Good morning. Thank you for joining us today to discuss Consolidated Water Company second quarter 2022 results. Hosting the call today is Chief Executive Officer of Consolidated Water Company, Rick McTaggart, and the company's Chief Financial Officer, David W. Sasnett. Following their remarks, we'll open the call for your questions. At any time during the call, you may queue into Q&A queue by pressing star one on your keypad. Before the call concludes today, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone, today's call is being recorded and it will be made available for telecom replay per the 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 Water Company CEO, Rick McTaggart. Sir, please go ahead. Thank you, Nick, and good morning, everyone. Thanks for joining us today. As noted in our earnings release issued yesterday afternoon, we reported dramatically improved results for the second quarter of 2022 compared to last year. Our total revenue for the quarter increased by 26% to $21.1 million. This contributed to the increase in our net income from continuing operations to $2.7 million or 18 cents per share. Our retail segment revenue grew by 15% to $6.5 million, and this increase resulted from the significant easing of travel restrictions to the Cayman Islands for tourists and the reopening of large hotels and other vacation properties on the island earlier this year. This drove increased water consumption by tourism industry-related businesses. Our bulk segment revenue increased by $1.7 million to $8.4 million and contributed operating income of $2.4 million. Our services segment revenue increased by $1.3 million to $5.1 million, with this contributing operating income of $356 thousand. We are very encouraged by the trends that drove these results. Our manufacturing segment, however, continues to struggle with supply chain issues and the currently weak economic environment. We are optimistic that this segment will report improved results in the latter half of this year based on our current contracted backlog. Also during the quarter, we announced two major contract wins. In May, pursuant to a competitive bid process, we were awarded a contract by the Water Authority of the Cayman Islands to design and build a new 2.64 million gallon per day seawater desalination plant on Grand Cayman. Following the construction and sale of this plant to Water Authority, we will operate the plant and deliver the water produced to the Water Authority for 10 years. This contract is expected to generate more than $20 million in revenue over the life of the contract, with the majority of the revenue being recognized on the construction and sale of the plant, the plant is scheduled to be completed in the fourth quarter of 2023. We commenced the permitting and design phase for this project during this past quarter, so things are moving along. Also in May, our majority-owned subsidiary, PERC Water Corporation, signed a contract with Liberty Utilities to construct and commission a 4 million gallon per day wastewater treatment facility in Goodyear, Arizona. The construction and commissioning revenue under this contract is expected to total approximately $82 million, with the facility expected to be operational by December 2023 and fully completed by the end of the second quarter of 2024. Construction of this important project is already underway, and we will begin to generate significant revenue beginning next quarter. Now, before I talk about our progress further and our outlook for the rest of the year, I'd like to turn the call over to David W. Sasnett, our CFO, who will take us through the financial details for the quarter. Thanks, Rick, and good morning, everyone. Thanks for joining us today. Yesterday, we issued our earnings release for the second quarter of 2022, which is available in the Investors section of our website. We reported that revenue totals $21.1 million in the second quarter, which is an increase of 26% from the second quarter of 2021. This growth reflects the increases of $852,000 in our retail segment revenue, $1.7 million in our bulk segment revenue, $1.3 million for our services segment, and $510,000 in additional manufacturing segment revenue. As Rick mentioned, the increase in our retail revenue was due to the improvement in tourist activity in the Cayman Islands last quarter. This generated an 8% increase in the volume of the water sold by our Cayman Water subsidiary. Our retail revenue also increased as a result of higher energy costs that increased the energy pass-through component of our water rates, as well as a more favorable rate mix. Much of the increase in volume sales was to tourist-related properties, and they pay a higher per gallon rate than our residential customers. The increase in bulk segment revenue is primarily attributable to an increase in energy costs for CW Bahamas, which these energy costs increased the energy pass-through component of CW Bahamas rates. The increase in our services segment revenue is attributable to increases in both plant design and construction revenue, as well as operating and maintenance revenue increase. I wanna make it clear and point out to investors that our services segment revenue does not reflect any revenue from the two contracts we recently won, both on Grand Cayman and in Arizona. Investors should expect to see revenue from those two contracts begin to increase our services segment revenue next quarter. Gross profit for the second quarter of 2022 was $7.5 million, or approximately 36% of revenues. This compares to $6.1 million in gross profit in the same quarter of last year, which was also about 36% of revenues. Our net income from continuing operations attributable to Consolidated Water stockholders for the second quarter was $2.7 million or $0.18 per basic and diluted share. This compares to a net loss of $1.5 million or 10 cents per share for the second quarter of last year. Net income attributable to Consolidated Water stockholders for the period, which includes the results of our discontinued operations, was $2.3 million or 15 cents per share. In comparison, we reported a net loss of $1.7 million or 11 cents per share in the second quarter of last year. Now turning to our balance sheet. As we have previously disclosed, the liquidity of our Bahamas subsidiary has been adversely affected in prior months, really for an extended period of time, by delinquent accounts receivable due from its sole customer, the Water and Sewerage Corporation of The Bahamas. In February of this year, we received a payment schedule from the Bahamas government, according to which the government plans to reduce our CW Bahamas delinquent accounts receivables over the course of 2022, with the intention of eventually re-bringing all of CW Bahamas' receivables from the Water and Sewerage Corporation to current status. Under this plan, during the second quarter of this year, CW Bahamas received approximately $16.4 million in payments towards its accounts receivable from the Water and Sewerage Corporation of The Bahamas. These payments reduced CW Bahamas' accounts receivables to $13.5 million as of June 30th this year. We are pleased to report this dramatic improvement in our liquidity, and we greatly appreciate the Bahamas government's commitment to paying down these receivables well ahead of the dates they provided in their February payment schedule. We are especially appreciative of their ability to do this given the adverse economic impact the pandemic has had on The Bahamas economy. As of June thirtieth this year, our cash and cash equivalents totaled $49.1 million, our working capital was $71.6 million, our debt was less than $300,000, and our stockholders' equity totaled $159.4 million. Our projected liquidity requirements as of June thirtieth for the balance of this year include capital expenditures for existing operations and plant construction of approximately $10.1 million. This $10.1 million includes $3.3 million to be incurred for the replacement of our West Bay Seawater Desalination Plant on Grand Cayman, and approximately $3.5 million for the construction of the Water Authority's new desalination plant under our recently awarded contract. In addition, about $1.3 million in dividends were paid in July of 2022, and based upon our dividend history, we anticipate similar dividend payments in the fourth quarter this year. This completes our financial summary for the quarter, and I'd like to turn the call back over to Rick. Thanks, David. Before I get into our outlook for the remainder of the year, I'd like to talk a little bit more about the progress we made across our business segments during the quarter. Our retail segment, which operates the water utility for the Seven Mile Beach and West Bay areas of Grand Cayman, under an exclusive license granted by the Cayman Islands government. While the license was not expressly extended after January 2018, we continue to supply water under the terms of this license. We've continued our discussions with the regulator this year regarding the license, and these negotiations are ongoing. We're very encouraged by the return of tourism to the Cayman Islands as the country's reopening plan continues. Air travel to the islands has been steadily increasing since late last year when the government began welcoming back major U.S. airlines. Cruise arrivals have also reportedly reached just over 60,000 passenger arrivals in May, or about 60% of pre-pandemic numbers. A recent news article reported that during the six months since the reopening of the country to tourists, the Cayman Islands attracted about 50% of the number of stayover tourists that were visiting prior to the pandemic. This aligns with the Cayman Islands Tourism Association's recent report that most big hotels are currently running around half capacity. This is, of course, a vast improvement over last year when the island had no business at all from tourists due to travel restrictions. Despite tourist arrivals to the islands being about half that of the pre-pandemic levels, we still saw our retail revenue increase 15% in the quarter. As David mentioned, this was primarily due to an 8% increase in the volume of water sold. We believe we still have a long way to go before tourism returns fully to pre-pandemic levels in the Cayman Islands, but we have every reason to believe that this will just be a matter of time. Now looking at The Bahamas, obviously we're very pleased to receive the $16.4 million in payments on our accounts receivable from the Water and Sewerage Corporation, and we remain very encouraged that the country will continue to return to pre-pandemic levels of economic activity. Looking at our U.S. businesses, as we've discussed for some time, we believe immediate action is needed to secure new drought-proof sources of fresh water in the water-stressed areas of the United States, in particular the Southwest U.S. Desalination and water recycling are increasingly being recognized as the best solutions to meet this need. We're currently pursuing some major wastewater recycling projects and in June our bid for a multi-decade design build operate seawater desalination project in Hawaii was submitted, and we're currently awaiting the resolution of the Hawaii bidding process. This project in Hawaii is very comparable to the types of projects that we've been successfully completing in the Caribbean for many years. We believe our extensive experience in designing, building, and operating these seawater desalination plants allowed us to be shortlisted to bid for this major project. With the record high temperatures and record drought levels in the Western U.S., we anticipate a growing number of opportunities here in the United States. Just last week, it was reported that the United Nations warned that millions are at risk of major power and water shortages in the U.S. as two of our nation's largest reservoirs, Lake Mead and Lake Powell on the Colorado River, are on the brink of dead pool status. Lake Mead, which stretches across Nevada and Arizona, has been known as the country's largest artificial body of water. However, levels have gotten so low that NASA, which has been monitoring the lake from space, said this could be a sign of the worst drought in the region in more than 12 centuries. We believe desalination is key to alleviating global water scarcity, and particularly in the arid Southwest United States. These regions need to take immediate steps to diversify their shrinking water supplies by implementing drought-proof resources like desalination, and not just seawater desalination, but brackish groundwater desalination. There's plenty of opportunities in Arizona for those types of projects. They also need to do more to recycle existing water supplies, which aligns perfectly with the capabilities and experience of our PERC Water subsidiary. Based in Southern California, PERC builds, operates, and maintains advanced water treatment and reuse facilities across the Southwest, facilities which have received awards for their innovative designs. As mentioned earlier, in May, PERC was contracted to design, construct, and commission a four million gallon per day wastewater treatment facility with Liberty Utilities. We believe that we were able to obtain this project from Liberty because of our unique project delivery model, which enables us to design, construct, and commission this type of project on an accelerated schedule and at a lower overall cost than traditional project delivery models. Additionally, our clients only have to deal with one responsible party for all aspects of the project, including cost, schedule, and plant performance. Based on PERC's overall increased activity, that reflects strengthening market demand, we believe PERC is well-positioned for further growth in the coming months and years. As we mentioned, our manufacturing segment continued to deal with the challenges of current economic conditions, and several projects originally scheduled for completion by the end of the second quarter have been further delayed, either at the customer's request or because of difficulties obtaining materials and equipment. However, based on current contracted backlog, we expect to complete several projects in the second half of this year and expect our manufacturing results to improve over the course of the rest of 2022 and into 2023. Additionally, our integrated sales team is generating leads and potential sales orders for our manufacturing segment with new clients in new markets such as industrial and mining projects. Now I'd like to update you briefly on developments regarding the canceled Playas de Rosarito desalination plant in Mexico. Further to recent public statements by representatives of the Baja California government, you know, I can confirm that we are in discussions with the state to potentially resolve the issues related to their cancellation of the Rosarito plant contract in June of 2020, as well as potentially addressing the state's acute water shortage issues. I'd also like to clarify that we have agreed to delay the appointment of arbitrators while these discussions are in process, but the arbitration has not been suspended. Consolidated Water's been designing, building, and operating seawater desalination plants for over 50 years. We believe our commitment to delivering safe, reliable, and affordable desalinated water to cities and countries in need is unmatched in the industry. We hope that our ongoing discussions with Mexico will result in a positive solution for both parties. Looking ahead, we see many positive factors driving continued growth in 2022. In addition to the anticipated diminishing impact of the pandemic and the increased return of tourism in Grand Cayman, we're also seeing increased project bidding activity in the United States and in the Caribbean. We see these trends representing potential major catalysts for growth in the remainder of this year and beyond. Nick, I'd like to open the call up for questions now. Thank you. We'll now begin the question and answer session. To ask a question, you may press star then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. This time we'll pause shortly to assemble the roster. First question will come from John Bair with Sandwell Advisor. Please go ahead. Morning, gentlemen. Congratulations on the wins this quarter. Thanks, John. David mentioned about maintaining the dividend rate. Given that you've had a significant drop in accounts receivable from the Bahamas and balance sheet's really in great shape, just wondering what the thought process in that or capital perhaps being applied towards M&A. Just curious about that. Well, John, let me caution you. I didn't guarantee that we're going to pay a dividend going forward, but, you know, our board's always approved the dividend. Right. I'm not aware of any reason why they wouldn't approve one going forward, but always it's their decision, not management's. Look, when you look at our balance sheet, we have $49 million in cash at the moment. If you look at our dividend payout ratio relative to earnings, I think it's relatively high. We have what we believe to be an increasing demand for our capital. Some of these larger projects on which we're bidding, you know, they require a certain amount of bonding capacity for us, which goes back to our borrowing capacity. I don't think, given that our business is, I think, poised for a lot of growth, we're not in a position to have excess cash to pay dividends. Me, personally, I don't believe that anytime soon. However, if, you know, we were to see the substantial windfall, let's say, if something happened positively for Mexico, we'd certainly look at maybe paying a special dividend or increasing the dividend. I think right now, we have enough in potential new business and enough capital required for that new business that we really need to focus on allocating capital for that purpose and not increasing our dividend. That's just my personal opinion. Sure. Fair enough. Just curious what the thought process was there. Thanks very much, and congrats again, and look forward to the next quarter. Thanks, John. If you have a question, please press star then one. Next up for the question will be from Steve Parrago, Park Research. Please go ahead. Thank you. First of all, on the two projects, the Cayman Water plant and the Liberty Utilities, the Arizona wastewater project, I presume you're gonna account for those as on a percentage of completion basis, so you'll be accruing the costs of that over time until completion. Is that correct? Well, it's actually not called contract percentage of completion anymore, but you're right. Under the input method, as we incur costs on the project, we'll be recognizing revenue. If based upon estimated profits for the project, we'll be recognizing a portion of that profit as we incur the cost on both of these projects. Yes. And- You should see. Go ahead. Will you be receiving progress payments from the entities, or is payment delayed until the project is complete? With respect to the Arizona project, we do receive project progress payments, and we bill as we, as the work proceeds. Ten percent of the actual billing is retained. The contract has a 10% retainage factor. At the end, it all goes according to schedule. At the end of the project, we would have billed all but about $8 million. We would have done all the project and collected all but about $8 million. I think the retainage stays in place for six months just to ensure proper operation of the plant. With respect to the Cayman Islands project, we will not be paid until the project is complete. We will end up carrying a pretty large asset on our books as construction proceeds. I think, Rick, you can correct me if I'm wrong, but I think we're due payment within a few months after. We get 90% on completion, and then we get another 10%. I think it's after six months or a year. But- I'd have to check back. Yeah, you'll see significant assets, contract assets and contract liabilities on our balance sheet for both of these projects as we proceed. The billings for the Arizona project are pretty much consistent with the incurrence of costs, so that shouldn't be a huge drain on our working capital. Okay. On the Mexico project, you know, I've been reading, I'm sure with other people about the drought conditions in Mexico that have gotten really dire. When you say you're talking to them about resolving their water problems, it sounds like they've decided that they've got to move forward with some kind of desalination solution. I guess the question is, I know you can't give away your negotiating position or whatever. Could they conceivably resurrect the project in a way that brings you back in? Is that, if you can say it, something that you would entertain at this point? Maybe you should remind us why they canceled the project originally in 2020. Yeah, I mean, it's very early in the negotiations to make any sort of statements along those lines. I think the key points are that they do need water desperately there, and we'd like to get our money back from this canceled project. You know, we're in the process of talking to the state. That's pretty much all I can say at this point. I mean, there's no particular direction that this is going, you know, from the standpoint of will we build another plant? Are they gonna reinstate the contract? I mean, we haven't gotten to those points yet in the discussion. We're just looking at a way to, you know, we both think to amicably resolve the dispute besides going to a lengthy arbitration process. That's where we're at. Okay. I know, I mean, your disclosure suggests it's a little hard for me to figure out. I haven't read it, 10-K, that you transferred some of the equity in the project at one point, but then maybe you got it back. I'm not sure. Do you own the project or the entities that have the rights to the project at this point in time? Very early on, we had a partner, a 50% partner. This is many years ago when we first started the project. Eventually we bought out all but about 1% of the equity interest in that project. We own all rights to the project and all rights to the permits and the land and all the other expenditures that were made for the project. Yeah. Okay. There's no other equity partner. In fact, there's an outside interest that's just a fraction of a percent in one of the companies. Yeah. Okay. That's all I have. Thank you very much. Sure. Again, if you have a question, please press star then one. Next question will be from Philip Auclair of PJ Auclair Associates. Please go ahead. Yeah. Hello, Rick. Thanks for taking my call. I just wanted to. Sure. I didn't hear anybody mention it seems to me I heard yesterday or saw yesterday a news release that the governor of California was proposing a significant initiative to try to resolve the water problems in that state. Of course with PERC's presence in California and I know I heard the word desalination mentioned in his press release does anybody? Are you guys aware of that? Or are you pretty excited about the possibility that there might be some significant opportunities on the Yeah Table there? I mean, honestly, there's a lot of mixed signals coming from California on seawater desalination. I mean, I heard the same sort of thing, and I heard that they've blocked some funds from the state budget to support desalination initiatives. On the other hand, I mean, if you look at the industry reports, I mean, there was a big project in California that recently just got canned. You know, the developer they've been working on that for, I mean, 10+ years. I don't really know what they wanna do with desalination there. However, you know, we see the potential on the waste recycling side, and that's why we invested in PERC a couple of years ago. That's not a very controversial process, and a lot of municipalities are now, you know, designing and going to bid for advanced wastewater treatment plants that would produce recycled water. If you want the easier path for business, I mean, you wanna follow that one. The desalination opportunities in California to me are still a bit unclear. Thanks. Thanks for your input. Thank you. This concludes our question and answer session. I'd like to turn the call back over to Mr. McTaggart. Sir, please go ahead. Thanks, Nick, and appreciate everybody calling in today. Great questions, and we look forward to speaking with you again in November, I guess, for the third quarter results. Take care. Bye-bye. Thank you. Ladies and gentlemen, this will conclude today's call. I'd like to provide the company's safe harbor statement, includes cautions regarding forward-looking statements made during the call. The information that we have provided in this conference call includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the company's future revenue, future plans, objectives, expectation of events, assumptions and estimates. Forward-looking statements can be identified by the use of words or phrases usually containing the word believe, estimate, project, intend, expect, should, will, or similar expressions. Statements that are not historical facts are based on the company's current expectations, beliefs, assumptions, estimates, forecasts, and projections for the business and industries and markets related to its business. Any forward-looking statements made during this conference call are not guarantees of future performance, involve certain risks, uncertainties and assumptions which are difficult to project. Actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Factors that would cause or contribute to such difference include, but are not limited to, tourism and weather conditions in areas we serve. The impacts of COVID-19 pandemic, particularly in our retail and manufacturing segments. The economic, political and social conditions of each country in which we conduct or plan to conduct business. Our relationship with the government entities and other customers we serve. Regulatory matters, including resolutions and negotiations for the renewal of our retail license in Grand Cayman. Our ability to successfully enter new markets and other various risks as detailed in the company's periodic report filings with the Securities and Exchange Commission. For more information about risks and uncertainties associated with the company's business, please refer to the Management's Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the company's SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statements made during the conference call speak as of today's date. The company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto or any changes in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. Before today's conference call ends, I'd now like to remind everyone that this call will be available for replay starting later this evening. Please refer to yesterday's earnings release for dial-in replay instructions available via the company's website at www.cwco.com. Thank you for attending today's presentation. This concludes the conference call. You may now disconnect.