Global Water Resources, Inc.

Greetings, ladies and gentlemen. Thank you for standing by. Welcome to the Global Water Resources Inc. 2022 second quarter conference call. At this time, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then 1 on your telephone keypad. If anyone has any difficulties hearing the conference, please press star then 0 for operator assistance at any time. I would like to remind everyone that this call is being recorded on August 11, 2022, at 1 p.m. Eastern Time. Now, I would like to turn the conference over to Joanne Ellsworth, Executive Vice President, Corporate Affairs. Please go ahead.

Thank you. Welcome, everyone, and thank you for joining us on today's call. Yesterday, we issued our 2022 second quarter financial results by press release. a copy of which is available on our website at www.gwresources.com. Speaking today is Ron Fleming, President and Chief Executive Officer, Mike Liebman, Chief Financial Officer, and Chris Krieger, Chief Strategy Officer. Mr. Fleming will summarize the key operational events of the quarter. Mr. Liebman will review the financial results for the second quarter. and Mr. Krieger will review strategic initiatives and business development for the quarter. Mr. Fleming, Mr. Liebman, and Mr. Krieger will be available for questions at the end of the call. 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. 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 section Risk Factors in 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. 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 Mr. Fleming.

Thank you, Joanne. Good morning, everyone, and thank you for joining us today. We are very pleased to report the results for the second quarter of 2022, as there are many highlights worth mentioning. We announced that we signed a definitive agreement to acquire Farmer's Water Company. We also announced the completion of our company-wide rate case, which includes new rates for 96% of our customers and numerous notable policy decisions. Chris will discuss Farmer's acquisition and the rate case further. Subsequent to the quarter, our company completed a public offering of common stock, totaling gross proceeds of $15.5 million. and an increase to our unused revolving line of credit from $10 million to $15 million, ensuring we have the capital necessary to fund acquisitions, infrastructure investments, and for general corporate purposes. Now I want to highlight customer growth. Total active connections grew 8.8% as compared to the end of Q2 2021, bringing total connections to 55,814. Development and housing activity remain very strong in Metro Phoenix and our service areas. Thus far, Metro Phoenix annual monthly run rate is about flat in single family home permits in 2022 over 2021. However, large scale commercial and industrial growth continue to accelerate at a pace never before seen in Metro Phoenix, and this continues to push out to our areas either in our planned service territories or in communities immediately adjacent. Because of this, we continue to make excellent progress on the engineering, permitting, and construction of new service areas, including the inland port Arizona, which includes the Nikola Motor Corp manufacturing facility, amongst other areas within our large service territories. We believe that in the years to come, we will continue to see large-scale commercial and industrial growth in addition to our strong organic housing growth. I will now turn the call over to Mike for financial highlights. Thanks, Ron.