Global Water Resources, Inc. (NASDAQ:GWRS) Q1 2021 Earnings Conference Call May 6, 2021 1:00 PM ET Company Participants Joanne Ellsworth – Vice President, Corporate and Regulatory Affairs Ron Fleming – President and Chief Executive Officer Mike Liebman – Chief Financial Officer Chris Krygier – Chief Strategy Officer Conference Call Participants Operator Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources Incorporated 2021 First Quarter Conference Call. At this t ...

Service Connections and Growth - Total service connections increased by 3,813, or 8.2% (10.1% annualized growth), from 46,590 as of March 31, 2020, to 50,403 as of March 31, 2021[117] - Active service connections rose by 3,935, or 8.5% (10.3% annualized growth), to 50,162 compared to 46,227 as of March 31, 2020[118] - Active water connections increased by 8.8% to 26,094 as of March 31, 2021, from 23,983 as of March 31, 2020[165] - The Phoenix metropolitan area is projected to grow to a population of 5.7 million by 2030 and 6.5 million by 2040[113] - The company believes it is well-positioned to benefit from growth in the Phoenix metropolitan area due to the availability of lots and existing infrastructure[114] Financial Performance - Total revenues for the three months ended March 31, 2021, increased by $1.0 million, or 12.5%, to $9.3 million compared to $8.2 million for the same period in 2020, driven by an 8.5% increase in active service connections[162] - Water services revenue rose by $0.6 million, or 17.7%, to $4.0 million for the three months ended March 31, 2021, primarily due to increased consumption and growth in connections[163] - Wastewater and recycled water services revenue increased by $0.4 million, or 8.7%, to $5.2 million for the three months ended March 31, 2021, reflecting an 8.2% increase in active wastewater connections[167] - Operating expenses for the three months ended March 31, 2021, totaled $8.2 million, an increase of $1.8 million, or 27.8%, compared to $6.4 million for the same period in 2020[169] - General and administrative costs surged by $1.4 million, or 67.1%, to $3.5 million for the three months ended March 31, 2021, primarily due to higher stock appreciation rights expense[173] - Net loss for the three months ended March 31, 2021, was $0.2 million compared to net income of $0.4 million for the same period in 2020, attributed to a decrease in operating income[179] Regulatory and Rate Changes - The company is subject to extensive regulation by the Arizona Corporation Commission (ACC), which influences its rate-setting process[121] - The settlement agreement from the rate case proceedings resulted in a collective revenue requirement increase of $3.6 million, phased in from 2015 to 2021[137] - The rate increases included a 9.5% return on common equity, contributing to a 15% revenue increase in 2011[136] Capital Investments and Agreements - The company has made significant capital investments in its territories over the last fifteen years, with no comparable investments expected in the near term[130] - The company has entered into approximately 154 infrastructure coordination and financing agreements (ICFAs) covering about 275 square miles[140] - Rate Decision No. 74364 changed the accounting treatment of ICFA funds, with 70% recorded as hook-up fee liability and 30% as deferred revenue[141] - The company has agreed not to enter into new ICFAs and will utilize hook-up fee tariffs as an industry standard in Arizona[143] Cash Flow and Debt Management - For the three months ended March 31, 2021, net cash provided by operating activities totaled $4.8 million, an increase of $1.6 million compared to $3.2 million for the same period in 2020[186] - Net cash used in investing activities was $3.3 million for the three months ended March 31, 2021, a decrease of $0.3 million from $3.5 million for the same period in 2020[187] - Net cash used in financing activities totaled $0.7 million for the three months ended March 31, 2021, compared to $10.1 million in cash provided by financing activities for the same period in 2020[188] - The company issued senior secured notes with a total principal balance of $115.0 million at a blended interest rate of 4.55%[189] - As of March 31, 2021, the company was in compliance with its financial debt covenants, maintaining a debt service coverage ratio of at least 1.10 to 1.00[190] - The company entered into a revolving credit line agreement for up to $10.0 million with a maturity date of April 30, 2022, bearing an interest rate of LIBOR plus 2.00%[192] - As of March 31, 2021, the fair market value of the company's long-term debt was $123.3 million[199] - The company has no outstanding borrowings under the Northern Trust credit line as of March 31, 2021[194] Customer Assistance and Disconnections - The company resumed customer disconnections on February 9, 2021, after a voluntary pause during 2020 due to COVID-19[112] - The company expanded its customer assistance program in 2020, increasing the annual maximum benefit and including additional qualifying categories[112] Tax Implications - In 2020, the aggregate annual revenue reductions for certain utilities due to the Tax Cuts and Jobs Act (TCJA) was approximately $1.0 million[150] - The final year of the TCJA phase-in will see revenue reductions of approximately $415,000 for Santa Cruz, $669,000 for Palo Verde, $16,000 for Greater Tonopah, and $5,000 for Northern Scottsdale[150] Acquisitions - The company acquired Red Rock Utilities for $5.9 million, adding over 1,650 connections and approximately 9 square miles of service area[157] Credit Facilities - The company extended the maturity date of its revolving line of credit from April 30, 2022, to April 30, 2024[158] - As of March 31, 2021, the company has sufficient cash on hand and access to a $10.0 million revolving credit line to meet operating cash flow requirements for at least the next twelve months[183] Accounting Policies - There have been no significant changes to the company's critical accounting policies from those disclosed in the most recent Annual Report[197]

Global Water Resources, Inc. (NASDAQ:GWRS) Q4 2020 Earnings Conference Call March 4, 2021 1:00 PM ET Company Participants Heather Krupa - Vice President and Controller Ron Fleming - Chairman, President & Chief Executive Officer Mike Liebman - Chief Financial Officer Christopher Krygier - Chief Strategy Officer Conference Call Participants Gerard Sweeney - ROTH Capital Partners Operator Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources 2020 Year-End Conference ...

| UNITED | STATES | | | --- | --- | --- | | SECURITIES | AND EXCHANGE COMMISSION | | | WASHINGTON, DC 20549 | | | | FORM 10-K | | | | (Mark One) | | | | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | x | | For the fiscal year ended December 31, 2020 | | | | OR | | | | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF | | ☐ | | 1934 | | | | For the transition period from _______________ to _______________ | | | | Commission File Numb ...

Global Water Resources, Inc. (NASDAQ:GWRS) Q3 2020 Earnings Conference Call November 6, 2020 1:00 PM ET Company Participants Heather Krupa - Vice President & Controller Ron Fleming - Chairman, Chief Executive Officer & President Michael Liebman - Senior Vice President, Chief Financial Officer & Corporate Secretary Chris Krieger - Chief Strategy Officer Conference Call Participants Gerry Sweeney - ROTH Capital Operator Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Re ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value $0.01 pe ...

Global Water Resources, Inc. (NASDAQ:GWRS) Q2 2020 Results Conference Call August 6, 2020 1:00 PM ET Company Participants Heather Krupa - VP & Controller Ron Fleming - Chairman, CEO & President Michael Liebman - Senior VP, CFO & Corporate Secretary Conference Call Participants Gerry Sweeney - ROTH Capital Operator Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources, Inc. 2020 Second Quarter Conference Call. [Operator Instructions] I would like to remind everyo ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ...

Global Water Resources, Inc. (NASDAQ:GWRS) Q1 2020 Earnings Conference Call May 7, 2020 1:00 PM ET Company Participants Heather Krupa - Vice President & Controller Ron Fleming - President & Chief Executive Officer Mike Liebman - Chief Financial Officer Conference Call Participants Gerry Sweeney - Roth Capital Partners Operator Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources Incorporated 2020 First Quarter Conference Call. At this time, all participants are i ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _____________________________________________________________ FORM 10-Q _____________________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to ...