Global Water Resources Inc (GWRS) 2024 Q2 法說會逐字稿

Greetings, ladies and gentlemen, thank you for standing by. Welcome to the Global Water Resources Inc 2024 second quarter conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded on August 8, 2024, at 1:00 PM Eastern Time.

問候，女士們先生們，感謝你們的支持。歡迎參加全球水資源公司 2024 年第二季電話會議。（操作員說明）我想提醒大家，此通話的錄音時間為東部時間 2024 年 8 月 8 日下午 1:00。

I would now like to turn the conference over to Joanne Ellsworth, Executive Vice President, Corporate Affairs. Please go ahead.

我現在想將會議交給公司事務執行副總裁 Joanne Ellsworth。請繼續。

Welcome, everyone, and thank you for joining us on today's call. Yesterday, we issued our 2024 second quarter financial results by press release, a copy of which is available on our website at www.gwresources.com.

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 2024 年第二季財務業績，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 Krieger, Chief Operating Officer. Ron will summarize the key operational events for the quarter. Mike will review the financial results for the second quarter, and Chris will review strategic initiatives and Arizona Corporation Commission activity for the quarter. Ron, Mike and Chris will be available to answer 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；克里斯·克里格（Chris Krieger），營運長。羅恩將總結本季的主要營運事件。麥克將審查第二季的財務業績，克里斯將審查本季的策略舉措和亞利桑那州公司委員會活動。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.

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。

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. For additional information regarding factors that may affect future results, please read the sections regarding risk factors and management's discussion and analysis of financial conditions and results of operations included within our latest Form 10-Q filed with the SEC. Such filings are available at www.sec.gov.

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。有關可能影響未來結果的因素的更多信息，請閱讀我們向 SEC 提交的最新 10-Q 表格中包含的有關風險因素以及管理層對財務狀況和運營結果的討論和分析的部分。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 also 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，該表格也可以在我們的網站上找到。

I will now turn the call over to Ron.

我現在將把電話轉給羅恩。

Thank you, Joanne. Good morning, everyone, and thank you for joining us today.

謝謝你，喬安妮。大家早安，感謝您今天加入我們。

We are very pleased to report the results for the second quarter of 2024. I will start with some operational highlights. Total active service connections increased 4.9% to 63,256 at June 30, 2024 from the 12 months prior.

我們非常高興地報告 2024 年第二季的業績。我將從一些操作要點開始。截至 2024 年 6 月 30 日，活躍服務連接總數較前 12 個月增加 4.9%，達到 63,256 個。

The 2024, annualized growth rate is 4.7%, while organic growth rate remains strong in the face of higher interest rates, it's also important to highlight that our year over year regulated revenue growth rate continues to trend even higher, which is up 5.3%. Mike will provide the details on regulated revenue growth drivers.

2024 年年化成長率為 4.7%，雖然在利率上升的情況下有機成長率仍然強勁，但同樣重要的是要強調的是，我們的同比監管收入成長率繼續呈現更高趨勢，達到 5.3%。麥克將提供有關受監管的收入成長驅動因素的詳細資訊。

Year to date, we've invested $12.2 million into our infrastructure, improving our existing utilities to provide safe, reliable service. And finally, with public health and safety being our top mandate, we are very proud of our compliance record. For the quarter, we had zero significant compliance events, continuing our streak from 2023 and prior and in fact, this means it has been nearly seven years without a significant compliance event.

今年迄今為止，我們已在基礎設施方面投資了 1,220 萬美元，改善了現有的公用設施，以提供安全、可靠的服務。最後，公共健康和安全是我們的首要任務，我們對我們的合規記錄感到非常自豪。本季度，我們的重大合規事件為零，延續了 2023 年及之前的記錄，事實上，這意味著近七年來沒有發生重大合規事件。

Now I want to discuss organic customer growth and what is going on in our core utilities. The single-family dwelling unit market ended 2023 with approximately 22,582 building permits issued in the Phoenix Greater Metro Area. For the first half of this year, this market realized 14,433 building permits, representing a 43% increase from Q2 of 2023.

現在我想討論有機客戶成長以及我們核心公用事業的進展。截至 2023 年，鳳凰城大都會區共發放了約 22,582 個建築許可證，單戶住宅單元市場。今年上半年，該市場獲得了 14,433 個建築許可證，比 2023 年第二季成長了 43%。

In 2023, the City of Maricopa issued 888 single-family dwelling building permits. For the first half of the year, this market realized 559 building permits, representing a 43% increase from the first half of 2023. As you can see, the year to date, Q2 2024 permit data were strong in both Metro Phoenix and the City of Maricopa.

2023 年，馬里科帕市頒發了 888 張單戶住宅建築許可證。今年上半年，該市場獲得了 559 個建築許可證，比 2023 年上半年成長了 43%。正如您所看到的，今年迄今為止，鳳凰城大都會和馬里科帕市的 2024 年第二季度許可證數據都很強勁。

However, with interest rates inching back up because of the continued inflation fight, it is hard to anticipate the potential significance, this will have on the housing market in the near term. However, there is strong consensus that there remains a housing shortage in Metro Phoenix and thus overtime, Metro Phoenix will retain an annual run rate approaching 30,000 housing units per year to keep pace with net immigration and job growth. This demand must be backed by a combination of single-family dwelling units and multifamily.

然而，由於持續的通膨鬥爭，利率逐漸回升，很難預測這將在短期內對房地產市場產生潛在的影響。然而，人們強烈一致認為，菲尼克斯都會區仍然存在住房短缺，因此，隨著時間的推移，菲尼克斯都會區將保持每年接近 30,000 套住房的年運行率，以跟上淨移民和就業增長的步伐。這種需求必須得到單戶住宅單元和多戶住宅組合的支持。

On this note, as previously reported, there was a significant shift occurring in the City of Maricopa to large scale high density multifamily dwelling complexes along with more commercial and retail businesses. We believe this shift will be notable and at some level, supplant the reduction in single-family home growth.

在這一點上，正如之前報導的那樣，馬里科帕市發生了向大規模高密度多戶住宅區以及更多商業和零售業務的重大轉變。我們相信這種轉變將是顯著的，並在某種程度上取代單戶住宅成長的下降。

In fact, the year to date 2024 multifamily housing unit data was also strong in the City of Maricopa with 1,176 units permitted compared to 315 units permitted in the first half of 2023. This represents an increase of 861 units permitted or 273%. Looking ahead, this is a record number of additional multifamily projects in some stage of development.

事實上，馬里科帕市 2024 年迄今的多戶住宅數據也很強勁，獲批數量為 1,176 套，而 2023 年上半年則為 315 套。這意味著增加了 861 個單位，即 273%。展望未來，處於某個開發階段的額外多戶住宅項目數量將創歷史新高。

The fact is the booming economy and net migration 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 an extremely high pace in Metro Phoenix and in our service areas.

事實上，亞利桑那州不斷意識到蓬勃發展的經濟和淨移民需要越來越多的地方讓人們生活、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大都會和我們的服務區繼續以極高的速度加速發展。

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 with $40.7 billion invested in the state just last year.

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，光是去年該州就投資了 407 億美元。

There has been significant further announcements made in 2024, including additional planned expansions at TSMC and Intel as the chip industry continues to explode here. Frankly, what continues to occur here in Arizona is unprecedent, because of these things, we remain bullish on the future potential of our Inland Port Arizona service area, where Nikola Motor Corp facility in Procter Gamble recently acquired land.

隨著晶片產業持續蓬勃發展，2024 年也將發布更多重大公告，包括台積電和英特爾計畫進一步擴張。坦白說，亞利桑那州繼續發生的事情是史無前例的，因此，我們仍然看好亞利桑那內陸港服務區的未來潛力，尼古拉汽車公司在寶潔公司的工廠最近在那裡購買了土地。

Additionally, the City of Maricopa recently announced and gave a public presentation on a very large industrial complex, they are preparing to bring to market right in the center of the City of Maricopa. Initial plans include over 1,200 acres of an industrial corridor with a smart rail park as it is adjacent to a double railroad. Recently, the city ran a request for interest process on the land and they had more interest than land available.

此外，馬里科帕市最近宣布並公開展示了一個非常大的工業綜合體，他們正準備將其推向馬里科帕市中心的市場。初步計劃包括佔地 1,200 多英畝的工業走廊，並毗鄰雙線鐵路，並設有智慧鐵路公園。最近，該市對這塊土地進行了利息申請，他們的興趣超過了可用土地。

Respondents included a half-dozen large reputable existing businesses that are looking for large property in Arizona to relocate to. If you're interested in learning more, I recommend you visit the City of Maricopa's YouTube page and watch the video recording of Rick Horst presentation to the City Council on July 16. More information to come on this exciting project in the future.

受訪者包括六家大型信譽良好的現有企業，它們正在亞利桑那州尋找大型房產以搬遷。如果您有興趣了解更多信息，我建議您訪問馬里科帕市的 YouTube 頁面並觀看 Rick Horst 7 月 16 日向市議會演講的視頻錄製。未來將提供有關這個令人興奮的項目的更多資訊。

Based on all of these trends, we believe that in the years to come, we will continue to see considerable large-scale commercial, multifamily and industrial growth in addition to the return of even stronger organic housing growth.

基於所有這些趨勢，我們相信，在未來幾年，除了更強勁的有機住宅成長之外，我們還將繼續看到大規模的商業、多戶住宅和工業成長。

As I mentioned in our earnings release, yes, high inflation and other cost drivers have caught up with us and impacted our earnings growth a bit so far this year. However, it's important to recognize that 2024 is a test year for our largest utilities, whose last test year was five years ago in 2019. We need new rates to address all the cost increases over that time period and the significant investments we have made.

正如我在我們的收益報告中提到的，是的，高通膨和其他成本驅動因素已經追上了我們，並影響了我們今年迄今為止的收益成長。然而，重要的是要認識到，2024 年對於我們最大的公用事業公司來說是一個測試年，其上一次測試年是五年前的 2019 年。我們需要新的費率來解決這段時間內所有的成本增加以及我們所做的重大投資。

So while 2024 will be another solid year for Global Water, putting all of these things together and that means the four ways we grow, organic, new service areas, acquisitions, and the subsequent rate cases on all of that, you can see how Global Water is going to be able to grow earnings considerably in the years to come 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 this rapid growth, water scarcity, challenging regulations and aging infrastructure.

因此，雖然2024 年將是Global Water 另一個堅實的一年，但將所有這些因素放在一起，這意味著我們的四種成長方式：有機成長、新服務領域、收購以及所有這些方面的後續費率案例，您可以看到Global Water 如何隨著我們繼續推進發展和整合水務和廢水處理設施的使命，水務將能夠在未來幾年大幅增加收入，以便我們的客戶能夠在面臨挑戰時實現整合、區域化和環境管理的好處。

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 second quarter of 2024 was $13.5 million, which is up $500,000 or 3.9% compared to Q2 of 2023. The increase in revenue was primarily attributable to the 4.9% organic growth in our service areas, offset by lower consumption from construction and irrigation customers.

謝謝，羅恩。大家好。2024 年第二季的總收入為 1,350 萬美元，比 2023 年第二季增加 50 萬美元，即 3.9%。收入的成長主要歸因於我們服務領域 4.9% 的有機成長，但被建築和灌溉客戶消耗的減少所抵消。

Operating expenses for Q2 2024 were $10.7 million compared to $10.0 million in Q2 of 2023. This is an increase of approximately $700,000 or 7.2%. Notable changes in operating expenses include a $291,000 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 in July 2023. Additionally, we amortized approximately $81,000 of intangible assets in Q2 2024 that didn't occur in Q2 2023.

2024 年第二季的營運費用為 1,070 萬美元，而 2023 年第二季的營運費用為 1,000 萬美元。這增加了約 70 萬美元或 7.2%。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 291,000 美元，其中一部分與 2023 年 7 月啟用西南工廠有關。此外，我們在 2024 年第二季攤銷了約 81,000 美元的無形資產，而 2023 年第二季並未攤銷。

Increased operating and maintenance costs by $304,000, which is primarily attributable to increased repairs and maintenance costs, medical expenses, salaries and wages, as well as higher utility and chemical expenses, which increase as we grow.

營運和維護成本增加了 304,000 美元，這主要是由於維修和維護成本、醫療費用、工資和工資的增加，以及隨著我們的發展而增加的公用事業和化學品費用的增加。

Increased general and administrative costs by $128,000, which was primarily attributable to increased salary and wages and hiring and moving expenses. These were partially offset by lower deferred compensation expense.

一般和行政費用增加了 128,000 美元，這主要是由於工資和工資以及僱用和搬遷費用增加。這些被較低的遞延補償費用部分抵消。

Now to discuss other income and expense. Other expense for Q2 2024 was $469,000, which was lower compared to the $540,000 of expense in Q2 2023. This reduction was driven by an increase in interest income, offset by higher interest expense tied to the $20 million note we executed at the beginning of the year. Net income for Q2 2024 was $1.7 million or $0.07 per diluted share, which is consistent with Q2 2023.

現在討論其他收入和支出。2024 年第二季的其他費用為 469,000 美元，低於 2023 年第二季的 540,000 美元。這一減少是由利息收入的增加所推動的，但被我們年初執行的 2000 萬美元票據相關的利息支出增加所抵消。2024 年第二季的淨利潤為 170 萬美元，即稀釋後每股收益 0.07 美元，與 2023 年第二季一致。

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 $6.8 million in Q2 2024 and was $6.7 million in Q2 2023.

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。2024 年第二季調整後 EBITDA 為 680 萬美元，2023 年第二季調整後 EBITDA 為 670 萬美元。

And lastly, as I mentioned on our previous earnings calls, as part of our current Southwest plant depreciation deferral docket, we discovered that in 2007, $7.8 million of our Southwest plant infrastructure was prematurely included as plant in service for rate-making purposes.

最後，正如我在先前的財報電話會議上提到的，作為我們目前西南工廠折舊延期清單的一部分，我們發現，2007 年，出於費率制定目的，我們西南工廠基礎設施的780 萬美元被過早地納入在役工廠。

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. We met with the Arizona Corporation Commission staff on March 1, to bring this to their attention. And then we subsequently filed an application with the Arizona Corporation Commission on April 25, requesting a customer bill credit that would reduce our monthly revenues by approximately $47,000.

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。3 月 1 日，我們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。隨後，我們於 4 月 25 日向亞利桑那州公司委員會提交了申請，請求客戶帳單抵免，這將使我們的每月收入減少約 47,000 美元。

The ACC issued decision number 79424 on July 18, 2024 approving the bill credit with an effective date of August 1, 2024, which will reduce revenue earned subsequent to the order by approximately $570,000 a year. The bill credit will be in place until the conclusion of the next Global Water, Palo Verdi rate case, which decision number 79424 requires Global Water, Palo Verdi to file no later than December 31, 2025.

ACC 於 2024 年 7 月 18 日發布第 79424 號決定，批准帳單抵免，生效日期為 2024 年 8 月 1 日，這將使訂單後每年賺取的收入減少約 57 萬美元。帳單抵免將一直有效，直到下一個 Global Water, Palo Verdi 費率案件結束為止，該案件的第 79424 號決定要求 Global Water, Palo Verdi 在 2025 年 12 月 31 日之前提交文件。

While the exact outcome and resolution cannot be predicted and could be material, we believe the approval of this bill credit is a positive first step in resolving this issue amicably in a way that is fair to all of our stakeholders, including customers and shareholders.

雖然確切的結果和解決方案無法預測，而且可能很重要，但我們相信，批准該票據信用是以對我們所有利益相關者（包括客戶和股東）公平的方式友好解決這一問題的積極的第一步。

This concludes our update on the second quarter 2024 financial results. I'll now pass the call to Chris to review the remaining regulatory activity and strategic initiatives for the quarter.

我們對 2024 年第二季財務表現的更新到此結束。現在，我將致電克里斯，以審查本季剩餘的監管活動和戰略舉措。

Thank you, Mike. Hello, everyone. It has been a very busy quarter at the Arizona Corporation Commission since the last time we spoke. First, we received the final commission decision for the Global Water, Saguaro District rate case. The commission voted unanimously to approve the Saguaro agreement with minor modifications. We started charging these new rates effective July 1.

謝謝你，麥克。大家好。自從我們上次講話以來，亞利桑那州公司委員會這個季度非常忙碌。首先，我們收到了全球水公司仙人掌區費率案件的最終委員會決定。該委員會一致投票通過了仙人掌協議，並做了一些小修改。我們從 7 月 1 日起開始收取這些新費率。

We appreciate the hard work by the utility division staff and the commission on this case, especially since as the first settlement agreement approved by the commission in a number of years.

我們感謝公用事業部門工作人員和委員會在此案中所做的辛勤工作，特別是因為這是委員會多年來批准的第一份和解協議。

Second, as we mentioned last quarter, we were actively underway preparing a rate case for the global water farmers' utility. On June 27, 2024, we filed that rate case with the commission requesting a revenue increase of approximately $1.3 million.

其次，正如我們上季度提到的，我們正在積極準備全球水農公用事業的費率案例。2024 年 6 月 27 日，我們向委員會提交了費率案件，要求增加約 130 萬美元的收入。

On July 25, 2024, the ACC utilities division staff determined that our rate case met administrative sufficiency and the case is now following the typical process. The staff estimates filing their testimony in December 2024. As is always the case with rate case filings, we cannot guarantee what action the commission may or may not take.

2024 年 7 月 25 日，ACC 公用事業部門工作人員確定我們的費率案例符合行政充分性，該案例目前正在遵循典型流程。工作人員預計將於 2024 年 12 月提交證詞。與費率案件備案的情況一樣，我們無法保證委員會可能採取或不採取什麼行動。

Third, as previously discussed, and you heard Ron mentioned earlier, we are in a test year for Global Water, Santa Cruz, and Global Water, Palo Verde, our two largest utilities. We continue our proactive customer outreach efforts and stakeholder outreach efforts to educate the community on the investments we are making to ensure we continue providing safe, reliable service and stay ahead of growth. We anticipate filing that case in the first half of 2025.

第三，正如前面所討論的，您也聽到羅恩之前提到過，我們正處於聖克魯斯全球水務公司和帕洛維德全球水務公司（我們最大的兩家公用事業公司）的測試年。我們繼續積極主動的客戶外展工作和利害關係人外展工作，讓社區了解我們正在進行的投資，以確保我們繼續提供安全、可靠的服務並保持領先的成長。我們預計將於 2025 年上半年提起訴訟。

Finally, on May 10, 2024, we filed an application at the ACC requesting approval of the Tucson acquisition, and that case is now processing as well. This concludes my update on strategic initiatives and regulatory activity for the quarter. I'll now pass the call back to Ron.

最後，我們於 2024 年 5 月 10 日向 ACC 提交了申請，請求批准圖森收購，該案件目前也在處理中。我對本季戰略舉措和監管活動的更新到此結束。我現在將電話轉回給羅恩。

Thank you, Chris. It remains clear we continue to achieve meaningful growth despite the headwinds. 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 into new utilities will be beneficial to all stakeholders involved.

謝謝你，克里斯。很明顯，儘管面臨阻力，我們仍將繼續實現有意義的成長。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。我們堅信，擴大我們的整體水管理平台並將我們在整個區域服務領域的專業知識應用到新的公用事業中將使所有相關利益相關者受益。

We appreciate your investment 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.

感謝您對我們的投資和支持，我們致力於發展全球水務，以解決亞利桑那太陽走廊沿線的重要公用事​​業、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're now available to answer your questions.

我們準備好的發言就到此結束。謝謝。我們現在可以回答您的問題。

(Operator Instructions) Gerry Sweeney, Roth Capital.

（操作員指令）Gerry Sweeney，Roth Capital。

Hey, good morning, guys. Thanks for taking my call. I only had one real question, and wanted to see if you could discuss acquisition, acquisition pipeline and anything that's happening in that space. Thanks.

嘿，早上好，夥計們。感謝您接聽我的電話。我只有一個真正的問題，想看看您是否可以討論收購、收購管道以及該領域發生的任何事情。謝謝。

Hey, Gerry, this is Chris. Thanks for the question. Yeah, right now, there are still opportunities out there. As you know, Arizona is highly fragmented. I think the commission numbers still over 300 utilities is the number that they reference in the state.

嘿，格里，這是克里斯。謝謝你的提問。是的，現在仍然有機會。如您所知，亞利桑那州高度分散。我認為他們在該州引用的數字仍然超過 300 個公用事業公司的佣金數字。

Right now, we're pretty focused on getting the Tucson acquisition approved at the commission. We filed that earlier in the quarter and then I think as we go through getting that closer to the finish line, integrating it, we'll start to think about what the next steps in the process look for us and continuing that journey.

目前，我們非常專注於讓圖森收購獲得委員會的批准。我們在本季度早些時候提交了該文件，然後我認為，當我們接近終點線並對其進行整合時，我們將開始思考該過程中的下一步是什麼，並繼續這一旅程。

Got you. Did you give an indication of when you think the Tucson acquisition would be approved and closed? If you didn't, do you have one? Thanks.

明白你了。您是否表明您認為圖森收購何時會獲得批准並完成？如果沒有，你有嗎？謝謝。

Yeah. Good question. So we're generally targeting either end of the year or early in the first quarter, sometime around then.

是的。好問題。因此，我們通常的目標是在今年年底或第一季初，大約在那時的某個時間。

That's it for me. Thanks guys, and nice quarter.

對我來說就是這樣。謝謝大家，祝您季度愉快。

Thanks, Gerry.

謝謝，格里。

(Operator Instructions) Seeing no further questions. I'd like to now turn the call back over to Mr. Fleming. Sir, please go ahead.

（操作員說明）沒有看到更多問題。我現在想把電話轉回給弗萊明先生。先生，請繼續。

Thank you operator. Just want to thank everybody for participating on the call and for your ongoing support of Global Water. Thanks and we look forward to speaking with you again.

謝謝運營商。我只想感謝大家參與這次電話會議以及全球水務的持續支持。謝謝，我們期待再次與您交談。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a great rest of your day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。