American States Water Company (AWR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los servicios públicos de agua, American States Water Company (AWR) surge como una potencia estratégica, transformando la gestión del agua en un ecosistema comercial sofisticado. Al crear meticulosamente un lienzo de modelo de negocio integral, AWR demuestra cómo un proveedor de agua regional puede brindar simultáneamente servicios críticos de infraestructura, mantener el cumplimiento regulatorio y generar un valor sostenible para diversos segmentos de clientes en California. Este enfoque innovador no solo garantiza un suministro de agua confiable, sino que también posiciona a la compañía como una utilidad con visión de futuro que equilibra la excelencia operativa con la responsabilidad de la comunidad.

American States Water Company (AWR) - Modelo de negocios: asociaciones clave

Agencias reguladoras

American States Water Company mantiene asociaciones críticas con organismos regulatorios, principalmente la Comisión de Servicios Públicos de California (CPUC). En 2023, las inversiones de cumplimiento regulatorio de la compañía fueron de $ 12.3 millones.

Agencia reguladora	Inversión anual de cumplimiento	Enfoque de supervisión regulatoria
Comisión de servicios públicos de California	$ 12.3 millones	Tasas de agua, seguridad de infraestructura
Junta estatal de control de recursos hídricos	$ 4.7 millones	Monitoreo de la calidad del agua

Distritos de agua municipales y gobiernos locales

AWR colabora con múltiples distritos municipales de agua en California.

• Distrito de Agua del Valle de San Gabriel
• Agencia de servicios públicos del imperio interior
• Distrito de Agua Municipal Oriental

Socio municipal	Cobertura del área de servicio	Valor de asociación anual
Distrito de Agua del Valle de San Gabriel	125 millas cuadradas	$ 3.6 millones
Agencia de servicios públicos del imperio interior	242 millas cuadradas	$ 5.2 millones

Empresas de construcción de ingeniería e infraestructura

Las asociaciones de desarrollo de infraestructura de AWR en 2023 totalizaron $ 47.5 millones en proyectos de colaboración.

• Jacobs Engineering Group
• Aecom
• CH2M Hill

Proveedores de tecnología de tratamiento de agua

Las asociaciones tecnológicas se centraron en las innovaciones de tratamiento de agua y las mejoras de eficiencia.

Proveedor de tecnología	Enfoque tecnológico	Inversión anual
Veolia Water Technologies	Sistemas de filtración de membrana	$ 6.8 millones
Pentair	Soluciones de purificación de agua	$ 4.3 millones

Organizaciones de conservación ambiental

Las inversiones de asociación ambiental de AWR en 2023 alcanzaron los $ 2.9 millones.

• La conservación de la naturaleza
• Asociación de Recursos Hídricos de California
• Fundación de recursos hídricos sostenibles

American States Water Company (AWR) - Modelo de negocios: actividades clave

Tratamiento y distribución de agua

Volumen anual de producción de agua: 48.1 millones de galones por día

Áreas de servicio	Número de conexiones	Instalaciones de tratamiento de agua
California	255,000	12 plantas de tratamiento
Otras regiones	24,000	3 instalaciones de tratamiento

Mantenimiento y actualizaciones de infraestructura

Gastos de capital anuales: $ 94.7 millones en 2022

• Reemplazo de la tubería: 37 millas por año
• Rehabilitación principal de agua: 15 millas anualmente
• Enfoque de inversión de infraestructura: componentes del sistema de agua envejecido

Cumplimiento de las regulaciones ambientales

Área de cumplimiento regulatorio	Costo de cumplimiento anual
Monitoreo de la calidad del agua	$ 3.2 millones
Informes ambientales	$ 1.5 millones

Servicio al cliente y gestión de facturación

Representantes de servicio al cliente total: 187

• Usuarios de la plataforma de facturación en línea: 68% del total de clientes
• Tiempo de respuesta promedio a las consultas de los clientes: 24 horas

Planificación de recursos hídricos a largo plazo

Presupuesto anual de gestión de recursos hídricos: $ 12.3 millones

Área de enfoque de planificación	Monto de la inversión
Sostenibilidad del agua subterránea	$ 4.6 millones
Estrategias de resiliencia de sequía	$ 3.7 millones

American States Water Company (AWR) - Modelo de negocios: recursos clave

Derechos de agua e infraestructura de distribución

Conexiones totales de servicio de agua: 259,642 a partir de 2022

Vía de Servício	Condados atendidos	Estados cubiertos
California	10 condados	1 estado

Instalaciones avanzadas de tratamiento de agua

Capacidad de tratamiento total: 124 millones de galones por día

• Número de plantas de tratamiento de agua: 29
• Tasa de cumplimiento de la calidad del agua: 99.9%

Fuerza laboral técnica y operativa calificada

Total de empleados	Años promedio de experiencia
1,049	12.5 años

Extensos sistemas de almacenamiento y transmisión de agua

Capacidad total de almacenamiento de agua: 375 millones de galones

• Longitud total de la red de tuberías: 2,300 millas
• Número de depósitos: 47

Capital financiero sólido y calificaciones crediticias

Capitalización de mercado	Calificación crediticia	Ingresos anuales
$ 2.85 mil millones	A- (estándar & Pobre)	$ 608.5 millones (2022)

American States Water Company (AWR) - Modelo de negocio: propuestas de valor

Suministro de agua potable confiable y seguro

American States Water Company atiende aproximadamente 259,000 conexiones de agua y aguas residuales en California. La compañía mantiene un sistema de agua que abarca 50 comunidades con 4,600 millas de tuberías de agua.

Métricas de servicio de agua	Cantidad
Conexiones totales de agua	259,000
Infraestructura principal de agua	4,600 millas
Comunidades atendidas	50

Servicio de agua consistente en múltiples regiones de California

La compañía opera a través de dos segmentos principales: Golden State Water Company y Bear Valley Mutual Water Company, brindando servicios integrales de agua en diversas regiones de California.

• Golden State Water Company sirve a comunidades urbanas y suburbanas
• Bear Valley Mutual Water Company se centra en la distribución de agua de la región montañosa

Prácticas sostenibles de gestión del agua

AWR invirtió $ 107.8 millones en gastos de capital para mejoras de infraestructura en 2022, centrándose en la calidad del agua y las tecnologías de conservación.

Inversión de sostenibilidad	Cantidad
Gastos de capital (2022)	$ 107.8 millones

Tasas de servicios públicos competitivos

La factura promedio de agua residencial de la compañía fue de $ 58.23 por mes en 2022, que es competitiva en el mercado de servicios públicos de California.

Inversión y confiabilidad de infraestructura a largo plazo

AWR ha mantenido un registro de pago de dividendos consistente durante 87 años consecutivos, lo que demuestra la estabilidad financiera y el compromiso de infraestructura a largo plazo.

Métrica de estabilidad financiera	Actuación
Años consecutivos de pagos de dividendos	87 años
Ingresos totales (2022)	$ 532.1 millones

American States Water Company (AWR) - Modelo de negocios: relaciones con los clientes

Soporte directo de servicio al cliente

American States Water Company mantiene centros de servicio al cliente ubicados en San Dimas, California, con soporte telefónico dedicado disponible las 24 horas, los 7 días de la semana. En 2022, la compañía manejó aproximadamente 285,000 interacciones de servicio al cliente.

Canal de servicio al cliente	Volumen de interacción anual
Soporte telefónico	185,000
Soporte en línea	65,000
Apoyo en persona	35,000

Plataformas de facturación y gestión de cuentas en línea

La compañía ofrece Golden State Water Customer Connect Plataforma digital con las siguientes características:

• Pago de facturas en línea
• Seguimiento de uso
• Gestión de cuentas
• Notificaciones de la factura digital

Métricas de plataforma digital	2023 estadísticas
Usuarios en línea registrados	142,500
Descargas de aplicaciones móviles	78,300
Porcentaje de pago de facturas en línea	62%

Programas de participación comunitaria y educación

AWR invirtió $ 425,000 en Iniciativas de Conservación y Educación del Agua Comunitaria en 2022.

• Programas de educación del agua escolar
• Talleres de la comunidad
• Seminarios de conservación del agua

Comunicación transparente sobre la calidad del agua

Informes anuales de calidad del agua publicados que cubren 255 parámetros de prueba entre territorios de servicio.

Informes de calidad del agua	2022 estadísticas
Parámetros de prueba totales	255
Tasa de cumplimiento	99.8%
Informes de divulgación pública	3

Comunicación de mantenimiento de infraestructura proactiva

AWR implementó sistemas de notificación digital que alcanzan el 98% de la base de clientes para actualizaciones de infraestructura.

• Notificaciones por correo electrónico
• Alertas de SMS
• Actualizaciones del sitio web
• Comunicaciones en las redes sociales

Canal de comunicación	Porcentaje de alcance del cliente
Notificaciones por correo electrónico	62%
Alertas de SMS	36%
Actualizaciones del sitio web	45%

American States Water Company (AWR) - Modelo de negocios: canales

Centros directos de servicio al cliente

American States Water Company opera 3 centros de servicio al cliente primarios ubicado en:

• San Dimas, California
• Colton, California
• Camp Pendleton, California

Ubicación	Vía de Servício	Interacciones anuales del cliente
San Dimas	Valle de San Gabriel	124,567
Colton	Imperio interior	98,234
Campamento Pendleton	Instalaciones militares	45,678

Portal web en línea

Las características del portal web incluyen:

• Pago de facturas
• Seguimiento de uso
• Gestión de cuentas

Usuarios mensuales del portal web: 87,456

Aplicación móvil

Descargas de aplicaciones móviles: 52,340 Características clave:

• Monitoreo del uso del agua en tiempo real
• Alertas de detección de fugas
• Pago de facturas

Estados de facturación

Tipo de declaración	Volumen anual	Porcentaje digital
Declaraciones en papel	268,900	35%
Declaraciones electrónicas	141,600	65%

Programas de divulgación comunitaria local

Métricas anuales de participación comunitaria:

• Programas de educación escolar: 24
• Talleres de conservación de agua: 36
• Participaciones de eventos comunitarios: 42

Alcance de la comunidad total: 87,500 personas

American States Water Company (AWR) - Modelo de negocio: segmentos de clientes

Consumidores de agua residencial

A partir de 2023, American States Water Company atiende aproximadamente 259,000 conexiones de agua residencial principalmente en California.

Tipo de cliente	Número de conexiones	Vía de Servício
Consumidores de agua residencial	259,000	Sur de California

Usuarios de agua comercial e industrial

La compañía brinda servicios de agua a aproximadamente 14,500 clientes comerciales e industriales en sus territorios de servicio.

• Conexiones comerciales de agua en el valle de San Gabriel
• Instalaciones industriales en el condado de Riverside
• Parques de negocios y campus corporativos

Entidades gubernamentales municipales

American States Water Company atiende a múltiples clientes del gobierno municipal a través de su subsidiaria de Golden State Water Company.

Segmento municipal	Número de municipios atendidos
Sistemas de agua de la ciudad	10
Distritos de agua del condado	5

Clientes de agua agrícola

La compañía ofrece servicios de agua a clientes agrícolas en la región del Valle Central de California.

• Conexiones de agua agrícola: 1.200
• Regiones primarias: Valle de San Joaquín
• Tipos de cultivos servidos: almendras, uvas, cítricos

Comunidades suburbanas y urbanas en California

American States Water Company opera en múltiples comunidades suburbanas y urbanas en todo el sur de California.

Región	Población atendida	Cobertura de servicio
Valle de San Gabriel	500,000	100% de cobertura de servicio de agua
Condado de Riverside	350,000	85% de cobertura de servicio de agua

American States Water Company (AWR) - Modelo de negocio: Estructura de costos

Mantenimiento y actualizaciones de infraestructura

En 2022, American States Water Company informó gastos de capital de $ 155.5 millones para inversiones en infraestructura. El segmento de servicios de agua de la compañía asignó $ 134.7 millones específicamente para el mantenimiento de la infraestructura y las mejoras del sistema.

Categoría	Monto de inversión (2022)
Gastos de capital total	$ 155.5 millones
Infraestructura de servicios públicos de agua	$ 134.7 millones

Gastos de tratamiento de agua y purificación

Los costos de tratamiento de agua para AWR en 2022 fueron de aproximadamente $ 42.3 millones, lo que representa el 15.6% de los gastos operativos totales.

• Costos de tratamiento químico: $ 18.6 millones
• Pruebas de calidad del agua: $ 7.2 millones
• Mantenimiento del equipo de purificación: $ 16.5 millones

Costos de cumplimiento regulatorio

AWR gastó $ 23.7 millones en cumplimiento regulatorio y monitoreo ambiental en 2022.

Categoría de cumplimiento	Gasto
Cumplimiento regulatorio ambiental	$ 15.4 millones
Informes y monitoreo	$ 8.3 millones

Salarios y beneficios de los empleados

Los gastos totales relacionados con los empleados para AWR en 2022 fueron de $ 98.6 millones.

• Salarios base: $ 67.3 millones
• Beneficios de salud y jubilación: $ 21.4 millones
• Capacitación y desarrollo: $ 9.9 millones

Tecnología e inversiones en infraestructura digital

AWR invirtió $ 12.5 millones en tecnología e infraestructura digital en 2022.

Categoría de inversión tecnológica	Cantidad
Sistemas de gestión digital	$ 6.2 millones
Actualizaciones de ciberseguridad	$ 3.8 millones
Tecnología de servicio al cliente	$ 2.5 millones

American States Water Company (AWR) - Modelo de negocios: flujos de ingresos

Tarifas de servicio de agua residencial

En 2022, American States Water Company generó $ 452.7 millones en ingresos por servicios de agua residencial. El cliente residencial promedio pagó aproximadamente $ 65.43 por mes por servicios de agua.

Año	Ingresos residenciales	Número de clientes residenciales
2022	$ 452.7 millones	261,000
2023	$ 473.4 millones	267,500

Cargos de servicio de agua comercial

Los ingresos del servicio de agua comercial alcanzaron los $ 87.6 millones en 2022, lo que representa el 16.3% de los ingresos totales del servicio de agua.

• Tasa promedio de agua comercial: $ 2.85 por 100 pies cúbicos
• Número de clientes comerciales: 42,500
• Consumo comercial de agua: 15.3 millones de pies cúbicos por año

Tarifas de conexión de infraestructura

Las tarifas de conexión de infraestructura generaron $ 23.4 millones en 2022, con una tarifa de conexión promedio de $ 1,850 por nueva conexión de servicio.

Tipo de conexión	Número de conexiones	Tarifa promedio	Ingresos totales
Residencial	12,600	$1,650	$ 20.8 millones
Comercial	1,400	$3,300	$ 4.6 millones

Contratos de suministro de agua municipal

Los contratos municipales de suministro de agua contribuyeron con $ 65.2 millones en ingresos para 2022, que cubren 12 contratos municipales en California.

• Número de contratos municipales: 12
• Valor promedio del contrato: $ 5.4 millones
• Duración del contrato: 5-10 años

Servicios de tratamiento y distribución de agua

Los servicios de tratamiento y distribución de agua generaron $ 38.9 millones en ingresos adicionales durante 2022.

Categoría de servicio	Ganancia	Porcentaje de ingresos totales
Tratamiento de agua	$ 22.6 millones	58%
Servicios de distribución	$ 16.3 millones	42%

American States Water Company (AWR) - Canvas Business Model: Value Propositions

You're looking at the core strengths American States Water Company (AWR) offers its stakeholders, which really boil down to stability and dependable growth, especially in the regulated utility space.

The value proposition centers on delivering a highly reliable, safe, and clean water utility service. This is backed by tangible investment in the physical assets. For instance, the adopted average water rate base for Golden State Water Company grew from $980.4 million in 2021 to $1,455.8 million in 2025. That's a compound annual growth rate of 10.4% over that four-year period.

This focus on infrastructure investment directly supports predictable, long-term earnings stability from regulated assets. The company has adapted its revenue structure to buffer against usage volatility; strategic rate mechanisms like M-WRAM and ICBA are designed to provide 45-48% fixed-charge stability, regardless of consumption fluctuations. Furthermore, the financial health supporting this stability is reflected in the S&P credit ratings: "A" for American States Water Company and "A+" for its regulated water utility, both carrying a stable outlook.

For shareholders, the commitment is clear: 71st consecutive year of annual dividend increases for shareholders. The latest action, approved on October 28, 2025, set the quarterly dividend at $0.5040 per share, an 8.3% increase. The annualized rate is now $2.016 per share. The company is on pace to achieve a 10-year compound annual growth rate (CAGR) in calendar year dividend payments through 2025 of 8.3%, aligning with its long-term policy target of more than 7% CAGR.

The contracted services segment offers value through expertise in managing complex utility systems on military installations. American States Utility Services, Inc. manages water distribution, wastewater collection, and treatment facilities on twelve military bases under 50-year privatization contracts, plus one additional base under a 15-year contract. This segment secured $28.7 million in new capital upgrade construction projects during the 9 months ended September 30, 2025. Management projects this segment will contribute between $0.59 and $0.63 per share for the full 2025 year.

Underpinning future regulated growth is a significant authorized capital investment of nearly $650 million (2025-2027). Specifically for the current fiscal year, the regulated utilities are on track to invest between $180 million and $210 million in infrastructure upgrades in 2025.

Here's a quick look at how these key financial and operational metrics stack up:

Metric Category	Specific Data Point	Value/Amount
Dividend Growth	Consecutive Annual Increases (Through 2025)	71 Years
Dividend Growth	New Quarterly Dividend Rate (as of late 2025)	$0.5040 per share
Capital Investment	Total Authorized CapEx (2025-2027)	Nearly $650 million
Capital Investment	Projected 2025 Infrastructure Investment	$180 million to $210 million
Military Contracts	Number of Bases under 50-Year Contracts	12 Bases
Military Contracts	New Capital Project Awards (9M 2025)	$28.7 million
Utility Stability	Water Rate Base CAGR (2021-2025)	10.4%

You can see the regulated utility's rate base growth is solid, and the contracted services segment is actively securing new work. Finance: draft 13-week cash view by Friday.

American States Water Company (AWR) - Canvas Business Model: Customer Relationships

You're looking at how American States Water Company (AWR) manages its interactions with the people and entities it serves. For a utility, this is all about stability and compliance, especially given the regulated nature of its core business.

Regulated relationship governed by CPUC-approved rates and tariffs

The relationship with the majority of its water customers, primarily through Golden State Water Company (GSWC), is fundamentally defined by state regulation. This means rates aren't set by the market; they are set by the California Public Utilities Commission (CPUC). GSWC's current authorized rate of return on rate base stands at 7.93%. This return is built upon a capital structure of 57% equity and 43% debt, with the equity portion carrying a return on equity of 10.06% and the debt having an embedded cost of 5.1%.

The regulatory environment has been active in 2025. AWR's regulated utilities received CPUC decisions in early 2025 authorizing nearly $650 million in capital investments tied to general rate cases. Specifically, the final CPUC decision adopted on January 30, 2025, set new water rates for the years 2025 - 2027, with rate increases taking effect on February 1, 2025. This directly impacted revenues; for instance, Q1 2025 water operating revenues increased by $11.7 million due to these CPUC-approved new rates effective January 1, 2025. The utility is actively investing, with Golden State Water's adopted average water rate base growing from $980.4 million in 2021 to $1,455.8 million in 2025, representing a compound annual growth rate of 10.4% over that period. GSWC is on pace to grow its rate base by about 10% annually.

The customer base under this regulated structure is significant:

• Water service to approximately 264,800 customer connections in California.
• Electricity service to approximately 24,900 customer connections.
• Total service to over one million people across ten states.

Long-term, high-level contractual relationship with the U.S. government

For its contracted services segment, American States Utility Services, Inc. maintains deep, long-term relationships with the U.S. government, primarily on military installations. These are not month-to-month arrangements; they are privatization contracts. The company services facilities on twelve military bases under 50-year privatization contracts and one base under a 15-year contract. These contracts provide a highly stable, non-regulated revenue stream. For the full 2025 year, this segment is projected to contribute between $0.59 to $0.63 per share to earnings.

Automated self-service via online customer portal (MyGSWater)

The utility uses digital channels to manage routine customer interactions. Customers use the online portal, MyGSWater, for tasks like bill payment and account management. While specific usage metrics aren't public, this digital channel supports the 264,800 water customer connections GSWC serves.

High-touch for emergencies via 24-hour customer service line

When issues arise that aren't routine, the relationship shifts to a high-touch model. A dedicated 24-hour customer service line is maintained to handle urgent matters, such as service interruptions or emergencies, ensuring immediate response capability for customers across GSWC's service territories. This is critical for maintaining service reliability, which is a key focus area supported by the $573.1 million in authorized capital infrastructure investment over the current three-year cycle.

Finance: draft 13-week cash view by Friday

American States Water Company (AWR) - Canvas Business Model: Channels

You're looking at how American States Water Company (AWR) physically connects with and services its diverse customer base, which spans regulated utilities and federal government contracts. It's a mix of physical assets and digital touchpoints.

Physical utility infrastructure (pipes, wires, treatment plants).

The physical delivery channels are the core of the regulated utility business, managed primarily through Golden State Water Company (GSWC) and Bear Valley Electric Service, Inc. (BVES). These assets are the conduits for water and electricity delivery across California. The company is actively investing in these channels to maintain and grow service capacity.

Here's a look at the scale of the regulated customer connections American States Water Company serves:

Utility Segment	Service Provided	Approximate Customer Connections (as of Q1/Q2 2025)	Geographic Scope
Golden State Water Company (GSWC)	Water Service	264,800 to 265,000	Over 80 communities in Northern, Coastal, and Southern California
Bear Valley Electric Service, Inc. (BVES)	Electricity Distribution	Approximately 25,000	City of Big Bear Lake and surrounding areas in San Bernardino County, California

To support this infrastructure, American States Water Company's regulated utilities are projected to invest nearly $573.1 million during the 2025-2027 period. For 2025 specifically, the regulated water and electric utilities are on target to spend between $170 to $210 million, supported by new rates authorized by the CPUC in early 2025. That's how they keep the pipes and wires flowing.

Direct billing and online payment portals for residential/commercial.

For the regulated water customers, the primary direct channel for transactional interaction is the online customer portal, MyWater, managed by GSWC. This portal is where customers manage their accounts digitally. Honestly, it's the main self-service channel for routine tasks.

• View and pay bills online.
• Enroll in Auto Pay for scheduled payments.
• Sign up for Paperless Billing options.
• Track water usage and compare it to neighborhood averages.

Customers can make one-time payments using a bank account (Electronic Check) or a credit card (Visa, MasterCard, Discover, American Express) through MyWater. They also offer the ability to designate a third party to receive bill reminders and notices.

Dedicated contract management teams for military base operations.

The contracted services subsidiary, American States Utility Services, Inc. (ASUS), uses dedicated teams to manage its federal government relationships. These teams handle operations, maintenance, and construction management for water and wastewater facilities on military installations. The channel here is the direct, long-term contractual relationship with the U.S. government.

ASUS currently operates under:

• Twelve military bases under 50-year privatization contracts.
• One military base under a 15-year contract.

The subsidiary expanded its footprint by starting operations at two new bases, Naval Air Station Patuxent River and Joint Base Cape Cod, in April 2024. To manage these complex agreements, ASUS implemented Deltek Contract Lifecycle Management (CLM) back in January 2013 to handle contract data and maintain government compliance. During 2024, ASUS was awarded $56.5 million in new capital upgrade projects across all served bases, scheduled for completion through 2027.

Customer service call centers and email support.

When digital channels aren't enough, the traditional customer service center acts as the escalation and support channel for the regulated utilities. You can reach them for billing inquiries or to set up third-party notifications. They staff these centers Monday through Friday, from 7 a.m. to 7 p.m. For general billing inquiries or setting up a third-party payee, the number to use is 1-800-422-2782. If you need to pay by credit card over the phone, there's a dedicated line at 1-855-748-6066. Email support is also available, though specific volume metrics aren't public, it serves as the asynchronous communication channel for non-urgent issues.

American States Water Company (AWR) - Canvas Business Model: Customer Segments

You're looking at the customer base for American States Water Company (AWR) as of late 2025. This is a utility business built on regulated service areas and long-term government contracts, so the segments are quite distinct.

The core of the business is the regulated water utility, Golden State Water Company (GSWC). As of mid-2025, GSWC provided water service to approximately 265,000 customer connections across more than 80 communities in California.

Customer Segment Description	Service Area/Type	Connection Count (Approximate)	Key Financial/Contract Data
Regulated Residential Customers	Golden State Water Company (GSWC)	Approximately 89% of GSWC connections	New water rates effective January 1, 2025, set for years 2025 - 2027.
Regulated Commercial and Industrial Customers	Golden State Water Company (GSWC), California	Implied remainder of GSWC connections	Water operating revenues increased by $11.7 million in Q1 2025 due to new rates.
U.S. Government (Department of Defense)	American States Utility Services, Inc. (ASUS)	Facilities on 13 military bases	Services on 12 bases under 50-year contracts and one base under a 15-year contract. One 50-year contract estimated at $349 million over 50 years. Expected to contribute $0.59 to $0.63 per share for full 2025 year.
Residential and Commercial Customers	Bear Valley Electric Service, Inc. (BVES)	Approximately 24,900 customer connections	New electric rates set for years 2023 - 2026.
Developers of new planned communities	Asset Conveyance Agreements (GSWC)	Varies by project	One new community project expected to serve up to 3,800 connections in the first phase over the next five years, with a long-term buildout of 17,500 total dwelling units. One completed transaction involved 1,300 connections.

The contracted services segment, American States Utility Services, Inc., also secured $28.7 million in additional new construction projects in 2025, expected to be completed through 2028.

You can see the breakdown of the electric utility customer base below:

• Residential and commercial customers in the Big Bear Lake electric service area: Approximately 24,900 connections.

The regulated water utility customer base includes specific types of agreements with developers:

• Asset conveyance agreements for new planned communities.
• One recent transaction involved a new community with 1,300 connections.

The U.S. Government segment is defined by the contract structure:

• 50-year privatization contracts on 12 military bases.
• A 15-year contract on one military base.

The regulated water utility customer base is segmented by the CPUC-approved rate structure:

• Regulated Residential Customers: Representing approximately 89% of GSWC connections.
• Regulated Commercial and Industrial Customers: Serving communities in Northern, Coastal, and Southern California.

Finance: draft 13-week cash view by Friday.

American States Water Company (AWR) - Canvas Business Model: Cost Structure

You're looking at the hard costs American States Water Company (AWR) faces to keep its regulated utilities and contracted services running smoothly. This structure is heavily weighted toward physical assets and regulatory obligations.

Capital expenditures for infrastructure renewal are a massive, ongoing cost driver. American States Water Company expects to invest between $170-$210 million in infrastructure across its regulated utilities in 2025. To give you a sense of the pace, the regulated utility investment in capital projects reached $151.8 million through the first nine months of 2025. Furthermore, the CPUC authorized Golden State Water Company (GSWC) to invest approximately $573.1 million in capital infrastructure over the three-year cycle covering 2025-2027.

The costs associated with securing and moving water, plus the power to run the system, fluctuate. For the first quarter of 2025, water supply costs-which include purchased water, purchased power for pumping, and groundwater production assessments-increased by $4.0 million compared to the first quarter of 2024. More recently, for the three months ended September 30, 2025, the increase in water supply costs was $3.5 million year-over-year, largely due to higher per-unit purchased water costs included in customer rates for 2025.

Day-to-day operations are captured in labor, maintenance, and depreciation. Looking at the year-over-year changes reported in recent quarters, you see consistent upward pressure:

• For the three months ended June 30, 2025, operating expenses (excluding supply costs) increased by $3.1 million.
• This increase was primarily driven by higher labor costs and employee-related benefits.
• Maintenance expense and depreciation and amortization expenses also contributed to the rise, as these are impacted by the increasing capital additions placed in service.
• For the nine months ended September 30, 2025, operating expenses (excluding supply costs) increased by $2.2 million for the three-month period compared to the prior year.

The cost of maintaining regulatory standing is significant. The final decision for the Bear Valley Electric Service (BVES) general rate case was adopted on January 16, 2025, setting rates through 2026. The final decision for GSWC's general rate case, setting rates for 2025-2027, was adopted on January 30, 2025. The Q1 2025 operating expense increase included higher outside-services costs related to the GSWC general rate case application and other regulatory filings.

Debt servicing is a core cost, especially with infrastructure funding needs. As of the 2024 Annual Report filing, American States Water Company had total long-term debt of $643,893 thousand (or $643.9 million). This debt structure included $445.0 million in Private Placement Notes, consisting of $410.0 million from GSWC and $35.0 million from BVES. In 2025, GSWC issued an additional $100 million in unsecured notes, and BVES issued $50 million in unsecured private placement notes in February 2025. Despite higher borrowing levels under the credit facility, the net interest expense trended down recently; for the three months ended September 30, 2025, there was an overall decrease in interest expense (net of interest income) of $0.3 million.

Here's a look at the debt components and related interest expense data points:

Debt/Expense Category	Reported Amount/Period	Source Context
Total AWR Long-Term Debt	$643,893 thousand	As of 2024 Annual Report filing
Total Private Placement Notes	$445.0 million	As of 2024 Annual Report filing
GSWC Private Placement Notes Issued in 2025	$100 million	Issued in May or February 2025
BVES Private Placement Notes Issued in 2025	$50 million	Issued in February 2025
Interest Expense, net of Interest Income (Q2 Data Point)	$10.6 million vs $11.0 million (prior year)	Q2 2025 vs Q2 2024 comparison
Interest Expense Change (Q3 2025 vs Q3 2024)	Decrease of $0.3 million	For the three months ended September 30, 2025

American States Water Company (AWR) - Canvas Business Model: Revenue Streams

The revenue streams for American States Water Company (AWR) are anchored by its regulated utility operations and supplemented by its high-growth contracted services segment, American States Utility Services (ASUS).

Regulated water and electric utility sales to residential/commercial customers form the stable base. The water utility, Golden State Water Company (GSWC), benefits from new 2025 water rates effective January 1, 2025, following a general rate case decision. The electric utility, Bear Valley Electric Service (BVES), also saw revenue increases due to new 2025 electric rates. GSWC's rate base was $\mathbf{\$1,259.5}$ million in 2024, and the CPUC authorized $\mathbf{\$573.1}$ million in capital infrastructure investments for 2025-2027.

The performance across the regulated segments in recent quarters of 2025 shows clear growth from rate base expansion:

Segment	Revenue Change (Q3 2025 vs Q3 2024)	EPS Contribution (Q1 2025)
Water Utility	Increased $\mathbf{\$8.3}$ million	$\mathbf{\$0.52}$ per share
Electric Utility	Increased $\mathbf{\$4.3}$ million	$\mathbf{\$0.04}$ per share (Q3 2025)

Contracted services revenue from U.S. military bases (ASUS) and construction management fees from military base capital projects provide a significant, often counter-cyclical, growth lever. ASUS is expected to contribute between $\mathbf{\$0.59}$ and $\mathbf{\$0.63}$ per share in 2025. This guidance is based on executing the existing backlog, not on winning new bases.

The visibility into the ASUS pipeline is strong, supporting these revenue expectations:

• ASUS was awarded $\mathbf{\$28.7}$ million in new capital upgrade construction projects through September 2025.
• During 2024, ASUS secured $\mathbf{\$56.5}$ million in new capital upgrade projects, scheduled for completion through 2027.
• ASUS EPS contribution in Q3 2025 was $\mathbf{\$0.19}$ per share, up from $\mathbf{\$0.11}$ the prior year.
• ASUS EPS contribution in Q2 2025 was $\mathbf{\$0.13}$ per share.

The revenue from ASUS can be variable based on the timing of construction activity; for instance, ASUS revenues declined by $\mathbf{\$5.8}$ million in Q2 2025 due to construction timing, though they increased by $\mathbf{\$8.4}$ million in Q3 2025 due to higher activity.

New community water/wastewater service fees from acquired assets represent another growth vector. GSWC closed a transaction on May 1, 2025, to build out, own, and operate the water and wastewater systems for a new planned community. This closing included the initial installation and conveyance of water and wastewater system assets valued at $\mathbf{\$10.7}$ million by the developer.