Global Water Resources, Inc. (NASDAQ: GWRS), (TSX: GWR), a
pure-play water resource management company, reported results for
the second quarter ended June 30, 2021. All comparisons are to the
same year-ago period unless otherwise noted. The company will hold
a conference call at 1:00 p.m. Eastern time tomorrow to discuss the
results (see dial-in information below.)
Q2 2021 Financial
Highlights
- Revenues increased $1.1 million, or
10.7%, to $10.9 million, driven by organic connection growth,
greater consumption, and increased rates.
- Net income totaled $2.0 million, or
$0.09 per share, improving from a net loss of $0.1 million, or
$(0.01) per share.
- Adjusted EBITDA increased $0.5
million, or 11.5%, to $5.3 million (see definition of Adjusted
EBITDA, a non-GAAP term, and its reconciliation to GAAP,
below).
- Cash and cash equivalents totaled $19.3 million at June 30,
2021.
- Declared three monthly cash
dividends of $0.02434 per common share, or $0.29208 per share on an
annualized basis.
Q2 2021 Operational
Highlights
- Total active service connections
increased 10.2% to 51,314 at June 30, 2021 from 46,573 at June 30,
2020.
- Q2 annualized active connection
growth rate was 9.9%.
- Invested $3.1 million on
infrastructure projects to support existing utilities as well as
continued growth. This brings the year to date total capital
investments to $6.4 million.
- Global Water - Picacho Cove Water
Company activated services to Nikola Motor Corp in Coolidge,
AZ.
- Promoted Steven Brill to the new
position of vice president of IT Operations and Security, which
more closely aligns the company’s management structure to address
IT initiatives and prepare for future growth.
- Extended the maturity date
for the company's three-year revolving $10 million credit line
from April 30, 2022 to April 30, 2024. The full amount under this
credit line remains available to-date.
Management Commentary
“In Q2, revenues totaled $10.9 million, up 10.7%
versus the same year-ago quarter,” said Global Water Resources
president and CEO, Ron Fleming. “Revenues from water services,
wastewater and recycled water services increased across the board,
driven by greater water consumption, organic growth in connections,
and increased rates.
“Our utilities and service areas remain in the
anticipated path of residential and commercial development,
primarily in the Phoenix metropolitan area. We also continue to be
well-positioned to benefit from population growth in the area due
to availability of lots and the existing infrastructure within our
service areas.
“During the quarter, we advanced our water
infrastructure design and engineering for Inland Port Arizona, a
2,700 acre or 3.4 square mile property located in the City of
Coolidge. The property is under development by Saint Holdings,
which is actively marketing the project. Following its completion,
we expect the project to expand our existing service areas and
create new ones.
“Late last year, we signed a master utility
agreement to serve the new Nikola manufacturing facility located
next to Inland Port Arizona. Last month, we completed the first
phase of a water solution for the site, allowing us to turn on its
service. While we do not anticipate Nikola's initial usage to be
material given the current stage of construction, we are encouraged
by the associated long-term growth prospects of the larger Inland
Port Arizona area. As one of the first major manufacturers to
locate to Inland Port Arizona, we expect the new manufacturing
facility to stimulate commercial and residential growth in our
surrounding service area.
“Our capital resources, including cash and cash
equivalents of $19.3 million and unused credit line of $10 million,
enables us to be a strong utility partner for the communities where
we have the privilege to serve. It also allows us to pursue growth
through investments in organic expansion, acquisitions and new
projects, both big and small.
“We continue to evaluate acquisitive
opportunities that are synergistic to our growing portfolio of
water utilities and existing regional footprints, and anticipate
adding further to our portfolio of water utilities in Arizona
before the end of the year.
“Next week, we have a regulatory hearing regarding our rate case
filing. Any new rates established by the filing would be effective
for most of our utilities through and up to a three-year phase-in
period likely starting in January of next year. Rate cases are
typically a lengthy and uncertain process, and there can be no
guarantees in terms of timing or outcome.
“Looking ahead to the rest of the year, we anticipate continued
investment and growth across all areas of our business supported by
positive population and job growth trends. For the benefit of our
customers, shareholders and environment, we remain committed to our
comprehensive approach to water utility management that is designed
to reduce demand on scarce non-renewable water sources and costly
renewable water supplies.”
Q2 2021 Financial Summary
Revenues
Total revenues in the second quarter of 2021
increased $1.1 million, or 10.7%, to $10.9 million compared to $9.9
million in the same period in 2020. This increase was primarily
driven by an increase of 10.2% in active service connections
combined with an increase in usage and rates.
Total revenues for the first half of 2021
increased $2.1 million, or 11.5%, to $20.2 million compared to
$18.1 million in the same period in 2020. This increase was
primarily driven by increase in active service connections along
with an increase in usage and rates.
Operating Expenses
Operating expenses increased $0.4 million, or
5.4%, to $8.6 million in the second quarter of 2021 compared to
$8.2 million in the same period in 2020. The increase was primarily
attributed to increased operations and maintenance expenses
associated with increased property tax expense and utilities and
related expense. The increase in operating expenses was also driven
by an increase of $0.2 million in depreciation expense.
Operating expenses for the first half of 2021
increased $2.2 million, or 15.2%, to $16.8 million, compared to
$14.6 million in the same period in 2020. The increase was
primarily attributed to increased general and administrative
expenses associated with increased deferred compensation expense
and board compensation expense, both driven by the increase in
stock price. The increase in operating expenses was also driven by
a $0.3 million increase in depreciation expense.
Other Income (Expense)
Other income totaled $0.3 million for the second
quarter of 2021, compared to other expense of $1.8 million in the
second quarter of 2020. The change in other income (expense) was
primarily attributed to $1.5 million of income recognized on the
sale of a wireless communications tower in the second quarter of
2021 combined with a $0.5 million increase related to the loss on
disposal of assets recognized in 2020.
Total other expense for the first half of 2021
decreased $2.0 million, or 66.5%, to $1.0 million, compared to $3.0
million for the same period in 2020. The decrease in other expense
was primarily attributed to $1.5 million of income recognized on
the sale of a wireless communications tower in the second quarter
of 2021 combined with a $0.5 million increase related to the loss
on disposal of assets recognized in 2020.
Net Income (Loss)
Net income totaled $2.0 million, or $0.09 per
share, in the second quarter of 2021, compared to net loss of $0.1
million, or $(0.01) per share, in the same period in 2020. The
increase was primarily attributed to the increase in other income,
which was primarily driven by $1.5 million of income recognized on
the sale of a wireless communications tower. The increase was also
driven by the increase in total revenues, partially offset by
increases in operating expenses.
Net income increased $1.5 million to $1.8
million, or $0.08 per share, for the first half of 2021, from $0.2
million, or $0.01 per share, for the same period in 2020. The
increase was primarily attributed to the increase in other income,
which was primarily driven by the $1.5 million of income recognized
on the sale of a wireless communications tower. The increase was
also driven by the increase in total revenues, partially offset by
increases in operating expenses.
Adjusted EBITDA
Adjusted EBITDA increased $0.5 million, or
11.5%, to $5.3 million in the second quarter of 2021, compared to
$4.8 million for the same period in 2020. The increase was driven
by an increase in revenue from increase in active service
connections, increased consumption, and higher rates, partially
offset by higher operating expenses (see definition of Adjusted
EBITDA, a non-GAAP term, and its reconciliation to GAAP,
below).
Adjusted EBITDA increased less than $0.1 million
to $8.9 million for the first half of 2021, compared to $8.8
million for the same period in 2020. The increase was driven by
increased total revenues for the first half of 2020 (see definition
of Adjusted EBITDA, a non-GAAP term, and its reconciliation to
GAAP, below).
Capital Resources Cash and cash
equivalents totaled $19.3 million at June 30, 2021, as compared to
$18.0 million at December 31, 2020. The increase was primarily due
to cash generated from operating activities. As of June 30, 2021,
the company has no notable near-term cash expenditures, other than
the first two principal payments on its debt obligation in the
amounts of $1.9 million due in December 2021 and $1.9 million due
in June 2022.
Dividend Policy The company
recently declared a monthly cash dividend of $0.02434 per common
share (or $0.29208 per share on an annualized basis), which will be
payable on August 31, 2021 to holders of record at the close of
business on August 17, 2021.
Business StrategyGlobal Water's
near-term growth strategy involves increasing service connections,
improving operating efficiencies, and increasing utility rates as
approved by the Arizona Corporation Commission. The company will
also continue to aggregate water and wastewater utilities, allowing
the company and its customers to realize the benefits of
consolidation, regionalization, and environmental stewardship.
Connection Rates As of June 30,
2021, active service connections increased by 4,741, or 10.2%, to
51,314, compared to 46,573 at June 30, 2020. The increase in active
service connections was primarily due to growth in the company's
service areas. As of June 30, 2021, the vacancy rate was 0.6%.
Arizona’s Growth Corridor: Positive
Population and Economic Trends The Metropolitan Phoenix
area is steadily growing due to low-cost housing, excellent
weather, large and growing universities, a diverse employment base,
and business friendly environment. The area's population has
increased throughout 2019 and 2020, and it continues to grow. The
Employment and Population Statistics Department of the State of
Arizona predicts that Phoenix Metro will have a population of 5.7
million by 2030 and reach 6.5 million by 2040. During the three
months ended June 30, 2021, Arizona’s employment rate increased by
5.5%, ranking the state in the top 25 nationally for job growth.
The company sees this strong growth outlook as an opportunity to
increase active service connections and grow revenues.
Conference CallGlobal Water
Resources will hold a conference call to discuss its second quarter
2021 results tomorrow, followed by a question and answer
period.
Date: Friday, August 6, 2021Time: 1:00 p.m. Eastern time (10:00
a.m. Pacific time)Toll-free dial-in number:
1-855-327-6837International dial-in number:
1-631-891-4304Conference ID: 10015833
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 www.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 August 20, 2021.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 10015833
About Global Water
Resources
Global Water Resources, Inc. is a leading water
resource management company that owns and operates 16 utilities
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 nearly 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 www.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, and Adjusted EBITDA. EBITDA is defined
for the purposes of this press release as net income (loss) 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; and (iii) restricted
stock expense related to awards made to executive officers.
Management believes that EBITDA and Adjusted
EBITDA 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 is also presented
because management believes that this measure provides 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 and Adjusted EBITDA, 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 and Adjusted EBITDA 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 and Adjusted
EBITDA to net income (loss), the most comparable GAAP measure, is
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, 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 spread of the COVID-19
pandemic, its severity, the emergence and severity of its variants,
the actions to contain the virus or treat its impact, such as the
availability and efficacy of vaccines (particularly with respect to
emerging strains of the virus) and potential hesitancy to utilize
them, restrictions on travel and transportation, and how quickly
and to what extent normal economic and operating conditions can
resume. 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, 2020,
our Quarterly Report on Form 10-Q for the quarter ended June 30,
2021, and subsequent filings 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) 999-5104 mike.liebman@gwresources.com
Investor Relations:Ron Both or Grant StudeCMA
Investor Relations Tel (949) 432-7566GWRS@cma.team
GLOBAL WATER RESOURCES,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(Unaudited, in thousands, except share and
per share amounts)
|
June 30, 2021 |
|
December 31, 2020 |
ASSETS |
|
|
|
PROPERTY, PLANT AND
EQUIPMENT: |
|
|
|
Property, plant and equipment |
$ |
353,349 |
|
|
$ |
340,193 |
|
Less accumulated depreciation |
(105,828 |
) |
|
(101,302 |
) |
Net property, plant and equipment |
247,521 |
|
|
238,891 |
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
19,349 |
|
|
18,033 |
|
Accounts receivable — net |
1,899 |
|
|
2,147 |
|
Customer payments in-transit |
136 |
|
|
306 |
|
Unbilled revenue |
2,910 |
|
|
2,304 |
|
Prepaid expenses and other current assets |
1,026 |
|
|
665 |
|
Total current assets |
25,320 |
|
|
23,455 |
|
OTHER ASSETS: |
|
|
|
Goodwill |
4,595 |
|
|
4,600 |
|
Intangible assets — net |
10,681 |
|
|
11,185 |
|
Regulatory asset |
2,229 |
|
|
2,036 |
|
Restricted cash |
1,316 |
|
|
3,272 |
|
Other noncurrent assets |
9 |
|
|
— |
|
Total other assets |
18,830 |
|
|
21,102 |
|
TOTAL ASSETS |
291,671 |
|
|
283,448 |
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Accounts payable |
811 |
|
|
531 |
|
Accrued expenses |
7,819 |
|
|
8,261 |
|
Deferred revenue |
— |
|
|
4 |
|
Customer and meter deposits |
1,594 |
|
|
1,558 |
|
Long-term debt and capital leases — current portion |
3,994 |
|
|
2,035 |
|
Total current liabilities |
14,218 |
|
|
12,389 |
|
NONCURRENT LIABILITIES: |
|
|
|
Long-term debt and capital leases |
110,893 |
|
|
112,659 |
|
Deferred revenue - ICFA |
18,475 |
|
|
17,843 |
|
Regulatory liability |
7,654 |
|
|
7,986 |
|
Advances in aid of construction |
84,066 |
|
|
76,384 |
|
Contributions in aid of construction — net |
18,067 |
|
|
14,632 |
|
Deferred income tax liabilities — net |
4,180 |
|
|
3,652 |
|
Acquisition liability |
1,773 |
|
|
1,773 |
|
Other noncurrent liabilities |
1,381 |
|
|
3,942 |
|
Total noncurrent liabilities |
246,489 |
|
|
238,871 |
|
Total liabilities |
260,707 |
|
|
251,260 |
|
Commitments and
contingencies |
|
|
|
SHAREHOLDERS' EQUITY: |
|
|
|
Common stock, $0.01 par value, 60,000,000 shares authorized;
22,748,143 and 22,690,477 shares issued as of June 30, 2021 and
December 31, 2020, respectively. |
227 |
|
|
227 |
|
Treasury stock, 127,708 and 102,711 shares at June 30, 2021 and
December 31, 2020, respectively. |
(1 |
) |
|
(1 |
) |
Paid in capital |
30,738 |
|
|
31,962 |
|
Retained earnings |
— |
|
|
— |
|
Total shareholders' equity |
30,964 |
|
|
32,188 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
291,671 |
|
|
$ |
283,448 |
|
GLOBAL WATER RESOURCES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited, in thousands, except share
and per share amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
REVENUES: |
|
|
|
|
|
|
|
Water services |
$ |
5,250 |
|
|
$ |
4,675 |
|
|
$ |
9,236 |
|
|
$ |
8,063 |
|
Wastewater and recycled water services |
5,676 |
|
|
5,126 |
|
|
10,919 |
|
|
9,949 |
|
Unregulated revenues |
18 |
|
|
88 |
|
|
47 |
|
|
107 |
|
Total revenues |
10,944 |
|
|
9,889 |
|
|
20,202 |
|
|
18,119 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Operations and maintenance |
2,480 |
|
|
2,340 |
|
|
4,979 |
|
|
4,572 |
|
General and administrative |
3,717 |
|
|
3,625 |
|
|
7,207 |
|
|
5,713 |
|
Depreciation and amortization |
2,408 |
|
|
2,197 |
|
|
4,634 |
|
|
4,310 |
|
Total operating expenses |
8,605 |
|
|
8,162 |
|
|
16,820 |
|
|
14,595 |
|
OPERATING INCOME |
2,339 |
|
|
1,727 |
|
|
3,382 |
|
|
3,524 |
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest income |
8 |
|
|
27 |
|
|
13 |
|
|
79 |
|
Interest expense |
(1,353 |
) |
|
(1,359 |
) |
|
(2,678 |
) |
|
(2,697 |
) |
Other |
1,629 |
|
|
(480 |
) |
|
1,644 |
|
|
(431 |
) |
Total other income (expense) |
284 |
|
|
(1,812 |
) |
|
(1,021 |
) |
|
(3,049 |
) |
|
|
|
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME
TAXES |
2,623 |
|
|
(85 |
) |
|
2,361 |
|
|
475 |
|
INCOME TAX BENEFIT (EXPENSE) |
(641 |
) |
|
(37 |
) |
|
(596 |
) |
|
(243 |
) |
NET INCOME (LOSS) |
$ |
1,982 |
|
|
$ |
(122 |
) |
|
$ |
1,765 |
|
|
$ |
232 |
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common
share |
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
|
$ |
0.01 |
|
Diluted earnings (loss) per
common share |
$ |
0.09 |
|
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
|
$ |
0.01 |
|
Dividends declared per common
share |
$ |
0.07 |
|
|
$ |
0.07 |
|
|
$ |
0.15 |
|
|
$ |
0.14 |
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares used in the determination of: |
|
|
|
|
|
|
|
Basic |
22,620,037 |
|
|
22,566,014 |
|
|
22,603,991 |
|
|
22,449,720 |
|
Diluted |
22,895,275 |
|
|
22,566,014 |
|
|
22,884,618 |
|
|
22,485,622 |
|
GLOBAL WATER RESOURCES,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited, in thousands)
|
Six Months Ended June 30, |
|
2021 |
|
2020 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income |
$ |
1,765 |
|
|
$ |
232 |
|
Adjustments to reconcile net income to net cash provided by
operating activities: |
|
|
Deferred compensation |
1,697 |
|
|
1,069 |
|
Depreciation and amortization |
4,634 |
|
|
4,310 |
|
Amortization of deferred debt issuance costs and discounts |
22 |
|
|
92 |
|
Other losses |
16 |
|
|
550 |
|
Provision for doubtful accounts receivable |
36 |
|
|
43 |
|
Deferred income tax expense |
528 |
|
|
181 |
|
Changes in assets and liabilities |
|
|
|
Accounts receivable |
212 |
|
|
(537 |
) |
Other current assets |
(798 |
) |
|
(553 |
) |
Accounts payable and other current liabilities |
(3,077 |
) |
|
(951 |
) |
Other noncurrent assets |
(193 |
) |
|
39 |
|
Other noncurrent liabilities |
2,522 |
|
|
626 |
|
Net cash provided by operating activities |
7,364 |
|
|
5,101 |
|
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Capital expenditures |
(6,408 |
) |
|
(5,399 |
) |
Cash paid for acquisitions, net of cash acquired |
(5 |
) |
|
— |
|
Other cash flows from investing activities |
— |
|
|
(8 |
) |
Net cash used in investing activities |
(6,413 |
) |
|
(5,407 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Dividends paid |
(3,301 |
) |
|
(3,263 |
) |
Advances in aid of construction |
1,773 |
|
|
481 |
|
Proceeds from stock option exercise |
4 |
|
|
— |
|
Principal payments under capital lease |
(67 |
) |
|
(54 |
) |
Loan repayments |
— |
|
|
(18 |
) |
Proceeds from sale of stock |
— |
|
|
11,739 |
|
Debt issuance costs paid |
— |
|
|
(53 |
) |
Payments of offering costs for sale of stock |
— |
|
|
(221 |
) |
Net cash (used) provided by financing activities |
(1,591 |
) |
|
8,611 |
|
INCREASE IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH |
(640 |
) |
|
8,305 |
|
CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH — Beginning of period |
21,305 |
|
|
9,095 |
|
CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH – End of period |
$ |
20,665 |
|
|
$ |
17,400 |
|
Supplemental disclosure of cash flow
information:
|
June 30, 2021 |
|
June 30, 2020 |
Cash and cash equivalents |
$ |
19,349 |
|
|
$ |
15,477 |
|
Restricted Cash |
1,316 |
|
|
1,923 |
|
Total cash, cash equivalents, and restricted cash |
$ |
20,665 |
|
|
$ |
17,400 |
|
A reconciliation of net income (loss) to EBITDA and Adjusted
EBITDA for the three and six months ended June 30, 2021 and 2020 is
as follows (in thousands):
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net Income (Loss) |
|
$ |
1,982 |
|
|
$ |
(122 |
) |
|
$ |
1,765 |
|
|
$ |
232 |
|
Income tax benefit (expense) |
|
641 |
|
|
37 |
|
|
596 |
|
|
243 |
|
Interest income |
|
(8 |
) |
|
(27 |
) |
|
(13 |
) |
|
(79 |
) |
Interest expense |
|
1,353 |
|
|
1,359 |
|
|
2,678 |
|
|
2,697 |
|
Depreciation and
amortization |
|
2,408 |
|
|
2,197 |
|
|
4,634 |
|
|
4,310 |
|
EBITDA |
|
6,376 |
|
|
3,444 |
|
|
9,660 |
|
|
7,403 |
|
Management option expense |
|
115 |
|
|
115 |
|
|
226 |
|
|
231 |
|
Loss on disposal of assets |
|
— |
|
|
548.684 |
|
|
— |
|
|
547 |
|
Restricted stock expense |
|
306 |
|
|
654 |
|
|
465 |
|
|
654 |
|
Wireless communication tower
sale |
|
(1,485 |
) |
|
— |
|
|
(1,486 |
) |
|
— |
|
EBITDA adjustments |
|
(1,064 |
) |
|
1,318 |
|
|
(795 |
) |
|
1,432 |
|
Adjusted
EBITDA |
|
$ |
5,312 |
|
|
$ |
4,762 |
|
|
$ |
8,865 |
|
|
$ |
8,835 |
|
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