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Midas Edge

Global Water Resources Inc

For the period ended Jun 30, 2024. Filed Aug 7, 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.

Jun 30, 2024 · Filed Aug 7, 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

June 30, 2024December 31, 2023
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
Land$2,674$2,674
Depreciable property, plant and equipment417,463414,170
Construction work-in-progress59,09548,147
Other697697
Less accumulated depreciation(147,984)(142,367)
Net property, plant and equipment331,945323,321
CURRENT ASSETS:
Cash and cash equivalents18,1483,087
Accounts receivable, net2,8482,845
Customer payments in-transit604543
Unbilled revenue3,4062,755
Taxes, prepaid expenses and other current assets1,8742,494
Total current assets26,88011,724
OTHER ASSETS:
Goodwill9,48610,820
Intangible assets, net8,5738,841
Regulatory assets4,1972,898
Restricted cash1,5481,676
Right-of-use assets1,7531,741
Other noncurrent assets7874
Total other assets25,63526,050
TOTAL ASSETS$384,460$361,095
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$1,133$1,027
Accrued expenses7,1687,129
Customer and meter deposits1,5961,628
Long-term debt, current portion3,8823,880
Leases, current portion655553
Total current liabilities14,43414,217
NONCURRENT LIABILITIES:
Line of credit—2,315
Long-term debt119,070101,341
Long-term lease liabilities1,2921,370
Deferred revenue - ICFA19,97419,656
Regulatory liabilities5,8756,076
Advances in aid of construction116,389111,529
Contributions in aid of construction, net39,06236,409
Deferred income tax liabilities, net9,0838,284
Acquisition liabilities3,0133,048
Other noncurrent liabilities8,6538,230
Total noncurrent liabilities322,411298,258
Total liabilities336,845312,475
Commitments and contingencies (Refer to Note 13)
SHAREHOLDERS’ EQUITY:
Common stock, $0.01 par value, 60,000,000 shares authorized; 24,561,035 and 24,492,918 shares issued as of June 30, 2024 and December 31, 2023, respectively.240240
Treasury stock, 343,625 and 317,677 shares at June 30, 2024 and December 31, 2023, respectively.(2)(2)
Paid in capital46,67147,585
Retained earnings706797
Total shareholders’ equity47,61548,620
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$384,460$361,095

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
REVENUES:
Water services$6,668$6,557$11,894$11,396
Wastewater and recycled water services6,8426,44313,22612,464
Unregulated revenues———2,268
Total revenues13,51013,00025,12026,128
OPERATING EXPENSES:
Operations and maintenance3,4853,1816,7695,970
General and administrative4,2324,1048,3578,011
Depreciation and amortization2,9962,7055,9305,360
Total operating expenses10,7139,99021,05619,341
OPERATING INCOME2,7973,0104,0646,787
OTHER INCOME (EXPENSE):
Interest income26625047
Interest expense(1,507)(1,281)(3,073)(2,449)
Allowance for equity funds used during construction237216444515
Other, net5355231,330941
Total other expense(469)(540)(795)(986)
INCOME BEFORE INCOME TAXES2,3282,4703,2695,801
INCOME TAX EXPENSE(598)(731)(848)(1,596)
NET INCOME$1,730$1,739$2,421$4,205
Basic earnings per common share$0.07$0.07$0.10$0.18
Diluted earnings per common share$0.07$0.07$0.10$0.17
Dividends declared per common share$0.08$0.07$0.15$0.15
Weighted average number of common shares used in the determination of:
Basic24,199,47223,958,20524,187,58623,914,866
Diluted24,308,52424,038,90224,306,31624,033,994

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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
Dividend declared $0.07 per share————(55)(1,739)(1,794)
Issuance of Common Stock230,0001——2,747—2,748
Stock option exercise152,113—(82,642)————
Stock compensation————(47)—(47)
Net income—————1,7391,739
BALANCE - June 30, 202324,477,252240(306,735)(2)47,10168848,027
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
Dividend declared $0.075 per share—————(1,821)(1,821)
Stock compensation62,840—(21,543)—16—16
Net income—————1,7301,730
BALANCE - June 30, 202424,561,035$240(343,625)$(2)$46,671$706$47,615

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in thousands)

Six Months Ended June 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$2,421$4,205
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization5,9305,360
Deferred compensation595734
Deferred income tax expense8381,090
Allowance for equity funds used during construction(444)(515)
Provision for credit losses3535
Amortization of deferred debt issuance costs and discounts4122
Gain on disposal of fixed assets(17)(66)
Right of use amortization214192
Changes in assets and liabilities
Accounts receivable(38)(885)
Other current assets(91)694
Accounts payable and other current liabilities101392
Other noncurrent assets(21)160
Other noncurrent liabilities4,0071,237
Net cash provided by operating activities13,57112,655
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(12,207)(13,693)
Cash paid for acquisitions, net of cash acquired—(6,246)
Other(4)—
Net cash used in investing activities(12,211)(19,939)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid(3,640)(3,572)
Advances in aid of construction2,215420
Payments for taxes related to net shares settlement of equity awards(268)(357)
Principal payments under finance leases(110)(258)
Repayments of notes payable(1,917)(1,917)
Line of credit borrowings—18,200
Line of credit repayments(2,315)(11,435)
Loan borrowings20,000253
Loan repayments(23)—
Debt issuance costs paid(369)—
Proceeds from sale of stock—2,748
Refunds of developer taxes—(5)
Net cash provided by financing activities13,5734,077
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH14,933(3,207)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period4,7637,562
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period$19,696$4,355

Supplemental disclosure of cash flow information:

Six Months Ended June 30,
20242023
Cash and cash equivalents$18,148$2,007
Restricted cash1,5482,348
Total cash, cash equivalents, and restricted cash$19,696$4,355

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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.