Consolidated Water Co. Ltd.

Good morning.

Thank you for joining us today to discuss Consolidated Water Co.'s full year 2021 results. Hosting the call today is the Chief Executive Officer of Consolidated Water Co., Rick McTaggart, and the company's Chief Financial Officer, David Sasnett. Following their remarks, we'll open the call to your questions. At any time during the call, you may join the Q&A. Cue by pressing star 1 on your keypad. Before we conclude today's call, I'll provide some important information Cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded and will be made available for telecom replay via instructions in yesterday's press release, which is available in the investor relations section of the company's website. Now, I'd like to turn the call over to Consolidated Waters Co. CEO, Rick McTaggart. Sir, please go ahead.

Thank you, Anthony. Good morning, everyone. Thanks for joining us on today's call. As you saw from our earnings release yesterday, 2021 was a challenging year for the company due to the impact of the pandemic on certain areas of our business. While our retail and manufacturing segments performed below historical levels, we made progress growing our business in other areas. On the call today, I'd like to talk about what produced these results and the foundations we continue to lay to support our future growth and expansion. Last year, our bulk segment was our biggest revenue contributor and biggest incremental revenue contributor, increasing $2.5 million compared to 2020. And our services segment was our second biggest incremental revenue contributor by $947,000. While our manufacturing revenue declined during the year due to adverse economic conditions and retail revenue declined due to the cessation of tourism in Grand Cayman during the pandemic, the challenges and opportunities presented to us during this period further validated the importance of diversifying our manufacturing segment revenue by expanding our geographic presence and customer base. In 2021, we successfully integrated our sales team across four business segments, led by our recently promoted Executive Vice President of Business Development, Mr. Brent Brody. We expect our manufacturing segment to strengthen this year, supported by our integrated sales team, which is leveraging the relationships and excellent reputation that PERC has developed over many years with potential customers and Engineering Advisors in the Southwest United States. This integrated sales approach is providing opportunities for Eric's to pursue projects in this water short area of the country in addition to its primary sales market in Florida. And on the desalination side of the business, our manufacturing segment is fully integrated in three projects that we are pursuing in Hawaii, California and Grand Cayman. We believe that having AIREX's design and manufacturing capabilities in-house makes us more competitive on these three important projects, each of which includes design, construction, and long-term operation of seawater desalination plants for municipal customers. Our retail segment with operations in Grand Cayman continued to be adversely impacted by the pandemic during 2021. We operate four seawater desalination plants that produce piped drinking water for our retail utility business and another three seawater desalination plants for our bulk water customer in Grand Cayman. In total, we produce all of the piped drinking water on Grand Cayman, which is home to about 95% of the country's population. We are extremely encouraged by recent easing of COVID-19 restrictions and the return of tourism to the Cayman Islands as the country's Phase 5 reopening plan continues. In fact, we've already seen a 7% increase in water sales in our retail service area during the first two months of 2022 as compared to the same period last year. And with just about a day left in March, we've already produced almost 15% more water then in March 2021. Just last week, the Cayman Islands welcomed back its first cruise ship in two years, the Disney Magic. It is the first of a series of ships scheduled to visit Grand Cayman over the next month. Naturally, we expect the resurgence of tourism to help our retail water sales return to normal levels over the coming months as hotels and businesses begin to serve the thousands of tourists and vacationers coming back to the islands. Now, before I talk a little more about the year and the outlook for 2022, I'd like to turn the call over to David, who will take us through the financial results for the year.