American States Water Company · NYSE:AWR
American States Water — Q1 2025 Earnings Presentation
19 slides from American States Water's earnings presentation, May 8, 2025
Slide 1: Financial Results Call Presentation First Quarter 2025
Financial Results Call Presentation First Quarter 2025 May 8, 2025 NYSE: AWR
Slide 2: Today's Presenters
Today’s Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO 2
Slide 3: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “may,” “should” and similar ph
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This conference call includes a discussion of certain measures that are not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States, and constitute "non- GAAP financial measures" under SEC rules. These non-GAAP financial measures
Slide 5: Presentation Overview
Presentation Overview Q1 2025 Highlights 6 Q1 Diluted EPS by Segment 7 Q1 Operating Revenues by Segment 8 Q1 Expenses (Excluding Income Taxes) 9 EPS Bridge Q1 2024 to Q1 2025 10 Liquidity 11 Regulatory Activity 12 Contracted Services (ASUS) 16 Dividends 17 Non-GAAP Measures 19 5
Slide 6: Q1 2025 Highlights
Q1 2025 Highlights Recorded consolidated diluted earnings per share increased approximately $0.08 per share for the quarter when compared to the first quarter of 2024: Q1 2025: $0.70 per share Q1 2024: $0.62 per share Two final decisions were adopted by the CPUC GSWC’s general rate case ap
Slide 7: Q1 Diluted EPS by Segment
Q1 Diluted EPS by Segment Q1 2025 Q1 2024 Variance Water $ 0.52 $ 0.48 $ 0.04 Electric 0.07 0.05 0.02 Contracted Services 0.13 0.13 - AWR (Parent) (0.02) (0.03) 0.01 Consolidated Diluted EPS as recorded (GAAP) $ 0.70 $ 0.62 $ 0.08 Note: Certain amounts in the table above may not foot or crossfoot du
Slide 8: Q1 Operating Revenues by Segment
Q1 Operating Revenues by Segment (amounts in millions) Q1 2025 Q1 2024 Variance Water $102.0 $90.3 $11.7 Electric 15.0 12.2 2.8 Contracted Services 31.0 32.8 (1.8) Total Operating Revenues $148.0 $135.3 $12.7 8
Slide 9: Q1 Expenses (Excluding income taxes)
Q1 Expenses (Excluding income taxes) (amounts in millions) Q1 2025 Q1 2024 Variance Water and Electric Supply Costs $29.5 $25.2 $4.3 Other Operation 10.5 9.6 0.9 Administrative and General* 26.9 25.3 1.6 Depreciation and Amortization 11.6 10.7 0.9 Maintenance* 4.1 3.2 0.9 Property and Other Taxes 7.
Slide 10: EPS Bridge Q1 2024 to Q1 2025
EPS Bridge Q1 2024 to Q1 2025 $0.90 $0.23 ($0.08) $0.85 $0.80 ($0.04) $0.75 ($0.05) $0.01 $0.70 $0.70 ($0.02) $0.02 $0.65 $0.62 $0.60 Electric AWR $0.55 Water Utility Utility (Parent) $0.50 $0.45 $0.40 Increase in water Higher supply Higher operating Higher other Dilutive impact Higher electric Lowe
Slide 11: Liquidity
Liquidity Operating cash flows were $45.1 million for Q1 2025, as compared to $45.8 million for Q1 2024 largely from: Timing of cash receipts and disbursements related to working capital items partially offset by; Implementation of new rates at the regulated utilities from approved GRC proceed
Slide 12: Regulatory Activity - GSWC
Regulatory Activity - GSWC On January 30, 2025, the CPUC issued a final decision in GSWC’s general rate case application for all its water regions and the general office, which determines new water rates for the years 2025-2027. In addition, the decision: Authorizes the investment of $573.1 mill
Slide 13: Regulatory Activity (continued) - GSWC
Regulatory Activity (continued) - GSWC Rejects a full sales and revenue decoupling mechanism and a full supply cost balancing account, and instead orders the transition to a modified rate adjustment mechanism for sales and revenues and an incremental cost balancing account for supply costs effecti
Slide 14: Regulatory Activity (continued) – GSWC Adopted Average Water Rate Base
Regulatory Activity (continued) – GSWC Adopted Average Water Rate Base (in millions) CAGR 10.3% * $1,357.5 * $1,259.5 * $1,161.5* $980.4 $916.1 $851.8 $752.2 2018 2019 2020 2021 2022 2023 2024 Note: The recent CPUC approved rate case decision covering 2025-2027 authorizes GSWC to invest $573.1 milli
Slide 15: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES On January 16, 2025, the CPUC adopted a final decision in BVES’s general rate case proceeding that set the new electric rates retroactive to January 1, 2023 and approves the settlement agreement reached between BVES, Cal Advocates and another intervenor in it
Slide 16: Contracted Services (ASUS)
Contracted Services (ASUS) Earnings for both Q1 2025 and Q1 2024 were $0.13 per share. The increase in management fee revenues from the commencement of operation in April 2024 at the new bases (Naval Air Station Patuxent River and Joint Base Cape Cod) and the resolution of various economic price a
Slide 17: Dividends
Dividends The Board of Directors approved a second quarter cash dividend of $0.4655 per share Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Dividends paid every year since 1931 Quarterly Dividend Growth* $0.4655 Increased dividend every (Per share)
Slide 18: Questions and Answers
e% American States ee eee Water Company Questions and Answers
Slide 19: Computations and Reconciliations of Non-GAAP Financial Measures
Computations and Reconciliations of Non-GAAP Financial Measures Below are the computations and reconciliations of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR’s consolidated diluted earnings per share for the quarter ended Mar
American States Water Company — Q1 2025 Earnings Presentation on 6ix