Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a
pure-play water resource management company, reported results for
the fourth quarter ended December 31, 2021. All comparisons are to
the same year-ago period unless otherwise noted. The company will
hold a conference at 1:00 p.m. Eastern time today to discuss the
results (see dial-in information below.)
Q4 2021
Financial Highlights
- Revenues increased $0.6 million, or
5.7%, to $10.3 million, driven primarily by organic connection
growth, increased consumption, and increased rates.
- Net income totaled $0.3 million, or
$0.02 per share, improving from a net loss of $0.3 million or
$(0.01) per share.
- Adjusted EBITDA increased $1.1 million,
or 30.9%, to $4.7 million (see definition of adjusted EBITDA, a
non- GAAP term, and its reconciliation to GAAP, below).
- Cash and cash equivalents totaled $12.6
million at December 31, 2021.
- Increased the dividend to $0.29496
per share on an annualized basis. The first monthly dividend
payment at the new rate was paid on December 30, 2021 to holders of
record on December 16, 2021.
Q4 2021
Operational Highlights
- Total active connections increased
10.2% to 53,882 at December 31, 2021 from 48,899 at December 31,
2020.
- Invested $6.5 million in
infrastructure projects to support existing utilities and continued
growth. This increased total full year 2021 capital investments to
$18.3 million.
- Acquired Las Quintas Serenas Water
Company, an operator of a water utility with service area in Pima
County, Arizona, which added over 1,100 connections and
approximately 2.5 square miles of service area.
Subsequent Events
In January 2022, the company completed two
acquisitions: Twin Hawks Utility, Inc., an operator of a water
utility with service area in Pinal County, Arizona; and Rincon
Water Company, Inc., an operator of a water utility with service
area in Pima County, Arizona. These acquisitions added a total of
91 connections and approximately 9.1 square miles of service
area.
Management
Commentary
"2021 was an incredible year for Global Water Resources, with
our increased top-line driven primarily by organic growth,
completed acquisitions, and higher rates in a metropolitan region
that continues to rapidly expand," said Global Water Resources
president and CEO, Ron Fleming.
“During the year, we continued to expand our footprint with the
acquisition and successful integration of Las Quintas Serenas. The
size and close proximity of Las Quintas Serenas to our other
utilities made it an ideal addition to our portfolio. We also
signed agreements to acquire two smaller ‘tuck-in’ acquisitions to
further expand our portfolio of water utilities in Arizona, with
these acquisitions successfully completed shortly after year end.
We believe that the application of our Total Water Management
approach at these small water utilities will help promote safe,
reliable, smart water management practices and benefit all
stakeholders involved.
“Our capital resources, which include cash and
cash equivalents of $12.6 million as of the end of 2021 and unused
credit line of $10 million, provides the liquidity for us to
continue to be a strong utility partner for the communities where
we have the privilege to serve. It also enables us to pursue growth
through investments in organic expansion, acquisitions and new
projects, both big and small.
"Last August, our rate case regulatory hearing concluded and our
legal briefs filed shortly thereafter. We are now waiting for the
administrative law judge to issue the recommended opinion and order
that the commissioners will review and vote upon. A final decision
is expected in the second quarter of 2022. Rate cases typically
involve a lengthy and uncertain process, so we cannot provide any
assurances in terms of timing or outcome.
“In 2022, we expect top-line and bottom-line improvements to be
driven by organic growth in new connections. We also anticipate
growth from our acquisition strategy, as we continue to pursue
accretive acquisitions with consolidation benefits.
“As our newly acquired facilities and expanded service areas
become further integrated with our Total Water Management approach,
we anticipate these utilities and the communities they serve will
benefit from our efficiency upgrades, automation and exceptional
customer service, as well as our financial resources and economies
of scale.”
Financial Summary
Revenues
Total revenues in the fourth quarter of 2021
increased $0.6 million, or 5.7% to $10.3 million compared to $9.8
million in the same period in 2020. This increase is mainly driven
by the increase of 10.2% in active service connections, increased
consumption, and increased rates.
Revenues for the full year 2021 increased $3.3 million, or 8.5%,
to $41.9 million compared to $38.6 million for the full year 2020.
The increase in total revenues was driven by organic growth in
connections, and recognition of revenue from infrastructure
coordination and financing agreements (ICFA).
Operating Expenses
Operating expense increased $0.2 million, or
1.9%, to $9.0 million in the fourth quarter of 2021 compared to
$8.8 million in the same period in 2020. The increase was primarily
driven by higher personnel expense, medical expense, and
professional fees, partially offset by lower deferred compensation
expense and board compensation expense driven by the decrease in
stock price.
Operating expenses for the full year 2021
increased by $3.6 million, or 11.6%, to $34.9 million, compared to
$31.3 million in 2020. The increase was primarily attributable to
higher general and administrative expenses that were primarily
driven by higher deferred compensation expenses due to the increase
in stock price, combined with higher personnel costs, professional
fees, depreciation expense and other costs as the company continues
to grow.
Other Income
(Expense)
Other expense decreased by $0.4 million, or
36.5%, to $0.7 million for the fourth quarter of 2021 compared to
other expense of $1.1 million in the same period in 2020. The
decrease was primarily due to higher Buckeye growth premiums
received in the fourth quarter of 2021 compared to 2020.
Total other expense for the full year of 2021
decreased by $3.2 million, or 59.3%, to $2.2 million, compared to
$5.5 million in 2020. The improvement was primarily attributable to
organic growth, income recognized from the one- time sale of a
wireless communications tower combined with higher Buckeye growth
premiums received in 2021, which was partially offset by a loss on
disposal of assets in 2020.
Net Income
Net income totaled $0.3 million or $0.02 per
share in the fourth quarter of 2021, compared to a net loss of $0.3
million or ($0.01) per share in the same period in 2020. The
increase was primarily attributable to the $0.5 million in Buckeye
growth premiums received in the fourth quarter of 2021 and an
increase in operating income.
Net income for the full year of 2021 increased
$2.5 million, or 226.6% to $3.6 million or $0.16 per share. This
compares to net income of $1.1 million or $0.05 per share for the
full year of 2020. The increase was primarily attributable organic
growth, the gain from the sale of cell tower contracts and an
increase in Buckeye growth premiums, partially offset by a loss on
disposal of assets.
Adjusted
EBITDA
Adjusted EBITDA increased $1.1 million, or
30.9%, to $4.7 million in the fourth quarter of 2021, compared to
$3.6 million for the same period in 2020. The increase was
primarily driven by an increase in revenue from organic connection
growth and reduced general and administrative expense associated
with a lower stock price, partially offset by an increase in
personnel expense, medical expense, professional fees and other
expenses tied to growth (see definition of adjusted EBITDA, a
non-GAAP term, and its reconciliation to GAAP, below).
Adjusted EBITDA for the full year of 2021
increased $0.7 million, or 4.0%, to $18.7 million, compared to
$18.0 million in 2020. The increase was primarily driven by an
increase in revenue from organic connection growth and higher
Buckeye growth premiums, partially offset by an increase in
operating expenses. (see definition of adjusted EBITDA, a non-GAAP
term, and its reconciliation to GAAP, below).
Capital Resources
As of December 31, 2021, the company’s capital resources totaled
approximately $22.6 million, comprised of $12.6 million in cash and
cash equivalents, and $10.0 million currently available under the
company’s revolving credit line, which supports its growth
strategy.
Cash and cash equivalents totaled $12.6 million
at December 31, 2021, as compared to $18.0 million at December 31,
2020. The decrease was primarily due to the first principal payment
on the company's Series B senior secured notes made in December
2021 in addition to higher capital investments during 2021, which
included the acquisition of Las Quintas Serenas.
As of December 31, 2021, other than expenditures
within the normal course of business, the company had no notable
near-term cash expenditures, other than two principal payments on
its Series B senior secured notes in the amount of $1.9 million
each ($3.8 million total) due in June and December 2022.
Dividend
Policy
On February 28, 2022 the company declared a
monthly cash dividend of $0.02458 per common share (or $0.29496 per
share on an annualized basis), which will be payable on March 31,
2022 to shareholders of record at the close of business on March
17, 2022.
Business
Outlook
Global Water expects near-term growth of its
business being driven by increased service connections, continued
operating efficiencies, and potential utility rate increases as
approved by the Arizona Corporation Commission. The company will
also continue to focus more on its original mission of aggregating
water and wastewater utilities, which will allow customers to
benefit from such consolidation and regionalization as well as the
company's environmental stewardship.
There can be no assurance, however, that the
Arizona Corporation Commission will approve the company’s requested
rate increase or any increase or the consolidation of water and
wastewater rates requested by the company, and the Arizona
Corporation Commission could take other actions as a result of the
rate case. Further, it is possible that the Arizona Corporation
Commission may determine to decrease future rates. There can also
be no assurance as to the timing of when an approved rate increase
(if any) would go into effect.
Connection Rates
As of December 31, 2021, active service
connections increased by 4,983, or 10.2%, to 53,882, compared to
48,899 at December 31, 2020. The increase in active service
connections was due primarily to the overall growth in
connections.
Arizona’s Growth
Corridor: Positive
Population and
Economic Trends
Metropolitan Phoenix continues to grow due to
its low-cost housing, excellent weather, large and growing
universities, a diverse employment base, and low taxes. The
Employment and Population Statistics Department of the State of
Arizona predicts that the Phoenix Metropolitan area will grow from
a population of 4.8 million in 2020 to 5.7 million by 2030 and to
6.5 million by 2040. In 2021, Arizona’s unemployment rate decreased
by 5.1%, and the state ranked in the top fifteen nationally for job
growth.
According to the W.P. Carey School of Business
Greater Phoenix Blue Chip Real Estate Consensus Panel, the
single-family home market experienced a period of very rapid growth
in 2021 with approximately 31,000 building permits issued during
the year. Annual building permits are forecasted to increase to
35,000 in 2022 and 36,000 in 2023, respectively.
Global Water believes that its utilities and
service areas are situated primarily in the metropolitan Phoenix
area's anticipated path of growth, with this due to the
availability of lots and existing infrastructure within its service
areas. The company believes this growth outlook creates an
opportunity to significantly increase its active service
connections and grow revenues.
Conference Call
Global Water Resources will hold a conference
call to discuss its 2021 results later today, followed by a
question- and-answer period.
Date: Thursday, March 10, 2022Time: 1:00 p.m. Eastern time
(11:00 a.m. Mountain time) Toll-free dial-in number:
1-855-327-6837International dial-in number: 1-631-891-4304
Conference ID: 10017769
The conference call will be webcast live and available for
replay here as well as via a link in the Investors section of the
company’s website at gwresources.com.
Please call the conference telephone number five
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact CMA at 1-949-432-7566.A replay
of the call will be available after 4:00 p.m. Eastern time on the
same day through March 24, 2022. Toll-free replay number:
1-844-512-2921
International replay number:
1-412-317-6671Replay ID: 10017769
About Global
Water Resources
Global Water Resources, Inc. is a leading water
resource management company that owns and operates 25 systems which
provide water, wastewater, and recycled water services. The
company’s service areas are located primarily in growth corridors
around metropolitan Phoenix. Global Water recycles over 1 billion
gallons of water annually.
The company has been recognized for its highly
effective implementation of Total Water Management (TWM). TWM is an
integrated approach to managing the entire water cycle by owning
and operating water, wastewater and recycled water utilities within
the same geographic area in order to maximize the beneficial use of
recycled water. TWM includes additional smart water management
programs such as remote metering infrastructure and other advanced
technologies, rate designs, and incentives that result in real
conservation. TWM helps protect water supplies in water-scarce
areas experiencing population growth. To learn more, visit
gwresources.com.
Cautionary
Statement Regarding
Non-GAAP Measures
This press release contains certain financial
measures that are not recognized measures under accounting
principles generally accepted in the United States of America
(“GAAP”), including EBITDA, Adjusted EBITDA, adjusted net income,
and adjusted earnings per common share. EBITDA is defined for the
purposes of this press release as net income before interest,
income taxes, depreciation, and amortization. Adjusted EBITDA is
defined as EBITDA excluding the gain or loss related to (i)
nonrecurring events; (ii) option expense related to awards made to
the board of directors and management; (iii) restricted stock
expense related to awards made to executive officers; (iv) expense
related to asset disposals; and (v) equity method investment.
Adjusted net income and adjusted earnings per common share reflect
net income and earnings per common share excluding the loss related
to (i) restricted stock expense related to awards made to executive
officers; (ii) expense related to asset disposals; and (iii) Loop
303 income, as well as the tax effects of each of these items.
Management believes that EBITDA, Adjusted
EBITDA, adjusted net income, and adjusted earnings per common share
are useful supplemental measures of our operating performance and
provide our investors meaningful measures of overall corporate
performance exclusive of our capital structure and the method and
timing of certain expenditures. EBITDA is also presented because
management believes that it is frequently used by investment
analysts, investors, and other interested parties as a measure of
financial performance. Adjusted EBITDA, adjusted net income, and
adjusted earnings per common share are also presented because
management believes that these measures provide our investors
measures of our recurring core business. However, non-GAAP measures
do not have a standardized meaning prescribed by GAAP, and
investors are cautioned that non-GAAP measures, such as EBITDA,
Adjusted EBITDA, adjusted net income, and adjusted earnings per
common share, should not be construed as an alternative to net
income or loss or other income statement data (which are determined
in accordance with GAAP) as an indicator of our performance or as a
measure of liquidity and cash flows. Management's method of
calculating EBITDA, Adjusted EBITDA, adjusted net income, and
adjusted earnings per common share may differ materially from the
method used by other companies and accordingly, may not be
comparable to similarly titled measures used by other companies. A
reconciliation of EBITDA, Adjusted EBITDA, adjusted net income, and
adjusted earnings per common share to net income and earnings per
common share, the most comparable GAAP measures, as applicable, are
included in the schedules attached to this press release.
Cautionary
Note Regarding
Forward-Looking Statements
This press release includes certain
forward-looking statements which reflect the company's expectations
regarding future events. The forward-looking statements involve a
number of assumptions, risks, uncertainties, and other factors that
could cause actual results to differ materially from those
contained in the forward-looking statements. These forward-looking
statements include, but are not limited to, statements concerning
future net income growth, our strategy, acquisition plans and our
ability to complete additional acquisitions, our dividend policy,
trends relating to population growth, active service connections,
regulated revenue, housing permit projections, the development of
residential and commercial properties within our service areas, the
anticipated impacts from the COVID-19 pandemic on the company,
including to our business operations, results of operations, cash
flows, and financial position, and our future responses to the
COVID-19 pandemic, the success of our rate application and the
timing of any resulting phase-in of new rates, and other statements
that are not historical facts as well as statements identified by
words such as "expects", "anticipates", "intends", "plans",
"believes", "seeks", "estimates", or the negative of these terms,
or other words of similar meaning. These statements are based on
our current beliefs or expectations and are inherently subject to a
number of risks, uncertainties, and assumptions, most of which are
difficult to predict and many of which are beyond our control.
Actual results may differ materially from these expectations due to
changes in political, economic, business, market, regulatory, and
other factors, including the duration and severity of the COVID-19
pandemic and the actions to contain the virus or treat its impact,
such as the efficacy of vaccines (particularly with respect to
emerging strains of the virus). Accordingly, investors are
cautioned not to place undue reliance on any forward-looking
statements, which reflect management’s views as of the date hereof.
Factors that may affect future results are disclosed under the
headings “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” in our filings
with the Securities and Exchange Commission (the "SEC"), which are
available at the SEC's website at www.sec.gov. This includes, but
is not limited to, our Annual Report on Form 10-K for the year
ended December 31, 2021 to be filed with the SEC. We undertake no
obligation to publicly update any forward-looking statement, except
as required by law, whether as a result of new information, future
developments or otherwise.
Company
Contact: Michael J. Liebman SVP and CFOTel (480)
999-5104mike.liebman@gwresources.com
Investor Relations
Contact: Ron Both or Justin Lumley CMATel (949)
432-7566Email Contact
Media Contact:Tim RandallCMA
Tel (949) 432-7572Email Contact
GLOBAL WATER
RESOURCES,
INC.CONSOLIDATED BALANCE
SHEETS(in
thousands, except
share and per
share amounts)
|
December 31,
2021 |
December 31,
2020 |
ASSETS |
|
|
UTILITY PLAN: |
|
|
Land |
1,338 |
1,159 |
Depreciable property, plant and equipment |
313,700 |
297,458 |
Other |
697 |
699 |
Construction work-in-progress |
53,511 |
40,877 |
Less accumulated depreciation |
(113,380) |
(101,302) |
Net utility plan |
255,866 |
238,891 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
12,637 |
18,033 |
Accounts receivable — net |
1,994 |
2,147 |
Customer payments in-transit |
201 |
306 |
Unbilled revenue |
2,510 |
2,304 |
Prepaid expenses and other current assets |
1,645 |
665 |
Total current assets |
18,987 |
23,455 |
OTHER ASSETS: |
|
|
Goodwill |
5,730 |
4,600 |
Intangible assets — net |
10,339 |
11,185 |
Regulatory asset |
2,336 |
2,036 |
Deposits |
10 |
9 |
Restricted cash |
806 |
3,272 |
Total other assets |
19,221 |
21,102 |
TOTAL ASSETS |
294,074 |
283,448 |
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
2,120 |
531 |
Accrued expenses |
9,191 |
8,261 |
Deferred revenue |
— |
4 |
Customer and meter deposits |
1,646 |
1,558 |
Long-term debt and capital leases — current portion |
3,975 |
2,035 |
Total current liabilities |
16,932 |
12,389 |
NONCURRENT LIABILITIES: |
|
|
Long-term debt and capital leases |
108,933 |
112,659 |
Deferred revenue - ICFA |
19,035 |
17,843 |
Regulatory liability |
7,421 |
7,986 |
Advances in aid of construction |
84,578 |
76,384 |
Contributions in aid of construction — net |
21,326 |
14,632 |
Deferred income tax liabilities, net |
3,269 |
3,652 |
Acquisition liability |
1,773 |
1,773 |
Other noncurrent liabilities |
778 |
3,942 |
Total noncurrent liabilities |
247,113 |
238,871 |
Total liabilities |
264,045 |
251,260 |
Commitments and contingencies |
|
|
SHAREHOLDERS' EQUITY: |
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized;
22,832,013 and 22,690,477 shares issued as of December 31,
2021 and December 31, 2020, respectively. |
228 |
227 |
Treasury stock, 182,445 and 102,711 shares at December 31, 2021 and
December 31, 2020, respectively. |
(2) |
(1) |
Paid in capital |
29,803 |
31,962 |
Retained earnings |
— |
— |
Total shareholders' equity |
30,029 |
32,188 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
294,074 |
283,448 |
GLOBAL WATER
RESOURCES,
INC.UNAUDITED
CONSOLIDATED STATEMENTS
OF OPERATIONS(in
thousands, except
share and per
share amounts)
|
|
Three Months Ended
December 31, |
|
|
|
|
|
|
|
|
2021 |
|
|
2020 |
|
Change |
%Change |
|
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
Water services |
$ |
4,641 |
|
$ |
4,517 |
|
$ |
124 |
|
2.7 |
% |
Wastewater and recycled water services |
|
5,677 |
|
|
5,207 |
|
|
470 |
|
9.0 |
% |
Unregulated revenues |
|
(10 |
) |
|
27 |
|
|
(37 |
) |
(137.0 |
)% |
Total revenues |
|
10,308 |
|
|
9,751 |
|
|
557 |
|
5.7 |
% |
OPERATING EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
Operations and maintenance |
|
2,643 |
|
|
2,383 |
|
|
260 |
|
10.9 |
% |
General and administrative |
|
3,861 |
|
|
4,040 |
|
|
(179 |
) |
(4.4 |
)% |
Depreciation and amortization |
|
2,500 |
|
|
2,409 |
|
|
91 |
|
3.8 |
% |
Total operating expenses |
|
9,004 |
|
|
8,832 |
|
|
172 |
|
1.9 |
% |
OPERATING INCOME |
|
1,304 |
|
|
919 |
|
|
385 |
|
41.9 |
% |
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
Interest income |
|
2 |
|
|
5 |
|
|
(3 |
) |
(60.0 |
)% |
Interest expense |
|
(1,244 |
) |
|
(1,338 |
) |
|
94 |
|
(7.0 |
)% |
Other |
|
514 |
|
|
186 |
|
|
328 |
|
176.3 |
% |
Total other expense |
|
(728 |
) |
|
(1,147 |
) |
|
419 |
|
(36.5 |
)% |
|
|
|
|
|
INCOME/(LOSS) BEFORE INCOME TAXES |
|
576 |
|
|
(228 |
) |
|
804 |
|
(352.6 |
)% |
INCOME TAX EXPENSE |
|
(230 |
) |
|
(30 |
) |
|
(200 |
) |
666.7 |
% |
NET INCOME (LOSS) |
$ |
346 |
|
$ |
(258 |
) |
$ |
604 |
|
(234.1 |
)% |
|
|
|
|
|
Basic earnings/(losses) per common share |
$ |
0.02 |
|
$ |
(0.01 |
) |
|
|
Diluted earnings/(losses) per common share |
$ |
0.02 |
|
$ |
(0.01 |
) |
|
|
Dividends declared per common share |
$ |
0.07 |
|
$ |
0.07 |
|
|
|
|
|
|
|
|
Weighted average number of common shares used in the determination
of: |
|
|
|
|
Basic |
|
22,648,819 |
|
|
22,587,019 |
|
|
|
Diluted |
|
22,937,706 |
|
|
22,712,181 |
|
|
|
|
|
|
|
|
|
|
|
|
GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS
OF OPERATIONS(in
thousands, except
share and per
share amounts)
|
Year Ended December
31, |
|
|
2021 |
|
|
2020 |
|
REVENUES: |
|
|
Water services |
$ |
18,944 |
|
$ |
18,072 |
|
Wastewater and recycled water services |
|
22,241 |
|
|
20,394 |
|
Unregulated revenues |
|
729 |
|
|
161 |
|
Total revenues |
|
41,914 |
|
|
38,627 |
|
|
|
|
OPERATING EXPENSES: |
|
|
Operations and maintenance |
|
10,299 |
|
|
9,539 |
|
General and administrative |
|
15,146 |
|
|
12,722 |
|
Depreciation and amortization |
|
9,490 |
|
|
9,031 |
|
Total operating expenses |
|
34,935 |
|
|
31,292 |
|
OPERATING INCOME |
|
6,979 |
|
|
7,335 |
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
Interest income |
|
19 |
|
|
93 |
|
Interest expense |
|
(5,201 |
) |
|
(5,377 |
) |
Other |
|
2,962 |
|
|
(175 |
) |
Total other expense |
|
(2,220 |
) |
|
(5,459 |
) |
|
|
|
INCOME BEFORE INCOME TAXES |
|
4,759 |
|
|
1,876 |
|
INCOME TAX EXPENSE |
|
(1,150 |
) |
|
(771 |
) |
NET INCOME |
$ |
3,609 |
|
$ |
1,105 |
|
|
|
|
Basic earnings per common share |
$ |
0.16 |
|
$ |
0.05 |
|
Diluted earnings per common share |
$ |
0.16 |
|
$ |
0.05 |
|
Dividends declared per common share |
$ |
0.29 |
|
$ |
0.29 |
|
|
|
|
Weighted average number of common shares used in the determination
of: |
|
|
Basic |
|
22,619,469 |
|
|
22,518,636 |
|
Diluted |
|
22,902,970 |
|
|
22,574,093 |
|
|
|
|
|
|
|
|
GLOBAL WATER RESOURCES, INC. CONSOLIDATED
STATEMENTS OF CASH FLOWS(in
thousands)
|
Year Ended December 31, |
|
2021 |
2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net income |
$ |
3,609 |
|
$ |
1,105 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
Deferred compensation |
|
2,884 |
|
|
3,286 |
|
Depreciation and amortization |
|
9,490 |
|
|
9,031 |
|
Amortization of deferred debt issuance costs and discounts |
|
90 |
|
|
134 |
|
Other gains |
|
18 |
|
|
552 |
|
Provision for doubtful accounts receivable |
|
86 |
|
|
140 |
|
Deferred income tax expense |
|
(307 |
) |
|
(1,275 |
) |
Changes in assets and liabilities |
|
|
Accounts receivable |
|
82 |
|
|
(641 |
) |
Other current assets |
|
(1,076 |
) |
|
(121 |
) |
Accounts payable and other current liabilities |
|
415 |
|
|
(176 |
) |
Other noncurrent assets |
|
(300 |
) |
|
(321 |
) |
Other noncurrent liabilities |
|
5,395 |
|
|
2,852 |
|
Net cash provided by operating activities |
|
20,386 |
|
|
14,566 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Capital expenditures |
|
(18,250 |
) |
|
(9,131 |
) |
Cash paid for acquisitions, net of cash acquired |
|
(2,068 |
) |
|
(302 |
) |
Other cash flows from investing activities |
|
(1 |
) |
|
(9 |
) |
Net cash used in investing activities |
|
(20,319 |
) |
|
(9,442 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Dividends paid |
|
(6,609 |
) |
|
(6,539 |
) |
Advances in aid of construction |
|
3,817 |
|
|
3,304 |
|
Refunds of advances for construction |
|
(1,007 |
) |
|
(992 |
) |
Refunds of developer taxes |
|
(1,364 |
) |
|
— |
|
Proceeds from stock option exercise |
|
4 |
|
|
— |
|
Principal payments under capital lease |
|
(147 |
) |
|
(109 |
) |
Loan repayments |
|
(4 |
) |
|
(22 |
) |
Repayments of bond debt |
|
(1,917 |
) |
|
— |
|
Proceeds from sale of stock |
|
— |
|
|
11,738 |
|
Payments for taxes related to net shares settlement of equity
awards |
|
(656 |
) |
|
— |
|
Debt issuance costs paid |
|
(46 |
) |
|
(73 |
) |
Payments of offering costs for sale of stock |
|
— |
|
|
(221 |
) |
Net cash provided by (used in) financing activities |
|
(7,929 |
) |
|
7,086 |
|
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH |
|
(7,862 |
) |
|
12,210 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of
period |
|
21,305 |
|
|
9,095 |
|
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period |
$ |
13,443 |
|
$ |
21,305 |
|
Supplemental disclosure of cash flow
information: |
|
|
|
Year Ended December 31, |
|
|
2021 |
|
|
2020 |
|
Cash and cash equivalents |
$ |
12,637 |
|
$ |
18,033 |
|
Restricted Cash |
|
806 |
|
|
3,272 |
|
Total cash, cash equivalents, and restricted cash |
$ |
13,443 |
|
$ |
21,305 |
|
A reconciliation of net income to EBITDA and Adjusted EBITDA for
the three months and years ended December 31, 2021 and 2020 is as
follows (in thousands):
|
Three Months Ended December
31, |
|
Year Ended December 31, |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Net Income |
$ |
346 |
|
$ |
(258 |
) |
$ |
3,609 |
|
$ |
1,105 |
|
Income tax expense |
|
230 |
|
|
30 |
|
|
1,151 |
|
|
771 |
|
Interest income |
|
(2 |
) |
|
(5 |
) |
|
(19 |
) |
|
(93 |
) |
Interest expense |
|
1,244 |
|
|
1,338 |
|
|
5,201 |
|
|
5,377 |
|
Depreciation |
|
2,500 |
|
|
2,409 |
|
|
9,490 |
|
|
9,031 |
|
EBITDA |
|
4,318 |
|
|
3,514 |
|
|
19,432 |
|
|
16,191 |
|
ICFA Revenue Recognition |
|
10 |
|
|
— |
|
|
(683 |
) |
|
— |
|
FATHOM settlement |
|
— |
|
|
— |
|
|
(69 |
) |
|
— |
|
Management option expense |
|
45 |
|
|
113 |
|
|
323 |
|
|
459 |
|
Loss on disposal of assets |
|
(18 |
) |
|
1 |
|
|
18 |
|
|
552 |
|
Restricted stock expense |
|
373 |
|
|
159 |
|
|
1,171 |
|
|
973 |
|
Jetting fee |
|
— |
|
|
(175 |
) |
|
— |
|
|
(180 |
) |
Wireless communication tower sale |
|
— |
|
|
— |
|
|
(1,485 |
) |
|
— |
|
EBITDA Adjustments |
|
410 |
|
|
99 |
|
|
(725 |
) |
|
1,804 |
|
Adjusted EBITDA |
$ |
4,728 |
|
$ |
3,613 |
|
$ |
18,707 |
|
$ |
17,995 |
|
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