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American States Baptize Co  (NYSE: AWR)

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Q3 2018 Balance Appointment Call

Nov. 06, 2018, 2:00 p.m. ET

Operator

Ladies and gentlemen, acknowledge you for continuing by. Welcome to the American States Baptize Aggregation Appointment Alarm discussing the Company’s Third Division 2018 Results. The alarm is actuality recorded.

If you would like to accept to the epitomize of this call, it will activate this afternoon at about 5 PM Eastern Time and run through November 13, 2018, on the company’s website, www.aswater.com. The slides that the aggregation we will be apropos to, are additionally accessible on the website. (Operator Instructions)

This alarm will be bound to an hour. Presenting today from American States Baptize Aggregation is Bob Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Banking Officer.

As a reminder, assertive affairs discussed during this appointment alarm may be advanced statements advised to authorize for the safe anchorage from accountability accustomed by the Private Securities Litigation Ameliorate Act of 1995. Amuse analysis a description of the company’s risks and uncertainties in our best contempo Form 10-K and Form 10-Q on book with the Securities and Exchange Commission.

In addition, this appointment alarm will accommodate a altercation of assertive measures that are not able in accordance with about accustomed accounting attempt in the United States and aggregate non-GAAP banking measures beneath SEC rules. These non-GAAP banking measures are acquired from circumscribed banking information, but are not presented in our banking statements that are able in accordance with GAAP. For added details, amuse accredit to the columnist release.

At this time, I will about-face the alarm over to Bob Sprowls, President and Chief Executive Officer of American States Baptize Company.

Robert Sprowls — President and Chief Executive Officer

Thank you, Sean. Welcome anybody and acknowledge you for aing us today. I’ll activate with some contempo highlights, Eva will again altercate some third division details, and again I’ll blanket it up with some updates on assorted authoritative filings, our apprenticed casework business, American States Anniversary Casework and dividends, and again we’ll booty your questions.

As a aftereffect of our connected advance in our anniversary businesses as able-bodied as advance from our new and absolute aggressive bases, the company’s balance added by $0.05 per allotment over the third division of aftermost year, an access of 8.8%. Our adapted anniversary subsidiary, Golden State Baptize Aggregation connected to advance in the believability of our baptize and electric systems. We are on clue to advance about $110 actor to $120 actor of basic in 2018, about three-times our accepted abrasion bulk for the year.

On the authoritative front, Golden State Baptize Aggregation and the California Accessible Utilities Commission’s Accessible Advocates Office, formally called the Office of Ratepayer Advocates, filed a collective motion to accept a adjustment in August, which resolves all issues in our awaiting baptize accepted bulk case, which will set ante for the years 2019 through 2021, and authorizes Golden State Baptize to advance $334.5 actor in basic basement over that aforementioned period. I will altercate the adjustment in added detail afterwards in the call. We are admiring with the advance on this important bulk case.

We accept additionally accomplished a acting adjustment acceding with the Accessible Advocates Office, on the electric accepted bulk case, which set ante for the years 2018 through 2021. A adjustment appointment with all parties in the bulk case is appointed for this month. Among added things, the acting adjustment authorizes the new acknowledgment on disinterestedness for Golden State Waters Electric articulation of 9.6%. Aback a final accommodation is approved, the new electric ante will be attendant to January 1, 2018. Of course, both of these adjustment agreements accept to be accustomed by the California Accessible Utilities Commission or CPUC.

On July 1st of this year, our apprenticed casework subsidiary, American State Anniversary Casework or ASUS accept the operation, aliment and architecture administration of the baptize distribution, and wastewater accumulating and analysis accessories at Fort Riley, beneath a 50-year adjustment with the US government. ASUS now provides casework for baptize and our wastewater systems, and analysis plants to 11 aggressive bases, including some of the bigger aggressive installations in the United States, Fort Bragg, Fort Bliss, Eglin Air Force Abject and Fort Riley, as able-bodied as one of the best high-profile bases, Collective Abject Andrews.

For the quarter, our adulterated balance were $0.62 per share, as compared to $0.57 per allotment for the aforementioned aeon aftermost year. The access was due to an added baptize gross allowance and a lower able assets tax bulk at our baptize segment, as able-bodied as added revenues at ASUS, due to the admission of operations at Eglin Air Force Abject and Fort Riley. These increases were partially anniversary by no acquirement increases accustomed at our Electric segment, due to delays in finalizing the electric accepted bulk case, and college operating costs incurred on a companywide bases.

I will now about-face the alarm over to Eva to analysis the banking after-effects for the quarter.

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Thank you, Bob. An overview of our banking after-effects for the third division is presented on Accelerate Eight. As Bob mentioned, adulterated balance for the division were $0.62 per allotment compared to $0.57 per allotment for the aforementioned aeon in 2017. I will altercate in the aing slide, the above items that impacted our revenues and expenses, including assertive items that affect the allegory of our anniversary results.

Consolidated revenues decreased slightly, abundantly due to bottomward adjustments to baptize revenues and to a bottom extent, electric revenues with agnate decreases in assets tax bulk for the third division of 2018, to reflect the furnishings of the tax reform. There was additionally a abatement in revenues accompanying to assorted surcharges to balance advanced incurred costs that were implemented in 2017, which asleep during 2018. Both of these items resulted in no actual appulse to earnings, customs revenues to balance advanced incurred costs are anniversary by a agnate bulk in operating expenses, and accept no appulse to earnings.

Revenue for the division were added bargain due to the CPUC’s bulk of basic decision, issued in March of this year. We accepted the lower accustomed bulk of acknowledgment for the baptize anniversary articulation from this accommodation to abate full-year 2018 adopted revenues by about $3.6 million. These decreases were partially anniversary by third-year CPUC accustomed bulk increases, able January of 2018. Because of the adjournment in the electric accepted bulk case, year-to-date 2018 billed electric acquirement has been based on 2017 adopted rate, awaiting a final CPUC accommodation on the bulk case. Aback approved, acquirement and assertive operating costs will be attendant to 2018.

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The acquirement decreases at baptize and electric segments were abundantly anniversary by an access in revenues at the apprenticed casework articulation amid the two quarters. The access was mostly due to the admission of operations at Eglin Air Force Abject in June of 2017 and Fort Riley in July 2018.

Our baptize and electric accumulation costs were $28.5 actor and $27.2 actor for the third abode of 2018 and 2017, respectively. Any changes in accumulation costs as compared to the adopted accumulation costs are tracked in acclimation accounts for both the baptize and electric segments.

Looking at operating expenses, excluding accumulation costs and surcharges, circumscribed costs added all-embracing by $5.1 actor for the quarter. The access was due to added operating costs at ASUS, as a aftereffect of the admission of operations at Eglin Air Force Abject and Fort Riley.

Administrative and accepted costs for the utilities additionally added due primarily to employee-related anniversary expenses.

Slide 10 shows the EPS arch comparing the third division of 2018 with the third division of 2017. This accelerate reflects our year-to-date balance per allotment by segment. For added details, amuse accredit to yesterday’s columnist absolution and Form 10-Q. As a reminder, an adapted — on an adapted basis, circumscribed balance were $0.01 per allotment beneath aftermost year.

I will briefly altercate our clamminess on Accelerate 12. Net banknote provided by operating activities for the aboriginal nine months of 2018, decreased to $108.4 actor from $120.2 actor aftermost year, due in ample allotment to cogent differences in the timing of assets tax payments fabricated and acquittance accustomed amid the two periods as able-bodied as a abatement due to the timing of announcement of and banknote receipts for architecture assignment at ASUS in 2018. These decreases were partially anniversary by an all-embracing access in banknote calm from barter accompanying to Golden State Water’s authoritative account.

Net banknote acclimated in advance action was $88.8 actor for the nine months concluded September 30, 2018, compared to $79.2 actor for the aforementioned aeon aftermost year, excluding the gain from the Ojai sale. Banknote invested in basic expenditures and added advance activities was college during the aboriginal nine months of 2018. And as Bob mentioned earlier, we are on ambition to advance $110 actor to $120 actor in basic projects at Golden State Baptize this year.

Golden State Baptize has a $40 actor note, which becomes due in March. We intend to advance our inter-company borrowing adjustment and/or affair added abiding debt to accord this agenda aing year. At this time, we do not apprehend American States Baptize to affair added equity.

With that, I’ll about-face the alarm aback to Bob.

Robert Sprowls — President and Chief Executive Officer

Thank you, Eva. I’d like to accommodate an amend on our contempo authoritative activity. Regarding the baptize accepted bulk case, the adjustment with the Accessible Advocates Office, after-effects all the issues in the accepted bulk case appliance and accustomed Golden State Baptize to advance $334.5 actor in basic basement over the three-year bulk cycle. This includes $20.4 actor of basic projects to be filed for acquirement accretion through admonition letters, aback those projects are completed.

Excluding the admonition letter activity revenues, the baptize gross allowance for 2019 in the adjustment filing is accepted to access by about $6 million, as compared to the 2018 adopted baptize gross margin. However, the 2019 baptize acquirement claim and gross allowance accept settled, accept been bargain for a abatement of about $7 actor in abrasion bulk compared to the adopted 2018 abrasion bulk due to a abridgement in the all-embracing blended abrasion ante based on a revised abstraction filed in the accepted bulk case.

The abatement in abrasion bulk as settled, lowers the baptize gross margin, and is anniversary by a agnate abatement in abrasion expense, consistent in no appulse to net earnings. In addition, the 2019 baptize acquirement requirement, as settled, includes a abatement of about $2.2 actor for balance deferred tax refunds as a aftereffect of tax reform, which has a agnate abatement in assets tax bulk and additionally after-effects in no appulse to earnings.

Had abrasion expense, as settled, remained the aforementioned as the 2018 adopted bulk and there were no balance deferred tax acquittance that bargain the 2019 acquirement requirement, the acclimatized baptize gross allowance for 2019 would accept added by about $15.2 million. The adjustment as filed additionally allows for abeyant added baptize acquirement increases in 2020 and 2021 of about $10 actor and $12 million, respectively, accountable to the after-effects of an balance analysis and changes to the forecasted inflationary base values. We apprehend the CPUC to affair a proposed accommodation for this accepted bulk case during the fourth division of this year. Aback approved, the new baptize ante will become able January 1, 2019.

Our electric bulk case was filed in May 2017 to set ante for years 2018 through 2021. Golden State Baptize and the Accessible Advocates Office accept accomplished a acting settlement, which resolves all acquirement claim issues in this accepted bulk case.

A adjustment appointment with all parties in the bulk case is appointed for this month. We will affair a columnist absolution accouterment the above acceding of the agreement, already the adjustment is filed with the CPUC. Among added things, the acting adjustment incorporates a antecedent acceding in the bulk case, which authorizes a new acknowledgment on disinterestedness for Golden State Water’s electric articulation of 9.6%. Golden State Water’s above-mentioned accustomed acknowledgment on disinterestedness for its electric articulation was 9.95%.

The acceding additionally establishes a basic anatomy and debt bulk agnate to those accustomed by the CPUC in March 2018 for the baptize segment. Aback a final accommodation is approved, the new electric ante will be attendant to January 1, 2018. It is possible, but unlikely, that the CPUC will affair decisions inconsistent with the filed collective adjustment in the baptize bulk case and the acting adjustment acceding in the electric bulk case.

Let’s move on to ASUS on Accelerate 14. Apprenticed casework balance for the third division were $0.03 per share, college than the aforementioned aeon in 2017, abundantly due to the after-effects at Eglin Air Force Abject and Fort Riley, which we began operating in June of 2017 and July of 2018, respectively.

We accept ASUS is still on ambition to accord amid $0.38 and $0.42 per allotment for 2018. In adjustment to activity for 2019, we will charge to abide to appraise the bulk of basic assignment that we apprehend to complete, which includes discussions with the corresponding application admiral and the advisers of accessible works at the assorted bases. ASUS has been awarded about $23 actor of new architecture projects so far during this year. Some of these projects accept been or are accepted to be completed in 2018, with the to be completed in 2019.

Taking into anniversary the new architecture projects awarded so far, with added accepted to be awarded in the fourth quarter, as able-bodied as operating Fort Riley for a full-year aing year, we accept ASUS’ addition to balance for 2019 will be in the $0.43 to $0.47 per allotment range.

We abide to be complex in assorted stages of the angle action at a cardinal of added aggressive bases because privatization. This is a key focus for us, as the US government is accepted to absolution added bases for behest over the aing several years. Due to our able accord with the US government and our ability and acquaintance in managing bases, we are able-bodied positioned to attempt for these new contracts.

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Last week, our Board of Directors accustomed a fourth division allotment of $0.275 per allotment on the accepted shares of the company. American States Baptize Aggregation has paid assets to shareholders every year aback 1931, accretion the assets accustomed by shareholders anniversary agenda year for 64 afterwards years, which places the aggregation in an absolute accumulation of companies on the New York Banal Exchange that accept accomplished that result.

The company’s accepted allotment action is to accomplish a admixture anniversary advance bulk in the allotment of added than 6% over the continued term. The access in our anniversary allotment reflects our Board’s aplomb in the sustainability of the company’s balance at both our Golden State Baptize and ASUS subsidiaries as able-bodied as the affairs for our future. A able and accretion allotment allows the aggregation to abide alluring basic to accomplish all-important investments in the systems for the communities and aggressive bases that we serve.

I’d like to acknowledge you for your absorption in American States Baptize Company, and we’ll now about-face the alarm over to the abettor for questions.

Operator

(Operator Instructions) Our aboriginal catechism comes from Durgesh Chopra with Evercore. Amuse go ahead. Your band is now live.

Durgesh Chopra — Evercore — Analyst

Oh, can you apprehend me?

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Yes, we can.

Robert Sprowls — President and Chief Executive Officer

Yes.

Durgesh Chopra — Evercore — Analyst

Okay, sorry. I wasn’t abiding if I was in aphasiac or not. Aboriginal question, aloof a description on that $0.43 to $0.47 balance addition in 2019. Is there an acceptance of any new bases, or that’s aloof based on what you accept currently bound and loaded?

Robert Sprowls — President and Chief Executive Officer

It’s aloof currently what we accept bound and loaded. As you know, there is about a nine-month alteration aeon afterwards a aggregation is awarded a new base. So, to the degree, we would get a new abject amid now and year-end. We may see a little bit of balance in 2019, but it wouldn’t be much.

Durgesh Chopra — Evercore — Analyst

Got it. Okay. And then, acknowledge you. The $23 million, how does that analyze to maybe 2017, or 2016? I’m aloof aggravating to get a faculty of whether that is the accustomed akin of architecture bulk in your absolute assets, or that is — basically, I’m aloof aggravating to get a faculty of how should I anticipate about what’s accustomed activity advanced in your absolute bases?

Robert Sprowls — President and Chief Executive Officer

Sure. We do apprehend added awards of — added architecture dollars afore year-end. But the $23 actor is a little bit college than what we accustomed aftermost year. I accept we had $21 million, if I’m not mistaken?

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Right, for the accomplished year.

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Robert Sprowls — President and Chief Executive Officer

For the accomplished year, for all of 2017. So, it’s a little higher.

Durgesh Chopra — Evercore — Analyst

Okay, thanks. And again aloof aerial level, the 6% allotment growth, I mean, I guess, the ambition is 6% — added than 6% CAGR over the continued term. I’m aloof aggravating to understand, like is that — I mean, it seems like you’re attic it at 6%, and it could be higher. Is that, what you anticipate the acceptable akin of balance advance is in the continued term? Aloof if you could allotment your thoughts a little bit on how you accustomed to that 6%?

Robert Sprowls — President and Chief Executive Officer

Sure. We took a accessory at area we anticipation the allotment should abound to and area balance were accepted to abound to. And we’re a appealing bourgeois company, so we came up with added than 6%. So, we accept that balance will be growing at that akin or added over the aing 5 to 10 years.

Durgesh Chopra — Evercore — Analyst

Perfect. Acknowledgment guys. Acceptable quarter.

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Thank you.

Robert Sprowls — President and Chief Executive Officer

Thank you, Durgesh.

Operator

Our aing catechism comes from Jonathan Reeder with Wells Fargo. Amuse go ahead.

Jonathan Reeder — Wells Fargo — Analyst

Hey Bob and Eva. Nice presentation, affected on all the bases that I appealing abundant had. And acceptable questions by Durgesh, too, because he advancing some of mine. The alone affair I accept larboard would be on the baptize bulk case settlement. And actual me if I’m wrong, but that gross allowance activity at $15.2 million, that’s, I guess, a little college than what you had initially set. I guess, maybe you didn’t accommodate that tax basic previously. Is that accurate?

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Yes, that’s accurate, Jonathan. Aback we analyze previously, we’re absolutely aloof comparing the accept to accept the number. In 2018, if you recall, as a aftereffect of the tax ameliorate by the end of 2017, we had an balance deferred taxes, about $83 actor booked. That should be refunded to our barter over the actual activity of the asset. So, it’s about $2 million, $3 actor a year.

So, in the abject bulk in 2018, those adopted abject bulk has not reflected those dollar bulk yet. But during the settlement, we absolutely — the balance deferred acquittance for 2019 to 2021 has been congenital into the abject bulk for adjustment agreement. So, we appetite to accompany this agency out, so we don’t — we accord you all the information.

What’s auspicious in 2018 in acceding of balance deferred, about $2 million, $3 million, we’re tracking a basal account, which will be recorded throughout the year. It’s aloof not in the adopted number. So, we appetite to accomplish that clarification.

Jonathan Reeder — Wells Fargo — Analyst

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Okay. And that $2 actor to $3 million, I guess, that’s over like a 20 or 30-year period, I guess, commodity like that?

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Yes, because the anniversary activity is actual continued to finalize. Yes, it’s actuality a continued aeon of time.

Jonathan Reeder — Wells Fargo — Analyst

Okay. And then, I think, I already apperceive the acknowledgment to this, the electric GRC settlement, I mean, it’s a appealing baby allocation of the business. Is that declared to, or accepted to do annihilation from an balance standpoint? I mean, I apperceive you cited a little bit of a headwind this division costs there. Does the adjustment lease, I guess, awning those college operating expenses?

Robert Sprowls — President and Chief Executive Officer

Right. We’re a bit borderline as to aback that — aback that adjustment will get approved. So, it’s accessible we’ll accept a little bit of an uptick in either 2018, or 2019 from retroactivity associated with that bulk case.

Jonathan Reeder — Wells Fargo — Analyst

But on an advancing basis, I mean, I guess, the adjustment at atomic covers those college operating costs that are currently a annoyance on an advancing basis?

Robert Sprowls — President and Chief Executive Officer

Yes.

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Yes.

Robert Sprowls — President and Chief Executive Officer

They absolutely do, yes, or it absolutely does.

Jonathan Reeder — Wells Fargo — Analyst

Okay. All right. Able-bodied acknowledge you actual abundant for demography my questions.

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Thank you.

Robert Sprowls — President and Chief Executive Officer

Thank you, Jonathan.

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Operator

(Operator Instructions) At this time, it appears there are no added questions in the catechism queue. And this will now achieve our question-and-answer session. I would like to about-face the alarm aback over to Bob Sprowls for any closing remarks.

Robert Sprowls — President and Chief Executive Officer

Yes, acknowledge you, Sean. And I aloof appetite to say acknowledge you to all of you for your accord today, and your absorption in the company. And we accessory advanced to speaking with you aing quarter.

Operator

This concludes today’s appointment call. Acknowledge you for accessory today’s presentation. And you may now disconnect.

Duration: 29 minutes

Robert Sprowls — President and Chief Executive Officer

Eva Tang — Senior Vice President-Finance, Chief Banking Officer

Durgesh Chopra — Evercore — Analyst

Jonathan Reeder — Wells Fargo — Analyst

More AWR analysis

Transcript powered by AlphaStreet

This commodity is a archetype of this appointment alarm produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not accept any albatross for your use of this content, and we acerb animate you to do your own research, including alert to the alarm yourself and account the company’s SEC filings. Amuse see our Acceding and Conditions for added details, including our Obligatory Capitalized Disclaimers of Liability.

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