Q1 2025 Global Water Resources Inc Earnings Call
Operator: Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources, Inc. first quarter of 2025 conference. All participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time. Thank you. If anyone has difficulties hearing the conference call 1-866-333-4255. press star zero for operator assistance at any time. I would like to remind everyone that this call is being recorded on May 15, 2025 at 1 p.m. Eastern Time.
Greetings, ladies and gentlemen, thank you for standing by welcome to the Global Water Resources, Inc. First quarter of 2025 conference call. At this time all participants are in a listen only mode. Following the presentation. We will conduct a question and answer session and instructions will be provided at that time for you to queue up for.
If anyone has difficulty hearing the conference. Please press star zero for operator assistance at any time I would like to remind everyone that this call's being recorded on May 15th 2025 at one P M Eastern time.
Kyle Upchurch: I would now like to turn the conference over to Kyle Upchurch, controller. Please go ahead. Thank you, operator. And welcome, everyone. Thanks for joining us on today's call.
Speaker Change: I'd now like to turn the conference over to you Kyle Upchurch controller. Please go ahead.
Kyle Upchurch: Thank you operator and welcome everyone. Thanks for joining us on today's call yesterday, we issued our 2025 first quarter financial results by press release.
Kyle Upchurch: Yesterday, we issued our 2025 first quarter financial results by press release, a copy of which is available on our website at www.gwresources.com.
Kyle Upchurch: B of which is available on our website at www Dot GW resources dotcom.
Kyle Upchurch: Speaking today is Ron Fleming, President and Chief Executive Officer, Mike Liebman, Chief Financial Officer, and Chris Krygier, Chief Operating Officer. Ron will summarize the key operational events of the year, Mike will review the financial results for the first quarter, and Chris will review strategic initiatives and Arizona Corporation Commission activities. Ron, Mike, and Chris will be available for questions at the end of the call.
Kyle Upchurch: Speaking today is Ron Fleming, President and Chief Executive Officer.
Speaker Change: Mike Liebman, Chief Financial Officer, and Chris Kreger, Chief operating Officer.
Speaker Change: Ron will summarize the key operational events of the year, Mike will review the financial results for the first quarter and Chris will review strategic initiatives in the Arizona Corporation Commission activity.
Speaker Change: Ron Mike and Chris will be available for questions at the end of the call.
Kyle Upchurch: Before we begin, I would like to remind you that certain information presented today may include forward-looking statements. Such statements reflect the company's current expectations, estimates, projections, and assumptions regarding future events. These forward-looking statements involve a number of assumptions, risks, uncertainties, estimates, and other factors that could cause actual results to differ materially from those contained in the forward-looking statement. Accordingly, investors are cautioned not to place undue reliance on any forward-looking statements which reflect management's views as of the date hereof and are not guarantees of future performance.
Speaker Change: Before we begin I would like to remind you that certain information presented today may include forward looking statements such statements reflect the company's current expectations estimates projections and assumptions regarding future events.
Speaker Change: These forward looking statements involve a number of assumptions risks uncertainties estimates and other factors that could cause actual results to differ materially from those contained in the forward looking statements accordingly.
Speaker Change: Accordingly investors are cautioned not to place undue reliance on any forward looking statements, which reflect management's views as of the date hereof and are not guarantees of future performance.
Kyle Upchurch: For additional information regarding factors that may affect future results, please read the risk factors and MD&A sections of our periodic SEC filings.
For additional information regarding factors that may affect future results. Please read the risk factors and MD&A sections of our periodic SEC filings.
Kyle Upchurch: Additionally, certain non-GAAP measures may be included within today's call. For reconciliation of those measures to the comparable GAAP measures, please see the tables included in yesterday's earnings release, which is available on our website.
Additionally, certain non-GAAP measures may be included within today's call for a reconciliation of those measures to the comparable GAAP measures. Please see the tables included in yesterday's earnings release, which is available on our website I will now turn the call over to Ron.
Ron Fleming: I will now turn the call over to Ron. Thank you, Kyle. Good morning, everyone. And thank you for joining us today. We are very pleased to report the results for the first quarter of 2025.
Ron Fleming: Thank you Carl.
Ron Fleming: Good morning, everyone and thank you for joining us today.
Ron Fleming: We are very pleased to report the results for the first quarter of 2025.
Ron Fleming: First, I will provide a few operational highlights. Total active service connections increased 4.3% to 65,163 as of March 31st, 2025 from the 12 months prior. In Q1, we maintained an annualized 4% total active service connection growth rate. Year-to-date, we have invested $15.2 million into infrastructure improvements and existing utilities to provide safe and reliable service. A majority of our planned investments in 2025 relate to our post-test year projects in Santa Cruz Water Company and Palo Verde Utilities Company, our two largest utilities located in Pinal County, for planned inclusion in our already filed 2024 test year rate application.
Ron Fleming: First I will provide a few operational highlights total active service connections increased four 3% to 65163 as of March 31, 2025 from the 12 months prior.
Ron Fleming: In Q1, we maintain an annualized 4% total active service connection growth rate.
Ron Fleming: Year to date, we've invested $15 2 million into infrastructure improvements and existing utilities to provide safe and reliable service.
Ron Fleming: The majority of our planned investments in 2025 relate to our post test your projects and Santa Cruz water company in Palo Verde Utilities' company, our two largest utilities located in <unk> County.
Ron Fleming: Planned inclusion in our already filed 2020 for test year rate application.
Ron Fleming: Chris will provide updates on the rate case later on the call.
Ron Fleming: Chris will provide updates on the rate case later on the call.
Ron Fleming: Now I want to discuss organic customer growth and what is going on in our core utilities further. The single-family dwelling unit market ended 2024 with approximately 27,156 building permits issued in the Phoenix Greater Metropolitan Statistical Area. For Q1 2025, this market realized 6,406 building permits, representing a 15% decrease from Q1 of 2024. In 2024, the City of Maricopa issued 986 Single-Family Building Permits. For Q1 2025, this Maricopa market realized 190 building permits. representing a 41.5% decrease from Q1 2024.
Ron Fleming: Now I want to discuss organic customer growth and what is going on in our core utilities further.
Ron Fleming: Yeah.
Ron Fleming: The single family dwelling unit market ended 2024 with approximately 27156 building permits issued in the Phoenix Greater Metropolitan Statistical area.
Ron Fleming: For Q1 2025, this market realized 6406 building permits representing a 15% decrease from Q1 of 2024.
Ron Fleming: In 2020 for the city of Maricopa issued 986 single family dwelling permits building permits.
Ron Fleming: For Q1 2025, this maricopa market realized a 190 building permits.
Ron Fleming: Representing a 41, 5% decrease from Q1 2024.
Ron Fleming: It is important to note that a single quarter, specifically Q1, is not a trend as timing of permits being pulled can be influenced by many factors. Regardless, the 2025 permit data showing a bit of a pullback from prior year is not surprising considering the uncertainty around tariffs and other macroeconomic drivers that occurred. We believe this is temporary, and as these things continue to cool, including inflation, there are very strong drivers for our normal growth rate to continue or even pick up. Again, as I mentioned, our Q1 annualized growth rate remained at 4%. This is because many experts still believe there is a housing shortage in Arizona, and with the strong population and job growth continuing, Metro Phoenix will retain an annual run rate approaching 30,000 housing units per year to keep pace with that net in-migration and job growth.
Ron Fleming: It is important to note that a single quarter, specifically Q1 does not a trend as timing of permits being pulled can be influenced by many factors.
Ron Fleming: Regardless to 'twenty twenty-five permit data showing a bit of a pullback from prior year is not surprising considering the uncertainty around tariffs and other macroeconomic drivers that occurred we.
Ron Fleming: We believe this is temporary and as these things continue to call, including inflation. There are very strong drivers for our normal growth rate to continue or even pick up again as I mentioned, our Q1 annualized growth rate remained at 4%.
Ron Fleming: This is because many experts still believe there's a housing shortage in Arizona and with the strong population and job growth continuing Metro Phoenix, We will retain an annual run rate approaching 30000 housing units per year to keep pace with that net immigration and job growth just like we saw in 2020 for this demand must be met.
Ron Fleming: Just like we saw in 2024, this demand must be met by a combination of single-family dwelling units and multifamily. We believe multi-family high-density growth that is occurring in our areas will be notable and at some level supplant the reduction in single-family home growth. Simply put, there is a record number of additional multifamily projects in some stage of development. The fact is, the booming economy and net immigration that Arizona continues to realize requires more and more places for people to live, work, and play. That is why large-scale multifamily housing, commercial, and recreational projects continue to proceed at a high pace in Metro Phoenix and in our service area.
Ron Fleming: A combination of single family dwelling units and multifamily.
We believe multifamily high density growth that is occurring in our areas will be notable.
Ron Fleming: And at some level supplant the reduction in single family home growth.
Ron Fleming: Simply put there is a record number of additional multifamily projects in some stage of development.
Ron Fleming: The fact is the booming economy and net in migration that Arizona continues to realize requires more and more places for people to live work and play.
Ron Fleming: And that is why at large scale multifamily housing commercial and recreational projects continue to proceed at a high pace in Metro Phoenix and in our service areas.
Ron Fleming: Additionally, the industrial manufacturing boom also continues. The 2024 committed capital investment of $50 billion into Arizona was a record setting. There have been significant further announcements made in 2025, including the most recent $100 billion announcement on the additional planned expansions at TSMC, which is in addition to the $65 billion previously announced. as the chip industry continues to explode in Metro Phoenix. Frankly, what continues to occur in Arizona is unprecedented. In fact, the all-in TSMC investment of $165 billion would be the single largest direct foreign investment in the history of our country. And it's just one of many announcements, not yet in the historical economic investment numbers, that altogether will forever change the face of Metro Phoenix.
Ron Fleming: Additionally, the industrial manufacturing boom also continues the 2020 for committed capital investment of 50 billion into Arizona was a record setting.
Ron Fleming: There have been significant further announcements.
Ron Fleming: Announcements made in 2025 <unk>.
Ron Fleming: Including the most recent $100 billion announcement on the additional planned expansions at TSMC.
Ron Fleming: In addition to the 65 billion previously announced.
Ron Fleming: Is the chip industry continues to explode in Metro Phoenix.
Ron Fleming: Frankly, what continues to occur and Arizona is unprecedented in fact, the all in TSMC investment of 165 billion would be the single largest direct foreign investment in the history of our country and its just one of many announcements not yet in the historical economic investment numbers that altogether will forever change the face of.
Ron Fleming: Metro Phoenix.
Ron Fleming: Because of these things, we remain bullish on the future potential of our Inland Port, Arizona service area, where Procter & Gamble acquired land and where Lucid Motors just acquired the facility previously owned by Nikola. Of note, we did sign the actual special industrial contract with P&G in December of 2024 and are waiting their notice to proceed. and we continue discussing potential projects with several large firms that would locate adjacent to P&G.
Ron Fleming: Because of these things we remain bullish on the future potential of our inland Port, Arizona service area, where Procter and Gamble acquired land and where our lucid Motors just acquired the facility previously owned by Nicola.
Ron Fleming: Of note, we did sign the actual special industrial contract with P&G in December of 2024 and are waiting their notice to proceed.
Ron Fleming: And we continue discussion.
Ron Fleming: Got some potential projects with several large firms that were located adjacent to PNG.
Ron Fleming: While it is hard to forecast such large-scale industrial growth, we do believe it is a matter of when, not if, and it will be a meaningful utility addition to our company.
Ron Fleming: While it is hard to forecast such large scale industrial growth. We do believe it is a matter of when not if and it will be a meaningful utility edition to our company.
Ron Fleming: Additionally, the City of Maricopa continues progress on their recently announced large industrial complex consisting of over 680 acres of project land. While this project is still several years away from generating revenue, it represents another opportunity for notable growth for our company. Based on all of these trends, we believe that in the years to come, we will continue to see considerable large-scale commercial multifamily housing and industrial growth in addition to strong organic housing growth. Based on our recent rate case activity, including the recent completion of rate cases and those still in process, layering new rates on top of all of this growth could drive meaningful revenue and earnings growth in the years to come.
Ron Fleming: Additionally, the city America, but continuous progress on their recently announced large industrial complex consisting of over 680 acres of projects.
Ron Fleming: While this project is still several years away from generating revenue. It represents another opportunity for notable growth for our company.
Ron Fleming: Based on all of these trends, we believe that in the years to come we will continue to see considerable large scale commercial multifamily housing and industrial growth. In addition to strong organic housing.
Ron Fleming: Based on our recent rate case activity, including the recent completion of rate cases, and those still in process.
Ron Fleming: <unk> new rates on top of all of this growth could drive meaningful revenue and earnings growth in the years to come.
Ron Fleming: As I mentioned in our last earnings release, yes, high inflation and other cost drivers have caught up with us and are impacting our earnings growth. However, it's important to recognize that 2024 was a test year for our largest utilities whose last test year was five years ago in 2019. So we believe new rates to address all the cost increases over that time period and the significant investments we have made will drive earnings growth. As you can see from our many related announcements, we just completed the farmer's rate case with a positive outcome, including an approximate 1.1 million annual revenue increase and we have an additional 6.5 million annual rate increase proposed and under consideration at the ACC.
Ron Fleming: As I mentioned in our last earnings release, Yes high inflation and other cost drivers have caught up with us and are impacting our earnings grow.
Ron Fleming: However, it's important to recognize that 2024 was a test year for our largest utilities, whose last test year was five years ago in 2019. So.
Ron Fleming: So we believe new rates to address all the cost increases over that time period and the significant investments we have made.
Ron Fleming: Will drive earnings growth.
Ron Fleming: As you can see from our many related announcements, we just completed the farmers rate case with a positive outcome, including an approximate $1 1 million annual revenue increase and we have an additional $6 5 million annual rate increase proposed and under consideration at the ACC.
Ron Fleming: We believe 2025 will be another solid year for Global Water. Putting the four ways we grow our utility company together, meaning organic connections, new greenfield utilities, acquisitions and rate cases, you can see how Global Water is going to be able to grow considerably in the years to come, just like we did over the prior five years and last rate case cycle.
Ron Fleming: We believe 2025 will be another solid year for global water, putting the four ways, we grow our utility company together, meaning organic connections new Greenfield utilities acquisitions and rate cases, you can see how global water is going to be able to grow considerably in the years to come just like.
Ron Fleming: We did over the prior five years and last rate case cycle I.
Mike Liebman: I will now turn the call over to Mike for financial highlights. Thanks, Ron. Hello, everyone. Total revenue for the first quarter of 2025 was $12.5 million, which was up $0.8 million, or 7.3 percent, compared to Q1 2024. The increase in revenue was primarily attributable to a 4.3 percent increase in active service connections and increased consumption. Operating expenses for Q1 2025 were $11.2 million compared to $10.3 million in Q1 2024. This is an increase of approximately $0.9 million or 8.3%. Notable changes in operating expenses included $394,000 increase in depreciation and amortization, which was substantially attributable to an 11.4% increase in depreciable fixed assets as a result of our increased capital investments and the commissioning of related projects.
Ron Fleming: I will now turn the call over to Mike for a financial highlights. Thanks Ron.
Mike Liebman: Hello, everyone.
Mike Liebman: Total revenue for the first quarter of 2025 was $12 5 million, which was up <unk> 8 million or seven 3% compared to Q1 2020 for the.
The increase in revenue was primarily attributable to a four 3% increase in active service connections and increased consumption.
Mike Liebman: Operating expenses for Q1, 2025 were $11 2 million compared to $10 3 million. In Q1 2024. This is an increase of approximately <unk> 9 million or eight 3%.
Mike Liebman: Notable changes in operating expenses included 394000 increase in depreciation and amortization, which was substantially attributable to an 11, 4% increase in depreciable fixed assets as a result of our increased capital investments and the commissioning of related projects.
Mike Liebman: increased O&M costs by $403,000, which was primarily attributable to additional costs for purchase power, chemicals, and repairs due to increased consumption, as well as increases in other expenses, including contract IT services and labor services. and thirdly, a small increase of $62,000 in general administrative costs.
Mike Liebman: Increased O&M costs by 403000, which was primarily attributable to additional costs for purchase power chemicals and repairs due to increased consumption as well as increases in other expenses, including contract services and labor services.
Mike Liebman: And thirdly, a small increase of 62000 and general and administrative costs.
Mike Liebman: Now to discuss other income and expense. Other expense for Q1 2025 was $0.5 million, which is slightly higher than other expense of $0.3 million in Q1 2024. The increased expense is primarily attributable to the lower Buckeye earn-out fees in Q1 2025 compared to Q1 2024. Net income for Q1 2025 was $0.6 million or $0.02 per diluted share as compared to $0.7 million or $0.03 per diluted share in Q1 2024.
Mike Liebman: Now to discuss other income and expense.
Mike Liebman: Other expense for Q1, 2025 was point $5 million, which is slightly higher than other expense of <unk> 3 million in Q1 2020 for the increased expense is primarily attributable to the lower Buckeye earn out fees in Q1 2025 compared to Q1 2024.
Mike Liebman: Net income for Q1, 2025 was <unk> 6 million or two cents per diluted share as compared to <unk> 7 million or <unk> <unk> per diluted share in Q1 2024.
Mike Liebman: Now to talk about adjusted EBITDA, which adjusts for non-recurring and non-cash items such as restricted stock expenses. Adjusted EBITDA was $5.6 million in Q1 2025 compared to $5.4 million in Q1 2024. This is an increase of approximately 0.2 million or 4.4%.
Mike Liebman: Now to talk about adjusted EBITDA, which adjusts for nonrecurring and noncash items, such as restricted stock expense.
Mike Liebman: Adjusted EBITDA was $5 6 million in Q1 2025 compared to $5 4 million. In Q1 2024. This is an increase of approximately <unk> 2 million or four 4%.
Mike Liebman: Lastly, I'd like to touch on liquidity. We had a successful equity capital raise in March of $32 million, and shortly after that, we extended our line of credit to May of 2027 and increased it by $5 million, going from $15 million to $20 million. When combining the $31.5 million of cash and the $20 million unused revolver, we have over $50 million of liquidity to support our capital expenditure program as well as the Tucson acquisition.
Mike Liebman: Lastly, I'd like to touch on liquidity.
Mike Liebman: We had a successful equity capital raise in March of $32 million and shortly after that we extended our line of credit to May of 2027 and increased it by $5 million going from 15 million to $20 million.
Mike Liebman: When combining the $31 5 million of cash and the $20 million unused revolver, we have over 50 million of liquidity to support our capital expenditure program as well as the Tucson acquisition.
Mike Liebman: This concludes our update on the first quarter 2025 financial results.
Mike Liebman: This concludes our update on the first quarter 2025 financial results I'll now pass the call to Chris to review, our regulatory activity and strategic initiatives for the quarter.
Chris Krygier: I'll now pass the call to Chris to review our regulatory activity and strategic initiatives for the quarter. Thank you, Mike. And hello, everyone. It has been another solid quarter since our last update. First, as you likely saw in our press releases and heard Ron allude to earlier, the Arizona Corporation Commission approved new rates for our Farmers Water Utility. We started charging those new rates on May 1st, so you will see those results reflected in future quarters.
Chris Kreger: Thank you, Mike and Hello, everyone.
Mike Liebman: It has been another solid quarter since our last update.
Mike Liebman: First as you likely saw in our press releases and her Ron alluded to earlier, the Arizona Corporation Commission approved new rates for our farmers water utility.
Mike Liebman: We started charging those new rates on May 1st So you will see those results reflected in future quarters.
Chris Krygier: Second.
Mike Liebman: Second.
Chris Krygier: As you heard Ron also mention, we filed our Santa Cruz and Palo Verde rate case on March 5, 2025, requesting a net revenue increase of $6.5 million. The case is off to a solid start. On April 4th, 2025, the ACC Utilities Division staff determined that the application was administratively complete, marking off the first step in their review process. We also advance the case further with the establishment of our procedural schedule. Commission staff testimony is due on April 1st, 2025 with hearings in the case scheduled to begin in the middle of December this year. In the meantime, we have started answering the typical data requests we receive from the parties, and we will continue to keep you updated in the months ahead.
Ron Fleming: As you heard Ron also mentioned, we filed our Santa Cruz and Palo Verde rate case on March 5th 2025, requesting a net revenue increase of $6.5 million.
Speaker Change: <unk> is off to a solid start.
Speaker Change: On April 4th 2025, the ACC utilities Division staff determined that the application was administratively complete.
Marking off the first step in their review process.
Speaker Change: We also advanced the case further with the establishment of our procedural schedule.
Speaker Change: Commission staff testimony is due on April one 2025 with hearings in the case scheduled to begin in the middle of December this year.
Speaker Change: In the meantime, we have started answering the typical data requests we receive from the parties and we will continue to keep you updated in the months ahead.
Chris Krygier: Turning to the Tucson acquisition. We're targeting to close this summer. We're working on the final details and look forward to welcoming these customers into the Global Water family.
Speaker Change: Turning to the Tucson acquisition, we're targeting to close this summer or working on the final details and look forward to welcoming these customers and to the global water family.
Chris Krygier: This concludes the update on Regulatory Activity and Acquisitions.
Rob: This concludes the update on regulatory activity and acquisitions I'll now pass the call back to Rob.
Ron Fleming: I'll now pass the call back to Ron.
Ron Fleming: Thank you, Chris. I think Chris got a little excited there.
Rob: Thank you, Chris I think Chris got a little excited there.
Ron Fleming: Staff testimony is due on October 1st, October 1st, 2025. We'll give them a little bit of time. Thank you.
Speaker Change: <unk> testimony is due on October one October 1st 25, we will give them a little bit of time. Thank you.
Ron Fleming: But to close today, I just wanted to express how proud I am of our team. Yes, while there is an interesting mix of tailwinds and headwinds in the economy right now, and our stock price has pulled back over the last few years. I also believe the last five years of performance are evidence of our ability to materially improve on all meaningful utility metrics despite such conditions. Customer growth, revenue growth, rate-based growth, and earnings growth have all been exceptionally strong, and we expect that to continue. This is because of our people, our plan, and our foundation, and our unique local geographical dynamics that is not directly impacted by all the national macroeconomics.
Speaker Change: But to close today I just wanted to express how proud I am of our team.
Speaker Change: Yes, well there is an interesting mix of tailwind and headwinds in the economy right now.
Speaker Change: Stock price has pulled back over the last few years.
Speaker Change: I also believe the last five years of performance are evidence of our ability to materially improve on all meaningful utility metrics despite such conditions.
Speaker Change: Customer growth revenue growth rate base growth and earnings growth have all been exceptionally strong and we expect that to continue.
Speaker Change: This is because of our people our plan and our foundation and our unique local geographical dynamics that is not directly impacted by all the national macroeconomics.
Ron Fleming: As we execute our growth plan, we intend to remain at the forefront of the water management industry and advance our mission of achieving efficiency and consolidation. We truly believe that expanding our total water management platform and applying our expertise throughout our regional service areas and to new utilities will be beneficial to all stakeholders involved. We appreciate your investment in and support of us as we grow global water to address important utility, water resource, and economic development matters along the Arizona Sun Corridor, allowing our communities to thrive.
As we execute our growth plan, we intend to remain at the forefront of the water management industry and advance our mission of achieving efficiency and consolidation.
Speaker Change: We truly believe that expanding our total water management platform and applying our expertise throughout our regional service areas and to new utilities will be beneficial to all stakeholders involved.
Speaker Change: We appreciate your investment in and support of US as we grow global water to address important utility water resource and economic development matters, along the Arizona Sun corridor, allowing our communities to thrive.
Ron Fleming: That highlight concludes our prepared remarks. Thank you.
Speaker Change: That highlight can conclude.
Speaker Change: <unk> concludes our prepared remarks, thank you.
Ron Fleming: We're available to answer any questions.
Speaker Change: We are available to answer any questions.
Operator: We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the key. if at any time your question has been addressed. would like to withdraw. Your Press Star. again, to ask a question. Press star then 1.
Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your telephone keypad.
Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then.
Speaker Change: Sue.
Speaker Change: Once again to ask a question please.
Speaker Change: Please press Star then one.
Operator: At this time, we will pause momentarily.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Operator: Assembler, Ross. If you'd like to ask a question, please use the Q&A feature. Press star then 1.
Speaker Change: Just a reminder, if you'd like to ask a question. Please press Star then one on a touchtone phone.
Operator: and the world.
Speaker Change: Seeing no questions.
Operator: This concludes our question and answer session.
Speaker Change: This concludes our question and answer session.
Ron Fleming: I would like to turn the conference back over to Ron Fleming for any closing remarks. Thank you, operator. Yeah, just want to thank everybody for participating on the call today and your continued interest in global water.
Speaker Change: I would like to turn the conference back over to Ron Fleming for any closing remarks.
Ron Fleming: Thank you operator, yes, just want to thank everybody for participating on the call today and your continued interest in global water.
Ron Fleming: Thanks, and we look forward to talking to you again. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Ron Fleming: Thanks, and we look forward to talking to you again.
Speaker Change: The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker Change: [music].