Revenue Performance - Regulated revenue increased by 4.9% to $52.7 million, driven by organic connection growth[5] - Total revenue decreased by 0.6% to $52.7 million, primarily due to a $2.8 million decline in unregulated revenue from infrastructure coordination and financing agreements[5] - Total revenue for 2024 was $52.692 million, a slight decrease of 0.6% from $53.028 million in 2023[52] - Water service revenue increased to $26.064 million, up from $24.860 million, representing a growth of 4.8%[52] - Wastewater and recycled water service revenue rose to $26.628 million, compared to $25.382 million, marking a growth of 4.9%[52] Income and Earnings - Net income decreased by 27.5% to $5.8 million, or $0.24 per share, compared to $0.33 per share in 2023[26] - Adjusted net income increased by 2.0% to $6.3 million, or $0.26 per share, consistent with the previous year[27] - Operating income decreased to $9.364 million in 2024 from $12.286 million in 2023, a decline of 23.5%[52] - Net income for 2024 was $5.789 million, down from $7.982 million in 2023, reflecting a decrease of 27.5%[52] - Basic and diluted earnings per share for 2024 were both $0.24, compared to $0.33 in 2023[52] - Diluted earnings per share decreased to $0.24 in 2024 from $0.33 in 2023, a decline of approximately 27.3%[58] Cash Flow and Expenditures - Total cash, cash equivalents, and restricted cash rose to $11,156 million at the end of 2024, up from $4,763 million at the end of 2023[57] - Net cash provided by operating activities decreased to $21,785 million in 2024 from $25,393 million in 2023, a decline of about 14.3%[55] - Capital expenditures increased significantly to $32,324 million in 2024, compared to $22,312 million in 2023, an increase of approximately 45.0%[55] - The company paid dividends of $7,298 million in 2024, compared to $7,185 million in 2023, reflecting a slight increase of about 1.6%[55] - The company reported a net cash provided by financing activities of $17,086 million in 2024, a significant increase from $406 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 $32.3 million in infrastructure projects to support existing utilities and growth[5] - A proposed settlement agreement could provide an additional $1.1 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 $405.137 million as of December 31, 2024, up from $361.095 million in 2023, a growth of 12.2%[51] - Long-term debt increased to $118.518 million in 2024 from $101.341 million in 2023, an increase of 16.9%[51] - EBITDA for 2024 was $25,734 million, down from $27,121 million in 2023, reflecting a decrease of about 5.1%[58] - Adjusted EBITDA rose by 5.2% to $26.7 million, compared to $25.3 million in 2023[28] - Adjusted EBITDA increased to $26,653 million in 2024, compared to $25,336 million in 2023, marking an increase of approximately 5.2%[58]
Global Water(GWRS) - 2024 Q4 - Annual Results