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Seven Mile Beach and West Bay.
−Removed: For the three months ended June 30, 2024 and 2023, we generated approximately 25% and 17%, respectively, of our consolidated revenue and 39% and 27%, respectively, of our consolidated gross profit from the retail water operations conducted under the 1990 license.
−Removed: For the six months ended June 30, 2024 and 2023, we generated approximately 23% and 20%, respectively, of our consolidated revenue and 38% and 32%, respectively, of our consolidated gross profit from the retail water operations conducted under the 1990 license.
+Added: For the three months ended September 30, 2024 and 2023, we generated approximately 23% and 14%, respectively, of our consolidated revenue and 34% and 23%, respectively, of our consolidated gross profit from the retail water operations conducted under the 1990 license.
+Added: For the nine months ended September 30, 2024 and 2023, we generated approximately 23% and 18%, respectively, of our consolidated revenue and 36% and 29%, respectively, of our consolidated gross profit from the retail water operations conducted under the 1990 license.
The 1990 license was originally scheduled to expire in July 2010 but was extended several times by the Cayman Islands government in order to provide the parties with additional time to negotiate the terms of a new license agreement.
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We have been informed during our retail license negotiations, both by OfReg and its predecessor in these negotiations, that the Cayman Islands government seeks to restructure the terms of our license in a manner that could significantly reduce the operating income and cash flows we have historically generated from our retail license.
−Removed: We are presently unable to determine what impact the resolution of our retail license negotiations will have on our cash flows, financial condition or results of operations but such resolution could result in a material reduction (or the loss) of the operating income and cash flows we have historically generated from our retail operations and could require us to record impairment losses to reduce the carrying values of our retail segment assets.
+Added: We are presently unable to determine what impact the resolution of our retail license negotiations will have on our cash flows, financial condition or results of operations but such resolution could result in a material reduction (or the loss) of the operating income and cash flows we have historically generated from our retail operations and could require us to
+Added: record impairment losses to reduce the carrying values of our retail segment assets.
Such impairment losses could have a material adverse impact on our consolidated financial condition and results of operations.
1 unchanged sentence
As a result, our Bahamas subsidiary could have insufficient liquidity to continue operations, and our consolidated results of operations and cash flows could be materially adversely affected.
−Removed: CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $25.4 million as of June 30, 2024.
−Removed: Approximately 79% of this June 30, 2024 accounts receivable balance was delinquent as of that date.
+Added: CW-Bahamas’ accounts receivable balances (which include accrued interest) due from the WSC amounted to $25.1 million as of September 30, 2024.
+Added: Approximately 77% of this September 30, 2024 accounts receivable balance was delinquent as of that date.
The delay in collecting these accounts receivable has adversely impacted the liquidity of this subsidiary.
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All previous delinquent accounts receivable from the WSC, including accrued interest thereon, were eventually paid in full.
−Removed: Based upon this payment history, we have not provided for a material allowance for credit losses for CW-Bahamas’ accounts receivable from the WSC as of June 30, 2024.
+Added: Based upon this payment history, we have not provided for a material allowance for credit losses for CW-Bahamas’ accounts receivable from the WSC as of September 30, 2024.
In a report dated October 6, 2022, Moody’s Investor Services (“Moody’s”) downgraded The Bahamas’ long-term issuer and senior unsecured ratings to B1 from Ba3.
Moody’s also lowered The Bahamas’ local currency ceiling to Baa3 from Baa2 and its foreign currency ceiling to Ba1 from Baa3.
−Removed: Moody’s iterated these ratings in April and October 2023 and April 2024, noting that such ratings are “stable.”
+Added: Moody’s has maintained these ratings through the date of its most current report issued in October 2024.
If CW-Bahamas is unable to collect a significant portion of its delinquent accounts receivable, one or more of the following events may occur:
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.