Financial Results Call Presentation

Second Quarter 2023

August 8, 2023

NYSE: AWR

Today's Presenters

Robert J. Sprowls

President & CEO

Eva G. Tang

SVP - Finance & CFO

2

Forward-Looking Statement

Certain matters discussed during this conference call may be forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Please review a description of the company's risks and uncertainties in our most recent Form 10-K and Form 10-Q on file with the Securities and Exchange Commission (SEC).

3

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 are derived from consolidated financial information but are not presented in our financial statements that are prepared in accordance with GAAP.

The non-GAAP financial measures discussed in this conference call include a discussion of diluted earnings per share by business segment and adjusted diluted earnings per share. The gains and losses generated on the investments held to fund one of the Company's retirement plans during the three and six months ended June 30, 2023 and 2022 have been excluded when communicating the results to help facilitate comparisons of AWR's performance from period to period. Also, the impact of retroactive rates related to the full year 2022 recorded during the six months ended June 30, 2023, resulting from the final decision on the water general rate case, and the impact from the estimates recorded in 2022 and changes in estimates recorded in 2023, following the receipt in June of 2023 of a final cost of capital decision, have been excluded when communicating AWR's consolidated and water segment's results for the three and six months ended June 30, 2023 and 2022 to help facilitate comparisons of AWR's performance from period to period.

These non-GAAP financial measures supplement our GAAP disclosures and should not be considered as alternatives to the GAAP measures. Furthermore, the non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other registrants. The company uses these non-GAAP measures in evaluating its operating results and believes these measures are useful internal benchmarks in evaluating the performance of its operating segments. The company reviews these measures regularly and compares them to historical periods and to the operating budget. The computations and reconciliations of non-GAAP measures to the most directly comparable GAAP measures are provided in this presentation.

4

Presentation Overview

Q2 2023 Highlights

6

Q2 Diluted EPS by Segment

7

Q2 Operating Revenues by Segment

8

Q2 Expenses (Excluding Income Taxes)

9

EPS Bridge Q2 2022 to Q2 2023

10

YTD Diluted EPS by Segment

11

Liquidity

12

Regulatory Activity

13

Adopted Average Water Rate Base

16

Contracted Services (ASUS)

17

Dividends

18

Non-GAAP Measures

20

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American States Water Co. published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 22:25:08 UTC.