Financial Results Call Presentation

Third Quarter 2022

November 8, 2022

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. Furthermore, the gains and losses generated on the investments held to fund one of the company's retirement plans during the three- and nine-month periods ended September 30, 2022 and 2021 have been excluded when communicating the results to help facilitate comparisons of the company's performance from period to period. Also, the retroactive impact of new 2022 water rates not yet recorded due to the delay in receiving a final decision from the CPUC, which will be retroactive to January 1, 2022 when approved, have been included when communicating the company's consolidated and water segment results for the three and nine months ended September 30, 2022 to help facilitate comparisons of the company'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.

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Presentation Overview

Q3 2022 Highlights

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Q3 Diluted EPS by Segment

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Q3 Operating Revenues by Segment

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Q3 Expenses (Excluding Income Taxes)

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EPS Bridge Q3 2021 to Q3 2022

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YTD Diluted EPS by Segment

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Liquidity

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Key Factors Impacting Q3 & YTD Results

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Regulatory Activity

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California Drought

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Adopted Average Water Rate Base

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Contracted Services (ASUS)

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Dividends

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Non-GAAP Measures

22

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American States Water Co. published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 19:03:03 UTC.