Global Water Resources Files Q2 2024 10-Q
Ticker: GWRS · Form: 10-Q · Filed: Aug 7, 2024 · CIK: 1434728
Sentiment: neutral
Topics: 10-Q, quarterly-report, water-utility, financials
TL;DR
GWRS dropped Q2 numbers, showing water revenue trends.
AI Summary
Global Water Resources, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial results for the second quarter and the first half of the year, detailing revenues and expenses related to its water, wastewater, and recycled water services. Specific financial figures for these segments were provided for the three and six months ended June 30, 2024, compared to the same periods in 2023.
Why It Matters
This filing provides investors with the latest financial performance data for Global Water Resources, Inc., crucial for understanding the company's operational health and growth trajectory in the water utility sector.
Risk Assessment
Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not contain any immediately apparent significant new risks or negative developments.
Key Numbers
- 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 2024-08-07 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Global Water Resources, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of reporting period
- 20240807 (date) — Filing date
FAQ
What were the total revenues for water services in the second quarter of 2024?
The filing provides segment data for WaterServicesMember for the period April 1, 2024 to June 30, 2024, but does not explicitly state the total dollar amount in the provided header information.
How did the wastewater and recycled water revenues compare between Q2 2024 and Q2 2023?
The filing indicates data is available for WastewaterAndRecycledWaterMember for both Q2 2024 (April 1, 2024 - June 30, 2024) and Q2 2023 (April 1, 2023 - June 30, 2023), but specific dollar amounts are not in the header.
What is the company's primary business activity?
Global Water Resources, Inc. is primarily involved in Water Supply, as indicated by its Standard Industrial Classification (SIC) code 4941.
In which state is Global Water Resources, Inc. incorporated?
The company is incorporated in Delaware (DE).
What is the company's fiscal year end?
The company's fiscal year ends on December 31 (1231).
Filing Stats: 4,677 words · 19 min read · ~16 pages · Grade level 13.7 · Accepted 2024-08-07 17:14:49
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share GWRS The NASDAQ Stock Market,
Filing Documents
- gwrs-20240630.htm (10-Q) — 1202KB
- ex3112024-q2.htm (EX-31.1) — 18KB
- ex3122024-q2.htm (EX-31.2) — 18KB
- ex3212024-q2.htm (EX-32.1) — 14KB
- gwrs-20240630_g1.jpg (GRAPHIC) — 124KB
- 0001434728-24-000280.txt ( ) — 7734KB
- gwrs-20240630.xsd (EX-101.SCH) — 56KB
- gwrs-20240630_cal.xml (EX-101.CAL) — 73KB
- gwrs-20240630_def.xml (EX-101.DEF) — 274KB
- gwrs-20240630_lab.xml (EX-101.LAB) — 662KB
- gwrs-20240630_pre.xml (EX-101.PRE) — 475KB
- gwrs-20240630_htm.xml (XML) — 1125KB
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 22
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures
Item 4. Controls and Procedures 36
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 37
Risk Factors
Item 1A. Risk Factors 37
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 37
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 37
Other Information
Item 5. Other Information 37
Exhibits
Item 6. Exhibits 38
Signatures
Signatures 39 -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) June 30, 2024 December 31, 2023 ASSETS PROPERTY, PLANT AND EQUIPMENT: Land $ 2,674 $ 2,674 Depreciable property, plant and equipment 417,463 414,170 Construction work-in-progress 59,095 48,147 Other 697 697 Less accumulated depreciation ( 147,984 ) ( 142,367 ) Net property, plant and equipment 331,945 323,321 CURRENT ASSETS: Cash and cash equivalents 18,148 3,087 Accounts receivable, net 2,848 2,845 Customer payments in-transit 604 543 Unbilled revenue 3,406 2,755 Taxes, prepaid expenses and other current assets 1,874 2,494 Total current assets 26,880 11,724 OTHER ASSETS: Goodwill 9,486 10,820 Intangible assets, net 8,573 8,841 Regulatory assets 4,197 2,898 Restricted cash 1,548 1,676 Right-of-use assets 1,753 1,741 Other noncurrent assets 78 74 Total other assets 25,635 26,050 TOTAL ASSETS $ 384,460 $ 361,095 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,133 $ 1,027 Accrued expenses 7,168 7,129 Customer and meter deposits 1,596 1,628 Long-term debt, current portion 3,882 3,880 Leases, current portion 655 553 Total current liabilities 14,434 14,217 NONCURRENT LIABILITIES: Line of credit — 2,315 Long-term debt 119,070 101,341 Long-term lease liabilities 1,292 1,370 Deferred revenue - ICFA 19,974 19,656 Regulatory liabilities 5,875 6,076 Advances in aid of construction 116,389 111,529 Contributions in aid of construction, net 39,062 36,409 Deferred income tax liabilities, net 9,083 8,284 Acquisition liabilities 3,013 3,048 Other noncurrent liabilities 8,653 8,230 Total noncurrent liabilities 322,411 298,258 Total liabilities 336,845 312,475 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,