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Midas Edge

Global Water Resources Inc

For the period ended Mar 31, 2024. Filed May 9, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 9, 2024

GWRS$7.28-4.2%Stored close · as of Nov 6, 2026
See the whole filing, with its images and exhibits
Contents

Item 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEET

March 31, 2024December 31, 2023
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Land$2,674$2,674
Depreciable property, plant and equipment416,780414,170
Construction work-in-progress51,75048,147
Other697697
Less accumulated depreciation(145,306)(142,367)
Net property, plant and equipment326,595323,321
CURRENT ASSETS:
Cash and cash equivalents20,6553,087
Accounts receivable, net2,4972,845
Customer payments in-transit516543
Unbilled revenue2,8352,755
Taxes, prepaid expenses and other current assets2,0622,494
Total current assets28,56511,724
OTHER ASSETS:
Goodwill10,82010,820
Intangible assets, net8,8428,841
Regulatory assets2,8882,898
Restricted cash2,2171,676
Right-of-use assets1,6571,741
Other noncurrent assets7974
Total other assets26,50326,050
TOTAL ASSETS$381,663$361,095
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$609$1,027
Accrued expenses8,9277,129
Customer and meter deposits1,6191,628
Long-term debt, current portion3,8813,880
Leases, current portion566553
Total current liabilities15,60214,217
NONCURRENT LIABILITIES:
Line of credit—2,315
Long-term debt120,978101,341
Long-term lease liabilities1,2781,370
Deferred revenue - ICFA19,76819,656
Regulatory liabilities6,0756,076
Advances in aid of construction112,723111,529
Contributions in aid of construction, net36,54736,409
Deferred income tax liabilities, net8,5168,284
Acquisition liabilities3,0273,048
Other noncurrent liabilities9,4598,230
Total noncurrent liabilities318,371298,258
Total liabilities333,973312,475
Commitments and contingencies (Refer to Note 16)
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value, 60,000,000 shares authorized; 24,498,195 and 24,492,918 shares issued as of March 31, 2024 and December 31, 2023, respectively.240240
Treasury stock, 322,082 and 317,677 shares at March 31, 2024 and December 31, 2023, respectively.(2)(2)
Paid in capital46,65547,585
Retained earnings797797
Total shareholders’ equity47,69048,620
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$381,663$361,095

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended March 31,
20242023
REVENUES:
Water services$5,226$4,839
Wastewater and recycled water services6,3846,021
Unregulated revenues—2,268
Total revenues11,61013,128
OPERATING EXPENSES:
Operations and maintenance3,2842,789
General and administrative4,1253,907
Depreciation and amortization2,9342,655
Total operating expenses10,3439,351
OPERATING INCOME1,2673,777
OTHER INCOME (EXPENSE):
Interest income2385
Interest expense(1,566)(1,168)
Allowance for equity funds used during construction207299
Other, net795418
Total other expense(326)(446)
INCOME BEFORE INCOME TAXES9413,331
INCOME TAX EXPENSE(250)(865)
NET INCOME$691$2,466
Basic earnings per common share$0.03$0.10
Diluted earnings per common share$0.03$0.10
Dividends declared per common share$0.08$0.07
Weighted average number of common shares used in the determination of:
Basic24,175,69923,871,046
Diluted24,295,06724,026,617

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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Common Stock SharesCommon StockTreasury Stock SharesTreasury StockPaid-in CapitalRetained EarningsTotal Equity
BALANCE - December 31, 202224,095,139$239(224,093)$(2)$44,157$—$44,394
Dividend declared $0.07 per share—————(1,778)(1,778)
Stock compensation————299—299
Net income—————2,4662,466
BALANCE - March 31, 202324,095,139239(224,093)(2)44,45668845,381
BALANCE - December 31, 202324,492,918240(317,677)(2)47,58579748,620
Dividend declared $0.08 per share————(1,128)(691)(1,819)
Stock option exercise5,277—(4,405)—198—198
Net income—————691691
BALANCE - March 31, 202424,498,195240(322,082)(2)46,65579747,690

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Three Months Ended March 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$691$2,466
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred compensation275286
Depreciation and amortization2,9342,655
Right of use amortization90113
Amortization of deferred debt issuance costs and discounts2011
Loss (Gain) on disposal of fixed assets2(11)
Provision for credit losses1419
Deferred income tax expense252738
Changes in assets and liabilities
Accounts receivable335(393)
Other current assets3791,181
Accounts payable and other current liabilities1,3801,225
Other noncurrent assets(17)82
Other noncurrent liabilities1,713(1,888)
Net cash provided by operating activities8,0686,484
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(5,761)(6,540)
Cash paid for acquisitions, net of cash acquired—(6,246)
Other(4)—
Net cash used in investing activities(5,765)(12,786)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid(1,819)(1,779)
Advances in aid of construction372202
Principal payments under finance leases(51)(132)
Line of credit borrowings—8,500
Line of credit repayments(2,315)(5,000)
Loan borrowings20,000—
Loan repayments(11)—
Debt issuance costs paid(370)—
Net cash provided by financing activities15,8061,791
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH18,109(4,511)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period4,7637,562
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period$22,872$3,051

Supplemental disclosure of cash flow information:

Three Months Ended March 31,
20242023
Cash and cash equivalents$20,655$1,907
Restricted cash2,2171,144
Total cash, cash equivalents, and restricted cash$22,872$3,051

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ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.