American States Water Company (AWR) SEC Filings & Earnings Calls

Regulatory mechanism change increases earnings volatility

“Without having a full revenue decoupling mechanism, GSWC’s revenues and earnings will be subject to future volatility as a result of fluctuations in customer consumption.” · word for word

Geopolitical uncertainty

“Geopolitical developments abroad, such as the ongoing U.S. military operation in Iran, could indirectly affect our business through volatility in commodity prices, inflationary pressures, supply chain and operating cost impacts.” · word for word

Earnings volatility from modified revenue decoupling mechanism and water supply cost balancing account

“Due to CPUC approval of modified revenue decoupling mechanism and incremental water supply cost balancing account, GSWC's earnings face future volatility from consumption fluctuations and water supply mix changes.”

Weather and climate risk to water consumption

“Consumption changes depend on factors like climate change, conservation, and weather conditions. El Niño or La Niña events could cause fluctuating precipitation.” · word for word

Groundwater quality and operational risks

“Water supply mix changes can occur due to unforeseen changes in groundwater quality and operating conditions of groundwater basins and associated pumping facilities.” · word for word

Earnings volatility from modified rate adjustment mechanism and water supply cost balancing account

“Transition from full revenue decoupling to modified rate adjustment mechanism effective Jan 1, 2025 introduces future volatility from significant fluctuations in customer consumption.”

Water supply mix risk due to well outages

“Certain wells temporarily offline in a few customer service areas led to increased purchased water volume, impacting earnings.”

Investment losses on retirement plan assets

“Losses totaling $1.3 million generated on investments held to fund one of the company's retirement plans during Q1 2026.” · word for word

Regulatory Mechanism Change Volatility

“GSWC's earnings have been and will continue to be subject to volatility as a result of fluctuations in consumption and/or changes in water supply source mix compared to adopted levels.” · word for word

Geopolitical Uncertainty

“Geopolitical developments abroad, such as the ongoing U.S. military operation in Iran, could indirectly affect our business through volatility in commodity prices, inflationary pressures, supply chain and operating cost impacts” · word for word

U.S. Government Shutdown Impact

“In the event the U.S. government shutdown extends for an unprecedented and much longer period, ASUS's liquidity and earnings could be impacted.” · word for word

Regulatory Risk (CPUC)

“The company’s regulated utilities are subject to the rules, regulations and practices of the CPUC, which can impact rate recovery and profitability.”

Wildfire Risk

“BVES spent $78.0 million of capital expenditures on wildfire mitigation projects in 2020-2025.” · word for word

Climate Change and Water Supply Risk

“GSWC considers the potential impacts of climate change in its water supply portfolio planning and its overall infrastructure replacement plans, including an evaluation of water supplies, water quality and water demand changes.” · word for word

Cybersecurity Risk

“The board oversees the Company’s enterprise risk management, or ERM, function performed under the direction of the senior management team.” · word for word

Potential dilution from future ATM issuances.

“may offer and sell its Common Shares ... having an aggregate offering price of up to $200 million” · word for word

Regulatory lag risk; rate case outcomes may not fully offset investment costs.

“authorized to spend nearly $650 million in capital investments over the respective rate cycles” · word for word

Regulatory Decoupling Risk

“Without the continuation of a full revenue decoupling mechanism such as the WRAM, Registrant may be subject to future volatility in revenues and earnings as a result of fluctuations in water consumption by our customers.” · word for word

Wildfire Liability Risk

“Severe wildfires can pose a material risk for BVES in the event of the occurrence of a wildfire. There is no assurance that losses incurred through a wildfire event will not exceed the coverage limits of BVES’s insurance coverage.” · word for word

Tariff Cost Risk

“Such tariffs could impact our results of operations by increasing the costs of various goods, including construction materials.” · word for word

Government Shutdown Risk

“In the event the U.S. government shuts down for a longer period, our liquidity and earnings could be impacted.” · word for word

Transition to modified rate adjustment mechanism introduces revenue volatility from consumption fluctuations.

“GSWC transitioned from a full revenue decoupling mechanism to a modified rate adjustment mechanism... GSWC’s revenues and earnings may be subject to future volatility from significant fluctuations in customer consumption compared to adopted levels.” · word for word

Dilution from ATM equity offering program, with $68M remaining available for sale.

“A decrease in earnings of approximately $0.02 per share due to the dilutive effects from the issuance of equity under AWR’s at-the-market (ATM) offering program... $68 million currently remaining available for sale.” · word for word

Regulatory mechanism change introduces earnings volatility

“GSWC will not be able to recognize under-collections of revenue caused by fluctuations in consumption or changes in water supply cost mix beginning in 2025.” · word for word

Tariff impact on construction costs

“Such tariffs could impact our results of operations by increasing the costs of various goods, including construction materials.” · word for word

U.S. government shutdown risk

“In the event the U.S. government shutdown extends for an unprecedented and much longer period, ASUS’s liquidity and earnings could be impacted.” · word for word

Equity dilution from ATM program

“AWR’s consolidated diluted earnings for the third quarter of 2025 were negatively impacted by approximately $0.03 per share due to the continued dilutive effects from the issuance of equity under AWR’s at-the-market (“ATM”) offering program.” · word for word