American States Water Co (AWR) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's fourth quarter and full year 2025 results. The call is being recorded. If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 PM Eastern Time and run through February 26 on the company's website, www.aswater.com.

女士們、先生們，感謝您的耐心等待。歡迎參加美國州際水務公司（American States Water Company）的電話會議，本次會議將討論本公司2025年第四季及全年業績。本次會議正在錄音。如果您想收聽本次會議的錄音回放，請於美國東部時間今天下午5:00起至2月26日期間造訪本公司網站www.aswater.com收聽。

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

本公司將在本次電話會議上提及的幻燈片也可在網站上找到。 （操作說明）本次電話會議時長限制為一小時。今天代表美國州際水務公司發言的是總裁兼執行長 Bob Sprowls 和高級副總裁兼財務長伊娃唐 (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 or achievements and listeners are cautioned not to place undue reliance upon them.

提醒各位，本次電話會議中討論的某些事項可能構成1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。前瞻性陳述並非對任何結果、財務表現、活動水準、表現或成就的保證或擔保，請各位聽眾不要過度依賴這些陳述。

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.

前瞻性陳述受制於估計、假設以及已知和未知的風險、不確定性及其他因素。聽眾應查閱公司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風險和不確定性的描述。

Securities made on this conference call speak only as of the date of this call and expect as required by law. The company does not undertake any obligation to publicly update or revise any forward-looking statement. 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 but are not presented in our financial statements that are prepared in accordance with GAAP. For more details, please refer to the press release.

本次電話會議中所作的證券聲明僅代表截至本次會議當日的觀點，並受法律要求的約束。本公司不承擔任何公開更新或修訂任何前瞻性聲明的義務。此外，本次電話會議也將討論某些不符合美國公認會計準則（GAAP）的財務指標，這些指標構成美國證券交易委員會（SEC）規定的非GAAP財務指標。這些非GAAP財務指標源自合併財務訊息，但並未在依照GAAP編製的財務報表中列示。更多詳情，請參閱新聞稿。

At this time, I will turn the call over to Bob Sprowls, President and Chief Executive Officer of American States Water Company. Please go ahead, sir.

現在，我將把電話轉交給美國州際水務公司總裁兼執行長鮑伯‧斯普勞爾斯先生。請您發言，先生。

Thank you, Chloe. Welcome, everyone, and thank you for joining us today. I'll begin with a discussion of the year. Eva will then discuss some financial details for both the fourth quarter and the year and then I'll wrap it up with updates on regulatory activity, ASUS and dividends, and then we'll take your questions. 2025 was a very productive and positive year for the company.

謝謝Chloe。歡迎各位，感謝大家今天收看我們的節目。首先，我將回顧過去一年的情況。接下來，Eva會詳細介紹第四季度和全年的財務情況，之後我會總結一下監管動態、華碩和分紅方面的信息，最後我們會回答大家的問題。 2025年對公司來說是碩果累累、碩果累累的一年。

January, the company's water utility Golden State Water Company received the final decision from the California Public Utilities Commission, or CPUC, on its general rate case setting rates for 2025 through 2027. Our electric subsidiary also received its final decision in January of 2025 for new rates covering the period 2023 through 2026. Both decisions represent constructive regulatory outcomes and position us to continue investing in our utility infrastructure for safe and reliable services for generations to come.

今年1月，公司旗下的水務公司金州水務公司（Golden State Water Company）收到了加州公共事業委員會（CPUC）關於2025年至2027年水費的最終決定。我們的電力子公司也於2025年1月收到了關於2023年至2026年新電價的最終決定。這兩項決定都體現了積極的監管成果，使我們能夠繼續投資於公用事業基礎設施，為子孫後代提供安全可靠的服務。

In addition, our contracted services business, American States Utility Services, or ASUS, contributed a significant increase in earnings for the year. As a result, I'm pleased to announce we delivered strong financial results for 2025 with reported earnings that were $0.20 per share higher compared to 2024 or $0.33 per share higher as adjusted. Included in the company's reported earnings in 2024 was a tax benefit of $0.13 per share for Golden State Water following the final decision in its general rate case. Excluding this item, adjusted earnings for 2024 were $3.04 per share as compared to $3.37 per share for 2025.

此外，我們的外包服務業務——美國州際公用事業服務公司（American States Utility Services，簡稱ASUS）——為本年度的獲利做出了顯著貢獻。因此，我很高興地宣布，我們2025年的財務業績表現強勁，報告每股收益較2024年增長0.20美元，經調整後增長0.33美元。該公司2024年報告的收益中包含了金州水務公司（Golden State Water）在一般費率案件最終裁決後獲得的每股0.13美元的稅收優惠。剔除此項因素後，2024年經調整後的每股盈餘為3.04美元，而2025年為3.37美元。

In 2025, we invested $210.9 million in infrastructure at our regulated utilities reflecting our continued strong ability to execute our capital plan. In addition, we continue to seek opportunities to expand our regulated water operations. During the year, Golden State Water completed a transaction with a developer to own and operate the water and wastewater systems assets, serving a new plan community to be built out over time which is expected to have approximately 1,300 customer connections, generating two revenue streams for delivering water and wastewater services to this community for many years to come.

2025年，我們在受監管公用事業的基礎設施方面投資了2.109億美元，這反映了我們持續強勁的資本計畫執行能力。此外，我們也不斷尋求拓展受監管水務業務的機會。年內，金州水務公司與一家開發商完成了一項交易，獲得了該開發商的供水和污水處理系統資產的所有權和運營權，該資產將服務於一個規劃建設中的新社區，預計該社區將擁有約1300個用戶連接，這將為該社區未來多年的供水和污水處理服務帶來兩項收入來源。

In addition, during the fourth quarter, we received CPUC approval to provide water services at another new planned community that will be built out over time with the first development expected to serve up to 3,800 customer connections during the next five years. And over the long term, 20-plus years allows for the construction of 17,500 total dwelling units at full build-out.

此外，在第四季度，我們獲得了加州公共事業委員會 (CPUC) 的批准，將在另一個新規劃社區提供供水服務。該社區將分階段建設，預計首期開發案將在未來五年內為多達 3,800 個用戶提供服務。從長遠來看，20 多年的時間足以建成 17,500 套住宅單元。

Also, Golden State Water has signed an agreement with the city of Norwalk in Los Angeles County, to acquire its water system assets, serving about 900 residential customers. In January 2026, Golden State Water filed an application with the CPUC to expand its existing Region two ratemaking area and include the $5.25 million purchase price in rate base. ASUS continues to enter into US government awarded contract modifications for new construction projects and was awarded $29.4 million in new capital upgrade construction projects during 2025. These newly awarded projects are expected to be completed through 2028. In 2025, we increased our quarterly cash dividend by 8.3%. This is our 71st consecutive year of annual dividend increases. And we remain proud of our dividend history and continued growth.

此外，金州水務公司已與洛杉磯縣諾沃克​​市簽署協議，收購其為約900戶居民用戶提供服務的供水系統資產。 2026年1月，金州水務公司向加州公共事業委員會（CPUC）提交申請，要求擴大其現有的第二區費率制定範圍，並將525萬美元的收購價格納入費率基數。華碩持續推進美國政府授予的新建項目合約的修訂，並在2025年獲得了價值2940萬美元的新資本升級建設項目。這些新得標的項目預計將於2028年之前完工。 2025年，我們將季度現金股利提高了8.3%。這是我們連續第71年提高年度股利。我們對過往的股息記錄和持續成長感到自豪。

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

接下來，我將把電話交給伊娃，讓她討論收益和流動性問題。

Thank you, Bob. Hello, everyone. Let me start with our fourth quarter results. Adjusted earnings for AWR consolidated increased $0.18 per share over the prior year when excluding the impact of a onetime tax benefit recorded in the fourth quarter of 2024, resulting from the water general rate case decision and the retroactive rates related to 2023 and the first nine months of 2024 recorded in the fourth quarter of 2024 as a result of receiving the final CPUC decision on the electric general rate case. Reported consolidated earnings were $0.74 per share as compared to $0.75 per share for the fourth quarter of 2024 or $0.56 per share as adjusted for that quarter.

謝謝，鮑伯。大家好。首先，我想跟大家分享一下我們第四季的業績。剔除2024年第四季確認的一次性稅收優惠（該優惠源於水費一般費率案的裁決）以及因加州公共事業委員會（CPUC）就電力一般費率案作出最終裁決而在2024年第四季度確認的與2023年及2024年前九個月相關的追溯費率的影響後，AWR合併調整後的每股收益較上年同期增長0.18.18年同期。報告的合併收益為每股0.74美元，而2024年第四季為每股0.75美元，經該季度調整後的每股收益為0.56美元。

For our water utility Golden State Water reported earnings were $0.50 per share for the quarter as compared to $0.52 per share in 2014 or $0.39 per share as adjusted. Included in 2024 reported earnings was the previously mentioned $0.13 per share tax benefit recorded in the fourth quarter as a result of the final CPUC decision on the water GRC. Excluding this item, the $0.11 per share increase as adjusted was largely due to new water rates for 2025, higher gains generated on investments held to fund a retirement plan, lower interest expense and a lower effective income tax rate from changes in certain flow-through income tax items, partially offset by higher operating expenses.

我們旗下水務公司金州水務（Golden State Water）本季報告的每股收益為0.50美元，而2014年同期為0.52美元，經調整後為0.39美元。 2024年報告的收益中包含了先前提及的第四季度每股0.13美元的稅收優惠，該優惠是由於加州公共事業委員會（CPUC）就水務一般監管委員會（GRC）的最終決定而產生的。剔除此項因素後，調整後的每股盈餘增加0.11美元主要歸因於2025年新的水費標準、用於退休計畫的投資收益增加、利息支出減少以及某些轉嫁所得稅項目變動導致的實際所得稅率降低，但部分被更高的營運費用所抵銷。

Lastly, there was a decrease in earnings of $0.01 per share due to the dilutive effect from share issuance under the parent company's ad market offering program. Our Electric segment reported earnings were $0.11 per share for the quarter as compared to $0.13 per share for 2024, a $0.02 per share decrease or a $0.04 per share increase as adjusted.

最後，由於母公司廣告市場發行計畫下的股份稀釋效應，每股盈餘減少了0.01美元。我們的電力業務部門本季每股收益為0.11美元，而2024年預計每股收益為0.13美元，分別減少了0.02美元和增加了0.04美元（經調整後）。

As previously noted, included in 2024, reported electric earnings is the impact of retroactive rates related to the full year of 2023 and the first nine months of 2024 of $0.06 per share recorded in the fourth quarter of 2024 as a result of receiving the final CPUC decision on the electric GRC. Excluding these items, the $0.04 per share increase primarily related to third year rate increases, partially offset by higher overall operating and interest expenses.

如前所述，2024年公佈的電力收益中包含了追溯調整的電價對2023年全年及2024年前九個月的影響，每股收益增加0.06美元，該金額於2024年第四季度計入，原因是加州公共事業委員會（CPUC）就電力GRC項目作出了最終決定。剔除這些項目後，每股盈餘增加0.04美元主要與第三年的電價上漲有關，但部分被更高的營運和利息支出所抵銷。

Earnings from ASUS were $0.16 per share for the quarter compared to $0.11 per share for the same quarter last year, an increase of $0.05 per share. Bob will discuss the details later in the call. Lastly, losses from our parent company were $0.03 per share for the quarter as compared to losses of $0.02 per share for the same quarter in 2024, largely due to an increase in interest expense resulting from higher borrowing levels from AWR's credit facility partially offset by lower average interest rates.

華碩本季每股收益為 0.16 美元，去年同期為 0.11 美元，成長 0.05 美元。鮑勃將在稍後的電話會議中詳細討論。最後，我們母公司本季每股虧損 0.03 美元，而 2024 年同期每股虧損為 0.02 美元，主要原因是 AWR 信貸額度借款增加導致利息支出上升，但部分被平均利率下降所抵銷。

Consolidated revenue for the quarter increased by $21.2 million when compared to 2024. Revenues for the water segment increased $17.4 million, largely due to new 2025 water rates. Revenue for the Electric segment decreased by $5.7 million Included in the revenues for the quarter of 2024 were $9.2 million of retroactive rate as a result of receiving the final decision as mentioned earlier. Excluding these items, the increase in revenues was partially due to third year rate increases. Revenue from US increased $9.5 million primarily due to higher construction activities during the quarter due to timing.

本季綜合營收較2024年同期成長2,120萬美元。其中，水務業務收入成長1,740萬美元，主要得益於2025年新的水費標準。電力業務收入下降570萬美元。 2024年季度收入中包含920萬美元的追溯性費率，該費率是由於先前已收到最終決定而產生的。剔除這些項目後，收入成長部分歸因於第三年的費率上調。美國地區的營收成長950萬美元，主要原因是本季施工活動因時間因素而增加。

Turning to slide 10. Supply costs increased by $10.7 million mostly due to higher overall per unit purchase broader cost included in customer rates in 2025. Looking at total operating expenses other than supply costs, Consolidated expenses increased by $4.2 million compared to 2024. This increase is partially offset by the impact of the electric generated decision which authorized higher operating expenses for vegetation management and other wildfire mitigation efforts that were retroactive to January 1, 2023, and recorded in the fourth quarter of 2024.

請參閱第10張投影片。供應成本增加了1,070萬美元，主要原因是2025年客戶電價中包含的單位採購成本整體上升。除供應成本外，綜合營運支出較2024年增加了420萬美元。這一成長部分被電力生產決策的影響所抵消，該決策授權增加植被管理和其他野火緩解措施的營運支出，這些支出追溯至2023年1月1日，併計入2024年第四季。

These costs were partially -- were previously excluded from customer rates and not expensed prior to receiving the approved general rate case decision as they were being tracked in memorandum accounts. They are now included in adopted electric revenues. In addition, the increase was due to higher ASUS construction expenses and higher overall operating expenses. There was also an increase in interest spend net of interest income, primarily due to reduced interest income from a decrease in regulatory asset balances, partially offset by lower interest expense. Lastly, there was an increase in other income, net of other expense due largely to higher gains generated on investments held to fund a retirement plan during the quarter as compared to the same period in 2024 due to financial market conditions.

這些成本先前部分不計入客戶電費，且在收到批准的綜合費率決定之前也未計入費用，因為它們一直記入備忘錄帳戶。現在，這些成本已計入已採納的電力收入。此外，成本增加也歸因於華碩建造費用和整體營運費用的增加。利息支出（扣除利息收入後）也有所增加，這主要是由於監管資產餘額減少導致利息收入下降，部分被利息支出的減少所抵銷。最後，其他收入（扣除其他支出後）也有所增加，這主要是由於本季用於退休計畫的投資收益高於2024年同期，而2024年同期收益的增加又受到金融市場狀況的影響。

Slide 11 shows the EPS bridge comparing reported EPS for the fourth quarter of 2025 with the same period in 2024. This slide reflects our full year earnings per share by segment as reported and adjusted. Consolidated earnings for the full year of 2025, as reported were $3.37 per share as compared to $3.17 per share for 2024. Included in the results in 2024 was $0.13 per share related to the impact of a onetime tax benefit recorded in 2024 related to our water segment. Excluding this item from 2024's earnings, reported earnings for 2025 was $3.37 per share as compared to adjusted earnings of $3.04 per share for 2024.

第11張投影片展示了2025年第四季與2024年同期公佈的每股盈餘比較圖。這張投影片反映了我們按業務板塊劃分的全年每股收益（已公佈和調整後）。 2025年全年合併每股收益（已公佈）為3.37美元，2024年為3.17美元。 2024年的業績中包含了與水務業務板塊相關的一次性稅收優惠，該優惠於2024年確認。剔除此因素後，2025年公佈的每股盈餘為3.37美元，而2024年調整後的每股盈餘為3.04美元。

That is an increase of $0.33 per share or 10.9%. The increase is largely generated from higher earnings at our regulated utilities due mostly to implementation of new rates and higher earnings at ASUS from increased management fee revenue, higher construction activities and lower interest expenses. Turning to liquidity.

這意味著每股收益增加0.33美元，漲幅達10.9%。這一增長主要得益於我們受監管公用事業公司盈利增加，這主要歸功於新費率的實施；此外，華碩（ASUS）的盈利也因管理費收入增加、建築活動增加以及利息支出減少而增長。接下來談談流動性。

Net cash provided by operating activity was $229.7 million for 2025 as compared to $198.7 million for 2024 with increase largely related to the implementation of new rates at our regulated utilities from approved general rate cases as well as various approved surcharges for additional base rates from advice letter filings. In addition, the increase also resulted from settlement proceeds received related to PFAS contamination litigation as plaintiffs in class action lawsuit, billing and cash receipts for construction work at military bases at ASUS and the timing of vendor payments.

2025年經營活動產生的淨現金流為2.297億美元，而2024年為1.987億美元。成長主要與受監管公用事業公司實施新費率有關，這些費率來自已獲批准的一般費率調整方案，以及已獲批准的附加費（用於增加基本費率）。此外，成長也源自於作為PFAS污染集體訴訟原告收到的和解金、華碩軍事基地建設項目的帳單和現金收入，以及供應商付款的時間表。

For investing activities, our regulated utility invested $210.9 million on company-funded capital projects in 2025, and we project company funded capital expenditures to reach $185 million to $225 million this year. For financing activities, American States Water under its at-the-market offering program raised proceeds of $67 million during the year net of issuance costs and legal fees, leaving a remaining balance of $40.7 million available for issuance under the program. We do not expect to continue the ATM program whilst the remaining balance has been fully utilized.

在投資活動方面，我們受監管的公用事業公司在2025年投資了2.109億美元用於公司出資的資本項目，我們預計今年公司出資的資本支出將達到1.85億美元至2.25億美元。在融資活動方面，美國州際水務公司（American States Water）透過其市場發行計劃，在扣除發行成本和法律費用後，本年度籌集了6700萬美元的資金，該計劃下仍有4070萬美元的資金可供發行。我們預計在剩餘資金全部用完之前，不會繼續進行市場發行計畫。

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

這樣，我就把電話轉回給鮑伯了。

Thank you, Eva. On the regulatory front, as previously mentioned, in January of 2025, the CPUC issued a final decision in connection with the recent water general rate case that covers rates for 2025 through 2027. We have discussed the details of this rate case decision in our prior earnings releases and calls. We have begun preparation for our next water rate case expected to be filed by July 1, 2026.

謝謝伊娃。關於監管方面，正如先前提到的，加州公共事業委員會 (CPUC) 於 2025 年 1 月就近期水費一般費率案發布了最終裁決，該裁決涵蓋 2025 年至 2027 年的水費。我們已在先前的財報和電話會議中詳細討論過該費率案的裁決。我們已開始準備下一份水費費率案，預計將於 2026 年 7 月 1 日前提交。

As a reminder, the final decision ordered Golden State Water to transition from a full decoupling mechanism and a full supply cost balancing account, which were requested again in the general rate case application to a modified rate adjustment mechanism known as the Monterey-Style Water Revenue Adjustment Mechanism or MRAM and an incremental cost balancing account for supply cost effective January 1, 2025.

提醒一下，最終決定命令金州水務公司從在一般費率案件申請中再次提出的完全解耦機制和完全供水成本平衡帳戶過渡到一種稱為蒙特雷式水收入調整機製或 MRAM 的修改後的費率調整機制以及一個用於供水成本的增量成本平衡帳戶，生效日期為 2025 年 1 月 1 日。

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 in revenues and earnings as a result of fluctuations in water consumption by its customers and changes in water supply source mix. Golden State Water's 2025 earnings were favorably impacted by an actual water supply source mix that included less purchased water than what was authorized in the general rate case and included in the revenue requirement which was partially offset by the negative impact from a nearly 4% decrease in water consumption compared to amounts adopted in the final general rate case.

若不繼續實施完整的收入脫鉤機制和完整的供水成本平衡帳戶，公司未來的收入和利潤可能會因客戶用水量波動和供水來源結構變化而波動。金州水務公司2025年的獲利受益於實際供水來源結構的變化，該結構包含的購水量低於一般費率方案中授權併計入收入需求的用水量，但這一利好被用水量較最終一般費率方案中採用的用水量下降近4%所帶來的負面影響部分抵消。

As a result, the combined impact from the changes in water supply source mix compared to adopted levels and fluctuations in consumption did not have a material impact on Golden State Water's 2025 earnings. In December of 2025, Golden State Water received approval from the CPUC to implement its full second year rate increases, which were effective January 1, 2026. This approval results in higher adopted operating revenues, less water supply cost for 2026 of approximately $32 million compared to 2025 adopted operating revenues less water supply costs.

因此，與既定水準相比，供水來源結構變化和用水量波動帶來的綜合影響並未對金州水務公司2025年的收益產生實質影響。 2025年12月，金州水務公司獲得加州公共事業委員會（CPUC）的批准，實施其第二年全額提價，該漲價於2026年1月1日生效。此次批准使得公司2026年的既定營運收入增加，同時供水成本較2025年經批准的營運收入減去供水成本後減少約3,200萬美元。

Included in the 2026 increase is nearly $11 million related to advice letter capital projects. Under the approved settlement agreement, beginning in 2025, all of the advice letter projects were allowed to accrue in a memorandum account interest during the construction period at Golden State Water's adopted cost of debt until the assets are in service and the full rate of return that includes a debt and equity component and all applicable components of the revenue requirement for the projects on the period, the assets are in service until the date of the attrition filings.

2026年新增預算中包含近1,100萬美元與諮詢函資本項目相關的款項。根據已批准的和解協議，自2025年起，所有諮詢函項目在建設期間均可按金州水務公司採用的債務成本計息，直至資產投入使用。此外，在資產投入使用期間，直至提交減損申報之日，將以包含債務和權益部分以及專案收入需求所有適用組成部分的全額回報率計息。

The assets from the advice letter projects and the related amounts in the memorandum account were added to the adopted rate base for inclusion in the revenue requirement effective January 1, 2026. In November 2025, the CPUC approved a request by Golden State Water and three other investor-owned California water utilities to defer the cost of capital application by another year. CPUC's approval postponed the filing date of the application by one year until May 1, 2027 with a corresponding effective date of January 1, 2028.

根據諮詢函項目產生的資產以及備忘錄帳戶中的相關金額，已計入已採納的費率基數，並於2026年1月1日起計入收入需求。 2025年11月，加州公共事業委員會（CPUC）批准了金州水務公司（Golden State Water）及其他三家加州投資者擁有的水務公司的申請，將資本成本申請的截止日期再推遲一年。 CPUC的批准將申請提交日期延後一年至2027年5月1日，相應的生效日期為2028年1月1日。

CPUC also approved the joint party's request to leave the current water cost of capital mechanism in place through the one-year deferral period. Golden State Water's current authorized rate of return on rate base is 7.93%. Based on its weighted cost of capital, which will continue in effect through December 31, 2027. In August 2023, Golden State Water entered into an agreement to purchase from a developer of water and wastewater system assets in a development located in California Central Coast region. This is a new planned community, which will serve up to approximately 1,300 customers at full build-out which is anticipated to occur by 2034 under the current construction schedule, borrowing any future delays.

加州公共事業委員會（CPUC）也批准了聯合方提出的請求，即在為期一年的延期期間，繼續沿用現行的水務資本成本機制。金州水務公司目前的授權費率基礎報酬率為7.93%。此費率基礎基於其加權資本成本計算，並將持續有效至2027年12月31日。 2023年8月，金州水務公司與一家開發商達成協議，收購其位於加州中部海岸地區一處開發案中的水務和污水處理系統資產。這是一個新建的規劃社區，預計在2034年全面建成後（根據目前的建設進度計劃，並考慮任何未來的延誤），將為約1300名用戶提供服務。

This development will be handled under the incremental acquisition approach where Golden State Water will take ownership of the incremental water and wastewater distribution assets in phases as they are completed and ready to accommodate new connections. In December 2024, the CPUC approved a final decision granting Golden State Water's certificates of public convenience and necessity that established rates for water and sewer services, including the company's recovery of the purchase price of the incremental assets through future customer rates in this new San Juan Oaks service area.

這項開發案將採取分階段收購的方式，金州水務公司將分階段接收新增的供水和污水處理設施，待設施建成並準備好接入新用戶後，即可接收新設施。 2024年12月，加州公共事業委員會（CPUC）批准了最終決定，授予金州水務公司公共便利和必要性證書，該證書確定了供水和污水處理服務的收費標準，其中包括該公司將透過未來聖胡安奧克斯新服務區的客戶收費來收回新增資產的購買價格。

In May 2025, after receiving CPUC approval and finalizing other closing procedures, the parties completed the closing of the transaction which included the initial installation and conveyance of backbone, water and wastewater system assets of $10.7 million by the developer. In the future, Golden State Water will take ownership of the incremental water and wastewater system assets in phases as they are completed and ready to accommodate new connections. In addition, Golden State Water and the Public Advocates Office of the CPUC filed a joint motion with the PUC in March of last year, to adopt the settlement agreement to authorize initial rates for water service in the new Sutter Pointe service area.

2025年5月，在獲得加州公共事業委員會（CPUC）批准並完成其他交割程序後，各方完成了交易交割，其中包括開發商首次安裝和交付價值1070萬美元的主幹管網、供水和污水處理系統資產。未來，金州水務公司將分階段接收新增的供水和污水處理系統資產，待其建成並準備好接取新用戶後，即可接收。此外，金州水務公司和CPUC公共權益倡議辦公室於去年3月向CPUC提交了一份聯合動議，請求採納和解協議，以授權新的薩特角服務區（Sutter Pointe service area）的初始供水費率。

In October of last year, the CPUC approved a settlement agreement in its entirety. The approval establishes initial water service rates for 2026 through 2028 and authorizes various balancing and memorandum accounts for the area. This new planned community in Northern California will be built out over time with the first development expected to serve up to 3,800 customer connections during the next five years. And over the long term, two-plus years allows for the construction of 17,500 total dwelling units at full build-out as part of the overall plan that was approved by the respective counting. This development will also be handled under the incremental acquisition approach where Golden State Water will take ownership of the incremental water distribution assets in phases as they are completed and ready to accommodate new connections.

去年十月，加州公共事業委員會 (CPUC) 全面批准了和解協議。該協議確定了 2026 年至 2028 年的初始供水費率，並授權為該地區設立各種平衡帳戶和備忘錄帳戶。這個位於北加州的新建規劃社區將分階段建設，預計首期開發案將在未來五年內為多達 3,800 個用戶提供服務。從長遠來看，根據經相關機構批准的總體規劃，該項目在兩年多的時間內將建成 17,500 套住宅單元。該項目還將採用分階段收購的方式，金州水務公司 (Golden State Water) 將分階段接管新增的供水設施，直至這些設施建成並準備好服務新的用戶。

Lastly, in January of this year, Golden State Water filed an application with the CPUC to acquire the water system assets from Norwalk, a city located within Los Angeles County. The application requested the expansion of its certificate of public convenience and necessity to incorporate the new service area into one of Golden State Water's existing rate-making areas and to include the $5.25 million purchase price in rate base. The acquisition is forecasted to increase revenues by approximately $1 million if approved as filed. City's service area serves almost 900 primary residential customers. Turning our attention to slide 17.

最後，今年1月，金州水務公司向加州公共事業委員會（CPUC）提交申請，擬收購位於洛杉磯縣的諾沃克市的供水系統資產。該申請請求擴大其公共便利與必要性證書的適用範圍，將新的服務區域納入金州水務公司現有的費率制定區域，並將525萬美元的收購價格計入費率基數。如果按申請獲得批准，此次收購預計將增加約100萬美元的收入。該市的服務區域涵蓋近900戶主要居民使用者。接下來，請看第17張投影片。

We present the growth in Golden State Water's adopted average water rate base from 2021 through 2026 which increased from $980.4 million in 2021 to $1.673.2 billion in 2026. That represents a compound annual growth rate of 11.3% over the five-year period using 2021 as the base year for the calculation. Golden State Water anticipates a robust and sustained growth in its rate base over the next few years. The annual increases in rate base reflect, among other factors, the net effect of capital investments less depreciation. The water general rate case decision issued in early 2025, authorized the company to invest $573.1 million in capital infrastructure, which includes $17.7 million of advice layer projects.

我們展示了金州水務公司2021年至2026年採用的平均水費基數成長情況，從2021年的9.804億美元增至2026年的16.732億美元。以2021年為基準年，五年複合年增長率為11.3%。金州水務公司預計未來幾年其水費基數將保持強勁且持續的成長。水費基數的年度成長反映了許多因素，其中包括資本投資減去折舊的淨影響。 2025年初發布的水務一般費率案件裁決授權該公司投資5.731億美元用於基礎建設，其中包括1,770萬美元的諮詢層項目。

In addition, the decision required Golden State Water to treat $58.2 million of capital projects as additional advice letter projects rather than including them in base rates for 2025. Some of these projects began construction in 2023. As a result, you don't see a higher increase in rate base from 2024 to 2025, and as these projects were not included in rate base in 2025. However, as noted earlier, all advice letter projects were permitted to accrue either a full rate of return or interest expense in a memorandum account prior to the filing for recovery as agreed to in settlement, Golden State Water completed these projects and filed them concurrently with the step increase filings in November 2025. CPUC approved the filings in December.

此外，該決定要求金州水務公司將5,820萬美元的資本項目視為額外的諮詢函項目，而不是將其納入2025年的基本費率。其中一些項目於2023年開工。因此，2024年至2025年費率基數不會大幅成長，因為這些項目並未計入2025年的費率基數。然而，如前所述，所有諮詢函項目均被允許在提交追償申請之前，按照和解協議的約定，在備忘錄帳戶中提列全額回報或利息支出。金州水務公司已完成這些項目，並於2025年11月與階梯式增長申請同時提交。加州公共事業委員會於12月批准了這些申請。

As a result, project cost and accumulated memorandum account balance since totaling $80 million were added to the 2026 adopted rate base generating an incremental revenue requirement of approximately $11 million beginning in 2026 and forward. Accordingly, you see a healthy increase in rate base from 2025 to 2026. Turning our attention to Bear Valley Electric. As previously noted, in January of 2025, CPUC issued a final decision on the electric general rate case that sets rates for 2023 through 2026. Like the water utility rate case, we have discussed the details of the electric rate case in our prior earnings releases and calls.

因此，專案成本和累積備忘錄帳戶餘額（總計 8,000 萬美元）被計入 2026 年通過的費率基數，從而自 2026 年起產生約 1,100 萬美元的增量收入需求。相應地，您可以看到費率基數從 2025 年到 2026 年實現了顯著增長。接下來，我們將關注 Bear Valley Electric 公司。如前所述，加州公共事業委員會 (CPUC) 於 2025 年 1 月發布了關於電力一般費率案的最終決定，該決定設定了 2023 年至 2026 年的費率。與水務費率案一樣，我們已在先前的收益報告和電話會議中詳細討論了電力費率案。

This past April, Bear Valley Electric also implemented new base rates to recover the revenue requirement associated with $11.6 million of capital projects approved for recovery through advice letters. On January 30, 2026, Bear Valley Electric filed a general rate case application that will determine new electric rates for the years 2027 through 2030.

今年四月，熊谷電力公司也實施了新的基本電價，以彌補先前透過諮詢函獲準收回的1,160萬美元資本項目所產生的收入需求。 2026年1月30日，熊谷電力公司提交了一份綜合費率調整申請，該申請將確定2027年至2030年的新電價。

Among other things, Bear Valley Electric requested capital budgets of approximately $133 million for the four-year rate cycle and another approximately $17 million-plus allowance for funds used during construction or AFUDC for capital projects to be filed for revenue recovery through advice letters when the projects are completed. A return on equity of 11.3% and embedded cost of debt of 5.92%, a capital structure of 60% equity and 40% debt and a return on rate base of 9.15%. Lastly, in December 2025, we received a final decision approving a settlement agreement between Bear Valley Electric and the Public Advocates Office of the CPUC authorizing construction of the solar and battery storage projects totaling $28 million-plus AFUDC.

除其他事項外，Bear Valley Electric公司申請了約1.33億美元的四年費率週期資本預算，以及約1700萬美元以上的建設期間資金或AFUDC（AFUDC）預留資金，用於資本項目竣工後通過諮詢函申請收入回收。該公司還要求11.3%的股本回報率和5.92%的債務內含成本，60%的股權和40%的債務資本結構，以及9.15%的費率基數回報率。最後，在2025年12月，我們收到最終決定，批准了Bear Valley Electric公司與加州公共事業委員會（CPUC）公共倡導辦公室達成的和解協議，授權建設總額超過2800萬美元（AFUDC）的太陽能和電池儲能項目。

Solar generation project will help Bear Valley Electric beat approximately 18% of its renewables portfolio standard requirement. These facilities will also help enable Bear Valley Electric to better control its energy and energy-related costs through self-supply from a local generation resource and also provide energy shifting capabilities and additional capacity during emergencies in peak load conditions. Costs associated with the projects are recoverable in customer rates at the time the projects are completed and in service.

太陽能發電計畫將幫助熊谷電力公司 (Bear Valley Electric) 超額完成約 18% 的再生能源組合標準要求。這些設施還將幫助熊谷電力公司透過本地發電資源的自供電，更好地控制其能源和能源相關成本，並在高峰負載緊急情況下提供能源轉移能力和額外容量。專案相關成本將在專案完工並投入使用時從客戶電費中扣除。

Let's continue to ASUS, which contributed earnings of $0.61 per share in 2025 and as compared to $0.55 per share for 2024, an 11% increase. The increase was a result of higher management fee revenue resulting from the commencement of operations at the joint base Cape Cod and Naval Air Station Patuxent River new bases for a full year in 2025 and resolution of various economic price adjustments, an increase in construction activities and lower interest expense from lower borrowing levels partially offset by higher overall operating expenses and lower earnings due to the dilutive effects of shares issued under AWR's at the market offering program.

我們繼續來看華碩，該公司2025年的每股收益為0.61美元，較2024年的0.55美元成長了11%。這一增長主要得益於管理費收入的增加，這源於科德角聯合基地和帕圖克森特河海軍航空站這兩個新基地在2025年全年投入運營，以及各項經濟價格調整的解決、建築活動的增加和借款水平降低導致的利息支出減少。然而，這些成長被更高的整體營運費用和因AWR公司在市場上發行股票而導致的稀釋效應造成的收益下降部分抵消。

ASUS was awarded $29.4 million in new capital upgrade construction projects to be completed through 2028. As we look ahead to 2026, we project that ASUS will contribute $0.63 to $0.67 per share. We remain confident that we can effectively compete for new military-based contract awards. I'd like to turn our attention to dividends. In the third quarter of 2025, we raised our dividend by 8.3% and our quarterly dividend rate has grown at a compound annual growth rate or CAGR of 8.5%.

華碩獲得了價值 2,940 萬美元的新資本升級建設項目，這些項目將於 2028 年前完成。展望 2026 年，我們預計華碩每股收益將達到 0.63 美元至 0.67 美元。我們仍然有信心能夠有效地競爭新的軍事合約。接下來，我想談談股利。 2025 年第三季度，我們將股息提高了 8.3%，季度股息率的複合年增長率 (CAGR) 為 8.5%。

Over the last five years since the first quarter of 2021, these increases are consistent with our policy to achieve a compound annual growth rate in the dividend of more than 7% over the long term. Our unrivaled dividend history since 1931 is something the company is proud of and will continue to be an asset to our shareholders. I'd like to conclude our prepared remarks by thanking you for your interest in American States Water.

自2021年第一季以來的五年間，這些成長符合我們長期實現股息複合年增長率超過7%的政策。自1931年以來，我們擁有無與倫比的股息歷史，公司為此感到自豪，並將繼續為股東創造價值。最後，感謝各位對美國州水務公司的關注。

And we'll now turn the call over to the operator for questions.

現在我們將把電話轉交給接線員，回答大家的問題。

(Operator Instructions) At this time, there is no one in our queue. So this concludes our question-and-answer session. I'd like to turn the conference back over to Bob Sprowls for any closing remarks.

（操作員指示）目前，我們的隊列中沒有人。因此，問答環節到此結束。現在我將會議交還給鮑伯‧史普勞爾斯，請他作總結發言。

Thank you, Chloe. I just want to wrap up today by thanking you all for your participation, and we look forward to speaking with you next quarter.

謝謝你，克洛伊。今天就到此為止，感謝大家的參與，我們期待下季與大家再次交流。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已結束。感謝您參加今天的報告。您可以斷開連線了。