Golden State Water CO

CIK:0000092116|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Water	$ 131,050	$ 119,697	$ 244,160	$ 221,700
Electric	13,626	12,928	32,283	27,930
Contracted services	36,614	30,441	74,038	61,449
Total operating revenues	181,290	163,066	350,481	311,079
Operating Expenses
Water purchased	23,543	23,911	44,903	40,219
Power purchased for pumping	3,699	3,554	6,996	6,703
Groundwater production assessment	7,270	6,125	12,797	11,804
Power purchased for resale	2,766	3,466	7,558	9,534
Supply cost balancing accounts	247	(136)	(71)	(1,852)
Other operation	12,034	12,310	23,302	22,800
Administrative and general	24,521	25,222	52,675	52,097
Depreciation and amortization	12,747	11,681	25,431	23,263
Maintenance	6,201	6,129	11,901	10,276
Property and other taxes	7,544	6,955	15,567	13,907
ASUS construction	16,747	12,890	34,080	25,823
Utilities Operating Expense, Total	117,319	112,107	235,139	214,574
Operating Income	63,971	50,959	115,342	96,505
Other Income and Expenses
Interest expense	(12,174)	(12,108)	(24,281)	(24,190)
Interest income	886	1,498	1,862	3,511
Other, net	5,070	3,576	4,650	3,405
Total other income and expenses, net	(6,218)	(7,034)	(17,769)	(17,274)
Income before income tax expense	57,753	43,925	97,573	79,231
Income tax expense	14,479	10,235	24,351	18,697
Net Income	$ 43,274	$ 33,690	$ 73,222	$ 60,534
Basic Earnings Per Common Share
Weighted Average Number of Common Shares Outstanding (in shares)	39,341	38,509	39,227	38,382
Basic Earnings Per Common Share (in dollars per share)	$ 1.10	$ 0.87	$ 1.86	$ 1.57
Fully Diluted Earnings Per Share
Weighted Average Number of Diluted Shares (in shares)	39,478	38,642	39,346	38,500
Fully Diluted Earnings Per Common Share (in dollars per share)	$ 1.09	$ 0.87	$ 1.86	$ 1.57
Dividends declared per common share (in dollars per share)	$ 0.5040	$ 0.4655	$ 1.0080	$ 0.9310
GOLDEN STATE WATER COMPANY
Operating Revenues
Water	$ 131,050	$ 119,697	$ 244,160	$ 221,700
Total operating revenues	131,050	119,697	244,160	221,700
Operating Expenses
Water purchased	23,543	23,911	44,903	40,219
Power purchased for pumping	3,699	3,554	6,996	6,703
Groundwater production assessment	7,270	6,125	12,797	11,804
Supply cost balancing accounts	185	369	262	656
Other operation	8,111	8,800	15,255	15,475
Administrative and general	15,337	15,952	33,091	33,609
Depreciation and amortization	10,733	9,895	21,392	19,719
Maintenance	3,005	2,824	5,079	4,828
Property and other taxes	6,198	5,710	12,718	11,334
Utilities Operating Expense, Total	78,081	77,140	152,493	144,347
Operating Income	52,969	42,557	91,667	77,353
Other Income and Expenses
Interest expense	(9,618)	(9,265)	(19,010)	(18,593)
Interest income	419	936	897	2,208
Other, net	4,973	3,008	4,436	2,688
Total other income and expenses, net	(4,226)	(5,321)	(13,677)	(13,697)
Income before income tax expense	48,743	37,236	77,990	63,656
Income tax expense	12,642	9,096	20,206	15,610
Net Income	$ 36,101	$ 28,140	$ 57,784	$ 48,046

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows From Operating Activities:
Net income	$ 73,222	$ 60,534
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,045	23,791
Provision for doubtful accounts	1,145	1,153
Deferred income taxes and investment tax credits	1,055	4,446
Stock-based compensation expense	3,274	3,066
(Gain) loss on investments held in a trust	(3,058)	(2,161)
Other — net	413	534
Changes in assets and liabilities:
Accounts receivable — customers	(4,492)	(5,638)
Unbilled receivable	(2,907)	1,894
Other receivables	1,978	1,321
Receivables from the U.S. government	10,670	3,738
Materials and supplies	(2,144)	(752)
Prepayments and other assets	(3,368)	(3,152)
Contract assets	1,535	(1,772)
Regulatory assets/liabilities	24,197	11,417
Accounts payable	(6,432)	468
Income taxes receivable/payable	(2,916)	13,559
Contract liabilities	(1,056)	4,625
Accrued pension and other postretirement benefits	(319)	734
Other liabilities	(289)	(8,169)
Net cash provided (used)	116,553	109,636
Cash Flows From Investing Activities:
Capital expenditures	(97,561)	(118,481)
Other investing activities	869	147
Net cash provided (used)	(96,692)	(118,334)
Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares, net of issuance costs	39,878	25,590
Receipt of advances for and contributions in aid of construction	9,523	4,532
Refunds on advances for construction	(3,276)	(3,799)
Repayments of long-term debt	(285)	(272)
Proceeds from the issuance of long-term debt, net of issuance costs	0	149,241
Net changes in notes payable to banks	(22,000)	(136,000)
Dividends paid	(39,494)	(35,688)
Other financing activities	(1,374)	(1,320)
Net cash provided (used)	(17,028)	2,284
Net change in cash and cash equivalents	2,833	(6,414)
Cash and cash equivalents, beginning of period	18,824	26,661
Cash and cash equivalents, end of period	21,657	20,247
Non-cash transactions:
Accrued payables for investment in utility plant	39,338	36,530
Property installed by developers and conveyed	2,409	14,659
GOLDEN STATE WATER COMPANY
Cash Flows From Operating Activities:
Net income	57,784	48,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,962	20,209
Provision for doubtful accounts	947	865
Deferred income taxes and investment tax credits	1,953	2,431
Stock-based compensation expense	3,059	2,826
(Gain) loss on investments held in a trust	(3,058)	(2,161)
Other — net	287	394
Changes in assets and liabilities:
Accounts receivable — customers	(4,981)	(4,576)
Unbilled receivable	(5,021)	(2,923)
Other receivables	(86)	618
Materials and supplies	103	618
Prepayments and other assets	(1,201)	(1,608)
Regulatory assets/liabilities	18,011	13,175
Accounts payable	(4,165)	(338)
Receivable/payable from/to affiliate	915	104
Income taxes receivable/payable	(93)	13,180
Accrued pension and other postretirement benefits	(394)	666
Other liabilities	(504)	(8,232)
Net cash provided (used)	85,518	83,294
Cash Flows From Investing Activities:
Capital expenditures	(85,233)	(101,079)
Other investing activities	432	125
Net cash provided (used)	(84,801)	(100,954)
Cash Flows From Financing Activities:
Proceeds from issuance of Common Shares, net of issuance costs	0	50,005
Receipt of advances for and contributions in aid of construction	9,523	4,532
Refunds on advances for construction	(3,276)	(3,799)
Repayments of long-term debt	(285)	(272)
Proceeds from the issuance of long-term debt, net of issuance costs	0	99,432
Net changes in notes payable to banks	25,000	(115,000)
Dividends paid	(31,500)	(18,000)
Other financing activities	(1,227)	(1,183)
Net cash provided (used)	(1,765)	15,715
Net change in cash and cash equivalents	(1,048)	(1,945)
Cash and cash equivalents, beginning of period	9,964	11,338
Cash and cash equivalents, end of period	8,916	9,393
Non-cash transactions:
Accrued payables for investment in utility plant	38,466	34,051
Property installed by developers and conveyed	$ 2,409	$ 14,659

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment
Regulated utility plant, at cost	$ 2,988,225	$ 2,899,564
Non-utility property, at cost	51,934	50,422
Total	3,040,159	2,949,986
Less - accumulated depreciation	(672,940)	(653,667)
Net property, plant and equipment	2,367,219	2,296,319
Property, Plant, and Equipment, Other, after Accumulated Depreciation [Abstract]
Other property and investments	61,612	58,664
Current Assets
Cash and cash equivalents	21,657	18,824
Accounts receivable - customers, less allowance for doubtful accounts	41,668	38,321
Unbilled receivable	30,122	26,621
Receivable from the U.S. government (Note 2)	38,576	46,400
Other accounts receivable, less allowance for doubtful accounts	7,441	6,127
Income taxes receivable	1,747	0
Materials and supplies	18,550	16,406
Regulatory assets — current	24,903	39,396
Prepayments and other current assets	12,086	7,551
Contract assets (Note 2)	29,744	31,428
Total current assets	226,494	231,074
Other Assets
Unbilled revenue — receivable from the U.S. government (Note 2)	664	1,258
Receivable from the U.S. government (Note 2)	24,814	27,660
Contract assets (Note 2)	228	79
Operating lease right-of-use assets	7,166	6,093
Regulatory assets	23,045	30,073
Other	63,718	63,872
Total other assets	119,635	129,035
Total Assets	2,774,960	2,715,092
Capitalization
Common shares, no par value	467,473	425,153
Retained earnings	654,007	620,428
Total common shareholders’ equity	1,121,480	1,045,581
Long-term debt	717,735	782,700
Total capitalization	1,839,215	1,828,281
Current Liabilities
Long-term debt — current	73,227	8,209
Accounts payable	79,507	86,021
Income taxes payable	0	1,169
Accrued other taxes	14,780	12,871
Accrued employee expenses	14,164	16,193
Accrued interest	9,525	9,545
Contract liabilities (Note 2)	10,679	11,735
Operating lease liabilities	2,341	2,062
Purchase power contract derivative at fair value (Note 5)	14,631	15,503
Other	12,252	11,304
Total current liabilities	231,106	174,612
Other Credits
Notes payable to banks	119,000	141,000
Advances for construction	80,926	77,976
Contributions in aid of construction – net	182,369	179,277
Deferred income taxes	199,215	194,121
Regulatory liabilities	61,919	60,205
Unamortized investment tax credits	839	873
Accrued pension and other postretirement benefits	37,073	36,557
Operating lease liabilities	5,191	4,406
Other	18,107	17,784
Total other credits	704,639	712,199
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	2,774,960	2,715,092
GSWC
Property, Plant and Equipment
Total	2,729,607	2,648,213
Less - accumulated depreciation	(580,728)	(564,529)
Net property, plant and equipment	2,148,879	2,083,684
Property, Plant, and Equipment, Other, after Accumulated Depreciation [Abstract]
Other property and investments	58,783	55,829
Current Assets
Cash and cash equivalents	8,916	9,964
Accounts receivable - customers, less allowance for doubtful accounts	37,246	33,212
Unbilled receivable	25,628	20,607
Other accounts receivable, less allowance for doubtful accounts	6,145	2,767
Income taxes receivable	2,648	2,555
Materials and supplies	9,024	9,127
Regulatory assets — current	8,256	23,211
Prepayments and other current assets	8,704	6,365
Total current assets	107,121	109,251
Other Assets
Operating lease right-of-use assets	6,978	5,856
Other	61,204	61,242
Total other assets	68,182	67,098
Total Assets	2,382,965	2,315,862
Capitalization
Common shares, no par value	480,797	478,494
Retained earnings	481,392	455,243
Total common shareholders’ equity	962,189	933,737
Long-term debt	633,060	698,060
Total capitalization	1,595,249	1,631,797
Current Liabilities
Long-term debt — current	73,227	8,209
Accounts payable	65,416	67,426
Accrued other taxes	12,571	10,322
Accrued employee expenses	11,023	12,847
Accrued interest	7,807	7,738
Operating lease liabilities	2,244	1,967
Other	11,574	10,762
Total current liabilities	183,862	119,271
Other Credits
Notes payable to banks	38,000	13,000
Advances for construction	80,906	77,956
Contributions in aid of construction – net	182,369	179,277
Deferred income taxes	182,791	177,291
Regulatory liabilities	61,919	60,205
Unamortized investment tax credits	839	873
Accrued pension and other postretirement benefits	36,389	35,948
Operating lease liabilities	5,104	4,268
Other	15,537	15,976
Total other credits	603,854	564,794
Commitments and Contingencies (Note 9)
Total Capitalization and Liabilities	2,382,965	2,315,862
GSWC \| Related Party
Current Assets
Receivable from affiliate	$ 554	$ 1,443