Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's fourth quarter and full year 2025 results. The call is being recorded. If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 p.m. Eastern Time and run through February 26 on the company's website, www.aswater.com. The slides that the company will be referring to are also available on the website. [Operator Instructions] This call will be limited to an hour. Presenting today from American States Water Company are Bob Sprowls, President and Chief Executive Officer; and Eva Tang, Senior Vice President of Finance and Chief Financial Officer. As a reminder, certain matters discussed during this conference call may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of any outcomes, financial results, levels of activity, performance or achievements and listeners are cautioned not to place undue reliance upon them. Forward-looking statements are subject to estimates and assumptions and known and unknown risks, uncertainties and other factors. Listeners should review the description of the company's risks and uncertainties that could affect the forward-looking statements in our most recent Form 10-K and Form 10-Q on file with the Securities and Exchange Commission. Securities made on this conference call speak only as of the date of this call and expect as required by law. The company does not undertake any obligation to publicly update or revise any forward-looking statement. In addition, this conference call will include a discussion of certain measures that are not prepared in accordance with generally accepted accounting principles or 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. For more details, please refer to the press release. At this time, I will turn the call over to Bob Sprowls, President and Chief Executive Officer of American States Water Company. Please go ahead, sir.

Thank you, Chloe. Welcome, everyone, and thank you for joining us today. I'll begin with a discussion of the year. Eva will then discuss some financial details for both the fourth quarter and the year and then I'll wrap it up with updates on regulatory activity, ASUS and dividends, and then we'll take your questions. 2025 was a very productive and positive year for the company. January, the company's water utility Golden State Water Company received the final decision from the California Public Utilities Commission, or CPUC, on its general rate case setting rates for 2025 through 2027. Our electric subsidiary also received its final decision in January of 2025 for new rates covering the period 2023 through 2026. Both decisions represent constructive regulatory outcomes and position us to continue investing in our utility infrastructure for safe and reliable services for generations to come. In addition, our contracted services business, American States Utility Services, or ASUS, contributed a significant increase in earnings for the year. As a result, I'm pleased to announce we delivered strong financial results for 2025 with reported earnings that were $0.20 per share higher compared to 2024 or $0.33 per share higher as adjusted. Included in the company's reported earnings in 2024 was a tax benefit of $0.13 per share for Golden State Water following the final decision in its general rate case. Excluding this item, adjusted earnings for 2024 were $3.04 per share as compared to $3.37 per share for 2025. In 2025, we invested $210.9 million in infrastructure at our regulated utilities reflecting our continued strong ability to execute our capital plan. In addition, we continue to seek opportunities to expand our regulated water operations. During the year, Golden State Water completed a transaction with a developer to own and operate the water and…

Thank you, Bob. Hello, everyone. Let me start with our fourth quarter results. Adjusted earnings for AWR consolidated increased $0.18 per share over the prior year when excluding the impact of a onetime tax benefit recorded in the fourth quarter of 2024, resulting from the water general rate case decision and the retroactive rates related to 2023 and the first 9 months of 2024 recorded in the fourth quarter of 2024 as a result of receiving the final CPUC decision on the electric general rate case. Reported consolidated earnings were $0.74 per share as compared to $0.75 per share for the fourth quarter of 2024 or $0.56 per share as adjusted for that quarter. For our water utility Golden State Water reported earnings were $0.50 per share for the quarter as compared to $0.52 per share in 2014 or $0.39 per share as adjusted. Included in 2024 reported earnings was the previously mentioned $0.13 per share tax benefit recorded in the fourth quarter as a result of the final CPUC decision on the water GRC. Excluding this item, the $0.11 per share increase as adjusted was largely due to new water rates for 2025, higher gains generated on investments held to fund a retirement plan, lower interest expense and a lower effective income tax rate from changes in certain flow-through income tax items, partially offset by higher operating expenses. Lastly, there was a decrease in earnings of $0.01 per share due to the dilutive effect from share issuance under the parent company's ad market offering program. Our Electric segment reported earnings were $0.11 per share for the quarter as compared to $0.13 per share for 2024, a $0.02 per share decrease or a $0.04 per share increase as adjusted. As previously noted, included in 2024, reported electric earnings is the…

Thank you, Eva. On the regulatory front, as previously mentioned, in January of 2025, the CPUC issued a final decision in connection with the recent water general rate case that covers rates for 2025 through 2027. We have discussed the details of this rate case decision in our prior earnings releases and calls. We have begun preparation for our next water rate case expected to be filed by July 1, 2026. As a reminder, the final decision ordered Golden State Water to transition from a full decoupling mechanism and a full supply cost balancing account, which were requested again in the general rate case application to a modified rate adjustment mechanism known as the Monterey-Style Water Revenue Adjustment Mechanism or MRAM and an incremental cost balancing account for supply cost effective January 1, 2025. Without the continuation of a full revenue decoupling mechanism and a full cost balancing account for water supply, the company may be subject to future volatility in revenues and earnings as a result of fluctuations in water consumption by its customers and changes in water supply source mix. Golden State Water's 2025 earnings were favorably impacted by an actual water supply source mix that included less purchased water than what was authorized in the general rate case and included in the revenue requirement which was partially offset by the negative impact from a nearly 4% decrease in water consumption compared to amounts adopted in the final general rate case. As a result, the combined impact from the changes in water supply source mix compared to adopted levels and fluctuations in consumption did not have a material impact on Golden State Water's 2025 earnings. In December of 2025, Golden State Water received approval from the CPUC to implement its full second year rate increases, which were effective…

[Operator Instructions] At this time, there is no one in our queue. So this concludes our question-and-answer session. I'd like to turn the conference back over to Bob Sprowls for any closing remarks.

Thank you, Chloe. I just want to wrap up today by thanking you all for your participation, and we look forward to speaking with you next quarter.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.