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Q1 results aligned with internal expectations despite the delayed 2024 California General Rate Case (GRC), which prevented the booking of certain revenue items during the period.

Infrastructure investment increased 17.6% to $129.5 million as the company prioritizes safe, reliable water delivery and PFAS treatment capabilities.

Management expressed high confidence in a revised proposed decision for the California GRC, which provides clear revenue visibility through 2028 and maintains key earnings-stabilizing mechanisms.

Strategic diversification is accelerating through the Nexus acquisition and BVRT buyout, which will expand the company's footprint to nearly 100,000 connections outside California.

The company is successfully pivoting toward wastewater and recycled water, with plans to operate over 24 wastewater plants across the western U.S. following pending acquisitions.

Operational focus remains on PFAS mitigation, with a strategy that balances aggressive capital investment in treatment with active litigation to recover costs from polluters.

The 100th anniversary celebrations are being used as a strategic platform to strengthen relationships with local officials and increase brand awareness across service regions.

The 2024 California GRC is expected to provide revenue growth of approximately $91 million in 2026, $43 million in 2027, and $49 million in 2028.

Total planned capital investment for 2026 is set at $627 million, supporting a projected compounded annual rate base growth of over 11%.

Management anticipates closing the Nexus acquisitions in Nevada and Oregon as early as year-end 2026, pending statutory regulatory timelines.

New tariffs and billing cycles resulting from the GRC approval are scheduled to be implemented starting July 1, 2024, following extensive system testing.

Future earnings stability is expected to be supported by a new sales reconciliation mechanism and updated rate designs that improve fixed cost recovery in the absence of full decoupling.

An interim rates memorandum account allows for the retroactive application of the GRC decision back to January 1, ensuring no loss of potential benefit due to the delay.

PFAS cost recovery efforts have secured $66.5 million in gross receipts from polluter trusts, resulting in approximately $50 million net that covers 20-25% of the total estimated PFAS costs.

Q1 EPS was pressured by a $0.32 per share headwind from decreased consumption, higher depreciation, interest expenses, and a higher effective tax rate due to reduced credits.

The company maintains significant liquidity with $470 million available on credit lines and a $340 million ATM shelf to fund ongoing capital needs and M&A.

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Management monitors the EPA's Unregulated Contaminant Monitoring Rule (UCMR) list as a leading indicator for future standards and expects an eventual Maximum Contaminant Level (MCL) for microplastics.

It remains uncertain if current PFAS treatment infrastructure will be effective for microplastics; specific treatment requirements will depend on future EPA guidance.

The company views the Nexus and BVRT acquisitions as incremental to normal capital needs and is evaluating forward-starting equity instruments to minimize dilution.

Management intends to time major capital raises closer to the actual closing of transactions, likely toward the end of the year, while relying on the ATM program for routine needs.

The PFAS program is bifurcated into treatment (targeted for 2028 completion) and well replacement, with approximately $60 million allocated specifically to the latter.

Legal recoveries act as a direct offset to the PFAS program, helping to lower the ultimate cost burden on customers.

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