American States Water Co (AWR) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to the American States Water Company conference call discussing the company's first quarter 2025 results. The call is being recorded. If you would like to listen to the replay of the call, we'll begin this afternoon at 5:00 P.M. Eastern Time and run through May 15 on the company's website, www.aswater.com.

女士們、先生們，午安。感謝您的支持。歡迎參加美國水務公司電話會議，討論公司 2025 年第一季的表現。通話正在錄音。如果您想聽通話重播，我們將在今天下午 5:00 開始。東部時間，並在公司網站 www.aswater.com 上持續播放至 5 月 15 日。

The call that the company will be referring to is also available on the website. (Operator Instructions) Presenting today from American States Water Company are Robert Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Financial Officer.

該公司將要提及的電話也可以在網站上找到。（操作員指示）今天來自美國水務公司的演講者是總裁兼首席執行官羅伯特·斯普羅爾斯 (Robert Sprowls)；以及財務高級副總裁兼首席財務官 Eva Tang。

As a reminder, certain matters discussed during this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of any outcomes, financial results, levels of activity, performance and achievements. And listeners are cautioned not to place undue reliance upon them.

提醒一下，本次電話會議中討論的某些事項可能是 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。前瞻性陳述並不保證或擔保任何結果、財務表現、活動水準、績效和成就。並告誡聽眾不要過度依賴它們。

Forward-looking statements are subject to estimates and assumptions and known and unknown risks, uncertainties and other factors. Listeners should review the description of the company's risks and uncertainties that could affect the forward-looking statements in our most recent Form 10-K and Form 10-Q on file with the Securities and Exchange Commission.

前瞻性陳述受估計和假設以及已知和未知的風險、不確定性和其他因素的影響。聽眾應該查看我們向美國證券交易委員會提交的最新 10-K 表和 10-Q 表中有關可能影響前瞻性陳述的公司風險和不確定性的描述。

Statements made on this conference call speak only as of the date of this call. And except as required by law, the company does not undertake any obligation to publicly update or revise any forward-looking statement.

本次電話會議所作的聲明僅代表本次電話會議召開之日的觀點。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, this conference call will include a discussion of certain measures that are not prepared in accordance with generally accepted accounting principles, or GAAP, in the United States and constitute non-GAAP financial measures under SEC rules. These non-GAAP financial measures are derived from consolidated financial information that are not presented in our financial statements that are prepared in accordance with GAAP. For more details, please refer to the press release.

此外，本次電話會議也將討論某些未依照美國公認會計原則（GAAP）編製並依據美國證券交易委員會規則構成非 GAAP 財務指標的指標。這些非 GAAP 財務指標來自合併財務訊息，這些資訊未在我們根據 GAAP 編制的財務報表中呈現。如欲了解更多詳情，請參閱新聞稿。

At this time, I would like to turn the floor over to Rob Sprowls, President and Chief Executive Officer, and American Face Water Company.

現在，我想把發言權交給美國 Face Water 公司總裁兼執行長 Rob Sprowls。

Thank you, Jamie. Welcome, everyone, and thank you for joining us today. I'll begin with a brief discussion on the quarter. Eva will then discuss some financial details, and then I'll wrap it up with updates on regulatory activity, ASUS dividends, and then we'll take your questions.

謝謝你，傑米。歡迎大家，感謝你們今天的到來。我將首先簡要討論本季的情況。然後，Eva 將討論一些財務細節，然後我將總結監管活動、華碩股息的最新情況，然後我們將回答您的問題。

We started 2025 with strong financial results. Consolidated earnings per share for the first quarter were $0.08 higher compared to the same quarter in 2024. Favorable variance is attributable to the receipt of final decisions from the California Public Utilities Commission, or CPUC, in the water and electric general rate cases, which authorized new water rates for 2025 to 2027 and authorized new electric rates for 2023 to 2026.

我們以強勁的財務表現開啟了 2025 年。第一季的綜合每股收益與 2024 年同期相比高出 0.08 美元。有利的差異歸因於加州公用事業委員會 (CPUC) 在水費和電費一般費率案件中做出了最終決定，該決定授權了 2025 年至 2027 年的新水費和 2023 年至 2026 年的新電費。

These favorable variances were partially offset by higher operating expenses, a $0.05 per share unfavorable variance from losses incurred on our investments to fund one of the company's retirement plans and the dilutive effects from the issuance of equity under American States Water's at-the-market offering program, which decreased consolidated earnings by $0.02 per share.

這些有利的差異被更高的營運費用、每股 0.05 美元的不利差異（因我們為資助公司一項退休計劃而進行的投資產生的損失以及美國水務公司按市場發行計劃發行股票的稀釋效應而部分抵消，這些因素導致每股合併收益減少 0.02 美元）。

Our regulated utilities are on pace to invest a combined $170 million to $210 million in infrastructure investments this year.

我們監管的公用事業今年將在基礎建設投資上共投資 1.7 億至 2.1 億美元。

With that, I will turn the call over to Eva to discuss earnings and liquidity.

說完這些，我將把電話轉給 Eva，討論收益和流動性。

Thank you, Rob. And hello, everyone. Let me start with our first quarter results. Recorded consolidated earnings were $0.70 per share for the quarter as compared to $0.62 per share for the first quarter of last year. For our water utility, Golden State Water reported earnings were $0.52 per share compared to $0.48 per share last year.

謝謝你，羅布。大家好。讓我先介紹一下我們的第一季業績。本季合併收益為每股 0.70 美元，去年第一季為每股 0.62 美元。對於我們的水務公司來說，Golden State Water 報告的每股收益為 0.52 美元，而去年的每股收益為 0.48 美元。

The $0.04 per share increase in 2025 was largely due to the new 2025 water rates as a result of receiving a final decision in connection with Golden State Water's general rate case proceeding, partially offset by higher operating expenses and losses generated on investments held to fund a retirement plan as compared to gains during the same period in 2024 due to financial market conditions.

2025 年每股 0.04 美元的增長主要是由於在收到與金州水務公司一般費率案件程序相關的最終判決後，新的 2025 年水費所致，但與 2024 年同期因金融市場狀況而產生的收益相比，更高的運營費用和為退休計劃而持有的投資產生的損失部分抵消了這一增長。

Lastly, there was a decrease in earnings of $0.02 per share due to the dilutive effect from the issuance of equity on the AWR's at-a-market offering program. Our Electric segment's earnings were $0.07 per share for the quarter as compared to $0.05 per share for the same quarter in 2024, a $0.02 per share increase, primarily due to receiving the final CPUC decision on the electric general rate case with the new 2025 electric rates as compared to 2022 rates used to record revenues during the first quarter of 2024.

最後，由於 AWR 按市場發行計劃發行股票的稀釋效應，每股收益減少了 0.02 美元。我們電力部門本季的收益為每股 0.07 美元，而 2024 年同期的每股收益為 0.05 美元，每股增加 0.02 美元，主要原因是收到了 CPUC 對電力通用費率案的最終決定，新的 2025 年電費率與 2024 年第一季用於記錄收入的 2022 年電費率相比。

Earnings from ASUS were $0.13 per share for the quarter, which was consistent with the same period in 2024, which Rob will discuss further. Lastly, losses from our parent company were $0.02 per share for the quarter when compared to losses of $0.03 in the same quarter, due largely to a decrease in interest expense resulting from lower average interest rate and lower borrowing levels at AWR's credit facility.

華碩本季每股收益為 0.13 美元，與 2024 年同期持平，Rob 將進一步討論。最後，本季我們母公司的虧損為每股 0.02 美元，而去年同期的虧損為 0.03 美元，這主要是由於平均利率較低以及 AWR 信貸額度的借款水準較低導致利息支出減少。

Consolidated revenues for the first quarter increased by $12.7 million when compared to the first quarter last year. Revenues for the Water segment increased by $11.7 million, largely due to new 2025 water rates as a result of receiving a final decision in Golden State Water's standard rate case proceeding.

第一季綜合收入與去年第一季相比增加了 1,270 萬美元。水務部門的收入增加了 1,170 萬美元，這主要是由於金州水務公司標準費率案件程序的最終判決導致 2025 年水費發生變化。

Effective January 1, 2025, Golden State Water transitioned from a full revenue decoupling mechanism to a modified rate adjustment mechanism known as the Monterey-style Water Revenue Adjustment Mechanism or M-WRAM. Steel water consumption for the first quarter of 2025, approximated consumption levels adopted in the new 2025 rate and therefore, Goodness State Waters transition to the end brand did not have a material impact to revenues recorded during the first quarter.

自 2025 年 1 月 1 日起，金州水務公司從完全收入脫鉤機制過渡到改良的費率調整機制，即蒙特利式水費收入調整機製或 M-WRAM。2025 年第一季的鋼水消耗量近似於新 2025 年費率採用的消耗水平，因此，Goodness State Waters 向最終品牌的轉型對第一季記錄的收入沒有產生重大影響。

Revenue for the Electric segment increased by $2.8 million, mainly due to new 2025 electric rates as compared to 2022 rates due to record revenues during the first quarter of last year. Revenues from ASUS decreased $1.8 million primarily due to lower construction activities during the quarter as they were negatively impacted by unfavorable weather conditions, which were less impactful during Q1 in 2024.

電力部門的收入增加了 280 萬美元，這主要是由於 2025 年電價與 2022 年電價相比有所變化，這是因為去年第一季的收入創下了歷史新高。華碩的收入減少了 180 萬美元，主要是因為本季建築活動減少，因為受到不利天氣條件的負面影響，而 2024 年第一季的影響較小。

Turning to slide 9, supply costs increased by $4.3 million, mostly due to an increase in customer while the usage and higher overall per unit water supply cost. Also effective this year, Golden State Water transitioned from a full cost -- supply cost balancing account to an incremental cost balancing count for supply costs.

翻到投影片 9，供應成本增加了 430 萬美元，主要是因為客戶使用量增加以及每單位供水總成本上升。從今年起，金州水務公司也從全成本-供應成本平衡帳戶轉變為供應成本的增量成本平衡計算。

As a result, Golden State Water's earnings are now subject to favorable and unfavorable changes in the water supply source mix as compared to adopted supply store mix reflected in the revenue requirement. During the first quarter, our pumped water sources, which caused less and purchased water, were capable of meeting a greater portion of customer demand.

因此，與收入要求中反映的供應商組合相比，金州水務的收益現在受到供水源組合有利和不利變化的影響。第一季度，我們的抽水水源減少了，購買了更多的水，能夠滿足更大比例的客戶需求。

However, the favorable supply cost experience from the favorable supply mix during the first quarter may or may not continue during the remainder of the 2025 year.

然而，第一季有利的供應組合帶來的有利的供應成本體驗在 2025 年剩餘時間內可能會持續，也可能不會持續。

Looking at total operating expenses other than supply costs, consolidated expenses increased by $2 million compared to 2024. This increase includes the impact of the electric general rate case decision issued in January, which authorized recovery of higher operating expenses, primarily for vegetation management and other wildfire mitigation efforts.

從供應成本以外的總營運費用來看，合併費用與 2024 年相比增加了 200 萬美元。這一增長包括 1 月發布的電力通用費率案判決的影響，該判決授權收回更高的營運費用，主要用於植被管理和其他野火緩解工作。

These costs were previously excluded from customer rates and not expensed in the first quarter of last year, as they were being tracked in memorandum accounts. They are now included in adopted Electric revenue. In addition, the increase was due to higher overall operating expenses, partially offset by lower ASUS construction expenses.

這些成本之前被排除在客戶費率之外，並且沒有在去年第一季計入費用，因為它們是在備忘帳戶中追蹤的。它們現在被納入採用的電力收入中。此外，成長是由於整體營運費用增加，但被華碩建築費用降低部分抵消。

Lastly, there was an overall decrease in other expenses -- other expense net of other income of $2.5 million due largely to losses generated on investments held to fund a retirement plan during the quarter as compared to gains on investments during the same quarter in 2024 due to financial market conditions.

最後，其他支出總體減少——其他支出扣除其他收入後為 250 萬美元，主要原因是本季度為資助退休計劃而持有的投資產生了損失，而 2024 年同期的投資則因金融市場狀況而產生收益。

This slide shows EPS bridge comparing reported EPS for the first quarter of this year against the same period for 2024. Turning to liquidity, net cash provided by operating activity was $45.1 million for the quarter as compared to $45.8 million for the same quarter last year, with the change primarily due to tightening of working capital items and the change in build water consumption.

這張投影片展示了 EPS 橋，將今年第一季報告的 EPS 與 2024 年同期進行了比較。談到流動性，本季經營活動提供的淨現金為 4,510 萬美元，而去年同期為 4,580 萬美元，這項變更主要是由於營運資金項目的緊縮和建築用水量的變化。

With the CPUC approved the decision received for both regulated utilities in January, we have implemented new water and electric rates during the quarter. In addition, both of our utilities have either filed or received approval of various advice letters based on previously approved regulatory mechanism to increment surcharges for additional base rates.

由於 CPUC 於 1 月批准了針對兩家受監管公用事業公司做出的決定，我們在本季度實施了新的水費和電費費率。此外，我們的兩家公用事業公司都已根據先前批准的監管機制提交或獲得了各種建議函的批准，以增加額外基本費率的附加費。

For investing activities, our regulated utility invested $45.5 million on company-funded capital projects in the first quarter, and we will be on target to reach $170 million to $210 million for 2025. In terms of financing activities, American States Water under its ad market offering program raised the proceeds of $25.8 million during the first quarter, net of issuing cost and legal costs.

對於投資活動，我們受監管的公用事業公司在第一季向公司資助的資本項目投資了 4,550 萬美元，我們的目標是到 2025 年達到 1.7 億至 2.1 億美元。在融資活動方面，美國水務公司第一季透過其廣告市場發行計畫籌集了 2,580 萬美元，扣除發行成本和法律成本。

In February, our Electric segment completed an issuance of [$50 million] in unsecured private placement notes that matured in 2030. In addition, earlier this week, American States Water and Golden State Water executed amendments to their credit agreement to extend the credit facility terms from June 2028 and to June 2029.

2 月份，我們的電力部門完成了 5,000 萬美元無擔保私募票據的發行，該票據將於 2030 年到期。此外，本週早些時候，美國水務公司和金州水務公司對其信貸協議進行了修訂，將信貸期限從 2028 年 6 月延長至 2029 年 6 月。

As part of this amendment, American City Water also expanded its credit facility borrowing capacity from $165 million to $195 million. American States Water currently maintain a credit rating of A stable with Standard & Poor's global ratings, or S&P, while Golden State Water maintains a A+ Stable ratings with S&P and a Stable rating with Moody's Investors Service. These are some of the highest credit ratings in the US investor on the valet industry.

作為此次修訂的一部分，美國城市供水公司也將其信貸額度借款能力從 1.65 億美元擴大到 1.95 億美元。目前，American States Water 的信用評級為標準普爾全球評級 (S&P) 的 A 穩定，而 Golden State Water 的信用評級為標準普爾的 A+ 穩定，以及穆迪投資者服務公司的穩定。這些都是美國投資者對代客泊車產業的最高信用評級。

With that, I'll turn the call back to Rob.

說完這些，我就把電話轉回給羅布。

Thank you, Eva. I'll begin with Golden State Water's general rate case. On January 30, the CPUC issued a final decision in connection with the recent general rate case covering 2025 through 2027. Final decision adopts the settlement agreement between Golden State Water and the Public Advocates Office at the CPUC or Cal Advocates.

謝謝你，伊娃。我先從金州水務公司的一般費率案例開始。1 月 30 日，加州公用事業委員會 (CPUC) 就最近的涵蓋 2025 年至 2027 年的一般費率案件做出了最終裁決。最後決定採用 Golden State Water 與 CPUC 或 Cal Advocates 的公共辯護辦公室之間的和解協議。

Among other items, the decision authorizes Golden State Water to invest $573.1 million in capital infrastructure over the three-year capital cycle. This includes $17.7 million of advice letter capital investments to be filed for revenue recovery during the second and third year attrition increases when those projects are completed.

除其他事項外，該決定還授權金州水務公司在三年資本週期內投資 5.731 億美元用於資本基礎設施建設。其中包括 1,770 萬美元的建議書資本投資，這些投資將在這些項目完成後的第二年和第三年人員流失增加時用於恢復收入。

In addition, the approved settlement agreement includes $58.2 million of advice letter capital investments that began construction in 2023, which we expect to file for revenue recovery during the second and third year attrition increases when those projects are completed.

此外，已批准的和解協議包括 5,820 萬美元的建議書資本投資，這些投資於 2023 年開始建設，我們預計將在這些項目完工後的第二年和第三年人員流失增加期間申請收入補償。

For all of the advice letter projects, Golden State Water is allowed to accrue interest during construction at the adopted cost of debt and recover the full rate of return, including all applicable components of the revenue requirement after the assets are placed in service up until the assets are included in customer rates.

對於所有建議書項目，金州水務公司可以在建設期間按照採用的債務成本累積利息，並收回全部回報率，包括資產投入使用後直至資產納入客戶費率期間收入要求的所有適用部分。

Excluding revenues for advice letter capital projects, adopted operating revenues less water supply cost for 2025 are projected to increase by approximately $23 million when compared to 2024. As we mentioned previously, the final decision ordered Golden State Water to transition from a full decoupling mechanism and a full supply cost balancing account, which we, again, requested in the general rate case application to a modified rate adjustment mechanism Monterey-style Water Revenue Adjustment Mechanism or M-WRAM and an incremental cost balancing account for supply costs effective January 1, 2025.

不包括建議信資本項目的收入，2025 年採用的營運收入減去供水成本預計將比 2024 年增加約 2,300 萬美元。正如我們之前提到的，最終決定命令金州水務公司從完全脫鉤機制和完全供應成本平衡帳戶（我們再次在一般費率案例申請中要求）過渡到修改後的費率調整機制蒙特雷式水收入調整機製或 M-WRAM 和供應成本的增量成本平衡帳戶，自 2025 年 1 月 1 日起生效。

Without the continuation of a full revenue decoupling mechanism, and a full cost balancing account for water supply, the company may be subject to future volatility and revenues and earnings as a result of fluctuations in water consumption by its customers and changes in water supply source mix.

如果不繼續實施全面的收入脫鉤機制和供水方面的全面成本平衡帳戶，該公司可能會因客戶用水量的波動和供水源結構的變化而面臨未來收入和收益的波動。

Final decision also adopted the company's M-WRAM rate design proposal, which authorized Golden Stay water to increase the revenue requirement in its fixed service charges to between 45% and 48% of the revenue requirement, depending on the rate-making area, representing approximately 65% of Golden State Water's fixed cost in aggregate.

最終決定也採納了該公司的 M-WRAM 費率設計方案，該方案授權 Golden Stay water 將其固定服務費中的收入要求提高到收入要求的 45% 至 48% 之間，具體取決於費率制定區域，總計約佔 Golden State Water 固定成本的 65%。

As Eva mentioned earlier, billed water consumption for this first quarter was similar to consumption levels adopted in the new 2025 rate. And therefore, the transition from a full revenue decoupling mechanism to the M-WRAM did not have a material impact to revenues recorded during the first quarter.

正如 Eva 之前提到的，今年第一季的收費水消耗量與 2025 年新費率採用的消耗水準相似。因此，從完全收入脫鉤機制轉向 M-WRAM 的轉變對第一季的收入沒有重大影響。

In terms of water supply cost in the first quarter, our pumped water sources, which cost less than purchased water, were capable of meeting a greater portion of customer demand. However, this favorable water supply mix experienced during the first quarter may or may not continue during the remainder of the 2025 year.

從第一季供水成本來看，我們的抽水水源成本低於購買水，能夠滿足更大比例的客戶需求。然而，第一季出現的這種有利的供水結構可能會或可能不會在 2025 年剩餘時間內持續下去。

And our water utilities earnings will be subject to future volatility as a result of favorable and unfavorable changes in the water supply source mix compared to the adopted mix.

與採用的水源結構相比，我們的水務公用事業收益將因供水源結構有利和不利的變化而受到未來波動的影響。

On March 5 of this year, Golden State Water filed an application for rehearing of the CPUC's decision in the 2025 to 2027 general rate case, asserting that the final decisions denial of Golden State Water's revenue decoupling proposal was not supported by the record. At this time, management cannot predict the outcome of this matter.

今年 3 月 5 日，金州水務公司提交了一份重新審理申請，要求重新審理 CPUC 在 2025 年至 2027 年一般費率案中的決定，聲稱最終決定否決金州水務公司的收入脫鉤提議沒有記錄支持。目前，管理階層無法預測此事的結果。

On January 14 of this year, the CPUC approved a request to defer the cost of capital application by one year to May 1, 2026. With the deferral, Golden State Water will retain its authorized return on equity of 10.06% and a 57% equity ratio through the end of 2026.

今年 1 月 14 日，CPUC 批准了一項請求，將資本成本申請推遲一年至 2026 年 5 月 1 日。透過延期，Golden State Water 將在 2026 年底前保持其 10.06% 的授權股本回報率和 57% 的股本比率。

Turning our attention to slide 14, we present the growth in Golden State Water's adopted average water rate base from 2018 through 2024, which increased from $752.2 million in 2018 to $1.3575 billion in 2024. That is a compound annual growth rate of 10.3% for the six-year period using 2018 as the base year for the calculation.

將注意力轉向第 14 張投影片，我們展示了金州水務公司採用的平均水費基數從 2018 年到 2024 年的成長情況，從 2018 年的 7.522 億美元增加到 2024 年的 13.575 億美元。以2018年為基準年計算，六年的複合年增長率為10.3%。

Golden State Water Company anticipates a robust and sustained growth in its rate base over the next few years as a result of receiving its recent general rate case decision that not only authorized it to invest $573.1 million in capital infrastructure, but in addition to that, capital investments of certain projects through advice letter filings, upon completion, will contribute to a further growth in rate base in the second and third year of this cycle.

金州水務公司預計，由於最近收到的一般費率案件判決，其費率基數將在未來幾年內實現強勁、持續的成長。該判決不僅授權其投資 5.731 億美元用於資本基礎設施建設，而且透過建議函備案對某些項目進行資本投資，這些項目完成後，將有助於費率基數在本週期的第二年和第三年進一步增長。

On January 16 of this year, our electric utility subsidiary received a final CPUC decision in its general rate case that approves the settlement agreement between Bear Valley Electric, [Cal Advocates] and the other intervener in the proceeding in its entirety.

今年 1 月 16 日，我們的電力子公司在其一般費率案件中收到了 CPUC 的最終裁決，該裁決批准了 Bear Valley Electric、[Cal Advocates] 和訴訟中其他介入者之間的全部和解協議。

Proceeding sets rates retroactive to January 1, 2023 and determines electric rates for the years 2023 through 2026. The decision, among other things, allows Bear Valley Electric to invest $75.6 million in capital infrastructure, including at least $23.1 million of advice letter projects over the four-year rate cycle, adopts a return on equity of 10.0% and a 57% equity ratio and approved recovery of requested capital expenditures and incremental operating costs incurred prior to 2023 in connection with its wildfire mitigation plans.

該程序將追溯至 2023 年 1 月 1 日的費率，並確定 2023 年至 2026 年的電價。除其他事項外，該決定允許 Bear Valley Electric 公司投資 7560 萬美元用於資本基礎設施建設，其中包括在四年利率週期內至少投資 2310 萬美元用於建議書項目，採用 10.0% 的股本回報率和 57% 的股權比率，並批准與其野火緩解計劃相關的要求的資本支出和 2023 年之前發生的增量。

These costs were not previously included in customer rates. In addition, the settlement provides increases in the adopted operating revenues of $2.2 million for 2025 and $3.3 million in 2026. Similar to 2024, the rate increases for 2025 and 2026 will not be subject to an earnings test.

這些費用以前並未包含在客戶費率中。此外，該協議還規定，2025 年的營業收入將增加 220 萬美元，2026 年將增加 330 萬美元。與 2024 年類似，2025 年和 2026 年的升息將不受收入測試的影響。

The previously mentioned advice letter projects of at least $23.1 million are expected to generate additional annual operating revenues of approximately $3 million when the respective projects are completed, placed in service and filed for recovery in customer rates.

前面提到的至少 2,310 萬美元的建議書項目預計在相應項目完工、投入使用併申請收回客戶費率後，每年將產生約 300 萬美元的額外營運收入。

These projects also accrue allowance for funds used during construction that will further increase the revenue requirement. Lastly, in April, our electric utility implemented new base rates to recover the revenue requirement associated with $11.6 million of capital projects approved for recovery through advice letters.

這些項目還累積了建設期間使用的資金補貼，這將進一步增加收入需求。最後，4 月份，我們的電力公司實施了新的基準費率，以收回透過建議函批准收回的 1,160 萬美元資本項目相關的收入要求。

Let's continue to ASUS, which contributed the same earnings per share year-over-year of $0.13. There was an increase in management fee revenues resulting from the commencement of water and wastewater operations in April 2024 at the new basis, Naval Air Station Patuxent River and Joint Base Cape Cod and the resolution of various economic price adjustments at legacy basis.

讓我們繼續看看華碩，其每股收益與去年同期相比相同，為 0.13 美元。由於 2024 年 4 月在新基地帕塔克森特河海軍航空站和科德角聯合基地開始進行供水和廢水處理運營，以及在舊基礎上解決了各種經濟價格調整，管理費收入有所增加。

These increases were offset by a decrease in construction activity and higher overall operating expenses. During the quarter, construction activities were negatively impacted by unfavorable weather conditions, which we didn't experience to the same degree last year. The delays on construction activities are expected to be caught up during the remainder of 2025.

這些增長被建築活動的減少和整體營運費用的增加所抵消。本季度，建築活動受到不利天氣條件的負面影響，而去年我們並未遭遇如此程度的不利天氣條件。預計建築活動的延誤將在 2025 年剩餘時間內得到彌補。

During 2024, ASUS was awarded $56.5 million in new capital upgrade projects on all military bases served for completion in 2024 through 2027. This is a record high for ASUS. We continue to project ASUS to contribute $0.59 to $0.63 per share this year and remain confident that we can effectively compete for new military-based contract awards.

2024 年，華碩獲得了 5,650 萬美元的新資本升級項目，用於所有軍事基地的升級，該項目將於 2024 年至 2027 年完工。這是華碩的最高紀錄。我們繼續預測華碩今年每股貢獻 0.59 美元至 0.63 美元，並且仍然相信我們能夠有效競爭新的軍事合約獎勵。

I'd like to turn our attention to dividends, which remain a compelling part of our investment story. Our Board of Directors have approved a second quarter cash dividend. Our quarterly dividend rate has grown at a compound annual growth rate, or CAGR, of 8.8% over the last five years through 2024.

我想把我們的注意力轉向股息，它仍然是我們投資故事中引人注目的一部分。我們的董事會已批准第二季現金分紅。截至 2024 年的過去五年中，我們的季度股息率以 8.8% 的複合年增長率（CAGR）增長。

We continue to exceed our policy goal of achieving a compound annual growth rate in the dividend of more than 7% over the long term.

我們繼續超額完成我們的政策目標，即長期實現股息複合年增長率超過7%。

I'd like to conclude our prepared remarks by thanking you for your interest in American States Water, and we'll now turn the call over to the operator for questions.

最後，我想感謝您對美國水務公司的關注，現在我們將把電話轉給接線員來回答您的問題。

(Operator Instructions)

（操作員指示）

Jonathan Reeder, Wells Fargo.

富國銀行的喬納森·里德。

Hey, good morning, Rob and Eva, our ad on a good Q1, pretty straightforward update following the year and one just two months ago. I had two quick questions for you. Eva, I know you said you raised a little more than $25 million of equity via the ATM in Q1. Are you still expecting to raise about $60 million over the full year 2025?

嘿，早上好，Rob 和 Eva，我們的廣告是關於一個良好的第一季度的，這是繼去年和兩個月前之後的一次相當直接的更新。我有兩個簡單的問題想問您。伊娃，我知道你說你在第一季透過 ATM 籌集了超過 2500 萬美元的股權。您是否仍預計 2025 年將全年籌集約 6,000 萬美元？

Yeah. I think in terms of full year, $60 million probably is our target. But right now, we have some capacity in our credit facility. And so we'll reassess how much we need to fund the market for this year. But over the three-year rate cycle, we plan to do the $200 million.

是的。我認為就全年而言，6000 萬美元可能是我們的目標。但目前，我們的信貸額度還有一定的容量。因此，我們將重新評估今年需要為市場提供多少資金。但在三年利率週期內，我們計劃投放 2 億美元。

Well, we did, I want to say, $119 million -- $177 million so far. So we still have a total of $83 million to $85 million left one. So we're paying out for the next two years.

嗯，我想說，到目前為止我們已經投入了 1.19 億美元到 1.77 億美元。所以我們總共還剩下 8300 萬到 8500 萬美元。因此我們將支付未來兩年的費用。

So think of it as that $85 million now spread out over two years kind of --

所以，可以把它想像成現在的 8,500 萬美元，分兩年發放--

Probably.

大概。

What about on ASUS? Bob, is there any update on new military base privatization efforts? Are there any basis that have come up for RFP that are progressing and we could get some sort of decision in the next couple of years? Or has, I guess, the Trump administration's efforts around DOGE or anything impacted the way you see that business evolving either more privatization is occurring or consolidation of bases or kind of anything like that

那麼華碩怎麼樣呢？鮑勃，新的軍事基地私有化工作有什麼最新消息嗎？是否有任何基礎已經提出並正在推進中，並且我們能夠在未來幾年內做出某種決定？或者，我猜，川普政府圍繞 DOGE 的努力或其他任何事情是否影響了你對業務發展的看法，無論是進一步私有化還是基地整合或諸如此類的事情

And hello, Jonathan, I hope you're doing well. Yeah. So on the military front, as we've talked in the past, we sort of bifurcate the military program by a branch. And so we've got the Army, the Air Force and the Navy.

你好，喬納森，希望你一切都好。是的。因此，在軍事方面，正如我們過去所談到的，我們將軍事計劃依照分支分為兩類。因此我們有陸軍、空軍和海軍。

Do we see any actual privatizations in 2025? There are no 50 year privatizations out on the street at this point. So the expectation there is we probably won't see a privatization this year -- in fact, an award is what I would say.

2025 年我們會看到任何實際的私有化嗎？目前，還沒有出現任何 50 年的私有化措施。因此，我們預計今年可能不會看到私有化——事實上，我想說的是授予私有化。

We do expect the Army to be putting perhaps one or two privatizations up later this year, although things are a little bit in the state of flux there, not from, hey, we've heard this or we've heard that. It's just more us trying to read the tea leaves that everyone else is reading. Not sure that means we're going to see a slowdown or an increase. But we recognize that we have a new administration in office and it could have an impact on military-based privatizations, we're not sure which direction either at this point.

我們確實預計陸軍將在今年稍後實施一到兩項私有化計劃，儘管目前情況有些不穩定，並不是像我們聽說的那樣。這只不過是我們試圖解讀其他人正在解讀的情報而已。不確定這是否意味著我們將看到經濟放緩或成長。但我們體認到，新政府上台可能會對軍事私有化產生影響，目前我們也不確定具體方向。

But it looks like the Army is sort of completed. They're in the process of completing their assessment. Approximately a year ago, our team was at a presentation, where they were talking very favorably about doing -- sort of cranking back up the privatization program. As you may know, we -- the Army has sort of taken a pause since the end of 2020 on that program.

但看起來軍隊已經基本完成。他們正在完成評估。大約一年前，我們的團隊參加了一次演示，他們對重啟私有化計畫持非常積極的態度。您可能知道，我們——陸軍自 2020 年底以來就暫停了該計劃。

We think the Air Force is perhaps a little bit behind the Army and reinstituting their program. But the Navy has been, I would say, the most excited about the program. And as you know, they've done a couple of privatizations, one of which is the Patuxent River that we had won.

我們認為空軍可能稍微落後於陸軍並正在恢復其計劃。但我想說，海軍對該計畫最為興奮。如你所知，他們已經進行了幾項私有化，其中之一就是我們贏得的帕塔克森特河。

And then we have the JBCC contract, which is a 15-year contract. And it's possible we'll see something similar to that, that could get worked on during 2025, but it's not entirely clear about that.

然後我們有 JBCC 合同，這是一份為期 15 年的合約。我們可能會看到類似的東西，可能會在 2025 年左右開始實施，但目前還不完全清楚。

So there's a number of irons in the fire, some nontraditional. Those nontraditional are a little more difficult to bring to closure. Similar to like JBCC, we had spent quite a bit of time on that, but we're glad to have that contract, and it's sort of a new contracting vehicle that available to the Department of Defense at this point.

因此，我們需要同時進行多項工作，其中一些是非傳統的。那些非傳統的問題比較難以解決。與 JBCC 類似，我們在這方面花了相當多的時間，但我們很高興能獲得該合同，這是目前國防部可以使用的一種新的承包工具。

We're proud that we know how to make that work. And perhaps that gives us a leg up on the competition at least on those kinds of privatizations. That was a long-winded answer. Happy to expand. I hope -- hopefully, I answered your question.

我們很自豪我們知道如何實現這一點。或許這至少會讓我們在這類私有化的競爭中佔有優勢。這是一個冗長的回答。很高興擴展。我希望——希望我回答了你的問題。

No, that was a great answer, a lot more detail and good detail than I was anticipating. So I'm kind of chuckling a little bit, but I thank you for it, Bob. And just going up --

不，這是一個很好的答案，比我預期的要詳細得多，而且細節豐富。所以我有點想笑，但我還是要感謝你，鮑伯。並且不斷上升--

I don't expand. Oh well, must be a rough morning for me.

我就不展開了。哦，好吧，對我來說這肯定是一個艱難的早晨。

No. I mean I love when management teams give real answers to questions. It's refreshing. So --

不。我的意思是，我喜歡管理團隊對問題給出真正的答案。很清新。所以--

That's kind of where we're at, Jonathan. I mean, it's -- as you know, there is uncertainty at the DOD right now and -- as there is a lot of different government agencies. But so far, everything is going fine on the basis we have. And we continue to make a lot of lot of sales calls. So that's always important.

這就是我們現在的處境，喬納森。我的意思是，如你所知，國防部目前存在不確定性，因為有許多不同的政府機構。但到目前為止，我們現有的一切進展順利。我們繼續進行大量的銷售電話。所以這始終很重要。

On those nontraditional like kind of the 15-year contracts, do those like tend to be or do they necessarily have to be like kind of the smaller bases out there, whereas the larger ones would always go to the 50-year variety or not necessarily?

對於那些非傳統的，例如 15 年期合同，它們是否傾向於或是否必然是那種較小的基礎，而較大的合約總是會採用 50 年期的合同，還是不一定？

I think the [15]-year variety is -- I think it's just a little easier for the bases to get their arms around. 50 years is a long time. We're obviously -- we like the 50-year contracts. It's -- those are very, very well-run privatizations by the Defense Logistics Agency, energy, very sort of efficient bidding processes, exchange for services, the one we did at JBCC it took a long time, and we kind of invented us.

我認為 [15] 年的品種是 - 我認為對於基地來說更容易掌握。 50年是一段很長的時間。我們顯然喜歡 50 年期合約。這些都是國防後勤局運作非常良好的私有化，能源，非常有效率的招標流程，服務交換，我們在 JBCC 所做的花了很長時間，是我們自己發明的。

And JBC sort of been in a road map for that. And now it's, I guess, another tool in the tool belt for the government that may be make it easier for them to sign up to a 15-year contract than a 50-year contract.

JBC 已經為此制定了路線圖。現在，我猜，這是政府工具箱中的另一種工具，可以讓他們更容易簽署 15 年期合同，而不是 50 年期合約。

So we'll see if there's those kinds of things out there. We are pursuing at least one of those. And then we're also seeing other, I want to say, nontraditional-type privatization that will take probably several years to run to ground if, in fact, they come to fruition.

所以我們會看看是否有這樣的事情。我們正在追求其中至少之一。然後，我想說，我們也看到了其他非傳統類型的私有化，這些私有化如果真的能夠實現，可能也需要幾年的時間才能真正實施。

So I guess my point is it's not just the 50-year utility privatization template. But we do hope that the Army and the Air Force are back, pursuing that.

所以我想我的觀點是它不僅僅是 50 年的公用事業私有化模板。但我們確實希望陸軍和空軍能夠回來繼續實現這一目標。

Got it. Okay. Well, good luck as you pursue those contracts and continue executing on the regulatory front. You can at least take a little bit of pause being between all the rate cases and the cost of capital extension. So that's good from a regulatory risk perspective. But thanks for the update and the time.

知道了。好的。好吧，祝你在履行這些合約和繼續執行監管方面好運。您至少可以在所有利率案例和資本擴張成本之間稍作停頓。從監理風險的角度來看，這是好事。但感謝您的更新和時間。

Yeah, Thank you, Jonathan. A little less activity on the regulatory front this year so far. So that's nice. Last year, it was a lot of work and a lot of -- well, I mean we think we've got two good decisions and just got to work hard on those things and try to get settlements. And we think we got a couple of good ones. So thank you for your questions.

是的，謝謝你，喬納森。今年到目前為止，監管方面的活動略少一些。這很好。去年，我們做了很多工作，很多——嗯，我的意思是，我們認為我們做了兩個正確的決定，我們只需要努力做好這些事情，並努力達成和解。我們認為我們已經得到了一些好東西。感謝您的提問。

(Operator Instructions)

（操作員指示）

Jamie, if we aren't getting any other questions, we can wrap it up. Is that okay?

傑米，如果我們沒有其他問題，我們就可以結束了。可以嗎？

Absolutely. With no further questions, I'll turn the floor back over to Robert Sprowls for closing remarks.

絕對地。如果沒有其他問題，我將把發言權交還給羅伯特·斯普羅爾斯 (Robert Sprowls) 作結束語。

Thank you, Jamie. I just want to thank everyone today for their participation and say that we look forward to speaking with you next quarter. Have a rest of your week, everybody.

謝謝你，傑米。我只想感謝今天大家的參與，並表示我們期待下個季度與你們交談。祝大家本週休息愉快。

And with that, ladies and gentlemen, we'll conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講就到此結束。我們非常感謝您的加入。現在您可以斷開線路了。