American States Water Company (AWR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des services d'eau, American States Water Company (AWR) apparaît comme une puissance stratégique, transformant la gestion de l'eau en un écosystème commercial sophistiqué. En fabriquant méticuleusement une toile complète du modèle commercial, AWR montre comment un fournisseur d'eau régional peut fournir simultanément des services d'infrastructure critiques, maintenir la conformité réglementaire et générer une valeur durable pour divers segments de clients à travers la Californie. Cette approche innovante garantit non seulement un approvisionnement en eau fiable, mais positionne également l'entreprise comme un service public avant-gardiste qui équilibre l'excellence opérationnelle avec la responsabilité de la communauté.

American States Water Company (AWR) - Modèle d'entreprise: partenariats clés

Organismes de réglementation

American States Water Company entretient des partenariats critiques avec les organismes de réglementation, principalement la California Public Utilities Commission (CPUC). En 2023, les investissements en conformité réglementaire de la société étaient de 12,3 millions de dollars.

Agence de réglementation	Investissement annuel de conformité	Focus de surveillance réglementaire
California Public Utilities Commission	12,3 millions de dollars	Tarifs de l'eau, sécurité des infrastructures
State Water Resources Control Board	4,7 millions de dollars	Surveillance de la qualité de l'eau

Districts d'eau municipaux et gouvernements locaux

AWR collabore avec plusieurs districts de l'eau municipale à travers la Californie.

• District d'eau de San Gabriel Valley
• Agence intérieure des services publics de l'Empire
• District de l'eau municipale orientale

Partenaire municipal	Couverture de zone de service	Valeur de partenariat annuelle
District d'eau de San Gabriel Valley	125 miles carrés	3,6 millions de dollars
Agence intérieure des services publics de l'Empire	242 miles carrés	5,2 millions de dollars

Entreprises de construction d'ingénierie et d'infrastructure

Les partenariats de développement des infrastructures d'AWR en 2023 ont totalisé 47,5 millions de dollars en projets collaboratifs.

• Jacobs Engineering Group
• Aecom
• Colline CH2M

Fournisseurs de technologies de traitement de l'eau

Les partenariats technologiques se sont concentrés sur les innovations sur le traitement de l'eau et les améliorations de l'efficacité.

Fournisseur de technologie	Focus technologique	Investissement annuel
Veolia Water Technologies	Systèmes de filtration membranaire	6,8 millions de dollars
Pentair	Solutions de purification de l'eau	4,3 millions de dollars

Organisations de conservation de l'environnement

Les investissements en partenariat environnemental d'AWR en 2023 ont atteint 2,9 millions de dollars.

• La conservation de la nature
• California Water Resources Association
• Fondation durable des ressources en eau

American States Water Company (AWR) - Modèle d'entreprise: activités clés

Traitement et distribution de l'eau

Volume annuel de production d'eau: 48,1 millions de gallons par jour

Zones de service	Nombre de connexions	Installations de traitement de l'eau
Californie	255,000	12 plantes de traitement
Autres régions	24,000	3 installations de traitement

Maintenance et mises à niveau des infrastructures

Dépenses en capital annuelles: 94,7 millions de dollars en 2022

• Remplacement du pipeline: 37 miles par an
• Réhabilitation principale de l'eau: 15 miles par an
• Investissement d'infrastructure Focus: composants du système d'eau vieillissant

Conformité aux réglementations environnementales

Zone de conformité réglementaire	Coût annuel de conformité
Surveillance de la qualité de l'eau	3,2 millions de dollars
Reportage environnemental	1,5 million de dollars

Service client et gestion de facturation

Représentants totaux du service à la clientèle: 187

• Utilisateurs de plate-forme de facturation en ligne: 68% du total des clients
• Temps de réponse moyen aux demandes des clients: 24 heures

Planification des ressources en eau à long terme

Budget annuel de gestion des ressources en eau: 12,3 millions de dollars

Zone de mise au point de planification	Montant d'investissement
Durabilité des eaux souterraines	4,6 millions de dollars
Stratégies de résilience de la sécheresse	3,7 millions de dollars

American States Water Company (AWR) - Modèle d'entreprise: Ressources clés

Infrastructure de droits d'eau et de distribution

Connexions totales de service d'eau: 259 642 à partir de 2022

Aire de service	Les comtés servis	États couverts
Californie	10 comtés	1 État

Installations avancées de traitement de l'eau

Capacité totale de traitement: 124 millions de gallons par jour

• Nombre de plantes de traitement de l'eau: 29
• Taux de conformité de la qualité de l'eau: 99,9%

Main-d'œuvre technique et opérationnelle qualifiée

Total des employés	Des années moyennes d'expérience
1,049	12,5 ans

Systèmes de stockage et de transmission de l'eau

Capacité totale de stockage de l'eau: 375 millions de gallons

• Longueur totale du réseau de pipeline: 2 300 miles
• Nombre de réservoirs: 47

Solides notations financières et de crédit

Capitalisation boursière	Cote de crédit	Revenus annuels
2,85 milliards de dollars	A- (standard & Pauvre)	608,5 millions de dollars (2022)

American States Water Company (AWR) - Modèle d'entreprise: propositions de valeur

Approvisionnement en eau potable fiable et sûre

American States Water Company dessert environ 259 000 connexions d'eau et d'eaux usées à travers la Californie. La société maintient un système d'eau couvrant 50 communautés avec 4 600 miles de conduites d'eau.

Métriques du service d'eau	Quantité
Connexions totales d'eau	259,000
Infrastructure principale de l'eau	4 600 miles
Les communautés ont servi	50

Service d'eau constant dans plusieurs régions de Californie

La société opère à travers deux segments primaires: Golden State Water Company et Bear Valley Mutual Water Company, fournissant des services d'eau complets dans diverses régions de Californie.

• Golden State Water Company dessert les communautés urbaines et suburbaines
• Bear Valley Mutual Water Company se concentre sur la distribution de l'eau de la région des montagnes

Pratiques de gestion durable de l'eau

AWR a investi 107,8 millions de dollars dans les dépenses en capital pour l'amélioration des infrastructures en 2022, en se concentrant sur la qualité de l'eau et les technologies de conservation.

Investissement en durabilité	Montant
Dépenses en capital (2022)	107,8 millions de dollars

Tarifs des services publics compétitifs

La facture moyenne en eau résidentielle de l'entreprise était de 58,23 $ par mois en 2022, ce qui est compétitif sur le marché des services publics de Californie.

Investissement et fiabilité des infrastructures à long terme

AWR a maintenu un dossier de paiement de dividendes cohérent pendant 87 années consécutives, démontrant la stabilité financière et l'engagement à long terme des infrastructures.

Métrique de stabilité financière	Performance
Années consécutives de paiements de dividendes	87 ans
Revenu total (2022)	532,1 millions de dollars

American States Water Company (AWR) - Modèle d'entreprise: relations clients

Assistance directe du service client

American States Water Company entretient des centres de service à la clientèle situés à San Dimas, en Californie, avec un support téléphonique dédié disponible 24/7. En 2022, la société a géré environ 285 000 interactions de service à la clientèle.

Canal de service client	Volume d'interaction annuel
Support téléphonique	185,000
Assistance en ligne	65,000
Soutien en personne	35,000

Plateformes de facturation et de gestion des comptes en ligne

La société propose Golden State Water Client Connect Plateforme numérique avec les fonctionnalités suivantes:

• Paiement de facture en ligne
• Suivi de l'utilisation
• Gestion des comptes
• Notifications de facture numérique

Métriques de plate-forme numérique	2023 statistiques
Utilisateurs en ligne enregistrés	142,500
Téléchargements d'applications mobiles	78,300
Pourcentage de paiement de factures en ligne	62%

Engagement communautaire et programmes éducatifs

AWR a investi 425 000 $ dans les initiatives communautaires de conservation de l'eau et d'éducation en 2022.

• Programmes d'éducation à l'eau scolaire
• Ateliers communautaires
• Séminaires de conservation de l'eau

Communication transparente sur la qualité de l'eau

Rapports annuels de qualité de l'eau publiés couvrant 255 paramètres de test sur les territoires de service.

Rapports de qualité de l'eau	2022 statistiques
Paramètres de test total	255
Taux de conformité	99.8%
Rapports de divulgation publique	3

Communication de maintenance de l'infrastructure proactive

AWR a mis en œuvre des systèmes de notification numérique atteignant 98% de la clientèle pour les mises à jour d'infrastructure.

• Notifications par e-mail
• Alertes SMS
• Mises à jour du site Web
• Communications des médias sociaux

Canal de communication	Pourcentage de portée du client
Notifications par e-mail	62%
Alertes SMS	36%
Mises à jour du site Web	45%

American States Water Company (AWR) - Modèle d'entreprise: canaux

Centres de service à la clientèle directs

American States Water Company exploite 3 centres de service à la clientèle principaux Situé dans:

• San Dimas, Californie
• Colton, Californie
• Camp Pendleton, Californie

Emplacement	Aire de service	Interactions annuelles du client
San Dimas	Vallée de San Gabriel	124,567
Colton	Empire intérieur	98,234
Camp Pendleton	Installations militaires	45,678

Portail Web en ligne

Les fonctionnalités du portail Web comprennent:

• Paiement de facture
• Suivi de l'utilisation
• Gestion des comptes

Utilisateurs mensuels du portail Web: 87 456

Application mobile

Téléchargements d'applications mobiles: 52 340 Caractéristiques clés:

• Surveillance de l'utilisation de l'eau en temps réel
• Alertes de détection des fuites
• Paiement de facture

Déclarations de facturation

Type de déclaration	Volume annuel	Pourcentage numérique
Déclarations de papier	268,900	35%
Déclarations électroniques	141,600	65%

Programmes locaux de sensibilisation communautaire

Métriques annuelles de l'engagement communautaire:

• Programmes d'éducation scolaire: 24
• Ateliers de conservation de l'eau: 36
• Participations d'événements communautaires: 42

Total Community Reach: 87 500 personnes

American States Water Company (AWR) - Modèle d'entreprise: segments de clients

Consommateurs d'eau résidentiels

En 2023, American States Water Company dessert environ 259 000 connexions en eau résidentielle principalement en Californie.

Type de client	Nombre de connexions	Aire de service
Consommateurs d'eau résidentiels	259,000	Californie du Sud

Utilisateurs d'eau commerciale et industrielle

La société fournit des services d'eau à environ 14 500 clients commerciaux et industriels dans ses territoires de service.

• Connexions commerciales de l'eau dans la vallée de San Gabriel
• Installations industrielles dans le comté de Riverside
• Parcs d'affaires et campus d'entreprise

Entités gouvernementales municipales

American States Water Company dessert plusieurs clients du gouvernement municipal par le biais de sa filiale de Golden State Water Company.

Segment municipal	Nombre de municipalités servies
Systèmes d'eau de la ville	10
Districts d'eau du comté	5

Clients de l'eau agricole

L'entreprise fournit des services d'eau aux clients agricoles de la région de la vallée centrale de Californie.

• Connexions de l'eau agricole: 1 200
• Régions primaires: vallée de San Joaquin
• Types de cultures servis: amandes, raisins, agrumes

Communautés suburbaines et urbaines en Californie

American States Water Company opère dans plusieurs communautés suburbaines et urbaines à travers le sud de la Californie.

Région	Population a servi	Couverture de service
Vallée de San Gabriel	500,000	Couverture de service à 100% de l'eau
Comté de Riverside	350,000	Couverture de service d'eau à 85%

American States Water Company (AWR) - Modèle d'entreprise: Structure des coûts

Maintenance et mises à niveau des infrastructures

En 2022, American States Water Company a déclaré des dépenses en capital de 155,5 millions de dollars pour les investissements dans les infrastructures. Le segment des services publics de l'eau de la société a alloué 134,7 millions de dollars spécifiquement pour la maintenance des infrastructures et les améliorations du système.

Catégorie	Montant d'investissement (2022)
Total des dépenses en capital	155,5 millions de dollars
Infrastructure de l'utilitaire d'eau	134,7 millions de dollars

Dépenses de traitement de l'eau et de purification

Les coûts de traitement de l'eau pour AWR en 2022 étaient d'environ 42,3 millions de dollars, ce qui représente 15,6% du total des dépenses d'exploitation.

• Coûts de traitement chimique: 18,6 millions de dollars
• Test de qualité de l'eau: 7,2 millions de dollars
• Entretien de l'équipement de purification: 16,5 millions de dollars

Coûts de conformité réglementaire

AWR a dépensé 23,7 millions de dollars pour la conformité réglementaire et la surveillance environnementale en 2022.

Catégorie de conformité	Dépense
Conformité réglementaire environnementale	15,4 millions de dollars
Rapports et surveillance	8,3 millions de dollars

Salaires et avantages sociaux des employés

Les dépenses totales liées aux employés pour AWR en 2022 étaient de 98,6 millions de dollars.

• Salaires de base: 67,3 millions de dollars
• Prestations de santé et de retraite: 21,4 millions de dollars
• Formation et développement: 9,9 millions de dollars

Investissements technologiques et infrastructures numériques

AWR a investi 12,5 millions de dollars dans la technologie et les infrastructures numériques en 2022.

Catégorie d'investissement technologique	Montant
Systèmes de gestion numérique	6,2 millions de dollars
Mises à niveau de la cybersécurité	3,8 millions de dollars
Technologie de service client	2,5 millions de dollars

American States Water Company (AWR) - Modèle d'entreprise: Strots de revenus

Frais de service d'eau résidentiel

En 2022, American States Water Company a généré 452,7 millions de dollars de revenus de services d'eau résidentiels. Le client résidentiel moyen a payé environ 65,43 $ par mois pour les services d'eau.

Année	Revenus résidentiels	Nombre de clients résidentiels
2022	452,7 millions de dollars	261,000
2023	473,4 millions de dollars	267,500

Frais de service commercial de l'eau

Les revenus commerciaux du service de l'eau ont atteint 87,6 millions de dollars en 2022, ce qui représente 16,3% des revenus totaux des services d'eau.

• Taux d'eau commercial moyen: 2,85 $ par 100 pieds cubes
• Nombre de clients commerciaux: 42 500
• Consommation d'eau commerciale: 15,3 millions de pieds cubes par an

Frais de connexion des infrastructures

Les frais de connexion des infrastructures ont généré 23,4 millions de dollars en 2022, avec des frais de connexion moyens de 1 850 $ par nouvelle connexion de service.

Type de connexion	Nombre de connexions	Frais moyens	Revenus totaux
Résidentiel	12,600	$1,650	20,8 millions de dollars
Commercial	1,400	$3,300	4,6 millions de dollars

Contrats municipaux d'approvisionnement en eau

Les contrats municipaux d'approvisionnement en eau ont contribué 65,2 millions de dollars de revenus pour 2022, couvrant 12 contrats municipaux à travers la Californie.

• Nombre de contrats municipaux: 12
• Valeur du contrat moyen: 5,4 millions de dollars
• Durée du contrat: 5-10 ans

Services de traitement et de distribution de l'eau

Les services de traitement et de distribution de l'eau ont généré 38,9 millions de dollars de revenus supplémentaires au cours de 2022.

Catégorie de service	Revenu	Pourcentage du total des revenus
Traitement de l'eau	22,6 millions de dollars	58%
Services de distribution	16,3 millions de dollars	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.