全球水资源有限公司2025年季度报告

ORTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from _______________ to _______________Commission File Number:001-37756______________________________________________________________ (Exact Name of Registrant as Specified in its Charter)______________________________________________________________Delaware If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).☐YesxNoAs of May13, 2025, the registrant had27,450,978shares of common stock, $0.01 par value per share, outstanding. PART I. FINANCIAL INFORMATION Condensed Consolidated Statements of Operations (unaudited)Condensed Consolidated Statements of Shareholders’ Equity (unaudited) Notes to the Condensed Consolidated Financial StatementsITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ITEM 4. Controls and Procedures ITEM 3. Defaults Upon Senior Securities ITEM 5. Other InformationITEM 6. Exhibits -2- Condensed Consolidated Balance Sheets (unaudited)Condensed Consolidated Statements of Operations (unaudited)Condensed Consolidated Statements of Shareholders’ Equity (unaudited)Condensed Consolidated Statements of Cash Flows (unaudited)Notes to the Condensed Consolidated Financial Statements1. Description of Business, Basis of Presentation, Significant Accounting Policies, and Recent AccountingPronouncements2. Acquisitions3. Regulatory Matters4. Revenue Recognition5. Earnings Per Share6. Utility Plant7. Taxes, prepaid expenses and other current assets8. Goodwill9. Equity10. Debt11. Accrued Expenses and Other Current Liabilities12. Fair Value13. Income Taxes14. Share-based Compensation 1.Description of Business, Basis of Presentation, Significant Accounting Policies, and Recent Accounting PronouncementsBasis of Presentation and Principles of ConsolidationThe Company’s condensed consolidated financial statements (unaudited) and related disclosures as of March 31, 2025 and for the threemonths ended March 31, 2025 and 2024 are unaudited. Certain information and footnote disclosures normally included in financialstatements prepared in accordance with GAAP have been condensed or omitted. These financial statements follow the same accounting The Company prepares its financial statements in accordance with the rules and regulations of the SEC. The preparation of the financialstatements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09,Income Taxes (Topic 740): Improvements to Income Tax Disclosuresto expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective forannual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impacts thisamendment will have on its income tax disclosures and intends to adopt the pronouncement for its Annual Report on Form 10-K for the yearending December 31, 2025. Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of this standard. This standard requiresdisclosure in tabular format of disaggregation of relevant expense captions presented on the income statement by certain natural expensecategories with certain related qualitative disclosures within the notes to the financial statements. The ASU does not change the expensecaptions an entity presents on the income statement. The standard is effective for fiscal years beginning after December 15, 2026 and interimreporting periods beginning after December 15, 2027. The Company is currently evaluating the impacts this amendment will have on itsrequired disclosures. Tucson, pursuant to which GW-Ocotillo agreed to acquiresevenisolated public water systems from the City of Tucson in an all-cashtransaction for a purchase price of $8.4million. The subject public water systems are located in and around unincorporated Pima County and serve approximately2,200water service connections. GW-Ocotillo’s application for a CC&N to provide water service to these water systemswas approved by the ACC on January 22, 2025. The Company expects to complete the acquisition in mid-2025, subject to customary closing conditions. The estimated rate base of thesevenwater systems is approximately $7.8million.-9- 2024 GW-Farmers Rate Case On June 27, 2024, GW-Farmers filed a rate case application with the ACC for increased water rates based on a 2023 test year, with updatesfor changes in post-test year plant through December 31, 2024. On J