Global Water Resources Files Q3 2024 10-Q
Ticker: GWRS · Form: 10-Q · Filed: Nov 6, 2024 · CIK: 1434728
Sentiment: neutral
Topics: 10-Q, utilities, water-supply, financials
Related Tickers: GWRS
TL;DR
**GWRS Q3 10-Q FILED** - Financials and operations update for water utility.
AI Summary
Global Water Resources, Inc. filed its 10-Q for the period ending September 30, 2024. The company, based in Phoenix, AZ, operates in the water supply industry. Key financial details and operational segments are presented in this quarterly report.
Why It Matters
This filing provides investors with an update on Global Water Resources' financial performance and operational status for the third quarter of 2024, crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) with no immediate red flags or significant new disclosures.
Key Players & Entities
- Global Water Resources, Inc. (company) — Filer
- 2024-09-30 (date) — Period of Report
- 2024-11-06 (date) — Filed as of Date
- Phoenix, AZ (location) — Business Address
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the period ending September 30, 2024.
What is the company's primary business according to the filing?
The company's Standard Industrial Classification is WATER SUPPLY [4941].
Where is Global Water Resources, Inc. located?
The company's business and mailing address is in Phoenix, AZ.
When was this 10-Q filed?
This 10-Q was filed on November 6, 2024.
What is the SEC file number for Global Water Resources, Inc.?
The SEC file number is 001-37756.
Filing Stats: 4,686 words · 19 min read · ~16 pages · Grade level 14 · Accepted 2024-11-06 17:06:55
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share GWRS The NASDAQ Stock Market,
Filing Documents
- gwrs-20240930.htm (10-Q) — 1256KB
- ex3112024-q3.htm (EX-31.1) — 18KB
- ex3122024-q3.htm (EX-31.2) — 18KB
- ex3212024-q3.htm (EX-32.1) — 14KB
- gwrs-20240930_g1.jpg (GRAPHIC) — 125KB
- 0001434728-24-000381.txt ( ) — 7857KB
- gwrs-20240930.xsd (EX-101.SCH) — 57KB
- gwrs-20240930_cal.xml (EX-101.CAL) — 77KB
- gwrs-20240930_def.xml (EX-101.DEF) — 268KB
- gwrs-20240930_lab.xml (EX-101.LAB) — 665KB
- gwrs-20240930_pre.xml (EX-101.PRE) — 472KB
- gwrs-20240930_htm.xml (XML) — 1177KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 3
Financial Statements (Unaudited)
ITEM 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheet 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Shareholders' Equity 5 Condensed Consolidated Statements of Cash Flows 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 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 23
Qualitative and Quantitative Disclosures About Market Risk
ITEM 3. Qualitative and Quantitative Disclosures About Market Risk 38
Controls and Procedures
ITEM 4. Controls and Procedures 38
OTHER INFORMATION
PART II. OTHER INFORMATION 40
Legal Proceedings
ITEM 1. Legal Proceedings 40
Risk Factors
ITEM 1A. Risk Factors 40
Unregistered Sales of Equity Securities and Use of Proceeds
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 40
Defaults Upon Senior Securities
ITEM 3. Defaults Upon Senior Securities 40
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 40
Other Information
ITEM 5. Other Information 40
Exhibits
ITEM 6. Exhibits 41
Signatures
Signatures 42 -2- Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
ITEM 1. Financial Statements (Unaudited) GLOBAL WATER RESOURCES, INC. Condensed Consolidated Balance Sheet (in thousands, except share and per share amounts) (Unaudited) September 30, 2024 December 31, 2023 ASSETS PROPERTY, PLANT AND EQUIPMENT: Land $ 2,729 $ 2,674 Depreciable property, plant and equipment 427,671 414,170 Construction work-in-progress 66,703 48,147 Other 697 697 Less accumulated depreciation ( 151,093 ) ( 142,367 ) Net property, plant and equipment 346,707 323,321 CURRENT ASSETS: Cash and cash equivalents 18,145 3,087 Accounts receivable, net 3,271 2,845 Customer payments in-transit 667 543 Unbilled revenue 3,403 2,755 Taxes, prepaid expenses and other current assets 2,614 2,494 Total current assets 28,100 11,724 OTHER ASSETS: Goodwill 9,486 10,820 Intangible assets, net 8,573 8,841 Regulatory assets 4,110 2,898 Restricted cash 3,933 1,676 Right-of-use assets 1,928 1,741 Other noncurrent assets 80 74 Total other assets 28,110 26,050 TOTAL ASSETS $ 402,917 $ 361,095 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable $ 1,284 $ 1,027 Accrued expenses 9,713 7,129 Customer and meter deposits 1,598 1,628 Long-term debt, current portion 3,931 3,880 Leases, current portion 766 553 Total current liabilities 17,292 14,217 NONCURRENT LIABILITIES: Line of credit — 2,315 Long-term debt 120,427 101,341 Long-term lease liabilities 1,359 1,370 Deferred revenue - ICFA 20,285 19,656 Regulatory liabilities 5,863 6,076 Advances in aid of construction 124,226 111,529 Contributions in aid of construction, net 39,946 36,409 Deferred income tax liabilities, net 10,063 8,284 Acquisition liabilities 2,881 3,048 Other noncurrent liabilities 11,734 8,230 Total noncurrent liabilities 336,784 298,258 Total liabilities 354,076 312,475 Commitments and contingencies (Refer to Note 13) SHAREHOLDERS' EQUITY: Common stock, $ 0.01 par value, 60,000,000 shares authorized; 24,565,955 and 24,492,918 shares is