Global Water Resources Inc (GWRS) 2023 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources Inc., 2023 fourth-quarter and year-end conference call. (Operator Instructions) I'd now like to remind everyone that this call is being recorded on March 7, 2024, at 1:00 PM Eastern Time.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加 Global Water Resources Inc. 2023 年第四季和年終電話會議。（操作員說明）我現在想提醒大家，此通話的錄音時間為東部時間 2024 年 3 月 7 日下午 1:00。

And I'd like to turn the floor over to Joanne Ellsworth, Executive Vice President, Corporate Affairs. Joanne, please go ahead.

我想請公司事務執行副總裁 Joanne Ellsworth 發言。喬安妮，請繼續。

Thank you. Welcome, everyone, and thank you for joining us on today's call. Yesterday, we issued our 2023 fourth quarter and year-end financial results by press release, a copy of which is available on our website at www.gwresources.com.

謝謝。歡迎大家，感謝您參加今天的電話會議。昨天，我們透過新聞稿發布了 2023 年第四季和年終財務業績，其副本可在我們的網站 www.gwresources.com 上取得。

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 quarter. Mike will review the financial results for the fourth quarter and year-end. And Chris will review strategic initiatives and the Arizona Corporation Commission activity for the quarter. Ron, Mike, and Chris will be available for questions at the end of the call.

今天發言的是總裁兼執行長 Ron Fleming；麥克‧利布曼，財務長；和首席營運長 Chris Krygier。羅恩將總結本季的主要營運事件。麥克將審查第四季和年底的財務業績。克里斯將審查本季的策略性舉措和亞利桑那州公司委員會的活動。羅恩、麥克和克里斯將在通話結束時回答問題。

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 statements. 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.

在開始之前，我想提醒您，今天提供的某些資訊可能包含前瞻性陳述。此類陳述反映了公司目前對未來事件的預期、估計、預測和假設。這些前瞻性陳述涉及許多假設、風險、不確定性、估計和其他因素，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。因此，投資人應注意不要過度依賴任何前瞻性陳述，這些陳述反映了截至本報告發布之日管理層的觀點，並非對未來業績的保證。

For additional information regarding factors that may affect future results, please read the sections Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations, which is included within our latest Form 10-K filed with the SEC. Such filings are available at www.sec.gov.

有關可能影響未來結果的因素的更多信息，請閱讀風險因素以及管理層對財務狀況和營運結果的討論和分析部分，該部分包含在我們向 SEC 提交的最新 10-K 表格中。此類備案可在 www.sec.gov 上取得。

Certain non-GAAP measures may be included within today's call. For a reconciliation of these measures to the comparable GAAP financial measures, please see the tables included in yesterday's earnings release, which is available on our website.

今天的電話會議中可能會包含某些非公認會計準則措施。有關這些指標與可比較 GAAP 財務指標的對照表，請參閱昨天的收益報告中包含的表格，該表格可在我們的網站上找到。

I'll now turn the call over to Ron.

我現在將電話轉給羅恩。

Thank you, Joanne. Good morning, everyone, and thank you for joining us today. We are very pleased to report the results for the fourth quarter and year-end 2023. As you can see by our earnings release, 2023 was an exceptional year for Global Water.

謝謝你，喬安妮。大家早安，感謝您今天加入我們。我們非常高興地報告第四季和 2023 年年底的業績。正如您從我們的財報中看到的，2023 年對 Global Water 來說是不平凡的一年。

Before discussing our normal operational highlights, I wanted to briefly summarize a few of our accomplishments from last year. We managed a record-setting heat wave in Arizona during the summer. And when combined with growth, we broke all records for water pump and delivered to customers. Importantly, this was done without any reliability or safety issues.

在討論我們的正常營運亮點之前，我想簡要總結一下我們去年取得的一些成就。夏天，我們在亞利桑那州經歷了創紀錄的熱浪。當與增長相結合時，我們打破了水泵的所有記錄並向客戶交付。重要的是，這是在沒有任何可靠性或安全性問題的情況下完成的。

We recommissioned and commenced operations of our Southwest Plant water infrastructure and portions of our wastewater infrastructure to serve new development southwest of the City of Maricopa. This recommissioning amounts to a significant portion of the water and wastewater infrastructure in this area that had been mothballed since being constructed prior to Great Recession. And the remaining plant will be put into service once sufficient flows are established.

我們重新調試並開始營運西南工廠供水基礎設施和部分廢水基礎設施，為馬里科帕市西南部的新開發項目提供服務。這次重新調試涉及該地區供水和污水處理基礎設施的很大一部分，這些基礎設施自大衰退之前建造以來一直處於封存狀態。一旦建立足夠的流量，剩餘的工廠將投入使用。

The total value of this investment is approximately $38.4 million. We completed the purchase and full integration of our largest utility acquisition since before the Great Recession. By all accounts, this was done seamlessly for our customers who are already benefiting from our ownership and additional investment.

這項投資的總價值約為3840萬美元。我們完成了大衰退前以來最大的公用事業收購的收購和全面整合。從各方面來看，這對我們的客戶來說是無縫完成的，他們已經從我們的所有權和額外投資中受益。

We filed our Saguaro District rate case with the proposal to consolidate all previously acquired utilities in Pima County. Subsequent to year-end and after a collaborative process, we entered into a positive settlement agreement with the ACC Utilities Division Staff. We released our first-ever environmental, social and governance report.

我們提交了仙人掌區費率案件，並提議合併皮馬縣先前收購的所有公用事業。年底後，經過合作流程，我們與 ACC 公用事業部門工作人員達成了積極的和解協議。我們發布了第一份環境、社會和治理報告。

Shifting now to our normal operational highlights. Those include that total active service connections increased 9.8% to 61,791 as of end of year, up from 56,270 the 12 months prior. Excluding the acquisition Farmers Water Co. in February of '23, the annualized growth rate was 3.7%. Year-to-date, we've invested $22.3 million into infrastructure improvements in existing utilities to provide safe and reliable service.

現在轉向我們的正常營運亮點。其中包括，截至年底，活躍服務連接總數從 12 個月前的 56,270 個增加到 61,791 個，增加了 9.8%。剔除2023年2月收購Farmers Water Co.的情況，年化成長率為3.7%。今年迄今為止，我們已投資 2,230 萬美元用於改善現有公用事業的基礎設施，以提供安全可靠的服務。

And finally, with safety and compliance being our top mandate, we are very proud of our ongoing safety and compliance records. For the quarter, we had zero significant compliance events and no preventable OSHA reportable events, continuing our streaks from 2022 and prior. In fact, this means we have now surpassed six years and seven months without a significant compliance event. And we've now gone over three years and two months since our last preventable OSHA reportable event.

最後，安全和合規是我們的首要任務，我們對我們持續的安全和合規記錄感到非常自豪。本季度，我們的重大合規事件為零，也沒有可預防的 OSHA 應報告事件，延續了 2022 年及之前的記錄。事實上，這意味著我們已經六年七個月沒有發生過重大合規事件了。自上次可預防的 OSHA 可通報事件以來，我們已經過了三年零兩個月。

So with that, I want to pause, highlight and thank the team here at Global Water for their continued exceptional performance throughout 2023 that allows me to provide such wonderful update.

因此，我想暫停一下，強調並感謝 Global Water 的團隊在 2023 年持續出色的表現，使我能夠提供如此精彩的更新。

Now I'm going to discuss organic customer growth further and what's going on in our core utilities. Despite the local and national slowdown, development and housing activity does continue in metro-Phoenix and our service areas.

現在我將進一步討論有機客戶成長以及我們核心公用事業的進展。儘管地方和全國經濟放緩，但鳳凰城大都會和我們的服務區的開發和住房活動仍在繼續。

In 2022, metro-Phoenix did experience a 23% reduction in single-family home building permits over 2021. But this was still nearly 25,000 single-family building permits. In 2023, single-family permits stayed strong, and we realized 22,582 permits.

2022 年，鳳凰城都會區的單戶住宅建築許可數量確實比 2021 年減少了 23%。但這仍然是近 25,000 個單戶建築許可證。2023 年，單戶住宅許可證保持強勁，我們獲得了 22,582 個許可證。

However, the 12,462 permits issued in the second half of 2023 was 4,677 permits higher than the second half of 2022. This is an increase of 60% as the market continues to recover.

然而，2023年下半年發放的12,462張許可證比2022年下半年增加了4,677個許可證。隨著市場持續復甦，這一數字成長了 60%。

In the City of Maricopa, the location of our largest utilities, it's a similar story. Maricopa issued 888 permits in 2023. This was compared to 1,149 permits for 2022. However, there were only 243 new permits issued during the second half of 2022, but there were 497 permits issued in the second half of 2023. This is an improvement of 105% as that local market accelerates and recovers as well.

在我們最大的公用事業公司所在地馬里科帕市，情況也類似。馬里科帕 2023 年發放了 888 張許可證。相比之下，2022 年有 1,149 個許可證。然而，2022 年下半年僅發放了 243 張新許可證，但 2023 年下半年發放了 497 張許可證。隨著當地市場的加速和復甦，這一數字提高了 105%。

With that said on housing, 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 accelerate at extremely high pace in metro-Phoenix and in our service areas, with a record number of multifamily units being constructed in the City of Maricopa.

說到住房，亞利桑那州不斷蓬勃發展的經濟和淨移民需要越來越多的地方供人們生活、工作和娛樂。這就是為什麼大型多戶住宅、商業和娛樂項目在鳳凰城都會區和我們的服務區繼續以極快的速度加速發展，馬里科帕市正在建造的多戶單元數量創歷史新高。

Additionally, the industrial manufacturing boom also continues. Previously, 2022 was the single best year for Arizona all time from an industrial economic development investment perspective. And that was eclipsed in 2023.

此外，工業製造業的繁榮也持續。此前，從工業經濟發展投資的角度來看，2022 年是亞利桑那州有史以來最好的一年。而到了 2023 年，這個數字就黯然失色了。

Because of this, we continue to make excellent progress on the engineering, permitting and construction of new service areas for industrial projects, including the Inland Port, Arizona, where Nikola Motor Corp. facility is located and where Procter & Gamble acquired land. 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 the return of strong organic housing growth.

正因如此，我們繼續在工業項目新服務區的設計、許可和建設方面取得出色進展，其中包括尼古拉汽車公司工廠所在地以及寶潔公司收購土地的亞利桑那州內陸港。基於所有這些趨勢，我們相信，在未來幾年，除了強勁的有機住房成長回歸之外，我們還將繼續看到大規模商業、多戶住房和工業成長。

Putting all these elements together, we believe 2024 will be another credible year for Global Water as we continue to advance our mission of growing and aggregating water and wastewater utilities so that our customers can realize the benefits of consolidation, regionalization and environmental stewardship in the face of water scarcity, challenging regulations and aging infrastructure.

將所有這些要素放在一起，我們相信2024 年將是Global Water 又一個值得信賴的一年，因為我們將繼續推進發展和整合供水和污水處理設施的使命，以便我們的客戶能夠實現整合、區域化和環境管理的好處水資源短缺、具挑戰性的法規和老化的基礎設施。

I will now turn the call over to Mike for financial highlights.

我現在將把電話轉給麥克，了解財務要點。

Thanks, Ron. Hello, everyone. Total revenue for the fourth quarter of 2023 was $12.4 million, which was up $1.3 million or 11.4% compared to Q4 2022. The increase in revenue was primarily attributable to increased rates related to our 2022 rate decision, new connections associated with the acquisition of Farmers in February of '23 and year-over-year organic connection growth of 3.7%.

謝謝，羅恩。大家好。2023 年第四季的總營收為 1,240 萬美元，比 2022 年第四季成長 130 萬美元，成長 11.4%。收入的成長主要歸因於我們 2022 年費率決定相關的費率增加、與 2023 年 2 月收購 Farmers 相關的新連接以及同比有機連接增長 3.7%。

Total revenue for the full year 2023 was $53 million, which was up $8.3 million or 18.6% over 2022. The increase in revenue is primarily attributable to the increased rates of the Farmers acquisition, organic connection growth and the recognition of $2.8 million of revenue under infrastructure coordination and financing agreements, also known as ICFAs.

2023 年全年總收入為 5,300 萬美元，比 2022 年增加 830 萬美元，即 18.6%。收入的成長主要歸因於 Farmers 收購率的提高、有機連接的成長以及基礎設施協調和融資協議（也稱為 ICFA）下 280 萬美元收入的確認。

A more fulsome explanation of ICFAs can be found in our quarterly and annual filings. However, just for some background, ICFAs are agreements we entered into with developers and homebuilders whereby Global Water provides services to plan, coordinate and finance the water and wastewater infrastructure that would otherwise be required to be performed or subcontracted by the developer or a homebuilder.

關於 ICFA 的更全面的解釋可以在我們的季度和年度文件中找到。然而，僅就一些背景而言，ICFA 是我們與開發商和住宅建築商簽訂的協議，全球水務根據該協議提供服務來規劃、協調和資助供水和廢水處理基礎設施，否則這些基礎設施將需要由開發商或住宅建築商執行或分包。

Water and wastewater revenue, which excludes ICFA revenue, for the year 2023 increased $5.5 million or 12.3% compared to 2022. Operating expenses for Q4 2023 were $10.7 million compared to $9.9 million in Q4 2022. This is an increase of $0.8 million or 8.5%.

2023 年的水和廢水處理收入（不包括 ICFA 收入）比 2022 年增加了 550 萬美元，即 12.3%。2023 年第四季的營運費用為 1,070 萬美元，而 2022 年第四季的營運費用為 990 萬美元。增加了 80 萬美元，即 8.5%。

Notable changes in operating expenses included $201,000 increase in depreciation and amortization expense tied to our capital expenditure program, a portion of which is related to the activation of the Southwest Plant Ron mentioned. In addition, ICFA-related amortization also contributed to the increase, which occurs when payments are received related to certain ICFAs.

營運費用的顯著變化包括與我們的資本支出計劃相關的折舊和攤銷費用增加了 201,000 美元，其中一部分與羅恩提到的西南工廠的啟動有關。此外，與 ICFA 相關的攤銷也導致了成長，這種情況發生在收到與某些 ICFA 相關的付款時。

We also had an increase in operating and maintenance cost by about $483,000, which was primarily attributable to the Farmers acquisition, additional cost for purchase power as a direct result of increased consumption, increased personnel costs and higher property tax expense.

我們的營運和維護成本也增加了約 483,000 美元，這主要歸因於 Farmers 收購、消耗增加直接導致的購買力額外成本、人員成本增加和財產稅費用增加。

Operating expenses for the full year 2023 were $40.7 million compared to $36.9 million, an increase of $3.8 million or 10.4%. Notable changes include a $1.5 million increase in depreciation and amortization expense tied to our capital expenditure program, the activation of the Southwest Plant and amortization expense related to ICFAs, a $1.8 million increase in operations and maintenance expense related to Farmers acquisition, higher cost due to growth for items like power and chemical costs as well as personnel costs increase tied to the cost of living adjustments and increased headcount to support growth and a $500,000 increase in G&A.

2023 年全年營運費用為 4,070 萬美元，較 3,690 萬美元增加了 380 萬美元，增幅為 10.4%。顯著的變化包括與我們的資本支出計劃相關的折舊和攤銷費用增加了150 萬美元、西南工廠的啟動和與ICFA 相關的攤銷費用、與Farmers 收購相關的運營和維護費用增加了180 萬美元、由於電力和化學品成本以及人員成本等項目的增長與生活成本調整和支持增長的員工人數增加以及一般管理費用增加 500,000 美元相關。

Now to discuss other income and expense. Other expense for Q4 2023 was $131,000, which was lower compared to the $279,000 of expense in Q4 2022. For the full year 2023, other expense was $1.43 million, which was slightly higher than the $1.38 million in 2022.

現在討論其他收入和支出。2023 年第四季的其他費用為 131,000 美元，低於 2022 年第四季的 279,000 美元。2023年全年，其他費用為143萬美元，略高於2022年的138萬美元。

Turning to net income. Global Water had net income of $1.1 million or $0.05 per diluted share in Q4 2023, an increase of $318,000 or 38.5% compared to Q4 of 2022. For the full year 2023, net income was $8 million or $0.33 per diluted share compared to $5.5 million or $0.24 per diluted share. This was an increase of $2.5 million or 45%.

轉向淨利。2023 年第四季，全球水務的淨利為 110 萬美元，即稀釋後每股收益 0.05 美元，較 2022 年第四季增加 318,000 美元，即 38.5%。2023 年全年淨利潤為 800 萬美元，即稀釋後每股收益 0.33 美元，而淨利潤為 550 萬美元，即稀釋後每股收益 0.24 美元。增加了 250 萬美元，即 45%。

Now to talk about adjusted EBITDA, which adjusts for nonrecurring items such as ICFA revenue as well as noncash items such as restricted stock expense. Adjusted EBITDA was $5.8 million in Q4 2023, an increase of $322,000 or 5.9% compared to Q4 2022. For the full year 2023, adjusted EBITDA was $25.3 million compared to $22.9 million in 2022. This is an increase of $2.5 million or 10.8%.

現在談談調整後的 EBITDA，它針對 ICFA 收入等非經常性項目以及限制性股票費用等非現金項目進行調整。2023 年第四季調整後 EBITDA 為 580 萬美元，比 2022 年第四季增加 322,000 美元，成長 5.9%。2023 年全年，調整後 EBITDA 為 2,530 萬美元，而 2022 年為 2,290 萬美元。增加了 250 萬美元，即 10.8%。

Before turning the call over to Chris, I'd like to mention a couple of other developments. In January 2024, we received $20 million related to the note purchase agreement we executed in October of 2023. This is an interest-only 10-year loan at a fixed rate of 6.91%. Our weighted average cost of debt is now approximately 4.9%, and all of our outstanding debt is fixed rate debt with the exception of our revolver.

在將電話轉給克里斯之前，我想提一下其他一些進展。2024 年 1 月，我們收到了與 2023 年 10 月簽署的票據購買協議相關的 2,000 萬美元。這是一筆 10 年期只付利息貸款，固定利率為 6.91%。我們的加權平均債務成本現在約為 4.9%，除左輪手槍外，我們所有的未償債務都是固定利率債務。

Lastly, as part of our efforts in the current Southwest Plant depreciation deferral docket, we recently discovered that in 2007, $7.8 million of our Southwest Plant infrastructure was prematurely included as plant in service for ratemaking purposes. As a result, these costs were inadvertently included in rates as part of our 2010 rate order as well as our 2014 and 2022 rate orders.

最後，作為我們在當前西南工廠折舊延期清單中所做努力的一部分，我們最近發現，2007 年，出於費率制定目的，價值 780 萬美元的西南工廠基礎設施被過早地納入在役工廠。因此，這些成本無意中包含在我們 2010 年費率指令以及 2014 年和 2022 年費率指令的費率中。

We met with the Arizona Corporation Commission staff on March 1 to bring this to their attention. And we plan to continue meeting with ACC staff in the coming months as we intend to work toward resolving the matter in a way that we believe is fair to all of our stakeholders, including customers and shareholders. The final outcome and resolution of this matter cannot be predicted. And the results, while not reasonably estimable at this time, could be material.

我們於 3 月 1 日會見了亞利桑那州公司委員會的工作人員，並提請他們注意這一點。我們計劃在未來幾個月內繼續與 ACC 工作人員會面，因為我們打算以我們認為對包括客戶和股東在內的所有利益相關者公平的方式努力解決問題。此事的最終結果和解決方案尚無法預測。雖然目前還無法合理估計結果，但結果可能是重大的。

This concludes our update on the fourth quarter and year-end 2023 financial results. I'll now pass the call to Chris to review our rate case and strategic initiatives for the quarter.

我們對第四季和 2023 年年底財務表現的更新到此結束。現在，我將致電克里斯，以審查我們本季的費率案例和策略性舉措。

Thank you, Mike. Hello, everyone. On the Arizona Corporation Commission front, we made progress on a number of different filings. First, our Saguaro District rate case continues moving down the field. On February 29, 2024, the company entered into a settlement agreement with the Arizona Corporation Commission Utilities Division Staff.

謝謝你，麥克。大家好。在亞利桑那州公司委員會方面，我們在許多不同的申請方面取得了進展。首先，我們的仙人掌區利率案例持續進展。2024 年 2 月 29 日，該公司與亞利桑那州公司委員會公用事業部門工作人員簽訂了和解協議。

The agreement includes, among other things, a recommended annual revenue increase of approximately $351,000, acquisition premiums for 6 of the utilities, a capital structure with an equity layer of 55%, a return on equity of 9.6%, consolidation of the utilities in the case and an accounting deferral for a large capital project related to the former Rincon utility.

除此之外，該協議包括建議年收入增長約 351,000 美元、對 6 家公用事業公司的收購溢價、股權層 55% 的資本結構、股本回報率 9.6%、公用事業公司的合併案件以及與前Rincon 公用事業相關的大型資本項目的會計遞延。

We appreciate the commission staff's efforts on the case as it continues through the process. Settlement testimony is due to be filed today, with the hearing scheduled to begin on March 25, 2024. And then after that hearing, the administrative law judge will issue a recommended opinion in order for the commission to consider. Finally, as you saw in our press release, there can be no assurance of the final outcome of the case.

我們感謝委員會工作人員在案件審理過程中所做的努力。和解證詞將於今天提交，聽證會定於 2024 年 3 月 25 日開始。聽證會結束後，行政法法官將提出建議意見，供委員會考慮。最後，正如您在我們的新聞稿中看到的那樣，無法保證案件的最終結果。

Also ACC related in the quarter, we met with the Utility Division Staff and the commissioners to inform them that we plan to file a rate case for our recently acquired Farmers utility in the summer of 2024 and a rate case for our Santa Cruz and Palo Verde utilities, the largest in our fleet in 2025. We have begun outreach with our municipal partners, and we'll provide more updates in future quarters.

此外，在本季度，我們也與ACC 相關，與公用事業部門工作人員和專員會面，告知他們，我們計劃在2024 年夏季為最近收購的Farmers 公用事業公司提交費率案例，並為我們的Santa Cruz和Palo Verde 提交費率案例公用事業，到 2025 年將成為我們船隊中最大的。我們已經開始與市政合作夥伴進行外展，我們將在未來幾季提供更多更新。

On the acquisition and growth front, as you saw in our press release, we continue to look for acquisitions and hope to make an announcement in the next quarter.

在收購和成長方面，正如您在我們的新聞稿中看到的那樣，我們將繼續尋求收購，並希望在下個季度宣布這一消息。

This concludes the update on strategic initiatives and Arizona Corporation Commission activity. I'll now pass the call back to Ron.

關於策略性舉措和亞利桑那州公司委員會活動的最新情況到此結束。我現在將電話轉回給羅恩。

Thank you, Chris. So it's clear we are still experiencing rapid growth, while also successfully handling challenging times on the macroeconomic front. 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.

謝謝你，克里斯。因此，很明顯，我們仍在經歷快速成長，同時也成功應對了宏觀經濟的挑戰。在執行成長計畫時，我們打算保持在水管理產業的前沿，並推動我們實現效率和整合的使命。

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 the stakeholders involved. We appreciate your investment and support of us as we grow Global Water to address important utility, water resource and economic development matter along the Arizona Sun corridor, allowing our communities to thrive.

我們堅信，擴大我們的全面水管理平台並將我們的專業知識應用於整個區域服務領域和新的公用事業將為所有相關利益相關者帶來好處。感謝您對我們的投資和支持，我們將發展全球水務，以解決亞利桑那太陽走廊沿線的重要公用業務、水資源和經濟發展問題，使我們的社區蓬勃發展。

That highlight concludes our prepared remarks. Thank you. We are now available to answer questions.

我們準備好的發言就到此結束。謝謝。我們現在可以回答問題。

(Operator Instructions) Gerry Sweeney, ROTH Capital.

（操作員指令）Gerry Sweeney，羅斯資本。

I was wondering the Inland Port opportunity, I know it's probably a little bit further out on the curve, but curious if you could just give us maybe a little bit of an update on maybe some of the major milestones that you're looking at, timelines if that were available, please?

我想知道內陸港的機會，我知道它可能在曲線上有點遠，但很好奇您是否能為我們提供一些關於您正在關注的一些主要里程碑的最新信息，如果有的話，時間表可以嗎？

Yes. Absolutely, Gerry. So the -- I guess the still most recent public announcement that we're able to talk about was when Procter & Gamble purchased 300 acres or so of the Inland Port. There's so much industrial growth going on in the metro-Phoenix area right now that we get inquiries, if you want to call them that, on a fairly routine basis, not just in the Inland Port there, but also in some of our other service areas. So I do think it's just a matter of time till there's more announcements on that.

是的。當然，格里。因此，我想我們能夠談論的最新公開公告是寶潔公司購買了大約 300 英畝內陸港的土地。目前，菲尼克斯大都會地區的工業成長如此之快，如果您想這樣稱呼它們，我們會收到詢問，在相當常規的基礎上，不僅是在那裡的內陸港，而且還有我們的一些其他服務地區。所以我確實認為更多的公告只是時間問題。

But for Procter & Gamble themselves, I guess I can't pretend to understand how a company that large makes their decisions on when they're going to pull trigger on a new factory. I guess that's all related to supply and demand and what their own goals are.

但對於寶潔公司本身來說，我想我無法假裝理解一家如此大的公司如何在何時啟動新工廠方面做出決定。我想這都與供需以及他們自己的目標有關。

But we do continue to work with them. We do continue to plan and lay out the regional infrastructure solution that they will connect into. And so that progress continues. I just can't put a date on when we'll actually get to us building alongside them building.

但我們確實繼續與他們合作。我們確實繼續規劃和佈置他們將連接的區域基礎設施解決方案。因此，進展仍在持續。我只是無法確定我們何時能真正與他們一起建造。

Got it. I appreciate it. And then Maricopa, obviously pretty solid, I think, with -- while your overall organic growth, 3.7%, which I thought was pretty solid considering everything. It sounds like multifamily is coming -- is -- remain strong. Maybe single families returning or rebounding.

知道了。我很感激。然後是馬里科帕，我認為，顯然相當穩健，而你們的整體有機增長為 3.7%，考慮到一切，我認為這是相當穩健的。聽起來多戶型家庭即將到來，並且保持強勁。也許單身家庭會回歸或反彈。

Maricopa is getting quite big. Is there any larger developments going on around within Maricopa that you can discuss that sort of projected or moves it up the size chain? I know at one point, the big box stores came in. I'm just curious if there's anything like that on the horizon as well.

馬里科帕變得相當大。馬里科帕內是否有任何更大的開發項目可供您討論或將其提升到規模鏈上？我知道在某一時刻，大賣場進來了。我只是好奇是否也有類似的事情即將發生。

Yes, absolutely. Yes, it's really remarkable what continues to happen there in Maricopa. Sure, housing slowed to, like you said, 3.7%. But again, considering the highest interest rates in 50 years, that just speaks to the strength of that location from a residential growth perspective.

是的，一點沒錯。是的，馬里科帕繼續發生的事情確實令人矚目。當然，正如你所說，房地產增速放緩至 3.7%。但同樣，考慮到 50 年來的最高利率，從住宅成長的角度來看，這恰恰說明了該地區的實力。

But we are going to start looking at how to talk more about the other data that we get coming out of the community, which is housing units. It hasn't been a big deal for us in the past because there wasn't a lot of it. But now there's a lot. So housing units is when you combine residential homes with apartments and condos and build-to-rent type complexes.

但我們將開始研究如何更多地討論從社區獲得的其他數據，即住房單元。過去這對我們來說並不是什麼大問題，因為沒有太多。但現在有很多了。因此，住房單元是指將住宅與公寓、公寓以及建後出租型綜合體結合。

And so I'll just tell you that, that growth rate, the population growth rate is significantly higher than 3.7%. And that's because of the amount of housing units that are going on there. So I think even today, the last number I saw in Maricopa, they're now saying there's 73,000 people that live there. So we're tracking on over a dozen apartment, condo/multifamily projects that are going into Maricopa right now.

所以我就告訴你們，這個成長率，人口成長率明顯高於3.7%。這是因為那裡正在建造大量的住房。所以我認為即使在今天，我在馬里科帕看到的最後一個數字，他們現在也說有 73,000 人住在那裡。因此，我們正在追蹤目前正在馬里科帕開展的十多個公寓、公寓/多戶住宅項目。

Maybe next quarter, I'll prethink this through and bring a number for you. But beyond that, yes, lots of big projects. So if you want to Google Maricopa's news articles, you'll see these.

也許下個季度，我會預先考慮這個問題並為您帶來一個數字。但除此之外，是的，還有很多大型專案。因此，如果您想在 Google 上搜尋馬里科帕的新聞文章，您會看到這些。

But in short, there's a couple of large commercial projects where recently, the landowners, they've been talking about it for a while but actually acquired the land and moved through the city zoning process. So we're working with them. There's what's called multigenerational facilities, large medical facilities and some large big-box facilities like you mentioned. I think it's public now that both Lowe's and Home Depot are right now together at the same time building in the City of Maricopa, which shows you where it's gotten to your point.

但簡而言之，最近有幾個大型商業項目，土地所有者已經談論了一段時間，但實際上已經獲得了土地並通過了城市分區流程。所以我們正在與他們合作。就像你提到的那樣，有所謂的多代設施、大型醫療設施和一些大型設施。我認為現在勞氏和家得寶同時在馬里科帕市建造大樓的消息已經公開，這向你展示了它已經達到了你的目的。

But beyond that, I think the biggest project, and I don't think we've talked about it yet much, it's early, but they are out publicly talking about it so we can is the University of Arizona has over 2,000 acres in the City of Maricopa. It was an old, what they call Maricopa Agricultural Center or MAC, where they did a lot of study for agricultural purposes.

但除此之外，我認為最大的項目，我認為我們還沒有太多談論它，現在還很早，但他們已經公開談論它，所以我們可以是亞利桑那大學在該地區擁有超過 2,000 英畝的土地。馬里科帕市。那是一個古老的地方，他們稱之為馬里科帕農業中心（MAC），他們在那裡進行了大量的農業研究。

Well, today, with what's going on with the City of Maricopa, I think the university's realized the value of that land maybe beyond that use, and they can do that on a smaller scale or elsewhere. So they've recently announced, and we're working with them on what they might do with that land and is pretty significant, again, over 2,000 acres with probably a new city center, a new university branch, student housing to go along with that, an innovation hub. If you look that up, University of Arizona in the City of Maricopa, a few impressive articles out there. So Gerry, lots going on there. It's keeping us busy, and that's all in just one area we got going on.

好吧，今天，隨著馬里科帕市發生的事情，我認為大學已經意識到這片土地的價值可能超出了其用途，他們可以在較小的規模或其他地方做到這一點。所以他們最近宣布，我們正在與他們合作研究他們可能如何處理這塊土地，這也是相當重要的，超過 2,000 英畝，可能有一個新的市中心、一個新的大學分校、學生宿舍那，一個創新中心。如果你查一下，位於馬里科帕市的亞利桑那大學，那裡有一些令人印象深刻的文章。格里，那裡發生了很多事。它讓我們忙碌，而這一切都在我們正在進行的一個領域。

That's actually super helpful. I think it gives everybody -- at least gives me a better visual activity at Maricopa continues to go up.

這實際上非常有幫助。我認為這給了每個人——至少給了我在馬里科帕的更好的視覺活動繼續上升。

(Operator Instructions) And ladies and gentlemen, I'm showing no additional questions. I'd like to conclude today's question-and-answer session and turn the floor back over to Ron Fleming for any closing remarks.

（操作員說明）女士們先生們，我沒有提出任何其他問題。我想結束今天的問答環節，並將發言權交回 Ron Fleming 作結束語。

Thank you, operator. I just want to, again, thank everybody for participating on the call and your ongoing interest in Global Water. I look forward to speaking with you again.

謝謝你，接線生。我只想再次感謝大家參與這次電話會議以及你們對全球水務的持續關注。我期待再次與您交談。

And ladies and gentlemen, with that, we'll conclude today's conference call. We do thank you for attending. You may now disconnect your lines.

女士們、先生們，我們今天的電話會議就到此結束。我們非常感謝您的出席。現在您可以斷開線路。