Global Water Resources Inc (GWRS) 2025 Q3 法說會逐字稿

Greetings ladies and gentlemen, thank you for standing by. Welcome to the Global Water Resources Inc 2025 third-quarter conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded on November 13, 2025 at 10:00 PM Eastern Time.

女士們、先生們，大家好，感謝你們的耐心等待。歡迎參加全球水資源公司2025年第三季電話會議。（操作員指示）我想提醒大家，本次通話將於2025年11月13日晚上10:00（美國東部時間）進行錄音。

I would now like to turn the conference over to Kyle Upchurch, Controller. Please go ahead.

現在我將把會議交給財務總監凱爾·厄普徹奇。請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us on today's call. Yesterday, we issued our 2025, third quarter financial results by press release, a copy of which is available on our website at gwresources.com.

謝謝接線員，歡迎各位。感謝您參加今天的電話會議。昨天，我們透過新聞稿發布了 2025 年第三季財務業績，您可以在我們的網站 gwresources.com 上找到該新聞稿的副本。

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 financial results for the third quarter, and Chris will review strategic initiatives in Arizona Corporation Commission activity. 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；財務長 Mike Liebman；以及營運長 Chris Krygier。Ron 將總結本季的主要營運事件，Mike 將回顧第三季的財務業績，Chris 將回顧亞利桑那州公司委員會的策略舉措。通話結束後，Ron、Mike 和 Chris 將回答大家的問題。

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，我想提醒各位，今天所提供的某些資訊可能包含前瞻性陳述。這些聲明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.

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，這些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 Risk Factors and MD&A sections of our periodic SEC filings.

因此，投資人應注意不要過度依賴任何前瞻性陳述，這些陳述反映了管理層截至本報告發布之日的觀點，並不構成對未來業績的保證。有關可能影響未來業績的因素的更多信息，請閱讀我們定期向美國證券交易委員會提交的文件中的“風險因素”和“管理層討論與分析”部分。

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.

此外，今天的電話會議中可能會包含某些非GAAP指標。如需了解這些指標與可比較 GAAP 指標的調節情況，請參閱昨天發布的收益報告中的表格，該報告可在我們的網站上查閱。

I'll now turn the call over to Ron.

現在我將把電話交給羅恩。

Thank you, Kyle. Good morning, everyone, and thank you for joining us today. We are very pleased to report the results for the third quarter of 2025. First, before jumping to normal operating highlights, I'd like to start by attempting to capture the significance of numerous recent announcements that underpin our goal of long-term value creation and our ability to deliver strong total returns to our shareholders in the years and decades to come.

謝謝你，凱爾。各位早安，感謝大家今天收看我們的節目。我們非常高興地向大家報告2025年第三季的業績。首先，在介紹正常的營運亮點之前，我想先嘗試闡述近期眾多公告的重要性，這些公告鞏固了我們創造長期價值的目標，以及我們在未來數年乃至數十年為股東帶來強勁總回報的能力。

In July, we closed the Tucson acquisition, which consisted of 7 separate public water systems, adding approximately 2,200 connections and approximately $7.7 million in rate base. At a multiple of only 1.05 times that rate base. This is beyond an attractive price that is immediately accretive from a share price perspective, considering our peer group trades by our estimates between 1.5 times to 2 times rate base.

7 月，我們完成了對圖森的收購，該收購包括 7 個獨立的公共供水系統，增加了約 2,200 個連接和約 770 萬美元的費率基礎。僅為基準利率的 1.05 倍。考慮到我們估計同業公司的股價是基準利率的 1.5 倍到 2 倍，這個價格極具吸引力，從股價角度來看，它能立即提升股價。

We expect the systems to generate around $1.5 million in annual revenue until such time we can consolidate these systems into the rest of our Saguaro rate division and ensure all of our utilities in Pima County are captured in a regional rate plan, earning their full authorized rate of return.

我們預計這些系統每年將產生約 150 萬美元的收入，直到我們可以將這些系統整合到我們 Saguaro 費率部門的其他部分，並確保我們在皮馬縣的所有公用事業公司都納入區域費率計劃，獲得其全部授權回報率。

Second, we recently announced that the Arizona Governor has signed meaningful water legislation known as Ag-to-Urban, which became law in the quarter. And we believe will result in many benefits that will be applicable for Global Water in our service areas, improving offer for sustainability, while creating a new ground water supply to support additional growth.

其次，我們最近宣布，亞利桑那州州長簽署了一項意義重大的水資源立法，即「農業到城市」法案，該法案已於本季生效。我們相信這將帶來許多益處，適用於我們服務區域內的全球水務公司，提高永續性，同時創造新的地下水供應以支持進一步成長。

Based on Global Water's established service areas, created through buying and building utilities on the path of growth. Our regional areas coincide with land that has considerable historic farming operations, just outside densely populated metro Phoenix. Thus, we believe the new law will drive even more growth to our service areas.

基於 Global Water 已建立的服務區域，這些區域是透過收購和建造公用事業公司而形成的，並沿著發展之路前進。我們的區域與歷史悠久的農業用地重合，位於人口稠密的鳳凰城都會區外。因此，我們相信新法律將進一步推動我們服務區域的發展。

Third, as announced in the quarter, full funding of the Highway 347 expansion connecting Interstate 10 and Metro Phoenix to the City of Maricopa was approved. As the stakeholders had already begun engineering on certain long-term elements of the 13-mile road widening project, it is estimated that the construction will begin as soon as fiscal year 2026.

第三，正如本季宣布的那樣，連接 10 號州際公路和鳳凰城都會區與馬里科帕市的 347 號公路擴建工程的全部資金已獲批准。由於利害關係人已經開始對這條 13 英里長的道路拓寬工程的某些長期要素進行工程設計，預計施工最早將於 2026 財年開始。

This project will go a long way to ensure the City of Maricopa will continue to be one of the fastest-growing communities in the country and meet its population projections of growing nearly 90% by 2040. As evidence to this potential of the population projection on July 1, the US Census Bureau released its population projections from 2024. In the city of Maricopa was once again in the top 10 of the fastest-growing large municipalities in the country coming in at number six.

該計畫將大大有助於確保馬里科帕市繼續成為美國發展最快的社區之一，並實現到 2040 年人口增長近 90% 的預期目標。為了證明人口預測的這種潛力，美國人口普查局於 7 月 1 日發布了 2024 年的人口預測。馬里科帕市再次躋身全國成長最快的十大城市之列，位居第六。

Even more telling was that population growth in 2024 was stronger than 2023. As the city realized 7.4% growth compared to 7.1% growth in the year prior. Below, I will discuss connection growth rates and permit growth rates that have begun to slow. But it is important to keep population growth in mind as this more closely correlates with consumption and revenue growth based on the amount of multifamily housing and commercial growth that is occurring.

更值得注意的是，2024 年的人口成長比 2023 年更為強勁。該市實現了 7.4% 的增長，而上一年則增長了 7.1%。以下我將討論連結成長率和授權成長率已經開始放緩的情況。但重要的是要考慮到人口成長，因為這與消費和收入成長的相關性更高，而消費和收入成長又取決於多戶住宅和商業的成長量。

Beyond these long-term wins, we are also executing our capital investment and rate case strategies to drive near-term earnings growth. Obviously, the initial staff report was unexpected and thus, we issued the related 8-K informing our shareholders as such, but the case has a long way to go, and we still expect a fair outcome in mid-2026. Chris will provide more details on the rate case later on the call.

除了這些長期勝利之外，我們還在執行資本投資和費率調整策略，以推動近期獲利成長。顯然，最初的員工報告出乎意料，因此我們發布了相關的 8-K 表格，告知股東這一情況，但此案還有很長的路要走，我們仍然期待在 2026 年年中得到公正的結果。克里斯稍後會在電話會議上提供更多關於利率案件的細節。

And finally, if you think about everything just mentioned from rate base accumulation to new rates to water and transportation that are 2 fundamental elements of economic development, you can see even more than ever, we have the foundation of sustainable growth for years and decades to come.

最後，如果你仔細想想剛才提到的所有事情，從稅基累積到新稅率，再到水和交通這兩個經濟發展的基本要素，你就會比以往任何時候都更加清楚地看到，我們擁有未來數年乃至數十年可持續發展的基礎。

Now I'll provide a few operational highlights. Total active service connections increased 6.6% to 68,130 as of September 30, 2025, from the 12 months prior. In Q3, we achieved an annualized 3.3% total active service connection growth rate, excluding the recent acquisition of the 7 Tucson Water Systems.

現在我將介紹一些操作方面的亮點。截至 2025 年 9 月 30 日，活躍服務連接總數比前 12 個月增長 6.6%，達到 68,130 個。第三季度，我們實現了年化總活躍服務連結數 3.3% 的成長率，不包括最近收購的 7 個圖森水務系統。

Year-to-date, we've invested $49.6 million into infrastructure improvements in existing utilities to provide safe and reliable service. The majority of our planned investments in 2025 relate to the post-test year projects in the Santa Cruz Water Company and Palo Verde Utility Company. Our 2 largest utilities located in Pinal County, for inclusion in our already followed 2024 test year rate application.

今年迄今為止，我們已投資 4,960 萬美元用於現有公用設施的基礎設施改進，以提供安全可靠的服務。我們 2025 年的大部分投資計畫都與 Santa Cruz Water Company 和 Palo Verde Utility Company 的測試年後計畫有關。我們位於皮納爾縣的兩家最大的公用事業公司將被納入我們已經遵循的 2024 年測試年費率申請中。

Now I want to discuss organic customer growth and what is going on in our core utilities further. The single-family drawing unit market ended 2024 with approximately 27,156 building permits issued in the Phoenix greater metropolitan statistical area. For Q3 2025, this market realized 4,724 building permits, representing a 29% decrease from Q3 of the prior year.

現在我想進一步探討客戶的自然成長以及我們核心公用事業領域正在發生的事情。截至 2024 年末，鳳凰城大都會統計區單戶住宅設計單元市場共發放了約 27,156 張建築許可證。2025 年第三季度，該市場共發放了 4,724 張建築許可證，比上年第三季度減少了 29%。

For Q3 2025 in the Maricopa market, it realized 164 building permits, representing a 20% decrease from the same period in 2024. So the 2025 permit continues to show a bit of a pullback from prior year, which is not surprising considering the uncertainty around tariffs and other macroeconomic drivers. We believe this is temporary and as these things continue to cool, there were very strong drivers for our normal growth rate to continue or even pick up.

2025 年第三季度，馬里科帕市場共發放了 164 張建築許可證，比 2024 年同期減少了 20%。因此，2025 年的許可證數量繼續比前一年有所回落，考慮到關稅和其他宏觀經濟因素的不確定性，這並不令人意外。我們認為這是暫時的，隨著這些因素逐漸冷卻，我們有非常強勁的動力推動正常成長率繼續保持甚至加快。

As I mentioned in our last earnings release, yes, by 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.

正如我在上一份收益報告中提到的那樣，是的，通貨膨脹和其他成本因素已經對我們造成了影響，並正在影響我們的獲利成長。然而，需要注意的是，2024 年對於我們最大的公用事業公司來說是一個測試年，而上一次測試年是在五年前的 2019 年。

We need new rates to address the cost increases over that time period and the significant investments we have made. Based on adjustments made to our current rate case application and rebuttal testimony, we now have an additional $4.3 million annual rate increase proposed under consideration at the ACC.

我們需要新的費率來應對這段時間以來的成本成長以及我們所做的重大投資。根據我們對目前費率申請和反駁證詞所做的調整，我們現在向 ACC 提出了每年增加 430 萬美元費率的提案，目前正在審議中。

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

現在我將把電話交給麥克，讓他為大家帶來財務方面的重點介紹。

Thanks, Ron. Hello, everyone. Total revenue for the third quarter of 2025 was $15.5 million, which was up $1.2 million or 8.4% compared to Q3 2024. Total revenue for the year-to-date period increased $2.8 million or 7% to $42.2 million. The increase in revenue for both periods was primarily attributable to the acquisition of seven water systems from the city of Tucson in July 2025, organic growth in active water and wastewater connections and higher rates and our GW Farmers and GW Saguaro utilities compared to the same period last year.

謝謝你，羅恩。大家好。2025 年第三季總營收為 1,550 萬美元，比 2024 年第三季增加了 120 萬美元，增幅為 8.4%。今年迄今的總收入增加了 280 萬美元，增幅為 7%，達到 4,220 萬美元。這兩個時期的收入成長主要歸功於 2025 年 7 月從圖森市收購了七個供水系統，活躍供水和污水連接的自然成長，以及與去年同期相比更高的費率，還有我們的 GW Farmers 和 GW Saguaro 公用事業公司。

Operating expenses for Q3 2025 were $12.6 million compared to $10.3 million in Q3 of 2024. This is an increase of approximately $2.3 million or 21.9%. Operating expenses for the year-to-date period increased approximately $4 million or 12.8% to $35.4 million compared to the same period in 2024. Notable changes in operating expenses included personnel costs increased by approximately $707,000 for Q3 and $971,000 for the year-to-date period.

2025 年第三季的營運費用為 1,260 萬美元，而 2024 年第三季的營運費用為 1,030 萬美元。這相當於增加了約 230 萬美元，增幅達 21.9%。今年迄今的營運費用比 2024 年同期增加了約 400 萬美元，增幅達 12.8%，達到 3,540 萬美元。營運費用的顯著變化包括：第三季人員成本增加了約 707,000 美元，年初至今增加了約 971,000 美元。

Both increases were primarily attributable to hiring additional employees for the newly acquired water systems, filling previously vacant positions and increased medical costs.

這兩項成長主要歸因於為新收購的水務系統僱用更多員工、填補以前空缺的職位以及醫療成本增加。

Other O&M and G&A costs increased by approximately $711,000 for Q3 and $1.2 million for the year-to-date period. Both increases were primarily due to a storm event with heavy short duration precipitation as well as higher professional fees and increased costs with various service providers.

第三季其他營運維護和一般管理費用增加了約 71.1 萬美元，年初至今增加了約 120 萬美元。這兩項成長主要歸因於一場短暫強降雨的風暴事件，以及更高的專業費用和各種服務提供者成本的增加。

In addition, year-to-date costs were higher related to municipality licensing type agreements. Depreciation and amortization increased $622,000 for Q3 and $1.3 million for the year-to-date period. Both increases were substantially attributable to the additional depreciable fixed assets placed in service this year as a result of our increased capital investments and the commissioning of related projects.

此外，年初至今與市政許可類型協議相關的成本較高。第三季折舊和攤提增加了 62.2 萬美元，年初至今增加了 130 萬美元。這兩項成長主要歸因於今年因資本投資增加和相關項目投產而投入使用的額外可折舊固定資產。

Now to discuss other income and expense. Other expense for Q3 2025 was $0.6 million compared to an immaterial other income in Q3 2024. Other expense for the year-to-date period was $1.4 million compared to $0.8 million for the same period in 2024. The increase in expense for both periods is primarily attributable to a decrease in interest income and lower income associated with Buckeye growth premiums.

現在來討論其他收入和支出。2025 年第三季其他支出為 60 萬美元，而 2024 年第三季其他收入微不足道。今年迄今的其他支出為 140 萬美元，而 2024 年同期為 80 萬美元。這兩個時期支出的增加主要歸因於利息收入的減少和與 Buckeye 成長溢價相關的收入的降低。

Net income for Q3 2025 was $1.7 million or $0.06 per diluted share as compared to $2.9 million or $0.12 per diluted share in Q3 2024. Net income for the year-to-date period was $3.9 million or $0.15 per diluted share as compared to $5.3 million or $0.22 per diluted share for the same period in 2024.

2025 年第三季淨收入為 170 萬美元，即每股攤薄收益 0.06 美元，而 2024 年第三季淨收入為 290 萬美元，即每股攤薄收益 0.12 美元。今年迄今的淨收入為 390 萬美元，即每股攤薄收益 0.15 美元，而 2024 年同期為 530 萬美元，即每股攤薄收益 0.22 美元。

Lastly, I'll discuss adjusted EBITDA, which adjusts for nonrecurring and noncash items such as onetime storm-related expenses and restricted stock expense. Adjusted EBITDA was $7.8 million in Q3 2025 compared to $8.2 million in Q3 2024. This is a decrease of $0.4 million or 5%. Year-to-date, adjusted EBITDA remained consistent at approximately $20.4 million.

最後，我將討論調整後的 EBITDA，它將對非經常性和非現金項目進行調整，例如一次性風暴相關費用和限制性股票費用。2025 年第三季調整後 EBITDA 為 780 萬美元，而 2024 年第三季為 820 萬美元。這比前一年減少了 40 萬美元，即 5%。今年迄今為止，調整後的 EBITDA 保持穩定，約 2,040 萬美元。

This concludes our update on the third quarter 2025 financial results. I'll now pass the call to Chris to review our regulatory activity and strategic initiatives for the quarter.

以上就是我們對2025年第三季財務業績的更新。現在我將把電話轉給克里斯，讓他回顧我們本季的監管活動和策略性舉措。

Thank you, Mike, and hello, everyone. First, as you heard earlier, in the quarter, we closed the Tucson acquisition. This deal has been years in the making and is finally across the finish line. We are now focused on the full integration activities.

謝謝你，麥克，大家好。首先，正如您之前聽到的，本季我們完成了對圖森的收購。這項交易歷經數年才最終達成。我們現在正專注於全面整合工作。

Moving on to the rate case front. As you have seen in our earnings release, 10-Q and other filings, we continue progressing on the Global Water Santa Cruz and Global Water Palo Verde rate cases. To provide some context, if this were a baseball game, I would describe us as in the middle innings of the process.

接下來是利率案件方面。正如您在我們的收益報告、10-Q 和其他文件中看到的那樣，我們繼續推進 Global Water Santa Cruz 和 Global Water Palo Verde 的費率案件。為了提供一些背景信息，如果這是一場棒球比賽，我會說我們正處於比賽的中段。

Steps to come over the next few months include two more rounds of formal rebuttal testimony, a hearing before an administrative law drudge, legal briefs and then awaiting the judge's recommendations. Once the judge issues the recommendations after hearing the case, the commissioners consider that recommendation at an open meeting. We still expect to finish the rate case in mid-2026.

在接下來的幾個月裡，還將進行兩輪正式的反駁證詞、在行政法官面前舉行的聽證會、提交法律摘要，然後等待法官的建議。法官聽取案件後提出建議，委員會將在公開會議上審議該建議。我們仍預計在 2026 年中完成利率案的審理。

As a refresher on our filing, our current rates are based on a 2019 test year and this rate case is a 2024 test year, meaning this is the first rate case for these utilities that captures the historic inflation we experienced. And this is the first rate case that reflects the significant capital program the utilities undertook in the last 5 years.

為了回顧我們的申報情況，我們目前的費率是基於 2019 年的測試年，而本次費率調整是基於 2024 年的測試年，這意味著這是這些公用事業公司首次在費率調整中反映出我們所經歷的歷史性通貨膨脹。這是第一個反映公用事業公司在過去 5 年中實施的重大資本計劃的費率調整案例。

Even with those challenges, we are currently supporting a reasonable proposed net revenue increase of $4.3 million, which results in a median bill increase of less than 10% to the typical residential water and wastewater customer. We believe the facts of the case will result in a fair outcome, and we will continue to provide updates on future calls.

即使面臨這些挑戰，我們目前仍支持一項合理的淨收入成長提案，即 430 萬美元，這將使普通居民用水和污水處理用戶的帳單中位數成長不到 10%。我們相信案件的事實將會帶來公正的結果，我們將繼續在後續的電話會議中提供最新消息。

This concludes the update on acquisitions and regulatory activity for the quarter. I'll now pass the call back to Ron.

本季收購和監管活動方面的更新到此結束。現在我把電話轉回給羅恩。

Thank you, Chris. To close today, I just wanted to express how proud I am of our team. We took on a lot this year, and there is still more to come. Despite many headwinds, we will continue to execute our growth plan, and 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.

謝謝你，克里斯。今天最後，我只想表達我對我們團隊的自豪。我們今年承擔了許多任務，未來還有更多任務要完成。儘管面臨許多不利因素，我們將繼續執行我們的成長計劃，並致力於保持在水資源管理行業的前沿地位，推進我們實現效率提升和整合的使命。我們堅信，擴展我們的全面水資源管理平台，並將我們的專業知識應用於我們整個區域服務區和新的公用事業領域，將有利於所有相關利害關係人。

We appreciate your investment in us and support of the company as we grow Global Water to address support utility, water resource and economic development matters along the Arizona Sun corridor, allowing our communities to thrive. These highlights conclude our prepared remarks.

我們感謝您對我們的投資和支持，我們將發展 Global Water，以解決亞利桑那州陽光走廊沿線的公用事業、水資源和經濟發展問題，使我們的社區繁榮發展。以上是我們的發言要點總結。

Thank you. We are now available to answer any questions.

謝謝。現在我們可以解答您的任何疑問。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Gerry Sweeney, Roth Capital.

Gerry Sweeney，Roth Capital。

Good morning, Ron, Mike, and Chris. Thanks for taking my call. I'm going to start with a quick question on the rate case. You say you -- I think you anticipate still being completed by mid-2026. If memory serves correct, I think we were looking at completed and maybe some of the rates going into effect July 1. Is that still potentially the case as when you say that the case completed by July 1 or mid-2026?

早上好，羅恩、麥克和克里斯。謝謝您接聽我的電話。我先問一個關於利率案的簡單問題。你說——我想你預計到 2026 年年中仍將完工。如果我沒記錯的話，我們當時正在討論已經完成的項目，以及一些將於7月1日生效的費率。您之前說案件將於 7 月 1 日或 2026 年年中完成，現在這種情況是否仍然存在？

Hey Gerry, this is Mike. Yes. We -- that timing puts us to where we expect the rates to change by the middle of the year. So July 1 in the back half of the year with the new rates in place.

嗨，傑瑞，我是麥克。是的。根據這個時間節點，我們預計利率將在年中發生變化。所以，7月1日，也就是下半年，新的費率會生效。

Got it. I just want to make sure on that front. And then moving over to ag-to-urban. That's interesting. Obviously, there's a lot of water issues outside of your operating area. I know you have some really good aquifer and sourcing of water. But how would this whole program worked for you of some of that land around your operating areas from the farmland. Would you purchase those rights? Or would they lease the rights? Or is this more about driving economic development because there is additional water in the region.

知道了。我只是想確認一下這方面的情況。然後轉向農業向城市轉型。那很有意思。顯然，你的作業區域外部有許多水患問題。我知道你們那裡有非常好的含水層和水源。但是，如果將您經營區域周圍的一些農田納入該計劃，整個方案對您來說將如何運作？你會購買這些版權嗎？還是他們會出租版權？或者，這更多是為了推動經濟發展，因為該地區水資源豐富。

Yes. Absolutely, Gerry. This is Ron. I will take that one. And you're right, there's a lot going on and always -- really always has been with water in Arizona. The 7 basin states in Mexico continue to reward for the federal government to determine what the new plan on the Colorado River will look like. But as you mentioned, the good news for us is we don't really rely upon that.

是的。當然，傑瑞。這是羅恩。我選那個。你說得對，亞利桑那州有很多事情正在發生，而且一直以來——真的一直以來——都與水有關。墨西哥的7個流域州繼續要求聯邦政府決定科羅拉多河新計畫的具體內容。但正如您所說，對我們來說的好消息是我們並不真正依賴它。

In these new emerging areas that we serve, which is kind of the basis of the business plan all the way back over 20 years ago. These are kind of those new areas outside the densely populated metro Phoenix region. And historically, there has been a lot of agricultural activity in these areas. So we really are converting farms to rooftops.

在我們服務的這些新興領域，這正是我們 20 多年前製定的商業計劃的基礎。這些是位於人口稠密的鳳凰城都會區以外的新興地區。歷史上，這些地區一直有許多農業活動。所以我們實際上是在把農田變成屋頂。

And the good news is that rooftops use about one fourth or even less of the amount of water to build the kind of master planned communities that they do in this area, as compared to farms. And then in our model, our total water management model, we even stretched that water supply further. So the way that it practically works is it's kind of good news to your question. We don't have to buy it. We don't lease it.

好消息是，與農場相比，屋頂建造該地區這種總體規劃社區所用水量大約只有農場用水量的四分之一甚至更少。然後，在我們的模型，也就是我們的整體水資源管理模型中，我們甚至進一步延長了供水時間。所以，從實際角度來看，這對你的問題來說算是個好消息。我們不必買它。我們不租用它。

The land owner has the right to pump water under certain Arizona regulations historic groundwater pumping to pump those rights for farming activities. So the reason we were able to work with a lot of stakeholders and get the law put in place, as you see it as a net offer for benefit. So it's kind of a win-win-win because the farming goes away and then we just convert a portion of those historic groundwater pumping rights to a new municipal water supply.

根據亞利桑那州的某些法規，土地所有者有權抽取地下水用於農業活動，這是一項歷史悠久的地下水抽取權利。因此，我們能夠與眾多利害關係人合作並制定法律的原因在於，正如你所看到的，這是一項淨收益方案。所以這算得上是三贏，因為農業活動消失了，然後我們只需將一部分歷史悠久的地下水抽取權轉為新的市政供水。

So it's basically they're pumping 5-acre foot per acre for farming we're going to convert in Pinal County, 1 acre foot to that new water supply or 1.5 acre feet in Maricopa County. So it's good for everybody, but it's also very economical -- the most economical water supply because we're just converting, but already exists there at really no cost.

所以基本上，他們每英畝抽取 5 英畝英尺的水用於農業，而我們將在皮納爾縣將其轉換為新的供水，每英畝抽取 1 英畝英尺的水，或在馬里科帕縣將其轉換為 1.5 英畝英尺的水。所以這對每個人都有好處，而且非常經濟——這是最經濟的水源，因為我們只是在進行轉換，而水源本身就存在於那裡，實際上不需要任何成本。

And then it underpins your ability to use that supply for more houses and businesses. So just based on the strength of that law, but where we are specifically as a company, it's very beneficial to us.

然後，它還能幫助你利用這些資源建造更多房屋和企業。所以僅憑這條法律的效力，就我們公司目前的具體情況而言，這對我們來說非常有利。

Got it. And the 347 corridor expansion, that's a pretty big deal because I think doesn't that reduce commute times improve transportation and just potentially drive more people towards Maricopa with, generally speaking, is probably more housing affordability. Is that what we should be thinking about on that front?

知道了。347號走廊的擴建意義重大，因為我認為這可以減少通勤時間，改善交通，並有可能吸引更多的人前往馬里科帕，總的來說，這可能會帶來更實惠的住房。這是否就是我們在這方面應該考慮的問題？

Yes, absolutely. I would say more than generally speaking, it's -- it is what is going to happen. So you've got to think about it this way. When we bought those utilities just over 20 years ago, there was 2,000 people in the city.

是的，絕對的。與其說是普遍現象，不如說──這就是將要發生的事情。所以你得這樣想。20多年前我們收購這些公用事業公司時，這座城市只有2,000人。

And we're talking about some of the census data earlier on this call, but we all know the census data lags. And so right now, the city's own metrics have the city at 85,000 people. So that has happened off of this kind of 2 lane each direction highway, but it definitely resulted in a lot more traffic congestion and that's ultimately why those stakeholders were able to get the federal government, the local stakeholders, state government to fund this project through like 12 different funding mechanisms.

我們之前在電話會議中談到了一些人口普查數據，但我們都知道人口普查數據有滯後性。因此，目前該市的官方數據顯示，該市人口為 85,000 人。所以，這種雙向兩車道的高速公路雖然有所改變，但確實造成了更多的交通擁堵，而這最終也是為什麼利益相關者能夠通過大約 12 種不同的融資機制，讓聯邦政府、地方利益相關者和州政府為這個項目提供資金的原因。

They were able to bring it all together because the need is real and there. So just to add up a full another lane in each direction, most importantly, at overpasses to some of the complicated intersections that currently just have 4-way lights that keeps the traffic moving. And it really is going to create a freeway of like access into the City of Maricopa. It's going to allow us to keep booming. So we're pretty excited about it.

他們能夠將所有資源整合起來，是因為需求是真實存在的。因此，我們只需在每個方向上增加一條完整的車道，尤其是在一些複雜的十字路口（目前只有四向信號燈來維持交通暢通）的立交橋上。它確實將為進入馬里科帕市打造一條便捷的通道。這將使我們能夠繼續蓬勃發展。所以我們對此感到非常興奮。

Got it. I will jump back in queue. I appreciate it. Thanks guys.

知道了。我重新排隊。謝謝。謝謝各位。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Matvey Tayts, Freedom Finance.

馬特維泰茨，《自由金融》。

Good morning. Thank you very much for the presentation. So my question is also about this regulations. So like the proposal by ACC, like 50% below what you proposed. Are there any kind of -- where this huge difference comes from? Why it's so big. So can you just elaborate a little bit on this? Thank you.

早安.非常感謝您的演講。所以我的問題也是關於這些規定的。所以就像 ACC 的提議一樣，比你提出的方案低 50%。這種巨大差異究竟從何而來？它為什麼這麼大？能再詳細解釋一下嗎？謝謝。

Yeah, this is Chris. So part of it is what I'll call we're kind of still in the process. So we have a lot of, what's called, post-test year plant. And the way the commission works with that is they don't include it in their calculations until they see the projects completed, the invoices in and they've had a chance to review the invoices. So that's part of it.

是的，這是克里斯。所以其中一部分，我稱之為我們仍在進行中的階段。所以我們有很多所謂的「考後一年」的植物。委員會處理這種情況的方式是，在看到項目完成、收到發票並有機會審核發票之前，他們不會將其納入計算。這是其中的一部分。

And then obviously, they're still back and forth asking for additional information related to other investments of our Southwest area and other projects. And so that's why when we say we're in the middle innings, we're kind of still in the middle of the process working with the parties on it.

顯然，他們也正在反覆詢問與我們西南地區其他投資和其他項目有關的更多資訊。所以這就是為什麼當我們說我們正處於中局階段時，我們實際上仍然處於與各方合作的中間階段。

Okay, thank you so much. And just an additional question. So in previous reports, you mentioned this number like $212.5 million for the expected rate base. And I couldn't find it in the new quarterly report. So is it correct that I missed this number or it's mentioned somewhere or you decided to be a little bit less strict in your numbers expectations? Thank you.

好的，非常感謝。還有一個問題。在先前的報告中，您曾提到預期利率基數為 2.125 億美元。我在新季報告中也沒找到。所以，是我漏掉了這個數字，還是它在某個地方被提及了，又或者你們決定對數字要求稍微放寬一些？謝謝。

Yeah. This is Mike. That number that we gave you, it's -- and you can find it in the investor presentation on our website. And so it's there and it talks about our 2024 number plus an expected post-test year plan number that we have. And so that number has actually -- it's come down a little bit from that $212 million, but materially -- that's still correct. And that's a number -- we just don't report that stuff in our quarterly financials.

是的。這是麥克。我們給您的數字是——您可以在我們網站的投資者簡報中找到它。所以它就在那裡，它談到了我們的 2024 年數字，以及我們預期的測試後年度計劃數字。所以這個數字實際上已經從 2.12 億美元略有下降，但從實質上來說，這個數字仍然是正確的。那是一個數字——只是我們不會在季度財務報告中披露這些資訊。

So let me just check one thing. So in your recent quarterly report, there is no -- this number, right?

讓我確認一件事。所以，在你們最近的季度報告中，沒有——這個數字，對吧？

That's right.

這是正確的。

Okay, thank you so much.

好的，非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Ron Fleming for any closing remarks.

我們的問答環節到此結束。我謹將會議交還給羅恩·弗萊明，請他作總結發言。

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

好的。謝謝接線生。我只想感謝大家參加這場電話會議，以及大家一直以來對全球水資源議題的關注。非常感謝，期待再次與您交流。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。