Global Water Resources Inc (GWRS) 2024 Q3 法說會逐字稿

Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources, Inc. 2024 third-quarter conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded on November 7, 2024, at 1:00 PM. Eastern Time.

女士們、先生們，大家好。謝謝你的支持。歡迎參加 Global Water Resources, Inc. 2024 年第三季電話會議。（操作員說明）我想提醒大家，本次通話錄音時間為 2024 年 11 月 7 日下午 1:00。東部時間。

I would now like to turn the conference over to Joanne Ellsworth, Executive Vice President of 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。

Thank you. Welcome, everyone. Thank you for joining us on today's call. Yesterday, we issued our 2024 third-quarter 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 2024 年第三季財務業績。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 Krygier, Chief Operating Officer. Ron will summarize the key operational events of the quarter, Mike will review the financial results, 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。羅恩將總結本季的關鍵營運事件，麥克將審查財務業績，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.

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。

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.

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 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，請閱讀我們向 SEC 提交的最新 10-K 表格中包含的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 available on our website. I will now turn the call over to Ron.

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。我現在將把電話轉給羅恩。

Thank you, Joanne. Good morning, everyone, and thank you for joining us today. We are very pleased to report the results for the third quarter of 2024. I will start with some operational highlights.

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 2024 年第三季的業績。我將從一些操作要點開始。

Total active service connections increased 4.7% to 63,889 as of September 30, 2024, from the 12 months prior. The 2024 annualized growth rate is 4.5%. Year-to-date, we've invested $19.2 million into infrastructure improvements and existing utilities to provide safe and reliable service.

截至 2024 年 9 月 30 日，活躍服務連接總數較前 12 個月增加 4.7%，達到 63,889 個。2024年年化成長率為4.5%。今年迄今為止，我們已投資 1,920 萬美元用於基礎設施改善和現有公用事業，以提供安全可靠的服務。

And finally, with public health and safety being our top mandate, we are very proud of our compliance record. For the quarter, we had 0 significant compliance events, continuing our streaks from 2023 and prior. In fact, this means it has been over seven years without a significant compliance event.

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，我們發生了 0 起重大合規事件，延續了 2023 年及之前的記錄。事實上，這意味著已經七年多沒有發生重大合規事件了。

Now, I want to discuss organic customer growth and what is going on in our core utilities a bit further. The single-family dwelling unit market ended 2023 with approximately 22,582 building permits issued in the Phoenix greater metropolitan statistical area. For the last nine months, this market realized 21,125 building permits, representing a 28% increase from Q3 2023.

現在，我想進一步討論客戶的有機成長以及我們核心公用事業的進展。截至 2023 年，鳳凰城大都會區統計區共發放了約 22,582 個建築許可證，單戶住宅單元市場。過去 9 個月，該市場獲得了 21,125 個建築許可證，較 2023 年第三季成長了 28%。

In 2023, the City of Maricopa issued 884 single-family dwelling building permits. For the last nine months, this Maricopa market realized 764 building permits, representing a 13% increase from Q3 2023.

2023 年，馬里科帕市頒發了 884 張單戶住宅建築許可證。過去 9 個月，馬里科帕市場獲得了 764 個建築許可證，較 2023 年第三季成長了 13%。

As you can see, the year-to-date Q3 2024 permit data was strong in both metro-Phoenix and the City of Maricopa. Some contend there remains a housing shortage in metro-Phoenix and thus, over time, 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 met by a combination of single-family dwelling units and multifamily.

如您所見，鳳凰城大都會區和馬里科帕市迄今為止的 2024 年第三季許可證數據都很強勁。有些人認為，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 套住房的運行率，以跟上淨移民和就業增長的步伐。這種需求必須透過單戶住宅單元和多戶住宅的結合來滿足。

On this note, as previously reported, there is 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. In fact, the year-to-date 2024 multifamily housing unit data was also strong in the City of Maricopa with 1,200 units permitted compared to 350 units permitted for the same period in 2023.

在這一點上，正如先前報導的那樣，馬里科帕市正在發生向大規模、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引人注目的，並在某種程度上取代單戶住宅成長的下降。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 1,200 套，而 2023 年同期獲批數量為 350 套。

This represents an increase of 885 units permitted or 281%. Looking ahead, there is a record number of additional multifamily projects in some stage of development. The fact is the building economy and net immigration in Arizona continues to realize, requires more and more places for people to live, work, and play. That is by large-scale multifamily housing, commercial and recreational projects continue to accelerate at an extremely high pace in metro-Phoenix and in our service areas.

這意味著增加了 885 個單位，即 281%。展望未來，處於某些開發階段的額外多戶住宅項目數量將創歷史新高。事實上，亞利桑那州的建築經濟和淨移民不斷發展，需要越來越多的地方供人們生活、工作和娛樂。也就是說，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。

Let me say that again, $40.7 billion invested in the state just last year. There has been significant further announcements made in 2024, including additional planned expansion at TSMC and Intel as the chip industry continues to explode.

讓我再說一遍，去年該州投資了 407 億美元。隨著晶片產業持續爆炸性成長，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。

Frankly, what continues to occur here in Arizona is unprecedented. Because of these things, we remain bullish on the future potential of our Inland Port Arizona service area, where Nikola Motor Corp facility is located and where Procter & Gamble acquired land. We continue discussing potential projects with several firms that would locate adjacent to Procter & Gamble.

坦白說，亞利桑那州繼續發生的事情是前所未有的。正因為如此，我們仍然看好亞利桑那內陸港服務區的未來潛力，尼古拉汽車公司的工廠就位於該地區，寶潔公司也在那裡收購了土地。我們繼續與寶潔公司附近的幾家公司討論潛在的項目。

Additionally, the City of Maricopa continues progress on their recently announced large industrial complex consisting of over 1,200 acres of projects. The city identified a winning developer and is working on the sale of the property to that developer. While this project is still several years away from generating revenue, it represents another opportunity for growth of our company.

此外，馬里科帕市最近宣布的大型工業綜合體計畫繼續取得進展，該工業綜合體由 1,200 多英畝的計畫組成。該市確定了一位獲勝的開發商，並正在努力將房產出售給該開發商。雖然該專案距離創造收入還需要數年時間，但它代表了我們公司的另一個成長機會。

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 strong organic housing growth.

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 last earnings release, yes, high inflation and other cost drivers have caught up with us and are impacting our earnings growth a bit. 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 and price increases over that period and the significant investments we have made. Chris will discuss this further later.

正如我在上一份財報中提到的，是的，高通膨和其他成本驅動因素已經追上了我們，並對我們的獲利成長產生了一些影響。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該時期所有的成本和價格上漲以及我們所做的重大投資。克里斯稍後將進一步討論這個問題。

While 2024 will be another solid year for Global Water, putting all of these things together, meaning the four ways we grow as a utility company: organic connections, new greenfield utilities, acquisitions and rate cases, 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 rapid growth, water scarcity, challenging regulations, and aging infrastructure.

雖然2024 年將是Global Water 又一個堅實的一年，將所有這些因素放在一起，這意味著我們作為一家公用事業公司的四種發展方式：有機聯繫、新的綠地公用事業、收購和費率案例，但您可以看到Global Water 將如何隨著我們繼續推進發展和整合供水和污水處理設施的使命，使我們的客戶能夠在面對快速增長、水資源快速增長的情況下實現整合、區域化和環境管理的好處，我們能夠在未來幾年大幅增長收入。

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

現在我將把電話轉給麥克，以了解他的財務要點。

Thanks, Ron. Hello, everyone. Total revenue for the third quarter of 2024 was $14.3 million, which was down $0.2 million or 1.5% compared to Q3 2023. The decrease in revenue was primarily attributable to ICFA revenue recognized in Q3 2023 that did not recur in Q3 2024 and was partially offset by an increase in wastewater and recycled water services revenue, largely as a result of a 5% increase in active wastewater connections.

謝謝，羅恩。大家好。2024 年第三季的總收入為 1,430 萬美元，比 2023 年第三季減少 20 萬美元，即 1.5%。收入減少主要歸因於2023 年第三季確認的ICFA 收入，該收入在2024 年第三季度沒有重現，並被廢水和再生水服務收入的增加部分抵消，這主要是由於活躍廢水連接增加了5 %。

Regulated revenue, which excludes ICFA revenue, for Q3 2024 was $14.3 million, which was up $0.3 million or 2.2% compared to Q3 2023. This increase was primarily due to the increase in organic connection growth.

2024 年第三季的監管收入（不包括 ICFA 收入）為 1,430 萬美元，比 2023 年第三季增加了 30 萬美元，即 2.2%。這一增長主要是由於有機連接增長的增加。

Operating expenses for Q3 2024 were $10.3 million compared to $10.7 million in Q3 2023. This is a decrease of approximately $0.4 million or 3.3%. Notable changes in operating expenses included $252,000 decrease in depreciation and amortization, primarily driven by lower amortization of intangible assets related to acquired ICFAs that did not recur in Q3 2024. This was partially offset by additional depreciation expense tied to our capital expenditure program. And secondly, we had a decrease in operating and maintenance costs by $143,000, which was primarily attributable to a decrease in medical expenses and salary and wages.

2024 年第三季的營運費用為 1,030 萬美元，而 2023 年第三季的營運費用為 1,070 萬美元。減少了約 40 萬美元或 3.3%。營運費用的顯著變化包括折舊和攤銷減少 252,000 美元，這主要是由於與所收購的 ICFA 相關的無形資產攤銷減少，而這些無形資產在 2024 年第三季度沒有重複發生。這被與我們的資本支出計劃相關的額外折舊費用部分抵消。其次，我們的營運和維護成本減少了 143,000 美元，這主要歸因於醫療費用和工資的減少。

Now to discuss other income and expense. Other income for Q3 2024 was $2,000 as compared to other expense of $315,000 in Q3 2023. This improvement was primarily driven by higher income from the Buckeye growth premium.

現在討論其他收入和支出。2024 年第三季的其他收入為 2,000 美元，而 2023 年第三季的其他費用為 315,000 美元。這項改善主要是由於七葉樹生長溢價的收入增加所致。

Net income for Q3 2024 was $2.9 million or $0.12 per diluted share as compared to $2.6 million or $0.11 per diluted share in Q3 2023. And now let's talk about adjusted EBITDA, which adjusts for nonrecurring items such as ICFA revenue as well as noncash items, such as restricted stock expense.

2024 年第三季的淨利潤為 290 萬美元，即稀釋後每股收益 0.12 美元，而 2023 年第三季的淨利潤為 260 萬美元，即稀釋後每股收益 0.11 美元。現在我們來談談調整後的 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。

Adjusted EBITDA was $8.2 million in Q3 of 2024 compared to $7.6 million in Q3 2023. This is an increase of approximately $600,000 or 7.2%. This concludes our update on the third quarter 2024 financial results. I'll now pass the call to Chris to review our regulatory activity and strategic initiatives for the quarter.

2024 年第三季調整後 EBITDA 為 820 萬美元，而 2023 年第三季為 760 萬美元。這增加了約 60 萬美元或 7.2%。我們對 2024 年第三季財務業績的更新到此結束。現在，我將致電克里斯，以審查我們本季的監管活動和策略舉措。

Thanks, Mike. Hello, everyone. First, an election update. As you may know, here in Arizona, we had three of the five seats on the Arizona Corporation Commission on the ballot. The results are still preliminary, but as of this morning, the three Republican candidates, current incumbent Commissioner Marquez Peterson, Rachel Walden, and Rene Lopez are the top three vote getters.

謝謝，麥克。大家好。首先，選舉更新。如您所知，在亞利桑那州，我們在亞利桑那州公司委員會的投票中擁有五個席位中的三個。結果仍是初步結果，但截至今天上午，三位共和黨候選人，現任委員馬克斯·彼得森、雷切爾·沃爾登和雷內·洛佩茲是得票率最高的三名。

In terms of actual activity at the commission, it has been relatively quiet since the last time we spoke. First, the Tucson acquisition approval application continues progressing with the ACC Utilities Division staff recommendation to be filed today, and the hearing is scheduled for next week. After the hearing, the administrative law judge will issue a recommended opinion and order for the commission's consideration at a future open meeting date. We estimate to close the acquisition in the first quarter of 2025.

就委員會的實際活動而言，自我們上次談話以來相對平靜。首先，圖森收購批准申請繼續取得進展，ACC 公用事業部門工作人員建議今天提交，聽證會定於下週舉行。聽證會結束後，行政法法官將發佈建議意見和命令，供委員會在未來的公開會議日期考慮。我們預計將於 2025 年第一季完成收購。

Second, the Global Water Farmers rate case continues on its ACC process. We still estimate that Utilities Division staff will file their initial recommendations in December 2024, and we will provide an update in the future. As is always the case with our rate cases, we cannot guarantee what action the commission may or may not take.

其次，全球水農費率案件持續在 ACC 流程中進行。我們仍然預計公用事業部門工作人員將在 2024 年 12 月提交初步建議，我們將在未來提供更新。與我們的費率案例一樣，我們無法保證委員會可能會或可能不會採取什麼行動。

Finally, as you heard Ron mention earlier, we are in a test year for our Global Water Santa Cruz and Global Water Palo Verde utilities, the the largest utilities within the company. We continue our customer outreach efforts to educate the community on the investments we are making to ensure we provide safe, reliable service and stay ahead of growth.

最後，正如您之前聽到 Ron 提到的那樣，我們正處於公司內最大的公用事業公司 Global Water Santa Cruz 和 Global Water Palo Verde 公用事業公司的測試年。我們繼續進行客戶外展工作，讓社區了解我們正在進行的投資，以確保我們提供安全、可靠的服務並保持領先的成長。

We anticipate filing the rate case in the first half of 2025. Once the case is filed, it takes approximately one year from the date of sufficiency to receive a commission order. This concludes the update on acquisitions and regulatory activity for the quarter. I'll now pass the call back to Ron.

我們預計在 2025 年上半年提交費率案件。案件立案後，從充足之日起大約需要一年時間才能收到佣金令。本季收購和監管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 this quarter, we continue to achieve meaningful growth despite 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.

謝謝你，克里斯。因此，本季度，儘管面臨阻力，我們仍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。

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.

我們堅信，擴大我們的整體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對所有相關利害關係人有利。

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.

感謝您對我們的投資和支持，我們致力於發展全球水務，以解決亞利桑那州陽光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。

These highlights conclude our prepared remarks. Thank you. We are now available to answer any questions.

這些要點是我們準備好的發言的總結。謝謝。我們現在可以回答任何問題。

(Operator Instructions) Gerry Sweeney, ROTH Capital.

（操作員指令）Gerry Sweeney，羅斯資本。

Just one or two questions actually. Great quarter, speaks for itself. But obviously, the political landscape has changed a little bit this week. And expectations are maybe continued reshoring of manufacturing into the US, maybe speed that up as well as maybe some semiconductor opportunities, et cetera. I'm just curious if you had any viewpoints on the political landscape that's changed and impact on the Greater Phoenix area as well as your operations?

其實只是一兩個問題。偉大的季度，不言而喻。但顯然，本週政治格局發生了一些變化。預期製造業可能會繼續回流到美國，可能會加速這個過程，也可能會帶來一些半導體機會，等等。我只是好奇您對政治格局的變化以及對大鳳凰城地區以及您的營運的影響有何看法？

Yeah, happy to take that. I agree with your assessment there. What's interesting is as we talk about it, it's available in our investor deck and on our website, the slope of the curve on economic development investment here in Arizona and specific to industrial manufacturing is up and to the right in a pretty significant slope.

是的，很高興接受。我同意你的評價。有趣的是，當我們談論它時，它可以在我們的投資者平台和我們的網站上找到，亞利桑那州經濟發展投資曲線的斜率，特別是工業製造業的斜率是向上和向右傾斜的，斜率相當大。

And that has been over the last three years really, coming out of COVID and some of the things the prior administration has done. And really a lot of great work here in the State of Arizona as well. And so in some ways, I think this is just going to throw a little bit more fuel on the fire that already exists.

這確實是過去三年的事情，源自於新冠疫情和前政府所做的一些事情。亞利桑那州也確實做了很多出色的工作。因此，從某些方面來說，我認為這只會火上澆油。

So for us, you're seeing more and more of that push out from the Greater metro-Phoenix area to these new emerging communities and counties for a couple of reasons, and I don't think we've really talked about this. Not only is it just the land availability piece, but there's two things going on that I think is going to accelerate it coming out of our direction, and really any of these more kind of historically more rural areas.

因此，對於我們來說，出於多種原因，您會看到越來越多的人從大鳳凰城地區湧向這些新興社區和縣，我認為我們還沒有真正討論過這一點。這不僅是土地供應問題，而且我認為有兩件事會加速它偏離我們的方向，而且實際上是歷史上更多的農村地區。

One is the cost of housing. So that's obviously gone up quite a bit here in the Phoenix area and Arizona as a whole. And these new industries, as we talk to them and participate on economic development boards, they're quite interested in the housing availability and living affordability of the areas for their employees. So we obviously compete really strongly on that because we have some of the lowest affordability numbers in the metro-Phoenix area where we are. So I think that matters.

一是住房成本。因此，在鳳凰城地區和整個亞利桑那州，這一數字顯然上升了很多。當我們與這些新興產業交談並參與經濟發展委員會時，他們對其員工所在地區的住房可用性和生活負擔能力非常感興趣。因此，我們顯然在這方面的競爭非常激烈，因為我們所在的鳳凰城地區的負擔能力是最低的。所以我認為這很重要。

And the second one is power supply. But in the future, we may talk about this more, but this type of growth, obviously, is not just impacting our water industry but the power industry as well. And what is difficult is getting the infrastructure into some of these infill sites at the scale that is needed for the type of manufacturing facilities that are going in.

第二個是電源。但將來，我們可能會更多地談論這一點，但顯然，這種類型的成長不僅影響我們的水務產業，也影響電力產業。困難之處在於，將基礎設施建置到其中一些填充場地，其規模要達到正在建造的製造設施類型所需的規模。

So they're actually being redirected out to these more rural areas because the large power providers, be it APS or SRP or TEP, they actually have better access to run the type of transmission that's needed to these rural areas versus into heavily developed areas. So we think it's going to just continue to be up and to the right, and in some respects, move more out to the areas that we've been talking about, including our Inland Port project and like the City of Maricopa.

因此，他們實際上被重定向到這些更多的農村地區，因為大型電力供應商，無論是APS、SRP 還是TEP，他們實際上有更好的機會運行這些農村地區所需的輸電類型，而不是進入發達地區。因此，我們認為它將繼續向上和向右，並且在某些方面，將更多地轉移到我們一直在談論的地區，包括我們的內陸港項目和馬里科帕市。

Got it. Helpful. And then just one easy housekeeping question for Mike. Mike, do you know how much the Buckeye premium was this quarter? It's been a long morning. I can't get everything.

知道了。有幫助。然後向麥克提出一個簡單的家務問題。麥克，你知道七葉樹本季的溢價是多少嗎？這是一個漫長的早晨。我無法得到一切。

Yeah, no problem. It was about just under $920,000, compared to 2023, it was about $730,000. So it was up over $180,000 or 25%. So it's been a pretty good run. And year-to-date, we're at about $2.2 million versus $1.6 million last year. So that's up north of $500,000 or 35%.

是的，沒問題。與 2023 年相比，這一數字約為 92 萬美元，約為 73 萬美元。所以它上漲了 18 萬美元以上，即 25%。所以這是一個非常好的運行。今年迄今為止，我們的營收約為 220 萬美元，而去年為 160 萬美元。所以這比 50 萬美元高，即 35%。

So the Buckeye premium has been strong. And again, as Ron mentioned, it's another one of those areas where it's a lot more affordable than metro-Phoenix itself because it's on the outskirts. And so it's been nice and looking forward to seeing that sustained or even continue to grow.

因此七葉樹溢價一直很強勁。而且，正如羅恩所提到的，這是另一個比鳳凰城本身更便宜的地區，因為它位於郊區。因此，這很好，並期待看到這種持續甚至繼續增長。

Got it. That's it for me. Thanks guys and congrats on the next quarter.

知道了。對我來說就是這樣。謝謝大家，恭喜下個季度。

Thank you.

謝謝。

(Operator Instructions) Seeing no further questions, this will conclude our question-and-answer session. I would like to turn the conference back over to Ron Fleming for any closing remarks.

（操作員說明）由於沒有其他問題，我們的問答環節就此結束。我想將會議轉回羅恩·弗萊明（Ron Fleming）發表閉幕詞。

Yes. Thank you, operator. I'd just like to thank everybody for participating on the call and for your ongoing interest and support of Global Water. Thanks and we look forward to speaking with you again.

是的。謝謝你，接線生。我謹感謝大家參與此電話會議，並感謝大家對全球水務的持續關注與支持。謝謝，我們期待再次與您交談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines and have a nice day.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路並祝您度過愉快的一天。