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Global Water Resources (GWRS)

Global Water Resources, Inc. is a leading water resource management company that owns and operates 12 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), an integrated approach to managing the entire water cycle by owning and operating water, wastewater and recycled water utilities within the same geographic area to maximize the beneficial use of recycled water. TWM conserves water by using the right water for the right use and helps protect water supplies in water-scarce areas experiencing population growth.

Company profile

Ticker
GWRS
Exchange
CEO
Ron L. Fleming
Employees
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
Global Water, LLC • Global Water - Balterra Utilities Company, Inc. • Global Water - CP Water Company, Inc. • Global Water - Eagletail Water Company, Inc. • Global Water - Hassayampa Utilities Company, Inc. • Global Water - Picacho Cove Utilities Company, Inc. • Global Water - Picacho Cove Water Company, Inc. • Global Water - Palo Verde Utilities Company, Inc. • Global Water - Red Rock Utilities Company, Inc. • Global Water - Santa Cruz Water Company, Inc. ...

GWRS stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 22
15 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 6.72M 6.72M 6.72M 6.72M 6.72M 6.72M
Cash burn (monthly) 1.74M 1.16M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 2.66M 1.77M n/a n/a n/a n/a
Cash remaining 4.06M 4.94M n/a n/a n/a n/a
Runway (months of cash) 2.3 4.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Aug 22 Cohn Andrew M. Common Stock Buy Acquire P No No 13.5 111,000 1.5M 2,066,240
1 Aug 22 Jonathan L Levine Common Stock Buy Acquire P Yes No 13.5 541,000 7.3M 10,218,920
29 Jul 22 David Rousseau RSU Common Stock Grant Acquire A No No 0 18 0 6,001
29 Jul 22 Richard M Alexander RSU Common Stock Grant Acquire A No No 0 32 0 783
29 Jul 22 Cohn Andrew M. RSU Common Stock Grant Acquire A No No 0 1 0 518
30.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 71 70 +1.4%
Opened positions 7 8 -12.5%
Closed positions 6 7 -14.3%
Increased positions 16 25 -36.0%
Reduced positions 28 21 +33.3%
13F shares Current Prev Q Change
Total value 121.87M 174.84M -30.3%
Total shares 7.32M 7.29M +0.5%
Total puts 0 300 EXIT
Total calls 0 0
Total put/call ratio Infinity
Largest owners Shares Value Change
Polar Asset Management Partners 1.2M $20.03M +17.0%
Handelsbanken Fonder AB 1.04M $17.31M 0.0%
Vanguard 802K $13.35M -8.3%
BLK Blackrock 659.94K $10.98M -1.8%
Delta Investment Management 433.86K $7.22M +0.0%
Handelsinvest Investeringsforvaltning 360K $5.99M 0.0%
Renaissance Technologies 293.05K $4.88M -8.6%
CLARET ASSET MANAGEMENT 283.41K $4.72M -1.4%
WFC Wells Fargo & Co. 221.94K $3.69M -7.0%
STT State Street 205.28K $3.42M +1.8%
Largest transactions Shares Bought/sold Change
Polar Asset Management Partners 1.2M +175.11K +17.0%
Vanguard 802K -72.29K -8.3%
DB Deutsche Bank AG - Registered Shares 38.2K +30.18K +376.2%
Renaissance Technologies 293.05K -27.7K -8.6%
Millennium Management 0 -27.17K EXIT
Select Equity 21.53K +21.53K NEW
WFC Wells Fargo & Co. 221.94K -16.6K -7.0%
IVZ Invesco 49.99K -13.49K -21.3%
BCS Barclays 14.85K -13.3K -47.2%
Dimensional Fund Advisors 54.75K +12.81K +30.6%

Financial report summary

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Risks
  • We have significant obligations under Infrastructure Coordination and Financing Agreements (“ICFAs”), yet funds from our ICFAs are dependent on development activities by developers which we do not control and are also subject to certain regulatory requirements.
  • Our ability to expand into new service areas and to expand current water and wastewater service depends on approval from regulatory agencies. Failure to obtain required regulatory approvals will adversely affect future growth.
  • Changes to environmental and other regulation may require us to alter our existing treatment facilities or build additional facilities.
  • Changes in, interpretations of, or enforcement trends related to tax rules and regulations may adversely affect our effective income tax rates or operating margins and we may be required to pay additional tax assessments.
  • We are exposed to various risks relating to legal proceedings or claims that could materially adversely affect our operating results.
  • Proposals to change policy in Arizona made through ballot initiatives may impact our growth, business plans and financial condition.
  • We are subject to environmental risks that may subject us to clean-up costs or litigation that could adversely affect our business, operating results, financial condition, and prospects.
  • Inadequate water and wastewater supplies could have a material adverse effect upon our ability to achieve the customer growth necessary to increase our revenues.
  • We do not control when and where a developer may request service within our service areas, and if this occurs outside the location and capacity of existing infrastructure, it may require significantly more capital expenditures than currently anticipated.
  • Our utilities business is subject to seasonal fluctuations and other weather-related conditions, such as droughts, which could adversely affect the supply of and demand for our services and our results of operations.
  • There is no guaranteed source of water.
  • We face risks associated with the design, construction, and operation of our systems that may adversely affect our business and financial condition.
  • We may have difficulty recruiting and retaining qualified personnel, and due to the technical and specialized nature of our business, our profitability may suffer if we do not have the necessary workforce.
  • We face competition for new service areas and acquisition targets.
  • If future acquisitions do not achieve sufficient profitability relative to expenses and investment, our business and ability to finance our operations could be materially adversely affected.
  • If we do not manage our anticipated growth effectively, we may not be able to develop or implement the infrastructure necessary to support our operations and could suffer a loss of profitability.
  • Operating costs, construction costs, and costs of providing services can be volatile and may rise faster than revenue.
  • Increased operating expenses associated with the expansion of our business may negatively impact our operating income.
  • The nature of our business exposes us to various liability claims, which may exceed the level of our insurance coverage and thereby not be reimbursed fully by insurance proceeds, or not be covered by our insurance at all, and may also make it difficult for us to obtain insurance coverage at affordable rates.
  • Our operations of regulated utilities are currently located exclusively in the state of Arizona, and more specifically approximately 90.9% of our active service connections are within a single municipality, which increases the impact of local conditions on our results of operations.
  • We depend on an adequate supply of electricity and chemicals for the delivery of our water, and an interruption in the supply of these inputs or increases in their prices could adversely affect our results of operations.
  • Service interruptions, including due to any disruption or problem at our facilities could increase our expenses.
  • Doing business in jurisdictions other than Arizona may present unforeseen regulatory, legal, and operational challenges that could impede or delay our operations or adversely affect our profitability.
  • We may have difficulty accomplishing our growth strategy within and outside of our current service areas. This would cause us to rely more heavily on regulatory rate increases to increase our revenues.
  • Any failure of our network of treatment facilities, water and wastewater pipes and water reservoirs could result in losses and damages that may affect our financial condition and reputation.
  • Risks associated with the collection, treatment, and disposal of wastewater and the operation of water utilities may impose significant costs that may not be covered by insurance, which could result in increased insurance premiums.
  • Contamination of the water supplied by us may result in disruption in our services, loss of credibility, lower demand for our services, and potential liability that could adversely affect our business and financial condition.
  • We are subject to adverse publicity and reputational risks, which make us vulnerable to negative customer perception and could lead to increased regulatory oversight or other sanctions.
  • We are subject to industrial risks that could adversely affect our results of operations.
  • The novel coronavirus ("COVID-19") global pandemic could adversely affect our business operations, cash flows, and financial position to an extent that is difficult to predict.
  • If the general public perceives recycled water to be unsafe, we will have difficulty executing our business plan and could face a loss of revenue.
  • We will need additional capital to grow our business, and additional financing may not be available to us on favorable terms when required, or at all.
  • Foreclosure rates in our service areas, as well as other factors affecting real estate development, could affect the growth of our regulated customer base or result in a decline in our revenue.
  • Our existing indebtedness could affect our business adversely and limit our ability to plan for or respond to growth opportunities, and we may be unable to generate sufficient cash flow to satisfy our liquidity needs.
  • Our information technology systems may be vulnerable to unauthorized external or internal access due to hacking, ransomware, viruses, or other cybersecurity breaches.
  • We rely on information technology systems to assist with the management of our business and customer relationships. A disruption or interruption of these systems could adversely affect our business and operations.
  • The concentration of our stock ownership with our officers, directors, certain stockholders, and their affiliates will limit your ability to influence corporate matters.
  • Our common stock may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above your purchase price.
  • Our failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act as a public company could have a material adverse effect on our business and share price.
  • We cannot assure you that we will pay dividends on our common stock, and our indebtedness could limit our ability to pay dividends on our common stock.
  • Delaware law, certain provisions in our certificate of incorporation and bylaws, and regulations of the ACC may prevent efforts by our stockholders to change the direction or management of the Company.
  • Taking advantage of the reduced disclosure requirements applicable to smaller reporting companies may make our common stock less attractive to investors.
  • Substantial future sales of our common stock, or the perception in the public markets that these sales may occur, may depress our stock price.
  • We incur costs as a result of being a public company in the U.S.
  • If investment analysts cease to publish research or reports about our business or if they publish negative evaluations of our common stock, the price of our common stock could decline.
  • If our operating and financial performance in any given period does not meet the guidance that we provide to the public or the expectations of investment analysts, our stock price may decline.

Content analysis

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