Revenue Performance - Regulated revenue increased by 4.9% to 52.7million,drivenbyorganicconnectiongrowth[5]−Totalrevenuedecreasedby0.652.7 million, primarily due to a 2.8milliondeclineinunregulatedrevenuefrominfrastructurecoordinationandfinancingagreements[5]−Totalrevenuefor2024was52.692 million, a slight decrease of 0.6% from 53.028millionin2023[52]−Waterservicerevenueincreasedto26.064 million, up from 24.860million,representingagrowthof4.826.628 million, compared to 25.382million,markingagrowthof4.95.8 million, or 0.24pershare,comparedto0.33 per share in 2023[26] - Adjusted net income increased by 2.0% to 6.3million,or0.26 per share, consistent with the previous year[27] - Operating income decreased to 9.364millionin2024from12.286 million in 2023, a decline of 23.5%[52] - Net income for 2024 was 5.789million,downfrom7.982 million in 2023, reflecting a decrease of 27.5%[52] - Basic and diluted earnings per share for 2024 were both 0.24,comparedto0.33 in 2023[52] - Diluted earnings per share decreased to 0.24in2024from0.33 in 2023, a decline of approximately 27.3%[58] Cash Flow and Expenditures - Total cash, cash equivalents, and restricted cash rose to 11,156millionattheendof2024,upfrom4,763 million at the end of 2023[57] - Net cash provided by operating activities decreased to 21,785millionin2024from25,393 million in 2023, a decline of about 14.3%[55] - Capital expenditures increased significantly to 32,324millionin2024,comparedto22,312 million in 2023, an increase of approximately 45.0%[55] - The company paid dividends of 7,298millionin2024,comparedto7,185 million in 2023, reflecting a slight increase of about 1.6%[55] - The company reported a net cash provided by financing activities of 17,086millionin2024,asignificantincreasefrom406 million in 2023[55] Growth and Investments - Total active service connections increased by 4.4% to 64,520 as of December 31, 2024[31] - Water consumption increased by 3.3% to 4.16 billion gallons in 2024[5] - The company invested 32.3millionininfrastructureprojectstosupportexistingutilitiesandgrowth[5]−Aproposedsettlementagreementcouldprovideanadditional1.1 million in annual revenue, pending approval[5] - The company anticipates a 6.8% increase in single-family housing permits in the Phoenix metropolitan area for 2025[16] - Global Water is positioned to benefit from job growth in Arizona, projected to add 478,000 jobs with an annual growth rate of 1.4% through 2032[36] Debt and Assets - Total assets increased to 405.137millionasofDecember31,2024,upfrom361.095 million in 2023, a growth of 12.2%[51] - Long-term debt increased to 118.518millionin2024from101.341 million in 2023, an increase of 16.9%[51] - EBITDA for 2024 was 25,734million,downfrom27,121 million in 2023, reflecting a decrease of about 5.1%[58] - Adjusted EBITDA rose by 5.2% to 26.7million,comparedto25.3 million in 2023[28] - Adjusted EBITDA increased to 26,653millionin2024,comparedto25,336 million in 2023, marking an increase of approximately 5.2%[58]
