly traded water and wastewater utility company in the United States. The company primarily owns regulated utilities that provide water and wastewater services to a variety of customers, including residential, commercial, industrial, public authority, fire service, and sale for resale customers, collectively known as the "Regulated Businesses" . These services are offered across 14 states, with the Regulated Businesses segment being the largest part of the company's operations . Additionally, American Water operates businesses that provide water and wastewater services to the U.S. government on military installations and municipalities, which are not regulated by state public utility commissions (PUCs) .

    1. Regulated Businesses - Provides water and wastewater services to residential, commercial, industrial, public authority, fire service, and sale for resale customers across 14 states.
    2. Unregulated Operations - Offers water and wastewater services to the U.S. government on military installations and municipalities, operating outside the economic regulation of state public utility commissions.

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    Executive Team

    NamePositionStart DateShort Bio
    M. Susan HardwickPresident and Chief Executive OfficerFebruary 2, 2022M. Susan Hardwick has been serving as the President and CEO since February 2, 2022. She joined AWK in June 2019 as Executive Vice President—Finance and served as CFO from July 2019 until May 16, 2022. She is a CPA and serves on the Board of Directors of New Jersey Resources Corporation .
    James H. GallegosExecutive Vice President and General CounselApril 1, 2022James H. Gallegos joined AWK on April 1, 2022, as Executive Vice President and General Counsel. Previously, he was EVP, General Counsel, and Corporate Secretary of Alliant Energy Corporation .
    John C. GriffithExecutive Vice President and Chief Financial OfficerMay 16, 2022John C. Griffith joined AWK on May 16, 2022, as EVP and CFO. Before AWK, he was Managing Director, Mergers and Acquisitions, for Bank of America Securities’ Global Regulated Utilities and Renewable Energy practice .
    Melanie M. KennedyExecutive Vice President, Chief Human Resources OfficerDecember 2021Melanie M. Kennedy has been EVP and Chief Human Resources Officer since December 2021. She joined AWK in 2007 and has held various HR roles. Before AWK, she practiced law for nine years .
    Cheryl NortonExecutive Vice President and Chief Operating OfficerMarch 2021Cheryl Norton has been EVP and COO since March 2021. She has over 30 years with AWK, holding roles in operational leadership, environmental stewardship, and more. She is also on the Board of Directors of the Water Research Foundation .
    Stacy A. MitchellExecutive Vice President and General CounselJune 5, 2024Stacy A. Mitchell assumed the role of EVP and General Counsel on June 5, 2024, replacing James H. Gallegos. She was previously Senior Vice President and Deputy General Counsel at AWK .
    David M. BowlerExecutive Vice President and Chief Financial OfficerAugust 1, 2024David M. Bowler was named EVP and CFO on August 1, 2024. He has nearly 20 years of utility industry experience and has been with AWK since 2022, previously serving as Deputy CFO and Treasurer .
    Nicholas FuriaVice President and TreasurerAugust 1, 2024Nicholas Furia became Vice President and Treasurer on August 1, 2024. He has 10 years with AWK and served as Assistant Treasurer since 2021, overseeing treasury functions. He has nearly 20 years of experience in accounting and finance roles .

    Questions to Ask Management

    1. Does the commentary about potentially shifting capital expenditures around also apply to your interest in mergers and acquisitions in Pennsylvania, given the long and arduous road with legislative changes at the commission?
    2. With the Pennsylvania PUC's unprecedented ROE finding of 9.45% being significantly lower than your requested 10.95%, how will this impact your future capital investments and allocation of capital among your various states?
    3. Regarding the Butler Area Sewer Authority acquisition, which is approved but under appeal, how is the delay affecting your growth strategy in Pennsylvania, and what contingency plans do you have if the court decision is unfavorable?
    4. Can you elaborate on the water quality issues raised by the Pennsylvania commission and how you are addressing customer concerns about aesthetic disturbances associated with system improvements in the Northeast service area?
    5. In the Kentucky rate case, you've mentioned a significant mathematical error affecting your authorized revenues; could you provide more details on this error and its potential impact on your financial results once corrected?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateFebruary 2015
    End Date/DurationUnrestricted
    Total additional amount10 million shares
    Remaining authorization5,140,000 shares
    DetailsAnti-dilutive program to mitigate dilution from dividend reinvestment, stock purchase plans, and executive compensation. Conducted under Rule 10b-18 and involves Rule 10b5-1 plans.

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024474Sinking Fund Payments & Repayments0.00% - 7.17%3.6% = (474 / 13,350) * 100
    2025N/APrivate Activity Bonds0.00% - 1.75%N/A
    20261,035Exchangeable Senior Notes3.625%7.8% = (1,035 / 13,350) * 100
    2034700Senior Notes5.150%5.2% = (700 / 13,350) * 100
    2054700Senior Notes5.450%5.2% = (700 / 13,350) * 100
    2025-206125Private Activity Bonds0.00% - 1.75%0.2% = (25 / 13,350) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP1948 PresentCurrent auditor