My way of backing into water. Back non-water revenue out of EBITDA. Add “old expenses” and legal (big $$$$) to the adjusted EBITDA number to get a ballpark water income. Look at water income relative to water top line to observe expenses and margins.
Seperately we can look at margin without asset sales.
Both margins are contracting.
It is understood that one has to spend money to make money, expecially in the water business, but I’d love more information on the end game.