Global Water Resources, Inc. Files 10-Q for Period Ending March 31, 2024
Ticker: GWRS · Form: 10-Q · Filed: May 9, 2024 · CIK: 1434728
Sentiment: neutral
Topics: 10-Q, Global Water Resources, Financial Report, Q1 2024, SEC Filing
TL;DR
<b>Global Water Resources, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and position as of March 31, 2024.</b>
AI Summary
Global Water Resources, Inc. (GWRS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Global Water Resources, Inc. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key dates include the filing date of May 9, 2024, and the period of report as March 31, 2024. The company's fiscal year ends on December 31. The filing includes data related to common stock, treasury stock, additional paid-in capital, and retained earnings for various periods.
Why It Matters
For investors and stakeholders tracking Global Water Resources, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Global Water Resources' financial health and operational performance for the first quarter of 2024. The detailed financial statements and disclosures within the report are crucial for understanding the company's current financial standing, including its assets, liabilities, and equity.
Risk Assessment
Risk Level: low — Global Water Resources, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.
Analyst Insight
Review the detailed financial statements and segment information in the 10-Q to assess Global Water Resources' performance and financial position in Q1 2024.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Water Services | ||
| Wastewater and Recycled Water | ||
| Unregulated Revenue |
Key Numbers
- 2024-03-31 — Period of Report (Conformed period of report)
- 2024-05-09 — Filing Date (Date the 10-Q was filed)
- 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
- 2023-12-31 — Previous Year End (Fiscal year end for comparison)
Key Players & Entities
- Global Water Resources, Inc. (company) — Filer and subject of the report
- 2024-03-31 (date) — Conformed period of report
- 2024-05-09 (date) — Filed as of date
- Phoenix (location) — City for business and mail address
- AZ (location) — State for business and mail address
- DE (location) — State of incorporation
FAQ
When did Global Water Resources, Inc. file this 10-Q?
Global Water Resources, Inc. filed this Quarterly Report (10-Q) with the SEC on May 9, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Global Water Resources, Inc. (GWRS).
Where can I read the original 10-Q filing from Global Water Resources, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Global Water Resources, Inc..
What are the key takeaways from Global Water Resources, Inc.'s 10-Q?
Global Water Resources, Inc. filed this 10-Q on May 9, 2024. Key takeaways: Global Water Resources, Inc. filed a 10-Q for the period ending March 31, 2024.. The filing covers the first quarter of 2024.. Key dates include the filing date of May 9, 2024, and the period of report as March 31, 2024..
Is Global Water Resources, Inc. a risky investment based on this filing?
Based on this 10-Q, Global Water Resources, Inc. presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.
What should investors do after reading Global Water Resources, Inc.'s 10-Q?
Review the detailed financial statements and segment information in the 10-Q to assess Global Water Resources' performance and financial position in Q1 2024. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Compliance [medium — regulatory]: The company operates in a highly regulated industry, requiring adherence to various federal, state, and local regulations concerning water quality, service, and environmental protection.
- Debt Management [medium — financial]: The company has various debt instruments, including senior notes and private placement offerings, which require careful management and may impact financial flexibility.
- Infrastructure and Service [medium — operational]: Maintaining and upgrading water and wastewater infrastructure is critical for reliable service delivery and requires significant ongoing investment.
- Growth and Development [medium — market]: The company's growth is tied to the development of its service areas, which can be influenced by economic conditions and population growth.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
Filing Stats: 4,586 words · 18 min read · ~15 pages · Grade level 14.4 · Accepted 2024-05-08 17:50:24
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share GWRS The NASDAQ Stock Market,
Filing Documents
- gwrs-20240331.htm (10-Q) — 1099KB
- ex3112024-q1.htm (EX-31.1) — 18KB
- ex3122024-q1.htm (EX-31.2) — 18KB
- ex3212024-q1.htm (EX-32.1) — 14KB
- gwrs-20240331_g1.jpg (GRAPHIC) — 126KB
- 0001434728-24-000153.txt ( ) — 8207KB
- gwrs-20240331.xsd (EX-101.SCH) — 74KB
- gwrs-20240331_cal.xml (EX-101.CAL) — 101KB
- gwrs-20240331_def.xml (EX-101.DEF) — 315KB
- gwrs-20240331_lab.xml (EX-101.LAB) — 764KB
- gwrs-20240331_pre.xml (EX-101.PRE) — 540KB
- gwrs-20240331_htm.xml (XML) — 1167KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Unaudited Condensed Consolidated Financial Statements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 25
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 37
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 38
Risk Factors
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 38
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 38
Other Information
Item 5. Other Information 38
Exhibits
Item 6. Exhibits 39
Signatures
Signatures 41 -2- Table of Contents PART I—FINANCIAL INFORMATION
FINANCIAL STATEMENTS
ITEM 1. FINANCIAL STATEMENTS GLOBAL WATER RESOURCES, INC. CONDENSED CONSOLIDATED BALANCE SHEET (in thousands, except share and per share amounts) (Unaudited) March 31, 2024 December 31, 2023 ASSETS PROPERTY, PLANT AND EQUIPMENT: Land $ 2,674 $ 2,674 Depreciable property, plant and equipment 416,780 414,170 Construction work-in-progress 51,750 48,147 Other 697 697 Less accumulated depreciation ( 145,306 ) ( 142,367 ) Net property, plant and equipment 326,595 323,321 CURRENT ASSETS: Cash and cash equivalents 20,655 3,087 Accounts receivable, net 2,497 2,845 Customer payments in-transit 516 543 Unbilled revenue 2,835 2,755 Taxes, prepaid expenses and other current assets 2,062 2,494 Total current assets 28,565 11,724 OTHER ASSETS: Goodwill 10,820 10,820 Intangible assets, net 8,842 8,841 Regulatory assets 2,888 2,898 Restricted cash 2,217 1,676 Right-of-use assets 1,657 1,741 Other noncurrent assets 79 74 Total other assets 26,503 26,050 TOTAL ASSETS $ 381,663 $ 361,095 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 609 $ 1,027 Accrued expenses 8,927 7,129 Customer and meter deposits 1,619 1,628 Long-term debt, current portion 3,881 3,880 Leases, current portion 566 553 Total current liabilities 15,602 14,217 NONCURRENT LIABILITIES: Line of credit — 2,315 Long-term debt 120,978 101,341 Long-term lease liabilities 1,278 1,370 Deferred revenue - ICFA 19,768 19,656 Regulatory liabilities 6,075 6,076 Advances in aid of construction 112,723 111,529 Contributions in aid of construction, net 36,547 36,409 Deferred income tax liabilities, net 8,516 8,284 Acquisition liabilities 3,027 3,048 Other noncurrent liabilities 9,459 8,230 Total noncurrent liabilities 318,371 298,258 Total liabilities 333,973 312,475 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