Global Water Resources Reports Fourth Quarter and Full Year 2022 Results
Global Water Resources, Inc. (NASDAQ: GWRS) reported strong financial results for Q4 and the full year of 2022. Q4 revenues rose 7.7% to $11.1 million, while full-year revenues increased 8.6% to $44.7 million. Net income for Q4 surged 138% to $824,000 and for the full year by 53% to $5.5 million. The company’s active service connections grew 4.4% to 56,270, driven by organic growth and acquisitions. Significant operational achievements include a $8.7 million capital investment and the closing of the Farmers Water acquisition, adding 3,300 connections. Global Water continues to focus on utility consolidation and sustainable service improvements.
- Q4 revenues increased by 7.7% to $11.1 million.
- Net income for Q4 rose 138% to $824,000.
- Full-year net income increased 53% to $5.5 million.
- Active service connections grew 4.4% to 56,270.
- Completed acquisition of Farmers Water, adding 3,300 service connections.
- $8.7 million CAPEX investment aimed at improving infrastructure.
- Operating expenses increased by $867,000 in Q4 2022.
- Total other expenses were $275,000 for Q4 2022, showing a decrease but still impacting net income.
- Cash and cash equivalents fell to $6.6 million from $12.6 million year-over-year.
PHOENIX, March 08, 2023 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, reported results for the fourth quarter and full year ended December 31, 2022. 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.)
Financial Highlights
- Revenues increased
7.7% , to$11.1 million in the fourth quarter of 2022, and increased8.6% to$44.7 million for the full year (excluding unregulated revenues of approximately$0.7 million ), with the growth due to an increase in active service connections and an increase in rates. - Net income increased
138% to$824,000 or$0.04 per share in the fourth quarter of 2022. For the full year, net income increased53% to$5.5 million or$0.24 per share. - In November 2022, announced an increase in dividends to
$0.29 791 per share on an annualized basis. The first monthly dividend payment at the new rate was paid on December 29, 2022 to holders of record on December 15, 2022.
Q4 2022 Operational Highlights
- Total active service connections increased
4.4% to 56,270 at December 31, 2022 from 53,882 at December 31, 2021. - Continued design and engineering work for the Inland Port Arizona mega-site where Global Water will be working with Procter & Gamble (P&G) to provide water, wastewater and recycled water services to P&G’s new manufacturing facility.
$8.7 million of CAPEX investment in existing utilities to provide safe, reliable service, and focused on increasing revenues, reducing expenses and building rate base.- Begun providing bulk water services to Seven Ranches Domestic Water District in Maricopa, Pinal County, Arizona.
- Surpassed six years without a significant compliance violation.
Subsequent Event
In February 2023, the company completed the acquisition of Farmers Water Co. in Pima County, Arizona. The acquisition added a total of 3,300 active water service connections and approximately 21.5 square miles of Certificate of Convenience and Necessity service area in the Town of Sahuarita and the surrounding unincorporated area of Pima County. It also increased Global Water’s total active water service connections in Pima County to nearly 5,000.
Management Commentary
“2022 was great year of progress across the board, as demonstrated by our safety and compliance track records, business development success, and our top-line growth with increased profitability,” stated Global Water Resources president and CEO, Ron Fleming. “These strong financial results were primarily driven by organic growth in connections, new connections associated with the acquisition of Las Quintas Serenas, and approval of new rates.
“Early in 2022, we continued to expand our footprint with the acquisition and successful integration of two smaller ‘tuck-in’ water utility acquisitions. We anticipate that the full integration of these small water utilities under our professional utility umbrella will help promote safe, reliable, smart water management practices for the benefit of all stakeholders.
“During the fourth quarter, we recycled approximately 125 million gallons of water. This recycling is a result of our extensive ‘purple pipe’ program that facilitates the use of recycled wastewater for use in common areas, thereby saving precious drinking water. Our automated real-time meter reading also helps preserve water resources, building upon nearly 15 years of experience implementing advanced metering infrastructure technology. Our special rate design, which was again supported and approved by the Arizona Corporation Commission in our most recent rate case, also incentivizes customers to conserve water on a daily basis.
“In February of this year, we welcomed Farmers Water to our growing family of utility companies. As our largest acquisition since going public on Nasdaq in 2016, we see significant opportunity to make capital improvements, such as deploying the same advanced metering infrastructure or meter upgrade project we completed last quarter for Las Quintas Serenas. Through the implementation of our unique approach to utility consolidation, automation and water resource management, we will provide safe, high-quality, and sustainable water services to the community.
“We are looking forward to working with P&G on providing water, wastewater and recycled water services to their new manufacturing facility. The new plant will be another major anchor for the Inland Port Arizona industrial mega-site, along with the new Nikola manufacturing plant that began production last year. These major projects demonstrate how Inland Port Arizona offers tremendous opportunities to companies looking locate to this area. In addition to job growth and associated residential expansion, we believe such large new facilities will enable the more efficient deployment of infrastructure and integrated utility operations that help provide safe, reliable and sustainable utility solutions for the entire region.
“In the new year, our primary mission continues to be the growth of our core service areas, and aggregation of water and wastewater utilities, so that our customers and the communities we serve may realize the benefits of consolidation, regionalization, and proactive environmental stewardship. We continue to evaluate a number of attractive acquisition and expansion opportunities in Arizona’s Sun Corridor, including growth regions around metropolitan Phoenix and Tucson.
“While we are currently experiencing a slowdown in housing in response to inflation and increased interest rates, our service areas remain well positioned within the path of population and job growth in and around metro-Phoenix and Tucson, and we believe these regionally planned service areas could ultimately serve hundreds of thousands of service connections. We also anticipate future growth through service area expansions, such as those due to large industrial projects that would be looking to locate in or around our service areas.
“We anticipate that the integration of our newly constructed and acquired facilities and the implementation of our Total Water Management will result in efficiency improvements, greater automation, and higher quality customer service. Additional benefits include access to our greater financial resources and economies of scale. As a result, we anticipate that both the utilities and the communities we serve will realize numerous benefits, as well as support our continued revenue growth and profitability in 2023.”
Q4 2022 Financial Summary
Revenues
Total revenues in the fourth quarter of 2022 increased
Total revenues for the full year 2022 increased
The increase in revenue for both the quarter and year reflects the
Operating Expenses
Operating expenses increased
Operating expenses for the full year 2022 increased
Other Expenses
Total other expense totaled
Total other expense for the full year 2022 totaled
Net Income
Net income totaled
Net income increased
Adjusted EBITDA
Adjusted EBITDA remained relatively flat at
Adjusted EBITDA increased
Capital Resources
Cash and cash equivalents totaled
Dividend Policy
In November 2022, the company announced an increase in dividend to
Business Strategy
Global 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 plans to continue its aggregation of water and wastewater utilities that will allow the company and its customers to realize the benefits of consolidation, regionalization, and environmental stewardship.
Connection Rates
As of December 31, 2022, active service connections increased by 2,388 or
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 2020 and 2021, 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 5.8 million by 2030 and reach 6.5 million by 2040. The company sees this strong growth outlook as an opportunity to increase active service connections and grow revenues.
Conference Call
Global Water Resources will hold a conference call to discuss its fourth quarter and full year 2022 results tomorrow, followed by a question-and-answer period.
Date: Thursday, March 9, 2023
Time: 1:00 p.m. Eastern time (10:00 a.m. Pacific time)
Toll-free dial-in number: 1-855-327-6837
International dial-in number: 1-631-891-4304
Conference ID: 10021334
Webcast (live and replay): here
The conference call webcast is also available 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 March 23, 2023.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10021334
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 29 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 that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables 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.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ 2022 Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
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; (iii) restricted stock expense related to awards made to executive officers; and (iv) disposal of assets.
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. 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 it provides our investors a measure 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 our strategy; expectations about future business plans, prospective performance, growth, and opportunities; future financial performance; regulatory and ACC proceedings and approvals, such as the anticipated benefits resulting from Rate Decision No. 78644, including our expected collective revenue increase due to new water and wastewater rates; acquisition plans and our ability to complete additional acquisitions and the expected future benefits; our dividend policy; population and growth projections; technologies; trends relating to our industry, market, population growth, and housing permits; liquidity; plans and expectations for capital expenditures; 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). Factors that may also 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, 2022 and subsequent filings with the SEC. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s views as of the date hereof. 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 Liebman
CFO and SVP
Tel (480) 999-5104
mike.liebman@gwresources.com
Investor Relations Contact:
Ron Both or Grant Stude
CMA Investor Relations
Tel (949) 432-7566
Email contact
Media & ESG Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email contact
GLOBAL WATER RESOURCES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
December 31, 2022 | December 31, 2021 | ||||||
ASSETS | |||||||
PROPERTY, PLANT AND EQUIPMENT: | |||||||
Land | $ | 1,480 | $ | 1,338 | |||
Depreciable property, plant and equipment | 344,043 | 313,700 | |||||
Construction work-in-progress | 66,039 | 53,511 | |||||
Other | 697 | 697 | |||||
Less accumulated depreciation | (124,522 | ) | (113,380 | ) | |||
Net property, plant and equipment | 287,737 | 255,866 | |||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | 6,561 | 12,637 | |||||
Accounts receivable — net | 2,139 | 1,994 | |||||
Customer payments in-transit | 462 | 201 | |||||
Unbilled revenue | 2,557 | 2,510 | |||||
Taxes, prepaid expenses, and other current assets | 2,439 | 1,645 | |||||
Total current assets | 14,158 | 18,987 | |||||
OTHER ASSETS: | |||||||
Goodwill | 4,957 | 5,730 | |||||
Intangible assets — net | 10,139 | 10,339 | |||||
Regulatory asset | 3,169 | 2,336 | |||||
Restricted cash | 1,001 | 806 | |||||
Right-of -use asset | 1,891 | — | |||||
Other noncurrent assets | 34 | 10 | |||||
Total other assets | 21,191 | 19,221 | |||||
TOTAL ASSETS | $ | 323,086 | $ | 294,074 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Accounts payable | $ | 2,173 | $ | 2,120 | |||
Accrued expenses | 8,056 | 9,191 | |||||
Customer and meter deposits | 1,682 | 1,646 | |||||
Long-term debt — current portion | 3,833 | 3,833 | |||||
Leases — current portion | 505 | 142 | |||||
Total current liabilities | 16,249 | 16,932 | |||||
NONCURRENT LIABILITIES: | |||||||
Long-term debt | 104,945 | 108,734 | |||||
Long-term lease liabilities | 1,616 | 199 | |||||
Deferred revenue - ICFA | 20,974 | 19,035 | |||||
Regulatory liability | 6,371 | 7,421 | |||||
Advances in aid of construction | 93,656 | 84,578 | |||||
Contributions in aid of construction — net | 26,404 | 21,326 | |||||
Deferred income tax liabilities, net | 5,949 | 3,269 | |||||
Acquisition liability | 1,773 | 1,773 | |||||
Other noncurrent liabilities | 755 | 778 | |||||
Total noncurrent liabilities | 262,443 | 247,113 | |||||
Total liabilities | 278,692 | 264,045 | |||||
Commitments and contingencies | |||||||
SHAREHOLDERS’ EQUITY: | |||||||
Common stock, | 239 | 228 | |||||
Treasury stock, 224,093 and 182,445 shares at December 31, 2022 and December 31, 2021, respectively. | (2 | ) | (2 | ) | |||
Paid in capital | 44,157 | 29,803 | |||||
Retained earnings | — | — | |||||
Total shareholders’ equity | 44,394 | 30,029 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 323,086 | $ | 294,074 |
GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Year Ended December 31, | ||||||||
2022 | 2021 | |||||||
REVENUES: | ||||||||
Water services | $ | 20,885 | $ | 18,944 | ||||
Wastewater and recycled water services | 23,843 | 22,241 | ||||||
Unregulated revenues | — | 729 | ||||||
Total revenues | 44,728 | 41,914 | ||||||
OPERATING EXPENSES: | ||||||||
Operations and maintenance | 10,889 | 10,299 | ||||||
General and administrative | 16,130 | 15,146 | ||||||
Depreciation and amortization | 9,890 | 9,490 | ||||||
Total operating expenses | 36,909 | 34,935 | ||||||
OPERATING INCOME | 7,819 | 6,979 | ||||||
OTHER INCOME (EXPENSE): | ||||||||
Interest income | 65 | 19 | ||||||
Interest expense | (4,036 | ) | (5,201 | ) | ||||
Other | 2,592 | 2,962 | ||||||
Total other expense | (1,379 | ) | (2,220 | ) | ||||
INCOME BEFORE INCOME TAXES | 6,440 | 4,759 | ||||||
INCOME TAX BENEFIT (EXPENSE) | (934 | ) | (1,150 | ) | ||||
NET INCOME | $ | 5,506 | $ | 3,609 | ||||
Basic earnings per common share | $ | 0.24 | $ | 0.16 | ||||
Diluted earnings per common share | $ | 0.24 | $ | 0.16 | ||||
Dividends declared per common share | $ | 0.30 | $ | 0.29 | ||||
Weighted average number of common shares used in the determination of: | ||||||||
Basic | 23,172,733 | 22,619,469 | ||||||
Diluted | 23,332,356 | 22,902,970 |
GLOBAL WATER RESOURCES, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
Three Months Ended December 31, | ||||||||||||||
2022 | 2021 | Change | % Change | |||||||||||
REVENUES: | ||||||||||||||
Water services | $ | 5,031 | $ | 4,641 | $ | 390 | 8.4 | % | ||||||
Wastewater and recycled water services | 6,073 | 5,677 | 396 | 7.0 | % | |||||||||
Unregulated revenues | (5 | ) | (10 | ) | 5 | (50.0 | )% | |||||||
Total revenues | 11,099 | 10,308 | 791 | 7.7 | % | |||||||||
OPERATING EXPENSES: | ||||||||||||||
Operations and maintenance | 2,629 | 2,643 | (14 | ) | (0.5 | )% | ||||||||
General and administrative | 4,551 | 3,861 | 690 | 17.9 | % | |||||||||
Depreciation and amortization | 2,691 | 2,500 | 191 | 7.6 | % | |||||||||
Total operating expenses | 9,871 | 9,004 | 867 | 9.6 | % | |||||||||
OPERATING INCOME | 1,228 | 1,304 | (76 | ) | (5.8 | )% | ||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||
Interest income | 40 | 2 | 38 | 1900.0 | % | |||||||||
Interest expense | (681 | ) | (1,244 | ) | 563 | (45.3 | )% | |||||||
Other | 366 | 514 | (148 | ) | (28.8 | )% | ||||||||
Total other expense | (275 | ) | (728 | ) | 453 | — | ||||||||
INCOME BEFORE INCOME TAXES | 953 | 576 | 377 | 65.5 | % | |||||||||
INCOME TAX BENEFIT (EXPENSE) | (129 | ) | (230 | ) | 101 | (43.9 | )% | |||||||
NET INCOME | $ | 824 | $ | 346 | $ | 478 | 138.2 | % | ||||||
Basic earnings per common share | $ | 0.04 | $ | 0.02 | ||||||||||
Diluted earnings per common share | $ | 0.04 | $ | 0.02 | ||||||||||
Dividends declared per common share | $ | 0.07 | $ | 0.07 | ||||||||||
Weighted average number of common shares used in the determination of: | ||||||||||||||
Basic | 21,961,489 | 22,648,819 | ||||||||||||
Diluted | 22,062,654 | 22,937,706 |
GLOBAL WATER RESOURCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31, | |||||||
2022 | 2021 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 5,506 | $ | 3,609 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Deferred compensation | 901 | 2,884 | |||||
Depreciation and amortization | 10,518 | 9,490 | |||||
Right of use amortization | 182 | — | |||||
Amortization of deferred debt issuance costs and discounts | 44 | 90 | |||||
(Gain) Loss on disposal of fixed assets | 4 | 18 | |||||
Provision for doubtful accounts receivable | 103 | 86 | |||||
Deferred income tax expense | 1,367 | (307 | ) | ||||
Accounts receivable | (248 | ) | 82 | ||||
Other current assets | 210 | (1,076 | ) | ||||
Accounts payable and other current liabilities | (2,416 | ) | 415 | ||||
Other noncurrent assets | 387 | (300 | ) | ||||
Other noncurrent liabilities | 6,778 | 5,395 | |||||
Net cash provided by operating activities | 23,336 | 20,386 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Capital expenditures | (33,984 | ) | (18,250 | ) | |||
Cash paid for acquisitions, net of cash acquired | (180 | ) | (2,068 | ) | |||
Other cash flows from investing activities | (24 | ) | (1 | ) | |||
Net cash used in investing activities | (34,188 | ) | (20,319 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Dividends paid | (6,889 | ) | (6,609 | ) | |||
Advances in aid of construction | 2,344 | 3,817 | |||||
Refunds of advances for construction | (1,140 | ) | (1,007 | ) | |||
Refunds of developer taxes | — | (1,364 | ) | ||||
Proceeds from stock option exercise | 3 | 4 | |||||
Payments for taxes related to net shares settlement of equity awards | (585 | ) | (656 | ) | |||
Principal payments under finance lease | — | (147 | ) | ||||
Loan repayments | 259 | (4 | ) | ||||
Repayments of bond | (3,833 | ) | (1,917 | ) | |||
Proceeds from sale of stock | 14,812 | — | |||||
Debt issuance costs paid | — | (46 | ) | ||||
Net cash provided by (used in) financing activities | 4,971 | (7,929 | ) | ||||
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (5,881 | ) | (7,862 | ) | |||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period | 13,443 | 21,305 | |||||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period | 7,562 | 13,443 |
A reconciliation of net income to EBITDA and Adjusted EBITDA for the three months and years ended December 31, 2022 and 2021 is as follows (in thousands):
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net Income | $ | 824 | $ | 346 | $ | 5,506 | $ | 3,609 | ||||||||
Income tax expense | 129 | 230 | 934 | 1,151 | ||||||||||||
Interest income | (40 | ) | (2 | ) | (65 | ) | (19 | ) | ||||||||
Interest expense | 681 | 1,244 | 4,036 | 5,201 | ||||||||||||
Depreciation | 2,691 | 2,500 | 9,889 | 9,490 | ||||||||||||
EBITDA | $ | 4,285 | $ | 4,318 | $ | 20,300 | $ | 19,432 | ||||||||
ICFA Revenue Recognition | — | 10 | — | (683 | ) | |||||||||||
FATHOM settlement | — | — | — | (69 | ) | |||||||||||
Wireless communication tower sale | — | 45 | — | (1,485 | ) | |||||||||||
Management Options | 39 | (18 | ) | 174 | 323 | |||||||||||
Gain/Loss on Disposal of Assets | 7 | 373 | 4 | 18 | ||||||||||||
Restricted Stock | 395 | — | 1,344 | 1,171 | ||||||||||||
Rate case adjustment | 38 | — | 314 | - | ||||||||||||
EBITDA adjustments | 479 | 410 | 1,836 | (725 | ) | |||||||||||
Adjusted EBITDA | $ | 4,764 | $ | 4,728 | $ | 22,136 | $ | 18,707 |
FAQ
What are the Q4 2022 revenue results for GWRS?
How did GWRS's net income change in 2022?
What was the increase in active service connections for GWRS?
What recent acquisitions has GWRS completed?